Author: Fiona Craig

Vesuvius Plc (LSE:VSVS) on Thursday released preliminary results for full-year 2025 that met or slightly exceeded analyst expectations, while the company said performance is expected to improve from the second half of 2026 as protective trade measures begin to take effect.

The industrial materials group reported sales of £1,810 million for 2025, unchanged on a reported basis and up 1% organically at constant currency compared with the previous year.

Earnings before interest, tax and amortization totaled £151.1 million, representing a 17% decline year-over-year on a constant currency basis but still ahead of analyst estimates ranging from £147 million to £151 million.

Pretax profit came in at £133.7 million, down 23% from 2024 but slightly above consensus expectations of £133 million. Earnings per share were 34.2 pence, a 21% decrease year-over-year but around 3% above forecasts.

The company reported an EBITA margin of 8.4%, reflecting a contraction of 170 basis points compared with the prior year.

Net debt at the end of the year reached £452 million after IFRS adjustments, marginally above the £439 million forecast. The increase was driven by higher capital expenditure, foreign exchange effects and tax payments. The net debt to EBITDA ratio stood at 2.0 times on a pro-forma basis.

Within the Steel Division, which generates the majority of group revenue, sales increased 1.4% year-over-year on a constant currency basis. However, EBITA fell 18% to £120 million, with the division’s EBITA margin declining 210 basis points to 8.9%.

Flow Control sales remained broadly flat, as price increases were offset by relatively stable volumes. Advanced Refractories recorded sales growth of 3.9%, supported by favorable pricing, higher volumes and gains in market share.

The Foundry Division reported a 2% decline in constant currency sales, reflecting weaker pricing and volumes across the Americas and the Europe, Middle East and Africa regions. This was partly offset by 3% growth in Asia Pacific, driven by stronger performance in India and China. Division EBITA fell 11% to £31.1 million, while margins declined 70 basis points to 6.7%.

Management indicated that 2026 is expected to represent a transition toward recovery in both divisions, particularly as the year progresses. Year-over-year EBITA growth is anticipated to be supported by cost reductions, merger and acquisition activity and modest volume improvements.

The company said EBITA for 2026 is expected to be in line with market expectations on a constant foreign exchange basis.

Vesuvius continues to target EBITA margins of 12.5% over the longer term alongside strong free cash flow generation, supported by gradually improving end markets. Analysts expect limited changes to current 2026 consensus EBITA forecasts of £174 million following the results.

More about Vesuvius

Vesuvius Plc (LSE:VSVS) provides advanced engineering and refractory solutions primarily for the global steel and foundry industries. Its products and technologies help improve manufacturing efficiency, reduce waste and enhance metal casting processes across industrial markets worldwide.

AB Dynamics plc (LSE:ABDP) reported mixed results for the first half of fiscal 2026 on Thursday, posting revenue of £49 million while maintaining its full-year EBITA outlook despite challenges in its China-based testing services operations.

The automotive testing equipment company recorded order intake of £64 million during the period. This was 3% lower than in the first half of 2025 but represented a 45% increase compared with the second half of last year.

As of December 31, 2025, the company’s order book totaled £47 million, an increase of £5 million year-over-year and providing around 70% coverage of expected revenue for fiscal 2026.

AB Dynamics said demand remained encouraging within its Testing Products division, particularly across Asia-Pacific and North America.

The Simulation division also reported solid momentum, supported by an equipment contract with a major original equipment manufacturer and continued strong software sales.

However, the Testing Services division encountered significant difficulties in China. Volumes tied to a new contract with a European OEM were roughly 50% below expectations, reducing revenue from this activity to less than £3 million. Performance from the company’s U.S. testing services business remained in line with forecasts.

Due to the challenges in China, AB Dynamics recorded an impairment charge of approximately £16 million, largely non-cash, and initiated a strategic review of the business.

The company said fiscal 2026 EBITA is still expected to align with consensus estimates of £24.4 million, implying a full-year margin above 20%. Net cash totaled £39.3 million as of February 28, 2026, up from £35.5 million at the end of December 2025.

More about AB Dynamics

AB Dynamics plc (LSE:ABDP) develops advanced testing systems and simulation technology for the automotive industry. Its products and services support vehicle safety, driver assistance systems, and autonomous driving development for automotive manufacturers and suppliers worldwide.

Informa PLC (LSE:INF) reported full-year 2025 results on Thursday that broadly met expectations, while reaffirming its 2026 outlook despite some travel disruption in the Middle East. The company also increased its share buyback program by £50 million, bringing the total to £250 million.

The international B2B events and academic publishing group recorded revenue of £4,041.4 million for 2025, representing a 13.7% increase on a reported basis and 6.3% underlying growth compared with £3,553.1 million in 2024.

Adjusted operating profit rose 14.6% year-over-year to £1,139.8 million from £995.0 million. Adjusted diluted earnings per share increased 11.0% to 55.6 pence, up from 50.1 pence a year earlier, marking the company’s fifth consecutive year of double-digit growth.

The B2B Live Events division — which includes Informa Markets, Informa Connect, and Informa Festivals — reported underlying revenue growth of 9.5%, reaching £3,002.6 million.

In contrast, Taylor & Francis posted an underlying revenue decline of 2.1% to £670.8 million when excluding non-recurring data contracts. Informa TechTarget also recorded a modest underlying revenue decline of 1.7% to £368.0 million.

“The Informa Group delivered an outstanding performance in 2025, delivering double-digit growth in revenues, adjusted earnings per share and cash flow,” said Stephen A. Carter, Group Chief Executive.

For 2026, Informa expects underlying revenue growth of approximately 6%, with its B2B Live Events segment projected to expand by more than 7%.

The company noted that roughly 40% of revenue generated from its India, Middle East and Africa (IMEA) region has already been delivered or relates to brands operating in locations unaffected by disruption.

After successfully rescheduling affected events, the remaining brands are expected to run as planned or have secured confirmed dates during the final four months of the year.

Free cash flow increased 9.0% to £884.8 million, compared with £812.1 million in the previous year, representing operating cash conversion of 106%. Net debt declined to £3,066.2 million from £3,201.8 million, while leverage stood at 2.4 times adjusted EBITDA.

The board recommended a final dividend of 15.0 pence per share, bringing total dividends for 2025 to 22.0 pence per share, a 10% increase from 20.0 pence in the prior year.

More about Informa

Informa PLC (LSE:INF) is a global provider of business-to-business events, digital services, and academic publishing. Its portfolio includes major international exhibitions, specialist conferences, and the Taylor & Francis academic publishing business, serving industries ranging from finance and healthcare to technology and energy.

Helios Towers Plc (LSE:HTWS) reported fourth-quarter results that came in ahead of expectations for new site additions, profitability, and free cash flow, according to a report released Thursday by Jefferies.

The telecommunications infrastructure provider recorded revenue growth of 5.9% year-over-year during the quarter, while earnings before interest, taxes, depreciation and amortization rose 15% compared with the same period last year. Recurring free cash flow increased by 2.4% in the quarter.

For the full year 2025, Helios generated approximately $66 million in free cash flow on a last-twelve-months basis, marking a 249% year-over-year increase. The company exceeded EBITDA forecasts by about 40 basis points and delivered recurring free cash flow roughly 17% above expectations.

During the fourth quarter, Helios added 413 tenancies, including 125 new sites and 288 colocations. These additions lifted the company’s tenancy ratio to 2.2x for fiscal 2025, representing a 0.1x improvement from the previous year. Return on invested capital reached 13.5% for the year.

Looking ahead to 2026, Helios guided for organic net tenancy additions between 2,000 and 2,500, compared with the company consensus estimate of 2,301. Adjusted EBITDA is expected to range from $510 million to $525 million, versus consensus projections of $520.3 million.

The company forecast discretionary capital expenditure of $110 million to $140 million, with a midpoint of $125 million. This outlook reflects an increase compared with consensus expectations of $162.2 million for total capital spending.

Jefferies said the higher capex outlook signals sustained demand from customers and underpins the company’s growth projections.

Recurring free cash flow for 2026 is expected to reach $210 million to $225 million, above the consensus estimate of $207.1 million.

Helios also plans to complete a $51 million share buyback next year, representing the remaining portion of its previously announced $75 million repurchase program. In addition, the company expects to pay a dividend of $25 million for the fiscal year.

More about Helios Towers

Helios Towers Plc (LSE:HTWS) operates telecommunications tower infrastructure across several African and Middle Eastern markets. The company provides tower space and related services to mobile network operators, enabling network expansion while supporting shared infrastructure and improved connectivity.

First Class Metals plc (LSE:FCM) has reported the discovery of visible gold within a broad mineralised structure encountered during drilling at the Roy prospect on its Sunbeam Property in Ontario. The result comes from the company’s ongoing 1,000-metre diamond drilling programme and marks a key development in its exploration campaign.

All drill holes completed so far have intersected the targeted sulphide-bearing zone composed of altered tonalite and deformed chloritic schist. These results have extended the known strike length of the structure to more than 250 metres, suggesting strong geological continuity that could significantly enhance the prospect’s resource potential.

Management said the presence of visible gold—confirmed through portable XRF analysis and closely associated with galena mineralisation—represents a major step forward for the exploration programme and may indicate the presence of higher-grade mineralisation.

With drilling nearing completion, additional assay results are expected in the near term. The discovery further strengthens the geological case for the Roy prospect, which lies within a district-scale structure that also contains historic mine shafts. The development could improve the project’s exploration upside and strengthen First Class Metals’ position within the highly competitive Hemlo-area gold exploration region.

More about First Class Metals

First Class Metals plc is a UK-listed mineral exploration company focused on identifying economically viable metal deposits across several properties in Ontario, Canada. Listed on the London Stock Exchange in July 2022, the company holds 100% ownership of multiple claim blocks within the prolific Hemlo gold camp, a well-established mining district known for significant historic and current gold and base metal production.

Jubilee Metals Group plc (LSE:JLP) has secured additional high-grade copper ore averaging around 1.65% Cu to feed its Roan concentrator. The US$1.8 million payment to the supplier was settled through the issue of new shares at a premium to the recent market price.

At the Roan processing facility, the company is also nearing completion of an expanded concentrate dewatering system. Commissioning is expected by the end of March 2026 and is anticipated to improve operational efficiency, supporting higher recoveries and enhanced profitability at the plant.

Jubilee also reported progress on its Large Waste Project, where the project sellers elected to receive a US$2.6 million stage payment in Jubilee shares. This leaves around US$5.4 million of consideration still outstanding. The group is currently advancing joint venture discussions with two Zambia-based operators to process and refine the project’s estimated 240 million tonne waste stockpile into copper units and cathode.

Management noted that share-based payments and earlier trial sales highlight confidence in the project’s long-term value and potential revenue generation, although the issuance of equity has resulted in some dilution for existing shareholders.

The company’s outlook remains challenged by weaker financial performance, including a sharp drop in revenue, negative margins and a substantial net loss. However, leverage remains moderate and operating cash flow is still positive. Technical indicators are somewhat supportive, with the share price trading above key moving averages and momentum remaining neutral. Valuation metrics are difficult to assess due to the absence of a meaningful price-to-earnings ratio and dividend yield.

More about Jubilee Metals Group

Jubilee Metals Group is a copper-focused producer listed on both AIM and the Johannesburg Stock Exchange, with operations centred in Zambia. The company specialises in processing run-of-mine ore and large surface waste stockpiles to recover copper. Its strategy focuses on unlocking value from existing resources through modular processing technologies and partnerships with local operators to create scalable and sustainable copper production.

On the Beach Group plc (LSE:OTB) said strong trading momentum from its record FY25 has continued into FY26, with total bookings rising 10%. Repeat customer bookings increased 19%, while the company’s mobile app saw rapid adoption, with bookings through the platform jumping 58% and now accounting for 38% of total sales.

The online travel retailer is also accelerating its technology-driven expansion into new segments and markets. Growth initiatives include city breaks, cruise holidays and entry into the Republic of Ireland market. City break bookings have doubled year-on-year as the group uses its flexible operating model and digital platform to capture later booking trends among travellers.

However, escalating conflict in the Middle East has affected demand for several key holiday destinations, including Turkey, Greece, Cyprus and Egypt. As a result, the company has paused its full-year profit guidance due to the heightened uncertainty surrounding travel demand.

Management noted that the group’s asset-light business model—characterised by no committed inventory and relatively low fixed costs—has helped it remain both profitable and cash generative despite the disruption. The board also reiterated its confidence in achieving its medium-term financial objectives once market conditions stabilise.

From a broader perspective, the company’s outlook is supported by a conservative balance sheet and improving profitability. However, the durability of cash flow remains a concern following zero free cash flow reported in 2025, and valuation appears elevated based on a high price-to-earnings ratio. Technical indicators currently suggest a neutral market trend.

More about On the Beach

On the Beach Group plc is one of the UK’s largest online package holiday providers, specialising in beach holidays while expanding into city breaks and cruise travel. The company primarily serves customers in the UK and the Republic of Ireland and operates an asset-light, technology-driven platform designed to attract, retain and monetise travellers through scalable digital tools.