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Solid State (LSE:SOLI) reported a robust end to its 2025/26 financial year, with revenue now expected to reach at least £150 million and adjusted profit before tax set to exceed market forecasts. Growth was driven by contributions across all three of the company’s operating divisions. The Components division benefited from new design wins, the Power division saw improved performance following internal reorganisation alongside rising demand linked to drones and autonomous technologies, and the Systems division recorded strong communications-related orders as well as growing opportunities in antennas and integrated systems.

The company’s open order book increased to around £106.5 million, supported in part by approximately $20 million in new orders within the Power division. Most of the current backlog is expected to be delivered within the next 18 months, although management noted that component lead times are extending due to rising demand linked to artificial intelligence technologies and ongoing geopolitical tensions affecting supply chains.

Management also highlighted that increasing global defence and security spending is driving demand for the company’s UK- and US-based sovereign technology capabilities. Continued investment in production capacity and technical capabilities is expected to support stable growth over the medium term, even as macroeconomic pressures and supply chain challenges persist.

From an investment perspective, Solid State maintains a stable financial base, though profitability and cash flow trends present some challenges. Technical indicators currently suggest short-term bullish momentum in the share price. However, valuation metrics indicate the possibility of overvaluation, particularly given the company’s relatively high price-to-earnings ratio and some recent pressure on profitability. On the positive side, recent contract wins and strategic partnerships strengthen the group’s growth outlook.

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Solid State plc is a UK-based value-added electronics group that supplies industrial and defence markets with specialised components, assemblies and systems designed for critical applications in demanding environments. The company operates through three divisions—Systems, Power and Components—and focuses on areas such as industrial computing, battery technologies, antennas, secure communications, imaging and electronic components. Its products serve a range of industries including defence, aerospace, energy, robotics, medical technology and transportation.

Thruvision Group (LSE:THRU) reported a 45% increase in revenue for the year ended 31 March 2026, reaching approximately £6.0 million and meeting board expectations. The growth was driven largely by two major orders from Asia valued at £2.7 million. Total order intake during the year reached £7.1 million, leaving the company with a backlog of around £1.3 million scheduled primarily for delivery in the first half of FY27.

The company also strengthened its cash position, ending the year with £2.0 million following a fundraising completed in 2025. While performance in Asian markets has been strong, Thruvision has experienced weaker retail distribution activity across the UK, Europe and the United States. In response, the group is increasing investment in direct sales and marketing initiatives. Management is also focusing on rebuilding regional sales capabilities as its new 81 Series screening system begins to gain traction in the market, with the aim of supporting further revenue growth.

Despite the recent improvement in revenue, the company’s outlook remains constrained by weak financial fundamentals, including a history of declining revenues and ongoing losses. Technical indicators offer a broadly neutral picture, while valuation metrics remain under pressure due to negative earnings. The absence of recent earnings call commentary or major corporate events also limits additional insight into the company’s forward outlook.

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Thruvision Group plc is an international developer, manufacturer and supplier of advanced walk-through security technology used by government agencies and commercial organisations in more than 30 countries. Its patented, AI-driven screening systems are designed to detect concealed metallic and non-metallic objects in real time. The company operates offices and manufacturing facilities in the UK and the United States, supporting deployments in high-throughput security environments such as transport hubs, stadiums and secure facilities.

Kooth (LSE:KOO) reported audited results for 2025 that highlight its shift toward long-term, scalable growth, supported by the rapid rollout of its Soluna digital mental health platform in the United States. By the end of the year, more than 144,000 young people had signed up to the service in California, supported by over 1,400 partnerships with community organisations and institutions. The programme has also received backing from state agencies, while independent studies have shown improvements in users’ psychological wellbeing and a reduction in urgent-care usage.

The company continued expanding its US presence, extending operations to three states after renewing a contract in New Jersey and securing a new $2.6 million agreement in Michigan. At the same time, Kooth maintained a strong position in the UK digital mental health market and broadened its funding base with initiatives such as services delivered for the Department for Work and Pensions. Revenue declined slightly to £63.3 million from the record levels seen in 2024, mainly due to foreign exchange movements, reduced California development fees and delayed revenue recognition in Michigan. Despite this, the company delivered adjusted EBITDA of £11.3 million—exceeding expectations—and finished the year with £21.6 million in net cash. The group also continued to invest in expansion initiatives, including plans to launch Soluna in the UK, develop ethical AI capabilities and pursue selective acquisitions.

Kooth’s investment outlook is largely supported by strong financial performance during 2024, including growth, profitability and robust free cash flow alongside very low leverage. However, technical indicators introduce some caution, with the stock showing overbought signals and still trading below its 200-day moving average. Valuation appears moderately supportive, with a mid-range price-to-earnings multiple, though there is currently no dividend data.

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Kooth plc is a global provider of digital mental and behavioural health services, offering platforms such as Kooth, Qwell and Soluna to more than 20 million people across the UK and the United States. Its services combine self-guided wellbeing tools, moderated peer communities and access to professional therapeutic support. The company’s platforms hold independent accreditations from URAC in the United States and the British Association for Counselling and Psychotherapy in the UK, with a strong focus on youth mental health and evidence-based outcomes.

Kooth is a leading digital access point for mental health support for under-18s in England and operates Soluna as California’s first statewide digital behavioural health solution for individuals aged 13 to 25. The company aims to expand its reach through partnerships with public sector clients and state-level programmes, supported by acquisitions, strategic collaborations and responsible AI-driven product development.

United Oil & Gas (LSE:UOG) has reported encouraging findings from a seabed geochemical exploration survey conducted across its Walton-Morant offshore licence in Jamaica. Analysis of 42 piston core samples detected C4 and C5 hydrocarbons—including butanes and pentanes—which are typically associated with thermogenic hydrocarbon systems rather than purely biogenic sources.

The results strengthen the case for an active petroleum system within the licence area. They complement earlier indicators such as satellite-detected slick anomalies, known oil seeps and modelling that suggests the presence of oil-mature source rocks. Data gathered from the survey—including information derived from 3D seismic studies, multibeam seabed mapping and satellite observations—will now be incorporated into updated geological models. The aim is to refine exploration risk assessments and support ongoing technical analysis as the company continues farm-out discussions ahead of a potential drilling decision.

Despite the positive exploration indicators, the company’s investment outlook remains constrained by weak financial fundamentals, including the absence of revenue, continued operating losses and volatile cash generation. Low leverage offers some balance-sheet support. From a technical perspective, the shares show a positive trend with solid upward momentum, although valuation metrics remain challenging due to negative earnings and a price-to-earnings ratio that provides little meaningful support.

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United Oil & Gas Plc is an AIM-listed oil and gas exploration and development company with assets in the UK and Jamaica. Its portfolio includes a development project in the United Kingdom and a high-impact offshore exploration licence in Jamaica. The company is led by an experienced management team and works alongside industry partners while pursuing growth through portfolio optimisation and selective acquisitions.

Hargreaves Services (LSE:HSP) expects to receive a £10 million cash inflow following Tungsten West’s recent fundraising. The total includes £3 million in accelerated deferred consideration tied to the company’s 2019 sale of the Hemerdon tungsten and tin mine, as well as a £7 million compensation payment related to the termination of its Mining Services Contract.

The immediate payment of the remaining £3 million deferred consideration will release security over the mineral lease and replaces previously anticipated annual revenues of £1 million that had been scheduled for FY27 and FY28. Meanwhile, the £7 million compensation payment—expected to be received by May 2027—will be recorded as a one-off gain in the current financial year. The revised arrangement effectively accelerates and reduces the risk associated with future cash flows. Hargreaves also noted that its overall trading performance remains in line with expectations and that the ongoing Middle East conflict has not affected its operations.

The restructuring of the Hemerdon-related cash flows decreases the group’s reliance on longer-term mining services income while strengthening near-term balance sheet flexibility. Management added that discussions with Tungsten West are continuing regarding potential future involvement at the mine, suggesting that Hargreaves could still play a strategic role even after stepping back from direct mining operations.

The company’s investment outlook is supported by strong financial performance, including robust growth and cash generation alongside relatively low leverage. Technical indicators also appear constructive, with the share price trading above key moving averages and supported by a positive MACD signal. Valuation metrics are another positive factor, reflecting a low price-to-earnings ratio and an attractive dividend yield. Management commentary from recent earnings discussions also highlighted capital return plans and operational momentum, although execution risks remain around the group’s land and renewables developments and its zinc project.

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Hargreaves Services plc is a diversified UK-based group operating across environmental, infrastructure and property markets in the UK and South East Asia. Its Services division provides materials handling, mechanical and electrical contracting, logistics support and large-scale earthworks. The company also operates Hargreaves Land, which focuses on brownfield site redevelopment, and maintains a German joint venture involved in specialist commodity trading and steel waste recycling.

Close Brothers Group (LSE:CBG) has said that the Financial Conduct Authority’s proposed motor finance consumer redress programme would likely result in a provision of approximately £320 million. The estimate is broadly consistent with the bank’s current IAS 37 provision of £294 million. According to the company, the potential cost can be absorbed within its existing capital resources and is expected to reduce its CET1 ratio by around 25 basis points to roughly 14.0%, still above its medium-term target range of 12–13%.

The estimate is based on around 720,000 qualifying UK motor finance loans issued between April 2007 and November 2024. The bank has assumed an average compensation payment of about £500 per customer and a claim rate of approximately 75%, alongside roughly £66 million in expected implementation costs. Close Brothers noted that it has not yet updated its existing provision and will continue to monitor legal, regulatory and industry developments before making any adjustments. Despite the potential financial impact, the group said it remains well positioned to execute its strategic plans and generate long-term shareholder value.

The company’s outlook is currently constrained by weaker profitability, including a decline in revenue and a net loss, as well as higher leverage levels. Technical indicators also reflect a broader downward trend in the share price. Some positive factors—such as a recovery in cash flow and a relatively low price-to-earnings multiple—offer partial support, but these are not sufficient to fully offset the fundamental and momentum-related risks.

More about Close Brothers Group

Close Brothers Group is a UK specialist banking organisation focused on lending and deposit-taking activities, primarily in the United Kingdom and Ireland. Listed on the London Stock Exchange and a member of the FTSE 250 index, the group employs around 2,600 people and provides tailored financing solutions across niche markets, including motor finance and asset-backed lending.

Coiled Therapeutics (LSE:COIL) has released promising interim results from its ongoing Phase I/II clinical trial evaluating AO-252. The study reported an 80% clinical benefit rate, with patients in the twice-daily dosing cohort experiencing disease control lasting more than six months. This outcome compares favourably with the once-daily dosing arm and with typical results from salvage therapies used in heavily pre-treated solid tumour patients.

The treatment has so far demonstrated a favourable safety profile, with no maximum tolerated dose reached during the study. Researchers have also observed signs of immune-modulating activity involving the cGAS/STING pathway, which may enhance the therapy’s anti-cancer potential. Based on these findings, the company plans to move quickly into dose expansion studies targeting ovarian and prostate cancers. Additional development steps include introducing a next-generation formulation of the drug and launching combination therapy studies in 2026, potentially strengthening AO-252’s clinical prospects and future commercial positioning.

Despite the encouraging clinical progress, the company’s investment outlook remains constrained by weak financial fundamentals. Coiled continues to report volatile pre-commercial revenue, ongoing losses and persistent cash burn. Technical indicators also reflect a prolonged downward trend in the share price. While the balance sheet carries relatively low leverage, the stock’s negative price-to-earnings ratio and absence of dividend yield limit its valuation appeal.

More about Coiled Therapeutics plc

Coiled Therapeutics plc is an AIM-listed clinical-stage biotechnology company developing precision oncology therapies for difficult-to-treat solid tumours. Its lead programme, AO-252, is a first-in-class orally administered TACC3 inhibitor currently undergoing Phase I trials in the United States. The company is also advancing a STAT-6 siRNA programme aimed at immunology indications and benefits from strategic support from A2A Pharmaceuticals.

Tungsten West (LSE:TUN) reported significant progress during the first quarter of 2026 toward restarting operations at its Hemerdon tungsten and tin mine in Devon. The development comes as higher market prices for tungsten and tin have strengthened the project’s underlying economics. The company is targeting the restart of fines gravity processing in the third quarter of 2026, with full plant commissioning planned for the first quarter of 2027.

Work on the project is moving forward rapidly, with major subcontractors now appointed and refurbishment activities and earthworks underway on site. The company has also reinforced its operational leadership team, appointing a new chief operating officer alongside senior managers overseeing processing, mining, maintenance and environmental, social and governance functions.

In a shift to its operating strategy, Tungsten West has ended its mining services agreement with Hargreaves and intends to bring mining operations in-house. To support this approach, the company has secured a £22.3 million equipment financing arrangement with Komatsu. On the funding side, advanced due diligence is ongoing for up to US$85 million in project debt, with lenders indicating support for an initial US$25 million tranche. Together with approximately £25.5 million in existing cash reserves, this funding is expected to support the pathway to restarting production.

Despite operational progress, the company’s outlook remains constrained by financial risk factors, including ongoing losses, continued cash burn and negative equity reported in FY2025 alongside increased debt levels. Technical indicators for the stock have recently strengthened, but valuation metrics offer only moderate support as the negative price-to-earnings ratio reflects the company’s current lack of profitability and there is no dividend yield.

More about Tungsten West Plc

Tungsten West Plc is a UK-based mining company focused on restarting production at the Hemerdon tungsten and tin project in Devon. The company aims to re-establish the site as a major Western supplier of tungsten concentrate and tin, both considered strategically important metals, at a time when global demand for critical minerals is rising.