ADVFN UK Market News

Author: Fiona Craig

  • Shell posts $18.5 billion adjusted earnings for 2025 as cash flow declines

    Shell posts $18.5 billion adjusted earnings for 2025 as cash flow declines

    Shell (LSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion recorded in 2024.

    Cash flow from operating activities totaled $42.9 billion during the year, down from $54.7 billion in the previous year. Free cash flow reached $26.1 billion, compared with $39.5 billion in 2024.

    The company continued to return significant capital to shareholders. Total distributions amounted to about $22.4 billion, including $8.5 billion paid in dividends and $13.9 billion used for share buybacks. These payouts represented roughly 52% of operating cash flow, placing them at the upper end of Shell’s 40%–50% distribution target.

    Shell reported total capital expenditure of $18.9 billion, while cash capital expenditure came in at $20.9 billion in 2025, within the company’s planned annual investment range of $20 billion to $22 billion.

    Operationally, Shell produced around 2.8 million barrels of oil equivalent per day available for sale in 2025, slightly below the 2.836 million boe/d reported the year before. LNG liquefaction volumes for the year totaled 28 million tonnes.

    The company also made progress on cost efficiency and emissions goals. Shell reported $5.1 billion in structural cost reductions compared with 2022 levels and lowered Scope 1 and 2 emissions to 53 million tonnes of CO2 equivalent in 2025, down from 58 million tonnes the previous year.

    The results were released a day after Reuters reported that Shell, the world’s largest trader of liquefied natural gas, declared force majeure on LNG cargoes it purchases from QatarEnergy and supplies to customers worldwide. The move followed Qatar’s suspension of production at its 77 million-tonne-per-year LNG facility and its own declaration of force majeure on shipments.

    According to analysts cited in the report, Shell receives about 6.8 million tonnes per year of Qatari LNG under supply agreements, while TotalEnergies is estimated to receive around 5.2 mtpa.

    More about Shell

    Shell (LSE:SHEL) (NYSE:SHEL) is a global energy company engaged in oil and gas exploration, production, liquefied natural gas trading, refining, chemicals, and energy marketing. The company is also investing in lower-carbon energy solutions while continuing to supply oil, natural gas, and related products worldwide.

  • FTSE 100 today: UK equities slip while pound falls below $1.34 as oil jumps past $100

    FTSE 100 today: UK equities slip while pound falls below $1.34 as oil jumps past $100

    UK equities opened in negative territory on Thursday as the pound weakened below $1.34 and a sharp rise in oil prices dampened investor sentiment across European markets. The move came as geopolitical tensions pushed crude higher and several major UK-listed companies released updates.

    Oil surged above $100 per barrel after Iran reportedly targeted tanker vessels, raising fears of potential supply disruptions. Authorities in Oman also evacuated ships from a key export terminal as a precaution, further fuelling concerns about energy flows in the Middle East and driving crude prices higher.

    At around 08:22 GMT, the benchmark FTSE 100 index was down about 0.5%. The British pound also declined, with GBP/USD slipping 0.2% to around 1.3385. Other major European markets followed suit, with Germany’s DAX down 0.2% and France’s CAC 40 falling 0.6%.

    UK market round-up

    Shell plc (LSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion in 2024. Operating cash flow reached $42.9 billion, down from $54.7 billion a year earlier, while free cash flow totalled $26.1 billion, compared with $39.5 billion previously.

    The energy major continued significant shareholder distributions during the year. Combined payouts amounted to roughly $22.4 billion, including $8.5 billion in dividends and $13.9 billion in share buybacks. These returns represented around 52% of operating cash flow, placing distributions at the upper end of the company’s 40%–50% target range.

    Computacenter plc (LSE:CCC) also released its full-year 2025 results, reporting adjusted pre-tax profit of £272.0 million, up 7.1% year-on-year and in line with previously guided expectations.

    Revenue climbed 32% to £9.19 billion, largely driven by expansion in the Technology Sourcing segment, where gross invoiced income rose 37.8% at constant currency. The technology services group reported strong momentum in North America while continuing to invest across the business.

    Bridgepoint Group plc (LSE:BPT) posted full-year 2025 results ahead of forecasts, delivering an adjusted EBITDA result roughly 4% above expectations. The outperformance was attributed to higher catch-up fees and stronger performance-related earnings.

    Underlying management fee income reached £427.7 million for the year ended 31 December 2025, representing 13% growth excluding catch-up fees booked in the prior year. The company reaffirmed forward guidance that exceeds analysts’ expectations for revenue growth and margin expansion.

    Trainline plc (LSE:TRN) reported FY26 trading results showing total revenue of £453 million, an increase of 2% and at the top end of company guidance. The figure was slightly above market forecasts of £449 million.

    Net ticket sales rose 6% on a constant-currency basis, within the group’s guidance range of 6%–9%, though at the lower end. The company also reported strong growth in ancillary revenue, which increased 17%.

    M&G plc (LSE:MNG) reported net inflows of £7.8 billion from open business in 2025, reversing net outflows of £1.9 billion recorded in 2024.

    Adjusted operating profit before tax came in at £838 million, broadly unchanged from £837 million the previous year. Assets under management and administration rose to £375.9 billion, up from £345.9 billion at the end of 2024.

    Halma plc (LSE:HLMA) said it remains on track to meet its upgraded expectations for the 2026 financial year, first announced alongside its interim results.

    The safety technology group reported that order intake continues to run ahead of both year-to-date revenue and the previous year’s performance, reflecting continued strong demand during the second half of the fiscal year.

    Informa plc (LSE:INF) reported full-year 2025 results broadly in line with expectations and reiterated its outlook for 2026 despite disruption to travel in parts of the Middle East.

    The B2B events and academic publishing company generated revenue of £4,041.4 million in 2025, representing reported growth of 13.7% and underlying growth of 6.3% from £3,553.1 million in 2024. Informa also increased its share buyback programme by £50 million, taking the total to £250 million.

    Helios Towers plc (LSE:HTWS) reported fourth-quarter results that surpassed expectations for new site additions, profitability and free cash flow, according to analysis from Jefferies.

    The telecommunications infrastructure company recorded revenue growth of 5.9% year-on-year for the quarter, while EBITDA increased 15%. Recurring free cash flow also rose 2.4% during the period.

    Separately, Tesla Energy Ventures Limited has been granted a licence to supply electricity to domestic and business customers across Great Britain.

    The licence was approved by the Office of Gas and Electricity Markets following a regulatory review process conducted between July 2025 and March 2026. The approval allows the company to enter the UK retail electricity market and provide power to both household and commercial customers nationwide.

  • First Class Metals Intersects Visible Gold at Roy Prospect on Sunbeam Property

    First Class Metals Intersects Visible Gold at Roy Prospect on Sunbeam Property

    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.

  • M&G Publishes 2025 Annual Report and Increases Total Dividend to 20.5p

    M&G Publishes 2025 Annual Report and Increases Total Dividend to 20.5p

    M&G plc (LSE:MNG) has released its 2025 Annual Report and Accounts, with the full document now available through the company’s website and the UK regulator’s national storage mechanism. The publication comes ahead of the company sending its 2026 Annual General Meeting notice to shareholders later in March.

    Alongside the report, the board declared a second interim dividend of 13.8 pence per share, bringing the total dividend for the 2025 financial year to 20.5 pence. The payment is scheduled for 30 April 2026 for shareholders on the register as of 20 March.

    The release of the annual report and forthcoming AGM notice is part of the group’s ongoing regulatory transparency and shareholder engagement efforts, giving investors detailed insight into its financial performance, governance and strategic direction.

    By maintaining and increasing its dividend payout, M&G is signalling confidence in its financial position and ability to generate cash. The policy continues to support income-focused investors seeking consistent returns in the current market environment.

    The company’s outlook reflects a mix of supportive and cautionary factors. Technical indicators remain positive and recent corporate developments demonstrate resilience and strategic alignment. However, concerns around relatively high leverage and cash flow pressures weigh on the overall assessment. A comparatively high dividend yield offers some compensation for these financial risks.

    More about M&G

    M&G plc is a UK-based savings and investment company operating across asset management and retail savings. The group provides a wide range of investment solutions and long-term savings products to both individual and institutional investors, with a focus on helping clients grow and manage their wealth over time.

  • Jubilee Metals Secures High-Grade Copper Supply and Progresses Large Waste Project

    Jubilee Metals Secures High-Grade Copper Supply and Progresses Large Waste Project

    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 Maintains Booking Growth but Withdraws Profit Guidance Amid Middle East Uncertainty

    On the Beach Maintains Booking Growth but Withdraws Profit Guidance Amid Middle East Uncertainty

    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.

  • TP ICAP Files 2025 Annual Results and Proposes 11.6p Final Dividend

    TP ICAP Files 2025 Annual Results and Proposes 11.6p Final Dividend

    TP ICAP Group plc (LSE:TCAP) has filed its audited annual results for the year ended 31 December 2025 with the UK regulator’s official storage mechanism. The full report is also available through the London Stock Exchange and the company’s investor relations website, ensuring shareholders and market participants have access to detailed information on the group’s financial performance and strategic developments ahead of its 2026 AGM.

    Alongside the publication of its results, the board has recommended a final dividend of 11.6 pence per share for the 2025 financial year. The dividend is expected to be paid in late May, subject to shareholder approval at the May AGM. Investors will also have the option to participate in the company’s dividend reinvestment plan, allowing them to reinvest their payout into additional shares.

    TP ICAP’s outlook is supported by solid financial performance and an attractive valuation profile. The company has also undertaken positive corporate actions, including a share buyback programme, which contributes to shareholder returns. However, technical indicators suggest some caution, with bearish momentum signals emerging in recent trading. Overall, the stock presents a balanced investment case, combining strong fundamentals with valuation support, although short-term technical trends may warrant close monitoring.

    More about TP ICAP

    TP ICAP Group plc is a global wholesale market intermediary connecting buyers and sellers across financial, energy and commodities markets. The group provides broking services, market data and analytics, and trading technology solutions to institutional clients. Operating from more than 60 offices in 28 countries, TP ICAP supports trading and information flows across global markets through its proprietary platforms and specialist market expertise.

  • Pantheon Resources Appoints Michael Spencer as Chairman and Pauses Drilling During Farm-In Process

    Pantheon Resources Appoints Michael Spencer as Chairman and Pauses Drilling During Farm-In Process

    Pantheon Resources plc (LSE:PANR) has announced a board reshuffle following its 12 March AGM, appointing veteran financier Michael Spencer as chairman. Spencer, a major shareholder in the company, succeeds outgoing chairman David Hobbs, who is stepping down alongside non-executive director Jeremy Brest after a period of slower-than-expected operational progress.

    The board has also been strengthened with the appointment of David Wilkins as a non-executive director. Wilkins previously served as senior vice president at Hilcorp Alaska. Hobbs said the changes were intended to bring “new energy” to the company as it works to unlock the potential of its Alaskan oil assets.

    Spencer, who founded the interdealer broker ICAP and now invests through his family office IPGL, said the underlying quality of Pantheon’s resources is not reflected in its current share price. He added that he will work closely with CEO Max Easley and the refreshed board to maximise value from the company’s acreage and resource base.

    Pantheon also confirmed it will temporarily pause further material drilling activity while multiple potential partners review project data as part of an ongoing farm-in process. The company stated that its existing financial resources are sufficient to support operations through the end of 2026. While this reduces near-term funding pressure, progress will now depend heavily on securing a strategic partnership to help advance development.

    The company’s outlook remains constrained by weak financial fundamentals, including recurring losses and negative free cash flow. Technical indicators also appear negative, with the share price trading below key moving averages. Valuation metrics offer limited support due to a negative price-to-earnings ratio and the absence of a dividend yield.

    More about Pantheon Resources

    Pantheon Resources is an oil and gas exploration and development company listed on AIM in London and on the OTCQX market in the United States. The group is focused on developing the Kodiak and Ahpun oil fields on Alaska’s North Slope. These assets are located near established pipeline and transportation infrastructure, positioning the company to pursue commercially viable development and potential farm-out partnerships within the capital-intensive upstream energy sector.

  • Anglo Asian Mining Surpasses One Million Gold Equivalent Ounces as Copper Output Expands

    Anglo Asian Mining Surpasses One Million Gold Equivalent Ounces as Copper Output Expands

    Anglo Asian Mining plc (LSE:AAZ) has exceeded a cumulative production milestone of one million gold equivalent ounces since commencing operations in 2009. The AIM-listed miner, which focuses on gold, copper and silver production in Azerbaijan, has expanded significantly from its original heap leach gold and silver operations at the Gedabek open pit.

    The company now operates multiple producing assets, including the Gilar underground copper-gold mine and the Demirli open pit copper project, both of which entered production in 2025. These additions mark an important step in broadening Anglo Asian’s production base beyond its initial operations.

    The milestone, confirmed at the end of January 2026, comprises approximately 851,000 ounces of gold, 1.9 million ounces of silver and more than 30,000 tonnes of copper produced to date. Management said the achievement highlights the scale and longevity of the group’s production activities.

    Looking ahead, 2026 is expected to be a significant year for the company as copper production is forecast to triple, driven by increased output from the Gilar and Demirli mines. This expansion is part of Anglo Asian’s strategy to shift towards a more copper-focused portfolio while continuing to produce gold and silver. The company ultimately aims to develop into a mid-tier, multi-asset producer, a transition closely watched by investors following growth in Azerbaijan’s mining sector.

    Despite these operational developments, the company’s outlook is currently weighed down by weak financial performance, including declining revenue, negative margins and deteriorating free cash flow. Valuation metrics are also less clear due to negative earnings. These challenges are partly balanced by a strong technical share price trend, with the stock trading above key moving averages and showing positive momentum indicators.

    More about Anglo Asian Mining

    Anglo Asian Mining is an AIM-listed producer of copper and gold with a portfolio of production and exploration assets across Azerbaijan. In 2025 the company produced 7,915 tonnes of copper and 25,061 ounces of gold. Its long-term strategy is to evolve into a multi-asset, mid-tier mining company by 2030, with copper expected to become its primary product as additional projects are brought into development.

  • Forgent Prioritises Plant Commissioning as It Resets EQTEC Gasification Strategy

    Forgent Prioritises Plant Commissioning as It Resets EQTEC Gasification Strategy

    Forgent plc (LSE:FORG) has outlined a revised strategy focused on successfully commissioning and stabilising its flagship gasification projects in Greece and at the North Fork facility in California. Management views reliable plant performance as critical to demonstrating the repeatability and bankability of EQTEC’s waste-to-energy technology.

    The company is currently working closely with customer Agrigas to support operations at the Greek reference plant, while also providing extensive technical assistance at the North Fork project. At the same time, Forgent is addressing a legacy legal dispute with former tax-credit investor SCV North Fork LLC, with the matter now progressing through mediation.

    Alongside efforts to stabilise its existing assets, Forgent is exploring new opportunities linked to sustainable aviation fuel production and decentralised energy systems. Potential projects are being evaluated in markets including Hawaii, where demand for off-grid and island energy solutions could create favourable conditions for the company’s technology.

    Forgent is also in advanced discussions to secure technology performance insurance, which could help improve confidence among lenders and project developers. Meanwhile, the group is rebuilding its commercial project pipeline and reviewing its international joint ventures and subsidiaries, aiming to streamline operations around a smaller number of higher-quality projects and a more resilient long-term revenue base.

    Despite these strategic initiatives, the company’s outlook remains constrained by weak financial performance, including ongoing losses, leverage and negative cash flow. Technical indicators also point to continued downward momentum in the share price, while valuation metrics offer limited support given the negative price-to-earnings ratio and the absence of dividend data.

    More about EQTEC

    Forgent plc operates under the EQTEC brand as a technology-focused energy transition company specialising in advanced gasification systems. Its proprietary technology converts waste and biomass into syngas, which can be used to generate power, heat or advanced fuels. The company targets markets including waste-to-energy, sustainable aviation fuel and decentralised energy systems, particularly in remote locations or island power grids.