Specialist value-seeking trust Temple Bar (TMPL) posted another year of outstanding performance in 2025. After a near 20% NAV total return in 2024, the managers produced a 33.9% return last year. Superior stock selection By comparison, the FTSE All-Share index delivered a 9.5% total return in 2024 and a 24% return last year. In terms of share price total return, the trust managed a 19.1% gain in 2024 and an extraordinary 45.3% gain last year. ‘Returns were primarily driven by stock selection rather than broader market movements,’ observed trust chairman Charles Cade. The performance reflected the managers’ focus on ‘company…

Pub operator JD Wetherspoon (JDW) posted a fall in H1 profit and warned FY earnings might miss expectations ‘slightly’. Despite higher sales, the firm is battling cost increases and the prospect of declining consumer confidence. Sales up, profits down For the six months to 25 January, Wetherspoon registered a 5.7% increase in sales to £1.09 billion. LFL sales growth of 4.8% was well ahead of the overall market, although it slowed after the period end. February LFL sales rose 3.2% against a 0.2% drop in industry LFLs, while in the seven weeks to 15 March growth was 2.6%. Operating profit…

Shares in oil giant BP (BP.) have surged to a post-2020 high today on the spike in crude prices. The stock price is up around 8% this week and more than 30% year-to-date as Brent crude has soared. Rising energy prices The price of oil jumped 6% to $115.70/barrel after more attacks on Middle East energy infrastructure overnight. Iranian missiles targeted Ras Laffan Industrial City in Qatar, which produces some 20% of global LNG (liquid natural gas). The attack followed an Israeli strike on the South Pars gas field, which draws on the same natural gas reservoir. European LNG prices…

Against a volatile backdrop for markets, investment trust JPMorgan Global Growth & Income (JGGI) generated a 9.1% H1 NAV return. That was behind the 13.3% return for the MSCI ACWI (All Countries World Index) in sterling terms but still respectable. Short-term underperformance The £3.3 billion trust, which looks for predictable income and long-term growth, has comfortably beaten the benchmark over five and 10 years. However, over shorter periods it can lag, as in the six months to December when the market favoured short-term momentum over long-term fundamentals. In terms of contribution versus the index, asset allocation detracted 0.5% of performance…

Shares in shipbroking and logistics group Clarkson (CKN) sailed to a new high on the announcement the firm had bought Link Group.  Link is the market-leading North American physical crude and derivatives oil brokerage business and data provider. Earnings enhancing The acquisition marks a major step in Clarkson’s strategy to enhance and grow its capabilities in physical commodities, derivatives and data. It also expands Clarkson’s presence in the Americas and will be immediately earnings enhancing. With WTI (West Texas Intermediate) now part of the Brent pricing complex, market participants are increasingly using the CME HTT (WTI Gulf Coast) contract to…

Specialist industrial parts distributor Diploma (DPLM) raised its guidance for FY26 revenue growth and margins after ‘very strong’ H1 trading. Shares in the group jumped 800p or 16% to a new all-time high of £58.40. Sales and margin upgrade The firm said it delivered a ‘great’ sales performance in H1 and was confident in the H2 outlook. It also said margins continued to expand helped by ‘steady accretion’ across the group and the integration of Peerless. Therefore, it raised its FY organic sales growth forecast from 6% to 9%, with 3% growth from acquisitions as before. So far Diploma has…

According to a recent study published by Bowmore Asset Management, 52% of the FTSE 100’s total return over the last decade came from dividends. Let that sink in for a minute. Not capital appreciation, re-rating, economic expansion, earnings growth or buybacks, but dividends. FTSE 100 total return with dividends vs without dividends Source: Bowmore Asset Management There are plenty of experts who will argue dividends are a drag on growth and should be the last resort when a company is allocating capital. So how is it possible they account for most of the return from big-cap UK stocks since 2016?…

Shares in lender Close Brothers (CBG) slid as doubts continued to swirl over the firm’s potential exposure to motor finance claims. The fall followed a 14% drop on Monday following a short-selling attack by Viceroy Research. Claim and counter-claim In a note titled ‘Commission Impossible’, Viceroy said it was short Close Brothers shares. It argued Close would have to double its existing provisions and its CET1 regulatory capital limits were ‘already at risk’. The short seller went on to claim Close had ‘systematically misrepresented’ its exposure to the FCA’s forthcoming Motor Finance Consumer Redress Scheme. Viceroy estimates claims could be…

Subsea services group Ashtead Technology (AT.) posted FY25 earnings well above the consensus, while revenue was in line with estimates. The firm issued upgraded guidance in January after H2 trading exceeded expectations. Strong market fundamentals For the year to December, revenue rose 21% to £203.2 million as per the firm’s revised guidance. The acquisitions of Seatronics and J2 Subsea contributed 19% growth, while underlying growth net of currency moves was 2%. Adjusted EBITA increased 17.5% to £59.1 million, representing a 29.1% margin, towards the top end of guidance. Adjusted EPS increased 9.8% to 49.4p against the company-compiled consensus of 44.7p.…

AIM-listed maritime surveillance system and navigation device maker SRT Marine (SRT) posted a near-doubling in H1 revenue. The firm also delivered a significant increase in pre-tax profit and operating cash flow. Strong growth and good visibility Revenue for the six months to December 2025 jumped 95% from £26.2 million to £51.1 million. Around 90% of the total came from surveillance systems and around 10% came from the transceivers business. The firm said it would continue to grow revenue in H2 and was confident of meeting market expectations. The current consensus on Stockopedia for FY revenue is £116 million, implying annual…