Shipbroking and logistics group Clarkson (CKN) successfully navigated a choppy 2025 and said 2026 had started with ‘strong momentum’. Market sentiment is positive, the firm has a healthy order book and pricing has improved according to CEO Andi Case. Steady as she goes Clarkson provides shipbroking services, research, logistical support and corporate finance to clients in the shipping and offshore sectors. Unsurprisingly, 2025 proved a testing year due to heightened political and economic uncertainty which undermined growth. The first half of the year was impacted by escalating rounds of tariffs and the increased use of sanctions against various countries. That…

Analysts have cut their estimates for S&P500 earnings growth for Q1 due to concerns over tariffs, inflation and AI disruption. That’s according to the latest research from FactSet’s senior earnings analyst John Butters. Before investors start wailing and gnashing their teeth, however, it’s worth noting this is all part of the forecasting process. According to FactSet, analysts have downgraded their Q1 growth estimates every year since 2021. Are more downgrades coming? In January and February, analysts lowered their EPS forecasts for the S&P 500 by -1.5% from $71.57 to $70.50. Since 2021, the average decline has been -3.1% but it…

AIM-listed Hargreaves Services (HSP) has sold a second plot of renewable energy land, generating a significant uplift to earnings. The group provides services to the environmental, infrastructure and property sectors in the UK. Pure profit The plot in South Lanarkshire, currently leased to a battery energy storage system, generates an annual rent of £0.5 million. The sale price of £6.8 million represents an uplift to the latest valuation of £6.4 million in July 2025. The sale will result in one-off benefits of £5.3 million to FY26 pre-tax profit and £6 million to net cash. The current consensus has FY pre-tax…

Shares in pest control and hygiene group Rentokil (RTO) surged 12% after the firm posted a recovery in FY25 sales and earnings. The company also confirmed its medium-term North America cost reduction and margin targets. Big improvement For the year to December, Rentokil increased revenue by 4.4% to $6.9 billion. The firm noted H2 LFL revenue growth accelerated to 3.5% against 1.6% in H1. Group operating profit increased 6.2% to $1.07 billion, representing a margin of 15.5% against 15.2% previously. Importantly, free cash flow increased 24% to $615 million with cash conversion reaching 98%, ahead of expectations. ‘2025 has been…

Housebuilder Taylor Wimpey (TW.) maintained its cautious earnings outlook for FY26 due to fewer completions and price pressures. The firm said it started the year with softer pricing in its order book so results would be H2 weighted. Affordability issues As of 1 March, Taylor Wimpey’s order book excluding JVs was 7,678 homes against 8,098 a year earlier. By value, forward orders were worth £2.18 billion against £2.28 billion at the same point in 2025. The firm said the Spring selling season had started well, although weekly net private sales were slightly down on last year. It also said while…

AIM-listed automotive parts supplier Surface Transforms (SCE) suffered the loss of its biggest customer this week. The company announced the news yesterday, sending its shares down 95% to 0.095p, although they have rebounded slightly today. GM slams on the brakes Surface Transforms makes carbon-ceramic brake discs and is one of only two mainstream companies in this field alongside Italy’s Brembo. Its products are stronger and more durable than most of its competitors’ with improved heat conductivity. The firm revealed yesterday afternoon that General Motors (GM), its largest customer, was terminating its contract as of 31 March. GM represented 84% of…

Shares in housebuilder Vistry (VTY) plunged 20% after the firm lowered its margin guidance for FY26 due to price incentives. The firm also announced it was putting buybacks on hold and CEO Greg Fitzgerlald was stepping down. Focus on cash The group said 2026 had started well with an average of 1.42 sales per site per week against 0.59 a year ago. Open market sales are 40% ahead of last year, ‘primarily reflecting the success of the targeted pricing initiatives’. The focus for 2026 is to increase cash generation and reduce housing inventory by driving Open Market sales with incentives.…

Buybacks are one of the biggest developments in stock markets over the last decade, but do they actually add value? In this article we examine why companies are buying back shares and shrinking their capital rather than reinvesting for growth. Typically, when a company announces a buyback its shares rally as it is seen as a sign of management confidence. Generally, the bigger the buyback the bigger the response, even if the shares are overvalued and the timing is poor. A zero-sum game Buybacks mechanically boost a company’s EPS (earnings per share), because afterwards there are fewer shares in issue.…

Shares in testing, inspection and certification firm Intertek (ITRK) slumped 12% to £41.66 despite record FY25 results. The fall took the stock to the bottom of the FTSE 100 leader board and a nine-month low. Margin and earnings growth For the year to December, Intertek posted revenue of £3.4 billion, up 3.9% on an underlying basis. Growth was led by Consumer Products, Corporate Assurance and Industry and Infrastructure, offsetting weakness in Energy. Adjusted operating profit rose 9.3% to £620 million, representing a margin of 18.1% against 17.2% previously. The firm put the improvement down to product mix, pricing, operating leverage,…

Specialist contractor Keller (KLR) published a revised capital allocation plan alongside its FY25 result. As part of the plan, the firm raised its dividend sharply and announced a £100 million share buyback. Share price: £21.05 (+5.2%)PE: 11xMarket cap: £1.48bnYield: 3.3% Broad-based growth Geotechnical specialist Keller posted record results for the year to December, with total revenue up 3.4% to £3.1 billion. Growth came from all three geographic divisions, led by North America which represents around 60% of revenue. In the US, the firm won new contracts across several sectors including large infrastructure projects and data centres. This more than offset…