Trainline plc (LSE:TRN) delivered full-year 2026 results broadly in line with its upgraded guidance, with group net ticket sales rising 7% to £6.3 billion. Revenue increased 2% to £453 million, supported by solid demand from both leisure and commuter travellers, growth in ancillary services and operating leverage that is expected to translate into double-digit adjusted EBITDA growth.
In the UK consumer market, net ticket sales grew 6% despite a reduction in commission rates and increased competition from rail operators promoting their own digital booking platforms. Growth was stronger outside the domestic market, where Trainline’s international consumer business and B2B segment—operating through Trainline Solutions—benefited from expanding European high-speed rail routes and rising adoption of its Global API by partners.
The group also continued to return capital to shareholders. Since 2023, Trainline has repurchased and cancelled around 21% of its share capital as part of an ongoing capital return programme.
From a broader perspective, the company’s outlook is supported by improving margins, solid return on equity and strong cash generation, alongside a valuation that remains relatively reasonable based on its price-to-earnings ratio. However, technical indicators currently appear weaker, with the share price trading below key moving averages and momentum measures such as MACD remaining negative.
More about Trainline
Trainline is an independent digital platform for booking rail and coach travel, enabling millions of users to search, purchase and manage journeys through its website and mobile app. The company aggregates routes and fares from multiple transport operators and has a strong presence in the UK consumer market while continuing to grow its international customer base and B2B technology solutions for travel management providers.
Volution Group plc (LSE:FAN) delivered strong results for the first half of its 2026 financial year, with revenue increasing 21.7% to £228.7 million and adjusted operating profit rising 21.1%. Growth was supported by volume-driven organic expansion of 4.2% at constant currency alongside contributions from recent acquisitions.
The company increased its interim dividend by 17.6% and continued to generate solid cash flow, with leverage remaining at 1.3 times. Low-carbon products accounted for a growing share of sales, representing 72.1% of total revenue during the period.
All three of Volution’s regional markets—the UK, Continental Europe and Australasia—reported organic growth in both revenue and profit. Margins benefited from a favourable product mix, sourcing improvements and operational efficiency initiatives. Recent acquisitions have also contributed to expansion into new sectors and geographies.
The purchase of Fantech, along with the completed acquisition of AC Industries in Australia, strengthens the group’s presence in specialist ventilation markets. These deals are expected to expand Volution’s exposure to high-growth applications such as ventilation systems used in underground gold and copper mining operations. Management believes these initiatives will help offset ongoing pressures in construction markets and broader geopolitical uncertainty.
Volution’s overall outlook is supported by strong financial performance and positive management commentary around growth prospects. Technical indicators currently point to a more neutral share price trend, while valuation metrics reflect a relatively high price-to-earnings ratio that may suggest some degree of market optimism. Nevertheless, the company’s strong cash generation and strategic expansion initiatives underpin its longer-term stability and growth potential.
More about Volution
Volution Group plc is a London-listed designer and manufacturer of energy-efficient indoor air quality solutions. Operating through around 30 brands across the UK, Continental Europe and Australasia, the company focuses on ventilation, heat recovery and low-carbon continuous running systems used in residential, commercial and industrial buildings.
James Fisher and Sons plc (LSE:FSJ) reported improved profitability in 2025, with underlying adjusted revenue rising 4.3% to £377.2 million. Underlying operating profit surged 56.3% to £28.6 million, reflecting a significant improvement in operational efficiency. Operating margin increased to 7.6%, while return on capital employed (ROCE) climbed to 8.6%.
Net debt declined slightly to £54.4 million, leaving leverage at 1.3 times—comfortably within the company’s target range. Although reported profit fell compared with the previous year, this was largely due to one-off gains from disposals recorded in the prior period rather than a deterioration in underlying performance.
Management described 2025 as a key inflection point in the company’s multi-year turnaround programme. Efforts to simplify the portfolio, implement restructuring measures and improve operational execution across its divisions have begun to deliver tangible results.
Performance was supported by strengthened capabilities in the Defence segment, improving conditions in Energy markets and selective expansion within Maritime Transport. The company also pointed to ongoing product development and more disciplined capital allocation as factors expected to drive further margin and operational progress into 2026.
The group’s outlook is supported by solid financial metrics, including healthy margins, strong cash conversion and robust return on equity. Technical indicators also appear favourable, with the share price trading above key moving averages and a positive MACD signal. Valuation remains attractive due to a relatively low price-to-earnings ratio, though this is partly offset by declining revenue trends and elevated momentum indicators such as high RSI and Stochastic readings, which may suggest the stock is becoming stretched.
More about James Fisher & Sons
James Fisher and Sons is a UK-listed marine services company serving the Energy, Defence and Maritime Transport sectors. The group provides specialised marine engineering services, products and mission-critical solutions to industrial clients and government organisations worldwide, with a growing focus on innovation and technology-driven, higher-margin offerings.
Alfa Financial Software Holdings plc (LSE:ALFA) reported a strong financial performance for 2025, with revenue rising 15% to £126.7 million. Growth was primarily driven by subscription income, which increased 16% during the year. Operating profit climbed 17%, while the group maintained a healthy operating margin of 31.6%.
The company closed the year with £26.4 million in cash and no bank debt. Strong cash generation supported shareholder returns, with both the ordinary dividend and special dividend increased. Free cash flow conversion reached 97%, and net revenue retention stood at 109%, highlighting the strength of recurring revenue from existing customers.
Management pointed to continued momentum in its software-as-a-service strategy. Subscription total contract value rose 18%, and annual recurring revenue grew 15% to £43.9 million. The number of clients operating on Alfa Cloud reached 22 during the year, reflecting ongoing migration to the firm’s cloud platform.
Investment in product development remained significant, with £37.7 million allocated to enhancing the platform. The company’s presence in the United States also continued to expand, with the region now accounting for 45% of group revenue. Alfa said its late-stage sales pipeline remains strong, although foreign exchange movements may dampen reported growth rates in 2026.
Overall, Alfa’s solid financial performance and positive corporate developments provide a strong foundation for the business. However, technical indicators suggest some caution due to bearish market momentum, while valuation metrics remain relatively balanced, supported by a moderate price-to-earnings ratio and an appealing dividend yield.
More about Alfa Financial Software
Alfa Financial Software Holdings plc develops enterprise software for the global asset finance and leasing sector. Its flagship product, Alfa Systems, is a cloud-native SaaS platform designed to manage automotive, equipment and wholesale finance operations, covering processes from originations to servicing and collections. The platform is used by major financial institutions in 37 countries worldwide.
Shawbrook Group plc (LSE:SHAW) delivered strong full-year 2025 results, underscoring the performance of its specialist banking model and its technology-led platform. The lender, which focuses on specialist segments of the commercial and retail banking markets, also completed its return to public markets through an IPO and subsequently joined the FTSE 250 Index.
Underlying profit before tax increased 16% year-on-year to £340.5 million, while underlying basic earnings per share also rose by 16%. The bank reported a return on tangible equity of 17.2%, supported by continued balance sheet expansion. Its loan book grew organically by 16% to £19.2 billion, while customer deposits climbed 16% to £18.4 billion.
Operational efficiency also improved during the period, with the cost-to-income ratio falling to 39.0%. Credit quality remained stable, and the bank highlighted the growing role of technology and artificial intelligence across its operations, including property valuation processes, broker engagement tools and customer service support.
Looking ahead, the board reiterated its medium-term ambitions for sustained double-digit loan growth and high-teen returns on tangible equity. Management also confirmed plans to introduce the company’s first dividend in FY26, signalling confidence in continued earnings growth and the potential to deliver shareholder returns.
More about Shawbrook Group plc
Shawbrook Group plc is a UK-based specialist bank offering lending and savings products to consumers, small and medium-sized businesses, and professional real estate investors. Through a combination of niche lending expertise, disciplined credit underwriting and a scalable technology platform, the group serves around 600,000 customers across a portfolio of brands. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 index.
Prospex Energy plc (LSE:PXEN) has unveiled a growth-focused strategy under newly appointed CEO Tom Reynolds, targeting investments in tangible, inflation-resistant gas and power assets across Europe. The approach centres on increasing value per share while supporting European energy security, with the company aiming to expand a portfolio of producing assets capable of generating cash flow to fund distributions and further investment. Its AIM-listed investing company structure is expected to provide flexibility in pursuing these opportunities.
Reynolds said the company intends to complete its ongoing £1.6 million convertible loan note fundraising, which will help finance capital expenditure designed to safeguard and enhance the value of existing assets. The terms for new subscriptions include revised conversion timing. The CEO also signalled a stronger emphasis on asset-level partnerships, including farm-in arrangements and co-investors, as a way to improve capital efficiency and limit shareholder dilution from new equity raises.
Operationally, Prospex highlighted three producing assets located in Italy and Spain, where stronger European gas prices are anticipated to lift cash flow and support planned development work. At the Viura field in Spain and Selva Malvezzi in Italy, partners are conducting production tests alongside exploration and reservoir studies. Meanwhile, production has restarted at the El Romeral project, where a planned five-well drilling programme is awaiting permitting, with early interest from potential farm-in partners already emerging.
In addition to its producing assets, the company retains stakes in the suspended Tesorillo and Ruedalabola licences in Spain, although progress there remains dependent on regulatory approval. Prospex is also advancing licence applications in Poland for the San and Dunajec onshore areas, a move that would expand its footprint into a third European market characterised by supportive regulations and an established energy services sector.
Reynolds said Prospex is positioned for long-term growth, pointing to its sizeable gas reserves relative to company scale, stable production platform and pipeline of new drilling opportunities and regional expansion prospects. To strengthen communication with investors, the company plans to hold quarterly shareholder events, including at least two in-person meetings annually. The first detailed update is scheduled for 26 March 2026 via an Investor Meet Company presentation.
The company’s outlook remains constrained by weak financial fundamentals, including ongoing operating losses and several years of negative operating and free cash flow, despite maintaining a relatively low-debt balance sheet. Technical indicators also remain soft, with the share price trading below key moving averages and a negative MACD signal, while valuation metrics are challenged by a very high price-to-earnings ratio and the absence of a reported dividend yield.
More about Prospex Energy
Prospex Energy is an AIM-listed investment company focused on developing and investing in European onshore gas and power assets. The firm provides exposure to regional gas markets in countries including Italy and Spain, with plans to expand into Poland. Its strategy targets cash-generating energy assets with clear potential for value creation while building a diversified portfolio capable of funding growth without heavy reliance on new equity issuance.
Shearwater Group plc (LSE:SWG) subsidiary Brookcourt Solutions has secured a contract valued at approximately £1.3 million to deliver and implement an advanced network monitoring platform for a leading UK telecommunications company. The project aims to enhance the operator’s visibility across its network infrastructure, enabling more proactive monitoring of performance and faster identification of potential issues to support the reliability of its award-winning network.
Deployment of the solution is expected to commence in the near term, with the full value of the contract scheduled to be recognised in Shearwater’s FY26 financial results. The company noted that the agreement highlights Brookcourt’s expertise in managing complex, large-scale network environments while strengthening Shearwater’s role as a trusted cybersecurity and managed security partner for major enterprise clients.
From an outlook perspective, the group continues to face pressure from weak financial quality indicators, including ongoing losses and declining free cash flow despite strong revenue growth. However, these factors are partly balanced by positive short-term technical signals, such as the share price trading above its 20- and 50-day moving averages alongside supportive MACD momentum. Valuation metrics remain limited due to the company’s negative price-to-earnings ratio and the absence of dividend yield data.
More about Shearwater
Shearwater Group plc is a UK-based provider of cybersecurity, managed security and professional advisory services with a global client base. Its offerings cover identity and access management, data protection, cybersecurity technologies, managed security services and governance, risk and compliance solutions. The company is listed on AIM under the ticker SWG.
International Energy Agency said Wednesday that its 32 member nations have agreed unanimously to release 400 million barrels of crude from emergency stockpiles, the largest coordinated drawdown ever undertaken by the agency and only the fifth time it has activated such a measure.
In a statement, IEA Executive Director Fatih Birol said the move is intended to stabilize energy markets following disruptions linked to developments in the Middle East and the shutdown of the Strait of Hormuz. The agency noted that the timing and pace of the releases will vary depending on the circumstances and policies of each member country.
Birol warned that the situation carries “major implications for jet fuel supply and diesel, in particular”, while describing conditions in natural gas markets as extremely challenging. He added that the reserve release is meant to provide immediate support to energy markets while emphasizing the importance of restoring shipping through the Strait of Hormuz.
The IEA secretariat said further details about the implementation of the coordinated action will be announced later. The agency also confirmed it will continue closely tracking developments in global oil and gas markets.
According to the IEA, member countries collectively hold about 1.2 billion barrels of crude in government-controlled emergency reserves, in addition to roughly 600 million barrels stored in mandatory commercial inventories.
Aquis Stock Exchange and Barclays Eagle Labs have launched a new initiative designed to help UK companies prepare for public listings, called the Aquis IPO Academy.
The programme, unveiled today, is described as the only UK public markets readiness initiative led by a stock exchange. It is intended as a long-term effort to support the country’s growth economy at a time when many scaling businesses are evaluating funding options. The Academy aims to encourage IPO activity while addressing misconceptions and knowledge gaps surrounding access to public markets.
The initiative is open to growth-stage UK businesses across sectors, with particular attention given to technology-enabled firms. Organisers have also set a target for half of the participants to be female-founded companies. The first cohort is expected to begin the programme in September 2026.
The new academy reflects collaboration between Aquis, the UK’s challenger exchange, and Barclays Eagle Labs, one of the country’s largest networks supporting startup and scale-up businesses. The programme will provide companies with guidance, resources and access to investors to help them better understand the IPO process and evaluate public markets as a pathway to long-term expansion.
The launch comes as IPO activity in the UK has slowed since peaking in 2021. Research conducted by Aquis, Barclays and Beauhurst suggests that while the UK continues to produce strong entrepreneurial talent, many companies do not pursue a stock market listing as they scale. The Academy aims to close this gap by offering practical training and support to businesses considering public markets.
The programme will also draw on expertise from SIX Group, which acquired Aquis in 2025, combining experience from Swiss and European IPO training models with the UK’s scale-up ecosystem.
Participants in the six-month programme will receive mentoring and advice covering areas such as finance, corporate governance and regulation. They will also gain access to investor networks, support in refining investor presentations and a structured pathway toward listing on AQSE’s market segments, including discounted admission fees and pre-eligibility assistance.
David Stevens, CEO of Aquis Exchange, said: “Aquis Stock Exchange has become the home of growth companies seeking scale up capital. The UK has no shortage of ambition or entrepreneurial talent, and by providing earlier engagement, targeted education and practical support, we can help more of these high potential businesses successfully navigate their next stage of growth and remain here in the UK. The Aquis IPO Academy in partnership with Barclays Eagle Labs sets out to do just that. It is an investment in the future of UK capital markets, creating tomorrow’s success stories and acting as a long-term engine for small-cap markets.”
Abdul Qureshi, Head of Barclays Business Bank, added: “Barclays Eagle Labs works with thousands of high-growth businesses across the UK, many of which are beginning to think seriously about long-term funding and growth options. The journey from private to public markets is one of the most powerful engines of innovation and growth, but what we’re seeing is that too many promising UK businesses are struggling to access the knowledge, networks and capital needed to take that step confidently here in the UK.
The Academy will give founders the insight, support and network to navigate the public markets journey, while helping to strengthen the UK’s growth ecosystem for the long term. We’re delighted to be partnering with Aquis Stock Exchange to deliver this programme designed around genuine scale up need, which aligns with our commitment to fostering innovation and supporting ambitious founders to scale from idea to IPO.”
Gold prices held largely steady during European trading on Wednesday as investors digested conflicting developments surrounding the U.S.-Israel conflict with Iran, while also monitoring disruptions in energy markets and the possibility that tensions could ease.
Attention is also turning to U.S. consumer inflation data for February, which may provide further insight into the outlook for the world’s largest economy. However, the figures are unlikely to capture the recent spike in energy costs linked to the Iran conflict.
Spot gold was little changed at $5,194.22 per ounce as of 08:17 ET (12:17 GMT), while gold futures declined 0.8% to $5,202.10 per ounce. The precious metal has experienced significant volatility in recent weeks after retreating from a record level near $5,600 per ounce reached in late January.
Conflicting signals about the conflict in Iran have also contributed to volatile trading this week. U.S. President Donald Trump said late Monday that the war could end soon, but military exchanges between the United States, Israel and Iran continued into the early hours of Wednesday, marking the twelfth consecutive day of hostilities.
Investors are concerned that rising energy costs could push inflation higher and lead central banks to adopt a more hawkish stance. Such a shift could strengthen the U.S. dollar and make gold more expensive for buyers using other currencies.
Focus on upcoming U.S. CPI data
Markets are also awaiting the release of February consumer price index data from the United States later on Wednesday, which may offer clearer signals about inflation trends and the outlook for interest rates.
Economists expect headline CPI inflation to remain unchanged at 2.4% on a yearly basis, while core CPI—which excludes food and energy—is forecast to stay at 2.5%.
Although the report will likely reflect a period before the recent surge in energy prices related to the Iran conflict, it will still be closely analyzed for clues about consumer demand and the broader strength of the U.S. economy.
The inflation data follows a key employment report for February that came in weaker than anticipated, raising concerns that economic momentum in the United States may be slowing.
