Author: Fiona Craig

Ashtead Technology Holdings plc (LSE:AT.) reported a robust set of full-year results for 2025, with revenue rising 21% year on year to approximately £203 million, up from £168 million in 2024. The group delivered organic growth of 3%, reflecting continued demand for its subsea technology solutions alongside contributions from recent acquisitions.

The company said its adjusted EBITA margin is expected to come in at the top end of its medium-term target range, with profit performance slightly ahead of market expectations. Revenue momentum improved in the second half of the year, with H2 sales around 5% higher than the first half, supported by the mobilisation of longer-duration projects that had been delayed earlier in 2025.

Ashtead Technology also confirmed the successful integration of Seatronics and J2 Subsea, both acquired in the fourth quarter of 2024. Management said integration synergies were delivered ahead of plan, while lower-margin activities within the acquired businesses were reduced, contributing to improved overall profitability.

Strong cash conversion during the year enabled the group to reduce leverage to below 1.4 times at year end. Net debt is expected to fall further, to under 1.0 times by the end of 2026. Looking ahead, the company plans to invest around £35 million in capital expenditure during 2026 to support future growth.

Commenting on the results, chief executive Allan Pirie said the group was pleased with its financial performance and had made meaningful progress in expanding its international footprint and broadening its customer offering. Management reiterated its focus on executing strategic growth initiatives and expressed confidence in the company’s ability to deliver shareholder value over the medium term.

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Ashtead Technology Holdings plc is a provider of specialist subsea technology solutions to the offshore energy and marine industries. The group supplies equipment and services that support the inspection, maintenance and monitoring of subsea infrastructure, with operations serving customers across global offshore markets.

SigmaRoc (LSE:SRC) said it now expects to exceed its 2025 earnings-per-share guidance by around 10%, supported by strong synergy delivery and disciplined cost control. Underlying EBITDA is forecast to rise by more than 16% to over £262 million on revenue of £1.04 billion, with a marked improvement in profitability despite softer end-market volumes.

The group reported that underlying EBITDA margins have increased to around 25%, reflecting the benefits of integration synergies from recent acquisitions in the UK and Poland, alongside deliberate volume reductions linked to network optimisation. Covenant leverage has been reduced to approximately 1.8 times, while return on invested capital has improved to above 12%. Management highlighted that its €40 million recurring synergy target has been achieved two years ahead of schedule.

Strategic progress during the year included the disposal of three non-core businesses, the launch of a refinancing initiative to expand funding capacity for future acquisitions, and continued advancement across ESG priorities, including kiln decarbonisation. SigmaRoc’s ventures arm also remained active, supporting innovation and longer-term growth opportunities as the group consolidates its position in European lime and limestone markets.

Looking ahead to 2026, management struck a cautiously optimistic tone, citing potential tailwinds from German infrastructure stimulus, signs of stabilisation in the European steel sector, increased defence and green-economy investment, and more supportive financial conditions. At the same time, the group said it remains focused on cost discipline amid ongoing weather-related and geopolitical risks.

From an investment perspective, SigmaRoc’s outlook is underpinned by strong financial performance, improving margins and supportive technical indicators, alongside a stable balance sheet. These strengths are partly offset by a relatively high valuation multiple and the impact of recent project setbacks, which slightly temper the otherwise positive medium-term view.

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SigmaRoc is a European producer of lime and limestone products serving construction, steel and a range of industrial end-markets across the UK, Ireland, Benelux, Germany, the Nordics and Central Europe. The group has pursued a strategy of growth through acquisitions, portfolio optimisation and an expanding ventures arm, while positioning itself around long-term structural themes such as decarbonisation, sustainable construction and electrification.

Helium One Global (LSE:HE1) has started electrical submersible pump testing at the ITW-1 well within its Southern Rukwa Helium Project in Tanzania, marking a further step in the appraisal of its recent helium discovery. The programme follows the completion of wireline logging and the mobilisation of specialist equipment to site.

The company said the ESP assembly is being deployed to access deeper fractured Basement and Karoo formations, with the objective of improving flow rates and enhancing helium production. Testing is expected to run over a two- to three-week period and is intended to provide additional data to support the potential commercial development of the Rukwa resource.

Management described the start of pump testing as continued operational progress toward commercialising the discovery, as the project moves through appraisal and development phases.

From an investment perspective, Helium One’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and significant cash outflows. These challenges are partly offset by a strong event-driven narrative, with first gas and near-term sales targeted, alongside constructive technical momentum in the shares. Valuation remains pressured due to negative earnings and the lack of dividend visibility.

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Helium One Global Ltd is a helium exploration and development company focused on addressing supply constraints in the global helium market. The group is the primary helium explorer in Tanzania, where its flagship Southern Rukwa Project has progressed into appraisal and development following a confirmed helium discovery at Itumbula West-1. Helium One also holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado, which has delivered commercially promising helium and CO₂ flows and began bringing initial wells into production in late 2025.

Anpario (LSE:ANP) reported a robust trading performance for the year ended 2025, with unaudited revenue increasing 23% year on year to approximately £47.1 million and adjusted EBITDA expected to be at least £9.4 million. Both metrics came in ahead of market expectations, reflecting high operational gearing and broad-based growth across the majority of the group’s geographic markets.

The integration of Bio-Vet, acquired in late 2024, is progressing in line with management’s plans and delivered a strong contribution in the second half of the year. Despite making contingent payments related to the acquisition, Anpario ended the period with a strengthened net cash position of £12.4 million, underlining the resilience of the balance sheet.

Management said the group’s financial position provides flexibility to continue investing in product development, international expansion and further complementary acquisitions. Full-year results are scheduled for release toward the end of March 2026.

From an investment perspective, Anpario’s outlook is supported by its strong financial performance and recent positive corporate developments. Share price technical indicators point to a bullish trend, while valuation appears reasonable given the group’s growth profile. Overall, the company enters 2026 with momentum across both operations and strategy.

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Anpario plc is an independent producer of natural and sustainable animal feed additives designed to improve animal health, nutrition and biosecurity. The group supplies customers worldwide, with key growth markets in Asia, the Americas and Europe, and follows a strategy centred on innovation, global expansion and earnings-enhancing acquisitions, including the purchase of Bio-Vet in 2024.

ME Group International (LSE:MEGP) has appointed Peel Hunt LLP as its sole corporate broker, bringing its UK capital markets advisory under a single firm. The company said the move is intended to streamline broker relationships and support more focused engagement with investors as the group continues to expand its automated self-service vending operations.

The appointment comes as ME Group International grows its diversified portfolio of consumer-facing, self-service solutions across multiple geographies. Management believes a simplified advisory structure will help sharpen communication with the UK equity market and reinforce the group’s positioning within the automated consumer services sector.

From an investment perspective, ME Group International benefits from strong underlying financial performance, including robust revenue and profit growth and a stable balance sheet. Valuation metrics remain attractive, supported by a relatively low earnings multiple and a high dividend yield.

These positives are partly offset by bearish share price technicals, with the stock currently in a downtrend and showing oversold conditions that could increase near-term volatility. While fundamentals remain supportive, investors may remain cautious until market momentum improves.

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ME Group International is a London-listed market leader in automated self-service equipment for consumers. The group operates more than 48,000 vending units across 16 countries in continental Europe, the UK and Ireland, and Asia Pacific. Its core services include Photo.ME photobooths with biometric ID solutions and Wash.ME unattended laundry facilities, alongside complementary offerings such as Print.ME digital printing kiosks and other automated vending services.

Surface Transforms (LSE:SCE) reported a step-change in performance during 2025, with revenue increasing by around 120% to approximately £18.0 million as higher production volumes and stronger second-half deliveries drove growth. The production ramp-up also helped narrow operating losses before interest and tax to about £8.7 million, compared with the prior year.

The company said the year was characterised by continued investment in capacity expansion and automation, supported in part by the full drawdown of a £13.2 million ERDF loan. Manufacturing efficiency improved materially, with production yields rising from 49% in the first quarter to 77% by the fourth quarter, reflecting better process control and learning curve benefits.

Surface Transforms expects further progress in 2026, with a new furnace scheduled to come online by the end of the second quarter. This additional capacity underpins management’s forecast of around £27.0 million in revenue next year and a move toward EBITDA breakeven. While acknowledging that cash headroom remains tight, the company said liquidity is manageable as it approaches a more sustainable operating scale.

From a market perspective, the outlook continues to be shaped by financial challenges, including ongoing losses and cash outflows. Technical indicators suggest a broadly bearish trend in the shares, and valuation remains constrained by negative earnings. However, recent operational milestones, improving production metrics and strategic investment in capacity are viewed as constructive steps toward longer-term profitability.

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Surface Transforms plc is a UK-based manufacturer of carbon fibre reinforced carbon-ceramic brake discs for high-performance automotive applications. The company supplies major global OEM customers across internal combustion and electric vehicle platforms and differentiates itself through proprietary continuous-fibre carbon-ceramic technology that delivers lighter weight, longer life and superior heat management compared with traditional braking systems.

Marshalls (LSE:MSLH) said its adjusted profit before tax for 2025 is expected to be in line with market expectations, as group revenue increased 2% year on year to £632 million, marking a tentative return to growth amid subdued end-market conditions. Performance varied across divisions, reflecting both ongoing demand pressures and the early benefits of restructuring initiatives.

Landscaping Products revenue declined 1%, with volume growth offset by adverse price and mix effects. By contrast, Building Products and Roofing Products each delivered 4% revenue growth. Building Products benefited from strong demand in water management solutions, while Roofing Products saw a standout contribution from Viridian Solar, where annual revenue rose 32%. These gains were partly offset by weaker bricks demand and a softer second half at Marley.

The group continues to execute its Landscaping Products improvement plan, including the exit from UK quarried natural stone processing. This programme is on track to deliver £11 million of annualised cost savings, with £3 million realised during 2025. Management said the lower cost base is already supporting improved competitiveness, helping to drive volume growth and protect market share.

Marshalls’ balance sheet remains resilient, with pre-IFRS 16 net debt of £138 million and £125 million of undrawn headroom on its refinanced syndicated banking facility. This financial flexibility provides capacity to support both strategic initiatives and operational investment.

While the board does not expect a near-term rebound in underlying market demand, it anticipates improved financial performance in 2026, driven by the benefits of cost savings and continued delivery of the group’s ‘Transform & Grow’ strategy. Under the leadership of newly appointed chief executive Simon Bourne, the company believes it is well positioned to benefit from an eventual recovery in construction markets and longer-term structural growth trends.

From an investment perspective, Marshalls’ outlook is supported by improving margins, solid cash flow generation and a moderate valuation underpinned by a reliable dividend yield. Technical indicators remain mixed, with some short-term positive momentum tempered by longer-term caution. Recent corporate developments, including leadership changes and insider share purchases, add to a generally constructive medium-term view.

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Marshalls plc is a long-established UK manufacturer of sustainable solutions for the built environment. The group operates through its Landscaping, Building Products and Roofing Products divisions, serving construction and infrastructure markets via a nationwide manufacturing and distribution network, with a strategic focus on ESG leadership, low-carbon products and operational excellence.

Premier African Minerals (LSE:PREM) has agreed a mutual release and settlement with contractor J R Goddard Contracting in relation to a US$2.4 million claim associated with the Zulu Lithium and Tantalum Project in Zimbabwe. The agreement removes the risk of immediate enforcement action against the company’s movable assets and provides greater clarity around its short- to medium-term funding and operational plans.

Under the terms of the settlement, Premier will make an initial payment of US$400,000 by 30 January 2026, followed by monthly instalments through to November 2026. J R Goddard Contracting has agreed to suspend enforcement proceedings for as long as Premier adheres to the agreed payment schedule. The board said the structured settlement offers improved certainty as the company continues to progress development activities at Zulu.

Alongside resolving the dispute, Premier said it is actively seeking to strengthen its board. The company is prioritising the appointment of technically focused directors with relevant market and operational experience to support the next stage of development at the Zulu project. Management said the move reflects a broader push to enhance governance, technical oversight and strategic execution as it advances its flagship lithium asset.

From a market perspective, Premier’s outlook remains constrained by weak financial fundamentals, including ongoing losses, negative gross profit and continued cash outflows, with no reported revenue to date. Share price technical indicators also remain bearish, with the stock trading below key moving averages and momentum measures signalling continued pressure. Valuation support is limited given negative earnings and the absence of a dividend.

More about Premier African Minerals

Premier African Minerals Limited is a multi-commodity mining and natural resource development company focused on Southern Africa. Its asset base includes the RHA Tungsten mine and the Zulu Lithium project in Zimbabwe, alongside interests in lithium, tantalum, rare earth elements and other strategic minerals, spanning assets from early-stage exploration to projects with near-term production potential.

Auction Technology Group (LSE:ATG) said it has rejected an indicative, all-cash proposal of 400 pence per share from FitzWalter Capital, stating that the approach materially undervalues the business and its long-term growth potential. The board confirmed it has not yet received a customary letter setting out detailed terms and unanimously advised shareholders to take no action at this stage.

The company said it will provide a further update at its annual general meeting trading statement scheduled for 22 January. While the proposal was rejected, the board signalled it remains open to engaging with FitzWalter Capital or other potential bidders should a fully detailed offer emerge that appropriately reflects the group’s value and future prospects.

In line with UK takeover regulations, FitzWalter has until 2 February 2026 to either announce a firm intention to make an offer or confirm that it does not intend to proceed. In the meantime, Auction Technology Group has entered a formal offer period, which is expected to draw close attention from investors and other interested parties.

From an investment standpoint, the group’s outlook continues to be weighed down by weak financial performance, including operating losses, negative margins and declining free cash flow growth, despite ongoing revenue expansion and a stable leverage position. Technically, the shares are trading above key moving averages with positive momentum indicators, offering some support. However, valuation remains constrained by negative earnings and the absence of a dividend.

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Auction Technology Group plc operates digital auction marketplaces and technology platforms that connect auctioneers with bidders across specialist and industrial asset categories. The group enables both timed online auctions and live-streamed bidding, supporting a global network of auction houses, consignors and professional buyers.