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Ninety One (N91) reported a stronger FY26, with adjusted EPS up 12% to 17.4p and adjusted operating profit rising 12% to £211.3m. AUM increased 31% to £171.8bn, helped by £18.3bn from the Sanlam transaction, £2.8bn of net inflows and a positive £19.9bn market/FX impact. The flow picture improved materially after FY25 outflows of £4.9bn. Net inflows were driven by equities, fixed income and the South African fund platform, with Asia Pacific the strongest regional contributor. Equities saw demand for global strategies in H1 and natural resources in H2, while fixed income benefited from blended strategies. Profitability improved despite continued investment in talent and technology. Adjusted operating margin increased to 32.0% from 31.2%, showing cost discipline and operating leverage from higher average AUM, which rose 18% to £151.8bn. Statutory PBT was up only 2% to £207.5m, but adjusted metrics were stronger after excluding corporate and transaction-related items. Investment ...

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B&M European Value Retail (BME) reported a weak FY26, with Group revenue up 3.6% to £5.78bn but adjusted EBITDA down 25.9% to £459m. The decline was driven by flat B&M UK like-for-like sales, lower gross margins and significant UK cost inflation from wages, National Insurance and EPR charges...Adjusted PBT fell 37.7% to £284m, while statutory PBT was down 47.3% to £227m, including a £36m impairment charge. The core B&M UK business was the main drag. Revenue rose 2.9% to £4.62bn, helped by new stores, but LFL sales were broadly flat at -0.1%. General Merchandise was positive, supported by Gardening, Christmas and Toys, but FMCG remained negative despite improving trends after price investment in key value items. B&M UK adjusted EBITDA fell 27.6% to £395m, with margin down 360bps to 8.6%, reflecting lower trading margin and higher operating costs. B&M France was the bright spot, with revenue up 13.4% to £616m, LFL sales up 2.9% and market share rising to 8.4%

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B&M's FY26 prelims confirm a tough transition year, with adjusted pre-IFRS 16 EBITDA falling 25.9% to £459m and adjusted diluted EPS down 36.4% to 21.3p, landing at the midpoint of guidance. Group revenue rose 3.6% to £5,775m, but B&M UK like-for-like sales were broadly flat at -0.1% as FMCG price investment and a 360bps EBITDA margin compression to 8.6% weighed on the core business; B&M France remained the bright spot with 13.4% revenue growth and 2.9% LFL, while Heron Foods deteriorated sharply with EBITDA down 47%. Cash conversion held up, with post-tax free cash flow of £321m driving net debt down to £656m and leverage back inside the 1.0-1.5x target at 1.4x. The full-year dividend was cut 36% to 9.6p. Management expects FY27 to remain an investment year as the Back to B&M Basics plan beds in, with cost mitigation offsetting energy headwinds before margin recovery feeds through.

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discoverIE closed FY26 with adjusted EPS up 4% to 40.3p on revenue of £443.3m (+5%), as an 18-month industrial destocking cycle unwound and final-quarter organic order growth accelerated to 14%. Adjusted operating profit edged just 1% higher to £61.0m, with margin slipping 40bps to 13.8% as the group front-loaded investment in US and European sales and engineering capacity plus Asian manufacturing, leaving the medium-term 17% margin target intact but back-end loaded to FY30. Free cash flow of £36.6m delivered 92% conversion, funding a 4% dividend lift to 13.0p alongside three acquisitions (Storm, Trival, 3G) totalling £95m at 9x EBIT that take proforma gearing to 2.2x. Guidance for FY27 adjusted earnings is in line with Board expectations, with orders running ahead of sales into the new year.

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Huddled Group's maiden full-year results post-portfolio reshape show revenue from continuing operations up 44% to £18.65m and gross profit advancing twenty-fold to £730,000, with the adjusted EBITDA loss narrowing modestly to £2.63m from £2.94m. Nutricircle was the standout, tripling sales to £5.03m with gross margin per order rising to £17.41 in H2, while Discount Dragon held revenue flat at £10.77m but more than halved its EBITDA loss to £649,000 through a deliberate pivot toward higher-quality orders. Boop Beauty disappointed, prompting a reformatting into a curated Beauty Box. Cash, however, fell to £243,000 against £711,000 of loans, and February's £740,000 raise plus a £600,000 debenture underline that the planned consolidation into single brand Peeko, targeting £500,000 of annualised savings, must deliver operational profitability quickly.

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Rockhopper swung to a full-year loss of US$39.7m (2024: US$47.6m profit), with the headline reversal driven almost entirely by non-cash accounting for the annulled Ombrina Mare arbitration award — a US$42.9m fair-value writedown on the Monetisation Agreement and a US$21.6m IFRS 9 liability for potential insurance repayment, partially offset by the €31m insurance proceeds received in August. Strip out the legal accounting noise and the year was strategically transformative: Sea Lion Phase 1 was sanctioned in December, Rockhopper closed US$142m of placings at 53p, secured a US$350m senior debt facility, and reclassified US$329.2m of E&E spend to development assets. Year-end liquidity stood at US$521m. Administrative costs trebled to US$9.8m on FID-related activity. First oil remains targeted for Q1 2028, with the JV now exploring acceleration via a second 125,000 bopd FPSO under a non-binding MOU.

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Ramsdens delivered a record first half, with profit before tax surging 173% to £16.7m on revenue up 62% to £83.7m — a six-month print that alone exceeds the entirety of FY25's £16.2m profit. The standout was precious metals buying, where gross profit more than doubled to £17.5m as a gold price roughly 50% higher year-on-year combined with a similar uplift in volumes purchased. Crucially, the diversified model also fired elsewhere: pawnbroking gross profit rose 18% on a loan book up 30% to £13.8m, and jewellery retail gross profit climbed 31% with margins expanding to 40%. Management has upgraded FY26 PBT guidance to £30m–£33m, comfortably ahead of the £28.6m consensus cited, while the interim dividend rises 80% to 9.0p including a 3.0p special, signalling confidence the gold-led tailwind has further to run.

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Debenhams Group (formerly boohoo) has returned to growth in Q1 FY27, with GMV up 0.5% year on year and May trading accelerating to roughly 8%, led by the Debenhams banner and PrettyLittleThing. Gross margin expanded 140bps to 53.5% as the returns rate fell around 5%, driving a material step-up in adjusted EBITDA margin and a substantial increase in absolute EBITDA. Exceptional costs dropped 72% and capex halved, with fixed costs on track to fall to £100m by 2027 — a cumulative c.£200m reduction under the new team. The marketplace transition is complete across all brands with c.25k partners onboarded. Management now guides to double-digit adjusted EBITDA growth in FY27 from the £53m FY26 base, alongside net debt/EBITDA below 1x, signalling a credible inflection point in the turnaround.

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Tan Delta delivered a flat revenue performance of £1.22m for the twelve months to December 2025, with the adjusted loss before tax widening 36% to £1.55m (2024: £1.14m) as the AIM-listed oil condition monitoring specialist absorbed higher overheads to support an expanding base of customer evaluations. Gross margin slipped modestly to 60% from 62%, while cash reserves fell to £1.49m from £3.08m, leaving roughly a year of runway at current burn though the balance sheet remains debt-free. The commercial story is more encouraging: the visible pipeline of paid evaluations more than doubled to over £75m, anchored by a Shell Marine strategic agreement and a second-phase rollout with the world's largest online retailer. Management expects conversion decisions to crystallise in late 2026.

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Ninety One returned to growth in the year to March, with adjusted earnings per share up 12% to 17.4p and adjusted operating profit climbing to £211.3m from £187.9m, as the operating margin edged up to 32.0%. The headline story is a decisive turn in flows: £2.8bn of net inflows reversed the prior year's £4.9bn outflow, while the completed Sanlam transaction added a further £18.3bn of AUM and helped lift closing assets 31% to £171.8bn. Equities and fixed income led organic demand, with Asia Pacific the standout client region. Statutory PBT was broadly flat at £207.5m, and the dividend rises 10% to 13.4p. Management is leaning into emerging-market recovery while signalling continued cost discipline through the cycle.

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Ecofin Global Utilities and Infrastructure Trust delivered a NAV per share total return of 14.1% over the six months to 31 March 2026, with the share price total return of 19.6% comfortably ahead of the S&P Global Infrastructure Index at 12.9% and the MSCI World Utilities Index at 13.3%. NAV per share rose to 275.70p from 245.65p at year-end, with net assets steady at £256.9m despite £27.0m of buybacks across 11.6m shares at an average 8.2% discount. The quarterly dividend was lifted 5.9% to 2.25p (9.0p annualised), yielding 3.5%, while gearing was tactically cut from 10.5% to 5.8% in early March ahead of geopolitical volatility. With the discount having flipped to a premium post-period, prompting fresh treasury issuance, the manager continues to point to electrification, datacentre demand and grid investment as supportive structural drivers.

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Howdens has agreed to acquire DIY Kitchens for an enterprise value of £390m, funded through £292.5m cash and £97.5m in new shares, at an undemanding 8.5x LTM EBITDA. The target generated £136m of revenue and £37m of EBIT in 2025 — a striking 27% margin — having compounded sales at over 17% annually for five years. Strategically, the deal hands Howdens a direct online route to non-trade end consumers, a segment its trade-only depot model has structurally excluded, while preserving the standalone identity of each brand. The transaction is flagged as immediately accretive to revenue, EBIT margin and EPS, with returns above cost of capital. Crucially, the £100m 2026 buyback survives intact, current trading remains in line, and management retains a net cash position post-deal — positioning the group to lean into integration synergies from FY27 onwards.

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Eleco used its AGM statement to reaffirm that trading across the first four months of FY26 remains in line with market expectations for the full year, with Chairman Mark Castle pointing to continued progress on the Group's growth strategy. The update is light on quantitative detail — no revenue, ARR or margin figures are disclosed — but the tone is steady rather than upgraded, leaving consensus FY26 expectations intact for the AIM-listed specialist software provider to the built environment. Eleco's diversified geographic footprint across the UK, Ireland, Nordics, DACH, Australia and the US continues to underpin recurring revenue resilience. Investors will look to the interims for harder evidence on ARR growth, organic momentum and operating leverage following recent bolt-on activity.

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Imaging Biometrics used its AGM statement to launch IB Nimble 2, a materially upgraded mobile and web collaboration platform now featuring in-app DICOM viewing and PACS synchronisation — additions the board believes will broaden addressability to institutions previously unable to justify adoption. The update also reinforces commercial progress across the wider portfolio: the December 2025 GE HealthCare distribution expansion now covers QSMetric and FTB Express Maps, opening access to GE's global MRI installed base, while Kirkstall delivered year-on-year revenue growth in 2025 with new distributors added across the US, China and South Korea. Phase 1 gallium maltolate data is being prepared for journal submission in 2026. Crucially, management reiterated its expectation of progress towards profitability in 2026 — a reaffirmation rather than upgrade, leaving execution as the swing factor into H2.

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Templeton Emerging Markets delivered a standout year to 31 March 2026, with NAV total return of 41.3% and a share price total return of 48.6%, both comfortably ahead of the MSCI Emerging Markets benchmark's 26.8%. Total net assets climbed to £2.53bn from £1.99bn, with NAV per share advancing to 267.3p from 193.7p, while the discount narrowed to 8.2% from 12.4% after £166.7m of buybacks. Stock selection in South Korea, Taiwan and China drove a 15.4 percentage point excess return, led by SK Hynix, TSMC and Hyundai Motor on the AI semiconductor cycle. The board held the dividend at 5.25p, cut the ongoing charges ratio to 0.86%, and committed to up to £300m of further buybacks over the next 12–24 months. Post-period, NAV has risen a further 26.6% to 21 May 2026, underscoring momentum into the new year.

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Near term margin pressure never helps

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Central Asia Metals has unveiled an all-scrip recommended offer for ASX-listed Cygnus Metals valuing the target at A$232 million, exchanging 0.06 New CAML Shares per Cygnus share at a 60% premium to the prior close. The deal brings the Chibougamau copper-gold project in Québec into the portfolio, a high-grade development asset with an M&I resource of 6.4Mt at 2.3% Cu plus 8.5Mt inferred, alongside a refurbishable 900,000tpa processing plant. CAML shareholders will retain roughly 70% of the enlarged group, with the balance sheet, US$56m of FY2025 free cash flow and a 12p dividend underpinning Chibougamau's development funding. A 29% Cygnus shareholder bloc has signalled support and a Canadian listing is targeted ahead of mid-September completion, positioning CAML as a more diversified, copper-weighted mid-tier producer.

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NewRiver REIT delivered a marked step-up in FY26, with Underlying Funds From Operations rising 22% to £37.2m and UFFO per share edging up to 8.3p (FY25: 8.1p), reflecting a full year of Capital & Regional contribution and the August 2025 10% buyback at 75p. IFRS profit after tax climbed to £31.7m from £23.7m, while EPRA NTA per share advanced to 105p and the total accounting return swung to +9.4% from -5.9%. Like-for-like valuations rose 0.7%, with London Retail — now 43% of the portfolio — leasing at +12.8% versus ERV. The dividend is lifted 3% to 6.7p, LTV trimmed to 40%, and a £240m unsecured refinancing restores balance sheet flexibility. Management is now framing a 9-11% total accounting return ambition through to FY29.

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Sabre Insurance has secured regulatory approval to launch the £5m on-market share buyback first flagged alongside its March 2026 full-year results, with Panmure Liberum appointed under an irrevocable instruction to execute purchases through to no later than 31 December 2026. The programme operates under the authority granted at the 2026 AGM, capped at 24.66m ordinary shares, with any stock repurchased earmarked for cancellation. For a specialist motor underwriter where capital discipline underpins the equity story, the move signals continued surplus generation without compromising solvency headroom or the strategic investment runway. The quantum is modest relative to market capitalisation and represents a tidy housekeeping return rather than a transformational distribution, but reinforces the board's stated preference for cash returns where capital exceeds requirements. Execution pace through the second half will offer a useful read on management's confidence in underwriting margins.

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GBG delivered FY26 constant-currency revenue growth of 3.2% to £285.0m, with adjusted operating profit edging up to £67.5m and the margin held flat at 23.7%; adjusted diluted EPS rose 9.3% to 19.0p, helped by lower finance costs and a £45m buyback that retired roughly 8% of equity. The headline is overshadowed by a £74.5m statutory pre-tax loss after a £73.1m non-cash goodwill impairment against Identity-Americas and a £16.5m write-off on the retired Compliance platform. Encouragingly, Americas Identity returned to growth in Q4, GBG Go has secured 100-plus contracts with a 225-strong pipeline, and net debt rose to £80.1m (1.15x leverage). Management guides to mid-single-digit FY27 revenue growth but flags a one-off £6m investment that will compress adjusted margins to 21-22% before rebuilding above 24% medium-term.

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