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TotalEnergies (EU:TTE) said improved downstream performance and higher oil and gas output should help absorb the impact of weaker commodity prices in the fourth quarter of 2025.

The French energy group expects fourth-quarter oil and gas production to increase by almost 5% year on year, driven by higher upstream volumes. As a result, full-year 2025 production growth is now projected to be close to 4%, exceeding the company’s earlier guidance of growth of more than 3%.

This rise in production is intended to counter a year-on-year drop of more than $10 per barrel in oil prices.
“Once again, despite a year-on-year decline of more than $10 per barrel in oil prices, the cash flow from business segments this quarter is expected to remain at the same level as last year, supported by accretive Upstream production growth and continued improvement of Downstream results,” the company said in its trading statement.

Shares in TotalEnergies were up around 0.6% in early Paris trading.

The group added that stronger upstream volumes should limit the decline in upstream results to roughly $6 per barrel, a smaller fall than the drop seen in crude prices. During the quarter, oil and gas prices weakened overall, while refining conditions improved markedly. TotalEnergies’ European refining margin indicator climbed to $85.7 per metric ton in the fourth quarter, representing a 231% increase from a year earlier.

Integrated LNG earnings are expected to be broadly in line with the third quarter of 2025, but still down around 40% compared with the same period last year, partly reflecting an 18% year-on-year decline in LNG prices.

In integrated power, cash flow is forecast to increase following farm-downs and minority stake disposals in renewable assets completed during the fourth quarter. These transactions are expected to allow the segment to reach around $2.5 billion in annual cash flow, in line with company guidance.

QinetiQ Group (LSE:QQ.) said on Tuesday that it remains on course to deliver its full-year outlook, projecting an operating margin of around 11% and earnings per share growth of between 15% and 20%, after securing more than £3 billion of orders so far this year.

The UK defence specialist said cash conversion for the 2026 financial year is expected to be close to 90%. While acknowledging continued near-term uncertainty around defence spending in its core markets, the company stressed that its financial guidance remains unchanged.

Total order backlog is currently around £5 billion, supported by a qualified pipeline of approximately £11 billion. QinetiQ added that its book-to-bill ratio has stayed above one and is expected to remain at that level for the full year, with revenue cover broadly in line with expectations outlined at the half-year stage.

Order intake since the interim results has included a £205 million five-year Typhoon contract, an 18-month £67 million agreement to develop and manufacture laser technology, and a £20 million UK contract focused on next-generation laser weapons development. The group also pointed to a two-year extension worth AUD$67 million for the Joint Adversarial Test and Training programme, alongside a £34 million UK award supporting a mission-critical C4ISR programme. QinetiQ noted that it was unsuccessful in the re-competition for the ACE contract, which is expected to transition during the year.

From an operational standpoint, the company said strong programme execution and timely delivery of milestones across UK and US contracts continue to underpin margin performance and cash generation. It highlighted a DragonFire laser weapon trial conducted in November, which allowed the programme to progress to its next phase, and confirmed that in December it supported a multi-day trial for the Dutch Navy — described as the first such trial carried out by a NATO ally using its facilities.

QinetiQ also said it is advancing restructuring initiatives across the group, including aligning its US operations more closely with national defence and security priorities, implementing changes in Australia, and streamlining activities in the UK. The company expects to generate around £150 million in free cash flow, with distributions to shareholders planned through dividends and share buybacks.

Chief executive Steve Wadey said in a statement, “We have made positive progress securing more than £3bn orders year to date,” adding that the group has an order backlog of around £5 billion and a qualified pipeline of £11 billion.

Helium One Global (LSE:HE1) said first helium gas was produced in December 2025 at the Pinon Canyon Plant on the Galactica Project in Colorado, marking a significant operational milestone for its joint venture with operator Blue Star Helium. The achievement represents the transition from development into early production and the start of initial revenue generation.

Technical teams are now focused on optimising plant performance and stabilising throughput to meet early offtake commitments. The first helium tube trailer is already on site and being filled, signalling the commencement of sales activity. Blue Star is pursuing a combination of short-term sales agreements to generate immediate cash flow, alongside longer-term offtake contracts intended to support predictable and scalable revenues over time.

Looking ahead, further well tie-ins and infill drilling are planned to increase supply to the plant and underpin a meaningful ramp-up in production through 2026. Management believes these steps will enhance Helium One’s position as an emerging domestic source of helium for the US market, where supply remains structurally tight.

More about Helium One Global

Helium One Global Ltd is a helium exploration and development company with core assets in Tanzania and a 50% working interest in the Galactica–Pegasus helium development project in Colorado, USA. The group holds helium licences across two continents and aims to position itself as a strategic supplier into a constrained global helium market. Its flagship Rukwa Project in Tanzania continues to advance through appraisal and development following a successful discovery and the award of a large-scale mining licence.

Concurrent Technologies (LSE:CNC) said unaudited revenue and profit before tax for 2025 are expected to be in line with market expectations, while also delivering strong double-digit growth year on year. Performance was underpinned by record order intake of around £47 million and a solid net cash position of £14.4 million, achieved despite delays to parts of the US defence budget and disruption from a government shutdown.

Momentum during the year was driven by continued strength in the group’s Products and Systems divisions, alongside increasing contribution from its design services activity. This included the award of a $6.2 million defence contract, the largest single order in the company’s history, highlighting growing customer demand for its specialist capabilities. Operational capacity has also been expanded, with new facilities in Los Angeles now fully operational and a planned relocation in Colchester on track for completion in the first half of 2026.

Looking ahead, management pointed to a robust pipeline of design wins and improving operational scale as foundations for sustaining growth, while continuing to actively manage component costs and supply-chain pressures. Although valuation and short-term technical indicators remain areas of focus for investors, the company said its strong order book and balance sheet position provide confidence in its medium-term outlook.

More about Concurrent Technologies

Concurrent Technologies Plc is a UK-based designer and manufacturer of high-performance embedded computer products, systems and mission-critical solutions. Its Intel-based processor cards and systems are used in long life-cycle and high-reliability applications across defence, telecommunications, security, aerospace, scientific and industrial markets worldwide, including harsh and safety-critical environments.

Kromek Group plc (LSE:KMK) reported a sharp turnaround in performance for the six months to 31 October 2025, moving into profitability as revenues surged. Group revenue rose to £15.0 million from £3.7 million a year earlier, while the company swung from a pre-tax loss of £5.7 million to a profit of £3.1 million, reflecting strong momentum across both its Advanced Imaging and CBRN detection businesses.

Advanced Imaging revenue climbed to £10.8 million, driven largely by milestone deliveries under last year’s enablement agreement with Siemens Healthineers. Excluding these milestone effects, underlying imaging sales still increased by 41%. CBRN revenue more than doubled to £4.3 million, supported by government demand, including a £1.7 million order under the UK Radiological Nuclear Detection Framework and a development contract with the UK Ministry of Defence.

Improved product mix and operating leverage lifted gross margins to 71.7%, while adjusted EBITDA swung to a £6.0 million profit. The result was supported by higher-margin licensing income and continued progress in automation and capacity expansion for CZT manufacturing. To support ongoing growth, Kromek also secured an expanded £6.0 million revolving credit facility alongside additional asset finance.

Management highlighted increasing demand for CZT-based photon-counting CT systems and nuclear security solutions, renewed engagement with major OEM customers such as Spectrum Dynamics and Analogic, and continued patent activity. With a healthy order book and improving operational momentum, the group said it remains confident of delivering full-year results in line with market expectations, reinforcing its position as an independent supplier in high-barrier imaging and security markets.

More about Kromek Group plc

Kromek Group plc is a UK-headquartered developer of radiation detection and bio-detection technologies serving advanced imaging and CBRN (chemical, biological, radiological and nuclear) markets. Listed on AIM, the company supplies cadmium zinc telluride (CZT)-based detector components for medical, security and industrial imaging applications, including CT and SPECT scanners, and provides compact nuclear radiation detectors and emerging biosecurity systems for homeland defence and critical infrastructure protection. It operates manufacturing facilities in the UK and the US and focuses on enabling higher-resolution imaging and enhanced protection against radiological and biological threats.

Wise PLC (LSE:WISE) reported a strong third quarter of fiscal 2026, with cross-border transaction volumes increasing 25% year on year to £47.4 billion. Active customers rose 20% to 10.9 million, while customer holdings across Wise accounts climbed 34% to £27.5 billion. Business customer volumes were particularly robust, growing 37% over the period.

Underlying income increased 21% to £424.4 million, supported by growth in card usage, other ancillary revenues and higher penetration of instant payments. The cross-border take rate eased to 0.52%, reflecting continued investment to support long-term growth, network expansion and infrastructure development. During the quarter, Wise launched new products in India and the Philippines, made regulatory progress in South Africa, deepened its integration with Japan’s payment system and continued preparations for a planned dual listing, which management believes will strengthen its US capital markets profile.

Strategically, Wise said these investments underpin its ambition to build the world’s leading global money-movement network. While pricing pressure and elevated operating costs remain part of the near-term picture, the company continues to target an underlying profit margin in the mid-teens as scale benefits and network effects build over time.

More about Wise PLC

Wise PLC is a global financial technology company focused on cross-border payments and multi-currency accounts for individuals and businesses. Through Wise Account and Wise Business, customers can hold and manage money in around 40 currencies, send international payments and spend abroad. Wise’s infrastructure is also used by banks and large enterprises as an alternative international payments network. Founded in 2011, the company has grown into one of the fastest-scaling profitable fintech groups, processing more than £145 billion in cross-border transactions for around 15.6 million customers in fiscal 2025.

Bango plc (LSE:BGO) reported an improved operating performance for 2025, reflecting a continued shift toward higher-margin, recurring subscription revenues alongside tighter cost discipline. Annual Recurring Revenue increased 30% to $18.2 million, supported by close to 60% growth in active subscriptions on its Digital Vending Machine (DVM) platform, zero churn among live customers and Net Revenue Retention of 117%.

During the year, Bango secured a record 12 new enterprise DVM customers, extending its footprint to seven of the top eight US telecom operators and expanding into markets including Japan, South Korea, Turkey and South Africa. The company noted that the signing of several large contracts slipped from late 2025 into 2026. Total revenue edged lower to $52.2 million, reflecting the deliberate restructuring of a small number of low-margin transactional routes and reduced one-off implementation fees. Despite this, gross margin rose sharply to 84.5%.

Cost-cutting initiatives reduced core administrative expenses by $2.9 million and lowered headcount from 219 to 164. These actions helped swing Cash EBITDA to a positive $2.3 million from a $0.2 million loss a year earlier, while Adjusted EBITDA increased to at least $16.3 million. Net debt rose to $9.3 million following refinancing activity and working capital movements. Management confirmed that the integration of the DOCOMO Digital acquisition is now complete and expects the transactional business to deliver attractive margins with minimal capital expenditure, positioning the group to improve profitability, cash generation and leverage in 2026.

More about Bango

Bango plc is a UK-based technology company that helps digital content providers reach more paying customers through global partnerships, primarily by enabling carrier billing and subscription monetisation. Its flagship Digital Vending Machine platform supports bundled and standalone subscription services for major content and technology companies, with customers including Amazon, Google and Microsoft, and is widely adopted by leading telecom operators worldwide.

Gear4music (Holdings) plc (LSE:G4M) reported a very strong third quarter to 31 December 2025, prompting an upgrade to its full-year outlook. Total revenue rose 32% year on year to £64.6 million, supported by growth of 27% in the UK and 39% across Europe and the rest of the world. Improved gross margins helped lift gross profit by £5 million to £18.7 million, leading the group to guide that full-year EBITDA will come in ahead of market expectations.

Management said the performance reflected robust demand alongside effective pricing and operational execution. Building on this momentum, the group has secured a 15-year lease on a new UK warehouse near York, which is intended to ease capacity constraints from FY27. To limit near-term financial impact and borrowing requirements, related capital expenditure has been rephased to £10.2 million in FY27 and £8.5 million in FY28.

On the back of strong trading and the revised investment profile, the board has upgraded its expectations for FY26, FY27 and FY28. While the broader consumer environment remains uncertain, management signalled increased confidence in Gear4music’s growth trajectory, supported by scale benefits and infrastructure investment.

More about Gear4music

Gear4music (Holdings) plc is the largest UK-based online retailer of musical instruments and music equipment, offering a mix of own-brand products and leading third-party brands such as Fender, Yamaha and Roland. Headquartered in York, the group operates distribution centres and showrooms across the UK and continental Europe and serves customers in around 190 countries through its proprietary multilingual and multicurrency e-commerce platform.