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TheWorks.co.uk plc (LSE:WRKS) reported interim results for the 26 weeks to 2 November 2025, highlighting resilient in-store trading despite significant disruption to online sales. Total like-for-like sales edged up 0.3%, with store LFLs rising a strong 4% and materially outperforming the wider non-food retail market. This was offset by a 36% decline in online sales, reflecting operational challenges following the transition to a new third-party fulfilment partner.

Group revenue slipped marginally by 0.3% to £123.8m, but profitability improved. Pre-IFRS 16 adjusted EBITDA narrowed to a £1.0m loss, while the adjusted loss before tax reduced to £5.1m. The improvement was driven by a 330 basis point uplift in product margins, continued cost-saving initiatives and tighter cost control. Net debt also reduced to £5.3m. No interim dividend was declared, as the Board remains focused on further strengthening the balance sheet.

Trading in the first 11 weeks of the second half showed continued resilience in stores, with store LFLs up 1.2% against a weakening consumer backdrop. However, ongoing online capacity constraints meant total LFLs fell 4.2%. Despite heavier Black Friday discounting and increased post-Christmas clearance activity, the group continued to deliver margin expansion and cost efficiencies.

Strategic actions under the “Elevating The Works” programme remain central to the turnaround. These include enhanced brand marketing centred on screen-free family activities, improved store standards, selective net store openings and distribution efficiencies. Management said the business entered the post-Christmas period with an improved cash position and remains confident of delivering FY26 profit in line with market expectations, while longer-term plans target further sales growth, profitability and shareholder value as online fulfilment issues are resolved.

Overall, the outlook for The Works is mixed. Strong store-led trading and apparent valuation support are positives, but these are balanced by weaker technical indicators and ongoing financial vulnerabilities, including relatively high leverage and uneven profitability.

More about TheWorks.co.uk plc

TheWorks.co.uk plc is the UK’s leading specialist retailer of affordable, screen-free activities for the whole family, offering products across reading, learning, creativity and play. With more than 90% of sales generated through its store network, the group focuses on value-driven consumers seeking low-cost, non-digital leisure activities, while online acts as a complementary channel alongside an optimised nationwide estate.

Future plc (LSE:FUTR) has agreed to acquire 100% of UK digital publisher SheerLuxe Ltd and BLUSH Talent MGMT Ltd for an initial cash consideration of £39.9 million, strengthening its exposure to women’s fashion, beauty and lifestyle content. SheerLuxe, a rapidly growing “Google-zero” brand with around 6 million followers across social media, newsletters, websites and podcasts, has a strong Gen Z audience profile and generated £12.6 million of revenue and £5.1 million of EBITDA in the 12 months to September 2025, implying an EBITDA margin of roughly 40%.

The deal is expected to be earnings accretive, with the acquisition struck at an EV/EBITDA multiple of 7.8x. Future plans to unlock value by applying its commercial scale, advertising and affiliate expertise, and proprietary products such as Collab and Future Optic. The group also intends to leverage its US infrastructure to support a SheerLuxe launch in the United States, further strengthening its Fashion & Beauty vertical alongside established titles including Marie Claire and Who What Wear.

The transaction will be funded from existing facilities and is expected to add around £3 million in annual interest costs. Total consideration is capped at £80 million, linked to ambitious growth targets and the retention of SheerLuxe’s management team. Management said the acquisition aligns with Future’s strategy of using strong cash generation to reduce leverage and return surplus capital to shareholders through buybacks, while sharpening its portfolio around brands that benefit most from its platform-led model.

Looking ahead, Future plc’s outlook reflects a balance of pressures and opportunities. Financial performance remains under strain from declining revenue and profitability, while technical indicators point to bearish momentum. Offsetting these factors, valuation metrics suggest potential undervaluation, and management’s strategic initiatives outlined in recent updates offer some optimism for longer-term growth. Improving revenue momentum and margins will be central to strengthening the overall investment case.

More about Future plc

Future plc is a London-listed global specialist media group operating around 175 brands across a wide range of content verticals. The group monetises audiences through advertising, eCommerce affiliate income and direct consumer revenues such as subscriptions and magazine sales. Its content is distributed via websites, newsletters, video, print publications and live events, with a strategy focused on building engaged audiences, increasing revenue per user and optimising its media portfolio.

Associated British Foods (LSE:ABF) reported group revenue of £6.76bn for the 16 weeks ended 3 January 2026, broadly in line with expectations and down 0.9% at constant currency. Performance across the portfolio was mixed, with strength in retail offset by weaker trading in several commodity-exposed divisions.

Retail revenue, led by Primark, increased by 1.5% at constant currency. The UK and Ireland delivered modest like-for-like and total sales growth, while the US showed stronger momentum with 12% like-for-like growth. This was partly offset by weaker conditions in continental Europe, where both like-for-like and total sales declined. Elsewhere, the grocery division was broadly flat with slight growth, while the ingredients, sugar and agriculture businesses all recorded revenue decreases.

Overall, the update points to resilience in Primark’s core UK and US markets, contrasted with continued pressure in European retail and in businesses more closely linked to commodity cycles. These trends are likely to come under closer examination when the group publishes its interim results in April, particularly in relation to profitability and regional strategy.

From an outlook perspective, Associated British Foods retains a solid financial base and strong operational capabilities, but faces headwinds in accelerating revenue growth and improving cash flow generation. Technical indicators are mixed, while valuation appears reasonable and supported by a moderate dividend yield. Management commentary has highlighted ongoing strategic initiatives alongside persistent challenges, notably within the sugar segment and European operations, resulting in a broadly moderate near-term outlook.

More about Associated British Foods

Associated British Foods is a diversified international food, ingredients and retail group with operations spanning grocery brands, sugar, agriculture and speciality ingredients, alongside its discount fashion retail chain Primark. The group generates revenue across the UK, Ireland, continental Europe, the United States and other international markets, providing broad exposure to both consumer goods and value-focused apparel retailing.

Emmerson PLC (LSE:EML) provided an update on its arbitration case against the Government of the Kingdom of Morocco, confirming that the ICSID tribunal was fully constituted during the fourth quarter of 2025. This followed the appointment of tribunal president Laurent Lévy, after which an initial procedural hearing was held on 16 December 2025. As a result of that hearing, a timetable has been agreed requiring Emmerson to file its detailed Memorial by the end of the first quarter of 2026.

The arbitration has been brought by Emmerson’s subsidiaries, Khemisset UK Ltd and Potasse de Khemisset S.A., and seeks compensation for the alleged expropriation of the Khemisset potash project. The claims also relate to asserted breaches of protections under the UK–Morocco bilateral investment treaty. While the ultimate outcome of the proceedings remains uncertain, management views the case as a pivotal step in its efforts to recover value linked to its Moroccan investment.

From an outlook perspective, Emmerson continues to face significant financial challenges, including the absence of revenue, widening losses and ongoing negative free cash flow, alongside continued erosion of equity. These pressures are partly balanced by supportive technical indicators, with the share price trading above key longer-term moving averages and a positive MACD signal. Valuation support remains limited, however, given the company’s loss-making position and lack of dividend visibility.

More about Emmerson

Emmerson PLC is an AIM-listed mining company focused on the development of the Khemisset potash project in Morocco. Through its UK and Moroccan subsidiaries, the group is positioned within the fertiliser and wider mining sector, with Khemisset representing its core development asset.

Ilika plc (LSE:IKA) reported its half-year results, highlighting the achievement of several important technical and commercial milestones across both its Stereax and Goliath solid-state battery programmes, despite lower revenues and a wider EBITDA loss over the period.

Within the Stereax programme, the company completed process qualification and began production at Cirtec Medical’s manufacturing facility in the United States. Ilika also started delivering M300 prototype samples, secured an initial revenue-generating purchase order for Stereax electrodes, and continued active discussions with 21 customers spanning medical and industrial applications. These steps mark tangible progress as Stereax moves closer to scaled commercial deployment.

Progress was also reported on the Goliath programme. Ilika’s 2Ah solid-state prototypes were validated by a customer as being among the leading solutions currently available, while the company commissioned its new 1.5MWh pilot line. In addition, the first 10Ah Goliath prototypes were shipped to customers for evaluation, with management highlighting their potential for significant cost and weight reductions per electric vehicle. This expanded the Goliath evaluation pipeline to 27 customers across the automotive, appliance and defence sectors.

From a financial perspective, Ilika recorded £0.6m in revenue, entirely from grant income, and an EBITDA loss of £3.2m. The group ended the period with £6.9m in cash following a £4.2m fundraising. Management noted that existing DRIVE35 grant funding is expected to be fully utilised in early 2026, while future grant support may be less predictable—an area investors are likely to monitor as the company advances toward full commercialisation and potential gigafactory-scale adoption.

Overall, Ilika’s outlook continues to be shaped by financial pressures and bearish technical signals. However, ongoing strategic progress in solid-state battery technology and deepening engagement with industry partners underpin longer-term growth potential. While valuation remains constrained by negative earnings, recent corporate developments point to the possibility of meaningful improvement over time.

More about Ilika plc

Ilika plc is a UK-based developer and commercialiser of solid-state battery technology, specialising in ceramic-based lithium-ion designs that offer enhanced safety, thermal stability and recyclability compared with conventional batteries. The company focuses on two core product families: Stereax miniature solid-state batteries for medical implants, industrial wireless sensors and specialist IoT uses, and larger-format Goliath cells aimed at electric vehicles and cordless appliances. Its business model centres on intellectual property development, pilot-scale manufacturing and licensing into high-performance markets.

Pharos Energy plc (LSE:PHAR) reported 2025 working interest production of 5,398 boepd, with volumes broadly split between Vietnam at 4,095 boepd and Egypt at 1,303 bopd. The group generated estimated revenue of around $115m during the year, remained debt free, and ended 2025 with approximately $40m in cash following the receipt of a $20m payment from Egypt’s EGPC.

Operational momentum was maintained through progress on a fully funded six-well offshore drilling programme across the TGT and CNV fields in Vietnam, alongside the securing of a two-year exploration extension on Blocks 125 and 126. In Egypt, Pharos agreed improved fiscal terms under a consolidated concession arrangement and completed 3D seismic acquisition at North Beni Suef. The company also continued to return capital to shareholders, paying $6.5m in dividends during 2025 and confirming an interim dividend for the 2025 financial year.

Looking ahead, Pharos has lifted its 2026 production guidance to a range of 5,200–6,400 boepd. The group expects to complete its Vietnam drilling campaign during the year, where appraisal success could increase Vietnamese output by up to 20% and reduce risk around future developments. In parallel, a six-well drilling programme is planned in Egypt, supported by a $50m capital expenditure budget designed to balance growth investment with ongoing shareholder distributions.

Overall, the outlook reflects a combination of steady financial performance and meaningful strategic progress highlighted during the results presentation. While technical indicators point to some bearish momentum, valuation appears reasonable and the dividend yield remains attractive. The continued focus on disciplined growth alongside shareholder returns is viewed as a key positive.

More about Pharos Energy

Pharos Energy plc is an independent energy company listed on the London Stock Exchange, focused on sustainable growth and delivering returns to shareholders. The group operates a portfolio of production, development and exploration assets in Vietnam and Egypt and is cash generative and debt free. Its core assets include offshore oil and gas fields such as TGT and CNV in Vietnam, as well as Egyptian concessions including El Fayum and North Beni Suef, operated in partnership with local entities under enhanced fiscal terms.

Strategic Minerals plc (LSE:SML) has raised £4 million through a placing and subscription involving 307.7 million new shares priced at 1.3 pence. The fundraising attracted interest from UK and overseas institutional investors, family offices and ultra-high-net-worth individuals. In addition, the company issued 7.5 million shares in settlement of adviser fees, taking total voting share capital to approximately 2.68 billion shares.

The net proceeds are earmarked to fast-track development of the Redmoor tungsten–tin–copper project in Cornwall. Plans include a 16,000-metre infill drilling campaign and the expansion of the on-site project team, with drilling expected to begin this quarter. Management said the programme should substantially complete the work required for a prefeasibility study. The company also pointed to supportive market conditions, citing rising tungsten prices, tightening supply, and Redmoor’s position as the highest-grade undeveloped tungsten resource in Europe as key factors underpinning its decision to accelerate progress toward potential production.

Looking ahead, Strategic Minerals’ outlook is supported by positive corporate activity and a marked financial recovery during 2024. That said, technical indicators point to only moderate momentum, while the elevated P/E ratio suggests possible valuation pressure. Limited insight from earnings call disclosures also constrains visibility on near-term management expectations.

More about Strategic Minerals

Strategic Minerals plc is an AIM-quoted international mineral exploration and production company with projects across the UK, the United States and Australia. The group owns 100% of Cornwall Resources Limited and the Redmoor Tungsten–Tin–Copper Project in Cornwall, operates the Cobre magnetite project in New Mexico as a long-term cash-generating asset, and has previously acquired the Leigh Creek Copper Mine in South Australia, reflecting its focus on critical and industrial minerals across multiple jurisdictions.