FTSE 100 today: Shares slide, pound drops; Petershill jumps on delisting

Investing.com -- British stocks traded lower on Thursday, and the pound weakened against the dollar, as UK companies reported earnings, while the wider European market remained in negative territory.

The blue-chip index FTSE 100 dropped 0.4% and the British GBP/USD fell 0.7% against the dollar to over 1.3350. 

DAX index in Germany fell 0.6%, while the CAC 40 in France dropped 0.4%.  

Earnings round-up:

• Halma PLC (LON:HLMA) has raised its full-year revenue growth forecast following "strong progress" in the first half of fiscal 2026, driven primarily by better-than-expected performance in its photonics business. The safety equipment maker now expects low double-digit organic constant currency revenue growth for the full year, up from its previous guidance of high single-digit growth.
• In other corporate news, Cohort (LON:CHRT) confirmed its fiscal 2026 expectations at its AGM trading update, reiterating sales guidance of £291 million, up 7.7% year on year, and adjusted EBIT of £35 million, an increase of 28%. The company noted that adjusted EBIT for the first half is expected to be softer year-over-year. Shares in Cohort fell 3.5% in early London trading.
• IG Group Holdings PLC’s (LON:IGG) first-quarter revenue fell 7% year-on-year to £259.9 million on Thursday, as lower trading activity and reduced interest rates affected earnings despite a surge in new customers. The London-based trading platform reported net trading revenue of £231.9 million, down 4% on an organic basis, while net interest income dropped 24% to £28 million.
• Babcock International Group PLC (LON:BAB) said trading in the first five months of fiscal 2026 had been "encouraging," with strong growth in its Nuclear and Aviation divisions offsetting weaker performance in Land, according to its annual general meeting statement. The company reported organic revenue growth and progress in underlying operating margins, following a 7% margin in the first half of fiscal 2025.
• DFS Furniture PLC (LON:DFSD), the UK’s leading upholstered furniture retailer, reported profit before tax and brand amortization rising to £30.2 million from £10.5 million in the previous year, exceeding analyst expectations of £27.9 million. The company achieved order intake growth of 10.2% on a like-for-like basis. Revenue increased 4.4% to £1.03 billion compared to £987.1 million in the previous 53-week period, while gross margin expanded by 70 basis points to 56.5%.

Other news:

• Petershill Partners PLC (LON:PHLL) said it will exit the London Stock Exchange and return capital to shareholders, citing board concerns over its valuation, with shares surging more than 33% on the news. As part of its strategic review, the firm outlined plans to distribute $921 million to investors in a bid to enhance returns and improve market perception.

• JD Sports Fashion PLC (LON:JD) announced the launch of a share buyback programme worth up to £100 million, set to run until January 31, 2026. The programme will begin immediately and continue through the end of the company’s financial year.
• In separate news, the UK Civil Aviation Authority (CAA) stated it is minded to allow Heathrow Airport Ltd to recover early planning costs incurred during 2025 and the first half of 2026. The regulatory body indicated it would also permit cost recovery for other scheme promoters, provided their proposals are deemed credible and appropriately mature.
• Additionally, the CAA launched a consultation on reforms to the UK’s airspace change process, a component of the country’s wider airspace modernisation program. The proposed reforms aim to streamline how airspace proposals are developed and decisions are made, while maintaining transparency and evidence-based approaches. The regulator is seeking input from various stakeholders during the 12-week consultation period, which concludes December 18, 2025.

Policy watch:

• Bank of England policymaker Megan Greene warned on Wednesday that risks of higher inflation in Britain have increased, suggesting a need for caution on future interest rate cuts. "I believe an appropriate response to the uncertainty and risks we are currently facing should involve a cautious approach to rate cuts going forward," Greene said in a speech published by the central bank. Greene pointed out that "the risks to our inflation outlook have shifted to the upside," noting persistent price pressures following the COVID pandemic and Russia’s invasion of Ukraine, which caused energy prices to soar.