<div id="readability-page-1"><div>(Alliance News) - Stocks were called lower on Thursday, as investors continue to digest the US Federal Reserve's latest quarter-point rate cut.Here is what you need to know before the London market open: ---------- MARKETS ---------- FTSE 100: called down 6.5 points, 0.1%, at 9,649.03 GBP: higher at USD1.3367 (USD1.3332 at previous London equities close) ---------- ECONOMIC CALENDAR ----------- 11:00 GMT Ireland CPI 09:50 GMT UK Bank of England Governor Andrew Bailey speaks 10:30 EST US EIA natural gas stocks 08:30 EST US initial jobless claims 10:00 CET IEA oil market report ---------- BROKER RATINGS ---------- Citigroup raises J Sainsbury to 'buy' - price target 349 pence ---------- JPMorgan raises RS to 'overweight' (neutral) - price target 747 (630) pence ---------- RBC raises Wheaton Precious Metals to 'outperform' (sector perform) - price target 130 (115) pence ---------- COMPANIES - FTSE 100 ---------- Entain says its Chief Financial Officer &amp; Deputy Chief Executive Officer Rob Wood will step down in 2026 after 13 years at the firm. The sports betting company is hiring Michael Snape, currently CFO of International Distribution Services, to succeed Wood with effect from March 6. Snape will join Entain as CFO designate in February. ---------- Smiths Group says it has exercised its put option announced in October, and has now entered into a binding share purchase agreement for the sale of Smiths Interconnect to Molex Electronic Technologies Holdings LLC. The deal values Smiths Interconnect at an enterprise value of GBP1.3 billion. Smiths expects the transaction to be completed in the second half of financial 2026. ---------- COMPANIES - FTSE 250 ---------- Drax says it has delivered a strong performance in 2025 and says its forecasts for full-year adjusted earnings before interest, tax, depreciation and amortisation are around the top end of consensus estimates. As of last Thursday, it says analyst consensus is for adjusted Ebitda of GBP902 million, with a forecast range of GBP892 million to GBP909 million. Drax continues to target adjusted Ebitda of between GBP600 million and GBP700 million post-2027, and GBP3 billion of free cash flow from its existing business between 2025 and 2031. &#34;Reflecting growing UK power demand, combined with an increased system reliance on intermittent and inflexible generation, Drax expects to grow its FlexGen business to comprise a greater proportion of total [adjusted Ebitda] over time,&#34; the company adds. ---------- NCC reports its annual results for the year ended September 30. The cybersecurity company's revenue declined 7.2%, or 6.2% at constant currency, to GBP305.4 million from GBP329.2 million for the year before. Pretax profit, however, totalled GBP20.6 million against a GBP17.8 million loss. And the company declared a final dividend of 3.15 pence, up from 1.50p. &#34;FY25 has been a year of disciplined execution and strategic progress,&#34; commented CEO Mike Maddison. &#34;We have significantly simplified the Group, eliminated net debt and strengthened our balance sheet through the successful sale of Fox-IT Crypto. These actions give us the flexibility to invest in growth, focused on our core capabilities.&#34; Looking ahead, Maddison added: &#34;While the macro environment remains challenging, demand for cyber security, resilience and regulatory assurance continues to grow. We are confident in our strategy to deliver sustainable growth and long-term success.&#34; ---------- FirstGroup announces the acquisition of the UK sightseeing operations of RATP Developpement for about GBP17 million. Currently operating under the brand Tootbus, the operations are based in London and Bath and comprise 63 buses, 42 in London and 21 in Bath. FirstGroup Chief Executive Officer Graham Sutherland says: &#34;The acquisition of the bus operations in London and Bath, in line with our UK-focused growth and diversification strategy, will allow us to further diversify and expand our footprint in two of our key markets. The integration of the businesses will also create material operational and cost synergies and the opportunity to grow our London route portfolio over time.&#34; ---------- OTHER COMPANIES ---------- Power Probe announces the admission of its entire issued ordinary share capital to trading on AIM. Trading commences at the market open on Thursday under the ticker PWR. The automotive electrical diagnostic tools producer has raised approximately USD15 million, or GBP11.2 million, through a placing of 13.7 million shares at 82p each. &#34;Our IPO is a major milestone and exciting moment for Power Probe, and we are extremely grateful for the support we've received from investors,&#34; comments CEO Chema Garcia. &#34;Since 1992, we've been growing our business to become a leading developer...Our admission to AIM marks a new chapter in that journey and will enable us to deliver on our ambitious growth plans, including opening a new state-of-the-art US manufacturing facility, which will increase our overall production capacity and bring us closer to our core end markets.&#34; ---------- Connecting Excellence announces that its shares will start trading at Thursday's open on the Aquis Growth Market under the ticker XCE. The executive recruitment firm, which touts its &#34;long-term, ambitious and disciplined bitcoin treasury strategy&#34;, has raised GBP500,000 through a retail offer and has raised a further GBP2.8 million through a placing and subscription of 133.3 million shares at 2.1p each. Both fundraises were &#34;significantly oversubscribed&#34;. Connecting Excellence has a market capitalisation of around GBP8 million at admission, based on the placing price. &#34;XCE is a first mover at the intersection of international executive recruitment and corporate bitcoin adoption, and we believe we are well placed to deliver long-term value for our shareholders,&#34; says CEO Scott Ellam. ---------- By Emma Curzon, Alliance News reporterComments and questions to newsroom@alliancenews.comCopyright 2025 Alliance News Ltd. All Rights Reserved.</div></div>

史密斯集團(ADR)

FTSE 100 下跌 0.1%，投資者消化美國聯邦儲備的降息消息。Drax 對其年度收益持樂觀態度，預計調整後的 EBITDA 將處於預期的上限。Entain 的首席財務官 Rob Wood 將於 2026 年辭職。史密斯集團以 13 億英鎊出售 Smiths Interconnect。NCC 報告收入下降，但實現盈利。FirstGroup 以 1700 萬英鎊收購 RATP 的英國觀光業務。Power Probe 在 AIM 上開始交易，籌集 1500 萬美元

富時 100 指數下跌，Drax 對年度盈利持樂觀態度