Author: Fiona Craig

Avon Technologies PLC (LSE:AVON) reported a strong start to its 2026 financial year, with its Avon Protection division delivering a record first quarter driven by sustained demand for chemical, biological, radiological and nuclear (CBRN) protection equipment. The update was released ahead of the group’s Annual General Meeting, held at its Melksham site, and points to solid trading momentum across the business at the outset of the year.

Performance at Team Wendy was more subdued in the quarter, reflecting delays linked to the recent U.S. government shutdown, which slowed product testing and deliveries. Despite this, the group reiterated its full-year guidance, indicating confidence that the disruption will not have a lasting impact on overall FY26 expectations. Management noted that margins at Team Wendy were also affected by planned increases in investment ahead of higher production rates expected to come through from the second quarter, with these effects described as temporary.

Chief executive Jos Sclater said the group’s focus on continuous improvement and operational discipline is translating into a more resilient and sustainable business, while acknowledging that further efficiency gains are still required at the Cleveland facility. He added that, having stabilised and reshaped the group over the past three years, Avon is now moving into a more growth-oriented phase of its strategy, supported by increased investment in key programmes and new products. The company said it remains on track to meet, or potentially exceed, its FY26 financial targets.

More about Avon Technologies PLC

Avon Technologies PLC is a UK-based defence and protective equipment group supplying advanced personal protection systems to military, law enforcement and first responder customers worldwide. Through its Avon Protection and Team Wendy brands, the company provides CBRN respiratory equipment, helmets and related protection solutions, with a strategic focus on operational excellence, product innovation and expanding addressable markets.

Shield Therapeutics (LSE:STX) has revised its licensing agreement with Beijing Aosaikang Pharmaceutical for ACCRUFeR® in China, confirming that its partner now expects to submit a marketing authorisation application to China’s National Medical Products Administration in the first quarter of 2026. The filing will incorporate positive Phase 3 paediatric data, which also supported the recent expansion of the US label to include children aged 10 and above. The regulatory step marks a key advance for ACCRUFeR® in one of the world’s largest pharmaceutical markets.

Under the updated terms, Shield is due to receive a $7.9m development milestone by 31 January 2026, alongside new pricing-related milestones of up to $3m and royalties of up to 10% on future Chinese sales. The company said it plans to use the milestone proceeds to fully repay and terminate its AOP Milestone Monetisation Agreement, doing so at a lower cost than originally expected. This move is intended to simplify Shield’s capital structure and improve its financial flexibility as it continues to build out its commercial strategy in China.

From an investment standpoint, the outlook is supported by strong share price momentum and the positive impact of recent corporate developments, including progress toward regulatory submission in China. These positives are balanced against ongoing financial and valuation challenges, with management acknowledging that financial stability remains a key risk despite the strategic importance of the Chinese market opportunity.

More about Shield Therapeutics

Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on the treatment of iron deficiency and iron deficiency anaemia through its proprietary oral iron therapy ACCRUFeR®/FeRACCRU® (ferric maltol). The product benefits from patent protection into the mid-2030s and is marketed in the United States through an exclusive collaboration with Viatris, while being licensed to partners across Europe, Canada, China, Japan and other Asia-Pacific territories, addressing a large and growing global market for iron deficiency therapies.

Airtel Africa (LSE:AAF) reported a strong performance for the nine months ended 31 December 2025, reflecting sustained momentum across its telecoms and mobile money businesses. Total customers increased by 10% to 179.4 million, with data subscribers rising 14.6% to 81.8 million as smartphone penetration reached 48.1%. This supported a 16.6% increase in data ARPU, alongside higher average monthly data usage of 8.6GB. Airtel Money continued to scale rapidly, surpassing 52 million customers and processing more than $210bn in annualised transaction value during the third quarter, underpinned by wider ecosystem adoption and increased digital engagement. Mobile money ARPU also advanced on a constant-currency basis.

Financially, group revenue rose 24.6% in constant currency, or 28.3% on a reported basis, to $4.67bn, led by a 36.5% increase in data revenue and 29.4% growth in mobile money. EBITDA climbed 35.9% to $2.28bn, with margins expanding to 48.9% as operating leverage and cost efficiencies flowed through. Profit after tax more than doubled to $586m, benefiting from stronger operating performance and foreign exchange gains compared with the prior-year period, while basic earnings per share increased to 13.1 cents.

Investment activity also accelerated, with capital expenditure up 32.2% to $603m. Airtel added around 2,500 new sites and extended its fibre network beyond 81,500 kilometres, lifting population coverage to 81.7%. Improved EBITDA contributed to a reduction in leverage from 2.4x to 1.9x. Management highlighted continued progress on cost efficiency, expanding margins and the strong trajectory of Airtel Money ahead of a planned listing in the first half of 2026, reinforcing confidence in the group’s long-term growth and value creation across its African operations.

More about Airtel Africa Plc

Airtel Africa Plc is a leading telecommunications and mobile money provider operating in 14 countries across sub-Saharan Africa. The group offers mobile voice, data and financial services, with a strategy focused on expanding high-quality connectivity, increasing smartphone and broadband penetration, and leveraging its Airtel Money platform to drive financial inclusion and digital transformation across the region.

London BTC Company Limited (LSE:BTC) has moved to diversify its risk profile by introducing a gold-linked hedge against bitcoin price volatility, securing a 30-day exclusive call option to acquire 100% of the Chance Gold Mine tenements in Western Australia. The internally funded, low-cost option provides exposure to a historic high-grade gold project located close to the 2.6Moz Copperhead Gold Mine, with management indicating that modern exploration techniques could unlock meaningful upside. The company intends to fund exploration using cash flows from its existing bitcoin mining operations and its balance sheet, with any increase in the gold asset’s value expected to support the bitcoin treasury and help finance further expansion of its mining fleet.

Alongside the gold strategy, London BTC is assessing plans to scale its U.S. bitcoin mining operations to around 1,500 units through 2026. As part of this push, the group is in the process of establishing a U.S. subsidiary to secure prospective gold ground, which could both deepen its gold hedging strategy and potentially accommodate standalone data centres for future bitcoin mining. Management sees the combination of physical gold optionality and expanded U.S. mining capacity as a way to smooth earnings volatility while maintaining leverage to long-term bitcoin growth.

More about London BTC Company Limited

London BTC Company Limited is a London Stock Exchange Main Market-listed bitcoin mining and treasury company, with its shares also trading on the OTCQB in the United States. The group builds a strategic bitcoin position through a combination of direct bitcoin holdings and operating its own mining fleet, which currently comprises 1,048 miners hosted at third-party facilities across Indiana, Iowa, Nebraska and Texas in the US, as well as Labrador in Canada. The business is supported by a debt-free balance sheet and a strategy focused on disciplined expansion and treasury growth.

Hamak Strategy Limited (LSE:HAMA) has moved to re-establish full ownership of its Nimba gold project in Liberia after agreeing with First Au Limited to unwind their joint venture, returning the asset to 100% Hamak control with no upfront consideration. The decision follows more than A$600,000 of exploration spending by First Au, which also delivered early, encouraging drill intersections, effectively leaving Hamak with a de-risked project at no direct cost. The company said it is now in advanced discussions with a new partner to progress Nimba, while continuing to accelerate activity across its broader gold portfolio.

At the same time, Hamak is advancing due diligence on the Akoko gold project in Ghana, which hosts an estimated 250,000-ounce resource. Preparatory work is well underway, including the appointment of a drilling contractor for a planned 4,250-metre reverse circulation programme, alongside community engagement initiatives and topographical surveys. These steps are intended to support evaluation of a potential low-cost open-pit, heap leach development scenario. Management said the renewed operational momentum comes against a backdrop of sharply higher gold prices and forms part of a broader strategy to scale activity across its African assets.

Alongside project-level progress, the company is reshaping its board and management structure to support a dual gold exploration and Bitcoin treasury strategy. This repositioning signals a more assertive growth and capital markets approach, but also introduces additional complexity and risk. While near-term technical indicators have improved somewhat, the overall outlook remains constrained by the absence of revenue, continued operating losses and negative cash flow, with valuation metrics limited by a negative price-to-earnings profile and no dividend support.

More about Hamak Strategy Limited

Hamak Strategy Limited is a UK-listed company focused on early-stage gold exploration in Africa, with core interests in Liberia and Ghana. The group combines conventional mineral exploration with a digital asset treasury strategy that includes holding part of its reserves in Bitcoin and other cryptoassets, creating a differentiated but higher-risk investment proposition.

Europa Oil & Gas (Holdings) (LSE:EOG) has said its Irish offshore licence FEL 4/19 continues to be in force under Phase 1 terms while the company awaits a decision on its application for a Phase 1 extension from Ireland’s Department of Climate, Energy and the Environment. The licence covers the Inishkea West gas prospect, which is estimated to contain around 1.5 trillion cubic feet of gas and is viewed by the company as a strategically significant, relatively low-risk development opportunity. Europa has highlighted the asset’s potential to supply lower-emission domestic gas to Ireland, benefit from nearby infrastructure that could enable a faster route to production, and reduce reliance on higher-emission imported energy sources.

From a broader perspective, Europa’s investment outlook continues to be shaped by weak recent financial performance, including pressure on revenues and profitability. These challenges are partly offset by constructive corporate developments and some supportive technical indicators, which point to possible improvement over time. While valuation metrics remain constrained by the group’s current loss-making position, management believes that progress on key assets and signs of insider confidence provide a degree of longer-term upside potential.

More about Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc is an AIM-quoted oil and gas exploration, development and production company with assets and interests spanning West Africa, the UK and Ireland. The group is focused on upstream opportunities, with a particular emphasis on gas projects that align with energy transition goals and the need for secure domestic energy supply.

Stelrad Group (LSE:SRAD) delivered another year of adjusted operating profit growth in 2025 despite continued weakness across its core UK and European radiator markets. Group revenue was around £280m, with overall sales volumes down roughly 4%, but this was more than offset by a richer product mix and disciplined cost control. Contribution per radiator increased for the eighth consecutive year, driving a rise in adjusted operating profit of around 3% to £32.5m and lifting the operating margin to 11.6%.

Cash generation remained strong, enabling the group to reduce net debt to £51.2m and lower leverage to 1.16x. This balance sheet improvement was supported by the renewal of a £100m loan facility on improved terms. During the year, Stelrad also continued to reshape its operational footprint, including a restructuring of its Danish business following earlier changes in Turkey. These actions resulted in an exceptional charge of approximately £2.7m but are intended to support improved efficiency and margin performance over the medium term.

Management said visibility on a broader recovery in construction and refurbishment markets remains limited, but highlighted that the margin improvements and strategic actions delivered in 2025 provide a solid foundation heading into 2026. The company believes it is well positioned to benefit when demand conditions improve, given its stronger cost base, improved leverage profile and focus on higher-value products. While fundamentals are supported by robust cash flow and operational execution, the overall outlook is tempered by weaker share price momentum and a relatively high valuation multiple.

More about Stelrad Group plc
Stelrad Group plc is a leading specialist manufacturer and distributor of steel panel and designer radiators, with operations primarily across the UK, Europe and Turkey. The group focuses on higher-margin, value-added heating products and leverages a flexible, low-cost manufacturing footprint, broad product range and strong customer service to compete effectively in residential repair, maintenance, improvement and new-build markets.

RUA Life Sciences (LSE:RUA) reported a transformational 18-month period to 30 September 2025, with revenue more than tripling to £6.7m versus the prior 12-month period, alongside a sharp improvement in profitability. Loss before tax narrowed to £0.2m, while EBITDA turned positive at £0.4m, reflecting both scale benefits and tighter cost control. The acquisition of French contract development and manufacturing organisation Abiss played a central role, strengthening the group’s CDMO platform, contributing a £0.9m bargain purchase gain and lifting CDMO revenues to £5.8m. Biomaterials revenues also advanced, rising 23% on a like-for-like basis to £914,000 despite adverse currency movements.

Strategically, the group has accelerated progress against its 2023 objectives by shifting away from R&D-intensive development towards a more commercially focused growth model. Reduced R&D expenditure, lower cash burn and disciplined cost management have enabled RUA to achieve its targets of doubling revenue and moving towards sustainable profitability ahead of schedule. The company ended the period with £3.25m in cash, supported by improving operational cash generation and a growing pipeline of development and manufacturing contracts. Management expects current activity levels to be maintained, providing scope to deepen relationships with existing customers, secure new clients and further commercialise its vascular and structural heart intellectual property within a highly regulated but attractive, high-margin medical device market.

From an investment perspective, the outlook is underpinned by strong top-line momentum and a conservative balance sheet, although profitability remains modest and operating cash flow is still negative. Technical indicators are supportive, with the shares in a clear uptrend, but a very high price-to-earnings multiple detracts from the overall valuation assessment.

More about RUA Life Sciences

RUA Life Sciences is a UK-based medical device-focused contract development and manufacturing organisation specialising in implantable textile components and devices. The group’s capabilities are underpinned by its proprietary long-term implantable biostable polymer, Elast-Eon, and delivered through subsidiaries including RUA Biomaterials and the recently acquired French CDMO Abiss. RUA’s strategy centres on international growth via polymer licensing, component supply and partnerships that monetise its polymer, composite materials and manufacturing process intellectual property, with the aim of becoming a long-term partner to major medical device companies while maximising shareholder value through profitable growth or selective disposals.