Three developing stories at the UK stock market open. See the Companies Reporting diary.
1. YouGov revenues up but margins suffer
There are interim results out from YouGov LON:YOU this morning, with revenues 34% ahead, but a 400bps impact on margins means that profit growth was a more measured 7%. Management note this as being a resilient performance against a backdrop of market uncertainty, modest revenue growth is forecast for the remainder of the year and improved performance is forecast to be seen from FY26 onwards.
2. Economic backdrop clouds picture for Pets at Home
There’s a pre-close trading statement from Pets at Home LON:PETS today, noting pre-tax profits as expected to land in line with forecasts. The subdued trading conditions are set to persist and the company adds that the CMA’s inquiry into soaring vets bills is now likely to land in the summer, rather than May. Looking ahead, despite cost saving measures and a shift to digital sales, the economic backdrop and rising wage bills mean that profits for FY26 are set to be around 10% lower YoY – and that’s before any potential impact of the CMA’s moves are taken into account.
3. Accounting issues present challenges for Wood Group
Wood Group LON:WG., currently being eyed in a potential takeover, published a business update this morning. Following a review, the company has flagged a series of historical accounting changes that will need to be made, dating back several years. As a result, management no longer expect to be able to publish full year results by the 30th April deadline, in which case the shares will be suspended from trade. This creates an interesting dilemma as Sidara – the bidding party – have until 17th April to make a firm offer for the business.
