Author: Fiona Craig

Luceco plc (LSE:LUCE) reported a robust trading performance in 2025, prompting the group to raise its outlook for 2026 after delivering results ahead of market expectations and strengthening its balance sheet. Revenue for the year rose 12% to approximately £271m, while adjusted operating profit is expected to be at least £33.5m, representing growth of around 15%.

Momentum accelerated in the second half, supported by particularly strong demand for EV charging products, where sales increased by 85% to around £18m. The group also delivered steady growth across its wiring accessories and LED lighting ranges. Profit margins expanded to above 12%, reflecting operating leverage, manufacturing efficiency improvements and the benefits of recent acquisitions.

Luceco generated roughly £30m of adjusted free cash flow during the year, enabling it to reduce net debt to around £53m, equivalent to 1.3x EBITDA. Management said the improved financial position, combined with ongoing efficiency gains and acquisition synergies, has given the board confidence to lift revenue and profit expectations for 2026. The company added that it retains balance-sheet capacity to support further organic investment and selective bolt-on acquisitions, while continuing to benefit from structural growth linked to electrification and the energy transition.

Overall, the outlook is underpinned by strong revenue growth, expanding margins and positive strategic momentum, particularly in EV charging. These strengths are tempered by concerns around leverage trends and softer technical indicators, while valuation appears broadly reasonable based on current earnings and dividend metrics.

More about Luceco plc

Luceco plc is a UK-listed designer and manufacturer of residential and commercial electrification products. Its portfolio includes wiring accessories, EV chargers, LED lighting and portable power solutions, manufactured at its own facilities and distributed through professional, wholesale and retail channels.

Renew Holdings plc (LSE:RNWH) said trading in the first quarter has been in line with expectations, supported by strong positions on key frameworks and a record order book. As at 31 December 2025, the group’s order book stood at £924m, up from £905m a year earlier, providing increased revenue visibility.

In a statement ahead of its annual general meeting, Renew also pointed to the strength of its balance sheet and an active acquisition pipeline focused on its core growth markets. The recently acquired Emerald Power has integrated well and is trading in line with expectations, reinforcing management’s confidence in the group’s ability to execute its buy-and-build strategy.

The board said Renew remains well positioned to benefit from long-term structural growth in regulated UK infrastructure markets, underpinned by non-discretionary spending and long-term funding visibility. A further trading update is scheduled for 1 April 2026.

Overall, the outlook is supported by consistent revenue growth, disciplined cash management and a reasonable valuation, including a moderate dividend yield. While technical indicators suggest some short-term share price weakness, management believes the fundamentals provide scope for a potential rebound over time.

More about Renew Holdings plc

Renew Holdings plc is a leading UK engineering services group providing essential maintenance and renewal services across the nation’s infrastructure. Through a portfolio of independently branded subsidiaries, the group operates in regulated markets including rail, wider infrastructure, energy—particularly wind and nuclear—and environmental services. Its activities are supported by a directly employed, highly skilled workforce and long-term, visibility-backed funding streams.

James Halstead plc (LSE:JHD) said sales for the six months to 31 December 2025 are expected to be modestly lower than the prior year, as weaker conditions in Central Europe and the Asia-Pacific region offset otherwise resilient trading elsewhere. UK revenues remain marginally ahead year on year, while activity in North America, the Middle East and South Africa continues to show growth.

The group noted that a more cautious stance on customer credit has weighed on revenues and is likely to lead to a small decline in profitability for the first half. Despite this near-term softness, the board highlighted a strengthening cash position, an ungeared balance sheet and continued investment across its UK manufacturing sites as key supports for future performance. The company is also rolling out new and refreshed product ranges and has implemented management changes in the Asia-Pacific region, which it expects will help drive improved revenue and profitability in the second half.

Overall, James Halstead’s outlook remains underpinned by a stable financial position and an attractive valuation. These strengths are tempered by weak technical indicators pointing to short-term downside risk, while the lack of near-term revenue and free cash flow growth remains an area of focus as the group looks to reaccelerate performance.

More about James Halstead plc

James Halstead plc is a UK-based manufacturer and international distributor of commercial flooring products, specialising in vinyl and related surfaces. The group serves customers across a range of global markets, with a strong base in the UK and growing exposure in North America, the Middle East and South Africa, alongside operations in Central Europe and the Asia-Pacific region.

Scancell Holdings (LSE:SCLP) reported interim results highlighting continued clinical and regulatory progress across its oncology pipeline, led by iSCIB1+, its DNA ImmunoBody cancer immunotherapy. The treatment has shown potentially best-in-class progression-free survival in advanced melanoma when used in combination with checkpoint inhibitors.

During the period, the US Food and Drug Administration cleared an Investigational New Drug application to support a global registrational Phase 3 trial in advanced melanoma. The study is expected to begin in 2026, with potential commercialisation targeted for 2029. Scancell said it is actively evaluating financing and partnering options to fund Phase 3 development while seeking to optimise long-term shareholder value.

Beyond melanoma, the group continues to advance its Moditope-based vaccine Modi-1, which is currently in a Phase 2 trial targeting head and neck and renal cancers, with key data anticipated in the first half of 2026. Scancell has also consolidated its antibody assets within its wholly owned subsidiary GlyMab Therapeutics, where lead candidate SC134 for small cell lung cancer and partnered programmes with Genmab are progressing toward potential milestones in 2026.

On the financial side, the company reported a reduced operating loss of £8.9m for the half year. Cash at period end stood at £8.6m, supplemented by a further £3.0m in R&D tax credits received after the reporting date. Management said current resources provide funding visibility into the second half of 2026, covering several anticipated clinical, regulatory and business development milestones.

Overall, the outlook continues to be constrained by ongoing losses, negative equity and cash burn, although the rate of burn improved during 2025. Technical indicators point to a strong upward trend but appear stretched, increasing the risk of near-term volatility. Management commentary was more supportive, reflecting improved liquidity and meaningful pipeline and regulatory advances, while valuation remains difficult to assess using conventional metrics given the company’s pre-revenue, loss-making status.

More about Scancell Holdings

Scancell Holdings is a clinical-stage biotechnology company developing off-the-shelf active immunotherapies designed to generate durable, tumour-specific immune responses against cancer. Its core platforms, DNA ImmunoBody and Moditope, are being advanced through Phase 2 and planned Phase 3 trials in melanoma and other solid tumours. The group’s subsidiary, GlyMab Therapeutics, is developing high-affinity antibodies targeting tumour-specific glycans, including programmes partnered with Genmab.

Greencoat Renewables PLC (LSE:GRP) said it will hold its dividend target steady after reporting resilient cash generation, despite a modest decline in net asset value. The group reported an unaudited NAV of €1,102 million, equivalent to 99.0 cents per share, as at 31 December 2025.

A quarterly interim dividend of 1.70250 cents per share was declared for Q4 2025, bringing the total distribution for the year to 6.81 cents per share and completing the company’s stated full-year target. Management also confirmed that this dividend level will be maintained for 2026. Power generation came in below expectations, running 9.1% under budget in the fourth quarter and 10.4% below budget for the full year, but this was offset by robust net cash generation of €27.7 million in Q4 and €114.6 million across 2025. This supported a healthy net dividend cover of around 1.5x.

Net asset value per share declined by 2.5 cents during the quarter, reflecting a combination of lower power prices, revised operational budgets, reduced Guarantees of Origin assumptions and dispatch constraints in Ireland. Despite these headwinds, Greencoat Renewables emphasised its proactive approach to balance sheet management. During the period, the company extended its €350 million revolving credit facility to 2028, entered into interest rate swaps fixing part of its debt at 3.9%, and maintained a weighted average cost of debt of 3.4%.

Liquidity remained strong, with €138 million of cash and €240 million of undrawn facilities at year end. Management said this financial flexibility supports a geared portfolio internal rate of return of 9.4% and underpins the sustainability of the dividend policy for shareholders across its Irish, UK and South African registers.

More about Greencoat Renewables PLC

Greencoat Renewables PLC is a listed renewable infrastructure company focused on owning and operating renewable energy assets, primarily wind generation, across Europe. The group targets long-term, stable cash flows from contracted and regulated power generation, appealing to income-oriented investors seeking exposure to the energy transition and European decarbonisation trends.

3i Group plc (LSE:III) reported another strong quarter, with net asset value per share rising to 3,017p at 31 December 2025 and a total return of 20% generated over the first nine months of FY2026. Performance benefited from favourable currency movements, portfolio realisations and dividend income, leaving the group well positioned heading into the final quarter of its financial year.

The standout contributor was discount retailer Action, which delivered 16% net sales growth to €16bn in 2025 alongside a 14% increase in operating EBITDA to €2.37bn. Action opened a record 384 new stores during the year and continued to record resilient like-for-like sales growth, even as French consumer demand softened. During the period, 3i increased its ownership to 62.3% following a capital restructuring and subsequently agreed to acquire a further c.2.9% stake from GIC, to be settled through the issue of new 3i shares.

Elsewhere in the portfolio, 3i highlighted solid trading across several consumer and private label businesses, including Royal Sanders and Audley Travel. The group also completed the disposal of MAIT at a profit and benefited from a higher share price and dividend flows from its holding in 3i Infrastructure. As a result, 3i ended the period with £995m of gross cash and very low gearing of around 1%, which management said underpins strong momentum into the year end.

Overall, the group’s outlook is supported by strong financial performance and constructive management commentary. While technical indicators point to some caution due to broader market trends, valuation remains attractive and insider share purchases add confidence. Macroeconomic uncertainty and weaker conditions in certain end markets remain key risks to monitor.

More about 3i Group plc

3i Group plc is a UK-based investment company specialising in private equity and infrastructure, with a long-term focus on consumer-facing and private label businesses. Its largest investment is Action, a fast-growing European non-food discount retailer operating more than 3,300 stores across 14 countries. The wider portfolio includes companies such as Royal Sanders and Audley Travel, alongside a significant stake in 3i Infrastructure plc.

Rank Group plc (LSE:RNK) reported a solid first-half performance, with like-for-like net gaming revenue rising 6% to £419.8m and underlying like-for-like operating profit increasing 15% to £40.6m for the six months ended 31 December 2025. Growth was delivered across all divisions, with particularly strong contributions from digital channels and gaming machines.

Statutory profit was dampened by a £6.5m loss linked to a payment fraud incident in the group’s Spanish business. Despite this, Rank strengthened its balance sheet, ending the period with higher net cash and an improved return on capital employed of 15.9%. Reflecting confidence in both current trading and future prospects, the board raised the interim dividend by 54% and reiterated expectations of meeting full-year guidance, while continuing to target at least £100m in annual operating profit over the medium term.

Operationally, the group stepped up investment in gaming machines across its Grosvenor estate, continued to enhance and expand its digital platforms in the UK, Spain and Portugal, and further strengthened safer gambling measures. At the same time, management is preparing responses to mounting cost pressures, including a sharp increase in UK Remote Gaming Duty and rising labour expenses. The company also confirmed that chief executive John O’Reilly will retire, with Richard Harris stepping in as interim CEO during a period marked by strong trading momentum but a rapidly evolving UK regulatory and tax backdrop.

Overall, Rank’s outlook is supported by robust financial performance, improving returns and a reasonable valuation. These positives are tempered by weaker technical indicators and uncertainty stemming from recent UK budget changes, suggesting a more cautious near-term backdrop despite solid operational progress.

More about Rank Group plc

Rank Group plc is a UK-listed gambling operator with a portfolio that includes Grosvenor casinos, Mecca bingo halls and Enracha venues in Spain, alongside a range of UK and international digital gaming brands. The group generates net gaming revenue from both land-based venues and online platforms, with an increasing focus on gaming machines and digital channels across the UK, Spain and, more recently, Portugal.