British equities edged lower on Thursday morning, even as the pound held its ground against the dollar following gains in the previous session and most major European indices traded higher.

By 0822 GMT, the FTSE 100 was down 0.1%, while the GBP/USD pair was unchanged at 1.33. Over in Europe, Germany’s DAX advanced 0.8%, and France’s CAC 40 added 0.4%.

UK corporate highlights

Rio Tinto PLC (LSE:RIO) lifted its 2025 copper output forecast to 860–875 kt, an increase from its previous outlook of 780–850 kt. The miner also lowered its projected unit costs to 80–100 c/lb, compared with earlier guidance of 110–130 c/lb.

During its 2025 Capital Markets Day, the Anglo-Australian group presented a restructuring blueprint built around three core divisions—Iron Ore, Copper, and Aluminium & Lithium. Chief Executive Simon Trott said in a filing to both the Australian and London stock exchanges: “We are building from a position of strength for Rio Tinto’s next chapter, sharpening and simplifying the business to deliver leading returns.”

In earnings news, AJ Bell PLC (LSE:AJB) delivered another year of record performance. Revenue climbed 18% to £317.8 million, while profit before tax rose 22% to £137.8 million, marginally surpassing market expectations. Earnings per share reached 25.6 pence, and the group’s profit before tax margin improved to 43.4%, up from 42% a year earlier.

Frasers Group PLC (LSE:FRAS) reaffirmed its full-year profit outlook of £550 million to £600 million despite posting a 2.8% decline in half-year adjusted profit to £290.9 million. The retailer absorbed an £82.3 million increase in impairments and a rise in interest expenses of £11.3 million to £48.1 million. Still, retail trading profit grew 12.2% to £411.4 million.

Watches of Switzerland Group PLC (LSE:WOSG) reported a strong first half, with pretax profit up to £61 million from £41 million the year before. Revenue reached £845 million, representing 10% growth at constant currency, and adjusted EBITDA edged higher to £91 million from £87 million.

Infrastructure firm Balfour Beatty PLC (LSE:BBY) expects its order book to expand about 20% in 2025, rising to roughly £22.1 billion from £18.4 billion in 2024. The company attributed the increase largely to robust demand in the UK energy sector, which contributed more than £3.5 billion in new commitments. Balfour Beatty also adjusted its 2025 average monthly net cash outlook to the top of its previously stated range, £1.1 billion to £1.2 billion, significantly higher than the £766 million recorded in FY2024.

SSP Group PLC (LSE:SSPG) posted a 6% rise in annual revenue to £3.64 billion, supported by underlying operating profit growth of 8.4% to £223 million. Like-for-like sales improved 3.7%, and earnings per share increased 19% to 11.9 pence.

Baltic Classifieds Group PLC (LSE:BCG) delivered a solid first half, reporting a 7% gain in revenue to €44.8 million for the six months ending October 31, 2025. EBITDA margin held steady at 78%, while profit surged 22% to €26.4 million. The board declared an interim dividend of 1.3 euro cents per share, an 8% increase year on year.

Meanwhile, Morgan Advanced Materials Plc (LSE:MGAM) revised its medium-term targets, now aiming for EBITA margins of 12% by 2028, slightly below its previous ambition of 12.5%–15%.

Elsewhere, Ofgem approved a £28 billion investment programme to strengthen the UK’s energy infrastructure, with total funding expected to rise to an estimated £90 billion by 2031. Within the package, £17.8 billion is earmarked for gas network maintenance and £10.3 billion for upgrades across the electricity transmission grid.

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