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  • Spire Healthcare Maintains 2026 Earnings Guidance Following Stable Early-Year Trading (SPI)

    Spire Healthcare Maintains 2026 Earnings Guidance Following Stable Early-Year Trading (SPI)

    Spire Healthcare (LSE:SPI) said trading during the first four months of 2026 has remained in line with management expectations, supported by continued growth in private patient activity and stable NHS demand.

    The healthcare provider reported particularly strong momentum in self-pay treatments within its private patient division, while NHS-related revenue performed broadly as anticipated. Spire also said its primary care operations continue to trade well during the period.

    Management confirmed that ongoing efficiency initiatives linked to its £30 million cost-saving programme are progressing as planned. The company continues to expect 2026 adjusted EBITDA to remain broadly consistent with 2025 levels, supported by solid visibility on NHS commissioning activity and anticipated increases in patient volumes extending into 2027.

    Separately, the Panel on Takeovers and Mergers confirmed that Spire’s reaffirmed guidance for 2026 adjusted EBITDA qualifies as a formal profit forecast under UK takeover regulations.

    Spire’s board stated that the forecast remains valid and has been prepared using consistent accounting standards and assumptions, which management said reflects confidence in the group’s operational performance despite wider sector pressures and macroeconomic uncertainty.

    The company’s broader outlook continues to benefit from relatively stable operating performance and dependable cash generation. However, investor sentiment remains constrained by elevated leverage levels and weaker bottom-line profitability. Technical indicators also remain soft, with the shares trading below key moving averages and MACD trends remaining negative.

    Valuation metrics further temper the outlook, as the stock trades on a relatively high price-to-earnings ratio while offering only a modest dividend yield.

    More about Spire Healthcare Group

    Spire Healthcare Group is one of the UK’s largest independent healthcare providers, operating 38 hospitals and more than 60 clinics across England, Wales and Scotland. The FTSE 250-listed company delivers private, NHS and employer-funded healthcare services, including surgery, diagnostics, mental health treatments and NHS talking therapies, and is a major provider of orthopaedic procedures such as knee and hip operations.

  • Future Maintains Full-Year Guidance Despite Weaker First-Half Profitability (FUTR)

    Future Maintains Full-Year Guidance Despite Weaker First-Half Profitability (FUTR)

    Future plc (LSE:FUTR) reported lower first-half earnings after continued weakness in high-margin programmatic advertising and ecommerce activity weighed on profitability, although the company said it remains strongly cash generative and continues to see improving trading trends.

    Revenue for the six months fell 8% to £349.1 million, while adjusted EBITDA declined 24%, reflecting previously identified pressures across digital advertising and affiliate income streams. Despite the softer performance, management maintained full-year guidance, continuing to forecast a mid- to low-single-digit organic revenue decline alongside an EBITDA margin of between 25% and 27%.

    The company said trading conditions improved during the second quarter, particularly within its B2B operations and the Go.Compare platform. Future also continued reshaping its portfolio through acquisitions such as SheerLuxe while returning capital to shareholders and placing greater emphasis on reducing net debt and extracting value from non-core assets.

    Within the group’s largest B2C segment, organic revenue declined 6% due to weaker programmatic advertising and ecommerce affiliate revenues, although this was partly offset by growth in direct advertising and alternative revenue streams. Go.Compare revenue also fell 6% amid softer market conditions in car and home insurance, while B2B revenue declined 7% overall but showed improvement during the second quarter.

    Future said it is increasingly focused on AI-related opportunities, aiming to monetise its strong visibility in artificial intelligence-driven search and discovery through products including Future Optic and the ecommerce solution Signal. Management also stressed the value of its trusted, human-created content, continued brand expansion across multiple channels and ongoing operational efficiency measures as key drivers in restoring sustainable long-term growth.

    The company’s broader outlook reflects mixed fundamentals, with declining revenue and weaker cash flow offset by improved leverage metrics and relatively stable operating margins. Technical indicators remain negative, with the share price trading well below major moving averages and bearish momentum trends continuing to weigh on sentiment.

    However, valuation metrics and income generation provide some support through a comparatively low price-to-earnings ratio and an attractive dividend yield. Management commentary around FY2026 growth expectations, margin targets, cash conversion and shareholder returns also contributed to a more constructive longer-term outlook despite continued audience and ecommerce headwinds.

    More about Future plc

    Future plc is a global media platform operating around 170 specialist brands across sectors including technology, consumer lifestyle and finance. The company generates revenue through advertising, ecommerce affiliate commissions, subscriptions and magazine sales, distributing content through websites, newsletters, video, print publications and live events.

  • OptiBiotix to Present Upgraded SweetBiotix Sugar Alternative at London Shareholder Event (OPTI)

    OptiBiotix to Present Upgraded SweetBiotix Sugar Alternative at London Shareholder Event (OPTI)

    OptiBiotix Health (LSE:OPTI) is set to showcase its SweetBiotix sugar-substitute fibre technology at a shareholder sampling event scheduled to take place in London in June 2026.

    The company said the presentation follows a manufacturing breakthrough that has improved production yields while also delivering a purer and better-tasting product with reduced ingredient and manufacturing costs. Existing shareholders and prospective investors have been invited to register online to attend the event.

    Alongside product demonstrations, management plans to provide updates on the commercial development and market strategy for both its first- and second-generation microbiome-based product portfolio. The event forms part of OptiBiotix’s broader effort to accelerate commercialisation of its technologies while increasing engagement with investors and industry stakeholders.

    By organising a dedicated SweetBiotix sampling session, the company aims to highlight the practical improvements made to its next-generation prebiotic sweetener platform and strengthen confidence in its commercial potential. OptiBiotix believes the SweetBiotix range could offer a health-focused alternative to traditional sugar products within the growing functional foods and nutrition market.

    The company’s broader outlook remains pressured by ongoing losses and continued cash burn despite reporting strong revenue growth during 2024. Technical indicators also remain weak, reflecting a prolonged downward trend in the share price and negative market momentum.

    However, OptiBiotix continues to benefit from a debt-free balance sheet, which provides some financial stability, although valuation remains difficult to support given the absence of profitability and dividend income.

    More about OptiBiotix Health

    OptiBiotix Health is a life sciences company focused on developing microbiome-based ingredients and products aimed at preventing and managing health conditions. Its portfolio includes brands such as SlimBiome, WellBiome, SweetBiotix and Microbiome Modulators, alongside interests in skincare through SkinBioTherapeutics and probiotics via ProBiotix Health, targeting global consumer health and functional food markets.

  • National Grid Reports Higher Operating Profit and Unveils £70bn Investment Programme (NG.)

    National Grid Reports Higher Operating Profit and Unveils £70bn Investment Programme (NG.)

    National Grid (LSE:NG.) reported a 4% decline in annual revenue to £17.6 billion, while operating profit increased 10% to £5.4 billion as the company outlined plans to invest at least £70 billion across its energy networks over the next five years.

    During the year, the utility group completed a series of asset disposals aimed at streamlining operations and lowering costs. This included the sale of National Grid Renewables and the divestment of the Grain LNG terminal.

    Earlier in the year, National Grid agreed to sell its US onshore renewables business to Brookfield Asset Management for $1.74 billion, including debt. The company also finalised the sale of the Grain LNG facility in November to a consortium formed by Centrica plc and Energy Capital Partners.

    Chief executive Zoë Yujnovich said the company delivered strong financial performance during the year, including underlying earnings per share growth of 8% at constant currency and record capital investment of £11.6 billion.

    Capital expenditure increased from £9.8 billion in the previous year and contributed to asset growth of 10.9%. Management said the company’s updated Five-Year Financial Framework through to 2030/31 now targets at least £70 billion of capital investment, reflecting increased visibility across its operations and developments linked to the RIIO-T3 regulatory framework.

    More than £30 billion of the planned investment has been allocated to UK electricity transmission infrastructure as the group seeks to strengthen energy security, support decarbonisation targets and accommodate rising electricity demand linked to artificial intelligence and broader electrification trends.

    The RIIO-T3 price control framework governs revenue and regulation for Britain’s electricity and gas transmission networks, with final determinations from Ofgem expected later in 2025.

    Zoë Yujnovich said the company is embarking on the largest investment programme in its history, focused on modernising and expanding energy infrastructure across both the UK and the northeastern United States. She added that the initiative is also expected to support large-scale job creation as National Grid expands the skilled workforce required to deliver the programme.

    More about National Grid

    National Grid is a multinational energy infrastructure company operating electricity and gas transmission networks across the UK and the northeastern United States. The group plays a central role in energy distribution, grid modernisation and decarbonisation efforts, with major ongoing investment focused on strengthening energy security and supporting the transition toward cleaner energy systems.

  • Costain Says 2026 Trading Remains on Course as Order Book Supports Future Growth (COST)

    Costain Says 2026 Trading Remains on Course as Order Book Supports Future Growth (COST)

    Costain (LSE:COST) said trading during 2026 has continued in line with expectations, with both revenue and adjusted operating profit anticipated to increase over the year. The company expects adjusted operating margins of around 4%, with performance weighted more heavily toward the second half as recently awarded contracts move into mobilisation and delivery phases.

    The infrastructure and engineering group also highlighted its strong cash generation profile, forecasting a year-end net cash position of approximately £175 million. Costain additionally retains access to an undrawn £100 million revolving credit facility, which has now been extended through to 2030.

    Shareholder returns remain a priority for the company, with management continuing a £20 million share buyback programme alongside increased dividend distributions.

    Costain said momentum across its target markets remains positive, supported by rising infrastructure investment commitments including United Utilities’ enlarged AMP8 spending programme and the UK government’s £27 billion roads investment initiative.

    The group’s £7 billion forward work position has also become increasingly diversified, with more than half of future revenue now linked to private sector and regulated customers. Recent framework agreements and project wins across airports, water, energy and road infrastructure have further strengthened the company’s pipeline and are expected to support what management described as a significant step-up in performance from 2027 onward.

    The company’s broader outlook is supported by improving financial stability, stronger earnings quality, expanding margins, low leverage levels and healthy cash conversion. Technical indicators also remain favourable, reflecting a positive share price trend.

    However, management acknowledged that a multi-year decline in revenue remains a risk factor that could constrain future growth if the trend continues over the longer term.

    More about Costain Group

    Costain Group is a UK-based infrastructure and engineering group delivering complex projects across transport, water, energy and defence markets. The company provides consultancy, design and construction services focused on improving connectivity, sustainability and resilience within the UK’s infrastructure network while supporting long-term decarbonisation goals.

  • Tharisa Forecasts More Than Fivefold Rise in Interim Earnings (THS)

    Tharisa Forecasts More Than Fivefold Rise in Interim Earnings (THS)

    Tharisa (LSE:THS) has indicated that profitability for the six months ended 31 March 2026 is expected to rebound strongly, supported by improved commodity pricing and solid operational performance across its platinum group metals and chrome businesses.

    The mining group said it expects basic earnings per share to range between 15.3 U.S. cents and 15.8 U.S. cents, representing an increase of more than five times compared with the same period last year.

    Headline earnings per share are forecast at between 16.1 U.S. cents and 16.6 U.S. cents, marking year-on-year growth of more than 450% and pointing to a substantial improvement in underlying profitability.

    The company is scheduled to publish its interim financial results later in May, with the expected earnings recovery signalling a significantly stronger financial position for the group. Management believes the improved performance could reinforce Tharisa’s competitive standing within both the platinum group metals and chrome concentrate markets while supporting its ongoing expansion plans and investments linked to the global energy transition.

    More about Tharisa

    Tharisa is an integrated mining and resource company focused on platinum group metals and chrome concentrates. The group operates across exploration, mining, processing, beneficiation, marketing and logistics activities, with its flagship Tharisa Mine in South Africa and the Karo Platinum Project in Zimbabwe forming the core of its long-term growth strategy. The company is also pursuing initiatives tied to decarbonisation, downstream beneficiation and battery-related technologies.

  • Ariana Resources Extends Gold Mineralisation at Dokwe Ahead of Updated Resource Estimate (AAU)

    Ariana Resources Extends Gold Mineralisation at Dokwe Ahead of Updated Resource Estimate (AAU)

    Ariana Resources (LSE:AAU) has received all assay results from its 2025–2026 reverse circulation drilling programme at the Dokwe Gold Project in Zimbabwe, with results confirming that gold mineralisation extends at least 150 metres beyond the current resource boundary at Dokwe North and remains open along strike.

    The drilling campaign identified shallow oxide-hosted gold intercepts at Dokwe North, while additional extensions at Dokwe Central may potentially fall within the limits of the proposed pit shell. The nearby Sinkwe prospect also returned encouraging shallow mineralisation results, adding further support to the broader development potential of the project.

    The company said the latest findings will contribute to an updated JORC-compliant mineral resource estimate expected during the second half of 2026. Ongoing diamond drilling and feasibility study activities are also continuing as Ariana works to improve project reserves and optimise future mine planning.

    Dokwe currently hosts a gold resource exceeding 1.1 million ounces, and management believes the latest drilling results strengthen the long-term development case for the asset.

    Despite operational progress at Dokwe, the company’s broader outlook remains constrained by weak underlying financial fundamentals, including the absence of revenue generation, recurring losses and continued negative operating and free cash flow trends, all of which contribute to elevated sustainability risk.

    However, Ariana maintains a relatively low-leverage balance sheet, which provides some financial support. Market technical indicators remain broadly neutral, while valuation metrics appear stretched due to a high price-to-earnings ratio and the lack of dividend income.

    More about Ariana Resources

    Ariana Resources is a mineral exploration and development group focused on gold assets across Africa and Europe. Listed on both AIM and the ASX, the company currently holds a 100% interest in the Dokwe Gold Project in Zimbabwe, where it is advancing resource expansion, drilling and feasibility work on a deposit containing more than one million ounces of gold.

  • Landsec Reports Record Occupancy and Accelerating Rental Growth in FY2026 Results (LAND)

    Landsec Reports Record Occupancy and Accelerating Rental Growth in FY2026 Results (LAND)

    Landsec (LSE:LAND) reported full-year results for the period ended 31 March 2026 showing continued strength across its property portfolio, supported by resilient demand in both office and retail markets despite a higher inflation and interest rate environment.

    Like-for-like net rental income increased 4.6% during the year, while EPRA earnings per share rose 2.2% to 51.4p, reaching the upper end of management guidance. EPRA net tangible assets per share also increased 0.9%, and the company raised its dividend by 2%.

    Portfolio occupancy reached 98%, marking the highest level recorded by the group in two decades, while rental growth accelerated to its fastest pace in nearly 20 years.

    Office-focused assets generated 6% like-for-like income growth, with occupancy climbing to 98.6%, the strongest level seen in around a decade. Retail-led assets also performed strongly, delivering 5.5% income growth alongside occupancy of 97.7%, another 20-year high. Robust leasing activity and rental uplifts contributed to estimated rental value growth reaching its highest level in roughly two decades.

    Capital discipline remained a central focus for management throughout the year. Landsec completed £705 million of disposals, maintained an average debt maturity of 8.6 years and modestly reduced leverage levels. The company also reiterated its aim to lower net debt-to-EBITDA below seven times over the medium term.

    Management said the strategy continues to prioritise income growth, carefully managed development exposure and selective investment into retail assets, while also progressing a residential pipeline expected to deliver approximately 9,000 homes over time.

    The company’s broader outlook remains supported by strong operational performance, favourable leasing trends and positive market indicators. Attractive valuation metrics and management’s strategic emphasis on high-quality office and retail assets are viewed positively, although investors remain mindful of elevated debt levels within the current economic environment.

    More about Land Securities Group plc

    Land Securities Group plc, trading as Landsec, is one of the UK’s largest real estate investment trusts, focused primarily on premium office and retail-led property assets in major urban locations. The group concentrates on high-demand destinations while also developing a longer-term residential platform designed to diversify revenue streams and reduce exposure to property market cycles.

  • Burberry Releases Preliminary FY2026 Results and Holds Investor Presentation (BRBY)

    Burberry Releases Preliminary FY2026 Results and Holds Investor Presentation (BRBY)

    Burberry Group (LSE:BRBY) has published its preliminary results for the 52 weeks ended 28 March 2026, with the full announcement made available through both the London Stock Exchange and the company’s corporate website.

    The release highlights the British luxury fashion group’s ongoing compliance with UK market disclosure requirements and reinforces its standing within major equity indices, maintaining visibility among international investors.

    Alongside the results publication, Burberry is hosting a virtual presentation for analysts and shareholders to review the company’s annual performance. Supporting presentation materials, including downloadable slides and an indexed replay, have also been made accessible online.

    By offering multiple digital access channels and comprehensive regulatory disclosures, the company is signalling a continued focus on transparency and engagement with institutional investors and wider capital markets participants ahead of more detailed analysis of its full-year trading performance.

    Burberry’s broader outlook remains affected by significant financial pressures, including weaker revenue trends and reduced profitability, which continue to weigh on investor sentiment. However, management commentary surrounding sales performance improvements and cost-efficiency measures has provided some positive signals for the market.

    Technical indicators and valuation metrics currently present a mixed picture, with some bearish momentum concerns offset by efforts to stabilise operations and improve longer-term performance.

    More about Burberry

    Burberry is a London-headquartered luxury fashion house known globally for its heritage trench coats, premium apparel, accessories and fragrance products. The company is listed on the London Stock Exchange as part of the FTSE 100 index and also trades in the United States through ADRs, positioning it as a major participant in the international luxury goods sector.

  • Delta Gold Appoints Dr Thomas Davis to Newly Formed Strategic Advisory Panel (DGQ)

    Delta Gold Appoints Dr Thomas Davis to Newly Formed Strategic Advisory Panel (DGQ)

    Delta Gold Technologies plc (AQSE:DGQ) (USOTC:DGQTF) has appointed Dr Thomas P Davis as a Strategic Advisor and the inaugural member of its newly created Strategic Advisory Panel as the company seeks to strengthen its scientific research and intellectual property capabilities.

    The Strategic Advisory Panel has been established to assist Delta’s board and executive team in evaluating, prioritising and implementing research and development investments. Its remit will focus on identifying commercially attractive technologies, partnership opportunities and intellectual property initiatives that could support the company’s long-term innovation strategy.

    Delta said the panel is expected to include specialists from scientific, engineering and industrial disciplines, providing expertise across areas such as due diligence, risk assessment and strategic oversight relating to the company’s developing technology portfolio.

    Dr Thomas P Davis is co-founder and chief executive of Oxford Sigma and has extensive experience in advanced materials technologies spanning the fusion, nuclear and broader emerging technology sectors.

    He also serves as chair of the American Society of Mechanical Engineers Boiler and Pressure Vessel Code Section III Division 4 committee, contributing to international standards development for fusion energy systems.

    Dr Davis holds a doctorate in Materials Science from University of Oxford and a Master of Engineering degree in Nuclear Engineering from University of Birmingham. He is additionally recognised as both a Chartered Engineer and Chartered Scientist through the Institute of Materials Minerals and Mining.

    According to Delta Gold, Dr Davis will advise the company on future research investments, advanced materials applications and engineering considerations linked to its technology roadmap. He is also expected to assist in identifying collaboration opportunities with industrial and academic partners.

    Chief Executive R. Michael Jones described the appointment as an important milestone in strengthening the company’s research and intellectual property strategy, highlighting Dr Davis’ expertise in advanced materials innovation and commercialisation across highly technical scientific industries.