Author: Fiona Craig

Marston’s (LSE:MARS) reported resilient interim results for the 26 weeks ended 28 March 2026, delivering improved profitability and stronger margins despite a slight decline in revenue.

Group revenue fell 1.1% to £422.7 million during the period, while underlying EBITDA remained stable at £85.9 million. The pub operator said tighter cost management and improved labour efficiency helped offset softer sales and supported margin expansion across the business.

Underlying profit before tax increased 7.9% to £20.5 million, while leverage improved modestly to 4.7 times. Net asset value per share also rose by almost 20% year-on-year, reflecting continued progress in strengthening the balance sheet and improving overall financial performance.

A key part of the company’s growth strategy has been the rollout of refreshed pub concepts and upgraded venue formats. Marston’s completed 60 refurbishments during the first half, bringing the total number of completed projects since FY2025 to 91.

Management said the refurbished sites have generated average returns on invested capital of around 35% and delivered like-for-like sales growth close to 20%, supporting plans for further expansion of the programme.

The group is increasing capital investment and continuing to develop digital initiatives such as its Order & Pay platform. Management also said the estate is well positioned for the important summer trading period, including expected demand linked to the World Cup, while signalling confidence in achieving full-year expectations and exploring a broader rollout of new pub formats from FY2027 onward.

The company’s outlook continues to improve as profitability, cash flow and deleveraging trends strengthen. Valuation metrics remain supportive due to a relatively low price-to-earnings ratio, although mixed technical indicators and weaker short-term share price momentum continue to weigh slightly on sentiment.

More about Marston’s PLC

Marston’s is a major UK hospitality group operating more than 1,300 pubs across managed, franchised and tenanted formats. The company focuses on community-led venues and has increasingly invested in differentiated pub concepts, digital ordering systems and customer experience initiatives to support long-term growth and operational efficiency.

Renew Holdings (LSE:RNWH) reported record interim results for the six months ended 31 March 2026, with revenue increasing 3.5% to £589 million and adjusted operating profit rising 4.4% to £33.4 million. The improvement also led to a modest increase in operating margins and helped the group move into a pre-IFRS 16 net cash position of £10.6 million.

The company’s order book reached a record £945 million during the period, reflecting strong demand across its infrastructure markets. Renew also increased its interim dividend to 7.0p per share, supported by solid cash generation and improved visibility over future workloads.

Operationally, the group continued to strengthen its position across core sectors. Renew retained its status as Network Rail’s largest infrastructure services supplier while also delivering record activity levels within its water operations. Management highlighted increasing collaboration between the company’s subsidiaries as part of its broader growth strategy.

The business also expanded through targeted acquisitions, completing the purchase of Emerald Power during the reporting period and subsequently acquiring Edwards Diving Services and PWR-X after the period end. The deals broaden Renew’s capabilities across specialist water services, overhead line infrastructure and high-voltage power markets.

Management said the acquisitions support the group’s active M&A strategy, which is intended to complement organic growth and expand exposure to long-term regulated infrastructure spending programmes. Organic growth during the first half reached 2.2%, with the company expecting stronger momentum in the second half of the year.

Over the five years to September 2025, Renew has delivered consistent compounded growth through a combination of operational expansion and seven strategic acquisitions, reinforcing its position as a relatively low-risk provider of essential infrastructure maintenance and renewal services.

The company’s outlook remains supported by steady revenue growth, disciplined cash management and resilient demand across regulated end markets. While technical indicators suggest some near-term share price weakness, valuation metrics remain broadly reasonable and are complemented by a moderate dividend yield.

More about Renew Holdings plc

Renew Holdings plc is a UK engineering services group specialising in the maintenance and renewal of critical national infrastructure. Through a portfolio of independently branded subsidiaries, the company provides non-discretionary services across regulated sectors including rail, energy, environmental services and infrastructure, benefiting from long-term funding commitments and recurring maintenance demand.

Imperial Brands (LSE:IMB) reported modest revenue growth for the six months ended 31 March 2026, with tobacco and next-generation product (NGP) net revenue rising 1.8% as pricing strength in traditional cigarettes and continued expansion in reduced-risk products helped offset lower sales volumes.

Adjusted operating profit increased 0.6% during the period, while adjusted earnings per share climbed 5.3%, supported by strong cash generation and a cash conversion rate of 98%. However, reported operating profit declined significantly due to costs associated with the Delaware legal settlement and investment tied to the company’s long-term 2030 Strategy.

Imperial Brands continued to expand its next-generation portfolio, delivering double-digit NGP growth across Europe and the company’s AAACE region, which covers Africa, Asia, Australasia, Central and Eastern Europe, and the Middle East. The group also reported market share gains for its heated tobacco products and newly launched reusable vape systems in several key territories.

Management reaffirmed full-year guidance and highlighted progress toward its target of delivering £320 million in annual cost savings by 2030. The company is also continuing manufacturing rationalisation initiatives and recently entered into a strategic partnership with Capgemini to strengthen its data analytics and artificial intelligence capabilities.

Shareholder returns were further enhanced through an expanded share buyback programme and a 4% increase in the interim dividend.

The company’s outlook remains supported by resilient operational performance, constructive technical indicators and an attractive valuation profile. While debt management, regulatory risks and cash flow discipline remain important considerations, ongoing strategic execution and operational efficiency measures are viewed positively by the market.

More about Imperial Brands

Imperial Brands is an international tobacco and next-generation nicotine products group operating across Europe, the United States and a range of growth markets in Africa, Asia and the Middle East. Its portfolio includes combustible cigarettes, heated tobacco products, vaping devices and oral nicotine offerings. The company is focused on strengthening its position as a challenger brand through consumer-led innovation, supply chain efficiency and data-driven operational strategies.

RUA Life Sciences (LSE:RUA) has completed the spin-out of its subsidiary RUA Structural Heart alongside securing a £3 million convertible funding round led by the Leducq organisation. The transaction also included the conversion of £4.8 million of intercompany debt into equivalent loan stock.

Although RUA continues to retain full equity ownership of the subsidiary at present, the company said RUA Structural Heart will now be accounted for as an investment rather than a directly funded operating division. Management expects the move to strengthen the group’s balance sheet, improve annual profitability and allow greater focus on the company’s contract development and manufacturing (CDMO) operations.

The newly raised funding will support further development of the company’s AurTex-based surgical mitral valve programme, including optimisation work, durability testing, animal studies and expansion of the specialist development team.

The valve technology is primarily aimed at treating rheumatic heart disease patients in low- and middle-income countries, where access to durable and affordable valve replacements remains limited. RUA Structural Heart said the programme has backing from leading heart valve specialists and is designed to attract specialist healthcare investors as development progresses.

Management believes the AurTex platform has the potential to address a significant unmet medical need while improving the durability and cost profile of polymer-based heart valves on a global scale.

The company’s outlook continues to be affected by ongoing operating losses and negative operating and free cash flow despite strong revenue growth and a relatively low-leverage balance sheet. Technical indicators remain supportive, with positive momentum trends and a favourable MACD signal, although overbought conditions may create some near-term volatility. Valuation metrics appear more attractive due to the company’s comparatively low price-to-earnings ratio.

More about RUA Life Sciences

RUA Life Sciences is a medical technology company focused on implantable biostable polymers and cardiovascular devices. The group provides contract development and manufacturing services while also developing proprietary medical implants using its AurTex polymer composite platform. Its RUA Structural Heart business is focused on next-generation heart valve technologies targeting rheumatic heart disease in emerging markets as well as future applications in aortic valve treatment in developed healthcare systems.

Frontier Developments (LSE:FDEV) has upgraded its outlook for the financial year ending 31 May 2026 after stronger trading across its games portfolio and improved tax credit expectations.

The company now expects annual revenue of approximately £103 million, while adjusted operating profit is forecast to reach around £16 million. Management attributed the improved guidance primarily to the successful launch and performance of Jurassic World Evolution 3, alongside steady sales from the wider catalogue of existing titles.

Frontier also benefited from higher-than-expected tax relief after transitioning to the UK’s Video Games Expenditure Credits regime, providing an additional boost to profitability.

The business continued to generate strong cash flow during the year, reporting a cash balance of £44.9 million at the end of April despite allocating £15.4 million toward share repurchases.

Through its ongoing buyback programme, Frontier has repurchased and cancelled nearly four million shares, reducing total voting rights by approximately 10%. The company expects the reduced share count to improve earnings per share by around 11% from FY27 onward, reflecting management’s confidence in the group’s long-term prospects and commitment to shareholder returns.

The company’s outlook is supported by improving profitability, robust cash generation and relatively low leverage levels. Valuation metrics also remain favourable due to a comparatively low price-to-earnings ratio. However, technical indicators continue to show weaker momentum, with the share price trading below key moving averages.

More about Frontier Developments

Frontier Developments is a Cambridge-based video game developer and publisher specialising in management simulation and strategy titles. The company develops games using its proprietary COBRA technology platform and is known for franchises including Planet Coaster, Planet Zoo and Jurassic World Evolution. Frontier’s business model combines new releases with recurring revenue from downloadable content and long-term catalogue sales.

XP Factory (LSE:XPF) reported FY26 revenue of more than £59 million, slightly ahead of the previous year, with pre-IFRS 16 adjusted EBITDA expected to come in modestly above revised market expectations despite ongoing pressure from higher labour and supplier costs.

The experiential leisure group said net debt excluding lease liabilities increased to £5.7 million during the period. The company also transitioned to a 52-week accounting cycle while continuing efforts to streamline operations through reductions in central overhead expenses.

Escape Hunt, the group’s escape-room brand, delivered particularly strong performance, with owner-operated venues recording 11% revenue growth and like-for-like sales growth of 3.8%. The improvement was supported by new site openings and continued consumer demand.

Boom Battle Bar achieved overall revenue growth of 2%, although like-for-like sales declined 8%. Despite the softer comparable performance, management noted the brand continued to outperform the wider competitive socialising sector during a challenging leisure market environment.

XP Factory expanded both of its core brands during the year and introduced approximately £1 million in annualised head office cost savings. The company also reiterated its medium-term ambition to grow Escape Hunt to 100 owner-operated locations, positioning the business to capitalise on increasing consolidation within the experiential leisure industry.

The company’s outlook remains affected by financial pressures linked to leverage levels and cash flow constraints. Technical indicators currently suggest bearish momentum, while valuation measures continue to reflect the group’s lack of sustained profitability. Positive developments around operational efficiency and expansion strategy have provided some support, although they do not fully offset broader financial concerns.

More about XP Factory PLC

XP Factory PLC is a UK-based experiential leisure operator behind the Escape Hunt and Boom Battle Bar brands. Escape Hunt provides escape-room entertainment through company-owned UK venues and international franchise operations, while Boom Battle Bar offers competitive social gaming experiences including augmented reality darts, axe throwing and other group-based activities aimed at both consumer and corporate markets.

Alien Metals (LSE:UFO) said its joint venture partner, GreenTech Metals, has successfully raised A$7.5 million from institutional and sophisticated investors to support Phase II exploration and development activities at the Munni Munni platinum-group metals and base metals project in Western Australia, as well as the Whundo project.

The latest funding round increases total capital raised for Munni Munni-related activities to more than A$12 million over the past six months, highlighting continued investor support for the critical minerals project and substantially expanding the available exploration budget.

As part of the placement process, Alien Metals sold nine million GreenTech shares for approximately A$700,000, providing an additional boost to its own cash resources while maintaining a significant strategic interest in both GreenTech and the Munni Munni venture.

Following completion of the two-tranche fundraising, Alien is expected to retain a 30% free-carried interest in the Munni Munni project alongside an equity stake of around 10% in GreenTech Metals. Management believes the arrangement allows the company to benefit from GreenTech’s technical expertise and funding capability while preserving long-term exposure to the project for shareholders.

The company’s investment outlook continues to be weighed down by weak financial fundamentals, including a lack of revenue generation, ongoing losses and negative free cash flow, although recent trends indicate some improvement in loss reduction and cash burn. Balance sheet leverage remains relatively low. Technical indicators have been more supportive, with the share price trading above key moving averages and momentum signals remaining positive. However, valuation metrics continue to be limited by the company’s loss-making status and absence of dividend income.

More about Alien Metals Ltd

Alien Metals Ltd is an AIM-listed mining exploration and development company focused on iron ore and critical metals projects in Western Australia. Its key asset is the 90%-owned Hancock Iron Ore Project in the Pilbara region, which contains a JORC-compliant resource and is being advanced toward a planned 2Mtpa mining operation with an estimated 10-year mine life. The company also holds interests in the Munni Munni and Elizabeth Hill precious and base metals projects.

Invinity Energy Systems (LSE:IES) has completed delivery of a 20.7MWh vanadium flow battery for the Copwood VFB Energy Hub in East Sussex. Once fully operational, the project is expected to become Europe’s largest vanadium flow battery installation and will operate alongside a 3MWp solar array.

The energy storage system has a capacity roughly equivalent to the average daily electricity consumption of around 3,000 homes. The site is expected to connect to the UK electricity grid and begin generating revenue later this year, pending final approval from the local network operator.

The Copwood development is being positioned as a major showcase for long-duration energy storage technology and its potential role in improving UK energy security while supporting increased use of domestically generated renewable power. Company executives and public stakeholders said the project demonstrates how vanadium flow battery technology can help reduce dependence on imported fossil fuels, improve grid efficiency and lower overall energy system costs.

Manufactured in Scotland, the battery system is also expected to support skilled industrial employment and could serve as a model for future long-duration storage developments under upcoming UK energy initiatives.

Despite the strategic significance of the project, Invinity Energy Systems continues to face financial challenges, including ongoing losses and negative cash flow generation. Technical indicators and valuation measures also remain relatively weak. However, recent commercial developments and strategic initiatives provide some encouragement, with future performance likely to depend on the company’s ability to execute growth plans and strengthen its financial position.

More about Invinity Energy Systems

Invinity Energy Systems develops and manufactures vanadium flow batteries for utility-scale, long-duration energy storage applications. Operating across the UK and Canada, the company’s Endurium VFB technology is designed for high-throughput, heavy-duty deployments, offering scalable and non-flammable systems intended to operate for more than 30 years while supporting renewable energy integration and grid stability.