Author: Fiona Craig

Dunelm (LSE:DNLM) reported a resilient first-half performance despite a challenging UK retail backdrop, with total sales rising 3.6% year-on-year to £926 million. Digital sales continued to gain share, accounting for 41% of group revenue, while gross margin improved by 60 basis points, supported in part by favourable foreign exchange movements.

Momentum eased during the second quarter, however, particularly around the Black Friday period and into December. The slowdown reflected intensified promotional activity across the sector and softer demand within furniture categories. As a result, the group said full-year pre-tax profit is now expected to come in toward the lower end of current market forecasts.

Despite near-term trading pressures, Dunelm continues to invest in initiatives aimed at strengthening its long-term market position. These include further store openings, enhancements to its mobile app, and improvements in product availability, which management believes will support customer engagement and reinforce its leadership in UK homewares.

From a market standpoint, the shares are underpinned by constructive technical indicators and a valuation viewed as broadly fair. Management commentary and recent corporate developments remain supportive, although solid operational performance is tempered by elevated leverage and a slowdown in free cash flow growth.

More about Dunelm Group

Dunelm Group plc is the UK’s leading homewares retailer, offering more than 100,000 products across categories including home textiles, furniture, kitchenware, lighting, outdoor living and DIY. Founded in 1979, the Leicester-based group operates 203 stores across the UK and Ireland alongside a growing online platform, employing around 12,500 people. Dunelm focuses heavily on own-brand ranges and value-led propositions, complemented by services such as made-to-measure window treatments and in-store Pausa coffee shops.

Advanced Medical Solutions Group (LSE:AMS) said it expects to report 2025 revenues of approximately £228.5 million, up from £177.5 million in the prior year, with EBITDA forecast in the range of £49.5 million to £50 million. The board said it remains confident of delivering results in line with market expectations.

The increase in revenue reflects strong demand across the group’s core surgical product categories, alongside an improving performance in the woundcare division. This more than offset ongoing destocking in the Peters Surgical B2B segment. Integration of both the Peters Surgical and Syntacoll acquisitions continues to progress according to plan, with early commercial synergies already being realised. Further operational benefits are expected to emerge from 2027 as integration matures.

Management noted that the group now operates with a broader and more resilient product portfolio, supported by an expanded international footprint following the Peters Surgical acquisition. Preparations to deepen penetration of the US market are well advanced, underpinning confidence in another solid year of growth in 2026. The company believes these factors position it well for scalable expansion, margin enhancement and sustained long-term value creation.

From an investment perspective, Advanced Medical Solutions continues to demonstrate strong top-line momentum and a sound capital structure. However, pressure on profitability margins remains a key consideration. Technical indicators point to positive share price momentum, while valuation metrics suggest the stock may be trading at elevated levels. Recent acquisition activity and investor engagement highlight the group’s longer-term growth ambitions.

More about Advanced Medical Solutions

Advanced Medical Solutions Group plc is a UK-based medical device specialist focused on tissue-healing technologies, including surgical adhesives, sealants, biosurgical products and sutures. Drawing on advanced materials science and applicator design developed in collaboration with surgeons, the group serves global surgical and woundcare markets. Its business model benefits from a diversified product range and geographic exposure, with a growing emphasis on direct sales following the acquisition of Peters Surgical to accelerate expansion in the US and other international markets.

AB Dynamics (LSE:ABDP) said the strong trading momentum seen at the close of FY25 has continued into the first four months of FY26, with order intake reaching £46 million and delivery patterns expected to remain weighted toward the second half of the financial year.

The group reported a robust financial position, ending the period with net cash of £35.5 million, which provides capacity to support an active pipeline of acquisition opportunities. Its order book currently stands at £50 million, including £14 million scheduled for delivery in FY27, covering around half of anticipated FY26 revenue and improving medium-term revenue visibility.

Management highlighted the benefits of a geographically diversified customer base that is both OEM- and powertrain-agnostic, reducing reliance on any single technology or market. The business also remains well positioned to benefit from long-term regulatory and structural growth drivers within the global transport sector. Despite ongoing macroeconomic and geopolitical uncertainty, AB Dynamics said it expects FY26 adjusted operating profit to be delivered in line with current market forecasts.

From a market perspective, the company continues to demonstrate strong underlying financial performance, supported by a constructive outlook outlined in its most recent earnings update. However, technical indicators point to a bearish trend, and valuation levels are considered only moderately attractive, tempering overall sentiment.

More about AB Dynamics

AB Dynamics plc is a UK-based designer, manufacturer and supplier of advanced testing, simulation and measurement systems for the global transport industry. The group serves automotive manufacturers, Tier 1 suppliers and specialist service providers, supporting research and development activities focused on vehicle safety, dynamics and performance. Its technologies are used in structural growth areas including active safety systems, autonomous driving and vehicle automation.

CAB Payments Holdings plc (LSE:CABP) said it now expects full-year 2025 total income to reach approximately £119 million, with adjusted EBITDA coming in slightly ahead of current market consensus, following a strong performance in the second half of the year.

The upgrade reflects rising transaction volumes, continued expansion of the client base, and the rollout of enhanced product capabilities. CAB Payments has also strengthened engagement with central banks and regulatory bodies, while extending its international presence through the opening of a New York office and the receipt of an in-principle licence in Abu Dhabi. These developments are supporting improved operating leverage and point to a return to more consistent and sustainable growth heading into 2026.

Despite the positive trading update, investor sentiment remains tempered by the group’s uneven recent financial history, including a decline in revenue during 2024 and periods of volatile cash generation. However, improving technical indicators and supportive corporate progress provide some offset. Valuation metrics also represent a moderate constraint, with the shares trading at around 25 times earnings and no declared dividend yield.

More about CAB Payments Holdings Limited

CAB Payments Holdings plc operates through its subsidiary Crown Agents Bank Limited as a business-to-business foreign exchange and payments specialist focused on emerging markets. Leveraging a network built over more than 180 years, the group enables cross-border payments across 125 currencies and more than 800 currency pairs via APIs, digital platforms and tailored solutions. CAB Payments has also been recognised for its sustainability credentials, holding B Corporation certification and a Platinum Sustainability Rating from EcoVadis.

Premier Miton (LSE:PMI) reported assets under management of £9.6 billion as at 31 December 2025, representing a 7% decline from £10.3 billion at the start of the financial year, largely reflecting significant net outflows during the first quarter.

The group recorded £870 million of net redemptions over the period, primarily driven by withdrawals from US and European equity strategies as well as its UK multi-cap offering. Management attributed the outflows to continued investor caution, rotation away from growth-oriented equities, and persistent pressure on UK equity markets. A further £119 million of outflows related to previously disclosed corporate actions and capital returns associated with two investment trusts.

These pressures were partially offset by solid demand for fixed income strategies, which generated £163 million of net inflows. Premier Miton also disclosed that it is in advanced discussions to secure an additional institutional absolute return mandate valued at approximately $80 million, highlighting a strategic pivot toward areas where client appetite remains stronger.

Despite the challenging asset flow environment, management adopted a cautiously positive stance on the outlook. The firm cited improving short-term performance across several key strategies, the potential for a more favourable backdrop for active equity managers as interest rates decline, and continued progress in expanding international distribution. Ongoing cost discipline remains a central focus, while the group continues to evaluate selective M&A opportunities to enhance its competitive positioning.

From a market perspective, the shares reflect a mix of operational challenges and negative technical signals, alongside concerns around valuation. While the dividend yield remains attractive, it is tempered by ongoing pressures on profitability and cash generation.

More about Premier Asset Management

Premier Miton Group plc, operating under the Premier Miton Investors brand, is a UK-based active asset management firm offering equity, fixed income, multi-asset and absolute return investment strategies. The company serves both wholesale and institutional clients, with a focus on delivering long-term investment outcomes through actively managed products across UK and international markets.

Essentra (LSE:ESNT) said trading for the year ending 31 December 2025 remains in line with management expectations, with group revenue projected to increase by around 2.5% on a constant currency, like-for-like basis, while reported revenue is expected to be broadly flat due to adverse foreign exchange movements.

Performance in the fourth quarter showed continued improvement, with revenue rising 4.7% on a constant currency, like-for-like and working day-adjusted basis. Growth was primarily supported by pricing actions, greater exposure to structurally higher-growth end markets such as energy transition and digital infrastructure, and more favourable year-on-year comparatives. Regionally, EMEA delivered high single-digit growth, the Americas achieved low single-digit expansion, while APAC declined slightly following non-recurring benefits recorded in China during the prior year.

Adjusted operating margins for the full year are expected to be consistent with those achieved in the first half, reflecting ongoing operational efficiency initiatives. Essentra reported that cash generation and balance sheet strength remain solid, with leverage anticipated to stay comfortably below its 1.5x target threshold, preserving flexibility to support further investment and growth opportunities.

During December, the group completed the acquisition of US-based Device Technologies, a specialist provider of cable protection devices. The deal enhances Essentra’s manufactured product offering, with integration progressing as planned. Management also noted a healthy pipeline of additional bolt-on acquisition opportunities under review, reinforcing its commitment to disciplined inorganic growth.

Market sentiment around the shares reflects mixed financial performance and technical signals, with valuation levels presenting some risk. However, the ongoing share buyback programme continues to provide support for shareholder returns. Limited recent earnings call commentary restricts visibility into management’s near-term outlook.

More about Essentra

Essentra plc is a UK-based global supplier of essential components and solutions, focusing on the manufacture and distribution of plastic injection moulded, vinyl dip moulded and metal products. The group operates in 28 countries and employs approximately 3,000 people across 14 manufacturing sites, 26 distribution centres and 37 sales and service locations. Its products serve around 64,000 customers across a wide range of industries, including equipment manufacturing, automotive, fabrication, electronics, medical technology and renewable energy.

Metals Exploration plc (LSE:MTL) has confirmed to the UK Takeover Panel that it has met its stated post-offer intentions following the recommended acquisition of Condor Gold plc, which was completed through a scheme of arrangement on 15 January 2025 in line with the City Code on Takeovers and Mergers.

The company highlighted a single variance from its original plans relating to the Manikbel prospect within the Abra tenement. A previously outlined 6,000-metre drilling programme and initial mineral resource estimate have been deferred to accommodate a formal consultation process with indigenous communities. As a result, drilling is now expected to commence in the first half of 2026, with the initial resource estimate targeted for the fourth quarter of 2026. This adjustment may extend the timeframe for unlocking value from the Manikbel exploration asset.

From a market standpoint, Metals Exploration’s outlook continues to benefit from solid financial performance and constructive corporate developments, including progress on project expansion and the resumption of operations. These positives are partly offset by valuation constraints linked to a negative price-to-earnings ratio and a recent revision to production guidance following external disruptions. Technical indicators point to moderate momentum, broadly consistent with a cautious overall assessment.

More about Metals Exploration

Metals Exploration plc is a gold producer, developer and explorer with assets in the Philippines and Nicaragua. The group focuses on advancing gold projects through exploration, resource definition and mine development across its portfolio in these jurisdictions.

Serabi Gold (LSE:SRB) has reported record gold production of 44,169 ounces for 2025, representing an 18% increase year on year and landing in line with guidance. The performance was underpinned by the continued ramp-up of the Coringa Mine, alongside the successful deployment of ore-sorting technology that enabled the processing of previously stockpiled lower-grade material.

Fourth-quarter output increased 15% to 11,534 ounces, while horizontal development advanced by 45% to 4,535 metres. Higher realised gold prices supported a rise in net cash to $42.1m, strengthening the balance sheet despite the refinancing of existing loans. Management said progress continues across its multi-stage growth strategy, including the introduction of mechanised mining at Coringa, the development of additional ore zones, and an ongoing 30,000-metre brownfield drilling programme. Early results from drilling have already extended known mineralised trends at both Coringa and the Palito Complex.

Looking ahead, the company has guided to consolidated production of between 53,000 and 57,000 ounces in 2026. A further 30,000 metres of brownfield exploration is planned, supporting potential resource growth, sustained production increases and stronger cash generation. These initiatives are also expected to underpin the recently introduced shareholder return policy.

From an investment perspective, the outlook is largely supported by strong financial metrics, including robust margins, a rebound in earnings and very low leverage. Technical indicators also point to a positive trend, while valuation is aided by a comparatively low price-to-earnings ratio. The principal risk remains the historically uneven nature of free cash flow and exposure to commodity price cycles.

More about Serabi Gold

Serabi Gold plc is a UK-headquartered gold exploration, development and production company focused on the Tapajós region in Pará State, northern Brazil. Its core operations comprise the Palito Complex, which has historically produced between 30,000 and 40,000 ounces of gold annually, and the Coringa Mine, which is being ramped up with the objective of roughly doubling group output. The company is also advancing brownfield exploration across its licence portfolio and has reported a copper-gold porphyry discovery, supporting a longer-term resource expansion strategy in the region.