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ProCook (LSE:PROC) posted a robust fourth quarter, with revenue climbing 19.2% to £18.5 million and like-for-like sales increasing 9.9%. Growth was supported by strong double-digit gains across both its retail stores and ecommerce channels, alongside contributions from newly opened locations.

For the full year, the company achieved record revenue of £85.5 million, representing a 23% year-on-year increase and exceeding market expectations. ProCook also significantly outpaced the broader UK kitchenware sector, outperforming it by around 20 percentage points while continuing to expand its market share.

Earnings performance showed improvement as well, with EBITDA projected to come in slightly ahead of forecasts, while operating profit and profit before tax were broadly in line with expectations. This came despite some headwinds from newer stores, which are still maturing, and foreign exchange pressures. The balance sheet remains solid, with £4.4 million in net cash and total available liquidity of £20.4 million, providing the company with flexibility to invest further in store expansion, marketing initiatives, technology upgrades, and AI capabilities. Management continues to target 100 stores, £100 million in revenue, and a 10% operating margin over the medium term.

Looking ahead, the company’s outlook is supported by improving operational performance and strong cash generation, along with positive share price momentum trading above key moving averages. However, these strengths are partly offset by elevated balance sheet leverage and weaker valuation signals, including a negative P/E ratio and the absence of a dividend yield.

More about ProCook Group PLC

ProCook Group PLC is a UK-based direct-to-consumer kitchenware brand focused on designing, developing, and selling high-quality own-brand products at competitive prices. Headquartered in Gloucester, the company operates through its website and a network of 78 stores across the UK. Established over 30 years ago, ProCook employs more than 700 people and has been listed on the London Stock Exchange since 2021.

Serabi Gold (LSE:SRB) delivered first-quarter 2026 gold production of 12,042 ounces, marking a 20% increase compared to the same period last year. The company also reported a cash position of $64.4 million and is now debt-free following the repayment of a $5.3 million facility. Management reiterated its full-year production target of 53,000 to 57,000 ounces, supported by solid operational performance at both Palito and Coringa, where ongoing mechanisation and ore-sorting initiatives are improving efficiency and boosting grades.

In response to capacity constraints and a favourable gold price environment, Serabi has initiated the installation of a fourth ball mill at the Palito Complex. This upgrade is expected to lift processing capacity to around 330,000 tonnes per year by 2027, allowing the company to treat lower-grade stockpiles and potentially restart operations at the São Chico satellite mine.

At Coringa, progress continues toward securing a full mining licence, with key approvals related to land use and indigenous stakeholders moving forward. Meanwhile, the company is addressing safety concerns after two recent underground fatalities by increasing on-site safety personnel and commissioning an independent external review, highlighting a renewed focus on ESG standards and operational risk controls.

From a financial standpoint, Serabi’s outlook is underpinned by strong margins, growing earnings potential, and minimal leverage, alongside an attractive valuation reflected in a relatively low P/E ratio. However, these strengths are somewhat offset by softer technical indicators, with the shares trading below short-term moving averages and showing limited momentum.

More about Serabi Gold

Serabi Gold is a Brazil-focused gold producer engaged in exploration, development, and mining activities. Its core assets include the Palito Complex and the Coringa underground project in the Tapajós region. The company’s strategy emphasizes expanding existing operations, optimizing plant capacity, and growing its resource base, with a goal of reaching at least 1.5 million ounces of gold resources by the end of 2026.

Sunda Energy plc (LSE:SNDA) has taken a significant step toward expanding its footprint in New Zealand by paying an initial US$1.5 million deposit to Matahio Ventures. The payment relates to a conditional agreement to acquire Matahio Energy NZ Limited, a company that holds and operates a mix of producing and exploration oil and gas permits across the country.

This transaction highlights Sunda’s broader strategy to strengthen its presence in the Asia-Pacific region, particularly by adding assets that are already producing as well as those still in the appraisal phase. By doing so, the company aims to build a more balanced portfolio that combines near-term output with longer-term development potential.

As part of the acquisition process, Sunda has submitted an application to New Zealand regulators seeking approval for a change of control involving the permit-holding operating entities. This step is required under the Crown Minerals Act, and securing this consent will be essential before the deal can be finalized and the assets fully integrated into Sunda’s operations.

From an investment perspective, the company continues to face pressure from its financial profile. It currently reports no revenue and widening losses, alongside ongoing cash outflows, although its leverage remains relatively low. While recent share price momentum has offered some technical support, overbought indicators suggest caution. Valuation also remains constrained given the lack of profitability and absence of dividend prospects.

More about Sunda Energy plc

Sunda Energy plc is an AIM-listed oil and gas exploration and appraisal company focused on the Asia-Pacific region. Its strategy centers on building a diversified portfolio of upstream assets, combining exploration opportunities with producing fields, and expanding its regional presence through targeted acquisitions such as its planned entry into New Zealand.

UK equities have adjusted sharply enough to reflect near-recession conditions in the wake of the US-Iran conflict, with mid-cap valuations suggesting flat or even slightly negative economic activity, according to a recent note from Goldman Sachs.

The FTSE 250 is currently trading around the 15th percentile of its historical price-to-earnings range, while most global equity markets are positioned much higher, between the 80th and 95th percentiles, the bank said. Its economists have also revised down their UK growth outlook, cutting their Q4/Q4 GDP forecast to 0.6% from 1.5% prior to the conflict.

“UK stocks have been quick to discount and are arguably overly discounted in some cases,” Goldman Sachs noted, adding that FTSE 250 valuations are “likely consistent with activity running at zero or slightly negative.”

The announcement of a two-week ceasefire between the U.S. and Iran helped trigger a global rebound in equities, as energy prices eased from recent highs. Goldman Sachs’ commodities team expects flows through the Strait of Hormuz to begin normalising over the weekend, followed by a gradual recovery in Persian Gulf exports over the course of a month.

The bank has slightly lowered its second-quarter Brent crude forecast to $90 per barrel, while leaving its outlook for the third and fourth quarters of 2026 unchanged at $82 and $80 respectively.

Energy’s contribution to UK headline inflation is expected to shift from a negative 0.1 percentage point in February to a positive 0.3 percentage point in March, with further increases anticipated in April, Goldman Sachs said.

The UK PMI output prices index also rose in March, exceeding levels that would typically be implied by movements in oil and gas prices, with price pass-through in the services sector proving stronger than in the euro area.

Goldman Sachs highlighted that UK cyclical stocks have underperformed defensive names more significantly than in the U.S. or eurozone. Retail stocks within the FTSE 350 have declined more than would be suggested by GfK UK Consumer Confidence data alone.

Domestic-focused UK equities, tracked through the GSSTUKDE basket, have diverged from their usual relationship with GBP/USD over the past year. Despite a stronger pound, these stocks have lagged, with their relative performance against the FTSE 100 nearing lows last seen in 2022.

The FTSE 100 closed at 10,603 on April 9, trading on a 12-month forward price-to-earnings ratio of 13.0 and offering a dividend yield of 3.3%, compared with a forward P/E of 20.4 for the S&P 500, Goldman Sachs said. The bank maintains a 12-month target of 10,800 for the index.

On the rates side, Goldman Sachs noted that current pricing in real estate and housebuilder stocks suggests higher yields are already reflected in valuations. “With weak economic growth, we expect gilt yields to moderate,” the bank said. The UK 10-year gilt yield currently stands at 4.8%, with Goldman Sachs projecting a decline to 4.4% over the next 12 months.

Oil prices jumped sharply on Monday after the United States moved to restrict Iranian-linked shipping following the collapse of weekend peace talks, while the dollar strengthened and both equities and sovereign bonds came under pressure.

The U.S. step, designed to increase leverage on Tehran, has put a fragile ceasefire at risk and extended uncertainty around Middle East energy flows, even as market participants hold out cautious hopes for a diplomatic breakthrough.

Brent crude rose 7% to roughly $102 per barrel—up more than 40% since the conflict disrupted traffic through the Strait of Hormuz. Meanwhile, Europe’s STOXX 600 index declined 0.8%, and S&P 500 futures slipped 0.6%.

Government debt markets also weakened. U.S. Treasuries sold off, pushing yields on benchmark 10-year notes up 2 basis points to 4.33%, while European bonds followed, with Germany’s 10-year yield rising 1 basis point to 3.06%.

“Markets, as the week gets underway, are trading in rather ‘textbook’ risk-off fashion, as participants reach once more for the ‘conflict escalation’ playbook,” said Michael Brown, strategist at Pepperstone.

“Losses are seen elsewhere, with equity futures in the red on both sides of the pond, gold rolling over, and govvies facing some headwinds too. All these moves, though, it must be said, are relatively contained in the grand scheme of things,” he added.

The Wall Street Journal reported that President Donald Trump and his advisers are weighing the possibility of limited military action against Iran, although no immediate strikes were reported during Asian trading hours.

Trump said on Sunday that oil and gasoline prices could stay elevated through the U.S. midterm elections in November, acknowledging the potential domestic political consequences of the conflict.

“The market is now largely back to conditions before the ceasefire, except now the U.S. will block the remaining up to (2 million barrels) Iranian-linked flows through the Strait of Hormuz as well,” said MST Marquee analyst Saul Kavonic.

“The key remaining question is if the U.S. renews strikes on Iran, raising the risk of strikes on energy infrastructure across the region which could have a further lasting impact beyond the duration of the war.”

Dollar strengthens as inflation concerns intensify

In currency markets, the euro fell about 0.3% to $1.1692, while risk-sensitive currencies such as the Australian dollar also edged lower.

The surge in energy prices has prompted investors to reassess the outlook for monetary policy, with expectations shifting toward the possibility that central banks—including the European Central Bank and the Bank of England—may need to tighten policy, reversing earlier assumptions of rate cuts or extended pauses.

Recent U.S. inflation figures showed consumer prices rose at their fastest pace in nearly four years in March, driven largely by higher gasoline costs. Money markets now suggest traders see less than a 20% chance of a Federal Reserve rate cut this year.

In emerging markets, the Hungarian forint rallied strongly, reaching multi-year highs against both the dollar and the euro after Prime Minister Viktor Orbán was voted out of office following 16 years in power, replaced by a centre-right coalition in Sunday’s election.

The outcome is expected to unlock European Union funding flows to Hungary and Ukraine.

“The positive political developments have triggered a powerful rally for the forint,” said MUFG currency strategist Lee Hardman.

“The price action reinforces the forint’s position as one of the best-performing emerging market currencies this year.”

Gold prices edged lower on Monday, pressured by a firmer U.S. dollar after ceasefire negotiations between Washington and Tehran failed to deliver progress, prompting investors to shift toward the greenback as a safe-haven asset.

The metal was also dragged down by robust U.S. inflation data released on Friday, which dampened expectations for near-term interest rate cuts from the Federal Reserve.

Spot gold declined 0.6% to $4,720.67 per ounce as of 01:06 ET (05:06 GMT), while gold futures dropped 0.9% to $4,743.20 per ounce.

Other precious metals weakened as well, with spot platinum easing to $2,047.06 per ounce and spot silver falling nearly 2% to $74.3975 per ounce.

Dollar strengthens as U.S.-Iran tensions persist

The U.S. dollar index rose around 0.4%, supported by increased demand for safe-haven assets after talks between the U.S. and Iran ended without meaningful breakthroughs.

Extended discussions held in Pakistan over the weekend failed to ease tensions, with disagreements continuing over Iran’s nuclear program, the situation in the Strait of Hormuz, and Tehran’s backing of militant groups across the Middle East.

U.S. President Donald Trump responded by ordering a naval blockade of the Strait of Hormuz, later clarifying that the action would be directed specifically at Iranian ports and vessels.

The blockade, set to begin at 10:00 ET (14:00 GMT), raises the risk of further escalation. Iran has strongly opposed the move.

Inflation pressures add to gold’s downside

Gold also came under pressure following U.S. consumer price data showing a notable rise in inflation in March, largely driven by higher energy costs linked to the conflict.

Annual CPI increased to 3.3% in March, slightly below forecasts of 3.4% but significantly higher than the 2.4% recorded in February.

The data intensified concerns that elevated oil and gas prices—driven by the conflict—could push inflation higher globally. The Strait of Hormuz, a critical route for energy shipments, has remained largely closed since late February, and the planned U.S. blockade further dims prospects for a near-term reopening.

Following the CPI release, expectations for Federal Reserve rate cuts over the coming year were scaled back further, according to CME FedWatch data. This outlook tends to weigh on gold and other non-yielding assets, as higher interest rates reduce their appeal.

Concerns about prolonged elevated rates have overshadowed gold’s traditional role as a safe haven, while the metal’s strong rally into late 2025 has also limited fresh buying interest.

U.S. producer price index data is due later this week.