European builders merchant and DIY retailer Grafton (GFTU) kept its FY26 profit guidance but warned of a weak UK market. The firm operates in Ireland, the UK, Northern Europe and Iberia through Chadwicks, Selco, Leyland, Woodie’s and other brands. UK activity turning negative Ahead of its AGM, the firm reported flat LFL sales for the first four months of 2026. Growth in Ireland, Northern Europe and Iberia was ‘fully offset’ by weaker UK sales. UK LFL revenue was down 5% reflecting a further weakening in construction markets. The Middle East conflict has led to rising cost inflation and weaker consumer…

Luxury timepiece seller Watches of Switzerland (WOSG) clocked up record sales in FY26, beating revenue and earnings forecasts. CEO Brian Duffy said the firm had started FY27 with ‘strong momentum’, helping the shares gain 14% to a new 12-month high of 606p. Record performance For the year to 3 May, the group posted a 13% increase in sales to £1.83 billion, beating the consensus of £1.78 billion. EBIT for the year is expected to be between £152 million and £155 million against a consensus of £148 million. The firm said demand for key luxury brands, particularly products on Registration of…

Shareholders in 3i Group (III) must feel like it’s Groundhog Day after the stock fell over 15% for a second time on results. The shares tumbled a similar amount in November 2025 when the private equity investment trust released its H1 figures. Slowdown at Action For the year to March 2026, the group reported a total return of £5.3 billion or 22% on opening shareholders’ funds. That translated into an NAV per share of £30.30 against £25.42, including a 77p per share benefit from currency gains. Once again, the bulk of the upside came from the financial performance of European…

Investor Toscafund has proposed a 250p per share offer for private hospital and clinic operator Spire Healthcare (SPI). The offer values the firm at £1 billion and represents a 66% premium to last night’s closing price of 150p per share. Unanimous support Toscafund, Spire’s second-largest shareholder, made several earlier proposals to the company during its strategic review according to today’s statement. Its latest proposal includes an option for investors to roll some or all of their holdings into an unlisted equity alternative. Spire’s board says it is still highly confident in the firm’s standalone strategy and the ‘value creation opportunity’.…

Shares in housebuilder Vistry (VTY) fell 12% to a 15-year low after the firm warned H1 profits will be ‘significantly lower’. The company guided FY profit expectations to the middle of the range of estimates, but the damage was done. H1 hit to earnings Ahead of its AGM at midday, the firm said it was updating guidance after the increase in macro-economic uncertainty. It also pointed to ‘a range of potential outcomes’ for the year, suggesting there may be further changes to foreacsts. For the first half of 2026, the firm has accelerated sales of its completed or near-completed homes.…

Specialist engineering firm Spirax (SPX) reaffirmed its FY26 guidance after logging strong organic growth year to date. The group designs, makes and sells steam and fluid monitoring and control equipment, primarily for the food, pharma and petrochemical industries. Above-market growth For the first four months of 2026, Spirax registered mid single digit organic revenue growth across the group. Meanwhile, global industrial production grew just 1.4% in Q1, and the forecast for the full year is only a 1.9% increase. Steam Thermal Soultions grew ahead of the market thanks to ‘sustained strength’ in MRO (maintenance, repair and overhaul). The firm also…

Games developer and publisher Frontier Developments (FDEV) raised its forecast for sales and earnings for FY26 to end-May. Shares in the AIM-listed group soared 20% to 400p on the back of the upgrade, the second this year. Second upgrade Frontier, which specialises in CMS (creative management simulation) games, is behind the popular Planet Zoo and Jurassic World franchises. Its portfolio also includes the space exploration title Elite Dangerous, F1 Manager and Warhammer 40,000: Chaos Gate – Daemonhunters. The firm said the success of Jurassic World Evolution 3, along with strong sales of its other games, meant sales would exceed expectations.…

Tobacco and vape firm Imperial Brands (IMB) posted in-line H1 results and maintained its FY26 financial guidance. CEO Lukas Paravini said the firm had seen ‘no material impact’ from the Middle East conflict but was monitoring events. Guidance maintained For the six months to March, Imperial reported tobacco and NGP (new generation product) revenue of £3.73 billion. That was marginally ahead of the consensus of £3.68 billion as compiled by the company. Tobacco revenue rose 1.5%, with higher prices offsetting lower volumes, while NGP revenue rose 7.5%. New product sales jumped 60% in AAACE (Asia, Africa and Central Europe) while…

Shares in foodservice group Compass (CPG) gained 2.3% to $30.17 after the firm raised its FY26 profit outlook. On an underlying basis, the company now sees operating profit rising 11% instead of 10% previously. Margin improvement For H1 to March 2026, Compass registered underlying operating growth of 12%, ahead of forecasts. The firm attributed the better outturn to higher revenue and M&A synergies which led to an improvement in margins. Revenue for H1 rose 9% to $25 billion with underlying organic growth of 7.2%, slightly ahead of forecasts. Revenue from existing clients was strong, with client retention an impressive 96%…

British Airways and Iberia owner International Consolidated Airlines (IAG) said FY profit will ‘inevitably’ miss expectations due to higher fuel prices. However, it said it aimed to recover 60% of the impact through revenue and cost management actions. Minimal disruption to flights IAG posted a small increase in Q1 turnover to €7.18 billion and a 77% increase in operating profit to €351 million. It admitted the quarter was ‘relatively unaffected’ by the Middle East conflict but it would have ‘a more substantial impact’ over the FY. The group is well hedged for this year at 70%, and so far there is…