Shoe Zone shares sank on Tuesday after the retailer reported a significant decline in revenues and profits for the year ended 27 September 2025, as challenging trading conditions and reduced consumer spending took their toll on the budget footwear retailer.

Results make horrible reading for investors. The company recorded revenue of £149.1m, down 7.6% from £161.3m in the previous year, whilst profit before tax fell 67% to £3.3m from £10.1m.

Earnings per share dropped to 4.08p from 16.04p, and the company did not pay a dividend, compared with 2.5p per share the prior year.

The revenue decline was driven primarily by store closures, with Shoe Zone operating 269 stores at the period end, down from 297 the previous year, a 9.4% reduction. Store revenue fell to £113.1m from £126.1m, partly offset by digital revenue growth of 2.3% to £36.0m.

The company closed 39 stores during the period whilst opening 11 new locations and refitting six stores to its larger format. Digital performance was supported by the introduction of free next-day delivery on all shoezone.com orders and strong Amazon sales.

The form was persistent macro-economic pressures as the primary cause of weak trading, particularly in the second half, and pointed to declining consumer confidence following the Government’s October 2024 budget, alongside persistent inflation, higher interest rates, and reduced disposable income. A grim picture.

“Sales were good when there was a reason to buy, such as the warm summer and the Back-To-School period, however, discretionary spending remained subdued as consumers exercised greater caution,” the firm wrote in results.

The company warned that trading conditions have remained difficult into the new financial year, with revenue below forecast in the first quarter. Shoe Zone expects profit before tax of approximately £1.0m for the financial year ending 3 October 2026, representing a further substantial decline.

The Gym Group has reported upbeat trading momentum through the second half of 2025, with full-year revenue climbing 8% to £244.9m from £226.3m the previous year.

Shares in the group rose on Tuesday as investors cheered rising revenues and news that management expected performance for the year to be at the top end of guidance.

Average membership reached 945,000, up 4% from 906,000 in 2024, whilst the group closed the year with 923,000 members, up from 891,000 at 31 December 2024. These are steady gains and show that even at the current scale, the group still has room to grow.

Average revenue per member per month improved 4% to £21.60, up from £20.81 in 2024, reflecting the operator’s pricing power in the value gym segment.

Expansion Programme Delivers

The company opened 16 new sites during the year, at the top end of its 14-16 site target range, bringing the total estate to 260 gyms. Forty locations are now trading in the enhanced format and are performing well.

Net debt fell to £59.3m from £61.3m the previous year, coming in £5m below analyst consensus expectations. The deleveraging positions the group well for its accelerated growth plans.

Outlook and Capital Returns

Group Adjusted EBITDA Less Normalised Rent for FY25 is expected to be slightly above the top end of the current analyst consensus range of £52.5-54.9m. The company anticipates maintaining this momentum into 2026, with FY26 Group Adjusted EBITDA Less Normalised Rent also projected slightly above the top end of the £55.2-59.3m consensus range.

Buoyed by strong trading performance, The Gym Group is accelerating its expansion programme. The company now expects to open around 75 new sites over the next three years, funded from free cashflow, with approximately 20 new gyms set to launch in 2026 alongside ongoing reinvestment in existing sites and technology platforms.

The board has also announced plans to commence a share buyback programme of up to £10m, reflecting confidence in the business model and surplus financing capacity. The programme is expected to be completed by the end of 2026.

The FTSE 100 recovered early losses on Monday as investors fretted about the future of the US central bank following news that the US DOJ will launch a probe into Fed Chair Jerome Powell.

The blow to sentiment weighed on UK stocks, sending London’s leading index sharply lower on the open before the gap was closed. The FTSE 100 was up 3 points at 10,126 at the time of writing.

“Markets dipped as investors feared about the independence of the Federal Reserve,” says Russ Mould, investment director at AJ Bell.

“US prosecutors launched a criminal investigation into Fed chair Jay Powell over a renovation of the central bank’s headquarters. Powell implied the root of the issue was the Fed’s refusal to cut interest rates as fast as Trump wants, rather than any matters involving a building.

“The probe has unnerved markets and raised questions about what might happen to the Fed once Powell steps down in May. There is a fear that Trump is meddling too much with policies that are meant to be set independently.”

Around 60 of the FTSE 100’s constituents were trading negatively at the time of writing.

Barclays was the top faller, losing 3.5%, after Trump said he would cap credit card rates in a move that will damage the profitability of Barclays’ US business.

Russ Mould explained: “Barclays fell 4% after Trump called for a one-year 10% cap on credit card interest rates. The UK bank entered the US credit card market in 2004 with the acquisition of Juniper Financial and it is now one of the largest issuers in the country via partnership brands.”

Mondi shares didn’t fare much better than Barclays, falling 3.2%, after a Morgan Stanley analysts cut their rating on the stock to underweight.

Fresnillo shares jumped to the top of the FTSE 100 leaderboard, up 6.2%, as gold prices soared amid concerns about the Federal Reserve’s independence.

“Gold has surged to a new high on the news, while US futures are weaker,” explained Chris Beauchamp, Chief Market Analyst at IG.

“This certainly wasn’t on our bingo card for 2026, but it represents a major crisis for markets and has the potential to restart worries about the dollar and US monetary policy.”

Gold miner Endeavour Mining rose 2%.

BAE Systems’ good start to 2026 continued with another 2.4% gain amid rising geopolitical tensions.

As we move through 2026, the environment for US tech IPOs is heating up with some of the world’s most prominent technology companies preparing to go public.

From aerospace giants to artificial intelligence leaders, this year’s pipeline features companies at valuations that could reshape entire sectors.

Here are the most eagerly anticipated initial public offerings expected to hit the markets in 2026.

SpaceX

Est. IPO Valuation: >$1 Trillion
Expected Timing: Q3-Q4 2026

SpaceX, founded by Elon Musk, has revolutionised the aerospace industry through its reusable rocket technology and ambitious satellite internet constellation, Starlink. The company provides commercial satellite launches, operates the world’s largest satellite broadband network, and is developing next-generation spacecraft for both cargo and crew missions to the International Space Station and beyond.

OpenAI

Est. IPO Valuation: $830 Billion – $1 Trillion
Expected Timing: Late 2026/Early 2027

OpenAI has become synonymous with the artificial intelligence revolution through its groundbreaking ChatGPT chatbot and GPT language models. The company develops advanced AI systems designed to benefit humanity, offering enterprise AI solutions, research capabilities, and consumer-facing products that have transformed how millions of people work, create, and access information. The company completed a string a private rounds in late 2025 and will likely do so up until IPO. The valuation could be astronomical.

ByteDance

Est. IPO Valuation: $480-500 Billion
Expected Timing: Considering 2026

ByteDance is the Chinese technology giant behind TikTok, the short-form video platform that has captivated a global audience of over one billion users. The company operates a portfolio of content platforms powered by sophisticated recommendation algorithms, including Douyin (TikTok’s Chinese counterpart), news aggregator Toutiao, and various other digital entertainment and information services.

Anthropic

Est. IPO Valuation: $350-$450 Billion
Expected Timing: Preparing H2 2026

Anthropic is an AI company focused on building reliable, interpretable, and steerable AI systems, most notably its Claude family of large language models. Founded by former OpenAI researchers, the company emphasises constitutional AI principles and develops advanced AI assistants for both enterprise and consumer applications, whilst prioritising safety and alignment. Claude is popular for its coding capabilities and is attracting the interest of MircoSoft, Amazon, and Nvidia, who have participated in a recent fundraises, or are reported to be eyeing taking a stake in the near term.

Databricks

Est. IPO Valuation: $134-160 Billion
Expected Timing: Likely Q1-Q2 2026

Databricks provides a unified data analytics platform that combines data warehousing and AI capabilities, enabling organisations to process and analyse massive datasets efficiently. The company’s lakehouse architecture helps enterprises break down data silos, streamline machine learning workflows, and derive actionable insights from their data across cloud environments.

Stripe

Est. IPO Valuation: $91.5-120 Billion
Expected Timing: Signalled H1 2026

Stripe has built the financial infrastructure that powers commerce for millions of businesses worldwide, from startups to Fortune 500 companies. The company provides payment processing, fraud prevention, revenue management, and a comprehensive suite of financial tools that enable businesses to accept payments, manage subscriptions, and scale their operations across global markets.

Revolut

Est. IPO Valuation: $75-90 Billion
Expected Timing: 2026 Target

Revolut is a digital banking platform offering a comprehensive range of financial services through its mobile-first app, serving over 40 million customers globally. The company provides current accounts, currency exchange, investment products, cryptocurrency trading, and business banking solutions, all designed to give users greater control and transparency over their finances.

Canva

Est. IPO Valuation: $50-56 Billion
Expected Timing: Expected H2 2026

Canva has democratised graphic design through its intuitive, browser-based platform that enables anyone to create professional-quality visual content without design expertise. The company offers a vast library of templates, images, and design tools for creating everything from social media graphics to presentations and marketing materials, serving over 170 million users worldwide.

MicroSalt shares jumped on Monday after the low-sodium salt producer said 2025 sales exceeded management expectations and reaffirmed bumper revenue forecasts for 2026 and 2027.

The Tekcapital portfolio company announced that unaudited sales for the financial year ended 31 December 2025 reached $2.14 million, surpassing the board’s original target of $2.0 million and representing a 287% year-on-year increase from $745,000 in 2024.

MicroSalt shares were 9% higher at 51p at the time of writing.

The manufacturer of full-flavour natural salt containing approximately 50% less sodium said its B2B bulk business continues to advance, with strong growth driven by increased demand from its North American customer base.

Most interestingly for investors, the company projects sales of $7.0 million for 2026 based on current volume estimations and existing customer relationships, with revenue expected to exceed $15.0 million in 2027.

Although more is needed to understand margins as volumes scale significantly, MicroSalt’s current market cap of £29m will look very good value if these revenue forecasts are met.

Increased Volumes

MicroSalt highlighted continued momentum with Customer 3, one of the world’s largest food, soft drink, and snack manufacturers.

Following increased volume projections throughout 2025, a new product line is scheduled to launch in Q2 2026. The company has already delivered its first bulk order for this product to a specific end retailer of Customer 3, with further orders received on a broadly monthly basis, in line with management expectations.

“We are immensely proud to have exceeded Board expectations in 2025, delivering revenue growth of 287% compared to 2024,” said Rick Guiney, CEO of MicroSalt.

“This performance is a clear testament to the strength of our offering, the versatility of MicroSalt’s applications, and the successful execution of our strategy to build a sustainable and profitable organisation. Importantly, it reinforces our commitment to delivering healthier food alternatives globally while driving revenue growth and long-term value for our shareholders. Our final 2025 healthy servings totalled 830,735,462, providing clear evidence that MicroSalt is successfully delivering on its mission of enabling healthier foods by helping to reduce excess sodium consumption.

“We look forward to continuing our close collaboration with existing partners as we deepen relationships and expand our global reach. At the same time, we remain focused on establishing new partnerships that will support our next phase of growth. As we look ahead, we are confident in our ability to build on this momentum and continue strengthening the business for the benefit of both our customers and shareholders.”