Author: Fiona Craig

SkinBioTherapeutics plc (LSE:SBTX) has identified potential misrepresentation by its former chief executive that calls into question £0.77 million of accrued royalty income previously recognised in its FY25 audited accounts.

As a result, the company now intends to remove the disputed royalty income, reducing reported FY25 revenue to £3.87 million and increasing adjusted EBITDA losses to £1.17 million. The board has initiated a wider review of financial reporting processes and warned that FY26 performance is expected to fall materially short of market expectations.

Despite the setback, management emphasised that core commercial relationships and operating divisions — including Dermatonics and Bio-Tech Solutions — remain intact. Sales of its AxisBiotix™ product line continue, and the company reported cash balances of £2.92 million as of 13 February 2026. Governance changes are under way, with the chairman assuming temporary executive responsibilities while the company searches for an interim and subsequently permanent CEO.

From an investment standpoint, the outlook is weighed down by financial pressures. Although revenue growth has been strong, recurring losses and negative operating and free cash flow represent ongoing risks. Technical indicators remain weak, with the share price in a broader downtrend below key moving averages and MACD in negative territory. Valuation metrics offer limited reassurance given a negative price-to-earnings ratio and no dividend yield.

More about SkinBioTherapeutics

SkinBioTherapeutics plc is a UK-based life sciences company focused on skin health applications derived from its proprietary SkinBiotix® microbiome platform, developed in collaboration with the University of Manchester. The group operates across cosmetic skincare and gut-skin axis supplements under the AxisBiotix™ brand, supported by commercial partnerships and acquisitions in adjacent skincare and cosmetic markets.

Prospex Energy plc (LSE:PXEN) has restarted electricity production at its El Romeral gas-to-power plant in Andalucía, Spain, via its wholly owned subsidiary Tarba Energía.

Operations recommenced following the installation and commissioning of a temporary rental transformer, which will remain operational until a newly manufactured transformer from Spain is delivered and installed. The move restores the plant’s ability to export power to the grid and resume revenue generation from electricity sales.

With production back online, Tarba can adjust output in response to prevailing Spanish power market dynamics, optimising pricing and operational performance. Recently appointed CEO Tom Reynolds is also focusing on regulatory engagement to secure permits for a proposed well programme at Romeral, aiming to unlock additional gas supply and support further asset development.

Despite the operational progress, the company’s broader outlook remains constrained by weak financial fundamentals, including ongoing operating losses and sustained negative operating and free cash flow over multiple years. Although leverage is relatively low, technical indicators remain unfavourable, with the share price trading below key moving averages and a negative MACD reading. Valuation metrics are also under pressure, reflecting a very high price-to-earnings ratio and no reported dividend yield.

More about Prospex Energy

Prospex Energy is an AIM-quoted investment company focused on European gas and power projects, targeting onshore and shallow offshore opportunities with relatively short paths to production. The company’s strategy centres on acquiring undervalued assets, increasing gas output to generate internal cash flow, and reinvesting proceeds to expand its production portfolio.

Hunting PLC (LSE:HTG) said a pilot of its Organic Oil Recovery (OOR) enhanced oil recovery technology at Buccaneer Energy Plc’s Pine Mills field in East Texas resulted in a doubling of oil output from the test wells, with one well’s water cut falling to zero.

The trial demonstrated a 100% increase in production across the pilot wells, highlighting the ability of OOR to improve residual oil recovery in mature fields. Buccaneer has indicated plans to expand deployment of the technology across additional wells in its portfolio, signalling growing commercial traction for Hunting’s solution.

Management said the results strengthen confidence in OOR as a cost-effective enhanced recovery technique that can be applied to a broad base of existing wells worldwide. By improving production efficiency and extending asset life, the technology could widen Hunting’s addressable market within oilfield services while reinforcing its competitive position in lower-cost recovery solutions.

From an investment perspective, the company’s outlook is supported by strong cash flow generation in 2024, a low-leverage balance sheet and shareholder-focused initiatives, including an expanded share buyback programme. However, profitability has been volatile, with a loss reported in 2024 following a profit in 2023. Technical indicators also point to softer near-term momentum, with a negative MACD reading and RSI below 50 tempering the otherwise solid financial footing.

More about Hunting

Hunting PLC is a London-listed global precision engineering group supplying equipment and premium services primarily to energy and industrial markets. Established in 1874 and headquartered in London, with a major corporate office in Houston, the company operates across the UK, US, China, India, Indonesia, Mexico, Saudi Arabia, Singapore and the UAE. It reports through five operating segments and focuses on product lines including OCTG, perforating systems, subsea technologies and advanced manufacturing solutions.

GEO Exploration Limited (LSE:GEO) has amended a prior announcement regarding the number of shares issued to non-executive director Brian Chu and confirmed a comprehensive equity-based remuneration package for its board.

The company has allotted new ordinary shares to executive directors Omar Ahmad, Hamza Choudhry and Azib Khan, as well as to Chu, in place of certain cash fees. Management said the move supports its objective of preserving cash resources while aligning board compensation more closely with shareholder returns through equity participation.

In addition, the board has agreed to extend by three years the expiry date of warrants originally issued as part of its August 2023 placing. GEO has also granted 490 million new share options to directors, with vesting subject to a combination of share price performance targets and time-based conditions. Collectively, the measures materially increase directors’ potential fully diluted interests and are designed to encourage long-term value creation.

The company noted that equity-led incentive structures are common among smaller AIM-listed resource companies, particularly those at the exploration stage, where capital discipline and liquidity preservation remain priorities.

More about GEO Exploration Limited

GEO Exploration Limited is an AIM-listed natural resources company focused on early-stage exploration projects. Operating with the funding constraints typical of junior miners, the group relies significantly on equity-based remuneration and incentive mechanisms to retain leadership talent while directing available cash toward operational progress and strategic development.

Tungsten West Plc (LSE:TUN) has awarded two significant supply contracts as part of its plan to restart the Hemerdon mineral processing facility in Devon.

Under the agreements, Duo Group will handle the engineering, procurement and construction of a new crushing, screening and ore sorting circuit. Meanwhile, Gekko Systems will provide an In Line Pressure Jigs (IPJ) system along with supporting infrastructure.

The upgraded configuration will include new primary and secondary crushers, a crushed ore stockpile, advanced ore sorting capability and the IPJ pre-concentration system. These enhancements are intended to improve operational reliability, raise processing efficiency and strengthen environmental performance at Hemerdon. By removing waste earlier in the process and lowering the volume of material entering the main plant, the improvements are expected to reduce overall processing loads and support a more cost-effective route back to tungsten and tin concentrate production.

Management described the contracts as a key milestone in the redevelopment of Hemerdon, bringing the project closer to a sustainable production restart.

From an investment perspective, the outlook remains weighed down by weak financial fundamentals, including ongoing losses, no reported revenue in FY2025, negative equity and continued cash burn. However, technical indicators provide some support, with the shares trending higher and momentum signals positive. Valuation remains under pressure due to the company’s loss-making status and the absence of dividend yield data.

More about Tungsten West Plc

Tungsten West Plc is a UK-based mining company focused on recommissioning the Hemerdon tungsten and tin mine in Devon. Its strategy centres on redeveloping and operating the Hemerdon project to produce saleable tungsten and tin concentrates for industrial and technology end markets.

Blencowe Resources Plc (LSE:BRES) said newly announced U.S. anti-dumping and countervailing duties of roughly 160% on Chinese graphite active anode material imports could materially reshape global supply dynamics if formally approved in March and maintained for at least five years.

According to the company, such measures would significantly increase the cost of Chinese-origin material entering the U.S., accelerating efforts to diversify graphite supply chains away from China. In tandem with broader Western initiatives to establish domestic and allied processing capacity, Blencowe believes the policy shift enhances the long-term strategic value of its Orom-Cross graphite project in Uganda.

The group is continuing drilling activity at the Iyan and Beehive deposits within Orom-Cross, while advancing parallel funding discussions and potential offtake agreements. Management’s objective is to position the asset as a reliable, large-scale supplier of high-quality graphite feedstock into multiple premium end markets, including battery and advanced industrial applications.

Further assay results and updated resource estimates are expected in due course, supporting development planning as global supply chains adjust to evolving trade policies. The company maintains that Orom-Cross is designed as a long-life, scalable operation capable of serving non-China supply requirements.

From an investment perspective, the outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and increasing cash burn in 2025. However, technical indicators provide some counterbalance, with the share price trading above key moving averages and momentum signals such as MACD positive and RSI near mid-range levels. Valuation metrics remain difficult to interpret due to negative earnings and the lack of a dividend.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed natural resources company focused on developing the Orom-Cross graphite project in Uganda. The project is intended to become a large-scale, long-life source of premium graphite feedstock, targeting battery manufacturers and advanced industrial customers seeking diversified supply beyond China.

Pebble Beach Systems Group plc (LSE:PEB) has been awarded a five-year contract valued at an initial £1.3 million to provide its automation software to a Tier 1 U.S.-based streaming provider entering the live sports market.

The agreement, secured through a long-standing U.S.-headquartered partner, covers system implementation as well as ongoing support and maintenance. The company noted that the arrangement offers potential for additional revenue over time as the partnership develops.

Pebble’s automation technology will manage the playout of video, audio, advertising and graphics, supporting the client’s expanded live sports broadcasting and monetisation capabilities. The contract underscores Pebble’s position as a specialist provider of high-reliability automation systems for leading media organisations and reflects increasing demand for robust playout infrastructure as streaming platforms invest further in live, advertising-led sports content.

From an investment standpoint, the outlook is influenced by supportive technical signals and recent contract momentum, suggesting scope for operational growth. However, financial metrics remain a constraint, with negative net income and a negative price-to-earnings ratio weighing on valuation. The company’s capacity to capitalise on its cash flow base and recent strategic initiatives will be central to performance in the periods ahead.

More about Pebble Beach Systems

Pebble Beach Systems Group plc, trading as Pebble, is a global software provider specialising in automation, integrated channel and virtualised playout solutions for broadcast and streaming customers. Established in 2000, the group has deployed scalable systems across more than 70 countries, managing around 2,000 channels for Tier 1 broadcasters and major streaming platforms.

Its technology automates the scheduling and delivery of programmes, commercials, trailers and graphics, supporting operations ranging from single-channel deployments to multi-channel installations exceeding 150 channels. This focus on resilient, scalable automation underpins Pebble’s reputation as a specialist provider within an expanding, content-driven streaming landscape.

Cambridge Cognition Holdings plc (LSE:COG) has formed a strategic alliance with Indian brain health start-up Ivory to introduce its CANTAB Pathway digital cognitive assessment platform across healthcare and consumer markets in India.

The partnership is designed to accelerate early cognitive screening in a country where a significant number of older adults are believed to have undiagnosed cognitive impairment. By utilising Ivory’s growing clinical network, consumer-facing app and broader health-tech partnerships, the companies aim to deliver scalable, technology-enabled brain health solutions to meet rising demand for proactive screening tools.

Under the agreement, CANTAB Pathway will be deployed more widely across professional healthcare settings and direct-to-consumer channels. The platform provides scientifically validated, low-burden assessments with near real-time results and multilingual capability, including support for multiple Indian languages, with further localisation planned. The collaboration combines Cambridge Cognition’s evidence-based digital testing tools with Ivory’s focus on shifting care towards prevention and earlier detection of neurodegenerative conditions.

Management believes the initiative positions both groups to benefit from India’s expanding middle and affluent populations while addressing a substantial unmet need in early-stage cognitive assessment. The move also strengthens Cambridge Cognition’s footprint in the global brain health market.

From a financial perspective, the company’s outlook remains challenged by declining revenues, ongoing losses and negative operating and free cash flow, although balance sheet equity has improved. Technical indicators present a mixed picture, with some short-term strength offset by a longer-term downward trend and an elevated RSI suggesting overbought conditions. Valuation metrics remain limited in usefulness due to loss-making results and the absence of a dividend.

More about Cambridge Cognition Holdings

Cambridge Cognition Holdings plc is a neuroscience technology company specialising in digital cognitive assessments under the CANTAB and Winterlight brands. Its touchscreen- and voice-based tools are designed to support research, drug development and patient care, offering objective, real-time results with minimal specialist administration. The scalable CANTAB Pathway suite enables longitudinal monitoring across clinical and consumer environments, supported by extensive multilingual functionality.