Headline
MEGP cuts FY26 PBT guidance on softer French photobooth and laundry demand, the only profit alert in an otherwise deal-heavy session led by DRX's £548m bid for Bluefield Solar.
What UK Plc said today
MEGP is the standout negative: H1 2026 revenue up just 2%, French photobooth and laundry businesses softening, and FY 2026 profit before tax guided to £69–74m — a downgrade flagged explicitly, though the board cites a "strong balance sheet" and unchanged long-term plan. Against that, two upgrades: RGG reports c.£2m revenue Jan–May (+155% YoY) and now expects FY 2026 revenue "materially above market expectations" as professional-guarantor adoption steps up; RCN delivered FY26 adjusted EBITDA "ahead of expectations" despite revenue of c.£132.1m (-2.2%). CER reaffirmed full-year guidance on the back of new orders +102% and a £82.1m back-order book, including a £42.5m five-year Omantel contract; the 15% hike in the interim dividend to 5.5p underlines confidence. LPA also reaffirmed FY guidance, with H1 revenue +45% boosted by the Martek deal.
Among smaller results, AMIF grew FY25 revenue 8.1% to US$16.9m with adjusted EBITDA up 77% and net cash of US$3.5m, though it lost both its CFO and COO post year-end. Going-concern flags appeared at SNDA, NTVO and BLOE — all sub-scale energy/mining names dependent on financing or farm-out completion.
Statistical releases
No scheduled ONS releases today.
Policy / monetary
Nothing material from BoE. HMT published an Open Book Review of the Northern Ireland Executive Budget, setting out options to put NI finances on a sustainable footing; also routine Preston earnings/interest factors for April 2026.
Themes
M&A and capital return dominate the tape. 32 Tier C filings, headlined by DRX's recommended £548m cash offer for Bluefield Solar (£561m incl. permitted dividend) — ~850MW of operating renewables plus >1GW pipeline, financed via a £1.1bn bridge, court process targeting Q3 2026. ADM closed its £80m Flock acquisition to push into fleet motor; CHP completed a "transformational" acquisition of Aspire Commerce (EV £9.33m) with a £30m funding line attached; APN is buying Nutrablend for $16m to onshore US manufacturing. Buybacks continue: BCG up to €180m, HILS starting a second £50m tranche, HAS £5m for employee plans. EZJ confirmed Castlelake remains in possible-offer territory but with no terms disclosed.
Income/value-trust premium pricing. SMT (2.35m shares at 1,516.5p), BRAI and BRFI all sold treasury stock at premiums to NAV on 1 June — a small but consistent signal that closed-end vehicles are seeing renewed demand.
Small-cap funding stress. SNDA, NTVO and BLOE all carry material-uncertainty going-concern language; LIT extended a covenant waiver at a higher rate (+200bps) and is writing down two case investments. The dispersion between large-cap capital return and micro-cap balance-sheet repair is sharp.
Watch
- NRR full-year results — Tuesday 2 June 2026.
- TIG FY 2025 results — 15 June 2026.
- BCG FY 2026 results — 2 July 2026.
- DRX/Bluefield Court Meeting and General Meeting expected July 2026; scheme Effective Q3 2026.
- SWC General Meeting on capital reduction — 17 June 2026; Effective Date c.15 July 2026.
- PHE placing admission on or around 5 June 2026.
- NAVF and SDG presenting at Mello2026 — 3 June 2026.