A busy morning of corporate news spans profit warnings and capital raises to major M&A and fresh drilling results. WH Smith (LSE:SMWH) leads the agenda with a softening North American outlook and an emergency placing, while EnQuest (LSE:ENQ) moves to transform its scale with an $833m acquisition of Malaysian oil assets and Ceres Power (LSE:CWR) raises £103m to accelerate its fuel cell programme.
WH Smith cuts profit outlook and launches placing amid North America softness
WH Smith (LSE:SMWH) issued a profit warning and announced a share placing after trading at its North American travel retail business came in below expectations. The group now anticipates a significant non-underlying non-cash impairment charge of up to £150m for the full year, covering goodwill and store impairments following a review of the InMotion business, store exits, and a restructuring of its Rest of World operations.
The placing is intended to shore up the balance sheet as management works through the InMotion review and broader portfolio rationalisation. The North American travel retail segment had been a key growth engine for the group in recent years, making the deterioration in that division the central concern for investors heading into the open.
Workspace Group targets £125m trading profit in earnings pivot
Workspace Group (LSE:WKP) set out a target of £125m in trading profit as the flexible London office landlord formally pivots its financial reporting framework towards an earnings-based model. Chief Executive Charlie Green pointed to the group's portfolio of London buildings and "continued long-term structural demand" in its markets as the foundation for the target.
The move signals a strategic shift in how Workspace communicates its financial progress to the market, emphasising recurring income generation over asset valuation metrics, a repositioning that reflects the broader maturation of the flexible workspace sector.
EnQuest agrees $833m acquisition of Malaysian oil assets
EnQuest (LSE:ENQ) announced a $833m acquisition of Malaysian oil and gas assets, framing the deal as a material expansion of its operated footprint in the country. The group said the transaction leverages existing infrastructure for capital-efficient growth and represents a transformational step in its corporate development.
EnQuest has operated in Malaysia for a number of years and the deal is structured to build on that established presence, with the scale of the acquisition marking one of the most significant moves in the company's history.
Ceres Power raises £103m to accelerate Solid Oxide Fuel Cell pipeline
Ceres Power (LSE:CWR) raised approximately £103m gross, around £100m net, through a non-pre-emptive placing, retail offer, and directors' subscription. The proceeds are earmarked to accelerate the company's Solid Oxide Fuel Cell programme and advance its commercial pipeline.
The raise is one of the larger capital injections in the UK clean energy space this year and underlines the capital intensity of scaling SOFC technology towards commercial deployment.
Tullow Oil expects production at higher end of 2026 guidance
Tullow Oil (LSE:TLW) updated the market to say it expects full-year 2026 production to come in at the higher end of its guidance range, while maintaining its free cash flow outlook. Chief Executive Ian Perks said the group remains "well placed to generate significant free cash flow in 2026 and beyond."
The positive production update provides a degree of reassurance on operational delivery at a time when the company continues to manage its balance sheet and longer-term portfolio strategy.
Molten Ventures backs Isar Aerospace with €30m in €270m Series D
Molten Ventures committed €30m to Isar Aerospace as part of a €270m Series D funding round for the European launch vehicle developer. The investment is intended to help Isar scale globally and ramp serial production of its Spectrum rocket.
The round is one of the larger raises in European space technology and reflects growing investor appetite for sovereign and commercial launch capability on the continent. Molten's participation at this scale underscores the venture firm's conviction in the space sector as a long-term growth theme.
Caledonia Mining posts high-grade Motapa drill results ahead of maiden resource
Caledonia Mining (LSE:CMCL) reported high-grade drill results from its Motapa North target at the Bilboes project in Zimbabwe, with a maiden resource estimate scheduled for the third quarter. Executive Chairman Mark Learmont said the consistent high-grade intersections offer the opportunity to define a substantial resource close to planned Bilboes infrastructure, with the potential to enhance the project's long-term value.
The results add further definition to the Motapa North zone and keep the Bilboes development timeline on track as the company works towards a formal resource declaration.
H-Power completes first UK scaled green hydrogen sale to Protium
H-Power signed a 12-month supply deal with Protium covering 5,000 kg of green hydrogen, produced from its ammonia cracker facility. The company described the transaction as a first for the UK, demonstrating that scaled volumes of low-carbon hydrogen can be produced reliably and commercially without reliance on government subsidy.
The deal is notable as a proof-of-concept for commercially viable green hydrogen supply at scale in the UK market, a milestone the sector has been working towards as it seeks to move beyond demonstration projects.
Vodafone and Greek power group plan 50:50 fibre joint venture for 1.6m homes
Vodafone (LSE:VOD) and a Greek power group are in discussions to establish a 50:50 fibre joint venture that would cover 1.6m homes. The proposed vehicle would provide wholesale open-access capacity to internet service providers across the combined network footprint.
The structure mirrors the wholesale open-access model increasingly favoured across European fibre roll-outs, and would represent a significant expansion of fibre infrastructure in the Greek market if the deal proceeds to completion.
Motorpoint delivers 82.9% jump in pre-tax profit on AI-driven efficiency gains
Motorpoint (LSE:MOTR) reported an 82.9% increase in pre-tax profit alongside an 8.1% rise in revenue for the period. Chief Executive Mark Carpenter highlighted the group's embrace of artificial intelligence as a key driver of the result, noting that data had become fundamental to the business during the year.
The profit growth significantly outpaced revenue expansion, pointing to meaningful margin improvement as the used car retailer extracted operational efficiencies from its technology investment.
Frontier Developments posts record adjusted profit on simulation title strength
Frontier Developments (LSE:FDEV) reported a record adjusted profit alongside 16% revenue growth, driven by the performance of its simulation game titles. Chief Executive Jo Cooke said the company is positioned for further success, with three new games scheduled for release across the next two financial years.
The result marks a meaningful recovery for the Cambridge-based developer after a difficult period of restructuring, and the forward release slate provides a clearer earnings visibility path than the group has had in recent years.
Fuller, Smith & Turner posts 28% rise in adjusted profit as trading momentum holds
Fuller, Smith & Turner (LSE:FSTA) reported a 28% increase in adjusted profit before tax to £34.6m, with revenue up 5.7% to £397.8m. Like-for-like sales growth and margin expansion drove the profit outperformance, and the board proposed a final dividend of 13.35p per share.
The result demonstrates continued momentum in the premium pub and hotel operator's estate, with both the top line and profitability moving in the right direction despite an uncertain consumer backdrop.
Pennon doubles profit after year of heavy capital investment
Pennon Group reported a doubling of profit following a year of significant capital expenditure across its water and wastewater infrastructure. Incoming Group Chief Executive Keith Haslett, setting out his priorities, pointed to operational excellence, performance culture, and technology-driven delivery as his focus areas.
The profit recovery reflects the financial cycle of a regulated utility following a period of elevated investment, with the new leadership signalling a shift towards extracting returns from the capital already deployed.
Helical lets Old Street Bower campus space to Fin and Fresha
Helical (LSE:HLCL) completed new lettings at The Bower, its Old Street campus, signing leases with Fin and Fresha. Chief Executive Matthew Bonning-Snook said the deals reinforce the continued appeal of the asset as a best-in-class campus and underpin the company's active asset management strategy.
The lettings add further occupancy to one of Helical's flagship London assets and provide incremental income support as the group continues to manage and enhance its portfolio.
Marula Mining to begin copper and manganese sales in June despite shipping delay
Marula Mining announced plans to begin copper and high-grade manganese sales during June. A planned 500-tonne trial shipment to Jindal Pelletising was postponed after conflict in the Middle East disrupted shipping logistics and costs, but the company indicated sales activity would proceed through alternative arrangements.
The commencement of commercial sales marks a significant operational milestone for the junior miner as it transitions from development to revenue generation across its African asset base.
Time Out Group signs five-year Australian media franchise with Vinyl Group
Time Out Group (LSE:TMO) signed a five-year franchise agreement with Vinyl Group covering the Time Out media brand in Australia. CEO Rob Biagioni described Australia as an important territory for Time Out, noting the audience and business built there over many years.
The franchise model allows Time Out to monetise its brand and content infrastructure in the market without carrying the operational overhead directly, consistent with the group's broader strategy of expanding its franchise footprint internationally.
Coastal Africa Group begins AIM trading as West African oil and gas investing vehicle
Coastal Africa Group was admitted to AIM and began trading, having raised capital through a subscription and convertible loan notes. The company is structured as an investing vehicle targeting minority stakes and an intended acquisition in West African oil and gas.
The listing adds a new name to the AIM energy sector at a time of continued interest in African upstream opportunities, with the group's initial focus on minority positions providing a lower-capital entry point while it pursues its primary acquisition target.
Cornish Metals completes process plant design for South Crofty tin mine
Cornish Metals completed the design phase for the South Crofty process plant, a key step in the project's development timeline. CEO Don Turvey noted that dewatering is now under way through the fully commissioned 195-level pump station, operational for the first time in over 28 years.
The completion of the plant design and the milestone on dewatering keep the South Crofty tin project on its development path, with the pump station achievement representing a tangible physical step forward at the historic Cornish mine.
Petra Diamonds suspends Finsch mine as business rescue begins
Petra Diamonds suspended production at its Finsch mine in South Africa as business rescue proceedings got under way. Appointed practitioners have taken custodianship of the mine and will prepare a rescue plan for creditor approval.
The suspension of Finsch, one of Petra's core producing assets, marks a significant deterioration in the company's operational position and places the future of the mine in the hands of the rescue process. The outcome will depend on the plan presented to creditors and their response to it.
ECR Minerals moves to improve Raglan gold recovery after Lidar survey
ECR Minerals (LSE:ECR) outlined plans to lift gold recovery at its Raglan alluvial project following a Lidar survey and specialist operational review. The company said the focus is on mining in the right locations, processing the right material, and optimising plant settings for that material, framing the initiative as a systematic effort to maximise output from the existing operation.
The review-led approach suggests the recovery improvement programme is grounded in site-specific data gathered through the Lidar work, rather than a broader capital-intensive intervention.
