Author: Fiona Craig

Scancell Holdings (LSE:SCLP) reported interim results highlighting continued clinical and regulatory progress across its oncology pipeline, led by iSCIB1+, its DNA ImmunoBody cancer immunotherapy. The treatment has shown potentially best-in-class progression-free survival in advanced melanoma when used in combination with checkpoint inhibitors.

During the period, the US Food and Drug Administration cleared an Investigational New Drug application to support a global registrational Phase 3 trial in advanced melanoma. The study is expected to begin in 2026, with potential commercialisation targeted for 2029. Scancell said it is actively evaluating financing and partnering options to fund Phase 3 development while seeking to optimise long-term shareholder value.

Beyond melanoma, the group continues to advance its Moditope-based vaccine Modi-1, which is currently in a Phase 2 trial targeting head and neck and renal cancers, with key data anticipated in the first half of 2026. Scancell has also consolidated its antibody assets within its wholly owned subsidiary GlyMab Therapeutics, where lead candidate SC134 for small cell lung cancer and partnered programmes with Genmab are progressing toward potential milestones in 2026.

On the financial side, the company reported a reduced operating loss of £8.9m for the half year. Cash at period end stood at £8.6m, supplemented by a further £3.0m in R&D tax credits received after the reporting date. Management said current resources provide funding visibility into the second half of 2026, covering several anticipated clinical, regulatory and business development milestones.

Overall, the outlook continues to be constrained by ongoing losses, negative equity and cash burn, although the rate of burn improved during 2025. Technical indicators point to a strong upward trend but appear stretched, increasing the risk of near-term volatility. Management commentary was more supportive, reflecting improved liquidity and meaningful pipeline and regulatory advances, while valuation remains difficult to assess using conventional metrics given the company’s pre-revenue, loss-making status.

More about Scancell Holdings

Scancell Holdings is a clinical-stage biotechnology company developing off-the-shelf active immunotherapies designed to generate durable, tumour-specific immune responses against cancer. Its core platforms, DNA ImmunoBody and Moditope, are being advanced through Phase 2 and planned Phase 3 trials in melanoma and other solid tumours. The group’s subsidiary, GlyMab Therapeutics, is developing high-affinity antibodies targeting tumour-specific glycans, including programmes partnered with Genmab.

Greencoat Renewables PLC (LSE:GRP) said it will hold its dividend target steady after reporting resilient cash generation, despite a modest decline in net asset value. The group reported an unaudited NAV of €1,102 million, equivalent to 99.0 cents per share, as at 31 December 2025.

A quarterly interim dividend of 1.70250 cents per share was declared for Q4 2025, bringing the total distribution for the year to 6.81 cents per share and completing the company’s stated full-year target. Management also confirmed that this dividend level will be maintained for 2026. Power generation came in below expectations, running 9.1% under budget in the fourth quarter and 10.4% below budget for the full year, but this was offset by robust net cash generation of €27.7 million in Q4 and €114.6 million across 2025. This supported a healthy net dividend cover of around 1.5x.

Net asset value per share declined by 2.5 cents during the quarter, reflecting a combination of lower power prices, revised operational budgets, reduced Guarantees of Origin assumptions and dispatch constraints in Ireland. Despite these headwinds, Greencoat Renewables emphasised its proactive approach to balance sheet management. During the period, the company extended its €350 million revolving credit facility to 2028, entered into interest rate swaps fixing part of its debt at 3.9%, and maintained a weighted average cost of debt of 3.4%.

Liquidity remained strong, with €138 million of cash and €240 million of undrawn facilities at year end. Management said this financial flexibility supports a geared portfolio internal rate of return of 9.4% and underpins the sustainability of the dividend policy for shareholders across its Irish, UK and South African registers.

More about Greencoat Renewables PLC

Greencoat Renewables PLC is a listed renewable infrastructure company focused on owning and operating renewable energy assets, primarily wind generation, across Europe. The group targets long-term, stable cash flows from contracted and regulated power generation, appealing to income-oriented investors seeking exposure to the energy transition and European decarbonisation trends.

3i Group plc (LSE:III) reported another strong quarter, with net asset value per share rising to 3,017p at 31 December 2025 and a total return of 20% generated over the first nine months of FY2026. Performance benefited from favourable currency movements, portfolio realisations and dividend income, leaving the group well positioned heading into the final quarter of its financial year.

The standout contributor was discount retailer Action, which delivered 16% net sales growth to €16bn in 2025 alongside a 14% increase in operating EBITDA to €2.37bn. Action opened a record 384 new stores during the year and continued to record resilient like-for-like sales growth, even as French consumer demand softened. During the period, 3i increased its ownership to 62.3% following a capital restructuring and subsequently agreed to acquire a further c.2.9% stake from GIC, to be settled through the issue of new 3i shares.

Elsewhere in the portfolio, 3i highlighted solid trading across several consumer and private label businesses, including Royal Sanders and Audley Travel. The group also completed the disposal of MAIT at a profit and benefited from a higher share price and dividend flows from its holding in 3i Infrastructure. As a result, 3i ended the period with £995m of gross cash and very low gearing of around 1%, which management said underpins strong momentum into the year end.

Overall, the group’s outlook is supported by strong financial performance and constructive management commentary. While technical indicators point to some caution due to broader market trends, valuation remains attractive and insider share purchases add confidence. Macroeconomic uncertainty and weaker conditions in certain end markets remain key risks to monitor.

More about 3i Group plc

3i Group plc is a UK-based investment company specialising in private equity and infrastructure, with a long-term focus on consumer-facing and private label businesses. Its largest investment is Action, a fast-growing European non-food discount retailer operating more than 3,300 stores across 14 countries. The wider portfolio includes companies such as Royal Sanders and Audley Travel, alongside a significant stake in 3i Infrastructure plc.

Rank Group plc (LSE:RNK) reported a solid first-half performance, with like-for-like net gaming revenue rising 6% to £419.8m and underlying like-for-like operating profit increasing 15% to £40.6m for the six months ended 31 December 2025. Growth was delivered across all divisions, with particularly strong contributions from digital channels and gaming machines.

Statutory profit was dampened by a £6.5m loss linked to a payment fraud incident in the group’s Spanish business. Despite this, Rank strengthened its balance sheet, ending the period with higher net cash and an improved return on capital employed of 15.9%. Reflecting confidence in both current trading and future prospects, the board raised the interim dividend by 54% and reiterated expectations of meeting full-year guidance, while continuing to target at least £100m in annual operating profit over the medium term.

Operationally, the group stepped up investment in gaming machines across its Grosvenor estate, continued to enhance and expand its digital platforms in the UK, Spain and Portugal, and further strengthened safer gambling measures. At the same time, management is preparing responses to mounting cost pressures, including a sharp increase in UK Remote Gaming Duty and rising labour expenses. The company also confirmed that chief executive John O’Reilly will retire, with Richard Harris stepping in as interim CEO during a period marked by strong trading momentum but a rapidly evolving UK regulatory and tax backdrop.

Overall, Rank’s outlook is supported by robust financial performance, improving returns and a reasonable valuation. These positives are tempered by weaker technical indicators and uncertainty stemming from recent UK budget changes, suggesting a more cautious near-term backdrop despite solid operational progress.

More about Rank Group plc

Rank Group plc is a UK-listed gambling operator with a portfolio that includes Grosvenor casinos, Mecca bingo halls and Enracha venues in Spain, alongside a range of UK and international digital gaming brands. The group generates net gaming revenue from both land-based venues and online platforms, with an increasing focus on gaming machines and digital channels across the UK, Spain and, more recently, Portugal.

Somero Enterprises Inc. (LSE:SOM) said trading strengthened in the second half of 2025, supported by normal seasonal patterns and the rollout of new and next-generation products, even as full-year sales declined in line with guidance. Newly launched machines, including the S-15EZ and the Hammerhead Laser Screed, generated around $13m of revenue and helped expand the group’s addressable market among low- to mid-range concrete contractors.

For the full year, Somero expects revenue of approximately $88.9m, down from $109.2m in 2024 but consistent with management expectations. Regional performance was mixed, with North America and Europe affected by macroeconomic and geopolitical pressures, Australia returning to more normal levels after a period of exceptional growth, and Rest of World revenues remaining broadly stable. Parts and service income proved more resilient than equipment sales, highlighting progress in building a more recurring revenue base. Adjusted EBITDA is forecast at $17.5m, while year-end cash is expected to reach a stronger-than-anticipated $33.2m, underlining the group’s solid balance sheet.

Looking ahead, management said trading conditions in 2026 are likely to be similar to 2025, with profitability broadly stable amid continued market volatility and softer demand for larger boomed screeds. However, the group believes its ‘Fortify, Innovate, Amplify’ strategy, wider product offering and strong financial position leave it well placed to defend its global leadership position and benefit when construction markets recover.

Overall, Somero continues to demonstrate financial resilience, supported by low debt levels, attractive valuation metrics and ongoing share buybacks. These strengths partially offset the risks associated with declining revenue and cash flow generation, while technical indicators currently point to a broadly neutral share price trend.

More about Somero Enterprises Inc.

Somero Enterprises Inc. operates in the construction equipment sector, specialising in concrete levelling and screeding technology. The company designs and manufactures laser screeds and related products for concrete contractors worldwide, with key markets in North America, Europe, Australia and other international regions. In recent years, Somero has been expanding its reach within the low- to mid-range contractor segment while maintaining a strong global market presence.

First Development Resources plc (LSE:FDR) has completed a high-resolution aeromagnetic and radiometric survey across the Lander West regional gold target at its Selta Project in Australia’s Northern Territory, significantly enhancing its geological dataset for the area.

The survey covered around 4,200 line kilometres and has delivered detailed subsurface information designed to improve understanding of key geological structures and alteration patterns linked to gold mineralisation. The newly acquired data is now being combined with results from an ongoing Gradient Array Induced Polarisation survey, alongside historical geochemical sampling and drilling information, to create an integrated, multi-disciplinary targeting model.

This work is intended to refine and prioritise future air-core and reverse-circulation drilling programmes at Lander West, which the company interprets as an extension of the Stafford Gold Trend. The target is considered prospective for intrusive-related and skarn-style gold systems. In parallel, First Development Resources is continuing to progress land access and heritage approvals to support the next phase of exploration.

More about First Development Resources plc

First Development Resources plc is a UK-based, Australia-focused mineral exploration company with projects in Western Australia and Australia’s Northern Territory. The group is focused on gold and associated commodities, targeting large and underexplored geological terrains, including the Selta Project located within the Aileron Province.

Synthomer plc (LSE:SYNT) said it expects 2025 revenue from continuing operations of around £1.74bn, with EBITDA in the range of £135m–£138m, broadly in line with expectations but slightly below 2024 levels, as softer demand following global tariff changes weighed on volumes. The impact was largely mitigated by cost-reduction initiatives and a greater emphasis on higher-margin speciality solutions.

The group delivered positive free cash flow during the year and reduced net debt to approximately £575m, while covenant leverage remained comfortably within agreed limits. Margin improvement was reported across the portfolio, supported by continued progress in Adhesive Solutions, a recovery in medical glove volumes, and ongoing divestments aimed at simplifying the business and accelerating deleveraging. Management said these actions leave the group better positioned for earnings growth in 2026, even if end-market conditions remain subdued.

Despite these operational improvements, the outlook still reflects material financial headwinds, including negative profitability and elevated leverage, which continue to weigh on valuation metrics. Technical indicators are mixed, showing some near-term positive momentum against a weaker longer-term trend. Offsetting this, recent corporate developments, including insider share purchases and strategic leadership appointments, provide a measure of longer-term encouragement.

More about Synthomer

Synthomer plc is a London-listed supplier of high-performance, specialised polymers and ingredients used across coatings, construction, adhesives, and health and protection markets. The group employs around 3,800 people and operates five innovation centres and 29 manufacturing sites spanning Europe, North America, the Middle East and Asia, serving more than 6,000 blue-chip customers. Its activities are organised into three divisions—Coatings & Construction Solutions, Adhesive Solutions, and Health & Protection and Performance Materials—targeting structurally supported end markets such as urbanisation, demographic change, climate transition and sustainability.

accesso Technology Group (LSE:ACSO) said it now expects full-year 2025 revenue to be modestly ahead of market forecasts at around $155 million, supported by tight cost discipline and a higher contribution from service revenues, which helped offset weaker transaction volumes during the summer period.

The group indicated that cash EBITDA margins are approaching 15%, with cash EBITDA broadly unchanged year on year. accesso ended the year with net cash of $30 million, reinforcing the strength of its balance sheet. Alongside the trading update, the company announced its intention to launch a tender offer of up to £14.5 million at £3.00 per share, following the completion of a buyback representing approximately 7% of issued equity. Management said the capital return reflects confidence in both the company’s financial position and its underlying valuation.

Trading conditions remained challenging through 2025, and accesso confirmed that a major customer has chosen not to renew a significant software contract beyond 31 January 2026. Despite this, the group said it has resized its cost base, retained momentum with another large customer, and continues to invest selectively in growth initiatives. Based on current visibility, management expects performance in 2026 to align with existing market expectations, highlighting a focus on resilience, disciplined investment and ongoing shareholder returns.

From a broader perspective, the outlook is underpinned by improving margins, low leverage and generally solid cash conversion, alongside a reasonable earnings valuation. These positives are counterbalanced by weak technical indicators, with the share price trading well below key moving averages. Management commentary was mixed but cautiously constructive, pointing to a stronger sales pipeline and strategic progress despite near-term softness in certain segments and ongoing cost pressures.

More about accesso Technology Group

accesso Technology Group is a UK-listed provider of patented, award-winning technology solutions for the leisure, entertainment and cultural attractions markets. Its products include ticketing, point-of-sale systems, virtual queuing, distribution and experience management software. Serving more than 1,100 venues across 33 countries, the group focuses on helping operators streamline operations, grow transaction-based revenues and enhance guest experiences, supported by sustained investment in research and development and deep sector expertise.

Naked Wines plc (LSE:WINE) said peak trading for the 13 weeks ended 29 December 2025 met expectations across all regions and remained consistent with its full-year FY26 guidance, despite an intentional scaling back of revenue as the group concentrates on its most profitable customer base.

At constant currency, peak-season revenue declined 19%, reflecting a 16% drop in repeat sales. However, this was partly offset by a 5% increase in average order value and a modest uplift in revenue per member, highlighting stronger unit economics and improved quality of demand. Management maintained FY26 guidance for revenue of £200m–£216m, adjusted EBITDA of £5.5m–£7.5m, and net cash of £33m–£35m, excluding lease liabilities. The company also confirmed that following its recent buyback, issued share capital stands at 71.7 million shares with 68.95 million voting rights, underlining continued discipline around capital management and a strategic focus on accelerating cash generation, including through inventory liquidation over the medium term.

While the broader outlook still reflects pressure from declining revenue and profitability, management commentary struck a more constructive tone on cash flow momentum and operational improvements. These factors helped offset weaker valuation signals, with technical indicators pointing to broadly neutral market sentiment.

More about Naked Wines plc

Naked Wines plc is an online wine retailer operating across the UK, US and Australia. The group positions itself as an inclusive wine club, connecting “Angel” customers directly with more than 300 independent winemakers and offering over 2,500 wines sourced from 23 countries. Founded in 2008, its model provides upfront funding for winemakers’ production, aiming to deliver better quality, wider choice, personalised recommendations and fairer pricing, while easing financial pressure on producers.