Author: Fiona Craig

Chemring (LSE:CHG) said trading for fiscal 2026 remains consistent with board expectations, despite a marginally slower start to the year. The group reported a record order book of £1.364 billion and noted that around 85% of expected revenues are already covered by first-quarter performance and contracted work. Demand continues to be supported by rising defence budgets among NATO members and allied nations, although first-quarter order intake was lower year on year following an unusually strong prior period that included several large, multi-year contract wins.

Operationally, the company is centralising production at its automated Kilgore Flares facility in the United States. While this restructuring is expected to result in a non-cash impairment charge, management anticipates improved operational efficiency over time. Chemring is also progressing with substantial, debt-funded capital investment to expand capacity within its Energetics division, positioning the business to meet sustained demand for munitions and related products.

The group acknowledged continued disruption in the UK defence market, driven by delays in strategic planning and procurement decisions. However, it pointed to improving order trends, new multi-year countermeasures agreements and ongoing progress at its Roke technology business. The company also confirmed a board change, with its senior independent director stepping down and an interim successor appointed.

From a market perspective, Chemring’s fundamentals are supported by strong operational performance and positive commentary, particularly within Energetics. Nonetheless, technical indicators currently appear cautious, and a relatively elevated price-to-earnings ratio suggests valuation sensitivity. While the record order book and long-term defence spending trends underpin the growth case, cash flow pressures and valuation considerations temper the overall outlook.

More about Chemring

Chemring Group is a UK-based defence and security technology supplier serving military, security and space markets. The company operates through two primary divisions: Countermeasures & Energetics, and Sensors & Information. It provides advanced materials, munitions, countermeasure systems and specialist sensing technologies, with a core customer base spanning NATO countries and allied defence organisations.

SkinBioTherapeutics (LSE:SBTX), the AIM-listed skin health specialist based in Newcastle, has engaged FRP Advisory to carry out an independent forensic review into previously disclosed matters. The move is intended to bring clarity to outstanding issues and support the timely publication of interim results.

The board has appointed new Non-Executive Director and Audit Committee Chair Alyson Levett to oversee the investigation process. Her role will include supervising the review on behalf of the board and ensuring appropriate governance standards are maintained throughout. Management said the objective is to conclude the process as swiftly as possible so that financial reporting can proceed with confidence and focus can return to operational priorities and growth initiatives.

SkinBioTherapeutics continues to pursue expansion both organically and through acquisitions in complementary skincare and cosmetic segments, aiming to widen distribution channels, extend geographic reach and enhance manufacturing capabilities. The group seeks to apply its platform technologies across multiple skin health categories while leveraging consolidation opportunities to strengthen routes to market for its proprietary brands.

From an investment standpoint, the company’s profile remains challenged by weak technical momentum and a pronounced downtrend in the share price, alongside ongoing losses and negative cash flow. These factors are partly balanced by strong revenue growth and what management describes as a relatively prudent balance sheet.

More about SkinBioTherapeutics

SkinBioTherapeutics is a UK life sciences company focused on dermatological health, built around its proprietary SkinBiotix technology originating from research at the University of Manchester. Its activities span cosmetic skincare and gut-skin axis supplements, marketed under brands including SkinBiotix and AxisBiotix, as well as Zenakine through a partnership with Croda. Products are distributed directly to consumers online, via Amazon and through selected Superdrug stores.

Anglo American (LSE:AAL) delivered a modest increase in underlying EBITDA from continuing operations to $6.4 billion in 2025, supported by solid production performance, disciplined cost management and strong margins in copper and premium iron ore. The group achieved $1.8 billion in annualised cost savings and reduced net debt to $8.6 billion, reflecting improved cash generation and tighter capital allocation.

Despite these operational improvements, the company reported a $3.7 billion loss attributable to shareholders. The headline deficit was driven primarily by a $2.3 billion impairment at De Beers. At the same time, Anglo American is progressing with the disposal of its steelmaking coal, nickel and platinum businesses, while pursuing regulatory clearances for its proposed merger with Teck. The combination is expected to materially increase its copper exposure and reposition the group more firmly within the global critical minerals landscape.

In addition to financial updates, the miner reported further advances in safety performance, lower greenhouse gas emissions and reduced freshwater usage, with most environmental and diversity objectives described as on track. The board upheld its 40% payout framework, declaring $0.2 billion in dividends, albeit at a lower per-share level than previous periods. Management characterised 2025 as a pivotal year focused on reshaping the portfolio, strengthening the balance sheet and laying foundations for long-term value creation through a more concentrated, growth-oriented asset mix.

From a market perspective, sentiment is supported by positive technical momentum and the strategic implications of the Teck transaction. However, the negative earnings profile and relatively modest dividend yield weigh on valuation metrics, tempering the overall outlook despite progress on strategic objectives.

More about Anglo American

Anglo American is a diversified global mining company with core operations spanning copper, premium iron ore, manganese and crop nutrients. De Beers remains part of continuing operations under current accounting treatment. The group is actively repositioning toward critical minerals, with its proposed merger with Canada’s Teck intended to create a copper-focused mining leader positioned to benefit from long-term electrification and decarbonisation trends.

Pulsar Helium (LSE:PLSR) has secured approximately £7.4 million through an accelerated bookbuild placing in the UK, issuing 9,191,175 new shares at £0.80 per share. The transaction was led by OAK Securities as sole bookrunner and attracted participation from both new institutional and other investors. Admission of the new shares to trading on AIM is anticipated on or around 27 February 2026, subject to approval from the TSX Venture Exchange. Following admission, the company’s total voting share capital is expected to increase to 180,142,697 shares.

The majority of the net proceeds will be directed toward advancing the Topaz helium project in Minnesota. Planned activities include extended well testing, further reservoir analysis, additional seismic surveys and completion of a pre-feasibility study covering integrated helium and carbon dioxide production. The company also intends to place deposits on long-lead processing equipment to support project timelines.

A portion of the funds will be allocated to early-stage geophysical and geochemical exploration at the Falcon project in Michigan, alongside general working capital. Management believes the capital injection will accelerate development across its portfolio and reinforce its positioning in the emerging primary helium sector.

More about Pulsar Helium, Inc.

Pulsar Helium Inc. is a publicly listed primary helium exploration and development company, quoted on AIM, the TSX Venture Exchange and the OTCQB. Its asset base includes the flagship Topaz project in Minnesota, the Falcon project in Michigan and the Tunu project in Greenland. The company focuses on identifying and developing primary helium resources not associated with hydrocarbons, targeting first-mover opportunities in stable jurisdictions.

Pulsar’s strategy centres on building an integrated helium production and processing platform across North America and Greenland, positioning the group to benefit from tightening global helium supply and increasing demand from technology, healthcare and industrial markets.

SEGRO (LSE:SGRO) reported a robust performance for 2025, achieving record new contracted rent of £99 million and like-for-like net rental income growth of 6.0 per cent. Adjusted earnings per share and dividends per share both increased by 6.1 per cent, supported by strong leasing activity and a high occupancy rate of 94.9 per cent. Development completions, the majority of which were pre-let, generated an attractive yield of 8.2 per cent.

Management emphasised the scale of embedded growth within the existing portfolio, citing opportunities from rent reversion and leasing vacant space, alongside a sizeable pipeline of industrial, logistics and powered shell data centre projects. The group expects these drivers, combined with disciplined capital allocation and moderate leverage, to sustain rental growth and compound earnings and dividends over time.

SEGRO estimates a further £152 million of potential rental uplift from its standing portfolio, in addition to up to £355 million of prospective new rent from developments across industrial, logistics and data centre assets. Targeted development yields are in the 7–8 per cent range. With one of Europe’s largest powered land banks dedicated to data centres, the company plans to increase development capital expenditure in 2026, leveraging its strengthened balance sheet to reinforce its presence in key European markets where demand for logistics and digital infrastructure continues to intensify.

Overall, SEGRO’s outlook reflects solid financial foundations, supportive technical momentum and a valuation viewed as reasonable relative to growth prospects. While macroeconomic headwinds remain a consideration, the company’s strategic positioning in supply-constrained urban and logistics hubs, together with expanding data centre exposure, underpins confidence in its longer-term growth trajectory.

More about SEGRO plc (REIT)

SEGRO plc is a UK-listed real estate investment trust specialising in modern, sustainable industrial, logistics and data centre properties across Europe. Its portfolio is concentrated in prime urban areas and major transport corridors, serving customers seeking energy-efficient space to support e-commerce expansion, resilient supply chains and growing digital infrastructure requirements.

Digital 9 Infrastructure plc (LSE:DGI9) has issued a shareholder circular and convened a general meeting to approve amendments to its articles of association, introducing a compulsory redemption framework as part of its managed wind-down strategy. The proposed mechanism would enable the company to distribute cash to investors through pro rata redemptions of ordinary shares, which would be converted into redeemable shares for this purpose.

The structure is designed to facilitate capital returns while ensuring the company retains adequate working capital and remains solvent in accordance with Jersey law. The first compulsory redemption is anticipated in late April 2026. The redemption price is expected to be set at a modest premium to the prevailing market price, subject to a cap at net asset value per share.

Digital 9 said it intends to keep its London Stock Exchange listing in place for as long as feasible during the realisation process. The circular outlines technical details including ISIN adjustments, CREST settlement procedures and UK tax considerations. Shareholders are encouraged to review the documentation carefully and submit proxy votes ahead of the general meeting.

Financially, the company’s profile remains under pressure, reflecting significant recent losses, negative revenue, declining equity and volatile cash flows. Technical indicators also suggest weakness, with the share price trading below key moving averages and momentum measures pointing lower. Valuation metrics offer limited guidance due to the absence of meaningful earnings and dividend data.

More about Digital 9 Infrastructure Plc

Digital 9 Infrastructure plc is a London-listed investment trust and constituent of the FTSE All-Share, focused on digital infrastructure assets such as data centres, subsea cables and telecommunications networks. The company is currently undertaking a managed wind-down of its portfolio, overseen by InfraRed Capital Partners as its AIFM and investment manager, with the objective of returning capital to shareholders in an orderly manner.

Metals Exploration PLC (LSE:MTL) has raised approximately £643,347 after receiving exercise notices for options covering 14,473,500 new ordinary shares at an average price of £0.0445. The shares are expected to be admitted to trading on AIM on or around 24 February 2026, providing a modest boost to the company’s equity base and reflecting the continued use of share-based incentives.

Following admission, the company’s issued share capital will total 3,273,720,868 ordinary shares. Of these, 299,385,458 will be held in treasury, leaving 2,974,335,410 shares with voting rights. The revised figure becomes the benchmark for shareholders assessing their disclosure obligations under UK transparency rules. While the issuance results in slight dilution for existing investors, it clarifies the group’s updated capital structure.

Operationally, the company’s outlook is underpinned by improving financial metrics, including revenue growth, stronger margins and healthy cash generation. Technical indicators reinforce the positive trend, though momentum measures suggest the shares may be approaching overbought territory in the near term. Valuation remains less supportive due to a negative price-to-earnings ratio and the absence of dividend yield data.

More about Metals Exploration

Metals Exploration PLC is a gold production, development and exploration company with principal assets in the Philippines and Nicaragua. Listed on AIM in London, the group focuses on advancing and expanding its gold operations in these jurisdictions to deliver production growth and long-term shareholder value.