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Grafton Group, the European multinational distributor of construction-related products, reported resilient trading for the first four months of 2026 supported by its diversified portfolio. Group revenue rose 3.2% to £830.1m (1.0% in constant currency), with average daily like-for-like sales broadly flat — growth of 5.0% in Iberia, 1.8% in the Island of Ireland and 1.6% in Northern Europe was fully offset by a 5.0% decline in Great Britain, where construction markets weakened further on rising cost inflation and weaker consumer confidence linked to the Middle East conflict. Two acquisitions completed in fastest-growing markets: Mercaluz in Spain and Cygnum in Ireland. Full-year adjusted operating profit guidance was nudged up to a range of £190-200m, with the acquisitions offsetting GB weakness. The eighth £25m buyback programme completed on 8 May. Vs consensus: New FY26 adjusted operating profit guidance of £190-200m versus Grafton-compiled consensus of circa £190.8m — guidance brackets consensus with the upper end implying a modest upgrade, driven by Mercaluz and Cygnum offsetting GB softness. Verdict: IN-LINE

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.wealthoracle.co.uk/company-results

FRP Advisory Group, the AIM-listed national specialist business advisory firm, issued a clean beat in its full-year trading update for the year ending 30 April 2026. Revenue is expected to be at least £176m, up 16% on FY25's £152.2m, and adjusted underlying EBITDA at least £45m, up 9% on £41.3m — both ahead of company-compiled consensus of £164.2m revenue and £44.8m adjusted EBITDA. Restructuring strengthened its number one position for UK administration appointments by volume, Corporate Finance had a record revenue year despite challenging M&A markets, and Financial Advisory saw steady-to-buoyant demand. The Middle East conflict has already driven increased demand for Debt Advisory and Restructuring services. Net cash was £26m, with a final dividend planned in line with policy. The Group acquired One Advisory and Arc & Co during the year. Vs consensus: Revenue of at least £176m versus company-compiled consensus of £164.2m, and adjusted underlying EBITDA of at least £45m versus consensus of £44.8m — both metrics ahead of consensus, with the EBITDA figure including a £0.3m drag from the Queens Tower Advisory minority investment. Verdict: BEAT

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.wealthoracle.co.uk/company-results

Logistics Development Group, the AIM-listed investing company managed by DBAY Advisors, reported FY25 results reflecting a year of active capital recycling. Underlying EBIT was £14.6m (2024: £18.4m) and profit before tax £15.0m (2024: £19.8m). The fair value of investments rose to £107.8m from £87.2m, marked at 7.5x EV/EBITDA against a 6.0x weighted entry multiple — material upside versus 10-15x for relevant comparable companies. Unaudited NAV per share stood at 26.7p at 31 December 2025, up from 22.3p a year earlier. £21.0m was returned to shareholders via a tender offer at 19.0p, and £15m was invested into WS Holdco to build a national UK logistics platform. Post period-end, Finsbury completed a refinancing returning £11.4m to LDG, allowing a further £10m reallocation into WS Holdco, lifting the stake to 50.7%. Vs consensus: No formal published consensus applies to this AIM investing vehicle; NAV per share rose to 26.7p from 22.3p a year earlier — an effective ~20% NAV uplift after a £21m capital return — though underlying EBIT was lower year on year as the prior comparative benefitted from larger fair value gains. Verdict: IN-LINE

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.wealthoracle.co.uk/company-results

Volvere, the AIM-listed growth and turnaround investment company, reported solid 2025 final results led by its food manufacturing subsidiary Shire Foods. Group revenue from continuing operations rose 7.5% to £52.70m, with profit before tax of £6.75m (2024: £6.34m) and profit after tax of £5.11m (2024: £4.84m). Consolidated net assets per share rose to £19.80 from £17.20, supported by cash and available-for-sale investments of £33.22m. Basic and diluted EPS from continuing operations was 188.89p (2024: 177.47p). The Board flagged that 2026 is being impacted by cost inflation at Shire — labour, raw materials and distribution — and reduced volumes against a strong H1 2025 comparator, with margin compression expected to be felt principally in H1 2026. Share buybacks of £0.43m were completed in 2025, with the Group continuing to seek new investments. Vs consensus: No published broker consensus is available for this small AIM name; the FY25 result of £6.75m PBT and 188.89p EPS represents growth on FY24 (£6.34m and 177.47p), though management explicitly cautions that 2026 will see lower profitability driven by H1 weakness. Verdict: BEAT

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Volvere reported another solid year, with the group’s financial position continuing to strengthen and Shire Foods again driving the performance. Revenue from continuing operations, all of which relates to Shire, increased 7.5% to £52.70m from £49.04m, while profit before tax from continuing operations rose to £6.75m from £6.34m. Group profit after tax increased to £5.11m, compared with £4.84m in 2024. Shire Foods remains the core operating asset and continues to demonstrate the success of Volvere’s turnaround model. Since being acquired in 2011 for £0.54m, when annualised revenue was around £8m and the business was heavily loss-making, Shire has grown into a £52.7m revenue business. In 2025, Shire delivered ...

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

Unite Group confirmed that trading remains in line with expectations, with reservations for the 2026/27 academic year tracking broadly in line with last year and FY2026 earnings guidance unchanged. Across the Unite Students portfolio, 79% of beds are now reserved, compared with 80% at the same stage last year. This comprises 54% of beds let through university nomination agreements and 25% through direct-let sales, compared with 58% and 22% respectively last year. The mix shows a modest shift away from university nominations and towards direct-let activity, where sales are ahead of the prior year. Unite said the stronger direct-let booking pace reflects targeted pricing initiatives in selected markets...

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

Grafton Group delivered a resilient trading update for the first four months of 2026, with its diversified geographic footprint helping offset continued weakness in Great Britain. Group revenue increased 3.2% to £830.1m, or 1.0% in constant currency, supported by acquisition contributions in Ireland and the early inclusion of Cygnum. Average daily like-for-like revenue was flat overall, as growth in Iberia, the Island of Ireland and Northern Europe offset a 5.0% decline in Great Britain. The Island of Ireland performed solidly, with average daily like-for-like revenue up 1.8%. Chadwicks benefited from improving construction activity after a weather-affected start to the year and some forward buying ahead of supplier price increases. Woodie’s was slightly behind strong prior-year comparatives, when favourable weather pulled forward demand in garden and plant categories. The acquisition of Cygnum, completed on 31 March...

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.wealthoracle.co.uk/company-results

Eurocell, the UK manufacturer and distributor of window and door products, issued a cautious trading update for the first four months of 2026 ahead of its AGM. Trading conditions remained subdued, with challenging macro conditions and weak consumer confidence compounded by uncertainty over the impact of Middle East conflict on demand and supply chains, affecting both the RMI market and new build housing. Group sales for the four months to 30 April rose 9% on 2025, but excluding the Alunet acquisition were up just 1%, improving to +5% in April. The core Profiles division saw sales fall 4% on reduced RMI activity and a lack of new build call-off. Strategic initiatives offset some of this, with window and door sales up 29%, e-commerce up 40% and garden rooms up 6%. A c.£4m Alunet earnout payment is expected shortly. Vs consensus: No explicit full-year guidance figure was given in the update; the company describes trading conditions as subdued, with the 9% headline sales growth flattered by the Alunet acquisition and underlying sales excluding Alunet up only 1% as the core Profiles division declined 4%. Verdict: IN-LINE

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.wealthoracle.co.uk/company-results

Tharisa, the integrated PGM and chrome producer listed on the Johannesburg and London exchanges, issued a trading statement flagging an extraordinary earnings surge for the six months to 31 March 2026. Basic earnings per share are expected to come in at US 15.3-15.8 cents, an increase of 512.0% to 532.0% on the US 2.5 cents reported for H1 FY2025, while headline earnings per share — the market's preferred measure — are expected at US 16.1-16.6 cents, up 455.2% to 472.4% on the prior-year US 2.9 cents. The driver is squarely commodity prices rather than volume: the average platinum spot price more than doubled year on year, with palladium up around 83% and rhodium up roughly 97% over 2025, as three years of suppressed prices forced South African producers to cut output, creating consecutive supply deficits that — together with tariff and trade-disruption uncertainty — triggered a sharp price surge. On the chrome side, prices were buoyed as the energy price shock stemming from the Iran war was passed onto consumers. This is therefore a price-led result, and the quality-of-growth caveat matters: the uplift reflects the commodity cycle rather than a structural step-change in the business, and is inherently more volatile than volume- or cost-driven earnings growth. That said, a JSE-regulated trading statement is itself a formal profit forecast, so the magnitude here is concrete. Underlying production guidance for FY2026 remains 145-165 koz of PGMs on a 6E basis and 1.50-1.65 Mt of chrome concentrates, the production report for the half having been released on 14 April. The company is also concluding a second US$5m share repurchase. Reviewed interim consolidated financial statements are due on or about 21 May 2026, which will confirm the cash, margin and dividend implications of the earnings surge. Vs consensus: As a JSE-regulated trading statement, this announcement is itself the formal earnings guidance, benchmarked against the prior-year actual of US 2.5 cents basic EPS and US 2.9 cents HEPS — a more than five-fold and four-fold increase respectively. Verdict: BEAT

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.wealthoracle.co.uk/company-results

Costain, the infrastructure solutions group, confirmed trading for the period since 1 January 2026 remains in line with the Board's expectations ahead of today's AGM. The Group continues to expect revenue growth and further growth in adjusted operating profit in FY26, alongside an industry-leading adjusted operating margin of around 4.0% for the full year, with revenue and profit second-half weighted as contract mobilisations build. Good progress is being made towards the expected step change in financial performance in FY27 and beyond. The FY26 net cash position is still expected at approximately £175m after an almost-doubled dividend and the ongoing £20m buyback. The £7bn forward work position is broadly maintained, and United Utilities has announced a £2.5bn (c.30%) increase to its AMP8 capital programme. Vs consensus: No specific quarterly consensus applies to an AGM trading update; the Group reaffirms FY26 guidance of revenue growth, further adjusted operating profit growth and an adjusted operating margin of around 4.0%, against FY25 adjusted operating profit of £46.4m. Verdict: IN-LINE

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Secure Trust Bank, the specialist lender, said it remains on track to achieve full-year 2026 guidance after a Q1 to 31 March 2026 of disciplined progress. Continuing net lending balances grew 1.5% in the quarter and 6.6% year on year. Retail Finance had a broadly stable quarter, up 7.3% year on year and driven by a strong performance in Furniture, while Business Finance grew 3.0% in the quarter and 6.1% year on year, supported by its new Bridging product. New product initiatives gained traction, with key roles fully recruited, technology development progressing and lending activity now underway across a building pipeline. Interim results for H1 2026 are due on 13 August 2026. Vs consensus: No quarterly profit numbers are disclosed in a Q1 lending update; the Group reaffirms it is on track for full-year 2026 guidance of 8-10% continuing net lending growth, around a 10bps risk-adjusted margin improvement and a CET1 ratio of approximately 13.5%. Verdict: IN-LINE

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Gattaca, the specialist staffing solutions business, issued a full-year guidance upgrade for FY26 (year ending 31 July 2026). Following the interim results announced on 24 March 2026, contract recruitment has continued to perform strongly, leaving the Group trading ahead of market expectations. As a result, the Board now expects Group continuing underlying profit before tax for FY26 to be not less than £6.0m, up from previous guidance of £4.5m — an uplift of around a third. The improvement reflects strong contract growth across core sectors and continued operational discipline, with the majority of sectors showing year-on-year growth. The Board remains confident in the strategy and focused on building momentum in challenging market conditions. Vs consensus: The relevant benchmark is the Group's own prior guidance of £4.5m continuing underlying PBT, which has now been explicitly raised to not less than £6.0m on stronger contract trading. Verdict: BEAT

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

itv maintained good momentum in q1 2026 (three months to 31 march 2026), delivering results in line with market expectations. group total external revenue rose 1% and total revenue was flat year on year at £877m. itv studios delivered total revenue growth of 4%, driven by strong external revenue up 8% on the phasing of deliveries to global streamers — including skyscraper live for netflix, rivals s2 for disney+ and love island us: beyond the villa s2 for pea**** — while internal revenue fell 7% on lower soaps and daytime volume. media & entertainment revenue was down 2%, with 12% digital revenue growth largely offsetting the linear advertising decline; digital advertising revenue grew 14% on a record start for itvx, with total streaming hours up 13%. total advertising revenue fell 1.5%, better than guidance. net debt was £592m. itv remains in active discussions with sky over a possible sale of the m&e business. full-year guidance is unchanged: good itv studios revenue growth with a margin at the lower end of the 13-15% range, and strong profitable digital growth in m&e, with tar expected up around 10% in q2 on men's football world cup demand. vs consensus: no quarterly profit numbers disclosed in a q1 trading update; performance described as in line with market expectations, with tar down 1.5% better than guidance and full-year guidance reaffirmed. verdict: in-line

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Future's first half to 31 March 2026 was impacted by known pressures in high-margin revenue lines, but improving Q2 trends supported unchanged full-year guidance. Revenue fell 8% to £349.1m (-6% organic), as previously announced declines in programmatic advertising and ecommerce affiliates offset growth in direct advertising. Adjusted EBITDA fell 24% to £83.3m, with the margin down 5ppt to 24% on revenue mix; adjusted diluted EPS fell 22% to 46.4p. Statutory operating profit fell 53% to £32.7m on lower EBITDA plus higher transaction and integration costs. The Group remained highly cash generative, with adjusted free cash flow of £91.1m (109% of EBITDA), and returned £52.9m to shareholders. Net debt rose to £314.1m and leverage to 1.6x, partly reflecting the £39.9m SheerLuxe acquisition; H2 focus shifts to net debt reduction. Eight of eleven innovation initiatives have launched, with Future Optic (AI-visibility ad packages) gaining traction. FY26 guidance is unchanged: mid-to-low single-digit organic revenue decline and an adjusted EBITDA margin of 25-27%. Vs consensus: Company-compiled FY26 consensus is revenue of £710m and EBITDA of £183m; the Group explicitly states the outlook is unchanged and in line with current consensus, with the H1 weakness in high-margin lines already flagged. Verdict: IN-LINE

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Watches of Switzerland delivered record Group revenue in FY26 (53 weeks to 3 May 2026), with adjusted EBIT expected ahead of previous guidance. Group revenue was £1,828m, up 13% in constant currency (+11% reported), or +11% cc excluding the 53rd week. The US was the primary engine, with revenue up 24% in constant currency to $1.24bn — now more than half of Group revenue and profit, with US retail up 25% cc. UK revenue rose 5%, with sequential improvement in H2. By category, luxury watch revenue rose 13% cc and luxury jewellery 18% cc. FY26 adjusted EBIT is expected at £152-155m, ahead of previous guidance, reflecting the improved sales performance. Net debt was £57m after the acquisition of Deutsch & Deutsch (four Rolex-anchored Texas showrooms). Group pre-owned sales grew 22% and ecommerce 21% cc. FY27 guidance: revenue growth of 5-10% cc, adjusted EBIT margin expansion of 40-80bps, capex £60-70m. FY26 results are due 14 July 2026. Vs consensus: FY26 adjusted EBIT guided to £152-155m, explicitly ahead of previous guidance; record Group revenue of £1,828m and accelerating US momentum are the supportive signals. Verdict: BEAT

.wealthoracle.co.uk/company-results

.wealthoracle.co.uk/company-results

Spire Healthcare confirmed FY26 trading in the first four months to April has been in line with expectations, reaffirming its full-year profit guidance ahead of today's AGM. Private patient revenue continued to grow strongly, particularly self-pay, with NHS revenue as expected. NHS commissioning plans reset in April with the new NHS financial year, covering Spire's Q2-Q4 FY26 and Q1 FY27, and more than 85% of volumes are now agreed — aligned with previous guidance and pointing to strong Q1 FY27 growth against a low prior-year base. The £30m FY26 savings target continues to progress well, and Primary Care is trading well with positive integrated referral activity. The Group continues to target FY26 Group adjusted EBITDA broadly in line with FY25 — a statement the Takeover Panel has confirmed constitutes a Rule 28 profit forecast. Vs consensus: No quarterly numbers disclosed; this is a reaffirmation of the existing FY26 adjusted EBITDA guidance ("broadly in line with FY25"), so no specific consensus comparison applies. The Rule 28 designation confirms the forecast remains valid. Verdict: IN-LINE

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landsec delivered a solid fy26 with rents growing at their fastest pace in nearly two decades and occupancy at a 20-year high. epra eps rose 2.2% to 51.4p — at the top end of guidance — as 4.6% like-for-like net rental income growth and a 15% cut in overhead costs offset the 1.8% eps drag from the qam disposal. the dividend rose 2.0% to 41.2p. epra nta per share was up 0.9% to 882p (and 2.2% in h2), with erv growth accelerating to 6.4%, the highest in nearly 20 years. office-led like-for-like income rose 6.0%, retail-led 5.5%. the portfolio value was up 1.2%. ifrs profit before tax was £346m, reduced by a £74m net loss on £705m of low-returning disposals. net debt/ebitda was 8.4x, guided to fall below 7x within two years. fy27 epra eps guided stable; fy28 high-single-digit growth; c.5% eps cagr to fy30 reaffirmed. vs consensus: epra eps 51.4p at the top end of the company's c.2-4% guidance range; the 6.4% erv growth and 20-year-high occupancy are ahead of trend, but fy27 eps guided flat on the qam drag tempers the read. verdict: in-line

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.wealthoracle.co.uk/company-results

3i Group delivered another strong year, with a total return of £5,304m or 22% on opening shareholders' funds and NAV per share up to 3,030p from 2,542p. The Private Equity portfolio generated a gross investment return of 23%, with Action again the dominant driver — GIR of £4,510m or 25% on opening value. Action grew 2025 net sales 16% to €16.0bn, with LFL sales growth of 4.9% and EBITDA up 14% to €2,367m; 3i increased its stake from 57.9% to 65.4% and values it at £23,743m on an unchanged 18.5x run-rate multiple. Year-to-date Action LFL has slowed to 2.4% on consumer caution in France and Germany plus cooler weather. Infrastructure GIR was 7%. The Group received £1.9bn of cash proceeds, ending with net debt of £547m and 2% gearing. Total dividend up to 84.5p from 73.0p. A new buyback of up to £750m was announced, to complete by end-2026. Vs consensus: Total return of 22% and NAV per share of 3,030p ahead of the trajectory implied by the H1 NAV of 2,542p; the £750m buyback is a clear positive surprise. Softer Action year-to-date LFL is the watch item. Verdict: BEAT

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.wealthoracle.co.uk/company-results

National Grid delivered a solid FY2026 with record capital investment underpinning its growth framework, and reaffirmed an extended five-year plan to 2030/31. Underlying operating profit rose 6% (9% at constant currency) to £5,680m, with underlying EPS up 8% at constant currency to 78.0p (statutory EPS 65.5p, +9%). Record capital investment of £11.6bn (+18%) drove asset growth of 10.9%. The total dividend rose 3.8% to 48.49p, in line with the CPIH-linked policy. Net debt rose to £44.2bn on the investment ramp, with regulatory gearing stable at 61%. The extended five-year framework commits at least £70bn of capital investment, ~10% asset growth CAGR, and 8-10% underlying EPS CAGR from the 78.0p baseline. For FY27 specifically, underlying EPS growth is guided at 13-15% as RIIO-T3 delivery steps up. Divestments of National Grid Renewables and Grain LNG completed. Vs consensus: Underlying EPS 78.0p and the 8-10% framework CAGR broadly in line with the trajectory the market has been carrying since the March framework update; FY27 guidance of +13-15% underlying EPS is the supportive signal. Verdict: IN-LINE

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Auction Technology Group delivered a positive first half, modestly ahead of expectations, with reported revenue up 41.7% to $126.1m, principally reflecting the inclusion of Chairish. On a pro forma constant currency basis, revenue increased 7.9%, driven by strong momentum in Arts & Antiques, partly offset by softer Industrial & Commercial trading. Arts & Antiques was the clear growth engine, with pro forma revenue up 12.5% and GMV up 5% to $0.5bn. The segment benefited from improved buyer experience, higher average item values, stronger take rate and value-added services, particularly atgShip. LiveAuctioneers showed encouraging traction, with GMV up 8.2% and items sold up 9.4%, supported by better search, AI-led recommendations, improved discovery and reduced bidder friction...

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