Author: Fiona Craig

Victoria PLC (LSE:VCP) has agreed to a €34.4 million sale-and-leaseback of its Belgian distribution centre to Avantage Property Holding BV, while continuing to operate the facility as the primary European hub for Balta Rugs following the relocation of most manufacturing to Turkey.

The transaction price significantly exceeds the asset’s net book value, enabling the company to unlock capital while maintaining uninterrupted operations at a strategically important logistics site.

Net cash proceeds from the deal will initially remain on the balance sheet. Together with the disposal of two additional surplus properties, the funds are expected to fully cover exceptional costs and capital expenditure tied to the transfer of rug manufacturing to Turkey.

Management said the production relocation and capacity expansion at Balta’s Turkish facility are expected to be completed during the current financial year. Once operational, the changes are intended to improve efficiency and support Victoria’s goal of increasing earnings and cash flow per share.

Despite these operational initiatives, Victoria’s broader outlook remains constrained by financial pressures, including declining revenue, substantial losses and a highly leveraged balance sheet with negative equity. Technical indicators show some support through strong momentum trends, although overbought signals suggest potential near-term volatility. Management commentary has highlighted efforts to improve EBITDA and margins, but high net debt levels and macroeconomic headwinds continue to weigh on the company’s investment case, with valuation metrics remaining unappealing amid ongoing losses.

More about Victoria

Victoria PLC is an international manufacturer and distributor of flooring products headquartered in Worcester, U.K., and listed on AIM. Founded in 1895, the group produces and supplies carpets, underlay, ceramic tiles, luxury vinyl tiles, artificial grass and related flooring accessories across Europe, the United States and Australia. The company is Europe’s largest carpet manufacturer and the leading producer of underlay in both Europe and Australia, operating more than 30 facilities and employing over 5,000 people worldwide.

Zinc Media Group (LSE:ZIN) has received a recommission from the BBC for a second season of its quiz programme The Celebrity Inner Circle, which will return to BBC One and BBC iPlayer with an expanded order of eight 45-minute episodes.

The show is produced in Scotland by Zinc’s Tern label and blends celebrity contestants with members of the public in a competitive quiz format. The recommission supports the Group’s strategy of strengthening its entertainment offering alongside its established factual and branded content production.

Zinc will continue to hold the rights to the programme and underlying format, while BBC Studios will oversee international distribution. This arrangement could open opportunities for further revenue through overseas sales and format licensing. The new season also adds to Zinc’s growing slate of returning intellectual property, which can help provide greater visibility on future revenues.

Separately, the company confirmed that it will publish its full-year 2025 financial results on 16 April 2026. A live investor presentation will follow the announcement, giving both existing shareholders and potential investors the chance to hear directly from management.

Zinc Media’s broader outlook continues to reflect financial pressures, including profitability constraints and elevated leverage. Nonetheless, developments such as new strategic initiatives and successful programme launches may support longer-term growth prospects. Market indicators currently point to a bearish technical trend, while valuation metrics underscore the company’s ongoing financial challenges.

More about Zinc Media

Zinc Media Group plc is an international producer of television and digital content, specialising in premium factual programming, entertainment formats and branded storytelling for broadcasters and streaming platforms worldwide. Through a collection of specialist production labels, including Scotland-based Tern TV, and a dedicated distribution division, the Group creates documentaries, television series and digital productions for audiences in the UK, the Middle East and global markets.

Gold prices advanced for a fourth consecutive day in European trading on Wednesday, helped by a softer U.S. dollar as investors evaluated signals that the conflict between the United States and Iran could move toward a resolution.

Spot gold gained 1.6% to $4,742.67 per ounce by 07:20 ET (11:20 GMT), while U.S. gold futures rose 2.0% to $4,770.80.

The precious metal had surged 3.5% in the previous session as the dollar weakened, though it still recorded a decline of more than 11% for the month of March.

Trump says U.S. could leave Iran conflict within 2–3 weeks

Gold’s latest gains followed remarks from U.S. President Donald Trump, who said Washington could withdraw from the Iran conflict within “two to three weeks.” The statement raised hopes that the war, which has lasted more than a month, could soon de-escalate. However, uncertainty about the timeline and the terms of any settlement continued to keep markets cautious.

In Tehran, state media reported that President Masoud Pezeshkian said Iran is willing to bring the conflict to an end, while reiterating several key demands, including assurances that the country would not face further attacks.

A weaker U.S. dollar also provided support to bullion prices, as it makes gold cheaper for investors using other currencies. The U.S. dollar index, which tracks the greenback against a basket of major currencies, was last down 0.5%.

Expectations that tensions could ease also helped push oil prices, which remain elevated after weeks of conflict, slightly lower. That development eased some fears that a spike in energy costs could fuel inflation and potentially prompt central banks to raise interest rates. Gold, which does not pay interest, often struggles in environments where rates are rising.

Investors are now watching upcoming U.S. economic releases, particularly Friday’s nonfarm payrolls report, for further clues about the direction of monetary policy and currency markets.

Among other precious metals, silver slipped 0.4% to $74.85 per ounce, while platinum rose 1.2% to $1,976.83 per ounce.

Oil prices eased from recent multi-year highs during European trading on Wednesday, briefly dropping below the $100-per-barrel level after U.S. President Donald Trump suggested Washington may soon wind down its military campaign against Iran.

Brent crude for June delivery, the global benchmark, was down 1.7% at $102.25 per barrel. Since the war began in late February, Brent has climbed as high as roughly $120 per barrel, compared with about $70 before the conflict started.

Meanwhile, U.S. West Texas Intermediate crude fell 2.4% to $98.92 per barrel.

Speaking on Tuesday, Trump said the United States could exit the conflict within “two to three weeks,” adding that Iran would not necessarily need to reach a formal agreement for hostilities to end.

The president also repeated that discussions with Tehran are progressing, although Iranian officials have often pushed back on that claim. Still, Iran acknowledged that communication channels between the two sides remain open, and the country’s president said Iran has the “necessary will” to bring the war to a close if it receives assurances that it will not face further attacks.

The White House added that Trump will address the nation on Wednesday to deliver an “important update on Iran.”

Earlier this week, the Wall Street Journal reported that Trump had told advisers he would consider ending U.S. military action against Iran even if the Strait of Hormuz—a critical passageway that carries roughly one-fifth of the world’s oil supply—remains largely closed.

Tanker traffic through the strait has nearly halted amid fears of Iranian attacks on ships, keeping pressure on global oil prices. Analysts have warned that if the strait remains blocked for an extended period, or if Iran imposes tolls on vessels passing through the waterway, oil prices could stay elevated in the near term.

U.S. crude inventories rise unexpectedly – API

Separately, data from the American Petroleum Institute (API) showed that U.S. crude stockpiles rose by 10.26 million barrels last week, far exceeding expectations for a 1.3-million-barrel draw and following the previous week’s 2.3-million-barrel increase, suggesting softer demand conditions.

API chief executive Mike Sommers highlighted the broader supply risks tied to the ongoing conflict.

According to Sommers, reopening the Strait of Hormuz remains “the critical piece” needed to stabilize global energy markets, warning that without the restoration of shipping flows, oil prices could continue rising across major consuming regions.

Tesla (NASDAQ:TSLA) appears to be heading for another positive month in Europe, with early registration figures indicating strong growth in several countries including France and Denmark.

The electric vehicle maker delivered 17,664 vehicles in February, representing 11.8% year-on-year growth, and the first data released for March across Europe suggest that the company’s sales recovery is continuing. The improvement follows a difficult period last year when Tesla lost nearly half of its European market share amid rising competition and controversy linked to the political stance of CEO Elon Musk.

Preliminary figures published today show registrations in France jumping 203.1% compared with the same period in 2025, marking the company’s first month of growth since October. Tesla registered 9,569 vehicles, narrowly below its all-time monthly record of 9,572 units set in December 2023.

In Denmark, registrations climbed 144% to 1,447 vehicles, according to data from bilstatistik.dk. In Sweden, registrations increased 96% to 1,784 vehicles, based on figures released by Mobility Sweden.

Registration data for Italy, Spain, Norway, Portugal and the Netherlands are expected later today.

Deliveries remain Tesla’s key metric

Despite growing attention on Elon Musk’s push into artificial intelligence, robotaxis and humanoid robotics, vehicle deliveries remain the core measure of Tesla’s performance.

Analysts’ consensus estimates suggest the company will deliver around 365,645 vehicles in the first quarter of 2026. That would represent an increase from the 336,681 units delivered in the same quarter last year, when production was temporarily disrupted by Model Y factory retooling. However, it would still fall short of the 418,227 vehicles delivered in the fourth quarter, implying year-over-year growth of roughly 8–9%.

At the same time, the forecast implies a sequential decline of about 12.5–13% compared with the previous quarter. Such fluctuations are common in the automotive industry due to seasonal demand, though they have also been amplified by stronger competition and softer demand in major markets including China, the United States and Europe.

Most of the expected deliveries will likely come from Tesla’s core models. Analysts project 351,179 units of the Model 3 and Model Y, reflecting continued consumer preference for these vehicles.

Long-term delivery targets

Looking further ahead, Tesla is projected to deliver 1,689,691 vehicles in 2026, representing 3.3% growth compared with the previous year. This projection is part of Tesla’s broader strategy to expand annual deliveries to 3.032 million vehicles by 2030.

Reaching that goal will require significant expansion of manufacturing capacity, the launch of additional models and continued expansion into new markets.

The company’s first-quarter delivery results will therefore be closely watched as an indicator of Tesla’s ability to sustain growth in an increasingly competitive electric vehicle market.

Energy division becoming more important

Tesla’s diversification strategy, particularly in energy generation and storage, could become an increasingly important driver of future growth.

With 14.4 GWh of energy storage installations recorded in the first quarter of 2026, Tesla continues to expand beyond its automotive business. Industry projections suggest installations could reach up to 65.2 GWh annually, positioning Tesla as both a car manufacturer and a major energy technology company.

This segment could help offset potential slowdowns in vehicle sales.

Competitive pressure intensifies

Nevertheless, Tesla continues to face significant challenges. Demand in several major markets remains uncertain, while competition—particularly from Chinese automakers such as BYD—is intensifying.

Investor caution is reflected in Tesla’s share price, which has fallen about 20% since the beginning of the year. Markets will closely monitor the company’s official delivery figures, scheduled for release on April 2, 2026, to gauge Tesla’s progress toward its growth targets.

Analysts warn of possible delivery declines

Although Tesla’s European registrations rose in February—marking the first annual increase since December 2024—rival BYD expanded even faster, more than doubling its registrations and nearly matching Tesla’s 1.8% market share. Volkswagen and Stellantis also reported higher sales, according to Reuters.

“I’m seeing a decline,” Morningstar analyst Seth Goldstein told Reuters, referring to Tesla’s major markets and warning that deliveries could weaken further this year.

According to Sam Fiorani of AutoForecast Solutions, recent updates to the Model 3 and Model Y have not been significant enough to attract buyers away from newer and cheaper competitors.

Tesla shifts attention beyond vehicle deliveries

Tesla has increasingly attempted to shift investor focus away from delivery numbers. In January, the company said production of its Cybercab robotaxi remains on schedule for this year and announced a $2 billion investment in Musk’s AI startup xAI.

Meanwhile, Tesla’s energy generation and storage business reported record revenue of $3.84 billion in the fourth quarter, representing 25.5% growth.

“Tesla is entering a transition phase,” Investing.com analyst Thomas Monteiro told Reuters, noting that investors are increasingly focused on future product launches rather than traditional delivery figures.

Concerns over cash usage

If deliveries fall short of expectations or if Tesla introduces further price cuts to support demand, investors may begin focusing more closely on the company’s cash burn.

According to Morgan Stanley analyst Adam Jonas, Tesla could burn through more than $8 billion in 2026, Reuters reported. This comes despite the company finishing 2025 with $44.06 billion in cash, cash equivalents and investments.

Robotaxi timeline still uncertain

Tesla’s plans for a robotaxi service also remain uncertain. In February, Reuters reported that Tesla had not logged a single test mile with autonomous vehicles in California in 2025 and had not yet applied for permits required to operate a commercial driverless ride-hailing service.

By comparison, Waymo, Alphabet’s autonomous vehicle unit, completed more than 13 million test miles before receiving approval to charge passengers for fully driverless rides.

Investors focused on delivery trends

For now, investors appear relatively calm as long as Tesla’s vehicle sales do not deteriorate significantly.

Gene Munster of Deepwater Asset Management summarized the current sentiment when he told Reuters: “Zero growth would be a ‘win’ for Tesla.”

However, he warned that a sharper decline in deliveries would quickly change the outlook, adding: “that would be a problem.”

BP (LSE:BP.)’s newly appointed chief executive Meg O’Neill told employees on Wednesday that she intends to bring stability to the company while stepping up efforts to improve performance, according to a staff memo reviewed by Reuters. Her appointment comes a year after BP shifted its strategy back toward oil and gas.

O’Neill officially assumed the role on Wednesday, becoming BP’s fourth CEO since 2020 and the company’s first external leader in more than 100 years. She is also the first woman to head one of the world’s five largest oil companies.

Previously a senior executive at Australia’s Woodside Energy and Exxon Mobil, O’Neill takes charge as BP moves away from a strategy that heavily emphasized renewable energy investments.

“Clear direction and consistency”

“I believe we can safely accelerate performance and drive innovation, sustainability and growth,” O’Neill said in the staff note seen by Reuters. “I’m committed to providing clear direction and consistency so we can move forward together with confidence.”

She joins BP alongside new chairman Albert Manifold, who took up the position in October and has emphasized the need to further reshape the company’s asset portfolio to improve returns. Manifold has faced pressure from activist investor Elliott Investment Management, one of BP’s largest shareholders, which has criticized the company’s recent performance.

As part of BP’s restructuring efforts, Manifold recently announced a streamlined board of directors. Among those stepping down was former Shell chief financial officer Simon Henry, with the company saying a smaller board would enable quicker decisions and stronger oversight during its strategic overhaul.

BP has already scaled back billions of dollars in planned renewable energy investments, while committing to sell $20 billion in assets by 2027 and reduce both debt and costs. The company’s net debt declined to $22 billion from $26 billion in the fourth quarter of last year, and BP reaffirmed its target to bring that figure down to between $14 billion and $18 billion by 2027.

The company also halted its share buyback programme in February as it focuses on reducing debt and directing more investment toward oil and gas developments.