Greg Wright

Neptune Sonar is expanding in East Yorkshire by moving into a 38,000-square-foot unit at Wykeland Group’s Evolve @ Melton West business park. The facility will combine manufacturing, distribution and storage, consolidate three existing sites and support the company’s growth in sonar transducers and other subsea technologies. The move, expected to be operational later in 2026, follows Neptune Sonar’s integration into the OceanSight group, which the company says is providing investment, commercial expertise and global market access.

AstraZeneca has stopped a phase-three trial testing volrustomig with chemotherapy for lung cancer after an independent data review found the treatment was unlikely to improve survival compared with existing options. The decision follows the earlier suspension of the Wainua heart-disease drug trial and represents another setback for the pharmaceutical company. AstraZeneca will continue testing volrustomig in other cancers, while its Enhertu treatment showed significant progression-free-survival benefits in non-small cell lung cancer and will advance to a phase-three trial. Despite the trial failure, AstraZeneca shares rose 2% in early trading, supported by investor confidence in its broader oncology pipeline.

Evoke, the owner of William Hill and 888, reported a £46 million hit to earnings from higher UK gambling taxes, with underlying first-half earnings falling 10% to £150.2 million and pre-tax losses widening to £80 million. The company is facing a rise in remote gaming duty from 21% to 40% and a new 25% online sports betting duty from 2027, which it estimates could increase annual costs by up to £135 million. Evoke has closed around 200 betting shops and reduced marketing and operating costs to offset more than half of the immediate tax impact, while preparing for a proposed £243.1 million takeover by Bally’s Intralot.

TUI’s third-quarter pre-tax profit fell 43% to €153.4 million, while underlying earnings dropped 27% to €233.8 million and customer numbers declined 3% to 9.9 million. The travel operator attributed the weakness to the Iran war, higher fuel costs, cautious consumers booking later, weaker demand and increased competition. It has incurred an €81 million impact from the conflict and hurricanes in Jamaica, including €20 million directly affecting its cruises division after passengers had to be repatriated from Abu Dhabi. Chief executive Sebastian Ebel said travel remains important but purchasing decisions have shifted, while analyst Derren Nathan highlighted resilience in TUI’s hotels and cruises alongside losses in its more competitive airline and markets division. Bookings improved in the final four weeks, but the company faces a difficult peak summer trading period and limited scope for last-minute discounts.

Bellway has urged the UK Government to immediately reduce stamp duty and introduce a government-backed deposit scheme for first-time buyers, arguing that these measures would improve housing affordability, stimulate demand and support the delivery of affordable and social homes. The Newcastle-based housebuilder reported a 10.8% increase in housing completions and expects underlying operating profit to rise to about £320 million, but said customer demand weakened after April as mortgage rates increased. Bellway chief executive Jason Honeyman described the company’s performance as resilient, while analyst Richard Hunter said the wider housebuilding sector remains weak and noted a 5.8% decline in private reservation rates.

Yorkshire Water completed works connecting a new Ilkley development to the water and wastewater networks nearly two weeks ahead of schedule, reopening Skipton Road on the A65. The company said it accelerated the project by adding a second Avove team, extending working hours and bringing forward road reinstatement and pipework testing. Conservative MP Robbie Moore welcomed the completion but criticized Yorkshire Water and Bradford Council’s Highways Department for poor planning, limited on-site activity and the severe traffic disruption caused, calling for smarter and potentially round-the-clock working on future projects.

Stoke-on-Trent-based engineering group Goodwin has begun a strategic review that could lead to the sale of a substantial part of its mechanical engineering division, including Goodwin Steel Castings, Goodwin International, Noreva, Easat and Pumps. The division supplies components for UK and US frigate and submarine programmes, including Britain’s Dreadnought nuclear deterrent and Type 26 frigates. Potential buyers with defence-sector experience have reportedly shown interest, but Goodwin stressed that discussions are ongoing and no sale is certain. Its shares rose about 10% following the announcement.

UK house prices were unchanged in July at an average of £299,253, following 0.2% growth in June, leaving annual growth at just 0.1%. Northern Ireland recorded the strongest increase at 7.4% year on year, while prices fell in south-east England and Greater London. Lloyds said the market had remained stable for almost two years but warned that affordability and mortgage rates remained challenges. Experts attributed weak activity to global economic uncertainty, inflation concerns, rising borrowing costs and a less confident jobs market, with the outlook for the rest of the year dependent on mortgage rates and household confidence.

Minster Law has acquired ARAG Law’s personal injury legal team and active caseload, with financial terms undisclosed. The deal includes the creation of a new Minster office in Bristol and supports the firm’s expansion alongside existing operations in Wakefield and London. It follows Minster’s 2022 acquisition of Irwin Mitchell’s high-volume personal injury business. Both firms said the transaction should provide continuity for clients, insurer partners and employees, while Minster described the acquisition as part of its strategy to strengthen its position in specialist personal injury services.

Conservative MP Robbie Moore and Ilkley councillor Richard Downey have demanded faster progress and longer working hours on Yorkshire Water roadworks on Skipton Road. The 25-day project, which connects clean-water mains to a new development, has caused long tailbacks and economic disruption for residents, commuters, buses and local businesses. Moore criticised the apparent lack of workers on site, traffic-light management and Bradford Council’s approval of the work programme. Yorkshire Water said its contractor Avove is working extended hours, carrying out elements of the project concurrently and progressing reinstatement, while Bradford Council said it had reminded the company of its permit obligations and was monitoring the work.

Travis Perkins reported a 6.3% rise in adjusted operating profit to £67 million for the six months to June 30, 2026, despite revenue falling 1.8% to £2.26 billion. The company attributed improved merchant profitability to passing through price inflation, a favourable sales mix and procurement gains, while warning that construction activity remains depressed amid high interest rates, cost inflation and economic uncertainty. It expects a similar performance in the second half of the year and described its turnaround as showing encouraging early progress.

Domino’s reported 45,000 additional orders on the day of England’s World Cup match against DR Congo compared with the same day the previous year, making it one of the company’s biggest sales days. First-half sales rose 6.1% to £825 million on a like-for-like basis, while orders increased 1.6% across its 1,400 stores. CEO Nicola Frampton attributed growth to the core pizza range, the new Italiano’s products and the Chick ‘N’ Dip chicken brand, while saying heatwaves also boosted takeaway demand. Pre-tax profit was broadly flat at £40.6 million, but analyst Russ Mould said the company’s focus on customer growth, order frequency and efficiency appeared to be paying off.

Next reported a 9.2% rise in full-price sales for the 13 weeks to 1 August, well ahead of its 4% forecast, driven by warmer UK weather, stronger marketing and released pent-up demand in the Middle East and Northern Europe. UK sales rose 2.8%, while international online sales increased 37%, although domestic store sales fell. The retailer raised its full-year pre-tax profit forecast by £25 million to £1.24 billion, despite disruption linked to the Iran war and higher supply-chain costs. Analysts praised Next’s momentum but cautioned that overseas growth may moderate and that its UK performance remains comparatively subdued.

HSBC reported a 23% year-on-year increase in pre-tax profit to $19.5 billion for the first half of the year, exceeding analyst expectations, and plans a further $1 billion share buyback. Chief executive Georges Elhedery argued that strong banks are essential to UK growth because businesses need access to finance, while the Trades Union Congress called for the bank corporation-tax surcharge to rise from 3% to at least 8%. HSBC is investing in technology and simplifying operations, although higher expected credit losses, including a fraud-related exposure, partly offset profit growth. Elhedery described the UK economy as resilient and said HSBC remained ready to support business investment despite inflation, geopolitical tensions and trade tariffs.

BP reported underlying replacement-cost profit of $5.7 billion for the second quarter of 2026, an increase of about 78% from the previous quarter and its strongest quarterly result in four years. Higher oil prices, stronger refining margins and trading gains linked to the Iran conflict boosted results, while campaigners accused the company and other energy firms of profiteering as households face high bills and worsening climate impacts. Chief executive Meg O’Neill outlined an overhaul focused on cost reduction, asset sales and improved shareholder returns, including the planned sale of US renewable natural gas business Archaea and BP’s UK North Sea operations. Despite the financial gains, production, refinery throughput and upstream reliability declined, leaving BP under pressure to improve its operational performance.

EG On The Move has completed the acquisition of a 260-site petrol and convenience retail network in France from EG Group. Chief executive Zuber Issa described the deal as an important step in the company's growth strategy and said the business would invest in the network, improve the customer experience and support employees and local communities.

International Airlines Group, the parent company of British Airways, reported a 35% year-on-year fall in second-quarter profit after tax to €732 million, attributed largely to a 23% rise in fuel costs and emissions charges linked to the Middle East conflict. Revenue remained broadly stable at €8.883 billion, while first-half profit declined 21% despite a 1% increase in revenue. Chief executive Luis Gallego said IAG’s diversified airline portfolio and strong bookings positioned it to withstand near-term geopolitical and cost pressures, with travel demand expected to remain strong.

Leeds Building Society reported first-half 2026 profit before tax of £70.7 million, down from £104.4 million a year earlier, while saying the result was in line with its plans and expectations. Savings balances rose to £26.4 billion, but gross mortgage lending fell to £2.0 billion. The society is investing in a multi-year core technology modernisation programme, with its mobile app expected to launch later in 2026, alongside branch refurbishments and staff training. Chief executive Annette Barnes said the society helped 13,000 people onto or up the housing ladder, nearly half of them first-time buyers, and remains well positioned to pursue opportunities despite economic uncertainty.

Lloyds Banking Group reported a 23% rise in pre-tax profit to £4.3 billion for the six months to the end of June, beating analyst expectations. The bank said it was on track to deliver more than £2 billion in gross savings between 2022 and 2026 and is targeting a further £2 billion by 2030 through digital transformation, technology modernisation and wider use of artificial intelligence. Chief executive Charlie Nunn’s next four-year strategy will begin in 2027 and follows major changes to digital banking, wealth management and the branch network, including plans to replace the Halifax brand with Lloyds.

Anglo American says the Woodsmith Mine project near Whitby remains focused on critical works and optimisation ahead of a potential final investment decision from 2028. Pilot sales of its POLY4 polyhalite fertiliser are continuing across Europe, North America, China and Brazil, with positive feedback from retailers, distributors and farmers. A February 2026 investment agreement with Mitsubishi Corporation will support further development, market expansion and financing exploration, with Mitsubishi potentially acquiring a 25% or other negotiated equity stake in the future.

The former Elbow Rooms bar and nightclub in Leeds’ Calls district has been refurbished into office space retaining its industrial features and exposed brickwork. Knight Frank is marketing 2,105 square feet of fitted space at a quoting rent of £25 per square foot after the building became available again. Existing occupiers include Parallax, IPL and EDNA, while James Brothers Leeds Ltd owns the property and Carter Towler acts as joint agent.

Mills & Reeve recorded 13.9% growth in the 2025/26 financial year, taking turnover to a record £206.9 million and surpassing £200 million for the first time. The Leeds-based law firm will distribute more than £3.25 million through an employee profit-sharing pool, with most employees receiving at least £2,300. Partner Ellie Milner attributed the performance to the firm’s strategy, people and client relationships, and said investment in its 2030 strategy, technology and sector expertise would continue.

Reckitt Benckiser is introducing moderate, market-specific price increases in the UK and other countries to offset cost pressures linked partly to volatile oil prices amid the Iran conflict. The company now expects a smaller 2026 input-cost impact as oil prices have eased, while reporting 4.2% like-for-like second-quarter sales growth for its core brands and maintaining its 4%–5% full-year revenue-growth guidance. Underlying first-half operating profit fell 14.3% to £1.47 billion, largely reflecting the prior sale of a stake in its Cillit Bang and Calgon business, but the company said earnings were broadly flat excluding that effect.

Greggs reported first-half 2026 sales of more than £1.1 billion, up 7.2% year on year, while pre-tax profit rose 20% to £76 million. Growth was driven mainly by 34 net new shops, menu changes such as iced matcha lattes and higher-protein salads, and stronger grocery and convenience activity. The chain had 2,773 shops at the end of June and expects to open 100 to 110 more during 2026, including trials of Greggs Express stores. Chief executive Roisin Currie said full-year expectations were unchanged, while analysts praised the company’s expansion and cost control but warned that pricing pressure could affect demand and margins.

Barclays reported a 17% increase in pre-tax profit to £6.1 billion for the first half of 2026, exceeding analyst expectations of £5.9 billion. Growth was driven by its UK banking and investment banking divisions, which benefited from stronger financial-market activity, equity income and dealmaking. Credit impairment charges rose to £1.4 billion from £1.1 billion a year earlier. The bank raised its full-year income projection to around £31.5 billion, but investors reacted cautiously amid concerns about bad debts and whether investment-banking momentum can continue.

AstraZeneca reported first-half 2026 revenue of $30.67 billion, up 6% year on year at constant exchange rates, driven by a 15% increase in oncology sales to $14.12 billion and an 11% rise in rare-disease revenue. Strong demand for Tagrisso and Imfinzi, particularly in the United States, offset an 11% decline in Farxiga sales. The company is increasing investment in research, clinical trials and transformative technologies, and expects full-year revenue growth of approximately 5% to 9%.

Wakefield-based renewable-energy installer My Green Electricity plans to expand across Yorkshire and the North of England after reporting strong performance in 2025. Founded by school friends Edward Bakes and Oscar Stansfield, the business has seen rising demand for solar PV, battery storage, EV charging and complete home energy systems. The founders say the company prioritizes workmanship, long-term system performance and strong customer relationships as households respond to higher energy costs and improving technology.

Cranswick reported a 5.5% rise in revenue for the 13 weeks to 27 June 2026, driven by 8.2% volume growth and strong demand for poultry, fresh pork, convenience foods and pet products. The company is expanding capacity at its Eye poultry facility and undertaking a multi-phase expansion of its flagship Hull pork-processing site. It also formed a joint venture with The Jolly Hog’s founders and management. Despite weaker exports caused by subdued Chinese and global demand, Cranswick said it remains financially robust and expects full-year performance to meet market expectations.

Barclays, Lloyds Banking Group and NatWest are expected to report higher first-half profits, helped by interest rates remaining elevated. Analysts nevertheless warn that the conflict involving Israel, the United States and Iran, along with higher oil, food and energy costs, could increase customer defaults and banks’ provisions for bad loans. Mortgage rates and affordability are also under scrutiny, with investors watching loan demand, impairment charges and the effect of prolonged inflation on consumer spending and credit quality.

Azets has appointed Jessica Lawrence as managing partner of its Leeds office. She will lead the firm's 130-person King Street operation and focus on building its growth and presence across the city. Regional managing director Claire Needham said the appointment reflects Azets' ambitions and the strength of its Yorkshire business.