Author: Fiona Craig

Jet2 Plc (LSE:JET2) cautioned on Wednesday that operating profit for the financial year ending March 2027 could come in up to 10% below market expectations, as expenses linked to launching its new London Gatwick base weigh on earnings. The UK package holiday operator nevertheless said profit for the year to March 2026 is expected to meet current forecasts.

Jefferies estimates FY27 operating profit at around £400 million, compared with company-compiled consensus expectations of £444 million — a shortfall of roughly £44 million — after factoring in £40–50 million of investment related to Gatwick. The broker reiterated a “buy” rating and a 2,100 pence price target. Jet2 shares last closed at 1,287 pence on Tuesday.

For the year ending March 2026, Jet2 expects operating profit to align with consensus forecasts of £439 million, despite absorbing approximately £10 million of promotional and start-up resourcing costs tied to the Gatwick launch.

Chief executive Steve Heapy said the company was “very pleased with how the 2026 financial year is concluding,” adding it remained “committed to pricing that is attractive and represents real value to our customers.”

Analysts view that pricing strategy as a potential risk factor. Jet2 said it is “investing in load factor” for Summer 2026, suggesting pressure on yields as the company prioritises filling expanded capacity, with marketing expenditure being “reinvested into pricing.” During Summer 2025, package holiday prices increased by only 3%, while flight-only fares declined by 7%.

The airline has expanded capacity by 8% for Summer 2026, bringing total seats to 20 million, compared with estimated UK short- and medium-haul market growth of around 5.5%, according to OAG. Of the additional capacity, 1.1 million seats come from new bases in Bournemouth, London Luton and London Gatwick, while existing bases will grow by roughly 2%, adding a further 0.4 million seats.

Bookings are currently running 7.9% ahead of the previous year, including more than 260,000 passengers already booked at Gatwick ahead of the base’s launch on 26 March. Package holidays continue to represent approximately 66% of total bookings, broadly unchanged from last summer.

Jet2 said more than 75% of its FY27 fuel requirements are hedged at favourable prices, partially offsetting cost pressures from rising hotel accommodation expenses as well as higher Sustainable Aviation Fuel and carbon-related costs.

The company’s Airbus A321neo fleet will expand to 31 aircraft this summer, supporting a peak flying programme of 139 aircraft and delivering average unit cost savings of about £10 per seat.

Jet2 currently operates from 13 UK bases, and following the Gatwick launch, the company expects more than 90% of the UK population to live within a 90-minute drive of one of its 14 operating bases.

Jefferies noted that Jet2 shares trade at roughly 6.2 times estimated FY26 earnings, representing about a 50% discount to historical valuation levels.

St. James’s Place PLC (LSE:STJ) reported full-year results ahead of analyst expectations and unveiled plans to accelerate shareholder returns, sending its shares up around 4% on Wednesday.

The UK wealth manager delivered an underlying cash result of £462.3 million for 2025, a 3% increase from £447.2 million in 2024 and approximately 4% above consensus forecasts. Underlying cash basic earnings per share rose 6% year on year to 87.0 pence from 82.0 pence. Revenue increased 19% to £3.77 billion compared with £3.16 billion the previous year, while funds under management reached a record £220.0 billion, up 16% from £190.2 billion.

The company announced that, beginning in 2026, total annual shareholder distributions will rise to 70% of the underlying cash result — one year earlier than previously planned. The policy will include ordinary dividends representing at least 40% of total returns, with the remainder delivered through share buybacks.

The board proposed a final dividend of 12.00 pence per share for 2025, unchanged from the prior year, resulting in a total dividend of 18.00 pence per share for the full year.

At year-end, St. James’s Place released an additional £18.7 million from its Ongoing Service Evidence provision, which will be returned to shareholders through buybacks alongside a £103.9 million final repurchase programme. Including an earlier £63.4 million release, total shareholder distributions for 2025 amounted to £313.3 million.

“The combination of another strong financial outcome together with good operational and strategic progress, has enabled the Board to update our shareholder returns guidance a year earlier than originally planned,” said Chief Executive Mark FitzPatrick.

The company confirmed successful implementation of its revised charging structure in August 2025 and remains on track to remove approximately £100 million of addressable costs by 2027. St. James’s Place also expects to complete its ongoing service evidence review during 2026.

Shaftesbury Capital (LSE:SHC) on Wednesday reported underlying earnings per share of 4.5 pence for the year ended 31 December 2025, representing a 12% increase compared with 4.0 pence in the previous year.

The West End-focused property group also announced a 14% rise in its dividend to 4.0 pence per share, supported by solid operational performance across its retail, food and beverage, and office portfolio.

The value of the company’s property portfolio increased 6.6% on a like-for-like basis to £5.4 billion, driven by a 6.2% uplift in estimated rental values, which reached £270 million.

Like-for-like revenue grew 5.3% to £215 million, underpinned by 434 leasing transactions generating £39 million in contracted rent. These agreements were signed at levels 10.3% above December 2024 estimated rental values and 13.9% higher than prior passing rents.

Portfolio occupancy remained strong, with only 2.6% of estimated rental value currently available for leasing.

Chief Executive Ian Hawksworth stated: “We are pleased to report another excellent year, delivering growth in rental income, earnings, dividends, property valuation and net tangible assets per share. Our West End estates continue to perform, with vibrant destinations supported by high occupancy, footfall and customer sales.”

EPRA net tangible assets per share rose 7.2% to 214.7 pence, resulting in a total accounting return of 9.1%. The equivalent yield across the portfolio tightened slightly by 2 basis points to 4.43%.

Administrative expenses declined by 8% year on year on a cash basis, excluding share-based payments, reflecting continued progress in cost efficiency initiatives.

In April 2025, the company completed a long-term partnership with Norges Bank Investment Management, selling a 25% non-controlling stake in its Covent Garden estate for £574 million.

The transaction strengthened Shaftesbury Capital’s balance sheet, reducing EPRA loan-to-value to 16.8% from 27.4% and lowering net debt to £813 million from £1.4 billion.

During the year, the company invested £113.3 million into its portfolio, including £33.1 million in capital expenditure and £80.2 million allocated to acquisitions. Retail assets, which account for 36% of the portfolio, delivered particularly strong performance, with valuations rising 10.4% and estimated rental values increasing 8.1%.

Rockfire Resources (LSE:ROCK) announced new drilling results from its wholly owned Molaoi zinc project in Greece, where ongoing diamond drilling is aimed at upgrading the existing JORC Inferred resource to Indicated status. The latest drillhole, HMO-013, returned very high portable XRF zinc readings alongside strong indications of lead, silver, copper and barium mineralisation, extending high-grade zones toward the west and south beyond much of the historical drilling footprint.

The company said recent drilling has begun to deliver copper and silver grades that surpass many previously recorded results at Molaoi. Elevated barium levels may indicate geological zonation toward a potentially richer domain containing higher concentrations of silver, copper and gold. Rockfire is also evaluating the purchase of a modern drilling rig located in Athens, a move that could reduce reliance on external contractors, improve operational flexibility and accelerate exploration progress at the project.

The company’s outlook remains constrained by weak financial performance, including the absence of revenue, continued losses and negative free cash flow. These factors are partly balanced by a debt-free balance sheet and improving operating cash flow trends. Technical indicators are supportive, although valuation metrics remain limited by a negative P/E ratio and the absence of dividend data.

More about Rockfire Resources PLC

Rockfire Resources PLC is a London-listed exploration company focused on gold, base metals and critical minerals. Its flagship asset is the high-grade zinc, lead, silver and germanium Molaoi deposit in Greece. The group also holds gold, copper and silver exploration projects in Queensland, Australia, including the Plateau and Marengo prospects, some of which are subject to farm-in agreements with ASX-listed partners.

ME Group International (LSE:MEGP) announced that its auditor, Forvis Mazars, requires additional time to complete audit procedures for the financial year ended 31 October 2025, resulting in a delay to the release of its audited results. The company reiterated previously issued guidance pointing to record revenue and profit for the period and confirmed that no material audit concerns have been identified to date. As a result of the delay, trading in the company’s shares is expected to be temporarily suspended from 2 March until publication of the accounts, which management currently targets by 13 March.

For the financial year ending 31 October 2026, trading performance is reported to be progressing in line with expectations, indicating continued operational momentum despite the reporting postponement. The group also intends to launch a share buyback programme valued between £15 million and £20 million shortly after releasing its FY25 results, reflecting confidence in its financial position and long-term outlook.

ME Group International’s investment profile benefits from strong revenue and profit growth alongside a stable balance sheet and attractive valuation metrics. However, bearish technical indicators and a recent downward share price trend introduce near-term risk. A relatively low P/E ratio and high dividend yield support valuation appeal, although investors may remain cautious given current market momentum.

More about ME Group International

ME Group International is a global provider of automated self-service consumer equipment, operating more than 48,000 vending units across 16 countries in Europe, the UK and Ireland, and the Asia-Pacific region. Its core businesses include photobooths and biometric identification solutions under the Photo.ME brand, unattended laundry services through Wash.ME, and a range of digital printing kiosks and vending services located in high-footfall environments.

AdvancedAdvT Limited (LSE:ADVT) said trading for the year ending 28 February 2026 is expected to exceed market expectations, with projected revenue of approximately £53 million and adjusted EBITDA of at least £14.4 million, both representing strong year-on-year growth and coming in ahead of consensus forecasts. Adjusted EBITDA margins have improved to more than 27%, supported by a revenue base that is roughly 80% recurring, high customer retention levels and a substantial cash position of around £96 million, providing flexibility to support operational enhancements and long-term expansion within AI-enabled regulated software markets.

Management noted that the group’s deeply embedded systems of record are positioned to benefit from artificial intelligence as a productivity enhancer rather than a disruptive force. AI adoption is expected to broaden the company’s addressable market while increasing demand for trusted, compliant software platforms. With planned investment of about £15 million and continued emphasis on disciplined execution, AdvancedAdvT aims to drive organic growth alongside selective acquisitions across business solutions, healthcare compliance and human capital management sectors.

The company’s outlook is supported by a strong, debt-free balance sheet and improving profitability trends. However, uneven revenue and cash-flow performance, softer technical momentum and a relatively high P/E ratio — combined with the absence of a dividend yield — continue to moderate the overall investment assessment.

More about AdvancedAdvT Ltd.

AdvancedAdvT Limited is an international software group focused on business solutions, healthcare compliance and human capital management systems. The company provides mission-critical systems of record embedded within regulated workflows across public and private sector organisations. Positioning itself as an enabler of AI, data analytics and business intelligence, AdvancedAdvT is pursuing growth through both organic development and targeted acquisitions across adjacent markets and geographies.

PetroTal Corp. (LSE:TAL), an oil producer focused on Peru with key operations at the Bretaña and Los Angeles fields, reported largely unchanged reserves at the end of 2025. Proved (1P) reserves stood at 66.4 million barrels, while proved-plus-probable (2P) reserves totalled 110.2 million barrels, broadly flat compared with the previous year. Estimates for original oil in place at the Bretaña field were also maintained at 377 million barrels on a 1P basis and 494 million barrels on a 2P basis, reinforcing the long-term scale of the company’s main producing asset.

Although no development wells were drilled during 2025, PetroTal achieved reserve replacement of 106% for 1P reserves and 76% for 2P reserves at Bretaña through updates to its development strategy. The revised plan incorporates additional future production and water disposal wells, expanding the company’s drilling inventory. However, reserve valuations declined significantly, with after-tax PV10 for 1P reserves falling 39% year on year, primarily reflecting lower Brent crude price assumptions and rising projected development and infrastructure costs, highlighting increased valuation sensitivity to a softer commodity price outlook.

Management indicated a more disciplined capital allocation approach for 2026, with investment activity expected to slow while maintaining flexibility to accelerate spending if oil prices strengthen. Drilling is currently planned to resume in October 2026, with Bretaña’s sizeable reserve base and reserve life indices of 5.2 years for PDP reserves and 9.3 years for 1P reserves positioned to support future production and reserve growth under improved market conditions.

More about PetroTal Corp

PetroTal Corp. is an oil and gas company focused on developing onshore crude oil assets in Peru, primarily the Bretaña field on Block 95 and the Los Angeles field on Block 131. The company targets conventional oil resources and is listed on the TSX, AIM and OTCQX exchanges, providing access to both North American and UK capital markets.

Touchstone (LSE:TXP) reported its 2025 year-end reserves update, highlighting the successful integration of its 65% working interest in Trinidad’s Central block, which has increased proved developed producing reserves and added LNG-linked natural gas volumes alongside additional processing capacity. The company also continued advancing development of the Herrera formation, with the Cascadura-5 well delivering both natural gas and medium-gravity crude production, while output from established oil assets at CO-1, WD-4 and WD-8 remained stable.

Overall reserves trends were mixed. Gross proved developed producing (PDP) reserves rose 45% year on year to 9,933 Mboe, although total proved and 2P reserves declined slightly due to technical revisions at Cascadura Block B and the divestment of the non-core Fyzabad asset. Despite this, reserve valuation improved significantly, with before-tax PDP NPV10 increasing 35% and after-tax 2P NPV10 reaching approximately $315 million. The uplift was supported by higher-value gas marketing arrangements, a strong reserve life index of 13.3 years on a 1P basis and 23.2 years for 2P reserves, as well as upcoming growth catalysts including the tie-in of the Carapal Ridge-3 well, new drilling activity at WD-8 and WD-4, and commissioning of the Cascadura compressor expected in the second quarter of 2026.

More about Touchstone Exploration

Touchstone Exploration Inc. is a Calgary-based oil and gas producer focused on operations in Trinidad, with a portfolio spanning light and medium crude oil, conventional natural gas and natural gas liquids. Its assets include mature oil blocks such as CO-1, WD-4 and WD-8, alongside the Cascadura gas field and the recently acquired Central block, which adds LNG-linked gas production and associated infrastructure. The company’s strategy centres on expanding gas-weighted production through development of the Cascadura and Central block Herrera formations while maintaining stable oil output to support long-term cash flow and reserve growth.

Supermarket Income REIT plc (LSE:SUPR), a FTSE 250 real estate investment trust focused on grocery property assets, invests in omnichannel supermarkets that support national food infrastructure and serve both online and in-store retail demand across the UK and Europe. As of 30 June 2025, the company’s portfolio was valued at £1.6 billion and is structured to deliver long-term, inflation-linked rental income aimed at supporting progressive dividends and sustainable capital growth.

The company confirmed it will publish its half-year results for the six months ended 31 December 2025 on 11 March 2026. Management will host an in-person and webcast presentation for analysts and investors on the same morning, followed by a separate online session via the Investor Meet Company platform on 13 March 2026. The additional presentation is intended to widen access for both retail and institutional investors, reflecting the REIT’s emphasis on proactive shareholder engagement.

Supermarket Income REIT’s outlook is supported by stable financial performance and positive corporate developments. Technical indicators point to favourable market momentum, while valuation remains attractive due to a relatively high dividend yield. Recent strategic acquisitions and management confidence further strengthen the investment case.

More about Supermarket Income REIT Plc

Supermarket Income REIT plc, listed on the London and Johannesburg stock exchanges and a member of the FTSE 250, is the only London-listed vehicle dedicated exclusively to grocery property investment. The company focuses on omnichannel supermarket assets leased to leading food retailers across the UK and Europe, providing essential retail infrastructure and long-term income visibility through a £1.6 billion portfolio as of mid-2025.