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Man Group (EMG) shares shed 7 per cent in early trading after the FTSE 250 hedge fund disclosed that a single client took out $6.1bn (£4.5bn) from its systematic long-only equity strategy in the first quarter.

For the three months to 31 March, assets under management nudged up by just over a billion dollars from December to $228.7bn. Net outflows were $1.6bn while investment performance contributed a positive $3.1bn.

WH Smith’s (SMWH) shares fell 11 per cent this morning after the travel retailer said it would suspend its dividend to reduce debt and shore up its financial position.

The company reported revenue growth of 5 per cent to £748mn in the six months to 28 February, but headline group profit before tax and non-underlying items collapsed to £3mn from £21mn a year earlier. Headline trading profit fell 32 per cent to £32mn.

As a result, net debt including lease liabilities rose to £1bn at year-end, from £874mn at the end of August, with leverage increasing to 2.9 times headline Ebitda from 2.1 times. Headline net debt stood at £496mn and is expected to fall to £420mn by the end of 2026.

Capital expenditure is expected to be around £90mn this year to expand and modernise its presence in global travel hubs following the sale of its UK high street business in 2025. Returns to shareholders will be reinstated when “excess cash is available”, the board added.

Management adopted a more cautious outlook amid Middle East uncertainty, citing the impact on passenger numbers and consumer confidence. For 2026, it expects headline profit before tax of between £90mn and £105mn.

“The decision to sanction a major redevelopment of its UK travel stores – while it may pay off in the longer term – has put a dent in profit at a time of considerable uncertainty,” said AJ Bell head of markets Dan Coatsworth.

Shares in Relx (REL) fell 3 per cent this morning, as a solid start to the year across its four divisions and reaffirmed 2026 guidance failed to lift investor sentiment amid concerns over potential AI disruption.

The trading update ahead of its AGM reiterated its full-year outlook of “another year of strong underlying growth in revenue and adjusted operating profit, as well as strong growth in adjusted earnings per share on a constant currency basis”.

Management noted its exhibitions business had to reschedule some events in the Middle East, but nonetheless all divisional guidance remains as set out at the company’s full-year results in February. Results for the first half of 2026 are due in July.

Asos’ (ASC) interim results revealed a turnaround effort that is heavily reliant on cost-cutting, rather than driving sales and new customer growth.

Although the fast-fashion player’s loss before tax narrowed to £138mn from £242mn the year before, analysts questioned how much more cloth Asos has to cut before slowing sales really begin to bite.

“Despite operational progress, sustainable top-line growth is still unproven as the cost savings runway is near the end,” said Anubhav Malhotra, an analyst at Panmure Liberum.

Asos’ gross merchandise value – a key industry metric which represents the total value of all products sold after cancellations and returns – was 9 per cent down year-on-year. As a result, group revenue fell from £1.3bn to £1.1bn.

And while the company said it is now in a “healthier stock position”, investors will need to wait until the full-year results for this to be quantified. After hitting an inventory backlog of £1bn in 2022, the group was still dealing with £402mn worth of stock in November.

The shares rose by 2 per cent in early trading, but remain down by more than a quarter over the past 12 months.

Surface Transforms (SCE), the maker of carbon fibre-reinforced ceramic brakes, has called in administrators.

The company hadn’t made a profit during its 22 years on Aim, but in recent years losses had mounted. Its fortunes worsened in March when it lost a contract with its biggest customer, General Motors, through which it generated 84 per cent of last year’s revenue.

It then put itself up for sale but was unable to find a buyer and confirmed the appointment of Alvarez & Marsal Europe as administrators on Wednesday. In a statement, the company said “it is not expected that the administration process will result in any returns to shareholders”.

XP Power (XPP) reported a “material increase” in orders during the first quarter, although revenue has yet to follow suit.

Orders were up 48 per cent year on year, and 38 per cent quarter on quarter, which the Singapore-based maker of electrical components attributed to strong demand from chipmakers and a further recovery in demand from industrial technology and healthcare equipment customers.

Revenue fell by 4 per cent to £51.8mn due to currency fluctuations – at constant currency rates it increased by 4 per cent. The company left full-year guidance unchanged, reiterating previous comments that sales would be second-half-weighted. The shares rose by 6 per cent, and are up 73 per cent since the start of this year.

Estate agent Foxtons (FOXT) reported a 35 per cent fall in transaction revenues to £11mn in the first quarter of its financial year, the latest sign of a slowing UK housing market.

The decline reflected a tough comparison period, when activity was boosted by the March 2025 stamp duty deadline.

Even so, chief executive Guy Gittins described the market as “subdued”, adding that conflict in the Middle East had “tempered buyer sentiment and impacted mortgage rates and availability”. The company said it would reposition its sales business in response.

Foxtons is increasingly focused on its lettings business as it seeks to grow its recurring revenues. Letting sales rose 5 per cent to £26mn, but overall revenues still fell 10 per cent to £40mn. Shares were down 2 per cent in early trading.

J Sainsbury’s (SBRY) shares fell 5 per cent in early trading after becoming the latest grocer to warn on the impact of the Iran war in its full-year results.

The supermarket chain warned that the impact of the conflict in the Middle East “is very uncertain”, with operating cost inflation and an ever more competitive market being the primary concerns, as retailers battle for shoppers’ attention.

Sales excluding fuel rose 4.9 per cent to £26bn in the year to 28 February, while pre-tax profit was up 2 per cent to £619mn. Still, the company has baked caution into its profit guidance for the year ahead.

Sainsbury’s said it now expects to deliver total underlying operating profit of between £975mn and £1.08bn, compared with a target of “around £1bn” for underlying operating profit the year before.

Elsewhere, sales in its Argos business remained broadly flat year on year, which the group blamed on a “subdued” general merchandise market. Nonetheless, the board stuck to its progressive dividend policy, and raised the total payout by 0.7 per cent.

Segro (SEGR) chief executive David Sleath said the conflict in the Middle East had so far had “no discernible effect” on the company’s leasing performance.

In a trading update, he said “the health of our diverse customer base remains strong”, noting that “favourable supply-demand dynamics” should support further rental growth.

The logistics landlord reported £23mn of new rental contracts signed in the first quarter, at an average increase of 19 per cent.

In asset management, the company completed £106mn of disposals during the period, with £138mn exchanged or due to complete. Three-quarters of these have happened since the onset of the Iran war. Shares were flat in early trading.

Hikma Pharmaceuticals (HIK) reiterated full-year guidance ahead of today’s annual general meeting, sending the shares up nearly 4 per cent in early trading.

The group expects unchanged revenue growth of 2 to 4 per cent and core operating profit of $720mn (£533mn) to $770mn for 2026.

The update brings a measure of calm after a difficult six months. Chief executive Riad Mishlawi stepped down by mutual agreement in December, with executive chairman Said Darwazah, a former chief executive, resuming the role. A further leadership reshuffle followed in February, and the shares have traded close to three-year lows.

Operationally, the injectables business has seen margins drift down from the mid-30s to a guided 27-28 per cent on higher research & development and marketing costs. Hikma Rx, the US generics arm, is under persistent pricing pressure, but the performance is expected to be broadly flat. The branded Middle East business is forecast to see revenue growth of 6-8 per cent.

Interim results for the six months to 30 June are due on 6 August.