Category: Market News

Workspace Group PLC (LSE:WKP) announced that Lawrence Hutchings has stepped down as Chief Executive Officer and board director with immediate effect. Charlie Green will assume the role of CEO from 2 February, marking a leadership change at the London-focused flexible workspace operator.

Green joins with extensive sector experience as the co-founder of The Office Group, now known as Fora, which he helped build into one of the UK’s largest flexible workspace platforms, operating more than 70 locations nationwide. During his tenure of more than 20 years, he led the business through several investment cycles, including Blackstone’s majority acquisition in 2017.

The company also confirmed that Tom Edwards-Moss will take up the role of CFO Designate on 23 February, as previously announced in December. Existing chief financial officer Dave Benson will remain in post until 30 April to support a smooth handover.

Workspace said it will publish its third-quarter trading update on 21 January and noted that performance over the quarter has been in line with management expectations.

Chair Duncan Owen thanked Hutchings for his contribution to the business and highlighted the board’s continued commitment to the “Fix, Accelerate and Scale” strategy that was developed under his leadership. Owen said Green’s background in scaling flexible workspace platforms and driving operational performance positions him well to accelerate execution of the group’s existing strategy.

Hutchings described his time leading Workspace as a privilege and said he was proud of the platform established for future growth. Green said he was “hugely excited” to take on the role, adding that he has long admired Workspace and sees significant opportunity ahead, supported by its portfolio of distinctive buildings and customer-focused proposition.

More about Workspace Group

Workspace Group PLC is London’s leading owner and operator of flexible workspace, providing offices, studios and light industrial space across a diverse portfolio of characterful properties. The group focuses on supporting small and medium-sized businesses with flexible leases and value-added services across the capital.

Allergy Therapeutics plc (LSE:AGY) reported first-half revenue of £36.3 million for the six months ended 31 December, representing year-on-year growth of 7%, despite the continued phase-out of unregistered products in the German market.

A key development during the period was the start of commercialisation of Grassmuno, the company’s newly approved subcutaneous grass pollen immunotherapy. Sales began in January following marketing authorisation from German regulators in December, marking the first new product launch in Germany’s subcutaneous immunotherapy market in two decades.

The group ended December with cash of £10.1 million, compared with £12.8 million at the end of June 2025, reflecting the repayment of all outstanding shareholder loans. During the period, Allergy Therapeutics received £55 million from warrant exercises by shareholder lenders, which was used to eliminate its financial debt. The company also confirmed it now has access to £70 million of uncommitted funding facilities as it explores a potential dual primary listing on the Hong Kong Stock Exchange.

Chief executive Manuel Llobet described the German approval of Grassmuno as a “pivotal moment” for the business, particularly ahead of the conclusion of the German allergen ordinance (TAV) process later this year. He noted that this regulatory transition is expected to lead to the withdrawal of competing products that fail to meet updated requirements.

Progress also continues across the pipeline, with the VLP Peanut programme — focused on developing a next-generation peanut allergy immunotherapy — delivering encouraging interim results. Chairman Peter Jensen said securing German registration has validated the company’s clinical trial approach, which can now be applied to additional allergy indications such as birch and ragweed.

Allergy Therapeutics expects to publish its interim results in March and said it remains confident in delivering revenue growth for the full year ending 30 June 2026.

More about Allergy Therapeutics

Allergy Therapeutics plc is a UK-based biotechnology company specialising in allergy immunotherapies. The group develops and commercialises treatments for allergic conditions, with a focus on subcutaneous and next-generation immunotherapies across multiple indications, supported by a growing clinical pipeline and expanding international footprint.

Ashtead Technology Holdings plc (LSE:AT.) reported a robust set of full-year results for 2025, with revenue rising 21% year on year to approximately £203 million, up from £168 million in 2024. The group delivered organic growth of 3%, reflecting continued demand for its subsea technology solutions alongside contributions from recent acquisitions.

The company said its adjusted EBITA margin is expected to come in at the top end of its medium-term target range, with profit performance slightly ahead of market expectations. Revenue momentum improved in the second half of the year, with H2 sales around 5% higher than the first half, supported by the mobilisation of longer-duration projects that had been delayed earlier in 2025.

Ashtead Technology also confirmed the successful integration of Seatronics and J2 Subsea, both acquired in the fourth quarter of 2024. Management said integration synergies were delivered ahead of plan, while lower-margin activities within the acquired businesses were reduced, contributing to improved overall profitability.

Strong cash conversion during the year enabled the group to reduce leverage to below 1.4 times at year end. Net debt is expected to fall further, to under 1.0 times by the end of 2026. Looking ahead, the company plans to invest around £35 million in capital expenditure during 2026 to support future growth.

Commenting on the results, chief executive Allan Pirie said the group was pleased with its financial performance and had made meaningful progress in expanding its international footprint and broadening its customer offering. Management reiterated its focus on executing strategic growth initiatives and expressed confidence in the company’s ability to deliver shareholder value over the medium term.

More about Ashtead Technology Holdings plc

Ashtead Technology Holdings plc is a provider of specialist subsea technology solutions to the offshore energy and marine industries. The group supplies equipment and services that support the inspection, maintenance and monitoring of subsea infrastructure, with operations serving customers across global offshore markets.

SigmaRoc (LSE:SRC) said it now expects to exceed its 2025 earnings-per-share guidance by around 10%, supported by strong synergy delivery and disciplined cost control. Underlying EBITDA is forecast to rise by more than 16% to over £262 million on revenue of £1.04 billion, with a marked improvement in profitability despite softer end-market volumes.

The group reported that underlying EBITDA margins have increased to around 25%, reflecting the benefits of integration synergies from recent acquisitions in the UK and Poland, alongside deliberate volume reductions linked to network optimisation. Covenant leverage has been reduced to approximately 1.8 times, while return on invested capital has improved to above 12%. Management highlighted that its €40 million recurring synergy target has been achieved two years ahead of schedule.

Strategic progress during the year included the disposal of three non-core businesses, the launch of a refinancing initiative to expand funding capacity for future acquisitions, and continued advancement across ESG priorities, including kiln decarbonisation. SigmaRoc’s ventures arm also remained active, supporting innovation and longer-term growth opportunities as the group consolidates its position in European lime and limestone markets.

Looking ahead to 2026, management struck a cautiously optimistic tone, citing potential tailwinds from German infrastructure stimulus, signs of stabilisation in the European steel sector, increased defence and green-economy investment, and more supportive financial conditions. At the same time, the group said it remains focused on cost discipline amid ongoing weather-related and geopolitical risks.

From an investment perspective, SigmaRoc’s outlook is underpinned by strong financial performance, improving margins and supportive technical indicators, alongside a stable balance sheet. These strengths are partly offset by a relatively high valuation multiple and the impact of recent project setbacks, which slightly temper the otherwise positive medium-term view.

More about SigmaRoc

SigmaRoc is a European producer of lime and limestone products serving construction, steel and a range of industrial end-markets across the UK, Ireland, Benelux, Germany, the Nordics and Central Europe. The group has pursued a strategy of growth through acquisitions, portfolio optimisation and an expanding ventures arm, while positioning itself around long-term structural themes such as decarbonisation, sustainable construction and electrification.

Helium One Global (LSE:HE1) has started electrical submersible pump testing at the ITW-1 well within its Southern Rukwa Helium Project in Tanzania, marking a further step in the appraisal of its recent helium discovery. The programme follows the completion of wireline logging and the mobilisation of specialist equipment to site.

The company said the ESP assembly is being deployed to access deeper fractured Basement and Karoo formations, with the objective of improving flow rates and enhancing helium production. Testing is expected to run over a two- to three-week period and is intended to provide additional data to support the potential commercial development of the Rukwa resource.

Management described the start of pump testing as continued operational progress toward commercialising the discovery, as the project moves through appraisal and development phases.

From an investment perspective, Helium One’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and significant cash outflows. These challenges are partly offset by a strong event-driven narrative, with first gas and near-term sales targeted, alongside constructive technical momentum in the shares. Valuation remains pressured due to negative earnings and the lack of dividend visibility.

More about Helium One Global Limited

Helium One Global Ltd is a helium exploration and development company focused on addressing supply constraints in the global helium market. The group is the primary helium explorer in Tanzania, where its flagship Southern Rukwa Project has progressed into appraisal and development following a confirmed helium discovery at Itumbula West-1. Helium One also holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado, which has delivered commercially promising helium and CO₂ flows and began bringing initial wells into production in late 2025.

Anpario (LSE:ANP) reported a robust trading performance for the year ended 2025, with unaudited revenue increasing 23% year on year to approximately £47.1 million and adjusted EBITDA expected to be at least £9.4 million. Both metrics came in ahead of market expectations, reflecting high operational gearing and broad-based growth across the majority of the group’s geographic markets.

The integration of Bio-Vet, acquired in late 2024, is progressing in line with management’s plans and delivered a strong contribution in the second half of the year. Despite making contingent payments related to the acquisition, Anpario ended the period with a strengthened net cash position of £12.4 million, underlining the resilience of the balance sheet.

Management said the group’s financial position provides flexibility to continue investing in product development, international expansion and further complementary acquisitions. Full-year results are scheduled for release toward the end of March 2026.

From an investment perspective, Anpario’s outlook is supported by its strong financial performance and recent positive corporate developments. Share price technical indicators point to a bullish trend, while valuation appears reasonable given the group’s growth profile. Overall, the company enters 2026 with momentum across both operations and strategy.

More about Anpario

Anpario plc is an independent producer of natural and sustainable animal feed additives designed to improve animal health, nutrition and biosecurity. The group supplies customers worldwide, with key growth markets in Asia, the Americas and Europe, and follows a strategy centred on innovation, global expansion and earnings-enhancing acquisitions, including the purchase of Bio-Vet in 2024.

ME Group International (LSE:MEGP) has appointed Peel Hunt LLP as its sole corporate broker, bringing its UK capital markets advisory under a single firm. The company said the move is intended to streamline broker relationships and support more focused engagement with investors as the group continues to expand its automated self-service vending operations.

The appointment comes as ME Group International grows its diversified portfolio of consumer-facing, self-service solutions across multiple geographies. Management believes a simplified advisory structure will help sharpen communication with the UK equity market and reinforce the group’s positioning within the automated consumer services sector.

From an investment perspective, ME Group International benefits from strong underlying financial performance, including robust revenue and profit growth and a stable balance sheet. Valuation metrics remain attractive, supported by a relatively low earnings multiple and a high dividend yield.

These positives are partly offset by bearish share price technicals, with the stock currently in a downtrend and showing oversold conditions that could increase near-term volatility. While fundamentals remain supportive, investors may remain cautious until market momentum improves.

More about ME Group International

ME Group International is a London-listed market leader in automated self-service equipment for consumers. The group operates more than 48,000 vending units across 16 countries in continental Europe, the UK and Ireland, and Asia Pacific. Its core services include Photo.ME photobooths with biometric ID solutions and Wash.ME unattended laundry facilities, alongside complementary offerings such as Print.ME digital printing kiosks and other automated vending services.

Surface Transforms (LSE:SCE) reported a step-change in performance during 2025, with revenue increasing by around 120% to approximately £18.0 million as higher production volumes and stronger second-half deliveries drove growth. The production ramp-up also helped narrow operating losses before interest and tax to about £8.7 million, compared with the prior year.

The company said the year was characterised by continued investment in capacity expansion and automation, supported in part by the full drawdown of a £13.2 million ERDF loan. Manufacturing efficiency improved materially, with production yields rising from 49% in the first quarter to 77% by the fourth quarter, reflecting better process control and learning curve benefits.

Surface Transforms expects further progress in 2026, with a new furnace scheduled to come online by the end of the second quarter. This additional capacity underpins management’s forecast of around £27.0 million in revenue next year and a move toward EBITDA breakeven. While acknowledging that cash headroom remains tight, the company said liquidity is manageable as it approaches a more sustainable operating scale.

From a market perspective, the outlook continues to be shaped by financial challenges, including ongoing losses and cash outflows. Technical indicators suggest a broadly bearish trend in the shares, and valuation remains constrained by negative earnings. However, recent operational milestones, improving production metrics and strategic investment in capacity are viewed as constructive steps toward longer-term profitability.

More about Surface Transforms

Surface Transforms plc is a UK-based manufacturer of carbon fibre reinforced carbon-ceramic brake discs for high-performance automotive applications. The company supplies major global OEM customers across internal combustion and electric vehicle platforms and differentiates itself through proprietary continuous-fibre carbon-ceramic technology that delivers lighter weight, longer life and superior heat management compared with traditional braking systems.

Marshalls (LSE:MSLH) said its adjusted profit before tax for 2025 is expected to be in line with market expectations, as group revenue increased 2% year on year to £632 million, marking a tentative return to growth amid subdued end-market conditions. Performance varied across divisions, reflecting both ongoing demand pressures and the early benefits of restructuring initiatives.

Landscaping Products revenue declined 1%, with volume growth offset by adverse price and mix effects. By contrast, Building Products and Roofing Products each delivered 4% revenue growth. Building Products benefited from strong demand in water management solutions, while Roofing Products saw a standout contribution from Viridian Solar, where annual revenue rose 32%. These gains were partly offset by weaker bricks demand and a softer second half at Marley.

The group continues to execute its Landscaping Products improvement plan, including the exit from UK quarried natural stone processing. This programme is on track to deliver £11 million of annualised cost savings, with £3 million realised during 2025. Management said the lower cost base is already supporting improved competitiveness, helping to drive volume growth and protect market share.

Marshalls’ balance sheet remains resilient, with pre-IFRS 16 net debt of £138 million and £125 million of undrawn headroom on its refinanced syndicated banking facility. This financial flexibility provides capacity to support both strategic initiatives and operational investment.

While the board does not expect a near-term rebound in underlying market demand, it anticipates improved financial performance in 2026, driven by the benefits of cost savings and continued delivery of the group’s ‘Transform & Grow’ strategy. Under the leadership of newly appointed chief executive Simon Bourne, the company believes it is well positioned to benefit from an eventual recovery in construction markets and longer-term structural growth trends.

From an investment perspective, Marshalls’ outlook is supported by improving margins, solid cash flow generation and a moderate valuation underpinned by a reliable dividend yield. Technical indicators remain mixed, with some short-term positive momentum tempered by longer-term caution. Recent corporate developments, including leadership changes and insider share purchases, add to a generally constructive medium-term view.

More about Marshalls

Marshalls plc is a long-established UK manufacturer of sustainable solutions for the built environment. The group operates through its Landscaping, Building Products and Roofing Products divisions, serving construction and infrastructure markets via a nationwide manufacturing and distribution network, with a strategic focus on ESG leadership, low-carbon products and operational excellence.