Author: Fiona Craig

Tritax Big Box REIT (LSE:BBOX) delivered improved financial results for 2025, reporting increases in net rental income, adjusted earnings, and dividends. Performance was supported by the integration of logistics assets acquired from UK Commercial Property, a significant portfolio purchase from Blackstone, and ongoing active asset management initiatives, which together lifted the company’s portfolio value to £7.89 billion. The group continues to reposition its portfolio toward higher-return opportunities, recycling more than £400 million from non-core asset disposals into logistics development projects and a newly established power-first data centre platform.

The company maintained leverage within its target loan-to-value ratio of below 35%, secured an A3 credit rating upgrade, and confirmed its inclusion in the FTSE 100 index effective from early March 2026. These developments reflect Tritax Big Box’s strategy to strengthen its position in logistics real estate while expanding into digital infrastructure aligned with growing data centre demand.

Tritax Big Box REIT’s outlook is supported by solid financial performance, favourable valuation metrics, and positive corporate milestones. Earnings commentary points to continued growth potential, while technical indicators show a constructive trend. However, higher leverage levels and broader market vacancy risks remain factors to monitor.

More about Tritax Big Box REIT

Tritax Big Box REIT plc is a UK-focused real estate investment trust specialising in large-scale logistics properties and increasingly urban logistics assets that underpin national supply chains. The company is also expanding into power-led data centre development, positioning itself at the intersection of logistics infrastructure and digital connectivity for occupiers across the UK.

Blue Star Capital (LSE:BLU) reported a substantially reduced pre-tax loss of £665,606 for the year ended 30 September 2025, compared with £4.49 million in the previous year, as investment fair value declines moderated and net assets more than tripled to £2.87 million. The company strengthened its cash position to £313,236 following a share consolidation and £1.58 million raised through net equity financing, although administrative expenses increased due to higher professional advisory costs and share-based compensation.

During the year, the group increased its exposure to its key portfolio company, SatoshiPay, raising its holding to approximately 58% on a diluted basis. Blue Star also provided a £1 million secured loan to support SatoshiPay’s treasury operations and digital asset strategy. Management highlighted confidence in SatoshiPay’s Vortex platform — a fiat-to-crypto infrastructure business gaining traction in Brazil — as a central driver of long-term value, while maintaining conservative valuations for smaller gaming-related investments amid uncertain exit markets.

More about Blue Star Capital

Blue Star Capital is a London-listed investment company focused on emerging technologies, particularly blockchain and digital payments. Its portfolio is anchored by SatoshiPay, a blockchain-based payments provider, alongside investments including Dynasty Media & Gaming’s B2B gaming platform, female-focused gaming venture Paidia, and identity and payments company Sthaler, which develops biometric finger-based transaction technology.

80 Mile Plc (LSE:80M) has announced that Greenland Energy Company — created through the combination of Pelican Acquisition Corporation, Greenland Exploration Limited and March GL — is expected to begin trading on Nasdaq under the ticker GLND on or around 18 March 2026, subject to shareholder approval scheduled for 17 March. The planned listing is expected to increase visibility for 80 Mile’s Jameson hydrocarbon project in East Greenland, where Greenland Energy can earn up to a 70% working interest by funding two deep exploration wells, leaving 80 Mile with a retained 30% interest via its subsidiary White Flame Energy.

Covering approximately two million acres, the Jameson Basin is considered one of the largest undrilled hydrocarbon basins globally. An independent report by Sproule ERCE estimates gross unrisked recoverable prospective resources of 13.03 billion barrels of oil (P10), equivalent to around 3.9 billion barrels net to 80 Mile assuming the full earn-in is completed. Preparations for the first fully carried drilling campaign, targeted for the second half of 2026, are progressing, with key contractors including Halliburton engaged and logistics arrangements underway. Successful exploration results could represent significant value potential given the basin’s large-scale gas and liquids-rich targets.

The company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, widening losses, and continued cash burn, which heighten funding and dilution risks despite relatively low debt levels. Technical indicators remain supportive, showing positive momentum and a strong trend, although overbought signals suggest caution. Valuation remains difficult to determine due to negative earnings and the lack of dividend yield data.

More about Bluejay Mining

80 Mile Plc is an exploration and development company focused on hydrocarbons, high-grade critical metals projects in Greenland, and an industrial gas and biofuels business in Italy. Listed on AIM, Frankfurt, and the U.S. OTC market, the company pursues diversification across commodities and geographies while expanding into sustainable fuels and clean energy opportunities in Tier 1 jurisdictions.

Melrose Industries (LSE:MRO) delivered a strong performance in 2025, with revenue increasing 8% to £3.59 billion and adjusted operating profit rising 23% to £647 million, lifting operating margins to 18%. Free cash flow improved significantly, reaching £125 million compared with a £74 million outflow in the prior year, while leverage remained within the company’s target range at 1.8x net debt to EBITDA.

The Engines division was the primary growth driver, recording a 15% rise in revenue and a 27% increase in adjusted operating profit, supported by solid demand across both original equipment and aftermarket activity, as well as variable income from risk-and-revenue-sharing agreements. Within Airframes, like-for-like revenue grew 3%, while adjusted operating profit increased 10%, aided by strong defence programme activity despite weaker civil aerospace volumes and some operational productivity challenges.

Melrose also completed its multi-year transformation programme, citing measurable gains in quality and efficiency. The group highlighted several defence and advanced air mobility contracts and partnerships that are strengthening its long-term commercial outlook. A £175 million share buyback programme has been launched, alongside a proposed 20% increase in the final dividend, signalling management confidence as the company targets further revenue, profit, and cash flow expansion in 2026 on its path toward 2029 strategic objectives.

Despite improved operational delivery, the company’s broader outlook remains influenced by financial performance pressures, including periods of revenue volatility and historically negative cash flow trends. Technical indicators present mixed signals, with some bearish momentum balanced by neutral factors, while valuation metrics appear moderate and dividend yield remains relatively modest. Positive corporate actions such as buybacks and leadership initiatives provide support but do not fully offset these challenges.

More about Melrose

Melrose Industries is a UK-listed global aerospace technology group operating through its Engines and Airframes divisions across civil and defence aviation markets. The company serves as a “Super-Tier 1” supplier to major airframe and engine manufacturers, providing design-led, flight-critical components including full engine systems, large structural assemblies, and complete aircraft electrical wiring systems for high-volume aircraft programmes worldwide.

Sylvania Platinum (LSE:SLP) has brought forward the payment date for its previously announced interim dividend for the first half of FY2026 to accommodate a UK bank holiday. The dividend of 2.00 pence per ordinary share will now be distributed on 2 April 2026, while the record date of 6 March 2026 and the ex-dividend date of 5 March 2026 remain unchanged.

The adjustment is purely administrative and does not affect the dividend amount or shareholder entitlement. The change ensures settlement timelines align with the holiday schedule and reflects the company’s continued focus on delivering consistent cash returns to investors while maintaining operational coordination with market infrastructure requirements.

The company’s outlook is supported by strengthening underlying fundamentals and a robust, low-leverage balance sheet, although negative free cash flow remains a moderating factor. Technical indicators suggest mixed momentum, with some short-term weakness offset by longer-term trend stability. Valuation appears balanced, supported by a modest dividend yield.

More about Sylvania Platinum

Sylvania Platinum Limited is a low-cost producer of platinum group metals (PGMs) and chrome operating in South Africa. Its Sylvania Dump Operations consist of six chrome beneficiation and PGM processing facilities, making it the industry’s largest producer of PGMs derived from chrome tailings retreatment.

The company also participates in the Thaba Joint Venture, which processes both run-of-mine material and historical chrome tailings to generate additional chromite concentrate revenue. Beyond current operations, Sylvania holds mining rights to PGM projects on the Northern Limb of the Bushveld Igneous Complex, supporting future growth and resource development.

Tetragon Financial Group (LSE:TFG) has released its January 2026 monthly factsheet, showing net assets of $3.80 billion and a fully diluted net asset value (NAV) per share of $40.80. During the same period, the company’s Amsterdam-listed shares traded at $15.85, highlighting a substantial gap between underlying asset value and market pricing. The update recorded a NAV per share total return of -2.6% for the month and a return on equity of -2.5%, while the most recent quarterly dividend stood at $0.11 per share, providing income despite weaker short-term performance.

The continued disparity between NAV and share price reflects the persistent discount at which Tetragon trades, an ongoing focus for investors assessing value realisation potential. The latest factsheet offers updated insight into portfolio performance and yield characteristics, helping shareholders evaluate the company’s positioning within the listed alternative investment space and shaping market sentiment toward the stock.

More about Tetragon Financial

Tetragon Financial Group Limited is a Guernsey-based closed-ended investment company whose non-voting shares are listed on Euronext Amsterdam and traded on the Specialist Fund Segment of the London Stock Exchange. Managed by Tetragon Financial Management LP, the company operates as a collective investment scheme, with ownership restrictions applying to U.S. persons and the shares not intended for European retail investors.

Empyrean Energy (LSE:EME) has confirmed the appointment of interim chief executive and Technical Director Gajendra (Gaz) Bisht as its permanent CEO with immediate effect, while he will continue to oversee technical operations. The decision follows the company’s settlement with Conrad and the confirmation of its participation in the Mako Gas Discovery, with the board highlighting the appointment as a cost-efficient leadership solution that draws on Bisht’s 36 years of exploration and production experience and established industry relationships across Asia.

According to the company, combining the chief executive and technical roles reflects Bisht’s leadership during a demanding period and supports ongoing strategic initiatives, including a review of Empyrean’s asset portfolio and the pursuit of additional growth opportunities within the oil and gas sector. Alongside this, the board has begun assessing its own composition to ensure an appropriate balance of expertise and governance aligned with the company’s evolving strategy and shareholder priorities.

Empyrean’s outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, continued losses, negative operating and free cash flow, and negative equity alongside rising debt levels. While technical indicators show strong market momentum, an elevated RSI suggests the recent share price movement may be overstretched. Valuation remains difficult to assess given negative earnings and the lack of dividend support.

More about Empyrean Energy

Empyrean Energy plc is an oil and gas exploration and development company with assets spanning Australia, Indonesia, and the United States. The business focuses on identifying and advancing upstream hydrocarbon opportunities, including participation in gas discoveries such as the Mako field, while actively evaluating new projects aimed at creating long-term shareholder value within the global energy sector.

Chesnara (LSE:CSN) has introduced a revised financial reporting framework designed to simplify the way it communicates performance, focusing on three core themes: cash, capital, and value. As part of the update, the company has launched two new alternative performance measures — Operating Capital Generation and Adjusted Operating Profit — while reducing emphasis on several previously used cash and economic value indicators. The new structure reflects a shift in how Chesnara intends to present underlying business performance to investors. Comparative FY2024 figures using the updated framework will be released alongside full-year 2025 results on 24 March 2026, when management will also host an analyst and investor briefing.

The company’s outlook is supported by positive corporate developments and favourable technical indicators, signalling confidence in its strategic direction. Financial performance trends show improvement overall, although profitability and equity management challenges remain areas of focus. A relatively high dividend yield continues to provide valuation support despite the presence of a negative price-to-earnings ratio.

More about Chesnara

Chesnara plc is a European life and pensions consolidator listed on the London Stock Exchange, operating in the UK through Countrywide Assured and Chesnara Life, in the Netherlands via Scildon, and in Sweden through Movestic. The group specialises in the efficient management of life and savings policies, writing profitable new business across its core markets while pursuing value-accretive acquisitions, supported by a record of 20 consecutive years of dividend growth.