Author: Fiona Craig

Cerillion (LSE:CER) announced that it has secured the largest contract in its history, signing an agreement valued at approximately £42.5m with Omantel, Oman’s leading integrated telecoms provider. Under the five-year subscription contract, Cerillion will deploy its complete BSS/OSS software suite, covering hosting, managed services and long-term operational support.

The contract was awarded following a competitive tender process in which Cerillion was assessed against significantly larger incumbent vendors. Management said the win reflects the strength of its product-led, full-service offering, which is designed to deliver lower total cost of ownership and greater operational flexibility. The deal is expected to underpin market forecasts for the 2026 financial year and beyond, while strengthening Cerillion’s credentials as a scalable partner for Tier 1 operators pursuing wide-ranging digital transformation initiatives. In Omantel’s case, the programme supports its ambition to become a regional technology leader in line with Oman Vision 2040.

From an investment perspective, Cerillion’s underlying fundamentals remain a key positive, supported by strong revenue growth, high margins and disciplined cash generation. However, technical indicators currently point to bearish momentum, weighing on near-term sentiment. Valuation appears reasonable but not sufficiently compelling on its own to fully offset the weaker technical backdrop.

More about Cerillion

Cerillion plc is a London-headquartered provider of mission-critical billing, charging and customer relationship management software, serving primarily telecommunications operators, with additional exposure to utilities and financial services. The group has around 70 customer installations across roughly 45 countries and operates development centres in India and Bulgaria, alongside sales operations in Continental Europe, the United States, Singapore and Australia. Cerillion has been listed on AIM since 2016, following a management buyout from Logica in 1999.

Mobile Streams plc (LSE:MOS) announced the completion of its acquisitions of Estadio Gana and Capital Media Sports, marking a key step in its strategic repositioning ahead of an imminent rebrand to Gana Media Group plc. The enlarged share capital has now been admitted to trading on AIM under the existing MOS ticker, with the formal name change expected to follow shortly.

Alongside the transactions, the company launched a new corporate website reflecting its forthcoming identity and confirmed that its issued share capital now totals 17.19 billion ordinary shares, each carrying full voting rights. Updated disclosures on director shareholdings were also released following warrant exercises and subscription reallocations, actions that further strengthen management’s equity participation as the group advances its Latin America-focused sports and media strategy.

From a market perspective, the company’s overall assessment remains constrained by continued operating losses and ongoing negative free cash flow, despite a strong rebound in revenue during FY2025 and healthy gross margins. Technical indicators remain a headwind, with the share price trading below key moving averages and a negative MACD signalling sustained downward momentum. Valuation metrics are difficult to justify given the absence of profitability, reflected in a negative P/E ratio and no stated dividend yield.

More about Mobile Streams

Mobile Streams plc, soon to be renamed Gana Media Group plc, is an AIM-quoted mobile content and data intelligence business focused on building an integrated sports, media and entertainment platform targeting the Latin American market. The group is repositioning its operations around sports and media assets as it seeks to expand its footprint and influence in this high-growth regional sector.

Reabold Resources (LSE:RBD) confirmed that Italy’s Ministry for the Environment and Energy Security has granted a formal favourable decree for the small-scale LNG development proposed by LNEnergy Limited at the Colle Santo gas project. The decision follows a positive opinion issued by the ministry in August 2025 and represents a significant regulatory step forward for one of Reabold’s core European gas investments.

The approval strengthens Reabold’s strategic positioning in supply-focused gas projects designed to support regional energy security. As the Colle Santo project progresses through its next phases, the regulatory milestone has the potential to underpin longer-term value creation for shareholders.

From a market standpoint, the company’s outlook continues to be constrained by weak financial metrics, including the absence of revenue, ongoing losses and negative operating and free cash flow. Technical indicators are comparatively more supportive, with an established upward trend and a positive MACD signal, although an overbought RSI points to some near-term caution. Valuation remains limited by loss-making performance, reflected in a negative price-to-earnings ratio and the absence of a declared dividend.

More about Reabold Resources

Reabold Resources plc is an investing company with a diversified portfolio of oil and gas exploration, appraisal and development assets. Its strategy is centred on building exposure to strategic gas projects that enhance European energy security, targeting relatively low-risk, near-term opportunities with clear routes to monetisation. Proceeds from asset realisations are intended to be returned to shareholders and recycled into future growth investments.

Seraphim Space Investment Trust (LSE:SSIT) used its December 2025 SpaceTech newsletter to outline strong momentum and value creation across its portfolio, driven by a series of major contract wins and financings. Highlights included ICEYE’s €1.7bn reconnaissance agreement with the German military, alongside a €150m Series E funding round that valued the company at approximately €2.4bn. HawkEye 360 also advanced significantly, securing $150m in new funding, completing the strategic acquisition of Innovative Signal Analysis, and winning a five-year data services contract worth more than $100m.

Elsewhere in the portfolio, SatVu confirmed plans to launch HotSat-2 in early 2026, targeting growing demand for thermal data from data centre operators. Tomorrow.io expanded pilots of its AI-powered weather forecasting platform across Thailand and the Philippines, while LeoLabs signed a new cross-government licensing agreement with the US Space Force and the Office of Space Commerce. AST SpaceMobile marked a major milestone with the launch of BlueBird 6, its largest low Earth orbit satellite to date, signalling the transition to scaled deployment of direct-to-smartphone communications.

Beyond individual portfolio companies, the newsletter pointed to strengthening sector-wide tailwinds. These included speculation around a potentially record-setting SpaceX IPO targeted for 2026, increasing venture capital engagement highlighted by a London-based space investment conference, and evolving government priorities such as NASA’s renewed focus on lunar exploration. Together, these developments reinforce SSIT’s investment thesis that SpaceTech is entering a phase of faster capital formation, industrial scaling and rising strategic importance.

From a market perspective, the trust’s outlook is tempered by weak earnings quality and limited cash generation, despite a very conservative balance sheet. Technical indicators suggest a strong but potentially stretched share price trend, while valuation metrics appear demanding, with a high earnings multiple and no stated dividend. These factors are partially balanced by a steady stream of positive portfolio news, particularly linked to large defence and government-related contracts.

More about Seraphim Space Investment Trust Plc

Seraphim Space Investment Trust plc is the world’s first publicly listed investment company dedicated to the space technology sector. Managed by Seraphim Space Manager LLP, the trust focuses on early- and growth-stage businesses operating across satellite constellations, space-derived data and analytics, communications, defence and security applications, and enabling infrastructure, offering investors targeted exposure to the rapidly expanding global space economy.

Quartix Technologies (LSE:QTX) said revenue and adjusted EBITDA for 2025 are now expected to exceed market forecasts, supported by continued momentum in recurring income and cash flow. Annualised recurring revenue increased by 14% to £37m, alongside a 9% rise in customer numbers and 11% growth in subscriptions. Despite significant investment in 4G network upgrades, restructuring initiatives and higher tax prepayments, the group generated strong free cash flow of £5.1m and ended the year with £5.6m in cash.

The company also announced plans to simplify and consolidate its dividend structure, with a target total ordinary dividend of 10p per share. Operationally, growth has been broad-based across its core regions, with particularly strong performance reported in Italy and Spain. Ongoing investment is focused on next-generation telematics hardware, a unified web and mobile user interface, and the continued roll-out of connected dashcam solutions.

Alongside growth initiatives, Quartix is managing several transitional programmes, including large-scale 4G network upgrades and a review of accounting treatment with the UK Financial Reporting Council. While the review may result in changes to how certain tracking system costs are classified, management does not expect any impact on reported revenue or free cash flow. Overall, the group enters 2026 with a constructive outlook and a platform positioned for continued expansion.

From a market perspective, Quartix Holdings benefits from strong underlying financial performance and recent positive corporate developments, although short-term technical indicators point to a degree of caution. Valuation metrics appear reasonable, offering a relatively balanced investment profile.

More about Quartix Holdings

Quartix Technologies is a UK-based provider of subscription-led vehicle tracking systems, telematics hardware and fleet management software. The group serves commercial fleets across six core markets—the UK and Ireland, France, the US, Italy, Spain and Germany—delivering GPS tracking, data analytics and integrated connected dashcam solutions designed to improve fleet efficiency, driver safety, insurance outcomes and fraud prevention. Its business model is largely underpinned by recurring software subscription revenues.

Beauty Tech Group (LSE:TBTG) said trading in the 2025 financial year has exceeded its previously upgraded expectations, prompting management to lift full-year guidance. Revenue is now expected to reach at least £136.0m, while adjusted EBITDA is forecast to be no lower than £35.5m, ahead of earlier market expectations of £128.0m and £32.0m, respectively.

The company reported that the period included the strongest quarterly performance in its history, achieved shortly after its October IPO. Growth was driven by robust demand across all major geographic markets and sales channels, supported by accelerating global uptake of at-home beauty technology. Looking ahead to 2026, management expressed confidence in maintaining momentum, with several new product launches planned for the first quarter, including upgraded Tria laser devices for hair removal and skin treatments, aimed at extending the group’s presence in one of the fastest-expanding segments of the beauty market.

More about Beauty Tech Group Plc

Beauty Tech Group plc is a global player in the fast-growing at-home beauty technology sector, operating a portfolio of premium brands including CurrentBody Skin, ZIIP Beauty and Tria Laser. The group designs, manufactures and sells clinic-grade beauty devices using technologies such as LED light therapy, radio frequency, microcurrent and laser treatments. Headquartered in the UK, the company listed on the London Stock Exchange in October 2025 under the ticker TBTG and distributes its products primarily through direct-to-consumer e-commerce channels alongside selected international retail partners.

Cobra Resources (LSE:COBR) announced encouraging results from an Induced Polarisation survey at the Blue Rose prospect within its Manna Hill Project in South Australia, strengthening the geological case for a large-scale copper-gold skarn and porphyry system. The project sits within a prolific copper province that hosts a significant share of Australia’s established copper reserves.

The survey outlined two sizeable new chargeability anomalies, including the Black Baccara porphyry target and the Neptune Rose skarn target, which extends for approximately 1.2 kilometres. These results have allowed the company to refine its drill planning, with site preparation now completed and a drilling campaign of up to 50 holes planned. At least 15 holes are scheduled for mid-January, targeting strike and depth extensions of known mineralisation, testing the presence of a second skarn system, and evaluating deeper porphyry-related structures. Initial assay results are expected by early March.

From a financial perspective, the company’s outlook remains constrained by the absence of revenue, continued operating losses and ongoing cash outflows, although this is partially offset by a debt-free balance sheet. Market technicals remain a relative strength, with the share price trading above key moving averages and showing positive momentum. Valuation remains difficult to assess given negative earnings and the lack of dividend yield data.

More about Cobra Resources Plc

Cobra Resources plc is a South Australia–focused critical minerals developer working to advance a portfolio of pre-production assets. Its flagship projects include the Boland ionic rare earth discovery at the Wudinna Project in the Gawler Craton, regarded as Australia’s only rare earth project suitable for low-cost, low-impact in-situ recovery mining. Alongside rare earths, the company is building exposure to copper and gold through exploration assets such as Manna Hill, located in a major copper district with access to established transport and processing infrastructure.

Kistos (LSE:KIST) said 2025 proforma exit production rose to 22,700 boepd when including its pending interests in Oman, while reported average output of around 9,000 boepd landed at the upper end of guidance. Production performance was driven by Norway’s Balder area, benefiting from the start-up of the Jotun FPSO alongside new Balder Future wells.

On a reserves basis, year-end proforma net 2P reserves are estimated at 49 mmboe, and management reiterated 2026 proforma production guidance of 19,000–21,000 boepd. The balance sheet closed 2025 with approximately $199 million of cash and near-cash, supported by Norwegian tax rebates, while adjusted net debt stood at roughly $81 million, providing financial capacity to pursue further growth initiatives.

Operationally, the company reached final investment decisions on Balder Phase VI and the initial phase of the Balder Next debottlenecking and drilling programme. Asset performance also improved at the Q10-A field in the Netherlands, while work progressed on the Hole House gas storage restart project, which is expected to increase storage capacity by 63% over the next two years.

Strategically, Kistos signed a binding agreement to acquire interests in Omani Blocks 9, 3 and 4, a move that significantly diversifies the portfolio beyond the North Sea. The transaction is expected to add 25.6 mmboe of 2P reserves at an estimated cost of around $5.80 per barrel of oil equivalent, offering exposure to high-quality onshore assets with development upside. In parallel, the planned transfer of operatorship of the Greater Laggan Area to Serica Energy is anticipated to open up additional infill drilling and tie-back opportunities, reinforcing Kistos’ focus on both organic growth and value-accretive M&A across the North Sea and MENA regions.

From a market perspective, sentiment remains constrained by weak recent financial performance and relatively poor valuation metrics. Technical indicators suggest a modest short-term bullish bias, although negative MACD readings and oversold stochastic signals point to continued caution. Limited disclosure around earnings calls and corporate events restricts further visibility.

More about Kistos PLC

Kistos Holdings plc is a London-listed independent energy company focused on maximising value from its upstream oil and gas assets and through selective, value-accretive acquisitions. Its core portfolio is centred on the North Sea, spanning Norway, the UK and the Netherlands, with expansion underway into the Middle East via onshore assets in Oman, alongside gas storage operations aimed at supporting long-term production and reserve growth.

U.S. equity futures were pointing to a subdued start on Wednesday, indicating that stocks may trade unevenly as investors pause following two consecutive sessions of gains.

After a strong kickoff to the first full trading week of the year, some market participants appear inclined to step back and reassess risk. A similar pattern unfolded on Tuesday, when futures suggested a flat opening before the Dow and the S&P 500 ultimately pushed to fresh record closing levels.

Futures trading showed little reaction to the latest employment figures from payrolls processor ADP, which indicated that private-sector hiring in the U.S. slowed slightly more than economists had anticipated in December.

According to ADP, private employment rose by 41,000 jobs last month, following a revised decline of 29,000 in November. Economists had forecast an increase of about 47,000 jobs, compared with the previously reported loss of 32,000 in the prior month.

Commenting on the report, ADP chief economist Dr. Nela Richardson said: “Small establishments recovered from November job losses with positive end-of-year hiring, even as large employers pulled back.”

Tuesday’s session extended the early-year rally, with continued buying lifting the Dow and the S&P 500 to new all-time closing highs.

The major indexes finished just shy of their intraday peaks. The Dow climbed 484.90 points, or 1.0%, to 49,462.08, the Nasdaq gained 151.35 points, or 0.7%, to 23,547.17, and the S&P 500 advanced 42.77 points, or 0.6%, to 6,944.82.

A significant driver of the Dow’s advance was Amazon (NASDAQ:AMZN), which surged 3.4%. The company reached a record close after announcing the rollout of Alexa.com to Alexa+ Early Access users, a move seen as an effort to compete more directly with ChatGPT and Gemini.

Additional strength came from gains in Amgen (NASDAQ:AMGN), Salesforce (NYSE:CRM) and IBM Corp. (NYSE:IBM).

The broader market’s advance has continued despite a lack of immediate catalysts, as investors turn their attention to a slate of key U.S. economic releases scheduled in the days ahead.

Friday’s monthly jobs report from the Labor Department is expected to be the focal point of the week, as it could influence expectations for interest rates ahead of the Federal Reserve’s next policy meeting.

While the Fed is widely expected to keep rates unchanged at its January 27–28 meeting, markets continue to price in at least one additional quarter-point rate cut later in the year.

On the sector front, computer hardware stocks posted some of the strongest gains, with the NYSE Arca Computer Hardware Index rising 4.3%.

Higher gold prices also boosted mining shares, reflected in a 4.1% jump in the NYSE Arca Gold Bugs Index. Biotechnology stocks were also strong, pushing the NYSE Arca Biotechnology Index up 3.0%.

Semiconductor, retail and healthcare stocks also moved higher, while energy shares lagged after crude oil prices pulled back.

European stock markets traded without a clear direction on Wednesday, following broadly positive momentum in the previous session as investors weighed fresh economic data and company-specific developments.

The UK’s FTSE 100 was down around 0.6%, while France’s CAC 40 hovered close to flat. Germany’s DAX index, by contrast, advanced roughly 0.7%.

Earlier data from Germany offered mixed signals. Figures showed that the number of people out of work rose by less than expected in December, suggesting some resilience in the labour market. However, German retail sales disappointed, falling 0.6% month on month in November 2025, against expectations for a modest increase.

On the corporate front, shares in Sweden’s Skanska (BIT:1SKAB) moved higher after the construction group completed the sale of a self-developed residential and hotel project in Copenhagen.

German property company LEG Immobilien (TG:LEG) also posted strong gains after confirming the disposal of around 900 residential units for a total value of €63 million during the fourth quarter of 2025.

Meanwhile, wind turbine manufacturer Nordex (TG:NDX1) rallied sharply after being selected to supply more than 414 megawatts of turbines across 15 projects throughout Europe.

In contrast, pharmaceutical group GSK (LSE:GSK) edged lower despite announcing positive Phase III clinical trial results for its hepatitis B candidate bepirovirsen.