Category: Top Story

Vodafone (LSE:VOD) reported total revenue growth of 8% to €40.5 billion for FY26, supported by strong service revenue performance, the consolidation of Three UK operations and continued momentum across its African and Turkish businesses.

Service revenue increased 8.8% to €33.5 billion during the year, driven by double-digit growth in Africa and expanding digital services activity. The group also recorded modest growth across the UK and several European markets, while performance in Germany improved progressively and returned to growth during the fourth quarter after earlier weakness.

Adjusted EBITDAaL rose 3.8% to €11.4 billion, equivalent to 4.5% organic growth, while operating profit recovered to €2.8 billion compared with a loss in the prior year period. Vodafone also delivered adjusted EBITDAaL and free cash flow at the upper end of its guidance range.

The company continued to return capital to shareholders, completing a €2 billion share buyback programme and increasing its dividend payout.

Management said the group is entering a “new chapter” focused on a simplified operating structure, a strengthened balance sheet and improved customer experience. Strategic priorities also include cost efficiency initiatives and medium-term free cash flow growth.

Vodafone’s outlook reflects a combination of operational improvements and ongoing financial challenges. Positive technical momentum and constructive earnings guidance have supported investor sentiment, while concerns around valuation and broader financial performance remain factors to monitor. Strategic initiatives and recent corporate developments continue to provide additional support for the company’s longer-term growth profile.

More about Vodafone Group

Vodafone Group is an international telecommunications operator providing mobile, broadband, fixed-line and digital services across Europe, Africa and other global markets. The company operates through divisions covering Europe, Africa, Vodafone Business and Investments, with a focus on connectivity infrastructure, enterprise services, digital platforms and large-scale network operations.

Greggs (LSE:GRG) reported stronger trading during the first 19 weeks of 2026, with total sales increasing 7.5% to £800 million and like-for-like sales rising 2.5%. Momentum improved further over the most recent 10 weeks, with comparable sales growth accelerating to 3.3%.

The bakery and food-to-go retailer said menu innovation continued to support customer demand, particularly among younger consumers. Recent product launches included a new Chicken Roll, expanded pizza and hot food offerings, refreshed salad ranges and new drinks products such as Matcha-based beverages.

Greggs opened 41 new stores during the period, resulting in a net increase of 20 locations and taking the total estate to 2,759 outlets. The company remains on track to deliver around 120 net new openings across the full year.

Expansion into travel locations also continued, with Greggs preparing to open its first airport store outside the UK at Tenerife South through a partnership with Lagardère Travel Retail.

The group is also progressing with major infrastructure investments, including a new frozen products facility in Derby and a National Distribution Centre in Kettering, both of which remain on schedule.

Management said cost inflation is still expected to average around 3% on a like-for-like basis during the year, allowing the business to maintain its value-focused positioning while keeping full-year profit guidance unchanged despite geopolitical uncertainty and inflationary pressures.

The company’s outlook remains supported by a resilient operating model, although earnings quality in 2025 was impacted by margin pressure, weaker free cash flow and rising leverage. Valuation metrics remain relatively supportive, with the shares trading on a moderate earnings multiple and offering an attractive dividend yield. Technical indicators are broadly constructive, although momentum signals remain mixed.

More about Greggs plc

Greggs plc is a UK-based bakery and food-on-the-go retailer operating a nationwide network of company-managed and franchised stores. The company specialises in value-focused bakery products, hot food, snacks and beverages, while continuing to expand into travel hubs, convenience locations and retail partnerships through franchise agreements and grocery collaborations.

Wickes (LSE:WIX) reported group revenue of £537 million for the 17 weeks to 25 April 2026, representing growth of 1.3% year-on-year as strong performances in Design & Installation and TradePro helped offset weaker DIY demand linked to poor weather conditions.

Retail revenue remained broadly unchanged during the period, although the company said it continued to gain market share across several core categories, including interior paint, tiling, flooring and timber products. Management attributed part of this performance to deflationary pricing strategies and continued growth in active TradePro membership.

The Design & Installation division recorded revenue growth of 6.4%, supported by ongoing strength in bathroom products and the Lifestyle Kitchens range. However, demand for higher-value Bespoke Kitchens softened as customers became more cautious with discretionary spending.

Wickes said it remains focused on expanding its store network toward a long-term target of 300 locations. The company plans to open as many as five new stores this year while also completing up to 20 store refits across the existing estate.

Management stated that the group’s value-focused offering, operational productivity initiatives and lower business rates provide confidence that full-year 2026 profit expectations will be achieved despite continuing uncertainty in the consumer environment.

The company’s outlook reflects a mixed financial profile, with improving cash flow performance partially offset by relatively high leverage and narrow profit margins. Technical indicators currently point to weaker near-term momentum, while valuation support comes from a moderate earnings multiple and a solid dividend yield.

More about Wickes Group

Wickes Group is a UK home improvement retailer serving trade professionals, DIY customers and project-based Design & Installation clients. The company operates approximately 230 stores alongside digital sales channels, offering products and services across kitchens, bathrooms, flooring, decorating and general home improvement, supported by nationwide fulfilment capabilities.

Wizz Air (LSE:WIZZ) said it expects to deliver a break-even to slightly positive net profit for the financial year ending 31 March 2026, supported by stronger-than-expected revenue trends and a favourable macroeconomic backdrop. The airline also finished the period with a solid cash position of €2.1 billion.

The carrier continues to benefit from its modern, fuel-efficient fleet, with Airbus A321neo aircraft now accounting for around 75% of operations. Management said the newer aircraft provide substantial fuel savings compared with previous-generation models, helping to support margins during a volatile operating environment.

Wizz Air acknowledged that ongoing conflict in the Middle East is contributing to uncertainty around fuel prices and travel demand in the near term. However, the company noted that approximately 70% of its summer fuel requirements are hedged at roughly $720 per metric tonne, providing some protection against market fluctuations.

The airline plans to operate around 51 million seats during the first half of the year, representing growth of 28% compared with the previous year. Expansion is being supported by strong forward bookings and the continued use of promotional pricing strategies as Wizz shifts capacity toward its core European markets.

Management said the company remains focused on strengthening its position in leisure-oriented routes across Central and Eastern Europe, where it continues to see long-term growth opportunities.

The company’s outlook is supported by improving profitability trends, recovering free cash flow and a relatively low earnings valuation. However, these positives are partially offset by weaker technical indicators, with the share price trading below key moving averages and momentum remaining negative. Investors are also monitoring execution risks tied to the company’s break-even guidance, pressure on unit revenues and ongoing transitional cost challenges.

More about Wizz Air Holdings

Wizz Air Holdings is a European low-cost airline operating a fleet primarily composed of Airbus A320 and A321 aircraft, including a large proportion of fuel-efficient A321neos. Listed in London under the ticker WIZZ, the airline focuses heavily on Central and Eastern Europe and carried more than 63 million passengers during its 2025 financial year. The company positions itself as a sustainability-focused airline through lower emissions intensity and continued investment in next-generation aircraft technology.

Rolls-Royce Holdings (LSE:RR.) is planning its first euro-denominated bond issuance in six years as the aerospace and defence group looks to strengthen financial flexibility amid disruption linked to the conflict in the Middle East, according to a Bloomberg report published Monday.

The company has reportedly mandated banks to organise a dual-tranche debt offering consisting of five-year and 10-year maturities, according to a source familiar with the matter cited by Bloomberg. Investor meetings are expected to take place on Monday, with proceeds from the sale intended for general corporate purposes.

Company Seeks to Offset Impact of Middle East Disruptions

In a trading update released last month, Rolls-Royce said it expected to fully mitigate the current financial impact caused by operational disruption related to the regional conflict.

Management stated that the company was implementing measures designed to protect operations while maintaining its full-year 2026 guidance. Rolls-Royce continues to forecast underlying operating profit between £4 billion ($5.4 billion) and £4.2 billion, alongside free cash flow of between £3.6 billion and £3.8 billion.

The planned debt sale comes as companies across the aerospace and industrial sectors continue to monitor supply chain pressures, transport disruption and broader geopolitical uncertainty stemming from tensions in the Middle East.

Major Banks Lined Up for Bond Transaction

According to the Bloomberg report, BNP Paribas, Credit Agricole CIB, Goldman Sachs International, Lloyds Banking Group, Banco Santander and Societe Generale have been appointed to manage the transaction.

The issuance would mark Rolls-Royce’s first euro bond offering since 2020 and reflects ongoing efforts by large industrial groups to secure funding flexibility amid volatile global market conditions.

Empire Metals (LSE:EEE) has secured £8 million through a share subscription involving existing institutional investors, increasing the company’s pro-forma cash position to approximately £14.5 million. The fundraising comes as Empire continues development work at its Pitfield titanium project in Western Australia and moves ahead with plans for a dual listing on the Australian Securities Exchange in the second half of 2026.

The new capital will be used to accelerate engineering and economic studies at Pitfield, alongside additional drilling aimed at expanding and upgrading the project’s Mineral Resource Estimate. Empire also intends to advance pilot-scale production activities, metallurgical testing, and product development programmes as it targets potential supply opportunities in the TiO₂ pigment and titanium sponge metal markets.

In addition, the funds will support ongoing offtake discussions, cover costs associated with the proposed ASX listing, and provide general working capital as the company continues to progress the project toward commercialisation.

Empire Metals’ outlook remains constrained by its lack of revenue generation, recurring losses, and continued cash burn, all of which contribute to ongoing funding dependence. Technical indicators also remain weak, with the shares trading below major moving averages and reflecting negative momentum. While the company maintains a relatively low-debt balance sheet, this has yet to translate into sustainable profitability.

More About Empire Metals

Empire Metals is an exploration and resource development company focused on advancing the Pitfield Titanium Project in Western Australia. The project hosts what the company describes as one of the world’s largest and highest-grade titanium deposits, with mineralisation beginning at surface and showing strong grade continuity. Conventional processing testwork has already produced high-purity TiO₂ suitable for both pigment and titanium metal applications.