Hays highlighted the strains of a slowing global recruitment market on Wednesday as the firm revealed the impact of economic uncertainty and the changing face of recruitment. 

Net fees were down 10% on a like-for-like basis in the fourth quarter, with all geographies experiencing declines. Germany was particularly heavily hit.

Although a softer jobs market can be blamed for some of the slowdown, Hays faces a bigger threat from businesses that choose to seek out talent without involving professional recruiters.

Platforms such as LinkedIn and a plethora of AI tools mean in-house recruiters have never been better placed to conduct their talent searches.

This is a threat to Hays that isn’t going away and will likely lead to lower revenues in the coming years. It goes without saying that this is highly unattractive to investors, and today’s update has proved to be the final nail in the coffin for some. Shares were down 4% at the time of writing. 

“Things are starting to look very serious for Hays, what began as a slowdown has turned into a rout. After a series of profit warnings and repeated downgrades, net fees and operating profit have continued to fall sharply,” said Mark Crouch, market analyst for eToro.

“Permanent recruitment, the engine room of the business, suffered a double-digit decline, ripping through earnings and leaving little room for optimism.

“Global economic uncertainty, weak business confidence and sector-specific pressure have all bitten Hays hard. The UK public sector remains subdued, while Germany, a critical market, has been dragged down by an automotive industry that last year posted its worst quarterly profits since the 2009. At the same time, companies are increasingly bypassing traditional recruiters altogether, leaning on in-house teams, AI-driven platforms and direct hiring models to cut costs and move faster.”

The FTSE 100 rose to a fresh record high on Wednesday as strong metals prices lifted miners, and AstraZeneca rose after announcing an AI acquisition.

London’s leading index was 0.3% higher at 10,171 at the time of writing.

“The FTSE 100 is going from strength to strength, hitting yet another new record high,” said Dan Coatsworth, head of markets at AJ Bell. 

“The blue-chip index of UK stocks hit 10,171 in early trading, propelled by a good spread of industries. Endeavour Mining was boosted by ongoing strength in the gold price, with the metal hitting $4,639 per ounce. Gold has become an investor favourite over the past year thanks to a backdrop of uncertainty around geopolitics, inflation and a weakening US dollar.”

Endeavour Mining was the top riser at the time of writing.

Days after miners Glencore and Rio Tinto announced discussions about a potential merger, the two heavyweight miners played a central role in the FTSE 100, touching fresh record highs in reaction to strong Chinese trade data. Both were up around 2% at the time of writing.

“China’s exports have surprised on the upside, with a 6.6% rise in December compared to a year earlier,” said Susannah Streeter, Chief Investment Strategist, Wealth Club.

“Far from crushing China’s might as factory of the world, flush with overseas orders, US trade policy seems just to have cemented its position.  China posted a record $1.189 trillion trade surplus in 2025, with exports rising 5.5% while imports stayed pretty static.”

Pearson shares were rooted to the bottom of the leaderboard, down 6%, after releasing a downbeat trading statement that outlined slower growth than some investors may have liked.

The impact of a $5bn write-down of BP’s green energy assets sent shares in the oil major marginally lower, as it sought to front-load bad news on the unit, which is set to be less of a priority for the new CEO.

“The logic behind BP’s about-turn on its green energy push is reaffirmed by impairments in a teaser ahead of quarterly results,” Dan Coatsworth said.

“Put the write-downs together with a weak showing for its oil trading arm and the impact from weaker oil prices looks like the final set of quarterly results before Meg O’Neill steps into the hotseat in April will be downbeat. 

“From O’Neill’s perspective this is no bad thing as it gives her a low base from which to build. However, it does illustrate the scale of the challenge in front of her.”

AstraZeneca helped add a number of points to the FTSE 100 after announcing the acquisition of Modella AI to help oncology research.

Eqtec (LON: EQT) is broadening its strategy to gain exposure of critical and precious metals, while continuing with the core waste to energy technology business. They are viewed to be complementary segments of the energy transition sector. Lenders are supporting the move. The share price jumped 63.6% to 0.09p.

Truetide (LON: TRUE) investee company Paraytec, where it owns 100%, has started a development programme for a high-throughput, real-time fluorescent assay for alpha-synuclein fibril formation using the CX300 detection system. This will be used for neurological diseases. The target is development of a low cost rapid assay that will be a screening tool. The share price gained 39.5% to 3p.

Data analysis software developer Cirata (LON: CRTA) nearly trebled data integration bookings to $13.2m in 2025. It has signed the largest contract in its history worth $3.1m. Cash overheads have been slashed by more than two-thirds from their peak. Cirata should be cash flow positive in the first quarter of 2026. Cash was $4m at the end of 2025. The share price increased 15% to 23.25p.

GEO Exploration (LON: GEO) has paid A$100,000 for the exploration licence E08/3737, which is the Gorge project in Western Australia, and holds 48.13 million shares issued at 4p each in escrow until 13 January 2027. It has also issued 18.5 million shares to Callum Baxter at 0.00135p each for a A$50,000 consultancy fee. Gold occurrences have been recorded at the Gorge project. The share price rose 7.84% to 0.1375p.

Pizza restaurants operator DP Poland (LON: DPP) gained momentum in the fourth quarter of 2025 and this has continued into this year. System sales were 14% higher on a constant currency basis and 22% on a reporting currency basis. Full year system sales were 8% higher at £16.4m on a constant currency basis. The growth rates in Poland and Croatia were similar. Group EBITDA rose from £4.8m to £6.3m. Cash was £1.6m at the end of 2025. Consolidation of commissary and dough production in a single facility should be completed in the first half. There are 135 Domino’s and 75 Pizzeria 105 locations. Panmure Liberum forecasts a reduced pre-tax loss of £300,000 in 2026, down from £500,000 in 2025. The share price improved 6.9% to 7.75p.

FALLERS

Virtual product advertising Miriad Advertising (LON: MIRI) says 2025 revenues fell from £1m to £400,000. It expects a much stronger performance in 2026 with positive signs for February and March. There are joint venture discussions for emerging markets. Cash was £1.2m at the end of £1.2m and the monthly cost base is £220,000. The share price declined 13.3% to 0.0065p.

United Oil and Gas (LON: UOG) says that the survey vessel for the offshore piston coring and surface geochemical survey on the Walton Morant Licence, offshore Jamaica will leave Trinidad next week. The share price fell 6.9% to 0.135p.

Estate agency M Winkworth (LON: WINK) had a difficult second half in 2025 after strong sales activity in the first half. Lettings business continues to grow. Second half revenues were broadly the same as the second half of 2024. Full year network revenues were 6% higher. There were additional costs in 2025 that should not be repeated. Pre-tax profit is set to fall from £2.35m to £2.1m. Net cash was at least £3.9m at the end of 2025. The quarterly dividend is maintained at 3.3p/share. Shore has cut its 2026 pre-tax profit from £2.9m to £2.4m. The share price dipped 4.45% to 182.5p.

EQTEC shares jumped on Wednesday after announcing a strategic expansion into critical and precious metals, complementing its core waste-to-energy gasification technology, as the company seeks earlier cash flow whilst its longer-term project pipeline matures.

Although the company calls the move ‘complementary’, it does mark a dramatic change in strategy. After a period of poor share price performance, it may be what the company needs to turn its fortunes around.

Investors seem to agree, and shares were 80% higher at the time of writing.

The clean energy technology provider, which converts waste and biomass into syngas, power and renewable fuels, will pursue capital-light resource assets targeting copper, gold, rare earth elements and specialty metals essential to global electrification and grid infrastructure.

The diversification comes as EQTEC anticipates several material gasification project wins in the near term, while maintaining confidence that a portfolio of commissioned reference plants will deliver scalable returns over time.

However, the company recognises that large-scale infrastructure projects require extended development timelines before reaching full commercial operation. This has long been a major concern for investors, leading to poor share price performance.

The strategic rationale centres on shared end markets, with both critical metals and gasification technology serving the renewable power, electrification and energy storage sectors. The company argues that this creates a coherent circular-economy positioning across complementary segments of the energy transition value chain.

EQTEC will prioritise opportunities that are cash generative or near-term production, capital-light at entry, situated in established lower-risk mining jurisdictions, and positioned for operational value uplift. The company confirmed it already has an active pipeline under evaluation, supported by recent leadership appointments with extractive industry backgrounds.

Vistry delivers a strong second-half recovery while securing land for future expansion

Vistry Group has reported adjusted profit before tax of around £270 million for the year ended 31 December 2025, up from £263.5 million the previous year, despite completing nearly 9% fewer homes.

The housebuilder delivered approximately 15,700 units during the year, down from 17,225 in 2024.

However, revenue remained broadly flat at £4.2 billion, supported by a 3% increase in average selling prices to £282,000, primarily reflecting geographical mix changes. Investors should be encouraged by performance during the period.

But the backdrop of a slow UK property market weighed on the stock on Wednesday and shares fell by more than 8%.

Partnership focus delivers margin gains

The group’s distinctive partnership-focused strategy demonstrated resilience amid challenging open-market conditions over the past year. Partner-funded homes accounted for 74% of completions, maintaining the previous year’s mix, whilst open market volumes fell 11% to around 4,100 units.

Operating margins improved significantly, rising from 6.7% in the first half to 8.4% for the full year. This improvement was driven by the commencement of higher-margin developments, increased operating leverage, and reduced impact from previous cost issues in the former South division.

Partner-funded completions decreased 8% to approximately 11,600 units, mainly reflecting funding uncertainty in the first half.

Affordable housing volumes surged 30% in the second half following June’s Spending Review, which provided greater clarity on future funding. However, the Private Rented Sector (PRS), also known as Build to Rent, saw volumes decline by around 25% as several active partners paused deliveries for refinancing.

The wider UK property market is proving to be a constraint for the group. Vistry’s sales rate averaged 0.96 homes per site per week, down from 1.07, as uncertainty surrounding the Autumn Budget created a more subdued market in Q3 and early Q4. To combat the slowdown, Vistry supported its open-market strategy with incentives of up to 6% of the sale price to help encourage buyers.

Strategic land acquisition

Taking advantage of subdued market conditions, Vistry secured approximately 9,500 plots across 30 sites in the second half.

Notable acquisitions included three large strategic sites in Worcester, Rugeley and Bury St Edmunds, totalling some 5,000 plots between them.

The company also received the maximum £50 million award from Homes England as part of £2 billion additional grant funding for 2021-26, recognising its performance as a Strategic Partner. This is expected during Q2 2026.

“Our partnership housing strategy positions us well to play a key role in the delivery of the Social and Affordable Homes Programme (SAHP) 2026-2036,” said Greg Fitzgerald, Chief Executive.

“We will be targeting early deployment of allocations for our partners and ourselves to kick start the growth of affordable housing supply and we expect this to contribute to our second half performance in 2026. Encouragingly, we have already completed a first site acquisition for the Group’s joint venture with Homes England.”

Build cost inflation remained in low single digits, benefiting from the group’s scale and focus on standardisation. Vistry Works delivered over 4,600 timber frame units, up from 2,900 the previous year. Land sales contributed approximately £200 million of revenue, well above the prior year’s £91 million.

Net debt stood at approximately £145 million at year-end, down from £180.7 million, though average daily net debt rose to around £730 million from £698 million, reflecting higher opening debt and delayed partner-funded deals in late 2025.

Vistry is in a good position and should see further progress in 2026. The group enters the new period with forward sales of approximately £4 billion, and management believes government initiatives to boost house building will drive increased activity in the second half, whilst PRS pricing should strengthen as partners respond to portfolio delivery opportunities.

While Vistry is well-positioned to capture growth, it remains reliant on external factors beyond its control.

Governance, risk and compliance software developer Acuity RM (LON: ACRM) says 2025 revenues were maintained at £2.1m, while costs were much lower. The company was still loss making in the year, but it was profitable in the fourth quarter. Contracted revenues are £1.9m. The share price jumped 28.6% to 0.9p.

Plant-based polymers supplier Itaconix (LON: ITX) beat expectations for 2025 revenues ending the year with $10.3m, up from $6.5m in 2024. Growth was from existing and new customers. The cash outflow is also reducing. There will be an update on trading when the full figures are published in March. The share price increased 11.6% to 120p.

Eagle Eye (LON: EYE) has won a major US contract for its AIR loyalty platform and its AI services. The US retailer Wakefern Food Corp, which has more than 380 supermarkets, is the fourth major US client since last June. The contract business should be up and running by mid-2026. The share price rose 10.7% to 310p

Iodine producer Iofina (LON: IOF) reports second half iodine production 23% ahead at 438 tons, taking the total for the year to 743 tons. Net cash was better than expected at $5.2m. Canaccord Genuity raised its 2025 revenues forecast from $62.8m to $65.2m and earnings edged up from 2.6 cents/share to 2.8 cents/share, while the 2026 figure has been increased from 3.5 cents/share to 3.7 cents/share. The share price improved 6.73% to 27.75p.

FALLERS

Shuka Minerals (LON: SKA) has received the £815,000 payment from Gathoni Muchai Investments, but it has received a payment instruction transfer for value. A placing has raised a further £1m at 4p/share. This will fund the completion of the acquisition of Leopard Exploration and Mining and the Kabwe zinc mine. The share price declined 22.7% to 4.25p.

Marketing services provider The Mission Group (LON: TMG) says trading was resilient since the interims despite difficult trading conditions. However, some projects have been delayed. Net debt is £9m. Canaccord Genuity has reduced its forecast 2025 revenues from £73m to £68m and pre-tax profit cut from £6.5m to £2.9m. The 2026 pre-tax profit forecast is reduced from £8.1m to £6.9m. Jon Kempster and Emma Wright have joined the board as non-executive directors, while Mark Lund has stepped down. The share price slipped 16.2% to 15.5p.

Retailer Shoe Zone (LON: SHOE) reported 2024-25 results in line with the October trading statement, but Zeus has reduced its expectations for this year. Full year revenues fell 8% to £149.1m due to store closures and reduced footfall. Online sales did increase. Higher wage costs meant that pre-tax profit dropped from £10m to £2.4m. This year’s pre-tax profit forecast has been cut from £4.5m to £1m on a further fall in revenues for £145.8m. The share price fell 14.8% to 57.5p.

Online fashion retailer Sosandar (LON: SOS) increased third quarter revenues 10% higher at £13.4m and gross margin improved. Sales from the company’s own site were 27% ahead, but the Marks & Spencer business is still being affected by the cyber incident. Net cash is £9.7m. Trading is in line with expectations of a full year pre-tax profit of £400,000. The share price decreased 9.37% to 7,25p.

Lexington Gold (LON: LEX) has raised £1.19m at 4p/share and converted £350,000 of loan notes at the same price. This will fund the Jelani joint venture and undertake drilling programmes in South Africa, as well as continuing work on options for projects in the US. Lexington Gold has received updated JORC mineral resource estimates for Jones Keystone and Loflin deposits on the Jones Keystone-Loflin project in the US. After a reduction in the cut off grades, there is a 53% increase in contained gold at the project. The total inferred resource is 12.9Mt @0.78g/t for 323,500 ounces of contained gold. Additional targets have been identified. The share price dipped 5.68% to 4.15p.

The FTSE 100 traded in a tight range on Tuesday as investors digested the latest wave of macroeconomic developments, while Whitbread shares jumped on an encouraging trading update.

London’s leading index was 2 points higher at the time of writing after trading in a 15-point range for most of the session.

“The FTSE 100 held steady just below its recent record highs early on Tuesday despite the ongoing geopolitical tensions which have been a feature of 2026 so far,” said AJ Bell head of markets Dan Coatsworth.

“This followed a new record for the Nikkei 225 overnight in Japan. A weak yen, which boosts an export-reliant economy, and the possibility of increased stimulus helped generate significant investor excitement after a public holiday.

“The Trump administration’s announcement of a 25% tariff on countries doing business with Iran, and continuing suggestions of potential military intervention amid the escalating protests in the country, do not seem to be spooking markets too much right now.

Whitbread, one of the UK Investor Magazine’s ‘Top 20 Stock Picks for 2026’, was the FTSE 100’s top riser after releasing an encouraging trading statement that goes a long way towards squashing any fears of a significant slowdown for the group. 

“Whitbread’s shares have been under pressure, with investors questioning the company’s ability to absorb the impact of business rate rises following Rachel Reeves’ November Budget,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.

“Today’s Q3 statement should provide some relief for investors, with demand accelerating in both the core UK and fledgling German operations.

“On the cost side, the group’s estimate of the next financial year’s business rate impact has been reduced below the previous range of £40-£50mn to £35mn, and the group is now set to drive greater-than-planned cost efficiencies this year. It’s also playing its part in the growing clamour by the hospitality industry for more supportive government policy.

“Whether this is enough to keep activist shareholder Corvax happy remains to be seen.”

Whitbread shares were over 4% higher at the time of writing. 

Barclays was among the risers as bargain hunters stepped in to buy into the dip yesterday caused by Trump’s decision to cap US credit card rates at 10%. 

Kingfisher was the FTSE 100’s top faller, losing 2.5%, as a bout of profit taking accelerated.

Games Workshop was also among the losers after a 10% increase in revenue didn’t do enough to spark a fresh wave of buying in the shares, which are up 39% over the past year.

“Games Workshop’s latest results didn’t offer anything to get the market too excited after a 40%-plus surge for the shares seen over the last 12 months,” Dan Coatsworth said.

“There’s no doubt 2025 was a banner year for the fantasy miniatures specialist as it joined the ranks of the FTSE 100 and delivered several upgrades to guidance. The latest figures may have been another record set of results, accompanied by a healthy increase in the dividend despite a hit from US tariffs, but a pause for breath in the share price is no major surprise in the circumstances.”