Beyond Meat, Etsy, Asos, Close Brothers and AG Barr

Shares in Beyond Meat (BYND) rebounded more than 7% in pre-market trading on Tuesday, after sinking 36% in the previous session on its new debt proposal.

The plant-based meat producer said on Monday that it was making an exchange offer that is intended to eliminate more than $800m (£594m) of debt.

Beyond Meat (BYND) said that it had started the exchange offer to swap any and all of its convertible senior notes, due to expire in 2027, for notes due to expire in 2030 and shares of its common stock.

Ethan Brown, CEO of Beyond Meat (BYND), said: “As we continue our business transformation, we have simultaneously worked to strengthen our balance sheet and are today pleased to announce that we are launching an exchange offer for our existing convertible notes.

“The exchange offer is intended to significantly reduce leverage and extend maturity, two outcomes that meaningfully support our long-term vision of being the global plant protein company.”

Online marketplace Etsy (ETSY) announced on Monday plans to transfer the listing of its common stock to the New York Stock Exchange from the Nasdaq (^IXIC).

The listing of its common stock on the Nasdaq is expected to begin on 13 October.

Etsy (ETSY) CEO Josh Silverman said: “For 20 years, Etsy has connected tens of millions of thoughtful shoppers with creative entrepreneurs around the world – and we will continue to keep commerce human as we build even more personalized and differentiated shopping experiences.

“We're looking forward to partnering with the NYSE to deliver on our commitments to transparency, excellence, and creating long-term shareholder value.”

Shares in Etsy Etsy (ETSY) jumped nearly 16% on Monday but hovered just below the flatline in pre-market trading on Tuesday, with the stock up more than 40% year-to-date.

On the London market, shares in Asos (ASC.L) slumped more than 9% on Tuesday morning, after the online retailer warned of lower revenue.

In a trading update on Tuesday, Asos (ASC.L) said that it expected adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to be up 60% year-on-year, but to be towards the lower end of its £130m ($174m) to £150m guided range for the 2025 fiscal year.

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The company said it expected to report group revenue to be slightly below consensus estimates, as it continued to focus on higher quality sales against a softer consumer backdrop.

Chris Beauchamp, chief market analyst at IG, said: “It’s clear from this morning’s update that Asos’ long journey out of its post-COVID nightmare is starting to bear fruit. Restructured debts and lower inventory costs make it a much leaner operation.

“There are signs that profitability is picking up too, though the push to boost sales remains hampered by tougher times for consumers generally. Now it needs to show it can recapture the affections of its once-adoring customer base.”

On the FTSE 250 (^FTMC), Close Brothers (CBG.L) was the biggest faller on the mid-cap index, with shares down more than 7% on Tuesday morning.

This came after the lender reporting an operating loss before tax of £122.4m for its 2025 fiscal year, down 192% versus last year.

Close Brothers (CBG.L) said that the previously warned of £165m that it had set aside as provisions relating to the car financing scandal, was unchanged.

Mike Morgan, CEO of Close Brothers (CBG.L), said: “We welcomed the positive outcome of the Supreme Court judgment in August 2025, which provided much-needed clarity to the industry, and now await the outcome of the FCA consultation on the design and scope of an industry-wide redress scheme.”

Another FTSE 250 (^FTMC) stock in focus on Tuesday morning was Irn-Bru maker AG Barr (BAG.L), with shares dipping 1% despite the Scottish soft drink company reporting rising profits.

AG Barr (BAG.L) said that revenue in the first half of its fiscal year had climbed 3% to £228.1m , while adjusted profit before tax increased 20% to £35.2m.

Mark Crouch, market analyst for eToro, said: “As group revenue rose and soft drinks up 3.3%, it was supported by a standout performance from Boost, which delivered double-digit growth. Core brands including Irn-Bru and Rubicon also contributed to resilient topline momentum.”

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“The company's thirst for innovation continues, acquiring a majority stake in functional beverage start-up Innate-Essence, while exiting Strathmore to sharpen its capital allocation. Even post-acquisition, a robust £41.3m net cash position underscores Barr’s strong, cash-generative model.

“With an 11% dividend hike, shareholders have every reason to raise a glass,” he added. “With the effects of the pandemic now a distant memory, Barr is serving up brilliantly strong numbers. And with a brand-led, margin-savvy portfolio, now tapping into higher-growth wellness and energy categories, it keeps this stock refreshingly attractive.”

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