Category: Market News

MicroSalt PLC (LSE:SALT), which produces full-flavour natural salt with roughly 50% less sodium, said unaudited sales for the financial year ended 31 December 2025 came in ahead of the Board’s original revenue assumptions.

Revenue for the year surged 287% to $2.14 million, beating the company’s initial forecast of $2.0 million. By comparison, MicroSalt generated revenue of $745,000 in 2024.

Looking ahead, the company continues to target sales of $7.0 million in 2026 based on current volume expectations and its existing customer relationships, with management anticipating revenue to exceed $15.0 million in 2027.

As outlined in its trading update released on 14 November, MicroSalt has experienced rising North American volume forecasts during 2025 from Customer 3, described as one of the world’s largest food, soft drink and snack producers. These projections include a new product that is scheduled to be launched in the second quarter of 2026.

MicroSalt has already shipped its first bulk order for this product to a specific end retailer of Customer 3, and similar follow-on orders have since been received on an approximately monthly basis, in line with internal expectations.

Chief executive Rick Guiney said: “We are immensely proud to have exceeded Board expectations in 2025, delivering revenue growth of 287% compared to 2024. This performance is a clear testament to the strength of our offering, the versatility of MicroSalt’s applications, and the successful execution of our strategy to build a sustainable and profitable organisation.”

Guiney also noted that the company’s total number of healthy servings delivered in 2025 reached 830,735,462, which he said demonstrates that MicroSalt is achieving its objective of supporting healthier food choices by helping to reduce excess sodium intake.

MicroSalt’s proprietary technology uses micron-sized salt particles to deliver the same taste as conventional salt while containing around 50% less sodium. The company holds a granted U.S. patent and has a further 14 patent applications pending globally.

Eutelsat (LSE:ETL) has confirmed an order for 340 new satellites from Airbus (EU:AIR) to support the continued expansion of its OneWeb low Earth orbit (LEO) satellite network, the companies said on Monday.

The satellite communications group, which is backed by both the French and UK governments, did not provide financial details for the contract.

The new spacecraft will be used to expand and refresh the OneWeb constellation, which operates in low Earth orbit to deliver global connectivity services. The order marks a further step in scaling the network under Eutelsat’s ownership and operational control following its combination with OneWeb.

The deal represents a significant commitment to the long-term growth of the OneWeb platform and underlines Eutelsat’s strategy to strengthen its position in the LEO satellite communications market.

IQE (LSE:IQE) has reported strong momentum in the second half of 2025, supported by faster-than-anticipated funding flows into U.S. military and defence programmes, resilient photonics demand from AI and data centre customers, and stronger wireless sales tied to new handset launches. These trends were particularly evident in the group’s Taiwan operations.

As a result, the company now expects full-year 2025 revenue of around £97m and adjusted EBITDA of at least £2.0m, placing performance at the top end of its previous guidance range. The improvement reflects higher capacity utilisation across the business, a year-end cash balance of £15.6m, and the benefit of an HSBC waiver on fourth-quarter 2025 EBITDA covenant testing. Looking ahead, IQE enters 2026 with a strong first-quarter order book and continues to progress a strategic review process that has attracted multiple non-binding offers for the group and selected assets, highlighting external interest even though no transaction is assured.

From an outlook perspective, sentiment remains constrained by weak underlying financial metrics, including ongoing losses, very thin margins and limited cash flow generation. Valuation support is also restricted by negative earnings. While technical indicators show strong near-term momentum, overbought signals and a weaker longer-term trend reduce the overall positive impact.

More about IQE plc

IQE plc is a Cardiff-based, AIM-listed global supplier of advanced compound semiconductor wafers and materials solutions. Its products are used across smart connected devices, communications infrastructure, automotive and industrial markets, as well as aerospace and security applications. With operations in the UK, United States and Taiwan, and a substantial intellectual property portfolio, IQE serves leading global chipmakers and OEMs in markets characterised by high barriers to entry.

Journeo (LSE:JNEO) has won £1.6m in purchase orders from Enerveo, the highways subcontractor to Cornwall Council, to upgrade and extend real-time passenger information systems across Cornwall. The project will deploy Journeo’s latest open-standards hardware alongside its cloud-based Journeo Portal platform.

The contract includes the replacement of 267 existing legacy displays and the installation of a further 177 new units. These will comprise a mix of high-definition TFT screens and ultra-low power, solar-powered E-ink displays designed for both urban and rural environments. In addition, QR code–based Digital Code Management will be rolled out at 250 bus stops, enabling passengers to access near-carbon-free real-time information while generating data to help inform future transport investment decisions. Around £1m of the contract value is expected to be recognised in the current financial year, with associated software licensing and support revenues extending through to April 2030.

The award reinforces Journeo’s role in upgrading regional transport infrastructure and supporting initiatives aimed at increasing public transport usage through improved accessibility and sustainability.

From a market perspective, Journeo’s outlook is underpinned by solid financial performance and positive corporate developments that highlight growth opportunities and customer confidence. While technical indicators point to some short-term weakness, valuation levels remain supportive of a favourable longer-term investment case.

More about Journeo

Journeo plc is a UK-based intelligent systems provider serving transport networks and critical national infrastructure. Operating through six subsidiaries, the group delivers solutions including fleet CCTV and telematics, passenger information systems, rail display hardware, and security technologies for critical sites, alongside intelligent transport systems and technical services. Journeo operates across the UK, Denmark, Sweden and Iceland and has invested more than £6m in research and development over the past four years to build IoT-enabled, open-standards platforms designed to integrate with existing infrastructure and support future technological advances.

Knights (LSE:KGH) has reported a strong first-half performance for the six months ended 31 October 2025, with underlying revenue increasing 30% to £103.2m and a return to organic growth of around 3%. Underlying profit before tax rose 12.5% to £16.4m, while cash conversion reached a robust 122%, despite margin pressure from higher payroll taxes, increased interest costs and continued investment in technology and artificial intelligence.

The group continued to execute its scale-up strategy through targeted acquisitions and office upgrades, further expanding its presence across the Midlands, South East and Cardiff. Client and staff retention improved, with annualised churn reduced to 9%, alongside ongoing enhancements to operational management and technology infrastructure. These initiatives have left Knights well positioned to deliver further organic growth in the second half of the financial year, with management reiterating confidence in achieving full-year results in line with market expectations.

On a reported basis, profit before tax declined due to higher non-underlying costs linked to acquisitions, while net debt increased to £75.2m, reflecting investment activity and deal-related cash outflows.

Overall, Knights Group Holdings Plc’s outlook is supported by strong corporate execution and solid underlying financial performance. Robust cash generation and strategic progress underpin the growth story, although elevated leverage and bearish market momentum highlighted by technical indicators introduce elements of risk.

More about Knights Group Holdings Plc

Knights Group Holdings Plc is a fast-growing national legal and professional services business and ranks among the UK’s top 50 law firms by revenue. Operating under a corporate structure rather than a traditional partnership since 2012, the firm provides specialist legal and professional services across corporate and commercial law and private wealth. Knights focuses on key regional markets outside London, operating through a network of 32 offices across the Midlands, North of England, South East, South West and Wales.

Union Jack Oil (LSE:UJO) has announced the appointment of two new non-executive directors with immediate effect, as part of a board refresh aimed at strengthening governance and strategic oversight. Senior energy executive Dr Donald Zac Phillips has joined as an independent Non-Executive Director and Senior Independent Director, while John Americanos, a chartered certified accountant and significant shareholder, has been appointed as a Non-Executive Director.

As part of the changes, Craig Howie has stepped down from the board. The reconstituted board is expected to benefit from Dr Phillips’s extensive technical and strategic experience in the oil and gas sector, alongside Mr Americanos’s financial and property expertise. Together, these additions are intended to support Union Jack Oil’s growth ambitions and governance framework during a critical phase for its onshore operations in both the UK and the United States, against a backdrop of challenging industry conditions.

From an investment perspective, the company’s outlook is underpinned by a strong and low-risk balance sheet, with zero debt, and a track record of sustained profitability since 2022. However, sentiment is tempered by a recent decline in operating profitability and ongoing volatility in free cash flow. Technical indicators also weigh on the outlook, reflecting a clear downtrend and negative momentum, while valuation signals remain weak or difficult to interpret due to a negative price-to-earnings ratio and the absence of a stated dividend yield.

More about Union Jack Oil

Union Jack Oil plc is an onshore hydrocarbon production, development and exploration company with operations focused on the UK and the United States. The company’s shares are traded on AIM in London and on the OTCQB market in the US. Union Jack Oil is focused on onshore oil and gas assets and aims to navigate the broader structural and cyclical challenges facing the industry across its core geographies.

Nanoco Group plc (LSE:NANO) has lodged an answer and counterclaims in the US District Court for the Eastern District of Virginia against Shoei Chemical Inc. and Shoei Electronic Materials, Inc., alleging infringement of multiple US patents related to its quantum dot technology. The filing responds to an earlier declaratory judgment action by Shoei, which sought confirmation of non-infringement following its 2023 acquisition of the majority of assets from rival quantum dot producer Nanosys.

Nanoco’s action targets a supplier that is integrated into the global technology supply chain and forms part of the group’s broader strategy to protect and monetise its intellectual property portfolio. The company is being represented by Dallas-based intellectual property law firm Caldwell, Cassady and Curry and has confirmed that the litigation will be funded from existing cash resources. The case is expected to proceed to trial in 2026. Management has highlighted the action as a continuation of its IP enforcement approach following previous successful outcomes against Samsung and LG, while also cautioning investors that litigation carries inherent risks and uncertain financial outcomes.

From a market perspective, Nanoco’s outlook remains weighed down by weak financial fundamentals, including ongoing losses, negative cash flow metrics and balance sheet pressure. Although recent earnings commentary provided some constructive strategic updates, technical indicators and valuation measures continue to reflect bearish sentiment. Progress in areas such as the image sensor market and efforts to reduce cash burn are viewed positively, but these factors are currently overshadowed by broader financial and market challenges.

More about Nanoco Group plc

Nanoco Group plc is a London Stock Exchange–listed company specialising in the development and manufacture of cadmium-free quantum dots and other nanomaterials based on its proprietary technology platform. The company supplies advanced materials for use in displays, electronics and other high-technology applications, serving customers across global markets.

Corero Network Security (LSE:CNS) has indicated that it expects to deliver full-year 2025 revenue at the top end of its guidance range, with EBITDA coming in ahead of expectations, after strong second-half trading compensated for a slower start to the year. Annual recurring revenue increased by 23% to $23.9m, while order intake rose 20% to $33.8m, reflecting growing demand for the SmartWall ONE and CORE platform offerings.

The performance was underpinned by continued momentum in subscription-based sales and the expansion of DDoS Protection-as-a-Service deployments. Full-year revenue increased by around 4% to approximately $25.5m, while EBITDA is expected to exceed $1.3m. The balance sheet remains solid, with net cash of $4.0m and no debt, supported by a customer retention rate of 98%.

Management characterised 2025 as a transitional year, as the group accelerates its shift toward a more predictable, recurring revenue model. While this transition resulted in lower EBITDA compared with the prior year, it is intended to lay the foundations for higher-quality growth and improved profitability from 2026 onwards. This trade-off between near-term margins and long-term value creation is likely to remain a key focus for investors, particularly those assessing cash generation and scalability in the cybersecurity sector.

From an outlook perspective, Corero benefits from solid underlying financial delivery and supportive corporate developments that point to future growth potential. However, bearish technical indicators and valuation pressure linked to negative earnings continue to weigh on sentiment. While strategic progress and strong contract wins are encouraging, sustained improvements in profitability and cash flow remain important execution priorities.

More about Corero Network Security

Corero Network Security is a London-headquartered cybersecurity company specialising in distributed denial of service (DDoS) protection. The group provides automated detection and mitigation, network visibility, analytics and reporting solutions designed to protect complex edge and subscriber environments and ensure service availability. Corero operates from centres in Marlborough, Massachusetts, and Edinburgh, and is listed on AIM in London and on the US OTCQX market, serving global service providers and enterprises requiring real-time DDoS defence.

Futura Medical (LSE:FUM) has announced highly positive early feasibility results for WSD4000, its topical gel candidate for female sexual dysfunction, following a small 12-patient study. The trial demonstrated statistically and clinically meaningful improvements across the Female Sexual Function Index, including measures of arousal, lubrication, pain, orgasm and overall satisfaction, in both pre- and post-menopausal participants.

The data also showed a rapid onset of genital sensation, strong performance across Female Sexual Encounter Profile endpoints and good overall tolerability. Based on these findings, the company plans to advance WSD4000 into further development, including a sham- or placebo-controlled sensory study and a larger 200-subject home-use trial during 2026. If successful, this programme could support the development of what Futura believes may become the first regulatory-approved, over-the-counter treatment for female sexual dysfunction, addressing a large and historically underserved global market.

From an investment perspective, the outlook remains constrained by a sharply reduced FY2025 outlook highlighted at the most recent earnings update, alongside a relatively short cash runway and weak technical trend indicators. These risks are partly balanced by the company’s return to profitability in FY2024 and a debt-free balance sheet, although ongoing negative free cash flow continues to temper overall financial quality.

More about Futura Medical

Futura Medical plc is a UK-based consumer healthcare company focused on the research, development and global commercialisation of innovative, topically delivered gel formulations for sexual health. Its lead over-the-counter product, Eroxon, is a topical treatment for erectile dysfunction and is supported by distribution partnerships across major markets including the United States and Europe. The group’s development pipeline includes WSD4000 and Eroxon Intense, targeting unmet needs in female and male sexual dysfunction.