Blog

Mitie Group PLC (LSE:MTO) reported fourth-quarter revenue of £1,525 million, coming in 2% ahead of analyst expectations of £1,492 million, according to its latest trading update.

The facilities management group delivered 13% revenue growth in the quarter, bringing full-year FY26 revenue to £5,650 million, broadly in line with consensus forecasts of £5,653 million. This included 6% organic growth and 11% total reported growth, with acquisitions contributing around 5%.

During the year, Mitie secured £6 billion in new contract wins and renewals, compared with £7.5 billion in FY25. Key agreements included integrated facilities management services for Aviva and Imperial College, security contracts with Asda, and work with Transport for London.

The company’s bid pipeline expanded significantly, rising 29% year on year to £31 billion from £30 billion at the end of December.

Free cash flow reached £150 million for FY26, up 5% compared with the previous year and comfortably exceeding the company’s target of more than £120 million.

Mitie also reported solid progress on integrating Marlowe, achieving initial cost synergies of around £5 million during the year. In addition, the group completed four acquisitions worth approximately £15 million, including deals that strengthen its fire and security capabilities, particularly for data centre projects in the Nordic region.

Management reaffirmed its expectation of delivering at least £260 million in EBITA for FY26, broadly in line with analyst estimates of £262 million.

JD Sports Fashion (LSE:JD.) has disposed of its entire 9.1% holding in Applied Nutrition (LSE:APNA), raising approximately £49 million, equivalent to about $66.49 million, according to a bookrunner on Thursday.

The retailer had been the second-largest shareholder in Applied Nutrition prior to the sale, making the transaction a full exit from its position in the supplement company.

Following the announcement, shares in Applied Nutrition dropped by as much as 3.53% to 218.5 pence, while JD Sports Fashion’s stock moved higher, gaining 2.3%.

Morgan Sindall Group (LSE:MGNS) saw its shares climb more than 9% on Thursday after the company upgraded its full-year 2026 profit expectations, citing stronger-than-anticipated trading across key divisions.

“Group PBT is expected to be significantly ahead of previous expectations,” the company said in its trading update.

The UK-based construction, fit-out, and partnerships specialist pointed to improved visibility for the remainder of the year, supported by robust performance in its Fit Out and Construction segments.

Within Fit Out, the group highlighted increased confidence in converting its pipeline of tender opportunities, with profits now expected to surpass earlier forecasts and exceed the upper end of its medium-term target range.

In Construction, the operating margin is now projected to reach the top end of its 3.5% medium-term target, underpinned by strong project delivery and disciplined risk management. The division’s order book remains healthy, with a large share at preferred bidder stage, providing good visibility toward revenues of around £1.4 billion.

In Partnerships Housing, private home sales improved in the first quarter compared with the end of 2025, although market conditions remain subdued overall. Profits in this segment are expected to grow modestly year on year, with average capital employed forecast between £490 million and £550 million.

Mixed Use Partnerships is expected to perform in line with prior guidance, having commenced four new schemes during the first quarter, with further developments planned throughout the year. Average capital employed in this division is projected to range between £135 million and £150 million.

The Infrastructure division is on track to deliver an operating margin within its 3.75% to 4.25% target range, with revenues expected to remain stable.

For the period from January 1 to April 14, the group reported average daily net cash of £445 million, reflecting continued investment in its Partnerships activities. Full-year average daily net cash is now expected to exceed £400 million, broadly in line with previous guidance.

Entain PLC (LSE:ENT) reported a solid start to 2026, with first-quarter net gaming revenue increasing 3% on a constant currency basis, in line with expectations, as the global betting and gaming group reaffirmed its full-year outlook.

The company recorded strong activity levels, with total volumes up 8% year on year, supported by a 10% increase in online volumes. This was partly offset by a 1.5 percentage point decline in sports margins. Online net gaming revenue grew 5%, driven by a 9% rise in gaming, while sports revenue slipped 1% as a result of a 1.3 percentage point margin impact.

Performance in the UK and Ireland stood out, with net gaming revenue climbing 13% and exceeding expectations. Australia also returned to growth, delivering a 12% increase in net gaming revenue.

Shares moved 6.2% higher following the update, reflecting investor confidence as the company held its full-year guidance unchanged.

“We entered 2026 with strong momentum which has continued in Q1, with strong volume growth across our diversified portfolio,” said Stella David, CEO of Entain. “This further demonstrates our ongoing strategic execution and strengthening operations, and also highlights the growth embedded in our globally scaled business.”

Entain reiterated its forecast for fiscal 2026 online net gaming revenue growth of 5% to 7% on a constant currency basis, with the midpoint of 6% broadly matching analyst consensus. The company also said it remains comfortable with market expectations for group underlying EBITDA of £1,131 million for the year, excluding BetMGM-related fees, based on estimates from 11 analysts as of April 10.

BetMGM, the group’s US joint venture, reported first-quarter net revenue of $696 million, up 6%, with adjusted EBITDA of $25 million. However, it revised its full-year 2026 revenue outlook to between $2.9 billion and $3.1 billion, with adjusted EBITDA now expected toward the lower end of its previously guided $300 million to $350 million range.

Entain also reaffirmed its longer-term target of generating at least £500 million in annual adjusted cash flow by 2028.

TheraCryf plc (LSE:TCF), a UK biotechnology company focused on treatments for addiction and neuropsychiatric conditions, is progressing a pipeline led by a novel orexin-1 receptor antagonist targeting binge eating, alcohol dependence, and substance use disorders. The group is also developing a dopamine transporter modulator for fatigue linked to brain disorders, alongside a legacy oncology programme, all within a capital-light model that prioritises partnerships following early clinical validation.

The company has now filed a new process patent covering key elements of the manufacturing method for its lead candidate, Ox-1. If granted, the patent could provide up to 20 years of additional protection, extending exclusivity beyond the existing composition of matter patent. This development strengthens the intellectual property position around Ox-1, increasing barriers to generic competition and enhancing the programme’s long-term commercial potential as it approaches clinical readiness later in 2026.

More about TheraCryf plc

TheraCryf plc is a UK-based biotechnology company developing therapies for addiction and other central nervous system disorders with significant unmet need. Its lead programme focuses on a best-in-class orexin-1 receptor antagonist designed to treat conditions such as binge eating and substance use disorders. The company also advances a dopamine transporter modulator for fatigue associated with conditions including multiple sclerosis, chemotherapy, and narcolepsy, as well as a legacy glioblastoma project. Operating under a virtual development model, TheraCryf aims to progress assets to early clinical or proof-of-concept stages before partnering with larger pharmaceutical companies.

Audioboom (LSE:BOOM) reported a record first quarter for 2026, with revenue increasing 30% year on year to $22.5 million. Gross profit rose 41% to $4.8 million, pushing gross margin up to 21.3%. Adjusted EBITDA more than doubled to $1.4 million, as relatively stable operating costs allowed the company to translate higher volumes and improved creator agreements into a 6.2% EBITDA margin and a stronger cash position.

The company’s Showcase advertising marketplace was a key driver, with revenue climbing 63% alongside a 79% increase in average monthly downloads and video views, which reached 170 million. This growth followed the Adelicious acquisition and a number of new content partnerships. Although revenue per thousand impressions declined due to a higher proportion of lower-yield video and UK inventory, management views this as a longer-term monetisation opportunity. Recent video-focused partnerships with major platforms such as Spotify and Apple, along with renewed agreements with leading podcast creators, are expected to support future revenue growth.

The company’s outlook is supported by positive momentum and recent corporate developments, although challenges remain around cash flow generation and a relatively high price-to-earnings ratio. Strategic progress and strong trading performance point to further growth potential, with the current upward share price trend reinforcing a constructive outlook.

More about Audioboom

Audioboom Group plc is a global podcasting platform whose content is downloaded and viewed around 170 million times each month by approximately 50 million unique users. The company operates an advertising and monetisation platform that supports a premium network of podcasts, including major titles such as official Formula 1 shows and popular true crime and comedy series. With operations spanning North America, Europe, Asia, and Australia, Audioboom distributes content عبر major platforms including Apple Podcasts, YouTube, Spotify, and Amazon Music, and is ranked among the largest podcast publishers in the United States.

Dunelm (LSE:DNLM) posted third-quarter sales of £472 million, representing a 2.1% increase year on year. Digital channels continued to expand, accounting for 43% of total revenue and helping lift year-to-date sales by 3.1% to £1,398 million. Gross margin improved by 30 basis points as the company benefited from favourable foreign exchange movements while responding to increased demand for discounted products, reflecting more value-focused consumer behaviour.

The retailer noted that trading conditions weakened toward the end of the quarter amid rising global uncertainty. As a result, management now expects full-year profit before tax to come in at the lower end of market expectations. Despite this, Dunelm is continuing to invest in growth, including the full rollout of its mobile app, which has surpassed 300,000 downloads, and an expanded pipeline of new UK store openings. These initiatives support its longer-term omnichannel strategy, even as short-term earnings face pressure.

The company’s outlook is supported by steady underlying financial performance and broadly in-line earnings expectations, alongside relatively low capital expenditure and an attractive valuation, with a low price-to-earnings ratio and strong dividend yield. However, this is balanced by weaker technical indicators, including the share price trading below key moving averages and a negative MACD, as well as some financial risks linked to leverage and slowing free cash flow growth.

More about Dunelm Group

Dunelm Group is the UK’s leading homewares retailer, offering a wide range of products across categories such as textiles, furniture, kitchenware, lighting, outdoor, and DIY. Founded in 1979 in Leicester, the company now operates more than 200 stores across the UK and Ireland, supported by a strong online platform that includes home delivery and Click & Collect services. Dunelm’s focus on own-brand products, value, and quality, combined with its omnichannel model, underpins its position in the UK homewares market.

Blencowe Resources (LSE:BRES) has announced additional encouraging assay results from 36 shallow drill holes at the Beehive graphite deposit, located within its Orom-Cross project in Uganda. The latest results confirm substantial near-surface mineralisation, including multiple intercepts exceeding 30 metres in thickness and grades frequently above 5% total graphitic carbon, extending the discovery further to the north and west.

The findings strengthen the case for Beehive as a potentially bulk-mineable, high-grade graphite deposit and support progress toward a maiden JORC-compliant Mineral Resource, targeted for the second quarter of 2026. Alongside the previously defined Iyan resource, Beehive is expected to significantly increase the overall scale of Orom-Cross, enhancing its importance as a potential supplier of graphite to non-Chinese markets. This progress also supports Blencowe’s ongoing strategic discussions and funding efforts.

Despite positive exploration momentum, the company’s outlook remains constrained by its financial position, including a lack of revenue, continued losses, and negative operating and free cash flow, which deteriorated further in 2025. Market indicators also point to a weaker technical picture, with the share price trading below key short-term averages and momentum remaining subdued. Valuation remains difficult to assess due to negative earnings and the absence of a meaningful price-to-earnings ratio.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed exploration and development company focused on graphite assets, primarily through its Orom-Cross project in Uganda. The project is targeting large-scale, near-surface graphite resources intended to supply western markets seeking reliable, non-Chinese sources of critical materials used in batteries and industrial applications.