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Medical devices manufacturer Smith & Nephew (SN.) delivered a straightforward set of first quarter results, with quarterly revenues rising by an underlying 3.1 per cent to $1.5bn (£1.1bn). 

The company reaffirmed its full year guidance, with Smith Nephew on track to deliver underlying revenue growth of around 6 per cent, along with $800mn of free cash flow. Management felt confident enough to launch another $500mn share buyback alongside the results.

Chief executive Deepak Nath said that “strong execution” in sports medicine and a solid performance in advanced wound management and the rest of orthopaedics offset some anticipated softness in the US knees market. The share price was marginally lower in morning trading.

Trainline (TRN) shares fell more than 5 per cent after the ticketing platform reported double-digit full-year profit growth but disappointed with its 2027 net ticket sales growth guidance.

The FTSE 250 group grew net ticket sales 7 per cent to £6.3bn in the year to 28 February, with adjusted Ebitda up 11 per cent to £177mn and operating profit rising 43 per cent to £122mn, as UK commission rate reductions were offset by cost savings. 

Management had upgraded profit expectations twice last year, but the 2027 outlook points to a slowdown. The company is guiding for net ticket sales of £6.2bn to £6.45bn, implying a range from a 1.9 per cent decline to 2.1 per cent growth year on year.

Growth is expected to slow due to a mix of UK and international pressures. In the UK, the expansion of contactless travel and a regulated fare freeze are weighing on ticket sales, while war in the Middle East and rail accidents in Spain are scaring off international travellers. 

Revenue is expected to be £440mn to £455mn, implying a range from a 2.8 per cent decline to 0.5 per cent growth. Adjusted Ebitda is guided at 2.9 per cent of net ticket sales, implying about £183mn at the mid-point, up 3.8 per cent year on year as the international consumer business breaks even.

Read more: Can Trainline outrun Britain’s rail overhaul?

StoneX (US:SNEX) has walked away from a potential acquisition of Cab Payments (CABP) after the foreign exchange and payment services company’s key shareholder and former owner Helios Investment Partners declined to support its latest proposal.

The Nasdaq-listed financial services group said it would not make a firm offer, “having reflected on the Helios consortium’s decision (which prevents StoneX from acquiring 100 per cent control of Cab Payments)”.

Cab Payments’ board was in favour of StoneX’s 110p per share in cash approach, made on 16 April, but Helios’ consortium (which owns more than 45 per cent of the company and is also trying to buy it) said it would not back it.

The ball is now back in Helios’ court. It is trying to get a $1.15 (84p) per share cash offer for Cab Payments over the line and proposed an “unlisted share alternative” as part of a deal. 

Cab Payments shares were down 2 per cent in early trading.

Pub operator JD Wetherspoon (JDW) reported a 3.4 per cent increase in like-for-like sales for the 13 weeks to 26 April, which was ahead of the wider sector. Total sales increased by 4.1 per cent as it opened eight and closed eight pubs but also added new franchise outlets.

Chair Tim Martin sounded his usual downbeat note, arguing the “substantial rises” in costs faced by the hospitality sector meant that full-year results could come in slightly below market forecasts.

Broker Peel Hunt described this as an “unconvincing warning”, though, stating that although higher costs had been mentioned, the pushing through of higher prices since March had not. Although it expects adjusted pre-tax profit to be about 10 per cent lower than last year, buybacks mean adjusted earnings per share should rise by 5 per cent.

Renishaw (RSW) reported its biggest ever quarterly sales increase, with revenue up 14 per cent on the back of brisk demand. 

The company said growth had been strongest in its position measurement division, where revenue grew by more than a fifth, given strong demand from the semiconductor and electronics manufacturing industries.

Renishaw, which upgraded full-year forecasts last month, said the increase had brought sales for the nine months to 13.5 per cent at constant exchange rates. It added that although supply chains in the semiconductor market were “tight”, it does not expect any material effect on operations this year. 

Renishaw’s shares rose by 1 per cent, taking their year-to-date gain to just shy of 40 per cent.

Shares in Reach (RCH) fell 9 per cent this morning after the Daily Mirror owner reported a 6.9 per cent year-on-year decline in group revenue in the first quarter, driven by a material drop in traffic from Google Search.

On-platform referral volumes, mainly from the search giant, were “materially lower” and led to an 8.1 per cent drop in digital revenue. The publisher is trying to cushion the hit by growing off-platform audiences, expanding video content and launching premium subscriptions.

Print revenue fell 6.6 per cent, with a double-digit drop in advertising sales partly offset by cover price increases. On the 2026 outlook, management said it was “cautious” on digital revenue but noted the group was on track to meet market expectations for the full year.

“We are undoubtedly in the middle of yet another big shift in the media world as the digital referral landscape continues to change, but we are navigating this uncertainty appropriately,” said chief executive Piers North. Half-year results are due on 22 July.

Shares in Diageo (DGE) rose 5 per cent in early trading after the drinks giant reported a small increase in third quarter sales and kept full year guidance unchanged.

Revenues rose 0.3 per cent versus the prior year in the three months to March to $4.5bn, with volume growth more than offsetting a fractional decline in pricing. This brought nine-month revenues to $14.9bn, down 2 per cent versus the prior year.

Chief executive Sir Dave Lewis said that “actions are already underway” to be more competitive in North America, which Lewis described as “our biggest challenge”. Sales during the quarter in North America, Diageo’s biggest market, fell 10 per cent versus the prior year to $1.7bn.

The company reiterated guidance for flat-to-low single-digit operating profit growth and free cash flow of $3bn. Lewis said that the company was “mindful of continued geopolitical uncertainty” when maintaining guidance.

Diageo will provide a strategic update alongside results for the year ended June on 6 August.

Read our Alpha report on Diageo here