Author: Fiona Craig

SigmaRoc (LSE:SRC) announced record audited results for the 2025 financial year, with revenue increasing 3.8% to £1.04 billion and underlying EBITDA climbing 16.7% to £262 million. The improvement lifted the EBITDA margin to approximately 25.3%, achieved despite softer demand from the construction and steel sectors. Underlying earnings per share rose 26%, while free cash flow advanced 18% to £134 million. The group also strengthened its balance sheet, reducing leverage to 1.8 times and increasing return on invested capital to 12.2%, reflecting disciplined cost management and successful integration of its acquisitions in the UK and Poland.

On a pro forma basis, EBITDA grew 8% even as revenue slipped 1%, a result of deliberate volume optimisation alongside weaker end-market demand. SigmaRoc noted that synergy initiatives from its recent transactions are now expected to deliver at least €40 million in recurring annual benefits—two years ahead of the original schedule. During the year, the company also divested three non-core businesses for around £18 million. To support future expansion, SigmaRoc has secured commitments for a new unsecured financing facility of up to €825 million, providing additional flexibility for acquisitions and investment. The group continues to advance sustainability initiatives, including converting kilns to biofuel and increasing the use of fossil-free electricity. Management expects improving conditions in 2026, supported by German fiscal stimulus, stronger European steel demand and a recovery in housing and construction markets.

SigmaRoc’s outlook is supported by solid financial performance and positive technical indicators, alongside operational efficiency and a stable balance sheet. However, a relatively high price-to-earnings ratio and some recent project challenges slightly moderate the overall assessment.

More about SigmaRoc

SigmaRoc PLC is a European lime and minerals group listed on London’s AIM market, specialising in construction materials such as lime, aggregates and other mineral products. The company operates across the UK, Ireland, Belgium, the Netherlands, Germany, the Nordics and Central Europe, supplying industries including construction, steel and infrastructure while increasingly focusing on sustainability and decarbonisation initiatives.

Liontrust Asset Management (LSE:LIO) has reached an agreement to acquire River Global Holdings, the asset management subsidiary of River Global PLC, through an all-share transaction valued at £7.6 million, with a potential additional £2.1 million tied to the European Opportunities Trust mandate. The deal will bring approximately £2.7 billion of assets under management and advice into Liontrust, increasing its pro forma total to around £24.4 billion while adding a broader mix of UK, Indian and global equity strategies, including value-focused funds and investment trusts.

Liontrust said the acquisition will diversify its investment approaches and performance profile while strengthening its investment team and expanding its distribution reach. The transaction is also expected to introduce new strategic partnerships and provide the group with its first physical presence in Asia. Although River Global’s funds have demonstrated solid relative performance, the business has faced limited distribution capacity. Liontrust intends to address this by leveraging its existing sales, marketing and operating infrastructure to accelerate growth. As part of the agreement, River Global executive chair Martin Gilbert will join the Liontrust board as a non-executive director, and the acquired capabilities will be integrated under the Liontrust brand with minimal disruption to clients.

Liontrust’s investment outlook is supported by attractive valuation metrics, including a relatively low price-to-earnings ratio and a strong dividend yield that may suggest the shares are undervalued. However, negative technical signals and recent operational challenges—such as declining revenue and free cash flow—temper the overall outlook. Strategic initiatives, including share buybacks, offer some positive support, though they are not reflected in the weighted analysis.

More about Liontrust Asset Management

Liontrust Asset Management is an independent active asset manager specialising in long-only investment strategies across equities and other asset classes. The firm provides a range of funds and mandates to both retail and institutional investors, built around clearly defined investment processes and a focus on performance. Liontrust has also been investing in its operating platform, distribution network and marketing capabilities to expand its presence in both UK and international markets.

Nativo Resources (LSE:NTVO) has announced strong underground sampling results from the Bonanza Vein at its Bonanza Gold Mine in Peru, highlighting the presence of a plunging high-grade ore shoot. Assays from the programme returned grades of up to 40.2 g/t gold, with several channel samples recording values above 5–10 g/t. The campaign included 147 channel samples and is consistent with historical high-grade results from the deposit.

The findings support plans to restart underground development at the site and reinforce the company’s strategy of targeting high-grade zones through selective mining methods designed to limit dilution. Nativo also noted that the results point to additional exploration opportunities both along the vein’s strike and at greater depths.

Despite the encouraging operational update, the company’s broader outlook remains constrained by weak financial fundamentals, including ongoing losses, negative equity, relatively high leverage compared with assets and continued cash burn. While technical indicators show some support following a recent short-term rebound in the share price, momentum appears stretched and the stock remains below its 200-day moving average. Valuation metrics are also pressured by negative earnings and the absence of dividend support.

More about Nativo Resources

Nativo Resources Plc is a London-listed mining company focused on advancing near-term gold mining and processing operations in Peru. Its flagship project is the Bonanza Gold Mine, where the company is developing high-grade underground gold veins and plans to process ore using conventional methods suitable for fine-grained gold mineralisation.

Time Finance plc (LSE:TIME), the AIM-listed specialist lender focused on UK small and medium-sized enterprises, continues to grow its multi-product lending platform centred on asset finance, invoice finance and secured loans. The company primarily operates an own-book lending model while also using selective broking arrangements to maintain steady deal flow across different economic conditions.

The group reported that its gross lending book exceeded £236 million at the end of February 2026, representing a 12% increase year-on-year and marking the nineteenth consecutive quarter of loan book expansion. Growth has been led by the company’s strategic lending segments, with the invoice finance portfolio reaching £78 million and the ‘hard’ asset finance book climbing to £129 million, reflecting increases of 20% and 22% respectively. Time Finance said it plans to release further trading updates in March and June outlining performance for the current financial year.

Strong financial performance and supportive corporate developments are key drivers behind the company’s overall outlook. Technical indicators suggest the possibility of additional share price upside, while valuation metrics indicate the stock may currently be undervalued. The absence of earnings call data does not materially affect the overall assessment.

More about Time Finance plc

Time Finance plc is an AIM-listed independent finance provider dedicated to supporting UK businesses with flexible funding solutions. The company offers a range of products tailored to SMEs, primarily across asset finance, invoice finance and secured loans. Operating mainly through its own lending book while retaining broking capabilities, Time Finance aims to manage lending volumes effectively across varying market cycles.

System1 Group (LSE:SYS1), the AIM-listed marketing decision-making platform, said strong trading in the final quarter of its financial year is set to deliver record revenue for the second half of the year ending 31 March 2026, consistent with previous guidance. The company pointed to a series of new client wins during the year—particularly toward the end of the period—as large global brands increasingly adopt its tools designed to measure advertising and innovation effectiveness.

After completing a period of investment, System1 is now adjusting its cost structure through a wide-ranging optimisation programme that includes changes to organisational design, sales incentive frameworks and its go-to-market strategy. Although the restructuring will result in one-off costs in FY26, the board believes it will improve operational leverage. As a result, the company now expects FY27 adjusted EBITDA to come in materially ahead of current market expectations, targeting a margin of at least 15% with potential for further expansion as revenues grow.

Management highlighted strong momentum in its innovation services division, continued traction in the U.S. market and deeper engagement with some of the world’s largest advertisers as key drivers of increased new business activity and double-digit growth in innovation-related sales. The leadership team said these developments support confidence in the group’s ability to sustain double-digit revenue growth while expanding margins, strengthening the platform for long-term shareholder value creation.

System1’s recent financial momentum and relatively attractive valuation are viewed as supportive factors. However, weaker technical signals and mixed corporate developments—including earlier revenue pressure and higher operating costs—temper the broader outlook. Insider support and ongoing strategic initiatives nonetheless provide some grounds for optimism.

More about System1

System1 Group is a London-listed marketing decision-making platform that helps leading global brands forecast and enhance the commercial effectiveness of their advertising, innovation and brand-building activity. Using a large database of emotional response benchmarks across 81 markets, the company evaluates consumer reactions to campaigns and concepts for more than 500 clients, including major advertisers such as Pfizer, Amazon, TikTok and Sky.

Firering Strategic Minerals (LSE:FRG) has announced continued operational advancements at its Limeco lime production facility in Zambia, reinforcing its ambition to become a major supplier of lime to the region’s mining, agriculture and industrial sectors. Kiln 2 is now operating at discharge rates exceeding 60 tonnes per day, outperforming Kiln 1, while preparations are underway to bring Kilns 3 and 4 into operation during the third and fourth quarters as part of a broader capacity expansion plan.

The company has also expanded its manual hydrated lime circuit to four internally constructed units, with a fifth unit currently being assembled. Automation of the system is planned once all four kilns are operational. Meanwhile, installation of the limestone milling circuit is progressing toward expected commissioning in the third quarter. Firering noted that increasing commercial engagement, alongside the rollout of newly branded packaging, is expected to enhance Limeco’s presence in regional markets and help meet growing demand for its lime products.

More about Firering Strategic Minerals Plc

Firering Strategic Minerals is an Africa-focused developer and producer of industrial and critical minerals listed on AIM. Its near-term priority is increasing output from the Limeco quicklime and hydrated lime project in Zambia, where the company currently owns a 36.2% stake and holds an option to raise this to 45%, supplying mining, agricultural and industrial customers throughout the region. In addition, Firering owns the Atex lithium-tantalum project in northern Côte d’Ivoire, providing further exposure to minerals essential for battery technologies and advanced electronics.

Metals One Plc (LSE:MET1) has realised a significant return after selling 7,000,000 shares in CleanTech Lithium for £0.91 million, representing roughly a 159% gain compared with its weighted average acquisition cost since the company first invested in August 2025. Even after the transaction, Metals One continues to hold 5,850,000 shares in CleanTech Lithium, equivalent to about 2.88% of the company’s issued share capital. In addition, it retains 20,000,000 warrants with an exercise price of 6 pence, valid until August 2030, ensuring continued exposure to the lithium developer’s future progress.

Managing director Daniel Maling noted that the timing of the sale aligns with recent advancements at CleanTech Lithium’s Laguna Verde project in Chile, where the award of a key operating contract represents a meaningful step forward for the project. By locking in a portion of the gains while maintaining both an equity stake and a sizeable warrant position, Metals One has balanced profit-taking with the opportunity to benefit from further project development. The strategy highlights the company’s approach to capital recycling while remaining invested in the expanding critical minerals sector.

More about Metals One PLC

Metals One Plc operates as a developer and investor in critical and precious metals projects, positioning itself to meet growing Western demand for responsibly sourced raw materials while also benefiting from strong gold market conditions. The company’s shares are listed on London’s AIM market under the ticker MET1 and also trade on the U.S. OTCQB Venture Market under the symbol MTOPF, supporting its strategy of engaging with global investors.

Oriole Resources PLC (LSE:ORR) has announced final assay results from its maiden diamond drilling campaign at the MB01-N prospect within the Mbe gold project in Cameroon, delivering its strongest intersections to date. The standout result came from hole MBDD039, which returned 56.20 metres grading 0.99 grams per tonne gold from near surface, while hole MBDD038 intersected 21.30 metres at 1.22 grams per tonne gold.

The latest drilling confirms gold mineralisation extending along a north–south strike of roughly 700 metres, with the system remaining open. These results will support preparation of a maiden JORC-compliant resource estimate for MB01-N, expected in the second quarter of 2026. Management believes the new resource could materially increase the overall scale of the Mbe project when combined with the existing 870,000-ounce resource already defined at the nearby MB01-S deposit. In addition, a fully funded 2,500-metre step-out drilling programme is planned at MB01-S later this year as the company seeks to expand the project’s total resource base.

The company’s outlook is weighed down primarily by weak operating fundamentals, including the absence of revenue and continued cash burn typical of exploration-stage businesses. However, Oriole maintains a relatively low-debt balance sheet. Technical indicators provide some moderate support for the shares, while valuation metrics remain constrained due to negative earnings and the lack of dividend signals.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration company focused on projects across Central and West Africa. The company holds a 50% interest in the Mbe gold project in Cameroon, where it is working to identify and delineate economically viable gold deposits. The project already hosts a JORC-compliant resource at the MB01-S deposit, with ongoing exploration aimed at expanding resources across the wider licence area.

Team Internet Group plc (LSE:TIG) reported unaudited results for 2025 broadly in line with market guidance, posting gross revenue of $481.9 million, net revenue of $136.2 million and adjusted EBITDA of $42.7 million. While these figures represent a notable year-on-year decline, they landed near the upper end of analyst expectations. During the period, the company lifted its gross margin to 28.3%, improved cash generation and lowered net debt, even as structural changes within its Search division weighed on traffic volumes and monetisation performance.

The group said its core platforms — Domains, Identity & Software and Comparison — continued to demonstrate stability and now account for roughly 80% of group EBITDA. These segments are also seeing increasing adoption of higher-margin, value-added services. Meanwhile, management confirmed that negotiations over a potential sale of the DIS segment are progressing positively and could result in a valuation exceeding the company’s current market capitalisation. Such a transaction could significantly reshape the portfolio and unlock shareholder value while the Search business transitions toward newer monetisation models.

The company’s stock score is mainly influenced by financial pressures, including declining revenues and relatively high leverage levels. Technical indicators also suggest a bearish trend in the shares. Valuation metrics remain challenged by a negative price-to-earnings ratio, although this is partly offset by the presence of a dividend yield. The ongoing strategic review is viewed as a constructive corporate development that could support longer-term growth and value creation.

More about Team Internet Group

Team Internet Group is a global provider of internet infrastructure and digital marketing solutions focused on enabling online identity and discovery for businesses, brands and consumers. The company operates domain name management, identity and software solutions through its DIS segment, while its Comparison and Search divisions generate digital advertising revenue, largely through recurring and revenue-share-based business models.

DSW Capital Plc (LSE:DSW) has cautioned that escalating geopolitical tensions, including the outbreak of war involving Iran, have significantly slowed UK mergers and acquisitions activity, interrupting what had been a strong financial year for the group. Despite the disruption, DR Solicitors recorded double-digit revenue growth while trading across the wider network remained stable. With several transactions expected to complete in March either delayed or cancelled, the company now forecasts FY26 total income of roughly £6.2 million, adjusted EBITDA of around £1.6 million and adjusted profit before tax of approximately £1.3 million. The outlook reinforces management’s strategy of reducing reliance on M&A-driven revenues while maintaining profitability and a solid liquidity position.

The group reported cash balances of about £1.4 million and net debt of roughly £0.5 million after partially repaying its revolving credit facility and distributing dividends. Management said the balance sheet remains robust despite the challenging geopolitical and economic backdrop. Looking ahead, the company plans to continue expanding its network of licensees and consultants while accelerating the development of DR Solicitors, aiming to capitalise on a pipeline of diversification opportunities once dealmaking activity improves.

DSW Capital Plc’s strong financial profile — including solid revenue growth and healthy profit margins — remains a key driver of its investment case. Technical indicators point to positive momentum in the shares, though some caution is warranted given overbought signals. The company’s valuation also appears appealing, supported by a relatively low price-to-earnings ratio and a strong dividend yield, reinforcing a constructive outlook.

More about DSW Capital Plc

DSW Capital Plc is a UK-based professional services network targeting the mid-market, operating under the Dow Schofield Watts and DR Solicitors brands. Through a licensing-based model, the company supports more than 130 fee earners across 12 offices throughout the UK. Its focus is on accounting and legal services delivered through specialist teams, providing experienced professionals with a platform that offers independence while enabling scalable growth in niche, high-margin advisory segments.