Author: Fiona Craig

Hermès (EU:RMS) delivered stronger-than-expected fourth-quarter growth on Thursday, supported by resilient demand in the United States and Japan.

Revenue for the final three months of the year increased 9.8% at constant exchange rates, surpassing analyst projections of 8.4%, according to a Visible Alpha consensus. The Americas region stood out, rising 12.1%—well above expectations of roughly 9%—with the U.S. market leading the advance.

Chief Executive Axel Dumas said the company approaches 2026 with confidence, noting that planned price increases this year will average between 5% and 6%, compared with around 6% to 7% in 2025, reflecting currency movements.

“The Hermès model based on an exclusive and qualitative network, as well as strong vertical integration, has once again proven successful. This distinctive strategy has enabled the house to achieve robust revenue growth and strong performance,” Dumas said.

The group’s key leather goods division, which accounts for the majority of earnings, recorded 14.6% organic growth in the quarter. All business lines exceeded expectations except for perfume and beauty, where revenue declined 14.6%.

For the full year, operating profit reached €6.57 billion, representing a margin of 41%, slightly ahead of market forecasts of 40%.

“We would not expect to see material changes to consensus estimates for FY26E following these results, which we view as solid in the context of a dynamic industry environment,” said RBC Capital Markets analyst Piral Dadhania.

Hermès continues to outperform much of the luxury sector, including competitors such as LVMH Moët Hennessy Louis Vuitton SE. Its strategy of targeting ultra-wealthy clientele and maintaining strict control over supply has helped shield the brand from softer spending among more price-sensitive luxury consumers.

The company proposed a dividend of €18 per share.

Britain’s economy recorded only a slight expansion in December, according to official figures, maintaining pressure on the Bank of England as policymakers weigh further interest rate cuts in 2026.

Data released Thursday by the Office for National Statistics showed that gross domestic product increased by 0.1% in the final month of 2025. That represented a slowdown from November’s 0.2% growth, which had itself been revised down from an initial estimate of 0.3%. November’s stronger reading had been boosted by Jaguar Land Rover’s rebound in output following disruption caused by a cyber attack.

Over the final quarter of 2025, the economy expanded by 0.1%, unchanged from the July-to-September period. For the full year, U.K. growth came in at 1.0%, slightly below the 1.1% recorded in 2024 and modest by historical standards.

Manufacturing output declined by 0.5% in December, reversing November’s 1.9% gain, which had been revised from 2.1%. The earlier surge had been supported by continued normalization at Jaguar Land Rover’s production sites after last year’s cyber incident.

“Looking ahead, we’re more positive on the U.K.’s growth outlook, with the Autumn budget proving less of a headwind to near-term economic activity than we’d originally anticipated,” said Grant Slade, an economist at investment research firm Morningstar.

“Notwithstanding, economic growth appears set to soften sequentially in 2026, consistent with the BoE’s still restrictive policy stance and weakening labor market conditions.”

Chancellor Rachel Reeves raised taxes in her Autumn budget toward the end of last year, though the increases were not as severe as some had feared.

The Bank of England kept its benchmark interest rate unchanged at its first meeting of 2026, following six reductions since August 2024. The vote was narrowly split, with four of the nine Monetary Policy Committee members backing another cut, pointing to a strong possibility of further easing at the March meeting.

Governor Andrew Bailey stressed at the accompanying press conference that inflation has fallen sharply from its peak of more than 10% three years ago, and the central bank now expects it to return to the 2% target this spring, sooner than previously anticipated.

IXICO plc (LSE:IXI) has won a contract extension worth approximately £1.5 million tied to an ongoing global Phase 2 clinical trial in Huntington’s disease. The award comes from one of the world’s largest international pharmaceutical groups, reflecting continued progress in the study and reinforcing IXICO’s role in advanced neurological drug development programmes.

The additional work is expected to generate around £1.5 million in revenue for IXICO over the next three years. The extension underscores the company’s long-standing relationships with major biopharma clients and the growing reliance on imaging biomarkers and AI-driven analytics to support decision-making in complex central nervous system trials.

Bram Goorden, CEO of IXICO, commented: “This contract extension is an example of how IXICO’s compelling IXI™ technology platform and neurological disease expertise consistently deliver gold standard outcomes for biopharma customers as they advance drug development in such a devastating neurological disease.”

About IXICO plc

IXICO is a global specialist in neuroscience imaging and biomarker analytics, deploying its proprietary AI-powered IXI™ platform to support the discovery, development and monitoring of treatments for neurological disorders. The company operates as an end-to-end Imaging Contract Research Organisation (iCRO), working with leading pharmaceutical companies, biotech firms, academic consortia and non-profit organisations.

With more than 20 years of experience, IXICO has contributed to hundreds of neurological clinical trials and analysed hundreds of thousands of brain scans. Its platform is purpose-built for neurological disease, processing imaging data from global studies to measure biomarkers linked to the diagnosis, progression and treatment of conditions such as Alzheimer’s, Huntington’s and Parkinson’s disease. By combining advanced analytics with scientific expertise, IXICO aims to reduce variability, enhance reproducibility and translate complex imaging data into clinically meaningful insights.

Delta Gold Technologies PLC (AQSE:DGQ) has struck a Research Sponsorship and exclusive Technology Licensing Agreement with Penn State University, strengthening its push to build a global intellectual property portfolio in quantum computing materials.

The Pennsylvania-based university has recently published research into structures and methods for quantum computing using gold—work that closely mirrors Delta’s ongoing programme with the University of Toronto. The new partnership brings the two streams of research into closer strategic alignment and forms part of Delta’s ambition to establish what it describes as a global “centre of excellence” in quantum materials across leading academic institutions.

Under the commercial terms, Delta will fund an initial year of research at Penn State with an estimated budget of up to US$997,142, payable on a cost-reimbursement basis. The programme will expand existing work on gold-based quantum technologies, with the aim of generating commercially valuable intellectual property. Over three years, the total reimbursable funding could reach up to US$2,991,426.

In return, Delta will receive an exclusive, sublicensable, royalty-bearing licence to any intellectual property developed under the programme. The licence allows the company to make, use, import and commercialise products across all fields except human health. A running royalty of 1% on net sales will become payable once cumulative sales of licensed products exceed US$20 million.

Both parties have agreed to cooperate in good faith on the defence and enforcement of intellectual property rights. The agreement may be terminated by either side with 60 days’ notice.

R. Michael Jones, Chief Executive Officer of Delta, commented: “We are very excited to work with Penn State, a top American University with extraordinary abilities in materials science and engineering. Amazingly, independently they were investigating the properties of nano scale gold and other materials for quantum computing at the same time as our work that is on-going at University of Toronto with similar materials. Signing an agreement with Penn State adds to our portfolio of potential IP and is a direct execution step of our mission to establish a “Centre of Excellence” in Quantum Computing Research. The opportunity for top universities to collaborate is extremely exciting in the developing field.”

About Penn State

Penn State (The Pennsylvania State University) is a public land-grant research institution founded in 1855, with its main campus at University Park in State College, Pennsylvania. The university serves around 90,000 students across more than 20 campuses and offers over 275 degree programmes. It is recognised for its strength in materials science, extensive alumni network and long-standing research heritage.

About Delta Gold Technologies PLC

Delta Gold Technologies is focused on developing intellectual property for the quantum computing sector, centred on nano-scale gold and related materials. The company is working with leading nanotechnology and quantum computing teams worldwide to advance research, file provisional patents and ultimately license technology into global markets.

Helium One Global Limited (LSE:HE1) has reported further progress at the Galactica-Pegasus helium project in Colorado, where it holds a 50% working interest alongside operator Blue Star Helium. The Pinon Canyon Plant is expected to commence integrated operations next week after installation of an amine unit designed to remove CO₂ from the gas stream, enabling helium to be captured and loaded into tube trailers.

Infrastructure connections are advancing in parallel. The State-9 and State-16 wells have now been tied into the gathering network, while construction work is under way to link the Jackson-2 well. Provision has also been made for Jackson-27 to support near-term production increases. The operator plans a phased ramp-up through 2026, incorporating additional well tie-ins and infill drilling to expand processing throughput and drive revenue growth.

Commercial preparations are also progressing. Spot helium sales agreements are already in place, and negotiations are ongoing for longer-term offtake contracts covering both helium and CO₂ output. The synchronised build-out of production facilities and marketing arrangements strengthens Helium One’s ambition to become a meaningful supplier in the structurally tight global helium market, complementing development work at its Rukwa project in Tanzania.

Despite operational milestones, the company’s broader outlook remains constrained by limited current revenue, continued losses and ongoing cash burn. However, the approach of first gas and near-term sales provides a positive catalyst, supported by constructive technical share price trends. Valuation metrics remain challenged due to negative earnings and the absence of dividend income.

More about Helium One Global Limited

Helium One Global Limited is a helium-focused exploration and development company with projects in Tanzania and the United States. Its flagship southern Rukwa Project in Tanzania has moved into appraisal and development following a successful 2023/24 drilling campaign. The company’s 50% stake in the Galactica-Pegasus project in Colorado provides additional exposure to helium and CO₂ production within a supply-constrained global market.