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Franchise Brands (LSE:FRAN) reported a 2% increase in system sales for 2025, reaching £434.99 million, reflecting steady demand for its franchise services despite a challenging macroeconomic environment.

Group revenue also rose 2% year-on-year, while adjusted EBITDA remained broadly unchanged at £35.25 million. Gross profit for the period totalled £84.76 million, and adjusted earnings per share increased 5% compared with the previous year. The company also reported a reduction in net debt over the period, strengthening its balance sheet.

Franchise Brands said demand for essential, non-discretionary services continued to support system sales and profitability. Strong contributions from the Filta International and Willow Pumps divisions played an important role in the group’s performance during the year.

The company added that its One Franchise Brands strategy is delivering operational benefits by expanding revenue opportunities and improving efficiency across its franchise network.

Looking ahead to 2026, Franchise Brands expects adjusted EBITDA to fall within the current analyst forecast range of £35.3 million to £38.0 million. The company also announced plans to launch a share buyback programme of up to £10 million, signalling confidence in its future prospects.

Early trading in 2026 has been mixed. While Filta International has continued to perform strongly, the company noted softer conditions across its European operations due to adverse weather and ongoing macroeconomic uncertainty.

More about Franchise Brands

Franchise Brands plc is a UK-based multi-brand franchise operator providing a range of essential business-to-business and consumer services. Its portfolio includes brands operating in areas such as drainage, plumbing, pump maintenance and commercial kitchen services. The group focuses on expanding through franchising, acquisitions and operational integration across its international network.

Pharos Energy (LSE:PHAR) reported a decline in preliminary revenue for 2025 as weaker oil prices weighed on performance. Oil and gas sales totalled $114.6 million for the year, down from the previous period.

The company reported a preliminary net loss for 2025, compared with a profit in the prior year. Gross profit came in at $18.2 million, while operating profit reached $8.7 million.

Despite the weaker results, Pharos Energy proposed a final dividend of $5.2 million for 2025, subject to shareholder approval.

Looking ahead, the company increased its 2026 working interest production guidance to between 5,200 and 6,400 barrels of oil equivalent per day net. Its ongoing drilling programme in Vietnam is expected to conclude by mid-2026 and could deliver up to a 20% production increase if appraisal wells prove successful.

Group capital expenditure for 2026 is expected to total around $50 million, with approximately $39 million allocated to Vietnam and $11 million directed toward operations in Egypt.

During the year, Pharos completed a six-well drilling campaign on the TGT and CNV fields in Vietnam aimed at sustaining current output while unlocking additional production potential. The company also received approval to consolidate two concessions in Egypt, a move that improves fiscal terms and extends the lease periods, resulting in an immediate uplift in asset value.

Pharos further strengthened its financial position after receiving a $20 million payment from Egyptian General Petroleum Corporation, reducing outstanding receivables to their lowest level since December 2021 and doubling the group’s year-end cash balance.

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Pharos Energy plc is an independent oil and gas exploration and production company with operations focused on Southeast Asia and the Middle East. The group’s key producing assets include fields offshore Vietnam as well as concessions in Egypt, where it aims to grow production through targeted drilling programmes and asset optimisation.

Norman Broadbent (LSE:NBB) reported a return to profitability for the 2025 financial year as strong growth in revenue and net fee income supported the turnaround of the executive search firm.

Revenue increased 39% year-on-year to £15.14 million, while net fee income climbed 32%. The company posted a pre-tax profit of £600,000 compared with a loss in the previous year. Underlying EBITDA rose sharply by 333% to £1.3 million, with operating expenses totalling £11.62 million.

The company said the improved profitability reflects higher productivity and tighter cost management, highlighting the operating leverage of its business model as activity levels expand. During the year, Norman Broadbent also increased investment in both headcount and internal systems to strengthen capabilities and support future growth.

Management said the performance was supported by a strategic focus on higher-quality assignments, greater sector diversification and increased international activity. The company also confirmed that it completed its turnaround strategy during the reporting period.

Following the year-end, Norman Broadbent acquired Society Limited as part of its expansion strategy. The acquisition is expected to support further growth and broaden the company’s service offering.

Looking ahead to FY26, the firm aims to expand its fee-earning capacity by at least 20%. Management noted that growth may be uneven due to ongoing market uncertainty but said the company plans to continue expanding internationally while further developing its leadership consulting services.

More about Norman Broadbent

Norman Broadbent plc is a UK-based executive search and leadership advisory firm that provides senior recruitment and consulting services to organisations across multiple sectors. The company focuses on executive search, interim management and leadership consulting, with a growing international presence and a strategy centred on higher-value assignments and diversified sector coverage.

Quartix (LSE:QTX) reported that revenue for 2025 increased by 12% compared with the previous year, supported by continued expansion in its vehicle tracking subscription base.

The company said adjusted earnings per share rose 25% year-on-year, while annualised recurring revenue climbed 14% to £37.0 million. Growth was largely driven by an increase in fleet subscriptions and the associated recurring income generated from those contracts.

Executive Chairman Andy Walters said improvements in operational efficiency and cost reductions also contributed to the stronger profitability during the year.

In the UK, the company’s upselling programme — including the introduction of a new dashboard camera option — played a notable role in increasing recurring revenue from existing customers.

Looking ahead, Quartix plans to continue investing in sales channels across its six target markets during 2026. While the company expects further operational progress, it has not issued specific financial guidance for the year.

For the full year, Quartix reported a pretax profit of £8.70 million.

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Quartix Technologies plc is a UK-based provider of vehicle tracking systems and fleet management solutions. The company focuses on subscription-based services for businesses operating vehicle fleets, offering tools that help improve operational efficiency, monitor driver behaviour and optimise fleet performance across multiple markets.

Volex plc (LSE:VLX) expects revenue for the financial year ending 31 March 2026 to reach at least $1.22 billion, with underlying operating margins slightly exceeding its 9–10% target range. The stronger outlook is being driven largely by rising demand for high-speed data transmission products used in data centres supporting artificial intelligence applications.

The company said revenue from the data centre segment is projected to double compared with the previous year, reflecting rapid expansion in AI-related infrastructure. Other areas of the business — including electric vehicles, consumer electricals, medical technology and off-highway equipment — also delivered solid trading performance. Volex added that it has minimal direct exposure to geopolitical tensions in the Middle East.

The board is also reviewing a potential shift of the company’s listing from AIM to the Main Market of the London Stock Exchange. The move is intended to improve access to capital markets, broaden the shareholder base and potentially allow the company to qualify for inclusion in the FTSE 250 index.

Volex plans to present updated medium-term growth targets and discuss the structural drivers behind its expansion during a capital markets event scheduled for 22 April 2026 in London. The event is expected to outline how the company intends to leverage its increased scale, profitability and global footprint to support the next stage of growth.

The company’s outlook is supported by strong financial performance and positive investor sentiment following recent results. Its focus on fast-growing sectors such as electric vehicles and data centre infrastructure also supports its growth prospects. However, technical indicators and valuation metrics remain broadly neutral, suggesting a balanced risk-reward profile.

More about Volex plc

Volex plc is a UK-based manufacturer specialising in power and data connectivity solutions used in mission-critical applications. The company operates 23 manufacturing facilities and employs more than 13,000 people across 25 countries. Its products serve five core end markets: electric vehicles, consumer electricals, medical technology, complex industrial technology and off-highway equipment.

Jubilee Metals Group (LSE:JLP) reported that Phase 1 infill drilling at its open-pit Molefe copper mine in Zambia has confirmed the continuity of shallow copper oxide mineralisation, with grades broadly matching expectations outlined in the company’s expansion mine plan. The findings support the suitability of the ore for processing at the nearby Sable refinery and align with Jubilee’s strategy of securing reliable, high-quality copper feedstock for its processing operations.

The drilling programme also identified a new near-surface copper oxide zone extending the mineralised area approximately 250 metres to the east. The zone remains open, and a Phase 2 drilling campaign is already underway to determine its full extent.

According to the company, the consistency of both ore grades and mineralised thickness strengthens confidence in the deposit’s potential resource base. The results are expected to support the preparation of a formal resource estimate and an updated mine plan being developed in partnership with Galileo Resources. Molefe is expected to play an increasingly important role in supplying feed to Jubilee’s copper operations as the company expands its production capacity in Zambia.

Despite operational progress, Jubilee’s outlook continues to be affected by financial pressures, including a significant recent decline in revenue, negative profitability and negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and showing negative MACD signals, although oversold conditions offer limited support. Valuation metrics provide little backing for the shares due to the negative price-to-earnings ratio and absence of dividend yield data.

More about Jubilee Metals Group

Jubilee Metals Group is a copper-focused mining and processing company operating primarily in Zambia. Listed on London’s AIM market and the AltX of the Johannesburg Stock Exchange, the group is building an integrated copper production business centred around supplying its Sable refinery. The company has set a long-term target of producing 25,000 tonnes of copper per year as it expands its presence in the regional copper market.

Luceco (LSE:LUCE) reported strong results for 2025, with revenue increasing 11.9% to £271.4 million and adjusted operating profit rising 16.6% to £33.8 million. Growth was driven primarily by expanding demand for energy transition products alongside steady performance in its core wiring accessories and LED lighting businesses.

Sales of electric vehicle charging equipment saw particularly strong momentum, climbing 84.7% to £18.1 million. Profitability also improved, with adjusted operating margins reaching 12.5%. Meanwhile, the company strengthened its financial position as bank net debt declined to £52.3 million, supported by strong cash generation that enabled a 20% increase in the dividend.

The group said the solid performance leaves the balance sheet well positioned to support further organic investment and targeted bolt-on acquisitions.

Trading momentum has continued into early 2026. During the first two months of the year, Luceco recorded double-digit like-for-like revenue growth, supported by robust demand across its product portfolio and geographic markets. Growth has also been aided by increasing revenue from EV chargers participating in demand flexibility programmes.

Reflecting this strong start, the board now expects adjusted operating profit for 2026 to exceed £37 million. Management said the outlook reflects continued margin progression and reinforces the company’s position as a beneficiary of the global shift toward electrification and energy transition technologies, although macroeconomic and geopolitical uncertainties remain.

Luceco’s outlook remains broadly supported by strong revenue growth and improving profitability. However, concerns remain around rising leverage and softer cash flow trends. Technical indicators currently suggest a bearish trend in the share price, while valuation appears broadly fair based on its price-to-earnings ratio and dividend yield. Continued expansion in EV charging and other strategic initiatives provide additional support for the company’s growth prospects.

More about Luceco plc

Luceco plc is a UK-listed designer and manufacturer of electrification products and systems for residential and commercial markets. The company produces wiring accessories, EV charging equipment, LED lighting and portable power solutions at its own manufacturing facilities and distributes primarily through professional, wholesale and retail channels across its core markets.

Crest Nicholson (LSE:CRST) said trading conditions have improved since mid-January, with its open market sales rate slightly ahead of the same period last year while maintaining its full-year guidance. The company noted that recent macroeconomic disruptions have not yet had a significant impact on demand, though management remains cautious about potential risks.

The housebuilder highlighted continued progress under its Project Elevate transformation plan. Key initiatives include reshaping the group’s land bank through selective disposals and completing a divisional restructuring designed to improve operational efficiency. Crest Nicholson also retained its Home Builders Federation Five Star Housebuilder rating while investing further in sales capabilities and digital tools aimed at improving the customer experience.

Despite the recent operational improvements, the company’s outlook remains constrained by financial quality concerns, including three consecutive years of negative operating and free cash flow and only a tentative return to profitability. Technical indicators also remain weak, with the share price trading significantly below major moving averages, although oversold readings suggest some potential for short-term stabilisation.

Valuation metrics provide limited support for the shares, with a relatively high price-to-earnings ratio offsetting only modest support from the company’s dividend yield.

More about Crest Nicholson Holdings

Crest Nicholson Holdings plc is a UK-based residential housebuilder that is repositioning its business model from a volume-focused developer toward a mid-premium, customer-oriented homebuilder. The group focuses on delivering higher-quality homes, improving operational efficiency and maximising the value of its land portfolio to support sustainable growth and stronger long-term returns.