Sep 30, 2026 · 6 min
Greggs cuts costs as Saga beats forecasts and Tullow loses Ghana case
Greggs Dips, Saga Jumps, Juventus Down
The episode shows how inflation, stronger-than-expected earnings and a tax ruling can send sharply different signals through UK-listed companies.
- 1Greggs reports stronger like-for-like sales while considering manufacturing consolidation and potential job reductions.
- 2Saga raises guidance after first-half profits beat expectations, putting its medium-term targets within earlier reach.
- 3Tullow plunges after losing a Ghana tax arbitration case that threatens cash flow from its main oil field.
Don't miss
Tullow plunges more than 50% after losing the Ghana tax arbitration case tied to its main oil field.
The brief
Bloomberg’s Stock Movers Report compares three sharply different market reactions: Greggs manages inflation and restructuring, Saga raises expectations, and Tullow absorbs a damaging Ghana arbitration loss.
Greggs reports improved like-for-like sales, but inflation pressure is pushing the bakery-food retailer toward manufacturing consolidation and cost cuts that could affect jobs.
Saga shares surge after first-half profits significantly exceed expectations, prompting higher guidance and suggesting the company could reach its medium-term goals ahead of schedule.
Tullow falls more than 50% after losing a Ghana arbitration case over taxes tied to its main oil field, threatening cash flow the producer has relied on.
Together, the moves capture three distinct market tests: whether cost savings can offset inflation, whether strong results can reset expectations, and whether legal risk can undermine liquidity.
What was said on this episode
8 statements · 4 positive · 4 negative
Greggs’ latest-quarter like-for-like sales growth increased to about 3.4%.
“The results today were pretty good. We had an uptick in like-for-like sales growth to about 3.4% in the latest quarter.”
Listen at 1:20
Greggs shares rose as much as 9%, reaching a two-month high.
“we've seen shares rise by about as much as 9% this morning, hitting a 2-month high”
Listen at 1:40
Greggs faces inflation and new-distribution-center cost risks into 2027.
“there are some risks as we head into 2027, including rising inflation and some additional costs for its new distribution centers”
Listen at 1:54
Saga’s first-half profits substantially exceeded expectations.
“Profits came in well ahead of expectations in the first half of the year.”
Listen at 2:13
Saga shares are moving back toward their 2019 high.
“shares are now moving back towards the 2019 high that they hit last month”
Listen at 2:33
Tullow lost a Ghana arbitration case concerning taxes on its main oil field.
“it's lost the arbitration case in Ghana regarding taxes linked to its main oil field”
Listen at 3:16
Tullow relies on core-asset cash flow to reduce its substantial debt burden.
“Tullow has been relying on the cash flow from its core assets to try and pay down quite a hefty debt burden”
Listen at 3:24
Tullow faces additional arbitration cases in Ghana and Kenya.
“there are some more arbitration cases going on in Ghana and also in Kenya”
Listen at 3:45
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Nathan Hager
Greggs
Saga
TullowListen to the full episode and explore every guest, topic, and moment on PodLume.