Author: Fiona Craig

Ferro-Alloy Resources (LSE:FAR) reported its 2025 final results, underscoring progress on the Phase 1 feasibility study for its Balasausqandiq vanadium project. The study indicates the potential for the project to become one of the largest and lowest-cost vanadium operations globally.

Updated project economics, incorporating an indicative EPC cost from China National Chemical Engineering Sixth Construction, point to a post-tax net present value of approximately US$932 million and an internal rate of return of 31%. The company also expects funding requirements to be significantly reduced to around US$312 million to reach production.

R&D operations continue to support future growth

The company’s existing processing plant remained primarily focused on research and development, generating limited revenue while advancing several key technologies. These include vanadium electrolyte production, carbon black substitutes, and ferro-nickel and ferro-tungsten processes, all of which are expected to contribute to future commercial output.

For 2025, Ferro-Alloy Resources reported revenue of US$4.53 million and a reduced net loss of US$8.42 million. The group also completed multiple equity raises during the year to fund its activities and appointed Northcott Capital and Oval Advisory as lead advisers to support project financing efforts. These steps aim to position the company to benefit from rising demand linked to vanadium redox flow batteries.

Financial weakness and valuation remain key constraints

Despite progress on the project side, the company’s outlook continues to be weighed down by weak financial metrics, including ongoing losses, negative cash flow, and negative equity.

From a technical perspective, the stock shows some positive momentum, trading above key moving averages. However, overbought signals suggest elevated short-term risk. Valuation remains limited, given the company’s loss-making status and absence of a dividend.

More about Ferro-Alloy Resources Ltd.

Ferro-Alloy Resources Limited is a vanadium producer and project developer focused on the large Balasausqandiq deposit in southern Kazakhstan. Vanadium is its primary product, alongside a carbon black substitute and various by-products. The project benefits from relatively low capital and operating costs due to the characteristics of the ore, and the company operates an on-site processing plant and laboratory to support technology development and future large-scale production.

Predator Oil & Gas (LSE:PRD) reported net petroleum sales revenue of GBP 938,835 for 2025, alongside an operating loss of GBP 2.99 million, largely driven by higher non-cash share-based payment expenses. The company ended the year debt-free with GBP 1.52 million in cash, having reduced administrative, technical, legal, and director-related costs.

During the year, Predator also raised additional equity capital, resulting in modest shareholder dilution. Management said the company is sufficiently funded to support its planned 2026 drilling activities in Trinidad and Morocco, aligning its capital structure with a growth strategy focused on acquisitions, early-stage production, and preserving tax losses.

Operational progress in Trinidad and Morocco

Operationally, Predator expanded its footprint in Trinidad by acquiring three producing oil fields. The company increased output through well workovers and new shallow drilling, while also preparing infrastructure and well design for the Snowcap-3 appraisal and development well, targeting 14.31 million barrels of 2P/2C resources.

In Morocco, rigless operations at the MOU-3 well enhanced understanding of formation damage, helping refine future drilling strategies. At the same time, internal studies have identified the TGB-6 Submarine Fan Sand — containing 61.95 BCF of net 2C gas resources in structural closure — as the leading candidate for an initial compressed natural gas pilot project.

Financial challenges persist despite cleaner balance sheet

The company’s outlook remains constrained by weak financial performance, including limited revenue generation, ongoing losses, and continued cash burn. However, its low-debt balance sheet provides some financial flexibility, and there were signs of improvement compared with the prior year.

From a technical perspective, indicators offer moderate support, with a positive MACD and the share price trading above key longer-term averages. That said, momentum is approaching overbought territory, suggesting potential near-term pressure.

More about Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based exploration and production company focused on hydrocarbon assets in Trinidad and development opportunities in Morocco. Its portfolio includes onshore oil fields and biogenic gas resources, with a strategy centered on maintaining full ownership and operational control during early project stages to maximise future growth and divestment opportunities.

Chesterfield Special Cylinders Holdings plc (LSE:CSC), a specialist in high-pressure gas storage and transport systems serving defence and hydrogen markets, said its full-year 2026 performance is expected to be broadly in line with the prior year after project delays pushed some activity into FY27. The company also provides lifecycle integrity services, including inspection, testing, and recertification, focusing on safety-critical applications where reliability and regulatory compliance are essential.

First-half growth offset by timing delays

In its FY26 trading update, the company reported first-half revenue of £6.4 million, up from £5.4 million a year earlier. Adjusted EBITDA remained negative but improved to a loss of £0.8 million after central costs.

Management pointed to a stronger international defence order book, including its first Integrity Management contract for overseas naval submarines. However, delays to UK naval docking schedules and slower progress in UK Hydrogen Allocation Round projects are expected to defer some anticipated work into FY27. As a result, hydrogen-related contributions to FY26 will be limited, and the company now expects full-year revenue and adjusted EBITDA to come in broadly flat year over year and slightly below market forecasts.

Financial profile and technical signals present mixed picture

The company’s outlook continues to be constrained by uneven cash generation and ongoing net losses, reflected in a negative price-to-earnings ratio. That said, it maintains a strong balance sheet and has shown signs of improving profitability trends.

From a technical standpoint, the stock has been supported by an upward trend and positive momentum, although overbought signals suggest potential near-term volatility.

More about Pressure Technologies

Chesterfield Special Cylinders Holdings plc is part of Pressure Technologies and is recognized as a global leader in the design and manufacture of high-pressure gas storage and transportation systems. Its solutions are primarily used in defence and hydrogen energy applications, supported by a full suite of inspection, testing, and recertification services across the product lifecycle.

Evoke (LSE:EVOK) delivered a second straight year of adjusted profit growth in 2025, with revenue increasing 2% to £1.78 billion and adjusted EBITDA climbing 14% to £356.2 million. The improvement was driven by stronger online gaming performance, more disciplined marketing spend, and cost efficiencies, even as online and retail revenues in the UK and Ireland edged slightly lower.

However, the group recorded £440.3 million in non-cash impairments linked to higher UK gambling duties and ongoing weakness in high street operations, resulting in a statutory loss of £549.1 million. As part of its restructuring efforts, the company plans to shut around 270 betting shops across the UK while continuing deleveraging initiatives and a strategic review. This review includes ongoing takeover discussions with Bally’s Intralot S.A. at an առաջարկed price of 50p per share, amid a challenging regulatory and competitive environment.

Early 2026 trading steady as regional trends diverge

The company said trading in the first quarter of 2026 is in line with expectations. Growth in UK online operations — led by William Hill — alongside continued strength in Italy and Denmark, helped offset weaker performance in Spain, Romania, and other markets.

Management remains focused on driving profitable growth, improving cash generation, and strengthening the balance sheet. Formal guidance has been withdrawn while the strategic review remains ongoing. The company also noted that higher UK gambling duties are expected to keep leverage elevated for longer, although it aims to offset at least 50% of the tax impact through cost controls and operational adjustments.

Financial pressures and technical signals weigh on outlook

While revenue trends remain positive, Evoke continues to face challenges around profitability and financial stability due to regulatory headwinds and restructuring costs. Technical indicators point to a bearish trend, and valuation metrics remain under pressure given ongoing losses.

More about Evoke plc

Evoke plc is a London-listed betting and gaming operator with brands including William Hill, 888, and Mr Green. The company runs online and retail sportsbooks and casino platforms across the UK, Europe, and selected international markets, with a growing emphasis on gaming-led revenues and in-house, data-driven technology to enhance efficiency and customer engagement.

Lancashire Holdings (LSE:LRE) reported a stable opening to 2026, posting gross premiums written of $668.4 million in the first quarter, while insurance revenue rose 2.1% year over year to $468.6 million. Growth in energy and marine lines, along with expansion in its U.S. operations, helped support performance.

The group also adjusted its underwriting strategy by scaling back property retrocession within its reinsurance segment. A relatively benign loss environment, combined with limited exposure to the Middle East, contributed to steady results. Lancashire generated a 0.3% return on investments and maintained strong capital levels and positioning within the Lloyd’s of London market, while continuing with leadership transitions and plans to consolidate its syndicates to improve operational flexibility.

Underwriting discipline offsets decline in premiums

Gross premiums fell 6.1% compared to the prior year, though the decline was just 1.2% on an underlying basis after excluding reinstatement premiums from the previous year. The Group Renewal Price Index came in at 93%, reflecting a softer pricing environment but also highlighting continued underwriting discipline.

Management pointed to the company’s broader product offering, expanding geographic footprint, and strong regulatory capital coverage as key strengths. The group reiterated its ambition to deliver returns in the high single digits to mid-teens, positioning itself to generate solid risk-adjusted returns despite ongoing geopolitical uncertainty and market volatility.

Valuation and outlook remain supportive

Lancashire’s outlook is underpinned by consistent financial performance, including post-loss recoveries, controlled leverage, and solid cash generation. The company also continues to trade at an attractive valuation, characterized by a relatively low price-to-earnings ratio and a high dividend yield.

From a technical perspective, indicators are mixed. While overall positioning remains moderately positive, neutral momentum and a slightly negative MACD suggest limited near-term upside.

More about Lancashire Holdings

Lancashire Holdings is a Bermuda-based global provider of specialty insurance and reinsurance products, with a focus on sectors such as energy, marine, and property. The company operates through both its own balance sheet and Lloyd’s syndicates, with shares listed on the London Stock Exchange under the ticker LRE. It is regulated by the Bermuda Monetary Authority.

Eco Atlantic Oil & Gas (LSE:ECO) has moved a step closer to completing its planned acquisition of JHI Associates after JHI secured an interim court order in Ontario, allowing the transaction to proceed to a shareholder vote. The move forms part of Eco Atlantic’s broader strategy to expand its presence across the Atlantic Margin, adding exposure to the Falkland Islands alongside its existing assets in Guyana, Namibia, and South Africa.

Shareholder vote set as support builds

JHI has scheduled its annual and special meeting for 12 May, where shareholders will vote on the proposed arrangement. Notably, investors representing roughly 60% of JHI’s shares have already committed their support through voting agreements.

Pending approval from shareholders and regulators — including the Falkland Islands Government and the TSX Venture Exchange — Eco Atlantic would acquire full ownership of JHI. This would give the company a 35% interest in the Falklands licence PL001, strengthening its collaboration with operator Navitas Petroleum and expanding its exploration portfolio.

More about Eco Atlantic Oil & Gas

Eco Atlantic Oil & Gas is an exploration company listed on both the TSX Venture Exchange and AIM, focused on offshore Atlantic Margin basins. The company targets low carbon intensity oil and gas opportunities in emerging regions near established infrastructure. Its current portfolio includes interests in Guyana’s Orinduik Block, three licences in Namibia’s Walvis Basin, and South Africa’s Orange Basin blocks 3B/4B and 1 CBK.

Airbus (EU:AIR) reported a significant decline in first-quarter earnings, as reduced commercial aircraft deliveries and currency pressures weighed on performance, while analysts highlighted execution and timing factors as central to the outlook.

Shares in the group were up 1.7% at 06:00 ET (10:00 GMT).

Airbus posted revenue of €12.7 billion for the quarter, down 7% year on year and slightly below the €12.87 billion consensus estimate. Adjusted EBIT dropped to €300 million from €624 million a year earlier, while reported earnings per share declined to €0.74 from €1.01.

The commercial aircraft division was the main driver of the downturn. Deliveries fell to 114 units compared with 136 in the same period last year, pushing adjusted EBIT in the segment down to €81 million from €494 million, also impacted by less favorable hedge rates.

Free cash flow before customer financing shifted to an outflow of €2.5 billion, versus an inflow of €310 million a year earlier, reflecting lower delivery volumes and a planned inventory build linked to production ramp-up.

The Defence and Space division provided some support, with revenue rising 7% to €2.8 billion and adjusted EBIT nearly doubling to €130 million.

Chief Executive Guillaume Faury said Airbus continues to increase production “as per our plan while navigating the shortage of Pratt & Whitney engines,” adding that the operating environment remains “dynamic and complex.”

Analysts at Barclays said the weak first-quarter performance was largely due to timing rather than a deterioration in demand.

They pointed to a mismatch between production and deliveries, mainly caused by administrative delays affecting around 20 aircraft intended for Chinese customers. These issues have now been resolved and are expected to support a catch-up in deliveries in the coming months.

“From here, the focus remains execution, with delivery acceleration key to restoring confidence,” the analysts said.

Barclays also noted that Airbus reaffirmed its full-year 2026 outlook, including approximately 870 aircraft deliveries, €7.5 billion in adjusted EBIT, and €4.5 billion in free cash flow—signalling confidence in a stronger second half despite a weak start to the year.

The broker added that the first quarter “served as a reminder of the execution hurdles” still facing the company, with supply chain constraints continuing, albeit at a reduced intensity.

While profitability in the commercial aircraft division came in slightly above Barclays’ cautious expectations, overall margins remain “very modest,” highlighting the need for improved delivery volumes over the remainder of the year.