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S&U delivered a strong recovery in FY26, with profit before tax up 32% to £31.8m despite revenue falling 7% to £107.4m. The key driver was a sharp improvement in credit quality, with the group impairment charge dropping to £13.0m from £35.6m. That is the central takeaway from these results: lower revenue mattered much less than materially better collections, lower bad debt costs and improved loan book quality. Advantage Motor Finance showed the clearest turnaround. PBT rose 41% to £23.4m, while the impairment charge more than halved to £12.8m from £33.2m. Live monthly repayments improved to 90.5% of due from 85.6%, and advances jumped 66% to £181.6m. ...

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Mpac delivered an impressive set of FY25 results. The headline underlying numbers were solid, with revenue up 42% to £174.1m and underlying operating profit up 51% to £18.1m, driven largely by the first full-year contribution from the 2024 acquisitions of CSi and BCA. However, underlying progress was acquisition-led rather than demand-led, and the sharp fall in the closing order book to £90.0m from £118.5m could be a concern heading into 2026. Operationally, management appears to have responded sensibly to a softer capital equipment market. Customers delayed investment decisions through much of the year, and Mpac reacted by cutting costs, focusing on cash and integrating the acquired businesses...

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ABF’s first half was soft, but broadly in line with management’s expectations, with the major negative surprise coming from Sugar. Group revenue was broadly flat at £9.47bn, while adjusted operating profit fell 18% to £691m and adjusted EPS declined 15% to 70.7p. The key point is that profit weakness was not driven by a collapse in the core model, but by a difficult first-half phasing, heavy investment, and acute pressure in Sugar. Primark was mixed but strategically more encouraging than the headline margin decline suggests. Sales grew 2%, helped by new space, while UK like-for-like sales rose 1.3% and market share improved, indicating that recent action on price perception, product, marketing and digital engagement is working in its most important market. Europe remained soft, with like-for-like sales down 5.6%, showing...

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Informa PLC posted solid FY25 numbers this morning underpinned by robust growth in its B2B Live Events division and continued expansion across its global platform of specialist brands, digital services, and academic publishing. The Group reported revenue of £4,041.4 million, representing a 13.7% increase year-on-year, while adjusted operating profit rose by 14.6% to £1,139.8 million. This growth reflects strong demand for specialist B2B events and data-driven services, as well as the continued recovery and structural expansion of the global events industry. The Group’s B2B Live Events division was the primary growth driver, generating revenue of £3,002.6 million, up 13.8% year-on-year, with underlying growth of 9.5%. Adjusted operating profit within this segment increased by 19.4% to £857.5 million, supported by strong performances across Informa Markets, Informa Connect, and Informa Festivals. Overall profitability improved, with the Group’s adjusted operating margin rising slightly to 28.2%...

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.wealthoracle.co.uk/companies/TCAP

TP ICAP Group plc posted strong FY25 results this morning, achieving record revenues and profitability while maintaining disciplined cost management and continued strategic investment. The Group reported revenue of £2,353 million, representing a 6% increase in constant currency (4% reported) compared with 2024. Growth was supported primarily by strong performance in the Global Broking division and continued expansion in the Group’s diversified broking and data services platform. Profitability improved significantly during the year. Earnings before interest and tax (EBIT) increased by 12% to £264 million, while adjusted EBIT rose 10% in constant currency to a record £348 million, slightly ahead of market expectations. The adjusted EBIT margin also improved to 14.8% from 14.4% in 2024, reflecting operational efficiency. Adjusted profit before tax reached £314 million, while adjusted basic earnings per share increased by 5% to 33.5 pence....

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Berkeley Group’s strategy update reflects a clear shift from growth through land acquisition toward value extraction, capital discipline and balance sheet resilience. The group expects to deliver FY26 pre-tax profit of £450m and end the year with around £300m of net cash, which is a solid outcome given the difficult backdrop. However, the more important message is that management is now explicitly adapting the model to a more constrained housing market, shaped by higher build costs, rising regulation, planning delays, elevated interest rates and weaker consumer confidence. The core of the investment case remains the value embedded in Berkeley’s existing land bank. The group already controls land for over 50,000 homes, with a further pipeline of more than 10,000, concentrated in London and the South East...

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.wealthoracle.co.uk/companies/SRC

SigmaRoc PLC posted FY25 results demonstrating the resilience of its business model and the benefits of recent acquisitions and operational improvements. The Group reported revenue of £1,035.9 million, representing 3.8% year-on-year growth, supported primarily by pricing and product mix improvements despite lower market volumes. Operational efficiency and synergy delivery drove a stronger improvement in profitability, with underlying EBITDA rising 16.7% to £262.2 million and the EBITDA margin expanding to 25.3%, up from 22.5% in the prior year. Earnings growth outpaced revenue as integration synergies and cost discipline continued to improve operating leverage. Underlying EPS increased 25.9% to 10.51p, exceeding prior guidance and reflecting both higher profitability and disciplined financial management. Cash generation also remained strong, with free cash flow increasing 18.4% to £133.8 million, equivalent to a 51% free cash flow conversion rate..

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.wealthoracle.co.uk/companies/MSLH

Marshalls plc posted soft full-year results for the 12 months ended 31 December 2025, reflecting the Group’s ability to stabilise performance amid subdued UK construction and housing markets. Revenue actually increased 2% year-on-year to £632.1 million, marking the company’s first return to top-line growth since 2022. However, profitability declined as weaker market conditions, targeted pricing investment, and product mix pressures weighed on margins. Adjusted operating profit fell 15% to £56.4 million, while adjusted profit before tax declined 16% to £43.7 million, broadly in line with market expectations. Earnings per share reflected the decline in profitability, with adjusted basic EPS falling 16% to 13.4 pence, while reported EPS dropped 54% to 5.7 pence following adjusting items and restructuring-related costs. In response to...

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.wealthoracle.co.uk/companies/BKS

Beeks Financial Cloud Group plc posted mixed interim results for the six months ended 31 December 2025, reflecting strong commercial momentum and expanding contract wins but temporarily weaker reported financial performance due to contract timing and a shift toward a revenue-share model. The company continues to build a growing base of recurring revenue and expects a significantly stronger second half as recently secured contracts progress through deployment and begin contributing to revenue. The Group’s reported revenue declined to £14.65 million from £15.79 million in the prior period. The reduction primarily reflects the timing difference between contract signings, infrastructure deployment and revenue recognition, which is inherent in the Group’s business model. This effect was amplified by the company’s strategic transition....

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Ashtead Technology Holdings plc reported a strong set of FY2025 results, highlighting the continued execution of its growth strategy and the benefits of recent acquisitions alongside steady organic expansion. Revenue increased by 21% year-on-year to £203.2 million, supported by the successful integration of the Seatronics and J2 Subsea acquisitions as well as continued activity across offshore energy markets. Organic revenue growth contributed 3% during the year, while acquisitions added approximately 19% to the top line, partly offset by a modest 1% foreign exchange headwind. Profitability remained robust, although the pace of earnings growth was slightly lower than revenue expansion as integration activity and investment continued. Adjusted EBITA increased 17.5% to £59.1 million, producing a margin of 29.1%, compared with 29.9% in the previous year. While this represents a modest 80 basis point contraction, the margin remains toward the top end of the Group’s medium-term targets and reflects management’s focus on higher quality revenue streams and value-added services. Operating profit rose 20.5% to £51.6 million and profit before tax increased 14.3% to £41.2 million, demonstrating continued operational leverage within the business model. Earnings growth remained solid at the shareholder level. Adjusted basic earnings per share increased 9.8% to 49.4 pence, while statutory basic EPS rose 11.4% to 40.0 pence. The Group also maintained strong capital efficiency, delivering a return on invested capital of 22.7%, comfortably above its cost of capital despite a modest decline from the prior year as the business integrates recent acquisitions and deploys additional growth investment. Cash generation and disciplined capital allocation continue to strengthen the balance sheet. Proforma net debt to adjusted EBITDA leverage declined to 1.3x from 1.6x in FY2024, providing increased financial flexibility for further investment, selective acquisitions...

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.wealthoracle.co.uk/companies/MAB1

Mortgage Advice Bureau (Holdings) plc reported a strong financial performance for the year ended 31 December 2025, reflecting improving conditions in the UK mortgage market as interest rates come down and continued expansion of its adviser network and technology-led intermediary platform. Group revenue increased 19.6% year-on-year to £318.8 million, supported by robust growth in mortgage completions and improving adviser productivity. Total mortgage completions rose 23% to £32.0 billion, outperforming overall UK mortgage lending growth and highlighting the strength of MAB’s distribution network and lead generation capabilities.Profitability also improved, although margin expansion was modest as the Group continued to invest in technology, network growth and operational capacity. Adjusted profit before tax increased 13.3% to £36.3 million, while the adjusted PBT margin declined slightly to 11.4% from 12.0% in the prior year. Gross profit increased broadly in line with revenue to £91.9 million, maintaining a stable gross margin of 28.8%. Administrative costs rose as the Group continued to scale its platform and support adviser recruitment, resulting in a modest increase in...

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discoverIE delivered a solid full-year performance, with a clear acceleration in momentum into Q4 that supports the near-term outlook. The most notable feature of the update is the strength in orders, with Q4 orders up 16% CER (15% organic) and ahead of sales for the third consecutive quarter. This indicates improving demand visibility and a rebuilding order book, which is typically a leading indicator for future revenue growth. For the full year, orders grew 9% CER (5% organic)...

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Optima’s positive year-end update points to a stronger-than-expected FY26 outcome, with adjusted EBITDA now expected to be around 10% ahead of market expectations. Based on cited consensus of £18.1m, that implies a result close to £20m, which is a meaningful beat and suggests a stronger second half operational performance than the market had been anticipating. The upgrade matters for two reasons. First, it reinforces that Optima’s core business is executing well against plan. Management highlighted continued progress against its strategic objectives and medium-term targets of £200m revenue and £40m adjusted EBITDA, which indicates confidence not only in current trading but in the scalability of the platform. Second, the result appears to be supported by both underlying trading momentum and a one-off benefit from the procurement settlement, which added £2.3m in H1 and a further £2.4m in H2 as other operating income. That distinction is important. The settlement clearly boosts reported performance in FY26, so investors will need to separate this from the underlying earnings run-rate. Even so, the tone of the statement suggests the core business also performed strongly in H2, with the company explicitly attributing the outperformance to “strong financial performance in H2” and ongoing strategic delivery...

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.wealthoracle.co.uk/companies/TRST

Trustpilot Group plc reported a strong set of results for the year ended 31 December 2025, demonstrating continued growth in its subscription-based platform and accelerating profitability as operating leverage begins to materialise. The Group delivered bookings growth of 18% in constant currency to $291.4 million, providing strong forward visibility for revenue given the largely subscription-based nature of the model. Revenue increased 20% in constant currency to $261.1 million, reflecting the compounding effect of bookings growth, solid customer retention and an ongoing strategic shift toward larger enterprise clients. Profitability improved significantly during the year, exceeding market expectations as the company benefited from operating leverage across its cost base. Adjusted EBITDA rose 69% to $40.7 million, resulting in an adjusted EBITDA margin of 15.6%, compared with 11.4% in the prior year. This 4.2 percentage point improvement reflects both strong revenue growth and greater efficiency across technology and content-related costs. Operating profit increased sharply to $16.0 million from $3.8 million in 2024, representing a 320% year-on-year increase and highlighting the scalability of the Trustpilot platform as revenues expand. Earnings growth followed a similar trajectory. Adjusted diluted earnings per share increased 57% to 4.8 cents...

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.wealthoracle.co.uk/companies/ITH

Ithaca Energy plc reported a very strong financial and operational performance for the year ended 31 December 2025. Operationally, Ithaca delivered strong production growth, with average output increasing to 119 kboe/d (2024: 80 kboe/d), supported by both organic investment and acquisitions. Exit production reached approximately 148 kboe/d, positioning the Group with enhanced installed capacity heading into 2026. Performance was driven by high levels of activity across key assets, including new wells at Cygnus, Seagull and the J Area, alongside optimisation and reliability improvements across the portfolio. This fuelled revenue and profit growth which improved significantly year-on-year. Adjusted EBITDAX increased to $2.0 billion from $1.4 billion in 2024, supported by higher production volumes and contributions from acquisitions, including Seagull and Cygnus. Net cash flow from operations rose sharply to $1.7 billion from $0.9 billion, while free cash flow more than doubled to $683.3 million, highlighting the strong underlying cash generative capacity of the business. Profitability at the statutory level was impacted by a one-off, non-cash deferred tax charge of $327.6 million related to the extension of the Energy Profits Levy, resulting in a reported net loss of $84.1 million. However, adjusted net income of $289.2 million (2024: $323.6 million)...

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.wealthoracle.co.uk/companies/SCT

Softcat plc reported an exceptional first half performance for the six months ended 31 January 2026, delivering strong growth across all key financial metrics and upgrading full-year guidance. Gross invoiced income increased by 33.3% to £2,008.6 million, reflecting broad-based demand, contributions from larger solutions projects, and some pull-forward of customer orders due to memory shortages. This translated into gross profit growth of 22.6% to £269.9 million, highlighting the quality of revenue and continued strength across all technology categories and customer segments, particularly within the corporate division.Profitability improved materially, with underlying operating profit rising by 27.3% to £93.8 million, driven by strong gross profit conversion alongside continued investment in the business. Underlying earnings per share increased by 25.8% to 36.1p. Cash generation was a standout feature, with underlying cash conversion of 147.6%, supporting a robust balance sheet with net cash of £206.0 million. This enabled continued shareholder returns, including an interim dividend of 9.9p per share, up 11.2%, and completion of a £45 million share buyback programme. Operationally, performance was underpinned by sustained customer demand for AI-enabled infrastructure, with increasing investment in compute, storage...

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.wealthoracle.co.uk/companies/PRU

Prudential plc reported a robust financial performance for the year ended 31 December 2025, underpinned by strong growth in new business and resilient cash generation across its core Asian and African markets. New business profit (NBP) increased by approximately 8% to $3.1 billion, reflecting higher sales volumes and a supportive product mix, while annual premium equivalent (APE) sales grew by around 6% to $6.2 billion, demonstrating continued demand for protection and savings products. Adjusted operating profit before tax rose by 9% to $3.4 billion, supported by business growth and improved margins as the Group benefited from scale and ongoing cost discipline. This translated into strong earnings generation, with IFRS operating profit also showing solid progression year-on-year. The performance was broad-based, with particularly strong contributions from Hong Kong and Southeast Asia, while mainland China remained a key long-term growth driver through its joint venture. The Group maintained a strong balance sheet, with an estimated shareholder capital surplus of $16–17 billion and a coverage ratio comfortably above internal targets. From a shareholder returns perspective, Prudential declared a full-year dividend of 23.1 cents per share...

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.wealthoracle.co.uk/companies/IGG

IG Group Holdings plc reported record financial results for the year ended 31 December 2025, reflecting strong trading conditions, continued platform growth and the transformative impact of recent acquisitions. The Group delivered solid revenue growth alongside accelerating customer metrics, while also increasing strategic investment to support long-term scalability.Total revenue increased 7% year-on-year to £1,123.4 million, with net trading revenue rising 10% to £1,004.6 million, driven by higher client activity and favourable market volatility. EBITDA grew modestly by 1% to £531.1 million, with margins remaining robust at 47.3% despite a decline in net interest income and increased investment in technology, marketing and strategic initiatives. Adjusted earnings per share increased 5% to 115.3 pence, supported by ongoing share buybacks. Profitability remained strong, although margin expansion was constrained by deliberate reinvestment in growth. Operating costs increased as the Group scaled its multi-asset platform and integrated acquisitions, particularly Freetrade. Nonetheless, IG continues to demonstrate strong operating leverage and cash generation, enabling the announcement of a new £125 million share buyback programme...

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.wealthoracle.co.uk/companies/ATYM

Atalaya Mining Copper, S.A. reported a strong set of financial and operational results for the year ended 31 December 2025, driven by higher copper prices, increased production and continued cost discipline. The Group delivered significant growth in revenues, profitability and cash flow, while further strengthening its balance sheet to support an expanding pipeline of growth projects in Spain. Revenue increased materially by 47.8% to €482.9 million (2024: €326.8 million), supported by higher concentrate sales volumes and improved realised copper prices of US$4.49/lb. EBITDA rose sharply to €179.8 million from €66.4 million, reflecting strong operating leverage and improved cost efficiency. Profitability improved significantly, with profit after tax increasing to €85.4 million (2024: €32.6 million), although results were partially impacted by a €24.1 million impairment related to the E-LIX project. Cost performance was a key positive, with cash costs declining to US$2.40/lb (2024: US$2.92/lb) and AISC falling to US$2.90/lb (2024: US$3.26/lb), driven by higher production, improved by-product credits and lower offsite costs.Operationally, Atalaya delivered a solid performance, achieving copper production of 51,139 tonnes, at the upper end of its guidance range. Increased throughput and improved plant performance contributed to higher output, while copper sales exceeded production due to inventory drawdowns. The business continues to benefit from stable operations at its Riotinto asset, alongside ongoing efficiency improvements across mining and processing activities. The balance sheet strengthened significantly over the period given the strong profit performance, with the Group moving to a net cash...

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.wealthoracle.co.uk/companies/DFS

DFS Furniture plc reported a robust first half performance for the 26 weeks ended 28 December 2025, demonstrating strong earnings growth and cash generation despite a subdued UK furniture market. The results reflect continued execution of its strategy, benefits from vertical integration and ongoing margin expansion. Revenue increased 8.6% year-on-year to £547.7 million, supported by modest order intake growth of 2.3% and a stronger opening order book. Gross margin expanded by 1.1 percentage points to 57.8%, approaching the Group’s medium-term target of 58%, driven by improved sourcing, product mix and normalisation of input costs such as freight and currency. This operational leverage translated into a significant increase in underlying profit before tax, which rose by £13.9 million to £30.9 million. Profitability improvements were supported by disciplined cost control and efficiency gains, although the broader market backdrop remains challenging. Consumer confidence and discretionary spending were relatively weak during the period, with adverse weather conditions impacting footfall post period-end. Despite this, DFS maintained strong earnings momentum, highlighting the resilience of its business model. Cash generation was a key highlight, with strong free cash flow enabling a substantial reduction in net bank debt to £60.6 million (H1 FY25: £116.7 million). Leverage improved significantly to 0.8x, now within the Group’s target range of 0.5x–1.0x, strengthening...

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