Author: Fiona Craig

Georgina Energy (LSE:GEX) has carried out a comprehensive site review at its Hussar EP513 licence in Western Australia, validating key operational elements ahead of drilling. The inspection confirmed specifications for the drill pad, camp positioning, site access, water well placement and airstrip readiness, all aligned with the company’s well management framework. Technical advisers are advancing orders for critical drilling and service equipment, while supporting civil works are scheduled to commence in the second quarter of 2026.

The planned re-entry well at Hussar will target subsalt reservoirs within the Townsend Formation as well as fractured Neoproterozoic basement formations. Georgina views the prospect as one of the most significant onshore Australian opportunities for helium, hydrogen and associated hydrocarbons. Importantly, the drilling campaign — including related site infrastructure and airstrip upgrades — will be financed through a non-dilutive offtake funding agreement with Harlequin Energy and its partners. Spudding is currently expected in the third quarter of 2026, positioning the company to potentially strengthen its foothold in emerging helium and hydrogen supply markets.

From a financial perspective, the group continues to face material headwinds. It remains pre-revenue, with widening losses, increasing cash outflows and negative equity accompanied by rising debt levels. Share price momentum has been strong, supported by a positive MACD signal, though elevated RSI readings above 80 suggest the stock may be overbought in the near term. Valuation metrics remain difficult to assess, as no earnings multiple or dividend yield has been disclosed.

More about Georgina Energy

Georgina Energy plc is an exploration-focused energy company aiming to become a significant producer of helium and hydrogen. Through its wholly owned Australian subsidiary, Westmarket O&G, the company holds 100% interests in the onshore Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory, targeting supply gaps in strategically important gases.

InterContinental Hotels Group (LSE:IHG) delivered a strong set of results for 2025, with revenue from reportable segments rising 7% and operating profit from those segments advancing 13%. Adjusted earnings per share increased 16%, supported by a 3.6 percentage point uplift in fee margin. Global RevPAR edged up 1.5%, while total gross revenue grew 5%. Net cash generated from operating activities reached $898 million and adjusted free cash flow totalled $893 million. Net debt rose to $3.3 billion, largely reflecting more than $1.1 billion returned to shareholders during the year.

Expansion momentum accelerated, with a record 443 hotels — representing 65,100 rooms — opened during the period. The group also signed 694 new hotels, bringing its global estate to roughly 1,026,000 rooms. The development pipeline increased to 340,000 rooms, equivalent to around one-third of the existing system size. Strategically, IHG enhanced its premium positioning through the introduction of the Noted Collection brand and the integration of the acquired Ruby urban lifestyle platform.

Reflecting confidence in long-term demand trends and cash generation, the company announced a new $950 million share repurchase programme alongside a 10% increase in its dividend. While operational and financial performance remain key strengths — particularly RevPAR progression and capital returns — leverage levels and negative equity present balance sheet considerations. Technical indicators suggest positive momentum in the shares, though valuation metrics imply the stock may be pricing in much of the upside.

More about InterContinental Hotels Group

IHG Hotels & Resorts operates more than one million rooms across 6,963 properties in over 100 countries, with a pipeline of approximately 2,300 hotels under development. Its 20-brand portfolio spans Luxury & Lifestyle, Premium, Essentials and Suites segments, supported by the IHG One Rewards loyalty programme, which counts more than 160 million members globally.

The group’s brands include InterContinental, Holiday Inn, Crowne Plaza, Kimpton, voco and Ruby, among others. IHG operates an asset-light, fee-driven model focused on franchising and management contracts, generating diversified revenue streams across geographies and customer segments.

Applied Nutrition (LSE:APN) delivered a robust performance in the first half of its 2026 financial year, with revenue climbing 57% year-on-year to £74.5 million. EBITDA came in ahead of internal expectations, reflecting both operational leverage and strong trading momentum.

Growth was fuelled by expanded distribution across UK high street health retailers, supermarket chains and discount outlets, broadening the company’s domestic footprint. At the same time, newly launched products generated strong consumer demand, prompting higher retail replenishment orders and increased stock holdings among customers.

Buoyed by the first-half outperformance, the group has upgraded its full-year outlook and now anticipates FY2026 revenue of approximately £140 million, ahead of prevailing market forecasts. Management also noted that sales will be more front-loaded than in prior years, highlighting how wider distribution reach and product innovation are reshaping seasonal revenue patterns. Interim results are scheduled for release on 23 March.

From an investment standpoint, the company’s trajectory is underpinned by rapid top-line expansion, solid profitability, low leverage and healthy free cash flow generation. Technical indicators continue to support the upward trend, although overbought signals suggest potential near-term volatility. Valuation remains a consideration, with the shares trading on an earnings multiple of around 30x and no disclosed dividend yield to offset growth risk.

More about Applied Nutrition PLC

Applied Nutrition plc is a UK-based sports nutrition and wellness company developing and manufacturing more than 120 products for athletes, fitness enthusiasts and health-focused consumers. Operating predominantly through a global B2B distribution model, the company markets four principal brands — Applied Nutrition, ABE, BodyFuel and Endurance — across over 85 international markets.

Haydale (LSE:HAYD) published audited figures for the 15-month period ended 30 September 2025, signalling the conclusion of a broad strategic overhaul. Over the period, the group withdrew from underperforming overseas businesses, disposed of non-core operations and streamlined its UK footprint into a leaner cost base, while strengthening its balance sheet. Following the year-end, Haydale raised £5.75 million and stated it is fully funded for its FY26 delivery phase, with existing cash resources and facilities expected to support operations through to targeted EBITDA breakeven in the first quarter of FY27.

A pivotal development came in January 2026 with the acquisition and integration of SaveMoneyCutCarbon (SMCC). The deal reshapes Haydale into a more scalable, product-focused platform by significantly enhancing revenue visibility and embedding direct routes to market for graphene-enhanced offerings, including JustHeat and a newly developed thermal transfer fluid. Management noted that fully contracted income already exceeds 100% of Board expectations for the first half of FY26, while multi-year Impact Partner agreements and customer programmes provide recurring revenue streams into the second half and beyond. The company views this as a structural turning point, aligning innovation capabilities more closely with commercial execution.

Despite these advances, Haydale’s investment case continues to be influenced by its financial track record. Ongoing net losses and pressure on cash flow remain key concerns, tempering the impact of recent strategic progress and improving technical momentum. While partnerships and platform expansion offer growth potential, restoring durable financial stability remains central to the group’s outlook.

More about Haydale

Haydale plc is an advanced materials and clean-technology company built around its proprietary HDPlas graphene functionalisation technology, which underpins a portfolio of patented graphene-enhanced products designed to deliver energy, water and carbon savings. Through its SaveMoneyCutCarbon subsidiary, the group operates an integrated B2B go-to-market model in the UK, providing sales, programme management and installation services aimed at supporting cost-effective decarbonisation across the built environment, with additional reach through international partners.

Coca-Cola Europacific Partners (LSE:CCEP) delivered steady full-year 2025 results, reporting modest revenue growth alongside a slight uptick in volumes. The company recorded robust improvements in operating profit, earnings per share and free cash flow, supported by favourable pricing and product mix dynamics. Performance in away-from-home channels remained firm, while Coca-Cola Zero Sugar and energy drink categories continued to show strong momentum. These gains helped offset softer trading in more price-sensitive European markets and a challenging consumer environment in Indonesia.

CCEP reaffirmed its commitment to shareholder returns by maintaining a dividend payout ratio of around 50% and announcing a new €1 billion share repurchase programme. The move reflects management’s confidence in the group’s cash-generating capacity and balance sheet strength.

Operationally, the company pointed to ongoing efficiency initiatives and margin expansion, alongside increased commercial investment ahead of anticipated growth drivers, including the 2026 FIFA World Cup. Management emphasised its strategy of combining disciplined cost control with targeted brand investment to strengthen its role as a key partner to retailers in the non-alcoholic ready-to-drink market.

More about Coca-Cola Europacific Partners

Coca-Cola Europacific Partners is one of the largest bottlers and distributors of Coca-Cola products globally, with operations spanning Europe, Australia, the Pacific and Southeast Asia. The group manufactures, markets and distributes a wide portfolio of non-alcoholic beverages, including Coca-Cola, Coca-Cola Zero Sugar and leading energy drink brands, serving both at-home and out-of-home consumption channels across developed and emerging markets.

Agronomics (LSE:ANIC) reported a net profit of £10 million for the six months ended 31 December 2025, marking a significant reversal from prior losses. The improvement was largely driven by £10.7 million in net investment gains, while operating expenses remained relatively contained. Net asset value per share climbed 11.7% to 13.78 pence, lifting total net assets to £140 million. Despite the uplift, the shares continue to trade at roughly a 55% discount to NAV, reflecting ongoing market caution toward the sector.

Portfolio performance was supported by valuation gains in Blue Nalu and Liberation Bioindustries, as well as favourable currency movements and equity-based transaction structures. These positives were partially offset by an earlier £11.9 million impairment related to Meatable. Across the portfolio, several companies achieved regulatory and commercial progress, including securing GRAS approvals for new ingredients and expanding production capacity. Such milestones reinforce Agronomics’ exposure to alternative protein and precision fermentation opportunities, even as funding conditions for clean food ventures remain tight.

Following the reporting period, the company increased its stake in precision-fermented dairy producer All G with an additional AU$3 million investment, funded through the issuance of new shares priced close to NAV. Agronomics also continued backing more advanced portfolio companies — including SuperMeat, EVERY Company and Blue Nalu — through follow-on financing, signalling a targeted strategy of concentrating capital into businesses viewed as having strong scale-up potential.

From an outlook perspective, historical losses and sustained negative cash flow continue to weigh on sentiment. Technical indicators remain subdued, with the share price trading below key moving averages and momentum signals pointing lower. Valuation metrics are constrained by the absence of earnings and dividend support, though the company maintains a debt-free balance sheet, even as equity levels have gradually declined.

More about Agronomics

Agronomics Limited is an AIM-listed investment firm focused on the clean food and alternative protein space. It backs companies developing cellular agriculture, precision fermentation and other sustainable food technologies, aiming to support businesses as they move from technical validation toward regulatory clearance, commercial rollout and scaled manufacturing in major global markets.

MTI Wireless Edge (LSE:MWE) said unaudited revenue for 2025 is expected to reach approximately $51.5 million, landing at the upper end of market forecasts. Growth was supported by solid contributions across all three operating divisions, with particularly strong momentum in the defence segment.

The group anticipates EBIT to rise by about 30% compared with the prior year, while earnings per share are projected to come in materially ahead of analyst expectations. Net cash is forecast to total roughly $9.4 million, reflecting healthy cash generation and reinforcing the company’s financial position ahead of publishing its final results in early March 2026.

Operational strength and favourable corporate developments remain central to the company’s investment case. Record revenue and improved profitability demonstrate execution across its business lines, underpinned by a resilient balance sheet. Market indicators currently point to positive trading momentum, though shares may be approaching overbought territory. On valuation grounds, the stock appears reasonably priced, supported by a moderate earnings multiple and a solid dividend yield.

More about MTI Wireless Edge

MTI Wireless Edge is a technology group headquartered in Israel, delivering communication and radio frequency solutions to defence, commercial and industrial markets worldwide. Its activities span advanced antenna systems, water control and irrigation management technologies, as well as RF and microwave engineering, integration and consulting services. The company maintains a strong presence in defence and utility-focused applications.

Upland Resources (LSE:UPL) has announced a £2 million equity raise priced at 3.5p per share to support the expansion of its onshore oil and gas portfolio across Southeast Asia. The placing includes £500,000 from strategic existing shareholders, with approximately £1.5 million expected to come from directors, senior management and technical team members. The level of insider participation signals alignment with the company’s forward strategy and will provide funding for operational and regulatory initiatives.

The capital injection is earmarked for acquiring stakes in two high-impact onshore licence prospects in Indonesia’s Kutei and North Sumatra basins. One opportunity includes a discovered resource block in Kalimantan with substantial hydrocarbons in place, while the second comprises an underexplored acreage position in Northern Sumatra. Alongside three additional blocks spanning Borneo, Sarawak and Brunei, the portfolio is designed to broaden Upland’s regional exposure and strengthen its position within Southeast Asia’s upstream sector, with ambitions to transition toward mid-cap scale.

From a financial standpoint, the company continues to face headwinds. It remains pre-revenue and is reporting ongoing losses, with cash outflows increasing in 2024 — factors that underscore funding sensitivity. While the share price sits above longer-term moving averages, near-term momentum has softened. Valuation metrics also provide limited backing given the absence of earnings and no disclosed dividend yield.

More about Upland Resources

Upland Resources Limited is an independent upstream oil and gas company listed in London. The group focuses on sourcing, developing and operating high-impact onshore assets in established hydrocarbon basins across Southeast Asia. Its strategy is centred on building a scalable, multi-block portfolio that balances exploration upside with nearer-term development and production opportunities in Sarawak, Indonesia and Brunei.

Kavango Resources (LSE:KAV) has released a National Instrument 43-101 Technical Report covering its Karakubis Project in Botswana’s Kalahari Copper Belt. The independent report, compiled by SLR Consulting, is now accessible via the company’s website and supports Kavango’s ongoing evaluation of strategic pathways for its extensive licence holdings in the region.

Initial drilling at Karakubis has produced promising signs of copper mineralisation, with all seven maiden diamond drill holes intersecting copper-bearing zones. Spot measurements exceeding 1% copper, alongside evidence of strong hydrothermal alteration, point to a potentially robust mineralised system. Broader geophysical surveys and structural interpretations suggest favourable folding patterns and key lithological contacts comparable to those seen in established deposits elsewhere in the Belt, factors that may increase interest from potential partners or acquirers.

Despite operational progress, Kavango’s financial profile remains a headwind. The company continues to report sizeable operating losses and notable cash outflows, reflecting its early-stage development status and limited revenue base. That said, it maintains positive shareholder equity and moderate leverage. From a market perspective, trading momentum appears neutral with some recent short-term stabilisation, while valuation metrics remain challenging given a negative earnings profile and the absence of a dividend.

More about Kavango Resources

Kavango Resources is a Southern Africa-focused metals exploration and gold production company listed in London and on the Victoria Falls Exchange. The company controls approximately 5,200 square kilometres of contiguous licences within Botswana’s Kalahari Copper Belt, positioned along strike from MMG’s Khoemacau and Sandfire’s Motheo copper-silver operations. Its strategy centres on identifying and advancing copper and associated mineral discoveries in the region.