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Airtel Africa delivered a very strong FY26 performance, with reported revenue up 29.5% to $6.42bn and constant-currency revenue growth of 24.0%. Growth was broad-based, but particularly strong in Nigeria, where constant-currency revenue rose 47.5%, supported by tariff adjustments and a more favourable macro backdrop. Francophone Africa also accelerated, with revenue up 17.1% in constant currency, while East Africa grew 17.8%. The key driver remains data monetisation. Data revenue increased 35.2% in constant currency to $2.53bn, making it the largest component of Group revenue. The customer base rose 10.5% to 183.5m, while data customers increased 14.8% to 84.2m. Smartphone penetration rose to 49.5%, with smartphone customers up 22% to 91m, and average data usage increased to 8.9GB per customer per month from 7.0GB...

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IAG delivered a strong first quarter, with revenue up 1.9% to €7.18bn and operating profit rising 77.3% to €351m. Operating margin improved by 2.1 percentage points to 4.9%, reflecting resilient demand, better passenger revenue per available seat kilometre and limited early cost impact from the Middle East conflict. Profit after tax increased 71.0% to €301m, while basic EPS rose 75.7% to 6.5 cents. Trading remains robust across most of the network, particularly in premium cabins and the North and South Atlantic markets, which together account for around half of capacity. Group ASKs were broadly flat, up 0.2%, while total PRASK increased 3.5%, or 8.2% at constant currency. Load factor improved by 1.5 percentage points to 84.2%. The strongest regional performances came from Asia Pacific, where capacity rose 19.3% and PRASK increased 16.8%, and Latin America and the Caribbean, where load factor reached 89.8%. Europe remained competitive, while Aer Lingus saw long-haul yield pressure and the Eastern Mediterranean softened. The Loyalty business continues to be a high-quality contributor, with revenue up 10.0% and profit up 32.6%, delivering a 20.1% margin. The balance sheet also remains...

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Lion Finance delivered another strong quarter, with profit up 14.0% to GEL 585.0m and ROAE remaining very high at 27.4%. Operating income rose 15.0% to GEL 1.13bn, supported by strong net interest income across both Georgia and Armenia, while operating income before cost of risk increased 15.7% to GEL 735.9m. Balance sheet growth remained robust. Group loans rose 23.1% year-on-year in constant currency to GEL 41.9bn, with Georgian Financial Services up 17.8% and Armenian Financial Services up 34.6%. Deposits and client notes increased 17.5% to GEL 39.7bn, again with particularly strong growth from Armenia. Asset quality was stable, with the NPL ratio at 2.1% and cost of credit risk at 0.3%. Georgia...

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Next 15 delivered an in-line but transitional FY2026 performance, with the year dominated by portfolio simplification, cost reduction and the wind-down of Mach49. Net revenue fell 6.3% to £448.8m, or 4.3% on a like-for-like basis, reflecting weaker technology client spend and pressure in creative production. Adjusted operating profit declined 8.6% to £67.6m, but the margin was largely protected at 15.1%, helped by cost discipline and restructuring benefits. The statutory picture was materially weaker, with a £13.4m loss before tax...

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JD Sports delivered a resilient FY2026 performance against a difficult global consumer and sportswear backdrop. Total sales rose 10.5% to £12.66bn, supported by the annualisation of Hibbett and Courir, while organic sales grew 2.1% at constant currency. Like-for-like sales declined 2.1%, reflecting softer footwear trends and weak UK demand, but this was broadly in line with expectations. Profitability was weaker. Gross margin was flat at 47.0%, as controlled price investment, particularly online, was offset by higher marketing contributions. Operating profit before adjusting items fell 5.4% to £886m, while profit before tax and adjusting items declined 7.7% to £852m. Statutory PBT fell 12.0% to £629m, and adjusted basic EPS reduced 5.5% to 11.71p. Regionally, North America is now the largest division at 38% of sales and showed sequential improvement through the year, returning to like-for-like growth in Q4. North America organic sales rose 3.2%, helped by strong online growth of 12.2%...

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Portmeirion’s FY2025 results show a business still under pressure, but with early signs that at least the transformation plan is beginning to gain traction. Revenue was broadly flat at £91.1m versus £91.2m in FY2024, or up 1% at constant currency, but profitability deteriorated sharply. The Group moved to a headline loss before tax of £3.6m from a £1.1m profit last year, while statutory loss before tax widened to £7.2m. The main issue was not demand across the whole business, but the disruption caused by US tariffs in the first half...

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Animalcare delivered a strong FY2025 performance, with revenue up 20.0% to £89.1m, supported by the Randlab acquisition and 1.7% like-for-like organic growth. Underlying EBITDA rose 52.6% to £17.7m, with EBITDA margin improving by 500bps to 20.6%, reflecting stronger mix, operational leverage and the contribution from higher-margin acquired assets. The key driver was Randlab, the Australian equine health business acquired in early 2025, which performed ahead of initial expectations and delivered c.12% like-for-like growth...

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Trainline delivered a solid FY2026 performance, with net ticket sales up 7% to £6.3bn and revenue up 2% to £453m. Profitability improved more strongly than revenue, with adjusted EBITDA up 11% to £177m and operating profit up 43% to £122m, reflecting operating leverage, cost discipline and lower cost of sales, despite the previously flagged UK commission reduction.UK Consumer net ticket sales rose 6% to £4.1b...

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So how does Renishaw’s recent inancial performance stand up? The most recent picture is clearly stronger than it was a year ago. In H1 FY2026, revenue rose 7.1% to £365.6m, or 11.5% at constant currency, while adjusted operating pro it increased 11.4% to £57.5m and adjusted operating margin improved to 15.7% from 15.1%. Adjusted pro it before tax rose 11.5% to £64.1m and adjusted EPS increased 8.9% to 68.8p. Q2 revenue was a record £194.8m, up 14.1% on Q1, and management highlighted a further signi icant strengthening of the order book....

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So how does Raspberry Pi’s recent financial performance stand up? FY25 was a strong year as revenue increased 25% to $323.2 million, adjusted EBITDA rose 25% to $46.4 million and pro it before tax increased 63% to $26.5 million. Basic EPS grew 73% to 11.22 cents while adjusted EPS rose 35% to 14.48 cents. These were clearly impressive numbers and, importantly, management stated that adjusted EBITDA came in ahead of expectations. The operating backdrop also improved progressively...

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Plus500 issued a positive AGM statement, confirming that Q1 2026 performance was ahead of market expectations. The beat was driven by disciplined, technology-led customer acquisition and heightened market volatility, which supported trading activity across the Group’s platforms. Strategically, the update reinforces Plus500’s ongoing diversification beyond its core OTC trading business. Management highlighted continued progress in non-OTC operations, including B2B futures and prediction markets, which are broadening the Group’s addressable market and shifting the business further towards...

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HSBC delivered a resilient first quarter, with revenue growth and strong returns offset by higher credit costs, increased expenses and disposal-related notable items. Reported profit before tax was $9.4bn, down $0.1bn year-on-year, while profit after tax fell slightly to $7.4bn. Revenue increased 6% to $18.6bn, driven by strong Wealth fee income, higher customer activity and growth in banking net interest income. Underlying performance was steadier than the headline PBT movement suggests. Constant currency profit before tax excluding notable items was $10.1bn, broadly flat year-on-year, as revenue growth was largely absorbed by higher expected credit losses and operating expenses. Return on tangible equity was 17.3%, or 18.7% excluding notable items, remaining above HSBC’s target of 17% or better for 2026–2028.Net interest income rose 8% to $8.9bn, while banking NII increased 6% to $11.3bn, supported by deposit growth...

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NatWest delivered a strong Q1 2026, with attributable profit up 14% to £1.43bn and EPS up 15.5% to 17.9p. Total income rose 9.5% to £4.36bn, supported by higher net interest income, stronger hedge income and lending growth, while RoTE remained attractive at 18.2%. Net interest income increased 12% year-on-year to £3.39bn, with NIM improving 20bps to 2.47%. Customer momentum was solid, with loans excluding central items up £7.2bn in the quarter and deposits up £3.1bn, taking customer assets and liabilities to £900.1bn, up 5.2% year-on-year. Costs remained well controlled. The cost:income ratio improved to 46.5%...

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Pearson delivered a solid Q1 2026 update, with underlying Group sales up 4% and all divisions said to be performing in line with expectations. The key growth driver was Virtual Learning, where sales rose 21%, supported by 15% enrolment growth, favourable mix and some earlier funding phasing. Assessment & Qualifications was down 1%, as expected, mainly reflecting the loss of the New Jersey student assessment contract and phasing in UK & International Qualifications. Management expects the division to return to growth from Q2...

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Serabi Gold (SRB) delivered a very strong FY25, with revenue up 65% to $155.8m, driven by an 18% rise in gold production to 44,169oz and a much higher average realised gold price of $3,481/oz versus $2,407/oz in FY24. Profitability stepped up materially: EBITDA rose 117% to $77.9m, post-tax profit increased 94% to $53.9m, and basic EPS rose to 71.18c from 36.73c. Operating cash generation was also strong, with net cash inflow from operations of $50.6m after mine development spend. The balance sheet strengthened significantly, with year-end cash of $49.2m and net cash of $42.1m, up from $16.2m. Serabi also noted that it became debt-free after repaying $5.3m to Banco Santander in January 2026, and ended Q1 2026 ...

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United Utilities (UU.) delivered a strong FY26, with underlying revenue up 20.1% to £2.58bn and underlying operating profit rising 34.8% to £1.06bn, driven by higher allowed revenues and continued growth in the regulated asset base. Underlying EPS increased to 107.1p from 75.3p, slightly ahead of guidance. Operational performance improved materially in the first year of AMP8. The group has over 1,000 live projects underway, met its year-one regulatory commitments, and delivered a 23% reduction in storm overflow spills and a 27% reduction in spill duration. Sewer flooding also improved sharply, with internal incidents down 42% and external cases down 25%, while the group recorded zero category 1 pollution incidents. Capital investment increased 40.9% to £1.53bn, supporting 7.5% RCV ...

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Evoke delivered mixed FY25 results with revenue growth of 2% to £1.78bn, with adjusted EBITDA up 14% to £356.2m and margin expanding 220bps to 20.0%, reflecting better marketing efficiency, tighter cost control and operating leverage. Performance was mixed by division. UK&I Online revenue fell 3%, with gaming growth offset by weaker sports, black-market pressure and a deliberate focus on profitability over volume. UK Retail revenue declined 1%, despite 5% gaming growth from new machines, while International Online grew 9%, helped by strong Core Markets growth, particularly Italy, Denmark and Romania. The statutory result was heavily distorted by non-cash impairments. Evoke reported a £549.1m loss after tax...

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Whitbread delivered underwhelming FY numbers including flat FY26 statutory revenue of £2.92bn, with UK accommodation growth and a 13% increase in Germany offset by the expected reduction in food and beverage sales from the Accelerating Growth Plan. Adjusted EBITDAR rose 4% to £1.07bn, while adjusted PBT was unchanged at £483m, with cost efficiencies and stronger German profitability offsetting inflation and higher interest costs. Premier Inn UK remained resilient, with accommodation sales and RevPAR both up 1%, outperforming the midscale and economy market and increasing its RevPAR premium to £5.88. UK F&B sales fell 8% as the group exited lower-returning branded restaurants, while UK adjusted PBT slipped 2% to £499m. Germany was the key positive. Revenue rose 13% to £261m and the division delivered its first annual profit, with segment adjusted PBT of £2m versus an £11m loss last year. RevPAR increased 6%, helped by maturing hotels, stronger brand awareness and commercial initiatives. Statutory PBT fell 19% to £298m, mainly due to £185m of adjusting items, including £130m of impairments and accelerated depreciation linked to the AGP. Net debt increased to £709m after the £250m buyback...

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Card Factory posted mixed FY results delivering decent revenue growth in FY26, with Group revenue up 7.4% to £582.7m, supported by new stores, acquired businesses and wholesale partnerships. However, profitability came under pressure from softer high street footfall in H2, particularly over Christmas, with EBITDA down 8.4% to £116.8m and adjusted PBT down 15.2% to £56.0m. The UK store estate was broadly resilient overall, with LFL sales down only 0.2%, as higher average basket values helped offset weaker transaction volumes. Cards declined 0.9% LFL and gifts fell 1.9%, while celebration essentials grew 1.7%, supporting the strategy to broaden Card Factory into a wider celebrations retailer. Cash generation remained strong, with adjusted free cash flow up 41.2% to £40.7m, giving the Group room to maintain shareholder returns. The Board proposed a final dividend of 3.7p, taking the total dividend to 5.0p, and intends to launch a £15m share buyback. Strategically, the acquisition of Funky Pigeon strengthens Card Factory’s online position and should support £5m ...

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Likewise delivered a solid FY25, with revenue increasing 9% to £163.1m and underlying profit before tax rising 56% to £3.1m, helped by stronger gross margin, improved operational leverage and continued market share gains across the UK flooring distribution market. Gross margin improved to 31.1%, while underlying EBITDA rose to £10.4m and net cash generated from operating activities increased to £8.8m, highlighting better profitability and cash conversion. The Group continues to invest in capacity to support its next phase of growth, including the additional Leeds hub, the Newport extension and increased cutting capacity in Derby. These investments provide the operational headroom to move beyond the original £200m sales target, with management now pointing to a medium-term opportunity to build towards £250m of revenue. Current FY26 trading has started strongly, with sales up 15% in January to March 2026 and similar momentum continuing into April. While management noted global uncertainty and pricing pressure across raw materials and finished goods...

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