Author: Fiona Craig

3i Infrastructure PLC (LSE:3IN) published a performance update on Tuesday covering the period from October 1, 2025, to March 30, 2026, stating that the company remains on track to achieve its full-year return objective.

The portfolio is expected to generate returns of between 8% and 10%. FLAG delivered a strong performance during the period, supported by sustained demand for subsea connectivity driven by expanding AI-related data traffic. Infinis also exceeded EBITDA expectations set in September 2025, while Future Biogas performed solidly and could benefit further if gas prices continue to rise.

Joulz completed two bolt-on acquisitions that increased EBITDA by roughly 70%, marking an important milestone in the company’s strategy to expand into additional EU markets. Tampnet traded in line with expectations and continues to secure new fibre connectivity contracts across new geographic regions.

Not all assets performed as strongly. SRL delivered results below expectations and is currently undergoing a management transition following the appointment of a new CEO and CFO, alongside a review of the cost structure. Ionisos also came in slightly below forecast due to delays affecting two growth projects, while ESVAGT’s performance was impacted by a postponed delivery of a new service operation vessel (SOV).

On the financing side, 3i Infrastructure expanded its revolving credit facility by activating a £300 million accordion option to bridge proceeds from the sale of TCR. At the same time, the base £900 million facility has been extended by one year to June 2029. Total drawings under the £1.2 billion facility currently amount to £544 million.

After receiving proceeds from the TCR disposal and completing its investment in the Lefdal Mine Datacenter, the company’s pro-forma net cash position stands at approximately £201 million.

The company also confirmed its dividend target for FY26 at 13.45 pence per share, stating that the payout is expected to be fully covered despite the write-down related to DNS:NET.

Future Plc (LSE:FUTR) released a weaker-than-expected trading update for the first half of 2026 on Tuesday, reducing its full-year forecast by between 15% and 20% as it grapples with a sharper-than-anticipated drop in audience traffic originating from Google.

The Bath-based media group said direct advertising revenue is still expected to grow compared with last year. It also noted that declines in revenue at Go.Compare and within its B2B segment eased during the first half, with both divisions expected to return to growth in the latter part of the year.

However, the shift away from Google-driven traffic has weighed heavily on some of the company’s most profitable revenue streams, particularly programmatic advertising and e-commerce activity.

Future now expects first-half EBITDA margins to come in between 24% and 25%, compared with margins of around 30% in fiscal 2025.

Looking at the full year, the company said it now anticipates organic revenue in the second half to fall by a low-single-digit percentage compared with the same period last year. This marks a reversal from earlier guidance that had projected modest organic revenue growth concentrated in the second half.

The company also revised its EBITDA margin expectations for fiscal 2026, now forecasting a range of 25% to 27%, down from its previous outlook that margins would remain broadly stable at around 30%.

AG Barr (LSE:BAG) reported annual profits ahead of market expectations on Tuesday and signalled stronger revenue growth in the year ahead, supported by expansion in the energy and health drinks segments that helped absorb slightly higher costs linked to the Middle East conflict.

The Scottish beverage producer, known for Irn-Bru, posted adjusted pretax profit of £65.8 million for the financial year ended January 31. That represents a 12.5% increase from the previous year and slightly exceeds the £65.4 million consensus forecast compiled by LSEG.

Group revenue increased 4% to £437.3 million, while adjusted earnings per share reached 44.24 pence.

AG Barr also reported an adjusted return on capital employed of 20.4% and an adjusted operating margin of 14.8%.

“This was a year of significant strategic progress in which we also delivered on our targeted financial metrics,” CEO Euan Sutherland said. “We have strengthened the foundations of the business and stepped up our investment in brand development, commercial capability and our operations to ensure we can consistently sustain high levels of performance.”

The results highlight the company’s ongoing shift toward faster-growing beverage categories. Over the past year, AG Barr sold its Strathmore water brand and redirected the proceeds toward energy and wellness products. As part of that strategy, the company acquired Frobishers Juices, adding a fruit juice label to a portfolio that already includes Boost energy drinks and the Rubicon juice brand.

Looking ahead, Sutherland said AG Barr expects revenue to grow by a low double-digit percentage in the 2026/2027 financial year, marking a clear acceleration from the 4% increase recorded in the most recent year.

The company added that it aims to “consistently deliver” annual revenue growth of at least 4%, maintain operating margins between 14% and 16%, and achieve a return on capital employed in the range of 19% to 21% over the long term.

Regarding the broader economic backdrop, AG Barr said the ongoing Middle East conflict has had only a limited direct impact on its operations, mainly through higher energy costs. The company noted that it has no direct revenue exposure to the region.

Pantheon Infrastructure PLC (LSE:PINT) delivered solid results for the 2025 financial year, with net asset value rising to £611m, equivalent to 130.4p per share. The company generated a NAV total return of 14.4%, supported by underlying portfolio growth of 15.5% on invested capital.

The investment trust also increased its total dividend to 4.346p per share and improved cash dividend cover to 1.1x. Strong share price performance helped narrow the discount to NAV, with market capitalisation rising to £508m following a 26.8% total shareholder return during the year.

During the period, the company continued executing its strategy of capital recycling and value realisation. It agreed a conditional sale of its stake in U.S. power producer Calpine, marking the trust’s first realisation since its initial public offering. Pantheon Infrastructure also completed a new investment and partial realisation in Intersect Power, committing £30m to the renewable energy platform.

The trust now has £620m invested or committed across a diversified portfolio of infrastructure assets. In addition, it retains approximately £120m of available liquidity, supported by an extended revolving credit facility running through to 2029. Management believes this financial flexibility positions the company to benefit from structural demand across digital and energy infrastructure sectors while maintaining a progressive dividend policy and a defensive profile amid macroeconomic volatility.

Despite the strong reported profits and portfolio performance, the company’s outlook is somewhat constrained by persistently negative operating and free cash flow. However, technical indicators remain supportive, with the share price showing an upward trend across key moving averages. Valuation also appears attractive, with a relatively low price-to-earnings ratio and a dividend yield of around 3.9%, further supported by the recent uplift in NAV.

More about Pantheon Infrastructure PLC

Pantheon Infrastructure PLC is a London-listed closed-ended investment trust providing investors with access to a global portfolio of infrastructure assets through direct co-investments. Its portfolio spans sectors such as digital infrastructure, power and utilities, renewable energy, energy efficiency, and transport and logistics. The trust focuses on assets with long-term contracted cash flows, inflation-linked revenues and conservative leverage. It is managed by Pantheon, a private markets specialist known for its diversified and defensive investment approach in infrastructure.

Anpario (LSE:ANP) delivered a strong performance in 2025, reporting revenue growth of 24% to £47.2m while profit before tax rose 54% to £8.0m. The results were supported by improved gross margins and solid cash generation across the business.

Growth during the year was driven in part by the first full-year contribution from U.S.-based Bio-Vet, alongside 12% like-for-like sales growth across Anpario’s existing operations. The company also benefited from strong demand for its higher-margin natural feed additives across key markets in the Americas, Europe and Asia.

The improved financial performance allowed the group to increase its total dividend by 11%, reflecting confidence in the strength of its cash flow and long-term growth strategy. Management highlighted that the results reinforce Anpario’s shift toward premium, sustainable animal nutrition products, even as the business navigates ongoing geopolitical and logistical challenges affecting global supply chains.

From an investment perspective, Anpario’s outlook is supported by strong financial performance and positive corporate developments. Technical indicators also suggest a favourable trend, while the company’s valuation appears reasonable relative to its growth profile. The absence of additional earnings call details does not materially affect the overall positive outlook.

More about Anpario

Anpario plc is an independent producer of natural and sustainable feed additives designed to improve animal health, nutrition and biosecurity in global agricultural markets. The company’s product portfolio includes higher value-added solutions such as Orego-Stim and Optomega Algae, which target improved animal performance and welfare. Anpario has also expanded its presence in the United States and broadened its species coverage through the acquisition of Bio-Vet Inc.

Jubilee Metals (LSE:JLP) reported a strong first half for FY2026, with copper production increasing 8.7% to 1,543 tonnes as operational improvements and expansion projects supported higher output. The company also reported a significantly improved safety performance during the period.

The improved results were driven in part by the Roan concentrator upgrade, which is now fully operational, while expansion work at the Molefe Mine progressed despite weather-related interruptions. Financial performance strengthened considerably, with copper revenue rising 70.5% to $14.1m and gross profit climbing to $3.1m. Group EBITDA returned to positive territory with a profit of $2.0m.

Jubilee invested $11.8m in capital expenditure across its Zambian copper operations during the period. The group also reported a net cash position of $11.5m, supported by proceeds from the disposal of its South African assets. Those disposals helped reduce debt and provided funding to support the company’s strategic shift toward expanding its Zambian copper platform.

Following the reporting period, the company continued advancing its Large Waste Project acquisition and secured additional supplies of higher-grade copper ore. Construction of new concentrate dewatering facilities at Roan is also nearing completion, a development expected to increase copper cathode production at the Sable refinery by more than 100 tonnes per month.

Jubilee said its full-year copper production guidance of 4,500 to 5,100 tonnes is currently under review due to heavy rainfall, changes to the mine plan at Molefe and a short delay in commissioning the new dewatering infrastructure. Despite these near-term challenges, management highlighted that the streamlined asset base, unencumbered processing plants and deferred consideration still to be received from the South African asset sale provide financial flexibility as the company builds an integrated copper platform in Zambia.

However, the company’s broader outlook remains constrained by underlying financial pressures. Recent financial performance has deteriorated significantly, with falling revenues, negative profitability and continued negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD signal, although oversold conditions may provide some short-term support. Valuation metrics offer limited reassurance as the company remains loss-making and does not currently provide a dividend yield.

More about Jubilee Metals Group

Jubilee Metals Group is an integrated copper producer and resource development company focused on Zambia following the sale of its South African chrome and platinum group metals operations. The group operates the Roan concentrator, the Sable refinery and the Molefe Mine, and is transitioning from a processing-led model toward a resource-backed mining strategy centred on scalable, low-cost copper production.

Severfield (LSE:SFR) said it expects underlying profit before tax of around £10.2m for the 2026 financial year, broadly in line with current market expectations. The company also anticipates net debt of approximately £28m by year-end, which would come in significantly better than consensus forecasts and leave roughly £39m of headroom within its financing facilities.

The group reported a UK and Europe order book of £438m, while its Indian operations have reached a record order book of £331m. Expansion work at its Gujarat facility remains on schedule. However, softer market conditions and increasing pricing pressure—particularly across the UK and European markets—have pushed the start of several major projects into the latter part of FY27.

Looking ahead, Severfield now expects underlying profit before tax for FY27 to fall within the range of £12m to £15m. The guidance reflects a cautious outlook as the company navigates macroeconomic and geopolitical uncertainty, delayed project mobilisation and ongoing pricing challenges across key markets.

New management has begun implementing a strategic review aimed at strengthening the business and improving long-term performance. As part of this process, the group has already taken steps to exit its non-core Modular Solutions division. Meanwhile, remediation work on bridge projects is continuing, with substantial insurance recoveries expected to offset associated costs.

Management believes these measures will help safeguard margins, maintain operational utilisation and support longer-term growth, particularly in the Indian market where demand for structural steel solutions remains strong.

Despite these strategic efforts, Severfield’s outlook remains constrained by declining revenues and weaker profitability. While some technical indicators and corporate developments offer limited positives, valuation metrics and liquidity pressures continue to weigh on investor sentiment. The company’s relatively high dividend yield and alignment of management incentives with shareholder interests nevertheless provide some potential support for future improvement.

More about Severfield

Severfield is the UK’s leading structural steel specialist, providing design, fabrication and construction services across a wide range of sectors including industrial, commercial, stadia, leisure, data centres, retail, healthcare, education, nuclear, power and transport. The company operates six production facilities with an annual capacity of around 150,000 tonnes and employs approximately 1,800 people. In India, Severfield participates in the growing structural steel market through a joint venture with JSW Steel.