Author: Fiona Craig

Ilika plc (LSE:IKA) reported its half-year results, highlighting the achievement of several important technical and commercial milestones across both its Stereax and Goliath solid-state battery programmes, despite lower revenues and a wider EBITDA loss over the period.

Within the Stereax programme, the company completed process qualification and began production at Cirtec Medical’s manufacturing facility in the United States. Ilika also started delivering M300 prototype samples, secured an initial revenue-generating purchase order for Stereax electrodes, and continued active discussions with 21 customers spanning medical and industrial applications. These steps mark tangible progress as Stereax moves closer to scaled commercial deployment.

Progress was also reported on the Goliath programme. Ilika’s 2Ah solid-state prototypes were validated by a customer as being among the leading solutions currently available, while the company commissioned its new 1.5MWh pilot line. In addition, the first 10Ah Goliath prototypes were shipped to customers for evaluation, with management highlighting their potential for significant cost and weight reductions per electric vehicle. This expanded the Goliath evaluation pipeline to 27 customers across the automotive, appliance and defence sectors.

From a financial perspective, Ilika recorded £0.6m in revenue, entirely from grant income, and an EBITDA loss of £3.2m. The group ended the period with £6.9m in cash following a £4.2m fundraising. Management noted that existing DRIVE35 grant funding is expected to be fully utilised in early 2026, while future grant support may be less predictable—an area investors are likely to monitor as the company advances toward full commercialisation and potential gigafactory-scale adoption.

Overall, Ilika’s outlook continues to be shaped by financial pressures and bearish technical signals. However, ongoing strategic progress in solid-state battery technology and deepening engagement with industry partners underpin longer-term growth potential. While valuation remains constrained by negative earnings, recent corporate developments point to the possibility of meaningful improvement over time.

More about Ilika plc

Ilika plc is a UK-based developer and commercialiser of solid-state battery technology, specialising in ceramic-based lithium-ion designs that offer enhanced safety, thermal stability and recyclability compared with conventional batteries. The company focuses on two core product families: Stereax miniature solid-state batteries for medical implants, industrial wireless sensors and specialist IoT uses, and larger-format Goliath cells aimed at electric vehicles and cordless appliances. Its business model centres on intellectual property development, pilot-scale manufacturing and licensing into high-performance markets.

Pharos Energy plc (LSE:PHAR) reported 2025 working interest production of 5,398 boepd, with volumes broadly split between Vietnam at 4,095 boepd and Egypt at 1,303 bopd. The group generated estimated revenue of around $115m during the year, remained debt free, and ended 2025 with approximately $40m in cash following the receipt of a $20m payment from Egypt’s EGPC.

Operational momentum was maintained through progress on a fully funded six-well offshore drilling programme across the TGT and CNV fields in Vietnam, alongside the securing of a two-year exploration extension on Blocks 125 and 126. In Egypt, Pharos agreed improved fiscal terms under a consolidated concession arrangement and completed 3D seismic acquisition at North Beni Suef. The company also continued to return capital to shareholders, paying $6.5m in dividends during 2025 and confirming an interim dividend for the 2025 financial year.

Looking ahead, Pharos has lifted its 2026 production guidance to a range of 5,200–6,400 boepd. The group expects to complete its Vietnam drilling campaign during the year, where appraisal success could increase Vietnamese output by up to 20% and reduce risk around future developments. In parallel, a six-well drilling programme is planned in Egypt, supported by a $50m capital expenditure budget designed to balance growth investment with ongoing shareholder distributions.

Overall, the outlook reflects a combination of steady financial performance and meaningful strategic progress highlighted during the results presentation. While technical indicators point to some bearish momentum, valuation appears reasonable and the dividend yield remains attractive. The continued focus on disciplined growth alongside shareholder returns is viewed as a key positive.

More about Pharos Energy

Pharos Energy plc is an independent energy company listed on the London Stock Exchange, focused on sustainable growth and delivering returns to shareholders. The group operates a portfolio of production, development and exploration assets in Vietnam and Egypt and is cash generative and debt free. Its core assets include offshore oil and gas fields such as TGT and CNV in Vietnam, as well as Egyptian concessions including El Fayum and North Beni Suef, operated in partnership with local entities under enhanced fiscal terms.

Strategic Minerals plc (LSE:SML) has raised £4 million through a placing and subscription involving 307.7 million new shares priced at 1.3 pence. The fundraising attracted interest from UK and overseas institutional investors, family offices and ultra-high-net-worth individuals. In addition, the company issued 7.5 million shares in settlement of adviser fees, taking total voting share capital to approximately 2.68 billion shares.

The net proceeds are earmarked to fast-track development of the Redmoor tungsten–tin–copper project in Cornwall. Plans include a 16,000-metre infill drilling campaign and the expansion of the on-site project team, with drilling expected to begin this quarter. Management said the programme should substantially complete the work required for a prefeasibility study. The company also pointed to supportive market conditions, citing rising tungsten prices, tightening supply, and Redmoor’s position as the highest-grade undeveloped tungsten resource in Europe as key factors underpinning its decision to accelerate progress toward potential production.

Looking ahead, Strategic Minerals’ outlook is supported by positive corporate activity and a marked financial recovery during 2024. That said, technical indicators point to only moderate momentum, while the elevated P/E ratio suggests possible valuation pressure. Limited insight from earnings call disclosures also constrains visibility on near-term management expectations.

More about Strategic Minerals

Strategic Minerals plc is an AIM-quoted international mineral exploration and production company with projects across the UK, the United States and Australia. The group owns 100% of Cornwall Resources Limited and the Redmoor Tungsten–Tin–Copper Project in Cornwall, operates the Cobre magnetite project in New Mexico as a long-term cash-generating asset, and has previously acquired the Leigh Creek Copper Mine in South Australia, reflecting its focus on critical and industrial minerals across multiple jurisdictions.

MobilityOne Limited (LSE:MBO) said its Malaysian remittance subsidiary, OneTransfer Remittance (OTR), has partnered with bKash to roll out real-time mobile money transfers to bKash e-wallets, with the service targeted to go live by 15 February 2026. Under the collaboration, OTR will be able to send remittances directly into bKash accounts through its branch network and mobile application, earning a share of transaction and foreign exchange fees.

The arrangement will also enable wallet-to-wallet transfers along the Malaysia–Bangladesh corridor, a key market given the large population of Bangladeshi workers in Malaysia. Management said the initiative aligns with MobilityOne’s broader strategy to digitise remittance offerings and increase exposure to the rapidly expanding e-remittance segment, where more than 40% of Malaysia’s outward remittances are already conducted digitally. However, the group noted that the financial contribution from the new service is expected to be modest over the coming year.

From an investment perspective, the outlook continues to be weighed down by weak financial metrics, including ongoing losses, pressured margins, negative equity and constrained cash flows. These challenges are partly offset by supportive technical indicators, with the share price trending above key moving averages and a positive MACD signal. Valuation remains mixed, reflecting a negative P/E ratio and the absence of a stated dividend yield.

More about MobilityOne

MobilityOne Limited is a Malaysia-based e-commerce infrastructure and payment solutions provider and is positioned as one of the country’s leading virtual distributors of mobile prepaid reloads and bill payment services. Through licensed subsidiaries such as OneTransfer Remittance (OTR), the group delivers a wide range of regulated fintech services, including e-money, acquiring, remittance, lending and white-label fintech solutions, across mobile wallets, e-commerce platforms, terminals, ATMs, kiosks and online banking channels for clients in banking, telecommunications, utilities, government and transport sectors.

Animalcare Group plc (LSE:ANCR) reported a strong trading performance for 2025, with revenue increasing by around 20% to approximately £89.1m and underlying EBITDA rising by about 50%. Growth was supported by the successful acquisition and integration of Randlab, double-digit sales growth from flagship companion animal brands such as Daxocox, and a significantly expanded equine portfolio, which now contributes close to a quarter of total group revenue.

The company highlighted its resilient balance sheet and healthy cash generation, alongside continued progress across its three strategic priorities of organic growth, mergers and acquisitions, and new product development. Animalcare also pointed to a strengthened R&D pipeline, comprising five core projects, including the VHH NGF antibody programme and a newly licensed equine biologics technology. Management said these initiatives position the group for faster and more sustainable growth, with plans to outline its strategy in more detail at a capital markets event scheduled for March.

Looking ahead, Animalcare’s outlook reflects strong financial foundations and encouraging corporate developments, although valuation metrics are less supportive given a negative P/E ratio. Technical indicators imply moderate upside potential, while the company’s strategic execution and visible director confidence are viewed as key positives.

More about Animalcare

Animalcare Group plc is a UK AIM-listed international veterinary sales and marketing organisation focused on animal health. The group operates across seven European countries as well as Australia and New Zealand, and exports products to around 40 markets globally. It specialises in bringing innovative veterinary medicines and solutions to market for companion, production, and equine animals through internal development, partnerships, and acquisitions.

Senior plc (LSE:SNR) said trading for the year ended 31 December 2025 exceeded earlier expectations, supported by particularly strong performance in its Aerospace division. As a result, the group now expects full-year adjusted profit before tax to come in comfortably ahead of previous forecasts.

During the year, the company implemented targeted cost reductions within parts of its Flexonics operations and completed the initial disposal of its Aerostructures business, generating early cash proceeds. These actions, combined with robust cash generation, have driven a significant improvement in the balance sheet, with net debt reduced to below £80m and leverage falling to under 1.0x EBITDA. In addition, a UK pension buy-in has further reduced financial risk. Management noted that trading in January 2026 has begun positively, reinforcing confidence ahead of the full-year results scheduled for March.

The outlook is underpinned by solid operational execution and favourable corporate developments, including the award of strategic contracts and recent director share purchases, which signal management’s confidence in future growth. That said, market indicators point to some potential downside risks from a technical perspective, while the current valuation suggests moderate pricing and a relatively modest dividend yield.

More about Senior plc

Senior plc is a FTSE 250 international engineering and manufacturing group listed on the London Stock Exchange, with operations across 10 countries. The company designs and produces advanced components and systems for leading original equipment manufacturers in the global aerospace and defence, land vehicle, and power and energy markets. Its stated purpose is to help engineer the transition to a more sustainable world for all stakeholders.

U.S. equity futures are pointing to a slightly weaker start on Wednesday, suggesting stocks could extend their recent slide after a sharp sell-off in the previous session.

Market sentiment remains under pressure as investors weigh the risk of a deepening trade dispute between the United States and Europe, sparked by President Donald Trump’s push to bring Greenland under U.S. control. These geopolitical tensions continue to hang over Wall Street.

Attention is also focused on Trump’s remarks at the World Economic Forum in Davos, Switzerland, where he is expected to outline his stance on trade and international relations.

After ending last Friday’s volatile session modestly lower, U.S. stocks came under heavy pressure on Tuesday. All three major benchmarks posted steep declines, compounding losses from the prior week.

Selling accelerated into the close, leaving the indices near their intraday lows. The Dow Jones Industrial Average dropped 870.74 points, or 1.8%, to 48,488.59. The Nasdaq Composite slid 561.07 points, or 2.4%, to 22,954.32, while the S&P 500 fell 143.15 points, or 2.1%, to 6,796.86.

The downturn was fueled by renewed fears of a transatlantic trade conflict tied to Trump’s efforts to acquire Greenland.

The president has warned he would impose fresh tariffs on several European countries if they oppose a U.S. bid to buy the Danish territory, which he has described as strategically vital for national security.

Posting on Truth Social, Trump said he plans to introduce 10% tariffs on imports from Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands and Finland starting February 1, with the rate rising to 25% from June 1 unless a deal is reached.

“Comments from the US president that there is ‘no going back’ on Greenland have sent US indices down sharply today as the world tries to figure out whether this is another example of strategic game-playing masked by bluster, or if he is deadly serious about a land grab from a NATO ally,” said AJ Bell head of financial analysis Danni Hewson.

She added, “There is no certainty that the temperature can be turned down this time, and the continued surge in the price of gold suggests many are hoping for the best but looking to further pad out portfolios with safe haven assets.”

Sector-wise, housing-related stocks were among the hardest hit, dragging the Philadelphia Housing Sector Index down 2.5%.

Airlines also faced heavy selling pressure, with the NYSE Arca Airline Index falling 2.4%.

Weakness spread across networking, brokerage and retail shares, while gold mining stocks surged alongside rising bullion prices.

Oil prices drifted lower on Wednesday as expectations of rising U.S. crude inventories outweighed the impact of a temporary production shutdown at two major oilfields in Kazakhstan, while broader sentiment remained fragile amid geopolitical tensions tied to U.S. tariff threats over Greenland.

Brent crude futures slipped 97 cents, or 1.5%, to $63.95 a barrel by 07:45 GMT. U.S. West Texas Intermediate crude fell 78 cents, or 1.3%, to $59.58 a barrel.

Both benchmarks had climbed by nearly $1 a barrel in the previous session after OPEC+ producer Kazakhstan halted output at the Tengiz and Korolev fields on Sunday due to power supply issues. That move, combined with stronger-than-expected economic data from China, had briefly lent support to prices.

According to three industry sources cited by Reuters, production at the two Kazakh fields may remain suspended for another seven to ten days.

Despite that, the disruption at Tengiz — one of the world’s largest oilfields — and at Korolev is viewed as temporary. IG market analyst Tony Sycamore said downward pressure from an anticipated build in U.S. crude stocks, alongside ongoing geopolitical uncertainty, is likely to persist.

Oil markets are also being weighed down by comments from U.S. President Donald Trump, who has warned of fresh tariffs on European countries if no agreement is reached on U.S. control of Greenland. Such measures could slow economic growth and dampen oil demand. Trump reiterated on Tuesday that there was “no going back” on his objective regarding Greenland.

Attention is now turning to inventory data. A preliminary Reuters poll showed expectations that U.S. crude and gasoline inventories rose last week, while distillate stocks likely declined. On average, six analysts forecast an increase of around 1.7 million barrels in crude inventories for the week ended January 16.

Weekly figures from the American Petroleum Institute are due later on Wednesday, followed by official data from the Energy Information Administration on Thursday. Both releases are delayed by a day because of a U.S. federal holiday earlier in the week.

While rising inventories would normally pressure oil prices, Gregory Brew, senior analyst at Eurasia Group, noted that the risk of renewed tensions between the United States and Iran could offer some upside support.

Trump has recently threatened military action against Iran over its violent crackdown on anti-government protests earlier this month. Iran’s national security parliamentary commission warned that any attack on Supreme Leader Ayatollah Ali Khamenei would trigger a declaration of jihad, or holy war, according to Iranian state media.

“While the U.S. demurred from striking Iran immediately, tensions are likely to remain high as additional U.S. military assets move to the Middle East and diplomacy to de-escalate tensions fails to make progress,” Brew said in a note.

Gold prices surged again on Wednesday, setting new all-time highs and edging closer to the $4,900-per-ounce mark, as rising geopolitical tensions linked to Greenland and renewed trade frictions unsettled markets and boosted demand for safe-haven assets.

Spot gold advanced 2.3% to $4,872.13 an ounce by 01:13 ET (06:13 GMT), after briefly touching a record intraday high of $4,878.30 earlier in the session. U.S. gold futures followed suit, gaining 2.4% to a historic peak of $4,880.50 an ounce.

US–Europe tensions over Greenland underpin rally

The precious metal has now risen more than 6% so far this week. The latest move higher comes as relations between Washington and European capitals remain strained over Greenland’s strategic role.

U.S. President Donald Trump has insisted there is “no going back” on Greenland, citing security considerations in the Arctic, and has threatened to impose tariffs on European countries — comments that have further unsettled markets already wary of global trade risks.

French President Emmanuel Macron responded by saying Europe would not bow to “bullies,” stressing that respect and cooperation, rather than coercion, should shape relations between allies. His remarks, delivered on the sidelines of the World Economic Forum in Davos, highlighted mounting concern in Europe over Washington’s rhetoric and trade threats tied to the Greenland issue.

Trump later sought to ease tensions, saying the United States was working on the matter and aiming for an outcome that would satisfy NATO, but investors remained cautious.

Weaker dollar adds tailwind

Gold’s advance was also supported by a softer U.S. dollar, which fell roughly 0.8% on Tuesday to a two-week low. The dollar index was down a further 0.2% during Asian trading on Wednesday.

A weaker greenback typically supports gold by making it more affordable for investors using other currencies, increasing the appeal of the non-yielding metal.

Elsewhere in precious metals, silver edged up to $94.75 an ounce after hitting a record $95.87 on Tuesday. Platinum briefly surged to a new all-time high of $2,519.51 an ounce before trimming gains to trade 0.2% higher at $2,467.90.

In industrial metals, benchmark copper futures on the London Metal Exchange climbed 1.3% to $12,944.20 a tonne, while U.S. copper futures rose 1% to $5.88 a pound.