Category: Market News

Transense Technologies (LSE:TRT) said trading across its two core divisions remains positive, but slower-than-expected customer onboarding and a downgrade to anticipated Bridgestone iTrack royalties have led management to trim its outlook for the year ending June 2026. The group now expects FY26 revenue of at least £5.2m, including around £2.0m from royalties, falling short of previous market expectations after an estimated 10% reduction in forecast iTrack income. While combined revenue from SAWsense and Translogik is still projected to grow by at least 30% year on year, with gross margins maintained, full-year profitability is now expected to be materially lower than earlier guidance, despite the business being profitable and cash generative in the first half.

Operationally, SAWsense delivered revenue growth of more than 70% in the first half, while Translogik recorded growth of 13%, supported by a strengthening sales pipeline and new partnership discussions. Management noted that geopolitical and broader economic uncertainty are causing some customers to delay new commitments, weighing on near-term visibility. Even so, the board reiterated confidence in the group’s longer-term growth prospects, pointing to the scalability of its technology platforms and exposure to high-value end markets, as the company prepares to publish interim results and host investor presentations in February.

More about Transense Technologies PLC
Transense Technologies PLC, headquartered in Oxfordshire and listed on AIM, develops and supplies advanced sensing and measurement technologies for mission-critical applications. Through its SAWsense and Translogik divisions, the company provides Surface Acoustic Wave-based sensor systems to aerospace, automotive and industrial customers, alongside smart, connected tyre inspection and monitoring solutions for global tyre manufacturers, fleet operators and service centres, and earns residual royalties from Bridgestone’s iTrack off-highway tyre monitoring system.

Artemis Resources (LSE:ARV) reported a notable exploration advance in its December quarter update, highlighting the discovery of a new shear-hosted gold system at the Titan East prospect within the Karratha Gold-Copper Project. Drilling delivered high-grade gold intersections across a strike length of roughly 600 metres, prompting the company to commence follow-up diamond drilling to better define the scale and continuity of the mineralisation. The results mark a meaningful step forward for the broader Karratha project and support Artemis’s strategy of expanding its gold footprint alongside copper exposure.

Beyond Titan East, the group progressed a conceptual mining study at its Carlow Gold-Copper Project, assessing potential open-pit and underground development pathways against a backdrop of stronger gold and copper prices. Artemis also added momentum to its copper growth pipeline through an earn-in and joint venture agreement over the Sharon Dam IOCG Project in the Madura Province, while continuing exploration work at the Cassowary prospect. In parallel, the company signed a non-binding memorandum of understanding to evaluate processing high-grade silver ore from the Elizabeth Hill mine at its wholly owned Radio Hill processing plant, offering potential third-party processing upside. On the corporate front, Artemis announced changes to its technical leadership and outlined plans to delist from London’s AIM market, aiming to reduce costs and concentrate liquidity on its ASX listing.

More about Artemis Resources

Artemis Resources is an ASX-listed exploration and development company focused on gold and copper assets in Western Australia. Its core portfolio includes the Karratha Gold-Copper Project and the Carlow Gold-Copper Project in the Pilbara region, alongside large-scale IOCG-style copper-gold targets in the Madura Province. The company also owns the fully permitted Radio Hill Processing Plant near Karratha, providing processing flexibility for its own material and potential third-party feed, and is seeking to streamline its capital markets presence by consolidating trading activity on the ASX.

Cohort plc (LSE:CHRT) said its subsidiary Marlborough Communications Ltd (MCL) has secured a series of new UK defence orders worth a combined £17.9m, providing firm support for the Group’s revenue expectations in the 2025/26 financial year. The awards include a £14.0m contract from a UK government customer for the near-term supply of uncrewed air systems, alongside two years of in-service support, delivered in partnership with long-standing supplier Skydio. In addition, MCL has received a further £3.9m order for tactical audio systems from a UK customer, adding to near-term delivery commitments.

Chief executive Andrew Thomis said the contract wins reflect MCL’s strong relationships with defence customers and its proven engineering capabilities, while also strengthening Cohort’s order book and improving revenue visibility. Management noted that the new business fully underpins current consensus revenue forecasts for FY2025/26, reinforcing confidence in the Group’s short- to medium-term outlook.

More broadly, Cohort’s solid operational and financial performance, together with supportive corporate developments, provide a strong underlying base. However, this is partly tempered by weaker technical indicators and a valuation that suggests a more cautious market stance despite the Group’s consistent revenue growth and disciplined strategic execution.

More about Cohort plc

Cohort plc is an AIM-listed independent technology group supplying defence and related products and services through seven operating businesses across the UK, Australia, Germany and Portugal. The Group is structured around Communications and Intelligence, and Sensors and Effectors divisions, with subsidiaries delivering advanced communications, surveillance, electronic warfare, sonar and naval systems to domestic and international defence customers, including the UK Ministry of Defence and other government agencies.

First Class Metals PLC (LSE:FCM) has arranged up to £1m in interest-free convertible loan note financing from an overseas investor, providing funding to kick off its maiden drilling campaign at the Sunbeam gold project in Ontario while also boosting working capital. The agreement comprises an initial £350,000 tranche, with conversion rights set at a discount to the prevailing market price and accompanied by warrants, alongside an option for the company to redeem the notes at a premium. Part of the proceeds will be used to fast-track the final CAD$100,000 payment required to secure full ownership of the Kerrs Gold property, bringing a 386,000-ounce historical gold resource fully under company control and strengthening its position as it advances several gold assets against a supportive gold price backdrop.

Despite the strategic funding, the investment case continues to be constrained by early-stage financial characteristics, including the absence of revenue, ongoing operating losses and continued cash outflows, with only limited balance sheet support at present. Share price signals are mixed and offer little technical confirmation, while valuation remains difficult to assess given negative earnings and the lack of dividend metrics.

More about First Class Metals PLC

First Class Metals PLC is a UK-listed exploration company focused on high-grade, district-scale gold and critical metals opportunities in Ontario, Canada, with particular exposure to the Hemlo camp and the Abitibi Greenstone Belt. The group owns 100% of seven claim blocks and holds options over three additional areas, targeting gold alongside base and battery metals. Its portfolio includes flagship assets at North Hemlo and Sunbeam, a joint venture at the ultra-high-grade West Pickle Lake nickel-copper project, and other interests such as the Zigzag lithium–tantalum project and the Kerrs Gold property, which hosts a substantial historical gold resource.

Empyrean Energy (LSE:EME) has entered into a binding term sheet with Conrad Asia Energy that brings an end to the prolonged cash call dispute relating to Indonesia’s Duyung Production Sharing Contract and the Mako Gas Field. Under the agreement, Conrad has withdrawn its forced withdrawal notice and both parties have aligned on a cooperative structure built around a newly created special purpose vehicle. Empyrean will transfer its existing 8.5% participating interest in the Duyung PSC to Conrad subsidiary WNEL, but will retain an indirect 8.5% economic interest by holding the same stake in a Singapore-based SPV that owns WNEL. This structure allows Empyrean to maintain exposure to future Mako value and potential farm-out proceeds, while removing any requirement for direct future cash call funding, with development expected to be supported by project finance and first gas targeted for the fourth quarter of 2027.

Despite the strategic resolution, the company’s overall outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses, negative operating cash flow and a balance sheet characterised by negative equity and rising debt. Market indicators also remain unfavourable, with the share price trading below key moving averages and momentum signals such as MACD still negative. While the settlement reduces legal and joint venture uncertainty and introduces some positive governance elements, these are partly offset by the group’s loss-making status, limited valuation support and the absence of dividend visibility.

More about Empyrean Energy PLC

Empyrean Energy PLC is an oil and gas exploration and development company with assets and interests across Australia, Indonesia and the United States. Its portfolio is focused on upstream opportunities, including the Duyung Production Sharing Contract offshore Indonesia, which contains the Mako Gas Field, alongside other exploration and appraisal projects.

Winking Studios Limited (LSE:WKS) said it expects a strong FY2025 performance, forecasting revenue growth of at least 40% from US$31.9m in FY2024, coming in slightly ahead of market expectations. The uplift is being driven primarily by the acquisition of Shanghai Mineloader Digital Technology, alongside mid-to-high single-digit organic growth across its existing studios. Adjusted EBITDA is projected to rise by 7–13% year on year, reflecting continued investment in expansion initiatives, including further M&A activity, additional production capacity in Southeast Asia and the development of Vertic Studios as a premium, high-end art brand. The group is also pushing to strengthen its commercial footprint in Western markets.

Visibility remains strong, with indicative artist bookings of at least US$48.6m secured over the next 24 months. Of this total, around US$34.6m is expected to be recognised as FY2026 revenue, highlighting a robust forward pipeline and reinforcing the company’s role as a key outsourcing partner for leading global video game publishers.

More about Winking Studios Limited

Winking Studios Limited is headquartered in Singapore and is dual-listed on the London and Singapore stock exchanges. It is one of Asia’s largest AAA game art outsourcing specialists and an established game development group, with more than 25 years of industry experience. The company delivers end-to-end art outsourcing, game development and publishing support services through three core business segments. It operates 13 studios across Greater China and Malaysia, employs over 1,400 staff and works with 22 of the world’s top 25 game publishers.

Centaur Media plc (LSE:CAU) has unveiled plans to return up to £64m to shareholders through a tender offer to repurchase as many as 133.3 million shares at 48p each, using cash generated from the disposal of its core operating assets during 2025. Following these transactions, the group will be left debt-free with excess capital. In parallel, the company intends to carry out a court-sanctioned capital reduction to create distributable reserves and proceed with a full delisting from the London Stock Exchange, cancelling its premium listing, re-registering as a private limited company and adopting new articles of association. With Influencer Intelligence now the only remaining operating business—and a potential sale of that unit under review—the steps point to an advanced stage in the group’s break-up strategy and a significant reshaping of its future as a listed entity.

From a performance perspective, Centaur Media continues to be constrained by weak underlying financial results, particularly negative earnings, which weigh on valuation metrics. These pressures are partly balanced by supportive technical signals and decisive corporate actions, including asset disposals and the proposed return of capital. While profitability concerns persist, the elevated dividend yield and shareholder-focused strategy provide some offsetting appeal.

More about Centaur Media plc

Centaur Media plc is a UK-based media and information group that historically operated a portfolio of specialist business-to-business brands across the marketing, legal and digital sectors. After completing a strategic review and a series of divestments in 2025—including the sales of Mini MBA, Marketing Week, The Lawyer and Econsultancy—the group has largely exited its former portfolio. It is now focused on a single remaining operation, Influencer Intelligence, which incorporates the Fashion Monitor brand and provides data and insights to clients in the influencer marketing space.

Yellow Cake (LSE:YCA) said the value of its uranium portfolio slipped slightly by 0.5% to US$1.77bn over the three months to 31 December 2025, with net asset value per share easing to £6.03, tracking a modest dip in spot uranium prices despite broadly constructive market conditions. During the period, the company bolstered its balance sheet through an oversubscribed £129.6m equity placing and confirmed plans to exercise its 2025 option with Kazatomprom to acquire 1.33 million pounds of U3O8 at US$75.08 per pound. Once completed, the purchase is expected to take total uranium holdings to around 23 million pounds, providing scope for additional opportunistic buying. Management noted that the shares have recently traded above NAV, highlighting sustained investor demand for uranium exposure as nuclear power investment accelerates globally, fuelled by data centre and AI-driven electricity needs alongside new long-term nuclear programmes in markets including the US and South Africa.

Operationally, the investment case continues to be weighed down by uneven financial metrics, notably ongoing negative cash generation and fluctuating earnings, even as the company maintains a zero-debt, low-risk balance sheet. From a market perspective, the share price remains in a strong upward trend, though near-overbought indicators and a negative price-to-earnings profile temper the overall assessment.

More about Yellow Cake plc

Yellow Cake plc is a dedicated uranium investment company that provides investors with direct exposure to physical uranium oxide (U3O8), which it holds on a long-term basis while also engaging in uranium-related commercial activities. Its fully paid uranium inventory is stored at facilities operated by Cameco in Canada and Orano in France. The group’s strategy is centred on benefiting from tightening supply-demand dynamics as nuclear energy plays a growing role in the global power mix.

U.S. equity futures pointed modestly higher early Thursday, signaling a positive start to trading after the major indices finished the prior session close to flat.

Early strength looked set to be driven by a strong earnings reaction from Meta Platforms (NASDAQ:META), with the Facebook owner jumping more than 9% in premarket dealings. The rally followed better-than-expected fourth-quarter results and first-quarter revenue guidance that topped Wall Street forecasts.

Other large-cap technology names also added support. Shares of IBM Corp. (NYSE:IBM) advanced sharply before the bell after the company delivered fourth-quarter results that beat expectations on both revenue and profit. Tesla (NASDAQ:TSLA) also appeared poised to open higher after reporting quarterly numbers that exceeded analyst estimates.

Offsetting some of the optimism was weakness in Microsoft (NASDAQ:MSFT), whose shares slid more than 6% in premarket trading. The decline came after the company flagged slower growth in its cloud business during the fiscal second quarter and issued softer-than-expected guidance for third-quarter operating margins.

During Wednesday’s session, the main U.S. benchmarks struggled to hold early gains and spent much of the day drifting around unchanged levels, ultimately closing narrowly mixed. The S&P 500 edged down by less than a point to finish at 6,978.03, while the Dow Jones Industrial Average added 12 points to 49,015.60. The Nasdaq Composite outperformed slightly, rising 0.2% to 23,857.45.

Markets remained unsettled after the Federal Reserve delivered its widely anticipated decision to keep interest rates unchanged. Policymakers maintained the federal funds target range at 3.50% to 3.75% following three straight quarter-point cuts.

The decision was not unanimous, however, with Governors Stephen Miran and Christopher Waller favoring another 25-basis-point reduction. The Fed cited heightened uncertainty around the economic outlook and reiterated its focus on managing risks to both employment and inflation.

“While not a unanimous vote, there does seem to be a clear and consistent majority in favor of a pause in this rate-cutting cycle, a pause that likely continues unless or until the job market weakens further,” said Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni.

He added, “With inflation remaining elevated, the FOMC majority does not seem in any rush to make further rate moves.”

According to expectations tracked by CME Group, investors now anticipate that rates will remain on hold at least until after Fed Chair Jerome Powell steps down in May.

With the policy decision largely priced in, investor focus shifted to earnings from major technology companies released after the close. Despite uneven trading in the broader market, gold-related stocks surged as bullion prices continued to climb, pushing the NYSE Arca Gold Bugs Index to a fresh record closing high.

Strength was also evident in computer hardware shares, with the NYSE Arca Computer Hardware Index rising 2.6% to a new closing peak, helped by a sharp jump in Seagate Technology after the company reported better-than-expected fiscal second-quarter results.

Semiconductor and networking stocks also advanced, while oil services, pharmaceutical and biotechnology shares were among the session’s notable decliners.