Author: Fiona Craig

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.

ECR Minerals plc (LSE:ECR) released its audited results for the year ended 30 September 2025, reporting a total comprehensive loss of £1.30m, slightly higher than the previous year. The increase was largely attributed to administrative expenses, while net assets remained broadly stable at £5.16m.

The company has distributed its annual report and notice of its upcoming annual general meeting to shareholders. The AGM is scheduled to take place in London on 27 March 2025.

Chairman Nick Tulloch said the group is moving beyond its previous focus on exploration and is positioning itself as a near-term gold producer. Progress has been made on the Raglan and Blue Mountain alluvial projects, while exploration and development activities continue across the company’s broader portfolio in Victoria and Queensland.

Management also pointed to a strengthened financial position following a £1.5m equity placing completed in January 2026. The company believes its portfolio provides leverage to strong gold and silver prices, and it intends to retain operational control of its projects rather than farm them out, with the aim of capturing greater long-term value as production ramps up.

More about ECR Minerals

ECR Minerals plc is a UK-listed mineral exploration and development company focused on gold assets in Australia. Operating through three wholly owned subsidiaries, its portfolio includes the Bailieston, Creswick and Tambo gold projects in Victoria, as well as the Raglan and Blue Mountain alluvial gold projects and extensive exploration licences at Lolworth and Kondaparinga in Queensland. The group also retains contingent payment rights linked to previously divested Victorian assets and holds significant unutilised Australian tax losses.

Serco Group plc (LSE:SRP) reported revenue of £4.9bn for 2025, representing a 3% increase at constant currency. Underlying operating profit reached £272m, producing a margin of 5.6%. The group also delivered strong free cash flow of £219m and trading cash conversion of 112%, leaving leverage at a modest 0.7x.

Order intake during the year totalled £5.5bn, with roughly two-thirds linked to defence-related work. As a result, Serco’s order book expanded to £14.5bn. The company also increased its dividend by 8% and completed a £50m share buyback, while announcing a further £75m repurchase programme as it seeks to capitalise on rising demand from governments operating under fiscal constraints.

Management pointed to a bidding pipeline worth £12.1bn, which has more than doubled in North America. The group continues to pursue operational efficiency initiatives designed to lift operating margins toward 6% in 2026. Strategic portfolio adjustments are also underway in the Asia-Pacific region, including the disposal of its Hong Kong operations and the integration of MT&S into the wider business.

Serco reaffirmed its outlook for 2026, guiding toward approximately £5bn in revenue, around 3% organic growth and underlying operating profit of roughly £300m. The company believes that growth in defence contracts, the ramp-up of recently secured projects and ongoing productivity improvements will help sustain earnings and cash generation for both shareholders and government clients.

Overall prospects are supported by strong cash flow management and favourable technical indicators, while the latest earnings update signals continued growth momentum in several key segments. However, the relatively high price-to-earnings ratio suggests the stock may already reflect a portion of this optimism, limiting valuation upside.

More about Serco Group plc

Serco Group plc is an international provider of outsourcing and public service solutions focused on mission-critical work for governments. Its activities span sectors including defence, space, migration, justice, healthcare, mobility and citizen services. Through a workforce of more than 50,000 employees, the company delivers capabilities such as service design, advisory support, complex programme management, systems integration, case management and facilities management for public sector clients worldwide.