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AFC Energy (LSE:AFC) has completed the first build of its new LC30 30kW liquid-cooled fuel cell generator, marking a significant step forward in the development of its hydrogen-to-power technology. The unit is now undergoing operational testing and is delivering power in line with its design specifications, according to the company.

The LC30 represents a substantial upgrade on AFC Energy’s previous air-cooled model. Management said manufacturing costs have been reduced by around 85%, while efficiency has improved by up to 20%. The new design is also smaller and lighter, with far fewer components, and can operate across a wider temperature range, supporting deployment in a broader set of global environments.

The generator has been engineered to scale to 100kW within the same chassis, offering flexibility for customers with higher power requirements. AFC Energy plans to progress the LC30 towards certification and pre-production in partnership with manufacturing specialist Volex, as part of its strategy to move closer to cost parity with diesel generators.

Strategically, the company aims to use the LC30 to accelerate market adoption, convert its opportunity pipeline into contracted orders and deliver sustainable revenue growth without reliance on subsidies. While the technological progress is encouraging, the overall outlook continues to be shaped by challenges around profitability and cash flow, with valuation metrics remaining under pressure despite improving technical momentum.

More about AFC Energy

AFC Energy plc is a UK-based developer of ammonia-based low-carbon hydrogen production and hydrogen-to-power solutions. Headquartered in Dunsfold, Surrey, and listed on AIM, the company provides decentralised ammonia cracking systems and modular fuel cell generators designed to replace diesel generation in off-grid and temporary power applications. Its technology targets hard-to-abate sectors including industrial sites, construction, transport, EV charging and infrastructure, as well as emerging markets such as maritime, data centres and rail.

Aberdeen Group (LSE:ABDN) reported a 9% year-on-year increase in assets under management and administration to £556.0bn at 31 December 2025, reflecting supportive market conditions and strong growth across its interactive investor platform. Customer numbers at the platform rose 14% to 500,000, while AUMA increased 26% to £97.5bn, supported by £7.3bn of net inflows over the year.

Within the Adviser division, net outflows continued but showed marked improvement, narrowing 44% year on year to £2.2bn. Management attributed the progress to service upgrades, pricing changes and the launch of an Aberdeen SIPP, which are beginning to stabilise performance in the business. The Investments division lifted assets under management to £390.4bn, despite net outflows in the fourth quarter linked to a previously flagged £4.5bn withdrawal from a low-margin quantitative mandate and ongoing insurance run-off.

Looking ahead, Aberdeen Group said adjusted operating profit for full-year 2025 is expected to be in line with market expectations. Management also highlighted encouraging momentum across commodities, fixed income, multi-asset strategies and closed-end funds. Recent developments include a mandate win with the Stagecoach Group Pension Scheme and an agreement to assume £1.5bn of US closed-end fund assets, both of which support the group’s ambition to build a leading UK-focused wealth and investments franchise.

Overall, the update reinforces confidence in the company’s strategy and its ability to meet profitability and capital generation targets in 2026. Strong asset growth, an improving flow profile and an attractive valuation underpin a constructive outlook, supported by a solid balance sheet and improving cash flow dynamics.

More about Aberdeen Group

Aberdeen Group plc is a UK-based wealth and investments group operating across three core divisions: interactive investor, an online investment platform; Adviser, which provides wealth management services to financial advisers and their clients; and Investments, which manages assets for institutional, retail wealth and insurance partners. The group is focused on expanding its UK retail and advised customer base while maintaining a global institutional and insurance asset management presence, with strengths spanning platforms, pension solutions and commodity exchange-traded funds.

J D Wetherspoon (LSE:JDW) reported a solid improvement in trading, with like-for-like sales up 4.7% for the 25 weeks to 18 January 2026. Growth was led by higher bar and gaming machine revenues, while hotel room sales were slightly lower. Total sales increased 5.3%, supported by a strong Christmas period and improving customer demand.

Despite the top-line momentum, profitability has come under pressure from sharply higher operating costs. The group said increases in energy, wages, repairs and business rates added around £45m to costs in the first 25 weeks of the year. As a result, first-half profits are expected to decline year on year, and full-year performance is currently forecast to come in slightly below FY25.

Wetherspoon continues to invest in expanding and upgrading its estate. Six new pubs have opened so far this year, with a total of 15 planned, while the franchised portfolio has grown to 16 sites. Further franchise openings are expected, including the group’s first mainland Spain location at Alicante Airport.

From a balance sheet perspective, net debt is projected to increase to between £740m and £760m, reflecting continued investment and ongoing share buybacks. While the shares are supported by favourable technical indicators and a reasonable valuation, elevated debt levels and historical cash flow volatility remain key considerations for investors.

More about J D Wetherspoon

J D Wetherspoon is a pub operator focused on the UK and Ireland, owning and managing nearly 800 pubs alongside a growing franchised estate. The group targets value-conscious customers with competitively priced food and drink, operating individually designed venues with an emphasis on well-trained staff and well-maintained premises, while also expanding selectively into new international markets such as mainland Spain.

Journeo (LSE:JNEO) said revenue for the year ended 31 December 2025 is expected to rise to around £55m, compared with £50m in 2024, reflecting continued momentum across the business. Adjusted profit before tax is forecast at approximately £5.7m, coming in slightly ahead of market expectations.

The group highlighted the strong early contribution from Crime and Fire Defence Systems, which was acquired in September 2025. Since joining the group, the business has performed well and has broadened Journeo’s footprint within critical national infrastructure and high-security environments, aligning closely with its strategic focus.

Journeo ended the year with cash of about £12m, after funding the £10.7m acquisition, and noted that its invoice discounting facility remains undrawn. Management said this leaves the group well positioned to support organic growth, pursue further strategic opportunities and enter 2026 with confidence in delivering another year of meaningful expansion.

Overall, the outlook is underpinned by strong financial execution and value-accretive corporate activity. While technical indicators point to some near-term share price volatility, Journeo’s reasonable valuation and exposure to structurally supported markets support a positive longer-term view.

More about Journeo

Journeo plc is a UK-based intelligent systems group delivering sustainable solutions for towns, cities, airports and public transport networks, alongside services focused on protecting critical national infrastructure and high-security environments. Through six operating companies, it provides CCTV and telematics for vehicle fleets, passenger information and smart ticketing, rail information displays, infrastructure protection and intelligent transport systems across the UK and parts of Northern Europe, supported by significant R&D investment and an IoT, open-standards approach.

Ariana Resources (LSE:AAU) has announced a new set of positive drilling results from the Main and South Zones of the Tavşan Mine in western Türkiye, reinforcing confidence in the scale and continuity of gold and silver mineralisation at the project. The latest programme comprised 3,887 metres of HQ diamond drilling across 85 holes, confirming existing high-grade zones while also identifying extensions beyond current resource boundaries.

Results included a number of near-surface and deeper intercepts, with newly defined high-grade areas containing both gold and silver. The South Zone in particular continues to demonstrate strong potential for resource growth, while drilling on the eastern margins of the Main Zone suggests additional upside. Infill drilling has also validated continuity within the current geological models, providing further support for mine planning and development assumptions.

Total drilling at Tavşan is now approaching 10,000 metres, with work ongoing in the West and East Zones. Based on this expanded dataset, the company is preparing an updated JORC-compliant resource estimate, which is expected to be released in the second quarter of 2026. In parallel, pit designs are being re-optimised using a higher gold price assumption of US$3,500 per ounce, a move that could increase the overall scale, mine life and economic contribution of Tavşan to Ariana and its joint venture partners.

Despite the exploration progress, the broader outlook remains constrained by weak financial performance, including ongoing operating losses and negative operating and free cash flow. While leverage remains low and valuation metrics appear reasonable, these factors have yet to fully offset the risks associated with profitability and cash generation.

More about Ariana Resources

Ariana Resources plc is a mineral exploration, development and production company with interests in gold projects across Africa and Europe. The group holds a 23.5% stake in the Tavşan Mine in western Türkiye and focuses on discovering and advancing gold and silver deposits through joint ventures and operated projects, building a diversified pipeline of precious metals assets across its regional portfolio.

Hochschild Mining (LSE:HOC) delivered attributable production of 311,509 gold equivalent ounces in 2025, in line with its revised guidance. Performance was underpinned by solid contributions from Inmaculada and San Jose, alongside the continued ramp-up of Mara Rosa. While overall volumes and grades were lower than in 2024, the company indicated that all-in sustaining costs are expected to come in at the top end, or slightly above, its guided range.

The group’s financial position strengthened materially over the year, supported by strong precious metal prices and disciplined cost control. Cash increased to around $317m, net debt was reduced to approximately $23m, and leverage fell to just 0.04x EBITDA, marking a significant improvement in balance sheet resilience.

Operationally, Hochschild continued to advance its growth pipeline. Brownfield exploration progressed across the portfolio, permitting and resource expansion moved forward at Royropata, and Monte do Carmo was advanced towards a potential investment decision in 2026. The company also crystallised value from non-core assets through the Tiernan Gold spin-out, while retaining strategic exposure.

Looking ahead, Hochschild has guided to higher group production in 2026 of between 300,000 and 328,000 gold equivalent ounces, driven by increasing output from Mara Rosa and steady contributions from Inmaculada and San Jose. This growth is expected to be accompanied by higher all-in sustaining costs of $2,157–$2,320 per ounce and capital expenditure of $210m–$225m. Alongside financial and operational targets, the group continues to highlight progress in safety performance, water efficiency, waste recycling and local employment.

Overall, the outlook is supported by improving cash generation and a strong technical trend in the shares. These positives are balanced by cost pressures, mixed earnings-call signals and valuation metrics that suggest more limited near-term upside following recent share price strength.

More about Hochschild Mining

Hochschild Mining is a precious metals company focused on underground gold and silver mining. Its core assets include the Inmaculada and San Jose mines and the Mara Rosa project, alongside development projects such as Monte do Carmo and Royropata. The group is also actively monetising non-core assets, while retaining strategic stakes in listed spin-outs including Tiernan Gold and Aclara Resources.

Avacta Group plc (LSE:AVCT) has received clearance from the U.S. Food and Drug Administration for its Investigational New Drug application covering FAP-Exatecan (AVA6103), marking a key milestone for the company’s pre|CISION® platform. AVA6103 is Avacta’s second pre|CISION® medicine and its first peptide drug conjugate incorporating the potent topoisomerase I inhibitor exatecan.

The IND approval enables Avacta to move AVA6103 from preclinical development into a Phase 1 clinical trial in the United States, which is expected to begin later in the first quarter of 2026. The study will evaluate safety, tolerability, dosing and early signs of efficacy in adult patients with pancreatic, cervical, gastric and small cell lung cancers, using two different dosing regimens. Initial clinical data are anticipated in the second half of 2026.

Management highlighted the rapid progression of the programme, advancing from inception to IND clearance in around 24 months, as a strong validation of the pre|CISION® platform. The technology is designed to deliver a sustained-release of highly potent drugs within the tumour microenvironment, with the aim of improving anti-cancer activity while reducing the systemic toxicities typically associated with exatecan.

Strategically, Avacta believes AVA6103 could strengthen its position in next-generation oncology therapeutics and provide valuable clinical proof-of-concept for the broader application of its capping group and linker technologies across multiple drug payloads. However, the overall outlook continues to be shaped by financial constraints, limited partnering activity and weak technical indicators, with negative earnings and no dividend weighing on valuation.

More about Avacta Group plc

Avacta Group plc is a clinical-stage life sciences and biopharmaceutical group focused on oncology through its therapeutics division, Avacta Therapeutics. The company is developing its proprietary pre|CISION® tumour-activated drug delivery platform, which uses fibroblast activation protein (FAP) to selectively release potent payloads, including peptide and Affimer® drug conjugates, within the tumour microenvironment, with the aim of enhancing efficacy while reducing systemic toxicity compared with conventional approaches.

OptiBiotix Health (LSE:OPTI) has secured four major orders totalling 24 metric tonnes of its flagship weight management ingredient SlimBiome from Taiwanese distributor Meelung Trading, marking its largest set of early-year commitments to date. The orders, which will be delivered in phased shipments across 2026, reflect strong sales momentum since the two companies entered into a distribution agreement in mid-2025.

Including these contracts, a previously announced low six-figure order from a leading weight management company, and commitments from two additional partners, OptiBiotix has now secured more than £800,000 of non-cancellable orders early in the year. Management said this provides improved revenue visibility, greater supply-chain efficiency and enhanced pricing leverage as the business scales.

The company is positioning SlimBiome within the fast-growing market for natural alternatives to GLP-1-based weight management solutions. Its clinically supported efficacy and regulatory claims are seen as key differentiators, strengthening OptiBiotix’s competitive position as it enters 2026 with growing commercial traction.

Despite this progress, the broader investment outlook remains mixed. Ongoing losses and cash outflows continue to weigh on sentiment, while technical indicators point to a sustained downtrend in the share price. Although the group remains debt-free, valuation support is limited by negative earnings and the absence of a dividend.

More about OptiBiotix Health

OptiBiotix Health plc is a UK-listed life sciences group focused on developing microbiome-based technologies and products aimed at preventing and managing human disease. Its portfolio includes functional and prebiotic ingredients such as SlimBiome, WellBiome, SweetBiotix and Microbiome Modulators, alongside skincare interests through SkinBioTherapeutics and probiotics via ProBiotix Health, targeting high-growth global consumer health and weight management markets.