Headline
Heavy results day skewed to UK plc downgrades: GEN cut FY guidance to the low end and MTL guided FY26 gold output sharply lower, while SCT raised on AI-driven demand.
What UK Plc said today
The clearest negative came from GEN, where revenue fell 0.4% over the four months to 30 April with FY 2026 underlying operating profit now expected "towards the lower end of current analyst estimates" (£94.7m–£105.5m consensus) — management cited adverse external volumes. MTL lowered FY26 production guidance for the Runruno mine to 40,000–48,000 oz at AISC of US$1,700–2,000/oz, against 65,287 oz delivered in FY25 (already down 22.2% YoY at AISC US$1,368/oz), as the asset moves toward cessation ahead of first gold from La India in December 2026. GAW flagged a sharp split: core revenue +10.6% to ≥£625m, but licensing -42.9% to ≥£30m, with PBT only marginally ahead at ≥£265m (FY24/25: £262.8m).
Against that, SCT raised FY underlying operating profit guidance to "mid-teens growth" from high single-digit, citing "strong customer demand, with the impact of AI on technology driving investment and innovation across all elements of IT infrastructure," plus order pull-forward from memory shortages. CREO also raised FY26 revenue growth to 50–60% (from 40–60%) and printed Q1 FY26 growth of ~60%, while simultaneously placing for £5.5m at 15p to bridge to a 49% CME stake disposal. HERC delivered FY25 revenue +19% to £121.2m and underlying EBITDA +34% to £6.4m, but carries a qualified audit opinion pending controls remediation by September 2026.
On takeovers, BOY confirmed it has received a 885p cash proposal from Apollo (PUSU 19 June), with shareholders to keep the 16.1p 2025 final dividend. INCH is acquiring Mercedes-Benz dealer Silver Star in Bulgaria (Q3 2026 close). Going concern was newly flagged at both CREO (auditor uncertainty) and DFDV, where £2.3m of prepaid warrants may fall due on 1 June 2026.
Statistical releases
- ONS Retail Sales, Great Britain, April 2026 — headline monthly read for UK consumer demand.
- ONS Public sector finances, UK: April 2026 — first borrowing print of the new fiscal year.
- ONS Labour Demand Volumes by SOC 2020, UK: Jan 2017 to April 2026 — granular occupational vacancy data.
Policy / monetary
HMT re-issued the accredited Public Sector Finances bulletin in tandem with the ONS April print; nothing from [BoE].
Themes
Two-speed earnings: AI-exposed infrastructure (SCT) and specialised medtech (CREO) are upgrading, while domestic building products (GEN) and end-of-life mining (MTL) are cutting. The "annual report posted, no figures attached" filings stack up today — VOD, TRN, ANG, EMR, EMVC, STG, VTU, W7L, CTG, NTEA — meaning the trading-update tape is doing most of the directional work. Capital actions are dominated by small placings and blocklisting issuance from investment trusts (SMT, MNTN, MYI, HFEL, NCYF, TFIF, SMIF, CMPG, CMPI, HHV) rather than corporate fundraises, consistent with discounts narrow enough to issue at premium. Geopolitics shows up in unrelated places: CTUK cites the March 2026 Iran conflict and Strait of Hormuz, OAP3 flags Middle East post-period risk, and MTL notes super-typhoon Uwan disruption — none portfolio-defining today, but a recurring overhang.
Watch
- BOY PUSU deadline 19 June 2026 for Apollo's 885p cash proposal.
- CREO placing admission 28 May 2026; CME 49% disposal targeted within three months.
- GENI FY 2025 results 8 June 2026.
- GSK Q2 2026 results 28 July 2026.
- FSJ Defence division investor event 4 June 2026.
- DFDV potential warrant repayment trigger 1 June 2026.
- MTL investor presentation 27 May 2026; AGM 15 June 2026.
- JADE share combination effective 8–9 June 2026.