Dillistone Group PLC’s final results for the year ended 31 December 2025 highlight a transformational investor update as the recruitment software provider pivots toward a new long-term buy-and-build growth strategy. Despite challenging recruitment market conditions, the Group delivered financial results in line with expectations, reporting revenue of £4.2m, adjusted EBITDA of £1.19m and an improved EBITDA margin of 28.3%, more than double the level achieved four years ago. Recurring revenue remained strong, supporting predictable cash generation, while operating cash flow increased 13% to £1.08m and annual cash burn reduced by 36%. The Company also strengthened its balance sheet through a £1.5m fundraising completed at a premium to market price, with proceeds supporting strategic acquisitions, future M&A activity and operational flexibility. Management highlighted strong momentum within its Talentis CRM platform, with annual contract adoption rising sharply and Q1 2026 delivering the business’s strongest order intake in three years. Dillistone confirmed plans to transition from a pure recruitment software business toward a diversified acquisition-led model focused on stable, cash-generative companies with scalable margins and long-term recurring revenues. The Group has also initiated a search for a new CEO to lead the next phase of expansion, supported by experienced buy-and-build investors and board additions with significant M&A expertise.

Andrada Mining Limited delivered a comprehensive investor update highlighting strong operational momentum, expanding production, and a fully funded growth strategy across its portfolio of critical minerals in Namibia. The company reported positive EBITDA and free cash flow generation from its flagship Uis tin mine, with quarterly tin production up 10% year-on-year and tin prices exceeding $45,000 per tonne, supporting improving margins and cash flow. Management outlined plans to scale throughput from 1 million tonnes to 2.5 million tonnes through crusher upgrades, ore sorting technology, and plant optimisation, targeting a significant increase in tin concentrate production by 2028. Beyond tin, Andrada continues to advance its high-grade Lithium Ridge discovery, backed by a $40 million funding partnership with global lithium leader SQM, while the fully funded Brandberg West project provides exposure to tungsten, copper, and additional critical minerals. The company emphasised its diversified commodity portfolio, district-scale mineral system, and strategic infrastructure advantages as key drivers of long-term shareholder value. With over $90 million in non-dilutive project financing secured, strong institutional backing, and multiple near-term catalysts including feasibility studies, drilling results, and production expansion, management believes the market is undervaluing the company’s assets, growth potential, and future revenue streams.

B90 Holdings PLC delivered a strong investor update with its FY2025 financial results, highlighting a successful turnaround to profitability and continued execution of its growth strategy. The company reported revenue exceeding £7 million, more than doubling year-on-year, alongside a significant increase in EBITDA to approximately £1.1 million and a return to positive net profit. This performance reflects B90’s transition from a B2C gambling operator to a scalable, AI-driven B2B marketing technology (MarTech) platform. Leveraging proprietary machine learning and data analytics, the business optimizes marketing campaigns in real time, enhancing conversion rates, margins, and partner ROI while maintaining a capital-light operating model. The expanding partner network now over 300 brands and improved cash position of £1 million underscore strong operational momentum and cash generation. Management emphasized disciplined reinvestment into marketing spend, supporting sustainable revenue growth and stable EBITDA margins. With no debt and improved working capital, the balance sheet remains robust. The company also strengthened corporate governance with key board appointments, reinforcing investor confidence. Looking ahead, B90 aims to scale its AI-powered platform both horizontally and vertically beyond the iGaming sector, unlocking new revenue streams and reinforcing its competitive positioning. Management views this as a potential re-rating opportunity, supported by consistent delivery across four reporting periods, scalable infrastructure, and a clear path to profitable growth.

Camellia Plc delivered its FY2025 investor update outlining improved company performance, strengthening financial results, and progress against its Value Enhancement Plan (VEP), focused on driving long-term revenue growth, margins, and shareholder value. Group revenue reached £268 million, with trading profit returning to £1 million from a £5.5 million loss in 2024, reflecting early benefits from operational efficiencies and portfolio optimisation. Profit before tax stood at £3 million, supported by £20 million in asset disposals, as the company continues to streamline non-core holdings and redeploy capital into higher-return agricultural assets. Core operations across global agriculture showed mixed performance, with strong contributions from Brazil and recovery in macadamia and avocado production, partially offset by weather-related volatility in tea markets. Camellia’s growth strategy centres on expanding high-margin crops, improving productivity through technology and automation, and enhancing its asset base, with significant projects in avocados, citrus, and blueberries expected to deliver a combined £35 million annual revenue uplift by 2034. The balance sheet remains stable, with a healthy cash position and disciplined capital allocation supporting ongoing investment. Management reiterated its focus on operational efficiency, risk reduction, and portfolio optimisation in 2026, alongside continued execution of strategic initiatives to improve EBITDA, margins, and long-term revenue visibility. Overall, Camellia is positioning for sustainable growth through a more focused, resilient agricultural portfolio and enhanced operational performance.

EENERGY GROUP PLC’s FY2025 investor update highlighted a transformational year of improved profitability, stronger cash generation and accelerating growth across its energy efficiency and renewable solutions platform. The company reported adjusted EBITDA of £2.2m, up £2.9m year-on-year, alongside significantly improved gross margins of 33.1% driven by operational efficiencies, tighter project delivery and enhanced procurement strategies. Despite FY2025 revenue of £19m, EENERGY generated £2.8m net cash inflow from operations and reduced net debt to £1.3m, reflecting management’s disciplined focus on cash flow and working capital. The Group’s forward order book doubled to £14m, while FY2026 guidance was increased to £38m revenue and £4.5m EBITDA following strong Q1 trading performance. EENERGY continues to scale its multi-technology platform across solar, LED lighting, battery energy storage and EV infrastructure, with growing exposure to NHS, education and commercial sectors. Strategic growth drivers include GB Energy framework opportunities, off-balance-sheet funding solutions through Redaptive, and a £127m investment-grade pipeline supporting long-term revenue visibility. Management expects continued momentum from rising energy prices, expanding solar adoption, NHS contracts and battery storage demand, positioning EENERGY for sustained revenue growth, higher EBITDA margins and improved shareholder value.

Brave Bison Group PLC delivered a strong investor update highlighting transformational company performance, robust financial results, and a clear AI-led growth strategy. In FY2025, the marketing and technology group reported significant revenue expansion driven by both organic growth and five strategic acquisitions, contributing to a step change in scale and capability. Net revenue has grown more than 12x since 2020, while adjusted EBITDA margins reached c.20%, supported by improved operational efficiency and integration synergies. The business achieved 14% adjusted EPS growth year-on-year, alongside a strengthened balance sheet with a £4.3m net cash position and increasing net assets. Core divisions, including sports and entertainment and consultancy services, delivered strong performance, with double-digit growth in performance marketing and increasing demand for AI-enabled solutions. The newly acquired Mini MBA business is emerging as a high-growth asset, delivering c.18% revenue growth and expanding global enterprise contracts, enhancing the group’s recurring revenue visibility and order book. Brave Bison’s proprietary AI platform (BBX) underpins margin expansion and operational scalability, enabling enhanced service delivery and new product innovation. Looking ahead, management targets medium-term EBITDA growth from £10m to £25m through organic expansion, bolt-on acquisitions, and platform investments, including its strategic stake in System1. With strong momentum, improving margins, and a differentiated AI-driven proposition, Brave Bison is well positioned to deliver sustained revenue growth and long-term shareholder value.

Eleco Public Limited Company delivered a strong FY2025 investor update, reporting results ahead of market expectations with double-digit revenue growth, record recurring revenue and improved profitability. Annualised recurring revenue rose 29%, with recurring revenue now representing 81% of group revenue, supported by high customer retention, 110% net revenue retention and growing enterprise adoption across its built environment software portfolio. Total revenue increased 20%, while adjusted EBITDA grew 32%, reflecting operational leverage, disciplined cost control and strong gross margins of around 90%. The company ended the year with £16.3m net cash, no debt, strong free cash flow and a proposed 21% increase in the final dividend. Strategic progress included two targeted acquisitions, the disposal of a non-core visualisation business, continued investment in AI-enabled workflows, product connectivity and secure APIs. With a resilient subscription model, expanding order book visibility through deferred income, and demand for productivity, compliance, asset management and project delivery software, Eleco Public Limited Company remains well positioned for continued growth in 2026.

JPMorgan Emerging Markets Dividend Income PLC’s “A Closer Look at Emerging Markets” investor update outlines the Trust’s strategy to deliver strong company performance through a combination of sustainable income and long-term growth across emerging markets. The presentation highlights the significant global importance of emerging economies, which account for a large share of global GDP and population but remain underrepresented in equity indices, creating a compelling investment opportunity. The Trust focuses on building a diversified portfolio of high-quality companies with robust cash flows, attractive dividend yields and disciplined capital allocation, targeting consistent revenue generation and resilient margins. Key sectors include financials, technology and consumer businesses, with exposure to markets such as China, Korea, Brazil and Greece. Management emphasised the growing role of dividends in total return, supported by improving corporate governance and rising payout ratios across emerging markets. The Trust maintains a balanced growth strategy, combining higher-yielding stocks with companies offering strong dividend growth, while utilising modest gearing to enhance returns. Despite ongoing market volatility and macroeconomic headwinds, the Trust’s active, bottom-up investment approach aims to deliver stable EBITDA growth, a strong order book of opportunities and an attractive, progressive dividend for investors seeking income and diversification.

FADEL Partners, Inc.’s 2025 investor update highlighted continued progress in its transition toward a scalable SaaS model, supported by strong licence ARR growth, improving margins and enhanced financial discipline. The company reported revenue of $12.6m, with licence ARR increasing 14% year-on-year and 61% since IPO, reaching $8.9m, while maintaining high licence gross margins of 84%. Although overall revenue declined slightly due to a strategic shift away from lower-margin services, total gross margin improved to 64%, and adjusted EBITDA loss narrowed significantly to $0.7m, reflecting improved operational efficiency. FADEL Partners’ growth strategy is centred on expanding its AI-enabled IP management, royalty accounting and brand compliance platforms into the mid-market, unlocking a substantial addressable market within the global licensing ecosystem. The company continues to build momentum through new customer acquisition, a growing order pipeline, and ongoing product innovation across its IPM Suite and Brand Vision platforms, including advanced AI-driven analytics and automation capabilities. Strategic partnerships with AWS, Oracle, NetSuite and Adobe further strengthen its go-to-market and integration capabilities. Looking ahead, management remains focused on accelerating recurring revenue, improving profitability, expanding margins and capitalising on increasing demand for automated licensing, royalty management and content governance solutions.

SpaceandPeople plc’s FY2025 investor update highlights strong company performance with double-digit revenue growth, improved profitability, and continued strategic investment across its experiential marketing and retail platform. Net revenue increased 20% to over £8 million, driven by growth across all divisions, including brand promotions, retail, and its proprietary “Rock Up and Pop Up” offering, while operating profit rose بیش 70% to लगभग £0.6 million and profit before tax more than doubled to around £0.5 million. The group strengthened its balance sheet by increasing cash reserves and fully repaying legacy debt, supporting financial flexibility. Growth was underpinned by robust demand for face-to-face brand activations, customer acquisition campaigns, and flexible pop-up retail solutions, alongside expansion in Germany, where revenue grew 16% and new exclusive venue partnerships were secured. Operationally, the company invested in marketing, talent, and infrastructure, while advancing a digital transformation programme, including a new AI-enabled booking platform and CRM integration to enhance customer experience and sales efficiency. Looking ahead, management expects further profit growth of up to 50%, supported by a resilient growth strategy focused on experiential marketing, omnichannel retail trends, and increased European penetration. While mindful of macroeconomic and geopolitical risks impacting marketing spend and supply chains, the company remains confident in its order book, scalable business model, and ability to deliver sustainable revenue growth, margin expansion, and long-term shareholder value.

Keystone Law Group PLC delivered a strong investor update, reporting revenue growth of 17.9% to £115.2m, adjusted PBT up 20.6% to £15.3m, and robust operating cash conversion of 98.9%. The company highlighted continued momentum in its platform law firm model, with 61 new principals, 63 new pod members and total fee earners rising 13.5% to 654. Revenue per principal increased 10.5%, supported by strong client demand, high-quality recruitment and growing cross-referrals across the firm. Keystone remains debt-free, with £9.7m cash, a progressive ordinary dividend of 24.7p per share, and a track record of returning surplus capital through dividends. Management also outlined investment in technology and AI, including the rollout of Thomson Reuters’ CoCounsel, to enhance lawyer productivity and strengthen operational efficiency. Looking ahead, Keystone expects trading conditions to remain favourable, with growth driven by recruitment, brand strength, disciplined investment and its scalable pay-when-paid model.

Skillcast Group plc’s FY2025 investor update highlights strong company performance, with double-digit revenue growth, expanding margins, and a step change in profitability driven by its scalable SaaS model. Annual recurring revenue (ARR) 19% to £13.8 million, while total revenue rose 16% to £15.3 million, supported by 21% growth in high-margin subscription revenues, now representing 87% of total sales. Gross margins improved to 75.7%, and EBITDA surged than 200% to £1.5 million, reflecting operational leverage, disciplined cost control, and limited headcount growth. The group generated £3.7 million in free cash flow and ended the year with a strong net cash position of £30 million, underpinning a progressive dividend policy. Growth was driven by increased client numbers, higher average contract values, and successful upselling to enhanced and premium plans, while net revenue retention remained above 100%. Strategically, Skillcast is focused on sustaining ~20% ARR growth and improving EBITDA margins towards 20% through organic expansion, EU market penetration, product innovation, and AI integration. Management emphasised resilience in demand for compliance solutions, continued investment in AI-driven features, and a robust sales pipeline. Despite a modest slowdown in new client acquisition early in 2026, trading remains in line with expectations, supported by a growing order book, strong retention, and ongoing productivity gains, positioning the company for continued profitable growth and long-term shareholder value creation.

Getech Group PLC’s FY2025 final results investor presentation highlights a significant improvement in company performance, with revenue increasing over 7% to £5.0m and a return to positive EBITDA of £0.5m, marking its first positive EBITDA since 2019. The financial results reflect a successful strategic reset, including a 20% reduction in the cost base, improved operational efficiency, and a strong recovery in margins to 52%. The group continues to leverage its proprietary geoscience data and GLOBE platform, supporting a diversified global customer base across oil and gas, mining, and energy sectors. Recurring revenue (ARR) remained stable at £2.8m, with management focused on accelerating ARR growth through new contract wins, upselling existing clients, and expanding product capabilities. The order book of £3.8m provides solid forward revenue visibility into FY2026. Getech’s growth strategy is aligned with favourable market trends, including renewed exploration activity, low reserve replacement rates, and increasing demand for critical minerals and low-carbon resources such as natural hydrogen and geothermal energy. With a focus on sustainable cash generation, margin expansion, and product innovation, the company is well-positioned to capitalise on emerging opportunities and deliver long-term shareholder value in the global natural resources market.

KR1 plc’s latest investor update highlights a transitional year in 2025 marked by challenging market conditions, portfolio write-downs, and a significant decline in net asset value, alongside continued progress in building a diversified, income-generating digital asset platform. Despite a reported drop of over 60% in portfolio value, the company delivered approximately £5 million in infrastructure income and maintained a positive adjusted operating result, reflecting resilience in its underlying business model. KR1’s strategy differentiates itself from traditional crypto investment vehicles by combining price exposure with active income generation across technology infrastructure (including Ethereum staking and validator expansion), financial infrastructure (such as Nexus Mutual underwriting and liquidity provision), and venture investments. Entering 2026, KR1 is focused on enhancing recurring revenue streams, targeting yields of 6–8%, and transitioning assets into more productive, income-generating positions. The company maintains a debt-free balance sheet and is leveraging its recent London Stock Exchange listing to access broader institutional demand. Management remains optimistic about future growth, supported by improving market sentiment, increasing regulatory clarity, and rising institutional inflows into digital assets. With a clear growth strategy centered on decentralised AI, blockchain infrastructure, and tokenised financial systems, KR1 is positioning itself to capitalise on the next cycle of digital asset innovation while driving long-term shareholder value through scalable income generation and portfolio optimisation.

Novacyt S.A. delivered a resilient final results investor update, reporting 2025 revenue of £20m, with underlying growth of 4% after the Taiwan divestment, a strong 63% gross margin, and a reduced EBITDA loss of £7.8m. The molecular diagnostics group highlighted continued progress against its growth strategy, including increased R&D investment, IVDR-accredited product development, and new launches such as LightBench Discover, which helped drive 25% instrumentation growth. Clinical revenues represented around 70% of group sales, supported by double-digit growth in NIPT, contract wins in the UK, Iceland and Thailand, and expanding Asia-Pacific demand. Novacyt also strengthened its international footprint through the earnings-accretive acquisition of Southern Cross Diagnostics, enhancing access to the fast-growing Australian diagnostics market and supporting the pathway to EBITDA profitability. With £11m cash at March 2026, a streamlined cost base, upcoming DPYD assay launch, and a target of double-digit revenue growth, Novacyt is positioning for sustained commercial expansion, improved margins, and long-term shareholder value.

Titon Holdings PLC delivered a mixed investor update for H1 2026, highlighting solid revenue growth alongside margin pressure and ongoing turnaround efforts. Group revenue increased 5.6% year-on-year to £8.1 million, driven by strong performance in the mechanical ventilation division, where sales rose 19.8% supported by new product launches, consultative selling, and a record order win. However, the window and door hardware segment remained a drag on overall company performance, with revenue declining 9.8% amid weaker market demand and legacy product challenges. Group margins softened to 29.3%, reflecting adverse product mix and lower absorption rates, while underlying EBITDA was broadly breakeven and operating losses widened due to strategic investment in sales capabilities. Despite these pressures, Titon maintains a robust balance sheet with £3.1 million in cash, no debt, and significant property asset backing, providing flexibility to fund its growth strategy. Management continues to focus on operational efficiency, margin recovery, and market share gains, particularly through revitalising the underperforming hardware division. The company’s order book is strengthening, and management expects improved second-half performance as market conditions stabilise. With clear medium-term targets of 10% annual revenue growth and 15% operating margins, Titon remains focused on executing its turnaround strategy, enhancing profitability, and delivering long-term shareholder value.

River UK Micro Cap Limited delivered a detailed investor update highlighting resilient company performance, attractive valuations, and a compelling long-term growth strategy within the UK microcap market. The London-listed investment trust, focused on companies with sub-£100m market capitalisations, continues to exploit market inefficiencies through a high-conviction portfolio of 30–40 holdings, targeting double-digit earnings growth and re-rating potential over a 3–5 year horizon. Despite macroeconomic headwinds and recent small-cap underperformance, the trust reported strong underlying portfolio momentum, with many holdings delivering robust revenue growth, expanding margins, and significant EBITDA gains. The fund has maintained consistent outperformance versus its benchmark across most reporting periods, achieving a long-term IRR of 12.2% and returning £77m to shareholders since launch via its capital return mechanism. Current portfolio metrics remain attractive, with a c.9–10% free cash flow yield and strong balance sheets across holdings. Management emphasised a significant valuation disconnect in UK small caps, supported by improving earnings trends and potential mean reversion in the small-cap cycle. While short-term risks persist סביב interest rates and consumer demand, the trust’s diversified exposure, disciplined investment process, and focus on profitable, cash-generative businesses position it well to capture future upside as market conditions normalise.

Xeros Technology Group PLC delivered an investor update highlighting strong progress across its asset-light licensing model, green technology portfolio and commercialisation strategy. The company reported improved 2025 revenue, disciplined cost control and a strengthened cash position following a successful fundraise, positioning it to accelerate growth across 2026–2027. Key milestones include a product launch agreement with a top 10 North American domestic laundry OEM, active technology verification with further global appliance groups, and growing momentum for its XOrbs fabric care technology, which targets water, energy and detergent savings while improving garment life. In garment finishing, partner Yilmak Makina has moved Xeros technology into live production with Ambition Apparel, supporting future denim industry rollout and recurring revenue from machine royalties and XOrbs supply. Xeros also expects its microplastic filtration technology, certified to capture 98% of microfibres, to launch in key European markets with partners including Russell Hobbs and MediaMarkt, with further global opportunities under discussion. Management reiterated confidence in the company’s growth strategy, IP protection, high-margin royalty model and potential to generate significant long-term profitability as revenue scales.

Literacy Capital PLC delivered an investor update highlighting resilient company performance, disciplined capital allocation and a differentiated growth strategy across its UK private equity portfolio. Since launch in 2017, net assets have grown from £54m to nearly £290m, with shareholder returns of 109% since listing and recent exits achieved at an average 39% premium to carrying value. Management emphasised its focus on smaller UK businesses with enterprise values typically below £25m, where operational support, management upgrades, M&A and attractive entry pricing can drive NAV growth, EBITDA expansion and margin improvement. The portfolio remains concentrated, with the top 10 investments representing 84% of the fund, while Q1 KPIs showed revenue growth of 14% and EBITDA growth of 16%. Recent investments Trinitatum and Red Sky have performed strongly, delivering rapid multiple-of-money growth supported by cash generation, improved operational capacity and favourable deal structuring. Literacy Capital also highlighted its conservative valuation approach, significant management ownership of nearly 40%, no carried interest or performance fees, and a charitable purpose supporting UK literacy. Despite recent discount-to-NAV pressures, management remains focused on investor engagement, portfolio execution and restoring stronger NAV growth.

Light Science Technologies Holdings PLC delivered a FY2025 investor update highlighting a transitional year, with group revenue of £8.6m, improved gross margin of 33.8%, and a sharpened focus on higher-margin growth markets. Despite EBITDA and profitability pressure from reduced contract electronics manufacturing revenue and Building Safety Regulator delays, the company strengthened its platform through a £6.6m post-period fundraise and three strategic acquisitions, including Injectorclad. Management outlined a £55m quoted pipeline, £4m forward order book, and medium-term ambition to reach £50m revenue. Growth strategy is centred on AgTech expansion, CEM diversification into defence, medical and healthcare, and passive fire protection, where strong margins, regulatory drivers and a growing order pipeline support expectations for improved H2 2026 performance and future shareholder value.

Pollen Street Group Limited delivered a strong 2025 investor update, highlighting robust company performance, accelerating AUM growth, and a scalable earnings model. Total assets under management increased 30% year-on-year to £7.1bn, with fee-paying AUM rising to £5.2bn, supporting predictable, recurring management fee income and revenue growth to £114m. Group EBITDA reached £64.6m, reflecting improved margins and operational leverage, while the asset manager now contributes 71% of total revenue. Strong fundraising momentum across private equity and private credit strategies—exceeding targets with funds such as Private Equity V and Credit IV—has strengthened the order book and provided £800m+ of deployable capital, enhancing visibility on future revenue and earnings. The firm’s disciplined mid-market investment strategy, focused on financial and business services, continues to deliver consistent returns, with net investment income of £32.9m and resilient margins supported by asset-backed lending and diversified portfolios. Management emphasized a clear growth strategy centred on scaling AUM towards a £10bn target, expanding fee-based revenues, and driving long-term shareholder returns through dividends and capital allocation. With strong structural tailwinds, a high-quality recurring revenue model, and increasing operational gearing, Pollen Street remains well positioned for sustained growth, margin expansion, and value creation in 2026 and beyond.

Ebiquity PLC (EBQ:AIM) delivered a challenging set of full year 2025 financial results, with revenue declining 4% to £73.4 million, adjusted operating profit of £4.6 million, and margins compressing to 6.3%, reflecting North America weakness, elevated costs, and operational inefficiencies. Despite this, the investor update highlights improved financial discipline, including adjusted cash from operations of £12.8 million, positive free cash flow of £3.1 million, and reduced net debt to £13.1 million. Management has taken decisive action through restructuring, leadership changes, and tighter cost controls to strengthen company performance and restore profitability. Ebiquity continues to leverage its proprietary media data, AI driven capabilities, and integrated growth strategy across its transform govern grow framework to support global clients and enhance marketing effectiveness. With a stronger order book, new client wins, and a healthier pipeline, the company enters 2026 focused on revenue growth, margin expansion, and sustainable EBITDA improvement, particularly targeting recovery in North America and long term shareholder value creation.

Kenmare Resources PLC’s Q1 2026 investor update highlights solid company performance, with shipments on track to meet its 1.1 million tonne target, supporting cash flow and inventory reduction despite softer production linked to WCP-A project completion. The business remains within full-year production guidance, with the upgraded plant expected to enhance throughput, margins, and operational efficiency. Market conditions for titanium feedstocks remain weak, with ilmenite pricing under pressure from oversupply; however, improving demand, a strengthening order book into Q2–Q3, and early signs of market tightening are emerging. Zircon pricing has stabilized and begun to increase, supporting revenue diversification, while the new Zertai product is contributing to sales growth. Kenmare continues to focus on cost control, managing diesel exposure, and maintaining strong customer relationships, underpinning revenue visibility. Progress on Mozambique agreement negotiations remains positive, reinforcing confidence in the group’s growth strategy, long-term asset value, and ability to navigate cyclical market conditions.

Billington Holdings PLC’s 2025 investor update highlights resilient company performance despite lower revenue of £95.7 million, driven by a smaller number of highly complex projects with reduced steel content and client-led contract delays. The group reported an underlying operating margin of 3.6%, maintained a strong £20.5 million cash balance, remained debt-free, and proposed an 11p dividend, underlining balance sheet strength and disciplined capital allocation. Management emphasized a robust and diversified order book extending through 2026 and into 2027, with exposure to growth sectors including energy from waste, data centres, defence, education, and carbon capture. Strategic progress included completion of the five-year capital investment programme, full operation of the new Tubecon facility, consolidation of structural steel operations into Barnsley, and continued investment in productivity, efficiency, and margins. While profitability was affected by a subdued macroeconomic backdrop and deferred margin recognition, the company expects improved revenue, EBITDA, and margin performance in 2026 as contract mix normalises. With strong cash reserves, owned property assets, a healthy pension surplus, and selective acquisition opportunities under review, Billington presents an investor-friendly outlook supported by operational modernisation, disciplined risk management, and long-term growth strategy.

S&U plc’s latest investor update highlights a strong recovery in company performance, with profit before tax increasing 32% to £31.8 million, reflecting improved financial results across its Advantage motor finance and Aspen property bridging divisions. Despite a modest decline in revenue due to cautious lending earlier in the year, the group delivered robust second-half growth, supported by enhanced credit quality, stronger collections and reduced impairment charges. Group receivables approached £500 million, with Advantage reaching £317 million and Aspen delivering record lending volumes, repayments and £8.8 million PBT, demonstrating the strength of its specialist lending model. The company continues to invest in technology, AI and operational infrastructure to drive efficiency and support scalable growth. S&U’s growth strategy is underpinned by a major securitisation and refinancing programme, expected to significantly increase funding capacity, improve margins and optimise cost of capital, while maintaining disciplined underwriting standards. Management highlighted a positive start to 2026, a strong pipeline of lending opportunities and potential to gain market share amid evolving regulatory conditions. Overall, S&U plc is positioned for sustainable revenue growth, improved EBITDA and long-term expansion, with a resilient balance sheet and increasing investor confidence in its future earnings potential.

Concurrent Technologies PLC delivered a strong investor update alongside its FY2025 financial results, highlighting record company performance, robust revenue growth, and a clear long-term growth strategy. Revenue increased to £45.9 million, supported by record order intake of £47 million and £145 million in design wins, significantly strengthening the company’s order book and future revenue visibility. Profit before tax rose 25%, while gross margins improved to 53%, reflecting operational efficiencies and a maturing systems business. The group continues to generate strong cash flow, ending the period with £14.4 million in cash and no debt. Growth is being driven by expansion up the value chain into higher-margin systems and design services, alongside its core embedded computing products. The systems division saw rapid revenue growth of 160%, demonstrating increasing traction despite near-term margin investment. With 90% exposure to global defence markets, Concurrent benefits from long-term programme cycles and increasing demand for advanced computing solutions. Strategic investments in manufacturing capacity, US expansion, and product innovation underpin future scalability, while M&A remains a key lever for growth. Management highlighted strong pipeline visibility and confidence in FY2026 performance, supported by a £24 million opening backlog and improving conversion of design wins into production revenue. Overall, the company is well positioned to deliver sustained revenue growth, margin expansion, and long-term EBITDA progression.

NARF Industries PLC provided a positive investor update highlighting strong company performance, accelerating revenue growth, and strategic progress in commercialisation. For the fiscal year ending 31 March, the company reported a 40% increase in revenue to approximately £4.2 million, supported by robust GR&D contract wins and disciplined cash flow management. Entering FY27, NARF has secured £5.3 million in contracted revenue, underpinning near-term visibility and strengthening its order book. The company continues to leverage high-value, multi-year government contracts—particularly with DARPA—to fund innovation and expand its technology moat. A key growth driver is the newly branded UPXI (Upstream Extended Intelligence) platform, targeting cybersecurity vulnerabilities at the software supply chain level. Management emphasised strong pipeline momentum, including pending government and systems integrator contracts in the low six- to seven-figure range, alongside growing commercial partnership discussions. While profitability remains secondary to reinvestment, capital is being strategically deployed to scale UPXI and enhance long-term margins. The company’s growth strategy focuses on integrating GR&D outputs into scalable platforms, positioning NARF to capitalise on increasing demand for AI-driven cybersecurity solutions. With a record level of awards, expanding backlog, and early-stage commercial traction, NARF is well positioned for sustained revenue growth and future EBITDA expansion as UPXI adoption accelerates.

Pantheon International PLC’s latest investor update highlights resilient company performance amid a challenging private equity environment, with NAV growth of approximately 5% over the nine-month period to February, driven increasingly by underlying portfolio valuation gains rather than FX tailwinds. The diversified portfolio—spanning small and mid-market buyouts, growth, and venture investments across North America and Europe—continues to benefit from strong exposure to defensive sectors such as technology and healthcare, characterized by recurring revenue and resilient demand. While short-term returns and IRRs have been impacted by macro headwinds, including higher interest rates, valuation compression, and slower exit activity, long-term performance remains robust at c.11–12%. Operationally, portfolio companies delivered solid fundamentals, with revenue growth of ~13% and EBITDA growth of ~12%, supporting valuation uplift despite pressure from higher leverage and multiple contraction. The group is actively enhancing its growth strategy through disciplined capital allocation, increased secondary market activity, and a more focused manager selection approach, alongside cost efficiencies including reduced management fees and improved financing terms. Strong cash generation, consistent distributions, and ongoing share buybacks underpin balance sheet strength, with gearing at prudent levels. Looking ahead, improving exit activity, a recovering deal environment, and normalization of valuation multiples are expected to support future NAV growth, with management expressing cautious optimism on private equity markets and confidence in driving long-term shareholder returns.

Saga plc’s FY2026 preliminary results highlight a strong investor update marked by robust company performance, improved financial results, and clear strategic progress. The group delivered an 11% increase in underlying revenue and a 19% rise in underlying profit before tax to £44.2 million, driven by exceptional growth in its travel division and a recovering insurance broking business. Trading EBITDA growth of 16%, alongside strong operating cash flow of £205.9 million, supported significant deleveraging, with net debt reduced by £93.3 million to £499.5 million and leverage improving to 3.7x. The transformation of the business model—particularly the shift to a capital-light, lower-risk insurance partnership with Ageas—has enhanced margins, simplified operations, and created more predictable income streams. Travel, now the primary profit driver, demonstrated strong demand, with cruise and holiday segments benefiting from higher load factors, increased per diems, and solid forward bookings. Saga’s growth strategy focuses on customer-centric operations, brand strength, and leveraging its position in the over-50s market, while continued cost discipline and refinancing have strengthened the balance sheet. The order book and forward bookings remain robust, underpinning confidence in FY2027 outlook, with expectations for further revenue growth, improved profitability, and continued debt reduction. Management reiterated confidence in achieving its £100 million profit target by 2030, supported by strong market fundamentals, resilient customer demand, and a streamlined operating model designed to drive sustainable long-term growth.

HVIVO’s FY2025 investor update highlights a transformational year marked by strategic diversification and operational progress despite softer financial results. Revenue declined to £46.8m following higher-than-usual trial cancellations, while profit remained resilient at £1.4m, supported by effective cost management and the company’s contract model. The order book stands at £30m under a more conservative recognition approach, improving revenue visibility and reliability. The group ended the year with £14.3m in cash and has prioritised reinvestment over dividends to support long-term growth. HVIVO’s growth strategy is centred on evolving from a specialist human challenge trial provider into a fully integrated, end-to-end clinical services platform spanning pre-clinical through Phase 3, with expanded capabilities in respiratory and cardio-metabolic trials. Recent acquisitions and a unified brand position the company to increase cross-selling, diversify revenue streams, and reduce reliance on challenge trials, which are expected to contribute less than 50% of future revenue. Investment in laboratory infrastructure and new challenge models further enhances margins and service offering. With a strengthened pipeline, increased proposal activity (+50% year-on-year), and improving market conditions, management expects high single-digit revenue growth in 2026, underpinned by strong demand drivers, a diversified order book, and a scalable platform targeting sustainable EBITDA and revenue expansion.

Winkworth PLC’s FY2025 investor update highlights resilient company performance and steady growth across its franchise-led estate agency model, despite a more volatile UK property market backdrop. Network revenue increased 6% to £68.7m, supported by strong sales growth (+10%) and record lettings revenue, while total company revenue remained broadly stable at £10.7m due to softer ancillary income streams. Profit before tax declined 11% to £2.1m, reflecting one-off investments, higher administrative costs, and a slower second half impacted by macroeconomic uncertainty and policy changes. The group maintained a robust balance sheet with £3.9m net cash, no debt, and a progressive dividend policy, increasing payouts by 7%. Winkworth’s growth strategy continues to focus on expanding its franchise network, enhancing office performance through portfolio management, and investing in digital capabilities and AI-driven platforms to drive lead generation and operational efficiency. The business benefits from a balanced revenue mix between sales and lettings, providing resilience through market cycles, while its scalable, asset-light model supports strong margins and cash generation. With continued investment in talent acquisition, network expansion, and technology, Winkworth is well positioned to capture market share, grow its order pipeline, and deliver sustainable revenue and EBITDA growth over the medium term.

Bow Street Group PLC’s latest investor update on its full-year results highlights a turnaround story focused on improving company performance, restoring profitability, and delivering long-term growth. The AIM-listed restaurant operator reported revenue of £31.3 million and adjusted EBITDA of £2.1 million for FY2025, reflecting a smaller estate following restructuring, while ending the year with a strong net cash position of £11.1 million after a £10 million fundraise. Management outlined a revised growth strategy built on three pillars: refurbishing and investing in existing restaurants, upgrading technology and operational systems, and pursuing selective acquisitions of scalable hospitality brands. Early progress is encouraging, with Q1 revenue up 5%, March sales up 6.1%, and refurbished sites delivering like-for-like growth of 18.3%, supporting confidence in margin recovery and future earnings growth. Bow Street expects further operational improvements through menu development, CRM and loyalty initiatives, labour scheduling tools, and energy efficiency measures, while maintaining balance sheet flexibility for M&A. With improving trading momentum, disciplined capital allocation, and a clear expansion strategy, the group believes it is well positioned to drive revenue growth, strengthen EBITDA, and return to profitability in 2027.

AB Dynamics’ FY26 half-year investor update highlights resilient company performance amid short-term market disruption, with financial results reflecting a second-half weighted recovery. Revenue declined 16% due to delayed order intake and softer demand in China, while operating profit fell to £9.1m; however, margins remained robust at 18.6%, supported by operational efficiencies, cost control, and a favourable revenue mix. Encouragingly, order intake rebounded to £64m, driving a £47m order book and providing approximately 70% revenue visibility for the full year. Strong cash generation (102% cash conversion) and a net cash position of £39.3m underpin continued investment in innovation, R&D, and a disciplined M&A pipeline. The group’s growth strategy focuses on organic revenue expansion (~10% annually), margin improvement to >20%, and value-accretive acquisitions, targeting long-term EBITDA and revenue growth. Segment performance reflects robust demand in testing products and US-based services, offset by challenges in the lower-margin VardaTech business, which has been impaired following weaker Chinese market conditions. AB Dynamics maintains a strong competitive position, benefiting from structural growth drivers in automotive safety, ADAS, and simulation technologies. With a diversified customer base, strong pricing power, and a healthy order book, the company remains confident in delivering full-year expectations and progressing its medium-term strategy to double revenue and significantly enhance profitability.

HarbourVest Global Private Equity Limited’s latest investor update outlines a shareholder-focused strategy designed to narrow the persistent discount to NAV while preserving long-term exposure to private markets. The company announced six major initiatives, including an enhanced distribution pool, a commitment to return at least $500 million to shareholders during 2026, and a target to distribute 5–10% of NAV annually through to the next continuation vote. Management said capital returns will be delivered primarily through tender offers and share buybacks rather than dividends, supporting NAV accretion and capital growth. The update also confirmed twice-yearly liquidity reviews, a pause on new commitments for the remainder of 2026, and a further continuation vote by July 2029. Despite weaker private equity market conditions, HarbourVest highlighted strong company performance, an active secondary market, a substantial unfunded commitment pipeline, and confidence in continued NAV growth, portfolio liquidity, and long-term returns. The presentation reinforced management’s focus on shareholder value, disciplined capital allocation, and growth strategy, positioning the trust as a differentiated listed private equity vehicle with enhanced liquidity, attractive access to private markets, and a clear framework for supporting future share price performance.

Value and Index Property Income Trust PLC delivered a robust investor update highlighting strong company performance, disciplined portfolio management, and a consistent long-term growth strategy. The trust reported a diversified, fully freehold commercial property portfolio with a net initial yield of 6.8% and a weighted average lease term (WALT) of 13.6 years, underpinned by high-quality tenants and 100% occupancy. Financial results were supported by 16 rent reviews generating £800,000 in additional income (+13%), with 100% of leases index-linked, enhancing inflation protection and income visibility. Active asset management saw five disposals (£16m) at valuation and a strategic acquisition in Dundee at an attractive 8.5% yield, reinforcing the order book and income profile. The company maintains prudent leverage with a 36% loan-to-value ratio and long-term fixed-rate debt at 4.6%, supporting stable margins and predictable financing costs. Over nearly four decades, the trust has consistently outperformed its benchmark and inflation, delivering a rising dividend (6.4% annual growth) and a current yield of 7.2%. Management’s strategy focuses on stock recycling, sector allocation discipline (no exposure to offices or high street retail), and proactive lease management to avoid voids and sustain EBITDA growth. A newly implemented discount control mechanism has improved share price stability and liquidity. Overall, the trust demonstrates resilient revenue generation, strong income security, and a proven track record of delivering shareholder value through market cycles.

Schroders Real Estate Investment Trust (SREIT) delivered a solid investor update highlighting resilient company performance, stable financial results, and a clear growth strategy focused on income generation and asset value enhancement. The £480 million portfolio continues to generate attractive returns, with a dividend yield of approximately 7.3% and ongoing earnings growth supported by a strong reversionary yield of 8.3%, indicating significant upside in rental income. Recent operational activity has driven positive NAV performance, with net earnings increasing 2% quarter-on-quarter, underpinned by robust leasing activity, rent reviews exceeding 20% uplifts, and active asset management initiatives. The REIT maintains a highly defensive balance sheet, with a low average debt cost of 3.4% and long-duration fixed financing, protecting margins in a higher interest rate environment. Strategic focus remains on high-performing sectors such as multi-let industrial and retail warehousing, which now comprise around two-thirds of the portfolio and benefit from strong occupier demand and constrained supply. Sustainability-led refurbishments continue to unlock rental premiums and long-term value, reinforcing income growth potential. Management also outlined a disciplined approach to M&A, with any acquisition required to be earnings and dividend accretive, while aligning with portfolio strategy. Despite macroeconomic uncertainty and inflationary pressures, SREIT expects future revenue growth to be driven primarily by rental increases rather than yield compression. Overall, the company remains well-positioned to deliver sustainable income, margin resilience, and long-term shareholder value through active portfolio management and strategic capital allocation.

Anpario PLC’s FY2025 investor update highlighted record financial results, with revenue up 24%, gross profit rising 34%, adjusted EBITDA increasing 38% to £9.6 million, and EBITDA margins improving to 20.4%, reflecting a stronger product mix, higher-margin sales and the first full-year contribution from the Bio-Vet acquisition. The company also delivered 33% growth in adjusted diluted EPS, strong cash generation and an 11% increase in the dividend, reinforcing confidence in earnings quality, cash flow and balance sheet strength. Management pointed to robust company performance across Asia, the Americas and Europe, with particularly strong organic growth in the Americas and continued momentum from flagship products including Orego-Stim, Optomega and newer launches such as Amplify. The Bio-Vet integration is progressing ahead of expectations, expanding Anpario’s dairy, probiotics and US manufacturing capabilities while creating cross-selling opportunities and supporting its long-term growth strategy. Although trading in the Middle East and Brazil remains mixed, the group said its order book, pipeline and business development activity remain healthy, with multiple opportunities across key regions and species. Despite ongoing geopolitical and logistics risks, Anpario said it is successfully managing costs, protecting margins and remains confident in its outlook, supported by geographic diversification, operational scalability and a disciplined acquisition strategy.

BARR (A.G.) PLC Full Year Results highlight a strong investor update, showcasing resilient company performance, solid financial results, and a clearly defined growth strategy. For FY2025/26, the group delivered 4% revenue growth in line with long-term targets, alongside a 120bps increase in operating margin to 14.8% and double-digit growth in profit and EPS, reflecting disciplined cost control and effective pricing actions. Core brands, including Irn-Bru, Rubicon, and Boost, continued to drive revenue growth through innovation, expanded distribution, and targeted marketing investment. The business remained highly cash generative, delivering over £60 million in operating cash flow, supporting strategic capital allocation across supply chain investment, M&A activity, and an 11% increase in dividends. Recent acquisitions, including Frobisher’s and Fentimans, strengthen the group’s position in premium and functional beverage segments, enhancing its diversified portfolio and long-term growth outlook. Looking ahead, BARR (A.G.) PLC expects low double-digit revenue growth in FY2026/27, with operating margins maintained within the 14–16% range, supported by integration synergies, continued innovation, and operational efficiencies. Overall, the results reinforce the company’s ability to deliver sustainable revenue growth, margin expansion, and long-term shareholder value through a scalable and disciplined business model.

AOTI Inc’s latest investor update highlights solid financial results and a compelling growth strategy despite US healthcare headwinds. FY2025 revenue rose 14% to $66.5 million, with underlying growth of 15%, while adjusted EBITDA reached $7.5 million and margins of 11.3%, reflecting continued investment in market access and commercial expansion. The company’s clinically proven TWO2 therapy drives improved patient outcomes and cost efficiencies, underpinning its competitive positioning in the advanced wound care market. AOTI continues to expand its reimbursement footprint, securing Medicaid provider IDs across 19 states and gaining payer endorsements, while addressing temporary challenges in Arizona to stabilise cash flow. Looking ahead, FY2026 is expected to be a transitional year with modest reported revenue growth but stronger underlying performance. A key catalyst remains potential CMS Medicare coverage, which could significantly expand the addressable market and accelerate revenue growth, margins, and long-term value creation.

Everplay Group PLC (EVPL:AIM) delivered a solid full-year 2025 investor update, highlighting resilient company performance, margin expansion, and a clear growth strategy despite mixed divisional results. Group revenue reached £166 million (up 5% excluding discontinued physical distribution), while adjusted EBITDA вырос 11% to £48.5 million, with margins improving to 29%, reflecting operational efficiencies and a strategic shift toward higher-margin digital publishing. Strong new title performance drove an 80% increase in new release revenue, supported by successful launches and partnerships with major platforms including Netflix and Apple. The company’s diversified portfolio underpinned stability, with a robust back catalogue contributing 75% of total revenue and generating consistent cash flow. Key divisions showed varied performance: Team17 delivered record revenue and unit sales, while StoryToys achieved standout growth (+25%) driven by subscription expansion and high-performing licensed content; Astrogon underperformed following strategic restructuring but is expected to recover. Everplay maintains a strong balance sheet with £51.9 million in cash and continued dividend payments, reinforcing capital discipline. Looking ahead, management signaled confidence in future growth, supported by a strong pipeline of over 10 upcoming titles, increased investment in first-party IP, and ongoing M&A opportunities. The group is also prioritizing innovation, including AI integration, to enhance development efficiency, scalability, and margins. Overall, Everplay remains well-positioned to deliver sustainable revenue growth, improved profitability, and long-term shareholder value.