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Forterra reported a tough four-month period to 30 April with revenue down 11% on a like-for-like basis, mirroring industry brick despatches in Q1. Brick price increases of low to mid single digits were successfully implemented in Q1 as planned, but the Middle East crisis has triggered fresh cost inflation across diesel, transport services and natural gas. Forward purchasing covers around 80% of gas requirements for the rest of the year at pre-crisis pricing, and some April production has been rescheduled to H2 to manage gas costs, increasing the second-half weighting. Surcharges already implemented on concrete products with brick pricing surcharges effective 1 June. Demand not yet materially impacted but management remain mindful of higher borrowing cost effects on housing. The Group flags a wider range of potential FY outcomes. No specific consensus comparison provided; tone consistent with a downgrade to risk profile rather than published numbers. MISS

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Hilton Foods confirmed the FY26 outlook unchanged, with adjusted PBT still expected in the £60m-£65m range versus consensus around £62m. Core meat and fresh prepared food businesses traded well, with Australia and New Zealand continuing momentum and slightly higher West region volumes around Easter. Conditions remain challenging in seafood, vegetarian and vegan, with Seachill cost reduction plans underway and Foppen now exporting to the US by sea rather than air pending FDA feedback on the Greek facility. Commercial partnership with Tesco UK extended. Canada remains on track for full launch in 2027 with bacon added to scope; Saudi Arabia operational H2 2026. Polish capacity expansion plans being finalised. Capex around £100m expected with net debt rising over the year. Cautious commentary on inflation and the Middle East situation. IN-LINE

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Water Intelligence reported Q1 revenue up 9% YoY to $23.2m, more than doubling the prior year's 4% growth rate despite adverse January weather. Adjusted EBITDA rose 8% to $4.4m with margin maintained at 19%. US B2B channels for insurance and property management grew 16%, while non-US international expanded 38% led by Ireland. Franchise royalty declined 2% to $1.58m reflecting franchise reacquisitions. Net debt at $21.4m, net debt to EBITDA of 1.35x. The Group reaffirmed FY26 guidance and noted April momentum reinforced Q1 strength. Paid pilots launched for both StreamLabs and Bluebot integrated water monitoring, advancing the preventive maintenance strategy. Strategic Partnership with Bluebot announced, alongside the appointment of Michael Moulton as Group CFO. No specific consensus disclosed but reaffirmed guidance treated as in-line. IN-LINE

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Topps reported H1 26 adjusted revenue up 11.6% to £142.6m, lapping the CTD acquisition; on a proforma basis revenue was flat at -0.2%. Adjusted PBT of £2.2m, down £1.0m headline but flat proforma versus CTD's £1.0m loss in H1 25. Proforma adjusted operating profit up 17.3% on a 1.6ppt proforma gross margin uplift and tight cost control. Trade mix grew to 74.6% with Pro Tiler revenue up around 20% to £18.4m. Online revenue rose to c.21% of sales. CTD losses more than halved year-on-year to £0.4m and on track for H2 profitability. Three self-help cost initiatives announced including closure of 23 loss-making Topps stores, targeting c.£3m H2 benefit and c.£6m annualised. Q3-to-date Topps LFL turned positive at +0.6% versus -2% in Q2. Interim dividend 1.0p maintained. Modest year-on-year profit growth in line with consensus expected. IN-LINE

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Market Analysis

ASC confirmed FY26 trading in line with expectations and unchanged FY26 guidance. SMWS global new membership sales up over 20% in the first four months of FY26, with retention steady around 70% and total membership just under 40,000. SMWS America year-to-date sales up single digits with recruitment up over 30%, helped further by the 30 April removal of US tariffs on Scotch Whisky imports. The US route-to-market change completed 1 April delivers approximately $1m of cost savings over three years and shifts revenue recognition from shipment to depletion. Cask sales and US/Asia growth offsetting subdued European consumer confidence. Chair Mark Hunter stands down on health grounds, with Paul Skipworth taking interim Chair duties. No specific consensus revision; reaffirmed guidance treated as in-line. IN-LINE

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DCC delivered adjusted continuing operating profit up 3.6% to £634.0m, with DCC Energy up 3.5% to £554.2m (H2 growth of 7.9%) and DCC Technology up 4.3% to £79.8m. Adjusted continuing EPS up 9.9% to 438.1p, ahead of consensus near 425p, supported by the £700m capital return and disciplined operational delivery. ROCE 16.8%, free cash flow conversion 108%, free cash flow up to £689.6m. Final dividend +5.0% to 147.22p making total 216.72p - the 32nd consecutive year of growth. Solutions saw Energy Products operating profit +11.1%, offsetting a 67.5% collapse in Energy Services on UK weak demand. Net debt ex-leases of £690.5m post the £700m share buyback. Disposal of Healthcare and Info Tech completed; £110m committed M&A focused on European liquid gas. Group proposed to rename DCC Energy plc post-AGM. BEAT

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Winvia's maiden post-IPO results showed revenue at £170.3m (FY24: £38.1m, reflecting only 20 days of Online Gaming) with adjusted EBITDA at £31.2m, in line with recently upgraded market expectations. Prize Draw active customers up 94% to 1.7m driven by the Click acquisition, marketing investment and the BOTB Pass subscription launch which now contributes over 20% of monthly BOTB revenue in Q1 FY26. Online Gaming active customers up 10% despite the Romanian gaming duty rising from 21% to 30%. Maiden dividend of 5.9p declared in line with IPO commitments. Net cash of £29.9m versus £36.6m net debt prior year, post £25.2m debt-to-equity conversion and £38.5m net IPO proceeds. Asset purchase agreement for Rev Comps announced 18 May. Q1 FY26 trading strong. IN-LINE

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Market Analysis

Jadestone reported record annual production of 19,829 boe/d (+6% YoY) and revenue up 3% to $408.1m, but the headline was a $110.7m post-tax loss driven by a $88.2m non-cash impairment at Stag and Montara. Adjusted EBITDAX rose 20% to $153m on a 19% drop in production costs to $232.7m, with adjusted unit opex down 21% to $28.02/boe. Operating cash flow before working capital surged 75% to $123.6m. The Group has since refinanced via a $200m oversubscribed Nordic bond at 12% to retire the RBL facility, and booked 32 MMboe of 2P reserves on Vietnam FDP approval. Net debt at end-April near zero ($5m). Cyclone Narelle has shut Stag until Q4 2026, but 2026 production guidance of 18,000-21,000 boe/d unchanged with lower-half outcome flagged. No explicit consensus disclosed; loss materially below break-even expectations. MISS

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SSP (SSPG) delivered a resilient H1, with revenue up 6.2% to £1.76bn, supported by 5.0% like-for-like growth and 2.0% net gains. Underlying operating profit rose 17.8% to £50m, with margin up 30bps to 2.8%, while statutory operating profit improved sharply to £63m, helped by a lower net charge for non-underlying items.Trading was strongest in the UK & Ireland, where revenue rose 7.3% and LFL sales were up 8.4%, while APAC & EEME delivered 12.5% revenue growth despite disruption from the Middle East conflict. North America improved through the half, with LFL growth moving from 1% in Q1 to 3% in Q2. Continental Europe remained the weak point, although operating margin improved 70bps and the Group remains on track to deliver more than 3% regional margin this year. The key strategic development is SSP’s review of its Continental European rail estate. The Group intends to exit around one third of the estate...

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Diploma (DPLM) delivered another very strong H1, with revenue up 17% to £851.1m and organic growth accelerating to 15%, well above its five-year average of 10%. Adjusted operating profit rose 33% to £208.9m, with margin expanding 300bps to 24.5%, reflecting strong execution, mix benefits and the resilience of its value-add distribution model. Adjusted EPS increased 36% to 109.2p. Controls was the standout division, delivering 26% organic growth, supported by strong demand across aerospace, defence, datacentres and energy, with particularly strong performances from IS Group, Clarendon, Windy City Wire and Peerless. Seals grew 2% organically, with North America progressing well but International Seals remaining challenging. Life Sciences grew 4%, despite a tougher healthcare market. Acquisitions ...

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Cranswick (CWK) delivered another strong full-year performance, with revenue up 9.5% to £2.98bn and like-for-like revenue up 6.8%, driven by strong UK food volume growth of 8.3%, record Christmas trading and continued momentum across poultry, gourmet products and pet food. Adjusted operating profit rose 14.5% to £237.0m, with margin improving 35bps to 7.9%, supported by operational leverage, automation, high utilisation and the benefits of its vertically integrated poultry supply chain. Growth was broad-based. Fresh Pork revenue rose 3.7%, with retail and wholesale volumes up 7.9%, although lower pig prices weighed on pricing. Poultry revenue increased 13.9% and now represents 20.3% of Group revenue, while Gourmet Products grew 15.3%, helped by the Blakemans acquisition. Pet Products revenue rose 29.8%, reflecting the expanded Pets at Home relationship. The key strategic message is continued investment-led compounding. Cranswick invested a record £163m during the year, taking five-year investment to more than £560m. Major projects include the £100m Hull pork processing expansion, the completed £30m Hull poultry expansion, the Worsley houmous facility and a further £56m commitment to increase Eye poultry capacity by another 25% by summer 2027. The Group also expanded farming and feed milling capacity, including JSR Genetics and Fridaythorpe, strengthening vertical integration. Cash generation was strong, with free cash conversion of 120.6% and record operating cash flow of £322.3m. Net debt excluding leases rose to £65.0m from £39.7m, reflecting record capex and acquisitions, but leverage remains minimal at 0.2x adjusted EBITDA. ROCE stayed strong at 18.5%, despite the elevated investment programme. Shareholder returns remain progressive. The proposed final dividend of 85.5p takes the full-year dividend to 112.5p, up 11.4%, marking 36 consecutive years of dividend growth. Trading early in FY27 is in line with Board expectations, though management flagged ongoing monitoring of Middle East-related supply-chain risks and broader geopolitical uncertainty. Overall, this is a high-quality update: strong volume-led growth, margin expansion, excellent cash conversion...

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Capita, the FTSE Small Cap modern outsourcer, reported in-line trading for the first four months of 2026 with adjusted Group revenue up 2.9% versus the same period last year. Capita Public Service (81% of Group) grew 5.8% on Central Government volume increases and a Northern Ireland one-off, more than offsetting prior-year contract hand-backs. Pension Solutions (12% of Group) delivered standout 23.4% growth reflecting the annualised Civil Service Pension Scheme contract and Teachers' Pension volumes. Retained Contact Centre business (7%) was 7.0% lower, and Regulated Services dropped 91.4% to £2m on non-repeat of a £19m FY25 one-off. Total contract value won was over £750m, up 20%. The private sector contact centre disposal to Inspirit is expected to complete ahead of H1 results in early August. FY26 guidance reaffirmed: low-to-mid single digit growth in Capita Public Service, mid-teens in Pension Solutions. Annualised £40m cost savings on track; positive free cash flow before exits expected in 2026. Vs consensus: No specific quarterly consensus applies to a trading statement; the Group reaffirms full-year guidance with adjusted revenue +2.9% and total contract value won +20% to £750m, alongside firm timetables on the private sector contact centre disposal and £40m cost savings. Verdict: IN-LINE

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Synectics, the AIM-listed advanced security and surveillance solutions provider, reported broadly in-line trading for the first five months of the year ending 30 November 2026. The leisure and hospitality sector saw strong order intake in the North American gaming market, including the Company's largest contract win to date — a surveillance solution for a large-scale casino and integrated resort in Ontario. The Group secured £1.4m of contracts with a UK regional authority covering approximately 220 buses across transport. Within the energy sector, ongoing geopolitical uncertainty has caused some customers to delay project decisions, though the scale and quality of these opportunities remain unchanged. Revenue and profitability will be H2-weighted in line with the historical profile. Subject to energy sector normalising, the Board expects FY26 to be in line with market expectations of £62.0m revenue and £4.1m adjusted EBITDA. The strategic transition announced at March final results is progressing well. Vs consensus: Trading in line with management expectations and market expectations of £62.0m revenue and £4.1m adjusted EBITDA, subject to energy sector contract timing normalising in H2 — a conditional reaffirmation with explicit downside flagged on Middle East-driven energy customer delays. Verdict: IN-LINE

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Cora Gold, the AIM-listed West African gold developer, reported FY25 final results dominated by transformational post-period developments rather than the operating P&L. Net loss for the period was US$1.446m (FY24: US$1.095m loss) with year-end cash of US$1.533m, in line with the pre-revenue exploration model. The substantive story is the September 2025 Definitive Feasibility Study for the Sanankoro Gold Project in Mali: 65% post-tax IRR, US$221m NPV8, 1.1-year payback, 10.2-year reserve mine life, US$479m life-of-mine free cash flow, US$948/oz LOM cash costs and US$1,478/oz AISC, all modelled at US$2,750/oz gold (versus current ~US$4,500/oz). The Probable Reserve rose 26% to 531koz. Post period-end, a £15.7m equity raise (£13.7m from Eagle Eye Singapore family office) was followed in April 2026 by a US$120m gold stream agreement, materially de-risking project financing. Adam Davidson became Chair on 31 March 2026. Vs consensus: As a pre-revenue gold developer, no quarterly earnings consensus applies; the period's defining metric is the 2025 DFS delivering 65% post-tax IRR and US$221m NPV8, combined with the US$120m Eagle Eye gold stream that establishes a clear pathway to fully-funded construction. Verdict: IN-LINE

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Empresaria Group, the AIM-listed global specialist staffing group, reported FY25 results dominated by a strategic reset. Revenue fell 3% (up 2% on a CC LFL basis) to £239.0m, with net fee income down 6% (flat CC LFL) at £47.3m. Adjusted operating profit rose 50% to £5.7m and adjusted PBT jumped 82% to £4.0m, with the reduction in NFI offset by aggressive cost actions. Statutory loss before tax of £4.4m (FY24: £5.2m loss) reflects a £5.3m goodwill impairment and £2.0m of exceptional items including board reconstitution and aborted takeover costs. Offshore Services delivered standout 16% NFI growth (CC LFL) and US 23%. The new Board, in place since October 2025, has formally discontinued the centralised transformation strategy from 1 January 2026, reverting to a decentralised multi-branded model. No final dividend; RCF extended to October 2027. Vs consensus: No published broker consensus applies to this small AIM name; adjusted PBT of £4.0m (FY24: £2.2m) and adjusted operating profit of £5.7m (FY24: £3.8m) represent material year-on-year progression, though the statutory loss reflects strategy-reset costs and impairments. Verdict: BEAT

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Staffline Group, the AIM-listed UK recruitment group, delivered a confident AGM trading update reporting strong momentum into FY26. Gross profit rose 14.6% across the first four months of 2026, underpinned by a 9.1% year-on-year uplift in temporary worker hours at Recruitment GB and a strong start in Recruitment Ireland, supported by both temporary and buoyant permanent recruitment activity. The new business pipeline is healthy, driven by organic growth and market share gains across Staffline's blue-chip customer base. The Group has deployed strong trading cash flows into the buyback, repurchasing 7.01 million shares since January 2026 at an average 45.36p for total consideration of £3.18 million. The Board remains confident that FY26 results will be in line with management expectations despite the challenging macro backdrop. Vs consensus: No specific quarterly consensus applies to an AGM trading update; the Group reaffirms FY26 will be in line with management expectations, with double-digit gross profit growth and a 9.1% rise in GB temporary hours providing the operational underpin. Verdict: IN-LINE

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Capita (CPI) reported an in-line four-month trading update, with adjusted Group revenue up 2.9% year-on-year, supported by growth in Public Service and Pension Solutions. Capita Public Service, now 81% of Group revenue, grew 5.8%, helped by higher volumes in Central Government and a one-off volume benefit in Northern Ireland, offsetting prior-year contract hand-backs. Pension Solutions grew 23.4%, reflecting the annualised Civil Service Pension Scheme contract and higher Teachers’ Pension Scheme volumes...

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Manx Financial Group (MFX) reported FY25 results showing continued balance-sheet growth and resilient underlying trading, although reported profitability was held back by non-recurring items. Profit before tax fell to £7.3m from £9.9m, mainly reflecting a weaker contribution from The Business Lending Exchange and a £1.3m provision relating to the FCA’s review of legacy UK motor finance commission arrangements. On a normalised basis, however, profit before tax rose to £8.6m from £8.3m, while normalised basic EPS increased 10% to 6.28p...

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Kainos Group plc reported a strong FY26 performance, with revenue increasing 17% to £431.1m, statutory profit before tax rising 19% to £58.1m and adjusted pre-tax profit up 2% to £67.1m, slightly ahead of expectations despite significant investment and elevated delivery costs. Diluted EPS increased 24% to 35.1p, while adjusted diluted EPS rose 7% to 41.1p. The group delivered particularly strong commercial momentum, with bookings up 32% to £505.3m and contracted backlog increasing 18% to £433.9m, providing good visibility into FY27. Cash conversion remained robust at 99%, supporting a year-end...

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TT Electronics, the global engineer and manufacturer of electronic solutions, reported a mixed AGM trading update for the four months to 30 April 2026. Group revenue was 4.8% lower organically, reflecting the expected softer EMS end-market demand flagged at FY25 results. Excluding the EMS customer transfer from TT Suzhou to TT Kuantan (£10m revenue impact from prior-year safety stock build) and the Plano site closure, Group revenue grew organically by 2.9%. Book-to-bill was 107%, underpinned by structural tailwinds in Aerospace and Defence. The targeted cost reduction programme is on track to deliver around £3m net benefit in 2026, with the medium-term annualised run rate expected to reach double that. The Board continues to evaluate options for the Components business. Full-year guidance is unchanged, with adjusted operating profit expected in line with consensus. Vs consensus: The Group reaffirms full-year adjusted operating profit will be in line with company-compiled consensus of £32.6-38.5m — a wide range, with the headline organic revenue decline largely a function of disclosed customer transfer and Plano closure effects rather than underlying weakness. Verdict: IN-LINE

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