Author: Fiona Craig

Sosandar (LSE:SOS) delivered a solid third-quarter performance for the period ended 31 December 2025, with revenue increasing 10% year on year to £13.4m. Growth was driven primarily by a sharp uplift in direct-to-consumer activity, with sales through the company’s own website rising 27%, reinforcing management’s view of the channel as the core of the brand.

Higher website traffic, improved conversion rates and stronger order volumes from both new and repeat customers supported margin expansion, with gross margin increasing to 66.0% from 64.7% a year earlier. The group also strengthened its balance sheet, reporting net cash of £9.7m at the quarter end, even after returning £0.8m to shareholders through share buybacks.

Sosandar said trading remains in line with full-year expectations, with the business targeting modest profitability alongside continued cash generation. While Marks & Spencer, a key retail partner, continues to operate with lower stock levels following a recent cyber incident, these are expected to normalise by spring 2026. Encouragingly, store sales are already ahead of last year, supporting management’s confidence that the foundations are in place for sustained and profitable growth.

From an outlook perspective, positive technical signals and supportive corporate developments underpin sentiment. However, profitability and cash flow remain areas for investors to monitor closely, particularly given valuation considerations.

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Sosandar plc is a UK-based women’s fashion brand operating across both online and physical retail channels. The company designs and sells predominantly own-label, exclusive clothing across major womenswear categories, targeting style-conscious customers seeking quality and value. Sosandar sells through its own website and stores, complemented by partnerships with major retailers including Next and Marks & Spencer, and uses data-led product development and marketing to drive brand growth and expand both direct-to-consumer and third-party sales channels.

SRT Marine Systems (LSE:SRT) reported a strong first-half performance for the 2026 financial year, with unaudited revenues rising to £51.1m, almost double the level recorded a year earlier. Profit before tax increased 47% to £3.1m, while gross cash climbed 85% to £41.5m, reflecting improved operating leverage and cash generation.

Both the Navigation Safety and Integrated Marine Surveillance Systems divisions performed in line with management expectations during the period. Growth was driven by continued execution on four major system projects and the ongoing delivery and support of a fifth, highlighting the company’s ability to scale complex, multi-year contracts.

Looking ahead, management pointed to a £300m active contract book and a broader opportunity pipeline valued at £1.8bn as providing strong revenue visibility. This includes a pending contract award of approximately $200m, which, if secured, would further strengthen medium-term growth prospects. These factors underpin confidence in continued momentum in the second half of the year and beyond, supported by sustained global demand for maritime surveillance and navigation solutions.

From an outlook perspective, SRT’s strong top-line growth and improving operational performance are positives. However, these are tempered by elevated valuation metrics, weak technical indicators, limited free cash flow and the absence of a dividend, which collectively weigh on near-term investor appeal.

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SRT Marine Systems plc is a UK-based global provider of civil defence maritime intelligence and surveillance systems, alongside navigation safety and efficiency solutions. The company’s technologies deliver maritime domain awareness intelligence to support sovereign agencies such as coast guards, fisheries authorities and port authorities, while its navigation systems help commercial and leisure vessel operators enhance digital safety and operational efficiency.

Iofina (LSE:IOF) reported record crystalline iodine production of 743.2 metric tonnes in 2025, representing a 17.2% increase year on year. The growth was driven by strong operational performance across its eight IOsorb® plants in Oklahoma, alongside a particularly robust sales cycle in the second half of the year.

On the back of higher volumes and firm pricing, the company said full-year 2025 revenue is now expected to exceed $65m, with EBITDA forecast to come in above $11m, both ahead of market expectations. Financial strength also improved over the period, with net cash rising to $5.2m by year end.

Looking forward, Iofina is progressing the construction of a new, larger IOsorb® plant in the Permian Basin, which is expected to deliver annual production of around 170–220 tonnes from the second half of 2026. Management also anticipates further production growth in the first half of 2026, supported by sustained global demand and a spot iodine price that remained above $70 per kilogram throughout 2025.

Overall, the company’s outlook is underpinned by a stronger balance sheet, ongoing capacity expansion and favourable market conditions, reinforcing Iofina’s competitive positioning within the iodine market. While technical indicators point to potential overbought conditions in the near term, valuation and longer-term growth prospects continue to appear attractive.

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Iofina plc is a vertically integrated iodine producer and specialty chemical manufacturer operating through its Iofina Resources and Iofina Chemical divisions. The company, the second-largest iodine producer in North America, runs eight IOsorb® iodine extraction plants in Oklahoma using its proprietary WET® IOsorb® technology and supplies a broad range of halogen-based specialty chemicals derived from iodine, alongside non-iodine products.

Hunting PLC (LSE:HTG) reported improved earnings and cash flow for 2025, with unaudited EBITDA rising 7% year on year to around $135m and margins expanding to approximately 13%. Performance was underpinned by strong cash generation, even as the group worked through project completions and experienced mixed trading conditions across regions. Hunting ended the year with an order book of about $350m and a tender pipeline in excess of $1bn, providing solid revenue visibility.

The group reiterated its long-term Hunting 2030 ambition to deliver around $2bn of annual revenue at EBITDA margins of at least 15%. As part of this strategy, management significantly increased its subsea revenue target, upgrading expectations from $250m to $470m per annum by 2030. The shift reflects a clearer strategic focus on higher-margin Subsea Technologies, supported by earnings-enhancing acquisitions such as FES and OOR.

Looking ahead, Hunting issued 2026 EBITDA guidance of $145m to $155m, signalling further earnings momentum. The company also highlighted continued commitment to shareholder returns through higher dividends and its ongoing $60m share buyback programme, supported by a low-leverage balance sheet and strong cash flow profile.

Overall, Hunting’s outlook is supported by improved cash generation, balance sheet strength and shareholder-friendly capital allocation, alongside positive strategic progress in subsea markets. These strengths are partly offset by recent earnings volatility and softer technical indicators, which suggest near-term momentum remains mixed.

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Hunting PLC is a global precision engineering group listed on the London Stock Exchange, supplying precision-manufactured equipment and premium services to the energy industry. The company has an increasing focus on offshore and subsea technologies and operates through segments including Hunting Titan, North America, Subsea Technologies, EMEA and Asia Pacific, with a corporate headquarters in Houston.

Shoe Zone (LSE:SHOE) reported a marked drop in full-year revenue and earnings for the 52 weeks ended 27 September 2025, reflecting a difficult UK retail environment characterised by subdued consumer confidence, ongoing inflation and rising wage costs. Group revenue fell 7.6% to £149.1m, while profit before tax declined to £3.3m from £10.1m a year earlier. Earnings per share decreased to 4.08p and no dividend was declared for the period.

Despite the weaker profitability, the company strengthened its balance sheet, with net cash increasing 64% to £5.9m, supported by lower capital expenditure and a reduced stock intake. Store revenues came under pressure as the retail estate contracted from 297 to 269 outlets. In contrast, digital revenue edged up 2.3% to £36.0m, aided by initiatives such as free next-day delivery and strong performance across third-party online marketplaces.

Operationally, Shoe Zone continued to focus on reshaping its store portfolio, rolling out larger-format locations, securing rent reductions and shortening lease terms to maintain flexibility. Management remains on track to complete its store refit and relocation programme by 2027, after which investment is expected to tilt more heavily towards accelerating online growth.

Looking ahead, the group is forecasting a modest profit before tax in the current financial year, while acknowledging that trading conditions remain challenging amid ongoing pressure on UK household spending. Overall, the outlook points to a business navigating a tough environment with stable liquidity, mixed technical signals and a valuation that appears broadly in line with fundamentals.

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Shoe Zone plc is a UK-based value footwear retailer operating a nationwide chain of stores alongside a growing digital platform, including shoezone.com and a mobile app. The company focuses on affordable family footwear, increasingly sold through larger-format stores and supported by an efficient distribution network and in-store returns model that underpins its e-commerce offering.

Raspberry Pi Holdings (LSE:RPI) said adjusted EBITDA for 2025 is expected to reach at least $45m, representing an increase of more than 20% compared with 2024 and coming in ahead of market expectations. The result was supported by full-year shipments of 7.6 million units and stronger margins in the second half of the year. The group ended 2025 with net cash of $28m, having reduced extended supplier payables over the period.

Looking into 2026, Raspberry Pi reported healthy demand from OEM customers and resellers, a robust pipeline of new products and significant inventory buffers in place. However, management highlighted growing uncertainty linked to a sharp rise in prices and tight availability of LPDDR4 DRAM, which is expected to remain constrained. To manage this risk, the company is qualifying additional memory suppliers, introducing lower-memory product variants and implementing selective price increases.

The board said it remains confident of higher shipment volumes and profitability broadly in line with expectations during the first half of 2026. Performance in the second half, however, is expected to be more dependent on developments in the memory market and customer reactions to any further price adjustments.

From an outlook perspective, Raspberry Pi’s strong revenue growth and solid balance sheet provide support, but this is offset by recent margin pressure and negative free cash flow. Technical indicators remain neutral to weak, with the shares trading below longer-term moving averages, while valuation is stretched by a high P/E ratio and the absence of a dividend.

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Raspberry Pi Holdings plc is a Cambridge-based engineering company focused on delivering high-performance, low-cost general-purpose computing platforms. The group operates across semiconductor IP development, electronic hardware design, software engineering and regulatory compliance, serving industrial and embedded customers as well as enthusiast and education markets. To date, more than 75 million Raspberry Pi units have been sold worldwide.

Itaconix (LSE:ITX) reported unaudited full-year revenues of $10.3m for 2025, representing a 59% increase year on year and marking the first time the company has exceeded the $10m threshold. The performance was underpinned by a third successive record half-year, with second-half sales reaching $5.5m.

Growth was driven by a combination of increased volumes from existing customers and new client wins across key geographic markets. The company cited rising adoption of its patented plant-based polymer technologies by consumer product manufacturers seeking both improved performance and stronger sustainability credentials. Management also pointed to a strengthening commercial pipeline and said the business is now well positioned to reinvest in demand generation initiatives during 2026.

Looking ahead, Itaconix believes its scalable and capital-light operating model provides a platform to maintain revenue momentum and progressively build a larger specialty ingredients business with improving profitability. Despite this progress, the company’s overall outlook remains tempered by ongoing losses, bearish technical signals and the absence of near-term profitability, which continue to weigh on sentiment.

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Itaconix plc is a specialty chemicals company focused on the development and sale of high-performance, plant-based polymer ingredients. Its products are primarily used in home and personal care applications, including detergents, hygiene and beauty products. Through its proprietary polymer technology platform, the company serves global consumer goods manufacturers seeking sustainable, cost-efficient and lower-carbon formulations that enhance safety, performance and environmental outcomes.

SIG plc (LSE:SHI) reported flat like-for-like sales of £2.6bn for 2025, reflecting continued weakness across construction markets, but delivered an improved operational outcome driven by tighter cost control. Underlying operating profit is expected to rise to around £32m, supported by £39m of underlying operating expense savings and enhanced efficiency across the business.

While construction activity and pricing remained under pressure in key territories including the UK, Germany and Ireland, SIG said it continued to outperform its underlying end markets and gained market share in most regions. Cash generation also improved, with free cash outflow reduced to approximately £12m and year-end liquidity standing at £171m. Net debt increased modestly to around £518m, leaving leverage elevated at 4.7x.

Management has outlined a “Vision 2030” strategy aimed at delivering a through-the-cycle operating margin of between 3% and 5%. The framework prioritises further cost and procurement efficiencies, greater operational leverage as construction markets recover, and portfolio simplification, including the closure of smaller loss-making businesses such as Mayplas. These measures are intended to reshape SIG into a more focused platform for growth within European building materials distribution.

From an outlook perspective, the group continues to face challenges from high leverage and subdued revenue trends. Technical indicators are mixed, showing some short-term momentum against a weaker longer-term picture, while valuation remains constrained by negative earnings and the absence of a dividend. That said, recent corporate actions, including a share purchase by the chief executive and leadership changes, have provided some support to investor sentiment.

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SIG plc is a leading pan-European distributor of specialist insulation and building products, supplying construction markets across the UK and continental Europe. The group focuses on interiors, roofing and associated building materials, serving both new-build and refurbishment activity through a network of national and regional businesses operating in markets currently at a cyclical low.

Afentra (LSE:AET) has announced a significant upgrade to its resource base after an independent audit and internal portfolio review lifted its 2C working interest contingent resources to 87.3 million barrels of oil equivalent. The revised estimate covers Angola’s offshore Blocks 3/05, 3/05A and 3/24 and reflects a more than fourfold increase on previously reported volumes.

The uplift follows an assessment by Sproule ERCE, alongside Afentra’s own evaluations of newly awarded acreage, with the increase largely driven by undeveloped discoveries and early-stage resource potential identified at Block 3/24. The company highlighted that these figures point to meaningful upside beyond currently booked resources.

Looking ahead, Afentra plans to further appraise this potential through a targeted infill drilling and heavy workover programme scheduled for 2026–27 on the producing Block 3/05 fields. In parallel, the group is advancing the maturation of near-field discoveries and exploring opportunities within the onshore Kwanza Basin, initiatives that could enhance production levels and support longer-term growth in Angola.

From an investment perspective, Afentra’s outlook is underpinned by solid financial performance and what is viewed as an attractive valuation. However, bearish technical momentum suggests some caution in the near term, even as the company’s strategic activity and recent corporate developments continue to strengthen its growth profile.

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Afentra plc is an upstream oil and gas company focused on acquiring and managing production and development assets across Africa in support of a responsible energy transition. Listed on AIM, the company holds operated and non-operated interests in several offshore blocks in Angola’s Lower Congo Basin, including the producing Block 3/05 and adjacent Blocks 3/05A and 3/24. Its portfolio also includes non-operated interests in the onshore Kwanza Basin blocks KON15 and KON19, as well as offshore exploration Block 23.

Seascape Energy Asia (LSE:SEA) has introduced new long-term incentive plan awards for its executive directors and senior management, with participants choosing to receive a significant portion of their 2025 annual bonus in the form of nil-cost share options. In addition, the company has granted options to newly appointed independent non-executive director Michael Buck under its non-executive director incentive plan.

Following these awards, directors’ combined shareholdings will represent approximately 7.7% of the company’s issued share capital, enhancing alignment between leadership and shareholders while supporting retention across the senior team. The board also exercised its discretion to approve an exceptional option award for the non-executive director, structured as a multiple of annual fees, reflecting the importance placed on attracting and retaining key individuals during a pivotal stage in the company’s development.

Despite these governance and incentive measures, Seascape’s near-term outlook continues to be weighed down by weak financial fundamentals. The company currently generates no revenue, continues to report widening losses and sustained negative free cash flow, and has experienced significant equity dilution. Technical indicators remain broadly neutral with limited short-term momentum, while valuation metrics are constrained by negative earnings and the absence of a dividend.

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Seascape Energy Asia plc is an energy company focused on exploration and production activities across the Asian region. Listed in London, the group operates with a capital-light model and uses equity-based incentive schemes to align management and board interests with those of shareholders, as part of its strategy to create long-term value in the upstream energy market.