Author: Fiona Craig

Chill Brands Group (LSE:CHLL) has published its audited final results for an extended 18-month period to 30 September 2025, reflecting a highly disruptive transitional phase for the business. The period was characterised by significant governance failings, operational disruption and a subsequent strategic reset, following boardroom instability, frozen banking facilities, the loss of key cash and digital assets, and a breakdown in trading continuity and oversight.

Since the reconstitution of the board, management has prioritised regaining control of the group’s assets, rebuilding core systems and processes, and reshaping the business around a more scalable, distribution-led operating model. This reset is centred on initiatives such as Chill Connect, alongside the longer-term optionality of the chill.com platform. While the company continues to face funding requirements and the ongoing costs associated with maintaining its listed status, management states that control of core assets has now been restored and the focus has shifted to stabilising trading and rebuilding momentum. Further updates on current performance are expected in due course.

From an outlook perspective, Chill Brands remains under significant pressure due to very weak financial fundamentals, including sustained losses, cash burn and negative equity, alongside bearish technical indicators with the share price trading below key moving averages. Valuation remains difficult to assess in the absence of meaningful earnings or dividend metrics, limiting any near-term offsetting positives.

More about Chill Brands Group plc

Chill Brands Group plc is a distribution-led consumer packaged goods company focused on introducing novel fast-moving consumer products to market. The group operates primarily in tobacco alternatives, functional beverages and other innovative consumer categories, with a strong emphasis on the convenience retail channel. It also owns and operates the chill.com e-commerce marketplace, which supports the distribution of third-party brands.

Oracle Power PLC (LSE:ORCP) has released final assay results from its 2025 drilling campaign at the Northern Zone of its Kalgoorlie Gold Project in Western Australia, confirming additional shallow gold mineralisation across 16 new drillholes. The latest results expand the footprint of mineralisation in the northeastern area and also delineate gold in the previously untested central “Saddle” zone.

Several high-grade intercepts were recorded, reinforcing Oracle Power’s geological model of a broad, shallow oxide gold blanket sitting above the Northern Zone porphyry system. The new data will be incorporated into mine planning work being undertaken with partner MEGA Resources, as the group targets a potential start of mining in the first half of 2026. In parallel, regulatory and permitting activities continue to progress, including Native Title agreements, conversion of tenements to a mining lease, and preparation of mine development and environmental plans. A further drilling programme is scheduled to commence on 10 February 2026.

From an outlook perspective, the company remains constrained by its pre-revenue status, ongoing losses and negative cash flow, implying continued reliance on external funding. Technical indicators provide some support, with the share price in a strong uptrend, although elevated RSI levels and higher volatility point to an increased risk of near-term pullbacks. Valuation remains limited by negative earnings and the absence of a dividend.

More about Oracle Power PLC

Oracle Power PLC is an AIM-listed international project developer advancing the Kalgoorlie Gold Project in Western Australia. The company is focused on intrusive-hosted, shallow oxide gold mineralisation at the Northern Zone prospect near the Kalgoorlie “Super Pit.” Working alongside partner MEGA Resources, Oracle Power is progressing mine development studies, regulatory approvals and environmental assessments as it positions the project for near-term production.

ATOME PLC (LSE:ATOM) has confirmed that financing discussions for its flagship US$630 million low-carbon fertiliser plant in Villeta, Paraguay, are nearing completion. Project finance documentation for lenders is largely finalised, with remaining work centred on completing equity consortium agreements and final logistics arrangements.

The company now expects to reach a final investment decision by late February 2026 on the 260,000-tonne-per-year facility. The project is positioned as a first-of-its-kind, large-scale green fertiliser development, supported by a long-term renewable power supply agreement, a 10-year offtake contract with Yara International, and Hy24 as the anchor equity investor. Securing FID would represent a significant milestone in scaling green fertiliser production across the Mercosur region and further strengthen ATOME’s role in decarbonising agricultural inputs.

From an outlook perspective, ATOME remains constrained by its pre-revenue status, ongoing losses and negative free cash flow, which continue to underpin funding risk. These challenges are partly offset by relatively supportive technical indicators, with the share price trading above key moving averages and a positive MACD signal. Valuation remains difficult to assess given negative earnings and the absence of a stated dividend.

More about ATOME PLC

ATOME PLC is an AIM-listed developer of low-carbon green fertiliser and renewable power projects. The company has 445MW of projects in Paraguay and a growing development pipeline across Central America. Through its fertiliser and ATOME Power divisions, ATOME targets industrial-scale production of green calcium ammonium nitrate using 100% renewable energy, aiming to replace fossil fuel-based fertiliser imports in the Mercosur food-export region while supporting food security and decarbonisation across Latin America.

Churchill China (LSE:CHH) reported that trading for the year ended 31 December 2025 met market expectations, with full-year revenue of approximately £76 million and profit before tax forecast to align with consensus estimates of around £6.0 million. Regional performance was mixed, with Europe showing improvement in the second half to finish broadly in line with 2024, while the UK business maintained its market-leading position despite ongoing macroeconomic pressures on hospitality customers.

In the United States, the group achieved year-on-year growth even after the impact of dollar devaluation, highlighting underlying demand resilience. Performance across the Rest of the World was weaker, reflecting delays to several large-scale projects. Within the materials division, results were solid despite lower sector volumes, although revenue is expected to be affected by a major UK customer’s decision to source materials directly. Management has outlined mitigating actions aimed at protecting profitability.

The group closed the year with cash of £10.8 million, an improvement on the opening position, providing a strong financial base as it moves into 2026.

From an outlook perspective, Churchill China’s valuation profile remains a key attraction, supported by a low P/E multiple and a high dividend yield that may appeal to value and income-focused investors. These positives are tempered by bearish technical indicators and ongoing challenges around revenue growth and cash flow generation. A recent insider share purchase offers a modest positive signal, although broader market sentiment remains cautious.

More about Churchill China plc

Churchill China plc is a UK-based manufacturer of performance ceramic products, supplying tableware and related solutions primarily to the global hospitality sector. The company holds a leading position in the UK hospitality market and serves customers across Europe, the United States and other international regions, with a strong emphasis on innovation, durability and functionality for professional foodservice environments.

Various Eateries PLC (LSE:VARE) delivered a marked improvement in trading for the 52 weeks ended 28 September 2025, reporting a 6% increase in revenue to £52.4 million and a return to positive like-for-like sales growth of 2%. The operational turnaround translated into record adjusted EBITDA of £1.4 million, supported by a 64% rise in gross profit.

Management credited the improved performance to tighter operational discipline, stronger site-level leadership, and more effective control of costs and labour. A clearer strategic focus on the group’s core Coppa Club and Noci brands has also played a central role, underpinned by a strengthened senior team led by CEO Mark Loughborough. Momentum has carried into FY26, with like-for-like sales up 9% over the key festive trading period, alongside a healthier balance sheet reflecting higher cash levels and a net cash position.

Looking ahead, the group is positioning itself for its next phase of growth. Plans include selective expansion of Coppa Club, continued development of the Noci concept, and active consideration of complementary acquisition opportunities. These initiatives are supported by a more scalable operating platform, designed to underpin disciplined and sustainable long-term growth.

Despite the operational progress, the company’s outlook remains constrained by ongoing financial challenges, including persistent net losses and relatively high leverage. Technical indicators continue to point to bearish share price momentum, while valuation metrics highlight underlying profitability concerns. The absence of recent earnings call detail and limited corporate activity also temper near-term sentiment.

More about Various Eateries PLC

Various Eateries PLC is a UK-based hospitality group that owns, develops and operates restaurant, clubhouse and hotel venues. The group trades primarily under two core brands: Coppa Club, an all-day, multi-use concept combining restaurant, terrace, café, lounge, bar and workspace environments, and Noci, a modern, pasta-led restaurant offering high-quality food at accessible price points. Various Eateries operates 20 sites across the UK and focuses on delivering distinctive guest experiences through strong service, menu innovation and a scalable, brand-led estate.

Genus plc (LSE:GNS) has completed the establishment of its Chinese porcine joint venture with Beijing Capital Agribusiness, marking a significant structural and financial milestone for the group. The transaction has triggered a gross cash inflow of US$160 million, in addition to a previously received US$7.5 million milestone payment.

As part of the deal, Genus has deconsolidated its 49%-owned PIC China business from its group accounts, a change that will materially alter its financial reporting profile. Management expects the new joint venture structure to support faster growth in China’s pork genetics market, while allowing Genus to participate in future upside alongside a strong local partner.

From an outlook perspective, the company benefits from the strength of this corporate development and generally solid underlying financial performance. However, technical indicators point to potential near-term caution, with signs of overbought conditions, while the elevated P/E multiple suggests valuation risk remains a consideration for investors.

More about Genus plc

Genus plc is a UK-headquartered, global leader in animal genetics, applying advanced biotechnology to improve livestock breeding outcomes. The group supplies value-added genetic products, including semen, embryos and breeding animals, to dairy, beef and pork producers worldwide. Operating in more than 25 countries and selling into over 75 markets, Genus serves customers through its ABS brands in dairy and beef, and PIC in pigs, leveraging proprietary breeding lines, research capabilities and a global distribution network to enhance efficiency and quality across global meat and dairy supply chains.

Switch Metals (LSE:SWT) has announced the identification of a new spodumene-bearing pegmatite, known as Kabore, at its Issia project in Côte d’Ivoire. Portable LIBS analysis carried out on multiple grab samples returned lithium oxide grades ranging from 1.00% to 2.58%, pointing to encouraging lithium mineralisation within the project area.

The newly identified pegmatite sits within the broader Issia pegmatite corridor and is located close to known tantalum-rich anomalies. In addition to lithium, coltan samples collected from the area contained high-tantalum tantalite, reinforcing Issia’s prospectivity for both lithium and tantalum. The project’s proximity to the San Pedro mineral port, which supports regional lithium exports, further enhances its strategic appeal.

Following the discovery, Switch Metals plans to fast-track exploration at Kabore alongside work on its near-term tantalum resource estimate and its wider exploration programme across its Côte d’Ivoire asset portfolio.

More about Switch Metals plc

Switch Metals plc is an AIM-listed mining company focused on critical technology and battery metals in Côte d’Ivoire. It is one of the country’s largest holders of prospective ground for tantalum, lithium and other critical minerals, with a portfolio that includes the Issia project (tantalum, niobium and lithium), Bouaké (tantalum, niobium and rare earth elements) and Tiassalé (lithium). Issia is currently prioritised as a potential source of early cash flow through ethical tantalum production from shallow coltan placer deposits, alongside scalable pegmatite-hosted mineralisation.

3i Infrastructure (LSE:3IN) delivered a solid third-quarter update, pointing to strong trading across the majority of its diversified portfolio and continued momentum on strategic priorities. Offshore wind services business ESVAGT strengthened and modernised its fleet with the delivery of the world’s first dual-fuel, e-methanol-capable service operations vessel, alongside the purchase of two additional SOVs. Energy infrastructure platform Joulz completed two acquisitions that are expected to lift EBITDA by around 70% and expand operations into two new European markets, supported by up to €107 million of fresh equity from 3i Infrastructure.

Elsewhere in the portfolio, ground-handling equipment specialist TCR continued to secure new contracts and agreed a €100 million increase to its revolving credit facility, while most other holdings are performing in line with or ahead of expectations. Against this broadly positive backdrop, the company highlighted a sharp worsening in financing conditions for German fibre roll-out businesses. As a result, 3i Infrastructure is reassessing its early-stage investment in DNS:NET and now expects to write the asset down to zero by the March 2026 year-end, removing a holding that previously accounted for 5.6% of net asset value.

Despite this expected write-down and ongoing challenges at SRL, the group generated £53 million of income and non-income cash in the three months to 31 December 2025. Management remains confident in delivering a 6.3% increase in the FY26 dividend to 13.45 pence per share, fully covered by net income. The company also continues to manage its £500 million net debt position, with the intention of repaying its revolving credit facility through future asset realisations.

Overall, 3i Infrastructure’s outlook is underpinned by strong financial quality, characterised by high profitability and modest leverage, although this is balanced by some volatility in cash flows and earnings. Valuation metrics remain supportive, with a low P/E ratio and an attractive dividend yield, while technical indicators and recent trading updates are broadly constructive.

More about 3i Infrastructure plc

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company and approved UK Investment Trust listed on the London Stock Exchange. The company invests responsibly in infrastructure assets with the objective of delivering long-term, sustainable returns for shareholders while positively influencing portfolio companies and their stakeholders. It is managed by 3i Investments plc, a subsidiary of 3i Group plc, which is authorised and regulated by the UK Financial Conduct Authority.

Ariana Resources (LSE:AAU) has confirmed it will participate in the 121 Mining Investment Conference taking place in Cape Town on 9–10 February 2026, where it plans to meet with both existing and potential investors. Attendance at the event forms part of the company’s efforts to raise its profile in capital markets and strengthen relationships with institutional investors and participants across the global metals sector.

By showcasing its strategy and project portfolio at this high-profile forum, Ariana Resources aims to support future funding opportunities and advance the development of its gold assets across Africa and Europe.

From an outlook perspective, the company continues to face pressure from weak underlying financial performance, with ongoing operating losses and structurally negative operating and free cash flow. This is partly offset by a relatively low-leverage balance sheet and supportive technical signals, including the share price trading above key moving averages and a positive MACD. Valuation appears moderate based on the stated P/E, although the absence of a dividend limits income appeal.

More about Ariana Resources plc

Ariana Resources plc is a mineral exploration, development and production company with a focus on gold projects in Africa and Europe. The group is listed on both the AIM market in London and the ASX, and targets institutional and retail investors with exposure to the precious metals mining sector.