Author: Fiona Craig

Inspiration Healthcare Group (LSE:IHC) has appointed Cavendish Capital Markets Limited as joint broker with immediate effect. Cavendish will work alongside the company’s existing nominated adviser and corporate broker, Panmure Liberum, in a move aimed at enhancing capital markets support and broadening investor engagement.

The board said the appointment is intended to support the group as it continues to develop its position in the global neonatal intensive care and medical technology markets, improving access to market expertise and strengthening its profile with investors as it executes its growth strategy.

From an investment perspective, the overall outlook remains constrained by weak financial performance, including widening losses, reduced equity, higher leverage and ongoing negative cash flows. Market sentiment is further weighed down by bearish technical indicators, with the share price trading below key moving averages and a negative MACD signal. Valuation offers limited support at this stage given the company’s loss-making status and the absence of a dividend.

More about Inspiration Healthcare

Inspiration Healthcare Group is a UK-based global medical technology group specialising in neonatal intensive care equipment. The company designs, manufactures and markets products aimed at improving outcomes for newborns, including extremely premature babies. Its portfolio spans advanced capital equipment such as life-support ventilators, single-use disposables and distributed products for neonatal care and infusion therapy, sold directly in the UK and Ireland and through distribution partners in more than 75 countries from facilities in Croydon, South London and Melbourne, Florida.

Serabi Gold (LSE:SRB) said that incidents reported last week at its Palito Complex and Coringa mine in northern Brazil have not affected mining or milling operations. The company confirmed that both sites continue to operate in line with budget, with production activities proceeding as planned.

The group stated it remains fully compliant with all relevant regulatory and safety protocols and is providing ongoing support to affected employees and families. An internal review of health and safety procedures is at an advanced stage, which management said reflects its commitment to reinforcing workplace standards and maintaining confidence among regulators, employees and other stakeholders following the events.

From an investment perspective, Serabi’s outlook is underpinned by strong financial fundamentals, including high operating margins, a recovery in earnings and very low leverage. Technical indicators remain supportive, pointing to a bullish share price trend, while valuation also contributes positively given the company’s relatively low earnings multiple. The main risk factors continue to be variability in free cash flow and the cyclical nature of the gold mining sector.

More about Serabi Gold

Serabi Gold is a UK-headquartered gold exploration, development and production company with operations in Brazil’s Tapajós region in Pará state. The group operates the Palito Complex and is progressing construction of the Coringa mine, with typical annual gold production of around 30,000 to 40,000 ounces. Serabi also holds extensive exploration licences in Brazil and has reported a recent copper-gold porphyry discovery, alongside a corporate presence in Toronto.

Power Metal Resources (LSE:POW), via its uranium-focused joint venture Fermi Exploration, has defined three high-priority uranium targets at the Reitenbach Property in Saskatchewan’s Athabasca Basin. The targets, covering a combined area of roughly 100 hectares, were outlined using a combination of radon surveys and Ionic Leach soil geochemistry.

The work concentrated on the Nuphar North, Nuphar South and Goodleap areas, where results point to a ribbon-style geochemical anomaly. This pattern is interpreted as glacially transported material derived from a concealed pegmatite and fault-hosted uranium source located to the north. The interpretation is supported by correlations with lead isotope signatures, rare earth elements and alignment with known regional ice-flow directions.

In addition to the three priority zones, the company highlighted four further boulder fields showing radiometric anomalies that remain largely untested, indicating significant scope for additional target generation. Before committing to higher-cost, helicopter-supported drilling, Power Metal plans to continue refining these anomalies and improving its understanding of key structural corridors, including those associated with the Needle Falls Shear Zone. Management said this staged approach is intended to underpin a technically robust and capital-efficient drill programme at Reitenbach.

From an investment perspective, the outlook reflects a combination of balance sheet strength and perceived asset undervaluation, partially offset by operational risks and negative cash flows typical of early-stage exploration. Technical indicators suggest caution in the near term, with bearish trends still evident.

More about Power Metal Resources Plc

Power Metal Resources Plc is an AIM-quoted and OTCQB-traded exploration company with an increasing focus on uranium through Fermi Exploration Ltd. The group is building a portfolio of early-stage and drill-ready projects in highly prospective jurisdictions, including Canada’s Athabasca Basin, targeting uranium and other critical metals aligned with global energy transition and resources demand.

Filtronic (LSE:FTC) reported half-year results for FY2026 broadly in line with expectations, with revenue stable at £25.3m but profitability lower year on year as the group stepped up investment to support long-term growth. Increased spending on staff, facilities and product development, alongside currency headwinds from a weaker US dollar, weighed on margins and EBITDA during the period.

Despite the short-term profit impact, cash generation remained strong. Filtronic said it successfully self-funded its relocation to a larger headquarters and manufacturing facility, a move that expands capacity and supports future demand. Commercial momentum was also evident, with the company securing a number of significant long-term contracts. These included its largest-ever agreement, a $62.5m deal with SpaceX, as well as multi-year awards across European space and defence programmes.

As a result, the group’s order book reached a record level and now covers around 90% of forecast FY2026 revenue. Management said this high level of forward visibility underpins confidence in sustained growth and supports its five-year strategy, which is centred on gallium nitride (GaN)-based high-frequency systems for space, defence and adjacent mission-critical markets.

From an investment perspective, Filtronic’s outlook continues to be supported by strong underlying financial characteristics, including rapid revenue growth, attractive margins, low leverage and solid cash flow. Share price technicals remain supportive, although overbought signals suggest some near-term risk. Valuation is a moderate headwind given the higher earnings multiple and the absence of a dividend.

More about Filtronic

Filtronic plc is an AIM-listed designer and manufacturer of advanced RF, microwave and millimetre-wave products and sub-systems. The company serves aerospace, defence, telecoms infrastructure, space and critical communications markets, with a growing emphasis on high-frequency technologies such as gallium nitride for high-reliability, mission-critical applications worldwide.

Jadestone Energy (LSE:JSE) reported record group production for 2025 of 19,829 barrels of oil equivalent per day, an increase of 6% year on year and in line with guidance. Performance was driven by stronger-than-expected output and high operational uptime at the Akatara project, offsetting the impact of the disposal of its Sinphuhorm interest in Thailand.

Cost discipline remained a key feature of the year, with total production costs falling 14% to US$243m. This supported a 3% increase in post-hedging revenue to US$408.1m, despite lower realised oil prices. Net debt was reduced by 15% to US$89m, even as capital expenditure remained elevated, largely reflecting investment in the Skua-11ST drilling campaign.

Operationally, the company highlighted a strong safety performance, surpassing 12 million man-hours without a lost-time injury. Momentum across the portfolio continues, with regulatory approvals progressing for the Nam Du/U Minh gas development in Vietnam and an infill drilling programme planned offshore Malaysia. Jadestone also pointed to higher realised gas prices, partial oil price hedging extending into 2026 and an expected non-cash impairment linked to lower long-term oil price assumptions as part of its ongoing efforts to strengthen financial resilience and manage commodity price volatility.

Overall, the company said these developments reinforce its strategy of disciplined operations, cost control and selective growth across the Asia-Pacific region, while continuing to build a pipeline of gas-weighted projects to support longer-term stability.

From an investment perspective, the outlook remains influenced by financial challenges, including leverage and negative cash flows. These factors are partly offset by an attractive valuation and recent positive corporate developments, while technical indicators suggest broadly neutral share price momentum.

More about Jadestone Energy Inc

Jadestone Energy Inc is an independent upstream oil and gas company focused on the Asia-Pacific region, with producing and development assets across Australia, Malaysia, Indonesia and Vietnam. Headquartered in Singapore and listed on AIM in London, the group pursues growth through a combination of organic development projects and acquisitions, applying operational expertise to improve efficiency, reduce costs and extend asset life. Jadestone is also increasing its exposure to gas and has set a target of achieving net zero Scope 1 and 2 emissions from operated assets by 2040.

ECR Minerals (LSE:ECR) said it has identified a prospective offtake partner for gold production from its Raglan alluvial gold project in Queensland and is now advancing formal agreements. The board expects documentation to be completed within the coming month, which it believes would establish a clear route to market for Raglan’s planned gold output, while noting that final terms and timing are not yet guaranteed.

Alongside this progress, the company disclosed the results of an internal insurance assessment that values the replacement cost of Raglan’s plant, equipment and associated infrastructure at approximately A$1.9m. This figure is materially higher than the original acquisition cost, which management views as external validation of the quality of the facilities and the attractiveness of the transaction. With an experienced operational team in place, a 300-acre mining lease secured and commercial arrangements continuing to advance, ECR believes Raglan is well positioned to move into production and generate early cash flow.

Management said initial production at Raglan is expected to support the wider development of the group’s Queensland gold portfolio, providing a potential funding base for further growth. However, the company reiterated that there is no certainty the proposed offtake agreement will be concluded on the anticipated timetable or on acceptable commercial terms.

More about ECR Minerals

ECR Minerals PLC is a mineral exploration and development company focused on gold assets in Australia. The group operates through wholly owned subsidiaries covering Victoria and Queensland, with projects including Bailieston, Creswick and Tambo in Victoria, and the Raglan and Blue Mountain alluvial gold projects in Queensland. Its broader portfolio also includes exploration ground in the Lolworth Range, a licence application at Kondaparinga in the Hodgkinson Gold Province, contingent payment rights of up to A$2m from previously sold Victorian assets, and significant unutilised tax losses from prior operations.

EnSilica (LSE:ENSI) delivered record unaudited results for the six months to 30 November 2025, with revenue rising 37% year on year to £12.7m. Growth was driven by a continued shift away from a predominantly consultancy-led model toward a more scalable, multi-stream business, as chip supply revenue increased 34% to £3.9m and recurring income streams became a larger part of the mix.

The group moved into profitability at the operating level, reporting EBITDA of £1.7m and an operating profit of £0.4m. Operating cash flow reached £4.4m during the period, while cash at the half year end stood at £2.0m. EnSilica continued to invest for growth, committing £3.1m to supply contracts and intellectual property as it builds long-term recurring revenues and royalties in higher-growth markets such as satellite communications and secure semiconductor applications.

Operational progress remained strong. The company advanced multiple ASIC programmes toward production, with five ASICs now in the supply phase and cumulative shipments exceeding 10 million devices on a long-running automotive programme. During the half, EnSilica also secured a $1.4m satellite payload order and won a £5m UK government contract to develop a secure, quantum-resilient processor ASIC for critical infrastructure. In addition, a new mixed-signal design centre was opened in Budapest, further strengthening the group’s European engineering footprint.

With more than 95% of expected FY26 revenue already covered by contracted work and a robust pipeline of design and non-recurring engineering projects feeding future chip supply, the board reiterated confidence in meeting full-year expectations. Management highlighted the growing resilience and scalability of the business model as recurring chip revenues increase, supporting EnSilica’s competitive position in advanced ASIC markets.

From an investment perspective, strong operational delivery and momentum are tempered by concerns around historical losses and free cash flow volatility. Technical indicators remain supportive, with the share price trading well above key moving averages, although momentum is approaching more stretched levels. Valuation remains constrained by negative earnings and the absence of a dividend.

More about EnSilica PLC

EnSilica plc is a fabless application-specific integrated circuit (ASIC) designer specialising in mixed-signal, RF and mmWave semiconductors. The company serves communications, industrial, automotive and healthcare markets where safety, security and reliability are critical. EnSilica operates from its headquarters in Oxford, with additional design centres in the UK, India, Brazil and Hungary, and leverages a growing portfolio of reusable IP and silicon platforms to shorten customer development cycles and support long-term chip supply revenues.

Alumasc (LSE:ALU) delivered a resilient first-half performance for the six months to 31 December 2025, navigating weaker UK construction conditions and project delays linked to the Building Safety Act and affordability pressures. Group revenue declined 12% year on year to £50.4m, primarily reflecting the absence of prior-period contributions from the Chek Lap Kok airport project in Hong Kong. Underlying operating margin eased to 8.9%, with underlying profit falling to £4.0m, in line with expectations for a more heavily second-half-weighted earnings profile.

Management responded to the softer top-line environment by implementing £1.1m of annualised cost savings and maintaining tight control of the balance sheet. The interim dividend was held at 3.5p, while net debt stood at £7.7m. The company also highlighted a materially improved pension surplus, which is expected to reduce future cash contributions and strengthen financial flexibility.

Operationally, Alumasc reported strong momentum in its order book, which rose 27% year on year excluding Chek Lap Kok and was 50% higher than December 2023 levels. Growth was supported by a £2m initial order relating to Changi Airport in Singapore, alongside a broadening international pipeline extending beyond the group’s traditional Asian and Middle Eastern markets. A leadership transition is underway, with a new CEO designate due to join in March, and the board reiterated confidence in meeting full-year expectations.

Looking ahead, the company believes it is well positioned to benefit from an eventual recovery in UK construction demand, increased infrastructure spending and the continued shift toward sustainable and green building solutions. These trends are expected to support margin improvement and longer-term value creation for shareholders.

More about Alumasc

Alumasc Group plc is a UK-based supplier of building products, systems and solutions, with a strong focus on sustainability. The group operates across water management, roofing and other construction-related segments, serving infrastructure, commercial and residential markets in the UK and internationally. Alumasc is positioned to benefit from rising demand for environmentally focused building solutions and tightening sustainability regulations across the construction sector.

LBG Media (LSE:LBG) reported full-year results for 2025 broadly in line with expectations, posting constant-currency revenue growth of 10% to £92.2m and a 3% increase in adjusted EBITDA to £25.2m. Performance was underpinned by strong cash generation, leaving the group with a net cash position of £30.8m and no debt at the year end.

Growth was led by the Direct segment, where revenues rose 13%, driven by particularly strong momentum in the US, up 29%, and continued progress in the UK, up 11%. Indirect revenues stabilised over the year, edging 1% higher as increased income from social platforms offset weaker performance from owned websites. The group said it is now increasing investment in senior leadership, sales capabilities and emerging AI technologies to accelerate expansion of its higher-growth Direct advertising business across its core UK and US markets.

Management expects Direct revenues to become the majority of group sales over time, targeting low-to-mid-teens growth rates and margins in the mid-30% range before central costs. The strategy is designed to improve earnings visibility and support longer-term profitability, while maintaining the Indirect segment as a high-margin, lower-growth channel that continues to provide scale and audience reach for advertisers.

Overall, the company’s strong financial performance remains the key positive, reflecting solid growth, profitability and balance sheet strength. These strengths are tempered by bearish technical indicators and a valuation that suggests some caution. Limited disclosure beyond the results announcement also restricts additional insight.

More about LBG Media Plc

LBG Media plc is a digital media group focused on engaging young adult audiences through culturally relevant content distributed across social platforms, podcasts and websites. Best known for brands such as LADbible and Betches, the group partners with global blue-chip advertisers, media agencies and celebrities to deliver branded campaigns aimed primarily at Gen Z and young millennial audiences in key markets including the UK and the United States.

Avacta Therapeutics (LSE:AVCT) announced two important clinical updates for its lead pre|CISION®-enabled oncology asset, faridoxorubicin (AVA6000), marking further progress toward later-stage development. The company confirmed that a historic maximum dosing restriction linked to free doxorubicin exposure has now been lifted, following Phase 1 data demonstrating a highly favourable cardiac safety profile. According to the update, patients were dosed at close to four times the conventional doxorubicin level, with higher cumulative exposure, without observing severe cardiac toxicity.

In parallel, the company has set out a clearer route to dose selection for upcoming efficacy trials. Final Phase 1b cohorts are being enrolled to compare two dose levels, with the aim of identifying the optimal biologic dose to take forward. Management said these steps strengthen regulatory confidence in the safety profile of the pre|CISION® platform and should help streamline progression into later-stage studies, supporting the wider strategy to advance its tumour-activated oncology pipeline.

From an investment perspective, progress at the clinical level is overshadowed by ongoing financial and market challenges. Weak financial performance and bearish technical indicators continue to weigh on sentiment, while the absence of major partnerships adds to execution risk. Valuation remains unattractive given ongoing losses and the lack of dividend support, despite the scientific advances being reported.

More about Avacta Group plc

Avacta Group plc is a clinical-stage biopharmaceutical and life sciences group focused on oncology through its subsidiary Avacta Therapeutics. The company is developing its proprietary pre|CISION® tumour-activated drug delivery platform, which uses a fibroblast activation protein (FAP)-targeted peptide system to concentrate potent cancer therapies within the tumour microenvironment while reducing exposure to healthy tissue. Its pipeline includes pre|CISION® peptide drug conjugates and Affimer®-based therapies designed to improve tolerability and enable higher, more effective dosing of anticancer treatments.