Author: Fiona Craig

Greencoat UK Wind (LSE:UKW) reported solid cash generation and stable operational performance in its 2025 full-year results, while outlining a more cautious capital allocation strategy in response to ongoing sector valuation pressures.

The renewable infrastructure fund generated net cash flow of £291 million during the year and produced 5,403GWh of electricity, despite lower average wind speeds and softer power prices. Shareholders received total dividends of £226.8 million, equivalent to 10.35p per share, representing the company’s 12th consecutive year of dividend growth in line with its inflation-linked policy.

Management placed significant emphasis on balance sheet and capital management, completing £181 million of asset disposals at net asset value while repurchasing £109 million of shares at an average discount of 23% to NAV. The company also reduced debt principal by £168 million as part of efforts to strengthen financial resilience.

Persistent headwinds across the renewable investment trust sector, including pressure on net asset valuations and weaker investor sentiment, have left Greencoat UK Wind’s shares trading at a notable discount. In response, the company’s 2026 strategy will prioritise additional selective disposals, lower gearing levels, ongoing share buybacks and disciplined reinvestment aimed at restoring shareholder value.

Operationally, the portfolio generated enough renewable power to supply approximately 2.0 million homes and avoided an estimated 2.2 million tonnes of carbon dioxide emissions during the year. The group also invested £6.7 million into community initiatives linked to its wind farm operations.

Looking ahead, management highlighted strong structural support for UK wind generation, underpinned by policy backing and rising electricity demand. The company sees opportunities emerging from secondary market transactions and new-build developments, even as the broader renewable investment trust sector continues to face challenges from lower wholesale power prices and regulatory uncertainty.

The company’s outlook is moderated by weaker profitability and revenue trends despite strong cash flow generation and a manageable balance sheet. Technical indicators currently suggest mildly negative momentum, while valuation support comes primarily from the fund’s high dividend yield, partly offset by a negative price-to-earnings profile. Share buybacks provide some positive support, though regulatory risks remain a consideration.

More about Greencoat UK Wind

Greencoat UK Wind is a listed renewable infrastructure investment company focused on owning and operating UK wind farms. Its strategy aims to deliver dividends that grow in line with CPI inflation while preserving long-term capital value through reinvestment of surplus cash flow. The fund provides investors with direct exposure to UK wind energy assets and has distributed more than £1.4 billion in dividends since inception.

Empire Metals (LSE:EEE) has obtained Depository Trust Company (DTC) eligibility for its common shares in the United States, a step expected to simplify electronic clearing and settlement for investors trading the stock on the OTCQX market under the EPMLF ticker.

The company said the change should enhance trading efficiency by enabling settlement through standard U.S. market infrastructure, improving liquidity and broadening access to its shares across American brokerage platforms. Management believes the move will make it easier for both institutional and retail investors in the U.S. to participate as the company advances development of its Pitfield titanium project.

DTC eligibility was described as a strategic milestone, reducing cross-border trading friction for existing shareholders while strengthening Empire Metals’ capital markets profile. The company is seeking to expand investor engagement at a time when its Western Australia-based titanium resource is positioned to benefit from rising global demand for critical minerals.

Despite improving market visibility, the company’s outlook remains constrained by financial fundamentals, including its pre-revenue status, widening losses and increasing cash burn. Positive technical momentum, reflected in share price strength relative to key moving averages and supportive MACD indicators, provides some counterbalance, alongside a conservative balance sheet with low leverage. Valuation metrics remain pressured due to negative earnings and the absence of a dividend yield.

More about Empire Metals

Empire Metals is an AIM-quoted and OTCQX-traded natural resources company focused on mineral exploration and development. Its flagship asset, the Pitfield Titanium Project in Western Australia, hosts one of the world’s largest and highest-grade titanium resources, with a mineral resource estimate of 2.2 billion tonnes grading 5.1% TiO₂. The project benefits from existing infrastructure and conventional processing pathways, offering significant potential for future expansion.

Tate & Lyle (LSE:TATE) reported third-quarter trading in line with expectations, supported by contributions from its recently combined CP Kelco business, although underlying demand across key markets remained subdued.

Group revenue increased 15% on a reported basis for the three months to 31 December 2025, primarily reflecting the impact of the CP Kelco acquisition. On a pro forma basis, however, revenue declined 2%, with weaker performance in the Americas and EMEA regions partially offset by modest growth in Asia Pacific.

Despite softer underlying demand conditions, the company reaffirmed its full-year outlook, continuing to expect low single-digit declines in both revenue and EBITDA.

Management said progress is being made on initiatives designed to restore sustainable top-line growth, including targeted investments in technology, capabilities and commercial execution. The expanded product portfolio created through the CP Kelco integration is also generating increased cross-selling opportunities, which the company expects to support future revenue momentum.

Synergies from the CP Kelco transaction are tracking in line with expectations across both cost efficiencies and revenue opportunities. Tate & Lyle is also selectively investing in customer framework agreements for 2026, aimed at driving volumes and strengthening longer-term commercial relationships.

The company believes these measures position the business to benefit from structural growth trends in healthier food and beverage consumption, including rising demand for ingredients that reduce sugar, calories and fat while enhancing nutrition and product functionality.

Tate & Lyle’s outlook reflects broadly stable operational performance and supportive corporate developments, including insider share purchases. However, valuation metrics remain elevated and technical indicators point to neutral market momentum, highlighting ongoing caution amid challenging trading conditions.

More about Tate & Lyle

Tate & Lyle is a London-listed global ingredients specialist focused on sweetening, mouthfeel and fortification solutions for food and beverage manufacturers. Building on more than 165 years of ingredient innovation and an expanded portfolio following the CP Kelco acquisition, the company supplies nature-based ingredients that help reduce sugar, calories and fat, add fibre and protein, and improve texture and stability across categories including beverages, dairy, bakery and snacks worldwide.

Jadestone Energy (LSE:JSE) has outlined its 2026 operational guidance alongside a year-end 2025 reserves update, signalling a stronger focus on capital discipline as weaker oil price assumptions reshape its near-term financial outlook.

The Asia-Pacific upstream producer said it will prioritise high-return infill drilling at the PM323 licence offshore Malaysia, targeting approximately 2 million barrels of oil with relatively quick payback periods. The programme is also expected to support efforts to secure a licence extension, aligning with Jadestone’s longer-term ambition to establish itself as a leading independent oil and gas operator in the region.

Production for 2026 is forecast at between 18,000 and 21,000 barrels of oil equivalent per day, broadly unchanged from the previous year. Output gains from PM323 are expected to offset natural field decline, the divestment of the Sinphuhorm asset and scheduled downtime linked to dry-docking work on the Okha floating production storage and offloading vessel.

Total production costs are projected to rise temporarily to between US$260 million and US$300 million, reflecting planned maintenance activity and contract renewals. Capital expenditure, however, has been reduced to a range of US$50 million to US$80 million, with roughly two-thirds allocated to development projects in Malaysia and Vietnam. The company has revised its forecast for unlevered free cash flow between 2025 and 2027 to US$200 million–US$240 million, assuming an oil price of US$70 per barrel.

Jadestone also expects to recognise a non-cash impairment charge of around US$90 million in its 2025 accounts, largely attributable to lower commodity price assumptions applied by its independent reserves auditor. Proved and probable (2P) reserves at the end of 2025 declined to 56.2 million barrels of oil equivalent, while associated net present value (NPV10) fell to US$519 million from US$799 million a year earlier. Despite the reduction, management noted that the valuation remains substantially above the company’s current market capitalisation after accounting for net debt.

Looking ahead, Jadestone continues to advance approval of a field development plan for its Vietnam gas project, a step that would enable reserves booking and accelerate engagement with potential partners. The company has also commissioned an updated Competent Person’s Report covering the Nam Du/U Minh discoveries and surrounding exploration potential, while progressing refinancing discussions for its reserves-based lending facility to improve financial flexibility and support future growth opportunities, including potential acquisitions.

The company’s outlook remains constrained by financial pressures including declining revenue, negative profitability, elevated leverage and negative cash flow generation. Technical indicators present a mixed picture but lean weaker, while valuation metrics provide some support due to a relatively low price-to-earnings ratio.

More about Jadestone Energy Inc

Jadestone Energy plc is an independent upstream oil and gas company focused on the Asia-Pacific region, with producing and development assets across Australia, Malaysia, Indonesia and Vietnam. The company aims to expand and diversify its portfolio through organic developments — including the Nam Du/U Minh gas project in Vietnam and the Puteri Cluster in Malaysia — as well as acquisitions where it can apply operational expertise in mature asset optimisation and cost efficiency.

Made Tech (LSE:MTEC) delivered a strong first-half performance for the six months to 30 November 2025, reporting record revenue and profit growth as execution of its contracted backlog and improved cost discipline supported margins and cash generation.

Revenue rose 28% year-on-year to £27.8 million, while adjusted EBITDA increased 35% to £2.4 million. The performance was driven by delivery against a substantial pipeline of secured contracts and a strategic reduction in contractor usage, which contributed to improved operational efficiency and higher profitability.

Although new sales bookings declined sharply compared with an unusually strong prior-year period and contracted backlog eased slightly, the company said trading remains ahead of recently upgraded market expectations. Momentum has been supported by a recovery in UK government procurement activity, increasing demand for large-scale, long-term digital transformation programmes and growing interest in artificial intelligence solutions.

Made Tech also strengthened its financial position during the period, ending the half year with £11.9 million in net cash and no debt. The company further enhanced its leadership team with the appointment of a new chief financial officer, aimed at supporting the next phase of growth.

The group’s outlook is underpinned by improving financial performance, including a return to profitability, stronger cash flows and low leverage, alongside supportive technical trading momentum. However, valuation remains elevated, with a high price-to-earnings ratio and a track record of earnings and cash-flow volatility tempering investor sentiment, despite recent positive corporate developments.

More about Made Tech Group PLC

Made Tech Group plc is a UK-based provider of digital, data and technology services focused primarily on the public sector. The company supports government departments, healthcare organisations, education providers and public safety bodies with modernisation programmes spanning cloud infrastructure, artificial intelligence and managed services, positioning itself as a long-term partner for public-sector digital transformation.

Macfarlane Group (LSE:MACF) reported higher sales in 2025 but lower profitability, as rising costs, softer demand in parts of its business and operational disruption following a fatal incident at its recently acquired Pitreavie facility impacted earnings.

Revenue increased 11% year-on-year to £300.8 million, reflecting continued activity across the group. However, operating profit and earnings fell sharply, primarily due to weaker conditions within the Packaging Distribution division alongside cost pressures and the operational effects linked to the Pitreavie corrugated packaging business.

By contrast, Manufacturing Operations delivered more resilient performance, supported by contributions from the Polyformes acquisition and strong demand from defence and aerospace customers. The company maintained its dividend during the year and progressed a £4 million share buyback programme, while managing net bank debt conservatively within its £40 million financing facility. Macfarlane is also preparing its pension scheme for a potential buy-in transaction.

Looking ahead, management has set out priorities for 2026 centred on rebuilding margins in Packaging Distribution and restoring performance at the Pitreavie site. A £1.2 million investment in new equipment is planned to reinstate full production capacity by the second quarter of 2026. Additional initiatives include improving operational efficiency and refining sourcing strategies to mitigate input cost pressures.

Although acquisition activity will pause in the near term, the board said it continues to develop a future pipeline of opportunities and remains confident that operational improvements, sustainability initiatives and support for customers navigating new packaging regulations will help restore growth momentum despite challenging market conditions.

Macfarlane’s outlook benefits from solid underlying financial performance and an attractive valuation profile, although technical indicators currently point to weaker share price momentum. Recent corporate developments also highlight execution risks, placing emphasis on management’s ability to deliver operational recovery in the year ahead.

More about Macfarlane Group

Macfarlane Group PLC is a UK-based packaging specialist with more than 75 years of operating history and a premium listing on the London Stock Exchange. The company operates through Packaging Distribution and Manufacturing Operations divisions, supplying protective packaging, corrugated products and specialised packaging solutions to industrial, defence, space, aerospace and retail markets, with an increasing focus on higher-value sectors.

London Stock Exchange Group (LSE:LSEG) delivered solid financial growth in 2025, supported by expanding demand for data and analytics services, rising profitability and increased shareholder distributions, while reinforcing its strategic focus on artificial intelligence-enabled data platforms.

Total income, excluding recoveries, increased 7.1% on an organic constant-currency basis, with growth recorded across all major divisions including Data & Analytics, FTSE Russell, Risk Intelligence and Markets. Adjusted EBITDA rose 11.8% during the year, lifting margins to 50.3%, while adjusted earnings per share climbed 15.7% to 420.6p.

Strong cash generation enabled the group to return £2.8 billion to shareholders and increase its dividend by 15.4%, underscoring the strength of its operating model and recurring revenue base.

Management pointed to accelerating demand for its “LSEG Everywhere” strategy, which focuses on delivering AI-ready financial data and workflow solutions. During the fourth quarter, the company secured long-term data and workflow agreements valued at £1.9 billion and expanded partnerships with major technology platforms including Anthropic, Microsoft, OpenAI and Snowflake.

Strategic initiatives during the year also included bank investment into Post Trade Solutions, continued development of digital and private markets infrastructure, and further innovation across its global financial data ecosystem. The group reiterated expectations for continued mid- to high-single-digit income growth, expanding margins and strong cash flow generation, alongside plans to complete an additional £3 billion share buyback programme by 2027.

LSEG’s outlook is supported by strong operational performance, particularly high margins and accelerating free cash flow. However, technical indicators currently reflect weaker share price momentum, while valuation metrics remain elevated, with a relatively high price-to-earnings ratio and a modest dividend yield moderating the overall investment profile.

More about London Stock Exchange Group

London Stock Exchange Group is a global provider of financial market infrastructure and data services, operating trading venues, post-trade platforms, indices and benchmark businesses alongside extensive financial data and analytics offerings. Its operations span Data & Analytics, FTSE Russell, Risk Intelligence, Markets and Post Trade Solutions, supplying financial institutions worldwide with trusted data, analytics and AI-enabled workflow tools.

Mobico Group (LSE:MCG) delivered higher adjusted operating profit in 2025 as strong performance from its Alsa division helped offset weaker conditions in other parts of the business, with management saying its turnaround programme continues to gain momentum.

Adjusted operating profit rose 9% to £198 million on revenue of £2.76 billion, supported by another year of double-digit growth at Alsa, the group’s Spanish-based transport arm. Gains in the division compensated for softer trading in UK Coach operations and operational challenges within North American shuttle service WeDriveU.

Statutory operating profit declined to £21.9 million, primarily reflecting one-off non-cash charges. Free cash flow also fell during the year due to the contribution of the NASB business prior to its disposal. However, the group strengthened its balance sheet, with covenant gearing improving to 2.7x following £273 million of disposal proceeds. Mobico also retained significant liquidity, including access to an undrawn £600 million credit facility.

Management said progress under its “Simplify, Strengthen, Succeed” turnaround plan remains on track. The company highlighted an agreement in principle with German rail transport authorities aimed at establishing a more sustainable long-term rail operation, alongside continued integration of the UK Coach business into Alsa to streamline overheads and improve competitiveness.

Mobico is targeting £100 million in annualised cost savings by the end of 2026 through efficiency measures, tighter capital expenditure controls and ongoing monetisation of UK Bus assets. For 2026, the group expects adjusted operating profit to remain broadly stable within a range of £195 million to £210 million, signalling a strategic focus on margin improvement and debt reduction rather than rapid revenue expansion.

The company’s outlook continues to be constrained by legacy financial pressures, including ongoing losses, margin challenges, elevated leverage and volatile free cash flow generation. Technical indicators provide only limited support, reflecting mixed market momentum and a longer-term downward trend in the share price. While management’s reaffirmed guidance and revenue growth offer some encouragement, valuation remains pressured by negative earnings and the absence of a dividend yield.

More about Mobico Group

Mobico Group is an international shared mobility operator providing bus, coach and rail services across the UK, North America, continental Europe, North Africa and the Middle East. Its portfolio includes the high-performing Alsa division, North American corporate shuttle operator WeDriveU, and a range of regulated public transport operations in the UK and Germany, positioning the company as a major provider of contracted and regulated transport services worldwide.

Strategic Minerals (LSE:SML) has announced the discovery of a significant new tin-dominant mineralised structure at its Redmoor project in Cornwall, potentially expanding the scale of the company’s resource base.

The newly identified area, named the North Tin Zone, was defined through updated geological modelling that incorporated recent drilling results, re-logging of historic core samples and validated exploration data dating back to the 1980s from Southwest Minerals. The work indicates a laterally continuous mineralised structure distinct from Redmoor’s established Sheeted Vein System (SVS) deposit, with multiple cassiterite-bearing intersections demonstrating encouraging geological continuity.

Strategic Minerals plans to incorporate the North Tin Zone into its upcoming Mineral Resource Estimate update, alongside an assessment of Reasonable Prospects for Eventual Economic Extraction. Management believes the discovery could lead to the definition of a separate tin resource outside the existing SVS deposit, materially increasing the project’s overall mineral inventory.

The company said the finding highlights Redmoor’s long-term growth potential and strengthens its positioning as a polymetallic development project with exposure to critical minerals experiencing strong global demand. Ongoing relogging and sampling programmes are aimed at identifying further non-SVS mineralised structures across the project area.

Strategic Minerals’ outlook is supported by improved financial performance during 2024 and positive technical trading momentum. However, valuation metrics remain elevated, with a high price-to-earnings ratio and lack of dividend yield data limiting support, while overbought technical indicators suggest increased near-term volatility risk.

More about Strategic Minerals

Strategic Minerals plc is an international exploration and production company focused on the Redmoor tungsten–tin–copper project in southeast Cornwall. Through its wholly owned subsidiary Cornwall Resources Limited, the company is developing polymetallic deposits containing tungsten, tin, copper and silver — commodities benefiting from tightening global supply, increasing industrial demand and growing strategic importance within critical mineral supply chains.