Author: Fiona Craig

Knights (LSE:KGH) has reported a strong first-half performance for the six months ended 31 October 2025, with underlying revenue increasing 30% to £103.2m and a return to organic growth of around 3%. Underlying profit before tax rose 12.5% to £16.4m, while cash conversion reached a robust 122%, despite margin pressure from higher payroll taxes, increased interest costs and continued investment in technology and artificial intelligence.

The group continued to execute its scale-up strategy through targeted acquisitions and office upgrades, further expanding its presence across the Midlands, South East and Cardiff. Client and staff retention improved, with annualised churn reduced to 9%, alongside ongoing enhancements to operational management and technology infrastructure. These initiatives have left Knights well positioned to deliver further organic growth in the second half of the financial year, with management reiterating confidence in achieving full-year results in line with market expectations.

On a reported basis, profit before tax declined due to higher non-underlying costs linked to acquisitions, while net debt increased to £75.2m, reflecting investment activity and deal-related cash outflows.

Overall, Knights Group Holdings Plc’s outlook is supported by strong corporate execution and solid underlying financial performance. Robust cash generation and strategic progress underpin the growth story, although elevated leverage and bearish market momentum highlighted by technical indicators introduce elements of risk.

More about Knights Group Holdings Plc

Knights Group Holdings Plc is a fast-growing national legal and professional services business and ranks among the UK’s top 50 law firms by revenue. Operating under a corporate structure rather than a traditional partnership since 2012, the firm provides specialist legal and professional services across corporate and commercial law and private wealth. Knights focuses on key regional markets outside London, operating through a network of 32 offices across the Midlands, North of England, South East, South West and Wales.

Union Jack Oil (LSE:UJO) has announced the appointment of two new non-executive directors with immediate effect, as part of a board refresh aimed at strengthening governance and strategic oversight. Senior energy executive Dr Donald Zac Phillips has joined as an independent Non-Executive Director and Senior Independent Director, while John Americanos, a chartered certified accountant and significant shareholder, has been appointed as a Non-Executive Director.

As part of the changes, Craig Howie has stepped down from the board. The reconstituted board is expected to benefit from Dr Phillips’s extensive technical and strategic experience in the oil and gas sector, alongside Mr Americanos’s financial and property expertise. Together, these additions are intended to support Union Jack Oil’s growth ambitions and governance framework during a critical phase for its onshore operations in both the UK and the United States, against a backdrop of challenging industry conditions.

From an investment perspective, the company’s outlook is underpinned by a strong and low-risk balance sheet, with zero debt, and a track record of sustained profitability since 2022. However, sentiment is tempered by a recent decline in operating profitability and ongoing volatility in free cash flow. Technical indicators also weigh on the outlook, reflecting a clear downtrend and negative momentum, while valuation signals remain weak or difficult to interpret due to a negative price-to-earnings ratio and the absence of a stated dividend yield.

More about Union Jack Oil

Union Jack Oil plc is an onshore hydrocarbon production, development and exploration company with operations focused on the UK and the United States. The company’s shares are traded on AIM in London and on the OTCQB market in the US. Union Jack Oil is focused on onshore oil and gas assets and aims to navigate the broader structural and cyclical challenges facing the industry across its core geographies.

Nanoco Group plc (LSE:NANO) has lodged an answer and counterclaims in the US District Court for the Eastern District of Virginia against Shoei Chemical Inc. and Shoei Electronic Materials, Inc., alleging infringement of multiple US patents related to its quantum dot technology. The filing responds to an earlier declaratory judgment action by Shoei, which sought confirmation of non-infringement following its 2023 acquisition of the majority of assets from rival quantum dot producer Nanosys.

Nanoco’s action targets a supplier that is integrated into the global technology supply chain and forms part of the group’s broader strategy to protect and monetise its intellectual property portfolio. The company is being represented by Dallas-based intellectual property law firm Caldwell, Cassady and Curry and has confirmed that the litigation will be funded from existing cash resources. The case is expected to proceed to trial in 2026. Management has highlighted the action as a continuation of its IP enforcement approach following previous successful outcomes against Samsung and LG, while also cautioning investors that litigation carries inherent risks and uncertain financial outcomes.

From a market perspective, Nanoco’s outlook remains weighed down by weak financial fundamentals, including ongoing losses, negative cash flow metrics and balance sheet pressure. Although recent earnings commentary provided some constructive strategic updates, technical indicators and valuation measures continue to reflect bearish sentiment. Progress in areas such as the image sensor market and efforts to reduce cash burn are viewed positively, but these factors are currently overshadowed by broader financial and market challenges.

More about Nanoco Group plc

Nanoco Group plc is a London Stock Exchange–listed company specialising in the development and manufacture of cadmium-free quantum dots and other nanomaterials based on its proprietary technology platform. The company supplies advanced materials for use in displays, electronics and other high-technology applications, serving customers across global markets.

Corero Network Security (LSE:CNS) has indicated that it expects to deliver full-year 2025 revenue at the top end of its guidance range, with EBITDA coming in ahead of expectations, after strong second-half trading compensated for a slower start to the year. Annual recurring revenue increased by 23% to $23.9m, while order intake rose 20% to $33.8m, reflecting growing demand for the SmartWall ONE and CORE platform offerings.

The performance was underpinned by continued momentum in subscription-based sales and the expansion of DDoS Protection-as-a-Service deployments. Full-year revenue increased by around 4% to approximately $25.5m, while EBITDA is expected to exceed $1.3m. The balance sheet remains solid, with net cash of $4.0m and no debt, supported by a customer retention rate of 98%.

Management characterised 2025 as a transitional year, as the group accelerates its shift toward a more predictable, recurring revenue model. While this transition resulted in lower EBITDA compared with the prior year, it is intended to lay the foundations for higher-quality growth and improved profitability from 2026 onwards. This trade-off between near-term margins and long-term value creation is likely to remain a key focus for investors, particularly those assessing cash generation and scalability in the cybersecurity sector.

From an outlook perspective, Corero benefits from solid underlying financial delivery and supportive corporate developments that point to future growth potential. However, bearish technical indicators and valuation pressure linked to negative earnings continue to weigh on sentiment. While strategic progress and strong contract wins are encouraging, sustained improvements in profitability and cash flow remain important execution priorities.

More about Corero Network Security

Corero Network Security is a London-headquartered cybersecurity company specialising in distributed denial of service (DDoS) protection. The group provides automated detection and mitigation, network visibility, analytics and reporting solutions designed to protect complex edge and subscriber environments and ensure service availability. Corero operates from centres in Marlborough, Massachusetts, and Edinburgh, and is listed on AIM in London and on the US OTCQX market, serving global service providers and enterprises requiring real-time DDoS defence.

Futura Medical (LSE:FUM) has announced highly positive early feasibility results for WSD4000, its topical gel candidate for female sexual dysfunction, following a small 12-patient study. The trial demonstrated statistically and clinically meaningful improvements across the Female Sexual Function Index, including measures of arousal, lubrication, pain, orgasm and overall satisfaction, in both pre- and post-menopausal participants.

The data also showed a rapid onset of genital sensation, strong performance across Female Sexual Encounter Profile endpoints and good overall tolerability. Based on these findings, the company plans to advance WSD4000 into further development, including a sham- or placebo-controlled sensory study and a larger 200-subject home-use trial during 2026. If successful, this programme could support the development of what Futura believes may become the first regulatory-approved, over-the-counter treatment for female sexual dysfunction, addressing a large and historically underserved global market.

From an investment perspective, the outlook remains constrained by a sharply reduced FY2025 outlook highlighted at the most recent earnings update, alongside a relatively short cash runway and weak technical trend indicators. These risks are partly balanced by the company’s return to profitability in FY2024 and a debt-free balance sheet, although ongoing negative free cash flow continues to temper overall financial quality.

More about Futura Medical

Futura Medical plc is a UK-based consumer healthcare company focused on the research, development and global commercialisation of innovative, topically delivered gel formulations for sexual health. Its lead over-the-counter product, Eroxon, is a topical treatment for erectile dysfunction and is supported by distribution partnerships across major markets including the United States and Europe. The group’s development pipeline includes WSD4000 and Eroxon Intense, targeting unmet needs in female and male sexual dysfunction.

Oxford Nanopore Technologies (LSE:ONT) has reported a strong trading performance for 2025, with full-year revenue expected to reach approximately £223–224 million. This represents growth of around 22% on a reported basis and 24% at constant currency, modestly ahead of the company’s prior guidance.

Revenue growth was broad-based across both regions and end markets. All major geographic areas delivered constant-currency growth of more than 20%. By end market, Clinical revenue led performance with growth of around 60%, followed by BioPharma at roughly 30% and Applied Industrial at about 27%. Research revenue increased by approximately 15%, despite ongoing funding pressures in that segment. Product demand was particularly strong for the PromethION platform range, which recorded year-on-year growth of more than 40%, highlighting continued uptake of the company’s high-throughput sequencing systems.

Oxford Nanopore also noted continued progress toward profitability and closed 2025 with around £302 million in cash and liquid investments, exceeding market expectations and providing a robust financial base to support its long-term strategy. The company is scheduled to release its preliminary results for the year ended 31 December 2025 on 2 March 2026, alongside a management presentation and question-and-answer session.

From an investment perspective, the outlook reflects a balance between encouraging operational momentum and ongoing financial and technical challenges. While revenue growth and a strategic emphasis on improving profitability are positive signals, broader market conditions and current financial metrics continue to present meaningful risks.

More about Oxford Nanopore Technologies PLC

Oxford Nanopore Technologies PLC is a life sciences and biotechnology company that has developed nanopore-based sensing technology enabling real-time, high-performance analysis of DNA and RNA. Its sequencing platforms are deployed in more than 125 countries across research, clinical, biopharma, applied industrial and pathogen surveillance applications, with potential uses spanning healthcare, food and agriculture.

Plus500 (LSE:PLUS) has reported full-year 2025 revenue of approximately $792m and EBITDA of around $348m, both exceeding market expectations. EBITDA rose by roughly 8% on a constant-currency basis compared with 2024, while cash balances stood at about $0.8bn at year end, despite the distribution of roughly $380m to shareholders over the period.

The group highlighted continued progress in shifting its client base toward longer-term, higher-value customers. Customer acquisition costs declined by more than 10%, and around half of OTC revenue is now generated by clients who have been trading on the platform for more than five years. Active customer numbers were broadly stable, reflecting a focus on quality rather than volume.

Strategically, Plus500 strengthened its position in the U.S. futures market through two significant B2B partnerships. These included acting as clearing partner for CME Group’s new prediction market platform launched in collaboration with FanDuel, and becoming the exclusive clearing and technology provider for Topstep Brokerage. Together, these agreements underline Plus500’s evolution into a scaled market infrastructure provider. The company also expanded its OTC operations with new regulatory licences in the UAE and Canada, and established its first presence in Latin America through a representative office in Colombia. Management highlighted the scarcity and breadth of its global licensing footprint as a key competitive advantage and a marker of regulatory credibility.

Capital allocation remained firmly shareholder-focused, with total returns of $365m in 2025, including $200m of share buybacks. This performance has left Plus500 as the best-performing stock in the FTSE All-Share on a total return basis since its IPO in 2013, reinforcing confidence in continued financial strength and strategic momentum into 2026.

Overall, Plus500 continues to demonstrate strong financial delivery and supportive technical indicators, underpinned by disciplined capital returns and strategically important partnerships. A relatively low valuation multiple and attractive dividend yield add to the investment case, although the absence of recent earnings call commentary limits visibility on management’s longer-term outlook.

More about Plus500

Plus500 is a global multi-asset fintech group operating proprietary, technology-driven trading platforms. The company offers contracts for difference (CFDs), share dealing, and futures and options on futures. It is highly regulated, holding 16 operating licences across major jurisdictions including the UK, U.S., Europe, Asia-Pacific, the Middle East and Latin America, and provides access to more than 2,500 underlying financial instruments for retail customers in over 60 countries via web and mobile platforms.

Bow Street Group (LSE:BOW) has reported signs of stabilisation in trading for the year ended 28 December 2025, with like-for-like revenue increasing by more than 1.3% during the key four-week Christmas trading period. The company said full-year results are expected to be in line with market expectations.

After completing a £10.1m equity raise, implementing a company name change and refreshing its leadership team, the group has initiated a wide-ranging operational reset. This includes the rollout of more than 280 improvement initiatives across the business, the exit of a marginally profitable Gerrards Cross lease on favourable cash terms, and the introduction of new employee and share option incentive schemes. Bow Street has also begun refurbishing an initial six restaurants and rolling out updated menus, aimed at mitigating the impact of rising wage and business rate costs expected from April 2026. Early trading performance at refurbished locations has been described as encouraging.

In addition, the group confirmed it is in constructive discussions regarding the potential acquisition of scalable restaurant brands. Together, these actions position 2026 as a year focused on rebuilding and transformation for the business.

From an investment standpoint, the outlook remains cautious due to ongoing financial and technical pressures. High leverage and negative equity continue to pose risks to balance sheet stability, while technical indicators point to a bearish trend despite oversold conditions. Valuation metrics remain unattractive, reflecting continuing losses and the absence of dividend support.

More about Bow Street Group

Bow Street Group plc, listed on AIM, owns and operates the Wildwood and dim t casual dining restaurant brands in the UK. The group manages a mixed portfolio of long and short leasehold sites, offering European and Asian cuisine, and is pursuing a strategy centred on operational improvement and selective acquisitions within the UK restaurant sector.

CelLBxHealth plc (LSE:CLBX) has announced a series of board changes, including the immediate appointment of Peter Collins as chief executive officer. The company has also strengthened its non-executive leadership with the appointments of Klaas de Boer, Kim Oreskovic and Benjamin Hart as non-executive directors, while current non-executive director Joseph Eid is set to step down at the end of January 2026.

Executive chair Jan Groen said the expanded board brings additional life sciences, commercial and strategic expertise at a pivotal point for the business. The leadership refresh is intended to support the pursuit of new strategic opportunities and enhance long-term shareholder value, as CelLBxHealth continues the commercial rollout of its Parsortix circulating tumour cell (CTC) platform and related services.

From a market perspective, the company’s outlook remains constrained by significant financial pressures and bearish technical indicators, which represent the most influential factors for sentiment. Although recent corporate developments and progress highlighted in earnings communications provide some support, concerns around financial performance and valuation continue to weigh heavily on the overall outlook.

More about CelLBxHealth plc

CelLBxHealth plc, listed on AIM under the ticker CLBX, is a circulating tumour cell intelligence company delivering CTC-based solutions for research, drug development and clinical oncology. Its patented Parsortix platform isolates circulating tumour cells from blood samples and integrates with existing laboratory systems, enabling downstream applications such as whole-cell imaging, proteomic profiling and genomic analysis. The company generates revenue through sales of the Parsortix system and consumables, provision of laboratory services for clinical trials and assay development, and lab-developed tests supported by strategic partnerships, with services delivered from its GCLP-certified laboratory in the UK.

EARNZ plc (LSE:EARN) has reported that its first full-year results for the period to 31 December 2025 are in line with market expectations, marking a solid performance around 18 months after the company’s formation in 2024 and the rollout of its buy-and-build strategy. Over the period, the group successfully integrated its 2024 acquisitions of Cosgrove & Drew and South West Heating Services, both of which exceeded consolidated forecasts during 2025.

The 2025 acquisition of A&D Carbon Solutions has also contributed positively, supporting delivery of a major retrofit and renewables contract in Bradford while extending the group’s footprint into commercial solar projects. In parallel, EARNZ launched National Retrofit Solutions to target insurance-led insulation work, alongside Warm Low Living, which is focused on regional public-sector retrofit programmes. More recently, the group has secured additional public-sector contract awards in Dorset and Leeds, which management expects to support sustainable, long-term growth, despite the significant capital investment made into acquisitions and new subsidiaries since listing in August 2024.

From an investment perspective, the company’s outlook remains weighed down by weak financial performance and challenging valuation metrics, reflecting ongoing pressure on profitability and cash flow management. Technical indicators also point to bearish sentiment. While recent corporate progress and contract wins provide some encouragement, they are currently insufficient to fully counterbalance the underlying financial and technical headwinds.

More about EARNZ plc

EARNZ plc is a UK-listed group operating in the energy efficiency and retrofit market. The company provides insulation and ventilation upgrades, renewable energy solutions and commercial solar installations, serving residential and non-residential property portfolios across public sector, private sector and insurance-backed markets.