Headline
SEGRO confirms Prologis takeover approach at 1,031.7p as JD Wetherspoon and Henry Boot warn on profits, cutting across an otherwise mixed trading tape.
What UK Plc said today
No Tier A profit warnings, but three companies flagged profits below expectations. JDW said full-year profits would come in "below market expectations" despite LFL sales up 4.2% year-to-date, citing higher food, labour, repairs, energy and business rates costs — a clean read on UK hospitality cost inflation. BOOT guided PBT "significantly below current market expectations" for FY26 on lower transaction volumes, though industrial/logistics demand held up. JHD flagged profit ~10-15% below 2025 as European and Australian LVT demand weakened, partially offset by North America (+54%).
Against that, the raisers were varied and largely secular. DIA said Q1 sales comfortably exceeded its 3-5% growth target and lifted FY27 profit guidance. GNC raised FY26 adjusted operating profit to £234-242m, with manufactured pro forma volumes +0.7% versus a UK grocery market down 0.4%. HDD went "materially ahead" on contract wins. TSTL reaffirmed adjusted PBT of no less than £11.5m on 10% revenue growth in infection prevention.
Results were dominated by structural shifts. RCH posted a £43.5m statutory loss after £36.1m impairment on two print site closures and £18.9m restructuring; revenue fell 9%, print circulation volumes 22%, on-platform page views 40%, and the interim dividend was halved to 1.44p — but adjusted margin rose 100bp to 18.5% and AI licensing deals were signed with AWS and Tollbit. MUL returned to positive underlying EBITDA (£0.8m vs £16.8m loss) with gross margin up 5.1pts to 71.9% and Q1 FY27 revenue +23%. FRP delivered 16% revenue growth to £177m with net cash of £26.2m and reaffirmed guidance.
Statistical releases
- ONS Consumer price inflation, UK: June 2026 — the marquee release, alongside a companion time series and an import-intensity contribution breakdown for CPI(H).
- ONS Producer price inflation, UK: June 2026 including services — upstream pipeline read for goods and services costs.
- ONS Private rent and house prices, UK: July 2026 — housing cost tracker relevant to the CPI services component.
- ONS Deaths registered weekly in England and Wales, w/e 10 July 2026.
Policy / monetary
[BoE] PRA opened a consultation on updated guidance for friendly society amalgamations and Part VIII transfers — procedural, not a policy signal. HMT published Chancellor John Healey's first speech to Treasury staff (delivered 21 July), updated MFN tariff reference documents, and issued Whole of Government Accounts 2025-26 preparer guidance. A £2 single bus fare cap was announced.
Themes
UK domestic cost pressure is bifurcating consumer-facing businesses: JDW singled out food, labour, repairs, energy and business rates as the drag, while MUL and DIA show demand is there when the product travels internationally or premium-positioned. Property is polarised — BOOT's transaction volumes are down but industrial demand holds, and SGRO is being bid for by [Prologis] at 1,031.7p implying strategic scarcity value in UK/European logistics; SRE added €49.8m of German industrial park exposure the same day. Media/print is in managed decline: RCH took the impairment, halved the dividend and is monetising content via AI licensing rather than clicks — a template worth watching.
Watch
- GEMD H1 2026 trading update: 28 July.
- NWF results and investor presentation: 28 July.
- PHP H1 2026 results: 30 July.
- ZTF interim results and investor presentation: 5 August.
- STB H1 2026 interim results: 13 August 07:00.
- SGRO / Prologis firm intention deadline: 5.00pm, 12 August.
- PAG non-executive director changes take effect 30 September / 1 October.