Headline
Quiet UK tape: Peel Hunt swings to a £21m profit on a doubled investment-banking line, while TRIG sells its Beatrice stake for £155m to cut debt.
What UK Plc said today
No profit warnings. The strongest concrete signal comes from PEEL, reporting FY26 revenue of £143.5m (+57.1% YoY) and statutory PBT of £21.1m versus a £3.5m loss prior year, driven by Investment Banking revenue more than doubling to £67.1m. FTSE 350 clients hit a record 62 and average client market cap rose 30% to £1,130m, while the adjusted compensation ratio fell to 48.7% (from 56.7%) after a 7.7% headcount cut. Management struck a measured note: "While the external environment remains uncertain, we are well positioned to benefit as conditions improve."
Trading updates skewed in-line. TIG reaffirmed guidance despite revenue falling 40% YoY to $481.9m, with management arguing "the market is still pricing Team Internet for the disruption we have already worked through." TMG and AEP both reaffirmed, citing client retention and supported palm oil prices respectively. ZAM flagged "weak consumer demand in a tough trading environment" but still reaffirmed on the back of Zambian policy tailwinds — a mixed tone worth flagging. SCGL grew revenue 12x to £1.55m but remains loss-making (-£366k), with going-concern risk resolved after a £9m post-period raise.
Capital actions dominated the tape (12 Tier C filings). The standout is TRIG, disposing of its 17.5% Beatrice offshore wind stake to Equitix for c.£155m — a 4% discount to December 2025 NAV — taking aggregate group borrowing reductions to c.£375m and putting the £400m 12-month realisation target within reach. BYG sold its Harrow estate for £38.4m to fund 12 new self-storage stores at a targeted 16.5% ROI. A possible all-share merger emerged between RBD and UJO, with firm-intention deadline 13 July 2026. YCA launched a US$10m buyback to close its discount to NAV; EKF and PCGH executed smaller transactions.
Statistical releases
No scheduled ONS releases today.
Policy / monetary
[BoE] published five sets of Banknote Imagery panel/advisory minutes — procedural, no monetary signal. HMT issued DAO 05/26 on Service Level Costing, a routine accounting officer letter. Nothing material from BoE or HMT.
Themes
- Capital recycling over expansion. TRIG and BYG are both selling mature assets to deleverage or fund higher-returning projects; YCA and EKF are buying back stock rather than deploying capital. The signal across the small/mid-cap tape is balance-sheet discipline, not growth ambition.
- Reaffirmation without enthusiasm. TIG, TMG, AEP and ZAM all held guidance, but tone ranged from defensive (TIG on mispricing) to outright cautious (ZAM on consumer demand). No one upgraded.
- Domestic confidence flagged. PEEL explicitly cited "renewed global inflationary pressures, volatile outlook for benchmark interest rates and increased domestic political uncertainty" as weighing on UK market confidence since the start of the year — notable from a house that just printed record FTSE 350 client numbers.
Watch
- WISE FY26 results on 25 June 2026; Q1 FY27 update on 16 July 2026.
- RIFT AGM 8 July 2026.
- UJO / RBD firm-intention deadline by 5pm on 13 July 2026.
- TRIG Beatrice contracts expected Q3 2026, completion before year-end.