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Wynnstay Group (LSE:WYN) said trading during the first four months of its financial year has been in line with board expectations and ahead of the same period last year. The agricultural supplies group is now entering the key spring trading season against a backdrop of mixed agricultural markets and increased commodity volatility linked to geopolitical tensions. Performance has been particularly strong in the Feed & Grain business and the Arable division, where improved margins, operational cost savings and a well-timed long fertiliser stock position have supported profitability. However, softer retail store sales and the need to rebuild stock levels later in the year may create some headwinds. Despite these factors, the board continues to expect full-year results to meet expectations and highlighted the company’s strong balance sheet as long-serving chairman Steve Ellwood hands leadership over to Steven Esom to continue executing the Strategy Genesis plan.

The company’s outlook is largely underpinned by the strength of its balance sheet, although weaker recent earnings and a notable drop in cash flow during 2025 weigh on the overall financial profile. From a technical perspective, the shares remain supported, trading above key moving averages with a positive MACD indicator. Valuation remains a potential constraint, however, with a relatively high price-to-earnings ratio despite the attraction of a strong dividend yield.

More about Wynnstay

Wynnstay Group is a UK-based supplier of agricultural products and services, providing support to farmers and rural communities across the country. Its activities include feed manufacturing, arable inputs, grain marketing and a nationwide network of retail outlets. Established in 1917 as a farmers’ co-operative and listed on AIM since 2004, the company is currently implementing its five-year Strategy Genesis programme aimed at driving growth, improving efficiency and delivering long-term value.

Staffline Group (LSE:STAF) delivered strong audited results for 2025, reporting revenue of £1.11bn, up 11.5% year on year. Gross profit increased 10.6%, while operating profit rose 31.3% to £13m, with the business maintaining margins and improving its conversion from gross profit to operating profit. The sale of the PeoplePlus division has repositioned the company as a focused recruitment specialist, helping drive market share gains in more resilient sectors. At the same time, an ongoing share buyback programme has reduced the share count by 27% since 2023, reflecting management’s confidence in future earnings and reinforcing the group’s standing in the UK and Irish recruitment markets.

Looking ahead, the company’s outlook is mainly supported by improving underlying fundamentals, particularly continued revenue growth and significantly stronger cash generation. However, ongoing net losses and a reduction in equity still weigh on the company’s overall financial performance assessment. From a market perspective, the share price trend remains constructive with a clear upward trajectory, although valuation metrics appear broadly average and the absence of a dividend limits its income appeal.

More about Staffline

Staffline Group is one of the UK’s largest recruitment providers, operating through its Recruitment GB and Recruitment Ireland divisions. The company specialises in supplying large numbers of blue-collar workers to industries including supermarkets, logistics, food processing, manufacturing and driving. It also provides permanent and temporary recruitment solutions for white-collar roles and public sector positions across Ireland.

Distil plc (LSE:DIS) said revenue for the fourth quarter and full year ending 31 March 2026 will come in well below market expectations, resulting in a larger pre-tax loss than previously anticipated. The shortfall reflects elevated inventory levels across distributor channels and softer consumer spending, which have reduced new orders despite improving sales at the end-customer level.

To address the slowdown, the company is increasing promotional activity with major grocery partners and reviewing its distributor agreements and broader routes to market. Distil also highlighted encouraging early revenue and positive customer feedback from the recently opened Blackwoods Brand Home visitor venue.

However, the weak fourth-quarter performance has created an immediate short-term funding requirement. At the same time, the company’s investment in Ardgowan Distillery is facing delays in drawing down debt financing because of production-related issues. As a result, the boards of both companies are exploring potential funding options.

Distil’s near-term outlook remains largely influenced by weak financial performance, including several years of losses and ongoing cash burn. Technical indicators also reflect negative momentum, with the share price trading below key moving averages and a bearish MACD signal. While recent strategic initiatives and possible funding support offer some positives, they have not yet offset the current profitability and cash-flow concerns. The company’s valuation is further constrained by its loss-making position and the absence of a dividend.

More about Distil plc

Distil plc is an AIM-listed drinks company specialising in premium spirits. Its portfolio includes brands such as RedLeg Spiced Rum, Blackwoods Gin and Vodka, and Blavod Black Vodka. The company primarily distributes its products through third-party partners, with a strong presence in U.K. grocery retail and ambitions to expand internationally, including into the U.S. market. Distil also operates the Blackwoods Brand Home visitor experience.

Michelmersh Brick Holdings plc (LSE:MBH) reported a 1.7% decline in revenue for 2025 to £68.9 million, while adjusted operating profit fell 16.8% as difficult market conditions in the U.K. and Europe weighed on performance. Margins were also affected by operational disruptions, including an extended shutdown at the Carlton facility and the relocation and closure of the Watlington prefabricated brick site.

Despite strong pricing competition across the U.K. brick market, domestic brick volumes increased slightly and the company maintained stable market share. However, a sharp slowdown in the Belgian housing market significantly impacted its Floren subsidiary. Even with these challenges, the group preserved a solid financial position, supported by steady cash generation and access to a £20 million credit facility, enabling it to continue dividend payments and complete £2 million in share buybacks.

During the year, Michelmersh also progressed with a restructuring of its prefabricated operations. Production lines were consolidated onto its freehold brick sites, and the company exited the smaller-scale Hathern Terra Cotta clay brand as part of efforts to streamline the portfolio. At the same time, £5.6 million was invested in capital projects aimed at improving operational efficiency.

Management expects pricing pressure and uncertain demand to persist in both the U.K. and Belgian construction sectors. However, the group anticipates improved performance in 2026 compared with 2025, supported by healthy order intake, disciplined capital allocation and a more efficient operational structure. Meanwhile, CFO Rachel Warren will step down from her role, with CEO Ryan Mahoney temporarily taking on finance responsibilities.

Michelmersh Brick Holdings continues to demonstrate strong financial stability and shareholder-focused initiatives such as share buybacks and leadership adjustments. Nevertheless, technical indicators point to cautious sentiment, and recent declines in revenue and free cash flow highlight areas that may require improvement. The company’s fair valuation and appealing dividend yield provide additional support to its broader investment case.

More about Michelmersh Brick Holdings

Michelmersh Brick Holdings plc is a U.K.-based specialist manufacturer of premium bricks and clay construction products. The group operates several brands including Blockleys, Carlton, FabSpeed, Freshfield Lane, Michelmersh and Belgian subsidiary Floren. Its products include precision-made bricks, pavers, bespoke brick shapes and prefabricated brick components, while the company also operates a landfill business, giving it exposure to higher-value segments of construction materials and land development.

Summing up last week’s central bank meetings in one sentence, rising energy prices driven by tensions in the Middle East could push inflation higher, but it’s still too early to assess the scale or duration of the impact on the economy — so for now, it’s a wait-and-see approach, with a tightening bias if things escalate.

Starting with the Fed, the regulator held rates steady at 3.5–3.75% as expected, it flagged the Middle East situation as “uncertain,” raised its 2026 inflation forecast from 2.4% to 2.7%, and nudged the long-run neutral rate up to 3.1%. No wonder the S&P 500, Nasdaq, and Dow Jones all ended Wednesday in the red.

The fact that Powell said he does not plan to step down as Fed Chair while the investigation is ongoing and will remain in his role until a successor is appointed also didn’t help the case. For reference, his term on the Board runs through 2028, so Trump won’t be able to push the central bank’s agenda in his favor for much longer.

In Europe, the ECB, although leaving interest rates unchanged for the sixth straight meeting, has several officials openly discussing a potential hike in April. In a stress scenario, inflation could reach 6.3% within a year. Meanwhile, markets have fully priced in three quarter-point hikes this year.

In the UK, expectations are even more aggressive, with four hikes now priced into swaps. Japan, in turn, remains on its gradual tightening path, signaling that as long as real rates stay deeply negative, rate hikes will continue. That said, this was already the baseline even beforу Iran war, thus nothing materially new here.

Australia was the only one to take action, delivering another 25bp hike to 4.1%. 

In short, most central banks are tightening cautiously. Now, if Iran were to block the Strait of Hormuz, hawkish rhetoric suggests regulators could take direct action, which could further hurt markets.

Gold prices recovered some of their earlier losses after U.S. President Donald Trump said Washington had held “good and productive” discussions with Iran and decided to delay any planned strikes against Iranian power plants and energy infrastructure for five days.

The move follows warnings from Tehran that it would attack Israeli power facilities and infrastructure supporting U.S. bases across the Gulf if its own energy network were targeted. Earlier in the day, gold had fallen sharply, effectively erasing most of the metal’s gains for the year.

However, Iran’s Fars news agency reported — citing a source — that there had been no direct or indirect communication with the United States, contradicting Trump’s claim that the talks with Tehran had been “productive.”

Events over the weekend had already raised the risk of escalation. Trump issued a 48-hour ultimatum demanding that Iran reopen the Strait of Hormuz, while Tehran warned it would retaliate if the threat were carried out.

Spot gold was down 3.1% at $4,352.5 per ounce by 08:03 ET (12:03 GMT), while gold futures slipped 4.7% to $4,388.29 per ounce. Earlier in the session, spot prices had touched their lowest level since late December.

Spot silver declined 1% to $67.16 per ounce.

“Keep in mind that even if fighting ended right now, the economic fallout from the last several weeks will still be substantial, but at least now there is a line of sight toward resolution,” Vital Knowledge analyst Adam Crisafulli said in a note.

Trump issues 48-hour ultimatum to Iran

Over the weekend, Trump warned that Iran had 48 hours to reopen the Strait of Hormuz or the United States would “obliterate” critical energy infrastructure in the country.

Iran responded by threatening to strike key energy and water infrastructure across the Middle East and warned that it would fully shut the strait.

Reports indicated that hostilities between Iran and Israel continued through the weekend, with the conflict now entering its fourth week.

Trump’s deadline — especially if Washington follows through on its threat — could mark a significant escalation in the war, particularly if Iran responds with retaliatory attacks.

Even so, gold has struggled to benefit from the heightened geopolitical tensions tied to the conflict.

Gold pressured by inflation and rate concerns

Concerns about the inflationary consequences of the Iran war have weighed heavily on gold prices over the past several weeks, pushing the metal well below key levels and limiting its ability to rebound.

Markets worry that a prolonged conflict could push global inflation higher through rising energy costs, potentially prompting major central banks to adopt a more aggressive stance on interest rates.

Those concerns intensified last week after both the European Central Bank and the Bank of England indicated that rate hikes could still occur this year.

The Federal Reserve did not signal any plans for rate increases, but investors have steadily reduced expectations for rate cuts by the central bank this year.

“The market is trading less on geopolitical hedging flows and more on fears that stickier inflation could prompt a more hawkish central bank stance,” analysts at OCBC said in a note.

However, they added that the long-term drivers supporting gold remain intact and that prices could strengthen again in the near future.

Oil prices dropped sharply and stock markets recovered after U.S. President Donald Trump said Washington and Tehran had held “very good and productive” discussions aimed at ending the conflict in the Middle East.

Following the remarks, Brent crude prices initially plunged by about 13%, while the FTSE 100 index rebounded after earlier falling by more than 2%.

Trump said on social media that he would “POSTPONE ANY AND ALL MILITARY STRIKES AGAINST IRANIAN POWER PLANTS AND ENERGY INFRASTRUCTURE” for five days.

Just days earlier, on Saturday, the president had warned he would “obliterate” Iran’s power plants if the Strait of Hormuz — a key global shipping route — was not reopened. Iran had responded by threatening to target vital infrastructure across the region.

Those statements over the weekend had unsettled financial markets and intensified concerns that the U.S.-Israeli war with Iran could turn into a prolonged conflict.

Since the war began on February 28, Iran has effectively blocked the Strait of Hormuz, one of the world’s busiest routes for oil shipments.

Roughly 20% of global oil and liquefied natural gas flows normally pass through the waterway, and the conflict has pushed fuel prices sharply higher worldwide.

Earlier on Monday, International Energy Agency (IEA) Executive Director Fatih Birol warned the war could lead to the most severe energy crisis the world has seen in decades.

Birol compared the current turmoil with the energy shocks of the 1970s as well as the disruption triggered by Russia’s 2022 invasion of Ukraine.

“This crisis as things stand is now two oil crises and one gas crash put all together,” he said while speaking at an event in Australia.

At one point on Monday, Brent crude had climbed as high as $113 per barrel before falling sharply following Trump’s latest comments.

Prices dropped to a low of $97.47 per barrel before partially recovering to around $104. Before the conflict began, Brent had been trading at roughly $72 per barrel.

As oil retreated, equity markets moved higher. London’s FTSE 100 initially rose to show a gain of about 0.5%, though it later pulled back to trade around 0.3% lower on the day.

Germany’s DAX index climbed 1.5%, while France’s CAC 40 gained 1%. Earlier in the session, both indices had been down close to 2%.

Asian markets, which had already closed before Trump’s latest comments, experienced sharp declines.

Japan’s Nikkei index ended the day down 3.5%, while South Korea’s Kospi index fell 6.5%. Both economies have been particularly sensitive to the conflict because they rely heavily on oil and gas shipments that typically pass through the Strait of Hormuz.

The war has already disrupted global energy supplies, driving prices higher and creating fuel shortages in some areas.

The surge in oil and gas prices since the conflict began has also raised concerns that household energy bills in the UK could rise significantly later this year.

UK Prime Minister Sir Keir Starmer spoke with Trump on Sunday, and the two leaders discussed the need to reopen the Strait of Hormuz.

Later on Monday, Starmer is expected to chair a meeting of the government’s emergency Cobra committee, which will also be attended by Bank of England Governor Andrew Bailey.

The meeting — scheduled before Trump’s latest announcement — is expected to focus on energy security, supply chain resilience and the potential impact of the war on living costs.

UK government borrowing costs have climbed sharply in recent days, reaching their highest levels since the 2008 financial crisis on Friday.

On Monday, the yield on 10-year UK government bonds rose as high as 5.12% before easing back to about 4.88% after Trump’s comments.