Author: Fiona Craig

Somero Enterprises Inc. (LSE:SOM) said trading strengthened in the second half of 2025, supported by normal seasonal patterns and the rollout of new and next-generation products, even as full-year sales declined in line with guidance. Newly launched machines, including the S-15EZ and the Hammerhead Laser Screed, generated around $13m of revenue and helped expand the group’s addressable market among low- to mid-range concrete contractors.

For the full year, Somero expects revenue of approximately $88.9m, down from $109.2m in 2024 but consistent with management expectations. Regional performance was mixed, with North America and Europe affected by macroeconomic and geopolitical pressures, Australia returning to more normal levels after a period of exceptional growth, and Rest of World revenues remaining broadly stable. Parts and service income proved more resilient than equipment sales, highlighting progress in building a more recurring revenue base. Adjusted EBITDA is forecast at $17.5m, while year-end cash is expected to reach a stronger-than-anticipated $33.2m, underlining the group’s solid balance sheet.

Looking ahead, management said trading conditions in 2026 are likely to be similar to 2025, with profitability broadly stable amid continued market volatility and softer demand for larger boomed screeds. However, the group believes its ‘Fortify, Innovate, Amplify’ strategy, wider product offering and strong financial position leave it well placed to defend its global leadership position and benefit when construction markets recover.

Overall, Somero continues to demonstrate financial resilience, supported by low debt levels, attractive valuation metrics and ongoing share buybacks. These strengths partially offset the risks associated with declining revenue and cash flow generation, while technical indicators currently point to a broadly neutral share price trend.

More about Somero Enterprises Inc.

Somero Enterprises Inc. operates in the construction equipment sector, specialising in concrete levelling and screeding technology. The company designs and manufactures laser screeds and related products for concrete contractors worldwide, with key markets in North America, Europe, Australia and other international regions. In recent years, Somero has been expanding its reach within the low- to mid-range contractor segment while maintaining a strong global market presence.

First Development Resources plc (LSE:FDR) has completed a high-resolution aeromagnetic and radiometric survey across the Lander West regional gold target at its Selta Project in Australia’s Northern Territory, significantly enhancing its geological dataset for the area.

The survey covered around 4,200 line kilometres and has delivered detailed subsurface information designed to improve understanding of key geological structures and alteration patterns linked to gold mineralisation. The newly acquired data is now being combined with results from an ongoing Gradient Array Induced Polarisation survey, alongside historical geochemical sampling and drilling information, to create an integrated, multi-disciplinary targeting model.

This work is intended to refine and prioritise future air-core and reverse-circulation drilling programmes at Lander West, which the company interprets as an extension of the Stafford Gold Trend. The target is considered prospective for intrusive-related and skarn-style gold systems. In parallel, First Development Resources is continuing to progress land access and heritage approvals to support the next phase of exploration.

More about First Development Resources plc

First Development Resources plc is a UK-based, Australia-focused mineral exploration company with projects in Western Australia and Australia’s Northern Territory. The group is focused on gold and associated commodities, targeting large and underexplored geological terrains, including the Selta Project located within the Aileron Province.

Synthomer plc (LSE:SYNT) said it expects 2025 revenue from continuing operations of around £1.74bn, with EBITDA in the range of £135m–£138m, broadly in line with expectations but slightly below 2024 levels, as softer demand following global tariff changes weighed on volumes. The impact was largely mitigated by cost-reduction initiatives and a greater emphasis on higher-margin speciality solutions.

The group delivered positive free cash flow during the year and reduced net debt to approximately £575m, while covenant leverage remained comfortably within agreed limits. Margin improvement was reported across the portfolio, supported by continued progress in Adhesive Solutions, a recovery in medical glove volumes, and ongoing divestments aimed at simplifying the business and accelerating deleveraging. Management said these actions leave the group better positioned for earnings growth in 2026, even if end-market conditions remain subdued.

Despite these operational improvements, the outlook still reflects material financial headwinds, including negative profitability and elevated leverage, which continue to weigh on valuation metrics. Technical indicators are mixed, showing some near-term positive momentum against a weaker longer-term trend. Offsetting this, recent corporate developments, including insider share purchases and strategic leadership appointments, provide a measure of longer-term encouragement.

More about Synthomer

Synthomer plc is a London-listed supplier of high-performance, specialised polymers and ingredients used across coatings, construction, adhesives, and health and protection markets. The group employs around 3,800 people and operates five innovation centres and 29 manufacturing sites spanning Europe, North America, the Middle East and Asia, serving more than 6,000 blue-chip customers. Its activities are organised into three divisions—Coatings & Construction Solutions, Adhesive Solutions, and Health & Protection and Performance Materials—targeting structurally supported end markets such as urbanisation, demographic change, climate transition and sustainability.

accesso Technology Group (LSE:ACSO) said it now expects full-year 2025 revenue to be modestly ahead of market forecasts at around $155 million, supported by tight cost discipline and a higher contribution from service revenues, which helped offset weaker transaction volumes during the summer period.

The group indicated that cash EBITDA margins are approaching 15%, with cash EBITDA broadly unchanged year on year. accesso ended the year with net cash of $30 million, reinforcing the strength of its balance sheet. Alongside the trading update, the company announced its intention to launch a tender offer of up to £14.5 million at £3.00 per share, following the completion of a buyback representing approximately 7% of issued equity. Management said the capital return reflects confidence in both the company’s financial position and its underlying valuation.

Trading conditions remained challenging through 2025, and accesso confirmed that a major customer has chosen not to renew a significant software contract beyond 31 January 2026. Despite this, the group said it has resized its cost base, retained momentum with another large customer, and continues to invest selectively in growth initiatives. Based on current visibility, management expects performance in 2026 to align with existing market expectations, highlighting a focus on resilience, disciplined investment and ongoing shareholder returns.

From a broader perspective, the outlook is underpinned by improving margins, low leverage and generally solid cash conversion, alongside a reasonable earnings valuation. These positives are counterbalanced by weak technical indicators, with the share price trading well below key moving averages. Management commentary was mixed but cautiously constructive, pointing to a stronger sales pipeline and strategic progress despite near-term softness in certain segments and ongoing cost pressures.

More about accesso Technology Group

accesso Technology Group is a UK-listed provider of patented, award-winning technology solutions for the leisure, entertainment and cultural attractions markets. Its products include ticketing, point-of-sale systems, virtual queuing, distribution and experience management software. Serving more than 1,100 venues across 33 countries, the group focuses on helping operators streamline operations, grow transaction-based revenues and enhance guest experiences, supported by sustained investment in research and development and deep sector expertise.

Naked Wines plc (LSE:WINE) said peak trading for the 13 weeks ended 29 December 2025 met expectations across all regions and remained consistent with its full-year FY26 guidance, despite an intentional scaling back of revenue as the group concentrates on its most profitable customer base.

At constant currency, peak-season revenue declined 19%, reflecting a 16% drop in repeat sales. However, this was partly offset by a 5% increase in average order value and a modest uplift in revenue per member, highlighting stronger unit economics and improved quality of demand. Management maintained FY26 guidance for revenue of £200m–£216m, adjusted EBITDA of £5.5m–£7.5m, and net cash of £33m–£35m, excluding lease liabilities. The company also confirmed that following its recent buyback, issued share capital stands at 71.7 million shares with 68.95 million voting rights, underlining continued discipline around capital management and a strategic focus on accelerating cash generation, including through inventory liquidation over the medium term.

While the broader outlook still reflects pressure from declining revenue and profitability, management commentary struck a more constructive tone on cash flow momentum and operational improvements. These factors helped offset weaker valuation signals, with technical indicators pointing to broadly neutral market sentiment.

More about Naked Wines plc

Naked Wines plc is an online wine retailer operating across the UK, US and Australia. The group positions itself as an inclusive wine club, connecting “Angel” customers directly with more than 300 independent winemakers and offering over 2,500 wines sourced from 23 countries. Founded in 2008, its model provides upfront funding for winemakers’ production, aiming to deliver better quality, wider choice, personalised recommendations and fairer pricing, while easing financial pressure on producers.

Talisman Metals PLC has secured a London listing, becoming the first newcomer to join AIM in 2026, following the reverse takeover of Morocco-focused explorer Tadeen International by cash shell Ovoca Bio (LSE:OVB).

The enlarged business, now operating under the Talisman Metals name, entered the market with an estimated market value of about £4.9 million. Admission followed the completion of a £1.16 million fundraising, made up of a £350,000 placing and an £805,000 subscription, both priced at 7.7p per share. Shares slipped to 6.95p in early Wednesday trading.

Talisman is concentrating on copper exploration in Morocco, with assets spanning the Tizert and Argana project areas in the Atlas Mountains. The group reported total cash resources of £2.3 million, which it plans to deploy on exploration work, working capital needs and listing-related costs.

Chief executive Timothy McCutcheon, who has led Ovoca since 2009, said the completion of the transaction “marks an important milestone for Talisman”, adding that the company is “well positioned to move forward with a clear strategic focus, to further develop the potential of our exciting project portfolio.”

Through its subsidiary Tadeen, Talisman controls ten exploration permits across the two Moroccan projects, covering a combined area of 129.8 square kilometres. Early-stage work at the Tizert project has already delivered encouraging copper grades, with near-term efforts set to focus on the Fougnar target.

Beaumont Cornish is acting as the company’s nominated adviser on AIM, while CMC Markets is serving as broker.

Oil prices inched higher on Wednesday, building on the previous session’s strong gains as traders continued to factor in supply disruptions in the United States and Kazakhstan, alongside a weaker U.S. dollar and persistent geopolitical risks.

By 09:00 GMT, Brent crude futures were up 23 cents, or 0.3%, at $67.80 a barrel, while U.S. West Texas Intermediate crude gained 32 cents, or 0.5%, to $62.71. Both benchmarks surged by roughly 3% on Tuesday.

The U.S. dollar remained close to four-year lows against a basket of major currencies, a move that typically supports dollar-denominated commodities by making them cheaper for buyers using other currencies.

On the supply front, market participants estimate that U.S. oil producers lost as much as 2 million barrels per day over the weekend—around 15% of national output—after severe winter weather disrupted production and export flows.

Kazakhstan has also contributed to the tightening supply picture, although the OPEC+ member has indicated that output at the giant Tengiz field should begin to recover gradually within about a week. Meanwhile, the Caspian Pipeline Consortium, which transports roughly 80% of Kazakhstan’s crude exports, has restored full loading capacity at its Black Sea terminal following maintenance at one of its three mooring points that had been damaged by drone attacks, according to sources.

Geopolitical concerns in the Middle East continued to provide a risk premium. U.S. officials said an aircraft carrier strike group has arrived in the region, bolstering President Donald Trump’s ability to protect U.S. forces or potentially take military action against Iran. Analysts at ANZ said the deployment raises the possibility that Trump could act on threats to target Iran’s leadership following a violent crackdown on nationwide protests.

Looking ahead, the OPEC+ alliance—comprising the Organization of the Petroleum Exporting Countries, Russia and other partners—is expected to extend its pause on output increases for March when it meets on February 1, according to delegates from the group.

Attention is also turning to U.S. inventory data. An extended Reuters poll suggested that crude and gasoline stockpiles likely rose in the week to January 23, while distillate inventories were expected to fall. However, industry data from the American Petroleum Institute indicated that crude and gasoline stocks declined last week, while distillate inventories increased. Official government figures are due later on Wednesday.

Gold prices surged to fresh all-time highs on Wednesday, pushing above $5,260 an ounce as investors piled into safe-haven assets amid rising geopolitical risks, policy uncertainty and continued weakness in the U.S. dollar.

Spot gold climbed to a record $5,266.38 per ounce, while April gold futures touched an intraday peak of $5,297.86 per ounce. Strength was broad across the precious metals complex, with silver and platinum holding close to recent record levels. Demand for defensive assets was reinforced by caution ahead of the conclusion of the Federal Reserve’s policy meeting later in the day.

Geopolitical tensions added fuel to the rally after U.S. President Donald Trump said a second naval armada was heading toward Iran, while expressing hope that Tehran would accept a deal with Washington. More broadly, uncertainty surrounding U.S. foreign and domestic policy has been a key driver of gold’s advance this year, alongside tensions linked to Venezuela and a diplomatic dispute involving Greenland.

Gold is now up around 20% so far in 2026, extending the strong gains recorded last year as investors seek protection against political and macroeconomic risks.

The move has been amplified by a sharply weaker dollar, which slid to a near four-year low this week. Trump said on Tuesday that he was unconcerned about the dollar’s decline, comments that triggered further selling of the U.S. currency and provided additional support for bullion.

Other precious metals also traded higher. Spot silver jumped 2.8% to $115.2455 per ounce, while spot platinum rose 1.3% to $2,688.23 per ounce. Analysts at ANZ noted that silver has benefited in particular from strong physical demand in China, where investors have relatively limited options for gaining exposure to metals and tend to favour purchases of bars and coins.

The rally across metals comes as the Federal Reserve prepares to wrap up its two-day meeting, with policymakers widely expected to keep interest rates unchanged at 3.75%. Market focus is firmly on comments from Fed Chair Jerome Powell, including whether he addresses recent pressure from Washington for aggressive rate cuts.

Trump said on Tuesday that he is close to naming his pick to succeed Powell as Fed chair and suggested that interest rates would fall under new leadership. Earlier this month, Powell said Washington was attempting to pressure the central bank through a Department of Justice investigation, comments that heightened concerns over the Fed’s independence.