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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.

Tandem Group (LSE:TND) reported a 6.2% increase in revenue for 2025 to £26.2 million, supported by strong performance in its bicycles, golf, and home and garden segments. The gains helped offset weaker demand in toys, sports and leisure, where sales were affected by softer discretionary spending and changing purchasing patterns among retailers.

The company also strengthened its financial position during the year. Gross margins improved, net debt was reduced by more than half to £1.9 million, and Tandem returned to statutory profitability, reporting diluted earnings per share of 15.4p. The board has proposed reinstating a dividend of 3.0p per share and noted a positive start to trading in 2026. In addition, the group announced a board transition, with chair Steve Grant set to step down and be replaced by non-executive director Jonathan Crookall at the upcoming AGM.

Bicycle sales were a major driver of growth, rising 37.5% to £10.2 million as demand for both electric and traditional bikes remained strong, supported by the launch of the HOY range. In the toys and leisure division, online marketplace sales increased significantly even though overall segment revenue declined. The home and garden segment delivered a 30.1% increase in sales, driven by strong demand for heating and cooling products during periods of extreme weather, while golf revenue rose 8.6% on the back of product innovation and new ranges.

These improvements helped lift operating profit before exceptional items to £968,000 and increased net assets to £26.1 million. Tighter inventory management also reduced stock levels, further strengthening the balance sheet.

Despite the operational progress, Tandem’s outlook is influenced by valuation and market signals. The company’s relatively high P/E ratio suggests potential overvaluation, while recent insider share purchases provide a supportive signal. However, the absence of dividend yield historically and negative cash flow remain factors weighing on the overall assessment.

More about Tandem Group plc

Tandem Group plc is a UK-listed designer, developer, distributor and retailer of sports, leisure and mobility products. Its portfolio spans bicycles, toys, sports and leisure equipment, golf products, and home and garden ranges. The company sells through a mix of retail partners and direct-to-consumer channels, including its Electric Life brand showroom and online platform.

Predator Oil & Gas (LSE:PRD) reported gross oil sales of US$337,071 for February from its four onshore fields in Trinidad. Output was supported by production from recently drilled development wells BON-18 and BON-19, along with the reactivation of six previously inactive wells.

The company expects oil sales prices for March to be 25% to 35% higher as global oil markets strengthen. Higher realised prices could lift revenues and allow the group to utilise more of its historical tax losses, lowering the effective Petroleum Profit Tax rate applied to its Trinidad operations.

Predator is continuing to advance its operational programme across the portfolio. Work is underway to log and complete the new BON-20 well across several oil-bearing zones, while six workovers are planned across the Inniss-Trinity and Goudron fields. The company has also increased swabbing frequency to improve production and intends to bring the Jacobin-1 well back online once a workover rig becomes available.

In addition, the group is assessing back-to-back drilling opportunities at the Bonasse field to improve rig utilisation and is progressing scheduling for the SC-3 Snowcap appraisal and development well in Morocco. These activities are intended to expand production capacity while positioning the company to benefit from higher oil prices.

Despite operational progress, Predator’s outlook remains constrained by weak financial fundamentals, including the absence of revenue at the group level, ongoing losses and continued cash burn, although the company maintains a relatively low-debt balance sheet and reported some improvement in 2024. Technical indicators offer moderate support, with the share price trading above key longer-term moving averages and a positive MACD signal, though momentum indicators suggest the stock is approaching overbought levels. Valuation remains limited by the company’s loss-making position and the lack of dividend support.

More about Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based oil and gas company focused on onshore hydrocarbon production in Trinidad and gas appraisal and development opportunities in Morocco. Its Trinidad portfolio includes mature producing fields with potential for production enhancement, while its Moroccan assets target shallow biogenic gas resources benefiting from attractive pricing, supportive fiscal terms and access to existing export infrastructure.

Cohort (LSE:CHRT) announced that its Australian subsidiary EM Solutions has been awarded a AU$21.7 million contract to deliver Cobra and King Cobra satellite communications terminals to the Portuguese Navy. The equipment will support mid-life upgrades of Vasco da Gama-class frigates as well as several new naval construction programmes, with deliveries scheduled through to 2030.

The contract was awarded through the multinational M-Frigate Users Group, with the Netherlands acting as the contracting authority. The agreement further strengthens EM Solutions’ reputation as a provider of advanced naval satellite communications systems and adds to Cohort’s growing order book, improving revenue visibility for the coming years.

The award highlights increasing demand from navies for resilient, high-speed and long-range communication systems capable of supporting modern maritime operations. By expanding its presence within an established European naval fleet and participating in international cooperative procurement frameworks, Cohort is reinforcing its competitive position in the defence technology sector while providing greater certainty around future revenue streams.

Cohort’s outlook is supported by strong financial performance, including robust revenue growth and a balance sheet that remains conservatively leveraged. Technical indicators are generally favourable, with the share price showing strong trend momentum and a positive MACD signal, although elevated RSI and stochastic readings suggest some near-term risk of overextension. Valuation remains a limiting factor due to a relatively high P/E ratio and a modest dividend yield.

More about Cohort plc

Cohort plc is an independent defence technology group listed on London’s AIM market. The company develops and supplies communications, intelligence, sensor and effector systems for military and security customers worldwide. Through seven subsidiaries across the UK, Europe, Australia and North America, Cohort provides capabilities including naval communications, electronic warfare, sonar, surveillance and other advanced defence technologies to domestic and export markets.

Ceres Power Holdings (LSE:CWR) will hold a capital markets event in London on 15 April for analysts and institutional investors, where it plans to present its strategic outlook for on-site power and hydrogen markets while outlining its competitive positioning. The company is also set to introduce its next-generation solid oxide platform for both power generation and electrolysis, highlighting the technology as a key driver of its next stage of commercial growth.

During the event, management intends to discuss rising demand for on-site power solutions from commercial, industrial and data centre operators. Ceres will outline how its technology could address this demand, positioning its solid oxide systems as part of the broader shift toward decentralised power generation and hydrogen-based energy systems.

The presentation is expected to place the new product platform within wider industry trends, including the expanding role of hydrogen and distributed energy solutions. The company will also update investors on its plans to scale deployment, strengthen partnerships and expand its role within the clean energy ecosystem.

Ceres’ outlook is supported by a relatively strong financial position, including low leverage and a solid equity base, alongside robust revenue growth. However, the company continues to report losses and cash outflows, which weigh on overall financial performance. Technical indicators remain mixed, while valuation metrics are constrained by negative earnings and the absence of dividend support. Recent earnings discussions highlighted progress in commercialisation and cost-reduction initiatives, though uncertainties around order intake and revenue recognition remain key risks.

More about Ceres Power Holdings

Ceres Power Holdings is a UK-listed clean energy technology company specialising in solid oxide fuel cells for power generation and electrolysers used to produce green hydrogen. The company operates an asset-light licensing model, partnering with global industrial groups to support the electrification of data centres and commercial and industrial facilities while helping decarbonise sectors such as ammonia production, steelmaking and electrofuels.