Market Live Email
Safestore Q4 revenues up 6.1pc, Pennon returns to black in H1
By Iain Gilbert
Date: Thursday 27 Nov 2025
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 was expected to open 12.3 points lower on Thursday after wrapping up the previous session 0.85% firmer at 9,691.58.
STOCKS TO WATCH
Self storage chain Safestore reported a 6.1% rise in fourth quarter revenue year-on-year with positive contributions on a like-for-like and new stores basis. Group revenue for the three months to October came in at £62m. In the year to date, sales were up 5% to £234m as Safestore opened two new sites in Paris during the period and two more in the UK post financial year end.
Pennon Group swung back into the black in the first half, the utility confirmed on Thursday, boosted by higher bills and strong demand over the hot summer months. The owner of South West Water saw revenues jump 24.8% in the six months to September end, to £658.1m, while underlying pre-tax profits came in at £65.9m. Pennon posted pre-tax losses of £18.6m a year previously.
Business parks investor Sirius Real Estate said on Thursday that it has acquired a multi-tenant business park in Hamburg for €31.9m. Sirius stated the purchase terms reflected an EPRA net initial yield of 6.1% and currently generates €2.15m of annualised rent roll per annum. It also noted the park was 89% occupied, providing it with "a number of value creation opportunities" through leasing of vacant space and future development.
Student accommodation group Unite's proposed acquisition of smaller rival Empiric has been approved by the Competition and Markets Authority, the regulator announced on Thursday. Following a Phase 1 investigation, the CMA said it had "cleared" the deal, though a full report on the decision has yet to be published.
NEWSPAPER ROUND-UP
Retailers have breathed a sigh of relief after changes to their business rates bills in the budget were not as bad as feared, after the industry had warned for months that more punitive measures could lead to shop closures and jobs losses. The chancellor, Rachel Reeves, on Wednesday revealed plans to permanently reduce business rates for retail, hospitality and leisure properties - although the discounts are not as generous as those that have been in place since the pandemic. About 750,000 properties in those sectors will see their bills set below the current standard level, with deeper discounts for smaller operators, according to the government. - Guardian
Rachel Reeves's benefits spending spree is poised to swallow up more than half of her Budget tax rises. Welfare spending will be £16bn a year more than expected by 2030, according to the Office for Budget Responsibility - a significant proportion of the £26bn tax raid announced on Wednesday. This jump will take the UK's total welfare costs to £406.2bn by 2030-31, representing an increase of £73.2bn on this year's bill. - Telegraph
Not for a decade has it been as affordable as it is now for first-time buyers to get on the property ladder. A combination of lower interest rates, higher incomes and muted house price growth has improved affordability for first-time buyers over the last year. Data from Lloyds Banking Group, Britain's largest mortgage lender, shows the price of a typical first-time buyer home is 5.9 times the average first-time buyer salary, down from 6.2 times at the end of 2024. - The Times
An economic adviser to President Trump considered doveish on inflation has emerged as the frontrunner to succeed Jerome Powell as chairman of the US Federal Reserve. Kevin Hassett, director of the White House National Economic Council, was named by Bloomberg as the favoured candidate. Hassett said only last week that he would cut US interest rates "right now" if he was in charge at the Fed. - The Times
US CLOSE
Major indices closed higher on Wednesday as stocks extended their recent winning streak for another session, with broader market gains supported by strength in technology.
At the close, the Dow Jones Industrial Average was up 0.67% at 47,427.12, while the S&P 500 advanced 0.69% to 6,812.61 and the Nasdaq Composite saw out the session 0.82% firmer at 23,214.69.
Reporting by Iain Gilbert at Sharecast.com
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