3rd Dec 2025. 9.00am
Regency View:
Update
Regency View:
Update
Earnings season may be winding down but the past fortnight has been anything but quiet. The Budget reshaped cost expectations across multiple sectors, tentative diplomatic progress in Ukraine steadied broader risk appetite, and Black Friday marked the start of the festive retail stretch. Against that backdrop several of our FTSE names delivered meaningful updates that give investors plenty to chew on.
Auction Tech finds traction despite a bumpier margin backdrop
Auction Technology (ATG) reported full year results that landed marginally ahead of expectations, supported by a 9% increase in revenue to 190.2m dollars and continued stability in marketplace activity. Adjusted EBITDA slipped 4% to 76.8m dollars as investment levels rose and margins softened, yet strong operating cash flow of 73.7m dollars helped calm concerns over higher debt levels following the Chairish acquisition. The market’s focus was on execution and the numbers largely reassured.
Operationally the business made tangible progress with more than 26m lots listed and over 99,000 auctions facilitated, highlighting a deepening supply pool and a broader base of bidders. The take rate edged up to 4.8% and cross listing across marketplaces gained traction, supporting a more unified buyer experience. Early synergy capture at Chairish reached 4m dollars and management expects to complete the remaining savings in the year ahead.
ATG guided to 4 to 5% revenue growth in FY26 and an adjusted EBITDA margin in the mid thirties. Investors reacted constructively, viewing the update as a reminder that ATG remains strategically well positioned while acknowledging that restoring margin momentum will be a priority in the coming year.
ATG Daily Candle Chart
easyJet lifts off as holidays power another profitable year
easyJet (EZJ) delivered a confident set of full year numbers with headline profit before tax up 9% to £665m and headline earnings (EBIT) rising 18% to £703m. The real engine of growth was easyJet holidays which achieved £250m of profit and hit its medium term target a year early, giving management the confidence to raise its FY30 ambition to £450m. Operational performance was also stronger with on time departures improving and customer satisfaction climbing to decade highs.
The balance sheet continues to strengthen with net cash of £602m, reinforcing the airline’s ability to self fund its fleet modernisation while maintaining flexibility. New bases in Milan Linate, Rome Fiumicino and London Southend are broadening the network mix and supporting long haul leisure growth. Forward bookings for FY26 remain ahead of last year and load factors through peak summer were encouraging.
ASK capacity is set to grow around 7% this year and holidays customer numbers are expected to increase by up to 15%. With momentum visible across both divisions and a realistic pathway to its £1bn medium term profit target, easyJet remains in a solid position heading into 2026.
EZJ Daily Candle Chart
Kingfisher keeps building as strategic initiatives gain traction
Kingfisher (KGF) posted a steady quarter with like for like sales up 0.9% and year to date growth running at 1.6%. The UK was the standout with B&Q and Screwfix delivering like for like gains of 2.8% and 3.3%, helped by stronger online penetration, rapid delivery options and deeper engagement with trade customers. Marketplace GMV grew more than 40% as wider choice and smoother fulfilment improved conversion.
France and Poland were softer due to weaker consumer sentiment and warmer weather, yet both banners broadly held market share and showed pockets of operational progress. Iberia remained a bright spot delivering almost 10% like for like growth supported by strong execution and favourable category trends. Across the wider estate both core and big ticket categories continued to grow despite another quieter quarter for seasonal sales.
Kingfisher upgraded its full year adjusted profit before tax guidance to between £540m and £570m, reflecting strategic delivery and tighter cost control. The market welcomed the update, viewing the revised range as evidence that the business is navigating mixed macro conditions with discipline.
KGF Daily Candle Chart
Mitie continues to build momentum with record contract awards
Mitie (MTO) delivered a strong first half with revenue up 10.4% to £2.68bn and operating profit before other items rising to £108.8m. Organic growth of 6.4% significantly outpaced the broader FM market and reflected net contract wins, ongoing project work and pricing actions across key accounts. Cash flow was robust and free cash flow reached £52m, aided by efficient working capital management.
Commercial momentum continued to accelerate with £3.8bn of contract awards in the period, an order book of £16.5bn and a bidding pipeline rising to £33bn. The integration of Marlowe is progressing well and Mitie is already benefiting from a wider compliance offering and greater cross selling potential. AI and automation initiatives are beginning to enhance productivity and support the push towards higher margin work.
Management reiterated guidance of at least £260m in operating profit before other items and at least £120m of free cash flow for the full year. Investor appetite has been strong thanks to clear delivery against the three year strategic plan and growing confidence that Mitie is structurally improving its long term margin profile.
MTO Daily Candle Chart
Whitbread responds to UK Budget
Whitbread (WTB) confirmed that UK trading strength continued into the third quarter with positive RevPAR growth and forward bookings ahead of last year. In Germany demand picked up meaningfully, supported by a busy events calendar, and Premier Inn continued to outperform the market as recent openings matured. Management reiterated full year guidance and maintained confidence in the FY26 outlook.
The bigger talking point was the UK Budget which significantly increased rateable values on many hotel properties. Whitbread expects the business rate impact to land between £40m and £50m in FY27 which will push gross UK cost inflation to between 7% and 8%. While clearly unwelcome the company has a strong operational track record in navigating inflationary pressure and quickly set out plans for £60m of accelerated cost efficiencies.
Despite the Budget headwinds Whitbread enters the final stretch of FY26 with solid trading, strong occupancy and a highly scalable operating model. Investors largely saw the update as disciplined and pragmatic from a management team used to managing through shifting regulatory and cost environments.
WTB Daily Candle Chart
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