London shares were mostly lower on Thursday midday, with the FTSE 100 down 0.8% and the FTSE 250 off 0.4% as investors digested a mixed set of annual results.
Centrica remained the weakest blue-chip, falling over 5% after reporting pretax profit of £112 million for 2025, sharply down from £1.68 billion in 2024, while revenue declined 2.1% to £19.49 billion.
The owner of British Gas also disappointed investors by pausing share buybacks to fund infrastructure projects, including nuclear power, even as it lifted its full-year dividend to 5.5 pence per share from 4.5p.
Analysts noted that executing on these ventures will be challenging, with stable earnings dependent on the success of these investments in a post-favourable pricing environment.
Rio Tinto fell over 3% despite lifting its final dividend 13% to 254 cents per share. The miner reported a fall in profit for 2025 even as revenue rose, though weaker iron ore was largely offset by strong copper earnings.
Other miners also fell, with Antofagasta down 3.0%, Glencore down 1.8% and Anglo American down 1.6%. Utilities and energy companies United Utilities and Metlen lost 1.4% and 2.2% respectively.
On AIM, Checkit rose 10% after reporting full-year adjusted EBITDA at break-even for the year ended January 31, ahead of expectations and against a prior-year £2.3 million loss. The company highlighted a lower cost base, improved operational discipline and a stronger pipeline entering FY27.
Small-cap REA Holdings fell 4.5% after reporting lower crude palm oil and kernel oil production for 2025, despite rainfall well above average. The company said it remains confident in its production and sales outlook.