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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.

Restore (LSE:RST) delivered strong trading performance for the four months ended 30 April 2026, supported by contributions from recent acquisitions and continued organic growth across several key operations, including digitisation, outbound communications and IT recycling services.

The company said its core document storage business maintained steady earnings performance, while operating margins across the group remained resilient. Management highlighted the strength of Restore’s recurring-revenue model as a key factor underpinning stability across its divisions.

During the period, Restore completed three bolt-on acquisitions within its Datashred business for a total consideration of £3.5 million. The deals expand the company’s presence in the confidential shredding market, with management continuing to assess additional acquisition opportunities to strengthen the division further.

The group also announced the launch of a £20 million share buyback programme, alongside reaffirming guidance that full-year adjusted profit before tax is expected to align with current market forecasts. Interim results are scheduled for release on 28 July 2026.

Despite solid cash generation, the company’s outlook remains constrained by inconsistent profitability trends and moderate-to-elevated leverage levels. Technical indicators currently point to mixed momentum conditions, while valuation remains a concern due to a relatively high price-to-earnings multiple, partially balanced by dividend income potential.

More about Restore

Restore is a UK-based provider of secure business services specialising in the management of data, information, communications and physical assets. The company operates across areas including document storage, records digitisation, outbound communications and IT recycling, serving both corporate and public sector customers with information lifecycle and asset management solutions.

Avingtrans (LSE:AVG) announced that its medical imaging business, Adaptix, has obtained CE marking for the Ortho350 orthopaedic 3D imaging system. The compact Digital Tomosynthesis device is designed to deliver high-resolution, low-dose scans of extremities directly at the point of care, supporting imaging for areas including the hands, elbows, shoulders, knees and feet.

The Ortho350 is intended to provide enhanced image clarity compared with traditional 2D X-ray systems while exposing patients to lower radiation levels than conventional CT scans. Adaptix believes the platform can also streamline clinical workflows and improve diagnostic accuracy for healthcare professionals.

With CE certification now secured, Adaptix can begin commercial rollout of the Ortho350 across major healthcare markets in the UK and Europe. The approval represents a significant milestone for the company as it broadens its focus beyond veterinary imaging and industrial non-destructive testing into human healthcare applications.

Management views the certification as an important growth driver that could accelerate adoption of its “3D-first” imaging strategy. The company also expects the development to strengthen Avingtrans’ position within the medical imaging sector while opening additional commercial opportunities with healthcare providers and industry partners.

Avingtrans’ broader investment outlook continues to benefit from improving financial performance, including revenue growth, stronger profitability, limited leverage and healthier free cash flow generation. However, technical indicators suggest the shares may currently be in overbought territory despite maintaining a positive upward trend. Valuation metrics remain relatively balanced, although income appeal is less compelling from a yield perspective.

More about Avingtrans

Avingtrans is a UK-based engineering and manufacturing group supplying equipment, systems and aftermarket services to the energy, medical and industrial sectors worldwide. Its portfolio includes businesses such as Hayward Tyler, Energy Steel, Stainless Metalcraft, Booth Industries and Magnetica, with operations focused on critical-performance products including pumps, motors, pressure vessels, specialist doors, HVAC systems and advanced imaging technologies for mission-critical environments.

Both the S&P 500 and the Nasdaq closed at new all-time highs last week, driven by three main factors, none of which, however, is as clearly bullish as the headlines suggest.

Starting with the labor market surprising on the upside, unemployment indeed remained at 4.3%, and the economy added 115,000 jobs, well above forecasts of 65,000, though these numbers could still be revised later. Even if they are not, with inflation still a concern, this gives the Fed another reason to hold off on cutting rates. Swapping Jerome Powell for Kevin Warsh would probably not change much.

As for a federal court ruling overturning Trump’s 10% tariffs, which had been introduced to replace earlier measures deemed illegal, this does not eliminate the trade war. Even if it becomes harder for Trump to impose tariffs unilaterally, his team will likely continue seeking alternative ways to do so. Thus, it is too early to claim that one of the key inflationary risks is going away anytime soon.

Finally, the main driver of sentiment this week was hope for a breakthrough in peace talks between the U.S. and Iran. Oil prices fell sharply after reports that both sides were discussing a one-page memorandum that could include a ceasefire, the gradual reopening of the Strait of Hormuz, and further negotiations over Iran’s nuclear program.

In practice, however, Trump rejected Iran’s proposal, calling it “unacceptable,” while the Iranian Foreign Ministry accused the U.S. of continuing to make “unfounded demands.” Meanwhile, Israeli Prime Minister Benjamin Netanyahu stated on Sunday that the war with Iran “is not over,” as both the U.S. and Israel continue to try to curb Tehran’s nuclear ambitions. 

So, does this mean a market crash is inevitable?

The conditions are certainly there, but investors are staying optimistic over the longer term. They believe that sooner or later these geopolitical risks will fade, fueling dip-buying.

Now, the longer these risks persist, the greater the potential damage to the U.S. economy, and eventually markets will no longer be able to ignore that reality.

Copper prices moved higher on Monday, hitting their strongest level in over three months as tightening supply conditions continued to support the market despite lingering uncertainty surrounding the Iran conflict.

Three-month copper futures on the London Metal Exchange climbed 1.3% to $13,573 per metric ton by 1030 GMT, their highest level since late January.

Market Heads Toward Longest Winning Run Since December

The latest advance put copper on course for a sixth consecutive day of gains, which would mark the metal’s longest rally since December.

Copper has now gained roughly 10% since the beginning of the year.

Prices Still Below Earlier Peaks

Even with the recent upward momentum, copper prices remain below the highs recorded in January.

U.S. stock futures traded modestly lower on Monday morning, suggesting a softer opening for Wall Street after major indexes posted strong gains at the end of last week.

The cautious tone followed Friday’s rally, which pushed both the Nasdaq and the S&P 500 to fresh record closing highs, prompting some investors to lock in recent profits.

Oil Rally Adds Pressure to Market Mood

Investor sentiment was also affected by another sharp rise in crude oil prices, with U.S. oil futures climbing more than 2%.

Energy markets moved higher after President Donald Trump rejected Iran’s response to a U.S.-led peace initiative aimed at ending the prolonged Middle East conflict, calling the proposal “totally unacceptable” on Truth Social.

Iranian state media reported that Tehran’s counteroffer included requests for compensation linked to war damages and demands for international recognition of Iran’s control over the Strait of Hormuz.

Even with geopolitical tensions escalating, U.S. equities have continued to show resilience in recent weeks, helped by strong corporate earnings and optimism surrounding economic conditions.

Inflation Data and Earnings to Drive Attention

Markets are expected to focus heavily on upcoming U.S. inflation figures this week, including reports on consumer and producer prices, as traders evaluate the impact of higher energy prices on inflation trends.

Investors will also be watching retail sales and industrial production data, alongside earnings releases from companies such as Under Armour (NYSE:UAA) and Cisco Systems (NASDAQ:CSCO).

Nasdaq and S&P 500 Closed Last Week at New Highs

Stocks rebounded sharply on Friday after weakness during Thursday’s session, with technology shares once again leading the advance.

The Nasdaq Composite jumped 440.88 points, or 1.7%, ending at a record closing high of 26,247.08. The S&P 500 rose 61.82 points, or 0.8%, to finish at 7,398.93, while the Dow Jones Industrial Average added 12.19 points to close at 49,609.19.

For the week overall, the Nasdaq surged 4.4%, the S&P 500 gained 2.3%, and the Dow edged higher by 0.2%.

Strong April Jobs Data Supported Market Optimism

Friday’s rally was fuelled in part by stronger-than-expected U.S. employment figures released by the Labor Department.

Non-farm payrolls increased by 115,000 jobs in April following an upwardly revised gain of 185,000 in March.

Economists had forecast an increase of just 63,000 jobs compared with the originally reported 178,000 gain in the previous month.

The report showed particularly strong hiring in healthcare, transportation and warehousing, and retail, while federal government employment continued to decline slightly.

Meanwhile, the unemployment rate held steady at 4.3% in April, matching both the previous month’s figure and analyst expectations.

Middle East Conflict Continues to Shape Markets

The labor market data helped reduce some concerns about the economic impact of the conflict in the Middle East, despite renewed military activity between the United States and Iran near the Strait of Hormuz overnight.

Reports indicated that three U.S. destroyers were targeted by Iranian missiles and drones while moving through the strait. U.S. Central Command stated that incoming threats were intercepted and that retaliatory strikes hit Iranian military facilities connected to the attacks.

In a later interview with ABC News journalist Rachel Scott, President Trump described the strikes against Iranian targets as “just a love tap” and maintained that the ceasefire agreement was still active.

U.S. Central Command also said American forces disabled two Iranian-flagged oil tankers attempting to dock at an Iranian port in the Gulf of Oman.

Tech and Gold Shares Lead Sector Performance

Technology-related sectors delivered some of the strongest gains on Friday, helping power the Nasdaq to another record finish.

The NYSE Arca Computer Hardware Index climbed 6.6%, while the Philadelphia Semiconductor Index advanced 5.5%.

Gold-related shares also moved sharply higher as bullion prices edged upward, lifting the NYSE Arca Gold Bugs Index by 3.2%.

Networking, steel and telecommunications stocks also performed strongly, while pharmaceutical companies lagged behind the broader market.