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Majedie Investments reported a resilient first half for FY26, with net asset value total return increasing 4.4% over the six months to 31 March 2026, while the share price total return rose 10.4%, resulting in the discount to NAV narrowing materially from 14.0% to 9.3%. The company paid dividends totalling 4.5p per share during the period, representing a 9.8% increase versus the prior year comparative period, consistent with its policy of paying quarterly distributions equivalent to 0.75% of NAV. Management highlighted that performance was achieved during a highly volatile macro backdrop characterised by geopolitical tensions, energy market disruption and changing interest rate expectations following the escalation of conflict involving Iran and disruption through the Strait of Hormuz. All three core portfolio strategies contributed positively during the period. External Managers remained the largest driver of returns, contributing 371 basis points to overall performance, supported primarily by strong gains from the Absolute-return allocation. Key contributors included Contrarian Emerging Markets Fund, Fearnley Energy Alpha, Paradigm BioCapital and Helikon Long Short Equity Fund. Management noted that the strategy’s emphasis on idiosyncratic, low-correlation return streams helped reduce dependence on broader equity market direction during a period of heightened volatility and narrowing...

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DP Poland delivered a transformational FY25 as the acquisition of Pizzeria 105 materially expanded the group’s scale in Poland and accelerated its transition towards a more franchise-led and capital-light operating model. Group revenue increased 15.0% to £61.7m, while Group system sales rose 11.3% to £61.4m, supported by continued network expansion, improving like-for-like trading and a stronger second half performance. Like-for-like system sales increased 5.1% year-on-year, while Q4 trading strengthened materially, with Group system sales growth accelerating to 21.8% on a reported basis. Poland remained the key growth driver, with system sales increasing 11.4%, supported by stronger delivery sales, improving order volumes and higher average transaction values. Profitability improved meaningfully during the year despite ongoing investment and acquisition-related costs. Group adjusted EBITDA increased 29.2% to £6.2m, with EBITDA margins improving to 10.1% from 9.0% in FY24, reflecting operational leverage, improving franchise income and disciplined cost management. Pre-IFRS16 EBITDA more than doubled to £2.6m from £1.1m previously. However, the group reported a statutory loss of £4.3m versus a £0.5m loss in FY24, primarily reflecting higher impairment charges, acquisition-related amortisation, conversion expenses and non-recurring integration costs associated with the Pizzeria 105 acquisition and Domino’s conversion programme. Operationally, the business made substantial progress executing its franchise-led growth strategy. The acquisition of Pizzeria 105 added 90 franchised pizza stores at completion...

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B.P. Marsh delivered NAV growth of 10.3% to £360.2m for the year to 31 January 2026, with undiluted NAV per share advancing to 1009.9p from 890.0p and total shareholder return of £41.7m, or 12.8% on opening funds. Headline profit before tax fell to £49.0m from £104.7m, but the comparison flatters the prior year, which captured £90.2m of unrealised gains on the Pantheon, XPT and ATC re-ratings; on an underlying basis pre-tax profit rose to £12.2m from £9.0m. The equity portfolio appreciated 21.4% adjusting for activity, supported by two disposals totalling £30.7m, including Stewart Specialty at an 89.9% IRR, alongside eight new investments. With £29.6m of cash, zero debt and £28.0m of dividends earmarked across three years, the group enters FY27 well capitalised for further deployment.

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HICL Infrastructure delivered a markedly stronger FY26, with NAV per share rising to 160.2p from 153.1p and a total NAV return of 10.3%, sharply ahead of the 2.0% posted last year. Earnings per share jumped to 13.8p from 2.3p, supported by a 12.2% underlying portfolio return as growth assets including Affinity Water and Fortysouth delivered 9% EBITDA growth. The standout was £536m of disposals against a £200m target, including the A63 Motorway sale at a 21% premium to carrying value, lifting dividend cash cover excluding disposals to 1.10x. The FY27 dividend target of 8.50p is reiterated and new FY28 guidance of 8.65p introduced. With £103m of buybacks executed and management fees moving to a 100% market cap basis, capital discipline looks set to underpin further NAV progression and discount narrowing.

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Scottish Mortgage delivered a standout year to March 2026, with NAV total return of 27.4% and a share price total return of 26.8%, comfortably ahead of the FTSE All-World Index at 18.0%. Net assets climbed to £13.8bn from £12.1bn, with capital gains on investments of £3.15bn driving a net return after tax of £3.10bn, more than double last year's £1.22bn, lifting NAV per share to 1,282.0p from 1,006.0p. SpaceX was the dominant contributor, now over 19% of assets and heading for a mid-June IPO, while AI-infrastructure holdings including TSMC, ASML and NVIDIA compounded strongly. Gearing eased to 11%, ongoing charges held at 0.33%, and the full-year dividend rises 4.3% to 4.57p, extending the trust's 43-year dividend growth record. The Board flags continued conviction in AI-led structural change underpinning long-term returns.

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Aptitude Software used its AGM statement to flag building momentum behind Fynapse, its AI-powered autonomous finance platform, with two new enterprise wins secured in FY26 to date — a UK telecoms group with over £1bn of revenue and a global insurance brokerage with more than $5bn of revenue. Management is rationalising wider product lines to concentrate investment behind Fynapse and the emerging Finance ERP opportunity, with Fynapse-led deals now representing 84% of the FY26 pipeline. The recurring revenue base is described as resilient with robust cash generation, and renewals and up-sell activity continue across the legacy portfolio. The Strategic Review and Formal Sale Process announced on 8 April are progressing in line with Board expectations, leaving corporate outcome as the dominant near-term value driver.

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Zotefoams delivered a strong start to 2026, with group revenue up 26% year-on-year to £64.1m in the four months to 30 April, comfortably absorbing the anticipated moderation in Footwear thanks to the £9.8m maiden contribution from Overseas Konstellation Company and broad-based geographic strength. EMEA rose 24% to £50.1m against a tough Footwear-heavy comparator, while North America grew 30% organically to £12.1m as the second low-pressure vessel came on stream, and Asia roughly doubled to £1.9m ahead of Vietnam and South Korea start-ups later this year. Margins and cash generation were in line, and the board reiterated full-year consensus of £190.8m revenue and £26.3m adjusted PBT. Momentum in Transport & Smart Technologies and OKC integration should underpin the second-half delivery...

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Cohort delivered a clear beat in its year to 30 April 2026, with revenue of £303m and adjusted operating profit of around £36m both running ahead of consensus pitched at £293.9m and £34.7m respectively. Group revenue grew 12% and net margin expanded to 11.9% from 10.2%, driven almost entirely by Communications and Intelligence, where revenue climbed to £159m and margin pushed to roughly 20% on a maiden full-year contribution from EM Solutions. Sensors and Effectors was the softer half, with revenue flat at £144m and margin compressing to 7% on prudent ELAC sonar accounting. Order intake of £313m again outstripped sales, lifting the book to a record £620m and covering some 80% of FY27 consensus revenue, underpinning management's confidence in another strong year.

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Hollywood Bowl delivered a strong first half, with revenue up 9.5% to £141.5m and Group adjusted EBITDA after rent up 8.9% to £42.2m, supported by resilient demand for affordable leisure and continued estate investment. Like-for-like revenue rose 2.3%, with the UK up 2.6% and Canada up 0.5% on a constant-currency basis, the latter impacted by snowstorms. UK spend per game increased 7.6% to £12.77, helped by dynamic pricing, amusements growth and add-on sales. Adjusted PBT increased 8.1% to £32.1m, while adjusted EPS rose 11.3% to 14.51p. Reported PBT fell 3.9% to £27.2m, mainly reflecting £3.3m of adjusting items, including a £2.8m impairment of one underperforming centre and £0.5m of Canadian contingent consideration. The balance sheet remains strong, with £26.0m net cash and a fully undrawn £25.0m RCF. Management proposed an interim dividend of 4.52p, up 10.2%, and announced a £5m H2 buyback, reflecting confidence in cash generation. Strategically, the group continues to expand in both markets. It remains confident in reaching 95 UK centres by 2035...

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Greencore delivered a strong first half on a pro forma basis following the acquisition of Bakkavor, with UK pro forma revenue up 3.2% to £1,318m and pro forma adjusted operating profit up 15.3% to £73.3m. Margin improved 60bps to 5.6%, supported by good conversion, cost control and operational excellence savings. Reported revenue rose 43.0% to £1,318m, reflecting the Bakkavor consolidation from mid-January. Adjusted operating profit increased 62.2% to £73.3m, while adjusted EPS rose 31.1% to 8.0p. However, reported operating profit swung to a £13.4m loss, driven by £75.3m of exceptional charges, mainly Bakkavor transaction and integration costs. The Bakkavor integration is progressing to plan. Greencore has completed the organisational reset and remains on track to deliver at least £80m of annual cost synergies within three years, with around 50% of the run-rate expected by January 2027, 85% by January 2028 and full delivery by January 2029. Trading was resilient despite a subdued UK grocery backdrop. Legacy Greencore volumes grew 0.3%, ahead of a flat grocery market, while legacy Bakkavor ...

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Pets at Home reported a difficult FY2026, with group statutory revenue down 0.8% to £1,469.6m and statutory PBT falling 28.3% to £86.5m. Underlying PBT declined 30.2% to £92.8m, reflecting a sharp deterioration in Retail profitability, partly offset by continued growth in the Vet Group. Consumer revenue increased 1.0% to £1.98bn, with Vet Group consumer revenue up 5.0% to £688.1m, while Retail consumer revenue declined 1.0% to £1.29bn. Retail remained the weak point, with underlying PBT down 57.8% to £30.8m, as subdued sales, price investment and lower gross margin weighed on profit conversion. The Vet Group continued to perform strongly, with underlying PBT up 10.4% to £83.8m and margin expanding to 47.4%, supported by growth in Joint Venture fee income and strong Care Plan adoption. Vet consumer revenue growth was driven by higher average transaction values, subscription growth and continued practice expansion, including 8 new practices and 17 extensions. Retail performance showed signs of stabilisation ...

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CVS Group has triggered a multi-pronged capital action, refinancing its £350m bank facilities through to May 2030 at a margin 20 basis points tighter, launching a £50m share buyback, and adding two further bolt-on practices in Australia for a combined c.£5.7m. The new facility splits into a £125m term loan and £225m revolver, with Westpac joining the eight-bank syndicate to support the Australian acquisition runway of roughly £50m per annum. Management is reaffirming a 2.0x leverage ceiling and a progressive dividend, alongside c.£30m annual organic capex. With the CMA overhang now lifted and a FTSE 250 berth secured, the buyback signals confidence in a depressed rating; investors will look to the 23 July full-year update for execution evidence.

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Anglo Asian swung to a profit before tax of $25.8m for FY 2025 from a $21.3m loss, as revenues more than tripled to $122.8m (2024: $39.6m) on the back of two new mines entering production — Gilar in May and Demirli in July. Copper output jumped to 7,915 tonnes from just 377 tonnes, while gold production rose to 25,061 ounces from 15,073, with realised gold prices averaging $3,441 per ounce. Net cash flow from operations of $46.7m flipped the balance sheet to a $2.6m net cash position from $14.7m net debt, enabling the reinstatement of the dividend at 4 US cents. 2026 guidance of 20,000-25,000 tonnes of copper and 28,000-33,000 ounces of gold is maintained, with copper set to become the principal product as the multi-asset growth strategy moves into its next phase.

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Kingfisher reaffirmed FY26/27 adjusted PBT guidance of £565m-£625m and free cash flow of £450m-£510m, despite Q1 underlying like-for-like sales slipping 0.7% against a strong prior-year comparator and a late start to spring that crimped seasonal footfall. Total sales including marketplace GMS edged up 0.8% to £3.3bn, with Screwfix the standout at +4.1% LFL on volume-led market share gains, while B&Q dragged at -4.1% on weather-hit seasonal and a soft bathroom market. France remained subdued but Castorama posted a third consecutive quarter of sequential improvement, and Iberia delivered a strong +6.6% LFL. Strategic growth drivers continue to compound, with trade sales ex-Screwfix +17%, e-commerce ex-Screwfix +14% and marketplace GMV +39% to £163m. The £300m buyback rolls on, and management remains confident of capturing operational leverage as core European markets stabilise.

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Diaceutics delivered a strong FY2025 performance, with revenue rising 20% to £38.4m and constant currency growth of 24%, alongside a return to profitability. Adjusted EBITDA increased 80% to £7.6m, with margins improving to 20%, while the group reported a pre-tax profit of £0.3m versus a £1.9m loss in FY2024. The results highlight increasing operating leverage within the DXRX platform as the business scales. The quality of growth was also encouraging. Annual Recurring Revenue (ARR) increased 19% to £20.0m, while the order book rose 56% to a record £38.9m, giving materially improved revenue visibility into 2026. Order book visibility for the next twelve months increased 19% to £21.1m, supporting management’s confidence in continued growth. Commercial momentum remained strong despite a tougher biotech and pharma spending backdrop. The number of customer therapeutic brands increased 12% to 95, while Diaceutics continued to work with 18 of the top 20 global pharma companies. Importantly, two additional top-10 pharma customers expanded into enterprise-wide engagements, demonstrating deeper strategic integration of the DXRX platform across customer organisations rather ...

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Atalaya delivered a resilient Q1 despite weather-related disruption, reporting EBITDA of €48.0m and profit after tax of €28.3m, versus €30.5m a year earlier. Revenue fell to €117.3m from €130.7m, reflecting lower copper production, although this was partly offset by materially stronger copper prices, with realised copper prices rising to US$5.87/lb from US$4.26/lb. Operationally, the main issue was lower grades and mine access disruptions caused by unusually heavy rainfall in January and February. Copper production declined to 9,939 tonnes from 14,291 tonnes, with processed ore grades falling to 0.30% from 0.42% as the plant was supplemented with low-grade stockpiles during the weather disruption. Recovery rates remained solid at 81.5%, while processing throughput stayed broadly stable at 4.1Mt, highlighting strong plant performance despite mining constraints. Costs increased but remained broadly within guidance expectations. Cash costs rose to US$2.52/lb from US$2.25/lb, while AISC increased to US$3.20/lb from ...

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Genuit's four-month trading update lays out a difficult start to FY26, with revenue of £198.5m (-0.4% reported, -8.7% like-for-like) and FY26 underlying operating profit guidance pushed towards the lower end of the company-compiled £94.7m-£105.5m consensus range, conditional on Middle East conflict resolution. Climate -0.4% (-9.7% LFL); Water -0.3% (-8.2% LFL); Middle East revenue down c.50%. Polymer and freight cost inflation forced double-digit price increases in May. H1 underlying operating profit is now expected broadly in line with H1 25's £44.6m, against prior expectations of growth. Simplification initiatives targeting £4-5m of annualised savings have been accelerated, with the 60-70 bps margin benefit expected in 2027. Vs consensus: FY26 underlying operating profit guidance towards the lower end of the company-compiled £94.7m-£105.5m consensus range, with first-half profit broadly in line with prior year against expectations of growth. Verdict: MISS

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Softcat's Q3 to 30 April delivered strong double-digit year-on-year growth in gross profit and underlying operating profit, prompting a material upgrade in FY26 underlying operating profit guidance from high-single-digit to mid-teens growth. The corporate segment leads against broad-based positive momentum, with AI-enabled infrastructure demand pulling investment across datacentre, edge, network, security, data and automation layers in parallel. A cyclical sweetener from customer order pull-forward ahead of memory shortages flatters the print but also signals robust forward booking. The Board flags memory shortages and the macroeconomic environment as the remaining uncertainties, but the depth-of-expertise positioning continues to widen the moat. Vs consensus: Materially ahead of consensus, with FY26 underlying operating profit guidance lifted from high-single-digit to mid-teens growth, implying roughly 7-10 percentage points of upgrade versus the standing analyst range. Verdict: BEAT

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Games Workshop's full-year trading update points to broadly flat PBT of not less than £265m versus £262.8m, with core revenue up over 10% to not less than £625m (FY25: £565.0m) materially offsetting a c.43% licensing reset to not less than £30m (FY25: £52.5m) after FY25's bumper Amazon-driven print. The shape implies strong operational gearing in the core, absorbing what is effectively a £22-23m licensing comparator headwind. The release contains no divisional breakdown, no FY27 guidance, and no CEO commentary, consistent with Games Workshop's minimalist disclosure philosophy. Full Annual Report follows 28 July 2026. Vs consensus: PBT broadly in line with the consensus £258-272m range; core revenue ahead and licensing the source of the year-on-year drag, leaving group profitability essentially flat as expected. Verdict: IN-LINE

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EnQuest's AGM statement reiterates UK production guidance at 41-45 kboed (year-to-date 41.5 kboed) despite the Q1 Ninian outage and lifts the maiden dividend to $20m, subject to shareholder approval today. RBL and Bonds have been refinanced at lower cost, the Magnus contingent consideration is settled, and the Group sits on a five-year fairway to maturities. 2025 portfolio production efficiency was 89%. SE Asia is the structural growth engine, targeting 35,000 boepd net by 2030, with Seligi 1b first gas nine months early and the Vietnam PSC extended after six months. The six-well Magnus drilling programme is underway, with reserve-conversion projects supporting longer-term volumes. Vs consensus: Production guidance reaffirmed at 41-45 kboed with $20m dividend upsize ahead of the maiden $15m baseline, broadly consistent with the consensus capital-return trajectory. Verdict: IN-LINE

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