Author: Fiona Craig

Creo Medical (LSE:CREO) reported a strong first-half performance for 2026, with revenue increasing 45% year-on-year to £3.2 million as demand for its advanced medical technology portfolio continued to grow.

The company also made further progress in improving operational efficiency, reducing operating costs by 15% during the first six months of the year. As a result, its operating loss narrowed by more than 25%, reflecting the benefits of cost-saving initiatives alongside higher sales.

Revenue growth was supported by increased adoption of key products, including Speedboat, SpydrBlade Flex and MicroBlate Fine. Creo Medical also expanded its commercial presence into new international markets, with particularly strong progress across Latin America.

Management continued to streamline the business by scaling its commercial platform, simplifying operations and outsourcing manufacturing activities, helping to create a leaner operating model while supporting future growth.

The company reaffirmed its full-year revenue growth guidance of between 50% and 60%. Management said a healthy order book, together with revenue expected to be weighted toward the second half of the year, provides confidence in achieving that target. Creo Medical also believes its lower cost base and recent financing activities will support its progress towards profitability.

Unite Group (LSE:UTG) reported a 2% year-on-year decline in adjusted net income for the first half of 2026, with higher financing costs and the impact of previous asset disposals weighing on earnings during the period.

The student accommodation provider generated adjusted net income of £142 million, while reporting an IFRS pretax loss of £417.10 million. The statutory loss was primarily driven by a 6.4% reduction in the value of its property portfolio during the first half.

Management said adjusted earnings were affected by increased interest expenses, the effect of properties sold during 2025 and slightly lower occupancy levels. Adjusted earnings per share declined 8%, reflecting initial dual-running costs associated with the acquisition of Empiric Student Property as well as the impact of a larger share count.

During the period, Unite completed £165 million of share buybacks and disposed of £130 million of assets as part of its ongoing capital management strategy. The company reported EPRA net tangible assets per share of £8.65 and a net asset value per share of £8.79.

Despite the softer first-half performance, Unite maintained its full-year 2026 adjusted earnings per share guidance of between 41.5p and 43.0p. The group expects occupancy levels of 94% to 96% and rental growth of between 1% and 2% for the 2026/27 academic year.

The company said demand remains strong at the UK’s leading universities, supported by a continued shortage of purpose-built student accommodation. Improved reservation trends and targeted sales initiatives have also contributed to encouraging leasing activity ahead of the 2026/27 academic year.

Coats Group (LSE:COA) reported first-half revenue of $837 million, an increase of 19% compared with the same period last year. On an organic basis, revenue grew 1%, reflecting resilient underlying performance despite softer conditions in several of its end markets.

The company maintained an adjusted EBIT margin of 19.8% during the period as disciplined cost management and procurement efficiencies helped offset higher investment in strategic growth initiatives. Adjusted basic earnings per share declined 6% year-on-year to $0.04, primarily reflecting increased spending on technology and long-term business expansion.

Coats continued to outperform its core apparel and footwear markets, gaining market share even as those sectors contracted by mid-single digits during the first half. Management attributed this performance to ongoing product innovation, operational flexibility and strong customer relationships. Additional revenue growth was generated through expansion into adjacent markets and the launch of new products, including composite energy tapes and digital solutions.

Adjusted operating profit reached $166 million during the first six months of the year, while adjusted net debt stood at $842 million. The company reaffirmed its full-year guidance and expects apparel and footwear markets to remain modestly weaker during the second half. Coats also anticipates delivering around $15 million in additional cost savings over the remainder of the year, including synergies from the OrthoLite acquisition. Management expects strong free cash flow generation for the full year, supporting its long-term objective of delivering $1 billion in cumulative free cash flow over five years.

NWF Group (LSE:NWF) reported a 1.9% increase in revenue for the financial year ended 31 May 2026, with turnover rising to £920.30 million despite challenging conditions across several of its end markets.

The specialist UK distributor recorded a 3.1% increase in headline operating profit to £16.80 million. Headline earnings per share, however, declined 3.2% to £0.18. The company also reported pretax profit of £12.5 million and finished the year with net debt of £60.50 million.

The board recommended a 3.6% increase in the annual dividend, marking the 15th consecutive year of dividend growth and reflecting confidence in the group’s long-term financial resilience.

Performance across the group’s divisions was mixed. The Fuels business experienced weaker demand for heating oil during the first half, while oil price volatility in the final quarter and continued uncertainty linked to the Middle East conflict created additional challenges for the division.

The Food division delivered a stronger performance, supported by higher customer demand, improved warehouse utilisation and ongoing operational efficiencies. Meanwhile, the Feeds business maintained stable profitability, as solid trading in the first half offset the impact of lower milk prices and softer market conditions during the latter part of the financial year.

Looking ahead, NWF expects trading in the current financial year to be broadly in line with the performance achieved in FY2026. Management also reaffirmed its strategy of driving long-term growth through acquisitions, targeted capital investment and continuous operational improvements.

Forterra (LSE:FORT) reported a 13.5% decline in first-half revenue to £168.80 million as demand across the UK construction sector remained subdued, weighing on sales across its core product portfolio.

Adjusted EBITDA decreased 9.7% to £27 million during the period. However, the company achieved an improvement in its EBITDA margin following the disposal of non-core operations, helping to partially offset the impact of weaker trading conditions.

The fall in revenue reflected softer demand across several key product categories. Brick despatches declined modestly, while sales of concrete block products experienced a more pronounced reduction. To help offset rising input costs, including those linked to disruption caused by the Middle East conflict, Forterra introduced low single-digit price increases on bricks and applied additional surcharges across its wider product range.

The company also implemented production cuts and completed a restructuring of its management and support functions, with the measures expected to generate annual cost savings of approximately £2 million. During the first half, Forterra continued executing its £20 million share buyback programme as part of its capital allocation strategy.

Looking ahead, management expects market demand in the second half of the year to remain broadly consistent with first-half levels, supporting full-year results in line with current market consensus. However, the company cautioned that forecasting demand remains challenging given ongoing geopolitical uncertainty and broader macroeconomic pressures affecting the construction industry.

Everplay (LSE:EVPL) has reaffirmed its expectation of delivering full-year 2026 results in line with market forecasts after reporting a solid first-half trading performance.

The company continues to forecast FY26 revenue of £175.3 million, representing growth of 6%, while EBITDA is expected to increase 5% to £50.7 million. Management noted that a larger proportion of EBITDA is anticipated to be generated during the second half of the financial year.

Performance in the opening six months was supported by the launch of new titles, resilient sales from its established game portfolio and continued contributions from releases launched during FY25, alongside seasonal demand generated by summer promotions.

Hell Let Loose: Vietnam is now due to launch on August 13 after being postponed from its original June release date. Following a cross-platform playtest held last weekend, the company said wishlist and pre-order numbers are “highly encouraging.”

Most of Everplay’s key game launches are scheduled for the second half of the year. These include first-party releases Hell Let Loose: Vietnam and Bus Simulator 27, as well as third-party titles Wardogs and Silver Pines.

The company is currently valued at approximately 5.5x FY26 EV/EBITDA, compared with its historical average multiple in the mid-teens. Everplay also retains a net cash position and continues to prioritise investment in higher-return first-party intellectual property while maintaining its low-investment game development strategy.

Luceco (LSE:LUCE) reported a strong first-half performance in 2026, with revenue increasing approximately 13% to £143 million and adjusted operating profit rising around 14% to £15.8 million. Growth was driven by continued momentum in the company’s Energy Transition division, where demand for electric vehicle charging solutions and demand flexibility services accelerated, while its core product portfolio also delivered steady revenue growth of 6%. Despite higher commodity costs during the period, Luceco maintained an adjusted operating margin of just over 11%, supported by disciplined pricing and ongoing operational efficiencies.

The company’s financial position remains strong, with leverage of 1.5 times EBITDA providing flexibility to continue investing in both organic growth initiatives and targeted acquisitions. Reflecting the positive first-half performance, management upgraded its outlook and now expects adjusted operating profit for 2026 to exceed £40 million. The company also anticipates that 2027 earnings will surpass current market forecasts as the commercial benefits of demand flexibility services become increasingly evident. Meanwhile, the board continues its search for a permanent chief executive.

Luceco’s outlook is supported by improving profitability, a significant recovery in cash generation and an attractive valuation, with the shares trading on a relatively low price-to-earnings multiple while also offering a dividend. Technical indicators remain positive, reflecting a sustained upward share price trend, although momentum measures suggest the stock may be approaching overbought territory.

About Luceco plc

Luceco plc is a UK-listed manufacturer and supplier of residential and commercial electrification products. Its portfolio includes wiring accessories, electric vehicle chargers, LED lighting systems and portable power products, which are manufactured through the group’s own facilities and distributed primarily via professional installers, wholesalers and retail channels.