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Market Analysis

The Cambridge-based services and systems group confirmed 2026 trading remains on track with Board expectations despite geopolitical headwinds and UK Defence contracting delays. Revenue will be lower YoY as planned reductions in low-margin Defence consumables flow through, but this is offset by margin improvement. The balance sheet has strengthened markedly with cash of £68.5m and net funds of £57.2m at end-April (vs £20.9m/£9.0m a year ago), and the £40m RCF remains undrawn. Over £24m has been returned to shareholders since the 2025 AGM via buybacks (8.8% of capital repurchased) and dividends. The Board is asking shareholders to expand the buyback authority and is openly flagging additional capital returns if no material M&A emerges. CMS2 submarine systems progressing positively with potential visibility into the 2030s. No specific FY26 consensus number disclosed. Verdict: IN-LINE.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Strong earnings momentum with cost discipline starting to bite. Underlying PBT rose 16% to £43.9m and underlying EPS 14% to 10.0p, with revenue up 11% to £85.8m on higher average daily FUD. Net inflows of £2.4bn were up 14% (versus £2.1bn) and closing FUD of £77.8bn was 18% above last year, with Transact taking c.25% of net flows to the adviser platform market. The PBT margin exceeded 51%. Cost growth is on track for the c.3% per annum guidance for FY26/FY27, weighted to H2 as initiatives phase through. First interim dividend up 15% to 3.8p. Average daily FUD of £80.6bn in April. BEAT.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Holding the line in a softer US promotional products market. Trading in the first four months was in line with Board expectations, with Group revenue consistent with the comparable period in 2025. Order intake fell c.2%, with existing customer orders flat and new customer orders down c.7%, although year-on-year trends improved as the period progressed. Average order value rose c.2% on carefully considered pricing. Tariff-related supplier cost increases in early 2026 have been manageable but gross margins are running slightly below FY25. The marketing mix continues to provide flexibility to adapt to market conditions. Half-year results due 5 August 2026. IN-LINE

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A very strong start with the Americas pulling away from the pack. Trading from 1 January to 30 April was excellent, building on the stronger-than-expected performance flagged at the FY25 stage, and driven by ongoing strength in the US, Mexico and certain European markets. Live also delivered solidly as returns on investments accelerate. Caliente Interactive in Mexico continues to perform, with the upcoming World Cup viewed as a significant opportunity to extend Caliente's leadership position. Playtech sees sector headwinds elsewhere but believes its regulated-market expansion, diversified footprint and scalable PAM+ technology leave it well placed. No specific numbers disclosed against consensus but tone clearly positive. BEAT.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Trading in line, with the recovery thesis tentatively forming. Group revenue rose 7.2% on a constant currency, trading-day adjusted basis in the four months to 2 May, comprising LFL growth of 5.2% (a mix of pricing and volume) and 2.0% inorganic contribution from Device Technologies. Order intake stayed ahead of sales. Regionally EMEA delivered high single-digit LFL growth with early signs of West Europe recovery and continued Turkey strength, Americas was up low single-digit on pricing, and APAC was broadly flat. A further pricing round is being implemented across all regions in Q2. The €7.4m Boteco bolt-on was announced separately, taking H1 net debt to c.1.6x. FY26 unchanged. IN-LINE.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A strong start, with N American foundations carrying the load. Trading in the first four months was ahead of prior year and in line with expectations, despite geopolitical and macro uncertainty. Price pass-through is mitigating energy and materials cost inflation. The order book strengthened to c£1.7bn at end-April and tendering activity remains buoyant. Following the £50m 2025 buyback, Keller launched a new £100m programme on 30 March, with approximately 834,000 shares (£18m) repurchased to date. H1 net debt to EBITDA expected at c.0.2x, well below the 0.5-1.5x target range, despite the buyback and dividend. Bolt-on M&A remains a focus. IN-LINE.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A year of two halves with academic taking the baton from a quieter consumer year. Group revenue was £325.9m versus a strong £361.0m comp, but profit before tax and highlighted items rose 7% to £44.9m. The Academic & Professional division was the standout: revenue +29% to £107.7m, profit doubling to £25m and margin expanding to 23%, helped by the group's first AI licensing deal. Consumer revenue fell to £218.2m against an exceptional Maas comp, but the FY27 pipeline is exceptional with two new Sarah J. Maas novels, Gillian Anderson's More and the HBO Max Harry Potter launch. Net cash £29.2m. Full-year dividend up 5% to 16.20p, 31st consecutive year of growth. BEAT (vs raised expectations).

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A clean-cut profit warning from regional conflict. The 41-day Israel shutdown between 28 February and 9 April hit Q1 hard: production was 114 kboe/d versus 145, total revenue $288m down 29%, and adjusted EBITDAX of $184m down 34%. Full-year production guidance cut to 130-140 kboe/d from 140-150 previously, with Israel narrowed to 98-104 kboe/d (was 108-114). The Energean Power FPSO restarted safely in April and group production has averaged 152 kboe/d since restart. Capex guidance lifted to $800-860m. Egypt receivables fell 59% to $85m on a $125m cash injection. Q1 dividend held at 10 US cents/share. Angola closing expected end-2026. MISS

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Robust quarter despite January weather, with dividend guidance pointing higher. Average production held at 126 kboe/d (vs 127 last year), with adjusted EBITDAX of $571m and adjusted net income flat at $69m. PBT was $263m versus $367m, reflecting commodity hedging losses and inventory movements. The balance sheet strengthened with adjusted net debt down to $1,119m (0.54x leverage) and available liquidity up to $1.6bn. Strategic progress on multiple fronts: rig-sharing agreement with Harbour to 2030, 50% farm-in to Tobermory with Adura, and Fotla farm-down to Harbour ahead of FID this year. Rosebank FPSO sailed away from Dubai. FY26 dividend now expected over $500m vs $470-520m range. BEAT

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A resilient performance in challenging end-markets, with H2 momentum building. Revenue was broadly flat at £2,881m (LFL flat), adjusted operating profit fell 3% to £265m, and adjusted PBT was £246m. Gross margin improved 0.6pts to 43.4% on pricing discipline and stronger growth in higher-margin categories. RS PRO grew 5% and services and solutions 6% LFL. Cash conversion was 109%, well ahead of the 80% target, with net debt falling to £329m (1.0x). The £30m BPX acquisition completed in March, and a new £100m buyback was launched alongside a 2% dividend hike to 22.9p. Co consensus rev £2,873m / adj op profit £265m / adj PBT £244m. IN-LINE.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A record year, performance at the upper end of guidance. Benchmark EPS rose 15% to 179.8c, with revenue from ongoing activities up 13% to $8,425m and organic growth of 8% (accelerating to 9% in Q4). Benchmark EBIT margin expanded 50bps to 28.6%, ahead of the medium-term framework. ROCE was 17.2%, up from 16.6%. All four regions contributed, with North America +10% organic, LatAm +8%, EMEA & Asia Pacific +5% and UK&I +2%. The cloud migration is now largely complete with $2bn revenue from new and scaling products. A further $1bn buyback announced today, taking the total since January to $2bn. FY27 guidance for double-digit EPS growth, organic 6-8%. BEAT.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Exceptional growth as AMP8 spending kicks in. PBIT jumped 45.9% to £861m and adjusted EPS leapt 64.5% to 184.4p, with revenue up 16.6% to £2,831m. The group invested £1.9bn of capital (60% higher than two years ago), driving a 13% increase in the regulatory capital value to £15.4bn and a regulatory return of 17.2%. Performance incentives of £73m exceeded expectations, with pollutions down 35%, leakage 8% and sewer floodings 12% year-on-year. SVT also upgraded its 2028 adjusted EPS outlook to at least 250p from 224p, and plans £2.2-2.5bn capex in FY27. Dividend up 3.5% to 126.02p. BEAT.

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

A record leasing year underpins a stronger earnings trajectory. Underlying profit rose 5% to £294m and underlying EPS 1% to 28.9p, with a 4% uplift in EPRA NTA to 590p and total accounting return of 8.1%. Portfolio values rose 2.3% with ERV growth of 4.9%, led by campuses at 6.5% and 12% like-for-like net rental growth excluding Storey. The company leased 3.8m sq ft, 7.2% ahead of ERV with another 1.1m sq ft under offer 12.9% above. Crucially BLND guided FY27 EPS of at least 30.5p, supported by like-for-like net rental growth at the top of its 3-5% range. Life Science REIT acquisition completed 20 April. IN-LINE.

.wealthoracle.co.uk/company-results

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

Severn Trent delivered a strong FY26, with revenue up 16.6% to £2.83bn and PBIT up 45.9% to £861m, reflecting higher allowed revenues, operating leverage and efficiency gains. Adjusted EPS rose 64.5% to 184.4p, while basic EPS increased 61.2% to 123.5p. The dividend was increased 3.5% to 126.02p, in line with the group’s AMP8 policy of at least CPIH growth. The key driver remains accelerated regulated investment. Capital investment rose to £1.95bn, supporting a 13% increase in the regulatory asset base to £15.4bn. Management expects a further £2.2bn–£2.5bn of investment in FY27, taking the RAB to around £17.4bn...

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

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

Impax reported a difficult first half, with AUM falling to £22.3bn from £26.1bn at FY25 year-end, driven by £3.6bn of net outflows and a small £0.1bn negative market/FX/performance impact. Revenue declined to £58.8m from £76.5m, reflecting lower average AUM, while adjusted operating profit fell to £11.3m from £20.5m and the adjusted operating margin compressed to 19.2% from 26.8%. IFRS PBT declined to £8.2m from £18.6m, adjusted diluted EPS fell to 7.4p from 12.6p, and the interim dividend was halved to 2.0p. The main issue remains legacy underperformance in narrow equity markets, which continues to drive institutional redemptions. Net outflows were £3.6bn, mostly from listed equities, though this was materially better than the £10.2bn outflow in H1 FY25. Listed equity AUM fell from £23.0bn ...

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

.wealthoracle.co.uk/featured-companies

Marks & Spencer reported a resilient FY26 despite the cyber incident, with Group adjusted PBT down 23.8% to £671.4m and statutory PBT down 28.8% to £364.6m. Sales rose 24.8% to £17.37bn, largely due to the first-time consolidation of Ocado Retail; excluding Ocado, sales increased 1.9%. Food remained the standout division, with sales up 7.0% to £9.7bn and like-for-like growth of 6.7%, although operating profit fell 9.6% to £444.5m due to first-half markdown, waste and EPR costs. Fashion, Home & Beauty sales declined 7.7% to £3.9bn, with operating profit down 55.4% to £213.4m as the online trading pause, stock flow disruption and clearance of excess seasonal inventory hit performance. The cyber incident was the key drag, with £131.3m of related costs included within £292.1m of adjusting items...

.wealthoracle.co.uk/featured-companies

.wealthoracle.co.uk/company-results

Currys delivered a strong finish to the year with FY26 (52 weeks to 2 May) Group LFL sales growth of +4%, sustained at +4% in the 16 weeks since Peak. Full-year adjusted PBT now expected at around £191m, +18% YoY, ahead of prior guidance of £180-190m and above company-compiled consensus around £187m. UK & Ireland adjusted EBIT expected to grow slightly, with Services, B2B and new categories driving market share gains. iD Mobile subscribers up 18% to 2.6m. Nordics (40% of group sales) particularly strong, with adjusted EBIT showing strong growth on market share gains and very strong Kitchens performance, LFL +12% during Peak and +8% full year. £74m returned to shareholders during the year with net cash over £170m at year-end. CEO succession process progressing well. No Middle East impact visible yet, energy costs hedged for FY27. BEAT

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Luceco delivered a very strong Q1 26 trading update with revenue of c.£68m up c.11% organically, continuing the momentum exiting Q4 2025. The standout growth driver is EV charging, with revenue up c.80% YoY led by Demand Flexibility - the company's installed base of eligible chargers now exceeds 18,000 chargers participating in the scheme. Importantly, the core products business also delivered over 6% organic revenue growth, demonstrating that the underlying business is healthy and the energy transition uplift is incremental rather than substitutive. Pricing discipline remains a feature, with the Group working with customers to pass through higher commodity costs. Direct disruption from the Middle East conflict has been immaterial to date. The balance sheet continues to strengthen with bank net debt at c.£66m (2025: c.£71m) and Bank Net Debt:EBITDA leverage at c.1.4x (2025: 1.7x), comfortably within the 1-2x target range and providing scope for continued investment and selective bolt-on M&A. FY26 adjusted operating profit guidance has been upgraded to exceed £40m, against the company-compiled consensus of £38.3m (range £37.7m-£39.2m), with the potential for further significant outperformance dependent on Demand Flexibility - a deliberately conservative framing given the velocity of EV charging enrolment. The combination of clear consensus-beating guidance, broad-based core product strength and energy transition optionality makes this a clean upgrade story. BEAT

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

C&C delivered FY26 net revenue down 5.7% to €1,569.8m, dragged by the planned exit of the Budweiser Brewing Group contract in the Republic of Ireland and weak hospitality market conditions hitting Matthew Clark Bibendum. Adjusted EBITDA fell to €104.3m (FY25: €112.0m) with operating profit before exceptionals at €70.5m. Operating margin held broadly flat at 4.5%, demonstrating cost discipline despite operating leverage challenges. Statutory PBT of just €9.1m versus €19.6m last year. Leverage stepped up to 1.6x from 0.9x reflecting earnings profile. Final dividend of 3.67c proposed (vs 4.13c prior year) bringing the total to 5.75c. Strategy refresh announced: moving away from 'One C&C' to two distinct models - C&C Brands (growth focus) and Matthew Clark Bibendum (margin recovery) - with detail at September Capital Markets Day. FY27 trading in line so far. MISS

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

IG Group delivered a stellar Q1 with organic total revenue up 19% YoY to £331.2m and reported total revenue up 21% to £339.9m. Organic first trades up 63%, active customers up 12% - the fifth consecutive quarter of sequential growth - accelerating beyond 12% in Q2 to date. OTC derivatives net trading revenue up 26%, stock trading and investments organic revenue up 38%, with total AuA across the platform passing £20bn in April. 2026 guidance upgraded to organic total revenue growth of 10-15% on the 2025 base of approximately £1,100m, up from prior high single-digit guidance, with EBITDA margins sustained in the mid-40s percent range. Medium-term outlook also upgraded to at least 10% organic compound growth per annum beyond 2026. Net interest income guidance raised to £110-120m versus c.£110m prior. £125m buyback programme underway. Strategic review outcome to be presented autumn 2026. BEAT

.wealthoracle.co.uk/company-results