Author: Fiona Craig

Gaming Realms (LSE:GMR) delivered record financial results for 2025, reporting revenue of £31.4m, up 10% year-on-year, while adjusted EBITDA rose 15% to £15.0m. Growth was driven primarily by a 13% increase in licensing income and improved margins, which expanded to 48%. Strong cash generation boosted the company’s year-end cash position to £17.8m, enabling further investment in game development, the launch of a £6.0m share buyback programme and continued expansion of its Slingo content portfolio and third-party distribution platform.

During the year, the group strengthened its global presence by releasing 12 new proprietary Slingo titles and signing 40 additional operator partners. Gaming Realms also entered several new regulated markets, including Delaware in the United States and multiple jurisdictions across South America, Europe and Africa. Momentum has continued into early 2026 with launches in Peru, Nigeria, Ghana and Kenya, new content produced by Lucky Lunar Studio and ongoing expansion of its core licensing business, reinforcing the company’s role as a major international provider of iGaming content.

The company’s outlook is supported by strong financial fundamentals, including a healthy balance sheet and effective cash flow generation. The share buyback programme also adds to shareholder value. However, technical indicators point to some bearish momentum in the share price, and the absence of a dividend yield may make the stock less appealing to income-focused investors.

More about Gaming Realms

Gaming Realms is a UK-listed developer and licensor of mobile-first iGaming content, widely recognised for its Slingo-branded games that combine elements of slots and bingo. The company operates across key hubs including the UK, the U.S., Canada and Malta, distributing both proprietary and third-party titles through its remote gaming server platform to regulated markets worldwide, with North America representing its largest licensing market.

Abingdon Health (LSE:ABDX) has been awarded contracts worth about £4.8m by a U.S.-based customer to develop and scale multiple multiplex quantitative lateral flow assay systems capable of detecting several biomarkers within human samples. The project will run for 27 months and will begin immediately. It covers full programme oversight, regulatory process management, and both analytical and clinical performance services, delivered through milestone-based work packages that could expand further as the programme progresses.

The contracts will be executed across Abingdon’s sites in York and Madison, drawing on the expertise of its regulatory businesses CS Lifesciences and IVDeology, alongside analytical and performance testing support from Abingdon Analytical in Doncaster. The agreement strengthens the company’s role as an integrated CDMO and CRO partner for the development and manufacture of lateral flow diagnostics, enhancing its commercial pipeline while highlighting demand for its end-to-end service offering among international med-tech clients.

The company’s outlook reflects mixed financial signals. While revenue growth has been strong, profitability and cash flow remain under pressure. Technical indicators point to a largely neutral share price trend without strong momentum. Valuation metrics are also relatively weak due to a negative price-to-earnings ratio and the absence of a dividend yield, resulting in a broadly moderate overall assessment.

More about Abingdon Health PLC

Abingdon Health plc is a UK-based med-tech contract service provider focused on rapid diagnostic technologies. The company operates as a contract development and manufacturing organisation (CDMO), delivering services that include lateral flow assay development, regulatory support, technology transfer and manufacturing. Its solutions support a range of markets, including infectious diseases, clinical and companion diagnostics, animal health and environmental testing across global markets.

Jarvis Securities (LSE:JIM) released interim results for the six months to 31 December 2025 highlighting its ongoing transition toward a full wind-down. Underlying revenue, excluding exceptional items, dropped 74.6% year-on-year to £1.6m, while losses before tax on the same basis widened significantly. However, reported earnings were lifted by a £9m gain from the disposal of the company’s retail execution business, resulting in headline profitability and an improved earnings per share.

The group’s income from interest continues to decline as client balances gradually reduce. In addition, dividend distributions from its subsidiary remain restricted by the Financial Conduct Authority. Management is focused on executing an orderly wind-down, which includes assessing the potential sale of the company’s remaining property assets. The board is also considering cancelling the company’s AIM listing and returning surplus capital to shareholders once the wind-down process has been finalised.

Looking ahead, the company’s position is supported by strong underlying financial stability, characterised by solid profitability and low leverage, along with very low valuation metrics. However, the outlook is tempered by weak technical momentum in the share price and uncertainty around cash generation, with free cash flow reported at zero for 2024.

More about Jarvis Securities

Jarvis Securities plc operates in the financial services sector through its wholly owned subsidiary, Jarvis Investment Management Limited. The business historically provided retail trade execution and investment administration services. Following regulatory challenges and a strategic review, the company sold its core retail execution division and is now focused on an orderly wind-down of its remaining activities while seeking to realise residual value for shareholders.

Big Technologies (LSE:BIG) reported a 12% rise in annual recurring revenue to £52.4m for 2025, while revenue increased 3% year-on-year at constant currency to £49.7m. Excluding the termination of a significant contract in Colombia, revenue growth would have reached 9%. Adjusted EBITDA fell to £24.6m, reflecting shifts in margin mix and increased management investment. On a statutory basis, the group recorded an operating loss of £23.0m and a loss per share of 8.0p, driven partly by exceptional legal and foreign exchange costs. Despite this, the company maintained a strong cash position of £93.4m, even after completing a sizeable litigation settlement shortly after the year-end.

During the year, the company restructured its leadership team and significantly expanded its presence in the United States. Big Technologies secured 16 new contracts spanning 10 U.S. states, pushing U.S. annual recurring revenue up by 40%. Deployment of its Alcotag alcohol monitoring devices also increased sharply, rising 274% to 1,664 units. The group introduced its AlcoBreath device and continued advancing its AI-powered Eagle monitoring platform. In partnership with Sonda SA, it also won a seven-year contract with Chile’s Gendarmerie, expected to generate around $26m, reinforcing the company’s foothold in the growing electronic offender monitoring market despite a year characterised by boardroom changes and legal disputes.

The company’s outlook is supported by strong underlying financial quality, including solid profitability and a balance sheet with minimal leverage. However, recent declines in revenue and free cash flow weigh on the near-term picture. From a technical perspective, the share price trend remains positive, though indicators such as RSI and stochastic readings suggest the stock may be overbought. Valuation metrics remain less supportive given the negative P/E ratio and absence of dividend yield data.

More about Big Technologies PLC

Big Technologies plc is an AIM-listed UK company specialising in electronic monitoring technologies for the criminal justice sector, operating primarily through its Buddi brand. The business provides integrated hardware and software solutions on a subscription-style model, delivering monitoring tools such as tracking tags and alcohol monitoring devices to government and justice agencies in multiple regions. Its scalable platform is designed to support a range of offender management and monitoring programmes worldwide.

Altona Rare Earths (LSE:REE) has issued a Request for Proposals funded by the U.S. Trade and Development Agency (USTDA), inviting qualified U.S. firms to carry out metallurgical and process engineering work as part of a pre-feasibility study for its Monte Muambe rare earths project in Mozambique. The scope includes drilling to obtain metallurgical samples, extensive processing test programmes, environmental and commercial assessments, engagement with potential U.S. off-take partners, and the development of an updated financial model.

The initiative triggers a major technical workstream tied to the US$1.875 million USTDA grant and represents an important milestone in reducing the project’s technical and economic uncertainties. Advancing these studies should help move Monte Muambe closer to potential development while strengthening links with the U.S. rare earth supply chain. Running alongside Altona’s wider strategy of building partnerships in the U.S., the programme may also improve the project’s perceived value and support the company’s ambition to become a supplier of critical minerals.

The company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, continuing losses, persistent cash outflows and increasing leverage. However, technical indicators provide some support, with the share price trading above key moving averages and momentum indicators such as the MACD remaining positive. Valuation metrics offer limited backing given the absence of earnings and dividend information.

More about Altona Energy

Altona Rare Earths is a London-listed exploration and development company targeting critical raw materials projects across Africa. Its main asset, the Monte Muambe project in north-western Mozambique, hosts rare earth elements alongside fluorspar and gallium. The company also holds the Sesana copper-silver project in Botswana, giving it exposure to metals used in clean energy, advanced technologies, defence and industrial sectors.

At Monte Muambe, the company has already established a JORC-compliant rare earth resource, secured a 25-year mining licence and completed initial technical studies. Altona is also progressing plans to produce acid-grade fluorspar while assessing the potential recovery of gallium as a by-product, pursuing a strategy that combines near-term revenue opportunities with longer-term growth across a diversified critical minerals portfolio.

Oil prices slipped slightly during Asian trading on Friday and were heading toward a weekly decline as expectations of easing tensions in the Middle East trimmed the geopolitical risk premium that had lifted prices earlier in the week.

As of 20:46 ET (00:46 GMT), Brent crude futures for May delivery were down 0.5% at $107.50 per barrel, while West Texas Intermediate (WTI) crude futures fell 0.7% to $93.82 per barrel.

Both benchmarks were poised to end the week more than 4% lower.

Trump halts attacks on Iranian energy infrastructure for 10 days

U.S. President Donald Trump said he would suspend attacks on Iran’s energy facilities for 10 days after Tehran requested a pause.

Trump also said negotiations with Iran were “going very well,” raising hopes that diplomatic progress could help defuse tensions. Iranian officials, however, have taken a more guarded tone regarding the talks.

Media reports also indicated that Iran is reviewing a 15-point peace plan proposed by the United States. The proposal reportedly includes broad restrictions on Iran’s nuclear and military programs in return for sanctions relief and potential steps toward reducing hostilities.

These developments helped calm concerns about potential supply disruptions in the Middle East, particularly around the Strait of Hormuz — a key shipping route through which a large share of the world’s oil passes.

Oil markets have experienced sharp swings in recent weeks as tensions between the United States, Israel and Iran escalated.

However, repeated signals pointing to possible de-escalation have triggered pullbacks, as traders reconsider the likelihood and scale of any supply disruptions. Earlier this week, crude prices fell sharply after Trump postponed previously planned strikes.

“Any credible de escalation could trigger a renewed risk on move, but for now uncertainty remains elevated,” MUFG analysts said in a recent note.

U.S. stockpile data adds bearish pressure

Adding to the downward momentum this week, U.S. crude inventory figures from both industry and government sources pointed to a more comfortable supply environment.

Data from the American Petroleum Institute showed that crude inventories increased by around 2.3 million barrels last week.

Meanwhile, official figures from the Energy Information Administration showed stockpiles rising by 6.9 million barrels to about 456.2 million barrels — the highest level recorded since June 2024.

Gold prices advanced more than 2% during Asian trading on Friday, supported by a softer U.S. dollar and signs that geopolitical tensions may be easing after Donald Trump indicated that talks with Iran were making progress.

Spot gold rose 2.1% to $4,467.32 per ounce as of 02:41 ET (06:41 GMT), while U.S. gold futures climbed 1.1% to $4,457.6 per ounce.

Even with Friday’s gain, bullion remained under pressure for the week after dropping nearly 3% in the previous session, leaving prices on track for a weekly decline of around 0.5%.

Trump halts strikes on Iranian energy infrastructure

President Trump said on Thursday that the United States would suspend attacks on Iran’s energy facilities for 10 days after a request from Tehran, adding that negotiations were “going very well.”

The pause in military action reduced immediate demand for safe-haven assets, although it also weighed on the U.S. dollar, offering support to gold, which typically moves inversely to the greenback.

The U.S. Dollar Index slipped 0.1% after posting gains for three straight days.

Gold markets have experienced significant swings in recent weeks as the conflict in the Middle East disrupted the metal’s usual safe-haven behavior.

Earlier this month, a surge in oil prices sparked by supply disruptions tied to the Iran conflict raised concerns about a potential rise in global inflation.

Higher energy costs could keep inflation elevated and reinforce expectations that central banks will keep interest rates at higher levels for longer.

Silver and platinum rally

Oil prices edged lower on Friday and were on course for a weekly drop as diplomatic discussions aimed at reducing tensions gained momentum.

However, lingering uncertainty over the direction of the conflict and mixed signals about efforts to end the fighting continued to leave investors cautious.

Among other precious metals, silver climbed 2.6% to $68.75 per ounce, while platinum surged 3.5% to $1,901.60 per ounce.

Benchmark copper futures on the London Metal Exchange increased 1% to $12,254.95 per ton, while U.S. copper futures rose 1.1% to $5.53 per pound.