Author: Fiona Craig

XP Power (LSE:XPP) said its trading performance for 2025 was in line with market expectations, supported by a stronger second half that helped offset softer revenues for the year. Full-year order intake rose 24% to £225.9 million, while revenue declined 7% to £229.7 million. The group closed the year with an order book of £116.1 million and a book-to-bill ratio close to one.

Balance sheet metrics improved over the period, with net debt reduced to £41.6 million and leverage at around 1.2 times. This was aided by a significant prepayment received from a key customer, contributing to solid cash generation despite pressure on revenues and profitability.

Strategically, XP Power announced a decision to exit its lower-margin radio frequency (RF) division through an estimated three-year wind-down. The move follows the introduction of new US export controls that restrict RF sales to key Chinese customers. Management said capital and operational focus will instead be redirected toward higher-growth, higher-return areas of the portfolio.

The group has also completed construction of a new manufacturing facility in Malaysia and closed its plant in Kunshan, China. These actions are intended to improve flexibility in serving global customers — particularly in the US — while reshaping the production footprint without adding strain to existing capacity. Further detail on the strategic repositioning is expected alongside full-year results scheduled for 3 March 2026.

From a market perspective, XP Power’s outlook is shaped by a mix of strengths and challenges. Strong cash flow and recent strategic actions provide some support, but declining revenues and profitability continue to weigh on sentiment. Technical indicators point to a bearish trend, while valuation remains constrained by negative earnings, despite optimism around the group’s longer-term strategic direction.

More about XP Power

XP Power is a Singapore-headquartered designer and manufacturer of power controllers used to convert grid electricity into usable power for electronic equipment. The group supplies blue-chip OEM customers across the semiconductor manufacturing equipment, industrial technology and healthcare sectors, typically securing multi-year revenues once its solutions are designed into customer products. XP Power operates manufacturing facilities in Vietnam, North America and Germany, has recently exited China manufacturing, and is listed on the London Stock Exchange as a member of the FTSE SmallCap Index.

Oracle Power PLC (LSE:ORCP) reported a new set of positive assay results from a further 21 drill holes completed at the Northern Zone Intrusive Hosted Gold Project, part of its broader Kalgoorlie Gold Project in Western Australia. The latest results confirm additional shallow gold mineralisation and extend the known mineralised footprint, particularly toward the northeast and across the saddle area.

The company highlighted several strong intercepts from the programme, including 8 metres grading 5.81 g/t gold alongside multiple other high-grade, near-surface intersections. Oracle said the data continues to support its geological model of an approximately 600-metre-wide oxide gold system sitting above the underlying Northern Zone porphyry, reinforcing confidence in the scale and continuity of the mineralisation.

These results are expected to feed directly into a future maiden Mineral Resource Estimate, as well as mine planning activities being progressed with MEGA Resources. Oracle is targeting the commencement of mining operations in the first half of 2026. In parallel, the company is advancing the conversion of the project area to a Mining Lease, progressing its Mine Development and Closure Plan and completing environmental assessment work. A drill rig has also been secured for February to continue expanding the shallow oxide resource base.

Collectively, management said these developments further strengthen the project’s pathway toward production and enhance Oracle’s strategic positioning within the established Kalgoorlie gold district.

From an investment perspective, Oracle’s outlook remains constrained by the absence of revenue, ongoing losses and negative operating cash flow, implying continued reliance on external funding. Share price technicals show a supportive longer-term uptrend, although elevated volatility and overbought momentum indicators increase the risk of near-term pullbacks. Valuation remains limited by negative earnings and the lack of dividend visibility.

More about Oracle Power PLC

Oracle Power PLC is an international project developer listed on AIM, focused on advancing gold and energy assets. The company is currently developing the Kalgoorlie Gold Project in Western Australia, working alongside partners including Riversgold and MEGA Resources to define and advance shallow, oxide-hosted gold mineralisation at the Northern Zone toward near-term production.

City of London Investment Group (LSE:CLIG) reported a 4% increase in funds under management to approximately $11.2 billion for the six months ended 31 December 2025. Assets continued to rise into the new year, reaching around $11.6 billion by mid-January 2026, supported by favourable market conditions and solid underlying investment performance.

Within the group, CLIM’s emerging markets and listed private equity strategies delivered strong outperformance versus their benchmarks. Performance was aided by effective country allocation, narrowing discounts across closed-end funds and value uplift from corporate actions. International equity and opportunistic value strategies recorded more modest underperformance over the period. At KIM, balanced and fixed income strategies broadly matched or slightly exceeded benchmarks, underpinned by robust long-term performance in fixed income portfolios.

Despite positive market returns, the group experienced net outflows of $853 million during the period. Management said these were largely driven by client portfolio rebalancing, shifts toward liability-matching and passive investment strategies, and funding-related requirements. These outflows were partly offset by $247 million of gross inflows across emerging markets, international equity and fixed income strategies.

Overall, the majority of strategies are now reporting higher asset levels than at the start of the period, highlighting the resilience of client portfolios and continued interest in the group’s offerings, even amid mixed flows and ongoing volatility in closed-end fund discounts.

From an investment perspective, City of London Investment Group benefits from strong financial performance and supportive corporate developments. The shares also offer a reasonable valuation and an attractive dividend yield. However, technical indicators point to a more cautious near-term outlook, with bearish trends and subdued momentum suggesting potential volatility.

More about City of London Investment

City of London Investment Group is a specialist asset management firm listed in London, providing institutional and retail investment products through its CLIM and KIM platforms. The group manages strategies across emerging markets, international equities, listed private equity, balanced mandates and taxable and tax-sensitive fixed income, with a particular focus on closed-end fund structures and active management in global markets.

Ferro-Alloy Resources (LSE:FAR) has entered into a non-binding, non-exclusive memorandum of understanding with Chinese tyre manufacturer and carbon black distributor Qingdao Master Tyre covering the potential supply of up to 360,000 tonnes per year of a new carbon black substitute. The product, referred to as New CBS, is derived from high-carbon, low-vanadium waste rock at the company’s Balasausqandiq project in Kazakhstan.

The proposed New CBS was not included in the project’s most recent feasibility study and is therefore viewed as a potential incremental revenue stream. Ferro-Alloy said the material is being prioritised within Master Tyre’s long-term 2036 strategy and is currently undergoing testing as a substitute for both conventional carbon black and silicon dioxide in tyre rubber formulations.

If commercial terms are ultimately agreed, management believes the arrangement could materially enhance the already robust economics of the Balasausqandiq project. The potential partnership would also strengthen Ferro-Alloy’s positioning as a supplier of lower-emission, cost-competitive materials to the tyre and rubber industry, particularly within the Chinese market.

Despite the strategic upside, the company’s near-term outlook remains constrained by weak financial metrics, including ongoing losses, negative operating cash flow and negative equity. From a technical perspective, the shares have shown strong momentum above key moving averages, although overbought signals point to elevated near-term risk. Valuation support is limited given the loss-making profile and the absence of a dividend.

More about Ferro-Alloy Resources Ltd.

Ferro-Alloy Resources Limited is a vanadium-focused producer developing the large Balasausqandiq deposit in southern Kazakhstan. Vanadium is the principal product, alongside a carbon black substitute and several by-products. The project benefits from relatively low capital and operating costs and is being developed in two phases, supported by on-site processing facilities and an R&D centre focused on refining vanadium, molybdenum and nickel concentrates and advancing technologies for future vanadium and carbon-based products.

Big Technologies (LSE:BIG) has agreed a full and final settlement of the Buddi Litigation, committing to a £38.5 million cash payment to former minority shareholders of Buddi Limited. The claim related to allegations that those shareholders were improperly compelled or misled into selling their interests at the time of Buddi’s acquisition in 2018 and were denied the opportunity to reinvest in Big Technologies.

The company said the settlement is largely covered by provisions already recognised in its accounts, significantly limiting any additional financial impact. Following the initial payment, Big Technologies expects to end 2025 with an estimated cash balance of £61.9 million. Management highlighted that the agreement removes a major overhang and source of uncertainty for the group.

Alongside the resolution of the Buddi dispute, the board confirmed it remains engaged in mediation with founder Sara Murray and related parties in an effort to reach a negotiated settlement on separate, ongoing proceedings. The company said its objective is to avoid further prolonged and costly litigation, while seeking a constructive outcome for all stakeholders.

From an investment perspective, Big Technologies continues to benefit from strong underlying financial performance, supported by robust profitability and a solid balance sheet. However, share price technical indicators point to bearish near-term momentum, while valuation metrics are less supportive due to a negative price-to-earnings ratio and the absence of a dividend. Taken together, these factors suggest a broadly balanced, but cautious, overall outlook.

More about Big Technologies PLC

Big Technologies plc is a leading provider of electronic monitoring solutions, operating primarily through its Buddi brand. The group delivers integrated hardware and software via a subscription-based, SaaS-style platform, supporting the monitoring of individuals across criminal justice and related sectors in multiple international markets.

Cambridge Cognition (LSE:COG) reported a marked improvement in commercial momentum during 2025, with new sales orders rising 73% year on year to £12.8 million and the year-end order book increasing 25% to £16.9 million. Reported revenue for the year fell 10% to around £9.4 million, reflecting a comparatively weaker opening order book carried over from the prior period.

The company said its adjusted EBITDA loss and revenue performance were broadly in line with revised market expectations. Financial resilience improved over the year through tighter cost control, reduced borrowings and an equity placing completed in August, resulting in a net cash position of £0.2 million at year end.

Strategically, Cambridge Cognition has accelerated its expansion beyond its traditional research and pharmaceutical client base into professional healthcare and consumer health and wellness markets. During the year, the group launched its CANTAB Pathway™ clinical assessment platform and secured its first major pilot programme with a large European private healthcare provider. Management noted that this initial engagement has the potential to scale into a broader pan-European rollout.

Looking ahead to 2026, the company highlighted a strengthened sales pipeline, an increasing presence in consumer-focused cognitive health solutions and a significantly larger order book. These factors are expected to support improved revenue growth, earnings progression and cash generation in the year ahead.

From a market perspective, Cambridge Cognition continues to face notable financial and operational challenges, including declining revenues and ongoing losses. Share price technical indicators suggest bearish momentum, while valuation metrics remain unattractive due to negative profitability. However, recent corporate developments — including strategic board appointments and share capital expansion — are viewed as supportive of the company’s longer-term growth ambitions and market positioning.

More about Cambridge Cognition Holdings

Cambridge Cognition Holdings is a neuroscience technology business specialising in digital cognitive assessment solutions. Its proprietary touch-screen and voice-based tools support pharmaceutical clinical trials, academic research into central nervous system disorders, healthcare providers assessing cognitive function, and the growing consumer health and wellness market focused on brain health monitoring.

Distil (LSE:DIS) posted a challenging third quarter to 31 March 2026, with reported revenue falling 26% year on year to £173,000 and distributor volumes down 39%. The weaker top-line performance came despite strong underlying consumer demand, with retail sell-out of the company’s flagship RedLeg brand rising 36% year on year across major UK grocery channels, supported by aggressive promotional activity and the introduction of refreshed packaging.

The company said the divergence between strong consumer sales and weaker reported revenues reflects elevated distributor stock levels built ahead of the Christmas period in the previous quarter, alongside a broader move across the supply chain toward leaner inventory positions. While UK distributor activity softened, export revenues increased from a small base, and the group achieved several strategic milestones during the quarter.

These included securing US regulatory approval for Blavod, landing a key on-trade listing for Blackwoods with Scottish bar group Buzzworks, and continuing progress toward the opening of the Blackwoods Brand Home. Management noted that inflationary pressures and higher UK alcohol duty continue to weigh on the hospitality sector, creating ongoing headwinds for near-term trading.

Distil said its strategic review remains ongoing, alongside cost-control initiatives aimed at maximising shareholder value and improving the group’s financial resilience. The company believes recent consumer momentum, particularly behind RedLeg, provides a platform for longer-term recovery once inventory dynamics normalise.

From a market perspective, Distil’s outlook remains constrained by sustained losses and ongoing cash burn, with technical indicators signalling bearish sentiment as the share price trades below key moving averages and momentum indicators remain negative. While recent corporate developments and funding support offer some strategic encouragement, these positives have yet to outweigh current profitability and cash flow risks. Valuation remains pressured by loss-making operations and the absence of a dividend.

More about Distil plc

Distil plc is a premium drinks group listed on AIM, with a portfolio that includes RedLeg Spiced Rum, Blackwoods Gin and Vodka, and Blavod Black Vodka. The company sells into UK grocery and on-trade channels as well as selected export markets, and is investing in brand refreshes, new distribution arrangements and the development of the Blackwoods Brand Home as part of its longer-term brand-building strategy.

Dowlais Group plc (LSE:DWL) said its trading performance in 2025 is expected to come in ahead of previous guidance, supported by stronger margins and improved cash flow. Based on unaudited figures, the group anticipates adjusted revenue of approximately £5 billion, reflecting year-on-year growth of 3.1% at constant exchange rates and 1.3% on a reported basis, after accounting for foreign exchange headwinds.

Adjusted operating profit is forecast to be at least £370 million, representing a 14% increase year on year. This is expected to translate into an adjusted operating margin of no less than 7.4%, marking an improvement of at least 80 basis points. Both the Automotive and Powder Metallurgy divisions contributed to the margin expansion, highlighting broad-based operational progress across the group.

Management said the improved profitability reflects the benefits of global footprint restructuring, commercial recoveries following earlier volume losses and ongoing performance improvement initiatives. These gains more than offset operational inefficiencies experienced at two North American facilities. In addition, adjusted free cash flow is expected to reach at least £100 million, exceeding the prior year, supported by higher operating profit, reduced capital expenditure and one-off cash inflows from asset disposals and customer advance payments.

While the company has faced financial pressures historically, including revenue declines and operational losses, recent trading momentum has been more encouraging. The shares have shown positive technical trends, and a series of strategic corporate developments — including board-level changes and potential consolidation opportunities — are viewed as supportive of the longer-term outlook. A relatively high dividend yield also remains a point of interest for income-focused investors.

More about Dowlais Group PLC

Dowlais Group plc is a specialist engineering group serving the global automotive industry through its Automotive and Powder Metallurgy segments. The company supplies engineered components and systems to vehicle manufacturers worldwide, with a strategic focus on improving operational efficiency, optimising its global manufacturing footprint and delivering sustainable margin improvement across its core businesses.

Harworth Group (LSE:HWG) reported headline sales of £110.2 million for FY2025, supported by 25 completed transactions covering £58.2 million of industrial and logistics disposals and £52.0 million of residential plot sales. Activity took place against a challenging macroeconomic backdrop, with a delayed UK Budget pushing a number of transactions toward the latter part of the financial year.

During the period, the group sold five core industrial and logistics investment assets with a combined area of 0.8 million square feet for £47.7 million. These disposals were completed at a blended net initial yield of 7.6% and at prices above mid-2025 book values. As a result, the proportion of the investment portfolio classified as Grade A assets increased to 75% by value, reflecting Harworth’s ongoing focus on upgrading portfolio quality.

In the residential segment, Harworth disposed of 1,837 plots, broadly in line with historic sales volumes. However, these transactions were completed at a discount to book value, highlighting the impact of current market conditions. Management reiterated its disciplined capital recycling approach, with a continued focus on keeping leverage below 20% and increasing the weighting of industrial and logistics assets to around 85% of the portfolio over time. The group also indicated that reinvestment into higher-quality development opportunities remains central to driving future growth and further portfolio enhancement.

From a financial standpoint, Harworth’s performance benefited from solid revenue growth and improved profitability, underpinning a positive investment case. Valuation metrics remain supportive, with a reasonable earnings multiple and an attractive dividend yield, while recent corporate activity has reinforced confidence in the company’s strategic direction.

That said, technical indicators point to broadly neutral share price momentum, and cash flow dynamics continue to represent an area for improvement as the group executes its long-term strategy.

More about Harworth

Harworth Group plc is a UK-based regeneration specialist, strategic landowner and developer focused on the industrial & logistics and residential sectors. The company owns, develops and manages more than 15,000 acres across over 100 sites across the North of England and the Midlands, transforming large, complex sites into modern industrial and logistics developments and serviced land for residential use, with a long-term focus on creating sustainable places, jobs and communities.