Author: Fiona Craig

GlobalData (LSE:DATA) said trading in 2025 remained robust despite a year of significant transformation across the group. Revenue is expected to reach around £322 million, representing reported growth of 13% and organic growth of about 1%, supported by resilient subscription renewals in both healthcare and non-healthcare markets.

The company said contracted forward revenue is forecast to increase by roughly 6% on a reported basis, or 3% organically. Adjusted EBITDA is expected to be approximately £110 million, implying margins close to 34%. Management anticipates margins to rebuild towards around 40% in 2026 as cost synergies from six recent acquisitions are realised and investment in artificial intelligence continues to enhance operational efficiency.

GlobalData is expected to end the year with net debt of about £110 million, following significant share buybacks and acquisition activity. Liquidity remains strong, with more than £200 million of facilities available. The group also highlighted the visibility of its revenue base, noting that around 80% of consensus revenues for 2026 are already underpinned by recurring contracts.

Strategically, GlobalData plans to transfer its listing to the Main Market of the London Stock Exchange on 5 March 2026. The move is intended to broaden the company’s investor base and further strengthen its positioning as a leading provider of AI-enabled information and analytics services.

Overall, the outlook reflects a balance of positives and constraints. Strong financial performance and supportive corporate actions, including share buybacks and the planned market transition, are countered by bearish technical indicators and valuation concerns linked to a relatively high price-to-earnings multiple.

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GlobalData Plc is a data, insight and technology group providing business-critical intelligence to clients across healthcare and non-healthcare sectors. The company operates a subscription-based model built around proprietary datasets and AI-enabled platforms, including its AVA AI research assistant and newly launched digital workers, delivered through a unified “One Platform” offering for global enterprise customers.

GEO Exploration Limited (LSE:GEO) has completed the acquisition of the Gorge gold project in Western Australia, having secured all required ministerial approvals. The transaction involved a cash payment of A$100,000, the issue of 48.13 million consideration shares to the vendor, and a further 18.47 million shares issued to a consultant providing technical and commercial support on the acquisition.

The Gorge licence covers approximately 81 square kilometres within the Capricorn Orogen and has recorded historic high-grade gold mineralisation, including multiple near-surface gold nuggets. GEO Exploration plans to apply modern, systematic exploration techniques across the licence area to refine priority targets ahead of an initial drilling programme.

Alongside progress in Australia, the company continues to advance discussions around a potential farm-out of its offshore Namibian licence, PEL0094. Management said industry interest in the region has strengthened, supporting ongoing negotiations. In parallel, GEO Exploration is preparing for the admission of the newly issued shares to trading on AIM, which will increase its issued share capital to approximately 5.66 billion shares.

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GEO Exploration Limited is a junior exploration company focused on gold and petroleum assets. Its portfolio includes the Gorge gold exploration licence in Western Australia and a 78% interest in offshore Petroleum Exploration Licence 0094 in Namibia’s Walvis Basin, where it is pursuing farm-out opportunities alongside industry partners.

Ascent Resources (LSE:AST) said progress continues in its arbitration claim against the Republic of Slovenia under the Energy Charter Treaty, after the International Centre for Settlement of Investment Disputes confirmed that the tribunal has moved forward with work on its draft award and remains in deliberations. The company reiterated its expectation that a decision on the merits of the case will be delivered toward the end of the first quarter of 2026.

Management noted that the forthcoming ruling could have material financial and strategic consequences for Ascent, given the scale of the dispute and its relevance to the group’s broader approach to managing international regulatory and investment risk. The update provides some visibility on timing as the arbitration process moves into its final stages.

Despite this procedural progress, Ascent’s overall outlook continues to be heavily constrained by its financial position. The company reported no revenue in 2024 and continues to incur losses, with negative equity, rising debt levels and ongoing cash outflows placing pressure on liquidity. Technical indicators add to the challenges, with the share price trading below key moving averages and momentum signals remaining negative. Valuation metrics offer little offset, given the absence of meaningful earnings or dividend benchmarks.

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Ascent Resources plc is a London-listed oil and gas company focused on upstream exploration and production activities. While historically active across international projects, the group is currently engaged in managing investment disputes alongside its broader energy sector interests, with particular attention on regulatory and legal outcomes linked to its overseas operations.

Nichols (LSE:NICL) reported revenue of £175.0 million for the year ended 31 December 2025, representing growth of 1.3%, with adjusted profit before tax expected to be in line with market forecasts. Performance reflected continued progress in shifting the business towards a higher-margin concentrate-led model in Africa, alongside the exit from lower-margin Out of Home activities.

In the UK, Packaged revenue increased 2.6%, supported by strong core brand performance and ongoing innovation. International Packaged revenue was flat on a reported basis but rose 2% on a like-for-like basis, with Africa delivering 10% like-for-like growth. Trading in the Middle East was impacted by shipment timing related to an earlier Ramadan, temporarily weighing on reported performance.

Gross margins were maintained despite inflationary cost pressures, underpinned by tight cost control and the successful completion of a new ERP system. The group ended the year with a strengthened balance sheet and cash of £55.8 million, and reiterated its commitment to a progressive dividend policy. The appointment of a new chief financial officer in April was also highlighted as a positive corporate development.

Looking ahead, management emphasised the strategic advantages of Nichols’ asset-light and geographically diversified model, supported by continued investment in innovation and expansion. The group signalled confidence in its medium-term growth strategy and its ability to generate shareholder value through 2026 and beyond, although the outlook remains tempered by bearish technical indicators and a valuation that suggests limited near-term upside.

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Nichols plc is a UK-based diversified soft drinks business operating an asset-light model across UK Packaged, International Packaged and Out of Home channels. The group competes across categories including squash, flavoured carbonates, fruit drinks, energy and flavoured water, led by its flagship Vimto brand and a portfolio of licensed brands such as Levi Roots, ICEE, SLUSH PUPPiE and Sunkist, with a strong presence in the UK and distribution in more than 60 countries, particularly across the Middle East and Africa.

Firering Strategic Minerals (LSE:FRG) reported increasing operational momentum at its Limeco lime operation in Zambia, where cold commissioning has begun on a second kiln. In addition, a container of equipment for two further kilns has arrived on site, setting the stage for a significant increase in production capacity over the coming period.

To support rising sales activity, the company has already built an inventory of around 5,000 tonnes of finished lime product. Firering is also fast-tracking the development of a high-purity calcium carbonate milling circuit, which is expected to come online in the third quarter of 2026 and create an additional revenue stream. Commercial engagement is said to be strengthening, with interest from a broader customer base that now includes a major international mining group operating in Zambia.

Alongside progress at Limeco, Firering said its majority-owned lithium and tantalum assets in Côte d’Ivoire are drawing renewed third-party interest. The company holds fully unencumbered stakes in the Atex and Alliance projects, which are benefiting from improving sentiment in lithium markets. Management noted that this interest highlights the strategic value of its portfolio and could expand future development or monetisation options for shareholders.

More about Firering Strategic Minerals

Firering Strategic Minerals plc is an emerging producer of quicklime and an explorer of critical minerals. The company is focused on scaling output at its Limeco lime project in Zambia, where it holds a 30.7% interest with an option to increase this to 45%. Firering targets daily lime production of 600–800 tonnes to supply copper producers in the Central African Copperbelt and gold miners in Zimbabwe, while also advancing the Atex and Alliance lithium-tantalum projects in Côte d’Ivoire, which are leveraged to long-term demand for clean energy technologies.

Mirriad Advertising (LSE:MIRI) said revenue for 2025 is expected to come in at just over £0.4 million, down from £1.0 million the prior year, following a weaker-than-expected fourth quarter that reflected broader softness across the media sales sector. The shortfall in late-year trading weighed heavily on full-year performance.

Despite the downturn, the board said it remains cautiously optimistic about prospects for 2026. The company continues to work closely with partners including Rembrand and is progressing discussions around potential joint ventures in several emerging markets, notably India, Indonesia, the Philippines, Thailand and Malaysia. Management also highlighted early signs of traction in the Middle East, alongside a potential test campaign with a major UK media group.

From a financial position standpoint, Mirriad ended the year with £1.2 million of cash and has reduced its monthly cost base to around £220,000. The company said this tighter cost control, combined with careful liquidity management, is intended to provide sufficient runway as it seeks to secure new commercial agreements and capture a stronger sales period in early 2026.

Overall, Mirriad’s outlook remains dominated by weak financial performance. The sharp contraction in revenue, continued losses and ongoing cash burn have eroded balance sheet strength, and there are few mitigating factors given the lack of supportive technical or valuation signals. While strategic initiatives and partnership activity offer potential upside, financial risks continue to weigh heavily on the near-term outlook.

More about Mirriad Advertising

Mirriad Advertising is a UK-based specialist in virtual product placement and content advertising. The company operates a multi-patented platform that digitally inserts brands and products into television, streaming, music and influencer content, creating new revenue opportunities for content owners while enhancing ad effectiveness for advertisers. Mirriad operates across EMEA, the US through a joint venture with Rembrand, and India.

Diploma PLC (LSE:DPLM) reported a strong opening to its 2026 financial year, posting 14% organic revenue growth in the first quarter and reaffirming full-year guidance for around 6% organic growth alongside an operating margin of approximately 22.5%. The performance reflects continued demand across the group’s end markets and disciplined execution.

During the quarter, Diploma completed four acquisitions with a combined value of roughly £75 million. These deals expanded the group’s footprint in aerospace fasteners, aftermarket hydraulic seals, OEM machining capabilities, and UK and European defence markets. Including transactions completed in the prior quarter, the group has executed eight acquisitions over the last two quarters, investing about £130 million in total and adding an expected annualised operating profit of around £20 million.

On the back of this momentum, management lifted its net acquisition growth guidance to 3% from 2%, highlighting a strong pipeline of opportunities. The company said this reflects continued confidence in its strategy of compounding growth through bolt-on acquisitions in resilient, high-quality niches.

Diploma’s outlook is primarily supported by its strong financial performance, underpinned by robust growth and cash generation. However, technical indicators currently point to bearish share price momentum, and valuation measures suggest the stock may be fully valued, which could constrain near-term upside. The lack of additional detail from earnings calls or corporate events means these factors did not materially influence the overall assessment.

More about Diploma

Diploma PLC is a FTSE 100 group of specialist businesses supplying critical products and value-added services to a wide range of end markets. The company employs around 3,400 people and operates mainly across the US, Canada, the UK, Europe and Australia, delivering sustained growth in adjusted earnings per share through a blend of organic expansion and targeted acquisitions.

DP Poland (LSE:DPP) said trading in 2025 came in line with market expectations, supported by improving momentum through the year. Group system sales increased 11.3% on a reported basis to £61.4 million, while pre-IFRS 16 EBITDA more than doubled to £2.6 million. Performance was aided by a strong fourth quarter and improving like-for-like trends across both Poland and Croatia.

The group made significant progress in shifting towards a franchise-led, capital-light operating model during the year. The proportion of franchised stores increased from 12% to 33%, while integration of the acquired Pizzeria 105 outlets continued. DP Poland also began consolidating its supply chain, actions that management said are already contributing to margin expansion and operational efficiency.

Looking ahead, the company expects these initiatives to support double-digit system sales growth and further EBITDA improvement in 2026. Management is targeting an estate of more than 200 stores and a majority-franchised network by 2027, positioning the group for more sustainable, scalable growth.

Despite revenue momentum and supportive strategic developments, DP Poland’s overall outlook remains mixed. While recent corporate actions and operational progress provide grounds for optimism, profitability challenges, bearish technical indicators and weak valuation metrics continue to weigh on sentiment.

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DP Poland plc operates Domino’s Pizza restaurants and delivery stores in Poland and Croatia under exclusive development and sub-franchising rights. The group is pursuing a dual-brand strategy that combines the Domino’s international franchise with its owned Pizzeria 105 chain, expanding coverage of the Polish pizza market while driving scale efficiencies across its store network and supply chain.

Hays plc (LSE:HAS) has published its trading update for the three months ended 31 December 2025, outlining second-quarter performance and prevailing market conditions. The full update has been released through the London Stock Exchange announcement service and the company’s investor website, ensuring timely access to detailed information for shareholders.

Alongside the update, Hays confirmed it will host a conference call with analysts and investors to discuss recent trading and provide commentary on the outlook. The scheduled call underlines management’s ongoing engagement with the investment community and its commitment to transparency around operational and financial developments.

The broader outlook for Hays continues to be weighed down by challenging financial metrics. Weak revenue trends and profitability pressures remain key concerns, while technical indicators point to a bearish share price pattern. Valuation also presents a headwind, with a negative price-to-earnings ratio highlighting the impact of recent performance. Although recent corporate actions and communications suggest management confidence, these factors have yet to materially shift the overall assessment.

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Hays plc is a global recruitment and staffing specialist operating across multiple professional disciplines and geographies. The group places candidates into permanent, temporary and contract roles for a wide range of corporate and institutional clients, while also offering broader workforce and talent solutions to support employers’ evolving hiring needs.

Mulberry (LSE:MUL) reported a strong trading performance in the third quarter for the 13 weeks ended 27 December 2025, supported by healthy festive demand and a continued focus on selling at full price in an otherwise heavily discounted retail environment. Group revenue increased 5.3% year on year, while like-for-like sales across retail and digital channels rose 11%.

Performance was driven by a 19% uplift in full-price retail sales, alongside broad-based growth across all regions. Europe and the US stood out as particularly strong contributors, reflecting improving brand traction internationally. The company said results demonstrate early progress under its “Back to the Mulberry Spirit” strategy, which is centred on simplifying operations, refreshing the brand, and using customer insight more effectively.

Management pointed to renewed customer engagement both online and in stores, with robust demand for core product lines including the Roxanne, Hackney and Bayswater ranges. Strategic actions during the period included a sharper focus on the UK market and continued right-sizing of the Asia-Pacific store estate. Ongoing cost discipline was also highlighted, supporting improved momentum heading into the final quarter and reinforcing efforts to build a more sustainable, profit-focused business over time.

Despite the encouraging quarter, Mulberry’s broader outlook remains shaped by structural challenges, including historically declining revenues and elevated leverage. That said, technical indicators have recently turned more positive, and recent strategic initiatives and corporate developments suggest some improvement in the company’s longer-term trajectory.

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Mulberry Group plc is a British sustainable luxury brand best known for its leather handbags and accessories. Positioned as a British lifestyle label, the group operates across physical retail and digital channels in the UK, the US, Europe and Asia Pacific, targeting premium consumers with a focus on full-price sales and brand-led, non-promotional growth.