Category: Top Story

Berkeley Group (LSE:BKG) has reiterated its expectation of around £450 million in pre-tax profit for the current financial year, with a similar level forecast for FY27. The company also continues to target a net cash position of roughly £300 million, even as it manages significant land creditor settlements and maintains substantial shareholder returns. Berkeley has returned £191 million to shareholders so far this year and £330 million since launching its Berkeley 2035 strategy, while continuing to invest in its Berkeley Living build-to-rent (BTR) platform.

Management said the trading environment remains challenging due to geopolitical tensions and broader macroeconomic uncertainty. However, it noted signs of improvement in reservation values and emphasised the long-term strength of London as a global centre for finance and technology. The group is reviewing planning consents in an effort to restore margins and is navigating complex Building Safety Regulator processes that have slowed the delivery of new homes. Looking beyond 2027, Berkeley plans to prioritise cash generation, maintain balance sheet strength and optimise its land portfolio while continuing to expand its BTR strategy.

The company’s outlook is supported by attractive valuation metrics, including a relatively low price-to-earnings ratio and a strong dividend yield that may indicate potential undervaluation. However, technical indicators currently point to a bearish trend, and financial performance reflects ongoing pressures around revenue growth and cash flow generation. Recent corporate developments nonetheless provide some support to the broader outlook.

More about The Berkeley Group Holdings

The Berkeley Group Holdings plc is a leading UK residential developer with a strong focus on London and other major urban markets. The company specialises in large-scale regeneration and residential developments, including build-to-rent schemes through its Berkeley Living platform. Berkeley aims to balance cash generation, resilient margins and shareholder returns while navigating the cyclical dynamics of the housing market.

Caspian Sunrise (LSE:CASP) has detailed plans to accelerate activity across its Kazakhstan assets as winter conditions recede, focusing on boosting near-term production from existing wells while continuing appraisal work on deeper targets. Within the BNG contract area, the company intends to sidetrack Deep Well A6 in the Airshagyl structure and restart pumped production at Deep Well 803 in the Yelemes Deep zone. Preparations are also underway to drill a new deep well near the previously abandoned Well 801 site, targeting a depth of around 5,000 metres with completion expected by late Q3 2026.

At Block 8, where the acquisition of the contract area has now been finalised, the company continues testing operations at Sholkara’s Deep Well P1. A sidetrack is also planned at Well P2 to access Permian dolomite formations. Meanwhile, discussions with Kazakh authorities are ongoing regarding the renewal of the licence covering the Akkaduk structure. In the West Shalva area, Caspian Sunrise aims to sustain output from an existing producing interval at approximately 2,250 metres, drill a new Jurassic-targeted well between April and June 2026, and potentially deepen the current well to reach the Triassic horizon. The programme reflects a broader strategy to expand production while exploring additional reservoirs across several geological layers.

The company’s outlook is supported by relatively strong technical indicators and an apparently attractive valuation, with the share price trading above key moving averages and a low price-to-earnings ratio suggesting possible undervaluation. Financial performance, however, presents a mixed picture, as profitability has been accompanied by declining revenues and pressures on cash flow. Limited disclosure from earnings calls and a lack of major corporate events also restrict the availability of further insights.

More about Caspian Sunrise

Caspian Sunrise is an oil and gas exploration and production company focused on onshore hydrocarbon assets in Kazakhstan. Its operations centre on three principal contract areas—BNG, Block 8 and West Shalva—where the group targets multiple geological horizons to support both near-term production growth and longer-term reserve development.

Shell (LSE:SHEL) reported adjusted earnings of $18.5 billion for 2025, compared with $23.7 billion recorded in 2024.

Cash flow from operating activities totaled $42.9 billion during the year, down from $54.7 billion in the previous year. Free cash flow reached $26.1 billion, compared with $39.5 billion in 2024.

The company continued to return significant capital to shareholders. Total distributions amounted to about $22.4 billion, including $8.5 billion paid in dividends and $13.9 billion used for share buybacks. These payouts represented roughly 52% of operating cash flow, placing them at the upper end of Shell’s 40%–50% distribution target.

Shell reported total capital expenditure of $18.9 billion, while cash capital expenditure came in at $20.9 billion in 2025, within the company’s planned annual investment range of $20 billion to $22 billion.

Operationally, Shell produced around 2.8 million barrels of oil equivalent per day available for sale in 2025, slightly below the 2.836 million boe/d reported the year before. LNG liquefaction volumes for the year totaled 28 million tonnes.

The company also made progress on cost efficiency and emissions goals. Shell reported $5.1 billion in structural cost reductions compared with 2022 levels and lowered Scope 1 and 2 emissions to 53 million tonnes of CO2 equivalent in 2025, down from 58 million tonnes the previous year.

The results were released a day after Reuters reported that Shell, the world’s largest trader of liquefied natural gas, declared force majeure on LNG cargoes it purchases from QatarEnergy and supplies to customers worldwide. The move followed Qatar’s suspension of production at its 77 million-tonne-per-year LNG facility and its own declaration of force majeure on shipments.

According to analysts cited in the report, Shell receives about 6.8 million tonnes per year of Qatari LNG under supply agreements, while TotalEnergies is estimated to receive around 5.2 mtpa.

More about Shell

Shell (LSE:SHEL) (NYSE:SHEL) is a global energy company engaged in oil and gas exploration, production, liquefied natural gas trading, refining, chemicals, and energy marketing. The company is also investing in lower-carbon energy solutions while continuing to supply oil, natural gas, and related products worldwide.

M&G plc (LSE:MNG) has released its 2025 Annual Report and Accounts, with the full document now available through the company’s website and the UK regulator’s national storage mechanism. The publication comes ahead of the company sending its 2026 Annual General Meeting notice to shareholders later in March.

Alongside the report, the board declared a second interim dividend of 13.8 pence per share, bringing the total dividend for the 2025 financial year to 20.5 pence. The payment is scheduled for 30 April 2026 for shareholders on the register as of 20 March.

The release of the annual report and forthcoming AGM notice is part of the group’s ongoing regulatory transparency and shareholder engagement efforts, giving investors detailed insight into its financial performance, governance and strategic direction.

By maintaining and increasing its dividend payout, M&G is signalling confidence in its financial position and ability to generate cash. The policy continues to support income-focused investors seeking consistent returns in the current market environment.

The company’s outlook reflects a mix of supportive and cautionary factors. Technical indicators remain positive and recent corporate developments demonstrate resilience and strategic alignment. However, concerns around relatively high leverage and cash flow pressures weigh on the overall assessment. A comparatively high dividend yield offers some compensation for these financial risks.

More about M&G

M&G plc is a UK-based savings and investment company operating across asset management and retail savings. The group provides a wide range of investment solutions and long-term savings products to both individual and institutional investors, with a focus on helping clients grow and manage their wealth over time.

Anglo Asian Mining plc (LSE:AAZ) has exceeded a cumulative production milestone of one million gold equivalent ounces since commencing operations in 2009. The AIM-listed miner, which focuses on gold, copper and silver production in Azerbaijan, has expanded significantly from its original heap leach gold and silver operations at the Gedabek open pit.

The company now operates multiple producing assets, including the Gilar underground copper-gold mine and the Demirli open pit copper project, both of which entered production in 2025. These additions mark an important step in broadening Anglo Asian’s production base beyond its initial operations.

The milestone, confirmed at the end of January 2026, comprises approximately 851,000 ounces of gold, 1.9 million ounces of silver and more than 30,000 tonnes of copper produced to date. Management said the achievement highlights the scale and longevity of the group’s production activities.

Looking ahead, 2026 is expected to be a significant year for the company as copper production is forecast to triple, driven by increased output from the Gilar and Demirli mines. This expansion is part of Anglo Asian’s strategy to shift towards a more copper-focused portfolio while continuing to produce gold and silver. The company ultimately aims to develop into a mid-tier, multi-asset producer, a transition closely watched by investors following growth in Azerbaijan’s mining sector.

Despite these operational developments, the company’s outlook is currently weighed down by weak financial performance, including declining revenue, negative margins and deteriorating free cash flow. Valuation metrics are also less clear due to negative earnings. These challenges are partly balanced by a strong technical share price trend, with the stock trading above key moving averages and showing positive momentum indicators.

More about Anglo Asian Mining

Anglo Asian Mining is an AIM-listed producer of copper and gold with a portfolio of production and exploration assets across Azerbaijan. In 2025 the company produced 7,915 tonnes of copper and 25,061 ounces of gold. Its long-term strategy is to evolve into a multi-asset, mid-tier mining company by 2030, with copper expected to become its primary product as additional projects are brought into development.

Computacenter plc (LSE:CCC) delivered strong full-year 2025 results, with revenue rising 32% to £9.19 billion and adjusted operating profit increasing 11.3%. Performance was largely driven by strong expansion in the Technology Sourcing division, while the Services segment recorded more modest growth.

North America was a standout contributor, with operating profit in the region nearly doubling and now accounting for close to 40% of group earnings. This strong performance helped offset weaker results in France and a lower overall gross margin, which reflected the company’s strategic shift toward higher-volume hardware sales.

The group finished the year with a record product order backlog of £7.1 billion and significant growth among its largest customers. Adjusted net funds stood at £606 million, providing a solid financial base to support continued investment and potential acquisitions.

Management also highlighted the acquisition of AgreeYa Solutions in early 2026, which is expected to expand Computacenter’s professional services capabilities in North America and India. Despite broader macroeconomic uncertainty and ongoing shortages of certain hardware components across the industry, the company expressed confidence in delivering further strategic and financial progress during 2026.

Computacenter’s outlook is underpinned by strong financial performance and supportive corporate developments. Technical indicators currently point to a strong upward share price trend, although some overbought signals suggest investors may need to exercise caution. Valuation metrics remain relatively balanced, indicating a moderate risk-reward profile.

More about Computacenter

Computacenter is a leading independent technology and services provider that helps large corporate and public sector organisations source, transform and manage their technology infrastructure. Listed on the London Stock Exchange and a constituent of the FTSE 250 Index, the company supports digital transformation initiatives for clients worldwide and employs more than 21,000 people globally.

Trainline plc (LSE:TRN) delivered full-year 2026 results broadly in line with its upgraded guidance, with group net ticket sales rising 7% to £6.3 billion. Revenue increased 2% to £453 million, supported by solid demand from both leisure and commuter travellers, growth in ancillary services and operating leverage that is expected to translate into double-digit adjusted EBITDA growth.

In the UK consumer market, net ticket sales grew 6% despite a reduction in commission rates and increased competition from rail operators promoting their own digital booking platforms. Growth was stronger outside the domestic market, where Trainline’s international consumer business and B2B segment—operating through Trainline Solutions—benefited from expanding European high-speed rail routes and rising adoption of its Global API by partners.

The group also continued to return capital to shareholders. Since 2023, Trainline has repurchased and cancelled around 21% of its share capital as part of an ongoing capital return programme.

From a broader perspective, the company’s outlook is supported by improving margins, solid return on equity and strong cash generation, alongside a valuation that remains relatively reasonable based on its price-to-earnings ratio. However, technical indicators currently appear weaker, with the share price trading below key moving averages and momentum measures such as MACD remaining negative.

More about Trainline

Trainline is an independent digital platform for booking rail and coach travel, enabling millions of users to search, purchase and manage journeys through its website and mobile app. The company aggregates routes and fares from multiple transport operators and has a strong presence in the UK consumer market while continuing to grow its international customer base and B2B technology solutions for travel management providers.