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UK recruitment company RTC Group (LSE:RTC) reported a modest decline in revenue for 2025 but managed to hold operating profit and EBITDA steady, supported by tighter cost management and stronger demand for contract and temporary staffing.

For the full year, the company generated revenue of £95.54 million, alongside EBIT of £2.60 million and EBITDA of £3.30 million. Gross profit reached £17.88 million, while profit before tax came in at £2.49 million.

During the year, RTC Group returned £1.6 million to shareholders through dividends and share buybacks, and the board has proposed an increase to the final dividend.

Trading performance was helped by a greater emphasis on contract and temporary placements, which compensated for weaker permanent recruitment activity within the UK business. At the same time, the company faced rising cost pressures due to higher employment-related expenses, including increases in national insurance contributions and the minimum wage.

Revenue in the International division declined following the completion of a charter flight contract and the conclusion of several other projects.

Looking ahead, RTC said trading in 2026 has begun strongly, particularly within its infrastructure-focused operations. However, management cautioned that rising employment costs and potential regulatory changes could continue to create uncertainty.

Over the longer term, the company believes it is well positioned to benefit from the UK’s planned £700 billion investment in infrastructure, which is expected to support sustained demand for skilled labour.

Blackbird plc (LSE:BIRD) reported its audited results for 2025, highlighting a strategic shift toward elevate.io, its cloud-native, browser-based collaborative video editing platform designed for marketing teams and professional creators. While the company’s legacy Blackbird division improved profitability through tighter cost controls, the group remained loss-making overall as it continues investing in scaling elevate.io and strengthening product-market fit.

Throughout 2025, Blackbird added new capabilities to elevate.io, including AI-powered tools, live review functionality, digital asset management features and other usability improvements. A payment gateway was launched in February 2025 to begin monetising the platform. Following the year-end, the company introduced additional pricing tiers and reported approximately 1,400 monthly returning active users along with 388 paying subscribers. It also secured around £0.97 million in 2026 revenue and holds £1.18 million in contracted but yet-to-be-recognised income, indicating early commercial momentum.

Group revenue declined 14% year-on-year to £1.38 million, primarily reflecting the loss of certain Blackbird contracts and the absence of one-off event revenues recorded in 2024. Contracted but unrecognised revenue also fell as several major agreements approached expiry. However, operating expenses dropped significantly, helping the Blackbird division deliver £0.71 million in adjusted EBITDA and £0.38 million in net profit. At the group level, the adjusted EBITDA loss narrowed to £1.68 million, although the net loss widened to £2.61 million due to amortisation related to elevate.io and lower financial income.

Blackbird ended 2025 with £2.72 million in cash and no debt. This position was supported by a £2.13 million equity raise completed during the year to fund elevate.io through its product-market-fit phase, followed by a further £0.5 million subscription in January 2026 aimed at increasing marketing activity.

Management believes growing demand for collaborative and iterative video production, alongside the increasing role of AI in content creation, supports the company’s cloud-first technology approach. If adoption continues to build, elevate.io could strengthen Blackbird’s competitive position in the evolving video production and content creation market.

Despite strategic progress, the company’s outlook remains constrained by weak financial fundamentals, including ongoing losses, cash burn and declining revenue, alongside bearish technical indicators. This is partly balanced by a more positive tone in recent earnings discussions, which highlighted progress toward EBITDA improvement and tighter cash management, as well as supportive corporate developments. Valuation remains difficult to assess given negative earnings and the absence of dividend support.

More about Blackbird PLC

Blackbird plc is a UK-listed technology company operating in the SaaS, media and entertainment, and content creation sectors. It develops and licenses patented cloud-native video technology that enables frame-accurate navigation, playback, viewing and editing directly in the cloud for broadcasters, sports organisations, news producers, live event operators, post-production studios and corporate users.

Its portfolio includes Blackbird, a cloud-based video editing platform used by major rights holders and media organisations, and elevate.io, a browser-based collaborative content creation platform designed for professional teams and the creator economy. The company also licenses its underlying technology through its “Powered by Blackbird” model, helping media companies transition to cloud-based video workflows.

Spire Healthcare (LSE:SPI) has confirmed that discussions with private equity groups Bridgepoint and Triton regarding a potential takeover have concluded, reducing the number of parties involved in its ongoing strategic review. The company said it remains in talks with other potential bidders and continues to explore options that could enhance long-term value for shareholders.

Spire noted that it will update the market if and when appropriate as the review progresses. The company also remains in a formal offer period under UK takeover regulations, meaning increased disclosure requirements apply to significant shareholders and other market participants.

Management emphasised that there is no certainty a formal offer will emerge from the process, nor clarity on the terms of any potential transaction should one materialise. As such, investors are being advised that the review could still result in a range of outcomes.

Spire Healthcare’s outlook is supported by recovering revenues and consistently positive cash generation, though these strengths are offset by relatively high leverage and weaker conversion of earnings into net profit. Technical indicators remain soft, with the share price trading below key moving averages, while valuation metrics appear stretched given a relatively high P/E ratio and modest dividend yield.

More about Spire Healthcare

Spire Healthcare Group is one of the UK’s leading independent healthcare providers, operating 38 hospitals and more than 50 clinics, medical centres and consulting rooms across England, Wales and Scotland. The group works with more than 8,700 consultants and treats over one million patients each year, and it is the country’s largest private provider of knee and hip replacement procedures.

AFC Energy Plc (LSE:AFC), an AIM-listed UK company specialising in ammonia-based low-carbon hydrogen production and hydrogen-to-power systems, continues to position its technology as a competitive alternative to diesel generators and conventional power sources. The company’s modular ammonia cracker and fuel cell platforms are designed to deliver decentralised power solutions for off-grid and hard-to-abate sectors, including industrial sites, transport applications and temporary power needs.

The company has released its annual report for the year ended 31 October 2025 and confirmed details of its 2026 Annual General Meeting, scheduled for 16 April 2026 in Weybridge, Surrey. Shareholders will be asked to vote on a special resolution to change the company’s registered name to H-Power plc.

The proposed rebrand is intended to reflect a clearer strategic focus on hydrogen-to-power technologies. Management believes the new name could strengthen the company’s market positioning as it seeks broader commercial adoption of its solutions and continues to develop its hydrogen power platform.

AFC Energy’s outlook remains constrained by weak financial performance, including sharply reduced revenue, significant losses and ongoing cash burn. These factors are partly balanced by relatively low leverage and some improvement in the company’s burn rate. Recent earnings discussions provided moderate support, highlighting operational milestones, new partnerships and a strengthened cash runway. Technical indicators are broadly neutral to slightly positive, though valuation remains limited by the company’s loss-making status and the absence of dividend support.

More about AFC Energy

AFC Energy Plc, which plans to adopt the name H-Power plc subject to shareholder approval, is a UK-based developer of ammonia-based low-carbon hydrogen production and hydrogen-to-power technologies. Its decentralised ammonia cracker systems and fuel cell generators aim to provide scalable and reliable hydrogen-based energy for industrial, transport and power markets, offering customers a pathway to reduce emissions while replacing diesel-based generation without relying on subsidies.

ImmuPharma (LSE:IMM) has completed its WRAP Retail Offer, raising £468,746.82 through the issuance of 7,812,447 new ordinary shares at the previously announced price. Combined with an earlier subscription, the company has secured around £6.47 million in gross proceeds, with additional value payment and fee shares also issued as part of the broader funding package.

The fundraising remains subject to shareholder approval at a general meeting scheduled for 7 April 2026. If approved, a total of 121,187,447 new ordinary shares are expected to be admitted to trading on AIM on 8 April 2026.

Following admission, the company’s issued share capital will increase to 623,911,379 ordinary shares. While the expanded share base will improve liquidity in the stock, it will also result in dilution for existing shareholders as the company strengthens its balance sheet to support ongoing operations and strategic initiatives.

ImmuPharma’s outlook continues to be constrained by weak financial fundamentals, including minimal revenue, ongoing losses, continued cash burn and negative equity. Technical indicators offer modest support, with the share price trading above the 200-day moving average, though signals remain mixed overall. Valuation metrics also remain limited by the company’s loss-making position and the absence of dividend yield support.

More about ImmuPharma

ImmuPharma PLC is an AIM-listed biotechnology company focused on drug discovery and development. The group works to develop novel therapeutic treatments and operates within the broader pharmaceutical innovation sector. Like many early-stage biotech companies, ImmuPharma relies primarily on equity financing from institutional and retail investors to fund its research pipeline and corporate activities.

Applied Nutrition (LSE:APN) reported a strong performance for the six months to 31 January 2026, with revenue rising 57% year-on-year to £74.5 million. Adjusted EBITDA increased 56% to £21.5 million, while profit before tax climbed 54% to £20.9 million, with all key metrics exceeding management expectations.

The group ended the period with net cash of £26.4 million. Free cash flow conversion was lower due to increased investment across the business, while statutory operating profit rose 80% and earnings per share improved to 6.2p.

Operationally, Applied Nutrition strengthened its presence across UK retail, expanding relationships with high street chains and discounters while securing new customer wins and distribution channels. The company also agreed an out-licensing arrangement with Morrisons to supply high-protein food products and continued to grow internationally across Europe, Latin America and Asia.

Product innovation remained a key focus, with launches including the new 40+ range and a Slush Puppie-branded ABE line. At the same time, the group has begun construction of a new global distribution centre alongside factory expansion that is expected to increase production capacity to support up to £300 million in annual revenue.

Despite disruption to shipping routes in the Middle East, the company reaffirmed its guidance for approximately £140 million in full-year sales. It also strengthened board committees to align with UK corporate governance standards.

Applied Nutrition’s outlook is supported by strong financial performance, including rapid revenue growth, solid profitability, low leverage and healthy cash generation. Technical indicators also point to a strong upward trend, though overbought signals suggest the potential for short-term volatility. Valuation remains a consideration, with the shares trading at around a 30x P/E multiple and no dividend yield currently reported.

More about Applied Nutrition PLC

Applied Nutrition plc is a UK-based sports nutrition, health and wellness company that develops and manufactures more than 120 products across brands including Applied Nutrition, ABE, BodyFuel and Endurance. The group primarily operates through a global B2B distribution model, supplying products to more than 85 countries and targeting athletes, gym users and health-focused consumers with an emphasis on rapid in-house innovation and profitable international expansion.