Author: Fiona Craig

Water Intelligence (LSE:WATR) delivered stronger first-quarter growth in 2026, with revenue increasing 9% to $23.2 million and adjusted EBITDA rising 8%, while maintaining an EBITDA margin of 19%. The company said performance came despite weather-related disruption during January.

Growth was led by the group’s U.S. business-to-business operations, particularly through insurance and property management relationships. International corporate locations also recorded strong momentum, with revenue rising 38%, supported by robust trading in Ireland.

The company continued to expand its preventive maintenance strategy through the launch of paid pilot programmes that combine wireless monitoring technology from StreamLabs and Bluebot with American Leak Detection’s minimally invasive repair services. These integrated offerings are designed to provide business customers with digital monitoring dashboards alongside ongoing maintenance and support services.

Management reaffirmed its full-year guidance and highlighted the strength of the company’s balance sheet. Water Intelligence said it remains focused on deploying capital toward organic expansion initiatives, targeted acquisitions and share buyback programmes as it seeks to benefit from increasing demand for technology-driven water infrastructure solutions.

The company’s outlook is primarily supported by strong financial performance and strategic corporate actions, including ongoing share repurchases. Technical indicators suggest relatively stable market positioning, while valuation metrics indicate the shares remain reasonably priced. However, the absence of earnings call commentary limits additional insight into management’s longer-term expectations.

More about Water Intelligence

Water Intelligence plc is a multinational provider of precision leak detection and remediation services for potable and non-potable water systems. Through its core American Leak Detection business, the company serves insurers, property managers and international commercial customers, while increasingly integrating wireless monitoring technologies such as StreamLabs and Bluebot into preventive maintenance solutions.

Renew Holdings (LSE:RNWH) has strengthened its presence in the regulated energy infrastructure market through the acquisition of Electricity Distribution Engineering Services Ltd (EDES) for up to £9 million. The initial £6.5 million consideration will be funded through the group’s existing banking facilities.

EDES specialises in high-voltage engineering design services for both underground and overhead electricity distribution networks. The business will become part of Renew’s Excalon Holdings division, joining recently acquired operations including Emerald Power and PWR-X.

The acquisition expands Excalon’s capabilities across the power infrastructure sector, enabling the division to deliver fully integrated solutions ranging from initial system design through to complete project execution. Management said the transaction is expected to be immediately earnings enhancing.

The deal is based on a sustainable EBITDA contribution of approximately £650,000, with additional earn-out payments linked to future profit performance. Renew believes the acquisition further positions the group to benefit from the substantial long-term investment planned across the UK’s electricity transmission and distribution networks under the RIIO-2 regulatory framework, which is expected to total between £50 billion and £60 billion.

Renew’s broader investment outlook remains supported by strong financial performance, including consistent revenue growth and disciplined cash management. While technical indicators suggest some short-term market weakness, there remains potential for a recovery. Valuation metrics appear broadly reasonable, supported by a moderate dividend yield. The absence of earnings call commentary and major corporate event updates had little impact on the overall assessment.

More about Renew Holdings plc

Renew Holdings plc is a UK engineering services group focused on maintaining and upgrading critical national infrastructure assets. Through a portfolio of independently branded subsidiaries, the company operates across regulated sectors including rail, infrastructure, energy, nuclear, wind power and environmental services, benefiting from long-term, non-discretionary investment programmes.

Orosur Mining (LSE:OMI) has issued 2,850,000 new common shares after directors, officers and consultants exercised an equivalent number of restricted stock units (RSUs). The new shares represent approximately 0.72% of the company’s previously issued share capital.

The company said most participating directors intend to retain their newly issued shares, although one non-executive director plans to sell a small portion to cover related tax liabilities. The remaining shares will be admitted to trading on AIM, increasing Orosur’s total issued share capital to 398,799,074 shares. Following the transaction, the company will have 19,865,000 RSUs still outstanding.

The share issuance results in modest dilution for existing shareholders but further aligns management and consultants with the company’s future operational and share price performance through increased equity ownership.

Admission of the new shares to AIM will maintain trading liquidity for investors, while the revised share capital figure establishes an updated basis for regulatory disclosure requirements and shareholder stake reporting under market transparency rules.

More about Orosur Mining

Orosur Mining Inc. is a mineral exploration and development company listed on both the TSX Venture Exchange and AIM under the ticker OMI. The business is focused on exploration projects in Colombia and Argentina, providing exposure to precious and base metal opportunities across Latin America.

Ascent Resources (LSE:AST) has agreed changes to its secured loan arrangement with Riverfort, including the settlement of $100,000 from a recent repayment obligation through the issuance of 14,925,373 new shares priced at 0.5 pence each. The remaining $150,000 balance has been extended until early June in exchange for a cash extension fee, with related legal expenses also added to the outstanding amount.

The company also confirmed plans to issue additional preference shares tied to a ring-fenced portion of any proceeds generated from its Slovenia arbitration case. The move reflects Ascent’s continued use of equity-linked financing structures to manage debt obligations and potentially unlock value from contingent legal claims.

Separately, Ascent will convert around £35,000 of trade payables into 6,969,740 new ordinary shares. Management said the transaction is intended to preserve cash resources for operational priorities in the United States while further strengthening the company’s balance sheet.

Following the admission of the new shares, total voting rights in the company will increase to 832,210,587. While the transactions will result in modest dilution for existing shareholders, they also indicate continued backing from financing partners as Ascent manages near-term funding requirements and positions itself for future capital raising activity.

The company’s outlook remains heavily constrained by weak financial fundamentals, including the absence of revenue in 2024, ongoing losses, negative shareholder equity, rising debt levels and continued cash outflows. Technical indicators also remain negative, with the shares trading below major moving averages and momentum measures such as MACD pointing to continued weakness. Valuation impact is considered neutral due to the lack of meaningful price-to-earnings or dividend data.

More about Ascent Resources

Ascent Resources is an AIM-listed oil and gas company focused on onshore operations in the United States. In addition to developing hydrocarbon assets, the company is pursuing an Energy Charter Treaty arbitration claim related to historic activities in Slovenia. Ascent works with specialist financing providers to support working capital requirements and fund its broader strategic objectives in its U.S. operations.

Cranswick (LSE:CWK) delivered strong full-year results, highlighting continued momentum from its vertically integrated operating model and ongoing investment across its poultry, pork and value-added food businesses.

The company said its performance continues to be supported by a focus on product quality, customer service, innovation and sustainability, alongside a modern production asset base and long-established partnerships with major UK retailers.

Group revenue increased 9.5% to £2.98 billion during the year, while adjusted operating profit rose 14.5%, helping improve margins and generate record levels of cash flow. Cranswick also achieved a return on capital of 18.5%, despite reporting higher net debt following increased investment activity.

Capital expenditure rose sharply to £163 million as the company accelerated expansion projects across several areas of the business. This included extending a major poultry supply agreement, committing £56 million toward the expansion of its Eye poultry facility, and progressing wider investment programmes spanning pork, poultry, farming operations and pet food production.

Management said these projects strengthen the group’s long-term growth platform, although the business remains exposed to broader economic uncertainty and geopolitical pressures affecting consumer markets and input costs.

The company’s positive investment outlook is primarily supported by strong financial performance and favourable corporate developments. Technical indicators also point to a constructive market trend, while valuation metrics remain broadly reasonable. However, the lack of additional earnings call commentary limits further insight into management expectations.

More about Cranswick

Cranswick plc is a leading UK supplier of premium fresh and value-added food products, including pork, poultry, convenience foods, gourmet ranges and pet food. Originally established in the 1970s by East Yorkshire farmers as an animal feed business, the company now employs more than 16,000 people across 23 UK production facilities and supplies major supermarkets, discount retailers, food-to-go operators and export markets.

EKF Diagnostics (LSE:EKF) said trading during the early part of 2026 has progressed in line with management expectations, providing a positive start to the second year of the company’s five-year strategic development programme.

Ahead of its AGM, the group said it has continued simplifying its product portfolio, increasing focus on core commercial opportunities and strengthening its marketing capabilities to support future organic growth initiatives.

The company reported strong operational cash generation and confirmed a cash balance of £15.0 million as of 8 May. EKF also continues to invest internally across the business while maintaining its ongoing share buyback programme.

Demand for the group’s hematology instruments and consumables remained strong during the period. Within life sciences, EKF said β-HB sales exceeded expectations and the contract fermentation pipeline continued to expand, supporting confidence that the company will achieve current market expectations for 2026 revenue and adjusted EBITDA.

The company’s broader outlook is underpinned by a conservative balance sheet with low debt levels and solid cash generation, helping to limit financial risk. However, these strengths are partly offset by uneven revenue trends and profitability that remains significantly below earlier peak performance levels. Technical indicators are mixed, while valuation remains a concern due to a relatively high price-to-earnings ratio and the absence of notable dividend yield support.

More about EKF Diagnostics Holdings

EKF Diagnostics Holdings is an AIM-listed global diagnostics business focused on point-of-care testing solutions for haematology and diabetes, alongside life sciences operations producing specialist enzymes and custom products for diagnostic, food and industrial applications. Headquartered in Penarth near Cardiff, the company operates manufacturing facilities in the United States and Germany and distributes products to more than 120 countries worldwide.

Victorian Plumbing Group (LSE:VIC) reported strong first-half trading, with revenue rising at a double-digit rate to £168.8 million as record order volumes and continued growth in tiles and flooring supported performance. The company also maintained healthy gross margins despite the impact of a new packaging tax and changes in product mix.

The group said it strengthened its position as the UK’s leading bathroom retailer during the period, while also improving marketing efficiency and expanding both its trade-focused operations and tiles division. Adjusted profit before tax declined, however, reflecting planned investment in the MFI homewares business and costs associated with securing a new long-term distribution centre lease.

Management highlighted encouraging early progress at MFI, where the product range has expanded rapidly and customer feedback has been positive. The business contributed modest revenue during the half year and is being developed as a key long-term growth platform alongside Victorian Plumbing’s core bathroom operations.

Strong cash generation and a net cash balance enabled the company to increase its interim dividend, complete the acquisition of logistics provider Sovereign Transport, and continue investing in fulfilment infrastructure and category expansion initiatives. Despite cautious consumer sentiment, Victorian Plumbing said it remains on course to meet its full-year revenue and profit expectations.

The company’s outlook is primarily supported by robust financial performance, particularly revenue growth and strong cash flow generation. Technical indicators point to broadly neutral market momentum, while valuation metrics suggest the shares are fairly priced, contributing to a balanced overall investment profile.

More about Victorian Plumbing Group Plc

Victorian Plumbing Group Plc is the UK’s largest bathroom retailer, supplying bathroom products to both retail and trade customers through an online-led business model. The company sells a mix of own-brand and third-party products and also operates MFI, an online furniture and homewares platform launched in 2025.

DCC (LSE:DCC) reported resilient trading and continued strategic progress for the year ended 31 March 2026, with adjusted continuing operating profit increasing 3.6% to £634 million. Adjusted continuing earnings per share rose 9.9%, reflecting stronger operational performance and disciplined capital management.

The group, which generated revenue of £15.4 billion during the period, also raised its dividend by 5%. Free cash flow improved to £690 million, while net debt was reduced to £691 million, contributing to a return on capital employed of 16.8%.

DCC Energy, the company’s largest operating division, delivered 3.5% growth in operating profit for the full year, with momentum strengthening in the second half as growth accelerated to 7.9%. Strong performances in Energy Products and Mobility helped offset softer results in Energy Services.

The company continued to streamline its portfolio through the disposal of DCC Healthcare and selected assets within DCC Technology. As part of its shareholder return programme, DCC has now distributed £700 million of its planned £800 million capital return through share buybacks and a tender offer.

Reflecting its sharpened strategic focus, the group plans to rename itself DCC Energy plc as it targets doubling Energy operating profit to £830 million by 2030. Growth is expected to come from a combination of organic expansion and targeted acquisitions.

The company’s outlook remains supported by strong underlying financial quality, particularly cash generation, although broader trends in revenue, profitability and return on equity remain under pressure. Investor sentiment has also been aided by maintained guidance, a clearer strategic focus and significant shareholder returns. Technical indicators remain positive overall, although some overbought signals suggest the potential for near-term volatility. Valuation metrics are mixed, partly due to a negative price-to-earnings ratio, though the dividend yield provides some support.

More about DCC plc

DCC plc is a Dublin-based FTSE 100 company specialising in multi-energy sales, marketing and distribution across Europe and the United States. The group supplies energy solutions to millions of commercial, industrial and residential customers, with a focus on off-grid energy markets including liquid gas, alongside service station and fleet-related operations aimed at supporting the transition to cleaner and more secure energy sources.