Author: Fiona Craig

Auction Technology Group Plc (LSE:ATG) said on Thursday that revenue in its Industrial & Commercial (I&C) division fell during the October–December period, even as the group exceeded its overall growth guidance. Total revenue rose 7.2% at constant currency, driven entirely by continued strength in the Arts & Antiques (A&A) segment.

The London-listed group reiterated its full-year outlook for pro forma constant currency revenue growth of 4–5%, alongside an adjusted EBITDA margin of 34.5–35.5%. Management described the financial year as weighted towards the first half, reflecting the rollout of new shipping capabilities in the second half.

Within Arts & Antiques, gross merchandise volume increased during the quarter, supported by shipping enhancements and a positive contribution from the Chairish acquisition. The company said Chairish is expected to generate annual synergies of around $8 million. The board also noted it would consider restarting share buybacks towards the end of the financial year.

However, the decline in I&C revenue drew concern from analysts. RBC Capital Markets analyst Ross Broadfoot described the weakness as “a large concern,” adding that “it appears the business is becoming more reliant on A&A to offset weakness in I&C.”

At the same time as ATG’s update, FitzWalter Capital issued a separate statement outlining discussions around a potential sale of the I&C division, creating differing narratives around events. In ATG’s own statement, chief executive Jon-Paul Savant said he is “confident that ATG has a bright future and will remain a sector leader in both A&A and I&C divisions.”

The board confirmed it “has received preliminary expressions of interest to acquire its I&C business” and that it “evaluated those in the ordinary course of business” while being “mindful of its fiduciary duties.” It added that the approaches “did not progress beyond initial discussions.”

FitzWalter’s account contrasted with this position. According to its statement, on October 6, 2025, “The Chairman of ATG confirms to FitzWalter during a telephone call that the Company had engaged in serious meetings with one third party regarding the potential sale of the I&C division, and that the hope is to announce the disposal at the Company’s full year results.” FitzWalter said the chairman indicated that any proceeds would be used “to pursue a greater scale A&A opportunity through M&A with active conversations underway,” with Chairish described as “a first step.”

FitzWalter also said that on October 17, 2025, it attended “a ’management presentation’ regarding the potential I&C disposal delivered by John-Paul Savant and Sarah Highfield (respectively, CEO and CFO of ATG).”

Broadfoot said that “the ATG and FitzWalter statements re I&C are inconsistent and need further clarification as do the drivers of the decline in this side of the business, which may explain why there was at least a thought about whether it remains part of the group.”

RBC Capital Markets reiterated a “sector perform” rating on the shares with a price target of 310 pence. The stock closed at 339.50 pence. The broker values the group at around 7 times forward EV/EBITDA, noting that the current one-year forward multiple of 7.5 times is close to a historic low.

Computacenter PLC (LSE:CCC) issued an early full-year trading update, highlighting performance that came in materially ahead of expectations across revenue, profitability, cash generation and order intake.

The UK-listed IT services group reported that gross invoiced income increased by 31% year on year in 2025, or 32% at constant currency. This was around 14% ahead of market expectations, according to Jefferies. Profitability also strengthened, with adjusted profit before tax now expected to be at least £270 million, implying growth of no less than 6% versus last year and around 6% above consensus forecasts.

“This growth has been delivered while absorbing additional investments, additional employee-related costs, and lower interest income following the buyback,” Jefferies analyst Charles Brennan said.

By region, the US led performance, with strong growth across both hyperscaler and enterprise customers. This more than offset softer trading conditions in France, while trends in the UK and Germany continued to show improvement.

Cash generation was another key highlight. Year-end adjusted net funds were around £600 million, equivalent to roughly 20% of the company’s market capitalisation. Management attributed this in part to early customer payments, alongside cash outflows related to the AgreeYa acquisition.

“However, this clearly highlights a strong balance sheet position, which continues to provide strategic optionality,” Brennan said.

Looking ahead, Computacenter pointed to robust order intake, particularly in the US. The committed order backlog across all regions is described as “significantly” ahead of levels seen at the end of 2024 and in mid-2025, underpinning confidence in continued organic growth and strategic progress into 2026.

Brennan described the update as positive “on all fronts,” citing the scale of the beat versus consensus and the strength of cash flow. He added that there is potential for upgrades to 2026 forecasts and reiterated a Buy rating, arguing that the shares remain among the cheapest in the sector given the company’s balance sheet strength and earnings momentum.

“The shares should respond well to the announcement,” he said.

Atalaya Mining (LSE:ATYM) said on Thursday that copper production in the fourth quarter of 2025 came in ahead of expectations, with output exceeding analyst forecasts by around 3%, rounding off a strong performance for the year as a whole.

The company is now expected to deliver full-year 2025 EBITDA of approximately €183 million, representing a 175% increase compared with the prior year and around 8% above earlier estimates. The improved outcome reflects stronger-than-anticipated production volumes alongside favourable provisional pricing effects.

Atalaya also closed the fourth quarter with a solid financial position, reporting net cash of €122 million, underpinned by robust cash flow generation throughout 2025.

For 2026, the group has guided to copper production of between 50,000 and 54,000 tonnes, with volumes weighted towards the second half of the year. While this outlook was lighter than some expectations, prompting analysts to trim their 2026 volume assumptions to around 52,000 tonnes from 54,000 tonnes previously, sentiment remains constructive.

Despite the softer production guidance for 2026, analysts have lifted their average EBITDA and earnings per share forecasts for the 2025–2027 period by 2% and 3% respectively, pointing to the strong fourth-quarter delivery and improved cash flow profile as key drivers.

Forterra PLC (LSE:FORT) said on Thursday that full-year revenue for 2025 rose to around £386 million, up 12% from £344.3 million in 2024, supported mainly by increased sales volumes across the business.

The group reported that adjusted EBITDA was broadly in line with market forecasts, reflecting continued margin improvement. Adjusted profit before tax and adjusted earnings per share exceeded expectations, helped by lower interest costs and reduced depreciation charges.

Brick sales remained Forterra’s most resilient product category during the year, although quarterly growth rates eased as the year progressed.

The company also made notable progress in strengthening its balance sheet. Net debt before leases fell to approximately £56 million, down from £84.9 million a year earlier, bringing leverage to about 1x adjusted EBITDA and in line with management’s targeted range.

Further detail on capital allocation and strategic priorities is expected to be provided alongside the company’s full-year results, scheduled for 11 March 2026.

“Longer term market fundamentals remain attractive with a shortage of housing, a strong desire within Government to address this, and a constrained supply of essential building products,” said Neil Ash, Chief Executive Officer of Forterra.

Operationally, Forterra continued to outperform the broader brick market. Its brick despatches grew faster than the 6% increase in UK domestic brick despatches recorded over the 11 months to November 2025, according to figures from the Department for Business and Trade. Management attributed this outperformance to the company’s strong exposure to housebuilding, with brick market share continuing to recover towards historic levels.

Looking ahead, Forterra said it remains too early to gauge the full impact of the November 2025 Budget and the mid-December 2025 interest rate cut on customer demand. Nevertheless, the group remains confident that recent investments in additional production capacity leave it well positioned to benefit from longer-term structural growth drivers and an eventual market recovery.

Shares in Ubisoft (EU:UBI) fell sharply on Thursday after the French video game publisher revealed it is undertaking a “major organizational, operational, and portfolio reset,” alongside plans to cancel six titles. Among the projects being scrapped is the long-awaited remake of the 2003 action-adventure classic Prince of Persia: The Sands of Time.

The company also confirmed delays to seven additional games “in order to ensure enhanced quality benchmarks are fully met and maximize long-term value creation.” One of the affected titles had previously been scheduled for release in 2026 but has now been pushed back to the following year.

In a delayed market open, shares in the creator of the “Assassin’s Creed” franchise dropped by almost 30%, making Ubisoft the worst performer on the SBF 120 index, which tracks the most actively traded stocks in Paris.

Zotefoams plc (LSE:ZTF) delivered a strong 2025 performance, reporting unaudited revenue growth of 7.2% to £158.5m and a record 37.9% increase in adjusted profit before tax to £21.1m, both comfortably ahead of market expectations. The result was supported by a robust fourth quarter and particularly strong contributions from its EMEA and North American operations.

Demand was especially strong in the Consumer & Lifestyle segment, with footwear a notable growth driver. Alongside this, the group continued to execute on its strategic initiatives, including preparations to transition to 3D midsole production at a new manufacturing facility in Vietnam and the ongoing integration of its OKC acquisition. Management said these initiatives are designed to support longer-term growth across key end markets.

Zotefoams also reinforced its financial position, maintaining low leverage and securing an expanded £90m multicurrency revolving credit facility. The enhanced funding capacity is intended to support continued organic investment and selective M&A opportunities in line with the group’s growth strategy.

Looking ahead, Zotefoams’ outlook is underpinned by strong recent corporate execution and healthy cash generation. These positives are tempered by concerns around valuation and profitability metrics, with a high P/E ratio and net losses weighing on sentiment. Nevertheless, management believes its strategic investments and acquisition-led growth provide a solid foundation for longer-term value creation.

More about Zotefoams

Zotefoams plc is a London Stock Exchange-listed global leader in supercritical fluid foam technology, producing lightweight AZOTE and high-performance ZOTEK foams using nitrogen expansion processes. The group serves customers across Consumer & Lifestyle, Transport & Smart Technologies, and Construction & Other Industrial markets. It also manufactures T-FIT advanced insulation products and operates from its headquarters in Croydon, UK, with additional manufacturing and conversion sites in the United States, Poland, Spain and China.

Harbour Energy (LSE:HBR) reported a sharp increase in operational scale during 2025, with average production rising 84% to 474,000 barrels of oil equivalent per day. The uplift reflected the full-year contribution from the Wintershall Dea assets and strong operational execution across the portfolio. Unit operating costs fell by around 20% to $13 per boe, while greenhouse gas intensity improved to 14 kgCO₂ per boe.

Financial performance strengthened alongside higher output. Revenue increased to $10.3bn and EBITDAX reached approximately $7.1bn, supporting free cash flow of $1.1bn for the year. Net debt was reduced to $4.4bn as the company progressed key development projects in Norway, Argentina, Mexico and Egypt, advanced carbon capture and storage initiatives in Denmark, and delivered exploration success in both Norway and Egypt.

Strategically, Harbour completed the integration of the Wintershall Dea portfolio and continued to streamline its asset base, exiting non-core positions in Vietnam and selected licences. During the year, the group announced three notable transactions: divestments in Indonesia, a UK acquisition of Waldorf that unlocks cash and tax losses, and a $3.2bn acquisition of LLOG Exploration in the US Gulf of Mexico. The latter is expected to add a long-life, oil-weighted operated portfolio and further diversify the company’s production base.

Looking ahead to 2026, before the impact of the pending transactions, Harbour is guiding to production of 435,000–455,000 boepd, operating costs of around $13.5 per boe, capital expenditure of $1.7–1.9bn and free cash flow of roughly $600m at current price assumptions. Management said it is targeting another year of solid operational delivery, further balance sheet strengthening and, subject to deal completion, a move towards 500,000 boepd by the end of the year alongside a lower effective tax rate.

Overall, Harbour Energy’s outlook is supported by strong operational execution and strategic actions aimed at enhancing shareholder value, including share buybacks. These positives are partly offset by a negative P/E ratio and bearish technical indicators, which continue to weigh on sentiment. A high dividend yield and constructive earnings call commentary provide some support, although profitability pressures remain an area of focus.

More about Harbour Energy

Harbour Energy is an independent oil and gas exploration and production company with a geographically diversified portfolio spanning the UK, Norway, Germany, Argentina, Mexico, North Africa and Southeast Asia. Its production mix is broadly balanced between liquids and natural gas, with an increasing focus on high-return, short-cycle projects and lower-carbon operations, including carbon capture and storage, to support free cash flow generation and resilience in evolving energy markets.

B&M European Value Retail S.A. (LSE:BME) reported modest sales growth in the third quarter, with group revenue up 2.9% year on year and 3.6% for the year to date. Trading benefited from strong seasonal demand and a return to like-for-like growth in the core B&M UK estate during December and early January.

Despite the improved sales momentum, the retailer reduced its full-year adjusted EBITDA guidance to a range of £440m–£475m, down from the previous £470m–£520m forecast. The downgrade reflects increased investment in price, an accelerated clearance of discontinued ranges and a broader stock clean-up as part of its “Back to B&M Basics” reset programme. Profitability at Heron Foods continues to lag expectations and the business remains under strategic review.

Operationally, B&M is pressing ahead with a wider rollout of SKU rationalisation and stock-availability initiatives following pilot trials. B&M France continues to deliver solid growth in a competitive retail environment, while the group is also implementing recommendations from an external review into a previously disclosed overseas freight cost systems issue. Management said these actions reinforce a renewed focus on operational discipline and financial controls, even as near-term margins remain under pressure.

Looking ahead, the outlook for B&M reflects a balance of strengths and challenges. Valuation metrics are supportive, with a low P/E ratio and an attractive dividend yield suggesting the shares may be undervalued. These positives are tempered by bearish technical signals, which point to potential short-term volatility. Financial performance remains stable overall, but continued attention to leverage and cash flow management will be important as the reset programme progresses.

More about B&M European Value Retail S.A.

B&M European Value Retail S.A. is a FTSE 250-listed variety goods value retailer operating 791 B&M-branded stores across the UK, 343 convenience outlets under the Heron Foods and B&M Express banners, and 146 B&M stores in France. Founded in 1978 and listed in London in 2014, the group specialises in discount general merchandise and fast-moving consumer goods, serving price-conscious consumers in the UK and French markets.

Tritax Big Box REIT plc (LSE:BBOX) reported a strong operational performance in 2025, underpinned by active asset management, steady development progress and a growing focus on data centres, leaving the group confident as it moves into 2026. Contracted rent increased to £360.9m, including £14.2m generated through asset management initiatives, alongside solid like-for-like rental growth. During the year, the company integrated a £1.04bn portfolio acquired in October and continued capital rotation, completing £415.5m of disposals, largely from non-strategic UKCM assets.

The logistics development pipeline also advanced, with 1.8 million square feet under construction, more than half of which is already pre-let. A further £8.9m of rent is currently under offer, with additional lettings in advanced negotiations. New planning consents and development starts are targeting yields on cost of around 7–8%, supporting future income growth.

Tritax has also accelerated its expansion into data centres, agreeing terms on a major 107MW pre-let at Manor Farm near Heathrow, which is expected to deliver a yield on cost of around 9.3%. Beyond this project, the group holds rights over a broader UK data centre pipeline of approximately 1GW of potential capacity. Management highlighted structural tailwinds from both logistics and data infrastructure demand as key drivers of its long-term strategy.

The balance sheet remains a core strength, with 28% embedded rental reversion, total vacancy of just 5.6%, a weighted average unexpired lease term of 10.2 years, loan-to-value of 33% and an upgraded A3 credit rating. Against this backdrop, Tritax said it remains on track with its ambition to grow adjusted earnings by around 50% by 2030.

Overall, Tritax Big Box REIT’s outlook is supported by strong financial performance, attractive valuation metrics and positive corporate developments highlighted in recent updates. Technical indicators also point to a supportive trend, although management acknowledged that higher leverage and wider market vacancy levels represent areas to monitor.

More about Tritax Big Box REIT

Tritax Big Box REIT plc is the UK’s largest listed investor in high-quality logistics warehouse assets and controls the country’s largest logistics-focused land platform. The FTSE 250 real estate investment trust focuses on owning and actively managing modern, well-located logistics facilities, typically let on long-term, upward-only leases to institutional-grade tenants. The group is increasingly targeting power-enabled sites capable of supporting both logistics operations and large-scale data centre developments across the UK.