EARNINGS AND TRADING: Morgan Advanced Materials says CFO to step down
The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Rosebank Industries PLC - London-based takeover vehicle focused on industrial and manufacturing firms - Says trading at ECI for the four months to end April is in line with current full year market expectations. Adjusted operating profit and margin are trending in line with current full year market expectations and up significantly year-on-year, it adds. Good progress continues to be made on the initial 24-month restructuring programme and, as planned, the exit of costly working capital customer factoring and supplier finance arrangements has been completed. Continues to pursue an active pipeline of bolt-on acquisition opportunities for ECI while being cautious through this period of ‘geopolitical uncertainty’. Also sees a pipeline of bolt-on acquisition opportunities for CPM’s aftermarket business, and all three of MW Components’ divisions. Expects to complete the acquisition of CPM next week and to complete the acquisition of MW Components a few weeks thereafter.
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HgCapital Trust PLC - investment trust which provides exposure to investments managed by Hg - Net asset value per share is 528 pence at March 31, down 6.0% from 562p at the end of 2025. A material contraction in valuation multiples reduced the value of the portfolio partially offset by a positive contribution of 5% from trading, it says.
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S4 Capital PLC - London-based advertising agency - Reports a decline in first quarter revenue amid ‘heightened macroeconomic uncertainty caused by the conflict in the Middle East and continued client caution’. This caution has been especially seen in ‘technology clients, as they allocate even more spend to building artificial intelligence infrastructure’, S4 says. Revenue in the first quarter falls 7.5% on-year to £164.8 million from £178.1 million. On a like-for-like basis, it shrinks 3.7%. Net revenue is down 8.9% on a reported basis to £149.2 million, declining 5.0% like-for-like. S4 also says it plans to implement a medium-term dividend payout policy of 50% of adjusted basic earnings, assuming financial targets are achieved. ‘For 2026, the board will approve an interim dividend of 1.1p and recommend a final dividend of 1.1p, subject to shareowner approval where necessary, if performance and liquidity targets are met and would be a first short-term step in implementing the capital allocation policy on dividend payout,’ it adds.
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Uniphar PLC - Dublin-based healthcare services company - Reports that 2026 has started well, with performance in the first four months in line with the board’s expectations. Uniphar remains ‘well positioned to deliver organic gross profit growth across each division in line with previous guidance and to deliver on expectations for the full year,’ it says. M&A continues to play an important role in Uniphar’s growth strategy, and the group maintains a disciplined approach to capital allocation, while managing an active pipeline of acquisition opportunities.
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Morgan Advanced Materials PLC - Berkshire, England-based manufacturer of specialist thermal, ceramic and carbon products - Says first quarter trading was in line with expectations and full year outlook remains unchanged, with organic constant currency revenue growth of 6.2%. ‘We have not observed any material direct or indirect trading impact from the conflict in the Middle East in Q1, and are responding through pricing to offset inflationary impacts,’ company says. Continues to see broad based order intake stability across the group. Also says Richard Armitage plans to retire as chief financial officer, during the first half of 2027. A search for a successor has begun.
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Rathbones Group PLC - London-based investment and wealth manager - Total operating income rises 9.4% to £240.7 million in the first quarter from £220.1 million the year prior. Funds under management and administration total £113.6 billion at the quarter end compared to £115.6 billion at the end of 2025. Total net outflows were £800 million, flat on-year. Chief Executive Jonathan Sorrell says: ‘Net outflows in the quarter largely reflected this elevated tax-related activity, together with ongoing outflows from low-margin execution-only services and the continued challenging operating environment in UK retail active asset management.’
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