Author: Fiona Craig

Physiomics plc (LSE:PYC) reported a 51% increase in revenue for the first half of its financial year, with income rising to £498,000 — the strongest half-year performance in the company’s history.

Despite the top-line growth, the group recorded an operating loss of £327,000, wider than the prior year. Management attributed the increased loss to investment in new hires and higher spending on external contractors during the period.

Total operating costs for the six months reached £855,000, while net income came in at negative £301,000.

A notable milestone in the half was the launch of Physiomics’ new Biometrics service line. The division has already secured four initial contracts, providing an early contribution to revenue and supporting broader growth across the business.

For the full fiscal year, the company expects total income to rise by 27% year-on-year. Physiomics also forecasts lower operating expenses in the second half as reliance on external consultants declines.

Management highlighted additional expansion potential from the Biometrics unit and cited a robust pipeline of prospective contracts that could underpin future revenue growth.

The Renewables Infrastructure Group (LSE:TRIG) posted a larger-than-anticipated quarterly decline in net asset value, as softer power price assumptions and higher discount rates for UK offshore wind assets weighed on valuations, pushing the stock 2% lower on Monday.

The renewable energy investment trust reported that NAV decreased 5.2% to 104 pence per share in the fourth quarter, down 5.7 pence from 109.7 pence at the end of September. The move translated into a negative total NAV return of 3.7% for full-year 2025.

Management attributed the decline primarily to a 1.8 pence per share reduction linked to lower consultant power price forecast curves, alongside a 1.2 pence impact from a 50 basis point rise in discount rates applied to UK offshore wind projects. A further 1.8 pence per share drag stemmed from generation coming in below budget and operational challenges.

An additional 0.6 pence per share reduction reflected changes to indexation of UK Renewables Obligation Certificates (ROCs), which will now be tied to the Consumer Price Index rather than the previous benchmark.

Electricity generation was 5% below budget during the fourth quarter, largely due to economic and grid curtailment in Sweden. However, this marked an improvement compared with the first half of 2025, when output fell 10% short of plan. Sweden accounts for roughly 14% of TRIG’s portfolio by NAV and has persistently underperformed expectations, analysts said.

“While generation missed budget by 5% in Q4, this is an improvement versus the performance earlier in the year,” said Joseph Pepper, analyst at RBC Capital Markets, which maintains an “outperform” rating on the stock with a 90 pence price target.

“We think management’s target future cover of 1.1-1.2x looks credible given inflation-linked cash flows and an improving debt amortisation profile, although we note that Sweden remains a consistently underperforming geography in the portfolio.”

TRIG reiterated its dividend target for fiscal 2026 at 7.55 pence per share, unchanged year-on-year. Net dividend cover for fiscal 2025 was reported at 1.0 times. On a gross basis, excluding annual amortising debt repayments, dividend cover stood at 2.1 times. Management continues to guide toward net dividend cover of 1.1 to 1.2 times over the medium term.

The company had previously cautioned that dividend cover would be “tight” for fiscal 2025.

Shares closed Friday at 69.20 pence, implying a discount of about 34% to the newly reported NAV, broadly aligned with the peer group average discount of around 35%.

“Given the quantum of the quarterly movement this morning we would expect shares to trade lower today,” Pepper said.

TRIG’s portfolio includes approximately 90 renewable energy assets across six countries, with about half of its exposure in the UK, leaving it sensitive to domestic regulatory developments and wholesale power price trends. The trust primarily invests in operational wind and solar projects, with UK offshore wind forming a substantial component of its holdings.

ITM Power plc (LSE:ITM) has received a formal Notice to Proceed on a 20MW green hydrogen project after the customer reached a final investment decision, converting a previously announced award into a binding contract.

The project will now be included in ITM’s contracted order backlog, enabling full-scale execution to commence. Management said the development further strengthens the group’s credentials in delivering industrial-scale proton exchange membrane (PEM) electrolyser systems. Additional details about the scheme are expected to be released toward the end of the first quarter of 2026.

While the contract win underscores continued commercial traction in the green hydrogen sector, the company’s broader outlook remains challenged by persistent losses and negative operating and free cash flow. Technical indicators also reflect a bearish trend, with the share price trading below key long-term moving averages.

However, these pressures are partially offset by signs of operational progress highlighted in recent earnings updates, including record first-half revenue, improved order backlog quality and reiterated growth guidance. ITM also maintains a relatively low-leverage balance sheet, although near-term profitability and cash flow timing risks continue to weigh on investor sentiment.

More about ITM Power

ITM Power plc is a Sheffield-based manufacturer of proton exchange membrane electrolysers used to produce green hydrogen from renewable electricity and water. Founded in 2000 and listed on AIM since 2004, the company focuses on large-scale hydrogen systems designed to support industrial decarbonisation and the transition to net zero energy systems.

SkinBioTherapeutics plc (LSE:SBTX) has identified potential misrepresentation by its former chief executive that calls into question £0.77 million of accrued royalty income previously recognised in its FY25 audited accounts.

As a result, the company now intends to remove the disputed royalty income, reducing reported FY25 revenue to £3.87 million and increasing adjusted EBITDA losses to £1.17 million. The board has initiated a wider review of financial reporting processes and warned that FY26 performance is expected to fall materially short of market expectations.

Despite the setback, management emphasised that core commercial relationships and operating divisions — including Dermatonics and Bio-Tech Solutions — remain intact. Sales of its AxisBiotix™ product line continue, and the company reported cash balances of £2.92 million as of 13 February 2026. Governance changes are under way, with the chairman assuming temporary executive responsibilities while the company searches for an interim and subsequently permanent CEO.

From an investment standpoint, the outlook is weighed down by financial pressures. Although revenue growth has been strong, recurring losses and negative operating and free cash flow represent ongoing risks. Technical indicators remain weak, with the share price in a broader downtrend below key moving averages and MACD in negative territory. Valuation metrics offer limited reassurance given a negative price-to-earnings ratio and no dividend yield.

More about SkinBioTherapeutics

SkinBioTherapeutics plc is a UK-based life sciences company focused on skin health applications derived from its proprietary SkinBiotix® microbiome platform, developed in collaboration with the University of Manchester. The group operates across cosmetic skincare and gut-skin axis supplements under the AxisBiotix™ brand, supported by commercial partnerships and acquisitions in adjacent skincare and cosmetic markets.

Prospex Energy plc (LSE:PXEN) has restarted electricity production at its El Romeral gas-to-power plant in Andalucía, Spain, via its wholly owned subsidiary Tarba Energía.

Operations recommenced following the installation and commissioning of a temporary rental transformer, which will remain operational until a newly manufactured transformer from Spain is delivered and installed. The move restores the plant’s ability to export power to the grid and resume revenue generation from electricity sales.

With production back online, Tarba can adjust output in response to prevailing Spanish power market dynamics, optimising pricing and operational performance. Recently appointed CEO Tom Reynolds is also focusing on regulatory engagement to secure permits for a proposed well programme at Romeral, aiming to unlock additional gas supply and support further asset development.

Despite the operational progress, the company’s broader outlook remains constrained by weak financial fundamentals, including ongoing operating losses and sustained negative operating and free cash flow over multiple years. Although leverage is relatively low, technical indicators remain unfavourable, with the share price trading below key moving averages and a negative MACD reading. Valuation metrics are also under pressure, reflecting a very high price-to-earnings ratio and no reported dividend yield.

More about Prospex Energy

Prospex Energy is an AIM-quoted investment company focused on European gas and power projects, targeting onshore and shallow offshore opportunities with relatively short paths to production. The company’s strategy centres on acquiring undervalued assets, increasing gas output to generate internal cash flow, and reinvesting proceeds to expand its production portfolio.

Hunting PLC (LSE:HTG) said a pilot of its Organic Oil Recovery (OOR) enhanced oil recovery technology at Buccaneer Energy Plc’s Pine Mills field in East Texas resulted in a doubling of oil output from the test wells, with one well’s water cut falling to zero.

The trial demonstrated a 100% increase in production across the pilot wells, highlighting the ability of OOR to improve residual oil recovery in mature fields. Buccaneer has indicated plans to expand deployment of the technology across additional wells in its portfolio, signalling growing commercial traction for Hunting’s solution.

Management said the results strengthen confidence in OOR as a cost-effective enhanced recovery technique that can be applied to a broad base of existing wells worldwide. By improving production efficiency and extending asset life, the technology could widen Hunting’s addressable market within oilfield services while reinforcing its competitive position in lower-cost recovery solutions.

From an investment perspective, the company’s outlook is supported by strong cash flow generation in 2024, a low-leverage balance sheet and shareholder-focused initiatives, including an expanded share buyback programme. However, profitability has been volatile, with a loss reported in 2024 following a profit in 2023. Technical indicators also point to softer near-term momentum, with a negative MACD reading and RSI below 50 tempering the otherwise solid financial footing.

More about Hunting

Hunting PLC is a London-listed global precision engineering group supplying equipment and premium services primarily to energy and industrial markets. Established in 1874 and headquartered in London, with a major corporate office in Houston, the company operates across the UK, US, China, India, Indonesia, Mexico, Saudi Arabia, Singapore and the UAE. It reports through five operating segments and focuses on product lines including OCTG, perforating systems, subsea technologies and advanced manufacturing solutions.

GEO Exploration Limited (LSE:GEO) has amended a prior announcement regarding the number of shares issued to non-executive director Brian Chu and confirmed a comprehensive equity-based remuneration package for its board.

The company has allotted new ordinary shares to executive directors Omar Ahmad, Hamza Choudhry and Azib Khan, as well as to Chu, in place of certain cash fees. Management said the move supports its objective of preserving cash resources while aligning board compensation more closely with shareholder returns through equity participation.

In addition, the board has agreed to extend by three years the expiry date of warrants originally issued as part of its August 2023 placing. GEO has also granted 490 million new share options to directors, with vesting subject to a combination of share price performance targets and time-based conditions. Collectively, the measures materially increase directors’ potential fully diluted interests and are designed to encourage long-term value creation.

The company noted that equity-led incentive structures are common among smaller AIM-listed resource companies, particularly those at the exploration stage, where capital discipline and liquidity preservation remain priorities.

More about GEO Exploration Limited

GEO Exploration Limited is an AIM-listed natural resources company focused on early-stage exploration projects. Operating with the funding constraints typical of junior miners, the group relies significantly on equity-based remuneration and incentive mechanisms to retain leadership talent while directing available cash toward operational progress and strategic development.