Author: Fiona Craig

Vistry (LSE:VTY) reported full-year 2025 results broadly in line with expectations, with adjusted profit before tax rising slightly to £268.8 million. The performance came despite a 4% decline in revenue and a 9% drop in housing completions, reflecting softer open market demand and uncertainty following the UK government’s November Budget.

The company’s partnerships model remained central to its strategy, accounting for 74% of total completions during the year. Vistry also highlighted its significant role in the affordable housing sector, noting that it delivered approximately one in seven of the UK’s affordable homes in 2025.

Financially, the group reduced year-end net debt to £144.2 million and plans to prioritise further deleveraging in 2026. Management is targeting a net cash position of around £100 million by the end of the year. The company will also complete its existing £130 million share buyback programme but does not plan additional capital returns in the near term.

To support sales in the open market, Vistry has implemented targeted pricing strategies and incentives. These measures have helped boost early trading in 2026, with management expecting higher revenue, sales volumes and profit over the year. However, margins are expected to soften due to the impact of discounts and incentives.

The company is also preparing for a leadership transition, with both CEO and chairman Greg Fitzgerald expected to step down over the next two years.

Overall, Vistry’s outlook is influenced by positive corporate actions such as share buybacks, which enhance shareholder returns. However, the financial picture remains mixed, with pressure on margins and higher leverage levels. Technical indicators point to relatively stable share price performance, though some signals suggest caution due to potentially overbought conditions. Valuation metrics remain constrained by a negative price-to-earnings ratio and the absence of a dividend yield.

More about Vistry Group

Vistry Group is a UK housebuilder and residential developer focused on partnership-led housing projects. The company specialises in delivering affordable, social and mixed-tenure housing through collaborations with government agencies, housing associations and local authorities. Its developments form part of broader initiatives such as the Social and Affordable Homes Programme, positioning the group as an important contributor to addressing the UK’s housing shortage.

MTI Wireless Edge (LSE:MWE) reported record revenue of $51.5 million for 2025, representing a 13% increase from the previous year. Profit from operations rose 29%, while earnings per share climbed 17%, supported by strong cash reserves of $9.4 million.

The company also increased its final dividend by 3% and extended its share buyback programme, reflecting confidence in its financial position and future prospects.

Growth was broad-based across all three of MTI’s divisions, each delivering double-digit revenue gains. The distribution and consulting segment led the performance with a 20% revenue increase, while strong demand for military antennas and 5G backhaul solutions supported the communications business. The company’s water management division also expanded, driven by rising global demand for efficient water control systems amid increasing water scarcity.

Management acknowledged that the year presented significant challenges for Israel and noted the passing of founder and chairman Zvi Borovitz. Despite these circumstances, the company maintained strong operational momentum and highlighted the long-term growth potential of its core markets, including defence technologies, 5G communications and water management infrastructure.

With a healthy order backlog and a growing pipeline of opportunities—particularly as governments increase defence spending—MTI enters 2026 expecting continued expansion and strengthened positioning within the radio frequency and critical infrastructure technology sectors.

The company’s outlook is supported by strong financial performance, a solid balance sheet and positive corporate developments. Technical indicators suggest bullish momentum in the shares, though some signals point to potentially overbought conditions in the near term. Valuation remains relatively attractive, supported by a reasonable price-to-earnings ratio and a consistent dividend yield.

More about MTI Wireless Edge

MTI Wireless Edge is an Israel-based technology group specialising in communication and radio frequency solutions serving defence, telecommunications and water management markets. The company operates through three main divisions: antennas for military and commercial communications, Mottech-branded water monitoring and irrigation control systems, and a distribution and consulting business providing RF and microwave components and engineering services.

Its antenna portfolio includes smart, MIMO and dual-polarity designs covering frequencies from 100 kHz to 174 GHz, supporting applications such as 5G backhaul, public safety networks and defence platforms. The water division provides remote monitoring and control solutions for agriculture, municipalities and commercial landscapes, while the distribution unit supports advanced communications, radar, SIGINT and monitoring system integration.

SRT Marine Systems (LSE:SRT) has secured a contract valued at US$261 million to deliver a national maritime domain awareness system for a new sovereign customer. The agreement exceeds the company’s earlier expectation of around US$200 million for the project.

The contract will formally begin once a project finance package supported by UK Export Finance is completed. The financing arrangement underlines the importance of government-backed support in enabling large-scale deployments of national maritime surveillance infrastructure.

With the addition of this deal, SRT’s portfolio now includes roughly £340 million of projects currently under implementation. Alongside these active programmes, the newly signed US$261 million contract awaits commencement, while the company’s broader opportunities pipeline is estimated to reach as much as £1.8 billion.

Management said rising geopolitical tensions—particularly across parts of the Middle East—are increasing demand for sovereign maritime surveillance capabilities. Governments are seeking independent monitoring systems to strengthen border security, fisheries protection and maritime safety, which the company believes reinforces its strategic position in the market.

From a financial perspective, the company’s outlook benefits from strong revenue growth and improving operational efficiency. However, valuation metrics remain relatively high and technical indicators have been weak, which may temper investor sentiment. The absence of a dividend and ongoing cash flow pressures also affect the overall investment profile.

More about SRT Marine Systems

SRT Marine Systems is a global provider of maritime intelligence, surveillance and safety solutions. The company develops integrated maritime domain awareness systems used by government agencies such as coast guards, fisheries authorities and port operators to monitor and manage maritime activity. Its technologies also support navigation safety and operational efficiency for commercial and leisure vessels around the world.

Gulf Marine Services (LSE:GMS) has removed personnel from four of its support vessels operating in the Middle East after a request from a client amid rising regional tensions in the Gulf. The company said the evacuation was carried out as a precautionary safety measure, reflecting its priority of ensuring the wellbeing of crews working aboard its self-elevating support units.

The offshore services provider is currently reviewing the potential impact of the situation on its operations and financial performance. Management said it will provide further updates to the market once there is greater clarity on how the developments may affect ongoing activities.

The announcement has been classified as inside information under UK market abuse regulations, highlighting the possible relevance of the development for investors and market participants.

Despite the operational uncertainty related to the regional situation, Gulf Marine Services’ broader outlook remains supported by strong financial performance. The company has reported robust revenue growth, healthy margins and solid free cash flow, while its valuation remains relatively modest based on earnings multiples. Technical indicators also reflect a clear upward share price trend, though momentum signals such as elevated RSI and stochastic readings suggest the stock may be approaching overbought territory in the near term.

More about Gulf Marine Services

Gulf Marine Services is a London-listed offshore marine services company founded in Abu Dhabi in 1977. The group specialises in self-propelled, self-elevating support vessels used in offshore energy operations. Its fleet of 15 vessels operates from bases in the United Arab Emirates, Saudi Arabia and Qatar, supporting oil, gas and offshore wind clients across regions including the Middle East, Southeast Asia, West Africa, North America, the Gulf of Mexico and Europe.

The company’s K-, S- and E-Class vessels are designed to support offshore platform refurbishment, maintenance and well intervention activities, as well as wind turbine installation, servicing and decommissioning. These four-legged, self-propelled units provide large deck space, heavy-lift crane capacity and accommodation for up to 300 personnel, offering cost and operational efficiencies compared with conventional support vessels.

Seraphim Space Investment Trust (LSE:SSIT) highlighted strong investment activity across its portfolio in its February newsletter, with several portfolio companies securing new funding and forming strategic partnerships as momentum builds in the SpaceTech sector.

Among the most notable developments, weather intelligence company Tomorrow.io raised $175 million at a unicorn valuation to accelerate deployment of its AI-driven weather satellite constellation. Meanwhile, SatVu secured £30 million in NATO-backed funding to expand its thermal imaging satellite network focused on Earth observation and security applications.

Additional portfolio-related progress included D-Orbit partnering with ELT Group on space initiatives in Saudi Arabia, while Voyager’s Starlab project continues building an ecosystem for in-orbit manufacturing and bioprinting. Other collaborations involving companies such as Xona, Skylo and AST SpaceMobile are advancing technologies including resilient satellite navigation, hybrid satellite-enabled Internet of Things connectivity and direct-to-device broadband services.

Beyond developments within its portfolio, Seraphim Space also announced that it has exceeded the $100 million fundraising target for its new early-stage venture fund. The milestone lifts the firm’s total assets under management above $550 million and strengthens its position as a specialist investor supporting emerging companies in the global space technology sector.

The newsletter also pointed to wider industry developments, including SpaceX’s acquisition of xAI, which reflects growing convergence between artificial intelligence and space infrastructure. Seraphim executives have also increased their participation in industry podcasts and conferences, reinforcing the firm’s visibility and influence in discussions around the strategic importance of space-based technologies.

Despite the sector momentum, the company’s outlook remains influenced by weak financial quality, including ongoing negative operating cash flow and valuation-driven earnings volatility, although the balance sheet remains debt-free. Technical indicators are currently supportive with a strong upward trend, though momentum suggests the shares may be becoming stretched. Valuation analysis remains limited due to the absence of meaningful P/E and dividend yield metrics.

More about Seraphim Space Investment Trust

Seraphim Space Investment Trust plc is a London-listed investment company focused on SpaceTech opportunities. Through its manager Seraphim Space, the trust invests in early- and growth-stage businesses developing satellites, in-orbit services, space-based data platforms and related infrastructure. Its investment strategy targets technologies with dual-use potential across sectors including defence, climate monitoring, life sciences and communications, supporting the expansion of the global space economy.

HICL Infrastructure (LSE:HICL) reported solid operational performance for the period from 1 October 2025 to 28 February 2026, supported by capital expenditure programmes across its growth assets that helped drive EBITDA improvements and stable cash generation.

The company reaffirmed its dividend guidance, targeting 8.35p per share for the financial year ending 31 March 2026 and 8.50p for 2027. These payouts are expected to be supported by forecast dividend cash cover of around 1.1 times, along with consistent cash flows from the group’s public-private partnership (PPP) portfolio.

As part of its capital allocation strategy, the board completed £225 million of disposals from its UK PPP portfolio at carrying value. Proceeds were used to repay drawings under the company’s revolving credit facility and to fund committed investments. HICL has also restarted share buybacks, which management believes are attractive at the current share price discount.

The company is redeploying capital into its existing growth assets, including Affinity Water, the Blankenburg Tunnel and the B247 road project, while continuing to pursue selective follow-on investments and portfolio optimisation through targeted disposals.

Key assets across the portfolio performed in line with or ahead of expectations. These included Affinity Water, London St. Pancras High Speed and telecommunications tower platform Fortysouth. Expansion capital expenditure, new co-location opportunities and an oversubscribed refinancing supported the strength and resilience of earnings.

Management said inflation trends and movements in bond yields are not expected to have a material near-term impact on the company’s net asset value. The company also noted that recent shareholder consultations following the cancellation of a proposed combination with TRIG indicated continued investor support for HICL’s strategy, portfolio and long-term return profile.

Overall, the company’s outlook is supported by strong cash generation and a solid financial structure. However, recent revenue and earnings momentum has been more modest. Technical indicators appear broadly neutral, while valuation is supported by an attractive dividend yield but is not clearly discounted on earnings multiples. Recent corporate actions, including share buybacks and strategic discussions around portfolio positioning, provide some additional positive sentiment.

More about HICL Infrastructure

HICL Infrastructure PLC is a London-listed investment company managed by InfraRed Capital Partners. The company invests in a diversified portfolio of core infrastructure assets, including public-private partnership projects, utilities, transport and digital infrastructure. Its strategy focuses on delivering stable income and long-term capital growth through investments in essential infrastructure across the UK and selected international markets.

Galliford Try (LSE:GFRD) reported solid results for the six months to 31 December 2025, with revenue increasing 1.3% to £934.9 million and adjusted profit before tax rising 20.5% to £24.7 million. The improvement was largely driven by stronger margins in the group’s Building and Infrastructure divisions.

Divisional adjusted operating margin improved to 3.2%, while the company’s order book expanded to £4.1 billion. Reflecting confidence in performance and cash generation, the group also increased its interim dividend by 18.2%. Management highlighted the company’s strong cash position and disciplined approach to risk management as key contributors to the improved profitability.

Looking ahead, Galliford Try expects both revenue and adjusted profit before tax for the full year to exceed the upper end of current market forecasts. The company also noted strong revenue visibility, with 98% of expected FY26 revenue and 80% of FY27 turnover already secured through existing contracts.

Strategic initiatives during the period included preparations to participate in the AMP8 water infrastructure programme, investment in a new pipe fabrication facility and the £10 million acquisition of Nene Valley Fire & Acoustic. The acquisition strengthens the group’s position in the higher-margin fire protection segment and supports expansion into specialist services.

These moves are intended to reinforce Galliford Try’s presence in sectors with strong long-term demand while supporting its broader strategy of achieving sustainable growth and improved margins through to 2030.

The company’s outlook is supported by favourable technical indicators and a stable financial position. Although revenue growth remains modest and margin pressures persist in parts of the market, initiatives such as its share buyback programme and continued focus on cash generation strengthen its appeal for investors seeking income and stability.

More about Galliford Try

Galliford Try Holdings plc is a UK-based construction and infrastructure group delivering building, infrastructure and specialist services primarily for public sector and regulated markets. The company has strong positions in areas such as highways, education, defence, custodial and healthcare facilities, and is increasingly expanding into higher-margin sectors including water infrastructure, fire protection and specialist fabrication through long-term national frameworks.

Quilter (LSE:QLT) delivered strong results for 2025, with Assets under Management and Administration increasing 18% to £141.2 billion. Core net inflows surged 75% to £9.1 billion, representing about 8% of opening assets for the year.

Growth was driven by strong momentum across the group’s platform and managed portfolio services. Platform assets rose 22% to £104.6 billion, while WealthSelect assets expanded 38% to £25.4 billion. Adjusted profit before tax increased 6% to £207 million, with the operating margin improving to 30% as the company’s simplification programme achieved £50 million in annualised cost savings.

The group also returned to IFRS profitability, reporting £120 million in profit after tax. Quilter raised its total dividend for the year by 7% to 6.3 pence per share and announced a £100 million share buyback programme. Alongside this, the company introduced a new capital return policy that targets distributing 70% of post-tax, post-interest earnings through dividends and ongoing buybacks.

Management highlighted record inflows and continued outperformance in both the Affluent and High Net Worth client segments. Even after accounting for the share buyback and final dividend, Quilter maintained a pro forma Solvency II ratio of around 200%, demonstrating strong capital resilience.

The company’s outlook is supported by positive technical indicators and recent strategic developments. Strong cash generation and enhanced capital returns strengthen its market positioning, although valuation considerations and some profitability pressures remain factors for investors to monitor.

More about Quilter

Quilter plc is a UK-based wealth management company focused on serving affluent and high net worth clients. The group provides an adviser-led investment platform and discretionary investment management services. Its core offerings include the Quilter platform and WealthSelect, the UK’s largest managed portfolio service, distributed through a combination of independent financial advisers and the company’s in-house network of restricted financial planners.

SIG (LSE:SHI) reported revenue of £2.59 billion for the full year 2025, broadly unchanged from the previous year as softer construction activity and pricing pressure weighed on like-for-like sales across several European markets. Despite the challenging environment, the group’s specialist insulation, interiors and roofing businesses continued to outperform their local markets, with particularly strong sales momentum seen in the UK Interiors division.

Underlying operating profit increased 28% to £32.1 million, supported by £39 million in savings generated through restructuring efforts and productivity improvements. These measures helped offset the impact of lower sales volumes and inflationary pressures during the year.

However, the group still recorded a pre-tax loss and saw net debt rise slightly to £518 million. Management said liquidity remains strong and emphasised ongoing initiatives aimed at improving efficiency and optimising the portfolio. These measures are intended to strengthen margins and position the business to benefit from operating leverage when construction markets recover.

The company’s outlook remains influenced by financial pressures, including flat revenue growth and relatively high leverage. Technical indicators present mixed signals, with some short-term upward momentum but longer-term weakness. Valuation also remains constrained by a negative price-to-earnings ratio and the absence of a dividend. Nevertheless, recent corporate developments—including a share purchase by the CEO and leadership changes—have provided some positive sentiment around the company’s strategic direction.

More about SIG plc

SIG plc is a pan-European distributor of specialist building materials serving trade customers across the UK, France, Germany, Ireland, the Benelux region and Poland. The company focuses on insulation, interiors and roofing products, providing contractors with a wide product range, technical expertise and coordinated delivery services within the fragmented construction supply market. SIG plc is listed on the London Stock Exchange.

Netcall (LSE:NET) reported a solid performance for the six months to 31 December 2025, with revenue rising 15% to £26.5 million. Growth was supported by 11% organic expansion and an initial contribution from the December acquisition of digital experience platform provider Jadu.

Cloud services were the main driver of growth during the period. Cloud revenue increased 34%, while cloud annual contract value (ACV) climbed 42% to £42.6 million. Overall ACV across the business reached £50.5 million, and recurring revenue accounted for 83% of total income. Adjusted EBITDA rose 13% to £6.5 million, although statutory pre-tax profit declined compared with the previous year.

The company also highlighted growing adoption of artificial intelligence capabilities within its Liberty platform. Bookings linked to AI functionality more than tripled during the period, while continued customer expansion delivered a cloud net retention rate of 115%.

Netcall said the acquisition of Jadu strengthens its digital experience and AI capabilities while extending its presence in UK local government and opening further opportunities in the United States through partner networks. The company ended the period debt-free with £14.8 million in cash and a record contracted order book valued at £92.4 million, alongside a strong pipeline that management believes will support continued growth in the 2026 financial year.

Overall, the company’s outlook is supported by solid operational performance, high recurring revenue and minimal leverage. However, growth in net income and free cash flow has slowed. From a technical perspective, the share price remains in a strong upward trend but appears heavily overbought, which could increase near-term volatility. Valuation metrics also represent a potential headwind due to a high price-to-earnings ratio and relatively low dividend yield.

More about Netcall

Netcall is a UK-based enterprise software company listed on AIM that provides automation and customer engagement technology through its AI-powered Liberty platform. The platform helps organisations digitise processes and improve customer interactions, serving around 700 clients across sectors including healthcare, government and financial services. Its customers include approximately two-thirds of NHS acute trusts, half of UK local authorities and major financial institutions such as Legal & General, Baloise and Santander.