Headline
UK Plc delivers a solid, guidance-reaffirming session with pockets of strength in wealth, ventilation and auctions, and no profit warnings across 44 filings.
What UK Plc said today
No profit warnings landed today. The tone across trading updates was firm: three names raised or beat — ATG lifted FY26 revenue guidance to 5.5–6.5% pro forma constant currency after Q3 growth of 7.8%; FAN flagged adjusted EPS of c.38.0p, 4% ahead of consensus; and FNX said gross profit and adjusted EBITDA came in "slightly ahead of market expectations", with gross profit +12.9%.
Wealth and platforms stood out. AJB reported "record" Q3 net inflows of £3.0bn and AUA above £120bn, while III lifted NAV per share to 3,131p (Q1 total return 3%) on continued Action growth. MAB1 posted H1 revenue +8% at £160m with mortgage completions +16%, though it noted purchase activity has "yet to emerge" from a refinance-led market.
Results were dominated by big-cap compounders reaffirming. REL delivered H1 underlying revenue +7%, adjusted operating profit +9%, adjusted EPS +11% cc, and reiterated full-year guidance; a further £100m of the £2.25bn buyback has completed. HWDN held FY guidance with H1 revenue +3.3% to £1,030.6m, net cash of £332.8m, and confirmed the £390m DIY Kitchens deal closed on 23 June. Contrast with WINE, where FY revenue fell 20% to £199.1m and FY27 guidance implies further contraction to £158–175m — though adjusted EBITDA ex-liquidation rose 35% cc and net cash climbed to £33.4m.
Weakness was concentrated and idiosyncratic. JDG H1 revenue -21% to £70.2m on the absence of a Geotek expedition and US federal funding uncertainty, but held FY EPS guidance. HVO H1 revenue fell to £16.3m (from £24.2m) even as proposal volumes rose c.45%. CVSG flagged "challenging" UK consumer backdrop hitting companion-animal footfall despite +5.9% revenue. MAB cited "unusual weather patterns" — an unusually literal read-across to hospitality.
M&A was busy but mostly bolt-on. JMAT completed the "transformative" Cormetech acquisition, positioning Clean Air Solutions in data-centre emissions control. SCLP confirmed an oversubscribed £13m UK placing and the all-share Neuphoria merger to secure a Nasdaq listing and fund Phase 3 iSCIB1+. CCT closed the £9.8m Infinity House disposal. SOM doubled its 2026 buyback to $12m citing "better-than-expected H1 2026 trading".
Statistical releases
- ONS Business insights and impact on the UK economy (BICS) — real-time read on corporate trading conditions and cost pressures.
- ONS Crime in England and Wales, year to March 2026 — headline crime statistics update.
- ONS Economic activity and social change, real-time indicators — high-frequency demand and mobility signals.
Policy / monetary
[BoE] published a letter from Governor Bailey to the Daily Mail on AI and cyber-attacks — a communications piece rather than a policy signal. HMT released the July Treasury Minutes (government responses to PAC reports) and announced business-rates cuts for pubs, social clubs and live music venues from April 2027 — modestly supportive for community hospitality operators.
Themes
AI-adjacent infrastructure keeps compounding. JMAT/Cormetech targets "significant presence in the data centre market"; GCG is buying into AI-driven datacenter optimisation; FNX flagged an RCS ramp from H1 FY27. Picks-and-shovels exposure is where the operating leverage is showing up.
Guidance stability, tonal divergence. Of the trading updates, six reaffirmed and three raised versus zero cuts, but tone splits sharply: CVSG, MAB, MAB1 and JDG all reaffirmed while flagging challenging UK demand — reaffirmed numbers, deteriorating narrative. Worth watching whether that gap closes at H1 results.
Capital return continues. REL, HWDN, WINE, SOM and BNC are all actively buying back — cash-generative compounders extending programmes rather than launching new ones.
Watch
- SN. Q2 and H1 2026 results — 4 August 2026.
- SOM interim results — 8 September 2026; buyback commences post-publication.
- RST investor presentation on H1 2026 — 30 July 2026.
- VID CEO transition (Jan Peter Tewes) effective 17 August 2026.
- SCLP retail offer closes 24 July; admission c.28 July 2026.
- ZNWD AIM cancellation 28 July 2026 following AMG Lithium scheme.