Author: Fiona Craig

Arrow Exploration Corp. (LSE:AXL) has successfully drilled and brought into production the Mateguafa 8 appraisal well on the Tapir Block in Colombia’s Llanos Basin, further validating the potential of the Mateguafa Attic area. While testing of the shallower C7 sands did not deliver commercial results, the well has confirmed the productivity of the C9 formation at the northern edge of the discovery.

The M-8 well is currently producing around 230 barrels of oil per day on a gross basis from a 30-foot C9 pay interval. Additional upside remains from untested Gacheta pay within the well. The new production contributes to Arrow’s total corporate output of approximately 4,625 barrels of oil equivalent per day and reinforces Mateguafa’s position as a key growth asset within the company’s Colombian portfolio.

Development activity at Mateguafa continues to progress. The horizontal M-HZ9 well is currently being drilled, with further appraisal and development wells, including M-10 and M-11, planned next. Beyond Mateguafa, Arrow is preparing for an exploration campaign from the Icaco pad and additional development drilling across other pads on the Tapir Block. The company ended the period with US$11.5 million in cash and no debt, and is engaged in discussions regarding an extension of the Tapir contract, positioning it to pursue further production growth and potential reserve additions while maintaining balance sheet flexibility amid changing oil market conditions.

More about Arrow Exploration Corp

Arrow Exploration Corp. is an oil and gas company focused on growing light oil production from underdeveloped, high-growth assets in Colombia’s Llanos, Middle Magdalena Valley and Putumayo basins. Operating predominantly as an operator with high working interests and exposure to Brent-linked pricing, the company targets attractive margins supported by low royalty structures. Arrow holds a 50% entitlement to production from the Tapir Block, subject to Ecopetrol’s consent, and is listed on London’s AIM and the TSX Venture Exchange under the symbol AXL.

Debenhams Group (LSE:DEBS) said trading for the year to 28 February 2026 is running ahead of expectations and has upgraded its full-year outlook, now forecasting adjusted EBITDA of £50 million for total operations, compared with previous guidance of around £45 million. The improved outlook reflects continued momentum in the core Debenhams brand, better performance across its Youth Brands portfolio and steady progress with its wider transformation programme, with all brands remaining profitable.

The company highlighted a particularly strong recovery at PrettyLittleThing (PLT), which has delivered a material improvement in profitability. In light of this turnaround, the board has decided to reverse its earlier intention to sell the brand. PLT will now be retained within the group as a fashion-led marketplace and reclassified as part of continuing operations. Alongside this strategic shift, Debenhams Group is pursuing licensing opportunities and the disposal of non-core assets, with the aim of materially reducing net debt over the next 12 months.

From an investment perspective, the outlook remains mixed. While the profit upgrade and positive strategic developments provide encouragement, the group continues to face challenges linked to weak historical financial performance and stretched valuation metrics. Share price technical indicators suggest some short-term positive momentum, though overbought signals point to the need for caution. Overall, recent corporate actions add a degree of optimism, but financial risk remains a key consideration.

More about Debenhams Group Plc

Debenhams Group, part of boohoo group plc, operates a portfolio of fashion-led online marketplaces spanning fashion, home and beauty. The group runs five digital brands: Debenhams, Karen Millen, boohoo, MAN and PrettyLittleThing (PLT). Founded in 1778 as the UK’s first department store, Debenhams has since evolved into a digital-first retail group serving millions of customers in the UK and internationally.

Greencoat UK Wind PLC (LSE:UKW) has continued to execute its ongoing share buyback programme, repurchasing 49,996 ordinary shares on 27 January 2026 at a weighted average price of 96.41 pence per share. The shares will be held in treasury, increasing total treasury holdings to 148,594,778 and reducing the number of ordinary shares in issue to 2,158,853,878.

The latest transaction marginally reduces the company’s free float and may provide a small uplift to earnings per share over time. It also updates the share capital base used for disclosure and transparency calculations under FCA rules. The buyback forms part of Greencoat UK Wind’s broader capital management strategy, reflecting the board’s approach to balancing shareholder returns with maintaining a prudent balance sheet.

From an outlook perspective, the investment case is mixed. Recent periods have seen a sharp deterioration in reported profitability and revenue, although this has been partly offset by strong cash generation and a manageable financial position. Valuation support comes from the trust’s high dividend yield, though this is tempered by a negative P/E ratio. Share price technical indicators are mildly bearish, with the stock trading below key moving averages and a negative MACD signal, while ongoing buybacks offer a modest positive counterbalance alongside some noted regulatory risk.

More about Greencoat UK Wind

Greencoat UK Wind PLC is a London-listed renewable infrastructure investment company focused on acquiring and operating UK wind farms. The company provides investors with exposure to long-term, inflation-linked cash flows generated from onshore and offshore wind assets, positioning itself as a specialist vehicle within the listed renewables and clean energy infrastructure sector.

PayPoint (LSE:PAY) reported group net revenue of £52.7 million for the third quarter ended 31 December 2025, broadly unchanged year on year, but said trading momentum across several core divisions leaves it on course to deliver record profits for the full financial year. This performance comes despite a challenging consumer environment and ongoing pressure on discretionary spending.

The parcels division delivered a standout quarter, recording its strongest ever peak trading season with transaction volumes rising 6.7%. Growth was supported by a recovery in Yodel and InPost volumes, alongside continued rollout of Royal Mail Shop-branded services across the Collect+ network. In Love2shop, business billings increased and physical gift card volumes rose sharply through the partnership with InComm Payments, while Park Christmas Savings continued to perform steadily.

Within Payments and Banking, PayPoint achieved double-digit growth in both digital and cash-to-digital revenues. This was driven by new customer wins for its MultiPay platform, the expansion of local banking services in partnership with Lloyds Banking Group, and further progress in open banking through obconnect. These gains helped offset anticipated declines in legacy cash and energy-related revenues. The Shopping division also made progress, with service fee income increasing as PayPoint expanded its PayPoint One and Mini estate and benefited from strong SME lending activity through its YouLend partnership, although card processed values declined in line with softer consumer spending.

At group level, net corporate debt increased to £131.3 million as the company continued to invest in growth initiatives while funding shareholder returns. Management reiterated its capital allocation priorities, announcing a higher interim dividend and an expanded share buyback programme. The group is targeting buybacks of at least £30 million per year and aims to reduce its equity base by 20% by March 2028, underlining confidence in long-term growth prospects and its ability to balance returns with a disciplined leverage profile.

From an outlook perspective, PayPoint presents a mixed picture. Its attractive dividend yield and shareholder-focused capital actions are clear positives, but these are tempered by operational challenges, financial pressures in certain legacy areas and bearish technical indicators. Addressing these risks will be key to strengthening its longer-term market position.

More about PayPoint

PayPoint Group is a UK-based payments and technology company serving SMEs, convenience retailers, local authorities, government bodies, multinational service providers and e-commerce businesses. The group operates across shopping, e-commerce, payments and banking, and its Love2shop incentives and savings division. Its services range from in-store payment terminals and card processing to parcel collection networks, multichannel bill payment solutions, open banking services, and gift card and Christmas savings products.

Tower Resources (LSE:TRP) has secured £375,000 through a discounted share subscription, issuing around 1.7 billion new ordinary shares at a price of 0.022p each. Admission of the new shares to trading on AIM is expected on or around 4 February 2026, increasing the company’s enlarged share capital to just under 34 billion shares.

The proceeds will be used to fund working capital requirements while Tower awaits government approvals to complete previously agreed farm-out transactions in Cameroon and Namibia. The company said relevant national authorities in both jurisdictions have reiterated their support and resumed due diligence processes. Alongside this, Tower continues to advance financing discussions for the next stage of development at the Njonji field and is progressing data analysis work in Namibia. These activities highlight the group’s tight capital position but also its determination to move its African asset base forward despite regulatory delays.

From an investment perspective, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing operating losses and negative free cash flow. These pressures are partially mitigated by relatively low leverage and a comparatively resilient balance sheet. Share price technicals remain weak, reflecting limited momentum, while valuation metrics are unfavourable, with a negative P/E ratio and no dividend support.

More about Tower Resources

Tower Resources plc is an AIM-listed energy company focused on developing a balanced portfolio of oil and gas and broader energy opportunities across Africa. The group’s near-term strategy centres on short-cycle development and rapid production at its Njonji project in Cameroon to generate cash flow, alongside efforts to de-risk exploration licences in Namibia and South Africa through 3D seismic acquisition in emerging hydrocarbon basins that have seen recent major discoveries.

FDM Group (LSE:FDM) said trading for the year ended 31 December 2025 is expected to be in line with market expectations, although revenue is forecast to fall 31% year on year to around £178 million. The decline reflects a prolonged period of weak market conditions, with clients reducing demand for consultants across multiple regions.

The number of consultants deployed with clients fell to 2,003 during the year, down from 2,578 previously, with lower placements reported across all of the group’s geographic markets. Despite the softer trading environment, FDM maintained a strong financial position, ending the year debt free with cash of approximately £35 million. Management highlighted early indications of a pickup in client activity during the final months of 2025, which has continued into the early part of 2026. The group said it remains focused on closely matching its cost base and resources to demand, while maintaining strict investment discipline to ensure it is well positioned to benefit when market conditions recover.

From an investment perspective, FDM Group’s outlook continues to be supported by solid underlying profitability and a conservative balance sheet. The shares also screen attractively on valuation metrics, with a low earnings multiple and a high dividend yield enhancing their appeal. These positives are balanced by more cautious technical signals, which point to potentially overbought conditions, and the absence of a recent earnings call, limiting visibility on near-term guidance.

More about FDM Group (Holdings)

FDM Group (Holdings) plc is a global professional services company specialising in information technology. The group recruits, trains and deploys IT consultants to clients across the UK, North America, Asia-Pacific and EMEA, operating a demand-led model designed to align its talent pipeline with the evolving needs of corporate and institutional customers.

Gulf Marine Services (LSE:GMS) has been awarded a variation order by a major national oil company in the Middle East, extending an existing contract covering two vessels by up to a further six years, including option periods. The agreement lifts the group’s contracted backlog to approximately US$700 million, materially improving revenue visibility over the medium to long term.

The contract extension highlights continued strong demand in the region for GMS’s fleet of self-propelled, self-elevating support vessels, which are used in a range of offshore energy operations. Management said the increased backlog strengthens the company’s ability to plan fleet utilisation, supports cash flow generation in the coming years and enhances its platform for pursuing additional contract wins. The deal also reinforces GMS’s strategic positioning within the offshore energy support market as it looks to drive further growth and deliver shareholder returns.

From an investment perspective, the company’s outlook is underpinned by solid operating performance, including strong revenue growth, high operating margins and robust free cash flow generation. Valuation metrics remain relatively attractive, with the shares trading on a comparatively low earnings multiple. Share price technicals are supportive, reflecting a clear upward trend, although elevated momentum indicators suggest the stock may be vulnerable to short-term consolidation following its recent strength.

More about Gulf Marine Services

Gulf Marine Services is a London Stock Exchange-listed provider of advanced self-propelled, self-elevating support vessels to the offshore energy industry. Founded in Abu Dhabi in 1977, the company operates a modern fleet of 15 vessels from bases in the UAE, Saudi Arabia and Qatar. Its assets support a wide range of offshore activities, including platform maintenance and refurbishment, well intervention, offshore wind turbine operations, installation and decommissioning, across markets such as the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

Great Western Mining (LSE:GWMO) has released results from an induced polarisation (IP) geophysical survey and a maiden reverse circulation drilling campaign at the Rhyolite Dome prospect, part of its Olympic Gold epithermal precious metals project in Nevada’s Walker Lane trend. The work marks an important step forward in understanding the geological architecture of the prospect, despite the absence of high-grade gold intercepts at this early stage.

The IP survey, comprising six lines, identified a shallow resistivity anomaly linked to a fault structure, alongside a deeper, untested chargeable feature located more than 300 metres below surface. This deeper target is considered particularly prospective and remains a key focus for future exploration. Four shallow RC drill holes intersected silicified and hydrothermally altered volcanic rocks consistent with an epithermal system. While gold grades were low, the drilling returned more encouraging silver values and elevated concentrations of pathfinder elements including barium, arsenic, manganese, lithium and antimony, supporting the presence of a mineralised system.

Although the first-pass drilling did not deliver significant precious metal grades, management noted that the combined geological, geochemical and geophysical datasets have materially improved understanding of the Rhyolite Dome system. The results will be used to refine the geological model and prioritise future drill targets, particularly the deeper chargeable anomaly that has yet to be tested. The company believes this approach continues to underline the longer-term potential of the Olympic Gold Project within a historically high-grade mining district.

From an investment perspective, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn. Balance sheet risk is relatively limited, providing some mitigation. Technical indicators are more supportive, with the share price holding above key moving averages and momentum signals moderately constructive. Valuation metrics remain unfavourable and difficult to assess, reflecting a negative P/E ratio and the lack of a dividend.

More about Great Western Mining

Great Western Mining Corporation is a diversified mineral exploration and development company focused on strategic commodities across several wholly owned claim groups in Mineral County, Nevada, one of the leading mining jurisdictions in the United States. The group follows a multi-commodity strategy anchored by its flagship Huntoon Copper Project, which hosts a JORC-compliant copper resource, alongside a portfolio of gold, silver and early-stage tungsten assets aligned with US critical minerals priorities. The company also continues to evaluate farm-out and joint venture opportunities to unlock additional value from its asset base.