Author: Fiona Craig

Light Science Technologies Holdings plc (LSE:LST) has agreed conditional transactions to acquire RLUK Injection, the owner of passive fire protection specialist Injectaclad, as well as the remaining 10% minority stake in its UK Circuits electronics subsidiary and an associated property. The deals are valued at up to £5.37m in cash and form part of a broader strategy to strengthen the group’s operational base and accelerate growth.

To finance the acquisitions, the company intends to raise £6.6m through an equity fundraising consisting of a placing and a separate retail offer priced at 1p per share. The proceeds will support the purchases while also helping secure supply chains, consolidate full control over the UK Circuits contract electronics manufacturing division and remove ongoing rental expenses. The property acquisition will also provide a northern operational base designed to support higher-margin activity and larger project opportunities, particularly within the passive fire protection market.

The purchase of RLUK Injection is expected to deepen the company’s role across the fire safety value chain. By bringing Injectaclad’s intellectual property and materials supply capabilities in-house, the group aims to strengthen its position in cavity fire remediation projects while adding an additional revenue stream from materials supply.

Securing full ownership of UK Circuits, alongside the associated facility, supports the group’s strategic shift toward higher-value sectors such as defence and medical electronics manufacturing. Management believes the strengthened balance sheet and expanded capabilities will enable the business to scale more rapidly and pursue mid-term revenue targets of around £50m, potentially improving profitability and shareholder returns.

Overall, the company’s outlook remains mixed. Financial performance reflects solid cash flow but slower revenue growth, while technical indicators point to bearish share price momentum. Nevertheless, the acquisitions and fundraising represent positive corporate developments that could support future expansion, particularly within the group’s AgTech and fire safety activities.

More about Light Science Technologies

Light Science Technologies Holdings plc is an AIM-listed technology and manufacturing group focused on delivering practical solutions in areas including global food security and fire safety. Its operations include a Contract Electronics Manufacturing division, which supplies high-value electronics to sectors such as defence and medical technology, and a Passive Fire Protection division that installs cavity fire barrier remediation systems across the UK, with potential for future international expansion.

SRT Marine Systems PLC (LSE:SRT) said courts in the Philippines have dismissed all allegations of conspiracy, graft and bidding irregularities linked to the BFAR fisheries IMEMS project. The rulings fully clear the company, its chief executive Simon Tucker and other parties, concluding a long-running legal matter that had raised scrutiny around the contract.

The company stated that the courts found the accusations to be false and without merit. The decision removes a legal overhang that had created uncertainty around SRT’s involvement in the project and its operations in the Philippines, a market considered strategically important for its maritime surveillance technology.

With the case resolved, SRT believes its standing with government customers in the region could strengthen, particularly among agencies assessing maritime intelligence and monitoring systems. The company can now focus on delivering existing programmes and pursuing further opportunities in maritime surveillance, fisheries monitoring and navigation safety without the distraction of ongoing litigation or negative publicity.

Despite the legal clarity, the company’s outlook remains influenced by financial considerations. While revenue growth and operational efficiency have improved, cash flow remains relatively weak. Market indicators also suggest negative technical momentum, although the shares may be approaching oversold territory. In addition, valuation metrics remain stretched due to a high price-to-earnings ratio and the absence of dividend support.

More about SRT Marine Systems

SRT Marine Systems PLC develops and supplies advanced maritime intelligence, surveillance and navigation technologies. Its systems are used by coast guards, fisheries authorities, ports and other sovereign organisations to enhance maritime domain awareness, improve security and support sustainable management of marine resources. The company also provides solutions that help commercial and recreational vessel operators navigate more safely and efficiently.

Forterra plc (LSE:FORT) delivered a solid set of results for 2025 despite ongoing challenges in the UK construction sector. Revenue increased by 12.1% during the year, while adjusted EBITDA rose 18.5% and adjusted earnings per share surged 65.8%. The performance was supported by stable pricing across its product range and a recovery in the company’s share of the UK brick market.

Strong cash generation also strengthened the balance sheet, with net debt reduced to £55.7m. This financial improvement enabled the company to significantly increase shareholder returns, with the total dividend rising 106.7% to 6.2p per share.

Operationally, Forterra continued to advance several key capacity expansion projects. The new brick factory at Wilnecote is approaching completion, while both kilns at the Desford facility operated simultaneously for the first time during the year. The company also introduced its Omnia extruded brick slip range, expanding its product offering in the construction materials market.

With leverage returning to more typical levels and capital expenditure expected to ease, the board has revised its capital allocation priorities. As part of this approach, the company plans to return surplus cash to shareholders through a £20m share buyback programme scheduled to begin in 2026. Management expects demand conditions in 2026 to remain broadly similar to those seen in 2025, with EBITDA forecast to increase slightly. The group believes it is well positioned to benefit from any structural recovery in UK housing activity and brick demand.

Overall, the company’s outlook is supported by positive corporate developments and a relatively stable technical backdrop. However, ongoing pressure on profitability and a comparatively high valuation may temper investor expectations. Continued focus on margin management and balance sheet discipline will remain important as the business pursues further growth.

More about Forterra

Forterra plc is one of the UK’s leading manufacturers of essential building materials, with strong positions in clay bricks, concrete blocks and precast concrete flooring. Its product portfolio includes extruded and soft-mud bricks used in residential construction, the well-known London Brick widely found across England’s housing stock, Thermalite aircrete blocks and Bison precast flooring systems. The company serves both the new-build housing market and the repair, maintenance and improvement sector.

Mindflair plc (LSE:MFAI) has highlighted progress within its investment portfolio after Captur, an artificial intelligence infrastructure company backed through Sure Valley Ventures’ second fund, secured $6m in seed funding. The round was led by Rally Ventures and reflects Mindflair’s strategy of supporting enterprise AI technologies capable of scaling across sectors such as logistics, mobility and retail.

Captur specialises in on-device computer vision software designed for enterprise mobile applications. Its technology verifies user-submitted photos in roughly 30 milliseconds without relying on cloud connectivity and is already processing tens of millions of images each month. The newly raised capital will be used to expand the company’s team, accelerate product development and extend deployment of its edge AI platform into additional industry verticals. According to Mindflair’s directors, the company’s capabilities create a strong technical moat and underline the long-term growth potential within its AI investment portfolio.

The platform addresses the “last-mile” challenge in image capture by ensuring high-quality photographic verification for tasks such as deliveries, inspections and parking validation. By operating directly on mobile devices across more than 6,000 device types, Captur can achieve human-level or higher accuracy while keeping processing local to the device. This approach reduces latency and scaling costs, enabling businesses to verify real-world activity in real time and improve operational workflows.

The funding round will also bring additional industry expertise to the company’s leadership. Ben Fried is set to join Captur’s board, adding senior technology experience. For Mindflair, both the calibre of the lead investor and the board appointment point to increasing institutional confidence in the portfolio company, potentially creating longer-term value if Captur’s technology gains wider adoption in data-intensive mobile sectors.

More about Mindflair

Mindflair plc is an AIM-listed investment company focused on building a portfolio of next-generation technology businesses centred on artificial intelligence. Its strategy targets high-growth segments including the Internet of Things, cyber security, machine learning, immersive technologies and big data, where demand for advanced digital infrastructure continues to expand.

The company invests in early and growth-stage technology firms that have already demonstrated commercial traction and significant scaling potential. By concentrating on AI-driven innovation and supporting infrastructure, Mindflair offers investors diversified exposure to emerging enterprise technologies rather than direct investment in individual start-ups.

Through its portfolio strategy, Mindflair aims to capture the upside from accelerating adoption of automation, advanced analytics and intelligent software across industries, while spreading risk across multiple AI subsectors and business models.

Robert Walters (LSE:RWA) reported a challenging 2025, with net fee income falling 14% on a constant-currency basis to £274.2m as cautious hiring activity weighed on demand. The company posted an operating loss of £14.9m for the year, compared with a profit previously, after weaker recruitment volumes and restructuring charges. In response to the tougher environment, the board opted to suspend the dividend in order to protect the strength of the balance sheet.

The group’s core specialist recruitment division, which generates the majority of fee income, declined across most regions, although the UK market proved more resilient. Recruitment outsourcing revenue also decreased after several contracts were not renewed, though income from retained clients showed greater stability during the downturn.

Management has responded by accelerating cost reductions and implementing structural adjustments across the business. Monthly operating costs have been reduced to below £24m, and the company has increased its structural savings target for 2027 to at least £12m. Alongside these measures, the group is expanding its geographic reach and diversifying service lines, particularly through rapidly growing consultancy and talent advisory offerings.

Looking ahead, the company expects net fee income in 2026 to be slightly below 2025 levels as hiring markets remain uncertain. However, improving trends in several regions — including the UK, Spain and New Zealand — provide some encouragement. Management is also focusing on portfolio optimisation and greater cross-selling between services to strengthen its position as a broad talent solutions provider.

Overall, the outlook remains shaped by recent financial pressures, including lower revenue and profitability. Technical indicators currently point to bearish market momentum, and valuation metrics are mixed, with a high dividend yield but a negative price-to-earnings ratio. Limited earnings call or corporate event disclosures also restrict deeper insight into near-term expectations.

More about Robert Walters

Robert Walters PLC is a global recruitment and talent solutions company specialising in professional hiring and recruitment outsourcing. The business operates across Asia-Pacific, Europe, the UK and other international markets. In recent years, the group has been expanding its consultancy and talent advisory services, aiming to position itself as a comprehensive provider of workforce solutions for corporate clients.

Hill & Smith (LSE:HILS) reported steady results for 2025, with revenue rising slightly by 2% to £868.8m while underlying operating profit increased 5%. The improvement was largely driven by strong demand across its U.S. infrastructure operations, which helped offset softer trading conditions in the UK.

Group profitability also improved during the year, with underlying operating margins reaching 17.4%. Earnings per share advanced 8%, reflecting both operational progress and disciplined cost management. The company’s U.S. businesses now account for nearly four-fifths of total operating profit, highlighting the growing importance of the region within the group’s earnings mix.

Hill & Smith generated strong cash flow in 2025, supporting a return on invested capital of 26.7% while maintaining very low leverage. The financial strength allowed the company to increase its dividend by 8%, initiate a £100m share buyback programme and allocate £35m toward expanding production capacity in its higher-growth U.S. platforms.

The group also continued to pursue targeted acquisitions to enhance its infrastructure portfolio. It has agreed two bolt-on deals during the year — Freeberg in the United States and Hentech in Ireland — reinforcing its strategy of selective M&A to broaden its engineered solutions offering. Despite the strong U.S. momentum, management remains cautious about the timing of any meaningful recovery in the UK market during 2026.

Overall, the company’s outlook remains constructive thanks to solid financial performance and shareholder-friendly capital allocation initiatives such as the buyback programme. Technical indicators currently suggest bullish momentum, although a relatively high price-to-earnings valuation could temper upside expectations.

More about Hill & Smith Holdings

Hill & Smith PLC is a UK-listed provider of engineered products and services designed to strengthen critical infrastructure and the built environment. The group operates through U.S. and UK & India Engineered Solutions as well as Galvanizing Services divisions, supplying composite and steel systems, seismic protection technologies, safety solutions and galvanizing services. Its products support sectors including energy, transportation, data centres and industrial markets, and the company employs around 4,500 people with an increasing focus on growth in the United States.

The Gym Group (LSE:GYM) posted a strong financial performance in 2025, reporting an 8% increase in revenue while adjusted EBITDA less normalised rent climbed 19% to £56.7m. Adjusted profit before tax almost tripled year on year, supported by growing membership numbers, stronger yield and disciplined cost management.

Free cash flow reached £38.3m during the year, enabling the company to fund 16 new gym openings alongside upgrades to its existing estate and further technology investment. Despite this expansion, non-property net debt declined slightly and leverage improved to 1.0 times, helped by the extension and expansion of its bank financing facilities.

Operational momentum has been driven by the company’s “Next Chapter” strategy, which is delivering stronger returns across the portfolio. Mature-site return on invested capital reached 27%, increasing to 30% when excluding workforce-dependent gyms. Customer satisfaction remains high and member visit frequency continues to rise, reinforcing operational performance.

Management plans to accelerate expansion, targeting roughly 75 new gyms over the next three years, all expected to be funded through free cash flow. The company also anticipates that EBITDA less normalised rent in 2026 will land at the upper end of market expectations. In addition, a £10m share buyback programme has been launched, signalling confidence in the group’s long-term growth prospects and strengthening its position in the expanding low-cost fitness segment.

The company’s outlook reflects its improving financial profile and positive sentiment from recent earnings commentary. Nonetheless, investors should note potential risks including leverage levels and a comparatively elevated price-to-earnings valuation. Technical signals currently point to moderate bullish momentum, while initiatives such as an employee share scheme are intended to further align staff incentives with future growth.

More about The Gym

The Gym Group is a UK-based operator of affordable, round-the-clock fitness facilities designed for cost-conscious consumers seeking flexible memberships without long-term contracts. As of 31 December 2025, the company ran 260 gyms nationwide, serving more than 900,000 members and hosting around 70 million visits annually. The business has established itself as a leader in the value-focused fitness segment and has set validated science-based targets to achieve net-zero emissions.