Author: Fiona Craig

M&G plc (LSE:MNG) delivered a strong third-quarter 2025 performance, recording £1.5 billion in net inflows from external Asset Management clients and total open business net inflows of £1.8 billion. Assets under management and administration (AUMA) in the Asset Management division rose to £335 billion, supported by broad-based client demand across asset classes and regions. The Life segment also performed well, with PruFund achieving £0.2 billion in net flows and Bulk Purchase Annuities (BPA) transactions totaling £0.3 billion. Despite a challenging macroeconomic backdrop, M&G continues to execute its strategic priorities effectively and remains on track to launch its With-Profits BPA product in the first quarter of 2026.

While M&G’s strong inflows highlight solid operational execution, the company continues to face challenges related to leverage and cash flow. Technical indicators suggest limited price momentum, though its high dividend yield offers valuation support and income appeal for investors.

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M&G plc is a leading international savings and investments group serving approximately 4.5 million retail clients and over 900 institutional clients across 39 global offices. As of 30 September 2025, the company managed £364.9 billion in assets under management and administration. Combining expertise in asset management and insurance, M&G offers a broad range of financial solutions under the M&G and Prudential brands in the UK and Europe, and under the M&G Investments brand worldwide.

Ceres Power Holdings plc (LSE:CWR) has entered into a manufacturing licence agreement with Weichai Power, broadening its network of global production partners for its solid oxide fuel cell technology. Under the agreement, Weichai will manufacture fuel cells and stacks for stationary power systems, targeting applications in AI data centres and industrial sectors. The collaboration is expected to deliver substantial revenue to Ceres through licence fees and royalties. As one of China’s leading engine manufacturers, Weichai’s partnership serves as a strong endorsement of Ceres’ technology and marks a major milestone in its strategy to establish its platform as a global industry standard.

Ceres Power’s outlook reflects continued strategic progress and promising technical momentum. However, challenges in profitability and valuation persist as the company advances from R&D toward full-scale commercialization. Ongoing cost-saving initiatives and increasing licence-based revenues are expected to strengthen its long-term financial position.

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Ceres Power Holdings plc is a UK-based clean energy technology company developing solid oxide fuel cells for power generation and electrolysers for green hydrogen production. Operating under an asset-light licensing model, Ceres partners with leading global firms including Doosan, Delta, Denso, Shell, Weichai, and Thermax. Its proprietary technology enables efficient, low-carbon energy solutions for industries such as ammonia, steel, and electrofuels. Listed on the London Stock Exchange, Ceres Power is recognized as a key contributor to the global energy transition and the advancement of sustainable technologies.

Barratt Redrow plc (LSE:BTRW) reported a resilient performance despite ongoing market challenges, emphasizing sustainable growth and operational efficiency. The company remains on course to deliver around 22,000 new homes annually and is progressing toward achieving £100 million in cost synergies through the continued integration of Redrow’s operations. Supported by a strong forward order book, Barratt Redrow maintains confidence in its FY26 outlook, even as uncertainties surrounding government policy and market demand persist.

The company’s overall outlook reflects steady revenue growth and a robust balance sheet, though profitability and cash flow pressures remain areas of focus. Technical indicators point to potential upward momentum, while valuation concerns linked to a high P/E ratio temper sentiment. Nevertheless, the company’s attractive dividend yield provides additional investor support.

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Barratt Redrow plc is a leading UK housebuilder specializing in residential property development. Known for its strong consumer brands, the company maintains a high-quality, geographically diversified land portfolio. Through a focus on build quality, customer satisfaction, and sustainable growth, Barratt Redrow is well-positioned within the UK housing market.

Braemar Plc (LSE:BMS) has reported its unaudited results for the half-year ended 31 August 2025, demonstrating resilience amid a challenging global market. The company saw declines in revenue and operating profit, largely due to softer chartering rates and geopolitical uncertainty, but remains optimistic for the second half of the year. With improving market conditions and a strong forward order book, Braemar continues to pursue its strategic growth initiatives, including the opening of a new office in Africa and the launch of a UK Organised Trading Facility. The Board reaffirmed its full-year guidance and declared an interim dividend of 2.5 pence per share.

Braemar’s outlook remains supported by its solid financial position and attractive valuation, despite near-term bearish technical indicators. The company’s strategic diversification and operational strength provide a stable foundation for long-term growth potential.

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Braemar Plc is a global provider of investment, chartering, and risk management advisory services for the shipping and energy industries. The company delivers integrated solutions through its network of experienced brokers and sector specialists, helping clients manage volatility and achieve sustainable returns. Listed on the London Stock Exchange under the ticker BMS, Braemar continues to expand its international footprint and service offerings across key maritime markets.

TP ICAP Group plc (LSE:TCAP) reported a 7% rise in group revenue for the first nine months of 2025, reaching £1,783 million, supported by strong results in its Global Broking and Liquidnet divisions. In contrast, the Energy & Commodities division experienced a slowdown, attributed to increased competition for broking talent. The company expects its current recruitment efforts to strengthen performance in that segment from 2026 onward. TP ICAP continues to pursue sustainable growth across its Parameta Solutions business and is evaluating a potential minority listing in the US. The Board remains confident in achieving full-year market expectations for adjusted EBIT, noting that a significant portion of the firm’s revenue and costs are denominated in US dollars.

TP ICAP’s outlook remains underpinned by steady financial performance, strong cash generation, and a solid balance sheet. The company’s valuation is considered attractive, supported by a reasonable P/E ratio and a robust dividend yield. While technical indicators suggest a neutral to slightly bearish short-term trend, the overall long-term view remains stable.

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TP ICAP Group plc is the world’s largest wholesale market intermediary, facilitating transactions between buyers and sellers across global financial, energy, and commodities markets. The company provides brokerage, data, analytics, and market intelligence services from more than 60 offices in 28 countries, leveraging advanced technology to enhance liquidity and market transparency.

Headlam Group PLC (LSE:HEAD) reported a 5% drop in revenue for the four months ended 31 October 2025, falling below expectations. In response, the company has initiated a restructuring program focused on reducing costs and enhancing operational efficiency to restore profitability and reinforce its market position. Despite current headwinds, the Board remains confident that these strategic measures, combined with Headlam’s established market presence and strong industry relationships, will support a return to sustainable growth.

Headlam’s near-term outlook remains pressured by declining revenue and weaker profitability, with technical indicators pointing to a bearish trend. Valuation metrics also reflect current challenges, including a negative P/E ratio and the absence of a dividend yield, weighing on overall sentiment.

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Headlam Group PLC is the UK’s largest distributor of floor coverings, serving the market for more than three decades. The company partners with global suppliers to provide an extensive range of products to a broad customer base that includes retailers, contractors, and housebuilders. Renowned for its comprehensive product offering, market expertise, and services such as e-commerce integration and nationwide next-day delivery, Headlam remains a key player in the UK flooring distribution industry.

Petro Matad Limited (LSE:MATD) announced that production has commenced at its Gazelle-1 well, which achieved an initial output of approximately 200 barrels of oil per day following successful testing in October. The company is also addressing technical issues at its Heron-2 well and engaging with PetroChina to revise their Oil Sales Agreement, aiming to secure full payment and resolve previously withheld amounts. Meanwhile, the Heron-1 well has completed its first year of production, delivering close to 60,000 barrels of oil. Petro Matad is also working to connect the well to Mongolia’s national electricity grid to further reduce operating costs.

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Petro Matad Limited is a Mongolia-based oil exploration and production company listed on the AIM market of the London Stock Exchange. The company’s activities focus on the development and operation of oil wells across Mongolia. Through its existing Oil Sales Agreement with PetroChina, Petro Matad continues to strengthen its position within the country’s growing energy sector.

Velocity Composites plc (LSE:VEL) reported that unaudited revenue for fiscal year 2025 declined to £20.7 million, primarily due to reduced Airbus A350 production rates and delays in program transfers from a key US customer. Despite the revenue shortfall, the company expects adjusted EBITDA to more than double compared to FY24, reflecting the benefits of operational efficiencies and streamlined cost structures. Velocity remains confident in its long-term outlook, emphasizing cash generation and continuous operational improvement to support future growth.

Looking ahead, the board anticipates FY26 revenue will come in below current market forecasts as project delays and broader market adjustments persist. However, further EBITDA improvement is expected as efficiency gains continue to take effect.

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Headquartered in Burnley, UK, Velocity Composites plc supplies advanced composite material kits to the aerospace and other high-performance manufacturing industries. The company’s clients include major global manufacturers such as Airbus, Boeing, and GKN. Leveraging proprietary technology to enhance cost efficiency and sustainability, Velocity is also exploring opportunities in emerging sectors including wind energy, urban air mobility, and electric vehicles.

Kitwave Group PLC (LSE:KITW) reported that trading for the 12 months ending October 2025 remained in line with expectations, despite ongoing pressures on consumer spending. The company continued to strengthen its operations with the successful integration of Creed, leading to the consolidation and closure of two depots, and invested in a new facility in the South West to support future growth. Kitwave has also aligned its financial year-end to December and plans to release a comprehensive trading update in January 2026.

In a leadership update, the company announced that Chief Financial Officer David Brind will retire, with Mark Earl set to assume the role. The transition is expected to be seamless, given Earl’s extensive experience within the organization. While Kitwave’s strong operational performance and attractive valuation underpin its outlook, recent bearish technical indicators suggest near-term caution.

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Founded in 1987, Kitwave Group PLC is a UK-based delivered wholesale business supplying impulse products, frozen and chilled foods, alcohol, groceries, and tobacco. Serving around 46,000 predominantly independent customers—including convenience stores, leisure venues, vending operators, and foodservice providers—the company operates a network of 37 depots nationwide. Kitwave has expanded through both organic growth and strategic acquisitions, focusing on smaller, family-run businesses within the UK’s fragmented wholesale market. The company has been listed on AIM since May 2021.

Water Intelligence PLC (LSE:WATR) delivered a strong third-quarter 2025 performance, reporting substantial growth in revenue, profit, and EBITDA. The results were supported by ongoing operational improvements and the successful implementation of strategic initiatives such as the “Dallas Template.” Backed by a solid balance sheet and disciplined capital management, including share buybacks and franchise reacquisitions, the company remains well-positioned to drive continued expansion and long-term value creation for shareholders.

Water Intelligence’s strong financial performance highlights its consistent growth and profitability, though technical indicators currently point to a short-term bearish trend. Valuation levels remain moderate, and the absence of a dividend yield may temper investor appeal. Nonetheless, the company’s strategic progress and financial strength support a positive long-term outlook.

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Water Intelligence PLC is a global solutions provider specializing in preventive maintenance for water and wastewater infrastructure. The company offers a range of services, including wireless monitoring, precision leak detection, and non-invasive remediation technologies. Through innovation and operational excellence, Water Intelligence aims to enhance efficiency across water systems and expand its market presence worldwide.