Corporate activity dominates this morning's briefing, led by a consolidation move in UK drinks distribution as C&C Group folds Asahi UK's wholesale arm into its own operations. Elsewhere, Berkeley Group used its annual meeting to reaffirm a cautious but on-track profit plan, Applied Nutrition's founders banked a chunky share sale, and a clutch of smaller names, Petards, Trainline, Pan African Resources and Kefi Gold And Copper, delivered results, guidance updates and project milestones.
C&C Group buys Asahi UK's wholesale operations
C&C Group (LSE:CCR), the drinks distribution and brewing group behind Tennent's and Bulmers, has agreed to acquire Asahi UK's wholesale interests for nominal consideration. The deal covers Nectar Imports and Asahi UK's direct distribution operations, both of which will be absorbed into C&C's Matthew Clark Bibendum (MCB) wholesale arm, alongside a long-term partnership tied to Asahi brands in the UK.
The transaction brings across customer and supplier agreements, intellectual property, a leased depot, vehicles and stock, along with a full transfer of supply arrangements to the Fuller, Smith & Turner on-trade estate. Completion is expected in early October, followed by a phased migration of customers onto MCB's infrastructure. Alongside the deal, C&C reported trading for the six months to 31 August in line with expectations, with net revenues down 3% at constant currency as 2% branded growth, driven by Tennent's, Bulmers and Innis & Gunn, was offset by a 4% decline in distribution revenue tied to the planned exit of lower-margin business. First-half underlying operating profit is expected at €43-44m, with full-year profit still tracking market expectations, though the group flagged volatile conditions ahead of the Christmas trading period.
"This move represents an attractive opportunity to provide a significant number of new customers with MCB market leading service and range proposition whilst simultaneously delivering immediate scale and efficiency into the Group's operations, in line with our strategy," said Roger White, chief executive officer of C&C Group.
The deal hands C&C immediate scale in UK wholesale distribution without the capital outlay of a conventional acquisition, reinforcing MCB's position just as the group works through a deliberate retreat from lower-margin distribution contracts. With a Capital Markets Day set for 24 September and interim results due 28 October, management now has a near-term platform to explain how the Asahi tie-up and the wider MCB restructuring reshape the group's earnings mix heading into FY27.
Berkeley reaffirms £1.4bn target amid cautious market
Berkeley Group Holdings (LSE:BKG), the London-focused housebuilder, told shareholders ahead of its annual general meeting that it remains on track with its four-year £1.4bn pre-tax profit plan for the period covering 1 May to 31 August. The company said enquiries remain good and stable, but buyers without an immediate need to move continue to hold back amid ongoing economic and political uncertainty.
"The uncertainty and volatility in the market means that customers without an immediate need to move and readily available liquidity remain more cautious to commit," Berkeley said, noting the position mirrors what it reported alongside its full-year results in June. The housebuilder expects pre-tax profits to be weighted towards the first half of the current financial year, and flagged that some buyers may defer purchases until after the October Budget and any election-related uncertainty clears. Berkeley returned £60m to shareholders in the first four months of the period.
The reaffirmed guidance signals management's confidence that London's high-end new-build demand is merely delayed rather than eroded, but the explicit reference to Budget-related deferrals underscores how political risk is now a direct input into housebuilder planning, not just a macro backdrop.
Applied Nutrition founders sell £19.25m of shares
Applied Nutrition (LSE:APN), the sports nutrition and wellness brand, confirmed that founders Thomas Ryder and Steven Granite sold 7m shares at 275p each, raising approximately £19.25m between them. The shares represent roughly 2.80% of the company's issued share capital and mark the first sale by either founder since the company listed in October 2024.
Ryder remains the largest shareholder following the sale, holding 81.16m shares, equivalent to 32.46% of issued share capital. Both founders have agreed not to dispose of further shares for 180 days, subject to exceptions and a waiver from Panmure Liberum, which acted as sole bookrunner; Applied Nutrition itself is not party to the placing and receives none of the proceeds. The trade completed on 11 September, with settlement due 15 September.
A first disposal by both founders together, even framed as asset diversification, will draw scrutiny given the size and timing, though the retained 32% stake and 180-day lock-up limit the read-through as a vote of no confidence.
Petards earnings boost as margins improve
Petards Group (AIM:PEG), the AIM-quoted developer of security, communications and surveillance systems, reported adjusted EBITDA of £781,000 for the six months ended 30 June, up more than 50% from £509,000 a year earlier. Revenue slipped slightly to £7.7m from £7.9m, but gross margin rose to 52.2% from 48.7% as the business mix shifted toward higher-margin work, helping the group return to an operating profit of £14,000 against a £185,000 operating loss a year earlier.
Cash generated from operations rose to £894,000 from £860,000, cutting net debt to £1.16m from £1.34m at the end of December, while diluted loss per share narrowed to 0.15p from 0.51p. Rail and Defence led the improvement, with Rail order intake reaching its highest first-half level in over five years, including a £0.5m eyeTrain retrofit contract followed by a further £0.7m in orders announced in August, while Defence benefited from work starting on a £2.2m programme.
"The board remains confident that the Group will perform well over the remainder of the year, and with the benefit of its current order book, it expects to deliver another significant improvement in its results over those achieved in 2025," said Raschid Abdullah, chairman. The margin shift and record rail order intake give Petards a firmer footing to convert its order book into full-year growth after several years of thinner profitability.
Trainline maintains 2027 guidance, launches £100m buyback
Trainline (LSE:TRN), the rail and coach ticketing platform, held its full-year guidance steady despite a flat first half, and announced a new £100m share buyback programme.
The decision to launch a fresh buyback alongside unchanged 2027 targets signals management's confidence that the flat first-half performance is a timing issue rather than a structural slowdown in ticketing volumes.
Pan African completes DFS on Soweto tailings project
Pan African Resources (LSE:PAF) has completed the definitive feasibility study for its Soweto Tailings Retreatment project, targeting a Final Investment Decision in December 2026.
Completion of the DFS moves the project a concrete step closer to sanction, giving the miner a defined pathway to add tailings-based production to its portfolio ahead of the year-end investment decision.
Kefi secures financing support after Tulu Kapi security incident
Kefi Gold And Copper confirmed no further casualties following last week's attack on its Tulu Kapi project in Ethiopia, and separately secured fresh local funding interest to support the development.
Confirmation that the security situation has stabilised, paired with renewed local financing interest, gives the company a platform to reassure investors that the project's development timeline remains intact despite the incident.
