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Robert Walters’ (RWA) net fees fell by just 2 per cent at constant currency during the first quarter, a big improvement on the double-digit declines seen a year earlier, while group net fees rose 5 per cent year on year in March.

Recruitment outsourcing was the standout, with fees up 13 per cent. Specialist recruitment, which represents 81 per cent of group net fees, fell 5 per cent. Asia Pacific, the recruiter’s largest region, grew 4 per cent, while Europe remained challenging, particularly in Northern Europe.

Fees in its second-largest market fell 16 per cent, dragged down by double-digit declines in France as Spain grew. Net fee income in the UK rose 1 per cent against an overall market backdrop that “continues to stabilise”, management said.

Total headcount was flat quarter on quarter but fell 10 per cent on a year earlier as the firm continues to prioritise fee-earner productivity and natural attrition. Its net cash position ended the quarter at just over £20mn, down from £26mn at the end of 2025.

Shares in Rank Group (RNK) soared 12 per cent after the bookmaker upgraded its 2026 profit expectations, defying gloomy sentiment around the gambling sector as it grapples with tax hikes that came into force this month.

The casino operator said it now expects full year operating profit “to be at least £68mn”, which is £3mn above current broker estimates.

Despite the online gaming tax rising from 21 to 40 per cent, interim chief executive Richard Harris said Rank has already mitigated “much of the impact” on its digital business. The online division grew net gaming revenue (NGR) by 4 per cent over the third quarter.

The company looks set to fare better than many of its UK peers, primarily due to its skew towards in-person gambling. Physical wagers represent almost three quarters of Rank’s revenue.

Levies on slot machines were left unchanged in the Budget, and this was Rank’s fastest-growing segment over the quarter, with NGR up 10 per cent. This helped lift Grosvenor casinos revenues by 5 per cent, while Mecca Bingo NGR also rose 5 per cent, supported by the abolition of the bingo duty.

Rank will report its final results on 13 August.

Saga (SAGA) had seen rising statutory losses after its travel/insurance business model was hit by the pandemic.

But its target demographic has proven to be rather more lively than anticipated, stretching forward bookings in its cruise business. And underwriting revenue is now heading in the right direction after it was impacted by three-year fixed-price policies.

The group’s balance sheet expanded in response to the cessation of normal trading due to the pandemic, but it has reduced debt through 2025, leaving the leverage multiple (net debt to Ebitda) at 3.7 (2024: 4.4). And the sale of its Insurance Underwriting business to Ageas has further streamlined the business model.

Things have been turning around, as evidenced by the 16 per cent increase in cash profits to £135mn, with operating cash flow up 88 per cent to £206mn.

Underlying revenue increased by 11 per cent, and the group’s forward travel bookings were encouraging, although another leftfield event in the form of the Strait of Hormuz conflict casts a shadow over proceedings.

Great Portland Estates (GPE) has finished its 2026 financial year with a strong fourth quarter leasing performance, a trading update has shown.

The London office landlord signed leases with an annual rent of £24mn during the fourth quarter, an average of 16 per cent higher than the March 2025 estimate. New leases signed in the year to March had a combined value of £71mn and were also on average 10 per cent higher than the March 2025 forecast.

As for disposals, GPE completed £490mn of disposals during the year, which were on aggregate just above book value.

“We have further leasing under offer and a strong pipeline of new space in production, and so we start the new financial year with positive momentum,” chief executive Toby Courtauld said. Shares rose 1 per cent in early trading.

Shares in Barratt Redrow (BTRW) rose 2 per cent in early trading after the UK’s largest housebuilder said that it was on track to achieve market expectations for the year to June. The company said it should complete 17,200-17,800 homes and achieve an adjusted profit before tax of £534mn-£586mn.

Its net private reservation rate per outlet per week, a key activity measure, rose 3 per cent year on year to 0.64 in the 12 weeks to the end of March (excluding bulk deals), suggesting no slowdown in sale despite the conflict in the Middle East and a spike in mortgage rates.

The company also reiterated guidance for 2 per cent build cost inflation for FY2026, but noted that higher energy costs would be “reflected in increased building material costs” in 2027.

There were also signs the company has managed cash flows more carefully. It expects net cash of £550mn-£650mn come June, £150mn more than previously guided, as it scales back investment in land and slows building safety remediation spend.

Chief executive David Thomas said the company would maintain “a disciplined approach” to allocating capital along with “selective land investment and rigorous cost control”.