EARNINGS AND TRADING: Magnum gets warm weather lift; Vanquis cuts view
The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Magnum Ice Cream Co NV - Amsterdam-based ice cream producer - Revenue grows 12% to EUR2.51 billion in the third quarter ended September 30 from EUR2.24 billion the year prior, with organic sales growth of 9.6%. Organic volumes increase 7.3% and price growth is 2.2%. Says the "extended summer" in Europe aided growth by an estimated 2% to 3% during the quarter. Reports strong OSG in all regions. "We delivered strong performance in Q3, with volume-led growth ahead of the growing ice cream category. This performance extends our track record of share gains; reflecting the strength of our brands, the impact of our innovation, and continued improvements in execution," says Chief Executive Peter ter Kulve. "Magnum and Heartbrand grew double-digit with standout performance from Magnum La Pistache - the season's number one ice cream innovation - and a reinvigorated Solero achieved exceptional growth in Europe. Ben & Jerry's maintained momentum from Q2, again growing more than 9%, and Cornetto grew sales high single-digit," he adds. The firm reaffirms its full year outlook for underlying margin improvement and raises its growth outlook to around 5.5% from 3% to 5% before.
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Vanquis Banking Group PLC - Bradford, England-based bank - The specialist lender slashes its profitability guidance for 2026 and 2027 after reporting a small third-quarter loss, as cost-of-living pressures drive higher credit card charge-offs and impairment provisions. Vanquis now expects negligible statutory return on tangible equity in 2026, down from previous guidance of a low-single-digit percentage, and low-single-digit returns in 2027, compared with its previous expectation of low-double-digit returns. It also cuts its 2028 guidance to low-double-digit returns from mid-teens, assuming weaker credit performance persists. Gross customer interest-earning balances rise 21% year-on-year to £3.21 billion at September 30, while net receivables increase 23% to £3.09 billion. However, the year-to-date net interest margin falls to 14.8% from 17.0% a year earlier, while the risk-adjusted margin declines to 8.5% from 11.6%. Vanquis lowers its year-end customer interest-earning balances forecast to around £3.3 billion from more than £3.3 billion, and its 2027 forecast to around £3.4 billion from more than £3.7 billion. It also cuts its risk-adjusted margin guidance to around 8.0% for 2026 and 7.5% for 2027, from more than 8.5% and 8.0%, respectively. The lender says it is tightening underwriting and moderating growth ambitions as household financial pressures persist, while targeting £30 million to £35 million in cumulative transformation cost savings between 2026 and 2028. Its common equity tier 1 capital ratio stands at 14.8%, down from 17.4% a year earlier, and Vanquis lowers its 2026 CET1 guidance to above 14.0% from above 14.5%.
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ASA International Group PLC - Worthing, England-based international microfinance company - Gross outstanding loan portfolio, excluding India, increases by 5% (6% in constant currency) quarter-on-quarter to USD630.6 million as at September 39 and is 20% higher than a year ago (or 24% in constant currency). Excluding India, where operations are being wound down, the client base increases by 9% year-on-year to 2.8 million and grows 2% during the third quarter. Client growth in Q3 2026 was driven primarily by Pakistan, Kenya, Nigeria and Tanzania. "This performance reflects the resilience of demand across our markets and the strength of our operating model, with particularly strong contributions from Pakistan, Ghana, Kenya and Myanmar. We continue to balance growth with disciplined risk management, maintaining overall portfolio quality," firm says.
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Shepherd Neame Ltd - Faversham, Kent-based brewer and pub operator - Announces a £15 million investment, over three years, in a modern, smaller brewery on its town centre site in Faversham. The build phase will take two years from commencement, with target completion by the end of 2029. Shepherd Neame says it will focus only on brewing its own beers, and will no longer enter large third-party brewing contracts. "Our exclusive licence to brew and distribute Singha Lager will terminate at the end of April 2027. Currently the business has revenues of £10.3 million associated with this contract," it says. The brewery investment is expected to be self-funded through the sale of non-core property. Notes there is good underlying momentum in its pubs, and "we continue to trade well in the current year", with like-for-like retail sales up 6.4% for the 17 weeks to October 24, and like-for-like income growth of 1.1% in its tenanted estate to September 26.
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Guaranty Trust Holding Company PLC - Lagos, Nigeria-based banking franchise - Reports pretax profit of N879.9 billion, around £489 million, down 2.3% from N900.8 billion the year prior due to significant fair value loss of N87.9 billion which offset the 5.0% growth recorded in funded income. Interest income grows 5.0% but non-interest income falls 1.5%. Earnings per share are 16.6 Naira, down 20% from 20.7 Naira. Chief Executive Segun Agbaje says: "Our performance in Q3 reflects the strength of a franchise built on scale, efficiency and discipline. Despite a challenging operating environment and significant fair value losses in the period, our core earnings continued to grow, our deposit base expanded strongly, our cost efficiency remains among the best in the industry, and our balance sheet remains strong, liquid and well capitalised. Looking ahead, we will always optimise risk-free returns wherever we see them and will always be positioned to take advantage of arbitrage opportunities as market conditions evolve, without compromising the quality of our risk assets. We will also continue to evolve our platforms and adapt to new technologies to meet the changing needs of our customers, as we remain focused on delivering sustainable value and superior returns to our shareholders."
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Feedback PLC - London-based provider of clinical communication platform Bleepa - Receives a further extension of the existing QVH contract to end of March 2027. This £127,000 extension is intended to cover the period to the end of the NHS financial year, while discussions at a national and regional level progress with the NHS. NHS England have communicated that they are now expecting to undertake a wider commissioning programme around clinical pathways and elective recovery to start next April, which the company is positioning for. As the QVH contract extension invoice is to the end of March 2027 to align with the NHS year end, without additional revenue or cash receipts, the company’s cash runway is currently expected to extend to the end of the first quarter of 2027. In addition, Feedback reports "increasing commercial engagement across multiple opportunities", including an approach by one of the largest ICBs to explore a multiyear elective transformation opportunity. The scope of work is currently being negotiated and is subject to contract terms being agreed.
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