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Ecora Royalties (ECOR) was close to its 2024 revenue despite a significant drop in earnings from its cornerstone coal royalty, which management said made for a “landmark� year.

The total portfolio contribution, which comes from the company’s royalties and streams on various mines, was $57mn (£43mn), down from $63mn the year before. The Kestrel royalty contributed $17.5mn, down from $41mn in 2024. 

The company’s shares have almost doubled in the past 12 months as investors have looked for more base metals exposure. “Our critical minerals royalties and streams delivered record portfolio contribution, representing the first time in the group’s history where the majority of the portfolio contribution was derived from critical minerals,� said chief executive Marc Bishop Lafleche.

Operating profit was $25mn, slightly ahead of analyst forecasts. Much higher free cash flow in the second half rescued the total dividend after a much-reduced interim payout, with a 1.4¢ dividend to be paid on 31 July.

Analysts see rising sales this year despite even lower Kestrel income in 2026, with Berenberg forecasting a 30 per cent rise to $71mn.

Shares in 3i (III) fell 9 per cent ahead of a capital markets seminar, which is being held to spell out the investment case for its largest holding, Action.

The Dutch retailer’s sales grew 16 per cent and cash profit by 14 per cent last year, with like-for-like sales up 4.9 per cent and 384 new stores added. However, like-for-like sales have continued to soften, with growth of 4 per cent recorded in the first 12 weeks of this year.

Action’s French business continued to underperform, and footfall in northern Europe was weakened by snow and cold weather, management said. The conflict in the Middle East could have further repercussions, however, 3i said history suggested “Action and the broader 3i portfolio will continue to show resilience�.

Action’s guidance for this year is for like-for-like sales growth to be maintained at between 4-5 per cent and for its cash profit margin to be stable at 14.8 per cent.

Read our Deep Dive on 3i and Action here

Shares in THG (THG) jumped 7 per cent on the back of improved financial results and “significant positive developments� in its long-running dispute with HMRC over the VAT treatment of protein powders.

Its pre-tax loss was cut to £69.4mn, from £202mn a year earlier, following its divestment of the THG Ingenuity business. It also pointed to a £71mn reduction in net debt to £230mn following the sale of Claremont Ingredients for £103mn.

Management also argued that it expects to shave another £110mn-£130mn from net debt this year, £78mn of which it expects to come from repayment of a VAT claim lodged with HMRC.

German shipping giant Hapag-Lloyd (DE:HLAG) expects earnings for this year to be lower than 2025, with the war in Iran “causing considerable network disruptions and sharply increasing operational costs�.

The company, which agreed a deal in mid-February to buy Israeli shipping group Zim for about $4.2bn, reported a 63 per cent fall in operating profit for 2025 on the back of a 3 per cent decline in revenue as the shipping industry grappled with tariff disruption and ongoing security tensions in the Red Sea.

Hapag-Lloyd also faced port congestion problems and increased costs following the start of its Gemini alliance with Danish shipper AP Moller Maersk (DK:MAERSK.B).

Read more on shipping disruption here

Shares in Capita (CPI) jumped more than 13 per cent this morning after the outsourcer agreed to sell its underperforming private sector contact centre business to private equity group Inspirit Capital for a nominal sum of £1.

The group is actually leaving £6.5mn in the business for working capital to ensure a smooth transition, but there is a “contingent consideration� clause where Capita could receive up to £61.5mn in 2027 and 2028, depending on how the business performs under its new owners.

The business generated nearly £400mn in revenue last year but ran at an operating loss of around £35mn. By removing the division, Capita expects to improve its operating margins by 200 basis points by 2027 and drive £40mn in annual savings across 2026 and 2027, at a cost of £20mn.

A small number of UK public sector contracts are excluded from the deal, which management said is part of a simplification push as the company doubles down on its public service and pension solutions divisions.

Shares in Currys (CURY) shed 10 per cent this morning, after the electronics retailer revealed that chief executive Alex Baldock plans to step down.

Baldock’s surprise move comes after eight years at the helm of the FTSE 250 group. He presided over a share price rise of 35 per cent over the past 12 months, and previously held roles at RBC and Barclays.

“Currys’ next chapter can be its most exciting yet. But it’s time for someone else to steer the business there, and time for me to move on to a new opportunity,� Baldock said.

The board said he would “remain in role� until a successor is found, as a formal recruitment process gets underway.

Shares in Mears Group (MER) jumped 5 per cent after the housing services provider unveiled a £20mn buyback alongside full year results. Alongside this the company increased its total dividend by 9 per cent to 17.5p, implying a 12 per cent total yield.

The company’s order book rose a third versus the prior year to £4bn, driven by strong contract retention in its maintenance business. Growth here offset falling revenues from providing housing services for asylum seekers, which meant 2025 total revenue stayed flat versus the prior year at £1.14bn. Profit before tax fell 1 per cent to £63.5mn.

“Delivering strong growth in our traditional Maintenance-led activities is a key achievement which continues to be underpinned by excellent contract retention,� said chief executive Lucas Critchley.