Author: Fiona Craig

REACT Group plc (LSE:REAT) reported a sixth straight year of expansion for the financial year ended 30 September 2025, with revenue increasing 20% to £24.9 million and adjusted EBITDA climbing 27% to £3.1 million. Performance was supported by a significant improvement in gross margin, which rose to 32.1%, alongside growth in recurring revenue, now accounting for 93% of total income.

The company highlighted a strong recovery in the second half of the year following a slower start, driven by new national account agreements with customers including The Works, BP Forecourts and H&M. Additional multi-year contract wins across industrial and infrastructure sectors also contributed to growth. The integration of recently acquired 24hr Aquaflow further expanded REACT’s technical service capabilities and strengthened its higher-margin specialist offering.

Operational improvements were supported by the full implementation of the company’s digital “Project Sparkle” platform, which has enhanced operational efficiency and scalability across service lines. Strengthened leadership within the window-cleaning division also supported performance. Strong cash conversion enabled the group to continue investing in growth initiatives despite ongoing cost pressures across the facilities management sector.

Early trading in the new financial year has been encouraging, according to management, as broader macroeconomic conditions begin to stabilise. The company aims to continue expanding customer relationships, increase cross-selling and upselling opportunities across its divisions, and carefully manage rising wage and tax costs to maintain profitability, supporting further disciplined growth.

REACT Group’s outlook is supported by strong revenue expansion and a solid balance sheet position. However, valuation metrics remain under pressure, with a negative price-to-earnings ratio, while technical indicators suggest overbought conditions that could signal short-term volatility. Continued progress in profitability and margin sustainability is likely to be important for strengthening investor confidence.

More about REACT Group plc

REACT Group plc is a UK-based specialist support services provider operating within the facilities management sector. The group delivers services through four divisions: LaddersFree, a major commercial window-cleaning provider; Fidelis Contract Services, which offers contract cleaning and soft facilities management; the REACT division, specialising in emergency and specialist cleaning services; and 24hr Aquaflow Services, which provides commercial drainage, plumbing and pump solutions across southeast England. The company focuses on securing high-value, recurring service contracts across retail, industrial, infrastructure and national account customers, supported by a growing digital operations platform.

CT Automotive (LSE:CTA) expects to report full-year 2025 revenue of at least $113 million, broadly unchanged from the previous year as challenging market conditions persisted. Despite flat revenue, the company anticipates adjusted profit before tax of at least $10 million, marking a third consecutive year of underlying profit improvement, driven by strong cost control measures and the successful rollout of several new programmes in Mexico. Results were partially affected by launch-related expenses and a non-cash inventory revaluation.

The group has strengthened its long-term growth outlook by securing 15 new contracts during FY25. These agreements are expected to generate approximately $47 million in annualised revenue once fully operational by 2028. Management indicated that FY26 revenue and profitability are likely to show modest improvement compared with FY25, supported by the gradual ramp-up of newly secured programmes, ongoing operational efficiency initiatives, expansion of its customer base and increased content per vehicle platform.

From a financial standpoint, CT Automotive is showing signs of improving performance, with stronger margins, manageable leverage and solid operating cash generation supporting its outlook. The company’s valuation also appears attractive, reflected in a notably low price-to-earnings ratio. However, technical trading indicators remain weak, with the share price currently trading below key moving averages and momentum indicators suggesting significantly oversold conditions.

More about CT Automotive Group Plc

CT Automotive Group plc is a UK-based designer, developer and manufacturer of customised automotive interior components and kinematic assemblies. Its product portfolio includes dashboard panels, fascia trims, air registers, storage systems and related tooling, supplied to global automotive original equipment manufacturers and Tier One suppliers. The company operates low-cost manufacturing facilities in China, Mexico and Türkiye, supported by distribution and assembly operations across Europe, Asia and the United States, along with design and administrative functions in India. CT Automotive focuses on a cost-leadership strategy and serves a broad customer base that includes both high-volume manufacturers and premium automotive brands, as well as suppliers to hybrid and electric vehicle platforms.

Verici Dx (LSE:VRCI) has entered into an agreement with Blue Cross and Blue Shield of Illinois that adds its Tutivia™ post-kidney transplant diagnostic test as an in-network covered service. The arrangement simplifies the reimbursement process and allows eligible patients to access the test at in-network rates across multiple Blue Cross and Blue Shield (BCBS) insurance programmes in Illinois, including commercial plans, managed Medicaid and Medicare Advantage.

The agreement also enables Verici Dx to join the BCBS Preferred Provider Organization network, potentially widening the company’s access to additional BCBS organisations, including those operating in Texas, as well as the wider BCBS Association network covering 33 member plans. Management believes the partnership could substantially expand patient access while helping to streamline the company’s engagement with additional insurance providers, supporting the ongoing commercial rollout of Tutivia.

From a strategic standpoint, the agreement represents a significant step in Verici Dx’s US market expansion and payer coverage growth strategy. However, the company continues to face financial headwinds, including profitability and cash flow challenges, which remain key risk factors despite encouraging corporate developments and favourable technical trading signals. Valuation metrics also remain constrained by ongoing losses.

More about Verici Dx Plc

Verici Dx plc is a precision diagnostics company focused on improving outcomes for organ transplant patients. The company integrates multiomic analysis with proprietary artificial intelligence technologies to develop advanced clinical diagnostic tests that support treatment optimisation, biopsy decision-making and patient risk assessment. Its lead product, Tutivia™, is designed to enable early detection of acute rejection in kidney transplant recipients. Verici Dx operates across laboratory and data science platforms, with headquarters in Cardiff, UK, and Franklin, Tennessee, US.

UK Oil & Gas PLC (LSE:UKOG) has confirmed the successful completion of the plugging and abandonment of its Broadford Bridge-1/1z well in West Sussex. The decommissioning programme, which began in late 2025, was finalised on 4 February 2026 and carried out in accordance with all regulatory approvals and operational requirements.

The company said the work reflects its commitment to fulfilling decommissioning responsibilities and maintaining responsible management of its legacy hydrocarbon assets. UK Oil & Gas also noted that local authorities were kept fully informed throughout the process, ensuring regulatory transparency and stakeholder engagement.

The well closure aligns with the company’s broader strategic transition away from traditional oil and gas operations. UK Oil & Gas is increasingly focusing on developing clean energy initiatives, particularly in the areas of energy storage and hydrogen production, as it reshapes its long-term business model.

More about UK Oil & Gas

UK Oil & Gas PLC is an AIM-listed UK energy company that historically focused on domestic oil and gas exploration and production. The company is now repositioning its portfolio toward clean energy opportunities, with a strategic emphasis on hydrogen generation and energy storage technologies as part of its transition strategy.

Kodal Minerals (LSE:KOD) has announced continued operational progress at its Bougouni Lithium Project in Mali, as production ramps up toward planned capacity. The company confirmed receipt of full payment totalling US$27.25 million for its first shipment of 28,735 dry metric tonnes (DMT) of spodumene concentrate delivered to Hainan, China, achieving a realised price of US$989.50 per tonne on a CIF basis. A second shipment of approximately 20,000 tonnes is currently being loaded in Côte d’Ivoire as the operation moves toward establishing regular exports of between 15,000 and 20,000 DMT throughout 2026.

During January, the project produced 9,141 DMT of concentrate grading 5.26% Li₂O. Mining activities at the Ngoualana open pit delivered more than 643,000 tonnes of material, despite earlier operational constraints linked to equipment availability. Kodal expects Bougouni to produce around 118,000 DMT of concentrate in 2026 as operations continue to stabilise and expand.

The company is also addressing a previously identified overstatement in its 2025 production figures, while progressing development work for a planned Phase 2 flotation plant and evaluating opportunities to expand mineral resources near the existing mine site. Management highlighted the project’s strong safety performance and increasing cash generation, supported by significantly higher spodumene market prices, as factors strengthening Bougouni’s long-term value proposition.

From a financial perspective, Kodal Minerals remains in an early-stage growth phase, with performance constrained by its pre-revenue history, ongoing losses and negative free cash flow, although its debt-free balance sheet provides some financial flexibility. Market technical indicators offer a more positive outlook, with the share price trading above key moving averages and supported by favourable momentum trends. Valuation metrics remain under pressure due to negative earnings and the absence of dividend payments.

More about Kodal Minerals

Kodal Minerals plc is an AIM-listed lithium producer and exploration company focused on West Africa. Its principal asset is the Bougouni Lithium Project in southern Mali, where the company produces and exports spodumene concentrate under an offtake agreement with Hainan Mining, positioning Kodal within the expanding global lithium supply chain.

Petards (LSE:PEG) delivered a strong trading update for 2025, reporting unaudited group revenue of approximately £14.9 million, representing a 24% increase compared with the previous year. Adjusted EBITDA rose to around £1.0 million, broadly in line with market forecasts, supported by improved performances across key operating divisions.

Growth was led by stronger revenue and profitability from both the Petards Rail and Petards Defence units, alongside the first full-year earnings contribution from Affini. This progress was partially offset by softer trading in the second half at QRO, where order placement delays impacted performance. Despite this, operating cash generation improved to £1.4 million, allowing the company to reduce total net debt to £1.3 million by the end of the year.

The group’s order book strengthened significantly, reaching £9.2 million after securing approximately £3.5 million of new contracts during the final months of 2025. These awards included agreements with the UK Ministry of Defence, Rheinmetall BAE Systems Land (RBSL) and BAE Systems. With roughly 85% of the order book scheduled for delivery during 2026, Petards enters the new financial year with strong revenue visibility and expects further operational progress, although it noted that challenging market conditions and prolonged tendering timelines remain ongoing factors.

Looking ahead, the company’s outlook is supported by recent contract wins and strategic expansion initiatives, combined with strong technical trading momentum in its shares. However, profitability and cash flow pressures continue to weigh on overall financial performance, while valuation metrics remain less compelling, creating some constraints on investor sentiment.

More about Petards

Petards Group plc is an AIM-listed technology company specialising in advanced security, surveillance and communication systems. The group serves rail and defence markets alongside niche technology businesses, including QRO and Affini. Its products support critical infrastructure and defence customers, with clients including the UK Ministry of Defence and major defence contractors, positioning the company within high-security technology and safety-focused sectors.

Secure Trust Bank (LSE:STB) reported adjusted profit before tax of £51.1 million for 2025, matching market expectations and representing an increase of more than 30% compared with the previous year. The performance was supported by total net lending rising to £3.7 billion, with the loan book from continuing operations expanding by 8.1%.

Strong contributions came from the bank’s Retail Finance and Real Estate Finance divisions, both of which delivered solid growth during the year. Customer deposits also increased by 8.2%, providing additional funding to support lending expansion. Meanwhile, Secure Trust Bank improved its CET1 capital ratio to 12.9%, even after accounting for provisions related to potential motor finance compensation claims.

The group confirmed continued progress on the previously announced sale of its Consumer Vehicle Finance business to funds managed by LCM Partners. The transaction is expected to generate a net gain of approximately £9 million and, on a pro forma basis, increase the CET1 ratio to 14.7%. The additional capital is expected to support reinvestment into higher-return core operations, strengthen the bank’s competitive position and potentially allow for further shareholder distributions. Secure Trust Bank will remain responsible for administering any future redress related to the disposed loan portfolio.

For accounting purposes, the Vehicle Finance division will be treated as a discontinued operation in the 2025 financial results. The bank will continue servicing the associated loan book on behalf of the buyer until customer accounts are migrated, which is expected to take place in May 2026. Management also plans to present updated strategic priorities, capital allocation plans and revised medium-term targets alongside the full-year results scheduled for March.

Secure Trust Bank’s outlook reflects moderate financial performance, with some pressure on profitability and weaker cash flow, although the balance sheet remains relatively stable. Technical indicators appear favourable, with the share price trading well above key moving averages and supported by a positive MACD signal. However, elevated momentum indicators, including high RSI and stochastic readings, suggest potential near-term volatility. From a valuation perspective, the stock appears relatively attractive, supported by a modest price-to-earnings ratio and an approximate dividend yield of 2.12%.

More about Secure Trust Bank

Secure Trust Bank is a UK-based retail bank with more than 70 years of operating history and a strong capital base, headquartered in Solihull in the West Midlands. The group focuses on business lending through its Real Estate Finance and Commercial Finance divisions, alongside consumer lending through its V12 Retail Finance platform, serving a broad customer base across specialist finance markets.

Anglo American (LSE:AAL) delivered a solid operational performance in the fourth quarter of 2025, supported by strength in its Copper and Premium Iron Ore divisions, despite a year-on-year decline in overall copper production. Group copper output fell 14% to 169,500 tonnes, largely due to lower explained grades at the Quellaveco and Collahuasi operations. In contrast, Premium Iron Ore production increased 6% to 15.1 million tonnes, while manganese ore output rose sharply by 22% as Australian operations recovered from earlier weather-related disruptions.

Elsewhere in the portfolio, production of rough diamonds and steelmaking coal declined. These reductions were attributed to scheduled maintenance, market-led output adjustments and asset disposals. Despite these mixed divisional results, Anglo American confirmed that all continuing operations achieved their full-year 2025 production guidance targets.

Looking ahead, the company has modestly increased its production outlook for both copper and premium iron ore across the 2026–2028 period. Plans include the temporary restart of a second processing plant at Los Bronces to help offset lower output at Collahuasi. Anglo American expects its Chilean copper assets collectively to deliver more than 125,000 additional tonnes of production by 2028 compared with 2025 levels. The Quellaveco operation is also anticipated to generate strong cash flow and reach capital payback during 2026.

Strategically, Anglo American continues to streamline its asset base as part of a broader portfolio transformation. The company is progressing with the disposal of its steelmaking coal business, the planned separation of De Beers, and regulatory work related to its nickel operations. At the same time, Anglo American is advancing its proposed merger with Teck following regulatory clearance in Canada and significant shareholder support, a move expected to strengthen its position in critical minerals and high-grade iron ore markets.

From an investment perspective, Anglo American benefits from favourable technical indicators and positive strategic developments, including the merger initiative. However, its financial profile faces some pressure, with valuation concerns linked to a negative price-to-earnings ratio and a relatively low dividend yield.

More about Anglo American

Anglo American is a global diversified mining company with a streamlined portfolio focused primarily on copper, premium iron ore and manganese. The group is progressively exiting its interests in diamonds, steelmaking coal and nickel. Its key production operations include copper assets in Chile and Peru, premium iron ore operations in South Africa and Brazil, and diamond activities in Canada and southern Africa, with an increasing strategic focus on critical minerals and high-quality steelmaking inputs.

Georgina Energy plc (LSE:GEX) has released an operational update on progress at its Hussar EP513 project, confirming continued advancement toward a planned drilling campaign in 2026. The company said its technical adviser, Aztech, has started issuing requests for quotation to support the programme and has identified a potential Explorer Rig that appears technically suitable, with availability expected to be confirmed later in February.

A combined technical and management team is scheduled to undertake a site visit from 12 February 2026 to evaluate access requirements and prepare detailed work plans. This will include inspection and remediation planning for the airstrip and access roads, along with preparation of drill pads and accommodation areas. The upcoming drilling is designed to test the subsalt Townsend Formation as well as fractured basement reservoir targets.

Operations at site will be managed under an operating agreement consistent with the government-approved Well Management Plan, with Harlequin, Schlumberger and Aztech responsible for execution. Harlequin and its partners will fully fund the drilling programme and associated infrastructure through an offtake-linked structure, meaning no equity dilution for Georgina Energy shareholders.

The proposed schedule anticipates ordering long-lead equipment and securing a drilling rig during Q1 2026. This would be followed in Q2 2026 by water bore drilling, installation of surface conductors, engagement of key service providers, expansion of site access infrastructure and completion of detailed well engineering. Mobilisation of the drilling rig is then expected ahead of drilling targeted for Q3 2026.

From a market perspective, Georgina Energy continues to be weighed down by weak financial fundamentals, including the absence of revenue, widening losses, rising cash burn and negative equity alongside increasing debt. Technical indicators provide some counterbalance, with the share price in a strong uptrend and a positive MACD signal, although overbought conditions, reflected by an RSI above 80, suggest elevated near-term downside risk. Valuation metrics remain largely neutral due to the lack of meaningful earnings and dividend data.

More about Georgina Energy

Georgina Energy plc is an energy exploration company focused on developing helium and hydrogen resources to address growing global supply shortages. Through its Australian subsidiary, Westmarket O&G, the company holds a 100% working interest in the onshore Hussar Prospect (EP513) in the Officer Basin of Western Australia and, subject to completion of a sale agreement, the EPA155 Mt Winter Prospect in the Northern Territory, positioning the group to benefit from rising demand for critical industrial gases.