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Anpario (LSE:ANP) delivered a strong performance in 2025, reporting revenue growth of 24% to £47.2m while profit before tax rose 54% to £8.0m. The results were supported by improved gross margins and solid cash generation across the business.

Growth during the year was driven in part by the first full-year contribution from U.S.-based Bio-Vet, alongside 12% like-for-like sales growth across Anpario’s existing operations. The company also benefited from strong demand for its higher-margin natural feed additives across key markets in the Americas, Europe and Asia.

The improved financial performance allowed the group to increase its total dividend by 11%, reflecting confidence in the strength of its cash flow and long-term growth strategy. Management highlighted that the results reinforce Anpario’s shift toward premium, sustainable animal nutrition products, even as the business navigates ongoing geopolitical and logistical challenges affecting global supply chains.

From an investment perspective, Anpario’s outlook is supported by strong financial performance and positive corporate developments. Technical indicators also suggest a favourable trend, while the company’s valuation appears reasonable relative to its growth profile. The absence of additional earnings call details does not materially affect the overall positive outlook.

More about Anpario

Anpario plc is an independent producer of natural and sustainable feed additives designed to improve animal health, nutrition and biosecurity in global agricultural markets. The company’s product portfolio includes higher value-added solutions such as Orego-Stim and Optomega Algae, which target improved animal performance and welfare. Anpario has also expanded its presence in the United States and broadened its species coverage through the acquisition of Bio-Vet Inc.

Jubilee Metals (LSE:JLP) reported a strong first half for FY2026, with copper production increasing 8.7% to 1,543 tonnes as operational improvements and expansion projects supported higher output. The company also reported a significantly improved safety performance during the period.

The improved results were driven in part by the Roan concentrator upgrade, which is now fully operational, while expansion work at the Molefe Mine progressed despite weather-related interruptions. Financial performance strengthened considerably, with copper revenue rising 70.5% to $14.1m and gross profit climbing to $3.1m. Group EBITDA returned to positive territory with a profit of $2.0m.

Jubilee invested $11.8m in capital expenditure across its Zambian copper operations during the period. The group also reported a net cash position of $11.5m, supported by proceeds from the disposal of its South African assets. Those disposals helped reduce debt and provided funding to support the company’s strategic shift toward expanding its Zambian copper platform.

Following the reporting period, the company continued advancing its Large Waste Project acquisition and secured additional supplies of higher-grade copper ore. Construction of new concentrate dewatering facilities at Roan is also nearing completion, a development expected to increase copper cathode production at the Sable refinery by more than 100 tonnes per month.

Jubilee said its full-year copper production guidance of 4,500 to 5,100 tonnes is currently under review due to heavy rainfall, changes to the mine plan at Molefe and a short delay in commissioning the new dewatering infrastructure. Despite these near-term challenges, management highlighted that the streamlined asset base, unencumbered processing plants and deferred consideration still to be received from the South African asset sale provide financial flexibility as the company builds an integrated copper platform in Zambia.

However, the company’s broader outlook remains constrained by underlying financial pressures. Recent financial performance has deteriorated significantly, with falling revenues, negative profitability and continued negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD signal, although oversold conditions may provide some short-term support. Valuation metrics offer limited reassurance as the company remains loss-making and does not currently provide a dividend yield.

More about Jubilee Metals Group

Jubilee Metals Group is an integrated copper producer and resource development company focused on Zambia following the sale of its South African chrome and platinum group metals operations. The group operates the Roan concentrator, the Sable refinery and the Molefe Mine, and is transitioning from a processing-led model toward a resource-backed mining strategy centred on scalable, low-cost copper production.

Severfield (LSE:SFR) said it expects underlying profit before tax of around £10.2m for the 2026 financial year, broadly in line with current market expectations. The company also anticipates net debt of approximately £28m by year-end, which would come in significantly better than consensus forecasts and leave roughly £39m of headroom within its financing facilities.

The group reported a UK and Europe order book of £438m, while its Indian operations have reached a record order book of £331m. Expansion work at its Gujarat facility remains on schedule. However, softer market conditions and increasing pricing pressure—particularly across the UK and European markets—have pushed the start of several major projects into the latter part of FY27.

Looking ahead, Severfield now expects underlying profit before tax for FY27 to fall within the range of £12m to £15m. The guidance reflects a cautious outlook as the company navigates macroeconomic and geopolitical uncertainty, delayed project mobilisation and ongoing pricing challenges across key markets.

New management has begun implementing a strategic review aimed at strengthening the business and improving long-term performance. As part of this process, the group has already taken steps to exit its non-core Modular Solutions division. Meanwhile, remediation work on bridge projects is continuing, with substantial insurance recoveries expected to offset associated costs.

Management believes these measures will help safeguard margins, maintain operational utilisation and support longer-term growth, particularly in the Indian market where demand for structural steel solutions remains strong.

Despite these strategic efforts, Severfield’s outlook remains constrained by declining revenues and weaker profitability. While some technical indicators and corporate developments offer limited positives, valuation metrics and liquidity pressures continue to weigh on investor sentiment. The company’s relatively high dividend yield and alignment of management incentives with shareholder interests nevertheless provide some potential support for future improvement.

More about Severfield

Severfield is the UK’s leading structural steel specialist, providing design, fabrication and construction services across a wide range of sectors including industrial, commercial, stadia, leisure, data centres, retail, healthcare, education, nuclear, power and transport. The company operates six production facilities with an annual capacity of around 150,000 tonnes and employs approximately 1,800 people. In India, Severfield participates in the growing structural steel market through a joint venture with JSW Steel.

Avacta (LSE:AVCT) has dosed the first patient in its Phase 1 FOCUS-01 clinical trial evaluating FAP-Exd (AVA6103), a Gen Two pre|CISION-based exatecan peptide drug conjugate designed to treat selected advanced solid tumours. The trial is being conducted at three specialist oncology centres in the United States.

The study follows a recent £10 million fundraising that extended the company’s cash runway into early 2027. FOCUS-01 is expected to enrol around 144 patients and will employ AI-assisted tumour selection together with a Bayesian dose-escalation framework. The trial aims to deliver initial safety, pharmacokinetic and early efficacy data later this year, marking an important milestone in the development of Avacta’s targeted oncology pipeline and further validation of its tumour-activated drug platform.

The trial will focus on cancers including pancreatic, cervical and vulvar, gastric and gastroesophageal junction, and small cell lung cancer. Patient selection is supported by gene-expression analysis from Tempus AI, which is being used to identify tumours where fibroblast activation protein (FAP) expression aligns with potential sensitivity to topoisomerase I inhibition.

The study will also test two different dosing schedules while evaluating a sustained-release mechanism designed to increase drug concentration within tumours while limiting exposure to healthy tissue. If successful, AVA6103 could expand the clinical and commercial potential of Avacta’s pre|CISION platform beyond its lead candidate AVA6000 and strengthen the company’s position in the emerging class of exatecan-based targeted therapies.

Despite the clinical progress, Avacta’s outlook remains constrained by financial pressures. The company continues to report losses and lacks significant commercial partnerships, which increases funding risk as its pipeline advances. Technical indicators for the stock also remain weak, and valuation metrics are challenged by negative earnings and the absence of dividend income.

More about Avacta Group plc

Avacta Group plc is a clinical-stage biotechnology and life sciences company focused on developing innovative cancer treatments. Its proprietary pre|CISION platform is designed to activate potent peptide drug conjugates within the tumour microenvironment using fibroblast activation protein (FAP). This approach aims to deliver highly effective therapeutic payloads directly to solid tumours while minimising systemic toxicity and improving dosing flexibility for patients.

Quantum Data Energy PLC (LSE:QDE) said its wholly owned 8.1 MW Pyebridge flexible generation facility delivered strong operational results in the first quarter of 2026, producing approximately 3.3 GWh of electricity. This represented a 61% increase compared with the same period a year earlier, reflecting growing demand for flexible generation capacity as renewable energy supply remains intermittent.

Over the 12 months to March 2026, the Pyebridge site generated around 12 GWh of electricity. The asset achieved average annual revenues of roughly £285,000 per MW, with electricity sold at an average price of £126 per MWh. The facility operated for approximately 12 hours per day on average, highlighting strong utilisation levels and significant performance above prevailing wholesale power market prices.

The company also confirmed that the ongoing conflict involving Iran has not materially affected its operations. Management noted that the UK has limited gas supply exposure to the region and that electricity forward markets have adjusted to higher gas costs. According to the company, this environment resembles conditions during the Ukraine war, which previously supported strong trading conditions for gas-fired flexible generation assets.

Quantum Data Energy believes these dynamics reinforce the resilience of its business model and support its strategy of scaling its portfolio toward an initial target of 300 MW of flexible generation capacity. The company is also positioning its assets to support rising electricity demand from AI data centres and other power-intensive infrastructure.

Despite strong operational performance at Pyebridge, the company’s outlook remains constrained by underlying financial challenges. Quantum Data Energy continues to report operating losses and negative operating and free cash flow, while leverage has increased. Technical indicators also suggest a sustained downward trend in the share price, with only mild signs of oversold conditions. Valuation offers limited support, as the company’s losses make traditional P/E metrics less meaningful and no dividend yield is available.

More about Quantum Data Energy PLC

Quantum Data Energy PLC is a UK-based developer, owner and operator of flexible generation power assets. The company specialises in modular gas-fired generation solutions designed to provide responsive power to the UK grid and energy-intensive applications such as AI data centres. Leveraging expertise in infrastructure planning, grid connectivity and gas access, the company aims to expand its flexible generation portfolio and establish itself as a leading AI-focused energy infrastructure platform on the London Stock Exchange.

Tap Global Group PLC (LSE:TAP), the AIM-listed digital finance platform, reported first-half revenue of £1.67 million for the six months to 31 December 2025, representing a 6.9% year-on-year decline amid softer conditions in cryptocurrency markets.

Despite the slight revenue drop, the company maintained strong gross margins above 75%. However, higher operating costs led to an EBITDA loss of £0.15 million and a pre-tax loss of £0.5 million for the period. Cash balances at the end of the half-year stood at £433,000.

During the period, Tap Global continued advancing its strategy of positioning itself as a regulated bridge between traditional fiat payments and digital assets. The company integrated open banking services through tell.money and partnered with Moorwand to introduce dedicated GBP and EUR IBAN accounts alongside improved payment infrastructure.

Tap Global also relaunched its corporate customer programme, onboarding more than 25 business clients. In addition, it introduced a Bitcoin Treasury as a Service offering aimed at institutional users, which has already secured its first client. These developments form part of the company’s broader shift toward higher-margin B2B services and are intended to support more diversified and sustainable long-term growth.

More about Tap Global Group PLC

Tap Global Group PLC is a digital finance platform designed to connect traditional fiat payments with blockchain-based financial services through a single mobile application. The platform serves more than 400,000 individual and business users, providing integrated fiat accounts, payment cards and access to more than 70 cryptocurrencies across over 40 countries. The company operates within European regulatory frameworks and holds licences in Gibraltar and Bulgaria.

Hilton Food Group (LSE:HFG) reported resilient trading for 2025, supported by stable volumes across its core retail meat and fresh prepared foods operations. Revenue from continuing activities increased by nearly 12% on a constant currency basis, demonstrating steady demand despite persistent inflationary pressures across the supply chain.

Adjusted profit before tax from continuing operations declined slightly, slipping around 1% year on year, largely due to weaker performance at the Seachill seafood division. At the statutory level, exceptional costs related to regulatory matters at Foppen were offset by gains from asset disposals and a reduction in net bank debt, helping to stabilise overall financial results.

During the year, the group completed a strategic review aimed at concentrating growth and capital investment on its core meat and fresh prepared food segments. Alongside this shift, improvement programmes are being implemented at Seachill, Foppen and Dalco to enhance operational performance and broaden the company’s strategic options for these businesses.

Looking ahead, management reiterated that profit in 2026 is expected to come in below 2025 levels, reflecting continued challenges within the seafood and specialty food divisions. However, the company pointed to strong core volumes and new contract wins across continental Europe as positive indicators. Hilton Food is also investing in major capacity expansions in Canada, Saudi Arabia and Poland, which it believes will support future growth.

The group remains committed to a progressive dividend policy designed to maintain shareholder returns while supporting longer-term objectives around profit growth, improved cash conversion and stronger returns on capital.

From an investment perspective, Hilton Food’s outlook is underpinned by a relatively attractive valuation and solid financial performance, although operational headwinds and bearish technical indicators present some near-term risks. Strategic initiatives and confidence from insiders nevertheless provide a supportive longer-term outlook.

More about Hilton Food

Hilton Food Group is an international food packing and supply partner for major grocery retailers, specialising primarily in red meat and fresh prepared foods. The company operates highly automated production facilities and long-term retail partnerships across the UK, Europe and newer growth markets such as Canada and Saudi Arabia. Its strategy focuses on expanding into under-served markets while strengthening relationships with global retailers to support long-term growth.