Author: Fiona Craig

Avacta Therapeutics (LSE:AVCT) has initiated a Phase 1 clinical trial for FAP-Exd (AVA6103), its second program to enter the clinic and the first sustained-release therapy developed using the company’s pre|CISION peptide-drug conjugate platform. The study has begun enrolling patients at specialist oncology centres in Virginia and Texas. The investigational treatment is designed as a fibroblast activation protein (FAP)-activated form of exatecan, a potent topoisomerase I inhibitor, with the goal of delivering the drug’s effects more precisely within solid tumours.

The Phase 1a dose-escalation study will evaluate safety, tumour and plasma pharmacokinetics, and early indications of therapeutic activity in adults with advanced cancers, including pancreatic, cervical and vulvar, gastric and gastroesophageal junction, and small cell lung cancer. Patients will receive the therapy on either biweekly or triweekly dosing schedules. Avacta’s chief executive noted that AVA6103 has progressed into clinical testing more quickly than is typical for comparable drug development timelines. The company believes the therapy could enhance the anti-tumour potential of exatecan while reducing the severe toxicity that previously restricted its clinical use, representing an important step forward in expanding Avacta’s oncology pipeline.

Despite the clinical progress, the company’s overall outlook remains constrained by weak financial performance and bearish technical indicators. While pipeline advancement provides some positive momentum, ongoing funding needs and the absence of major partnerships continue to present challenges. Valuation metrics are also limited by negative earnings and the lack of dividend yield.

More about Avacta Group plc

Avacta Therapeutics, part of Avacta Group plc, is a clinical-stage biopharmaceutical company developing targeted oncology therapies using its proprietary pre|CISION platform. The technology is designed to release highly potent cytotoxic drugs selectively within the tumour microenvironment, aiming to improve treatment effectiveness while minimising systemic side effects. The company’s pipeline includes pre|CISION peptide-drug conjugates and Affimer-based drug conjugates intended to deliver next-generation cancer therapies with improved precision.

Beeks Financial Cloud Group (LSE:BKS) reported mixed interim results for the six months ended 31 December 2025, with Annualised Committed Monthly Recurring Revenue increasing 15% to £32.8 million and new contract activity pushing Total Contract Value up 23% to £11.9 million. Despite this momentum in bookings, reported revenue declined to £14.65 million and underlying profit before tax moved to a loss, reflecting contract timing effects and the transition of its Exchange Cloud offering to a revenue-share structure that defers upfront income recognition.

Operational progress remained strong during the period. The company secured £6 million in Proximity Cloud contracts toward the end of the half year, expanded its Exchange Cloud platform by onboarding two additional exchanges and introduced its AI-powered Market Edge Intelligence analytics solution. Management noted that a major global bank is progressing toward signing a contract for the new platform. The group expects roughly £4.5 million of additional revenue to be recognised in the second half from recently secured deals and believes its expanding sales pipeline, limited competitive landscape and growing roster of Tier 1 financial clients position it for stronger and more profitable growth over the medium term.

Beeks’ outlook is supported by underlying operational progress and continued expansion of its contracted revenue base, although near-term cash flow pressures remain a consideration. Technical indicators point to a broadly neutral trend with some bullish momentum, while valuation concerns—such as a relatively high price-to-earnings ratio and the absence of a dividend yield—temper the overall assessment.

More about Beeks Financial Cloud Group Plc

Beeks Financial Cloud Group is a UK-listed provider of managed private infrastructure designed for capital markets and financial services firms. Through its Infrastructure-as-a-Service model, the company delivers low-latency cloud computing, connectivity and analytics solutions that enable hybrid cloud deployment and secure connectivity to global exchanges and trading venues.

ECR Minerals (LSE:ECR) has confirmed it will maintain a royalty interest worth up to A$2 million tied to the Avoca and Timor gold licences in Victoria, Australia, despite a recent ownership change affecting one of the projects. Leviathan Metals has agreed to sell the Timor Gold project to Au Gold Corp., and ECR has approved the transfer of its Timor royalty to Havelock Gold, a subsidiary of Au Gold. The royalty linked to the Avoca project will remain with Leviathan Metals.

Under the existing agreement, ECR’s Australian subsidiary is entitled to receive A$1 per ounce of gold—or gold equivalent—identified in future resource estimates and an additional A$1 per ounce for gold produced from the licences. Each of these payments is capped at A$1 million, creating a potential combined value of up to A$2 million. Although the company has no direct operational involvement in the projects, management considers the royalty a potentially valuable legacy asset that could provide financial upside if exploration and development progress in Victoria’s resurgent gold sector.

The company noted that the royalty arrangement requires no further capital commitment, meaning any future proceeds would flow directly to ECR’s bottom line. The assignment of the Timor royalty to Havelock Gold includes warranties and indemnities designed to protect ECR’s rights, helping ensure the integrity of this non-core but strategically relevant income stream alongside its core exploration portfolio in Australia.

ECR’s broader outlook remains constrained by weak financial fundamentals, including the absence of revenue, continued operating losses and ongoing cash burn. These factors are partially offset by the company’s debt-free balance sheet and some modest improvement in losses and cash flow. Technical indicators remain neutral to slightly negative, with the share price below shorter-term averages and a bearish MACD signal, while valuation metrics are limited by negative earnings and the absence of dividend support.

More about ECR Minerals

ECR Minerals PLC is a mineral exploration and development company focused on gold assets in Australia, operating through wholly owned subsidiaries across Victoria and Queensland. Its project portfolio includes the Bailieston, Creswick and Tambo gold projects in Victoria, as well as the Raglan and Blue Mountain alluvial gold projects and several exploration licences in northern Queensland that the company aims to advance toward production.

In addition to its active exploration portfolio, ECR retains legacy interests in previously owned Victorian assets, including potential royalty income of up to A$2 million from the Avoca and Timor gold projects. The company’s Australian subsidiary also holds approximately A$76 million in unused tax losses from prior operations, which could offer future tax advantages if its exploration activities are successfully developed into producing mines.

Tower Resources (LSE:TRP) has provided an update on regulatory steps tied to its farm-out agreements with Prime Global Energies in Cameroon and Namibia. The company expects to receive a one-year extension for the Thali licence offshore Cameroon and is also seeking accelerated approval for the transfer of a 25% interest in Namibia’s PEL96 licence. Once finalised, these approvals are intended to support plans to drill the NJOM-3 well in Cameroon later this year while strengthening Tower’s operational position across both upstream projects.

Alongside these developments, Tower has raised approximately £1.5 million through a discounted subscription involving more than 6.3 billion new shares. The majority of the funds will be used to repay a £1 million convertible bridge loan approaching maturity, with the remaining proceeds allocated to working capital. The fundraising substantially increases the company’s issued share capital and includes broker warrants issued to Axis Capital Markets, underlining the group’s continued reliance on equity funding as it advances exploration activity across its African portfolio.

The company’s overall outlook remains constrained by weak financial fundamentals, including the absence of revenue, recurring losses and ongoing negative free cash flow, despite relatively low leverage. Technical indicators also remain negative, with the share price trading below key moving averages and a bearish MACD signal. Valuation metrics provide limited support given negative earnings and the lack of dividend yield data.

More about Tower Resources

Tower Resources is an AIM-listed oil and gas exploration company focused on African energy assets. Its portfolio includes the Thali licence offshore Cameroon and the PEL96 licence in Namibia. The company’s strategy centres on partnering with regional and international operators—such as Prime Global Energies—to advance exploration drilling, data acquisition and development across its asset base.

Journeo (LSE:JNEO) has been awarded a DKK5.5 million contract (more than £0.6 million) by Danske Statsbaner (DSB), Denmark’s largest state-owned rail operator. The agreement represents the first large-scale onboard systems contract secured by Journeo’s Nordic subsidiary since it was acquired in 2023. Under the deal, the company will provide and install bodyside LED passenger display panels across DSB’s Dosto double-deck train coaches. Installation is scheduled to begin in the second half of the year, with most of the work expected to be completed before year-end.

The new display solution will connect directly with DSB’s existing control and content management platforms, enabling the operator to modernise passenger information services without the expense or operational disruption associated with a full technology overhaul. The upgrade is designed to improve accessibility and the overall passenger experience. Management described the contract as a strategically important step into new geographic markets and a demonstration of collaboration across the group’s international operations. The win also highlights Journeo’s expanding footprint in the Nordic rail technology sector and strengthens its position as a provider of retrofit-compatible passenger information systems.

Journeo’s outlook is supported by solid financial performance and recent strategic developments that point to growth potential and investor confidence. Although technical indicators suggest some short-term bearish signals, the company’s valuation remains reasonable, supporting a constructive longer-term view.

More about Journeo

Journeo plc is a UK-listed provider of intelligent systems designed for transport networks and critical national infrastructure. The group supplies passenger information displays, CCTV, telematics and security technologies for use across cities, airports and public transport systems. Operating through six companies in the UK and Nordic region—including subsidiaries in Denmark and Sweden—Journeo delivers display solutions, intelligent transport technologies and high-security surveillance systems. The company has also invested more than £8 million in research and development to create scalable, IoT-enabled products that integrate with existing transport infrastructure.

SigmaRoc (LSE:SRC) announced record audited results for the 2025 financial year, with revenue increasing 3.8% to £1.04 billion and underlying EBITDA climbing 16.7% to £262 million. The improvement lifted the EBITDA margin to approximately 25.3%, achieved despite softer demand from the construction and steel sectors. Underlying earnings per share rose 26%, while free cash flow advanced 18% to £134 million. The group also strengthened its balance sheet, reducing leverage to 1.8 times and increasing return on invested capital to 12.2%, reflecting disciplined cost management and successful integration of its acquisitions in the UK and Poland.

On a pro forma basis, EBITDA grew 8% even as revenue slipped 1%, a result of deliberate volume optimisation alongside weaker end-market demand. SigmaRoc noted that synergy initiatives from its recent transactions are now expected to deliver at least €40 million in recurring annual benefits—two years ahead of the original schedule. During the year, the company also divested three non-core businesses for around £18 million. To support future expansion, SigmaRoc has secured commitments for a new unsecured financing facility of up to €825 million, providing additional flexibility for acquisitions and investment. The group continues to advance sustainability initiatives, including converting kilns to biofuel and increasing the use of fossil-free electricity. Management expects improving conditions in 2026, supported by German fiscal stimulus, stronger European steel demand and a recovery in housing and construction markets.

SigmaRoc’s outlook is supported by solid financial performance and positive technical indicators, alongside operational efficiency and a stable balance sheet. However, a relatively high price-to-earnings ratio and some recent project challenges slightly moderate the overall assessment.

More about SigmaRoc

SigmaRoc PLC is a European lime and minerals group listed on London’s AIM market, specialising in construction materials such as lime, aggregates and other mineral products. The company operates across the UK, Ireland, Belgium, the Netherlands, Germany, the Nordics and Central Europe, supplying industries including construction, steel and infrastructure while increasingly focusing on sustainability and decarbonisation initiatives.

Liontrust Asset Management (LSE:LIO) has reached an agreement to acquire River Global Holdings, the asset management subsidiary of River Global PLC, through an all-share transaction valued at £7.6 million, with a potential additional £2.1 million tied to the European Opportunities Trust mandate. The deal will bring approximately £2.7 billion of assets under management and advice into Liontrust, increasing its pro forma total to around £24.4 billion while adding a broader mix of UK, Indian and global equity strategies, including value-focused funds and investment trusts.

Liontrust said the acquisition will diversify its investment approaches and performance profile while strengthening its investment team and expanding its distribution reach. The transaction is also expected to introduce new strategic partnerships and provide the group with its first physical presence in Asia. Although River Global’s funds have demonstrated solid relative performance, the business has faced limited distribution capacity. Liontrust intends to address this by leveraging its existing sales, marketing and operating infrastructure to accelerate growth. As part of the agreement, River Global executive chair Martin Gilbert will join the Liontrust board as a non-executive director, and the acquired capabilities will be integrated under the Liontrust brand with minimal disruption to clients.

Liontrust’s investment outlook is supported by attractive valuation metrics, including a relatively low price-to-earnings ratio and a strong dividend yield that may suggest the shares are undervalued. However, negative technical signals and recent operational challenges—such as declining revenue and free cash flow—temper the overall outlook. Strategic initiatives, including share buybacks, offer some positive support, though they are not reflected in the weighted analysis.

More about Liontrust Asset Management

Liontrust Asset Management is an independent active asset manager specialising in long-only investment strategies across equities and other asset classes. The firm provides a range of funds and mandates to both retail and institutional investors, built around clearly defined investment processes and a focus on performance. Liontrust has also been investing in its operating platform, distribution network and marketing capabilities to expand its presence in both UK and international markets.

Nativo Resources (LSE:NTVO) has announced strong underground sampling results from the Bonanza Vein at its Bonanza Gold Mine in Peru, highlighting the presence of a plunging high-grade ore shoot. Assays from the programme returned grades of up to 40.2 g/t gold, with several channel samples recording values above 5–10 g/t. The campaign included 147 channel samples and is consistent with historical high-grade results from the deposit.

The findings support plans to restart underground development at the site and reinforce the company’s strategy of targeting high-grade zones through selective mining methods designed to limit dilution. Nativo also noted that the results point to additional exploration opportunities both along the vein’s strike and at greater depths.

Despite the encouraging operational update, the company’s broader outlook remains constrained by weak financial fundamentals, including ongoing losses, negative equity, relatively high leverage compared with assets and continued cash burn. While technical indicators show some support following a recent short-term rebound in the share price, momentum appears stretched and the stock remains below its 200-day moving average. Valuation metrics are also pressured by negative earnings and the absence of dividend support.

More about Nativo Resources

Nativo Resources Plc is a London-listed mining company focused on advancing near-term gold mining and processing operations in Peru. Its flagship project is the Bonanza Gold Mine, where the company is developing high-grade underground gold veins and plans to process ore using conventional methods suitable for fine-grained gold mineralisation.

Time Finance plc (LSE:TIME), the AIM-listed specialist lender focused on UK small and medium-sized enterprises, continues to grow its multi-product lending platform centred on asset finance, invoice finance and secured loans. The company primarily operates an own-book lending model while also using selective broking arrangements to maintain steady deal flow across different economic conditions.

The group reported that its gross lending book exceeded £236 million at the end of February 2026, representing a 12% increase year-on-year and marking the nineteenth consecutive quarter of loan book expansion. Growth has been led by the company’s strategic lending segments, with the invoice finance portfolio reaching £78 million and the ‘hard’ asset finance book climbing to £129 million, reflecting increases of 20% and 22% respectively. Time Finance said it plans to release further trading updates in March and June outlining performance for the current financial year.

Strong financial performance and supportive corporate developments are key drivers behind the company’s overall outlook. Technical indicators suggest the possibility of additional share price upside, while valuation metrics indicate the stock may currently be undervalued. The absence of earnings call data does not materially affect the overall assessment.

More about Time Finance plc

Time Finance plc is an AIM-listed independent finance provider dedicated to supporting UK businesses with flexible funding solutions. The company offers a range of products tailored to SMEs, primarily across asset finance, invoice finance and secured loans. Operating mainly through its own lending book while retaining broking capabilities, Time Finance aims to manage lending volumes effectively across varying market cycles.