Author: Fiona Craig

Morgan Sindall Group plc (LSE:MGNS) said all divisions traded strongly through 2025, with full-year results expected to align with market forecasts. The group enters 2026 supported by a record secured order book and preferred bidder pipeline totaling £19.1 billion, a 17% increase year-on-year, underlining continued progress across its core markets.

Management pointed to growing confidence in the conversion of preferred bidder opportunities and new contract wins within the Fit Out division, significantly improving revenue visibility. As a result, Fit Out profits for 2026 are now projected to come in materially ahead of previous expectations and comfortably above the division’s medium-term target range. This outperformance has lifted the broader group outlook for 2026, while other divisions are anticipated to deliver results consistent with prior guidance.

The company’s positive trajectory is underpinned by robust operational execution and supportive corporate developments. Technical indicators show a sustained upward trend in the share price, though near-term overbought signals suggest some caution may be warranted. Valuation metrics appear broadly balanced, offering a measured risk-reward profile relative to peers.

More about Morgan Sindall Group plc

Morgan Sindall Group plc is a UK-based construction and regeneration specialist operating through divisions focused on partnerships, fit-out and construction services. The group delivers projects across a range of public and private sector markets, supported by a growing secured order book that enhances forward revenue visibility and strengthens its competitive position.

RELX plc (LSE:REL) delivered another year of steady expansion in 2025, with underlying revenue increasing 7% to £9.59 billion and adjusted operating profit climbing 9% to £3.34 billion. The group’s operating margin improved to 34.8%, while adjusted earnings per share advanced 10% at constant currency. Stronger net profit and cash generation supported a proposed 7% rise in the full-year dividend to 67.5p per share.

Performance was broad-based across divisions, with particularly robust momentum in Risk and a notable acceleration in Legal. Management attributed progress to the continued shift toward higher-growth analytics and decision-support tools, alongside deeper integration of artificial intelligence to enhance product capabilities. Cost growth remained below revenue growth, reinforcing margin expansion.

Capital allocation remained a key focus. RELX completed £1.5 billion in share buybacks during 2025 and announced plans for a further £2.25 billion in 2026. The group also deployed £270 million on five acquisitions while maintaining balance sheet discipline, with net debt at 2.0x EBITDA. Management reiterated expectations for another year of solid underlying growth in 2026.

Looking ahead, RELX benefits from high margins, strong cash conversion and a constructive earnings trajectory supported by diversified segment growth. However, technical indicators currently signal weaker share price momentum, with the stock trading below major moving averages and negative MACD readings. Valuation also appears relatively full on a price-to-earnings basis, despite the support of a moderate dividend yield.

More about RELX plc

RELX plc is a global provider of data-driven analytics and decision tools serving professional and business customers across risk, scientific, technical and medical, legal and exhibitions markets. The company focuses on advanced information products and artificial intelligence-enabled solutions designed to improve decision-making and deliver long-term, sustainable growth.

Ashmore Group plc (LSE:ASHM) increased assets under management by 10% to US$52.5 billion in the six months to 31 December 2025, supported by US$2.3 billion of net inflows and US$2.6 billion in investment performance gains. The uplift came as emerging markets outperformed developed peers, driving growth across several strategies.

Equities were a standout performer, with assets in the segment rising 17% to US$8.8 billion. The group also continued to diversify its funding base, with client-sourced assets from emerging markets accounting for 39% of total AuM, reflecting progress in expanding local distribution and strengthening its presence in on-the-ground markets.

Although adjusted net revenue declined 16% year-on-year to £67.5 million—largely due to lower average AuM over the period and softer performance fees—profitability improved significantly. Profit before tax climbed 64% to £81.9 million, while diluted earnings per share jumped 89% to 10.1 pence. The increase was driven by stronger seed capital returns and disciplined cost management.

Ashmore ended the period with £480 million in excess financial resources and maintained its interim dividend at 4.8 pence per share. Management said the firm remains well positioned to capitalise on a supportive emerging market backdrop characterised by relatively higher growth, more accommodative monetary conditions and a weaker US dollar, reinforcing its standing in active EM asset management.

From an outlook perspective, strong profitability and a low-leverage balance sheet provide a solid foundation, though revenue pressure and softer cash-flow trends warrant attention. Technical indicators appear positive but signal overbought conditions, while valuation metrics remain broadly supportive, combining a moderate price-to-earnings ratio with an attractive dividend yield. The latest earnings discussion reflected both strategic progress and cost discipline, alongside declines in revenue, EBITDA and EPS compared with the prior year.

More about Ashmore Group plc

Ashmore Group plc is a London-listed specialist investment manager focused exclusively on emerging markets. The firm offers fixed income and equity strategies to institutional and retail clients worldwide, with a growing share of assets sourced from emerging market investors. It operates local offices in key markets including Indonesia and Colombia to support distribution and portfolio management.

Trifast plc (LSE:TRI) said trading in the third quarter to 31 December 2025 leaves the group positioned to meet full-year 2026 expectations, despite continued difficult market conditions. Management highlighted ongoing efforts to improve operational efficiency and execute strategic self-help initiatives, maintaining confidence in delivering double-digit EBIT margins over the medium term.

Ahead of the update, analyst consensus projections indicate FY26 revenue of around £214 million, with underlying EBIT of £16 million and underlying profit before tax of £11.6 million, based on estimates from three covering analysts. The company expects to issue a detailed pre-close trading statement in late April 2026, followed by its full-year results in July 2026, which should provide greater clarity on progress toward its earnings and margin objectives.

While Trifast’s financial position remains stable and operational initiatives are supporting performance, revenue growth and cash flow generation continue to present challenges. Recent corporate developments and management’s reaffirmed guidance lend support to the investment case, but technical indicators and valuation metrics suggest a degree of caution remains warranted.

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Trifast plc is an international specialist in engineered fastening supply chain solutions. The group designs, manufactures and distributes high-quality engineered fastenings and Category C components to major global assembly sectors, including automotive, smart infrastructure and medical equipment. It serves customers in approximately 65 countries through operations across the UK and Ireland, Europe, Asia and North America.

Oriole Resources PLC (LSE:ORR) has released additional positive assay results from its maiden 2,950-metre diamond drilling campaign at the MB01-N target within the Mbe gold project in Cameroon. The latest three holes all returned gold intersections, enlarging the known mineralised envelope to at least 300 metres wide, 550 metres long and 185 metres deep. The system remains open along strike and at depth, highlighting scope for further expansion.

The fully funded programme is now approximately 90% complete, with drilling expected to conclude in early Q2 2026. Upon completion, the company intends to publish a maiden JORC-compliant resource for MB01-N. The new results add momentum to the broader Mbe project, which already hosts an existing 870,000-ounce JORC Resource at the nearby MB01-S deposit. Management believes the continued expansion at MB01-N enhances the project’s overall scale and supports plans for follow-up drilling, while underpinning partner BCM International’s pathway to earn up to a 50% interest in the project.

From a financial standpoint, the company’s outlook remains constrained by the absence of revenue and ongoing cash burn, although it maintains a relatively low-debt balance sheet. Technical indicators provide moderate support, but valuation metrics are limited by negative earnings and the lack of dividend income.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration company with a focus on Central and West Africa. Its principal asset is the Mbe gold project in Cameroon, in which it holds a 90% interest. The company’s strategy centres on advancing multiple targets toward JORC-compliant resources to strengthen and expand its regional gold portfolio.

Warpaint London plc (LSE:W7L) has formally confirmed to the UK Takeover Panel that it has fulfilled the post-offer intention statements made during its acquisition of Brand Architekts Group. The transaction, implemented through a court-approved scheme of arrangement that became effective on 12 February 2025, has now been followed by written confirmation under Rule 19.6(c) that the company has acted in accordance with the commitments outlined at the time of the bid.

The notification provides regulatory assurance that Warpaint has delivered on its stated plans regarding the oversight, integration and future direction of Brand Architekts. The update reinforces governance standards within the UK takeover framework and signals that the incorporation of Brand Architekts’ portfolio of health, beauty and personal care brands into Warpaint’s operations is progressing as communicated. For investors and other stakeholders, the confirmation supports confidence in the group’s acquisition strategy and execution discipline.

From an outlook perspective, Warpaint benefits from robust underlying fundamentals, including strong revenue growth, solid profitability, consistent cash generation and a healthy balance sheet. Valuation metrics also appear supportive, with a relatively low price-to-earnings ratio and an attractive dividend yield. However, technical indicators suggest some caution, as momentum appears extended and the share price remains below its 200-day moving average, potentially indicating residual longer-term pressure.

More about Warpaint London plc

Warpaint London plc is a UK-based cosmetics group focused on branded makeup, primarily under the W7 and Technic labels. W7 serves major UK retailers and international distributors, while Technic is well established in the UK and continental European gifting segment, particularly through high street chains and supermarkets. The company also markets Man’stuff, Body Collection and Chit Chat to targeted consumer segments. Following its February 2025 acquisition of Brand Architekts Group, Warpaint now owns an expanded portfolio of complementary brands including Skin & Tan, Super Facialist, Dirty Works and Fish Soho.

Ondo InsurTech Plc (LSE:ONDO) has taken a significant step in its U.S. expansion after winning its first American insurance customer for its LeakBot water damage prevention system via a partnership with vipHomeLink. The company targets the estimated $17 billion annual water damage claims market across the U.S. and UK, working with 26 insurers and holding the London Stock Exchange’s Green Economy Mark for its focus on reducing loss-related environmental impact.

LeakBot is designed as a self-install device that connects to a home’s Wi-Fi network, identifies hidden leaks and coordinates repairs through a mobile app and a network of engineers. Ondo collaborates with insurers to integrate the technology into their claims prevention strategies, aiming to lower claims frequency and severity.

Under the new agreement, The Co-operative Insurance Companies will introduce LeakBot to policyholders in Vermont and New Hampshire. Ondo described the deal as an important milestone in its U.S. go-to-market plan. By leveraging vipHomeLink’s regional platform and co-branded marketing capabilities, the company aims to penetrate local and specialist insurers, build density in targeted markets and complement its direct relationships with larger national carriers. Additional launches through this channel are anticipated.

While the strategic progress supports Ondo’s international growth ambitions, the company’s broader outlook remains shaped by weak financial performance and challenging technical indicators. Nonetheless, recent corporate activity—including fundraising initiatives and expansion into new markets—offers a degree of forward-looking optimism.

More about Ondo InsurTech Plc

Ondo InsurTech Plc is a London-listed technology provider focused on claims prevention solutions for home insurers worldwide. Its patented LeakBot device connects to household wireless networks to detect water leaks, notify homeowners via a mobile app and arrange repairs through specialist engineers. Research suggests the system can reduce water damage claim costs by up to 70%. The company partners with 26 insurers across Europe and the U.S., including Nationwide, Admiral and Hiscox, and derives the majority of its revenue from environmentally beneficial activities linked to loss prevention.

Yellow Cake plc (LSE:YCA) has completed an oversubscribed equity placing, raising roughly US$110 million through the issue of 12,818,760 new shares at £6.29 apiece to a mix of existing and new institutional investors. The fundraising exceeded the initial US$75 million target, with the new shares—equivalent to around 5.3% of the company’s pre-issue share capital—set to begin trading on AIM on 17 February 2026. Following admission, total voting rights will rise to 252,659,184 shares.

The capital injection will enable Yellow Cake to fully exercise its 2026 uranium purchase option under its long-standing supply framework with Kazatomprom. Management also intends to preserve flexibility for additional opportunistic purchases of physical uranium. By increasing its U3O8 inventory at a time when it anticipates tightening global supply and structurally rising demand—driven in part by electrification trends and the energy requirements of AI-focused data centres—the company aims to strengthen its leverage to uranium price movements and deliver enhanced long-term shareholder value.

Despite its strategic positioning, the investment case continues to be shaped by uneven financial performance, including volatile earnings and persistently negative cash flow, although the balance sheet remains debt-free. Technical indicators suggest a solid upward trend, but near-overbought conditions and a negative price-to-earnings ratio temper the overall assessment.

More about Yellow Cake plc

Yellow Cake plc is a London-listed specialist investment vehicle offering direct exposure to the uranium spot price through the acquisition and holding of physical U3O8. Incorporated in Jersey, the company seeks to generate returns primarily from uranium price appreciation and related transactions. Its strategy is underpinned by a long-term supply agreement with Kazatomprom, the world’s largest uranium producer.