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Investment group Liontrust Asset Management (LIO) continued to suffer from net outflows in its fourth quarter, but delivered its best quarterly result since 2023 and won two institutional mandates worth over 拢500mn.

For the three months to 31 March, net outflows were 拢0.8bn, compared to 拢1.3bn in the same period last year. Assets under management and advice (AUMA) was 拢19.6bn at the quarter end, down from 拢21.5bn at the end of December, as the group was hit by 拢1.1bn-worth of negative market movements.

Yet chief executive John Ions argued that Liontrust, which saw its asset position improve in April, is benefitting from 鈥渋nvestor diversification away from US equities and increasing demand from clients for active management鈥�.  

The group鈥檚 proposed acquisition of asset manager River Global, for an initial 拢7.6mn in shares, was approved by the latter鈥檚 shareholders earlier this month. It will bring in around 拢2.6bn of AUMA.

Aberdeen鈥檚 (ABDN) assets under management and administration (AUMA) went backwards in the first quarter as inflows into the FTSE 250 fund manager鈥檚 Interactive Investor platform were offset by a financial planning business disposal and a 拢4.3bn hit from market movements.

AUMA at 31 March came in at 拢548bn, down from 拢556bn at the end of December. Net outflows were 拢2.9bn in the quarter, compared to 拢5.2bn in the same period last year, helped by inflows of 拢3bn for Interactive Investor as adviser and institutional and retail wealth flows remained negative.

Interactive Investor customer numbers were up 14 per cent to 513,000, year on year. The financial planning disposal, part of the Interactive Investor business, took out 拢3.6bn of AUMA.

Management said it is 鈥渇irmly committed鈥� to delivering full-year targets of at least 拢300mn of adjusted operating profit and around 拢300mn of net capital generation.

Ferrexpo (FXPO) shares fell by 11 per cent after the company said a proposed $100mn equity raise is 鈥渢he only viable solution鈥� to provide the necessary working capital needed to keep its doors open for another 18 months.

The maker of iron ore pellets has been struggling financially since Russia鈥檚 invasion of Ukraine in 2022. Its problems became elevated in March last year after the Ukrainian government began withholding VAT payments, claiming one of the group鈥檚 subsidiaries had been underpaying royalties. Authorities in the country have also launched criminal cases against group companies alleging the illegal extraction of materials, water pollution and various other environmental breaches. They have also launched various cases against its ultimate beneficial owner, Kostiantyn Zhevago, accusing him of embezzlement, misallocation of funds and bribery.

So far, Ferrexpo said Ukrainian authorities have withheld $90.3mn of VAT repayments due, and unaudited accounts show the company swung from an $18mn operating profit to an $197mn loss last year, on the back of a 16 per cent slide in revenue to $787mn. By year-end it had net cash of $47mn but even after raising $7.7mn through the sale of a transshipment vessel earlier this week, it currently only has enough cash to see it through to the end of August.

Ferrexpo said it remains in discussions with Zhevago鈥檚 company about whether it intends to participate in the fundraise and its potentially dilutive effects but if it gains board agreement it intends to complete this by the end of this month to allow it to file audited accounts on time. If it can鈥檛, its shares will be suspended.

Shares in Shoe Zone (SHOE) dropped by 13 per cent after the discount retailer said it no longer expects to make a profit this year.

The Leicester-headquartered footwear chain said it will now make a pre-tax loss of between 拢1mn and 拢2mn, down from previous guidance of a pre-tax profit of 拢1mn.

The company blamed the previous two Budgets and conflict in the Middle East for a continued weakening in consumer confidence that has led to 鈥渓ower footfall, less discretionary spend and additional costs鈥�.

The shares are down by more than half over the past 12 months.

Bunzl (BNZL) has reiterated its full-year guidance after reporting underlying revenue growth during the first quarter of the year, with the previously troubled North American business leading the way. The shares rose 3 per cent to 2,433p.

Underlying revenue grew 2 per cent over the period, or 1.5 per cent at constant exchange rates, driven by volume growth and tariff-related price increases. On actual exchange rates, revenue fell 0.4 per cent.

North America, where Bunzl generates nearly half of its revenues and was the main driver of its profit warning last year, outperforming the group average with underlying revenue growth thanks to 鈥減erformance improvement actions鈥� and new business wins secured in late 2025.

Other regions saw slight underlying revenue growth in aggregate. Management said operating profit remained consistent with expectations for a 鈥渟table performance鈥� this year and that the acquisition pipeline is active with an 鈥渋mproved outlook鈥� for deals.

Full-year guidance is for moderate revenue growth at constant exchange rates, with the operating margin expected to be slightly down year on year. 鈥淲e expect 2026 to be a foundation for future profit growth,鈥� said chief executive Frank van Zanten.

Shares in LBG Media (LBG) fell more than 10 per cent in early trading after the LADbible owner lifted its full-year revenue guidance but warned profits would miss analyst expectations due to a shift in the sales mix.

The Aim-traded digital publisher now expects 2026 revenue of around 拢110mn, up on previous guidance. But adjusted Ebitda is set to come in at roughly 拢22mn, below analyst forecasts.

First-half revenue is expected to rise 19 per cent to 拢52mn, or 22 per cent at constant currency, but adjusted Ebitda is forecast to drop 34 per cent to 拢8mn due to growth in lower-margin revenues and planned investment in the UK and US.

鈥楧irect鈥� revenues, derived from content made for brands and agencies, now account for more than 70 per cent of the total. These revenues are more predictable, but less profitable than the group鈥檚 鈥榠ndirect鈥� income from platform-shared advertising.

The latter revenues are still under pressure. Referral traffic has yet to recover, with changes at Google, including AI-generated summaries, and changes to Meta鈥檚 Facebook algorithm hitting volumes. LBG Media鈥檚 half-year results are due on 9 June.

Shares in Cerillion (CER) fell 5.8 per cent in early trading after the billing software specialist reported a softer first half, with revenue down 14 per cent to 拢18mn and cash profits down 37 per cent to 拢6.2mn for the six months to 31 March.

The decline reflects the timing of software licence recognition, with very little high-margin licence revenue booked in the first half.

However, management reaffirmed full-year expectations, pointing to a stronger second half weighting. New orders doubled to 拢39.6mn, driven by Cerillion鈥檚 largest win to date in January and continued demand from existing customers. Net cash rose to 拢32.5mn.

Cerillion will report its Interim results on 1 June.

JD Sports Fashion (JD.) said its chair plans to step down this summer in a surprise move, sending the shares down by 4 per cent to 73p in morning trading.

The global sports footwear and leisure retailer said that Andy Higginson, who has been in the role for only four years, will hand over to Darren Shapland on an interim basis in July.

Shapland is currently chair of the board鈥檚 environmental, social and governance committee. The search for a permanent successor is under way.

This move comes at a trying time for JD, as the company grapples with the negative impact of geopolitical turmoil, greater consumer caution and higher price markdowns from peers.

The share price has fallen by a third since chief executive Regis Schultz took the helm four years ago.

Croda (CRDA) reported largely flat first-quarter revenue 鈥� up 1 per cent at constant currency rates but down 2 per cent overall, on what was a strong prior-year period.

The chemicals specialist said continued growth in its beauty and its flavours and fragrances divisions offset lower sales in crop protection. So far, it says the conflict in the Middle East (where it generates 5 per cent of revenue) hasn鈥檛 had an effect on the business and it has been increasing prices to cover higher costs.

Full-year expectations, of organic sales growth of 3-6 per cent and an adjusted operating margin of 18 per cent remain unchanged.

Quartix Technologies (QTX) reported a 12 per cent increase in annual recurring revenue for the first quarter of the year and said its overall customer base had grown by 8 per cent.

However, ARR growth was weaker than last year, and the rate of new subscriptions fell by 13 per cent. New customer acquisitions dropped by 8 per cent.

Although the maker of vehicle tracking systems kept full-year expectations unchanged, its shares fell by 10 per cent.

Senior (SNR) expects full-year trading to be 鈥渃omfortably ahead鈥� of expectations after a strong start to the year. Group revenue rose by 2.5 per cent, with the aerospace division growing sales by 9.7 per cent due to strong civil and military demand.

Although the Flexonics business posted a revenue decline of 6.2 per cent, this was a better performance than expected as stronger demand for land vehicles partially offset an expected fall in sales to petrochemical customers.

Senior鈥檚 shares remained flat at 287p. Earlier this month, its board recommended a 300p per share offer that values the company at 拢1.28bn from Tinicum and Blackstone.