Mitchells & Butlers (LON:MAB) said first-half trading remained ahead of the wider market, with management pointing to resilient sales, cost controls and balance sheet progress despite weaker second-quarter momentum and significant inflationary pressures. Chief Executive Officer Phil Urban said the pub and restaurant operator delivered profit “just slightly ahead of expectations and slightly ahead ...
Mitchells & Butlers (LON:MAB) said first-half trading remained ahead of the wider market, with management pointing to resilient sales, cost controls and balance sheet progress despite weaker second-quarter momentum and significant inflationary pressures. Chief Executive Officer Phil Urban said the pub and restaurant operator delivered profit “just slightly ahead of expectations and slightly ahead of last year” in the second quarter, despite higher employer national insurance costs and elevated steak prices. He said the performance showed “the power” of the company’s Ignite improvement program and its work on cost mitigation. Tim Jones, chief financial officer, said in his final City presentation for the company that first-half sales were strong enough to offset “very stiff cost headwinds,” allowing operating profit to remain at GBP 181 million. Earnings per share rose 3.6%, helped by lower interest costs as debt continued to decline. Sales Growth Slowed in the Second Quarter Jones said like-for-like sales increased 3.3% across the first half, with a strong festive period contributing to first-quarter like-for-like growth of 4.5%. Growth slowed to 1.8% in the second quarter. Urban attributed much of the slowdown to poor weather and calendar shifts, including the timing of Mother’s Day and Easter. He said guest metrics remained at an all-time high, suggesting the brands remained healthy, but that visit frequency had dipped as consumers became more cautious with spending. Urban said there had been a clear split between wet-led and dry-led brands, with pubs outperforming restaurants. He highlighted Miller & Carter as a brand that had faced a difficult first half because steak had become more expensive as an input cost and “more of a luxury item” for consumers. However, he said guest review scores and trading on key calendar dates remained strong. Management also said London sites had continued to trade strongly. In response to an analyst question about premium versus va...
LondonMetric Property (LON:LMP) reported higher full-year earnings, rental income and dividends, with management pointing to acquisitions, asset management activity and refinancing as key drivers of the results. Andrew, speaking for LondonMetric, said the company had continued its “triple net income compounding model” during the year, growing the portfolio by 23% and adding GBP 1.5 billion to port...
LondonMetric Property (LON:LMP) reported higher full-year earnings, rental income and dividends, with management pointing to acquisitions, asset management activity and refinancing as key drivers of the results. Andrew, speaking for LondonMetric, said the company had continued its “triple net income compounding model” during the year, growing the portfolio by 23% and adding GBP 1.5 billion to portfolio value. Of that, GBP 1.2 billion came from the acquisitions of Urban Logistics and Highcroft. Net rental income rose 17% in the year, while the company increased its dividend for the 11th consecutive year, Andrew said. He added that the dividend is up 78% since the creation of LondonMetric in 2013. Earnings and dividend rise Martin McGann, CFO of LondonMetric, said net rental income increased 16.6% to GBP 455.3 million. The company included GBP 60 million of additional rent from the Urban Logistics and Highcroft acquisitions, reflecting nine months of trading, and expects to benefit from the full-year impact in the current year. Other acquisitions contributed GBP 13 million of additional rent, offsetting GBP 23 million of rent lost through non-core disposals. Rent collection remained strong at 99.7%, while gross-to-net income leakage was 1.4%. Administrative overhead was GBP 30.2 million, reflecting the larger scale of the business and higher headcount. McGann said headcount rose to 54 from 48, including former Urban Logistics employees and new hires. The EPRA cost ratio was 7.7%. EPRA earnings rose 13.9% to GBP 305.3 million, or 13.45 pence per share, up 2.4%. The company’s dividend for the year increased to 12.45 pence per share, providing 108% dividend cover and full cash cover. LondonMetric also announced an intended first-quarter dividend for fiscal 2027 of 3.15 pence per share, up about 3% from the prior-year period. IFRS profit was GBP 295.7 million after exceptional acquisition costs of GBP 16.3 million, debt and hedging early repayment costs of GBP 16.9 millio...
“Outer Banks” actor Chase Stokes has wasted no time in leaving behind the Netflix series that launched him to fame—and the home where he has spent the last 7 years shooting the popular series.
“Outer Banks” actor Chase Stokes has wasted no time in leaving behind the Netflix series that launched him to fame—and the home where he has spent the last 7 years shooting the popular series.
Vipshop press release ( VIPS ): Q1 Non-GAAP EPADS of $0.65 misses by $0.02 . Revenue of $3.9B (+1.2% Y/Y) beats by $20M . Business Outlook For the second quarter of 2026, the Company expects its total net revenues to be between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to 0%. More on Vipshop Vipshop: Look Past Revenue And Operating Profit Miss ...
Vipshop press release ( VIPS ): Q1 Non-GAAP EPADS of $0.65 misses by $0.02 . Revenue of $3.9B (+1.2% Y/Y) beats by $20M . Business Outlook For the second quarter of 2026, the Company expects its total net revenues to be between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to 0%. More on Vipshop Vipshop: Look Past Revenue And Operating Profit Miss Vipshop Holdings Limited 2025 Q4 - Results - Earnings Call Presentation Vipshop Holdings Limited (VIPS) Q4 2025 Earnings Call Transcript Vipshop reports mixed Q4 results; introduces Q1 outlook Seeking Alpha’s Quant Rating on Vipshop
AndreyPopov/iStock via Getty Images An Engineer's Perspective My initial university education and formative career were in engineering. As the Autodesk ( ADSK ) ecosystem is built for and by engineers, I think I can offer a distinct perspective on it compared to most analysts. This article contains less financial analysis than I usually include in my articles and instead focuses on the critical fu...
AndreyPopov/iStock via Getty Images An Engineer's Perspective My initial university education and formative career were in engineering. As the Autodesk ( ADSK ) ecosystem is built for and by engineers, I think I can offer a distinct perspective on it compared to most analysts. This article contains less financial analysis than I usually include in my articles and instead focuses on the critical fundamental question of how well prepared Autodesk is to navigate and monetize the AI era. At first glance, Autodesk might appear to be exactly the kind of legacy software company that is vulnerable to AI disruption. The most common defense I see put forward is its decades of market leadership, which makes it the industry standard and means its customers are sticky and switching costs are high. This is a valid rebuttal to the threat of total replacement, but it doesn't address subscription destruction due to productivity gains. To understand why AI is an opportunity, not a threat, and also that Autodesk is well prepared to monetize that opportunity, requires an understanding of the nature of engineering that most casual observers, and even financial analysts, simply lack. Market Leader with Solid Finances To understand how entrenched the market leader position is, we need to consider the self-sustaining education-to-industry conveyor belt. As Autodesk's products are used in so many companies, industry representatives tell universities that "industry" wants graduates who know how to use Autodesk's products. So thousands of universities use Autodesk's software (for free) to teach their students. As of late 2025, Autodesk had reached a cumulative total of 150 million students and educators. A good proportion of this staggering number of students go into industry knowing Autodesk's software and wanting to use it professionally, which reinforces the industrial dependence on the products. It produces an entrenched user base that is extremely difficult to penetrate for competitors, ...
The market for six-seat premium SUVs in China is expected to become a more intense battleground, squeezing carmakers by forcing them to cut prices or enhance key features in a fight for market share, according to analysts. Xpeng priced its new electric SUV the GX at 269,800 yuan (US$39,687) on Wednesday, slashing its price by nearly a third from the pre-order price of 399,800 yuan. The cut “surpri...
The market for six-seat premium SUVs in China is expected to become a more intense battleground, squeezing carmakers by forcing them to cut prices or enhance key features in a fight for market share, according to analysts. Xpeng priced its new electric SUV the GX at 269,800 yuan (US$39,687) on Wednesday, slashing its price by nearly a third from the pre-order price of 399,800 yuan. The cut “surprised the market”, Citigroup analysts said in a report on Wednesday, adding that the new model’s monthly sales would grow to 8,000 to 9,000 units, taking market share from Li Auto’s L8, Lynk & Co’s model 900, and the Aito M8. Advertisement With multiple electric vehicle (EV) makers approaching model refreshes, there would be “further price cuts or upgraded feature offerings across the segment”, said Jeff Chung, analyst with the US bank, in the report. Amid a general sales decline owing to reduced subsidies this year, electric SUVs have shown resilience. The segment’s first-quarter retail sales dipped 1.2 per cent from a year earlier to 1.13 million units, while total EV sales slumped 21 per cent to 2.4 million units, data from the China Passenger Car Association (CPCA) showed. Advertisement Six-seat SUVs, in particular, were expected to be a key growth driver for the industry, said Tim Hsiao, head of the Greater China auto and shared mobility research team at Morgan Stanley, in an earlier interview.
FabrikaCr Stock futures edged down Thursday while Treasuries rose after President Trump said the U.S. was ready to strike Iran if no peace deal was reached, even as he signaled he was willing to wait on further military action. Here are some of Thursday's biggest stock movers: Biggest stock gainers Applied Digital ( APLD ) +8% - Shares surged after the company announced a 15-year take-or-pay lease...
FabrikaCr Stock futures edged down Thursday while Treasuries rose after President Trump said the U.S. was ready to strike Iran if no peace deal was reached, even as he signaled he was willing to wait on further military action. Here are some of Thursday's biggest stock movers: Biggest stock gainers Applied Digital ( APLD ) +8% - Shares surged after the company announced a 15-year take-or-pay lease agreement tied to its Polaris Forge 3 AI campus. The deal, signed with the same investment-grade hyperscaler partnered at Delta Forge 1, carries an estimated $7.5B in base contracted revenue and up to $18.2B, including options. Applied Digital said the agreement expands its contracted lease revenue pipeline to roughly $31B across four campuses, supported by growing demand for AI infrastructure and hyperscaler-backed capacity. AEVEX ( AVX ) +6% - Shares gained after the company secured $15.6M in U.S. Air Force contracts tied to unmanned aircraft mission capabilities and airborne system integration. The company also reported stronger-than-expected Q1 results, with GAAP EPS of $0.22 and revenue surging more than 300% Y/Y to $216.7M, both above analyst estimates. AEVEX further issued FY2026 revenue guidance of $600M-$620M and adjusted EBITDA guidance of $88M-$94.5M, topping consensus expectations. Biggest stock losers Intuit ( INTU ) -13% - Shares plunged despite the company reporting better-than-expected FQ3 results and raising its full-year outlook. The company also confirmed plans to cut 17% of its workforce as part of a restructuring aimed at streamlining operations, with related charges estimated at $300M-$340M. Intuit raised its full-year EPS and revenue guidance above Wall Street expectations, boosted growth forecasts across all major business segments, and approved a new $8B share repurchase program. Nanobiotix ( NBTX ) -8% - Shares tumbled after the company launched an approximately €75M ($87M) global follow-on offering consisting of ADSs in the U.S. and ordinary shar...
Olivier Le Moal/iStock via Getty Images NAV Loans are being used earlier and more intentionally. For private equity firms, capital flexibility is prized today. Merger-and-acquisition (M&A) activity has cooled, while commodity prices and artificial intelligence ( AI )-driven disruption have heated up, creating uncertainty for investors. This makes it more challenging to sell portfolio companies, so...
Olivier Le Moal/iStock via Getty Images NAV Loans are being used earlier and more intentionally. For private equity firms, capital flexibility is prized today. Merger-and-acquisition (M&A) activity has cooled, while commodity prices and artificial intelligence ( AI )-driven disruption have heated up, creating uncertainty for investors. This makes it more challenging to sell portfolio companies, so private equity firms are holding investments longer. As a result, many firms are turning to net asset value (NAV) loans for capital needs. NAV loans are secured by the combined value of a private equity fund’s investments in underlying portfolio companies—usually a diverse group of up to 15 businesses. When companies are harder to sell, NAV loans provide capital and liquidity, making it easier for sponsors to invest in strategic initiatives designed to grow a portfolio company. This may increase value and help sponsors avoid selling portfolio companies in challenging market environments. These loans are nondilutive, so sponsors don’t have to give up ownership to get the capital. What’s more, if the portfolio companies increase in value, that value accrues to LPs —the investors in the private equity fund. Designed for Private Equity Flexibility, Not Rescue NAV loans are sometimes mischaracterized as “rescue financing.” We don’t agree with that view. In practice, the loans have evolved into a flexible portfolio-management tool that can be used across market cycles. In today’s conditions, that flexibility may help bridge extended holding periods by supporting portfolio companies, funding add-on investments or avoiding premature exits. And NAV loans can be used just as effectively across market cycles to pursue new opportunities, double down on high-performing assets or optimize capital efficiency when the macroeconomic environment is strong. Senior Debt, Strong Covenants: An Effective Combination NAV lending isn’t new, but it’s growing faster. That’s partly the result of broa...
SpaceX’s S-1 just handed legacy defense investors a number they cannot ignore. And you can bet they won’t. In 2025, roughly one-fifth of SpaceX revenue came from U.S. federal agencies, primarily NASA, the Department of War, the General Services Administration, and certain Intelligence Community agencies, focused on launch services, spacecraft development, satellite deployment, and artificial ... O...
SpaceX’s S-1 just handed legacy defense investors a number they cannot ignore. And you can bet they won’t. In 2025, roughly one-fifth of SpaceX revenue came from U.S. federal agencies, primarily NASA, the Department of War, the General Services Administration, and certain Intelligence Community agencies, focused on launch services, spacecraft development, satellite deployment, and artificial ... One-Fifth of SpaceX Revenue Comes From Uncle Sam: The Defense Contractors That Should Worry
A Pentagon delegation may visit China within weeks, paving the way for a potential Beijing trip by Defence Secretary Pete Hegseth, the South China Morning Post reported on Thursday. Elbridge Colby, defence undersecretary for policy, may lead the group visit, which will aim to finalise arrangements for a Hegseth trip among other goals, the SCMP said, citing unidentified sources. It’s not clear when...
A Pentagon delegation may visit China within weeks, paving the way for a potential Beijing trip by Defence Secretary Pete Hegseth, the South China Morning Post reported on Thursday. Elbridge Colby, defence undersecretary for policy, may lead the group visit, which will aim to finalise arrangements for a Hegseth trip among other goals, the SCMP said, citing unidentified sources. It’s not clear when the Hegseth visit may happen. The defence secretary was among cabinet members that accompanied...
Chinese archaeologists have started work on a joint excavation project at a site in Greece that may help answer some increasingly popular questions in China about the roots of ancient civilisations. Most global histories are written by European and American scholars. As China’s national power grows, scepticism within the country towards historical narratives shaped by Western perspectives is incre...
Chinese archaeologists have started work on a joint excavation project at a site in Greece that may help answer some increasingly popular questions in China about the roots of ancient civilisations. Most global histories are written by European and American scholars. As China’s national power grows, scepticism within the country towards historical narratives shaped by Western perspectives is increasing Much of this debate is based on second-hand information rather than primary evidence, however, because archaeologists in China have long been confined to working within its borders. Advertisement But that has changed in recent years. Backed by strong government support, they have begun going abroad and collaborating with local experts to excavate ancient sites in Central Asia, South America and Egypt. The latest study in Greece marks the first time China has taken part in on-site excavations at the heart of an ancient Western civilisation, representing a significant milestone. Advertisement According to an article posted last week on Chinese Social Sciences Net, a web portal of the Chinese Social Sciences Academy: “For a long time, Chinese academic research on ancient Greek civilisation has relied heavily on existing texts, museum collections and archaeological materials compiled and published by Western scholars.”
Lund Point in east London was once ‘a beautiful community’, according to Tee Fabikun, who has lived there since 1997. Now just four flats are occupied. Why are Fabikun and her friends hanging on? And what happened to the long-promised redevelopment? Tee Fabikun is sitting in an armchair in her cosy, homely flat, surrounded by her things – papers and letters, family photos, a few Nigerian handicraf...
Lund Point in east London was once ‘a beautiful community’, according to Tee Fabikun, who has lived there since 1997. Now just four flats are occupied. Why are Fabikun and her friends hanging on? And what happened to the long-promised redevelopment? Tee Fabikun is sitting in an armchair in her cosy, homely flat, surrounded by her things – papers and letters, family photos, a few Nigerian handicrafts, a forest of houseplants by the window. She is telling me about her neighbours here on the fifth floor of Lund Point, a tower block on the Carpenters estate in Stratford, east London. Next door there’s “a grumpy old man”; well, she thought he was a grumpy old man, but then she saw him in the lift with his granddaughter and he was sweet with her, so maybe he’s not so bad. “There’s always two sides.” In the next flat along is a young couple who met in the building, maybe in that lift. She was living on a higher floor, but moved down and in with him when they got married, and rented out her place. Then there’s a Bangladeshi family who only speak a little English. Fabikun’s first contact with them was when their daughter knocked on the door holding out an exercise book and just said “homework”; after that Fabikun would often help with her studies. And so on. And it’s not just her immediate neighbours on the fifth floor that Tee knows; she knows pretty much everyone in the 21-storey block. Continue reading...
About a dozen people sat around a boardroom table at the emergency hub of the World Health Organization (WHO) just outside Nairobi last Thursday, their eyes glued to an animated presentation on a screen. Health workers in eastern Chad have reported several deaths among patients with respiratory failure, they are told. Initial samples suggest a novel variant of bird flu, but confirmation requires s...
About a dozen people sat around a boardroom table at the emergency hub of the World Health Organization (WHO) just outside Nairobi last Thursday, their eyes glued to an animated presentation on a screen. Health workers in eastern Chad have reported several deaths among patients with respiratory failure, they are told. Initial samples suggest a novel variant of bird flu, but confirmation requires sending samples to a foreign laboratory. International health regulations require notification within 24 hours of assessment, but Chad’s government is hesitant to notify the WHO, fearing economic repercussions and stigma. It is a hypothetical pandemic outbreak, and the people at the table include some of the continent’s most revered figures: members of the Elders, a group of former presidents and world leaders founded in 2007 by Nelson Mandela, the idea being to use their collective wisdom to tackle global crises. double quotation mark We need to work together because we never know where it will happen Denis Mukwege, Nobel laureate This group of the Elders are, alongside WHO representatives, taking part in the simulation to better understand how Africa is preparing for the next pandemic, to counter emerging infectious diseases and health security threats, and enable them to advocate for greater readiness and a better response. View image in fullscreen The group listens to a presentation about how the WHO supports African countries. Photograph: Legend shot it/The Elders Foundation The prompt for the first scenario is direct: if you were Chad’s head of state, how would you ensure that the country’s health minister complied with international health regulations to report the development, and what assurances would you need from partners that timely notification would be supported? View image in fullscreen Ernesto Zedillo, a former president of Mexico. Photograph: Legend shot it/The Elders Foundation Ernesto Zedillo, a former Mexican president, fires off the first response. He th...
The men’s World Cup in the US, Mexico and Canada is nearly upon us, kicking off on 11 June. Amid the excitement around the tournament, there has been controversy over Fifa’s ticketing process, the cost of travel, and security concerns for fans travelling to the US. We would like to hear from football fans from around the world, including the host countries. Are you looking forward to the tournamen...
The men’s World Cup in the US, Mexico and Canada is nearly upon us, kicking off on 11 June. Amid the excitement around the tournament, there has been controversy over Fifa’s ticketing process, the cost of travel, and security concerns for fans travelling to the US. We would like to hear from football fans from around the world, including the host countries. Are you looking forward to the tournament? Have you made plans to go to matches? Or are you watching from home? And have you been following the storylines around this World Cup? What do you think about them? Share your experience You can tell us your thoughts on the World Cup using this form. Please share your story if you are 18 or over, anonymously if you wish. For more information please see our terms of service and privacy policy Tell us here Your responses, which can be anonymous, are secure as the form is encrypted and only the Guardian has access to your contributions. We will only use the data you provide us for the purpose of the feature and we will delete any personal data when we no longer require it for this purpose. For alternative ways to get in touch securely please see our tips guide Name Where do you live? Tell us a bit about yourself (e.g. age, background, what you do) Optional Which team are you supporting? Optional Tell us what you're looking forward to about the men's World Cup Please include as much detail as possible. Have you made plans to go to matches? Optional Please include as much detail as possible. Have you been following the stories about this World Cup? What do you think about them? Optional Please include as much detail as possible. If you are happy to, please upload a photo of yourself here Optional We'd love it if the photo was related to the men's World Cup Please note, the maximum file size is 5.7 MB . Choose file Can we publish your response? Yes, entirely Yes, but contact me first Yes, but please keep me anonymous No, this is information only Phone number Optional Your cont...