Author: Fiona Craig

Eurozone private sector activity continued to grow in January, matching the modest pace recorded in December, according to the latest HCOB Flash Eurozone Composite PMI figures published on Friday. The Composite PMI Output Index held steady at 51.5, extending the current expansion streak to 13 months, though growth remained at the joint-slowest rate since September.

Momentum in the services sector eased, with the index slipping to a four-month low of 51.9 from 52.4 in December. By contrast, manufacturing output moved back into expansion at 50.2 after contracting in the previous month. The headline Manufacturing PMI rose to 49.4 from 48.8, a two-month high but still consistent with overall contraction.

Price signals showed renewed pressure. Input costs increased at their fastest pace in almost a year, while output price inflation climbed to its strongest level since April 2024, driven mainly by services. Despite this, analysts at ING said that “Even though inflation has remained remarkably benign in recent months despite all the economic turmoil, the PMI does indicate increasing price pressures again. That being said, the moves are not nearly enough to sway the ECB from its expectations to hold rates for the foreseeable future,” according to ING analysts.

Demand conditions were mixed. New orders rose for a sixth consecutive month, although growth slowed to its weakest pace since September 2025. Export orders continued to fall, though the rate of decline moderated compared with December.

Labour market trends softened, with eurozone firms cutting employment for the first time in four months. The contraction was concentrated in Germany, where job losses were the most pronounced since November 2009, excluding the pandemic period. Employment continued to rise in France and across the rest of the currency bloc.

Business sentiment improved notably. Overall confidence climbed to a 20-month high in January, while manufacturing optimism reached its strongest level in nearly four years. Sentiment strengthened in both Germany and France but edged lower in other eurozone countries.

Commenting on the data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, described the recovery as “rather feeble” and said the survey points to “more of the same in the months to come.” He added that rising services inflation could support the European Central Bank’s decision to keep interest rates unchanged, with some policymakers potentially favouring rate increases over cuts.

Regionally, the data suggested that Germany began 2026 on a growth footing, while France recorded a month-on-month contraction in output, which may be linked to political challenges surrounding the approval of the 2026 budget.

eEnergy Group plc (LSE:EAAS) has reported a sharp improvement in profitability for the year ended 31 December 2025, with adjusted EBITDA rising 183% to £1.7 million. Revenue eased to £23.0 million after around £4.0 million of anticipated sales slipped into the first half of 2026, but this timing effect was more than offset by stronger margins, improved operational leverage and tighter cost control.

Gross margins strengthened during the period, while net debt reduced to £1.6 million despite additional borrowing. The group ended the year with a record £14.0 million of contracted and awarded work and a £127 million investment-grade pipeline, supported by large framework-led wins across NHS trusts, local authorities and a major government-backed solar and battery project delivered in partnership with Mace. The strategy has enabled eEnergy to broaden its customer base beyond education into healthcare and commercial markets.

Operationally, the company secured an exclusive £100 million off-balance-sheet funding facility with Redaptive and retained access to a £40 million NatWest facility for public sector projects. eEnergy also launched its SolarLife operations and maintenance service, adding a recurring revenue component to its offering. Looking ahead, the board has upgraded guidance for 2026 to £34.0 million of revenue and £4.5 million of adjusted EBITDA, with management expecting strong cash generation as working capital unwinds. Growth is expected to be further supported by the rollout of a new Energy Performance Contract model, described as the first of its kind in the UK and potentially transformative for NHS customers, alongside a strengthened board and expanding framework coverage.

Despite the operational progress, the company’s overall outlook remains tempered by historical financial weakness and soft technical indicators. While recent corporate developments are supportive, valuation remains under pressure due to a negative price-to-earnings ratio and the absence of dividend income.

More about eEnergy Group

eEnergy Group plc is a UK-based Energy-as-a-Service provider that designs, funds and delivers energy infrastructure upgrades, including solar PV, LED lighting, battery storage and EV charging, across multi-site estates with no upfront cost. The company focuses on the education, healthcare, local authority and commercial sectors, using framework agreements and off-balance-sheet funding partnerships to deploy projects at scale.

Phoenix Copper Limited (LSE:PXC) has confirmed that Indigo Capital has partially converted its US$2.1 million convertible loan note, exchanging US$536,000 of debt into close to 27 million new ordinary shares. Most of the newly issued shares are expected to be placed with a mix of equity funds and family offices, lifting Phoenix Copper’s total issued share capital to approximately 288 million shares.

Alongside the balance sheet update, the company highlighted the positive impact of current higher copper, gold and silver prices on the projected economics of its Empire open-pit project in Idaho. Management indicated that, should prevailing metals prices be maintained, cumulative pre-tax net cash flow could increase to around US$406 million over an 8.5-year mine life. Under this scenario, both the project’s pre-tax net present value and internal rate of return would be close to double those outlined in the 2024 economic model. Phoenix Copper also confirmed that discussions with a US-based bond investor remain ongoing, with potential financing viewed as a key step toward advancing mine development.

Despite the more supportive commodity backdrop, the company’s outlook remains constrained by weak underlying financial performance, characterised by the absence of revenue, widening losses and accelerating cash burn, which continue to elevate funding and dilution risk. Technical indicators offer some counterbalance, with improving medium-term momentum, but valuation remains pressured due to ongoing losses, reflected in a negative price-to-earnings ratio and the lack of dividend support.

More about Phoenix Copper

Phoenix Copper Limited is an emerging producer and exploration company focused on copper, gold and silver assets in the United States. Its principal asset is the Empire Mine in the Alder Creek mining district near Mackay, Idaho, where the company holds an 80% interest and has significantly expanded the open-pit resource since 2017, publishing its first mineral reserve statement in 2024. The group also controls additional past-producing mines and exploration projects in the district, including Red Star and Navarre Creek, as well as cobalt properties on the Idaho Cobalt Belt.

Aminex plc (LSE:AEX) has confirmed the arrival of pipeline materials at the port of Mtwara in Tanzania, following the delivery of pipe imported from China for the Ntorya-to-Madimba gas pipeline. Site preparation and pipelaying activities are scheduled to commence in February 2026, marking a further step toward development of the Ntorya gas project.

The early delivery highlights the commitment of Tanzania’s state-owned Tanzania Petroleum Development Corporation and the government to progressing the pipeline, which will connect the Ntorya field to the Madimba gas processing facilities. The project is designed to supply gas into Tanzania’s domestic market and support the country’s broader energy transition objectives. Aminex is expected to benefit from a carried interest arrangement that should take the company through to first commercial gas production without direct capital expenditure.

From an outlook perspective, Aminex continues to face headwinds from weak operating performance and ongoing cash outflows, although these are partly offset by a relatively low-debt balance sheet. Share price technicals remain supportive, with the stock trading above key moving averages and a positive MACD signal, though momentum indicators suggest the shares may be overextended. Valuation remains constrained by continued losses, reflected in a negative price-to-earnings ratio and the absence of a dividend yield.

More about Aminex

Aminex plc is an oil and gas exploration and development company focused on Tanzania, where it holds a 25% non-operated interest in the Ntorya gas field. The company is targeting the expanding domestic gas market, with Ntorya production expected to contribute to energy access and the national energy transition. Its current development programme is fully carried, covering up to US$140 million in gross capital expenditure.

Record plc (LSE:REC) has reported a record assets under management total of US$115.9 billion for the quarter ended 31 December 2025, supported by positive net inflows and underlying market-driven asset growth. Momentum was particularly strong within the group’s core Passive Hedging strategies, alongside a second successive quarter of net inflows into its FX Alpha offering.

During the quarter, performance fees increased to £1.6 million, lifting year-to-date performance fees to £2.4 million. Average fee rates were broadly unchanged, reflecting continued pricing stability across the platform. Management confirmed that earnings expectations for the current financial year remain unchanged, highlighting ongoing operational momentum and a stable profitability outlook.

From an outlook perspective, Record plc continues to benefit from a strong valuation profile and solid financial foundations, despite technical indicators pointing to a near-term bearish trend in the share price. The company’s elevated dividend yield and recent strategic and corporate developments provide additional support for its longer-term investment case.

More about Record plc

Record plc is a specialist currency and asset management firm providing risk management solutions, passive and dynamic currency hedging, FX alpha strategies and bespoke investment solutions. The company primarily serves institutional clients and has diversified its offering into areas such as emerging market local currency debt and infrastructure-related private market strategies.

SSP Group plc (LSE:SSPG) has reported a positive start to its 2026 financial year, posting 5% like-for-like sales growth in the first quarter, with total sales rising 6% at constant currency. Performance was led by strong trading in the UK & Ireland and across the APAC and EEME regions, alongside continued expansion within North American airport locations.

In Continental Europe, growth was more modest as subdued consumer confidence and ongoing pressure in the rail channel weighed on results. The rail business remains under strategic review, while the group continues to exit underperforming German motorway service areas. SSP also confirmed changes to its reporting structure in India as part of its broader operational refinement.

Management reaffirmed full-year guidance, indicating an expectation to deliver earnings per share towards the upper end of the targeted range, alongside improved free cash flow and further gains in returns on capital. These objectives are supported by the group’s “Focus 26” operational plan. SSP also confirmed that £24 million of its planned £100 million share buyback programme has been completed, signalling confidence in the group’s medium-term prospects despite ongoing regional volatility.

From an outlook standpoint, SSP’s assessment remains mixed. While operational momentum and sales growth are encouraging, concerns persist around relatively high leverage and the pace of revenue expansion. Technical indicators show strong share price momentum, though overbought conditions suggest some caution, and valuation remains a consideration given the negative price-to-earnings ratio.

More about SSP Group

SSP Group plc is a global operator of food and beverage outlets in travel locations, managing more than 3,000 units across 38 countries and employing approximately 49,000 people. The group develops and operates a broad portfolio of restaurants, bars, cafés, lounges and food-led convenience formats in airports, railway stations and other transport hubs, combining international, national and local brands to serve travellers worldwide.

TruFin plc (LSE:TRU) has announced that its gaming subsidiary, Playstack, has secured a multi-year publishing agreement with a major global technology platform for an internally developed game scheduled for release in the second half of 2026. The contract includes a combination of upfront payments and performance-related revenues, with Playstack retaining exclusive ownership of the newly created intellectual property.

The agreement materially strengthens Playstack’s first-party IP portfolio and enhances revenue visibility over the medium term. Management said the deal underpins TruFin’s confidence in delivering another year of profitable growth in 2026. In parallel, the group has introduced a share buyback programme of up to £6 million, reinforcing its capital allocation strategy and commitment to returning value to shareholders.

From an outlook perspective, TruFin continues to be supported by strong financial performance and value-enhancing corporate actions, including the newly announced buyback. Share price momentum remains positive, although valuation metrics indicate a relatively high price-to-earnings ratio, which may imply some overvaluation risk. The absence of detailed earnings call guidance limits additional visibility on longer-term forecasts.

More about TruFin

TruFin plc is a UK-listed holding company with interests in three growth-oriented technology businesses operating in specialised financial and digital markets. Its activities span early payment provision, invoice finance and mobile games publishing. Listed on AIM since 2018 under the ticker TRU, the group owns Playstack Limited, a leading UK-based games publisher focused on the development and publication of mobile gaming content.

C&C Group plc (LSE:CCR) has revised down its profit expectations for the current financial year, citing trading conditions that have fallen short of board forecasts. The company pointed to subdued consumer confidence following the UK November Budget, softer demand across the hospitality sector, and a shift in consumption away from wine and spirits towards beer as key factors weighing on performance.

C&C now expects adjusted operating profit to fall within a range of €70m to €73m, primarily reflecting weaker profitability in its Distribution division. This was partly offset by resilient festive trading across its core Tennent’s and Bulmers brands. The group noted that it remains cash generative, supported by a strong balance sheet, solid liquidity and an ongoing €150m capital return programme, of which €92m has already been delivered.

Looking ahead, management expects macroeconomic and consumer pressures to continue into the next financial year. Profits in FY27 are anticipated to be broadly in line with FY26 as the group exits lower-margin distribution volumes, a move that is expected to temporarily dilute margins. Strategic priorities remain centred on simplifying operations, rebuilding margins within distribution, strengthening core brands and driving efficiency initiatives to underpin a recovery in medium-term profitability.

Overall, C&C’s outlook remains cautiously balanced. While financial performance shows signs of stability and recovery, supported by improving margins and cash generation, technical indicators point to ongoing bearish momentum and potential valuation pressure. Positive sentiment from recent earnings communications and corporate actions offers some support, though challenges around revenue growth and market conditions persist.

More about C&C Group

C&C Group plc is a drinks company engaged in the production, marketing and distribution of alcoholic beverages, with a strong market presence in beer and cider through brands including Tennent’s and Bulmers. The group also operates a sizeable drinks distribution business, supplying the hospitality sector across the UK and Ireland.