Headline
Mitie posts record £16.3bn order book and 10.5% revenue growth, while Premier Miton halves its dividend amid £1.3bn outflows — UK services dispersion in sharp focus.
What UK Plc said today
No outright profit warning today, but the most material signal is Premier Miton PMI lowering guidance: the interim dividend is halved to 1.5p (H1 2025: 3.0p), AuM fell to £9.0bn from £10.3bn on £1.3bn net outflows, and management announced an additional £2.5m of cost savings on top of the previously flagged £5m, alongside the Guildford office closure and outsourcing of equity trading and the Premier Portfolio Management Service. Management frames this as "early signs of stabilisation" — the actions read as decisive, but the dividend reset to 75% of adjusted profit from next year is a structural step down.
Against that, Mitie MTO delivered a clean, on-strategy print: revenue £5,618.6m (+10.5%, +5.3% organic), adjusted operating income £264.1m, total order book £16.3bn (+6%) and a bidding pipeline up 34% to £31.7bn. Facilities Compliance more than doubled (+115%) post-Marlowe; dividend +5% to 4.5p; a new £60m buyback brings FY27 returns to c.£100m. Gateley GTLY confirmed FY26 revenue c.£193m (+7%) but flagged Q2 transactional slowdown tied to UK Budget uncertainty, partially offset in H2 before "more recent developments in the Middle East and worsening medium term interest rate outlook" weighed on sentiment. Springfield Properties SPR reaffirmed guidance with c.£245m revenue and — notably — eliminated bank debt at year-end "significantly ahead of market expectations."
In results, Finseta FIN grew revenue 9% to £12.4m with corporate revenue up 54%, but adjusted EBITDA collapsed to £0.2m (FY24: £2.0m) as it scaled Dubai and UK agency banking; the Corporate Card is under provision review. Aurrigo AURR revenue fell 10% to £8.0m and the adjusted EBITDA loss widened to £3.0m, but £11.5m net cash and a record £6.28m Ultra Global order steady the picture. OptiBiotix-adjacent Onward OBI flagged 2026 as a "defining year" with LANTERN Phase 3 readout due Spring 2026. Capital Gearing CGT cut its dividend 35% to 66p and proposed a 10-for-1 split.
Statistical releases
- ONS Economic activity and social change in the UK, real-time indicators — high-frequency dashboard refresh; useful read on consumer/business momentum into Q2.
- ONS Business insights and impact on the UK economy — fortnightly BICS pulse on trading conditions, hiring and cost pressures.
- ONS Non-financial business economy, regional (Annual Business Survey, 2024 results) — backward-looking regional productivity/turnover detail, low market sensitivity.
Policy / monetary
[BoE] published minutes of the Synchronisation thematic engagement working group (30 April 2026) — operational/technical, not policy-moving. HMT released a joint statement from the twelfth Financial Provisions Specialised Committee, a Treasury Minutes progress report (June 2026), and a £4m boost to small-business debt advice via MaPS — supportive at the margin for SME-exposed lenders but not market-moving.
Themes
Services dispersion is the through-line. MTO is compounding via M&A and a record pipeline; PMI is restructuring through outflows; GTLY sits between the two — growing, but explicitly citing Budget uncertainty and Middle East risk as drags on client activity. Three different operating outcomes, one macro backdrop.
Middle East risk is now in management language. MTO flags "incremental cost inflation… as a result of the conflict in the Middle East"; GCP upgrades geopolitical risk probability and impact; GTLY cites "recent developments in the Middle East" as weighing on sentiment. Three independent boards, same line — worth taking seriously.
Capital-raising remains open but discounted. AET placed at a 5.2% discount for $40m; CTL, PMP (£17m), TYM and INV all tapped equity markets. No premium issuance outside small treasury sales by trusts.
Watch
- SEQI investor presentation and FY 2026 results, 11 June 2026.
- OBI LANTERN Phase 3 top-line readout, Spring 2026.
- HVPE investor presentation, 30 June 2026.
- AET Second Admission (shareholder approval), 26 June 2026; PMP admission by 30 June 2026; CTL GM 1 July, Second Admission 2 July 2026; INV relaunch admission 28 July 2026.