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Barclays reported a solid Q1 2026, with RoTE of 13.5% and EPS up 8% to 14.1p, supported by broad-based income growth and improved operating efficiency. Total income rose 6% to £8.2bn, driven by higher net interest income and a strong performance in Global Markets, which exceeded £4bn of quarterly income for the first time. Profit before tax increased 3% to £2.8bn, while the cost:income ratio improved to 56% as operating leverage and £150m of cost efficiencies offset higher investment and inflation. Capital remains robust, with a CET1 ratio of 14.1%, supporting a newly announced £500m share buyback. Credit impairments rose to £823m...

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.wealthoracle.co.uk/companies/RIO

Rio Tinto posted solid FY results today highlighting performance underpinned by operational momentum in copper and disciplined cost execution.Underlying EBITDA rose 9% to $25.4bn, supported by an 8% increase in copper equivalent (CuEq) production and a 5% uplift in sales volumes. Net cash generated from operating activities increased 8% to $16.8bn, highlighting robust cash conversion despite commodity volatility. Underlying earnings were stable at $10.9bn, while profit after tax declined 14% to $10.0bn, largely reflecting prior-year comparatives and investment effects. The group maintained its 60% payout ratio, declaring a $6.5bn ordinary dividend — marking the tenth consecutive year at the top end of its distribution range. Operationally, the key driver was copper. Production benefited from the continued ramp-up of Oyu Tolgoi, where underground development is now complete, contributing to a 61% YoY increase in output at the asset. Iron ore performance was resilient, with record Pilbara production since April and Simandou delivering its first shipment in December. Aluminium and bauxite also provided incremental diversification benefits. Cost discipline remains a central pillar of the strategy. Operating unit costs declined 5% in real terms, delivering a $0.8bn cash unit cost benefit, partially offset by inflation and temporary disruptions (including cyclone impacts in the Pilbara). Productivity initiatives...

.wealthoracle.co.uk/companies/RIO

.wealthoracle.co.uk/companies/MNDI

Mondi posted mixed FY25 results this morning as the company struggles to perform given the prolonged cyclical downturn in packaging and paper markets and pressure on margins. Group revenue increased 3% to €7.66bn, reflecting higher sales volumes and the contribution from the Schumacher acquisition, despite materially lower pricing in uncoated fine paper and pulp. Underlying EBITDA declined 5% to €1.00bn, with margin compressing to 13.1% (2024: 14.1%) as pricing pressure and competitive intensity weighed on profitability. Profit before tax fell 29% to €269m, while basic underlying EPS declined 32% to 56.5 cents, illustrating the earnings impact of the weaker pricing environment and higher finance costs. Capital expenditure reduced to €673m (2024: €933m) following completion of major expansion projects, with 2026 capex expected to fall further to ~€550m as the group pivots toward maintenance and cost optimisation. Net debt increased to €2.6bn (2.6x EBITDA) following the Schumacher acquisition and investment cycle, but liquidity remains solid at €1.29bn with no financial covenants and investment grade ratings. Operationally, performance was mixed across segments. Corrugated Packaging EBITDA declined 13% to €458m, with margin falling to 12.1% ....

.wealthoracle.co.uk/companies/MNDI

.wealthoracle.co.uk/companies/CNA

Centrica posted soft FY 2025 results this morning highlighting a more challenging earnings backdrop. Adjusted EBITDA was down to £1.4bn from 2024 £2.3bn with adjusted operating profit (AOP) of £0.8bn down from 2024 £1.6bn. All 3 segments were soft. Retail adjusted EBITDA was £0.6bn (2024: £0.6bn), and AOP of £0.4bn (2024: £0.5bn) reflecting lower Home Energy Supply earnings, with negative weather and commodity curve impacts broadly offset by regulatory reconciliations and other cost phasing, alongside improved performance in Home Services. Optimisation reported adjusted EBITDA of £0.2bn (2024: £0.4bn), and AOP of £0.2bn (2024: £0.3bn) reflecting challenging market conditions for Gas and Power Trading. Infrastructure reported adjusted EBITDA of £0.7bn (2024: £1.4bn), and AOP of £0.3bn (2024: £0.8bn) impacted by lower achieved prices, pausing of Rough storage activities and nuclear outages. The net result was for Group Adjusted basic EPS to drop over 40% to 11.2p from 2024 19.0p. The share price is down over 5% on the reporting, a near term bout of deeper profit taking may now ensue given the share price’s powerful rally last year. However, there are still some positives for the longer run. The balance sheet remains strong with £1.5bn adjusted net cash at year-end. And 2025 marked a pivotal year for portfolio repositioning. Centrica committed £1.3bn to Sizewell C under a regulated asset base framework targeting a 12%+ IRR, acquired a 50% stake in Grain LNG (equity IRR ~14%), and rapidly scaled its Meter Asset Provider platform to 1.6m meters...

.wealthoracle.co.uk/companies/CNA

.wealthoracle.co.uk/companies/TBCG

TBC Bank Group delivered a strong set of preliminary FY25 results this morning and the share price is moving higher in its range of the past 12 months. Earnings momentum remains solid with 4Q25 net profit up 16% YoY to GEL 387m, bringing FY25 net profit to GEL 1.42bn (+9% YoY). Return on equity remained best-in-class at 24.9% for the quarter and 24.2% for the full year, comfortably above management’s 23%+ guidance. Earnings per share increased 7.8% YoY to GEL 25.23, supported by disciplined cost control and strong revenue growth. The strong profit growth was founded on solid revenue growth which was underpinned by core banking strength. Net interest income increased 23.7% YoY to GEL 2.35bn, with NIM stable at 7.0% for FY25 (+30bps YoY). Loan yields remained attractive at 14.7%, while deposit costs were well managed at 5.8%. Net fee and commission income grew 18.5% YoY, reflecting continued digital scaling and transaction growth. The Group’s Cost-to-income improved to 37.5% (from 37.9%), highlighting operating leverage despite ongoing investment. In terms of the balance sheet total assets grew 9.4% YoY to GEL 43.9bn, while gross loans increased 12.8% to GEL 30.2bn and customer deposits rose 12.3% to GEL 25.4bn (ex-MOF). ..

.wealthoracle.co.uk/companies/TBCG

.wealthoracle.co.uk/companies/SGRO

SEGRO posted FY25 numbers this morning showing solid performance, record leasing activity, resilient earnings growth which allowed for more disciplined capital allocation. The Group secured a record £99m of new headline rent in 2025 (vs £91m in 2024), driven by £66m from asset management initiatives within the standing portfolio and £33m from development signings, including £26m of pre-lets. Like-for-like net rental income increased 6.0%, supported by strong rent review uplifts (36% Group; 46% UK). Occupancy improved to 94.9% (from 94.0%) and customer retention rose to 82%, demonstrating robust demand for prime, well-located space. ERV growth moderated to 2.3% Group-wide (UK 3.1%, Continental Europe 1.0%) but remains positive despite a softer macro backdrop. This fed through to solid adjusted pre-tax profit growth which was up 8.3% to £509m, while adjusted EPS increased 6.1% to 36.6p. The full-year dividend grew 6.1% to 31.1p, maintaining SEGRO’s track record of compounding income growth. Adjusted NAV per share increased 2.0% to 925p, with portfolio valuation up 1.0% on a like-for-like basis, reflecting stabilising investment markets and modest yield expansion (net true equivalent yield 5.5%). These are another set of decent numbers and the outlook also appears to be pretty solid. SEGRO enters 2026 with significant embedded income potential: £152m of additional rent from the standing portfolio (£99m reversionary uplift, £53m from vacancy lease-up). And the development pipeline under construction or advanced negotiation represents £62m of potential rent at an attractive 7.1% yield, 55% pre-let. Management believe the Group’s standout long-term...

.wealthoracle.co.uk/companies/SGRO

.wealthoracle.co.uk/companies/MONY

MONY Group posted underwhelming FY25 prelims this morning but the share price is rallying following its recent slump and is up 3% so far suggesting that there is plenty of soft news already in the price. Group revenue increased 2% to a record £446.3m, while Adjusted EBITDA rose 2% to £145.1m, with margin expansion to 33%. Adjusted Basic EPS grew 5% to 17.9p, reflecting disciplined cost control and operational leverage, with operating costs reduced by 4%. So growth across the board, but only modest. However, growth is growth and this despite ongoing headwinds in the car insurance market. On a more positive note, the Group’s strategic pivot toward membership-led and higher-lifetime-value customer relationships continues to gain traction. SuperSaveClub membership surpassed 2.1 million, now contributing 16% of Group revenue and enhancing customer retention and lifetime value metrics. Provider Services revenue grew 13%, highlighting the strength of MONY’s two-sided marketplace model. The Group has also jumped on the AI bandwagon. In 2025, MONY signed an enterprise agreement with OpenAI and launched the MoneySuperMarket ChatGPT app, alongside new AI-enabled products including Price Optimiser and Savings by MoneySuperMarket. These initiatives strengthen MONY’s data-driven ecosystem and expand distribution channels, positioning the Group to capitalise on structural shifts...

.wealthoracle.co.uk/companies/MONY

.wealthoracle.co.uk/companies/HSBA

HSBC Group posted solid FY25 results this morning and the share price is kicking on higher extending its solid uptrend. The Group delivered reported profit before tax of $29.9bn in 2025 which was down $2.4bn year-on-year, but the decline was driven primarily by $4.9bn of net adverse notable items, including BoCom-related dilution and impairment and reserve recycling losses. Excluding these items, constant currency profit before tax rose to $36.6bn, up $2.4bn year-on-year, demonstrating genuine operating momentum. Return on tangible equity (RoTE) excluding notable items increased to 17.2%, comfortably above most global banking peers and above its medium-term cost of equity. Management is now targeting ≥17% RoTE annually from 2026–2028, signaling confidence in earnings durability. The strong underlying profit performance was generated on 2025 revenue growth of 4% to $68.3bn, with this growth broad based across segments. Net interest income rose to $34.8bn, benefiting from higher structural hedge yields and balance sheet growth. Banking NII is...

.wealthoracle.co.uk/companies/HSBA

.wealthoracle.co.uk/companies/STJ

St James’s Place posted strong FY25 numbers delivering another year of solid financial progress in 2025. Funds under management (FUM) reached a record £220.0bn, supported by £21.9bn of gross inflows, performance which highlights continued demand for trusted, face-to-face financial advice in the UK amid complex retirement planning needs and long-term savings gaps. This fueled strong growth in statutory profit with IFRS profit after tax up to £531.4 million (2024: £398.4 million), up 33% year on year. The Post-tax Underlying cash result of £462.3 million (2024: £447.2 million) was up 3% year on year with Post-tax Underlying cash basic earnings per share of 87.0 pence (2024: 82.0 pence), up 6% year on year. The Group returned £313.3m to shareholders in respect of 2025, via dividends and buy-backs. Total ordinary distributions represented 50% of the Underlying cash result. Crucially, the Board today announced that it has accelerated capital return guidance, targeting 70% of the Underlying cash result from 2026 onwards. Of this new total, at least 40% of total returns will be via ...

.wealthoracle.co.uk/companies/STJ

.wealthoracle.co.uk/companies/BGEO

Lion Finance, formerly known as Bank of Georgia, posted another set of impressive and strong FY numbers this morning and the share price is extending its strong uptrend to new record highs. The Group reported robust growth across both Georgian and Armenian operations and continued balance sheet expansion. Total loans reached GEL 40.1 billion at year-end (+19.7% y-o-y in constant currency), driven by 16.1% growth in Georgian Financial Services (GFS) and 28.0% growth in Armenian Financial Services (AFS). Customer deposits increased 17.3% y-o-y to GEL 38.6 billion, supporting funding stability despite slightly higher deposit costs. Digital engagement remains a key structural growth driver. Bank of Georgia’s retail digital monthly active users exceeded 1.8 million (+15% y-o-y), while Ameriabank’s surged 45.3% to 336,000, highlighting substantial runway in Armenia where digital penetration remains materially below Georgian levels. Operating income grew 20.8% y-o-y in FY25, supported by 25.9% growth in net interest income and 17.1% growth in net fee and commission income. Net interest margin remained resilient at 6.1% for FY25, despite modest quarterly compression reflecting higher funding costs and Eurobond issuance. Cost discipline remained broadly stable, with a FY25 adjusted cost-to-income ratio of 35.5%

.wealthoracle.co.uk/companies/BGEO

.wealthoracle.co.uk/companies/MCG

Mobico Group posted encouraging FY25 results this morning suggesting that the Group’s turnaround is well under way with a solid operational rebound already being delivered. Group Revenue increased 6.2% to £2.76bn, supported by double-digit growth at Spanish subsidiary Alsa and continued expansion in WeDriveU. Adjusted Operating Profit rose 9% to £198.0m, significantly ahead of guidance and also market expectations of £87.73 mln, reflecting the strong trading momentum in Spain and tangible cost savings across the Group. Statutory numbers were softer with statutory Operating Profit down to £21.9m due to one-off non-cash adjusting items, highlighting the ongoing accounting impact of legacy issues and restructuring. However the adjusted metrics provide a clearer picture of the Group’s improving core profitability and the picture is undeniably encouraging, with EBITDA rising to £342.9m and Return on Capital Employed strengthening materially to 18.3% (2024: 10.2%). Adjusted Profit before Tax increased to £122.3m. The balance sheet also continues to improve. Net Debt reduced to £1.08bn (2024: £1.20bn), supported by £273m proceeds from the NASB disposal. Covenant gearing improved to 2.7x...

.wealthoracle.co.uk/companies/MCG

.wealthoracle.co.uk/companies/RR.

Rolls Royce posted a bumper set of FY 25 numbers confirming the success of its multi-year restructuring programme and the share price is extending its stratospheric rise even further this morning. Revenues were up 14% to top £20b0n, underlying operating profit rose to £3.5bn (2024: £2.5bn), with margin expansion to 17.3% (2024: 13.8%), driven by operational efficiency, commercial optimisation and strong end-market demand. Performance was broad-based across divisions. Civil Aerospace delivered a 20.5% margin, supported by improved widebody aftermarket profitability, stronger spare engine contribution and contractual margin improvements. Defence margins remained resilient at 14.4%, reflecting solid execution across transport and combat programmes. Power Systems saw significant uplift to a 17.4% margin, benefiting from strong demand in power generation—particularly data centres—and governmental markets. Across the Group, efficiency initiatives, procurement savings and zero-based budgeting further strengthened profitability, with the TCC/GM ratio improving to 0.36x. (Total Cash Costs to Gross Margin ratio.) The strong turnaround is allowing management to deliver even more on shareholder returns. Management has announced a substantial £7bn–£9bn multi-year share buyback programme for 2026–2028, with £2.5bn targeted in 2026....

wealthoracle.co.uk/companies/RR.

.wealthoracle.co.uk/companies/JUP

Jupiter Fund Management posted encouraging FY25 results delivering materially improved financial and operational performance which marks a turning point after several years of net outflows and earnings pressure. Total net revenue rose 18% to £431.0m despite a 7% decline in management fee revenue (to £310.7m) due to lower average AUM versus 2024. An uplift in higher-margin performance fees more than offset this management fee pressure. Underlying profit before tax rose 42% to £138.3m (2024: £97.5m), primarily driven by this sharp increase in performance fees to £120.3m (2024: £31.2m). Statutory profit before tax increased 49% to £131.9m, while underlying EPS rose 45% to 19.4p, reflecting stronger revenue momentum and disciplined cost control. Assets under management (AUM) increased 19% to £54.0bn, supported by £1.3bn of net inflows—the first full calendar year of positive net flows since 2017—alongside £7.4bn of favourable market movements. Systematic equities was the standout contributor, with over £4.0bn of inflows, while Global and UK equity strategies also attracted demand. Encouragingly momentum has reportedly continued into early 2026. Cost...

.wealthoracle.co.uk/companies/JUP

.wealthoracle.co.uk/companies/HAS

Hays plc posted soft HY numbers this morning confirming that the recruitment sector continues to struggle. In H1 FY26, Group net fees declined 9% to £453.3m, reflecting continued economic and political uncertainty and weaker permanent hiring markets. However, the business has been actively mitigating profit impact through productivity gains and structural cost control. Pre-exceptional operating profit declined 21% to £20.1m, a more limited reduction relative to net fees, highlighting improved operational leverage. Consultant net fee productivity actually increased 7% year-on-year — marking nine consecutive quarters of improvement — driven by sharper business line prioritisation and resource reallocation. So management are on the case and have been taking decisive structural action for a couple of years now. Since FY24, c.£80m per annum of structural cost savings have been secured

.wealthoracle.co.uk/companies/RAT

Rathbones posted strong FY25 results this morning and the share price is extending its uptrend to new 6-year highs. Financial performance was robust. Profit before tax increased 53.5% to £152.9m, reflecting synergy delivery and a sharp reduction in integration costs (£39.9m vs £75.5m prior year). Underlying profit before tax rose 4.6% to £238.1m, demonstrating core earnings momentum despite market volatility in early 2025. Operating income increased to £923.3m (2024: £895.9m), supported by higher average Funds under Management and Administration (FUMA), which grew to £115.6bn (+6%). Importantly Operational leverage is improving. The underlying operating margin expanded to 25.8% (2024: 25.4%), with a strong second-half recovery delivering a 27.5% margin. Management remains confident in achieving its 30% margin target by Q4 2026, assuming modest FUMA growth and stable macro conditions. So there should be more strong profit growth ahead. Crucially, integration synergies exceeded expectations, reaching a £76m annualised run-rate versus the original £60m target, marking completion of the synergy delivery phase. The outlook appears upbeat given the positive outlook for investment markets for the next few years. Strategically, Rathbones is focused on four pillars: client primacy, talent leadership, operational excellence...

.wealthoracle.co.uk/companies/RAT

.wealthoracle.co.uk/companies/FLTR

Flutter Entertainment posted strong underlying FY25 numbers today, but FY26 guidance was softer than expected and the share price has slumped 13% and is extending its 6-month correction. If anything, the correction looks harsh and should be viewed as opening up value in what is an otherwise solid growth story. The Group delivered a strong operational performance in FY2025, reinforcing its position as the global leader in online sports betting and iGaming, while continuing to scale profitability despite regulatory headwinds and elevated investment. Revenue and customer growth remained robust. Group revenue increased 17% to $16.4bn, supported by M&A and structural market growth, while average monthly players rose 14% to 15.9 million. Adjusted EBITDA grew 21% to $2.85bn, with margin expanding to 17.4% (+60bps), reflecting scale efficiencies and continued US operating leverage. Statutory net income did swing into a loss of $407m, but this was primarily due to a $556m non-cash impairment following regulatory changes in India, alongside higher amortisation and interest costs. The Group continues to use its balance sheet to grow, net leverage increased to 3.7x, reflecting strategic acquisitions in the US, Italy and Brazil. But it also continues to return capital to shareholders, Flutter returned $1bn to shareholders in 2025 while continuing to invest for growth. Guidance ...

..wealthoracle.co.uk/companies/FLTR

.wealthoracle.co.uk/companies/SN.

Smith and Nephew posted impressive FY 25 results helped along by a strong Q4 showing. The Group delivered a strong finish to 2025, marking the successful completion of its multi-year 12-Point Plan transformation and setting the stage for accelerated growth under its new RISE strategy. Fourth-quarter revenue rose 8.3% reported (6.2% underlying) to $1.7 billion, bringing full-year revenue to $6.16 billion, up 6.1% reported and 5.3% underlying. Growth was broad-based across Orthopaedics, Sports Medicine & ENT, and Advanced Wound Management, with newer product launches contributing meaningfully to performance. Profitability improved materially. Trading profit increased 15.5% to $1.21 billion, with trading margin expanding 160 basis points to 19.7%. Reported operating profit rose 20.7% to $794 million, reflecting operational leverage and productivity gains delivered through the transformation program. Earnings per share showed strong momentum, with adjusted EPS up 21% to 102.0 cents and reported EPS up 52.8% to 72.1 cents. The balance sheet remains solid, with adjusted net debt/EBITDA at 1.7x. This enabled completion of a $500 million share buyback in 2H 2025 and a 4.3% increase in the full-year dividend. Strategically, management declared the 12-Point Plan complete, citing 5.7% revenue CAGR since 2022, 240bps of trading margin expansion, and a fifteen-fold increase in free cash flow. The newly launched RISE strategy (Reach, Innovation, Scale, Execute) aims to accelerate growth and returns through product innovation, portfolio optimization, and operational efficiency. The acquisition of Integrity....

.wealthoracle.co.uk/companies/SN.

.wealthoracle.co.uk/companies/DATA

GlobalData delivered a solid set of results for the year ended 31 December 2025, reflecting solid top-line expansion despite a subdued macro backdrop and the impact of a significant transformation programme. Total revenue increased 13% to £322.1m (2024: £285.5m), largely driven by acquisitions, while underlying revenue growth was 1%, compared with 4% in the prior year. The slowdown reflected go-to-market reorganisation and integration activity, though renewal rates remained consistent, demonstrating the defensiveness and stickiness of the Group’s recurring revenue base. Adjusted EBITDA declined 6% to £110.2m, with margin compressing to 34% (2024: 41%), as the company absorbed strategic investments under its Growth Transformation Plan and the initial dilution from six acquisitions. Despite this, operating profit rose 25% to £81.2m, and profit before tax increased 26% to £69.2m, supported by a £20.5m non-cash share-based payment credit. Adjusted EPS rose 43% to 7.3p, underscoring underlying earnings momentum, while reported EPS increased 16% to 4.4p. So the business is growing and so too are profits...

.wealthoracle.co.uk/companies/DATA

.wealthoracle.co.uk/companies/CRW

Craneware, a leader in healthcare financial performance solutions, delivered a solid first half for FY26, demonstrating resilient recurring revenues, expanding margins, and accelerating innovation across its Trisus® cloud platform. For the six months ended 31 December 2025, group revenue rose 6% to $105.7m, while Adjusted EBITDA increased 10% to $33.4m, maintaining margins above 30%. Adjusted profit before tax grew 14% to $23.5m, and Adjusted EPS rose 16% to 58.7 cents. Statutory profit before tax increased 29%, reflecting operational leverage and disciplined cost management. Annual Recurring Revenue (ARR) grew 4% to $184.2m, supported by Net Revenue Retention (NRR) of 103% and customer retention rates above 90%. Expansion sales accounted for 88% of new sales...

.wealthoracle.co.uk/companies/CRW

.wealthoracle.co.uk/companies/FRES

Fresnillo plc posted record financial performance in 2025 driven primarily by the strong precious metals price environment, but also helped along by disciplined cost management and operational consistency. Production volumes were actually a little lower year-on-year, with attributable silver production down 13.5% to 48.7 moz and gold production down 5.0% to 600 koz, but gold output exceeded guidance and silver production was in line. These lower volumes were mainly attributable to mine sequencing, ore grade variations and the cessation of certain operations. However adjusted revenue increased 27.6% to US$4.6 billion, primarily reflecting higher realised silver and gold prices, while total revenue rose 30.5% to US$4.56 billion. EBITDA surged 80.7% to US$2.8 billion, and gross profit more than doubled (+113.8%) to US$2.66 billion, demonstrating strong operational leverage to metal prices. Profit before income tax increased 179.9% to US$2.08 billion...

.wealthoracle.co.uk/companies/FRES