UK equities opened weaker on Wednesday, with the FTSE 100 turning negative even as the pound regained ground against the dollar, moving back toward the $1.32 level. European markets showed a mixed tone.

By 08:23 GMT, the FTSE 100 was down 0.1%, while GBP/USD ticked up 0.2% to 1.32. Germany’s DAX rose 0.3%, and France’s CAC 40 dipped 0.09%.

UK Corporate Highlights

Paragon Banking Group PLC (LSE:PAG)
Paragon delivered a 4% beat on pre-provision profit but cautioned investors that tighter margins lie ahead. Statutory profit before tax for the year to 30 September rose 1.1% to £256.5 million. Operating profit before adjusting items nudged up 0.4% to £293.9 million, while pre-provision profit grew a stronger 5.9% to £335.8 million. For 2026, the group expects a net interest margin of 290–300 basis points, indicating possible earnings pressure.

Spire Healthcare Group plc (LSE:SPI)
Spire said it now anticipates FY25 adjusted EBITDA to land near the bottom of its £270–£285 million range, despite solid recent trading. Revenue grew 3.6% in the July–October period, following 4.9% growth in the first half.

Weir Group PLC (LSE:WEIR)
Weir reaffirmed its outlook from July, maintaining expectations for growth in both constant-currency revenue and operating profit. The group continues to target around 20% operating margins and free operating cash conversion in the 90–100% range.

Bloomsbury Publishing PLC (LSE:BMY)
Bloomsbury unveiled a strategic partnership with Google Cloud to bolster innovation across AI-driven learning tools and core publishing systems. The collaboration will leverage technologies such as NotebookLM, Vertex AI, Gemini Enterprise, and LearnLM—Google’s optimized model for learning and knowledge synthesis.

Smiths Group PLC (LSE:SMIN)
Smiths Group will divest its Smiths Detection division to CVC Capital Partners–advised funds for an enterprise value of £2.0 billion, equivalent to 16.3× headline operating profit. Combined with the recent sale of Smiths Interconnect, the group expects total net proceeds of roughly £1.85 billion. Completion is targeted for the second half of 2026, pending regulatory approvals and consultation with France’s works council.

HSBC Holdings PLC (LSE:HSBA)
HSBC has announced the appointment of Brendan Nelson as Group Chair. Nelson, who stepped in as interim chair on 1 October, joined the board in September 2023. His appointment follows an extensive internal and external search process.

Thames Water
Thames Water warned of a “material uncertainty which may cast significant doubt” on its ability to continue operating as a going concern. Serving 16 million customers in southeast England, the company signaled that a move into special administration—a temporary form of government control—could occur “in the very near term” if terms for a lender-led takeover are not finalized.

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