Mixed signals — flagged for distress, pre-raise, but forward-looking tone is also improving across 3 corroborating channels. Tone trajectory is volatile ( → → ahead → below); last update 2026-03-20. Next results expected in 7 days (2026-05-21); the earnings model leans inline (43% confidence). 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 50.0 · broker 0.0 · director 23.4 · sector 22.0 |
| Tone trajectory | volatile | Tone has been volatile. most recent 2026-03-20 · 9 statements in last 180d | |
| Distress | Flagged | Distress flagged. Archetype: mature_profitable. cash down 58% YoY | |
| 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. 15.0 RNS/month | |
| Narrative drift | Stable | Narrative consistent with historical baseline. | |
| Forward catalyst | |||
| Upcoming results | Predicted inline | Next results expected in 7 days (2026-05-21). Model leans inline of consensus. 20% below · 43% inline · 37% ahead · 43% model confidence · calendar low | |
| Broker actions — last 90 days (1) | |||
| 2026-03-23 | reiteration | JP Morgan CazenoveOverweight | 2830p(was 3040) |
| Director deals — last 90 days (1; 1 purchase) | |||
| 2026-03-23 | Purchase | Alister Cowan5,000 shares | £1.1k |
| 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 volatile.
most recent 2026-03-20 · 9 statements in last 180d
Distress flagged.
Archetype: mature_profitable.
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.
Next results expected in 7 days (2026-05-21). Model leans inline of consensus.
20% below · 43% inline · 37% ahead · 43% model confidence · calendar low
JP Morgan CazenoveOverweight
Alister Cowan5,000 shares
Mixed signals — flagged for distress, pre-raise, but forward-looking tone is also improving across 3 corroborating channels. Tone trajectory is volatile ( → → ahead → below); last update 2026-03-20. Next results expected in 7 days (2026-05-21); the earnings model leans inline (43% confidence). 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 50.0 · broker 0.0 · director 23.4 · sector 22.0 |
| Tone trajectory | volatile | Tone has been volatile. most recent 2026-03-20 · 9 statements in last 180d | |
| Distress | Flagged | Distress flagged. Archetype: mature_profitable. cash down 58% YoY | |
| 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. 15.0 RNS/month | |
| Narrative drift | Stable | Narrative consistent with historical baseline. | |
| Forward catalyst | |||
| Upcoming results | Predicted inline | Next results expected in 7 days (2026-05-21). Model leans inline of consensus. 20% below · 43% inline · 37% ahead · 43% model confidence · calendar low | |
| Broker actions — last 90 days (1) | |||
| 2026-03-23 | reiteration | JP Morgan CazenoveOverweight | 2830p(was 3040) |
| Director deals — last 90 days (1; 1 purchase) | |||
| 2026-03-23 | Purchase | Alister Cowan5,000 shares | £1.1k |
| 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 volatile.
most recent 2026-03-20 · 9 statements in last 180d
Distress flagged.
Archetype: mature_profitable.
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.
Next results expected in 7 days (2026-05-21). Model leans inline of consensus.
20% below · 43% inline · 37% ahead · 43% model confidence · calendar low
JP Morgan CazenoveOverweight
Alister Cowan5,000 shares
