Author: Fiona Craig

ConvaTec (LSE:CTEC) reported revenue of $2.44 billion for 2025, representing a 6.5% increase on a reported basis, with organic growth excluding InnovaMatrix reaching 6.4%. Performance was supported by broad-based expansion across advanced wound care, ostomy care, continence care and infusion care. Adjusted operating profit rose 12.1% to $544 million, lifting the adjusted operating margin by 110 basis points to 22.3%, while adjusted diluted earnings per share increased 16%. Strong cash generation enabled $185 million in capital expenditure, dividend payments of $140 million and a $300 million share buyback programme.

Infusion care delivered the strongest category performance with organic growth of 12.5%, while the group’s other divisions recorded mid- to high-single-digit gains. These advances were partly offset by a sharp decline in InnovaMatrix sales and a $72 million impairment linked to changes in CMS reimbursement policies. Looking ahead, management expects another year of double-digit adjusted EPS growth in 2026, reaffirming guidance for 5–7% underlying organic revenue growth excluding InnovaMatrix and an adjusted operating margin of at least 23%. The company also upgraded its medium-term outlook, targeting 6–8% organic growth from 2027 alongside mid-20s operating margins and sustained double-digit expansion in both EPS and free cash flow, reflecting confidence in its product pipeline and execution strategy.

During the year, ConvaTec further strengthened its financial position by achieving investment-grade credit ratings from all three major agencies and issuing a $500 million 10-year senior unsecured bond. Net leverage remained at 2.0x adjusted EBITDA, consistent with management targets. The board increased the full-year dividend by 13% while maintaining a payout ratio of 40% of adjusted net profit, signalling confidence in future cash generation as the company continues investing in innovation and production capacity to meet growing demand.

The group’s outlook is supported by strong operating performance and shareholder-friendly capital allocation, including ongoing buybacks. However, weaker technical momentum and valuation concerns suggest some caution, with shares appearing relatively fully valued despite solid fundamentals.

More about ConvaTec

ConvaTec Group is a global medical products and technologies company focused on solutions for managing chronic health conditions. The FTSE 100 constituent holds leading positions in advanced wound care, ostomy care, continence care and infusion care, supplying products in around 90 countries and employing more than 10,000 people worldwide.

Its portfolio includes wound dressings such as Aquacel and ConvaFoam, ostomy systems including Esteem Body, continence solutions such as GentleCath catheters and infusion sets used in diabetes and other therapies. Through these offerings, ConvaTec aims to improve patient outcomes while helping healthcare systems manage the long-term costs associated with chronic disease care.

OptiBiotix Health (LSE:OPTI) has initiated a double-blind, placebo-controlled clinical study in partnership with Hull University Teaching Hospital NHS Trust to evaluate whether its patented prebiotic fibre complex, WellBiome, can enhance outcomes for cardiac surgery patients while reducing treatment costs for the NHS. The trial will involve up to 60 participants receiving six weeks of supplementation prior to surgery, with researchers assessing intensive care duration, total hospital stay and post-operative complication rates, alongside a detailed economic analysis of potential cost savings.

WellBiome, developed in collaboration with UK academic institutions, is designed to support gut microbiome diversity and carries approved health claims in both Europe and the United States covering areas including gut, bone, cardiovascular, muscle, brain and psychological health. Positive clinical and economic findings could support adoption of the product as part of standard preoperative care within the NHS, potentially expanding OptiBiotix’s presence in clinically validated microbiome-based healthcare solutions and creating opportunities for wider medical use.

The company’s near-term outlook remains constrained by ongoing losses and continued cash outflows despite strong revenue growth reported in 2024. Technical indicators also remain weak, reflecting a prolonged share price downtrend and negative momentum. A debt-free balance sheet provides some financial stability, though valuation remains challenging given negative earnings and the absence of dividend income.

More about OptiBiotix Health

OptiBiotix Health plc is a UK-based life sciences company specialising in microbiome-focused technologies aimed at preventing and managing human disease. Its product portfolio includes prebiotic ingredients such as SlimBiome, WellBiome, SweetBiotix and Microbiome Modulators, alongside interests in probiotics and skincare applications, targeting the rapidly expanding global market for gut health and metabolic wellness solutions.

B.P. Marsh & Partners (LSE:BPM) reported a year of active portfolio development for the period ending 31 January 2026, completing eight new investments alongside two profitable exits that generated £30.7 million from an original investment of just £1.9 million. The group remains debt-free, holding £49.5 million in available funds while its loan portfolio expanded to £40.8 million, reflecting continued deployment of capital across specialist financial services opportunities.

During the year, the company increased its exposure to specialist insurance and alternative finance platforms through new investments in businesses including iO Finance, Oneglobal, Sodalis and a number of underwriting and intermediary start-ups. Additional follow-on funding was also provided to existing portfolio companies such as Pantheon Specialty, supporting growth initiatives including expansion into emerging areas like digital asset insurance.

B.P. Marsh also stepped up capital returns to shareholders, distributing £8.0 million in dividends during FY2026 and initiating a £1.9 million share buyback programme. Management outlined plans to return £13.0 million to investors in FY2027 and at least £5.0 million in FY2028, supported by strong cash generation and successful investment realisations. Despite softer reinsurance pricing and ongoing sector consolidation, the company remains positive on the outlook for specialist insurance intermediaries, viewing increased merger and acquisition activity as a source of new investment opportunities and continued portfolio growth.

The group’s outlook is supported by strong financial performance, attractive valuation metrics and positive corporate developments. While technical indicators suggest some caution due to potentially overbought market conditions, a relatively low price-to-earnings ratio and ongoing strategic execution provide a solid platform for future expansion.

More about B.P. Marsh & Partners plc

B.P. Marsh & Partners plc is a specialist venture capital investor focused on early-stage and growth businesses within financial services, particularly insurance distribution, managing general agencies and related intermediaries. The group invests in niche and specialist markets across the UK and internationally, providing both equity and loan financing to entrepreneurial management teams operating in insurance and broader financial intermediary sectors.

Georgina Energy plc (LSE:GEX) has taken a significant step toward securing the Mt Winter EPA155 exploration permit after receiving a draft Aboriginal Land Rights Agreement from the Central Land Council (CLC). The agreement is currently under review and, once signed by the company, the CLC and Traditional Landowners, will be submitted to the Northern Territory Minister for final approval of the permit. Completion of the process would also support Georgina Energy’s plan to obtain full ownership of existing tenement holder Oilco Pty Ltd.

The Mt Winter prospect is located close to the long-established Mereenie oil and gas field and is believed to host prospective recoverable resources of helium, hydrogen and hydrocarbon gas. Resource potential is supported by analogue well data from across the Amadeus Basin. Securing the permit would allow Georgina Energy to move forward with plans to re-enter the Mt Winter well and evaluate additional drilling opportunities within the EPA155 licence area, strengthening its resource portfolio and advancing its ambition to build a meaningful presence in global helium and hydrogen supply markets.

Despite operational progress, the company’s outlook remains constrained by weak financial fundamentals, including a lack of revenue, ongoing losses, sustained cash burn and negative equity alongside rising debt levels. Technical indicators offer some counterbalance, showing moderate positive momentum and share price strength relative to longer-term moving averages. Valuation metrics remain difficult to assess due to the absence of earnings and dividend data.

More about Georgina Energy plc

Georgina Energy plc is a UK-listed energy exploration company focused on developing helium and hydrogen resources. Through its wholly owned Australian subsidiary Westmarket O&G, the company holds onshore exploration interests including the Hussar prospect in Western Australia and the Mt Winter project in the Northern Territory’s Amadeus Basin, targeting growing global demand for critical industrial gases.

Georgia Capital PLC (LSE:CGEO) recorded significant net asset value growth in 2025, with NAV per share in Georgian lari increasing 61.2% year-on-year to GEL 154.68. The improvement was supported by a 34.9% rise in overall portfolio value, alongside strong share price performance from Lion Finance Group. Within the private portfolio, key holdings delivered solid fourth-quarter results, generating double-digit growth in both revenue and EBITDA, led by gains across pharmacy, insurance and healthcare services businesses.

During the year, the company completed a US$50 million share buyback and cancellation programme, repurchasing 11.6% of its outstanding share capital. This brought total capital returned to shareholders since the group’s demerger to US$246 million. At the same time, Georgia Capital launched a further US$50 million buyback as part of its broader GEL 700 million capital return framework. The group’s Net Capital Commitment (NCC) ratio improved to a record low of 2.3%, reflecting strong cash generation and continued portfolio expansion, and highlighting the strength of its balance sheet alongside its ongoing focus on shareholder returns.

More about Georgia Capital PLC

Georgia Capital PLC is an investment holding company focused on opportunities in Georgia, with exposure to listed financial services through Lion Finance Group as well as private investments in retail pharmacy, insurance and healthcare services. The company aims to build long-term shareholder value by investing in market-leading, cash-generative businesses and driving net asset value growth through active ownership and disciplined capital allocation.

TPXimpact Holdings (LSE:TPX) has increased its adjusted EBITDA outlook for the financial year ending 31 March 2026, now expecting earnings of at least £7 million compared with previous guidance of £6 million to £7 million. The upgrade follows strong trading during the third quarter and sustained momentum heading into the final quarter, marking the culmination of a three-year turnaround strategy centred on profitability improvement and debt reduction. Net debt is forecast to remain below £6 million, equivalent to leverage of roughly 0.85 times EBITDA.

The company reported year-to-date contract wins exceeding £110 million, supported by significant engagements across the UK public sector, including projects with DEFRA, NHS England and HM Land Registry. These awards reinforce TPXimpact’s position as a provider of digital transformation services to government organisations. To support further expansion, the group has appointed Emma Broom as Chief Growth Officer, strengthening commercial leadership as management prepares to launch a new three-year strategic plan beginning in FY27.

Despite improved operational momentum, the outlook remains constrained by weaker financial fundamentals, including declining revenue trends, ongoing losses and limited cash flow generation. Technical indicators point to a sustained upward share price trend, though overbought conditions suggest potential short-term volatility. Valuation remains challenged by negative earnings and the absence of dividend support.

More about TPXimpact Holdings PLC

TPXimpact Holdings PLC is a technology-enabled services company focused on delivering people-led digital transformation solutions. The group primarily serves the UK public services sector, where more than 90% of its clients are government or public service organisations. TPXimpact has built a growing reputation as an alternative provider of digital transformation services, combining consultancy, technology and operational expertise to help organisations modernise services and improve outcomes.

Fiinu Plc (LSE:BANK) has issued an operational update confirming that the launch of its Plugin Overdraft® product has been rescheduled to the second quarter of 2026. The solution, developed in collaboration with Manx Financial Group and its subsidiary Conister Bank, has secured regulatory approval, with user acceptance testing of the minimum viable product currently in progress. Final configuration deliveries are expected during the current quarter, while Fiinu also plans to develop an outbound third-party payment interface for Conister, contributing to the revised launch timeline.

The Plugin Overdraft® has been designed to align fully with the UK’s updated overdraft regulations, incorporating affordability assessments, transparent pricing structures and AI-led underwriting. The platform also includes customer protection features such as vulnerability identification and comprehensive audit trails. Fiinu believes the offering addresses a significant gap in the market, particularly as regulatory changes have reduced access to traditional overdrafts for more than 20 million UK consumers. The company intends to provide further updates once the product launches and initial performance data becomes available.

More about Fiinu Plc

Fiinu Plc operates within the fintech and banking services sector, developing digital credit solutions centred on its Plugin Overdraft® technology. The company aims to meet underserved demand in overdraft markets across the UK, United States and European Union by offering products that integrate with customers’ existing bank accounts, removing the need to switch providers while expanding access to short-term credit.

Seeing Machines (LSE:SEE) has published an investor presentation providing additional context to its H1 FY2026 trading update, expanding on the operational and financial metrics previously disclosed. The presentation, available through the company’s website, is intended to give shareholders and prospective investors a more detailed view of performance trends and ongoing developments within its transport safety technology operations.

The update was issued as a non-regulatory Reach announcement, meaning it serves an informational purpose rather than meeting formal disclosure requirements. The move reflects the company’s continued focus on investor communication and transparency, offering deeper insight into its strategic progress without indicating any material change to regulatory status or risk outlook.

Near-term prospects remain constrained by weaker financial fundamentals, including continued losses and negative operating cash flow, alongside bearish technical momentum in the shares. However, these pressures are partly balanced by a more constructive management outlook, supported by anticipated regulation-driven demand growth and cost-control initiatives aimed at achieving cash-flow breakeven.

More about Seeing Machines

Seeing Machines Limited, founded in 2000 and listed on AIM under the ticker SEE, is an Australia-headquartered developer of vision-based monitoring technology designed to help machines understand and respond to human behaviour. Its AI-driven driver and operator monitoring systems are deployed across automotive, commercial fleet, off-road and aviation markets globally, using real-time analysis of eye movement and cognitive state to improve transport safety and reduce accident risk.

Unite Group plc (LSE:UTG) has named Duncan Cooper as an independent Non-Executive Director and Chair-designate of its Audit & Risk Committee, with the appointment taking effect on 1 June 2026. Cooper will succeed current committee chair Ross Paterson, who is scheduled to step down on 31 August 2026, completing an orderly leadership transition. In addition to his new role, Cooper will join the company’s Nomination, Remuneration and Sustainability Committees.

Cooper currently serves as chief financial officer of Travis Perkins and previously held senior finance roles at Crest Nicholson and J. Sainsbury, bringing extensive financial and operational expertise to Unite’s board. His appointment enhances governance oversight at a time when disciplined capital allocation, risk management and operational scale remain key priorities within the student accommodation sector. By adding a chartered accountant with significant listed-company experience, the group reinforces its commitment to strong financial governance and effective board leadership — a move likely to be welcomed by investors.

Unite’s broader outlook continues to be supported by solid financial performance and constructive corporate developments, signalling confidence in its strategic direction. However, technical indicators suggest a weaker short-term market trend, partially offsetting these positives. The company’s relatively low valuation multiple and attractive dividend yield continue to underpin its investment appeal despite softer market momentum.

More about Unite Group plc

Unite Group plc is the UK’s largest owner, manager and developer of purpose-built student accommodation, operating under the Unite Students and Hello Student brands. Structured as a REIT, the company provides housing for around 72,000 students across 208 properties located in 29 major university towns and cities, offering all-inclusive en-suite accommodation aligned with a net zero carbon target by 2030.

Founded in 1991 and listed on the London Stock Exchange, Unite focuses on supporting the UK higher education sector through professionally managed, scalable student housing. Its integrated operating model and sustainability-led strategy aim to deliver long-term value for customers, investors and employees while maintaining leadership in the UK purpose-built student accommodation market.