Author: Fiona Craig

Great Portland Estates (LSE:GGP) reported a strong leasing performance for the quarter, with new lettings achieved at an average of 9.1% above the March 2025 estimated rental value (ERV), the company said on Thursday.

During the period, the property group secured £8.9 million of new rental income. Fully Managed office leases accounted for £7.3 million, achieved at £241 per square foot and representing an 8.3% premium to ERV. Retail activity also remained firm, with new retail leases contributing £1.6 million of rent at an average 11.7% uplift to ERV.

Since the start of the financial year, Great Portland Estates has completed 60 lease transactions, generating total rent of £46.5 million at an average 7.5% above ERV. A further £14.5 million of rental income is currently under offer, reflecting a premium of 20.9% to ERV.

Leasing momentum was particularly evident across refurbishment schemes. The 141 Wardour Street development reached full occupancy within two months of launch, with rents achieved at £279 per square foot, or 13.3% above ERV. At 170 Piccadilly, 47% of space is now let or under offer, with headline rents reaching as high as £400 per square foot.

Retail demand also remained resilient, supported by a pre-let agreement with L’Eto at 30 Duke Street. In total, the company completed seven new retail leases during the quarter, securing £1.6 million in rental income.

Commenting on the update, Toby Courtauld, chief executive of Great Portland Estates, said: “We have delivered another strong quarter of leasing, with market lettings 9.1% ahead of the March 2025 ERV. Healthy demand for our premium spaces continued, with more than £47 million of lettings so far this financial year and a further £15 million under offer.”

Rathbones (LSE:RAT) said funds under management and administration (FUMA) increased by 2.3% over the fourth quarter to £115.6 billion as at 31 December 2025, compared with £113.0 billion at the end of September and £109.2 billion a year earlier.

The Wealth Management division continued to be the primary contributor to growth, with FUMA rising to £106.2 billion from £103.2 billion in the previous quarter and £99.3 billion at the end of 2024.

Asset Management also recorded a modest increase, with FUMA edging up to £16.6 billion from £16.3 billion three months earlier and £15.8 billion a year ago. Rathbones noted that £7.2 billion of Wealth Management assets were invested in its own Asset Management strategies.

Commenting on the update, Jonathan Sorrell, chief executive of Rathbones Group plc, said: “I am grateful to my colleagues for their extraordinary efforts in 2025 in integrating Rathbones and Investment Wealth & Investment UK.” He added: “As that process approaches its conclusion, our opportunity now is to take advantage of our core strengths to grow the business organically over time.”

During the quarter, the group recorded total net outflows of £0.5 billion, compared with net outflows of £0.3 billion in the same period last year.

Rathbones said it will release its preliminary results for the year ended 31 December 2025 on Friday, 27 February 2026, when it expects to provide further detail on full-year performance, fund flows and its outlook.

Anglo Asian Mining (LSE:AAZ) reported a record fourth quarter for copper production in 2025, with output rising to 4,439 tonnes, a 94% increase quarter on quarter. The strong performance was driven by higher contributions from the Gedabek mine and the addition of output from the newly commissioned Demirli operation. During the quarter, the group also produced 6,149 ounces of gold and 49,361 ounces of silver.

For the full year, copper production totalled 7,915 tonnes, while gold output reached 25,061 ounces. Gold volumes came in slightly below revised guidance due to planned maintenance on the Demirli ball mill. Despite this, robust sales volumes, supportive metal prices and the first shipments of Demirli copper concentrate lifted total annual sales proceeds to $125.7 million. As a result, the group ended the year with a net cash position of $2.5 million, marking a significant turnaround from net debt in the prior period.

Operationally, Anglo Asian completed its transition into a multi-asset producer, with both Gilar and Demirli now in production alongside Gedabek. Work also progressed on upgrades to the Gedabek flotation plant to enable processing of higher-grade ore from Gilar. By year-end, unsold inventory stood at $37.7 million, including a substantial volume of high-value copper concentrate, positioning the company to benefit from continued strength in copper markets.

Looking ahead, management continues to advance its longer-term copper growth pipeline, with development projects at Xarxar and Garadag forming part of its strategy to scale production. While the company still faces financial challenges that will require careful management, improving technical indicators and recent strategic progress provide some optimism for further recovery.

More about Anglo Asian Mining

Anglo Asian Mining plc is an AIM-listed producer of copper, gold and silver with a portfolio of mining and exploration assets in Azerbaijan. The company operates the Gedabek, Gilar and Demirli mines and is pursuing a strategy to become a multi-asset, mid-tier copper and gold producer by 2030. Copper is expected to be its primary commodity, with a long-term target of producing 50,000–55,000 tonnes of copper annually supported by future developments at Xarxar, Garadag and Zafar.

Audioboom (LSE:BOOM) reported record revenue for 2025 of approximately US$80.4 million, representing a 10% year-on-year increase, alongside a 54% rise in adjusted EBITDA to around US$5.1 million, comfortably ahead of market expectations.

The improved performance was driven by an 18% increase in gross profit to US$17 million, reflecting a continued shift toward higher-margin revenue streams. The company delivered a strong finish to the year, with record results in the fourth quarter supported by growth in its Showcase advertising marketplace. Downloads and video views also rose sharply following the acquisition of Adelicious, strengthening Audioboom’s position in the UK market.

Strategically, Audioboom has entered into a new commercial partnership with Spotify and completed the removal of an onerous contract, actions that management believes will enhance video monetisation and improve the quality of earnings. Looking ahead, the group expects adjusted EBITDA to serve as a closer proxy for cash generation in 2026, even as it continues a broader strategic review of the business.

From a market perspective, sentiment is supported by strong technical indicators and a series of positive corporate developments. These are partly offset by ongoing challenges around cash flow generation and a relatively high price-to-earnings multiple. Nonetheless, the shares’ upward trend and improving operational leverage underpin confidence in Audioboom’s longer-term growth potential.

More about Audioboom

Audioboom Group plc is a global podcasting and audio content company whose shows generate around 150 million downloads and views each month from approximately 50 million unique listeners worldwide. Ranked among the largest podcast publishers in the US by Edison Research, Audioboom operates an advertising and monetisation platform supporting a premium network of leading podcasts. The group provides commercial, distribution, marketing and production services, with content distributed via major platforms including Apple Podcasts, YouTube and Spotify and partnerships spanning North America, Europe, Asia and Australia.

Tern plc (LSE:TERN) has confirmed that it has forfeited its entire limited partner interest in the Sure Valley Ventures Enterprise Capital Fund LP (SVV2) after being designated a defaulting investor under the fund’s limited partnership agreement.

The development follows Tern’s request in late 2025 for relief from its remaining funding commitments to the fund. As a result, the company has been notified that it will receive effectively no consideration for its former interest in SVV2. In addition, the fund’s general partner has indicated that it intends to pursue claims of approximately £40,000 relating to default interest and associated costs.

Tern also faces potential longer-term exposure through a deemed indemnity obligation of around £184,000, which could extend through to 2032. The company said it is seeking legal advice to better understand the scope and potential impact of these claims, noting that the outcome remains uncertain and could influence its future financial obligations. The situation highlights the risks associated with Tern’s fund-based investment approach.

From a market perspective, the company’s outlook continues to be weighed down by weak financial performance, including a sharp contraction in revenue, substantial losses and negative operating and free cash flow. While technical indicators show some positive momentum, overbought signals suggest increased downside risk. Valuation metrics also remain constrained by ongoing losses, reflected in a negative price-to-earnings ratio and the absence of dividend support.

More about Tern plc

Tern plc is an AIM-quoted investment company focused on building stakes in technology-related businesses through a combination of fund commitments and direct investments. The group targets returns from early-stage and emerging growth ventures operating across a range of technology-driven sectors.

Cohort plc (LSE:CHRT) has published its interim report for the six months ended 31 October 2025, with the document made available to shareholders both by post and via the company’s investor relations website.

The publication forms part of Cohort’s ongoing engagement with the market as it continues to integrate its diversified defence technology portfolio. This includes the recently completed acquisition of EM Solutions, which further strengthens the group’s capabilities across specialist defence communications and technology solutions. Cohort continues to position itself as a focused supplier of communications, intelligence, sensor and effector systems to defence customers globally.

From a market perspective, the group benefits from strong underlying financial performance and supportive corporate developments. These positives are balanced by bearish technical indicators and a valuation viewed as moderate, suggesting a degree of caution in current market sentiment despite the company’s solid operational foundations.

More about Cohort plc

Cohort plc is an AIM-listed independent technology group serving defence and related markets through a portfolio of seven businesses operating across the UK, Australia, Germany and Portugal. The group is organised into two divisions — Communications and Intelligence, and Sensors and Effectors — delivering advanced communications systems, satellite terminals, RF subsystems, electronic warfare and digital services, surveillance and tracking technologies, sonar and underwater communications, and other specialist solutions for defence and transport customers. Headquartered in Reading, Cohort employs more than 1,500 staff and focuses on both domestic and export markets through businesses including EID, EM Solutions, MASS, MCL, Chess Dynamics, ELAC SONAR and SEA.

Robert Walters (LSE:RWA) reported a 14% year-on-year fall in fourth-quarter net fee income on a constant currency basis, with overall group performance broadly stable compared with the prior quarter but marked by increasing divergence across regions.

The UK delivered strong growth in specialist recruitment, while trading trends improved in Spain and New Zealand. These gains were offset by continued weakness across northern Europe, alongside softer market conditions in parts of Asia Pacific and the Middle East. Management said the mixed regional picture reflects ongoing uncertainty in global hiring markets and differing paces of economic recovery.

In response, the group is taking further steps to tighten its cost base. Measures include headcount reductions, the closure of its smaller Canadian operation, and the migration of additional back-office activities into global business services hubs. Robert Walters ended the period with net cash of £26.2 million, providing financial flexibility as it prioritises portfolio management and productivity improvements.

Looking ahead, management expects net fee income in 2026 to come in slightly below 2025 levels, reflecting continued caution around global recruitment demand. However, growth in newer business lines — including recruitment outsourcing partnerships, early-stage talent solutions and consultancy services — is expected to provide some offset to weaker conditions in traditional hiring markets.

From a market perspective, the outlook is weighed down by declining revenues and profitability, while technical indicators point to bearish momentum. Valuation signals are mixed, with an attractive dividend yield contrasted by a negative price-to-earnings ratio. Limited recent earnings call and corporate update information restricts further visibility into near-term guidance.

More about Robert Walters

Robert Walters plc is a global specialist recruitment and talent solutions group. The majority of its net fee income is generated from permanent and temporary professional recruitment, with specialist roles accounting for more than 80% of group revenue. The business also provides recruitment outsourcing and talent advisory services, operating across Asia-Pacific, Europe, the UK and other international markets, with an increasing focus on early-stage talent advisory, workforce consultancy and outsourcing solutions.

Ashmore Group (LSE:ASHM) reported an 8% increase in assets under management to approximately $52.5 billion as at 31 December 2025, supported by solid net inflows and favourable investment performance across its emerging markets strategies.

During the period, the group attracted $2.6 billion of net inflows, complemented by $1.2 billion of positive market performance. Growth was primarily concentrated in fixed income and equity products, with particularly strong demand for external debt and local currency strategies. Management said investor appetite has been encouraged by robust emerging markets returns during 2025 and continued economic outperformance relative to developed markets.

Ashmore also pointed to a more supportive macroeconomic backdrop for emerging markets, including easing or low inflation, interest rate cuts across several EM economies and a weaker US dollar. These factors are prompting investors to rebalance portfolios away from US-centric exposures, creating opportunities for active managers such as Ashmore to capture incremental allocations and generate alpha.

From an investment perspective, the group continues to benefit from strong profitability and a resilient balance sheet. However, challenges around revenue growth and cash flow remain considerations. While the dividend yield and strategic growth initiatives are viewed positively, technical indicators suggest the potential for near-term volatility.

More about Ashmore Group PLC

Ashmore Group plc is a specialist asset management firm focused exclusively on emerging markets. The group offers a broad range of investment strategies across fixed income, equities and alternatives, including external debt, local currency debt, corporate and blended debt solutions. Ashmore serves institutional and professional investors globally seeking long-term exposure to developing economies through active investment management.

GenIP Plc (LSE:GNIP) reported strong operational momentum in 2025, delivering approximately 330% revenue growth and a 150% increase in gross margin compared with 2024, supported by rapid client acquisition and high retention levels.

Growth has been driven by increasing uptake of the group’s integrated invention intelligence platform, particularly its higher-margin Invention Prioritizer product. Recent contract wins include new orders from Brazil’s National Nuclear Energy Commission, while extensive deployment at a leading Saudi research university has generated referrals and inbound enquiries, highlighting growing international recognition of the platform’s capabilities.

GenIP is also making progress in the corporate sector, with demand for its Invention Evaluator product increasing through a partnership with 360 Impact Studio as well as through direct client engagements. Academic demand remains robust, with repeat and multi-year contracts secured from institutions across the US, Chile and Singapore, providing revenue visibility and reinforcing the company’s strong foothold in the research market.

To further strengthen market engagement, GenIP has launched a new webinar series, GenIP Innovation Exchange, designed to showcase how leading universities embed its tools within technology commercialisation workflows. Management views this initiative as a key step in broadening its corporate customer base and reinforcing its positioning as a provider of higher-value, AI-enabled innovation services.

More about GenIP Plc

GenIP Plc operates at the intersection of generative AI and innovation strategy, delivering AI-powered innovation intelligence and technology commercialisation services. Its core offering is the Invention Intelligence product suite, which provides insights into the commercial potential of emerging technologies. The group also offers talent and executive search services that apply machine learning and natural language processing to connect innovation-led organisations with commercialisation-focused leadership across corporate, venture capital and academic markets worldwide.

TruFin (LSE:TRU) said it now expects adjusted profit before tax for 2025 to exceed £7.4 million, representing more than an eightfold increase on the prior year, with revenues forecast at around £63 million. The strong performance reflects significant operating leverage across the group and has supported £8 million of share buybacks, while leaving TruFin with year-end cash of at least £12 million.

The upgrade was driven largely by outstanding results at games publisher Playstack. Its portfolio benefited from the success of hit titles Balatro and Abiotic Factor, alongside two new releases, which boosted both current-year earnings and the long-term value of its back catalogue. Meanwhile, Oxygen delivered double-digit growth in both revenue and EBITDA, achieved record client numbers and increased transaction volumes, despite operating in a challenging public-sector procurement environment.

At Satago, losses were substantially reduced following a programme of cost reductions and a sharper focus on its core credit control and embedded finance offerings. Collectively, these developments underline TruFin’s ability to generate profitable growth across its fintech and gaming businesses and strengthen its positioning within both markets.

From a market perspective, the group’s outlook is supported by robust financial execution and shareholder-friendly actions such as share buybacks. Technical indicators suggest positive momentum, although valuation metrics, including a high price-to-earnings ratio, point to potential overvaluation. The absence of recent earnings call commentary limits further visibility into management’s forward guidance.

More about TruFin

TruFin plc is the holding company for a portfolio of growth-oriented technology businesses operating in specialist financial services and gaming markets. Its subsidiaries include Oxygen Finance, Satago Financial Solutions and mobile games publisher Playstack. Listed on AIM since 2018 under the ticker TRU, the group focuses on generating recurring, technology-led revenues from public-sector early payment programmes, embedded finance solutions and a growing catalogue of video game titles.