Category: Market News

Persimmon (LSE:PSN) reported a resilient performance in 2025 against a backdrop of difficult housing market conditions, delivering a 12% increase in home completions to 11,905. Underlying profit before tax is expected to come in at the upper end of market expectations, supported by a larger sales outlet base and the group’s broad geographic exposure.

Average selling prices rose 4% to around £278,000 during the year, while forward sales increased 2% to £1.17bn despite the strong uplift in completions. Persimmon ended the period with net cash of approximately £116m, having stepped up investment in land acquisition and continued progress on building safety remediation programmes.

Looking ahead, management said the group remains well positioned to deliver further outlet expansion and volume growth. However, it highlighted ongoing headwinds, including affordability pressures for buyers, softer demand from bulk and registered provider customers, and higher regulatory and compliance-related costs expected in 2026.

Overall, Persimmon’s outlook is supported by a strong balance sheet, solid operational execution and positive technical signals, alongside supportive corporate developments. These strengths are balanced against the need to improve cash flow efficiency and navigate valuation considerations in a market that remains sensitive to interest rates and affordability.

More about Persimmon

Persimmon is one of the UK’s largest housebuilders, specialising in the development and sale of private and partnership homes across a wide geographic footprint. The group focuses on delivering high-volume, relatively affordable and sustainable housing, supported by a large network of sales outlets, extensive owned and controlled land holdings, and a high degree of vertical integration across its supply chain.

THG (LSE:THG) reported a record second-half revenue performance in 2025, with group H2 sales increasing 6.7% year on year, around 14% above the top end of previous guidance. Momentum strengthened into the final quarter, with Q4 constant-currency growth accelerating to 7.0%, marking the group’s strongest quarterly performance of the year.

The rebound was led by a strong recovery in THG Beauty, where Lookfantastic delivered particularly robust growth in the UK and Ireland, alongside continued progress at THG Nutrition. The Nutrition division recorded its fourth consecutive quarter of growth, supported by effective pricing, expansion into adjacent categories such as activewear and creatine, and broader distribution through offline retail channels. These gains more than offset the impact of disposals, discontinued operations and the demerger of THG Ingenuity.

As a result, THG returned to full-year revenue growth of 2.3% after two years of decline, while EBITDA guidance was maintained in line with market expectations. The group ended the year with more than £330m of cash and available facilities, providing balance sheet flexibility. Management highlighted market share gains in UK beauty and sports nutrition, deeper brand collaborations and expanded retail rollouts for Myprotein, alongside a more focused beauty strategy centred on core categories and priority territories.

Looking ahead, THG enters 2026 with what management described as strong trading momentum across both Beauty and Nutrition. While the group continues to face financial challenges, including high leverage and ongoing losses, recent operational progress, portfolio simplification and improving trading trends point to a cleaner, more disciplined business with stronger strategic positioning.

More about THG PLC

THG PLC is a Manchester-headquartered global e-commerce group and brand owner operating primarily through THG Beauty and THG Nutrition. THG Beauty runs major online platforms including Lookfantastic, Dermstore and Cult Beauty, providing a digital route to market for over 1,000 third-party beauty brands alongside its own-label products. THG Nutrition, led by Myprotein, operates across sports nutrition and wider health and wellness categories, selling directly to consumers and through an expanding network of offline retail and licensing partnerships worldwide.

Brave Bison (LSE:BBSN) reported that trading for the year ended 31 December 2025 came in ahead of market expectations, supported by strong momentum in the second half of the year. Unaudited net revenue is expected to be at least £33.5m, representing a 57% year-on-year increase, while adjusted EBITDA rose by 44% to no less than £6.5m. Adjusted profit before tax also improved sharply, increasing 41% to at least £5.5m.

The group ended the year with net cash of £4.3m, significantly ahead of consensus forecasts. This was driven by a strong fourth quarter, particularly within its Sport & Entertainment activities, alongside an improved working capital position. Management cautioned that some of the working capital benefit is likely to unwind during the first half of 2026.

Reflecting the stronger financial position, the board now expects to repay all outstanding bank debt before the end of 2026, earlier than previously guided. Looking ahead, surplus free cash flow is expected to be deployed towards further acquisitions and dividends, in line with the company’s capital allocation framework. Brave Bison also indicated it is comfortable with current FY26 market forecasts, noting that revenues and profits will increasingly be weighted towards the second half of the year due to the scheduling of MiniMBA courses.

Overall, the outlook is underpinned by strong financial performance, positive corporate developments and low financial leverage. These strengths are partly offset by weaker technical indicators and a relatively high valuation, which may temper near-term share price performance despite the company’s strategic progress.

More about Brave Bison Group plc

Brave Bison Group plc is a next-generation marketing and technology partner for global brands, operating across eight countries including the UK, India, Australia and Egypt. The group provides digital services, media and marketing skills training through two divisions. Digital Services offers performance media, social and influencer marketing, sport and entertainment, and strategy and insight through brands such as Brave Bison, SocialChain, Engage and MTM. Digital Content focuses on monetising digital content and delivering online marketing education via its media network and the MiniMBA platform, serving major global brands and enterprise clients.

Primary Health Properties (LSE:PHP) delivered a strong trading update for the year ended 31 December 2025, reflecting the transformational acquisition and integration of Assura. The combination has created a £6bn healthcare-focused REIT and has already delivered around 60% of the targeted £9m in annualised cost synergies within roughly two months of regulatory approval.

The group declared its first quarterly interim dividend for 2026 at 1.825 pence per share, extending its record of 30 consecutive years of dividend growth. Annualised contracted rent increased to £342m, supported by robust rent review outcomes that added £8.3m of incremental income and improved the outlook for rental growth across both primary care assets and private hospitals.

Management highlighted the enlarged group’s strengthened financial position following the refinancing of Assura’s debt. Primary Health Properties ended the year with £552m of undrawn liquidity, an average cost of debt of 3.7% and an average debt maturity of just over four years. The board reiterated its target loan-to-value range of 40–50% and its commitment to maintaining a strong investment-grade credit profile.

Strategically, PHP is undertaking a comprehensive portfolio review, advancing disposals of non-core assets while exploring new and expanded joint ventures across primary care and its private hospital portfolio. The group expects supportive policy tailwinds, including the NHS’s 10-year Health Plan and the UK Government’s neighbourhood-based infrastructure agenda, to underpin organic rental growth, longer lease terms and enhanced ESG outcomes over time.

Overall, the company’s outlook is supported by resilient fundamentals, strong cash generation and an attractive dividend profile, although leverage and earnings variability remain factors to monitor. Positive technical momentum and the successful completion of the Assura transaction further underpin confidence in the long-term investment case.

More about Primary Health Properties plc

Primary Health Properties plc is a UK real estate investment trust focused on owning and managing modern primary healthcare infrastructure. The group holds a £6bn portfolio of long-leased medical centres, GP surgeries and private hospitals across the UK and Ireland, with assets predominantly let to government-backed NHS bodies and leading healthcare providers. Its strategy centres on secure, inflation-linked income, progressive dividends and capital-light asset management and development within primary care and private hospital real estate.

Sosandar (LSE:SOS) delivered a solid third-quarter performance for the period ended 31 December 2025, with revenue increasing 10% year on year to £13.4m. Growth was driven primarily by a sharp uplift in direct-to-consumer activity, with sales through the company’s own website rising 27%, reinforcing management’s view of the channel as the core of the brand.

Higher website traffic, improved conversion rates and stronger order volumes from both new and repeat customers supported margin expansion, with gross margin increasing to 66.0% from 64.7% a year earlier. The group also strengthened its balance sheet, reporting net cash of £9.7m at the quarter end, even after returning £0.8m to shareholders through share buybacks.

Sosandar said trading remains in line with full-year expectations, with the business targeting modest profitability alongside continued cash generation. While Marks & Spencer, a key retail partner, continues to operate with lower stock levels following a recent cyber incident, these are expected to normalise by spring 2026. Encouragingly, store sales are already ahead of last year, supporting management’s confidence that the foundations are in place for sustained and profitable growth.

From an outlook perspective, positive technical signals and supportive corporate developments underpin sentiment. However, profitability and cash flow remain areas for investors to monitor closely, particularly given valuation considerations.

More about Sosandar plc

Sosandar plc is a UK-based women’s fashion brand operating across both online and physical retail channels. The company designs and sells predominantly own-label, exclusive clothing across major womenswear categories, targeting style-conscious customers seeking quality and value. Sosandar sells through its own website and stores, complemented by partnerships with major retailers including Next and Marks & Spencer, and uses data-led product development and marketing to drive brand growth and expand both direct-to-consumer and third-party sales channels.

SRT Marine Systems (LSE:SRT) reported a strong first-half performance for the 2026 financial year, with unaudited revenues rising to £51.1m, almost double the level recorded a year earlier. Profit before tax increased 47% to £3.1m, while gross cash climbed 85% to £41.5m, reflecting improved operating leverage and cash generation.

Both the Navigation Safety and Integrated Marine Surveillance Systems divisions performed in line with management expectations during the period. Growth was driven by continued execution on four major system projects and the ongoing delivery and support of a fifth, highlighting the company’s ability to scale complex, multi-year contracts.

Looking ahead, management pointed to a £300m active contract book and a broader opportunity pipeline valued at £1.8bn as providing strong revenue visibility. This includes a pending contract award of approximately $200m, which, if secured, would further strengthen medium-term growth prospects. These factors underpin confidence in continued momentum in the second half of the year and beyond, supported by sustained global demand for maritime surveillance and navigation solutions.

From an outlook perspective, SRT’s strong top-line growth and improving operational performance are positives. However, these are tempered by elevated valuation metrics, weak technical indicators, limited free cash flow and the absence of a dividend, which collectively weigh on near-term investor appeal.

More about SRT Marine Systems plc

SRT Marine Systems plc is a UK-based global provider of civil defence maritime intelligence and surveillance systems, alongside navigation safety and efficiency solutions. The company’s technologies deliver maritime domain awareness intelligence to support sovereign agencies such as coast guards, fisheries authorities and port authorities, while its navigation systems help commercial and leisure vessel operators enhance digital safety and operational efficiency.

Iofina (LSE:IOF) reported record crystalline iodine production of 743.2 metric tonnes in 2025, representing a 17.2% increase year on year. The growth was driven by strong operational performance across its eight IOsorb® plants in Oklahoma, alongside a particularly robust sales cycle in the second half of the year.

On the back of higher volumes and firm pricing, the company said full-year 2025 revenue is now expected to exceed $65m, with EBITDA forecast to come in above $11m, both ahead of market expectations. Financial strength also improved over the period, with net cash rising to $5.2m by year end.

Looking forward, Iofina is progressing the construction of a new, larger IOsorb® plant in the Permian Basin, which is expected to deliver annual production of around 170–220 tonnes from the second half of 2026. Management also anticipates further production growth in the first half of 2026, supported by sustained global demand and a spot iodine price that remained above $70 per kilogram throughout 2025.

Overall, the company’s outlook is underpinned by a stronger balance sheet, ongoing capacity expansion and favourable market conditions, reinforcing Iofina’s competitive positioning within the iodine market. While technical indicators point to potential overbought conditions in the near term, valuation and longer-term growth prospects continue to appear attractive.

More about Iofina plc

Iofina plc is a vertically integrated iodine producer and specialty chemical manufacturer operating through its Iofina Resources and Iofina Chemical divisions. The company, the second-largest iodine producer in North America, runs eight IOsorb® iodine extraction plants in Oklahoma using its proprietary WET® IOsorb® technology and supplies a broad range of halogen-based specialty chemicals derived from iodine, alongside non-iodine products.

Hunting PLC (LSE:HTG) reported improved earnings and cash flow for 2025, with unaudited EBITDA rising 7% year on year to around $135m and margins expanding to approximately 13%. Performance was underpinned by strong cash generation, even as the group worked through project completions and experienced mixed trading conditions across regions. Hunting ended the year with an order book of about $350m and a tender pipeline in excess of $1bn, providing solid revenue visibility.

The group reiterated its long-term Hunting 2030 ambition to deliver around $2bn of annual revenue at EBITDA margins of at least 15%. As part of this strategy, management significantly increased its subsea revenue target, upgrading expectations from $250m to $470m per annum by 2030. The shift reflects a clearer strategic focus on higher-margin Subsea Technologies, supported by earnings-enhancing acquisitions such as FES and OOR.

Looking ahead, Hunting issued 2026 EBITDA guidance of $145m to $155m, signalling further earnings momentum. The company also highlighted continued commitment to shareholder returns through higher dividends and its ongoing $60m share buyback programme, supported by a low-leverage balance sheet and strong cash flow profile.

Overall, Hunting’s outlook is supported by improved cash generation, balance sheet strength and shareholder-friendly capital allocation, alongside positive strategic progress in subsea markets. These strengths are partly offset by recent earnings volatility and softer technical indicators, which suggest near-term momentum remains mixed.

More about Hunting PLC

Hunting PLC is a global precision engineering group listed on the London Stock Exchange, supplying precision-manufactured equipment and premium services to the energy industry. The company has an increasing focus on offshore and subsea technologies and operates through segments including Hunting Titan, North America, Subsea Technologies, EMEA and Asia Pacific, with a corporate headquarters in Houston.

Shoe Zone (LSE:SHOE) reported a marked drop in full-year revenue and earnings for the 52 weeks ended 27 September 2025, reflecting a difficult UK retail environment characterised by subdued consumer confidence, ongoing inflation and rising wage costs. Group revenue fell 7.6% to £149.1m, while profit before tax declined to £3.3m from £10.1m a year earlier. Earnings per share decreased to 4.08p and no dividend was declared for the period.

Despite the weaker profitability, the company strengthened its balance sheet, with net cash increasing 64% to £5.9m, supported by lower capital expenditure and a reduced stock intake. Store revenues came under pressure as the retail estate contracted from 297 to 269 outlets. In contrast, digital revenue edged up 2.3% to £36.0m, aided by initiatives such as free next-day delivery and strong performance across third-party online marketplaces.

Operationally, Shoe Zone continued to focus on reshaping its store portfolio, rolling out larger-format locations, securing rent reductions and shortening lease terms to maintain flexibility. Management remains on track to complete its store refit and relocation programme by 2027, after which investment is expected to tilt more heavily towards accelerating online growth.

Looking ahead, the group is forecasting a modest profit before tax in the current financial year, while acknowledging that trading conditions remain challenging amid ongoing pressure on UK household spending. Overall, the outlook points to a business navigating a tough environment with stable liquidity, mixed technical signals and a valuation that appears broadly in line with fundamentals.

More about Shoe Zone plc

Shoe Zone plc is a UK-based value footwear retailer operating a nationwide chain of stores alongside a growing digital platform, including shoezone.com and a mobile app. The company focuses on affordable family footwear, increasingly sold through larger-format stores and supported by an efficient distribution network and in-store returns model that underpins its e-commerce offering.

Raspberry Pi Holdings (LSE:RPI) said adjusted EBITDA for 2025 is expected to reach at least $45m, representing an increase of more than 20% compared with 2024 and coming in ahead of market expectations. The result was supported by full-year shipments of 7.6 million units and stronger margins in the second half of the year. The group ended 2025 with net cash of $28m, having reduced extended supplier payables over the period.

Looking into 2026, Raspberry Pi reported healthy demand from OEM customers and resellers, a robust pipeline of new products and significant inventory buffers in place. However, management highlighted growing uncertainty linked to a sharp rise in prices and tight availability of LPDDR4 DRAM, which is expected to remain constrained. To manage this risk, the company is qualifying additional memory suppliers, introducing lower-memory product variants and implementing selective price increases.

The board said it remains confident of higher shipment volumes and profitability broadly in line with expectations during the first half of 2026. Performance in the second half, however, is expected to be more dependent on developments in the memory market and customer reactions to any further price adjustments.

From an outlook perspective, Raspberry Pi’s strong revenue growth and solid balance sheet provide support, but this is offset by recent margin pressure and negative free cash flow. Technical indicators remain neutral to weak, with the shares trading below longer-term moving averages, while valuation is stretched by a high P/E ratio and the absence of a dividend.

More about Raspberry Pi Holdings plc

Raspberry Pi Holdings plc is a Cambridge-based engineering company focused on delivering high-performance, low-cost general-purpose computing platforms. The group operates across semiconductor IP development, electronic hardware design, software engineering and regulatory compliance, serving industrial and embedded customers as well as enthusiast and education markets. To date, more than 75 million Raspberry Pi units have been sold worldwide.