The fashion and homeware retailer Next published interim results this morning. Despite the picture being an upbeat one with pre-tax profits beating estimates and full year guidance being reiterated, the market gave the update a rather cool response. However management were cautious over the medium to long term outlook for the UK economy and appeared to concede that scope for further marginal gains from here was limited. The Next share price was down 6% shortly after the open.
Final results were issued by engineering company Renishaw today, with the report showing record revenues of £713m, pre-tax profits up by 3.8% and dividends set to rise by 2.5%. Management are also confident that further margin improvements can be delivered, supported by cost saving measures including a £20m payroll reduction which will kick in early next year. The performance comes against an uncertain economic backdrop but the business appears to be navigating these challenges well. The Renishaw share price was 5% higher in early trade.
The AIM listed intellectual property investment group Tekcapital issued an update this morning advising that portfolio company Guident Corp was planning to IPO in the US. Details beyond this are limited, but Tekcapital currently owns 70% of the business and reports at the end of last year suggested the business would be worth well in excess of $100m. The Tekcapital share price was 14% higher at 8.45am.
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