Author: Fiona Craig

Ashtead Technology Holdings PLC (LSE:AT.) reported full-year 2025 revenue of £203.2m on Tuesday, a 21% increase year-on-year, as the subsea technology specialist reaffirmed its confidence in delivering further growth in 2026 while keeping a close watch on geopolitical developments in the Middle East.

Adjusted earnings per share reached 49.4p for the year ended December 31, 2025, up 10% from 45.0p in the previous year. The revenue increase was supported by 3% organic growth and a 19% contribution from the acquisitions of Seatronics and J2 Subsea, partly offset by a 1% foreign exchange headwind.

The results compare with revenue of £168.0m recorded in FY24, with adjusted EBITA rising to £59.1m and delivering a margin of 29.1%, close to the upper end of the company’s medium-term target range.

Ashtead Technology generated around £20m in free cash flow during FY25 despite a roughly £5m working capital outflow. Proforma net debt to adjusted EBITDA improved to 1.3x from 1.6x, strengthening the company’s balance sheet and providing additional capacity for potential strategic investments. The board proposed a final dividend of 1.3p per share, representing an 8% increase from the prior year.

“We delivered a strong performance in 2025, making significant financial, strategic and operational progress against a challenging and unpredictable geopolitical and market backdrop,” said Allan Pirie, Chief Executive Officer.

During the year, Ashtead Technology completed the integration of its recent acquisitions and achieved synergies earlier than planned, while expanding its international footprint, with 33% of 2025 revenue generated outside Europe. The company invested £37m in capital expenditure to support the development of proprietary technologies and opened new facilities in the United States and Norway.

Trading in the first two months of 2026 has been in line with management expectations. The company said it is monitoring the current situation in the Middle East closely, as tensions in the region have contributed to volatility in oil and gas markets and uncertainty around the timing of projects.

Provided disruptions do not become prolonged or spread further, the board said it remains confident that the group will continue to make progress in 2026.

Essentra PLC (LSE:ESNT) reported full-year 2025 results on Tuesday broadly matching analyst expectations, posting revenue of £302.0m and adjusted earnings per share of 6.1p, although profitability was affected by tightening margins amid operational challenges.

Revenue increased 2.5% at constant currency compared with the previous year, while reported revenue remained largely unchanged at £302.0m, slightly below £302.4m recorded in 2024. Each of the company’s geographic regions achieved growth on a constant currency basis, with EMEA rising 2.6%, the Americas up 2.0% and APAC increasing 3.1%.

Adjusted operating profit declined to £32.0m from £40.1m a year earlier, with the adjusted operating margin narrowing to 10.6% from 13.3%.

Gross margin fell to 43.7% from 45.3%, reflecting changes in the regional sales mix, including the impact of inflation in Turkey, and the company’s short-term focus on restoring service levels following the rollout of a new ERP system across EMEA. Higher labour and freight expenses were also incurred as the group worked to stabilise operations after backlog levels increased during the implementation of the system.

“2025 was a year of good strategic progress delivered against a backdrop of subdued global industrial demand,” said Scott Fawcett, Chief Executive. “Essentra returned to modest revenue growth across all three regions, maintaining robust gross margins through a number of commercial and operational initiatives.”

The company reported adjusted operating cash flow of £44.0m, representing a conversion rate of 137.5%. Net debt, excluding lease liabilities, declined to £60.7m from £68.2m, with leverage standing at 1.4 times adjusted EBITDA.

Management said trading in the early part of 2026 supports confidence in meeting the board’s expectations for the year, with guidance left unchanged.

Shares in SThree Plc (LSE:STEM) fell more than 4% on Tuesday after the recruitment group reported lower first-quarter net fees and revealed that its chief financial officer will step down. Weak trading conditions across several European markets offset stronger growth in the United States and Japan.

The global STEM-focused recruitment specialist recorded group net fees of £71.7 million for the three months ending Feb. 28, compared with £78.4 million during the same period last year, representing an 8% year-on-year decline.

Regional performance varied significantly. Net fees in the Netherlands dropped 28% to £11 million, Germany fell 11% to £21.5 million, and the UK declined 17% to £5.8 million. By contrast, the United States posted an 8% increase to £19.5 million, while Japan delivered strong growth of 57%, reaching £3.3 million.

Contract placements, which account for 83% of the group’s net fees, decreased 10% to £59.8 million. Fees from permanent placements remained unchanged at £11.9 million. The company reported a contractor order book of £152 million, down 7% compared with a year earlier.

Looking at the business by sector, Technology generated 44% of total net fees, followed by Engineering at 30% and Life Sciences at 16%. Engineering fees declined 5% year-on-year, while Technology demand remained subdued, particularly in the Netherlands and Germany.

The company’s workforce at the end of the period was 4% lower than at the close of the previous financial year. SThree held net cash of £51 million as of Feb. 28. A share buyback programme worth up to £20 million, launched in February, had repurchased £8 million in shares by March 16.

SThree said it continues to expect fiscal 2026 results to align with the outlook issued on Sept. 16, 2025, with cost reductions anticipated to contribute from the second half of the year.

Chief executive Timo Lehne said the first quarter began in line with expectations despite “geopolitical uncertainty and rapid technological change.”

In a separate announcement, chief financial officer Andrew Beach confirmed he will step down from the board at the company’s annual general meeting on April 29 after nearly five years with the business. He will remain in his role until the release of the half-year results on July 21 to ensure a smooth transition.

Damian Fehrenberg, currently Senior Vice President Finance USA, will take over as interim CFO from April 30 while the company conducts a search for a permanent successor with the support of external advisers.

Beach said the completion of the firm’s Technology Improvement Programme made it “the right time” to consider his next career move.

The company added that the resolution to reappoint Beach, which had already been included in the AGM notice, has now been withdrawn, while all other resolutions remain unchanged.

Zotefoams (LSE:ZTF) reported record results for 2025, with revenue increasing 7% to £158.5m and adjusted operating profit climbing 26% to £22.8m. The improvement was supported by stronger margins, robust cash generation and the declaration of a higher final dividend. The group also strengthened its balance sheet while completing the acquisition of Overseas Konstellation Company, which broadened its European product portfolio and distribution channels. The transaction was funded without significantly weakening the company’s financial position, and leverage improved, leaving capacity for additional investment.

The business continued to advance its “Expanding Beyond the Core” strategy, which targets organic revenue exceeding £230m and operating profit above £40m by 2029, with longer-term ambitions to surpass £300m in annual sales. Key initiatives included progress on a new manufacturing facility in Vietnam, additional production capacity in the United States, the launch of an innovation centre in South Korea and the integration of the OKC acquisition. Management also highlighted more balanced growth across transport, aerospace and industrial markets and reiterated confidence in delivering sustainable expansion with higher margins despite ongoing macroeconomic uncertainty.

The company’s outlook is supported by positive corporate developments and strong cash flow generation, although profitability challenges and valuation concerns remain considerations. Strategic expansion and acquisitions provide growth opportunities, but a high P/E ratio and recent earnings volatility weigh on the overall assessment.

More about Zotefoams

Zotefoams plc is a London-based manufacturer specialising in advanced foam technologies for lightweight industrial and technical applications. Using proprietary nitrogen expansion processes, the company produces AZOTE and ZOTEK foams as well as T-FIT insulation products. Its materials serve a wide range of sectors globally, including transport, aerospace, packaging and industrial markets, with manufacturing operations in the UK, United States, Poland, Spain and China.

Primary Health Properties (LSE:PHP) reported a landmark year in 2025 following the completion of its merger with Assura, creating a healthcare real estate investment trust valued at around £6bn. The combination significantly expanded the group’s property portfolio and rental income base while maintaining near-full occupancy across long-term leases. The enlarged company achieved most of the £9m in targeted annual cost synergies earlier than expected, increased adjusted earnings per share and dividends, and is exploring joint ventures in primary care centres and private hospital assets as it works to reduce leverage and benefit from improving rental growth linked to the UK government’s 10-year NHS strategy.

Financial performance strengthened notably, with net rental income rising 49% to £230m and IFRS profit after tax almost tripling. The improvement was supported by property revaluations and stronger rent review outcomes, although EPRA net tangible assets per share declined slightly due to share issuance and transaction-related costs associated with the merger. The combined portfolio is now valued at about £6.0bn, with a weighted average unexpired lease term of 10.8 years, occupancy of 99% and approximately 76% of income backed by government tenants. Management expects further growth from rebasing primary care rents, expanding exposure to private hospital assets and increasing activity in Ireland. The company also confirmed a progressive dividend policy, marking the start of its 30th consecutive year of dividend increases.

The group’s outlook is supported by solid underlying fundamentals, including rising revenue and strong free cash flow generation. However, leverage levels and earnings volatility remain considerations. Valuation appears attractive with a relatively high dividend yield and moderate P/E ratio, while technical indicators show constructive share price momentum despite slightly stretched conditions. Corporate developments, including the completed Assura merger and governance enhancements, also contribute to a positive investment case.

More about Primary Health Properties plc R.E.I.T

Primary Health Properties is a UK-listed real estate investment trust specialising in healthcare infrastructure, particularly modern primary care facilities. Following its merger with Assura, the group’s portfolio has expanded to include private hospitals across the UK and Ireland. Much of its rental income is supported by long-term leases with NHS and related healthcare organisations, positioning the company as a key provider of social infrastructure with a 30-year track record of uninterrupted dividend growth.

Gulf Keystone Petroleum (LSE:GKP) has announced that it will publish its full-year 2025 financial results on 19 March 2026. On the same day, management will host a live audio webcast presentation for analysts and investors, providing an overview of the company’s performance and outlook. Participants will have the opportunity to submit questions in advance as well as during the event, and a recording of the presentation will be made available online afterward, reflecting the company’s ongoing focus on transparent communication with the market.

The group’s outlook continues to reflect solid financial stability and supportive corporate developments, although valuation considerations and operational risks remain factors for investors. Maintaining strong cash flow and successfully managing geopolitical risks in its operating region will be important to sustaining future performance.

More about Gulf Keystone Petroleum

Gulf Keystone Petroleum is an independent oil and gas exploration and production company focused on the Kurdistan Region of Iraq. Listed on both the London Stock Exchange and the Oslo Stock Exchange, the group concentrates on upstream activities in this resource-rich region, developing and producing hydrocarbons to supply international energy markets.

Fonix (LSE:FNX) reported a strong performance for the six months to 31 December 2025, with gross profit rising 7.1% to £10.5m and adjusted EBITDA increasing 6.4% to £8.3m. Growth across all key service lines supported a 6.9% rise in the interim dividend to 3.1p per share. The company also highlighted the reliability of its platform, maintaining 100% uptime and more than 99% recurring income, while delivering resilient trading despite slightly lower underlying cash and minimal exposure to upcoming UK gaming tax changes.

Operationally, the group continued to expand across Europe, reporting progress in Portugal, the launch of a live pilot in a third market and early groundwork for entry into a larger fourth territory targeted for FY27. Product development also advanced, including enhancements to its Campaign Manager platform, the rollout of PayFlex in Ireland, initial deployments of CompsPortal and broader trials of RichMessaging services. These initiatives strengthen Fonix’s position as a specialised mobile payments intermediary operating within the ecosystems of broadcasters and mobile network operators.

Management said the business enters the second half of FY26 with positive momentum in its core UK and Irish markets and a robust pipeline of enterprise opportunities. The company is also incorporating AI tools internally to improve development processes, operational optimisation and customer outcomes. The board reiterated its confidence in delivering sustainable gross profit growth and long-term shareholder value in line with market expectations, supported by recurring revenues, international expansion and structural barriers to entry around its core platform.

Fonix Mobile PLC’s outlook is underpinned by solid financial performance and an attractive valuation profile, complemented by positive corporate developments that reflect strategic progress and shareholder confidence. Technical indicators suggest near-term bullish momentum, although potential longer-term resistance levels may remain. Limited earnings call disclosure means there is less visibility into detailed forward guidance from management.

More about Fonix Mobile PLC

Fonix plc is a UK-focused provider of mobile payments and messaging technology that enables organisations to connect, engage and transact with customers via mobile channels. Its services are widely used by media, charity, entertainment and enterprise clients, including ITV, Bauer Media and RTÉ. Headquartered in London, the company focuses on interactive services and audience engagement solutions while expanding its presence across European markets.

Vast Resources (LSE:VAST) has rejected allegations reported in the Romanian press following a dispute with a group of employees at its Vast Baita Plai SA operation who were recently issued notices under a restructuring plan. The employees claim the company failed to follow proper procedures and have indicated plans to stage protests. Vast said these claims are unfounded, stating that the reorganisation process has been conducted in line with Romanian legal requirements and with appropriate legal advice.

The company said the restructuring enables it to terminate the employment of certain staff without significant cost, particularly individuals it alleges have been misusing medical leave provisions. At the same time, the plan allows for the rehiring of selected workers under revised contracts and employment terms. According to the company, some of the affected employees had sought reduced working hours and additional paid leave, and management believes they are responsible for promoting a negative media narrative around the situation. Vast maintains that the dispute does not materially affect the group’s operations and that the restructuring is intended to support the long-term interests of its Romanian business and shareholders.

Despite this clarification, Vast Resources continues to face considerable financial and operational pressures, including declining revenues and ongoing losses. Technical indicators also point to a bearish share price trend, while valuation metrics remain weak, contributing to a subdued overall outlook.

More about Vast Resources

Vast Resources plc is an AIM-listed mining company with a focus on projects in Romania, including the Baita Plai operation managed through its subsidiary Vast Baita Plai SA. The company operates within the broader mining sector, aiming to develop and optimise its mineral assets to improve operational performance and deliver value for shareholders.