Author: Fiona Craig

Genel Energy (LSE:GENL) reported average working interest production of 17,520 barrels of oil per day from the Tawke field in 2025. All output was sold within the domestic Kurdistan market at an average realised price of $32 per barrel, generating $68.7 million in revenue and delivering EBITDAX of $43.3 million despite weaker Brent crude prices.

The company finished the year with $224 million in cash and $133.7 million in net cash. During the period, Genel refinanced its outstanding bond to extend its maturity to 2030, improved operating netback to $10 million, and exited five underperforming licences in Kurdistan and Africa without leaving residual liabilities.

Management highlighted the development of a more resilient and cash-generative operating platform. Free cash flow remained positive at $4.1 million, while overdue receivables from the Kurdistan Regional Government were reduced to approximately $48 million after accounting for offsets and credits. A $26 million charge related to an arbitration case remains under appeal.

Operationally, the company faced disruption during the year, including temporary production halts at Tawke following regional hostilities and drone attacks. In addition, exports through the Iraq–Türkiye pipeline have yet to resume for the company. Despite these challenges, Genel expects domestic sales from Tawke and additional drilling activity to cover group operating costs in 2026.

Looking ahead, the company plans to invest up to $20 million in exploration projects in Oman and Somaliland while continuing to pursue potential asset acquisitions. Management also highlighted the potential for improved shareholder returns if export routes reopen and operating conditions stabilise.

Genel Energy’s outlook reflects a mixed financial profile. While revenue pressures persist, the company continues to generate operating cash flow and has improved its free cash flow position alongside manageable debt levels. Technical indicators appear largely neutral, with a slightly negative MACD trend. Valuation metrics remain constrained by a negative price-to-earnings ratio and the absence of a dividend yield.

More about Genel Energy

Genel Energy is an independent oil and gas exploration and production company focused primarily on the Kurdistan Region of Iraq, alongside exploration interests in frontier basins including Oman and Somaliland. Its core operations centre on crude production from the Tawke field, while the company continues to pursue exploration opportunities aimed at expanding reserves, resources and future cash flow potential.

EnSilica (LSE:ENSI) has conditionally raised approximately £10 million through a combination of a placing, subscription and an oversubscribed retail offer priced at 47 pence per share. The fundraising attracted strong interest from institutional investors as well as existing retail shareholders.

Demand for the retail portion alone exceeded £0.9 million, although allocations were limited to around £0.3 million. The company applied a soft pre-emption approach to prioritise participation by existing shareholders.

The first tranche of the fundraising, amounting to about £4.54 million, has already been completed. The remaining proceeds—including the retail offer and a second tranche placing—are subject to shareholder approval at a general meeting scheduled for 7 April 2026. If approved, 11,616,531 new shares are expected to be admitted to trading on AIM on 8 April 2026, providing the company with additional capital to advance its growth plans and strengthen its position in specialist semiconductor markets.

Despite the successful fundraising, EnSilica’s outlook remains affected by financial challenges. The company has reported declining revenue, continued losses and a significant deterioration in free cash flow, although its balance sheet leverage remains relatively manageable. Market technical indicators provide some support, with the share price trading well above major moving averages and showing strong upward momentum, though these indicators suggest the stock may be approaching stretched levels. Valuation is also constrained by the company’s negative price-to-earnings ratio and the absence of a dividend yield.

More about EnSilica plc

EnSilica is a UK-based fabless semiconductor company focused on the design and development of application-specific integrated circuits (ASICs). The company specialises in RF, millimetre-wave, mixed-signal and complex digital chip design for industries including space and communications, industrial systems, automotive and healthcare. By leveraging reusable intellectual property and silicon platforms, EnSilica aims to deliver scalable and production-ready semiconductor solutions with an emphasis on safety, security and reliability.

FDM Group (LSE:FDM) reported significantly lower financial results for 2025 as challenging market conditions and extended client decision timelines reduced demand for its consulting services. Revenue fell 31% to £177.7 million, while profit before tax dropped 73% to £7.6 million.

The number of consultants deployed to clients declined 22% to 2,003 during the year, though utilisation rates remained broadly stable. In response to the slowdown, the company reduced recruitment activity and implemented cost measures, including £2.6 million in exceptional restructuring charges and a £3.3 million impairment related to its EMEA operations.

Despite the weaker earnings performance, FDM maintained a robust financial position with a debt-free balance sheet and £35.3 million in cash at year-end. The company also reported strong cash conversion and proposed a reduced total dividend of 10 pence per share.

Management noted increasing interest from clients in consultants with artificial intelligence capabilities. To capture this opportunity, the company has introduced a sales transformation programme and is adjusting internal staffing and resource allocation across regions to better align with evolving client demand. These initiatives are intended to position the business for a return to sustainable growth once macroeconomic and geopolitical conditions stabilise.

FDM’s outlook is supported by its solid financial fundamentals and relatively attractive valuation metrics. Healthy margins, low leverage, a strong dividend yield and a low price-to-earnings ratio contribute positively to the investment case. However, technical indicators suggest caution due to overbought trading conditions, while the absence of recent earnings call commentary limits visibility on near-term guidance.

More about FDM Group (Holdings) plc

FDM Group (Holdings) plc is a global professional services firm specialising in information technology and tech-enabled business talent solutions. The company provides AI-enabled and early-career technology consultants to organisations across multiple industries and regions. Its services focus on supporting digital transformation initiatives, including data management, automation, governance and advanced technology capabilities.

Gore Street Energy Storage Fund (LSE:GSF) reported an unaudited net asset value of 87.9 pence per share as of 31 December 2025, compared with 90.1 pence previously. When adjusting for the impact of a special dividend, the company said underlying NAV remained broadly stable over the period.

Quarterly revenue increased 24% to £9.7 million, supported by additional operational capacity in the United States. However, revenue generated per megawatt declined due to changes in market conditions and a shift in the composition of the asset portfolio.

The fund reaffirmed its updated strategic direction by declaring a quarterly dividend of 1.75 pence per share, maintaining its annual dividend target of 7.0 pence per share. Management also confirmed that an additional special dividend remains under consideration, pending final approvals linked to the monetisation of U.S. tax credits.

Operationally, the company made progress across several initiatives aimed at strengthening cash generation and improving efficiency. These include duration upgrades at the Stony and Ferrymuir battery storage assets, selective asset disposals, further deployment of the GSET trading platform, and the development of a new data platform. Together, these measures are intended to enhance operational performance, reduce costs and strengthen the fund’s competitive positioning in the increasingly crowded energy storage market.

From a financial perspective, the company’s outlook benefits from a strong solvency position and solid recent cash generation. Shareholder-focused actions such as cost control measures, strategic investments and director share purchases provide additional support. However, these positives are partly offset by weak technical indicators, including a downward share price trend and negative momentum. Operating results have also been volatile, and while the fund offers a high dividend yield, valuation metrics remain pressured by a negative price-to-earnings ratio.

More about Gore Street Energy Storage

Gore Street Energy Storage Fund is a London-listed investment company specialising in grid-scale battery energy storage systems across Great Britain, Ireland, Germany and the United States. The fund generates revenue through a mix of ancillary grid services, power trading and contracted capacity arrangements. Its strategy focuses on delivering stable income and capital growth by capitalising on opportunities created by the energy transition and volatility in electricity markets.

Great Western Mining (LSE:GWMO) has increased the size of its Defender-Pine Crow Tungsten Project in Nevada by staking eight additional claim blocks covering 165.3 acres. The newly acquired ground extends the company’s holdings to the north and east within the Black Mountains, strengthening its control over an area that has already demonstrated high-grade tungsten potential.

The expanded claims create a larger operational buffer around known mineral occurrences that form the core of the company’s exploration focus. By consolidating its land position, Great Western Mining aims to enhance exploration flexibility and support future resource definition at the project.

Management said the enlarged land package forms an important part of its 2026 development strategy, which targets delivery of an initial Mineral Resource Estimate for Defender-Pine Crow before the end of the year. With winter conditions easing and exploration activities fully funded, the company expects fieldwork to restart within the coming weeks. The upcoming campaign is intended to build momentum and generate a consistent flow of exploration updates throughout the field season.

Despite these operational plans, the company’s broader outlook remains constrained by financial challenges. Great Western Mining continues to operate without revenue while reporting recurring losses and ongoing cash burn, although leverage remains low. Technical indicators are relatively supportive, with the share price trading above major moving averages and showing moderately positive momentum. However, valuation metrics remain limited by the company’s negative price-to-earnings ratio and the absence of dividend yield data.

More about Great Western Mining

Great Western Mining Corporation is an exploration and development company listed on AIM and Euronext Growth. The firm focuses on strategic minerals across its wholly owned claim groups in Mineral County, Nevada—one of the most mining-friendly jurisdictions globally. Its portfolio includes projects targeting copper, gold, silver and tungsten, notably the Huntoon Copper Project, which hosts a JORC-compliant resource and aligns with U.S. priorities around securing critical mineral supply.

Oxford Biomedica (LSE:OXB) has entered a five-year licensing and option agreement with Viral Vector Manufacturing Facility (VVMF), Australia’s first dedicated commercial viral vector contract development and manufacturing organisation. The deal grants VVMF a worldwide, non-exclusive licence to Oxford Biomedica’s inAAVate platform, along with an option to access its LentiVector technology.

Under the terms of the agreement, Oxford Biomedica will receive an upfront payment in the low single-digit millions, with the potential for additional payments in the future. VVMF intends to use the licensed technologies to accelerate the development of its viral vector manufacturing capabilities and support the build-out of advanced production infrastructure.

The collaboration is expected to strengthen Australia’s position as a hub for cell and gene therapy manufacturing within the Asia-Pacific region while expanding Oxford Biomedica’s global presence. The agreement also reinforces the company’s role as a provider of scalable viral vector technologies used by pharmaceutical and biotechnology partners worldwide.

Despite strong recent revenue growth, Oxford Biomedica’s broader outlook remains constrained by financial challenges, including continued losses, negative cash flow and relatively high leverage. Market technical indicators currently appear supportive, with the shares trading in a clear uptrend and showing positive MACD momentum. However, very elevated RSI and stochastic readings suggest the stock may be overbought in the near term. Valuation metrics also remain limited due to negative earnings and the absence of a dividend yield.

More about Oxford Biomedica

Oxford Biomedica is a UK-headquartered contract development and manufacturing organisation specialising in cell and gene therapy. With roughly three decades of experience in viral vector technology, the company provides end-to-end development and manufacturing services for lentiviral, adeno-associated and other viral vectors. Its clients include global pharmaceutical and biotechnology companies, supported by proprietary platform technologies and manufacturing facilities located in the UK, France and the United States.

Aptamer Group (LSE:APTA) has initiated a new radiopharmaceutical development programme through a collaboration with Radiopharmium Ltd, aimed at creating a proprietary pipeline of Optimer®-based radioconjugates targeting three high-value therapeutic indications.

The project builds on Aptamer’s existing partnership with a top-three global pharmaceutical company and is expected to expand the company’s radiotherapy portfolio to four development assets. Management is targeting the generation of in vivo data for the programme by the end of 2026.

According to internal research, Optimer® radioligands have demonstrated significantly improved stability compared with leading peptide-based alternatives when labelled with the therapeutic radioisotope Lutetium-177. If validated through further studies, the enhanced stability could extend product shelf life and simplify manufacturing and supply chain logistics for radiopharmaceutical therapies.

The initiative will be led by radiopharmaceutical specialist Dr Louis Allott, whose consultancy Radiopharmium will provide expertise in radiochemistry and access to preclinical testing models. The collaboration is intended to strengthen Aptamer’s efforts to differentiate its Optimer® platform and expand its presence in the rapidly growing market for targeted radiopharmaceutical therapies.

However, the company’s outlook remains constrained by weak financial performance, including a sharp decline in revenue, continued losses, and negative cash flow. Positive technical indicators — including an upward share price trend and supportive momentum — provide some offset, although valuation remains limited by the company’s lack of profitability and the absence of dividend distributions.

More about Aptamer Group plc

Aptamer Group plc is a UK-based life sciences company focused on developing synthetic binding molecules known as Optimer®. These next-generation binders are designed for use in research, diagnostics, and therapeutic applications. The company is increasingly positioning its Optimer® platform for emerging healthcare technologies, particularly in high-growth areas such as radiopharmaceuticals and targeted radioligand therapies.

Futura Medical (LSE:FUM) has received formal approval for a continuation patent in the United States that extends intellectual property protection until 2040 for its erectile dysfunction treatment Eroxon, its enhanced formulation Eroxon Intense, and the company’s women’s sexual health candidate WSD4000.

The newly granted patent strengthens Futura’s intellectual property portfolio in one of its most important markets, providing longer-term protection for both its lead product and pipeline therapies focused on sexual health.

Under the company’s existing licensing agreement with Haleon, the patent grant is expected to trigger a $2.5 million milestone payment. The payment will provide near-term non-dilutive funding and further supports Futura’s financial position as it continues commercial expansion of its products. The strengthened patent coverage also enhances the company’s competitive position within the growing over-the-counter sexual health market for both men and women.

Despite these developments, Futura’s outlook remains constrained by several factors. Management recently lowered its FY2025 expectations, and the company continues to operate with a relatively short cash runway. Technical indicators also suggest a weak share price trend. These challenges are partly offset by the company’s return to profitability in FY2024 and its debt-free balance sheet. However, continued negative free cash flow keeps the company’s overall financial quality mixed.

More about Futura Medical

Futura Medical plc is a consumer healthcare company focused on developing and commercialising innovative topical gel treatments for sexual health conditions. Its flagship product, Eroxon, is an over-the-counter gel designed to treat erectile dysfunction. The company is also advancing additional products, including Eroxon Intense and WSD4000, aimed at addressing female sexual dysfunction. Together, these therapies target large global markets that remain significantly underserved.

Mineral & Financial Investments (LSE:MAFL) reported a robust performance for the first half of 2026, with net asset value increasing 29.5% year over year to £16.4 million and net earnings more than doubling to £2.6 million.

Net asset value per share rose 22.1% to 39.3p, while fully diluted earnings per share climbed 96.8% to 6.1p. The results continue a long-term growth trend for the company, which has delivered a compound annual NAV growth rate exceeding 30% over the past decade.

Investable capital expanded 28.9% to £16.9 million, reflecting strong gains from a tactically managed precious metals portfolio. The company has also increased allocations to physical metals, including silver and rhodium. Management noted that it currently holds elevated liquidity levels supported by cash and gold-linked instruments such as deferred gold delivery contracts. This positioning is intended to provide flexibility to take advantage of volatility in commodity markets and inflationary pressures, while also managing the growing development risks associated with mining equities and changing global macroeconomic conditions.

Looking ahead, the company’s outlook is largely shaped by its financial profile. Mineral & Financial Investments maintains a strong balance sheet with minimal leverage and improved profitability in 2025. However, these strengths are partially offset by ongoing negative operating and free cash flow as well as historically uneven operating results. From a market perspective, technical indicators remain supportive, with the shares trading in an uptrend above key moving averages. Valuation metrics are also relatively attractive, supported by a low price-to-earnings ratio.

More about Mineral & Financial Investments

Mineral & Financial Investments Limited is an AIM-listed investment company focused on the natural resources sector, particularly precious and base metals. The firm allocates capital through both tactical and strategic investments, including holdings in physical metals, mining equities and structured financing arrangements across the global commodities industry.

Target Healthcare REIT (LSE:THRL), a specialist investor in modern UK care home properties, owns a portfolio of 86 assets valued at £894.6 million. The properties are leased to 32 operators under long-term agreements that are largely linked to inflation. The company focuses on high-quality, purpose-built facilities, typically constructed after 2000, featuring energy-efficient designs, spacious layouts and en-suite wet rooms intended to meet modern care standards.

For the six months ending 31 December 2025, the group delivered a total accounting return of 6.8%, marking its strongest half-year performance since listing. EPRA NTA per share increased 4% to 119.4p, while adjusted earnings per share rose by 8.5%.

During the period, management undertook a programme of capital recycling by disposing of ten properties at an average 11.7% premium to their book value. Proceeds were partly redeployed into around £45 million of higher-performing care homes in Scotland. At the same time, the company strengthened its financial position by reducing net loan-to-value to 15.2%, extending the maturity profile of its debt, and maintaining strong operational metrics, including rent collection of 99% and stable rent cover levels. These factors helped reinforce the balance sheet and highlight the portfolio’s resilience within the care home sector.

Looking ahead, Target Healthcare REIT’s outlook is supported by an attractive valuation profile, including a relatively low price-to-earnings ratio and a strong dividend yield. However, this is tempered by concerns about slowing cash flow growth and weaker technical trading momentum.

More about Target Healthcare REIT

Target Healthcare REIT is a UK-listed real estate investment trust focused on investing in modern, purpose-built care homes across the United Kingdom. The externally managed company partners with established care operators that maintain strong care standards. Its strategy centres on generating long-term, inflation-linked rental income from high-quality properties designed to meet the growing demand created by an ageing population.