Author: Fiona Craig

Harbour Energy plc (LSE:HBR) reported record production of 474,000 barrels of oil equivalent per day in 2025, reflecting the expanded scale of the business following the integration of Wintershall Dea assets. The company also achieved lower unit operating costs and strong operational performance across its core regions, including the UK, Norway, Argentina and Egypt.

Revenue for the year rose to $10.3bn, while free cash flow reached $1.1bn. Despite these gains, the company recorded a small reported loss after tax due to a high effective tax rate, impairments and a deferred tax charge linked to changes in the UK fiscal regime.

Harbour Energy is reshaping its asset base to focus on longer-life, higher-margin production. The company has taken on operatorship of the Zama oil field in Mexico and is progressing an LNG development project in Argentina, while divesting selected assets in Southeast Asia.

A $3.2bn acquisition of assets from LLOG Exploration Company has also strengthened Harbour’s presence in the U.S. Gulf of Mexico, adding an operated, oil-focused portfolio. Meanwhile, the planned acquisition of Waldorf Production assets in the UK is expected to generate tax synergies. Together, these developments are intended to support stable production in the range of 475,000–500,000 boepd and rising free cash flow later in the decade.

Alongside its results, Harbour introduced a revised capital returns framework that ties shareholder distributions directly to free cash flow. The policy includes a higher base dividend and targets payouts of 45–75% of annual free cash flow depending on leverage levels.

For 2026, the company expects production to remain broadly stable, with slightly higher unit operating costs and approximately $0.6bn of free cash flow based on current commodity price assumptions. Management said the near-term priority will be reducing debt before progressively increasing cash returns as leverage declines and new projects begin contributing more meaningfully to earnings.

Harbour Energy’s outlook is supported by strong operational performance and strategic portfolio developments, including shareholder return initiatives. However, profitability metrics remain affected by recent accounting losses, resulting in a negative price-to-earnings ratio, while technical indicators point to weaker share price momentum. A relatively high dividend yield and positive market sentiment following the results provide some counterbalance to these concerns.

More about Harbour Energy

Harbour Energy plc is an independent oil and gas exploration and production company with operations spanning the UK, Norway, Argentina, Egypt and Mexico, and—following a recent acquisition—the U.S. deepwater Gulf of Mexico. The group focuses on liquids and natural gas production through large-scale offshore developments and LNG projects designed to deliver long-life reserves and sustainable free cash flow.

In recent years the company has reshaped its portfolio through acquisitions and divestments, including the integration of former Wintershall Dea assets and exits from Vietnam and parts of Indonesia. Harbour aims to maintain investment-grade balance sheet metrics while linking shareholder distributions to free cash flow, positioning itself as a large-scale North Sea-based producer with growing international exposure.

Bloomsbury Publishing plc (LSE:BMY) announced that bestselling fantasy author Sarah J. Maas will release the next two books in the A Court of Thorns and Roses series on 27 October 2026 and 12 January 2027.

The closely scheduled releases—set just 11 weeks apart—highlight Bloomsbury’s strong position in the commercial fantasy genre. The publisher has released all 16 of Maas’s previous novels, which have become major global bestsellers.

For the current financial year ending 28 February 2026, Bloomsbury said profit is expected to come in broadly in line with market expectations. Performance continues to be supported by the group’s diversified publishing portfolio and the stability provided by its Academic division.

Looking ahead, the company said profit for the financial year ending 28 February 2027 is now expected to be materially ahead of previous market forecasts. Management believes the upcoming releases from key authors, combined with its balanced business model, will support stronger earnings growth.

Bloomsbury’s outlook is supported by solid financial performance and favourable strategic developments such as major author releases. The company’s disciplined financial management and publishing partnerships also strengthen its growth prospects. Technical indicators remain neutral, while valuation metrics suggest the shares are currently trading at a fair level.

More about Bloomsbury Publishing

Bloomsbury Publishing plc is a UK-based independent publishing house with operations spanning trade and academic books. Its catalogue includes globally recognised authors and bestselling titles, particularly in the fantasy genre. The company follows a “portfolio of portfolios” strategy that balances consumer publishing with a strong academic and professional division, helping to provide more stable earnings across publishing cycles.

Entain plc (LSE:ENT) reported a strong performance in 2025, with total group net gaming revenue—including its share of the BetMGM joint venture—rising 7%. Group underlying EBITDA increased 8% at constant currency, exceeding prior guidance.

Online operations were the primary contributor to growth, with online EBITDA margins surpassing 25%. The company’s U.S. joint venture, BetMGM, delivered particularly strong results, recording revenue growth of 33% at constant currency and achieving an EBITDA profit of $220m. BetMGM also distributed $270m in cash to its parent companies.

Despite these operational gains, Entain reported a statutory loss after tax for the year, largely due to a significant impairment linked to changes in UK gambling tax rules.

The group generated adjusted cash flow of £151m, outperforming expectations, and reduced leverage to 3.1 times EBITDA. Reflecting improved financial performance, the board increased the final dividend by 5%, highlighting management’s renewed emphasis on cash generation and shareholder returns.

Looking ahead, Entain acknowledged the headwind from higher UK gambling taxes but expects to offset more than half of the additional tax burden from 2027 through operational measures. For 2026, the company guided toward mid-single-digit online revenue growth outside the United States and reiterated its long-term objective of generating at least £500m in annual adjusted cash flow by 2028.

While the company’s outlook is supported by revenue growth and strategic initiatives, challenges remain. Profitability pressures and valuation concerns continue to weigh on the investment case, while technical indicators suggest bearish share price momentum. In addition, regulatory risks—particularly those linked to tax increases in key markets—introduce further uncertainty.

More about Entain plc

Entain plc is an international sports betting and gaming operator listed on the London Stock Exchange. The company manages a portfolio of online and retail betting brands across multiple regions, including the UK and Ireland, Central and Eastern Europe and other international markets. It also holds a 50% stake in the U.S.-focused BetMGM venture, which provides sports betting and online gaming services across regulated American markets.

Spire Healthcare Group plc (LSE:SPI) reported revenue of £1.58bn for 2025, up 4.5% year on year, while adjusted EBITDA increased 3.2%. Adjusted free cash flow rose by nearly 65%, supported by £30m in transformation-related cost savings and disciplined capital expenditure.

Adjusted profit before tax declined 7.4%, and reported profit was affected by restructuring expenses and costs linked to a strategic review. Despite these factors, the company maintained margins in its hospital division, increased adjusted earnings per share and proposed a reduced final dividend, signalling continued returns to shareholders.

Operationally, Spire completed a major consolidation of administrative functions through the creation of Patient Support Centres and implemented a leaner workforce structure, reducing approximately 400 roles. The changes are intended to improve efficiency and provide greater operational flexibility.

The group also expanded its primary care offering through acquisitions in occupational health and physiotherapy, alongside the launch of outpatient-focused clinics designed to feed referrals into its hospital network. These initiatives have supported growth in private patient volumes.

Spire continued to invest in clinical capability and brand strength, maintaining strong regulator-equivalent ratings and reporting high satisfaction levels among patients and consultants. Investment in advanced technologies, including robotic surgery and AI-enabled MRI capacity, has helped strengthen its position in the private healthcare market. The company noted that private payors now account for around 70% of hospital revenue, with early 2026 trading indicating improved private revenue growth.

However, the group expects a significant decline in NHS-related revenue in the first quarter of 2026, forecasting a reduction of around 25% as a result of commissioning cuts and Activity Management Plans. Management plans to introduce additional transformation savings beyond the original £30m programme to offset the impact, while awaiting updated NHS commissioning plans from April. Continued growth in private healthcare demand is expected to support the company’s medium-term outlook.

Overall prospects are supported by steady revenue growth and operational efficiency improvements. However, relatively high leverage and modest net profitability remain areas of concern. Technical indicators suggest bearish market momentum, and valuation metrics imply the shares may be trading at relatively elevated levels.

More about Spire Healthcare

Spire Healthcare Group plc is one of the UK’s leading independent healthcare providers, operating a nationwide network of hospitals and primary care facilities. The company treats private patients—including those funded through insurance or self-pay—alongside NHS-funded cases. In recent years it has invested in advanced medical technology, including robotics and diagnostic imaging, to strengthen its offering in elective procedures and outpatient services.

Funding Circle Holdings plc (LSE:FCH) reported strong results for 2025, with revenue increasing 28% to £204.3m and profit before tax rising to £20.3m. The performance enabled the company to reach its previously stated 2026 revenue target a year ahead of schedule.

Total credit extended during the year climbed 29% to £2.45bn, reflecting robust demand from small and medium-sized enterprises. Assets under management edged up to £2.96bn, while the number of active customers increased 10% to 52,700, highlighting continued growth in the platform’s SME lending activity.

The group’s core Term Loans division delivered improved margins and generated profit before tax of £32.2m. Meanwhile, the FlexiPay and business card offerings continued to expand rapidly, with transaction volumes increasing 66%. Both products moved closer to breakeven, helping diversify the company’s revenue streams beyond its traditional lending business.

Funding Circle said it benefits from strong institutional backing, with £2.2bn of committed funding flows supporting loan originations. The company also reported £100.9m in unrestricted cash following share buybacks, strengthening its financial position.

On the back of the strong performance, management upgraded its guidance for 2026 and outlined new strategic targets through 2029. The company aims to scale its data-driven SME lending platform further, positioning itself as a long-term financial partner for UK businesses.

The outlook is supported by improving profitability and a solid balance sheet, alongside a constructive earnings trajectory. However, the company continues to report negative operating and free cash flow, and technical indicators suggest the shares may be overbought in the near term. Valuation is also relatively full, with a price-to-earnings ratio around 25 and no dividend yield currently available.

More about Funding Circle Holdings

Funding Circle Holdings plc is a UK-based fintech lender focused on providing financial products to small and medium-sized enterprises. Its offering includes term loans, flexible payment solutions and business credit cards. Operating through a capital-light marketplace model, the company uses AI-driven credit assessment built on more than 15 years of proprietary SME data, while attracting institutional funding to support the growth of its multi-product financing platform.

Xeros Technology Group plc (LSE:XSG) has secured a new European retail partnership for its XF3 external microfibre filtration unit. Manufacturing partner Donlim has received an initial purchase order from MediaMarkt, with the product set to be sold under the retailer’s Koenic brand while featuring Xeros as a sub-brand.

The XF3 device will initially target major European urban markets, with retail availability expected in late Q2 2026.

In the UK, Product Care Group plans to introduce the XF3 filter during the same period under the Russell Hobbs name. In addition, a third global appliance manufacturing partner is preparing its own product launch based on the technology later in the year.

Independent testing conducted by the Hohenstein Institute confirmed that the XF3 unit captures up to 98% of microfibres released during washing. The certification positions the technology as a market-leading solution at a time when regulatory scrutiny around microplastic pollution is increasing. Growing interest from major washing machine manufacturers and retailers also reflects rising demand for filtration technologies that address environmental concerns linked to textile microfibres.

Despite these commercial developments, the company’s outlook continues to be constrained by weak financial performance, which remains a key risk factor. However, recent partnership announcements and moderate technical indicators provide some optimism about potential growth opportunities as adoption of microfibre filtration technology expands.

More about Xeros Technology

Xeros Technology Group plc is a UK-based cleantech business developing patented technologies designed to reduce the environmental impact of clothing production and care. Its portfolio includes microfibre filtration systems, laundry care technologies and garment finishing solutions. The company licenses these innovations to appliance manufacturers and industrial partners across both commercial and domestic laundry markets.

Tern plc (LSE:TERN) has agreed to extend the repayment deadline on its existing loan facility to 11 September 2026, providing additional financial flexibility as the company continues to support its portfolio of early-stage Internet of Things investments.

The revised agreement with the lender is designed to ease near-term balance sheet pressure and allow the board more time to negotiate future funding arrangements for its portfolio companies.

Under the updated terms, Tern will make a partial repayment covering principal and interest of £38,432.88, alongside a £6,000 fee for the extension. Following this payment, £120,000 will remain outstanding on the facility, which carries an interest rate of 1.00% per calendar month until maturity.

The company said the extension forms part of its ongoing efforts to manage financing costs while maintaining liquidity to meet the funding requirements of its investee businesses. Maintaining flexibility in its capital structure is considered important given the growth-stage nature of the companies within its investment portfolio.

Despite the improved funding flexibility, the group’s broader outlook remains constrained by weak financial metrics. Recent performance has been affected by a sharp fall in revenue, continued losses and negative operating and free cash flow. Technical indicators also suggest the shares remain in a prolonged downtrend, although some signals point to potential stabilisation at oversold levels. Valuation remains difficult to assess due to negative earnings and the absence of dividend yield data.

More about Tern plc

Tern plc is an investment company specialising in high-growth, early-stage technology businesses operating in the Internet of Things sector. Listed on AIM under the ticker TERN, the company provides capital and strategic support to portfolio firms developing innovative IoT solutions, with a focus on businesses that require further funding to scale within this rapidly evolving technology market.

Hunting PLC (LSE:HTG) reported EBITDA of $135.7m for 2025, representing a 7% increase year on year, while EBITDA margin improved by one percentage point to 13%. Revenue declined 3% to $1.02bn during the period, but adjusted profit before tax rose to $79.7m. Statutory profit before tax reached $65.5m, compared with a loss in the previous year.

The group said performance was supported by growth in higher-margin activities, with non-oil and gas revenue increasing 10%. Its order book also strengthened to $358m, reflecting demand across its core product lines and the benefits of portfolio optimisation.

Hunting continued to implement its Hunting 2030 strategy through a series of targeted initiatives. These included acquisitions focused on subsea technologies and oil recovery solutions, as well as securing a major contract with Kuwait Oil Company. The company also carried out restructuring measures aimed at reducing costs and improving operational efficiency.

Alongside these strategic moves, the group has maintained a disciplined capital allocation approach. This includes higher dividend distributions and an expanded share buyback programme designed to enhance shareholder returns.

Management reaffirmed its outlook for 2026, guiding toward EBITDA in the range of $145m to $155m. The company expects continued earnings growth driven by international diversification and increased exposure to offshore and subsea markets, while acknowledging that geopolitical tensions in regions such as the Middle East remain a potential risk factor.

Hunting’s overall outlook is supported by strong cash flow generation in 2024 and a relatively low-leverage balance sheet, along with shareholder-friendly actions such as buybacks. However, profitability has been volatile in recent years, with losses following earlier profitable periods. Technical indicators also suggest softer market momentum, with a negative MACD signal and an RSI below 50.

More about Hunting

Hunting PLC is a London-listed precision engineering company supplying products and services to the global energy industry. Its portfolio spans oil and gas equipment, subsea technologies and advanced manufacturing solutions. In recent years the group has sought to diversify into higher-growth markets such as aviation, space and subsea systems, while expanding its presence across the Middle East, the Americas and other international regions.

Reckitt Benckiser Group plc (LSE:RKT) has released its full-year results for 2025, with the complete statement available through the company’s website and the UK regulator’s National Storage Mechanism. The disclosure forms part of the group’s ongoing reporting to investors and provides further detail on its performance in the global consumer goods market.

The board has proposed a final dividend of 127.8 pence per share, bringing the total dividend for 2025 to 212.2 pence. This represents a 5% increase compared with 2024 and aligns with the company’s progressive dividend policy. The increase signals management’s confidence in the group’s cash generation and balance sheet strength, and is likely to be of particular interest to income-focused investors monitoring the sustainability of shareholder returns.

Reckitt will also host an investor and analyst presentation at the London Stock Exchange, which will include a question-and-answer session. The event will also be available via a global webcast and listen-only dial-in, giving investors the opportunity to hear management discuss the key drivers behind the 2025 results as well as the company’s strategic priorities.

The company’s outlook reflects continued focus on profitability and shareholder returns, supported by initiatives such as dividends and share buybacks. While valuation remains a consideration for investors, management believes growth opportunities—particularly in emerging markets—alongside strong brand positioning will continue to support the group’s longer-term performance.

More about Reckitt Benckiser Group

Reckitt Benckiser Group plc is a UK-listed consumer goods company specialising in health, hygiene and nutrition products sold worldwide. Its portfolio includes widely recognised household and personal care brands distributed through mass-market retail channels. The company’s strategy centres on meeting everyday consumer needs while maintaining recurring, cash-generative revenue streams across global markets.