Mixed signals — flagged for pre-raise, but forward-looking tone is also improving across 3 corroborating channels. Tone trajectory is stable (ahead → ahead → ahead → ahead); last update 2026-01-22. Macro backdrop: recovery.
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Mixed signals — flagged for pre-raise, but forward-looking tone is also improving across 3 corroborating channels. Tone trajectory is stable (ahead → ahead → ahead → ahead); last update 2026-01-22. Macro backdrop: recovery.
| Signal / Date | Status | Detail | Indicator |
|---|---|---|---|
| Composite signals | |||
| Multi-channel | Improver flagged | Tone improving across multiple channels — flagged improver in MAIN_MARKET. 3 of 3 channels in agreement | tone 35.0 · broker 100.0 · director 40.3 · sector 34.8 |
| Tone trajectory | stable | Tone has been stable. most recent 2026-01-22 · 8 statements in last 180d | |
| Distress | Not flagged | Not flagged for distress. | |
| Pre-raise | Flagged | Active hype-language pattern — historically precedes equity raises (1.32× baseline). Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count. 13.0 RNS/month | |
| Narrative drift | Stable | Narrative consistent with historical baseline. | |
| Broker actions — last 90 days (17) | |||
| 2026-05-08 | target_raise | Citigroupneutral | GBX 520(was 500) |
| 2026-05-07 | initiation | CITIGROUPneutral | 520p |
| 2026-04-27 | target_raise | BARCLAYSequal weight | 530p(was 520) |
| 2026-04-27 | target_raise | UBSbuy | 630p(was 520) |
| 2026-04-24 | reiteration | Shore CapitalHold | — |
| 2026-04-24 | reiteration | Berenberg BankHold | 490p |
| 2026-04-24 | — | Shore Capitalhold | — |
| 2026-04-24 | reiteration | Berenberg Bankhold | GBX 490 |
| 2026-04-24 | target_raise | DEUTSCHE BANKbuy | 585p(was 570) |
| 2026-04-23 | target_raise | GOLDMANneutral | 555p(was 495) |
| 2026-04-23 | target_cut | SHORE CAPITALhold (buy) | 535p(was 600) |
| 2026-04-17 | target_raise | Citigroupsell | GBX 500(was 445) |
| 2026-04-17 | reiteration | CitigroupSell | 500p(was 445) |
| 2026-04-17 | target_raise | CITIGROUPsell | 500p(was 445) |
| 2026-04-14 | reiteration | JefferiesBuy | 625p |
| 2026-04-09 | target_raise | GOLDMANneutral | 495p(was 475) |
| 2026-04-07 | initiation | KEEFE. BRUYETTE & WOODSoutperform | 550p |
| Director deals — last 90 days (16; 16 purchases) | |||
| 2026-05-11 | Purchase | Mohamed Tagari28 shares | £1 |
| 2026-05-11 | Purchase | Elizabeth Carrington28 shares | £1 |
| 2026-05-11 | Purchase | Karen Goodman28 shares | £1 |
| 2026-05-11 | Purchase | Kina Sinclair28 shares | £1 |
| 2026-05-11 | Purchase | Charles Musson28 shares | £1 |
| 2026-05-11 | Purchase | Ryan Hughes28 shares | £1 |
| 2026-05-11 | Purchase | Nicholas Carrington28 shares | £1 |
| 2026-03-26 | Purchase | Stephen Vowles42,689 shares | £2.0k |
| 2026-03-11 | Purchase | Mohamed Tagari34 shares | £1 |
| 2026-03-11 | Purchase | Elizabeth Carrington34 shares | £1 |
| 2026-03-11 | Purchase | William Mackay34 shares | £1 |
| 2026-03-11 | Purchase | Karen Goodman35 shares | £2 |
| 2026-03-11 | Purchase | Kina Sinclair34 shares | £1 |
| 2026-03-11 | Purchase | Charles Musson34 shares | £1 |
| 2026-03-11 | Purchase | Ryan Hughes34 shares | £1 |
| 2026-03-11 | Purchase | Nicholas Carrington34 shares | £1 |
| Backdrop | |||
| UK macro regime | recovery | UK cycle classification: recovery (76% confidence). | See macro indicators → |
Tone improving across multiple channels — flagged improver in MAIN_MARKET.
3 of 3 channels in agreement
Tone has been stable.
most recent 2026-01-22 · 8 statements in last 180d
Not flagged for distress.
Active hype-language pattern — historically precedes equity raises (1.32× baseline).
Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count.
Narrative consistent with historical baseline.
Citigroupneutral
CITIGROUPneutral
BARCLAYSequal weight
UBSbuy
Shore CapitalHold
Berenberg BankHold
Shore Capitalhold
Berenberg Bankhold
DEUTSCHE BANKbuy
GOLDMANneutral
SHORE CAPITALhold (buy)
Citigroupsell
CitigroupSell
CITIGROUPsell
JefferiesBuy
GOLDMANneutral
KEEFE. BRUYETTE & WOODSoutperform
Mohamed Tagari28 shares
Elizabeth Carrington28 shares
Karen Goodman28 shares
Kina Sinclair28 shares
Charles Musson28 shares
Ryan Hughes28 shares
Nicholas Carrington28 shares
Stephen Vowles42,689 shares
Mohamed Tagari34 shares
Elizabeth Carrington34 shares
William Mackay34 shares
Karen Goodman35 shares
Kina Sinclair34 shares
Charles Musson34 shares
Ryan Hughes34 shares
Nicholas Carrington34 shares
Mixed signals — flagged for pre-raise, but forward-looking tone is also improving across 3 corroborating channels. Tone trajectory is stable (ahead → ahead → ahead → ahead); last update 2026-01-22. Macro backdrop: recovery.
| Signal / Date | Status | Detail | Indicator |
|---|---|---|---|
| Composite signals | |||
| Multi-channel | Improver flagged | Tone improving across multiple channels — flagged improver in MAIN_MARKET. 3 of 3 channels in agreement | tone 35.0 · broker 100.0 · director 40.3 · sector 34.8 |
| Tone trajectory | stable | Tone has been stable. most recent 2026-01-22 · 8 statements in last 180d | |
| Distress | Not flagged | Not flagged for distress. | |
| Pre-raise | Flagged | Active hype-language pattern — historically precedes equity raises (1.32× baseline). Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count. 13.0 RNS/month | |
| Narrative drift | Stable | Narrative consistent with historical baseline. | |
| Broker actions — last 90 days (17) | |||
| 2026-05-08 | target_raise | Citigroupneutral | GBX 520(was 500) |
| 2026-05-07 | initiation | CITIGROUPneutral | 520p |
| 2026-04-27 | target_raise | BARCLAYSequal weight | 530p(was 520) |
| 2026-04-27 | target_raise | UBSbuy | 630p(was 520) |
| 2026-04-24 | reiteration | Shore CapitalHold | — |
| 2026-04-24 | reiteration | Berenberg BankHold | 490p |
| 2026-04-24 | — | Shore Capitalhold | — |
| 2026-04-24 | reiteration | Berenberg Bankhold | GBX 490 |
| 2026-04-24 | target_raise | DEUTSCHE BANKbuy | 585p(was 570) |
| 2026-04-23 | target_raise | GOLDMANneutral | 555p(was 495) |
| 2026-04-23 | target_cut | SHORE CAPITALhold (buy) | 535p(was 600) |
| 2026-04-17 | target_raise | Citigroupsell | GBX 500(was 445) |
| 2026-04-17 | reiteration | CitigroupSell | 500p(was 445) |
| 2026-04-17 | target_raise | CITIGROUPsell | 500p(was 445) |
| 2026-04-14 | reiteration | JefferiesBuy | 625p |
| 2026-04-09 | target_raise | GOLDMANneutral | 495p(was 475) |
| 2026-04-07 | initiation | KEEFE. BRUYETTE & WOODSoutperform | 550p |
| Director deals — last 90 days (16; 16 purchases) | |||
| 2026-05-11 | Purchase | Mohamed Tagari28 shares | £1 |
| 2026-05-11 | Purchase | Elizabeth Carrington28 shares | £1 |
| 2026-05-11 | Purchase | Karen Goodman28 shares | £1 |
| 2026-05-11 | Purchase | Kina Sinclair28 shares | £1 |
| 2026-05-11 | Purchase | Charles Musson28 shares | £1 |
| 2026-05-11 | Purchase | Ryan Hughes28 shares | £1 |
| 2026-05-11 | Purchase | Nicholas Carrington28 shares | £1 |
| 2026-03-26 | Purchase | Stephen Vowles42,689 shares | £2.0k |
| 2026-03-11 | Purchase | Mohamed Tagari34 shares | £1 |
| 2026-03-11 | Purchase | Elizabeth Carrington34 shares | £1 |
| 2026-03-11 | Purchase | William Mackay34 shares | £1 |
| 2026-03-11 | Purchase | Karen Goodman35 shares | £2 |
| 2026-03-11 | Purchase | Kina Sinclair34 shares | £1 |
| 2026-03-11 | Purchase | Charles Musson34 shares | £1 |
| 2026-03-11 | Purchase | Ryan Hughes34 shares | £1 |
| 2026-03-11 | Purchase | Nicholas Carrington34 shares | £1 |
| Backdrop | |||
| UK macro regime | recovery | UK cycle classification: recovery (76% confidence). | See macro indicators → |
Tone improving across multiple channels — flagged improver in MAIN_MARKET.
3 of 3 channels in agreement
Tone has been stable.
most recent 2026-01-22 · 8 statements in last 180d
Not flagged for distress.
Active hype-language pattern — historically precedes equity raises (1.32× baseline).
Hype-language density 0.0 per 1k words across recent disclosures. RNS cadence alone isn't a signal — buybacks and routine reporting can dominate; this measures language patterns, not announcement count.
Narrative consistent with historical baseline.
Citigroupneutral
CITIGROUPneutral
BARCLAYSequal weight
UBSbuy
Shore CapitalHold
Berenberg BankHold
Shore Capitalhold
Berenberg Bankhold
DEUTSCHE BANKbuy
GOLDMANneutral
SHORE CAPITALhold (buy)
Citigroupsell
CitigroupSell
CITIGROUPsell
JefferiesBuy
GOLDMANneutral
KEEFE. BRUYETTE & WOODSoutperform
Mohamed Tagari28 shares
Elizabeth Carrington28 shares
Karen Goodman28 shares
Kina Sinclair28 shares
Charles Musson28 shares
Ryan Hughes28 shares
Nicholas Carrington28 shares
Stephen Vowles42,689 shares
Mohamed Tagari34 shares
Elizabeth Carrington34 shares
William Mackay34 shares
Karen Goodman35 shares
Kina Sinclair34 shares
Charles Musson34 shares
Ryan Hughes34 shares
Nicholas Carrington34 shares