Author: Fiona Craig

Checkit (LSE:CKT) reported that it achieved adjusted EBITDA break-even for the year ended 31 January 2026, outperforming market expectations after delivering £4.0 million in annualised cost savings. The company generated positive EBITDA and cash flow in the second half, reflecting tighter cost control and improved operational execution.

Annual recurring revenue (ARR) declined 1% year on year to £14.3 million, but increased 2% on a constant currency basis. Excluding the previously announced contract reduction from a major U.S. customer, underlying ARR rose 5%, signalling stabilisation and modest organic growth. Total revenue dipped 2% to £13.7 million, largely due to lower non-recurring income. However, recurring revenue accounted for 96% of total revenue, and longer average contract terms enhanced visibility and earnings quality.

With a leaner cost base entering FY27 and a strengthened operating framework, Checkit plans to redirect resources toward growth initiatives within its core platform. These include launching a new user interface and expanding its operational intelligence capabilities, while continuing to enforce disciplined financial management.

The company’s near-term outlook benefits from positive technical momentum and supportive corporate developments, including recent share purchases by the CEO and CFO that signal management confidence. Nonetheless, profitability metrics and valuation considerations remain key areas for investors to monitor.

More about Checkit plc

Checkit plc is an AIM-listed software provider specialising in automated monitoring and operational intelligence solutions for frontline-focused organisations. Its subscription-based platform supports compliance, safety and operational efficiency, with an increasing emphasis on recurring revenue streams and longer-term customer contracts to improve predictability and long-term value creation.

Kitwave Group (LSE:KITW) has cautioned that profitability for the current financial year will fall short of earlier expectations, despite revenue for the three months to 31 January 2026 remaining broadly unchanged year on year. Softer demand from the hospitality segment resulted in a less favourable sales mix, putting pressure on gross margins. At the same time, continued investment in the group’s South West distribution depot and higher labour-related overheads weighed on performance, leading to adjusted operating profit coming in materially below board forecasts.

Although the first quarter typically accounts for only a modest portion of full-year earnings, the update suggests that inflationary cost pressures and sector-specific weakness may have a more pronounced impact on 2026 results than previously assumed. Management expects margin compression to persist throughout the financial year, highlighting ongoing challenges in recovering rising input and wage costs. The statement is likely to moderate investor expectations regarding near-term earnings momentum and the payback profile from recent expansion initiatives.

Despite the immediate pressures, Kitwave retains a track record of solid revenue growth and dependable free cash flow generation. Technical indicators have been broadly supportive, though recent overbought signals introduce some near-term volatility risk. While leverage remains moderate and margin compression is a concern, valuation appears reasonable, underpinned by a dividend yield that continues to offer income support.

More about Kitwave Group PLC

Kitwave Group PLC is a UK-based delivered wholesale distributor supplying impulse products, frozen, chilled and fresh foods, alcohol, groceries and tobacco. Established in 1987, the company operates 37 depots nationwide and serves approximately 46,000 predominantly independent customers, including convenience retailers, leisure operators, foodservice businesses, vending companies and other wholesalers.

First Development Resources (LSE:FDR) has announced positive results from a December 2025 stream sediment sampling programme at its Selta rare-earths project in Australia’s Northern Territory. The low-cost, first-pass campaign concentrated on the West Nintabrinna and Ingallan prospects, aiming to sharpen previously identified rare-earth and lithium anomalies and prioritise drill-ready zones.

At West Nintabrinna, assays delivered values of up to 2,103 ppm total rare-earth elements plus yttrium (TREE+Y), outlining a coherent target dubbed “Tourmaline.” The results have reduced the prospective footprint from roughly 75 square kilometres to just 5 square kilometres, materially enhancing targeting accuracy and improving cost efficiency for follow-up work.

At Ingallan, peak assays of 385 ppm TREE+Y defined the “Peake Bore” target, cutting the search area from approximately 90 square kilometres to 8.5 square kilometres. Field observations of pale-weathered outcrops and proximity to favourable granite bodies point toward potential pegmatite-hosted rare-earth and lithium mineralisation.

Geochemical analysis across both areas indicates evolved, fractionated granitic systems with localised enrichment in incompatible elements. This pattern supports the interpretation of discrete intrusive or pegmatitic sources, rather than broad background dispersion, strengthening the geological case for focused exploration.

FDR intends to progress with detailed geological mapping, rock-chip sampling, targeted geochemical surveys and evaluation of high-resolution geophysics to further refine drill targets at Tourmaline and Peake Bore. Rare-earth exploration at Selta remains a core strategic focus, complemented by ongoing geophysical work at the Lander West gold target. Together, these programmes position the company to potentially advance its critical minerals portfolio as it moves closer to drilling.

More about First Development Resources Plc

First Development Resources Plc is a UK-based, AIM-listed mineral exploration company focused on Australia, with projects in Western Australia and the Northern Territory. The company is targeting rare-earth elements, lithium and gold, with its flagship Selta Project located in the Aileron Province — a Proterozoic terrane recognised for evolved granitic systems and rare-metal mineralisation.

Mindflair (LSE:MFAI) has spotlighted a significant development at portfolio company Mirror Security, a spin-out from University College Dublin, which has brought its encrypted AI inference platform into full production using NVIDIA’s accelerated computing infrastructure. The platform enables artificial intelligence models to perform inference while data remains encrypted during both processing and storage, helping organisations meet strict confidentiality and regulatory standards in industries such as healthcare, financial services, government and defence.

Mirror, which operates across Ireland, the United States and India, is initially deploying the platform in India through Yotta Data Services, NVIDIA’s regional partner and operator of the Shakti Cloud. The rollout supports India’s national IndiaAI Mission and is designed to remove a major obstacle to AI adoption in highly regulated sectors by allowing large-scale AI deployment without exposing sensitive data. If successfully commercialised, the initiative could strengthen Mirror’s growth trajectory and enhance the value of Mindflair’s stake, which is held via Sure Valley Ventures’ third fund.

Despite the positive portfolio milestone, Mindflair’s broader outlook remains constrained by limited revenue visibility and weak cash-flow conversion, even after a sharp rebound in reported profitability and a relatively modest leverage profile. Technical indicators are currently negative, with the share price trading below key moving averages and momentum measures such as MACD signalling downside pressure. Although the stock appears inexpensive on a headline price-to-earnings basis, concerns around earnings quality reduce the reliability of that valuation metric.

More about Mindflair plc

Mindflair plc is an AIM-quoted investment company offering exposure to a portfolio of next-generation technology businesses focused on artificial intelligence. The company targets high-growth segments including cyber security, machine learning, immersive technologies and big data, investing in ventures that demonstrate commercial traction and the potential for significant scalability as global AI adoption accelerates.

Regional REIT (LSE:RGL) has reported a 5% decline in like-for-like portfolio valuation for 2025, with total assets valued at £555.2 million. The reduction was largely attributed to income impacts stemming from earlier tenant lease breaks. Despite the softer valuation backdrop, the group achieved several operational milestones, including £51.6 million of disposals completed at prices above book value and a reduction in net loan-to-value to 40.4%. It also maintained a fully covered dividend of 10p per share for 2025, refinanced £72.4 million of debt out to 2029, and renegotiated its management agreement to deliver recurring cost savings and improved shareholder alignment.

Facing ongoing leasing headwinds, elevated void costs and expectations of higher borrowing expenses, the company is adopting a more conservative capital approach in 2026. Cash will be retained to fund capital expenditure aimed at upgrading and repositioning assets, with particular emphasis on Grade A and EPC A- and B-rated space. Regional REIT is guiding to a reduced but fully covered dividend of 8p per share for 2026, while continuing an active disposals programme to further reduce debt. Management and the board argue that accepting near-term earnings pressure is necessary to enhance portfolio quality and unlock longer-term rental growth and capital appreciation potential.

The company’s broader outlook remains constrained by ongoing losses and a high-cost base. While strategic initiatives and balance sheet actions demonstrate proactive management, technical indicators and valuation metrics suggest investors should remain cautious. A relatively high dividend yield and visible insider support provide some reassurance, but sustained improvement in profitability will be key to strengthening the investment case.

More about Regional REIT

Regional REIT Limited is a UK-listed real estate investment trust specialising in regional office and commercial property outside London. The group derives the majority of its income from rental streams and seeks to enhance asset value through active management, targeted capital expenditure and selective disposals, focusing on occupier demand for high-quality regional workspace.

Arbuthnot Banking Group PLC (LSE:ARBB) has indicated that trading in the fourth quarter of 2025 remained robust, ahead of publishing its full-year results for the period ended 31 December 2025. The group now anticipates reporting pre-tax profit at the top end of market expectations, which it understands to be between £22 million and £24 million.

The guidance points to sustained operational momentum and earnings durability as the bank moves into 2026. Delivering results at the upper bound of consensus could reinforce confidence in Arbuthnot’s relationship-led banking model and strengthen its competitive positioning within the UK specialist banking landscape.

Despite the positive earnings trajectory, the broader outlook remains tempered by mixed financial quality indicators. Recent revenue softness in 2024, lower return on equity and volatility in cash flow generation weigh on the overall profile. However, valuation metrics — including a relatively low price-to-earnings ratio and an attractive dividend yield — provide a counterbalance. Technical signals appear broadly neutral to slightly weak, while the latest trading update offers support but does not fully offset concerns around cash-flow consistency.

More about Arbuthnot Banking

Arbuthnot Banking Group PLC is a UK-based financial services group specialising in private and commercial banking. The company provides lending, deposit-taking and related services, operating within the relationship-focused segment of the UK banking market.

Quantum Data Energy PLC (LSE:MAST) is pushing ahead with its third flexible generation project, the 5 MW Bordersley site, targeting financial close, construction and eventual commercial operations. The development is being supported by an in-principle co-funding arrangement with Power Balancing Services at the special purpose vehicle (SPV) level. The partnership is expected to cover approximately £3.5 million in capital expenditure for the shovel-ready asset, which is not yet revenue generating. By structuring the funding in this way, QDE intends to minimise shareholder dilution while maintaining a meaningful equity interest, positioning the project to contribute additional megawatts and revenue once operations commence, currently anticipated in Q4 2026.

Alongside Bordersley, the company is close to finalising the acquisition of a 7 MW brownfield flexible generation site in England. Technical and legal due diligence has largely been completed, and documentation is nearing execution, subject to confirmation of a grid connection date expected by the end of March 2026. QDE has also advanced engineering, procurement and construction (EPC) discussions, secured visibility on critical equipment supply, and progressed both grid and gas connection arrangements for Bordersley. In support of its capital strategy, the group has agreed to issue three-year broker warrants to Fortified Securities equivalent to 6% of the acceleration capital, reinforcing its asset-light and capital-disciplined approach to scaling flexible power capacity.

Despite operational progress, the company’s financial profile remains challenged by ongoing operating losses, negative operating and free cash flow, and elevated leverage. Technical indicators suggest the shares are in a pronounced downtrend, with only modest signs of oversold conditions. Valuation metrics offer limited clarity given negative earnings and the absence of dividend yield data.

More about Quantum Data Energy PLC

Quantum Data Energy PLC is a UK-based developer, operator and owner of flexible generation assets supplying modular power solutions to the UK electricity grid and AI data centres globally. The company combines infrastructure planning expertise with grid and gas access capabilities to deliver efficient, dispatchable power, with a strategic ambition to build a leading AI-focused infrastructure platform on the London Stock Exchange.

Safestore (LSE:SAFE) began its new financial year with solid trading, reporting group revenue of £61.2 million for the quarter ended 31 January 2026, up 6.3% at constant exchange rates. Growth was supported by a combination of like-for-like gains and income from recently opened stores. Closing occupancy improved slightly to 75.9% of current lettable area, while revenue per available square foot also advanced, signalling steady demand across its core markets.

On a like-for-like basis, revenue rose 4.2% at constant currency, underpinned by pricing strength as the average storage rate increased 4.8%. Occupied space on a like-for-like basis remained broadly stable. In the UK, revenue growth was modest and occupancy in larger units dipped due to an ongoing partitioning initiative aimed at optimising unit mix. In contrast, Paris and the group’s expansion markets outperformed, with the latter delivering a 17.6% increase in like-for-like revenue and a marked rise in occupancy levels.

The company continued to expand its footprint, opening three new facilities in Wembley, Colombes and Orgeval during the period, adding 173,500 square feet of maximum lettable area. A further five stores are scheduled to open before the financial year-end. Management highlighted that the quarter’s performance builds on last year’s momentum and reinforces the strategic importance of continental Europe, where newer markets are contributing an increasing share of growth and strengthening Safestore’s competitive position in the self-storage sector.

From a financial standpoint, Safestore benefits from a solid balance sheet and improving cash flow generation, although reported earnings and free cash flow have shown some volatility. Technical indicators remain constructive but suggest the shares may be approaching overbought territory. Valuation appears broadly reasonable, supported by a dividend yield that remains attractive to income-oriented investors.

More about Safestore Holdings

Safestore Holdings is the UK’s largest self-storage operator, with 214 stores as of 31 January 2026 across the UK, Paris, Spain, the Netherlands and Belgium, alongside joint ventures in Germany and Italy. Established in 1998 and listed on the London Stock Exchange since 2007, the group serves approximately 105,000 personal and business customers, offering 9.5 million square feet of maximum lettable area, of which 6.6 million square feet is occupied.

The company maintains a strong presence in London and the South East, major regional UK cities, and the Paris region, while continuing to build scale in key continental European markets. Employing around 850 staff, Safestore has been a constituent of the FTSE 250 index since 2015, underscoring its standing as a leading European self-storage provider.

Angus Energy (LSE:ANGS) has delivered a marked increase in production at its Saltfleetby gas field following coil tubing workovers on the B7 and B2 wells. Early results indicate average field output of approximately 6.3 million standard cubic feet per day (mmscfd) over the past week — around 30% above the company’s average daily production recorded in the fourth quarter of 2025.

The recently treated wells are currently undergoing clean-up and flowback operations, with management intending to track performance over the coming months to assess sustainability. Separately, the company plans to resubmit a previously delayed planning application relating to its Balcombe asset. However, operational gains are unfolding against the backdrop of ongoing negotiations with creditors over a proposed debt restructuring. Angus has cautioned that failure to secure agreement could raise material uncertainty over its status as a going concern. Its shares remain suspended from trading on AIM pending resolution of the restructuring process.

Financially, the group continues to face pressure from declining revenues and weak profitability, reflected in negative earnings metrics and limited valuation support. Technical indicators suggest broadly neutral momentum, although recent operational improvements and strategic initiatives offer a degree of cautious optimism for stabilisation and potential recovery.

More about Angus Energy

Angus Energy is a UK-based independent oil and gas company quoted on AIM and recognised as the country’s leading onshore gas producer. The company holds a 100% interest in the Saltfleetby gas field, majority stakes in the conventional oil fields at Brockham and Lidsey, and a 25% interest in the Balcombe licence, operating all assets in which it maintains an ownership position.

Tharisa (LSE:THS) confirmed that all resolutions proposed at its annual general meeting on 18 February 2026 were passed by shareholders. These included approval of the annual financial statements, the reappointment of auditors, board elections, authorities to issue and repurchase shares, as well as endorsement of the company’s remuneration policy and implementation report. Shareholders also approved a final dividend of US 1.5 cents per share, payable in USD, ZAR or GBP depending on the relevant share register.

The company outlined specific ex-dividend and record dates for both JSE and LSE investors and clarified the tax treatment applicable to shareholders in South Africa, the UK and Cyprus. These details are particularly relevant for income-focused investors assessing after-tax returns and cash flow timing. While voting support across most resolutions was strong, proposals concerning new share issuance authorities and the disapplication of pre-emptive rights drew a meaningful level of opposition, indicating some investor caution around potential equity dilution.

Tharisa further reported that it has 302,596,743 ordinary shares in issue, of which 296,259,295 carry voting and dividend rights. This disclosure provides additional transparency around the company’s capital base and the distribution pool for declared dividends.

More about Tharisa

Tharisa is an integrated resource group engaged in the exploration, mining, processing and marketing of platinum group metals (PGMs) and chrome concentrates. The company operates the low-cost Tharisa Mine in South Africa and is advancing the Karo Platinum Project in Zimbabwe. In addition to its mining activities, Tharisa is investing in downstream beneficiation initiatives and proprietary redox flow battery technology, aligning its strategy with global decarbonisation and energy transition trends.