Author: Fiona Craig

Hardide (LSE:HDD) has won a follow-on contract valued at $1.0m from a North American customer, extending a commercial relationship first highlighted in December 2025. The order is scheduled for delivery in the second half of the 2026 financial year and is expected to lift trading performance ahead of previous expectations.

The additional revenue is set to support planned infrastructure upgrades at the company’s Martinsville facility, aimed at improving operational efficiency and increasing capacity to meet growing demand in the region. Management said the order underlines both the strategic importance of this customer relationship and the longer-term growth opportunity Hardide sees in the North American market.

From an investment standpoint, the outlook is increasingly supported by improving financial momentum, including a return to profitability and positive free cash flow, alongside a strong upward trend in the share price. These positives are partly offset by valuation considerations, with a very high price-to-earnings multiple and no dividend yield, leaving returns more dependent on the company sustaining its growth trajectory.

More about Hardide

Hardide plc is a UK-based specialist in advanced surface coating technology. The company develops, manufactures and applies patented tungsten carbide and tungsten metal matrix coatings that offer high resistance to abrasion, erosion and corrosion while maintaining toughness. Hardide’s technology is used to extend component life and improve efficiency across sectors including energy, valve and pump manufacturing, industrial gas turbines, precision engineering and aerospace.

Trellus Health (LSE:TRLS) reported continued operational progress across its core business lines, with particular momentum in clinical trials. During the period, the company secured 12-month agreements with global contract research organisations ICON and PSI to deploy its Trellus TrialSet™ platform in immunology and inflammation studies sponsored by Takeda and Sanofi. Trellus also continues to support a Phase 2 inflammatory bowel disease trial run by AstraZeneca, reinforcing its growing footprint in the clinical research space.

Beyond trials, the group made further progress across pharmaceutical and patient support programmes. This included ongoing collaboration with Johnson & Johnson Health Care Systems and the renewal of a content licensing agreement with Pfizer. At the same time, Trellus broadened its patient enrolment channels and continued to explore additional routes to scale adoption across its platforms.

Product development remains a key focus. The company is enhancing TrialSet™ to make it condition-agnostic, while upgrading its Trellus Elevate® platform and strengthening data protection and regulatory compliance. Management said these initiatives further position Trellus as a scalable digital health partner for pharmaceutical companies and CROs seeking to improve trial efficiency, patient engagement and long-term outcomes.

On the financial side, Trellus expects revenue of around $545,000 for 2025 and has reduced monthly cash burn to approximately $400,000. The group has drawn on a £5m convertible facility from Alumni Capital, extending its cash runway into late Q1 2026. The board said it continues to pursue additional funding while aiming to translate increasing clinical and commercial validation into wider market adoption.

The investment outlook remains constrained by ongoing losses, negative free cash flow and declining equity, although the absence of debt provides some balance sheet flexibility. Technical indicators are a relative positive, with the share price showing strong momentum above key moving averages, but valuation remains pressured by loss-making operations and the lack of a dividend.

More about Trellus Health PLC

Trellus Health PLC is a UK- and US-based digital health company focused on value-based solutions for complex chronic conditions, initially targeting high-cost gastrointestinal diseases such as inflammatory bowel disease. Its core product, Trellus Elevate®, combines behavioural science, data analytics, coaching and education to support whole-person condition management, while Trellus TrialSet™ applies the same technology to improve clinical trial recruitment, adherence and long-term patient engagement for pharmaceutical and CRO partners.

NWF Group (LSE:NWF) reported a mixed performance for the six months to 30 November 2025, as weaker trading in its Fuels division weighed on group profitability despite solid results from Food and Feeds. Group revenue declined 4.3% year on year to £434.6m, while headline profit before tax fell sharply to £0.9m, down 75% on the prior period.

The Fuels division was the main drag on performance, with subdued demand and heightened competition across domestic heating oil and commercial gas oil markets driving a £1.6m headline operating loss. Management noted, however, that colder weather since late November has begun to support a recovery in domestic volumes. In contrast, the Food business delivered a 32% increase in headline operating profit to £3.3m, benefiting from higher throughput and the impact of recent cost restructuring initiatives. The Feeds division also recorded improved profitability, with headline operating profit rising to £1.3m, supported by stable milk and raw material prices and incremental volumes from a new moist feed production line.

Net cash reduced to £0.8m during the period following £5.5m of bolt-on acquisitions within the Fuels business. Even so, the group maintained its interim dividend at 1.0p per share and highlighted strong operating cash generation, significant headroom within its banking facilities and an improved pension position. Management reiterated that full-year expectations remain unchanged, with the second half typically being the most important period for earnings.

Overall, the investment outlook reflects a balance between attractive valuation metrics and underlying financial strengths on the one hand, and technical pressures and ongoing challenges within the Fuels division on the other. Operational efficiency and a high dividend yield remain key positives, although weaker technical indicators continue to weigh on near-term sentiment.

More about NWF Group plc

NWF Group plc is a UK-based specialist distributor operating across three core divisions: Fuels, Food and Feeds. The group supplies domestic and commercial fuels, provides ambient grocery consolidation, warehousing and logistics services to food manufacturers and retailers, and produces and distributes animal feeds. NWF Group is focused on building a scalable national platform in ambient grocery logistics while maintaining disciplined operations across its diversified business model.

PCI Pal (LSE:PCIP) reported a robust first half for the six months to 31 December 2025, supported by strong new customer wins and more efficient deployment of its solutions. Annualised recurring revenue climbed to a record £20.3m, representing growth of 21% year on year, or 25% on a constant-currency basis, while contracted ARR increased 18% to £24.0m.

Revenue for the period rose 7% to £11.3m, increasing to 14% on a normalised basis, underpinned by continued platform reliability with 100% cloud uptime. Customer metrics remained solid, with gross retention holding at 95% and net retention improving to 105%. The group reported ongoing expansion across both SMB and enterprise customers, including deeper traction in the US healthcare sector, alongside growing contribution from its partner-led sales model.

The balance sheet remains relatively strong, with £2.6m of cash on hand and no bank debt. Management said the business enters the second half of FY26 with a healthy sales pipeline and increasing momentum from its integrated partner ecosystem, supporting confidence in delivering against strategic goals and board expectations.

From an investment perspective, recent corporate progress and supportive technical indicators provide positives, although these are tempered by ongoing profitability challenges and valuation concerns. While strategic execution and market demand remain encouraging, further progress on margins and earnings will be key to sustaining the investment case.

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PCI Pal PLC is a global provider of cloud-based, software-as-a-service secure payment solutions for business communications. Its platform enables organisations to take payments securely across voice, chat, social, email and contact centre channels, helping customers meet regulatory compliance requirements and reduce the risk of data breaches. PCI Pal operates its cloud infrastructure on Amazon Web Services, with regional deployments across EMEA, North America and ANZ, and distributes its solutions through integrations and partnerships with leading business communications vendors and payment service providers.

Portmeirion (LSE:PMP) said group revenue for 2025 is expected to edge around 1% higher on a constant-currency basis to approximately £91m, with underlying growth of about 8% when excluding the US, where import tariffs weighed on demand. Strong performances in South Korea and other international markets helped offset a 7% decline in North America, while sales in the UK were broadly flat over the year.

The group is partway through a strategic transformation programme focused on reshaping its US distribution model, reducing elevated inventory levels, investing in the onshoring of production to Stoke-on-Trent and strengthening its leadership team. These initiatives, combined with the impact of US tariffs and higher input costs, are expected to result in a headline loss before tax of around £3.5m for the year, alongside an increase in net debt to roughly £17.5m. Despite near-term pressure on profitability, management highlighted strong festive-season sell-through, a faster pace of innovation and improving trends in the second half as supporting confidence in a return to growth in 2026.

From a market perspective, the shares are held back by weak technical signals and valuation concerns. Financial performance remains mixed, with potential liquidity pressures, while the absence of a dividend and an elevated price-to-earnings multiple further weigh on investor sentiment. Recent corporate updates underline a commitment to transparency, although this has limited impact on the overall investment case at present.

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Portmeirion Group PLC is a global homeware brands business headquartered in Stoke-on-Trent, England. The group owns a portfolio of six heritage and contemporary brands, including Spode, Portmeirion, Royal Worcester, Pimpernel, Wax Lyrical and Nambé. It designs and markets tableware, cookware and home fragrance products across more than 50 international markets, with key exposure to North America, the UK and South Korea, and an increasing focus on premium, UK-made “Made in Stoke-on-Trent” ranges aimed at higher-value customers and channels.

Mila Resources (LSE:MILA) has released findings from its first diamond drilling campaign at the Yarrol Gold Project in Queensland, with results confirming that gold-bearing structures extend from surface to depths of around 300 metres. The programme has validated the overall scale and continuity of the mineralised system, although high-grade intersections proved less consistent at depth compared with shallower zones.

While deeper holes returned lower and more variable grades than originally expected, the results have enabled the company to significantly refine its geological model. As a result, Mila is shifting its near-term focus toward multiple shallow, near-surface targets along strike at Yarrol, Monal and Mt Steadman, where management believes a more capital-efficient route to resource growth can be achieved. A fully funded reverse circulation drilling programme is scheduled to commence in the first quarter, aimed at expanding resources in these priority areas and supporting disciplined capital deployment across the exploration portfolio.

From an investment standpoint, the outlook remains constrained by the absence of revenue, continued losses and ongoing cash outflows, although reported leverage remains low and an equity buffer provides some balance sheet support. Share price technicals are mildly negative, with the stock trading below key moving averages and a negative MACD reading. Valuation offers limited downside protection given negative earnings and the lack of a dividend.

More about Mila Resources

Mila Resources Plc is a London-listed mineral exploration company focused on advancing post-discovery gold projects, with its core asset base located in Queensland, Australia. The company’s activities centre on drilling, geological interpretation and resource definition across key licences including Yarrol, Monal and Mt Steadman, which lie along the prospective Yarrol Fault corridor.

Quantum Data Energy (LSE:MAST) reported a record month of electricity generation and revenue from its wholly owned 8.1 MW Pyebridge flexible generation asset in January 2026, reflecting strong demand for dispatchable capacity amid variable renewable supply. The site generated approximately 1.8 GWh during the month and 11.6 GWh over the past 12 months, delivering average revenues of around £290,000 per MW per year and achieving power prices well above prevailing wholesale levels, highlighting the strength and resilience of the group’s operating model.

Alongside its operational performance, the company is progressing development of its third flexible generation asset, the 5 MW Bordersley project. The site is moving toward financial close with co-investment from Power Balancing Services, with construction expected to begin immediately following close and first revenues targeted in the fourth quarter of 2026. The project represents another step toward the company’s longer-term ambition of building a 300 MW flexible generation portfolio.

During the period, Quantum Data Energy also modestly increased its issued share capital through warrant exercises, lifting total voting shares to approximately 176.5 million. Management said the additional equity reflects continued balance sheet support for the group’s expansion strategy as it scales its portfolio of flexible power assets.

Despite operational momentum, the broader outlook remains constrained by weak financial metrics, including ongoing operating losses, negative operating and free cash flow, and higher leverage. Market sentiment has also been pressured by a sustained share price downtrend, with only limited relief from mildly oversold technical indicators. Valuation provides little support given the absence of profits and dividend distributions.

More about Mast Energy Developments PLC

Quantum Data Energy PLC, also known as Mast Energy Developments PLC, is a UK-based developer, owner and operator of flexible generation power assets. The company provides modular power solutions to the UK grid and to AI data centres internationally, with core expertise spanning infrastructure planning, grid and gas connectivity and efficient power delivery. Quantum Data Energy is pursuing an AI-focused power strategy aimed at establishing itself as a leading AI infrastructure platform listed on the London Stock Exchange.

Alkemy Capital Investments (LSE:ALK) said Front-End Engineering Design (FEED) work has been completed for its proposed Teesside lithium hydroxide refinery, reinforcing the project’s low-cost, high-margin credentials. The study confirms planned capacity of 25,000 tonnes per annum of battery-grade lithium hydroxide, with estimated capital expenditure of US$243.6m and forecast annual EBITDA of around US$65.9m, supporting a compelling economic case ahead of a potential Final Investment Decision.

According to the FEED outcomes, annual operating costs are estimated at US$33.2m, positioning the refinery towards the lower end of global capital and operating cost curves. The company highlighted several de-risking factors, including ownership of the site, a modular plant design, established infrastructure links and project readiness to progress to the next development stage. Strategic credibility is further underlined by a binding offtake agreement covering up to 40% of initial output with a subsidiary of Glencore, supporting the refinery’s role in easing Europe’s shortage of lithium conversion capacity and strengthening regional battery supply chains.

Despite the positive project-level developments, the wider investment outlook remains constrained by weak group-level financials. Alkemy continues to generate minimal revenue and report losses, alongside negative cash flow and equity and rising debt levels. These factors point to ongoing funding risk, although share price momentum has been strong, with technical indicators remaining supportive. Valuation offers limited downside protection, however, given negative earnings and the absence of dividend information.

More about Alkemy Capital Investments Plc

Alkemy Capital Investments Plc is developing a lithium hydroxide refinery in Teesside, UK, through its wholly owned subsidiary Tees Valley Lithium Limited. The project is designed to supply battery-grade lithium chemicals to the rapidly expanding European electric vehicle and battery manufacturing markets. Using established Veolia technology, the refinery is intended to operate as a flexible merchant facility, offering feedstock optionality, a lower-carbon supply profile and capital-efficient expansion to meet rising demand from UK and European gigafactories.

Critical Metals plc (LSE:CRTM) published interim results for the six months to December 2025, marking a transitional period shaped by financial restructuring and changes at board level. The group appointed an interim chief executive alongside a new non-executive chairman, as it worked to stabilise the business and reset its strategic direction after a challenging period.

During the half year, the company secured fresh funding to strengthen its balance sheet, raising around £1.2m in August 2025 and a further £2.1m through a convertible loan note provided by majority shareholder NIU Invest SE. The capital injection allowed Critical Metals to address historic debt issues, bolster working capital and move from a net liability position to net assets of £3.1m. The group reported a modest profit for the period, largely reflecting debt forgiveness rather than underlying operating income.

Management also acknowledged delays in the publication of audited accounts, which resulted in a temporary suspension of the company’s shares. According to the update, enhanced financial controls and governance measures are now in place. The company said it is increasingly focused on near-term, revenue-generating opportunities at its Molulu Copper/Cobalt Project, while aiming to rebuild investor confidence and lay the foundations for more sustainable long-term growth.

Despite recent progress, the overall outlook continues to be constrained by weak underlying financial fundamentals, including a lack of recurring revenue, a history of losses and ongoing cash requirements, all of which point to elevated funding and execution risk. Positive share price momentum and supportive technical indicators offer some offset, although very overbought signals suggest the potential for short-term volatility. Valuation metrics provide limited support given negative earnings and the absence of a dividend.

More about Critical Metals Plc

Critical Metals plc is a mining company focused on the acquisition and development of assets in the critical and strategic metals sector. Its principal asset is the Molulu Copper/Cobalt Project, which is aligned with demand from the battery and energy transition markets. The company is supported by majority shareholder NIU Invest SE, which has played a key role in recent funding as Critical Metals works to stabilise its finances and advance development activity at Molulu.