Author: Fiona Craig

Workspace Group (LSE:WKP) reported a pre-tax loss of £120.5 million for the year ended 31 March 2026, compared with a profit of £5.4 million in the previous year, as falling property valuations weighed heavily on results. The London-focused flexible workspace provider also outlined a new strategic plan aimed at rebuilding earnings and driving long-term shareholder returns.

The loss was largely attributable to a £159.2 million reduction in the fair value of the company’s investment property portfolio, which declined 7% on an underlying basis to £2.13 billion. As a result, EPRA net tangible assets per share fell 11.2% to £6.87.

Operating performance was also affected by softer market conditions. Trading profit after interest declined 9.4% to £60.5 million, while net rental income fell 7.1% to £113.4 million. Excluding the impact of property disposals, underlying net rental income decreased by 2.4% to £109.9 million, reflecting higher vacancy costs, increased marketing expenditure and rising service-related expenses.

Occupancy across the stabilised portfolio stood at 81.6% at year-end, down 1.4 percentage points from the previous year, although management noted improving trends during the second half. Average rent per square foot within the stabilised portfolio declined 2.1% to £46.31.

During the year, Workspace completed £125.7 million of asset disposals as part of its two-year £200 million capital recycling programme. The sales were completed at an average discount of 7.2% to prior book value. The company also reduced its annual dividend to 26.1p per share from 28.4p, aligning distributions with a revised policy targeting minimum earnings cover of 1.2 times.

New chief executive Charlie Green, who joined the company in February alongside chief financial officer Tom Edwards-Moss, introduced a new “Fix, Accelerate, Scale” strategy designed to improve profitability and operational performance. The plan focuses on low-risk refurbishment projects, the rollout of a Managed workspace offering alongside the existing Space-only model, and continued portfolio recycling.

“Our focus is on earnings through disciplined execution, driving higher occupancy while controlling costs,” Green said.

“We believe this is the best strategy to maximise income and capital returns for shareholders,” he said.

Management has set a medium-term objective of generating more than £125 million of annual trading profit before interest (EBIT), compared with an estimated current underlying EBIT of around £80 million after allowing for planned disposals. Analysts noted that achieving the target would likely require occupancy levels to recover to approximately 88%.

Looking ahead, Workspace expects trading profit after interest to decline materially in the year ending 31 March 2027 due to a lower opening rent roll, the impact of ongoing disposals, higher financing costs and reduced non-recurring income. Beyond the remaining £75 million of its current disposal programme, the company is also evaluating the sale of an additional £100 million or more of properties by the end of FY27, with proceeds intended for reinvestment across the portfolio.

The group added that it is reviewing refinancing options, although existing undrawn facilities are sufficient to cover all debt maturities through to March 2028.

More about Workspace Group

Workspace Group plc is a leading provider of flexible business space in London, owning and operating a portfolio of offices, studios and light industrial properties tailored to small and medium-sized enterprises. The company focuses on creating adaptable workspaces in well-connected locations across the capital, generating income through a combination of rental growth, active asset management and strategic property investment.

Vp plc (LSE:VP.) reported a statutory loss for the year as challenging conditions across the UK construction and housebuilding sectors weighed on demand for equipment rental services. Despite the weaker performance, the company maintained its dividend, reflecting management’s confidence in the group’s longer-term prospects.

Revenue for the year declined 5.7% to £358.3 million, while the company recorded a pre-tax loss of £7.0 million and a loss after tax of £5.43 million. Lower profitability also resulted in an 18.4% fall in adjusted earnings per share compared with the previous year.

Adjusted EBITDA for the period was £78 million, with gross profit reaching £82.21 million. At the end of the financial year, adjusted net debt stood at £148.9 million.

Management said trading conditions remained particularly difficult in the UK general construction and housebuilding markets, contributing to lower revenue and profit. The group also incurred exceptional costs related to the restructuring of its Brandon Hire Station business, although the programme is expected to deliver operational efficiencies and improved margins over time.

In contrast, Vp’s international operations produced a stronger performance, with profits increasing by 30%, supported by strategic investments and contributions from acquisitions completed in recent periods.

The board maintained the full-year dividend at 39.5 pence per share, highlighting the company’s resilient balance sheet and confidence in future recovery. Looking ahead, management expects trading in fiscal 2027 to be in line with current market forecasts and anticipates improved year-on-year performance, supported in part by the benefits of the Brandon Hire Station restructuring programme.

According to analyst consensus estimates, Vp is expected to generate revenue of approximately £352.1 million and adjusted profit of £33.1 million in fiscal 2027.

More about Vp plc

Vp plc is a UK-based specialist equipment rental group providing products and services to the infrastructure, construction, housebuilding, energy and industrial sectors. Through a portfolio of specialist divisions, the company supplies equipment ranging from site accommodation and tools to rail infrastructure, water management and ground support solutions. Vp operates across the UK and selected international markets, supporting customers on a wide range of engineering and construction projects.

Ceres Power Holdings (LSE:CWR) has successfully completed a £103 million non-pre-emptive fundraising through the issuance of 18 million new ordinary shares, equivalent to approximately 9.2% of the company’s existing share capital. The share placing attracted strong demand from institutional investors, retail participants and company directors, with the new shares priced at a 6.5% discount to the previous closing price.

The fundraising was led by Berenberg and UBS and was oversubscribed, reflecting continued investor interest in the company’s solid oxide fuel cell technology. Admission of the new shares to trading on the London Stock Exchange is expected to take place on 12 June 2026.

Ceres intends to deploy the net proceeds, estimated at around £100 million, to accelerate the commercial development of its technology platform, support the expansion efforts of strategic partners and further strengthen its financial position. Management believes the additional capital will help drive adoption of its solid oxide technology across a growing range of clean energy applications.

The company noted that the transaction was structured in line with soft pre-emption principles while also attracting new long-term institutional investors. Ceres believes the broader shareholder base will support its long-term growth ambitions and reinforce its position as a key technology partner within the global energy transition.

While the company continues to report losses and negative cash flow, its outlook is supported by a strong cash position, contracted revenue for 2026 and planned cost-reduction initiatives. Technical indicators remain positive, with the shares trading comfortably above major moving averages. However, valuation remains difficult to assess due to the absence of earnings and a dividend, leaving future execution and commercial progress as key factors for investors.

More about Ceres Power Holdings

Ceres Power Holdings is a UK-listed clean energy technology company focused on the development of solid oxide fuel cell and electrolysis platforms. The company licenses its technology to global industrial partners and aims to establish its solid oxide systems as a leading standard for efficient, low-carbon power generation and hydrogen-related applications. Through its partnerships, Ceres is seeking to play a significant role in the transition towards cleaner and more sustainable energy solutions.

Tullow Oil (LSE:TLW) has reported a strong start to 2026, with average group working interest production reaching 43.1 thousand barrels of oil equivalent per day between January and May. High operational reliability at the Jubilee and TEN floating production, storage and offloading (FPSO) vessels, where uptime exceeded 99%, has positioned the company to achieve output towards the top end of its full-year guidance range of 34,000 to 42,000 barrels of oil equivalent per day.

The company said its ongoing drilling programme in Ghana continues to progress as planned, with several new Jubilee wells scheduled to come online during the summer. Tullow has also secured regulatory approval for a further development phase that could include up to 20 additional wells, supporting future production growth and extending the long-term potential of its Ghanaian asset base.

On the financial side, the group reaffirmed its 2026 free cash flow guidance of $70 million to $175 million based on an oil price range of $70 to $100 per barrel. Management noted that free cash flow could increase to between $110 million and $230 million if an additional oil cargo is lifted during December. The company also benefited from stronger-than-expected realised prices, averaging approximately $96 per barrel before the impact of hedging.

Tullow said its hedging strategy continues to provide protection against downside commodity price movements while maintaining meaningful exposure to higher oil prices. With capital expenditure and decommissioning cost guidance unchanged, management believes the business remains well positioned to execute its growth plans in Ghana while generating value for shareholders.

Although operational performance remains strong, the company’s outlook continues to be influenced by financial challenges, including elevated leverage, negative equity and weaker free cash flow compared with 2025 levels. Technical indicators remain broadly supportive, with the shares trading above key moving averages and positive momentum signals in place, although some measures suggest the stock may be approaching overbought territory. Valuation remains difficult to assess given negative earnings and the absence of a dividend yield.

More about Tullow Oil

Tullow Oil is an independent energy company focused on the development and operation of oil and gas assets in Ghana. Listed on both the London and Ghana stock exchanges under the ticker TLW, the company’s core portfolio includes interests in the offshore Jubilee and TEN fields. Tullow remains one of the leading upstream operators in West Africa, with a strategy centred on responsible production, operational efficiency and long-term value creation.

Audioboom (LSE:BOOM) has outlined the final payment arrangements relating to its acquisition of UK podcast network Adelicious, which was completed in July 2025, after assessing the business’s revenue performance for the year.

Adelicious generated £5.5 million in qualifying revenue during 2025, resulting in deferred consideration of £0.9 million becoming payable. Under the agreed terms, 60% of the payment will be settled in cash, with the remaining 40% satisfied through the issue of new Audioboom shares. As a result, 81,279 new shares will be issued, increasing the company’s total issued share capital to 18,114,267 shares.

The company confirmed that no contingent consideration is payable at this stage because one of Adelicious’ key podcasts did not exceed its £2 million annual minimum revenue guarantee during the first year of ownership. This outcome means the overall acquisition cost remains below one times revenue, consistent with Audioboom’s disciplined and risk-managed approach to acquisitions.

A portion of the transaction remains subject to escrow arrangements linked to the podcast’s two-year contract, with £437,500 still reserved against second-year performance targets. Management said the acquisition has already delivered benefits through higher revenues, operational synergies and a significantly strengthened position in the UK podcasting market, effectively accelerating Audioboom’s strategic development by an estimated five years.

To date, total consideration paid for Adelicious amounts to approximately £4.53 million. This figure could rise to around £4.97 million if the podcast associated with the minimum guarantee achieves the required revenue targets during the second year. The company believes the earn-out and escrow structure provides a useful framework for future acquisitions, reinforcing a disciplined approach to expansion within the growing podcast sector.

Audioboom’s outlook reflects a balance of strengths and challenges. Profitability has improved and the balance sheet remains lightly leveraged, although negative operating and free cash flow during 2025 continue to weigh on overall financial quality. Technical indicators remain supportive, with the shares trading above key moving averages and maintaining strong momentum, although some measures suggest the stock may be approaching overbought territory. Valuation remains relatively reasonable based on earnings, though the absence of a dividend limits income appeal.

More about Audioboom

Audioboom Group plc is a global podcasting company that provides advertising technology, monetisation services and a range of commercial, distribution, marketing and production solutions for podcast creators. The group operates across North America, Europe, Asia and Australia, with content distributed through major platforms including Apple Podcasts, Spotify, YouTube and Amazon Music.

EnQuest (LSE:ENQ) has entered into agreements to acquire interests in four offshore Malaysian production sharing contracts from Petronas Carigali and E&P Malaysia Venture in a transaction valued at up to $833 million. The deal, which is structured through three separate farm-out agreements, qualifies as a reverse takeover under UK listing regulations.

Under the terms of the transaction, $554 million will be payable at completion, which is expected to occur by the end of 2026. EnQuest intends to finance the acquisition through a combination of existing debt facilities and available cash resources.

The acquisition is expected to transform the scale of the business. Once all three transaction packages are completed, EnQuest’s production is projected to exceed 100,000 barrels of oil equivalent per day, more than doubling current output levels. The deal is also expected to increase the company’s 2P reserves by approximately 85% to around 300 million barrels of oil equivalent, while significantly increasing the contribution of South East Asia within its overall portfolio.

Management believes the acquisition will deliver a number of operational and financial benefits, including lower unit operating costs, stronger cash generation and enhanced exposure to a region viewed as offering attractive long-term growth opportunities. While leverage is expected to increase modestly, the company believes the enlarged asset base will support capital-efficient growth and strengthen future shareholder returns.

The acquired assets are expected to reduce group unit operating costs to approximately $16 per barrel of oil equivalent, supported by relatively low life-of-field capital expenditure requirements of around $170 million. EnQuest also plans to retain much of the existing operational expertise associated with the assets, helping to ensure continuity and facilitate the realisation of synergies following completion. The transaction is expected to further strengthen the company’s strategic relationship with Petronas Carigali.

Although EnQuest’s outlook continues to be influenced by mixed recent financial performance, including a sharp decline in profit during 2025 and leverage levels that remain elevated, management believes the acquisition significantly enhances the company’s long-term growth profile. Technical indicators remain supportive, with the shares trading above key moving averages and momentum measures broadly positive.

More about EnQuest

EnQuest PLC is an independent energy company listed on the London Stock Exchange with operations in the UK North Sea and Malaysia. The company focuses on oil and gas production through a portfolio of operated assets and established infrastructure. EnQuest has built a significant presence in Malaysia and was named Operator of the Year by PETRONAS in both 2024 and 2025 in recognition of its offshore operational performance.