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Playtech (LSE:PTEC) reported a 10% year-on-year decline in revenue for the 2025 financial year, coming in below analyst expectations as regulatory changes affected performance across several markets.

Revenue for FY25 totalled €763.60 million, missing the €792.02 million consensus forecast compiled from eight analysts. Adjusted EBITDA dropped 37% to €135.20 million, also below the expected €175.13 million.

Net income for the year reached €44.20 million, translating to earnings per share of €0.15.

During the year, the company completed the sale of its Snaitech business and returned €1.8 billion to shareholders through a special dividend.

Playtech said revised terms with Caliente Interactive reduced B2B revenue but increased investment income through its equity stake in the business. The updated agreement changed the structure of the revenue-sharing model between the two companies.

Revenue in the United States nearly doubled during the period, supported by expanded partnerships and launches in additional states. The broader Americas region continued to show growth momentum despite tax pressures in several markets.

However, regulatory changes and new tax measures in Brazil and Colombia weighed on Latin American performance, contributing to the overall revenue decline. Playtech said evolving tax frameworks across multiple jurisdictions in the region created additional operating challenges.

Looking ahead, the company expects Adjusted EBITDA for FY26 to come in ahead of current market consensus. Playtech also reaffirmed its medium-term targets of €250 million to €300 million in Adjusted EBITDA and €70 million to €100 million in free cash flow.

Tribal Group (LSE:TRB) reported preliminary revenue of £92.5 million for the 2025 financial year, representing a 4% increase compared with the previous year.

Adjusted EBITDA rose 8% to £17.5 million, reflecting improved operating performance across the company’s business units.

The growth was largely driven by stronger recurring revenue from cloud-based and subscription services. Revenue from subscriptions and cloud offerings increased 32%, supporting expansion within the Student Information Systems division as customers continued migrating away from traditional support and maintenance contracts.

The introduction of the HEFS subscription model further boosted recurring revenue and annual recurring revenue, with most higher education customers now adopting the platform. Annual recurring revenue reached £63.3 million for the year.

Within the Etio division, operational improvements and cost efficiencies introduced during 2024 helped support margin expansion despite softer demand conditions. Gross profit for the year totalled £46 million, while net income amounted to £8.9 million.

Looking ahead to fiscal 2026, Tribal expects revenue of approximately £93 million and adjusted EBITDA of around £17 million. The company said trading in the new financial year has begun in line with the board’s expectations.

However, Tribal noted that developments in the Middle East could affect the timing of certain Etio contracts.

Shares of 3i Group (LSE:III) dropped more than 4% on Thursday after the private equity investor reported a slowdown in recent sales momentum at its key portfolio company Action, although it left its broader outlook for the year unchanged.

In a trading update ahead of a capital markets seminar, 3i said Action recorded net sales of €3.7 billion during the first 12 weeks of 2026, representing year-on-year growth of 14.5%. Like-for-like sales increased by 4% over the same period.

However, more recent trading suggested a slightly softer trend. Analysts at RBC Capital Markets estimated like-for-like growth in the latest period at around 3%, which they described as “a little softer than our lower-end expectations.”

The company attributed some of the weaker performance to weather conditions in Northern Europe, noting that store traffic was “impacted by snow and cold weather,” particularly during the second reporting period. France also underperformed relative to other markets, posting like-for-like growth of 0.9% compared with 5.8% in markets outside France.

For the full year, Action continues to guide for like-for-like sales growth of between 4% and 5%, with at least 400 net new store openings and an EBITDA margin maintained at 14.8%. RBC said this guidance broadly aligns with market expectations.

Action opened 24 stores so far this year, with most additional openings expected to take place in the second quarter.

3i also increased its estimate of the long-term opportunity for Action in Europe to roughly 4,650 additional stores beyond its current footprint. The company reiterated plans to launch the brand in the south-eastern United States, targeting the first store opening by the end of 2027 or early 2028—an approach RBC said matched expectations.

Across the wider portfolio, 3i reported solid trading conditions. The group said Royal Sanders and “the vast majority of our Private Equity portfolio companies, continue to trade well. Our Infrastructure portfolio is also delivering solid overall performance.”

The company acknowledged potential geopolitical risks, noting that “the repercussions of Middle East situation have the potential to present further challenges,” but added that “history suggests that Action and the broader 3i portfolio will continue to show resilience in the most likely scenarios.”

Serica Energy (LSE:SQZ) has finalised the acquisition of a 40% operated interest in the Greater Laggan Area and related infrastructure from TotalEnergies, alongside operated licences in four neighbouring exploration blocks. The transaction creates a new operated hub for Serica in the West of Shetland basin, providing current net production of just over 5,000 barrels of oil equivalent per day and strengthening the company’s position as a key gas processing host in one of the UK Continental Shelf’s most prospective gas regions.

As of 31 December 2025, the Greater Laggan Area is estimated to contain net 2P reserves of around 4.0 million barrels of oil equivalent and 2C contingent resources of approximately 5.4 million boe. The asset offers several potential growth opportunities, including the Glendronach field tie-back, additional infill drilling at the Tormore field and further exploration prospects in the surrounding area. Serica completed the acquisition for a nominal consideration of £1 and received a post-tax cash flow adjustment of $55.7 million, strengthening its financial position while expanding its infrastructure footprint and potential for third-party processing at the Shetland Gas Plant.

The company’s outlook reflects a relatively stable financial base supported by solid liquidity and dividend payments. However, technical indicators suggest a more cautious market sentiment, with bearish momentum in the share price. Valuation metrics also remain affected by a negative price-to-earnings ratio. While the company’s financial strength and strategic asset expansion offer support, operational challenges and regulatory uncertainties across the UK energy sector remain key considerations.

More about Serica Energy

Serica Energy is an independent UK oil and gas producer focused on the UK Continental Shelf. The company operates assets that supply roughly 10% of the UK’s gas production. Its main producing hubs include the Bruce, Keith and Rhum fields in the Northern North Sea, along with fields linked to the Triton FPSO in the Central North Sea. The company also maintains a growing position West of Shetland, including its 40% operated interest in the Greater Laggan Area and the Shetland Gas Plant. Since 2020, Serica has invested more than £1 billion in the UK supply chain and maintains a balanced portfolio of oil and gas production. It is also pursuing further portfolio expansion through acquisitions and plans to move its listing from AIM to the London Stock Exchange Main Market.

Filtronic plc (LSE:FTC) has won an $8 million (£6 million) contract from a U.S. customer to design, develop, manufacture and qualify a new range of high-performance system-level amplifier products. The programme is scheduled to begin in March 2026 and will continue through 2027.

The agreement builds on Filtronic’s proprietary high-power solid-state gallium nitride (GaN) amplifier and monolithic microwave integrated circuit (MMIC) technologies. It also broadens the company’s satellite communications product offering, strengthening its presence in strategic space and defence markets while supporting its long-term margin and value objectives.

The contract reflects rising demand for Filtronic’s advanced radio frequency (RF) technologies within the satellite communications sector. It also demonstrates the company’s capability to rapidly move integrated, turnkey solutions from development into scalable manufacturing. By expanding its portfolio for low-Earth orbit (LEO) and other space-based communications applications, Filtronic aims to reinforce its competitive position in mission-critical communications and improve visibility over future revenue streams.

The company’s outlook is supported by strong financial performance, including rapid revenue growth, high margins, low leverage and solid cash generation. Technical indicators remain positive but appear stretched, with overbought signals suggesting potential near-term volatility. Valuation metrics present a moderate constraint due to a relatively high price-to-earnings ratio and the absence of dividend yield data.

More about Filtronic

Filtronic plc is a UK-based designer and manufacturer of advanced radio frequency (RF) solutions used in mission-critical communication networks. The company serves industries including space, aerospace, defence, telecommunications infrastructure and critical communications. Operating globally with two manufacturing sites and three engineering centres, the AIM-listed group focuses on high-growth sectors such as low-Earth orbit satellite systems, where its patented technologies support high-bandwidth, low-latency connectivity and scalable production.

THG (LSE:THG) reported preliminary results for 2025 showing a return to growth on a constant-currency basis, with group revenue rising 2.3%. The company recorded a record second-half performance as momentum strengthened across both its Beauty and Nutrition divisions. Adjusted EBITDA reached £76.6 million, exceeding both company guidance and market expectations, while the group returned to profitability with net profit after tax of £54.1 million, supported in part by asset disposals including the sale of Claremont Ingredients.

During the year, THG completed the demerger of THG Ingenuity and refinanced its debt facilities through to 2029. These steps significantly simplified the group’s capital structure and reduced leverage, cutting gross debt by £162 million. The company ended the period with approximately £333 million in cash and available facilities.

Operationally, THG Nutrition continued to expand through an omnichannel strategy and broader distribution, now reaching more than 40,000 retail locations worldwide. Meanwhile, THG Beauty delivered its strongest quarterly performance since 2021, driven by strong online demand for Lookfantastic and growth in social commerce channels.

Management maintained its guidance for 2026, expecting mid-to-high single-digit growth in the Nutrition division alongside continued improvement in Beauty, supported by margin expansion and operational efficiency initiatives. Net debt is projected to decline further to between £110 million and £130 million, aided by anticipated free cash flow of £25 million to £50 million as well as VAT repayments. These developments are expected to strengthen cash generation and improve the company’s financial resilience.

The company’s outlook reflects a combination of financial challenges and strategic progress. While historically high leverage and recent losses have weighed on performance, improving technical indicators and corporate developments suggest growing momentum as the group advances its restructuring and growth strategy.

More about THG

THG is a FTSE 250 consumer-focused group operating primarily through its THG Beauty and THG Nutrition divisions. The company sells beauty products and sports nutrition through online platforms and retail channels under brands including Lookfantastic and Myprotein. THG has expanded its distribution through an omnichannel approach that includes a rapidly growing physical retail presence and licensing partnerships, with major markets in the UK, the United States and other international regions.

Helium One Global (LSE:HE1) reported unaudited interim results highlighting significant operational progress as the company moves from exploration toward production across its assets in Tanzania and the United States. During the period, the group secured Tanzania’s first-ever helium mining licence covering 480km² at its southern Rukwa project, while also advancing development plans following encouraging test results at the Itumbula West-1 well.

In Tanzania, extended Electrical Submersible Pump testing at the ITW-1 well achieved flow rates around six times higher than those recorded during the 2024 extended well test, while maintaining strong helium concentrations. The results strengthen the commercial outlook for the discovery. Helium One is now preparing to launch a formal farm-out process aimed at bringing in a strategic industry partner to help finance and accelerate development of the southern Rukwa project.

In the United States, the company’s 50%-owned Galactica-Pegasus project in Colorado—operated by Blue Star Helium—achieved first gas production from the Pinon Canyon processing facility. Six wells are currently connected to the system, with the plant transitioning to continuous 24/7 operations. Initial helium sales have been agreed on a spot basis, and additional wells along with CO₂ liquefaction capacity are expected to be brought online in 2026, potentially creating further revenue streams and strengthening near-term cash generation.

Helium One also improved its financial position during the period, raising approximately £8.1 million through an investment agreement and retail offer. The company further strengthened governance through new board appointments, including a non-executive director and a head of governance and compliance. Management described 2026 as a pivotal year for the group, with priorities centred on scaling production in Colorado and advancing the southern Rukwa project toward commercial development, positioning the company as an emerging supplier in the global helium market.

The company’s outlook remains constrained by financial challenges, including the absence of revenue, ongoing losses and continued cash burn, although its balance sheet carries relatively low debt. Technical indicators provide more positive signals, with the share price trading above key moving averages and supported by a positive MACD trend. Valuation metrics remain limited due to a negative price-to-earnings ratio and the absence of dividend data.

More about Helium One Global Limited

Helium One Global Limited is a helium exploration and development company focused on projects in Tanzania and Colorado in the United States. Its flagship southern Rukwa project in Tanzania is advancing from exploration toward development, while the company’s 50% interest in the Galactica-Pegasus project in Colorado targets near-term helium and CO₂ production in a supply-constrained global helium market.

Ceres Power (LSE:CWR) reported revenue of £32.6 million for 2025, representing a 37% decline from the previous year. The company generated gross profit of £22.7 million and maintained a strong financial position with cash and investments totalling £83.3 million. Cost discipline significantly reduced operating cash outflows, cutting them nearly in half compared with the prior year. Although operating losses widened, Ceres recorded its first royalty income as partner Doosan commenced mass production of fuel cell stacks, marking an important milestone for the company’s licensing-based business model.

Strategically, the group continued expanding its international partnerships. In China, Weichai signed a manufacturing licence agreement, while Delta secured approximately £170 million worth of land and facilities in Taiwan to support large-scale hydrogen and power technology manufacturing. In South Korea, Doosan began factory production of Ceres-based systems. Additional developments included a government-supported electrolysis initiative in Japan involving Denso and JERA, and the successful deployment of a megawatt-scale hydrogen system in India by Shell. Alongside these initiatives, Ceres launched a business transformation programme aimed at reducing operating costs by around 20% in 2026. The company said its existing order book already supports roughly £45 million in expected revenue for 2026 before accounting for any new contracts.

The company’s outlook is supported by a solid balance sheet with low leverage and a strong equity base, as well as progress in commercialising its technology through global partners. However, continued operating losses and ongoing cash consumption remain key challenges. Technical indicators present a mixed picture, while valuation metrics remain constrained due to negative earnings and the absence of a dividend yield. Commentary from the latest earnings call highlighted progress toward commercial deployment and planned cost reductions, though uncertainty around future order intake and the timing of revenue recognition remains an important risk factor.

More about Ceres Power Holdings

Ceres Power Holdings is a UK-listed clean energy technology company focused on the development of solid oxide fuel cells for power generation and electrolysers for green hydrogen production. The business operates an asset-light intellectual property licensing model, partnering with global industrial groups including Doosan, Delta, Denso, Shell, Weichai and Thermax. Its technologies target applications such as AI data centres, commercial and industrial power systems, microgrids and other sectors involved in the global energy transition.

ValiRx (LSE:VAL) reported additional annual cost savings of £42,500 through salary reductions and changes to its advisory board structure. At the same time, the company continues to develop its collaboration with Dominion Biotech, working together to co-develop and commercialise patient-derived cell models and related research programmes.

The company has also expanded its research pipeline through several new initiatives. ValiRx signed a preclinical evaluation agreement with McGill University and IRICoR, while progressing a fast-track orphan disease programme. It also launched ValiRx Animal Health Ltd, a new subsidiary focused on commercialising oncology-related assets within the veterinary sector, where the company is already engaging with specialist clinics and potential funding partners.

Further development work has continued across its research portfolio. ValiRx advanced its CytoLytix oncolytic peptide programme with a new in-house formulation, supported by research data generated with partners ScreeIn3D and Bioreparia, and plans to file a related patent application in April 2026. The company is also collaborating with Cellomatics to develop immune-oncology co-culture models using colorectal cancer cells provided by Inaphaea.

In addition, ValiRx has strengthened its academic network through grant-backed collaborations with the University of Nottingham and the Open University, focusing on peptide delivery systems and prostate cancer targeting technologies. Work is also progressing on validation of the VAL201 2.0 construct and additional patent filings. These initiatives are intended to support future external investment and expand commercial opportunities across both human and veterinary oncology markets.

ValiRx’s outlook remains constrained by challenging financial fundamentals, including ongoing losses and reliance on external funding. Technical indicators suggest a broadly bearish share price trend, although some potential for upward movement remains. Valuation metrics are also limited due to the company’s negative price-to-earnings ratio and the absence of dividend support.

More about ValiRx plc

ValiRx plc is a UK-based life sciences company focused on developing early-stage cancer therapies and women’s health treatments. Using a translational development model, the company aims to advance novel drug candidates from preclinical research toward clinic-ready and investor-ready assets. ValiRx operates through a network of subsidiaries and academic and commercial partnerships designed to accelerate drug development in oncology and related therapeutic areas. The company is listed on London’s AIM market under the ticker VAL.