Author: Fiona Craig

Shell (LSE:SHEL) issued a fourth-quarter 2025 trading update pointing to broadly stable production across its Integrated Gas and Upstream divisions, alongside seasonally weaker volumes in Marketing. Refining margins were slightly higher during the period, but this was offset by continued pressure on chemicals margins, leading the group to caution on overall segment performance.

The company expects its Chemicals & Products division to report adjusted earnings below break-even. Within this, the Chemicals sub-segment is forecast to record a sizeable loss, largely reflecting non-cash deferred tax adjustments linked to a joint venture, while Trading & Optimisation earnings are set to fall sharply compared with the previous quarter. Group cash flow from operations will also be negatively affected by around $1.5bn of working-capital outflows, primarily related to the timing of payments for German emissions certificates and routine German mineral oil tax settlements. In addition, group tax charges and segment results will be influenced by annual non-cash reassessments of deferred tax assets, including approximately $0.3bn of deferred tax impacts within Marketing and Chemicals joint ventures.

The update also outlined several structural changes with implications for future reporting. These include the consolidation of the Adura UK upstream joint venture, which will alter the timing of cash flows through dividend distributions, and the completion of a Canadian oil sands asset swap. The latter reduces oil sands production and lowers adjusted earnings in Chemicals & Products, while also decreasing non-controlling interests at the group level.

From a market perspective, Shell continues to be supported by a robust balance sheet and strong operational foundations, with valuation remaining attractive and recent earnings commentary broadly constructive. However, technical indicators suggest potential near-term weakness, while pressures on revenue growth and cash flow generation present ongoing risks to the outlook.

More about Shell (UK)

Shell plc is a global integrated energy company headquartered in the UK, operating across the oil and gas value chain. Its activities span integrated gas, upstream exploration and production, refining and petrochemicals, fuels and lubricants marketing, and a growing renewables and energy solutions business. Shell serves industrial, commercial and retail customers worldwide, with a strategic focus on liquefied natural gas, large-scale refining and chemicals, and the expansion of its lower-carbon energy portfolio.

Supermarket Income REIT plc (LSE:SUPR) declared an interim dividend of 1.545 pence per ordinary share for the quarter covering 1 October to 31 December 2025. The dividend will be paid entirely in cash on or around 27 February 2026 and will be treated as a Property Income Distribution to shareholders on the register as of 30 January 2026.

The decision to deliver the second quarterly payment wholly in cash, without offering a scrip alternative for the period, reflects the company’s emphasis on providing reliable and predictable income from its portfolio of grocery-backed assets. Management noted that a scrip option may be reconsidered for future distributions, as the group continues to position itself as a stable income vehicle within the essential food infrastructure sector.

From a market perspective, Supermarket Income REIT plc continues to benefit from steady financial performance and supportive corporate actions. Technical indicators point to positive momentum, while valuation remains attractive, underpinned by a high dividend yield. Recent strategic acquisitions and visible management confidence further strengthen the investment case.

More about Supermarket Income REIT Plc

Supermarket Income REIT plc is a FTSE 250-listed real estate investment trust with listings in London and Johannesburg. It is the only London-listed REIT dedicated exclusively to grocery properties that form part of national food infrastructure. The company focuses on omnichannel grocery stores serving both online and in-person shoppers, leased to leading supermarket operators across the UK and Europe. As at 30 June 2025, the group managed a portfolio valued at approximately £1.6 billion, generating long-dated, secure, inflation-linked rental income while targeting progressive dividends and long-term capital growth.

Dialight (LSE:DIA) reported continued momentum in its transformation programme, delivering a strong third-quarter performance driven by improved margins, reduced overheads and higher cash generation, despite ongoing softness in demand across several end markets. As a result, the company said it now expects adjusted operating profit for the year ending 31 March 2026 to come in ahead of market expectations.

The group has also fully repaid its $5.65m obligation to Sanmina ahead of schedule and is targeting further reductions in debt, supported by improving profitability and a significant reduction in inventory levels. Non-underlying costs have declined materially as the transformation plan progresses, helping to strengthen the financial profile and support further operational efficiencies.

From a market perspective, Dialight’s outlook reflects a combination of positive corporate developments and supportive technical momentum, tempered by lingering challenges in overall financial performance. Management’s strategic actions and internal improvements point to improving fundamentals, while technical indicators suggest bullish momentum. However, sustained profitability and cash flow generation remain key areas to watch as the turnaround continues.

More about Dialight

Dialight plc is a UK-headquartered global provider of sustainable LED lighting solutions for industrial and heavy industrial environments. Its products are designed to enhance safety and operational efficiency while reducing energy consumption and maintenance costs, serving customers across markets including Australia, Dubai, Germany, Malaysia, Mexico, Singapore, the UK and the United States.

Associated British Foods (LSE:ABF) reported a softer-than-anticipated start to the 2026 financial year, with pressure on both Primark and parts of its US food portfolio expected to result in adjusted operating profit and earnings per share falling below last year’s levels. At Primark, modest like-for-like sales growth and market share gains were achieved in the UK despite a challenging apparel environment, supported by continued investment in product quality, pricing and digital engagement.

However, trading conditions proved more difficult in continental Europe, where like-for-like sales declined sharply and higher markdown activity was required to clear inventory. As a result, overall sales growth at Primark undershot prior expectations, leading management to caution that the retailer’s full-year operating margin could trend towards around 10% if current conditions persist.

In the US, volatile consumer demand weighed on Primark footfall as well as on ABF’s cooking oils and bakery ingredients businesses. The group now expects its Grocery and Ingredients divisions to deliver moderately lower adjusted operating profit in 2026, while its Sugar and Agriculture segments remain broadly in line with previous guidance. Taken together, these trends point to broadly flat group revenue for the year and a more cautious near-term outlook, despite management reiterating confidence in the group’s longer-term strategy and growth initiatives.

From a market perspective, Associated British Foods retains a solid financial base and strong operational discipline, but faces ongoing challenges around revenue momentum and cash generation. Technical indicators present a mixed picture, while valuation appears reasonable and supported by a moderate dividend yield. Commentary from the latest earnings update highlighted progress on strategic priorities alongside continued pressures, particularly within the sugar division and European retail markets, resulting in an overall balanced but cautious outlook.

More about Associated British Foods

Associated British Foods plc is a diversified international group with operations spanning grocery products, sugar, agriculture and speciality ingredients, alongside its value fashion retail business, Primark. The group serves mass-market consumers across the UK, Europe, the United States and other regions, with Primark acting as a key apparel growth engine and its food businesses focused on staple categories such as cooking oils, bakery ingredients and related products.

Amaroq Ltd. (LSE:AMRQ) reported that gold output from its Nalunaq mine reached approximately 6,600 ounces in 2025, exceeding the midpoint of the company’s initial guidance range of 6,000–7,000 ounces for the first year following the mine’s restart. After a temporary production pause during the fourth quarter, mining and processing activities have now resumed broadly in line with expectations. The company said it intends to publish its 2026 production guidance and updated financial outlook towards the end of February.

Alongside the operational update, Amaroq confirmed that an Impact Benefit Agreement covering social, environmental and sustainability commitments at Nalunaq has received approval from Greenlandic authorities. The agreement represents an important regulatory and community milestone, strengthening the project’s social licence to operate and highlighting the growing maturity of Greenland’s mining framework as Nalunaq moves into its next phase of development.

More about Amaroq Ltd.

Amaroq Ltd. is a mineral exploration and development company focused on Greenland, with activities spanning gold and strategic metals. Its flagship asset is the wholly owned Nalunaq Gold Mine, which is currently in production and ramp-up, supported by a pipeline of high-grade satellite gold targets across southern and western Greenland. Beyond Nalunaq, the company owns the Black Angel zinc-lead-silver project in West Greenland—historically one of the country’s highest-grade base metal operations—and controls a broad portfolio of strategic metal licences in South Greenland, including advanced copper, nickel, rare earth and other critical mineral projects such as Stendalen and the Sava Belt.

Coral Products (LSE:CRU) reported a markedly improved first-half performance for the six months ended 31 October 2025, reflecting a combination of organic growth and the successful integration of the Arrow Film & Foil Converters acquisition within its Flexible division. Group revenue increased by 21.5% to £19.2m, while total sales including intercompany activity rose 29.4% to £21.1m. Gross profit climbed 39.5% to £6.7m, enabling the group to move from a £1.3m pre-tax loss in the prior period to a modest profit.

Underlying operating profit advanced sharply to £1.31m, with underlying EBITDA more than doubling year on year. Performance was supported by a significant uplift in intercompany sales, aligned with the group’s vertical integration strategy, alongside operational efficiencies and improving gross margins across the Flexible, Rigid and Distribution divisions. Management pointed to structural improvements at Manplas, continued solid trading at Arrow and increased cross-selling within Distribution, including commercial orders for a single polymer lotion pump and new product development under the Eco-deck brand.

Despite the earnings recovery, the board chose not to declare an interim dividend, prioritising reinvestment, debt reduction and cash generation. Management reiterated an unchanged positive outlook for the full year, citing new contract wins and ongoing restructuring initiatives as drivers of further growth and a more sustainable return to profitability across the group.

From a market perspective, Coral Products’ outlook reflects a mix of improving financial performance and less supportive technical indicators. While valuation appears attractive, supported by a high dividend yield, concerns around cash flow discipline and weaker market momentum continue to weigh on sentiment.

More about Coral Products

Coral Products plc is a UK-based specialist manufacturer of technical and value-added polymer products, operating across both rigid and flexible plastics. The group supplies a wide range of packaging and product solutions to leading UK brands in sectors including food packaging, retail, personal care, household goods, construction, automotive and telecommunications. With five manufacturing sites and two distribution centres, Coral Products positions itself as an integrated provider of plastic-based components and packaging solutions.

Tern Plc (LSE:TERN) confirmed that investor presentation materials from its recent online event, featuring portfolio companies Device Authority and Talking Medicines, have been published and are now accessible via the company’s website, with a recording of the session set to follow shortly. The disclosures provide investors with direct access to management insights from the underlying businesses.

By making the presentations and event recording publicly available, Tern is seeking to improve transparency and strengthen engagement with shareholders. The materials offer a more detailed view of operational progress and future potential across its core IoT-focused investments, helping stakeholders better assess the portfolio’s development and strategic direction.

From a market perspective, the company’s outlook continues to be weighed down by weak financial performance, characterised by a sharp decline in revenue, substantial losses and negative operating and free cash flow. Technical indicators offer some near-term support, with positive momentum signals, although overbought conditions suggest increased downside risk. Valuation remains constrained by ongoing losses, reflected in a negative price-to-earnings ratio and the absence of a dividend.

More about Tern plc

Tern Plc is an AIM-quoted investment company focused on backing high-growth, early-stage businesses operating in the Internet of Things sector. Its portfolio includes companies such as Device Authority and Talking Medicines, which are active in specialised areas spanning IoT security, data management and digital health.

Cerillion (LSE:CER) announced that it has secured the largest contract in its history, signing an agreement valued at approximately £42.5m with Omantel, Oman’s leading integrated telecoms provider. Under the five-year subscription contract, Cerillion will deploy its complete BSS/OSS software suite, covering hosting, managed services and long-term operational support.

The contract was awarded following a competitive tender process in which Cerillion was assessed against significantly larger incumbent vendors. Management said the win reflects the strength of its product-led, full-service offering, which is designed to deliver lower total cost of ownership and greater operational flexibility. The deal is expected to underpin market forecasts for the 2026 financial year and beyond, while strengthening Cerillion’s credentials as a scalable partner for Tier 1 operators pursuing wide-ranging digital transformation initiatives. In Omantel’s case, the programme supports its ambition to become a regional technology leader in line with Oman Vision 2040.

From an investment perspective, Cerillion’s underlying fundamentals remain a key positive, supported by strong revenue growth, high margins and disciplined cash generation. However, technical indicators currently point to bearish momentum, weighing on near-term sentiment. Valuation appears reasonable but not sufficiently compelling on its own to fully offset the weaker technical backdrop.

More about Cerillion

Cerillion plc is a London-headquartered provider of mission-critical billing, charging and customer relationship management software, serving primarily telecommunications operators, with additional exposure to utilities and financial services. The group has around 70 customer installations across roughly 45 countries and operates development centres in India and Bulgaria, alongside sales operations in Continental Europe, the United States, Singapore and Australia. Cerillion has been listed on AIM since 2016, following a management buyout from Logica in 1999.

Mobile Streams plc (LSE:MOS) announced the completion of its acquisitions of Estadio Gana and Capital Media Sports, marking a key step in its strategic repositioning ahead of an imminent rebrand to Gana Media Group plc. The enlarged share capital has now been admitted to trading on AIM under the existing MOS ticker, with the formal name change expected to follow shortly.

Alongside the transactions, the company launched a new corporate website reflecting its forthcoming identity and confirmed that its issued share capital now totals 17.19 billion ordinary shares, each carrying full voting rights. Updated disclosures on director shareholdings were also released following warrant exercises and subscription reallocations, actions that further strengthen management’s equity participation as the group advances its Latin America-focused sports and media strategy.

From a market perspective, the company’s overall assessment remains constrained by continued operating losses and ongoing negative free cash flow, despite a strong rebound in revenue during FY2025 and healthy gross margins. Technical indicators remain a headwind, with the share price trading below key moving averages and a negative MACD signalling sustained downward momentum. Valuation metrics are difficult to justify given the absence of profitability, reflected in a negative P/E ratio and no stated dividend yield.

More about Mobile Streams

Mobile Streams plc, soon to be renamed Gana Media Group plc, is an AIM-quoted mobile content and data intelligence business focused on building an integrated sports, media and entertainment platform targeting the Latin American market. The group is repositioning its operations around sports and media assets as it seeks to expand its footprint and influence in this high-growth regional sector.

Reabold Resources (LSE:RBD) confirmed that Italy’s Ministry for the Environment and Energy Security has granted a formal favourable decree for the small-scale LNG development proposed by LNEnergy Limited at the Colle Santo gas project. The decision follows a positive opinion issued by the ministry in August 2025 and represents a significant regulatory step forward for one of Reabold’s core European gas investments.

The approval strengthens Reabold’s strategic positioning in supply-focused gas projects designed to support regional energy security. As the Colle Santo project progresses through its next phases, the regulatory milestone has the potential to underpin longer-term value creation for shareholders.

From a market standpoint, the company’s outlook continues to be constrained by weak financial metrics, including the absence of revenue, ongoing losses and negative operating and free cash flow. Technical indicators are comparatively more supportive, with an established upward trend and a positive MACD signal, although an overbought RSI points to some near-term caution. Valuation remains limited by loss-making performance, reflected in a negative price-to-earnings ratio and the absence of a declared dividend.

More about Reabold Resources

Reabold Resources plc is an investing company with a diversified portfolio of oil and gas exploration, appraisal and development assets. Its strategy is centred on building exposure to strategic gas projects that enhance European energy security, targeting relatively low-risk, near-term opportunities with clear routes to monetisation. Proceeds from asset realisations are intended to be returned to shareholders and recycled into future growth investments.