Good morning! It's a little bit hectic today. Good luck if you have multiple portfolio holdings updating at the same time!
Fortunately most of the company news today is very positive. I'm even wondering if this is some kind of record. By my count, over a dozen companies have beaten expectations or raised guidance!
Today's Agenda is complete.
Spreadsheet accompanying this report: link (updated to 16th December)
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our View (Author) |
|---|---|---|---|
BHP (LON:BHP) (£124bn | SR96) | Copper prices are up 32% and iron ore prices 4% higher. “We have increased FY26 group copper production guidance off the back of stronger delivery across our assets.” | ||
| GSK (LON:GSK) (£74bn | SR92) | GSK to acquire RAPT Therapeutics | RAPT is “a California-based, clinical-stage biopharmaceutical company dedicated to developing novel therapies for patients living with inflammatory and immunologic diseases”. Net of cash acquired, GSK's estimated upfront investment is $1.9 billion. | |
Informa (LON:INF) (£11bn | SR54) | Full year results in line with or ahead of market guidance. Increase in Group underlying revenue growth guidance to 6%±. £200m of new share buybacks. Partnership with Dubai World Trade Centre, combining their live events businesses in the region. | ||
Wise (LON:WISE) (£10.3bn | SR33) | Quarterly cross-border volume grew +25% YoY. Underlying income: expects to be around the middle of the guided range of 15-20% growth for FY26. Now expects FY26 underlying PBT margin to be towards the top of the medium-term target range 13-16%. | ||
Qinetiq (LON:QQ.) (£2.77bn | SR48) | 2026 full-year guidance: “Whilst subject to near-term spending uncertainty we continue to expect to deliver c.3% organic revenue growth, an operating margin of c.11%, cash conversion of c.90% and EPS growth of 15-20%.” | ||
Just (LON:JUST) (£2.25bn | SR51) | Still expects the acquisition of Just by BWS to complete during the first half of 2026. | PINK | |
Big Yellow (LON:BYG) (£2.1bn | SR45) | Q3: total revenue +2%, LfL store revenue +2%. Anticipates adjusted EPS growth for the full year of approximately 2%. The previous year benefited from one-off insurance proceeds. | ||
Seplat Energy (LON:SEPL) (£2.0bn | SR94) | The 300 MMscfd ANOH gas project has achieved first gas. Wet gas production has been stabilizing, delivering 40-52 MMscfd of processed gas directly from the ANOH gas plant to the Indorama Petrochemical Plant. | ||
4imprint (LON:FOUR) (£1.23bn | SR87) | A resilient operational and financial performance in 2025 amidst a volatile macroeconomic environment. Both revenue and profit before tax are above the upper end of the current range of analysts' forecasts. Revenue $1.35bn (2024: $1.37bn), PBT at least $149m (2024: $154m). | ||
Kier (LON:KIE) (£981m | SR94) | H1 (to December) and estimated full year performance remain in line. Order book remains at record levels (£11.6bn), 94% of FY June 2026 revenue estimated to be secured. | ||
Craneware (LON:CRW) (£669m | SR47) | H1 revenue +6% to c.$106m and double-digit growth in Adjusted EBITDA to approximately $33.4m. ARR +4% to $184.3m. Continues to trade in line with current market expectations for the year ending 30 June 2026. | ||
Ibstock (LON:IBST) (£538m | SR30) | Solid performance in FY25 with revenue up 2% to c.£372 million. Market share growing. EBITDA for the full year anticipated to be in line with previous guidance. | ||
DFS Furniture (LON:DFS) (£429m | SR95) | H1 underlying profit before tax and brand amortisation £30-31m, up +£13m to +£14m year-on-year. Net bank reducing from £105m (June 2025) to £60-61m at 28th December. Winter sale trading period has started in line with expectations. Now expects full year adjusted PBT to be between £43-50m, ahead of current consensus of £41m. | ||
Funding Circle Holdings (LON:FCH) (£382m | SR27) | Revenue of c.£204 million, up 28%, and profit before tax of c.£20 million, ahead of current market expectations of £191 million and £17 million respectively. Current guidance for FY 2026 is for revenue >£200 million. Having achieved this a year early, will provide updated guidance on 5th March 2026. | ||
Niox (LON:NIOX) (£288m | SR47) | Revenue +17%. Adjusted EBITDA ahead of consensus expectations, and up 21% to approximately £16.7m (expectations £15.9m). Looking ahead: “We enter 2026 with a strong balance sheet, close to £20m in cash, good commercial momentum, and a clear focus on driving further adoption of FeNO testing worldwide.” | ||
Yu (LON:YU.) (£278m | SR96) | 48% growth in meter points supplied. FY25 revenues c. £700m (2024: £646m). EBITDA forecasted to be in line with expectations (£50.3m). | ||
Capital (LON:CAPD) (£277m | SR94) | Full-year revenue at the upper end of revised and raised guidance for both the Group and MSALABS. Revenue guidance for 2026 will be provided at FY 2025 results. | ||
Public Policy Holding (LON:PPHC) (£253m | SR44) | Ahead of expectations: FY25 revenue +24.7% to $186.5m (+6.2% organic). Adj EBITDA +17.9% to $45.5m. Experiencing strong demand in US. | ||
Avacta (LON:AVCT) (£242m | SR24) | Phase 1 trials of AVA6000 and AVA6103 making progress. Expect clinical testing of AVA6103 in Q1 2026. Raised £22.5m in 2025, cash of £16.9m at 31 Dec 25. | ||
Concurrent Technologies (LON:CNC) (£198m | SR71) | FY25 revenue and pre-tax profit to be “in line with market expectations”, with double-digit growth vs FY24. Market forecasts for FY25 are £46m and £6.2m respectively. | ||
Midwich (LON:MIDW) (£189m | SR66) | FY25 revenue broadly flat at c.£1.3bn, w/ return to growth in H2. Adj pre-tax profit to be in line with expectations of £30m. | ||
Reach (LON:RCH) (£173m | SR76) | “The resilient performance of our print business and continued cost control means that we expect to deliver ahead of current market expectations for the full year.” Previous FY25 consensus adj op profit £99.1m, Panmure Liberum new forecast is £102.7m. | ||
Treatt (LON:TET) (£126m | SR78) | Full Year Results & Relationship Agreement and Board Appointment | Revenue -11.8% to £132.5m, adj PBT -44.4% to £10.3m. In line with July 2025 guidance. Reports “important” sugar reduction win & commercial progress in Asia. FY26 YTD in line with Board’s expectations. | |
Team Internet (LON:TIG) (£118m | SR57) | Strong momentum in Q4 despite challenging conditions. Now expects to report FY25 revenue and adj EBITDA towards top end of current forecasts (EBITDA forecasts $40-43m). Discussions relating to disposal of DIS “are progressing well”. | ||
Eagle Eye Solutions (LON:EYE) (£90m | SR55) | H1 ahead of exps, FY26 adj EBITDA now expected to be “comfortably ahead” of market forecasts. H1 ARR +3% to £42.2m, revenue -5% to £23m. Adj EBITDA -28% to £4.3m. Expect to exit FY26 with 20% EBITDA margin run rate. | ||
Kromek (LON:KMK) (£75m | SR93) | H1 revenue £15.0m (H1 25: £3.7m), pre-tax profit £3.1m (H1 25: £5.7m loss). Growth due to “landmark agreements” with Siemens Healthineers in FY25. FY26 results expected to be in line with market expectations. | ||
Gear4music (HOLDINGS) (LON:G4M) (£65m | SR95) | FY26 EBITDA is now expected to be ahead of consensus market expectations, with EBITDA of not less than £17.7m (expectations: £16.7m). FY27 Board expectations upgraded reflecting the continuing very strong underlying trading and revised capital expenditure profile. | ||
Staffline (LON:STAF) (£55m | SR96) | Revenue +11.5%, pre-tax profit +42% to £7.1m. FY25 results to be “significantly ahead of market expectations” (Panmure Liberum previously had adj PBT of £6.0m). | ||
Creo Medical (LON:CREO) (£51m | SR35) | Revenue +50% to £6m, in line with exps. Operating costs -20% to £18.4m, operating loss -40% to £13.3m. Confident of meeting FY26 expectations. | ||
Helium One Global (LON:HE1) (£43m | SR10) | First helium gas in Dec 25, operator now focused on stabilising output. Trailer on site for filling ahead of first sales. | ||
Flowtech Fluidpower (LON:FLO) (£38m | SR43) | Full Year Trading Update & Acquisition & Proposed Placing and Retail Offer | Revenue +8.9% to £116.9m, adjusted EBITDA c.£7.7m, “broadly in line with expectations”. Reports some H2 25 projects have slipped into H1 26. Acquiring Q Plus in Netherlands for an EV of €9.25m (4.6x - 5.5x EBITDA). Will double the size of Benelux operations. Raising up to £10m in placing/retail offer. | |
System1 (LON:SYS1) (£27m | SR75) | FY26 guidance maintained. Q3 platform revenue of £9.5m was flat YoY but ahead of Q1/Q2. Revenue from new client wins +10% to £7.4m in 9M26. Net cash £8.3m. |
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