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Rotork (ROR) shares fell 12.5 per cent after the flow-control equipment maker struck a cautious tone on the outlook for parts of its energy business, overshadowing what were steady, if unspectacular, annual results.

The company said upstream and midstream oil and gas markets are expected to remain subdued in 2026 despite the broader increase by majors like Shell (SHEL) and BP (BP.). 

For 2025, oil and gas segmental revenues of 拢351mn made up the largest proportion of Rotork鈥檚 overall sales and were largely static following project delays in midstream markets late in the year. Meanwhile, total adjusted operating profit climbed 7.3 per cent to 拢192mn.

However, there was noticeable growth in the chemical, process and industrial and water and power divisions, where sales rose by 9 per cent to 拢223mn and 4.5 per cent to 拢203mn, respectively.

It is a little too early to say that Spirax (SPX) is picking up steam again.

Organic revenue growth of 5 per cent and adjusted pre-tax profit growth of 6 per cent to 拢301mn both came in slightly ahead of forecasts, pushing the industrial group鈥檚 shares up 5 per cent.

However, reported pre-tax profit and earnings per share were down 13 per cent and 15 per cent, respectively, due to restructuring charges.

Spirax鈥檚 chief executive Nimesh Patel said the group is delivering on commitments set out in 2024 to deliver mid-single-digit sales growth and improve margins and returns on capital.

Revenue growth was driven by its Electric Thermal Solutions business, where organic sales were up by 9 per cent on the back of improving demand from customers in the semiconductor industry.

shares gained 10 per cent after it reported a 30 per cent increase in its order book to 拢7bn and boosted capital returns, as the infrastructure solutions group climbed back into the FTSE 250 after a more than two-decade absence.

Growth in the group鈥檚 forward work position (the combined order and preferred bidder books) was supported by new contracts across its transportation and natural resources markets. That included a 15-year infrastructure upgrades contract at the Sellafield nuclear power station worth up to 拢1bn, while Costain secured post-year-end London Gatwick contracts as it expands in aviation. Around 90 per cent of revenue for this year is covered.

As previously announced, Costain has removed its 鈥榙ividend parity鈥� regarding its defined-benefit pension scheme. That removed a hindrance to payouts, reflected in a 75 per cent increase to the annual dividend. The group has moved to a target dividend cover of three times adjusted earnings.

Shares in Genuit (GEN) jumped 8 per cent this morning after the building materials company reported revenue growth ahead of the wider construction market and a slight uptick in operating profits despite higher labour costs. 

Like-for-like revenue rose 3.2 per cent to 拢602mn, helped by a focus on higher growth areas such as residential ventilation and blue-green roofs, which helped cushion the hit from weaker residential newbuild and repair, maintenance and improvement markets.

Underlying operating profit was up 2.4 per cent to 拢94mn, although the margin slipped by 70 basis points to 15.7 per cent due to the impact of national insurance and national living wage increases. Margins recovered to 16.4 per cent during the second half.

Genuit acquired low-energy ventilation provider Monodraught and water efficiency company Davidson Holdings during the year, which pushed leverage to 1.5 times underlying pro-forma Ebitda, up from just 0.9 times a year earlier.

Management noted that the start of 2026 has been impacted by 鈥減rolonged wet weather鈥� affecting construction sites in January and February. However, they remain confident in their medium-term targets, citing 鈥減ositive signs鈥� on order intake.

Higher costs weighed on profits at Domino鈥檚 Pizza (DOM), following a disruptive year of failed acquisitions and senior churn at the fast food chain.

While revenue rose by 3 per cent, the Milton Keynes-headquartered company blamed a 35 per cent slump in statutory pre-tax profits on 鈥渁dverse impacts鈥� from recent UK Budgets and 鈥渢ough economic conditions鈥�. 

The group also pointed to additional costs from management changes, after both the chief financial officer and chief executive made surprise exits in the final quarter, as well as 拢6mn in costs related to transactions that 鈥渦ltimately did not proceed鈥�.

Domino鈥檚 has made attempts to diversify and broaden its total addressable market in recent months, with the launch of its new chicken sub-brand, 鈥楥hick 鈥楴鈥� Dip鈥�, announced in September. 

鈥淭here are big hopes pinned on new products and young markets to steady the ship,鈥� said Dan Lane, lead UK analyst at Robinhood, although interim boss Nicola Frampton ruled out any further acquisitions until a new chief is in place. 

And while a higher final dividend and reaffirmed 2026 Ebitda expectations (in the range of 拢132mn to 拢142mn) helped boost the shares by 3 per cent in early trading, they remain 34 per cent down on the year.

Pennon (PNN) says it will return to profitability in the 2026 financial year despite fines for missing targets on water supply and wastewater. 

The South West Water owner said it was looking at a 鈥渞obust return to profitability鈥� but guided underlying profits at the low end of analyst expectations. The consensus forecast for the 12 months to 31 March, as per FactSet, is 拢539mn, or 60 per cent ahead of FY2025. 

Pennon said heavy rainfall (150 per cent of normal in the south west) had meant more storm overflows than anticipated, although said this was down 17 per cent on the year before. In the 2024 calendar year, Pennon reported 56,173 sewage spills that ran for an average of almost 10 hours each. 

The company flagged FY2025 as the 鈥渨ettest hydrological year on record鈥� and also said there was 鈥渆xceptional wet weather鈥� in FY2024. 

Pennon said several regulatory actions would be completed this year, including Environment Agency prosecutions covering 2015 to 2021 and a Drinking Water Inspectorate court process looking at the 2024 cryptosporidium outbreak in Brixham. 

South West and others in the sector have come under further public scrutiny from new Channel 4 drama Dirty Business, which has come out as the government is designing a new combined regulator for the industry.