Wall Street Extends Losses Amid Looming Tariff Uncertainties and Growing Stagflation Risk

Barry Adams
04 Mar, 2025
New York City

Benchmark indexes on Wall Street extended losses for the second consecutive day after looming tariff threats dampened market enthusiasm and sparked a worldwide sell-off. 

The S&P 500 index decreased 0.4%, and the Nasdaq Composite declined 0.8%, and the Trump administration confirmed its plans to impose tariffs on select goods shipped from China, Mexico, and Canada.

Investors are struggling to understand the rationale for tariffs, and market participants are increasingly factoring a rebound in inflation, which would postpone the Fed's rate cuts and push the U.S. economy into stagflation. 

Presidential candidate Donald Trump promised to lower prices, kill inflation, and end the Russia-Ukraine war in the first week of his administration.

However, weak Cabinet appointments and lack of economic priorities have only made life difficult for U.S. consumers and businesses. 

Moreover, investors are worried that slowing U.S. economic growth and rising inflation would make it harder for corporations to deliver earnings growth in the quarters ahead. 

In addition, rising traded tensions between China and the U.S. could negatively impact sales of fabless chip companies, semiconductor equipment makers, and chip foundries, which could halt the two-year tech rally.

U.S. Movers

Nvidia Corp. decreased 3% to $110.29, and the artificial intelligence chip and systems maker extended two-day losses to more than 12% and traded at the level last seen in September. 

Investors worried that rising trade tensions between the U.S. and China could force the company's sales lower. 

Target Corp. decreased 3.3% to $116.95 after the large-format store chain operator reported better-than-expected fourth-quarter results. 

However, the company warned that earnings in the fiscal first quarter are likely to face "meaningful pressure" compared to the rest of the year.

Best Buy declined 4.5% to $82.60 after the electronics products retailer reported a decline in sales and earnings in the holiday-driven fiscal fourth quarter. 

The company added that prices are likely to rise because of the surge in tariffs on goods from Asia and Mexico. 

Tesla dropped 5% to $270.35 after the electronic vehicle maker's unit China-made sales plunged 50% to a two-year low of 30,688 in February. 

In the two-month period to February, which includes the Lunar New Year Calendar shift, Tesla China sold 93,926 vehicles to customers in China and Asia, a decrease of 28.7% from 131,812 in the same period last year.

Illumina Inc. decreased 2.4% to $82.17, and PVH Corp fell 3.2% to $69.0 after China added the two companies to the list of companies to avoid doing business with and announced additional restrictions. 

U.S. Movers: AutoZone, Best Buy, Heidrick & Struggles, Okta, Target

Scott Peters
04 Mar, 2025
New York City

Best Buy Co. Inc. surged 3.5% to $89.77 after the electronic products retailer reported a 0.5% increase in comparable store sales during the fourth quarter ending on February 1.

Revenue declined to $13.95 billion from $14.65 billion, net earnings dropped to $117 million from $460 million, and earnings per diluted share fell to 54 cents from $2.12 a year ago.

Best Buy returned a total of $415 million to shareholders through dividends of $200 million and share repurchases of $215 million during the quarter.

The company proposed a 1% increase in its quarterly dividend to 95 cents per share, payable on April 15 to shareholders on record as of March 25.

For fiscal 2026, the company estimated revenue between $41.4 billion and $42.2 billion, compared to $41.53 billion in 2025, and adjusted earnings per diluted share between $6.20 and $6.60, compared to $6.37 in 2025.

Comparable sales growth is expected between zero and 2% in 2026.

AutoZone Inc. traded flat at $3,477 after the retailer of auto and truck parts, chemicals, and accessories reported a sales increase during the fiscal second quarter ending in February.

Net sales increased to $3.95 billion from $3.86 billion, net income dropped to $487.92 million from $515.03 million, and earnings per diluted share fell to $28.29 from $28.89 a year ago.

Total same-store sales, or sales for the company’s domestic and international stores open at least one year, rose 2.9% at constant currency.

Domestic same-store sales jumped 1.9%, while international sales dropped 8.2%, including the impacts from fluctuations of foreign exchange rates.

Okta Inc. surged 15.9% to $87.16 after the cybersecurity and identity management company's results surpassed market expectations in the fiscal fourth quarter of 2025.

Revenue increased to $670 million from $591 million, net income swung to a profit of $23 million from a loss of $44 million, and earnings per diluted share rose to 13 cents from a loss of 26 cents a year ago.

The company guided for the first quarter of 2026 revenue between $678 million and $680 million, up 10% from $617 million a year ago, and non-GAAP diluted net income per share between 76 cents and 77 cents, compared to 65 cents in the same quarter in fiscal 2025.

For the full year 2026, Okta estimated revenue between $2.85 billion and $2.86 billion, up 9% to 10% from $2.61 billion a year ago, and non-GAAP earnings per diluted share between $3.15 and $3.20, compared to $2.81 in 2025.

GitLab Inc. gained 1.9% to $57.32 after the provider of a software framework for web developers reported a revenue increase in the fourth quarter of fiscal 2025.

Revenue increased to $211.4 million from $163.8 million, net income rose to $10.78 million from a loss of $36.87 million, and earnings per diluted share jumped to 6 cents from a loss of 24 cents a year ago.

The company guided for the first quarter of 2026 revenue between $212 million and $213 million, up from $169.2 million a year ago, and non-GAAP earnings per diluted share between 14 cents and 15 cents, up from 3 cents in the same quarter in 2025.

For the full year 2026, GitLab estimated revenue between $936 million and $942 million, up from $759.2 million a year ago, and non-GAAP earnings per diluted share between 68 cents and 72 cents, compared to 74 cents in 2025.

Heidrick & Struggles International Inc. surged 5% to $41.59 after the staffing service company reported higher revenue in the fourth quarter of 2024.

Revenue climbed to $280.89 million from $257.39 million, net income swung to a loss of $14.98 million from a profit of $14.85 million, and loss per diluted share was 73 cents, compared to a profit of 72 cents a year ago.

The company proposed a 2025 first quarter cash dividend of 15 cents per share, payable on March 27 to shareholders on the register as of March 13.

Heidrick & Struggles guided for the first quarter of 2025 revenue between $263 million and $273 million, compared to $265 million a year ago.

U.S. Movers: AutoZone, Best Buy, Heidrick & Struggles, Okta, Target

Scott Peters
04 Mar, 2025
New York City

Europe Movers: Ashtead Group, Bilfinger, Continental, Flughafen Wien, Greggs, Intertek, Lindt & Sprüngli, Thales

Inga Muller
04 Mar, 2025
Frankfurt

Flughafen Wien AG surged 2.3% to €53.80 after the Vienna airport operator reported strong results for fiscal 2024.

Revenue increased 13% to €1.05 billion from €931.5 million, profit surged 27% to €239.5 million from €188.6 million, and earnings per diluted share rose to €2.58 from €2.01 a year ago.

The company’s management will propose a dividend of €1.65 per share to the annual general meeting, at an yield of 3.2%, which is up from €1.32 per share in 2023.

The airport operator guided for fiscal 2025 revenue of €1.08 billion, group net profit of €230 million, and EBITDA of approximately €440 million, compared to €442.3 million in 2024.

The company estimated about 42 million passengers are expected to arrive at three airports in the group and approximately 32 million passengers at Vienna Airport in 2025.

Lindt & Sprüngli AG gained 0.3% to CHF 11,430 after the Swiss chocolate maker reported increased sales in fiscal 2024.

Revenue jumped to CHF 5.55 billion from CHF 5.23 billion, net income climbed to CHF 672.3 million from CHF 671.4 million, and earnings per diluted share rose to CHF 2.90 from CHF 2.86 a year ago.

The company proposed a dividend of CHF 1.5 per share, up from CHF 1.4 per share a year ago, and a CHF 150 per participation certificate, an increase of 7.1% from CHF 140 per participation certificate a year ago.

In addition, the company’s buyback program of up to CHF 500 million of registered shares and participation certificates was launched in August 2024 and will end on or before July 31.

Registered shares and participation certificates to the value of CHF 145 million had been repurchased by December 31.

For fiscal 2025, Lindt & Sprüngli expects increased organic growth between 7% and 9% and an improved operating profit margin of 20–40 basis points.

Intertek Group Plc. gained 0.4% to 5,155 pence after the London-based quality assurance provider to industries worldwide reported higher earnings in fiscal 2024.

Revenue increased 1.9% to £3.39 billion from £3.33 billion, statutory profit before tax jumped 16% to £490.0 million from £422.3 million, and earnings per diluted share rose 16% to 212.7 pence from 183.4 pence a year ago.

The company’s dividend increased 40.1% to 156.5 pence per share from 111.7 pence in 2023.

In addition, Intertek announced an initial £350 million share buyback program.

For fiscal 2025, the company estimated “mid-single-digit comparable revenue growth at constant currency” and raised its medium-term margin target to 18.5%, compared to 17.4% in 2024.

Intertek proposed a final dividend of 102.6 pence per share, up from 74.0 pence in 2023, payable on June 20 to shareholders on the register as of May 30.

Thales surged 6.5% to €251.50 after the provider of advanced technologies in the defense, aerospace, and cyber and digital sectors reported strong results for fiscal 2024.

Sales increased to €20.58 billion from €18.43 billion, net income jumped to €1.42 billion from €1.02 billion, and earnings per diluted share rose to €6.89 from €4.89 a year ago.

The company guided for fiscal 2025 organic sales growth between 5% and 6%, corresponding to sales between €21.7 billion and €21.9 billion.

The adjusted EBIT margin is estimated between 12.2% and 12.4%, compared to 11.8% in 2024.

Thales also expects to maintain in 2025 a high cash conversion ratio of between 95% and 100%.

The company proposed a cash dividend of €3.70 per share, representing 40% of adjusted net income, compared to €3.40 per share in 2023.

The ex-dividend date will be May 20, the payment date will be May 22, and the dividend will amount to €2.85 per share, after deducting the interim dividend of 85 cents per share paid in December 2024.

Ashtead Group Plc. plunged 4.1% to 4,602 pence after the UK-based equipment rental company reported lower earnings in the third quarter ending in January.

Revenue declined 3% to $2.57 billion from $2.66 billion, profit dropped to $309.7 million from $332.3 million, and earnings per diluted share fell to 70.9 cents from 75.6 cents a year ago.

Rental revenue in the U.S. and Canada increased 1% and 6%, respectively, while in the U.K. the sales declined 2%.

The company guided full-year rental revenue to increase between 3% and 5%, capital expenditure to range between $2.5 billion and $2.7 billion, and free cash flow of $1.4 billion, in line with its previous estimations.

Aberdeen Plc. surged 11.9% to 181.23 pence after the investment and advisory company reported sharply higher earnings in fiscal 2024.

Net operating revenue declined to £1.37 billion from £1.47 billion, profit jumped to £237 million from £1 million, and earnings per diluted share rose to 13 pence from 0.1 pence a year ago.

The company proposed a final dividend of 7.30 pence per share, or a total of £130 million, payable on May 13 to shareholders on record as of March 28.

The dividend results in a total dividend for the year of 14.6 pence per share.

The total dividends paid on ordinary shares in 2024 amounted to £260 million, compared to £279 million in 2023.

Bilfinger SE dropped 0.5% to €58.20 after the industrial services provider for the process industry reported mixed results in the fourth quarter. 

Revenue jumped to €1.36 billion from €1.19 billion, profit fell to €52 million from €108 million, and earnings per share dropped to €1.38 from €2.89 a year ago.

The company guided for fiscal 2025 revenue between €5.1 billion and €5.7 billion, up from €5.04 billion a year ago, and an EBITA margin between 5.2% and 5.8%, compared to 5.2% in 2024.

Free cash flow is expected between €210 million and €270 million, up from €189 million in 2024.

Bilfinger proposed a dividend of €2.40 per share, compared to €1.80 per share in the previous year.

Greggs Plc. plunged 11.4% to 1,845 pence after the UK-based bakery reported a slowdown in sales growth driven by price increases. 

Total sales increased 11.3% to £2.01 billion from £1.81 billion, profit before tax jumped 8.3% to £203.9 million from £188.3 million, and earnings per diluted share rose 11.1% to 137.5 pence from 123.8 pence a year ago.

Same-store sales in the company-managed shops increased 5.5% to £1.56 billion from £1.44 billion a year ago.

Total revenue in retail company-managed stores increased to £1.78 billion from £1.61 billion, business-to-business sales jumped to £232.7 million from £198.7 million, and franchise comparable sales rose 7.4% to £280.1 million from £227.9 million in fiscal 2023.

The company proposed a final dividend of 50 pence per share (£50.9 million), or a total ordinary dividend of 69 pence per share for the year, up 11.3% from 62 pence in 2023, and £20.5 million will be shared with colleagues.

Stock came under heavy pressure after same-store sales in the first nine weeks of 2025 decelerated to 1.7% from 2.5% in the comparable period a year ago. 

Continental AG dropped 9% to €63.22 after the automotive parts and tire maker reported a decline in sales in fiscal 2024.

Sales fell 4.1% to €39.72 billion from €41.42 billion, net income increased 1% to €1.17 billion from €1.16 billion, and earnings per diluted share rose 1% to €5.84 from €5.78 a year ago.

The tire manufacturer proposed a dividend of €2.50 per share (€500 million), up from €2.20 per share in 2023.

The company guided for fiscal 2025 consolidated sales to range between €38.0 billion and €41.0 billion, compared to €39.7 billion a year ago, and an adjusted EBIT margin between 6.5% and 7.5%, compared to 6.8% in 2024.

Europe Movers: Ashtead Group, Bilfinger, Continental, Flughafen Wien, Greggs, Intertek, Lindt & Sprüngli, Thales

Inga Muller
04 Mar, 2025
Frankfurt

Flughafen Wien AG surged 2.3% to €53.80 after the Vienna airport operator reported strong results for fiscal 2024.

Revenue increased 13% to €1.05 billion from €931.5 million, profit surged 27% to €239.5 million from €188.6 million, and earnings per diluted share rose to €2.58 from €2.01 a year ago.

The company’s management will propose a dividend of €1.65 per share to the annual general meeting, at an yield of 3.2%, which is up from €1.32 per share in 2023.

The airport operator guided for fiscal 2025 revenue of €1.08 billion, group net profit of €230 million, and EBITDA of approximately €440 million, compared to €442.3 million in 2024.

The company estimated about 42 million passengers are expected to arrive at three airports in the group and approximately 32 million passengers at Vienna Airport in 2025.

Lindt & Sprüngli AG gained 0.3% to CHF 11,430 after the Swiss chocolate maker reported increased sales in fiscal 2024.

Revenue jumped to CHF 5.55 billion from CHF 5.23 billion, net income climbed to CHF 672.3 million from CHF 671.4 million, and earnings per diluted share rose to CHF 2.90 from CHF 2.86 a year ago.

The company proposed a dividend of CHF 1.5 per share, up from CHF 1.4 per share a year ago, and a CHF 150 per participation certificate, an increase of 7.1% from CHF 140 per participation certificate a year ago.

In addition, the company’s buyback program of up to CHF 500 million of registered shares and participation certificates was launched in August 2024 and will end on or before July 31.

Registered shares and participation certificates to the value of CHF 145 million had been repurchased by December 31.

For fiscal 2025, Lindt & Sprüngli expects increased organic growth between 7% and 9% and an improved operating profit margin of 20–40 basis points.

Intertek Group Plc. gained 0.4% to 5,155 pence after the London-based quality assurance provider to industries worldwide reported higher earnings in fiscal 2024.

Revenue increased 1.9% to £3.39 billion from £3.33 billion, statutory profit before tax jumped 16% to £490.0 million from £422.3 million, and earnings per diluted share rose 16% to 212.7 pence from 183.4 pence a year ago.

The company’s dividend increased 40.1% to 156.5 pence per share from 111.7 pence in 2023.

In addition, Intertek announced an initial £350 million share buyback program.

For fiscal 2025, the company estimated “mid-single-digit comparable revenue growth at constant currency” and raised its medium-term margin target to 18.5%, compared to 17.4% in 2024.

Intertek proposed a final dividend of 102.6 pence per share, up from 74.0 pence in 2023, payable on June 20 to shareholders on the register as of May 30.

Thales surged 6.5% to €251.50 after the provider of advanced technologies in the defense, aerospace, and cyber and digital sectors reported strong results for fiscal 2024.

Sales increased to €20.58 billion from €18.43 billion, net income jumped to €1.42 billion from €1.02 billion, and earnings per diluted share rose to €6.89 from €4.89 a year ago.

The company guided for fiscal 2025 organic sales growth between 5% and 6%, corresponding to sales between €21.7 billion and €21.9 billion.

The adjusted EBIT margin is estimated between 12.2% and 12.4%, compared to 11.8% in 2024.

Thales also expects to maintain in 2025 a high cash conversion ratio of between 95% and 100%.

The company proposed a cash dividend of €3.70 per share, representing 40% of adjusted net income, compared to €3.40 per share in 2023.

The ex-dividend date will be May 20, the payment date will be May 22, and the dividend will amount to €2.85 per share, after deducting the interim dividend of 85 cents per share paid in December 2024.

Ashtead Group Plc. plunged 4.1% to 4,602 pence after the UK-based equipment rental company reported lower earnings in the third quarter ending in January.

Revenue declined 3% to $2.57 billion from $2.66 billion, profit dropped to $309.7 million from $332.3 million, and earnings per diluted share fell to 70.9 cents from 75.6 cents a year ago.

Rental revenue in the U.S. and Canada increased 1% and 6%, respectively, while in the U.K. the sales declined 2%.

The company guided full-year rental revenue to increase between 3% and 5%, capital expenditure to range between $2.5 billion and $2.7 billion, and free cash flow of $1.4 billion, in line with its previous estimations.

Aberdeen Plc. surged 11.9% to 181.23 pence after the investment and advisory company reported sharply higher earnings in fiscal 2024.

Net operating revenue declined to £1.37 billion from £1.47 billion, profit jumped to £237 million from £1 million, and earnings per diluted share rose to 13 pence from 0.1 pence a year ago.

The company proposed a final dividend of 7.30 pence per share, or a total of £130 million, payable on May 13 to shareholders on record as of March 28.

The dividend results in a total dividend for the year of 14.6 pence per share.

The total dividends paid on ordinary shares in 2024 amounted to £260 million, compared to £279 million in 2023.

Bilfinger SE dropped 0.5% to €58.20 after the industrial services provider for the process industry reported mixed results in the fourth quarter. 

Revenue jumped to €1.36 billion from €1.19 billion, profit fell to €52 million from €108 million, and earnings per share dropped to €1.38 from €2.89 a year ago.

The company guided for fiscal 2025 revenue between €5.1 billion and €5.7 billion, up from €5.04 billion a year ago, and an EBITA margin between 5.2% and 5.8%, compared to 5.2% in 2024.

Free cash flow is expected between €210 million and €270 million, up from €189 million in 2024.

Bilfinger proposed a dividend of €2.40 per share, compared to €1.80 per share in the previous year.

Greggs Plc. plunged 11.4% to 1,845 pence after the UK-based bakery reported a slowdown in sales growth driven by price increases. 

Total sales increased 11.3% to £2.01 billion from £1.81 billion, profit before tax jumped 8.3% to £203.9 million from £188.3 million, and earnings per diluted share rose 11.1% to 137.5 pence from 123.8 pence a year ago.

Same-store sales in the company-managed shops increased 5.5% to £1.56 billion from £1.44 billion a year ago.

Total revenue in retail company-managed stores increased to £1.78 billion from £1.61 billion, business-to-business sales jumped to £232.7 million from £198.7 million, and franchise comparable sales rose 7.4% to £280.1 million from £227.9 million in fiscal 2023.

The company proposed a final dividend of 50 pence per share (£50.9 million), or a total ordinary dividend of 69 pence per share for the year, up 11.3% from 62 pence in 2023, and £20.5 million will be shared with colleagues.

Stock came under heavy pressure after same-store sales in the first nine weeks of 2025 decelerated to 1.7% from 2.5% in the comparable period a year ago. 

Continental AG dropped 9% to €63.22 after the automotive parts and tire maker reported a decline in sales in fiscal 2024.

Sales fell 4.1% to €39.72 billion from €41.42 billion, net income increased 1% to €1.17 billion from €1.16 billion, and earnings per diluted share rose 1% to €5.84 from €5.78 a year ago.

The tire manufacturer proposed a dividend of €2.50 per share (€500 million), up from €2.20 per share in 2023.

The company guided for fiscal 2025 consolidated sales to range between €38.0 billion and €41.0 billion, compared to €39.7 billion a year ago, and an adjusted EBIT margin between 6.5% and 7.5%, compared to 6.8% in 2024.

Escalating Tit-for-Tat Tariffs Weigh On Stocks in China and Hong Kong

Li Chen
04 Mar, 2025
Hong Kong

Tariff jitters kept market sentiment on the defensive in China and Hong Kong, as China retaliated with its set of tariffs on American products. 

The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index declined 0.1% after the U.S. added a new set of tariffs on Chinese shipments totaling 20%, effective March 4. 

China announced its set of tariffs on American goods and farm products totaling between 10% and 15%, and the Ministry of Commerce said it will put trade restrictions on American companies operating in China. 

The ministry said it will expand its list of companies by 15 that will require special licenses before receiving "dual use" items, products that are used both in military and civilian applications.

China imposed 10% tariffs on soybeans, pork, fruits, vegetables, and dairy products, and placed a 15% import tax on corn, cotton, and wheat.

The ministry also announced special restrictions on genetic sequencing company Illumina, effectively banning the company from doing business with China. 

China also plans to file a lawsuit with the World Trade Organization seeking reversal of the U.S. tariffs.

China Indexes and Stocks 

The Hang Seng index declined 0.3% to 22,951.18, and the broader CSI 300 index fell 0.1% to 3,885.22.

Technology companies and real estate developers led the decliners in China and Hong Kong trading, ahead of the start of the National People's Congress on Wednesday. 

Two new companies started trading in Shanghai and Shenzhen following the listing of Mixue Group, the most popular initial public offering ever in Hong Kong. 

Two industrial companies completed their initial public offering and began trading in China today. 

Hefei Conver Holding, the automobile parts maker, soared over 130% to 57.05 yuan on the first day of trading in Shanghai. 

Jiangsu Changyou Environmental Protection Technology, a maker of advanced materials, jumped 240% to 98.61 yuan in Shenzhen.

Mixue Group decreased 0.1% to HK 289.60 after the beverage chain operator's public offering received record interest from retail investors.

Escalating Tit-for-Tat Tariffs Weigh On Stocks in China and Hong Kong

Li Chen
04 Mar, 2025
Hong Kong

Tariff jitters kept market sentiment on the defensive in China and Hong Kong, as China retaliated with its set of tariffs on American products. 

The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index declined 0.1% after the U.S. added a new set of tariffs on Chinese shipments totaling 20%, effective March 4. 

China announced its set of tariffs on American goods and farm products totaling between 10% and 15%, and the Ministry of Commerce said it will put trade restrictions on American companies operating in China. 

The ministry said it will expand its list of companies by 15 that will require special licenses before receiving "dual use" items, products that are used both in military and civilian applications.

China imposed 10% tariffs on soybeans, pork, fruits, vegetables, and dairy products, and placed a 15% import tax on corn, cotton, and wheat.

The ministry also announced special restrictions on genetic sequencing company Illumina, effectively banning the company from doing business with China. 

China also plans to file a lawsuit with the World Trade Organization seeking reversal of the U.S. tariffs.

China Indexes and Stocks 

The Hang Seng index declined 0.3% to 22,951.18, and the broader CSI 300 index fell 0.1% to 3,885.22.

Technology companies and real estate developers led the decliners in China and Hong Kong trading, ahead of the start of the National People's Congress on Wednesday. 

Two new companies started trading in Shanghai and Shenzhen following the listing of Mixue Group, the most popular initial public offering ever in Hong Kong. 

Two industrial companies completed their initial public offering and began trading in China today. 

Hefei Conver Holding, the automobile parts maker, soared over 130% to 57.05 yuan on the first day of trading in Shanghai. 

Jiangsu Changyou Environmental Protection Technology, a maker of advanced materials, jumped 240% to 98.61 yuan in Shenzhen.

Mixue Group decreased 0.1% to HK 289.60 after the beverage chain operator's public offering received record interest from retail investors.

India Movers: Bharat Wire, Bhagyanagar India, HFCL, Hindustan Media, NLC India, Power Grid, Sky Gold, Shalby

Arun Goswami
04 Mar, 2025
Mumbai

Sky Gold Limited gained 4.4% to ₹347.60 after the gold jewelry maker reported a four-fold increase in earnings in the December quarter.

Consolidated revenue increased to ₹1,005.1 crore from ₹460.9 crore, after-tax profit advanced to ₹36.5 crore from ₹8.9 crore, and diluted earnings per share jumped to ₹2.50 from 81 paise a year ago.

NLC India Limited inched higher 2% to ₹208.50 after the power generator and renewable energy company reported a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue advanced to ₹4,897.9 crore from ₹3,249.4 crore, net income jumped to ₹696.1 crore from ₹254.1 crore, and diluted earnings per share increased to ₹5.02 from ₹1.83 a year ago.

Power Grid Corporation of India Limited advanced 1.6% to ₹256.60 despite the power transmission company reporting a marginal decline in net income and revenue in the December quarter.

Consolidated revenue decreased to ₹11,743.1 crore from ₹11,819.7 crore, after-tax profit fell to ₹3,861.6 crore from ₹4,028.3 crore, and diluted earnings per share declined to ₹4.11 from ₹4.21 a year ago.

The company's board declared a second interim dividend of ₹3.25 per share.

HFCL Ltd. increased 1.5% to ₹80.80 after the technology company reported an increase in revenue and net income in the December quarter.

Consolidated revenue advanced to ₹446 crore from ₹356.2 crore, net income increased to ₹0.10 crore from ₹0.09 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.

Hindustan Media Ventures Limited edged higher 1.7% to ₹79.87 after the print and publishing company's net income swung to a profit in the December quarter.

Consolidated revenue increased to ₹221.4 crore from ₹206.5 crore; net income swung to a profit of ₹18 crore from a loss of ₹0.8 crore; diluted earnings per share rose to an income of ₹2.4 from a loss of 11 paisa a year ago.

Bhagyanagar India Limited rose 2.1% to ₹74.37 after the copper and solar products maker company reported a 43% jump in its earnings in the December quarter.

Consolidated revenue advanced to ₹395.4 crore from ₹335.1 crore, net income jumped to ₹4 crore from ₹2.8 crore, and diluted earnings per share rose to ₹1.25 from 86 paise a year ago.

Bharat Wire Ropes Ltd. rose 1.4% to ₹130.50 after the wire rope maker reported a slight increase in revenue and a 44% decline in profit in the December quarter.

Consolidated revenue increased to ₹162 crore from ₹157.4 crore, after-tax profit declined to ₹14.9 crore from ₹26.4 crore, and diluted earnings per share fell to ₹2.18 from ₹3.88 a year ago.

Shalby Ltd. jumped % to ₹190.90 despite the healthcare company swinging to a loss in the December quarter.

Consolidated revenue advanced to ₹281. crore from ₹220.5 crore, after-tax losses swung to ₹3 crore from a profit of ₹19 crore, and diluted losses per share swung to 28 paisa from a profit of ₹1.78 a year ago.

India Movers: Bharat Wire, Bhagyanagar India, HFCL, Hindustan Media, NLC India, Power Grid, Sky Gold, Shalby

Arun Goswami
04 Mar, 2025
Mumbai

Sky Gold Limited gained 4.4% to ₹347.60 after the gold jewelry maker reported a four-fold increase in earnings in the December quarter.

Consolidated revenue increased to ₹1,005.1 crore from ₹460.9 crore, after-tax profit advanced to ₹36.5 crore from ₹8.9 crore, and diluted earnings per share jumped to ₹2.50 from 81 paise a year ago.

NLC India Limited inched higher 2% to ₹208.50 after the power generator and renewable energy company reported a two-and-a-half-fold increase in earnings in the December quarter. 

Consolidated revenue advanced to ₹4,897.9 crore from ₹3,249.4 crore, net income jumped to ₹696.1 crore from ₹254.1 crore, and diluted earnings per share increased to ₹5.02 from ₹1.83 a year ago.

Power Grid Corporation of India Limited advanced 1.6% to ₹256.60 despite the power transmission company reporting a marginal decline in net income and revenue in the December quarter.

Consolidated revenue decreased to ₹11,743.1 crore from ₹11,819.7 crore, after-tax profit fell to ₹3,861.6 crore from ₹4,028.3 crore, and diluted earnings per share declined to ₹4.11 from ₹4.21 a year ago.

The company's board declared a second interim dividend of ₹3.25 per share.

HFCL Ltd. increased 1.5% to ₹80.80 after the technology company reported an increase in revenue and net income in the December quarter.

Consolidated revenue advanced to ₹446 crore from ₹356.2 crore, net income increased to ₹0.10 crore from ₹0.09 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.

Hindustan Media Ventures Limited edged higher 1.7% to ₹79.87 after the print and publishing company's net income swung to a profit in the December quarter.

Consolidated revenue increased to ₹221.4 crore from ₹206.5 crore; net income swung to a profit of ₹18 crore from a loss of ₹0.8 crore; diluted earnings per share rose to an income of ₹2.4 from a loss of 11 paisa a year ago.

Bhagyanagar India Limited rose 2.1% to ₹74.37 after the copper and solar products maker company reported a 43% jump in its earnings in the December quarter.

Consolidated revenue advanced to ₹395.4 crore from ₹335.1 crore, net income jumped to ₹4 crore from ₹2.8 crore, and diluted earnings per share rose to ₹1.25 from 86 paise a year ago.

Bharat Wire Ropes Ltd. rose 1.4% to ₹130.50 after the wire rope maker reported a slight increase in revenue and a 44% decline in profit in the December quarter.

Consolidated revenue increased to ₹162 crore from ₹157.4 crore, after-tax profit declined to ₹14.9 crore from ₹26.4 crore, and diluted earnings per share fell to ₹2.18 from ₹3.88 a year ago.

Shalby Ltd. jumped % to ₹190.90 despite the healthcare company swinging to a loss in the December quarter.

Consolidated revenue advanced to ₹281. crore from ₹220.5 crore, after-tax losses swung to ₹3 crore from a profit of ₹19 crore, and diluted losses per share swung to 28 paisa from a profit of ₹1.78 a year ago.

European Markets Advanced After Defense Stocks Rallied, Eurozone Inflation Slowed In February

Bridgette Randall
03 Mar, 2025
London

European markets soared in early trading and extended gains of the previous week and month ahead of the rate decisions on Wednesday. 

Benchmark indexes in Frankfurt, Paris, and London soared between 1% and 2%, driven by a surge in defense stocks after political leaders reiterated their support for Ukraine. 

Rheinmetall, BAE Systems, Thales SA, Dassault Aviation, MTU Aero Engines, and Safran SA jumped between 4% and 20%. 

The European Central Bank is widely anticipated to cut its benchmark rates on Wednesday after a 2-day policy meeting, and this would be the second rate cut in 2025 and the fifth consecutive cut since September. 

On the economic front, inflation in the eurozone eased in February, reflecting a slowdown in services, Eurostat reported on Monday. 

Consumer price inflation in the eurozone eased to 2.4% in February from 2.5% in the previous month, after services inflation eased to 3.7% from 3.9% in January. 

Manufacturing activities in the eurozone remained in contraction, but the downturn eased to the slowest pace in two years. 

The HCOB Manufacturing Purchasing Managers' Index advanced to a two-year high of 47.6 from 46.6 in January, according to S&P Global. 

Europe Indexes and Yields

The DAX index increased by 2.6% to 23,150.43, the CAC-40 index edged higher 1.4% to 8,225.58, and the FTSE 100 index advanced by 0.9% to 8,888.37. 

The yield on 10-year German bonds inched higher to 2.42%, French bonds increased to 3.16%, the UK gilts moved up to 4.49%, and Italian bonds edged higher to 3.49%.

The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.16 Swiss cents.

Brent crude decreased $0.18 to $72.62 a barrel, and the Dutch TTF natural gas was higher by €2.73 to €47.05 per MWh.

Europe Stock Movers

Defense industry-related stocks advanced for the fifth session in a row, as European governments rushed to release more military aid to Ukraine. 

Thales SA advanced 2.2% to €219.10, BAE Systems jumped 14% to 1,604.50 pence, Rheinmetall AG gained 13.5% to €1,143.50, and Dassault Aviation SA soared 16.5% to €287.20.

Leonardo SpA rose 13% to €43.56, and avionics component maker Hensoldt AG surged 29% to €67.40.

ING Groep jumped 3.5% to €17.76 after the Dutch bank agreed to acquire a minority stake in the Dutch private bank Van Lanschot Kempen N.V.

European Markets Advanced After Defense Stocks Rallied, Eurozone Inflation Slowed In February

Bridgette Randall
03 Mar, 2025
London

European markets soared in early trading and extended gains of the previous week and month ahead of the rate decisions on Wednesday. 

Benchmark indexes in Frankfurt, Paris, and London soared between 1% and 2%, driven by a surge in defense stocks after political leaders reiterated their support for Ukraine. 

Rheinmetall, BAE Systems, Thales SA, Dassault Aviation, MTU Aero Engines, and Safran SA jumped between 4% and 20%. 

The European Central Bank is widely anticipated to cut its benchmark rates on Wednesday after a 2-day policy meeting, and this would be the second rate cut in 2025 and the fifth consecutive cut since September. 

On the economic front, inflation in the eurozone eased in February, reflecting a slowdown in services, Eurostat reported on Monday. 

Consumer price inflation in the eurozone eased to 2.4% in February from 2.5% in the previous month, after services inflation eased to 3.7% from 3.9% in January. 

Manufacturing activities in the eurozone remained in contraction, but the downturn eased to the slowest pace in two years. 

The HCOB Manufacturing Purchasing Managers' Index advanced to a two-year high of 47.6 from 46.6 in January, according to S&P Global. 

Europe Indexes and Yields

The DAX index increased by 2.6% to 23,150.43, the CAC-40 index edged higher 1.4% to 8,225.58, and the FTSE 100 index advanced by 0.9% to 8,888.37. 

The yield on 10-year German bonds inched higher to 2.42%, French bonds increased to 3.16%, the UK gilts moved up to 4.49%, and Italian bonds edged higher to 3.49%.

The euro increased to $1.04; the British pound was higher at $1.26; and the U.S. dollar was lower and traded at 90.16 Swiss cents.

Brent crude decreased $0.18 to $72.62 a barrel, and the Dutch TTF natural gas was higher by €2.73 to €47.05 per MWh.

Europe Stock Movers

Defense industry-related stocks advanced for the fifth session in a row, as European governments rushed to release more military aid to Ukraine. 

Thales SA advanced 2.2% to €219.10, BAE Systems jumped 14% to 1,604.50 pence, Rheinmetall AG gained 13.5% to €1,143.50, and Dassault Aviation SA soared 16.5% to €287.20.

Leonardo SpA rose 13% to €43.56, and avionics component maker Hensoldt AG surged 29% to €67.40.

ING Groep jumped 3.5% to €17.76 after the Dutch bank agreed to acquire a minority stake in the Dutch private bank Van Lanschot Kempen N.V.

U.S. Movers: CubeSmart, Dell Technologies, Heico, Intuit, Redfin

Scott Peters
03 Mar, 2025
New York City

Intuit Inc. eased 0.1% to $613.0 after the financial software company reported strong results for the fiscal second quarter of 2025 ending in January.

Revenue increased to $3.96 billion from $3.39 billion, net income jumped to $471 million from $353 million, and earnings per diluted share rose to $1.67 from $1.25 a year ago.

The company guided for the third quarter of 2025 revenue between $7.55 billion and $7.60 billion, up 12% to 13% from $6.74 billion a year ago, and GAAP diluted earnings per share between $9.22 and $9.28, compared to $8.42 in the same quarter in fiscal 2024.

For the full fiscal 2025, Intuit estimated revenue between $18.16 billion and $18.35 billion, up 12% to 13% from $16.28 billion in the previous fiscal year, and GAAP diluted earnings per share between $12.34 and $12.54, up 18% to 20% from $16.94 a year ago.

Intuit repurchased 1,125,520 shares during the quarter, representing 0.4% for $717.83 million.

With this, the company completed the repurchase of 15,351,821 shares, representing 5.49% for approximately $7.72 billion under the buyback announced on August 23, 2018.

Intuit has $3.6 billion remaining on its share repurchase authorization.

Dell Technologies Inc. gained 0.4% to $103.18 after the computer products and services provider reported revenue growth in the fourth quarter of fiscal 2025 ending in January.

Revenue increased 7% to $23.93 billion from $22.32 billion, net income surged 27% to $1.53 billion from $1.21 billion, and earnings per diluted share rose 30% to $2.15 from $1.66 a year ago.

Dell said it sold about $10 billion of AI-optimized servers in its fiscal 2025 and expects to sell about $15 billion in AI system sales in the current year.

The company’s Infrastructure Solutions Group, its server division, saw sales rise 22% to $11.35 billion in the quarter, up from $9.33 billion a year ago.

Dell’s client solutions group, its biggest business, saw sales rise only 1% to $11.88 billion from $11.71 billion a year ago, due to a sluggish laptop market.

The company guided for the first quarter of fiscal 2026 revenue between $22.5 billion and $23.5 billion, up 3% from $22.2 billion a year ago, and GAAP diluted earnings per share at $1.29, compared to $1.32 in the same quarter in fiscal 2025.

For the full fiscal 2026, Dell Technologies estimated revenue between $101.0 billion and $105.0 billion, up 8% from $95.6 billion a year ago, and GAAP diluted earnings per share at $7.85, up 23% from $6.38 in fiscal 2025.

The company announced a cash dividend increase of 18% and a $10 billion increase in share repurchase authorization for fiscal 2025.

Redfin Corp. eased 0.14% to $6.67 after the real estate brokerage company and mortgage broker provider reported increased revenue in the fourth quarter of 2024 ending in December, and net loss widened.

Revenue increased to $244.28 million from $218.08 million, net loss deepened to $36.73 million from a loss of $23.11 million, and loss per diluted share widened to 29 cents from a loss of 20 cents a year ago.

The company guided for the first quarter of fiscal 2025 revenue between $214 million and $225 million, compared to $225.5 million a year ago, and a net loss between $94 million and $83 million, compared to a loss of $66.8 million in the same period in 2024.

Adjusted EBITDA loss is estimated between $39 million and $32 million, compared to an adjusted EBITDA loss of $27.6 million a year ago.

HEICO Corp. traded flat at $264.68 after the aerospace and electronics company reported strong results for the first quarter of fiscal 2025 ending in January.

Net sales jumped to $1.03 billion from $896.36 million, net income surged to $167.95 million from $114.70 million, and earnings per diluted share rose to $1.20 from 82 cents a year ago.

The company said that the continued increases in commercial aerospace product sales have resulted in eighteen consecutive quarters of sequential growth in the Flight Support Group segment.

CubeSmart L.P. dropped 2.9% to $41.28 after the storage facility-focused real estate company reported lower revenue in the fourth quarter of 2024.

Same-store sales declined 1.6% to $231.41 million from $235.16 million, same-store net income fell to $101.89 million from $113.14 million, and earnings per diluted share dropped to 45 cents from 50 cents a year ago.

The company guided for the first quarter of 2025 earnings per diluted share between 35 cents and 37 cents, compared to 42 cents per share in the same period in 2024.

CubeSmart proposed a quarterly dividend of 52 cents per share, payable on April 15 to shareholders on record as of April 1.

This is an increase of 2% to an annualized rate of $2.08 per share from the previous annualized rate of $2.04 per share.

U.S. Movers: CubeSmart, Dell Technologies, Heico, Intuit, Redfin

Scott Peters
03 Mar, 2025
New York City

Intuit Inc. eased 0.1% to $613.0 after the financial software company reported strong results for the fiscal second quarter of 2025 ending in January.

Revenue increased to $3.96 billion from $3.39 billion, net income jumped to $471 million from $353 million, and earnings per diluted share rose to $1.67 from $1.25 a year ago.

The company guided for the third quarter of 2025 revenue between $7.55 billion and $7.60 billion, up 12% to 13% from $6.74 billion a year ago, and GAAP diluted earnings per share between $9.22 and $9.28, compared to $8.42 in the same quarter in fiscal 2024.

For the full fiscal 2025, Intuit estimated revenue between $18.16 billion and $18.35 billion, up 12% to 13% from $16.28 billion in the previous fiscal year, and GAAP diluted earnings per share between $12.34 and $12.54, up 18% to 20% from $16.94 a year ago.

Intuit repurchased 1,125,520 shares during the quarter, representing 0.4% for $717.83 million.

With this, the company completed the repurchase of 15,351,821 shares, representing 5.49% for approximately $7.72 billion under the buyback announced on August 23, 2018.

Intuit has $3.6 billion remaining on its share repurchase authorization.

Dell Technologies Inc. gained 0.4% to $103.18 after the computer products and services provider reported revenue growth in the fourth quarter of fiscal 2025 ending in January.

Revenue increased 7% to $23.93 billion from $22.32 billion, net income surged 27% to $1.53 billion from $1.21 billion, and earnings per diluted share rose 30% to $2.15 from $1.66 a year ago.

Dell said it sold about $10 billion of AI-optimized servers in its fiscal 2025 and expects to sell about $15 billion in AI system sales in the current year.

The company’s Infrastructure Solutions Group, its server division, saw sales rise 22% to $11.35 billion in the quarter, up from $9.33 billion a year ago.

Dell’s client solutions group, its biggest business, saw sales rise only 1% to $11.88 billion from $11.71 billion a year ago, due to a sluggish laptop market.

The company guided for the first quarter of fiscal 2026 revenue between $22.5 billion and $23.5 billion, up 3% from $22.2 billion a year ago, and GAAP diluted earnings per share at $1.29, compared to $1.32 in the same quarter in fiscal 2025.

For the full fiscal 2026, Dell Technologies estimated revenue between $101.0 billion and $105.0 billion, up 8% from $95.6 billion a year ago, and GAAP diluted earnings per share at $7.85, up 23% from $6.38 in fiscal 2025.

The company announced a cash dividend increase of 18% and a $10 billion increase in share repurchase authorization for fiscal 2025.

Redfin Corp. eased 0.14% to $6.67 after the real estate brokerage company and mortgage broker provider reported increased revenue in the fourth quarter of 2024 ending in December, and net loss widened.

Revenue increased to $244.28 million from $218.08 million, net loss deepened to $36.73 million from a loss of $23.11 million, and loss per diluted share widened to 29 cents from a loss of 20 cents a year ago.

The company guided for the first quarter of fiscal 2025 revenue between $214 million and $225 million, compared to $225.5 million a year ago, and a net loss between $94 million and $83 million, compared to a loss of $66.8 million in the same period in 2024.

Adjusted EBITDA loss is estimated between $39 million and $32 million, compared to an adjusted EBITDA loss of $27.6 million a year ago.

HEICO Corp. traded flat at $264.68 after the aerospace and electronics company reported strong results for the first quarter of fiscal 2025 ending in January.

Net sales jumped to $1.03 billion from $896.36 million, net income surged to $167.95 million from $114.70 million, and earnings per diluted share rose to $1.20 from 82 cents a year ago.

The company said that the continued increases in commercial aerospace product sales have resulted in eighteen consecutive quarters of sequential growth in the Flight Support Group segment.

CubeSmart L.P. dropped 2.9% to $41.28 after the storage facility-focused real estate company reported lower revenue in the fourth quarter of 2024.

Same-store sales declined 1.6% to $231.41 million from $235.16 million, same-store net income fell to $101.89 million from $113.14 million, and earnings per diluted share dropped to 45 cents from 50 cents a year ago.

The company guided for the first quarter of 2025 earnings per diluted share between 35 cents and 37 cents, compared to 42 cents per share in the same period in 2024.

CubeSmart proposed a quarterly dividend of 52 cents per share, payable on April 15 to shareholders on record as of April 1.

This is an increase of 2% to an annualized rate of $2.08 per share from the previous annualized rate of $2.04 per share.

Europe Movers: Hella, Nexi SpA, St James's Place

Inga Muller
03 Mar, 2025
Frankfurt

Nexi SpA surged 9% to €5.06 after the Italian bank focused on payment processing reported steady revenue growth in the fourth quarter of 2024.

Revenue jumped 3.7% to €942.4 million from €908.6 million a year ago.

Revenue for the full year 2024 increased 5.1% to €3.51 billion from €3.34 billion, profit climbed to €167.36 million from a loss of €1.0 billion, and normalized earnings per share rose 11% to 59 cents from 54 cents a year ago.

The company guided for fiscal 2025 revenue in the "low-to-mid-single-digit growth," affected by mergers and acquisitions and the banks’ contracts renegotiations.

The company proposed a dividend of 25 cents per share for a total of €300 million, up 20% from the previous year, as well as a share buyback program for €300 million.

HELLA GmbH & Co. KGaA dropped 2% to €89.00 after the German automotive parts supplier reported preliminary results for fiscal 2024 ending in December.

Sales remain at the previous year's level of €8.0 billion, operating income decreased to €446 million from €486 million a year ago, and the operating income margin declined to 5.6% from 6.1% in fiscal 2023.

The company guided for fiscal 2025 adjusted sales between €7.6 billion and €8.0 billion and an operating income margin between 5.3% and 6%, compared to 5.6% in 2024.

St James’s Place Plc. dropped 3.6% to 1,058 pence after the British financial advice and wealth management company reported increased fee and commission income for the fiscal year 2024 ending in December.

Fee and commission income climbed to £3.16 billion from £2.79 billion, profit increased to £398.4 million from a loss of £10.1 million, and earnings per diluted share rose to 72.6 pence from a loss of 1.8 pence a year ago.

The company paid total dividends of 14 pence per share, down from 53.02 pence per share in 2023, for a total of £76.6 million, down from £289.6 million in 2023.

St. James’s Place proposed a final dividend of 12 pence per share for a total of £65.3 million, payable on May 23 to shareholders on the register as of April 11.

In addition, the wealth management company committed to buy back shares for up to £92.6 million, starting on February 28.

Bunzl Plc. gained 0.9% to 3,368 pence after the British distribution and outsourcing company reported lower earnings results for fiscal 2024 ending in December.

Revenue decreased to £11.78 billion from £11.80 billion, profit declined to £501.0 million from £526.2 million, and earnings per share fell to 149.6 pence from 157.1 pence a year ago.

The company guided for fiscal 2025 revenue growth, driven by announced acquisitions and a slight increase in underlying revenue growth.

The group operating margin is expected to be maintained in line with 2024 and to remain substantially higher compared to pre-pandemic levels.

The total dividend in the year rose 8.2% to 73.9 pence per share from 68.3 per share in 2023.

Europe Movers: Hella, Nexi, St Jame's Place

Inga Muller
03 Mar, 2025
London

Nexi SpA surged 9% to €5.06 after the Italian bank focused on payment processing reported steady revenue growth in the fourth quarter of 2024.

Revenue jumped 3.7% to €942.4 million from €908.6 million a year ago.

Revenue for the full year 2024 increased 5.1% to €3.51 billion from €3.34 billion, profit climbed to €167.36 million from a loss of €1.0 billion, and normalized earnings per share rose 11% to 59 cents from 54 cents a year ago.

The company guided for fiscal 2025 revenue in the "low-to-mid-single-digit growth," affected by mergers and acquisitions and the banks’ contracts renegotiations.

The company proposed a dividend of 25 cents per share for a total of €300 million, up 20% from the previous year, as well as a share buyback program for €300 million.

HELLA GmbH & Co. KGaA dropped 2% to €89.00 after the German automotive parts supplier reported preliminary results for fiscal 2024 ending in December.

Sales remain at the previous year's level of €8.0 billion, operating income decreased to €446 million from €486 million a year ago, and the operating income margin declined to 5.6% from 6.1% in fiscal 2023.

The company guided for fiscal 2025 adjusted sales between €7.6 billion and €8.0 billion and an operating income margin between 5.3% and 6%, compared to 5.6% in 2024.

St James’s Place Plc. dropped 3.6% to 1,058 pence after the British financial advice and wealth management company reported increased fee and commission income for the fiscal year 2024 ending in December.

Fee and commission income climbed to £3.16 billion from £2.79 billion, profit increased to £398.4 million from a loss of £10.1 million, and earnings per diluted share rose to 72.6 pence from a loss of 1.8 pence a year ago.

The company paid total dividends of 14 pence per share, down from 53.02 pence per share in 2023, for a total of £76.6 million, down from £289.6 million in 2023.

St. James’s Place proposed a final dividend of 12 pence per share for a total of £65.3 million, payable on May 23 to shareholders on the register as of April 11.

In addition, the wealth management company committed to buy back shares for up to £92.6 million, starting on February 28.

Bunzl Plc. gained 0.9% to 3,368 pence after the British distribution and outsourcing company reported lower earnings results for fiscal 2024 ending in December.

Revenue decreased to £11.78 billion from £11.80 billion, profit declined to £501.0 million from £526.2 million, and earnings per share fell to 149.6 pence from 157.1 pence a year ago.

The company guided for fiscal 2025 revenue growth, driven by announced acquisitions and a slight increase in underlying revenue growth.

The group operating margin is expected to be maintained in line with 2024 and to remain substantially higher compared to pre-pandemic levels.

The total dividend in the year rose 8.2% to 73.9 pence per share from 68.3 per share in 2023.