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AltynGold delivered a strong Q1, with revenue more than doubling to US$56.3m, up 122%, driven by a 29% increase in gold sold to 11,532oz and a sharply higher realised gold price of US$4,809/oz. Ore mined rose 2% to 213kt, while ore milled increased 15% to 235kt, showing improved throughput at Sekisovskoye following the plant upgrade to 1Mtpa capacity. The main negative was grade. Mined grade fell to 1.73g/t from 2.04g/t, while milled grade declined to 1.68g/t from 2.06g/t, reflecting planned mining of upper horizons to close a vertical gap in the ore body. This weighed on contained gold and gold poured, with gold poured down 4.6% to 10,664oz. Management said the lower-grade work was completed in April and grades have since normalised in line with the 2026 mine plan. Operationally, the company continues to improve site infrastructure. A new on-site laboratory was launched in April, staffed by 35 professionals, improving in-house testing, grade monitoring and production decision-making. Safety performance remained strong, with no lost-time injuries recorded. The medium-term growth story remains the planned expansion of Sekisovskoye from 1Mtpa to 2Mtpa processing capacity. Management said it expects to update the market in the coming months....

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Helical reported a lower IFRS profit of £5.7m for FY26, down from £27.9m, mainly reflecting a reduced revaluation contribution versus the prior year. IFRS EPS fell to 4.6p from 22.8p, while EPRA EPS improved to 4.5p from 2.2p, driven by higher development profits and a lower recurring cost base. See-through total property return fell to £23.0m from £52.1m, with net rental income down to £15.4m following disposals, and net gains on sales and revaluations falling sharply to £2.7m. Development profits, however, increased to £4.9m, reflecting progress across the active London development pipeline. Operationally, the year was highly active. Helical completed the 195,000 sq ft 100 New Bridge Street redevelopment, with the post-period sale to State Street completing for £333m, or £166.5m Helical share. The proceeds will be used to reduce leverage, fund future pipeline opportunities and return capital to shareholders. The company is proposing a £17m return, comprising £12m through a B Share Scheme...

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Metals Exploration delivered a record financial year despite lower output at Runruno, with the gold price more than offsetting operational disruption. Revenue rose 9.1% to US$208.4m, operating profit increased 15.1% to US$61.6m, and adjusted EBITDA rose 27.6% to US$125.9m, supported by an average realised gold price of US$3,154/oz. Free cash from operations increased 19.2% to US$115.3m, allowing the Group to finish the year debt free, a significant milestone given its historic leverage. Operationally, Runruno production fell 22.2% to 65,287oz, with recoveries down to 88.4%, following BIOX circuit cyanide contamination in Q3 and typhoon-related power disruption in Q4. AISC rose to US$1,368/oz, but margins remained very strong due to the gold price. FY26 guidance is for 40,000–48,000oz at AISC of US$1,700–2,000/oz, with mining expected to cease in H2 2026 and processing largely complete by year-end. Strategically, the key development is La India in Nicaragua. The project was 33% complete at year-end, slightly ahead...

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Braemar closed FY26 with revenue of c.£135m and underlying operating profit of c.£13.2m, both in line with the preliminary trading update issued on 25 March 2026 but materially below FY25's revenue of £141.9m and PBT of £16.7m, reflecting a softer tanker market in H2 partly offset by 18% growth in the investment advisory division. The diversified business model and stronger second-half momentum drove a return to net cash in March from net debt of £2.9m at the February year-end, with the £2m share buyback now complete. Strategic milestones included the opening of Braemar's first African office, the launch of a UK Organised Trading Facility in the Securities division, the addition of senior brokers, and continued evaluation of bolt-on M&A opportunities. The forward order book stood at a robust $72.5m, providing meaningful FY27 revenue visibility despite Middle East geopolitical uncertainty. The board reaffirmed conviction in the five-year framework targeting £200m revenue and 15% operating margin by FY30. Final dividend decision taken alongside results. Revenue £135m and operating profit £13.2m landed in line with the March pre-announcement and market expectations; both below prior year, with order book underpinning forward visibility. IN-LINE.

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The Works closed FY26 with a confirmation of in-line full-year delivery and the strategic pivot announced in March now bedded in, with the loss-making online channel exited and the business reset around a pure-play store estate. FY26 pre-IFRS 16 adjusted EBITDA is on track for c.£11m (FY25: £9.5m), supported by store LFL outperformance against a non-food retail market down c.0.4%, product margin gains of c.330bps to over 62% from buying improvements, reduced markdowns and selective price increases, and ongoing cost discipline. Net cash is expected to end broadly in line with the prior year £4.1m position despite c.£2m of one-off online closure costs, helped by the working capital release from running down online inventory. Critically, FY27 EBITDA guidance was upgraded in March to £15m from £12.7m on the back of removing online losses plus core business improvements. The strategic five-year framework targeting >£375m revenue and >6% EBITDA margin remains the medium-term anchor. FY26 EBITDA c.£11m in line with prior market expectations (in-line); FY27 already upgraded materially. BEAT.

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Tate & Lyle reported FY26 final results materially overshadowed by Ingredion's £2.7bn / 615p per share cash-and-share takeover proposal announced on 14 May 2026, with the Board still in discussions and a 11 June 2026 Put Up or Shut Up deadline under the Takeover Code looming over today's print. On a standalone basis the company guided to a low-single-digit decline in both revenue and adjusted EBITDA, reflecting ongoing volume softness across Food & Beverage Solutions, weakness in Sucralose pricing as Chinese supply normalised, and the partial roll-off of the Primary Products Trading legacy contribution post-CP Kelco integration. Synergies from the November 2024 CP Kelco acquisition are tracking ahead of plan, with management citing improved cross-selling momentum into the back half. The shareholder discussion now pivots entirely to the Ingredion approach, with the offer representing a c.32% premium to the undisturbed share price and a meaningful re-rating opportunity given the structural challenges to the standalone equity story. Adjusted EBITDA expected to land within the prior low-single-digit decline guide vs consensus c.£395m (in-line vs reset bar); revenue low-single-digit decline broadly as expected. IN-LINE vs reset expectations.

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ZIGUP issued a positive pre-close trading update guiding FY26 PBT to the top of the previously communicated £150-155m range, ahead of the broker consensus around £151m. Performance was driven by continued outperformance in the Spanish vehicle rental and ancillary services business, with strong demand from corporate and SME customers and disciplined pricing supporting margin. Northgate UK&I performed in line with expectations following the restructuring announced earlier in the year, with the Mobility business continuing to focus on margin recovery and operational simplification. The FMG claims & incident management business delivered another solid year, benefiting from contract wins and disciplined cost management following the recent integration. Vehicle holding costs remain a tailwind as the residual values environment normalises. Net debt is consistent with the deleveraging trajectory communicated at the interims, with capital allocation prioritising the dividend and selective fleet investment. Strategic review of non-core operations continues. FY26 PBT at top of £150-155m range vs c.£151m consensus (beat). BEAT.

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Hill & Smith delivered an encouraging Q1 trading update covering the four months to 30 April, with group revenue up 5% organically and management guiding FY26 underlying operating profit to the top end of the analyst consensus range of £157.6-160.5m, against the £158.6m mid-point. US infrastructure activity continued to drive strong performance, with order intake supported by federal and state-level transportation spend and a healthy pipeline of pricing-led recovery in the residential side now feeding through. UK operations delivered steady growth with the galvanizing and engineered solutions businesses benefiting from sustained investment in critical infrastructure. Net debt remains modest leaving headroom for further bolt-on M&A. The Board confirmed the move to USD reporting from the H1 2026 interim results given the increasing US weight of the portfolio (now over 60% of group revenue and profit). The accelerated transition reflects the structural shift in Hill & Smith's earnings base. Underlying operating profit at top end of £157.6-160.5m consensus range vs £158.6m mid-point (beat); organic revenue +5% in line with FY trajectory. BEAT.

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Investec closed FY26 in line with the guidance set out at the March pre-close, with adjusted EPS growth of 3-6%, group ROE of 13.3-13.7% and pre-provision adjusted operating profit growth of 3-5%, maintaining the cost-to-income ratio inside the 52-54% target range. Business activity drove solid balance sheet growth: net core loans grew to £36.3bn (7.4% annualised in neutral currency), customer deposits rose to £45.5bn and South African funds under management jumped 26.7% to £29.6bn, partly offsetting the drag from lower average interest rates and ongoing NIM compression, particularly in the UK where margin pressure was largely offset by higher fee income and a post-Budget mortgage pickup. The ZAR2.5bn (c.£110m) buyback programme announced last May has now completed. Capital allocation continues to favour the corporate mid-market and private client segments, alongside digital platform modernisation. Management remains committed to the medium-term plan to generate an additional 200bps of returns by 2030, targeting ROE over 16% and ROTE c.18%. Results landed firmly within the pre-flagged guidance ranges across all key metrics. IN-LINE.

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Mitchells & Butlers delivered an H1 26 result the market read as defensive rather than progressive, with modest revenue growth and unchanged year-on-year profits set against last November's flag of £130m of cost headwinds for the year, before mitigation. Q1 LFL sales of 4.5% over festive trading marked the high point and momentum has since softened, with current trading guidance reflecting the brunt of National Living Wage, National Insurance threshold and food inflation pressures landing in H1. The Ignite improvement programme and operational gearing are expected to provide partial mitigation but the company has flagged ongoing uncertainty over consumer spending power, supply chain disruption and further government policy shifts as factors clouding the back half. Net debt reduction continues following last year's £146m fall, and the FY25 dividend recovery debate remains open subject to leverage trajectory. Management reiterated the expectation that the eating-out market grows c.2.4% in FY26 with M&B continuing to outperform. The market's verdict was unambiguous, with shares down sharply. Profit broadly flat versus consensus expectations; outlook commentary materially more cautious than November's tone implied. MISS.

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Auto Trader closed FY26 with 4% group revenue growth to £624.3m and 4% operating profit growth to £392.7m, holding the 63% group margin (Autotrader margin 70% maintained), but the headline numbers mask a difficult end to the year as retailer sentiment around Deal Builder forced a product reset. ARPR rose 5% to £2,995, with the price lever contributing £117 and product £72, partly offset by a £48 stock drag as retailers moderated paid stock from November. Retailer forecourts declined 0.5% to 13,942, weakening 1.7% in H2. EPS grew 8% to 34.17p as £369m of buybacks (58.5m shares, 6.6% of issued capital) reduced the share count. The Board upgraded the capital return policy materially: c.£600m to be returned in FY27 through c.£500m of accelerated buybacks plus dividend, taking two-year returns above £1bn. Final dividend up 10% to 7.8p; FY27 operating profit guide £395-415m with at least high single-digit EPS growth. April 2026 revenue flat year-on-year but core KPIs improving. Revenue £624m and operating profit £393m broadly in-line with consensus; FY27 guide marginally below run-rate expectations; £500m buyback materially ahead. IN-LINE.

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Smiths delivered a softer than expected Q3, prompting a downgrade to FY26 revenue guidance from 3-4% organic growth to c.2%, reflecting the impact of the Middle East conflict on the John Crane business which alone took a £10m hit from two months of disruption. Group organic revenue was flat in the quarter and 0.2% year-to-date. John Crane organic growth of 2.8% was driven by aftermarket strength in Latin America; Flex-Tek declined 3.9% on the expected phasing and against a tough comparator, with the US residential market still subdued, though Aerospace continued to deliver strong growth on contract renewals. Critically, profit guidance is maintained with headline operating margin still expected slightly above 20%, underpinned by Acceleration Plan and Smiths Excellence cost savings. Portfolio reshaping continues to progress: the £1.3bn Interconnect disposal completed on 1 April with £506m of the £1bn buyback already executed; Detection sale on track for H2 CY2026 with a £1.5bn return of proceeds planned. DRC Heat Transfer acquisition completed 2 April. Order book strengthened in Q3 with positive book-to-bill. Organic revenue flat Q3 vs prior 3-4% guidance for FY (clear miss; revenue guide cut to ~2%); margin guide maintained slightly above 20%. MISS.

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GPE delivered a for prime central London real estate, beating consensus on both NTA and earnings with a record-breaking leasing performance. EPRA NTA per share rose 6.1% to 524p with EPRA EPS up 63.5% to 8.5p, well ahead of company-compiled consensus at 523p NTA and 7.9p EPS. The portfolio was up 4.3% like-for-like to £3.0bn, offices +5.4%, prime offices ERV +7.2% and HQ developments revalued +22.2%. 88 new leases generated £70.9m of annual rent at 10.3% above March 2025 ERV, lifting the rent roll 46% LFL to £153.6m with a further 95% of organic growth potential identified. The contra-cyclical capital recycling delivered £490m of disposals at a 2.3% premium to book, with two accretive Fitzrovia acquisitions for £69m. A new £525m RCF signed at SONIA+105bps and Baa2 reaffirmed by Moody's give substantial firepower at 28.6% LTV. FY27 rental growth guidance of 4.0-7.0% (prime offices 4.0-8.0%) is unchanged, ROE on track to 10%+. NTA 524p vs 522-523p consensus (beat); EPRA EPS 8.5p vs 7.9p consensus (beat). BEAT.

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BT closed FY26 having delivered against guidance on every metric, with Openreach finishing the year having passed a record 4.8m premises and now reaching two-thirds of UK homes and businesses, on track for the 25m target by December 2026. Adjusted EBITDA was £8.23bn, comfortably inside the £8.2-8.3bn range, while normalised free cash flow of £1.51bn met the c.£1.5bn target despite a 6% year-on-year fall reflecting higher cash capex. Reported revenue fell 3% to £19.65bn, slightly below the c.£20bn guidance midpoint as International disposals and handset weakness offset CPI-linked price rises. Profit before tax rose 8% to £1.44bn. The Board lifted the full-year dividend 2% to 8.32p and crucially refreshed policy to grow low-to-mid single digits annually until BBB+ credit metrics are reached, after which residual cash flow becomes available for enhanced distributions. FY27 guidance points to adjusted EBITDA growth within £8.2-8.3bn and the critical NFCF inflection to c.£2.0bn, building to c.£3.0bn by end of decade. Transformation target raised to £3.7bn. Revenue £19.65bn vs c.£20bn guidance/consensus (slight miss); EBITDA £8.23bn vs £8.20-8.30bn consensus midpoint (in-line); NFCF £1.51bn vs c.£1.5bn consensus (in-line). IN-LINE.

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QinetiQ closed FY26 with a record-breaking order intake of £3,573m (book-to-bill 1.14x ex-LTPA) and a £4.8bn backlog, transforming forward visibility for a defence specialist riding the structural rearmament cycle. Revenue was flat at £1,923m but every other metric powered ahead: underlying operating profit rose 18% to £218m, margin expanded 170bps to 11.3% and EPS jumped 21% to 31.5p. The £1.7bn LTPA extension to 2033 anchors the UK business through the next decade, while a £205m Typhoon engineering contract and stabilisation of the US division support the growth case. Free cash flow of £159m was 41% ahead, leverage held at 0.5x. The dividend rises 24% to 11.00p and the buyback is extended by £200m through FY29, with FY27 guidance of 3-5% revenue growth and 11.0-11.5% margin. Revenue £1,923m vs ~£2.0bn consensus (modest miss on top line, but consensus had narrowed); EPS 31.5p vs guidance of 15-20% growth implying ~30-31p (in-line to ahead); operating profit £218m vs ~£219m consensus (in-line); orders and capital return materially ahead. BEAT.

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AJ Bell delivered a strong first half, with revenue up 19% to £183.0m and underlying PBT up 15% to £79.0m, driven by record customer growth, record platform net inflows and a higher revenue margin of 33.4bps. Statutory PBT rose 35% to £92.8m, boosted by a £13.8m net exceptional gain from the Platinum SIPP/SSAS disposal partly offset by the AJ Bell Touch impairment. Platform momentum was the standout. AJ Bell added a record 79,000 platform customers, taking total platform customers to 723,000, while platform AUA increased 5% to £108.7bn. Net platform inflows reached a record £4.2bn, led by the D2C channel where net inflows rose 40% to £3.5bn...

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ICG delivered a strong FY26, with AUM of $126bn and fee-earning AUM up 11% to $87bn, supported by broad demand across flagship and scaling strategies. Fundraising of $17bn exceeded expectations, taking cumulative fundraising since April 2024 to $40bn, leaving the group well placed against its $55bn target for FY24-FY28. The financial performance was robust. Management fees increased 13% to £685m, while fee-related earnings rose 23% to £350m, equivalent to 120p per share. Performance fee income increased to £127m...

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A grim update from the UK floorcovering distributor. Revenue from continuing operations was down 21% YoY in the four months to 30 April, reflecting planned exits from low-margin sales activity (refocusing on independent retailers and flooring contractors) plus difficult end-market conditions, with significant underlying operating losses continuing. Net debt has worsened to £40.3m (year-end: £31.4m) on operating losses and transformation costs. Self-help is underway: new management team eight weeks in, May price increases and surcharges passed through, Rochdale DC sold for £8m, two further property disposals imminent (total c.£15.3m net proceeds), and Coleshill sale & leaseback being evaluated. Two new NEDs (Nick Kelsall, Wilf Walsh) joining today; Board still recommending rejection of the requisitioned resolutions on 2 June. Pathway to profitability now targeted for 2027 rather than 2026. Verdict: MISS - well below already-low consensus expectations.

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Record revenue of £472.8m up 8.3% (LFL +0.7%) shows the customer-service model is gaining share in a subdued building materials market, but operational leverage worked the wrong way - adj EBITDA fell 6.2% to £21.0m, adj PBT fell 26.3% to £2.8m and adj diluted EPS dropped 38% to 1.14p. Statutory pre-tax loss widened to £5.2m on impairments. Net debt was almost halved to £13.4m (helped by £13.1m sale & leaseback proceeds) and a new £65m three-year facility was agreed post period-end. CMO e-commerce acquisition in June 2025 transformational for digital reach. Total dividend cut to 0.52p (FY24: 0.84p). Renewables revenue up 57%. No published consensus available for FY25 numbers given micro-cap status. Verdict: MISS on profitability vs market hopes for stabilisation.

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The technology-driven UK mortgage intermediary confirmed positive trading momentum has continued. Mortgage applications in the first 19 weeks of 2026 are 15% higher YoY, in line with Board expectations. Note this is a slight moderation from the +19% reported on 27 April 2026 (first 16 weeks), with March/April having seen four weeks of accelerated refinancing activity as customers locked in ahead of product expiries during macro and rate uncertainty. Application levels have now normalised, with refinancing expected to remain robust through the rest of 2026. Customer acquisition and retention strategies continue to support lead flow growth, underpinning MAB's track-record of YoY revenue growth across all market conditions. No specific consensus EPS disclosed in the RNS. Verdict: IN-LINE.

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