Category: Market News

Tap Global Group PLC (LSE:TAP), the AIM-listed digital finance platform, reported first-half revenue of £1.67 million for the six months to 31 December 2025, representing a 6.9% year-on-year decline amid softer conditions in cryptocurrency markets.

Despite the slight revenue drop, the company maintained strong gross margins above 75%. However, higher operating costs led to an EBITDA loss of £0.15 million and a pre-tax loss of £0.5 million for the period. Cash balances at the end of the half-year stood at £433,000.

During the period, Tap Global continued advancing its strategy of positioning itself as a regulated bridge between traditional fiat payments and digital assets. The company integrated open banking services through tell.money and partnered with Moorwand to introduce dedicated GBP and EUR IBAN accounts alongside improved payment infrastructure.

Tap Global also relaunched its corporate customer programme, onboarding more than 25 business clients. In addition, it introduced a Bitcoin Treasury as a Service offering aimed at institutional users, which has already secured its first client. These developments form part of the company’s broader shift toward higher-margin B2B services and are intended to support more diversified and sustainable long-term growth.

More about Tap Global Group PLC

Tap Global Group PLC is a digital finance platform designed to connect traditional fiat payments with blockchain-based financial services through a single mobile application. The platform serves more than 400,000 individual and business users, providing integrated fiat accounts, payment cards and access to more than 70 cryptocurrencies across over 40 countries. The company operates within European regulatory frameworks and holds licences in Gibraltar and Bulgaria.

Hilton Food Group (LSE:HFG) reported resilient trading for 2025, supported by stable volumes across its core retail meat and fresh prepared foods operations. Revenue from continuing activities increased by nearly 12% on a constant currency basis, demonstrating steady demand despite persistent inflationary pressures across the supply chain.

Adjusted profit before tax from continuing operations declined slightly, slipping around 1% year on year, largely due to weaker performance at the Seachill seafood division. At the statutory level, exceptional costs related to regulatory matters at Foppen were offset by gains from asset disposals and a reduction in net bank debt, helping to stabilise overall financial results.

During the year, the group completed a strategic review aimed at concentrating growth and capital investment on its core meat and fresh prepared food segments. Alongside this shift, improvement programmes are being implemented at Seachill, Foppen and Dalco to enhance operational performance and broaden the company’s strategic options for these businesses.

Looking ahead, management reiterated that profit in 2026 is expected to come in below 2025 levels, reflecting continued challenges within the seafood and specialty food divisions. However, the company pointed to strong core volumes and new contract wins across continental Europe as positive indicators. Hilton Food is also investing in major capacity expansions in Canada, Saudi Arabia and Poland, which it believes will support future growth.

The group remains committed to a progressive dividend policy designed to maintain shareholder returns while supporting longer-term objectives around profit growth, improved cash conversion and stronger returns on capital.

From an investment perspective, Hilton Food’s outlook is underpinned by a relatively attractive valuation and solid financial performance, although operational headwinds and bearish technical indicators present some near-term risks. Strategic initiatives and confidence from insiders nevertheless provide a supportive longer-term outlook.

More about Hilton Food

Hilton Food Group is an international food packing and supply partner for major grocery retailers, specialising primarily in red meat and fresh prepared foods. The company operates highly automated production facilities and long-term retail partnerships across the UK, Europe and newer growth markets such as Canada and Saudi Arabia. Its strategy focuses on expanding into under-served markets while strengthening relationships with global retailers to support long-term growth.

EnSilica (LSE:ENSI) has been selected as one of three semiconductor supply chain partners in the newly established CHERI Adoption Collective, an initiative launched by PA Consulting in collaboration with the UK Department for Science, Innovation & Technology. The programme brings together major infrastructure operators—including BT, National Grid and SSE—alongside defence and industrial partners to address the UK’s estimated £27bn cyber resilience challenge.

The Collective is designed to accelerate the deployment of CHERI technology, a microchip architecture that enhances cybersecurity at the hardware level. By improving memory safety, CHERI aims to mitigate vulnerabilities that are responsible for the majority of software security flaws.

As part of the initiative, EnSilica will contribute its EnSura secure microcontroller platform, which incorporates CHERI-enabled RISC-V architecture along with support for post-quantum cryptography. Participation in the programme positions the company to capitalise on emerging opportunities in secure computing systems and critical infrastructure markets where advanced cybersecurity capabilities are increasingly required.

Despite this strategic progress, EnSilica’s financial outlook remains constrained by underlying performance challenges. The company continues to face declining revenue, ongoing operating losses and sharply deteriorating free cash flow, although its balance sheet remains relatively manageable in terms of leverage. Technical indicators provide some counterbalance, with the share price trading well above major moving averages and showing strong upward momentum, though signals suggest conditions may be approaching overextended levels. Valuation also remains pressured as the company is currently loss-making and does not offer a dividend yield.

More about EnSilica plc

EnSilica plc is a fabless semiconductor company specialising in the design of application-specific integrated circuits (ASICs), including RF, mmWave, mixed-signal and complex digital chips. The business serves sectors such as space and communications, industrial technology, automotive and healthcare, with a focus on safety, security and reliability. Its reusable intellectual property and silicon platforms enable scalable product development and long-term supply revenues. EnSilica operates design centres in the UK, India, Brazil and Hungary.

BRCK Group PLC (LSE:BRCK) has revealed it received an unsolicited, indicative and non-binding takeover proposal from Atlas Holdings LLC, which later submitted a potential all-cash offer of 65 pence per share for the company. After reviewing the proposal alongside its financial advisers, the board unanimously rejected the approach, stating that the offer significantly undervalued the business. However, the company has agreed to share limited additional information to allow Atlas the opportunity to consider submitting a higher bid.

The board reaffirmed its confidence in BRCK’s prospects as an independent listed company and advised shareholders not to take any action while discussions remain at an early stage. Under the rules of the UK Takeover Code, Atlas must by 28 April 2026 either confirm a firm intention to make an offer or announce that it does not intend to proceed. This requirement formally places the company in an offer period, increasing scrutiny from investors and industry observers regarding the group’s potential ownership and valuation.

BRCK’s broader outlook combines steady financial performance with ongoing strategic developments. The company benefits from stable revenue growth and an attractive dividend yield, which remain key strengths. Nevertheless, pressure on profitability and cash flow management continues to pose challenges, while technical indicators currently point to a weaker market trend. Recent corporate developments and strategic initiatives may provide momentum for future growth if operational improvements continue.

More about BRCK Group PLC

BRCK Group PLC is a UK-based distributor and supplier of specialist products and services to the construction sector. The company operates across bricks and building materials distribution, importing, and contracting services. Established in 1985, the group has expanded through a mix of organic growth and acquisitions and now employs more than 800 people while managing a portfolio of brands serving construction and development projects across the UK.

Shield Therapeutics (LSE:STX) has received a regulatory boost after a European Medicines Agency committee recommended extending the approved use of FeRACCRU to include adolescent patients. The positive opinion allows the iron deficiency treatment to be prescribed for individuals aged 12 and above, expanding its existing patient base.

The recommendation follows completion of the company’s agreed pediatric investigation plan and is supported by encouraging Phase 3 trial results demonstrating the efficacy and safety of ferric maltol in children. The development strengthens the drug’s pediatric profile in Europe, complementing earlier regulatory approval for similar use in the United States.

Under Shield’s European licensing agreement, Norgine holds the marketing authorisation for FeRACCRU and will be responsible for commercialising the expanded indication across the region. The regulatory milestone will trigger a €500,000 payment to Shield under the terms of the partnership.

The approval is expected to support broader adoption of ferric maltol and enhance its position in the global iron deficiency treatment market as a differentiated oral therapy. It also aligns with Shield’s strategy of leveraging regional commercial partners to expand revenues outside the United States.

From an investment perspective, the company’s outlook reflects a mix of encouraging corporate developments and financial headwinds. Recent regulatory progress and strong technical momentum in the share price offer positive signals. However, ongoing financial challenges and valuation concerns remain key risks for investors.

More about Shield Therapeutics

Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on the treatment of iron deficiency and iron deficiency anaemia. Its ferric maltol product is marketed as ACCRUFeR in the United States and FeRACCRU in Europe and other international markets. The company operates through licensing partnerships with regional pharmaceutical firms, including Viatris in the U.S. and Norgine in Europe, alongside additional partners across Canada, Asia-Pacific and China. Patent protection for ferric maltol is expected to extend into the mid-2030s.

Kazera Global (LSE:KZG) reported meaningful operational progress for the six months to 31 December 2025, with its mineral sands and diamond operations in South Africa transitioning from development toward early production while the group continued strengthening its financial position.

At Whale Head Minerals, newly installed processing infrastructure has begun producing consistent heavy mineral concentrates grading around 32% TiO₂. The company is currently implementing plant upgrades and introducing additional operating shifts in an effort to increase production capacity. Management said this progress could support negotiations for higher-value offtake agreements once the long-delayed 2A Mining Right clears the existing regulatory backlog.

Within the group’s diamond operations, Deep Blue Minerals achieved its first diamond recoveries and initial sales following the commissioning of a new jig and FlowSort recovery system. Early results have been encouraging, with both grades and recovery rates exceeding expectations. In addition, a revised agreement with Alexkor has improved Kazera’s share of revenue as the project scales up production.

Elsewhere, the Aftan tantalum and lithium project remains a strategic focus. Kazera is pursuing enforcement of a multi-million-dollar arbitration award against former buyer Hebei while also engaging with potential development partners. However, discussions with counterparties have been cautious pending a decision from the Namibian Supreme Court related to the dispute. To support future development, the company has raised new equity, extended loan facilities and added technical personnel, providing additional funding and operational capacity as it prepares for its next growth stage.

Despite these operational advances, Kazera’s financial outlook remains constrained. The company reported no revenue for 2025 and continues to post significant losses alongside ongoing cash burn. Technical indicators also point to a weak share price trend, with the stock trading below key moving averages and showing a negative MACD signal. Valuation support remains limited as the negative P/E ratio reflects continued losses, and there is no dividend yield available.

More about Kazera Global plc

Kazera Global is an AIM-listed investment company focused on developing natural resource projects across southern Africa. Its portfolio includes interests in heavy mineral sands, diamonds and tantalum-lithium assets. Through subsidiaries such as Whale Head Minerals, Deep Blue Minerals and African Tantalum, the company is working to advance projects toward early-stage production and unlock value from titanium-rich mineral sands, alluvial and inland diamond deposits, and hard-rock tantalum and lithium resources.

Raspberry Pi (LSE:RPI) reported robust financial results for 2025, with revenue increasing 25% year on year to $323.2 million and adjusted EBITDA also rising 25% to $46.4 million. The performance was supported by higher unit shipments and strong demand from both OEM partners and reseller channels, particularly in the United States and China.

Profit before tax climbed 63% during the year, while earnings per share rose significantly. The company closed the year with $28.1 million in net cash after repaying $52.2 million of extended supplier payables, highlighting strong underlying cash generation even though the overall cash balance declined following the repayment.

Operationally, Raspberry Pi shipped 7.6 million units in 2025. The company also continued expanding its semiconductor business, with chip volumes surpassing those of boards and modules for the first time. At the same time, the product portfolio broadened with 13 launches during the year. These included updates to the Raspberry Pi Connect IoT platform and, after the reporting period, the release of the AI HAT+2 designed to support more advanced artificial intelligence workloads.

Management noted that the business remained resilient despite rising DRAM costs, supported by a strategy that includes diversifying suppliers, maintaining inventory buffers and applying flexible pricing. The company believes the current supply environment could allow it to increase market share, strengthen customer relationships and maintain strong momentum heading into 2026.

Looking ahead, Raspberry Pi’s outlook is supported by strong revenue growth and a healthy balance sheet. However, the company faces pressure from narrowing margins and negative free cash flow. Technical indicators remain mixed to weak, with the share price trading below key longer-term moving averages and a negative MACD signal. Additionally, a relatively high price-to-earnings ratio and the absence of dividend income may weigh on investor sentiment.

More about Raspberry Pi Holdings plc

Raspberry Pi Holdings plc, headquartered in Cambridge, UK, is a full-stack engineering company specialising in high-performance, low-cost general-purpose computing platforms. Its product ecosystem includes semiconductor intellectual property, single-board computers, compute modules, microcontrollers, accessories and software. The company serves a diverse global customer base ranging from industrial and embedded system developers to educators, hobbyists and semiconductor partners, with more than 75 million units sold worldwide.

Empire Metals (LSE:EEE) has agreed to extend the deadline for completing the sale of its 75% stake in the Eclipse Mining Licence by one month, moving the target completion date to 30 April 2026. The extension was requested by the buyer to allow additional time to finalise due diligence work.

As part of its evaluation, the purchaser has drilled 10 reverse-circulation holes covering a total of 514 metres. However, progress has been slowed by delays in receiving assay results, with laboratory turnaround times taking longer than expected.

The buyer has already paid a non-refundable deposit of A$50,000. A further A$700,000 payment will be made upon completion of the transaction, subject to the outcome of the due diligence process. Empire said the proposed sale aligns with its strategy of divesting non-core assets in order to concentrate both financial and management resources on advancing its flagship Pitfield Titanium Project in Western Australia.

The company believes sharpening its focus on Pitfield will strengthen its role within the global titanium supply chain. The project hosts a large, high-grade titanium resource and has produced encouraging processing results so far. If the Eclipse disposal is finalised, the proceeds and reduced operational distraction could help accelerate development at Pitfield while improving strategic focus and potential long-term returns for shareholders.

Despite these strategic efforts, Empire’s outlook remains constrained by its early-stage financial profile. The company currently generates no revenue and continues to report operating losses alongside ongoing cash burn, increasing its reliance on external funding. Technical indicators also suggest weak momentum, with the share price trading below major moving averages. However, a relatively low-debt balance sheet provides some financial stability even though profitability has yet to be achieved.

More about Empire Metals

Empire Metals is an exploration and resource development company focused on advancing the Pitfield Titanium Project in Western Australia. The project hosts one of the world’s largest and highest-grade titanium resources, with a mineral resource estimate of 2.2 billion tonnes grading 5.1% TiO₂. Pitfield benefits from surface mineralisation, strong grade continuity and established infrastructure in the region.

Processing trials at Pitfield have already produced a 99.25% TiO₂ high-purity product suitable for titanium sponge metal or pigment feedstock. Currently, only around 20% of the known mineralised footprint is included in the resource estimate, leaving significant potential for future expansion as global demand for titanium and other critical minerals continues to rise.