Author: Fiona Craig

System1 Group (LSE:SYS1), the AIM-listed marketing decision-making platform, said strong trading in the final quarter of its financial year is set to deliver record revenue for the second half of the year ending 31 March 2026, consistent with previous guidance. The company pointed to a series of new client wins during the year—particularly toward the end of the period—as large global brands increasingly adopt its tools designed to measure advertising and innovation effectiveness.

After completing a period of investment, System1 is now adjusting its cost structure through a wide-ranging optimisation programme that includes changes to organisational design, sales incentive frameworks and its go-to-market strategy. Although the restructuring will result in one-off costs in FY26, the board believes it will improve operational leverage. As a result, the company now expects FY27 adjusted EBITDA to come in materially ahead of current market expectations, targeting a margin of at least 15% with potential for further expansion as revenues grow.

Management highlighted strong momentum in its innovation services division, continued traction in the U.S. market and deeper engagement with some of the world’s largest advertisers as key drivers of increased new business activity and double-digit growth in innovation-related sales. The leadership team said these developments support confidence in the group’s ability to sustain double-digit revenue growth while expanding margins, strengthening the platform for long-term shareholder value creation.

System1’s recent financial momentum and relatively attractive valuation are viewed as supportive factors. However, weaker technical signals and mixed corporate developments—including earlier revenue pressure and higher operating costs—temper the broader outlook. Insider support and ongoing strategic initiatives nonetheless provide some grounds for optimism.

More about System1

System1 Group is a London-listed marketing decision-making platform that helps leading global brands forecast and enhance the commercial effectiveness of their advertising, innovation and brand-building activity. Using a large database of emotional response benchmarks across 81 markets, the company evaluates consumer reactions to campaigns and concepts for more than 500 clients, including major advertisers such as Pfizer, Amazon, TikTok and Sky.

Firering Strategic Minerals (LSE:FRG) has announced continued operational advancements at its Limeco lime production facility in Zambia, reinforcing its ambition to become a major supplier of lime to the region’s mining, agriculture and industrial sectors. Kiln 2 is now operating at discharge rates exceeding 60 tonnes per day, outperforming Kiln 1, while preparations are underway to bring Kilns 3 and 4 into operation during the third and fourth quarters as part of a broader capacity expansion plan.

The company has also expanded its manual hydrated lime circuit to four internally constructed units, with a fifth unit currently being assembled. Automation of the system is planned once all four kilns are operational. Meanwhile, installation of the limestone milling circuit is progressing toward expected commissioning in the third quarter. Firering noted that increasing commercial engagement, alongside the rollout of newly branded packaging, is expected to enhance Limeco’s presence in regional markets and help meet growing demand for its lime products.

More about Firering Strategic Minerals Plc

Firering Strategic Minerals is an Africa-focused developer and producer of industrial and critical minerals listed on AIM. Its near-term priority is increasing output from the Limeco quicklime and hydrated lime project in Zambia, where the company currently owns a 36.2% stake and holds an option to raise this to 45%, supplying mining, agricultural and industrial customers throughout the region. In addition, Firering owns the Atex lithium-tantalum project in northern Côte d’Ivoire, providing further exposure to minerals essential for battery technologies and advanced electronics.

Metals One Plc (LSE:MET1) has realised a significant return after selling 7,000,000 shares in CleanTech Lithium for £0.91 million, representing roughly a 159% gain compared with its weighted average acquisition cost since the company first invested in August 2025. Even after the transaction, Metals One continues to hold 5,850,000 shares in CleanTech Lithium, equivalent to about 2.88% of the company’s issued share capital. In addition, it retains 20,000,000 warrants with an exercise price of 6 pence, valid until August 2030, ensuring continued exposure to the lithium developer’s future progress.

Managing director Daniel Maling noted that the timing of the sale aligns with recent advancements at CleanTech Lithium’s Laguna Verde project in Chile, where the award of a key operating contract represents a meaningful step forward for the project. By locking in a portion of the gains while maintaining both an equity stake and a sizeable warrant position, Metals One has balanced profit-taking with the opportunity to benefit from further project development. The strategy highlights the company’s approach to capital recycling while remaining invested in the expanding critical minerals sector.

More about Metals One PLC

Metals One Plc operates as a developer and investor in critical and precious metals projects, positioning itself to meet growing Western demand for responsibly sourced raw materials while also benefiting from strong gold market conditions. The company’s shares are listed on London’s AIM market under the ticker MET1 and also trade on the U.S. OTCQB Venture Market under the symbol MTOPF, supporting its strategy of engaging with global investors.

Oriole Resources PLC (LSE:ORR) has announced final assay results from its maiden diamond drilling campaign at the MB01-N prospect within the Mbe gold project in Cameroon, delivering its strongest intersections to date. The standout result came from hole MBDD039, which returned 56.20 metres grading 0.99 grams per tonne gold from near surface, while hole MBDD038 intersected 21.30 metres at 1.22 grams per tonne gold.

The latest drilling confirms gold mineralisation extending along a north–south strike of roughly 700 metres, with the system remaining open. These results will support preparation of a maiden JORC-compliant resource estimate for MB01-N, expected in the second quarter of 2026. Management believes the new resource could materially increase the overall scale of the Mbe project when combined with the existing 870,000-ounce resource already defined at the nearby MB01-S deposit. In addition, a fully funded 2,500-metre step-out drilling programme is planned at MB01-S later this year as the company seeks to expand the project’s total resource base.

The company’s outlook is weighed down primarily by weak operating fundamentals, including the absence of revenue and continued cash burn typical of exploration-stage businesses. However, Oriole maintains a relatively low-debt balance sheet. Technical indicators provide some moderate support for the shares, while valuation metrics remain constrained due to negative earnings and the lack of dividend signals.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration company focused on projects across Central and West Africa. The company holds a 50% interest in the Mbe gold project in Cameroon, where it is working to identify and delineate economically viable gold deposits. The project already hosts a JORC-compliant resource at the MB01-S deposit, with ongoing exploration aimed at expanding resources across the wider licence area.

Team Internet Group plc (LSE:TIG) reported unaudited results for 2025 broadly in line with market guidance, posting gross revenue of $481.9 million, net revenue of $136.2 million and adjusted EBITDA of $42.7 million. While these figures represent a notable year-on-year decline, they landed near the upper end of analyst expectations. During the period, the company lifted its gross margin to 28.3%, improved cash generation and lowered net debt, even as structural changes within its Search division weighed on traffic volumes and monetisation performance.

The group said its core platforms — Domains, Identity & Software and Comparison — continued to demonstrate stability and now account for roughly 80% of group EBITDA. These segments are also seeing increasing adoption of higher-margin, value-added services. Meanwhile, management confirmed that negotiations over a potential sale of the DIS segment are progressing positively and could result in a valuation exceeding the company’s current market capitalisation. Such a transaction could significantly reshape the portfolio and unlock shareholder value while the Search business transitions toward newer monetisation models.

The company’s stock score is mainly influenced by financial pressures, including declining revenues and relatively high leverage levels. Technical indicators also suggest a bearish trend in the shares. Valuation metrics remain challenged by a negative price-to-earnings ratio, although this is partly offset by the presence of a dividend yield. The ongoing strategic review is viewed as a constructive corporate development that could support longer-term growth and value creation.

More about Team Internet Group

Team Internet Group is a global provider of internet infrastructure and digital marketing solutions focused on enabling online identity and discovery for businesses, brands and consumers. The company operates domain name management, identity and software solutions through its DIS segment, while its Comparison and Search divisions generate digital advertising revenue, largely through recurring and revenue-share-based business models.

DSW Capital Plc (LSE:DSW) has cautioned that escalating geopolitical tensions, including the outbreak of war involving Iran, have significantly slowed UK mergers and acquisitions activity, interrupting what had been a strong financial year for the group. Despite the disruption, DR Solicitors recorded double-digit revenue growth while trading across the wider network remained stable. With several transactions expected to complete in March either delayed or cancelled, the company now forecasts FY26 total income of roughly £6.2 million, adjusted EBITDA of around £1.6 million and adjusted profit before tax of approximately £1.3 million. The outlook reinforces management’s strategy of reducing reliance on M&A-driven revenues while maintaining profitability and a solid liquidity position.

The group reported cash balances of about £1.4 million and net debt of roughly £0.5 million after partially repaying its revolving credit facility and distributing dividends. Management said the balance sheet remains robust despite the challenging geopolitical and economic backdrop. Looking ahead, the company plans to continue expanding its network of licensees and consultants while accelerating the development of DR Solicitors, aiming to capitalise on a pipeline of diversification opportunities once dealmaking activity improves.

DSW Capital Plc’s strong financial profile — including solid revenue growth and healthy profit margins — remains a key driver of its investment case. Technical indicators point to positive momentum in the shares, though some caution is warranted given overbought signals. The company’s valuation also appears appealing, supported by a relatively low price-to-earnings ratio and a strong dividend yield, reinforcing a constructive outlook.

More about DSW Capital Plc

DSW Capital Plc is a UK-based professional services network targeting the mid-market, operating under the Dow Schofield Watts and DR Solicitors brands. Through a licensing-based model, the company supports more than 130 fee earners across 12 offices throughout the UK. Its focus is on accounting and legal services delivered through specialist teams, providing experienced professionals with a platform that offers independence while enabling scalable growth in niche, high-margin advisory segments.

SEGRO plc (LSE:SGRO) is advancing its data centre development strategy with a new pre-let agreement on the Slough Trading Estate and planning approval for a joint venture project in West London.

The company has agreed to build a powered shell data centre facility for an existing customer within the Slough Trading Estate, widely regarded as Europe’s largest data centre cluster. The planned three-storey building will span approximately 30,000 square metres and meet BREEAM Excellent sustainability standards. It will be supported by 50 MVA of contracted power, enabling SEGRO to maximise the value of a relatively small 3.5-acre plot within its established Slough campus.

In a separate development, SEGRO and joint venture partner Pure Data Centres Group have received planning committee approval for SEGRO’s first fully fitted data centre at SEGRO Premier Park in Park Royal, West London. The facility is expected to benefit from 70 MVA of incoming power and incorporate energy-efficient closed-loop liquid cooling technology. The project represents a key step in SEGRO’s broader plan to deliver a data centre development pipeline exceeding 2.5 GW and to further expand its presence in Europe’s digital infrastructure sector.

Looking ahead, the company’s outlook is supported by signs of strengthening financial performance, including a rebound in revenue and profit alongside manageable leverage levels. Positive technical indicators also support sentiment. However, these factors are partly balanced by only moderate valuation metrics for a REIT and some concerns around financial quality, including earnings volatility and a recent divergence between cash flow and reported earnings. Management’s latest earnings call nonetheless provided constructive guidance and highlighted a credible long-term growth pipeline, albeit with execution risks.

More about SEGRO plc (REIT)

SEGRO plc is a UK-based real estate investment trust specialising in the ownership, management and development of modern warehousing, industrial facilities and data centres across the UK and seven additional European markets. The company’s portfolio, valued at approximately £22.0 billion and covering around 10.9 million square metres, is concentrated in major urban areas and strategic transport and digital infrastructure hubs. Its properties support a diverse range of customers including retailers, manufacturers, logistics operators and technology companies seeking high-quality, sustainable industrial and logistics space.

U.S. stock index futures suggest markets could open higher on Friday, indicating equities may attempt to recover some of the losses recorded during the previous trading session.

Part of the early strength may stem from bargain hunting, as investors look to buy stocks that were heavily sold off on Thursday, when the major indices closed at their lowest levels in more than three months.

A pullback in crude oil prices could also encourage early buying. Oil for April delivery fell 1.6%, retreating after climbing nearly 15% over the previous two sessions.

The drop in crude comes even as geopolitical tensions remain high. U.S. President Donald Trump intensified his rhetoric toward Iran, calling the regime “deranged scumbags” and saying he has the “great honor” to kill.

Stock futures gained further momentum after the release of a closely watched inflation report showing that consumer price growth slowed more than expected in January.

According to the Commerce Department, the annual growth rate of the PCE price index eased to 2.8% in January, down from 2.9% in December. Economists had expected the pace to remain unchanged.

Meanwhile, the core PCE price index, which excludes food and energy, rose slightly to 3.1% from 3.0%, even though economists had forecast no change.

Another report from the Commerce Department indicated that U.S. economic growth in the fourth quarter of 2025 was weaker than previously estimated.

Markets tumble in Thursday’s session

Following two relatively quiet sessions, stocks declined sharply on Thursday, pushing the major benchmarks to their lowest closing levels in over three months.

The indices ended the day slightly above their session lows. The Dow Jones Industrial Average dropped 739.42 points, or 1.6%, to 46,677.85, the Nasdaq Composite fell 404.16 points, or 1.8%, to 22,311.98, and the S&P 500 declined 103.18 points, or 1.5%, to 6,672.62.

The downturn on Wall Street coincided with another surge in oil prices, which continued their rebound after Tuesday’s steep drop.

Brent crude futures for May delivery jumped 9.2%, pushing prices back above the $100 per barrel threshold.

Oil extended its rally after reports that three additional foreign vessels were struck overnight in the Persian Gulf, heightening concerns about shipping safety through the crucial Strait of Hormuz.

U.S. Energy Secretary Chris Wright told CNBC the Navy is “not ready” to escort oil tankers through the strait.

Iran’s newly appointed Supreme Leader Mojtaba Khamenei also stated that the Strait of Hormuz should remain closed as a “tool to pressure the enemy.”

Jobless claims and sector moves

In economic data, the Labor Department reported that initial jobless claims in the United States unexpectedly declined slightly in the week ending March 7.

New claims fell to 213,000, down 1,000 from the prior week’s revised figure of 214,000.

Economists had expected claims to rise modestly to 215,000, compared with the 213,000 originally reported for the previous week.

Among sectors, airline stocks extended their recent decline, with the NYSE Arca Airline Index plunging 5.2%, reaching its lowest closing level in more than three months.

Steel companies also saw significant losses, as the NYSE Arca Steel Index dropped 3.7%.

Semiconductor shares weakened as well, pulling the Philadelphia Semiconductor Index down 3.4%.

Oil service, biotechnology and financial stocks also experienced notable selling pressure, while oil producers were among the few sectors to post gains, benefiting from the continued strength in crude prices.

Oil prices slipped during Asian trading on Friday but quickly recovered most of their initial declines, as persistent concerns about supply disruptions linked to the U.S.-Israel conflict with Iran continued to dominate market sentiment.

Prices had earlier dropped by nearly 1% after the United States said it would allow the purchase of Russian crude already in transit, a move intended to ease supply pressures caused by the Iran conflict.

However, crude soon pared much of the drop and remained on track for a second straight week of solid gains, with the ongoing conflict in Iran — the main catalyst behind the latest surge in oil — showing few signs of easing.

By 02:17 ET (06:17 GMT), Brent crude futures for May were down 0.1% at $100.34 per barrel, while West Texas Intermediate (WTI) crude futures declined 0.4% to $94.05 per barrel.

U.S. greenlights purchases of Russian oil already at sea

Late on Thursday, the U.S. Treasury issued a 30-day waiver permitting countries to buy Russian crude shipments that had already been loaded onto tankers before March 12.

Treasury Secretary Scott Bessent said the measure was designed to help stabilize global energy markets amid supply disruptions stemming from the war with Iran.

Earlier in the week, Washington had also granted limited exemptions allowing the continued purchase of Russian oil, including shipments bound for India, the world’s third-largest crude importer.

The move comes as tensions surrounding Iran remain high, with the United States also signaling it could release large volumes of oil from its Strategic Petroleum Reserve to soften potential supply shocks.

Earlier reports suggested the International Energy Agency is preparing a record emergency release of more than 400 million barrels from strategic reserves to help offset the impact of the Iran conflict.

Oil still poised for strong weekly gains as conflict drags on

Despite the modest pullback on Friday, both Brent and WTI were still set to post weekly gains of roughly 7% to 9%, extending the sharp rally sparked by escalating tensions.

Crude prices had already surged nearly 30% in the previous week.

The conflict entered its fourteenth day on Friday, with the United States and Israel continuing strikes on Iranian targets while Tehran responded with waves of missile and drone attacks against oil infrastructure across several neighboring Middle Eastern countries.

Iran has also threatened to shut down the Strait of Hormuz, a crucial global oil shipping lane, in an attempt to pressure Washington and its allies.

The potential closure of the strait — combined with attacks on energy infrastructure — has intensified fears of longer-term disruptions to global oil supplies. The passage is especially critical because roughly 20% of global oil consumption moves through the waterway.

“The conflict has now moved beyond a short-lived geopolitical shock and into a phase where supply losses are increasingly structural rather than transient,” ANZ analysts wrote in a note.

“Price volatility is likely to remain high, but the skew is increasingly to the upside. Importantly, the longer the disruption persists, the higher the price required to restore market balances.”

Investors remain cautious about the possibility of a prolonged surge in oil prices, as higher energy costs could fuel inflation and push major central banks toward a more hawkish policy stance.