Author: Fiona Craig

ECO Animal Health Group (LSE:EAH) has unveiled plans for the European launch of its ECOVAXXIN® MS poultry vaccine, following marketing authorisation from the European Commission received in late 2025.

The vaccine is designed to protect layer and breeder chickens against Mycoplasma synoviae, a disease linked to lesions and reduced egg production. With the addition of ECOVAXXIN® MS, the company aims to expand its offering beyond treatment into prevention, complementing its established Mycoplasma therapy Aivlosin® and positioning ECO Animal Health as a comprehensive solutions provider in this segment.

The company intends to utilise its existing European commercial infrastructure alongside newly secured strategic distribution agreements to reach key poultry-producing regions. These markets collectively account for more than 220 million layer birds each year across the EU.

Management plans a phased commercial rollout beginning with distributor education and training programmes, followed by a formal product launch event in Madrid scheduled for mid-2026. Regional introductions will continue through early 2027. ECO Animal Health expects the vaccine to contribute positively to margins shortly after launch, with a meaningful EBITDA impact anticipated in the 2027/28 financial year as adoption builds.

The launch is expected to strengthen the company’s competitive standing within the poultry health market, broadening its revenue mix and supporting longer-term growth ambitions.

ECO Animal Health’s overall stock score reflects strong technical momentum and supportive corporate developments, suggesting investor optimism around future expansion. However, elevated valuation levels and uneven financial performance remain factors that could present risks should projected growth fail to materialise.

More about ECO Animal Health

ECO Animal Health Group is a UK-based global animal health company specialising in branded veterinary pharmaceuticals, with a primary focus on antibiotics and vaccines for pigs and poultry. The business employs more than 200 staff worldwide and holds marketing authorisations in over 70 countries. Its flagship product, Aivlosin®, is widely used to treat respiratory and intestinal diseases affecting pigs and poultry and remains the company’s core commercial asset.

Falconedge PLC (AQSE:EDGE) (USOTC:FEDGF) has secured two additional hedge fund clients for its advisory platform, boosting its customer base and reinforcing the company’s push to expand recurring revenue streams alongside the release of its latest interim financial results.

The newly signed mandates increase Falconedge’s advisory client roster by roughly 40%, representing continued momentum in scaling the firm’s core advisory operations. Management said recurring advisory income remains central to its plan of building a sustainable and profitable business model over time.

The client additions also align with Falconedge’s broader corporate strategy, which includes a Bitcoin treasury and yield management policy introduced last December. The company aims to develop diversified income sources capable of delivering resilient long-term shareholder returns.

Roy Kashi, CEO of Falconedge, commented: “The addition of two new clients represents a significant increase in our advisory client base and reflects continued demand for Falconedge’s platform. We remain focused on scaling our core advisory business in a disciplined manner while progressing our broader strategy, including the Company’s Bitcoin treasury and yield management policy.”

Falconedge operates as a specialist advisory and fund management business serving alternative investment managers. Its services span strategic planning, operational development and capital markets advisory, with a focus on early-stage and growth-oriented funds seeking support across formation, fundraising and portfolio construction.

Interim Results Overview

Alongside the client announcement, Falconedge published unaudited interim results for the six months ended 30 November 2025, a period marked by cautious capital deployment across the alternatives industry but steady demand for advisory expertise.

The company continues to prioritise expansion of its advisory division toward a fully self-sustaining position. As of the period end, five funds were onboarded as paying advisory clients, each contributing recurring monthly retainers. Two additional mandates have been secured since then, improving revenue visibility and strengthening the firm’s recurring income base.

Management noted that the advisory pipeline remains active, although the company is maintaining a selective approach, prioritising long-term strategic partnerships over rapid client accumulation.

Financial Performance

Falconedge reported an unaudited pre-tax loss of £554,347 on revenue of £59,478 for the six-month period. Results were affected by one-off expenses tied to the company’s IPO, completed in November 2025.

Net assets at period end totalled £1,856,153, reflecting balance sheet strengthening following capital raising activities. Financing inflows reached £2,410,336 during the period, supporting operations and strategic initiatives.

The company finished the reporting period with cash balances of £463,924, providing liquidity to support ongoing growth. The Board said disciplined capital allocation and balance sheet strength remain key priorities.

The interim results have not been reviewed by the company’s auditor.

Bitcoin Treasury Strategy

Since listing, Falconedge has expanded its Bitcoin treasury holdings, deploying assets into yield-generating strategies designed to increase Bitcoin exposure while maintaining risk controls.

During the reporting period, Falconedge acquired 19.2751 Bitcoin, valued at £1,322,304 at period end following impairment adjustments. After the reporting period, the company increased holdings by an additional 0.6038 Bitcoin through non-dilutive yield generation, bringing total holdings to 19.879 Bitcoin.

Management highlighted that this growth occurred despite a challenging market backdrop, demonstrating the ability of its yield strategy to grow holdings independently of short-term price movements while enhancing shareholder exposure on a per-share basis.

The approach has contributed both to asset growth and investment income generation, supporting revenue alongside treasury expansion. The Board believes the model differentiates Falconedge among publicly listed firms.

Operations and Outlook

Falconedge continues to operate with a lean cost structure designed to maximise operational efficiency and enable scalable growth without materially increasing fixed expenses.

Looking ahead, the Board said execution of its advisory expansion alongside disciplined development of its Bitcoin treasury strategy positions the company to pursue accretive growth opportunities. Management is currently evaluating additional initiatives aimed at expanding Bitcoin holdings while maintaining a long-term value creation focus.

The Board said it remains confident in Falconedge’s strategy and its potential to deliver sustainable shareholder value.

Lion Finance Group PLC (LSE:BGEO) reported strong fourth-quarter results on Wednesday, with adjusted profit rising to GEL 619.3 million, a 22.7% increase year on year, supported by solid loan expansion and growing fee and commission income across its operations in Georgia and Armenia.

For the full year 2025, adjusted profit totaled GEL 2,192.8 million, representing a 20.9% annual increase.

The company announced a quarterly dividend of GEL 2.75 per share, lifting total dividends for 2025 to GEL 10.50 per share, up 16.7% compared with the previous year. The board also authorised an additional GEL 53.5 million share buyback programme, bringing total repurchases for 2025 to GEL 203 million.

Shares climbed 7.08% following the results announcement.

Operating income for the fourth quarter grew 16.4% year on year to GEL 1,201.3 million, driven primarily by higher net interest income generated in both Georgian and Armenian markets.

Non-interest income increased 10.1% year on year to GEL 405.4 million, supported by strong fee and commission income growth of 33.8% within Georgian Financial Services and 34.1% within Armenian Financial Services.

As of 31 December 2025, the group’s loan portfolio reached GEL 40,065.7 million, marking a 19.7% increase year on year in constant currency terms. Client deposits totaled GEL 38,630.0 million, reflecting growth of 17.3% on the same basis.

“2025 was a year of strong performance for the Group, marked by robust growth in our core operations and notable momentum in Armenia,” said CEO Archil Gachechiladze.

“We delivered a record GEL 2.2 billion in Group net profit before one-offs, a return on average equity of 28.4%, and a 21.6% growth in our book value per share.”

The group reported an adjusted return on average equity of 28.4% for the full year and 30.1% in the fourth quarter. Asset quality remained strong, with the cost of credit risk ratio improving to 0.3% in the fourth quarter from 0.5% in the same period a year earlier.

Oil prices held close to seven-month highs on Wednesday as investors remained cautious about the risk of supply disruptions linked to rising tensions between the United States and Iran, with diplomatic talks between the two countries scheduled for Thursday.

Brent crude futures gained 42 cents, or 0.6%, to $71.19 per barrel at 07:30 GMT, while U.S. West Texas Intermediate (WTI) futures climbed 41 cents, also 0.6%, to $66.04 per barrel.

Brent last reached comparable levels on July 31, while WTI touched its highest mark since August 4 earlier this week. Prices have stayed elevated as Washington deployed military forces across the Middle East in an effort to pressure Iran into negotiations over its nuclear and ballistic missile programmes.

Any prolonged escalation could disrupt exports from Iran — the third-largest crude producer within the Organization of the Petroleum Exporting Countries — and potentially affect output from other major producers across the region.

U.S. President Donald Trump briefly outlined the justification for potential military action during Tuesday’s State of the Union address, stating that he would not allow what he described as the world’s leading sponsor of terrorism to obtain nuclear weapons.

“This uncertainty means the market will continue to price in a large risk premium and remain sensitive to any fresh developments,” ING commodities strategists said on Wednesday.

U.S. envoys Steve Witkoff and Jared Kushner are expected to meet Iranian officials in Geneva on Thursday for a third round of negotiations.

Iranian Foreign Minister Abbas Araqchi said Tuesday that an agreement with Washington was “within reach, but only if diplomacy is given priority”.

“(U.S.) President (Donald) Trump has warned that without a deal, there will be ’very bad consequences’. Whether (Iran’s) concessions will meet the U.S.’s ’zero enrichment’ red line remains to be seen,” said Tony Sycamore, market analyst at IG, in a research note.

Amid heightened tensions, Iran and China have accelerated discussions regarding a potential purchase of Chinese anti-ship cruise missiles, according to Reuters sources, weapons that could target U.S. naval forces deployed near Iran’s coastline.

Analysts note that such systems would enhance Iran’s strike capabilities and increase risks for U.S. naval assets operating in the area.

While geopolitical risks have helped support oil prices, traders are also monitoring rising inventories as global supply continues to outpace demand.

Market sources reported that the American Petroleum Institute recorded a sharp increase of 11.43 million barrels in U.S. crude stockpiles for the week ending February 20.

However, gasoline and distillate inventories declined during the same period, according to the API data cited by sources.

Official inventory data from the U.S. Energy Information Administration is expected later on Wednesday.

Gold prices moved higher on Wednesday, recovering from losses in the previous session as investors evaluated the implications of newly introduced U.S. tariffs and looked ahead to upcoming talks between the United States and Iran later this week.

At 04:25 ET (09:25 GMT), spot gold climbed 0.9% to $5,187.64 per ounce, while U.S. gold futures rose 0.6% to $5,206.10 per ounce.

The precious metal had declined 1.6% on Tuesday following four consecutive sessions of gains.

Markets assess new U.S. tariff measures

The United States began implementing a temporary 10% global import tariff on Tuesday, with the Trump administration aiming to raise the rate to 15%, a development that has heightened uncertainty surrounding global trade and inflation prospects.

The move came after a U.S. Supreme Court ruling last week invalidated earlier broad tariffs imposed under emergency powers, prompting the government to reintroduce duties using alternative legal mechanisms.

Geopolitical developments also remained in focus, with U.S. and Iranian officials scheduled to hold a third round of negotiations in Geneva on Thursday concerning Tehran’s nuclear programme.

Despite the rebound, gold’s upside was limited by expectations that U.S. interest rates will remain elevated for longer.

Two Federal Reserve officials indicated on Tuesday that there is little urgency to adjust monetary policy in the near term, reinforcing a higher-for-longer rate outlook that typically pressures non-yielding assets such as gold.

Silver and platinum surge; copper supported by demand signals

A slightly weaker U.S. dollar also helped support metals prices, as dollar-denominated commodities become more affordable for international buyers when the currency softens.

Among other precious metals, silver surged nearly 3.5% to $90.55 per ounce, while platinum jumped more than 5% to $2,309.60 per ounce.

Copper prices also strengthened, with benchmark London Metal Exchange copper futures rising 0.5% to $13,295.72 per ton and U.S. copper futures gaining 0.6% to $6.0295 per pound.

“Copper prices on the LME have moved back above $13,000/t as Chinese participants return from the Lunar New Year holidays on Tuesday, increasing import appetite,” said analysts at ING, in a note.

“Overall, the market is showing early signs of demand recovery. Yet high inventory levels are likely to cap the pace of any near term tightening. The next key indicator will be whether the import arbitrage stays open and leads to sustained LME stock draws, accompanied by a quicker than seasonal decline in SHFE inventories.”