Member Info for WOracle

.wealthoracle.co.uk/companies/GRG

Greggs posted decent Prelims which showed resilient top-line growth in FY2025 despite a challenging UK consumer backdrop. Total sales increased 6.8% to £2.15 billion, supported by 2.4% like-for-like sales growth in company-managed shops and continued estate expansion. The company outperformed a declining food-to-go market, increasing share of visits to 8.6%. However, profitability moderated due to cost pressures and investment phasing. Underlying operating profit declined 4.0% to £187.5 million, while underlying profit before tax fell 9.4% to £171.9 million. Underlying diluted EPS decreased 10.7% to 122.8p, reflecting operating deleverage from softer volumes and higher fixed costs in manufacturing, logistics and technology. Statutory PBT of £167.4 million also reflected the absence of the prior year’s £14.1 million exceptional gain and a £4.5 million VAT provision in 2025. However the balance sheet remains solid. Net cash at year-end stood at £45.8 million, after peak capital expenditure of £287.5 million focused

HXXps://wealthoracle.co.uk/companies/INCH

Inchcape posted steady FY2025 numbers this morning but also forecasted a softish 2026 outlook and the share price is down over 10% this morning. Group revenue was £9.1 billion, representing 1% organic growth and flat performance at constant currency, though reported revenue declined 2% due to translational FX headwinds. Volumes increased 3%, driven by market share gains and ten new distribution contract wins. Momentum improved in the second half, particularly in the Americas and Europe & Africa, partially offsetting softer trading in APAC. Adjusted operating profit was £563 million (-1% constant FX), with operating margins resilient at 6.2% (2024: 6.3%). Cost discipline, capital recycling and operational optimisation offset regional mix effects and competitive pressures. Adjusted profit before tax was £443 million (+3% constant FX), while adjusted basic EPS rose 13% to 80.8p...

hXXps://wealthoracle.co.uk/companies/INCH

.wealthoracle.co.uk/featured-companies

ASOS posted encouraging Interims delivering a materially better first half on profitability, even though sales remained negative. For the 26 weeks to 1 March 2026, adjusted EBITDA rose 51% to £64.0m, supported by a 330bps improvement in adjusted gross margin to 48.5%. The key drivers were a better commercial model, more full-price sales, stronger inventory discipline, flexible fulfilment growth and ongoing supply chain efficiencies. On the downside, the topline is still under pressure, but trends are improving. GMV fell 9% year-on-year to £1.17bn and adjusted revenue declined 14% to £1.11bn, though management highlighted sequential improvement through Q1, Q2 and into Q3. The UK, which remains the most important market, outperformed the group with GMV down 5%, while Womenswear showed a roughly 10 percentage point improvement in its growth trajectory versus H2 FY25. That suggests the turnaround actions are beginning to gain traction. Operationally, there are several encouraging signs. New customer momentum has improved materially, with UK new customers up around 10% year-on-year and group new customer growth turning ...

.wealthoracle.co.uk/featured-companies

.wealthoracle.co.uk/featured-companies

WH Smith’s interim results were operationally mixed and financially weak, with the business showing some underlying sales resilience but a clear deterioration in profitability and balance sheet flexibility. Group revenue rose 5% to £748m in the six months to 28 February 2026, helped by international expansion, with North America up 10% on a constant currency basis and Rest of World up 8%. The UK, however, grew only 2%, reflecting disruption from major airport refurbishments and ongoing inflationary pressures. However the main concern was profit. Headline group trading profit fell sharply to £32m from £47m, while headline profit before tax dropped to just £3m from £21m. Diluted headline EPS turned negative at (0.8)p. This reflects weaker margin delivery across all divisions, especially in North America and Rest of World, as well as disruption in the UK business. North America remains particularly mixed: the core Travel Essentials offer continues to perform well, but the Resorts and InMotion businesses are underperforming and are now being actively restructured. Reassuringly management is on the case and taking corrective action. In the UK, the strategy remains centred on travel essentials, with newly refurbished Heathrow stores in Terminals 3, 4 and 5 intended to reset the proposition. In North America, the business is narrowing its focus towards higher-quality travel retail and exiting weaker fashion and specialist stores...

.wealthoracle.co.uk/featured-companies

.wealthoracle.co.uk/admin/newsletter-companies

Sainsbury’s posted Prelims this morning confirming that the Group delivered another solid year operationally, with clear evidence that its food proposition continues to strengthen, even though profit growth was constrained by inflation and deliberate reinvestment. Grocery sales rose 5.2%, comfortably ahead of the market, while total retail sales including fuel increased 2.8% to £33.6bn. The company highlighted that it has now outperformed the grocery market for six consecutive years, supported by sustained volume gains and market share growth. The key feature of the year was the decision to prioritise competitiveness over short-term margin. Retail underlying operating profit fell 1.1% to £1.03bn despite strong top-line momentum, as Sainsbury’s absorbed significant cost inflation and continued to invest in value, colleague pay, stores and digital capability. That is strategically important: rather than maximising near-term earnings, management is protecting and extending market position in what remains a highly competitive UK grocery market. There are several positives beneath the headline profit dip. Statutory profit after tax rose sharply to £393m, mainly due to lower one-off charges and reduced discontinued losses in Financial Services. The balance sheet also remains sound, with non-lease net debt improving by £61m to £203m. Operationally, the grocery business remains the core strength. Sainsbury’s continues to benefit...

.wealthoracle.co.uk/admin/newsletter-companies

.wealthoracle.co.uk/companies/MTRO

Metro Bank posted very encouraging FY25 results this morning which confirm a transformational FY2025 performance, marking a decisive return to sustainable profitability and validating the Group’s strategic pivot toward higher-margin relationship banking. The Group reported underlying profit before tax of £98m, its highest ever, compared with a £14m loss in FY2024. This impressive £112m swing was driven primarily by structural Net Interest Margin (NIM) expansion and disciplined cost execution. Underlying revenue rose 16% to £585m, supported by a 22% increase in Net Interest Income (NII) to £460m. NIM expanded materially to 2.98% (FY2024: 1.91%), exiting the year at 3.17%, reflecting improved asset yields and a sharp reduction in deposit costs (1.06% vs 1.95% prior year). The bank has successfully rotated away from low-margin prime mortgages and consumer lending toward higher-return corporate, commercial, SME ...

.wealthoracle.co.uk/companies/MTRO

.wealthoracle.co.uk/companies/GFRD

Galliford Try posted a strong H1 FY26 performance this morning and the share price has bounced 3.2%. Revenue increased 1.3% to £934.9m, slightly ahead of expectations, while adjusted operating profit grew 22.0% to £21.6m, driving divisional adjusted operating margin up 54bps to 3.2% (H1 2025: 2.7%). This marks continued progress toward the Group’s 4.0% strategic margin target by 2030. Adjusted profit before tax rose 20.5% to £24.7m. Adjusted EPS increased 18.5% to 18.6p, supporting an 18.2% uplift in the interim dividend to 6.5p, consistent with the Group’s 1.8x earnings cover policy. A major plus point for the investment case remains the high quality order book which gives strong revenue visibility. The order book increased to £4.1bn...

.wealthoracle.co.uk/companies/GFRD

.wealthoracle.co.uk/companies/SRP

Serco Group posted steady FY25 results this morning which were in line with upgraded guidance. Group revenue increased to £4.9bn, representing 3% growth at constant currency, supported by contract wins and expansion in defence and citizen services. Organic growth was 1%, with acquisitions contributing additional growth, partially offset by the wind-down of immigration contracts in the UK and Australia. These structural contract reductions moderated overall revenue expansion during the year. Underlying operating profit was £272m, broadly flat year-on-year but up 1% at constant currency, delivering a 5.6% operating margin, which sits comfortably within the company’s medium-term target range of 5–6%. Underlying diluted earnings per share increased 2% to 16.93p, reflecting steady operational execution despite cost pressures including higher UK national insurance contributions and increased corporate costs. The Group’s balance sheet remains strong with year-end adjusted net debt of £206m, equivalent to 0.7x EBITDA, comfortably below its 1–2x target leverage range and leaving capacity for further shareholder returns or acquisitions. And the outlook is encouraging with a high degree of visibility which is no bad thing in current uncertain times. Order intake reached £5.5bn, representing a book-to-bill ratio of 114%, while the order book increased 9% to £14.5bn, providing strong multi-year revenue visibility. Approximately two-thirds of new awards were in defence, highlighting growing exposure to global security spending. The company also reported its largest pipeline in over a decade at £12.1bn, with particularly strong growth in North America...

.wealthoracle.co.uk/companies/SRP

.wealthoracle.co.uk/companies/IMI

IMI posted a solid set of FY 25 results this morning delivering another year of consistent growth and margin expansion. The company reported revenue of £2.30bn, representing 4% growth year-on-year (5% organic), while adjusted operating profit increased 6% to £460m, resulting in a 20.0% operating margin, up 30 basis points. Statutory operating profit rose more sharply, increasing 19% to £422m, reflecting lower adjusting items and continued operational efficiency improvements. Adjusted basic EPS increased 8% to 132.3p, maintaining a 10% compound annual growth rate since the company launched its growth strategy in 2019. In terms of segments, the Automation platform remained the key growth driver, with revenue increasing 6% to £1.50bn (8% organic) and operating profit rising 9% to £314m. Within this segment, Process Automation delivered particularly strong momentum, with revenue increasing 11%...

.wealthoracle.co.uk/companies/IMIwealthoracle.co.uk/companies/IMI

.wealthoracle.co.uk/featured-companies

Reckitt Benckiser posted soft Q1 number this morning, but the company has held guidance and framed the weakness as largely timing and external rather than structural. Core Reckitt delivered 1.3% like-for-like net revenue growth to £2.60bn, with pricing/mix of 2.3% offsetting a 1.0% volume decline. Excluding seasonal OTC, growth was 3.1%, which is a better indication of the underlying run-rate. Emerging Markets remained the standout, with 7.6% LFL growth to £1.09bn, driven by double-digit growth in China and India. That remains the main engine of the group, although performance was held back by Russia-related sanctions impacts and disruption in the Middle East. Europe was weak, with revenue down 4.2% LFL to £873m...

.wealthoracle.co.uk/featured-companies

.wealthoracle.co.uk/featured-companies

Quilter delivered a very strong start to 2026, with record quarterly core net inflows of £3.1bn in Q1, up 35% year-on-year and equivalent to 9% annualised of opening AuMA. That is a notably strong flow outcome in the current market backdrop and suggests continued momentum across both the Platform and High Net Worth businesses. Reported net inflows were £3.0bn, while total AuMA stood at £141.9bn at 31 March, with quarter-end market weakness largely offsetting the benefit of those flows. Management also noted that market recovery in recent weeks has already supported a meaningful uplift from the March closing level. The key driver remains the Affluent segment, particularly the Quilter Platform, which continues to show strong competitive positioning. Platform net inflows reached £2.86bn, up from £2.20bn in Q1 2025, representing 11% annualised of opening AuMA. Both Quilter channel and IFA channel gross inflows rose 22% year-on-year, while IFA channel net inflows increased 24% to £1.94bn. That points to broad-based demand rather than one-off concentration and reinforces the strength of Quilter’s distribution model. The High Net Worth segment also improved materially. Gross inflows of £944m were well ahead of recent quarterly run-rates, while net inflows of £214m were up 80% year-on-year. Although the annualised inflow rate...

.wealthoracle.co.uk/featured-companies

.wealthoracle.co.uk/featured-companies

Ten Lifestyle Group delivered a solid first half, with results showing continued profitable growth, good operational leverage and encouraging contract momentum. Net Revenue increased 6% to £33.7m, or 9% in constant currency, while adjusted EBITDA rose 16% to £7.0m, with the margin improving to 20.7% from 18.9%. That margin expansion is important, as it suggests the business is scaling well despite continued investment in technology and product development. The operational picture was also strong. Active Members rose 23% to 436k, supported by higher engagement with the digital platform. This translated into better efficiency, with Net Revenue per FTE up 11% and operating expenses per request down 9%. That supports management’s argument that its digital investment is not just defensive spend, but is improving service delivery and the cost base at the same time. The strategic message is centred on Ten’s digital transition. The group continues to invest heavily in proprietary platforms, AI and communications, with £6.3m invested in the half, of which £3.4m was capitalised....

.wealthoracle.co.uk/featured-companies

.wealthoracle.co.uk/companies/CKN

Clarkson PLC, the world's leading provider of integrated shipping services, posted soft FY 25 results this morning which reported a decline in profits for the year gone by as geopolitical uncertainty and shifting trade dynamics weighed on activity across global maritime markets. However, on a brighter note and despite the softer earnings performance, the company maintained its long-standing record of dividend growth and pointed to improving momentum entering 2026. For the year ended 31 December 2025, Clarkson posted revenue of £631.4 million, down from £661.4 million the previous year. Underlying profit before taxation fell to £90.6 million from £115.3 million in 2024, while underlying basic earnings per share declined to 225.8p compared with 286.9p a year earlier. Reported profit before tax was £86.7 million. The company nonetheless recommended a full-year dividend of 112p per share, a 3% increase on the previous year’s payout of 109p. The rise marks Clarkson’s 23rd consecutive year of dividend growth, underscoring what the group described as the “cash-generative nature” of its business model. And while 2025 had been a challenging year for the shipping industry, citing tariffs, sanctions and regional conflicts that disrupted established trade routes and dampened market confidence in the first half - CEO Andi Case noted , ”2025 was a year that tested the resilience and adaptability of the global shipping industry” – conditions improved during the second half of the year as market sentiment strengthened and transactional activity picked up. Obviously the recent escalation of tensions and start of war in the Gulf region now adds another cloud to the outlook. But pre the Iran war, prospects were looking a little brighter, the company’s order book for invoicing in 2026 stood at US$244 million, up from US$231 million a year earlier. And management indicated that trading at the start of 2026 ...

.wealthoracle.co.uk/companies/CKN

.wealthoracle.co.uk/companies/PSN

Persimmon plc posted solid FY25 results this morning highlighting a modest recovery in the UK housing market and the benefits of sustained investment in its operations. The housebuilder reported strong growth across key metrics, with rising home completions, improved profitability and a strengthening forward sales position. The company completed 11,905 new homes during the year, up 12% from 2024, while total revenue increased 17% to £3.75bn. Higher volumes and modest house price growth lifted profitability, with underlying operating profit rising 17% to £472.1m and underlying profit before tax increasing 13% to £445.6m. The company’s underlying operating margin improved slightly to 14.3%, signalling operational efficiencies despite ongoing cost pressures. And the positive trading momentum has continued into 2026. In the first nine weeks of the year, Persimmon recorded a 9% increase in private sales rates per outlet, while the average selling price within its order book rose 6%. As a result, the company’s private forward sales position reached £1.25bn as of 1 March, up from £1.15bn a year earlier...

.wealthoracle.co.uk/companies/PSN

Wealthoracle.co.uk/companies/COST

Costain Group posted decent FY25 results confirming continued strong performance. Revenue was £1,045.7m (FY 24: £1,251.1m), with growth in Natural Resources offset by the previously announced reduction in Transportation. Adjusted operating profit was up 9.3% to £47.1m (FY 24: £43.1m) with further margin improvement, with adjusted operating margin up 110bps to 4.5% (FY 24: 3.4%). Adjusted EPS was 14.5p (FY 24: 14.6p), principally reflecting increased adjusted operating profit offset by a higher adjusted effective tax rate. Reported EPS was up by 23.0% to 13.9p (FY 24: 11.3p). The Group’s strong balance sheet strengthened further with net cash of £189.3m (FY 24: £158.5m), reflecting significant growth in adjusted free cash flow to £63.1m (FY 24: £27.1m) and a £10m share buyback programme in FY 25. The removal of the Group’s dividend parity arrangement will lead to an increase in the FY 25 final dividend to 3.2p ...

wealthoracle.co.uk/companies/COST

.wealthoracle.co.uk/companies/SPX

Spirax Group PLC reported a resilient performance for the year ended 31 December 2025, delivering organic growth ahead of global industrial production and maintaining strong margins despite the impact of restructuring costs on statutory profits. Group revenue rose to £1.70 billion, representing 2% reported growth and 5% organic growth, outperforming global industrial production growth of around 2%. The result reflects continued demand for the company’s industrial process technologies and the successful execution of its “Together for Growth” strategy. While statutory results were affected by restructuring expenses, the company’s underlying performance remained solid. Statutory operating profit declined 13% to £265.4 million, with the operating margin falling to 15.6% from 18.3%. However, on an adjusted basis, which excludes one-off items, operating profit increased 2% to £339.9 million, representing 6% organic growth. The adjusted operating margin remained strong at 20.0%, with a 30 basis point improvement organically...

.wealthoracle.co.uk/companies/SPX

.wealthoracle.co.uk/companies/HOC

Hochschild Mining PLC delivered a record financial performance for the year ended 31 December 2025, benefiting from strong execution at its flagship operations and surging precious metals prices. Revenue increased 25% year-on-year to $1.18 billion, while adjusted EBITDA rose 39% to $583.7 million. Growth was primarily driven by significantly higher realized gold and silver prices, combined with solid operational delivery at the company’s core asset, the Inmaculada mine in Peru. Pre-exceptional profit before tax increased 66% to $330.4 million, reflecting strong margin expansion and disciplined cost management despite industry inflation. Operationally, attributable production overall declined 9% to 311,509 gold equivalent ounces, mainly reflecting challenges at the Mara Rosa operation in Brazil and slightly lower grades at other assets. Costs also increased meaningfully, with attributable all-in sustaining costs rising to $2,138 per gold equivalent ounce from $1,558 in the prior year. The increase was largely attributable to lower production volumes in Brazil, higher royalties and taxes linked to rising metal prices, and operational adjustments related to the turnaround of Mara Rosa. Management implemented a comprehensive operational review and restructuring at Mara Rosa, including leadership changes and targeted maintenance, which resulted in improving production stability in the second half of the year. However, the impact of lower output was more than offset by strong commodity prices...

.wealthoracle.co.uk/companies/HOC

.wealthoracle.co.uk/companies/BBY

Balfour Beatty PLC posted solid full-year results for 2025, supported by strong demand across its key infrastructure markets and disciplined operational execution. Group revenue increased 8% year-on-year to £10.77 billion, driven primarily by growth in UK power transmission projects and continued expansion in the US buildings sector. Underlying profit from operations in the company’s earnings-based businesses rose 16% to £293 million, marking the fifth consecutive year of profitable growth in the group’s core operating divisions. Underlying earnings per share increased 9% to 47.6 pence, reflecting improved operational performance and continued margin progression. In terms of segments, operational momentum was particularly strong in the UK. UK Construction exceeded its long-standing margin target one year ahead of expectations, achieving a 3.5% profit margin compared with 2.7%...

.wealthoracle.co.uk/companies/BBY

.wealthoracle.co.uk/companies/HILS

Hill & Smith PLC posted decent if unexciting financial performance for the year ended 31 December 2025, supported primarily by strong growth across its US operations. Group revenue increased 2% to £868.8 million, with organic constant currency growth of 3%, while underlying operating profit rose 5% to £151.3 million. Profitability improved as operating margins expanded to 17.4% from 16.8% in the prior year, reflecting a favourable mix shift toward higher-margin US businesses. Underlying earnings per share increased 8% to 132.2 pence, demonstrating the company’s ability to translate modest revenue growth into stronger earnings through operational efficiency and portfolio mix improvements. The company’s US Engineered Solutions division remained the primary growth engine, benefiting from strong demand across key infrastructure-related markets including electricity transmission and distribution, data centres, water infrastructure and industrial construction. Revenue in this segment increased 6% on an organic constant currency basis, with operating margins improving to 18.0%...

.wealthoracle.co.uk/companies/HILS

.wealthoracle.co.uk/companies/CCC

Computacenter plc posted solid FY performance for the year ended 31 December 2025, demonstrating significant revenue growth, improved profitability, and continued strategic expansion across key markets. The company reported gross invoiced income of £12,988.3 million, representing a 31.0% year-on-year increase, while total revenue rose 32.0% to £9,193.9 million. This growth was primarily driven by exceptional performance in the Technology Sourcing segment, where gross invoiced income increased by 36.5% to £11,297.5 million, reflecting strong demand from enterprise and hyperscale customers, particularly in North America. Services revenue grew more modestly by 3.2% to £1,690.8 million, although Professional Services delivered stronger momentum with 8.8% constant-currency growth, supported by expansion in the UK and North America. The Group’s strategy of targeting...

.wealthoracle.co.uk/companies/CCC