Marks & Spencer has confirmed the cyber attack led to £100m in costs, ravaging the group’s operating profit for the 26-week period ended 27th September.

Operating profit for the period fell to £184.1m from £413.1m in the same period last year despite sales rising 22% to £7.9bn.

The jump in revenue, however, was entirely due to the introduction of Ocado Retail revenue, accounting for around £1.5bn.

Stripping out Ocado Retail, M&S sales were flat. Ocado Retail, incidentally, is still loss-making.

Shares were little changed on Wednesday, with much of the bad news priced in. M&S had previously warned that the cyber attack could cost £300m.

“It had all been going so well at Marks & Spencer,” said Mark Crouch, market analyst for eToro.

“But as chief executive Stuart Machin put it, the first half of this year was “an extraordinary moment in time for M&S”, and that’s putting it mildly. The retailer’s underlying profit slumped 55%, laid low by the fallout from April’s cyberattack that crippled its website and halted online clothing orders for seven weeks. Click-and-collect services were down for nearly four, and food operations weren’t spared either.

“The damage shows most starkly in fashion and home, where profits collapsed by more than 80% to £46.1 million, and sales tumbled 16.4% to just under £1.7 billion.”

“It’s a bitter blow for a brand that had been flying high, finally shaking off its dowdy image and delivering the kind of retail renaissance investors had only dreamed of. That the share price has held up so resiliently is testament to the strength of the turnaround before the hack, but 2025 now looks like a year of what-ifs.”

The struggles of the hospitality industry are well-documented. Wetherspoons, however, is outperforming the wider industry and making the best of a bad situation.

In the first 14 weeks of the financial year, like-for-like sales rose 3.7% year-on-year. Bar sales climbed 5.7%, whilst food grew a modest 0.9% and slot machines jumped 8.9%. Hotel room sales fell 6.3%.

Total sales increased 4.2% year-to-date.

“J D Wetherspoon’s sales growth has slowed in the first fourteen weeks of the financial year to 3.7%. At the last check, that number stood at 3.2% for the first nine weeks, so investors should take some comfort in the pub chains continued resilience,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

The CGA RSM Hospitality Business Tracker, which monitors monthly like-for-like sales across multi-site pub and restaurant operators, reported industry sales of 0.2% in September. Investors will take some solace in the fact that Wetherspoon posted 3.4% growth for the same period.

The pub chain has now outperformed the industry tracker for 37 consecutive months.

But, arguably, the most interesting part of today’s trading update was the criticism of the UK government by the Wetherspoons Chairman:

“In our recent annual report, it was stated that a “main lesson of the 1970s (is that) if energy prices go up… inflation results and almost everyone is poorer,” said Wetherspoon chairman Tim Martin.

“The point was also made that the proposed development of “standby” nuclear power, for periods when wind and solar energy were unavailable, would require the UK to approximately match France’s 59 nuclear reactors.

“However, the UK has only nine nuclear reactors today, most of which are due to be decommissioned by 2030.

“So far, the logic of the points made in the annual report has not been questioned and more detailed arguments, emphasising the need for wider public debate, are advanced in the most recent edition of Wetherspoon News.

“A second point made in the annual report is the startling fact that none of the chairmen of the mega-successful US technology companies (Microsoft, Apple, Meta, Amazon, Nvidia etc) comply with UK corporate governance guidelines, which include, for example, a ludicrous “nine-year rule”.

“As a matter of common sense, few sensible technology entrepreneurs would envisage a London flotation for this reason alone.

“Perhaps the UK powers-that-be don’t feel we need to try and attract these sorts of companies. However Nvidia, alone, is apparently worth nearly one and a half times the capitalisation of the entire London stock market.

“I have written about the absurdities of corporate governance for many years- for example in this article from 2014. Strangely, almost no one has ever contradicted the points made- yet nothing much has changed either.

“A final and related point concerns wages and taxation. The average price of a pint in pub is about £5.16 and labour is about 35% of the ex-VAT sales price (Mitchells & Butlers 36.2%, FY24), about £1.50 per pint.

“A supermarket pint costs about £1.50 and labour is about 12% of the ex-VAT sales price (Tesco 12.0%, FY24), about £0.15 per pint.

“Therefore, it can be seen that a 10 per cent wage rise will increase the cost of a pint by about 15 pence in a pub versus about 1.5 pence in a supermarket.

“Increased labour costs are, consequently, dramatically widening the pricing differential between pubs and supermarkets, to the anger and consternation of customers. 

“A further widening of the differential results from pubs paying 20% VAT on food sales, whereas supermarkets pay nothing.

“As investment bank Morgan Stanley pointed out in recent research, pubs have lost 50% of their beer volumes to supermarkets since the year 2000- price is surely the main culprit.

“It is important to emphasise the above points since it’s not clear that they are fully appreciated by legislators, economists or the public.

“The company is pleased with the continued sales momentum but is mindful of the Chancellor’s Budget statement later this month and, as a result, is slightly more cautious in its outlook for the remainder of the year.”

A trading update from RUA Life Sciences (LON: RUA) for the 18 months to September 2025 shows revenues of £6.2m, of which £5.1m were in the most recent 12 month period. A 12 month loss of £1.2m is expected and that should fall sharply this year. The share price rebounded 8.33% to 13p.

In the year to June 2025, Dotdigital (LON: DOTD) increased revenues 6% to £83.9m, after the loss of a contract, while pre-tax profit was £19m. Net cash is £36m. Canaccord Genuity has edged up its 2025-26 pe-tax profit forecast to £19.9m. Dotdigital is well placed to take advantage of growing marketing spending and use of its AI tools. The share price rose 6.32% to 72.3p.

Potash project developer Kore Potash (LON: KP2) has commenced a formal sale process to enable engagement with parties interested in acquiring the company, which is seeking finance for the Kola potash project. The review may decide that Koe Potash should continue as an independent company rather than being acquired. The share price increased 6.45% to 3.3p.

Aptamer Group (LON: APTA) has gained a new contract with an existing top 5 pharma customer. This the third project and it is to develop Optimer binders against three key drug targets and provide support for assay development. Aptamer retains the IP. Aptamer has a signed total contract value of £1.75m. The share price improved 6.25% to 0.85p.

FALLERS

URU Metals (LON: URU) has raised £1.1m from an oversubscribed placing at 7p/share. This will finance development of the recently awarded mining licence for the Zeb Nickel project in South Africa, including important groundwork to prepare for a drilling programme. The mining right has a 30 year term. The share price fell 9.72% to 8.125p.

Digital media company Catenai (LON: CTAI) has repaid a £100,000 working capital loan and 33.3 million warrants exercisable at 0.3p each were issued to the group of lenders. The share price dipped 8.33% to 0.33p.

Cellbxhealth (LON: CLBX) says experts predict that CTC testing will become routine within five years. They provide distinct and impactful information that is not captured by circulating tumour DNA. Two-fifths of the experts identified Parsortix as the most promising next generation technology. The share price declined 5.88% to 2.4p.

Pulsar Helium Inc (LON: PLSR) has signed a definitive agreement for the acquisition of Aquis-quoted Oscillate’s subsidiary Quantum Hydrogen, which holds non-hydrocarbon gas rights in Minnesota. The initial 80% will be bought for $400,000 in shares and the other 20% will be acquired in 18 months for an additional $400,000 in shares. The share price decreased 5.68% to 41.5p.

The FTSE 100 was sharply lower on Tuesday after Rachel Reeves delivered a highly unusual speech setting the scene for tax hikes at the upcoming budget.

The Chancellor repeatedly refused to rule out tax hikes in a inpromptu speech made early on Tuesday morning that focused on challenges for the economy.

“The scale of the financial challenges for the government right now mean the Budget is likely to involve some incredibly tough decisions,” said Sarah Coles, head of personal finance, Hargreaves Lansdown.

“The fact this speech has been made at all is likely to demonstrate that the government wants to highlight its position: to meet its fiscal rules, it’s likely to have to make spending cuts and raise significantly more tax.”

The gilt market initially reacted positively to Reeves’ speech and the promise of continued fiscal discipline.

“The bond market would be happy if the chancellor raises taxes as it would help to improve public finances and make the UK less risky from an investment perspective,” explained Dan Coatsworth, head of markets at AJ Bell.

Although the FTSE 100 fell 0.8% on Tuesday, the decline can’t be entirely attributed to the Chancellor’s speech. There were also sharp declines across Europe on Tuesday, with the German DAX falling over 1%.

The weakness in European markets was set in motion after the US cash markets closed last night by a disappointing reaction to US AI darling Palantir’s earnings.

“The stock had already come off its highs toward the end of regular hours, closing 3.5% higher, but after-hours trading saw that gain wiped out and by the end of the day the shares were looking at losses of around 3%, marking a retreat of almost $50 billion in value from the earlier high point,” said Steve Clayton, head of equity funds, Hargreaves Lansdown.

“Investors began to question the valuations of AI more broadly, reflected in falling futures markets.”

London’s cyclical sectors were the hardest hit, with miners and financials dominating the bottom of the leaderboard.

Antofagasta and Glencore both fell more than 3%.

BP’s fairly respectable Q3 results were smothered by broader negative sentiment, and shares were trading largely flat at the time of writing.

“BP’s latest quarter was a solid if unremarkable affair,” said Chris Beauchamp, Chief Market Analyst at IG.

“Underlying replacement cost profit came in at $2.2 billion, with strong cash flow helping to offset a higher tax bill and weaker trading performance.

“For investors, the consistency will be welcome, but the question is whether there’s much upside left in the shares without a meaningful rebound in energy prices or a return to stronger trading.”

AB Foods was the FTSE 100’s top faller after releasing sharp declines in profit and said it was considering breaking the group up to unlock value in Primark.

Adsure Services has issued an encouraging trading and corporate update, highlighting that its orderbook has grown by double digits since the start of the current financial year in April 2025, suggesting the company is set for another year of top-line growth.

The specialist business assurance provider, which operates through its subsidiary, TIAA Limited, has seen growth driven by both one-off projects and long-term contracts.

The new long-term contracts will bolster Adsure Service’s recurring revenue base, providing excellent revenue visibility.

Although today’s update did not mention the dividend, the growing order book supports the firm’s progressive dividend policy. Adsure recently increased its final dividend by 15%.

In addition to reporting growth in group orders, Adsure provided an update on its strategic objectives and divisional progress.

The company’s ‘Fit for the Future’ technology strategic initiative is gaining momentum with the launch of new software following an agreement with K10 Vision announced in February.

The new audit working paper software was fully integrated and launched on 1 November 2025, representing Adsure’s commitment to enhancing internal efficiency whilst meeting evolving client demands in an increasingly dynamic market.

Adsure also touched on the development of the group’s proprietary ‘TIAA Insight’ AI tool, a large language model designed specifically for the business, which has now entered the client testing phase.

Housing Sector Delivers Substantial Gains

Since Angela Ward joined TIAA Limited as the housing sector lead in January 2025, the division has enjoyed substantial growth and expanded market share considerably.

Client numbers have surged by approximately 20% to over 130 individual organisations. The new contracts comprise 39% recurring engagements and 61% grant work and advisory services. A particular area of strength has been grant audit work, specifically auditing government grants from Homes England.

Angela Ward, Director – Housing at TIAA Limited, said: This growth reflects the strength of our offering. A standout area has been our success in recurring internal audit contracts, our grant compliance work, particularly with Homes England. I fundamentally believe that this success is a testament to the TIAA Difference: our deep sector knowledge, our in-house expertise, and our reputation as the best-kept secret in the housing sector.”

Education division wins higher-value contracts

The education division has secured three new university clients worth a combined £159,800 over the 2025/2026 academic year. The wins represent TIAA Limited’s evolution towards capturing a greater share of higher-value contracts in the sector.

Notably, all three are term recurring contracts with daily rates exceeding the company’s existing average, demonstrating market confidence in service quality. These engagements will commence during the financial year-end period for educational institutions, falling into the group’s second half.

Chief Executive Kevin Limn commented: “I’m delighted with the exceptional progress Adsure Services has made this year. Our growing order book demonstrates the strength of our client relationships and the quality of service we provide.

“Our ‘Fit for the Future’ strategy is delivering real results. The successful integration of K10 Vision and the anticipated launch of our TIAA Insight AI tool will position us at the forefront of technological innovation in our sector. Combined with Angela Ward’s leadership in driving growth in our housing division and Helen Cargill’s success in expanding our education division, we’re building strong foundations to deliver on our strategic objectives.

“The significant expansion in recurring revenue contracts gives us excellent visibility and stability as we continue to grow our market share across key service lines.”

Investors will eagerly await further news on the deployment of the TIAA Insight AI tool.

Tekcapital Plc has announced that its portfolio company, Innovative Eyewear, is expanding its popular Lucyd Armor smart safety glasses collection with four exciting new models.

The original Lucyd Armor, launched in October 2024, has become the company’s top-selling smart eyewear product.

The new range is designed to reach a broader audience while maintaining the powerful AI and Bluetooth connectivity that made the original model so successful.

Lucyd Armor smart glasses are now available across the United States, Canada, and the European Union markets.

The most advanced model, Lucyd Armor Vantage, will launch in Q1 2026. It features enhanced eye coverage and expanded compatibility for strong prescriptions, as well as photochromic lenses that adapt to changing light conditions.

In a significant business development —and arguably most interesting to investors —a top-five global logistics company has placed an initial order for Lucyd Armor glasses.

Tekcapital said the logistics giant plans to leverage the smart glasses’ connectivity features, particularly the Lucyd app’s Walkie function, to enhance team communication across its operations.

“Upgrading to Lucyd Armor from regular safety glasses is like switching from a screwdriver to a power drill. This is truly a transformative product for anyone who works in outdoor, high-impact or safety-first environments,” said Harrison Gross, CEO of Innovative Eyewear.

“We believe that it’s safer and more ergonomic than handheld communication devices, or in-ear earbuds, both for handsfree team communications, and access to AI systems. We are already hearing across hundreds of reviews how Lucyd Armor has improved the game for so many workers. We encourage everyone who is required to use safety eyewear to Upgrade Your Eyewear^® with Lucyd Armor.”