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Shares in Breedon (BREE) were 2.8 per cent higher in morning trading after the building materials group reported results that were affected by weak construction markets across its main regions.

Revenue rose 9 per cent to £1.71bn in the year to 31 December, while adjusted ebitda increased 3 per cent to £279mn. However, the like-for-like performance was disappointing, with both revenue and Ebitda declining by 3 per cent and 4 per cent, respectively, reflecting muted construction activity.

The UK remained particularly challenging, with management noting a fourth consecutive year of declining construction materials volumes. Demand for ready-mixed concrete fell to historically low levels amid weak housebuilding and subdued private sector investment.

Management responded with operational efficiency measures, generating more than £20mn of cost savings through procurement improvements, headcount reductions and site rationalisation.

Robert Walters’ (RWA) full-year results paint a picture of another difficult year for recruitment consultants due to the ongoing global hiring slowdown, leading to a loss and the suspension of dividend payments.

The company swung from a £5.2mn operating profit in 2024 to a £14.9mn loss after net fee income slumped 14 per cent on a constant currency basis to £274mn. The financial loss also included nearly £5mn of redundancy costs as the group leaned out to weather the storm.

Specialist recruitment, about 83 per cent of group net fees, fell 13 per cent, weighed down by a 23 per cent decline in Europe, its second largest region. Both permanent and temporary recruitment fell by double-digits, and recruitment outsourcing was down 14 per cent.

The only bright spot was specialist recruitment in the UK, which grew 6 per cent for the year after a 20 per cent surge in the second half. Permanent fee earner volume productivity in specialist recruitment returned to growth in the final months of the year, while group net fee income per fee earner rose by 5 per cent.

Despite this, management still expects net fee income for 2026 to be “slightly below� last year and has hiked its annual cost-cutting target to at least £12mn in 2027, up from £10mn previously. Given the group’s net cash position more than halved to £26mn in 2025, the board opted to scrap the final dividend.

Forterra (FORT) delivered a trading update midway through January, so the market response to its full-year figures was muted.

The manufacturer of bricks and associated building materials recorded a double-digit increase in revenues, but there were pronounced variations between statutory and adjusted profits.

Reported operating profits of £29.3mn were 13.6 per cent down on the prior year, but matters look better when the impact of restructuring costs and energy contract derivatives was excluded, with adjusted profits 34.6 per cent to the good at £42mn. 

Variance aside, Forterra said that it outperformed the wider market, with its share of the brick market “recovering to historical levels� – rising by 6 per cent, although volumes softened over the second half.

The group’s adjusted cash margin rose by 90 basis points to 16 per cent. Rising cash generation led to a reduction in net debt and a leverage ratio of 1.0 times. Management also felt able to more than double the final dividend, while launching a £20mn share buyback programme.

market valuation has risen by nearly two-thirds over the past 12 months – quite an achievement for a FTSE 250 constituent, but easy enough to appreciate given the construction group’s record order book and a 9 per cent increase in underlying earnings per share to 47.6p.   

The top line has been driven by UK power transmission and US buildings demand, while operating profits within support services increased by a third to £122mn on an 80 basis point increase in the underlying margin, to 8.5 per cent. The UK construction segment achieved its margin target ahead of time, and the parallel business in the US benefited from rising building volumes, although performance was constrained by cost overruns on a project at the US Civils arm. 

The order book is worth around £22.7bn – a 23 per cent increase on 2024 – and management points to a “significant further pipeline including UK power transmission schemes�. The UK government remains committed to the expansion of the nation’s power grid as part of the ongoing energy transition.

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Shares in 4imprint (FOUR) fell 9 per cent this morning after the promotional goods group said trading in the first two months of 2026 showed orders and revenue “slightly down� compared with early last year.

The company noted that tariff-related costs are being phased in by suppliers, which could impact revenue and margins in the coming year. The fact that new customer orders fell 12 per cent in 2025 even though marketing costs stayed high also unsettled the market.

Revenue fell 2 per cent to $1.3bn (£1.5bn), with operating profits also down 2 per cent to $145mn. Still, the corresponding margin held steady at 10.8 per cent, helped by the delayed pass-through of tariff-driven product cost increases, which limited the impact on last year’s results.

Marketing spend was maintained at 13 per cent of revenue, although revenue per marketing dollar fell slightly to $7.86. Cash and bank deposits stood at $133mn by the end of the year, down from $148mn in 2024.

It’s not often you hear about a company’s resilience alongside record profits. But Hochschild Mining (HOC) has fallen behind other silver and gold miners because operational issues at a new mine in Brazil knocked production last year.

The company’s shares are still 245 per cent ahead of where they were a year ago, but it trades at a hefty discount to FTSE 100 silver miner Fresnillo (FRES).

Production in 2025 was 9.1mn ounces (oz) of silver and 255,600 oz gold, down 14 per cent and 9 per cent respectively. The record prices took the adjusted cash profit up 39 per cent to $584mn.

The challenges involved processing at Mara Rosa, which came just as gold prices really started to run hot. A plant shutdown was needed for a fix, knocking production.

The plant is running at full capacity now and guidance for this year is ahead of 2024 at 67,000-80,000oz, out of the group outlook of 300,000-328,000oz.

Nichols’ (N¹û¶³´«Ã½L) increased its dividend by 5 per cent after the soft drinks company and Vimto-maker revealed rising profitability in its final results.

Sales grew 1.2 per cent in the year to 31 December, but pre-tax profits jumped by more than a fifth, helped by its exit from its lower margin Starlush brand during the second half.

Another boost was a shift towards a higher margin ‘concentrate’ model in Africa, where it has now onshored production and sells higher strength flavour syrups rather than producing the finished drinks themselves.

The company said that trading during 2026 has been positive so far, and it intends to reduce its dividend cover to 1.5 times over the year to reflect its “strong balance sheet, confidence in the outlook and good cash generation�.

Nichols’ new finance chief, Matthew Rothwell, is set to join the firm in April. The shares rose 4 per cent in early trading.