Next store on Oxford Street, London, England, UK (Lana Rastro)

Next (NXT.L)

Shares at Next jumped as much as 5% in London, touching a record high, after it beat forecasts with a 5% rise in pre-tax profits last year.

The fashion and homewares retailer saw pre-tax profits hit a record £918m ($1,172m) in the year to the end of January, which was £3m higher than its previous guidance. It predicted profits would now come in at £960m in 2024.

Meanwhile, sales at the high street bellwether increased 5.9% to £5.8bn.

Lord Wolfson, chief executive, said: “It has been a long time since we started a year in a more positive frame of mind. On the face of it, the consumer environment looks more benign than it has for a number of years, albeit there are some significant uncertainties.”

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He added: "It feels like we are now entering a new era."

Next bought majority stakes in brands including Fatface, Cath Kidston and Reiss during the year, and is looking for opportunities to invest in more brands

It also plans to expand in the US, Middle East and Asia via new partnerships including a tie-up with US department store Nordstrom and new franchise and licensing deals in India.

Virgin Money (VMUK.L)

Nationwide Building Society has agreed terms to take over rival Virgin Money, paying 220p per share, including a planned 2p-per-share dividend payout.

This is a 38%% premium to Virgin Money’s share price on 6 March, and values the deal at £2.9bn.

The move will now create a combined group with £366bn in total assets, almost 700 branches and more than 23 million customers.

It also solidifies Nationwide’s position as the second-largest mortgage lender after Lloyds Banking Group (LLOY.L).

Bosses at Virgin Money, the UK’s sixth-largest retail bank, could share £6m from the deal.

Read more: FTSE 100 LIVE: European stocks rise as Bank of England set to hold interest rates

Nationwide confirmed it would pay £15m in annual royalties for the first four years, as well as a £250m exit fee, which will see the name disappear from UK high streets.



Nationwide said: “Nationwide’s board agreed that a binding offer to acquire Virgin Money was in the best interests of the society and its present and future members, following full consideration and the appropriate due diligence, and after taking comments from members into account.”

Shares in Virgin Money were up 2.5% at the time of writing.

Direct Line (DLG.L)

Direct Line saw its gross written premiums and related fees surge to £3.1bn, a 27.1% rise from the previous year. However, it still faced a net insurance margin decline of 8.3%, coupled with an operating loss of £189.5m.

Meanwhile, the insurer’s solvency capital ratio before dividends improved to 201%.

Adam Winslow, chief executive, said the insurer had a “strong platform for recovery”, after a return to profit allowed the group to announce a dividend of 4p per share, "and for the group to have a strong post-dividend solvency capital ratio of 197% at year-end 2023.”

It added that its motor business had now “turned the corner” as it pushed up prices, with policies sold in the second half estimated to achieve a net insurance margin of more than 10%.

The firm, whose brands include Churchill, Darwin and Privilege as well as Green Flag rescue policies, has set a goal to reach a 13% net insurance margin by 2026. This will be supported by a strategic initiative to cut costs by a minimum of £100m by the close of 2025, measured on a yearly run-rate basis.

It comes after Direct Line recently shot down two takeover proposals from Belgian multinational insurance company Ageas.

Centamin (CEY.L)

Mining stocks surged on Thursday on the back of the US Federal Reserve’s rate cut guidance.

Gold miner Centamin was also boosted by news that it kept its outlook for this year unchanged as its adjusted earnings rose on higher production. The group pulled 450,058 ounces of gold out of the ground this year, around 2% more than the year prior.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 25% to $398m, (£311.7m) supported by a robust balance sheet with cash and liquid assets of $153m.

It confirmed a final dividend of two cents a share, equating to $23m.

The group also invested less than expected, with a $204m capital expenditure bill for the period, below guidance of $272m.

This was down to cost savings, lower capitalisation of costs and changes to equipment rebuild schedules.

Martin Horgan, chief executive, said: 2023 is the third consecutive year that we have safely delivered on our production guidance, reflecting the operational improvements and flexibility from our three-year reinvestment plan.

"Looking ahead to 2024, the grid connection project will continue our recent success in taking costs out of the business whilst delivering into our near-term de-carbonisation targets of reducing our scope 1 and 2 emissions by 30 per cent by 2030.”

Shares were 4.5% up in London on the back of the trading update.

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