Author: Fiona Craig

Chesnara (LSE:CSN) has reached an agreement to acquire Luxembourg-based Scottish Widows Europe SA from Scottish Widows for €110 million in cash. The transaction will add approximately €1.7 billion in assets under administration and around 46,000 policies to Chesnara’s portfolio. The purchase price represents 0.64x Scottish Widows Europe’s 2024 Solvency II Own Funds and will be funded from internal resources. Completion is expected by the end of 2026, subject to regulatory approvals.

The deal is forecast to deliver roughly €250 million in additional cash generation over the lifetime of the acquired portfolio, including around €100 million within the first five years. This is set to enhance Chesnara’s capital and cash profile following its recent acquisition of HSBC Life (UK). Strategically, the move marks the group’s entry into the Luxembourg insurance market, expanding its footprint as a European life and pensions consolidator. Pro forma metrics indicate a Solvency II ratio of approximately 173%, with leverage remaining below the company’s long-term ceiling of 30%, preserving headroom for further acquisitions.

Chesnara’s investment outlook is supported by positive technical momentum and constructive corporate activity, signalling confidence in its consolidation strategy. While profitability and equity management remain areas of focus, the company continues to demonstrate improving financial performance. A relatively high dividend yield offers valuation support, despite a negative price-to-earnings ratio driven by accounting factors.

More about Chesnara

Chesnara plc is a London-listed European life and pensions consolidator administering roughly 1.4 million policies. The group operates in the UK under the Countrywide Assured and Chesnara Life brands, in the Netherlands through Scildon, and in Sweden via Movestic. Its strategy centres on efficient policy administration, disciplined capital management and value-enhancing acquisitions across European markets.

Empire Metals (LSE:EEE) has initiated its most extensive drilling programme to date at the Pitfield titanium project in Western Australia. The fully financed campaign is designed to grow and upgrade the existing Mineral Resource Estimates at the Thomas and Cosgrove prospects.

The programme will utilise three air-core rigs alongside two reverse circulation rigs, targeting 754 drill holes for a total of 41,250 metres. Completion is expected by mid-April, with revised resource estimates scheduled for release in the third quarter of 2026.

At Thomas, the focus is on lifting the proportion of Measured and Indicated resources, while at Cosgrove the objective is to materially expand the current 430 million tonne resource base. Drilling is concentrated on shallow, weathered zones that have previously returned strong TiO₂ grades. By extending coverage from under 20% of the known mineralised footprint to roughly 60–70%, Empire aims to refine its understanding of the project’s overall scale, advance mine planning and technical studies, and reinforce Pitfield’s status as a globally significant titanium asset.

From a financial perspective, the company remains pre-revenue and continues to report widening losses and rising cash outflows. However, the balance sheet carries minimal leverage, providing some resilience. Share price momentum has been positive, with the stock trading above major moving averages and supported by a constructive MACD signal, though valuation remains constrained by negative earnings and the absence of dividend support.

More about Empire Metals

Empire Metals is a natural resources exploration and development company listed on London’s AIM market and the OTCQX in the United States. Its flagship asset, the Pitfield Titanium Project in Western Australia, hosts one of the largest and highest-grade titanium Mineral Resource Estimates globally, totalling 2.2 billion tonnes at 5.1% TiO₂. The project is positioned to benefit from rising international demand for titanium-related products across industrial and advanced manufacturing applications.

Gulf Keystone Petroleum (LSE:GKP) has issued an information document related to the proposed admission of its shares to trading on Euronext Growth Oslo. The publication, prepared specifically for the Oslo listing process, is available through the Oslo Børs NewsWeb platform and on the company’s website.

The move forms part of Gulf Keystone’s strategy to expand its investor reach and improve share liquidity by establishing a dual listing in both London and Oslo. By accessing the Norwegian market — which has a strong base of energy-focused investors — the company aims to diversify its shareholder base and strengthen trading depth.

From an outlook perspective, Gulf Keystone benefits from solid financial footing and recent positive corporate developments. However, valuation considerations and the operational complexities associated with operating in the Kurdistan Region of Iraq remain key factors for investors. Sustaining cash flow generation and managing geopolitical exposure will be central to maintaining performance momentum.

More about Gulf Keystone Petroleum

Gulf Keystone Petroleum Ltd is an independent oil and gas operator concentrated on the Kurdistan Region of Iraq. The company develops and produces crude oil from upstream assets in the region and is listed in both London and Oslo, offering investors exposure to Kurdish oil production within a publicly traded structure.

Oracle Power PLC (LSE:ORCP) has resolved all objections related to its application for Mining Lease M25/389, covering the Northern Zone gold project within its broader Kalgoorlie Gold Project in Western Australia. The site is located roughly 25 kilometres east of Kalgoorlie. With objections cleared, the company is now coordinating with legal advisers to obtain a formal recommendation and final approval of the lease from the Department of Mines, Petroleum and Exploration.

Key progress includes finalising native title agreements with the Marlinyu Ghoorlie Native Title Claimant Group, alongside addressing remaining third-party concerns. The removal of these barriers is expected to support the formal granting of the mining lease in the near term. Securing tenure represents an important step in advancing development plans at Kalgoorlie, including ongoing collaboration with MEGA Resources, and could reinforce Oracle’s footprint in Western Australia’s established gold sector.

From a financial standpoint, the company remains pre-revenue and continues to report losses and negative cash flow, underscoring its dependence on external capital. While the share price trend has been positive, elevated RSI readings and volatility point to potential near-term pullback risk. Valuation metrics are limited by the absence of earnings and dividend data.

More about Oracle Power PLC

Oracle Power PLC is an AIM-listed international project developer focused on natural resources, particularly gold and energy assets. Its portfolio includes the Kalgoorlie Gold Project in Western Australia, where it is advancing the Northern Zone Intrusive Hosted Gold Project within close proximity to the historic Kalgoorlie mining district.

Georgina Energy (LSE:GEX) has carried out a comprehensive site review at its Hussar EP513 licence in Western Australia, validating key operational elements ahead of drilling. The inspection confirmed specifications for the drill pad, camp positioning, site access, water well placement and airstrip readiness, all aligned with the company’s well management framework. Technical advisers are advancing orders for critical drilling and service equipment, while supporting civil works are scheduled to commence in the second quarter of 2026.

The planned re-entry well at Hussar will target subsalt reservoirs within the Townsend Formation as well as fractured Neoproterozoic basement formations. Georgina views the prospect as one of the most significant onshore Australian opportunities for helium, hydrogen and associated hydrocarbons. Importantly, the drilling campaign — including related site infrastructure and airstrip upgrades — will be financed through a non-dilutive offtake funding agreement with Harlequin Energy and its partners. Spudding is currently expected in the third quarter of 2026, positioning the company to potentially strengthen its foothold in emerging helium and hydrogen supply markets.

From a financial perspective, the group continues to face material headwinds. It remains pre-revenue, with widening losses, increasing cash outflows and negative equity accompanied by rising debt levels. Share price momentum has been strong, supported by a positive MACD signal, though elevated RSI readings above 80 suggest the stock may be overbought in the near term. Valuation metrics remain difficult to assess, as no earnings multiple or dividend yield has been disclosed.

More about Georgina Energy

Georgina Energy plc is an exploration-focused energy company aiming to become a significant producer of helium and hydrogen. Through its wholly owned Australian subsidiary, Westmarket O&G, the company holds 100% interests in the onshore Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory, targeting supply gaps in strategically important gases.

InterContinental Hotels Group (LSE:IHG) delivered a strong set of results for 2025, with revenue from reportable segments rising 7% and operating profit from those segments advancing 13%. Adjusted earnings per share increased 16%, supported by a 3.6 percentage point uplift in fee margin. Global RevPAR edged up 1.5%, while total gross revenue grew 5%. Net cash generated from operating activities reached $898 million and adjusted free cash flow totalled $893 million. Net debt rose to $3.3 billion, largely reflecting more than $1.1 billion returned to shareholders during the year.

Expansion momentum accelerated, with a record 443 hotels — representing 65,100 rooms — opened during the period. The group also signed 694 new hotels, bringing its global estate to roughly 1,026,000 rooms. The development pipeline increased to 340,000 rooms, equivalent to around one-third of the existing system size. Strategically, IHG enhanced its premium positioning through the introduction of the Noted Collection brand and the integration of the acquired Ruby urban lifestyle platform.

Reflecting confidence in long-term demand trends and cash generation, the company announced a new $950 million share repurchase programme alongside a 10% increase in its dividend. While operational and financial performance remain key strengths — particularly RevPAR progression and capital returns — leverage levels and negative equity present balance sheet considerations. Technical indicators suggest positive momentum in the shares, though valuation metrics imply the stock may be pricing in much of the upside.

More about InterContinental Hotels Group

IHG Hotels & Resorts operates more than one million rooms across 6,963 properties in over 100 countries, with a pipeline of approximately 2,300 hotels under development. Its 20-brand portfolio spans Luxury & Lifestyle, Premium, Essentials and Suites segments, supported by the IHG One Rewards loyalty programme, which counts more than 160 million members globally.

The group’s brands include InterContinental, Holiday Inn, Crowne Plaza, Kimpton, voco and Ruby, among others. IHG operates an asset-light, fee-driven model focused on franchising and management contracts, generating diversified revenue streams across geographies and customer segments.

Applied Nutrition (LSE:APN) delivered a robust performance in the first half of its 2026 financial year, with revenue climbing 57% year-on-year to £74.5 million. EBITDA came in ahead of internal expectations, reflecting both operational leverage and strong trading momentum.

Growth was fuelled by expanded distribution across UK high street health retailers, supermarket chains and discount outlets, broadening the company’s domestic footprint. At the same time, newly launched products generated strong consumer demand, prompting higher retail replenishment orders and increased stock holdings among customers.

Buoyed by the first-half outperformance, the group has upgraded its full-year outlook and now anticipates FY2026 revenue of approximately £140 million, ahead of prevailing market forecasts. Management also noted that sales will be more front-loaded than in prior years, highlighting how wider distribution reach and product innovation are reshaping seasonal revenue patterns. Interim results are scheduled for release on 23 March.

From an investment standpoint, the company’s trajectory is underpinned by rapid top-line expansion, solid profitability, low leverage and healthy free cash flow generation. Technical indicators continue to support the upward trend, although overbought signals suggest potential near-term volatility. Valuation remains a consideration, with the shares trading on an earnings multiple of around 30x and no disclosed dividend yield to offset growth risk.

More about Applied Nutrition PLC

Applied Nutrition plc is a UK-based sports nutrition and wellness company developing and manufacturing more than 120 products for athletes, fitness enthusiasts and health-focused consumers. Operating predominantly through a global B2B distribution model, the company markets four principal brands — Applied Nutrition, ABE, BodyFuel and Endurance — across over 85 international markets.

Haydale (LSE:HAYD) published audited figures for the 15-month period ended 30 September 2025, signalling the conclusion of a broad strategic overhaul. Over the period, the group withdrew from underperforming overseas businesses, disposed of non-core operations and streamlined its UK footprint into a leaner cost base, while strengthening its balance sheet. Following the year-end, Haydale raised £5.75 million and stated it is fully funded for its FY26 delivery phase, with existing cash resources and facilities expected to support operations through to targeted EBITDA breakeven in the first quarter of FY27.

A pivotal development came in January 2026 with the acquisition and integration of SaveMoneyCutCarbon (SMCC). The deal reshapes Haydale into a more scalable, product-focused platform by significantly enhancing revenue visibility and embedding direct routes to market for graphene-enhanced offerings, including JustHeat and a newly developed thermal transfer fluid. Management noted that fully contracted income already exceeds 100% of Board expectations for the first half of FY26, while multi-year Impact Partner agreements and customer programmes provide recurring revenue streams into the second half and beyond. The company views this as a structural turning point, aligning innovation capabilities more closely with commercial execution.

Despite these advances, Haydale’s investment case continues to be influenced by its financial track record. Ongoing net losses and pressure on cash flow remain key concerns, tempering the impact of recent strategic progress and improving technical momentum. While partnerships and platform expansion offer growth potential, restoring durable financial stability remains central to the group’s outlook.

More about Haydale

Haydale plc is an advanced materials and clean-technology company built around its proprietary HDPlas graphene functionalisation technology, which underpins a portfolio of patented graphene-enhanced products designed to deliver energy, water and carbon savings. Through its SaveMoneyCutCarbon subsidiary, the group operates an integrated B2B go-to-market model in the UK, providing sales, programme management and installation services aimed at supporting cost-effective decarbonisation across the built environment, with additional reach through international partners.

Coca-Cola Europacific Partners (LSE:CCEP) delivered steady full-year 2025 results, reporting modest revenue growth alongside a slight uptick in volumes. The company recorded robust improvements in operating profit, earnings per share and free cash flow, supported by favourable pricing and product mix dynamics. Performance in away-from-home channels remained firm, while Coca-Cola Zero Sugar and energy drink categories continued to show strong momentum. These gains helped offset softer trading in more price-sensitive European markets and a challenging consumer environment in Indonesia.

CCEP reaffirmed its commitment to shareholder returns by maintaining a dividend payout ratio of around 50% and announcing a new €1 billion share repurchase programme. The move reflects management’s confidence in the group’s cash-generating capacity and balance sheet strength.

Operationally, the company pointed to ongoing efficiency initiatives and margin expansion, alongside increased commercial investment ahead of anticipated growth drivers, including the 2026 FIFA World Cup. Management emphasised its strategy of combining disciplined cost control with targeted brand investment to strengthen its role as a key partner to retailers in the non-alcoholic ready-to-drink market.

More about Coca-Cola Europacific Partners

Coca-Cola Europacific Partners is one of the largest bottlers and distributors of Coca-Cola products globally, with operations spanning Europe, Australia, the Pacific and Southeast Asia. The group manufactures, markets and distributes a wide portfolio of non-alcoholic beverages, including Coca-Cola, Coca-Cola Zero Sugar and leading energy drink brands, serving both at-home and out-of-home consumption channels across developed and emerging markets.

Agronomics (LSE:ANIC) reported a net profit of £10 million for the six months ended 31 December 2025, marking a significant reversal from prior losses. The improvement was largely driven by £10.7 million in net investment gains, while operating expenses remained relatively contained. Net asset value per share climbed 11.7% to 13.78 pence, lifting total net assets to £140 million. Despite the uplift, the shares continue to trade at roughly a 55% discount to NAV, reflecting ongoing market caution toward the sector.

Portfolio performance was supported by valuation gains in Blue Nalu and Liberation Bioindustries, as well as favourable currency movements and equity-based transaction structures. These positives were partially offset by an earlier £11.9 million impairment related to Meatable. Across the portfolio, several companies achieved regulatory and commercial progress, including securing GRAS approvals for new ingredients and expanding production capacity. Such milestones reinforce Agronomics’ exposure to alternative protein and precision fermentation opportunities, even as funding conditions for clean food ventures remain tight.

Following the reporting period, the company increased its stake in precision-fermented dairy producer All G with an additional AU$3 million investment, funded through the issuance of new shares priced close to NAV. Agronomics also continued backing more advanced portfolio companies — including SuperMeat, EVERY Company and Blue Nalu — through follow-on financing, signalling a targeted strategy of concentrating capital into businesses viewed as having strong scale-up potential.

From an outlook perspective, historical losses and sustained negative cash flow continue to weigh on sentiment. Technical indicators remain subdued, with the share price trading below key moving averages and momentum signals pointing lower. Valuation metrics are constrained by the absence of earnings and dividend support, though the company maintains a debt-free balance sheet, even as equity levels have gradually declined.

More about Agronomics

Agronomics Limited is an AIM-listed investment firm focused on the clean food and alternative protein space. It backs companies developing cellular agriculture, precision fermentation and other sustainable food technologies, aiming to support businesses as they move from technical validation toward regulatory clearance, commercial rollout and scaled manufacturing in major global markets.