Digital transformation services provider TPXimpact (LON: TPX) exceed expectations in the year to March 2026. Cavendish now expects pre-tax profit to double to £6.7m with a further upgrade to £8.1m next year based on improving margins. The share price jumped 14.9% to 42.5p.

Concierge services technology platform provider Ten Lifestyle (LON: TENG) reported interim figures in line with the recent trading statement and said that digital contracts won in recent months mean that profit will be better than expected next year leading to forecast upgrades. Interim revenues were 6% ahead at £33.7m, or 9% in constant currency. Underlying pre-tax profit improved from £1m to £1.6m, although that is before an £800,000 loss on foreign exchange, mainly from Latin American currencies, compared with a £100,000 gain in the corresponding period. Cash was generated after capitalised spending on technology. Net cash was £9.3m at the end of February 2026. Active members that use the service at least once in the year are 23% higher at 436,000. The focus has previously been on high net worth individuals. Investment in digital services will broaden the potential market due to improved efficiency and increased personalisation. The Middle East is a small part of the business and there has not been a significant impact on group performance.  Full year pre-tax profit is expected to be £5.7m. The 2026-27 figure was previously £7.2m. The share price increased 12.2% to 83p.

Oil and gas company Kistos (LON: KIST) says pro forma production for the first quarter was 21,800boe/day, while full year guidance is 19-21,000boe/day. Net debt was $78m. There are plans to issue a $300m four-year senior secured bond to refinance the existing $282m. The acquisition of producing assets in Oman is near completion and this oil and gas is exported via the Arabian Sea and not through the Strait of Hormuz. The share price rose 11.3% to 295p.

hVIVO (LON: HVO) has won a phase 3 human challenge trial for ILiAD Biotechnologies, which should be its largest ever HCT by value. This is the first phase 3 trial undertaken in Bordetella pertussis, which causes whooping cough and related diseases. Revenues will be generated this year and in 2027. The share price improved 3.8% to 9.55p.

FALLERS

Alien Metals (LON: UFO) joint venture partner West Coast Silver announced a JORC compliant 2.79 million ounces mineral resource estimate for the Elizabeth Hill silver project. The cut off was 20g/t. The share price has been rising in the past month, but it lost some of those gains and is down 15.2% to 0.14p, which is still 16.7% higher over five days.

LBG Media (LON: LBG) says direct business is growing due to demand for content by brands, but indirect business has been hit by social media algorithm changes. The change in mix has hit margins. Interim revenues rose 19% to £52.4m. EBITDA fell from £12.2m to £8m. Net cash was £28.4m at the end of March 2026. The share price dipped 11.9% to 47.2p.

Telematics services provider Quartix (LON: QTX) grew annualised recurring revenues 12% year-on-year to £38.6m in the first quarter. A price increase will boost revenues when contracts are renewed this year. Pre-tax profit is expected to improve from £8.7m to £10.1m. Profit-taking knocked 11.1% off the share price at 247.5p.

Retailer Shoe Zone (LON: SHOE) says trading conditions continue to be difficult because of the weak consumer market that has been made worse by concerns relating to the Middle East conflict. Guidance has been downgraded to a loss of between £1m and £2m for this year with another loss expected next year. Net cash should be £7m at the year end. The share price fell 7.77% to 47.5p.

Billing and CRM software provider Cerillion (LON: CER) reported an 14% dip in first half revenues to £18m, but new order intake doubled to £39.6m. This means that there will be an even greater second half weighting this year. Management believes it can still achieve the forecast full year pre-tax profit improvement from £21.8m to £23.2m. The interims will be published on 1 June. The share price declined 5.59% to £13.90.

Reckitt Benckiser shares sank on Wednesday after the group posted disappointing Q1 trading figures that missed expectations.

Reckitt’s North American and European over-the-counter medicines business took a notable knock in the first quarter, with seasonal OTC revenue falling into the double digits as a weak cold and flu season left retailers cutting inventory throughout the period.

The softness dragged the region’s overall like-for-like net revenue down 0.9%, despite underlying volumes rising 1.5% and a strong showing from non-seasonal brands led by Lysol.

Low incidence rates through the tail end of the cold and flu season were the main culprit, compounding a sluggish category backdrop and prompting destocking by key retailers.

The weakness in seasonal OTC also weighed heavily at the group level. Core Reckitt like-for-like growth came in at just 1.3%, but strip out seasonal OTC and the underlying rate jumps to 3.1%, a gap that lays bare just how much the soft cold and flu season is masking.

The drop in Reckitt Benckiser shares on Wednesday means the share price has now given back 18 months’ worth of gains from September 2024 to March this year in less than two months.

“Reckitt Benckiser’s Q1 trading update delivered a disappointing start to the year, with shares opening down more than 5% this morning as investors reacted to the earnings miss,” said Adam Vettese, market analyst for eToro.

“Core Reckitt posted like for like net revenue growth of just 1.3%, well below consensus and the group’s 4-5% medium-term target. The weakness stemmed from a markedly soft cold and flu season, retailer destocking and tough trading in developed markets, where Europe/ANZ fell 4.2% and Household Care dropped 7.6%.”

Chief executive Kris Licht is pinning hopes for a recovery on the June launch of Mucinex 12 hour Cold and Fever, a product the company is billing as category-creating, alongside the lapping of last year’s Mucinex Sinus PE reformulation. Management expects a meaningful lift in seasonal OTC from Q2 as initial shipments hit shelves.

Beyond the medicine’s weakness, Emerging Markets did the heavy lifting with 7.6% like-for-like growth, led by double-digit gains in China and India, while Europe slipped 4.2% amid heightened promotional pressure in auto and its own weak cold and flu backdrop.

Reckitt held full-year guidance unchanged, targeting 4% to 5% like-for-like growth for Core Reckitt.

Bunzl reiterated its 2026 guidance on Wednesday after a steady first quarter of trading amid a tougher macro backdrop.

Revenue at constant exchange rates rose 1.5% in the three months to 31 March, with underlying revenue up 2.0%. Volume growth and tariff-related price rises supported the top line, though one fewer trading day in the period knocked 1.1% off the headline figure. Acquisitions net of disposals added 0.6%.

North America was the area of strength, with underlying growth running slightly ahead of the wider group as turnaround plans and new business won in the second half of 2025 fed through. Other regions delivered modest underlying growth in aggregate.

Adjusted operating profit came in line with management’s expectations for a more stable year in 2026.

Bunzl reiterated full-year guidance, pointing to moderate revenue growth at constant currency, helped by a small contribution from M&A, with operating margin expected to dip slightly year-on-year.

Frank van Zanten, Chief Executive Officer of Bunzl, said: “The Group continued to deliver underlying revenue growth in the first quarter, supported by actions taken to improve performance and our strengthened focus on organic revenue opportunities. While mindful of the current economic and geopolitical backdrop, the Group reiterates its full year guidance and expects 2026 to be a foundation for future profit growth.”

“Furthermore, there continues to be a significant consolidation opportunity; our pipeline is active and we see an improved outlook for acquisitions in 2026 compared to the prior year. I remain fully confident in our ability to generate long-term compounding growth and value creation for all of our stakeholders.”

The FTSE 100 ticked higher on Tuesday as investors held off on making big bets ahead of possible talks between the US and Iran.

Trading higher by 0.1% at 10,621, London’s leading index seems pretty comfortable in a range within touching distance of 10,600 as investors await a fresh catalyst.

This may come in the form of developments in talks between the US and Iran. With a ceasefire deadline set to expire tomorrow, Trump is warning that he will not extend the deadline, and Iran has alluded to ‘new cards’ to use on the battlefield, should the conflict resume.

But the market seems ambivalent to the risks of a return to fighting in the Middle East, which could prolong the oil crisis and spur inflation and is looking to possible talks in Pakistan as a reason to be positive.

“Oil prices remained below $100 a barrel which suggests cautious optimism that the Middle East conflict won’t intensify. However, the longer oil remains in the 90s range (currently $95), the higher the chance of an inflationary shock and a wobble to global economic activity,” said Russ Mould, investment director at AJ Bell.

Although oil prices were still close to $100, price action has calmed down, and that, in itself, is proving to soothe equity investors. Most FTSE 100 stocks were higher at the time of writing, with retailers and financials having a good session.

SSE was the FTSE 100’s top riser, up 4%.

British land was 2.2% higher after releasing positive rental and revenue growth in Q4 powered by fresh demand from AI-related tenants.

“The landscape is now evolving with more people returning to the office, and demand picking up from tech firms,” Russ Mould said.

“British Land is well placed to benefit, and that is evident from its bullish update. Upgraded earnings guidance implies strong momentum in the business. This is the type of news that’s needed to finally breathe some life back into its share price.”

Housebuilders were among the fallers as the sector fell in sympathy with a dismal update from Crest Nicholson, which fell 39% on Tuesday after slashing its outlook.

Persimmon was down 0.6%, and Barratt Redrow lost 0.3%.

AB Foods was the FTSE 100’s top faller on Tuesday after it released disappointing interim results and confirmed it would demerge Primark.

Robinhood UK lead analyst Dan Lane, said: “The headline figures paint a picture of flat revenues and profits under pressure but the real story is Primark about to stand on its own two feet.”

“Go back through previous results and you start to see Primark has been driving 50% of Group revenues but around 70% of profits so this gives the Group’s favourite child a chance to perform without the drag of some other slower-moving segments.

“But, while Primark is undoubtedly the jewel in ABF’s crown, if it is to be judged on its own merits soon, it will give up the supportive scaffolding of the other units. Yes, grocery has been consistently low margin, sugar volatile, and ingredients and agriculture too small to move the dial, but they have provided ballast when Primark hasn’t offered star power.”

AB Foods was down 3% at the time of writing.

Identity management software provider Intercede (LON: IGP) has won two contracts from existing clients worth $3.8m. The main one is a $3.6m upsell for new perpetual licences for MyID CMS to a US federal agency. The share price gained 13.1% to 99.5p.

Smart video technology company SEEEN (LON: SEEN) has acquired media library and streaming software provider MEDIAL for up to £1.2m in cash and shares issued at 6p each. The share price increased 12.5% to 4.5p. The acquired business made a pre-tax profit of £210,000 in the year to April 2025. SEEEN can sell its services to the acquired company’s customer base and offer training packages.

Drug delivery company CRISM Therapeutics (LON: CRTX) announced positive preclinical results for the Docetaxel-ChemoSeed implantable drug delivery technology, which showed significant anti-tumour activity, drug response and tolerability in prostate cancer. This shows the effectiveness of a localised chemotherapy approach. The share price added 10.6% to 13p.

Floorcoverings distributor Likewise (LON: LIKE) has raised first quarter revenues by 15%. It continues to gain market share. The current forecast for annual revenues is based on 7.6% growth. A £3m property has been bought in Leeds for a new distribution hub. A 2026 pre-tax profit of £4m is currently forecast. The share price improved 8.7% to 25p.

Musical instruments retailer Gear4Music (LON: G4M) improved sales by 30% in the year to March 2026. Net debt is £5m. This has sparked an increase in the 2025-26 pre-tax profit from £9.3m to £9.7m. A new warehouse is being fitted out, and this will cost £10.2m, of which £3.6m has been paid. The share price rose 9.28% to 265p.

Shares in Facilities by ADF (LON: ADF) recovered 6.67% to 12p. The latest figures should mark the bottom for the business. A full contribution from Autotrak was the main reason behind the rise in revenues from £35.2m to £41.3m, although there was also a stronger second half. The loss was reduced from £2.8m to £800,000. There was a sharp second half improvement in EBITDA before exceptionals and for the full year it rose from £7,2m to £9.2m. New management has not had time to have an effect on the business. There are plans for increased integration of the three core businesses and generating greater revenues from non-film customers.

FALLERS

Mercantile Ports and Logistics (LON: MPL) continues to try to regain control of the Karanja Terminal & Logistics subsidiary. Mercantile says it can repay the related debt, but the proposal was rejected by the consortium of banks. They prefer an alternative plan from Adani Ports and Special Economic Zone Limited and that has been approved by the courts. The company has appealed. The share price had been rising because of optimism about the outcome of the repayment proposal, and it has slumped 67.1% to 0.675p.

Internet of Things businesses investor Tern (LON: TERN) has launched a one-for-seven open offer at 0.6p/share. This could raise up to £644,000 for further investments in existing investee companies and cover overheads. The share price fell by one-fifth to 0.6p.

Capital equipment supplier Mpac (LON: MPAC) reported a rise in pre-tax profit from £10.6m to £13.5m, helped by acquisitions. The second half trading become more difficult. Earnings still rose by 2%. Trading conditions remain tough with projects being deferred and increasing competition on price. This year trading is expected to be more second half weighted. The share price declined 11.5% to 230p.

Meida analysis company Ebiquity (LON: EBQ) reported a slump in pre-tax profit from £6.5m to £1.1m, but results are expected to recover this year. Cash generation reduced net debt to £13.1m. Costs have been reduced, which should help pre-tax profit recover to £2.6m this year. AI investment will also help. The share price dipped  8.51% to 10.75p.

capAI shares surged on Tuesday after the AI services firm announced it was launching a number of offerings following a prolonged development period.

capAI says it is hitting a key inflection point, with multiple AI-powered platforms moving from development into live availability as the company says it shifts its focus towards user adoption and commercial validation.

This sparked a 60% rally in the stock that was trading near a 52-week low prior to today’s news.

Game42, the group’s generative game creation platform, is scheduled to go live this week. The tool allows users to turn inputs, from short text prompts to full-length books, into interactive game experiences. The company says this effectively democratises game development and opens the door to scalable user-generated content.

Alongside it, Creator42 will launch under the new name Movie42, converting text inputs into cinematic, trailer-style video outputs.

Author42, the company’s AI-native writing platform, is also progressing towards a hard launch, with expanded capabilities across fiction, memoir, editing and refinement. Management framed it as the connective tissue linking the broader Game42 and Movie42 ecosystem, supporting end-to-end content creation.

These all may sound impressive to the layperson, but the reality is that there isn’t much on capAI’s menu of offerings that can’t be easily completed through platforms such as Claude, ChatGPT, or Google’s Gemini. There are also numerous platforms that provide multi-model video creation, making it difficult to see where capAI has an edge.

capAI’s products may have gained some traction when they were first announced, but the world has changed dramatically since then, which may raise questions about how capAI can generate revenue at scale, given the plethora of AI tools it now has to compete with.

The proof will be in the pudding.