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Gooch & Housego delivered a robust first half, with adjusted EPS rising 9.3% to 16.4p on revenue up 15.5% to £81.9m (9.1% organic, constant currency), as the photonics specialist's pivot toward Aerospace & Defence began paying off in earnest. The A&D segment was the standout, with revenue surging 51.7% to £35.6m and segment profit jumping to £3.6m from just £0.6m, reflecting the strategic value of the Phoenix Optical and Global Photonics deals alongside structural tailwinds from allied defence spending. Adjusted PBT rose 13.9% to £5.8m, though group margins crept up only marginally to 8.8% as Life Sciences slipped 7.7% on Pockels Cells material disruption. The record £167.3m order book provides near-full FY2026 revenue cover, with leverage at a manageable 1.5x. Management reiterated FY2026 expectations and the medium-term path to mid-teens returns, with Life Sciences disruption expected to ease through H2.

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British American Tobacco reaffirmed full-year 2026 guidance in its H1 pre-close, signalling delivery at the lower end of its medium-term algorithm of 3-5% revenue growth, 4-6% adjusted profit from operations growth and 5-8% adjusted diluted EPS growth, with profit weighted to H2. The standout is an upgrade to New Category revenue growth expectations to mid-teens for both H1 and the full year, ahead of the previously guided low double-digit pace, driven by Velo's continued share gains in Modern Oral and accelerating Vapour momentum in the U.S. Combustibles pricing remains resilient despite global industry volumes now seen down c.2.5%, while APMEA stabilisation and Fit2Win cost savings should support the second-half profit skew. Leverage is on track to reach the 2.0-2.5x target by year-end alongside a £1.3bn buyback.

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Chemring delivered a first half in line with Board expectations, with revenue up 7% to £237.3m but underlying operating profit down 8% to £24.5m and underlying diluted EPS down 8% to 6.1p, as margin compressed to 10.3% from 11.9% on lower Roke utilisation and business mix in Sensors & Information. The standout was a record £1.4bn order book covering 91% of expected FY26 revenue, with Countermeasures & Energetics revenue up 9% and segment margin expanding to 18.4% on stockpile replenishment demand. Net debt rose to £144.5m (1.47x EBITDA) reflecting £44m of capacity capex in Chicago, Scotland and Norway, with peak investment running through FY27. The interim dividend rose 4% to 2.8p and FY26 guidance is reiterated, with profit weighted c.70% to H2.

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Invinity Energy Systems, the AIM-listed global manufacturer of utility-grade vanadium flow batteries (VFB) for long duration energy storage (LDES) — manufacturing in the UK and Canada — delivered FY25 results showing transformational operational scale-up against the structural LDES tailwind. Revenue and Other Income of £8.7m plus Project Grants of £9.1m totalled £17.8m, a 256% year-on-year increase (FY24: £5.0m). Sales of 31.4 MWh represented a 504% YoY increase from 5.2 MWh; product shipments of 24.9 MWh +241% from 7.3 MWh. Gross loss narrowed 17% to £2.9m (FY24: £3.5m). The cost reduction story is genuinely material: aggressive cost reduction targets for the flagship Endurium product achieved 18 months ahead of management expectations, with the Group on track to deliver a forecast minimum 66% unit cost reduction versus the VS3 product within two years. The commercial pipeline is now genuinely scaled: Endurium has been included in 16.7 GWh of UK LDES Cap & Floor bids; the Group has been selected to design a 1.5 GWh VFB system for FlexBase Group's Technology Centre Laufenburg in Switzerland; all VFBs delivered to the Copwood VFB Energy Hub in May 2026 ahead of grid connection later in 2026 — making it Europe's largest collocated VFB Energy Hub. 9 GWh of electricity has been dispatched by Invinity products globally to date. Total cash at year-end of £28.8m (FY24: £32.4m) with the Group remaining debt-free. The commercial pipeline now contains significant commercial, industrial and datacentre opportunities across Europe, North America and Asia. Strategic expansion into India (with Atri Energy Transition) and China/Hong Kong (UESNT, C&D Inc., International Resources Limited) opens access to the world's fastest-growing energy storage markets. Manufacturing capabilities expanded during the year alongside enhanced quality control...

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me group international, the ftse 250 international market leader in automated self-service equipment (over 48,000 vending units across 16 countries — photo.me photobooths, wash.me laundry, prin**** digital printing, and ancillary feed.me/amuse.me/copy.me), issued a clear soft profit warning attributing softening trading to middle east-driven consumer confidence weakness. as noted in the 2025 annual results published 23 march 2026, fy 2026 started in line with expectations, and operational performance continued on this trajectory through the majority of h1 2026 (six months to 30 april 2026). however, april saw a material softening particularly in the french photobooth and laundry businesses. the board attributes the weakness to a shift in consumer spending patterns driven by lower consumer confidence due to the ongoing middle east conflict. the divisional picture: group revenue grew 2% in h1 2026. photo.me revenue fell 17% in april compared with a decline of 6% in h1 2026, reflecting reduced demand for official photo id amid travel uncertainty. wash.me — the group's higher-margin business — was also impacted in april, with revenue up only 3% versus +17% across h1 2026. equipment sales were down 14% in h1 2026 reflecting the company's strategic focus on operating instant-service equipment rather than equipment sales. while trading improved through may, the board...

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RentGuarantor Holdings, the AIM-listed leading provider of rent guarantee services (including property protection) to tenants and landlords in the UK private rental sector, delivered a transformational update flagging FY26 revenue "materially above market expectations" alongside the Group's first positive monthly EBITDA since admission to AIM. Revenue for the five-month period 1 January 2026 to 31 May 2026 rose 155% YoY to approximately £2m (Jan-May 2025: £0.78m). Applications +82% to 6,288 (Jan-May 2025: 3,447). Contract numbers +127% to 2,318 (Jan-May 2025: 1,020). Average contract value +12% to £855 (Jan-May 2025: £762), reflecting the Group moving up the rental value scale. The structural catalyst is the Renters' Rights Act 2025 (the "Act"), which came into force on 1 May 2026. In May 2026, the Group delivered record unaudited revenue of c.£700k during the month — a significant 115% increase versus the average monthly revenue of c.£325k during the first four months of the year. This was driven by a material uplift in new guarantee issuances and higher adoption across core customer segments. Critically, May 2026 marked the Group's first positive monthly EBITDA since its admission to AIM, well ahead of Board expectations, with expenditure expected to remain broadly in line with budget for the full year. The Board now expects FY26 revenue to be materially above market expectations, with the Group's operating result for FY26 to be within the market expectations range. The Group is accelerating its investment in automation and AI (first announced 27 February 2026): fast-tracked deployment of AI-enabled ...

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Drax has agreed a recommended cash acquisition of Bluefield Solar Income Fund valuing BSIF's equity at approximately £561m including the permitted dividend, with an enterprise value of around £1.08bn funded entirely through a £1.1bn bridge facility. The 92.574p cash terms represent a 31% premium to BSIF's undisturbed price but a 9% discount to March 2026 NAV of 104.52p, reflecting the persistent sector discount that triggered BSIF's formal sale process. For Drax the deal adds roughly 0.9GW of operating solar and wind plus a development pipeline exceeding 2.9GW gross, complementing its 2.2GW FlexGen and 2.6GW biomass base, and BSIF contributed c.£130m EBITDA and £118m operating free cash flow in FY25. Management expects returns materially above WACC, though the buyback is paused pending completion in Q3 2026.

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Applied Nutrition has upgraded FY26 revenue guidance to approximately £148m, around 5.5% ahead of the £140.3m consensus the company itself publishes, with EBITDA margin held in line with the 28.2% market view. Alongside the upgrade, the sports nutrition group is acquiring the trade and majority of assets of US-based Nutrablend for $16m cash from existing resources, securing a 107,000 sq ft Buffalo facility independently valued at $7m and unlocking up to circa $300m of US production capacity. A licensing tie-up with Mondelēz brings Sour Patch Kids and Swedish Fish branded products into 2,200 Walmart and 1,300 GNC stores from August 2026. Management expects Nutrablend to add at least $30m of revenue at high single-digit EBITDA margin in FY27, turning the North American footprint into a clear earnings catalyst.

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ME Group has cut its full-year guidance, now expecting FY 2026 profit before tax of £69m to £74m, a meaningful downgrade from prior expectations after an April softening in the French photobooth and laundry businesses that the Board attributes to weaker consumer confidence linked to the Middle East conflict. H1 revenue rose just 2%, with Photo.ME down 6% (and down 17% in April alone) on subdued demand for official photo ID, while higher-margin Wash.ME growth decelerated sharply from 17% in the half to only 3% in April. Equipment sales fell 14%. Trading improved into May and the balance sheet remains robust, with the 1,300-machine Wash.ME rollout on track, but visibility into H2 is now distinctly cautious.

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Redcentric's FY26 trading update lands with adjusted EBITDA from the MSP business at c.£17.5m, ahead of the £17.2m market expectation, even as continuing revenues edged down to c.£132.1m from £135.1m. Recurring revenues held at c.88% and gross margin softened modestly to c.61.0%, underlining the durability of the subscription base despite a competitive backdrop. The bigger story is the balance sheet: adjusted net debt fell to c.£36.8m from £41.9m, and following April's £115.4m initial proceeds from the data centre disposal to Stellanor, the group sat on £77.9m of net cash by 29 May. Management has signalled H2 investment intended to drive accelerated growth from H2 FY27, framing a transitional year ahead before reacceleration.

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Cerillion's interim results lay bare the H2-weighted shape of FY26, with adjusted profit before tax falling 41% to £5.5m and adjusted EPS down 41% at 14.1p as minimal high-margin software licence revenue was recognised in the first half. Revenue slipped 14% to £18.0m and the adjusted EBITDA margin compressed by 1,320bps to 34.5%. The forward signals, however, are notably stronger: new orders more than doubled to £39.6m, anchored by the £42.5m Omantel contract — Cerillion's largest ever — driving a record £82.1m back-order book and lifting the new-customer pipeline to £271m. Net cash edged up to £32.5m and the interim dividend rose 15% to 5.5p. The Board reiterates confidence in meeting full-year consensus, with material licence revenue weighted to H2.

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Applied Nutrition delivered a positive update, upgrading FY26 revenue expectations to approximately £148m, excluding the newly announced acquisition. EBITDA margin guidance remains in line with consensus, indicating continued strong sales momentum without a material deterioration in profitability. The update reinforces the group’s growth trajectory across sports nutrition, health and wellness, with management noting that demand across its markets remains robust. The strategic highlight is the $16m acquisition of Nutrablend Group, a US-based sports nutrition manufacturer. The deal gives Applied Nutrition a freehold 107,000 sq ft manufacturing and warehousing facility in Buffalo, New York, alongside production equipment, inventory and two in-house brands, Basic Supplements and GR8 Lifestyle. The acquired facility has capacity to support up to c.$300m of annual revenue, materially expanding the group’s North American infrastructure. The acquisition is strategically important because it gives Applied Nutrition a vertically integrated operating model in the US, mirroring its UK structure. This should improve customer service, reduce lead times, accelerate new product launches, lower freight and import-duty costs, and reduce reliance on cross-border shipping. It also frees up UK manufacturing capacity by moving North American production closer to end-market demand. Financially, Nutrablend is not expected to make a meaningful EBITDA...

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Cerillion delivered a mixed first half, with headline earnings declining due to revenue timing, but underlying trading momentum remaining exceptionally strong. New orders more than doubled to £39.6m, driven by the largest contract in the company’s history, while the back-order book reached a record £82.1m, providing substantial visibility for future revenue recognition. Management remains confident of meeting full-year expectations, with a significant weighting of software licence revenue expected to fall into the second half. Revenue declined 14% to £18.0m, reflecting the timing of contract wins and minimal recognition of high-margin software licence income during the period. As a result, adjusted EBITDA fell 38% to £6.2m, while adjusted profit before tax declined 41% to £5.5m. Adjusted earnings per share fell to 14.1p from 23.9p a year earlier. However, these declines were largely anticipated and stem from revenue phasing rather than any deterioration in demand or execution. The standout development was the £42.5m contract win with Omantel, the national telecoms operator of Oman. The five-year transformation project represents a step change in contract size for Cerillion and serves as an important validation of its product-centric software model. Management believes the project not only provides a...

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Sirius Real Estate delivered another year of strong operational and financial performance, underpinned by continued rental growth, accretive acquisitions and disciplined asset management across its German and UK portfolios. Profit before tax increased 4.9% to €211.4m, while profit after tax rose 29.0% to €229.8m, benefiting from a €111.3m valuation gain and the release of deferred tax liabilities following reductions in German corporate tax rates. The key earnings metric, Funds From Operations (FFO), increased 8.4% to €133.5m, with FFO per share rising 4.5% to 8.82c despite equity issuance during the year. This growth supports Sirius’ 25th consecutive dividend increase, with the full-year payout rising 4.1% to 6.40c per share. Adjusted NAV per share increased 5.0% to 124.78c, ahead of market expectations, highlighting the company’s ability to create value through both income growth and capital appreciation. Operationally, the portfolio continued to perform strongly. Like-for-like annualised rent roll grew 6.4% to €224.2m, marking the twelfth consecutive year of growth above 5%, driven by pricing discipline, occupancy gains and active asset management. Like-for-like occupancy improved to 87.5%...

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Dianomi reported a resilient FY25 performance in a difficult advertising market, with revenue broadly stable at £27.4m versus £28.0m in FY24. On a constant-currency basis revenue would have been £28.1m, with the reported decline mainly reflecting sterling strength against the US dollar, given the group generates most of its revenue in the US. Trading improved through the year, with Dianomi returning to growth and profitability in H2 and entering FY26 with better momentum. Profitability remained subdued but stable. Gross profit rose slightly to £7.4m, while gross margin improved by 100bps to 27.1%, supported by operational optimisation and stronger monetisation. Adjusted EBITDA remained a £0.3m loss, unchanged year-on-year, despite continued investment in sales capability, product development and AI. Statutory loss before tax was £0.8m, compared with a £0.3m profit in FY24, while adjusted loss per share widened to 2.99p from 1.06p. Operationally, traffic headwinds remained a key pressure...

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Serabi Gold delivered an exceptionally strong first quarter to March 2026, benefiting from both higher gold production and a sharply increased gold price environment. Gold production rose 20% year-on-year to 12,043 ounces, driven by improved grades at both the Palito and Coringa operations, including initial production from the new Meio zone at Coringa. Gold sales increased 6.4% to 10,323 ounces, while the average realised gold price surged 69% to US$4,926 per ounce from US$2,908 per ounce a year earlier, significantly boosting profitability and cash generation. Revenue increased 83% to US$50.6m, while gross operating profit more than doubled to US$32.2m. EBITDA rose 135% to US$29.2m compared with US$12.4m in Q1 2025, reflecting the combined impact of higher production volumes and substantially stronger gold prices. Operating profit increased to US$27.1m from US$10.6m, while post-tax profit rose 139% to US$21.0m...

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SSE delivered adjusted EPS of 153.5p, down 5% year-on-year but landing towards the upper end of its guidance range, with adjusted operating profit of £2,237m softer by 8% as the prior year benefited from a non-recurring inflation adjustment in Distribution. The standout was SSEN Transmission, where adjusted operating profit jumped roughly 75% to £562.6m on accelerating allowed revenues, helping offset a 54% drop at Distribution and weaker Flexibility earnings. Capital investment rose 23% to £3.6bn, anchoring delivery of the £33bn five-year plan, while net debt held steady at £10.1bn following November's £2bn equity raise. The final dividend lifts 10% to 47.3p, taking the full-year payout up 7% to 68.7p. Management reiterated 168-193p EPS guidance for 2026/27 and 225-250p for 2029/30, with capex stepping up to over £5bn next year as the Networks-led growth phase intensifies.

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Johnson Matthey delivered a step-change in cash generation, with free cash flow surging 163% to £168m and underlying operating profit from continuing operations up 14% at £340m, in line with previously upgraded guidance. Basic underlying EPS rose 16% to 128.5p, supported by an expansion in Clean Air's underlying margin of 270 basis points to 14.5%, where efficiency programmes and footprint consolidation are driving profit growth of 12%. PGM Services was the soft spot, with operating profit down 20% after a £48m operational metal loss at the US refinery. Reported operating profit fell 65% to £161m due to the absence of last year's disposal gain. The £1.325bn Catalyst Technologies sale to Honeywell remains on track to complete by August, unlocking £1bn of shareholder returns, while the agreed $360m Cormetech acquisition extends Clean Air Solutions into US data centre emissions. Management guided to low-to-mid single digit underlying operating profit growth for 2026/27.

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Property Franchise Group reaffirmed that trading remains in line with Board expectations, leaning on a recurring-revenue base across its franchise and licensing divisions to absorb cyclical softness in the housing market. The Board frames the May 2026 implementation of the Renters' Rights Act as a structural tailwind, citing rising enquiries from self-managed landlords seeking compliance support and positioning TPFG's 1,900-outlet network to absorb that flow. Strategically, the year has delivered the bolt-on of Smart Advice Financial Solutions and an investment in Meridian HoldCo, parent of Legal & General Surveying Services, broadening exposure across the transaction chain. With no upgrade to numbers but visible regulatory tailwinds, the read is one of steady, disciplined compounding rather than acceleration into the second half.

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Ultimate Products reported stable Q3 FY26 revenues of £34.8m, unchanged year-on-year, against what management described as a subdued consumer backdrop for general merchandise and continued macroeconomic uncertainty. Trading reflected weaker discretionary demand, particularly within the UK retail market, alongside the group’s planned reduction in lower-margin third-party clearance sales. Despite flat overall revenues, sales of Ultimate Products’ proprietary brands increased 9% to £31.5m during the quarter, while overall branded sales rose 3%, highlighting continued progress in shifting the sales mix towards higher-margin owned brands including Salter and Beldray. Management stated that current trading trends are expected to remain broadly flat through the balance of FY26, although the group still expects full-year revenues to come in marginally ahead of market expectations, with profitability remaining in line with consensus forecasts...

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