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Anpario (LSE:ANP) reported a robust trading performance for the year ended 2025, with unaudited revenue increasing 23% year on year to approximately £47.1 million and adjusted EBITDA expected to be at least £9.4 million. Both metrics came in ahead of market expectations, reflecting high operational gearing and broad-based growth across the majority of the group’s geographic markets.

The integration of Bio-Vet, acquired in late 2024, is progressing in line with management’s plans and delivered a strong contribution in the second half of the year. Despite making contingent payments related to the acquisition, Anpario ended the period with a strengthened net cash position of £12.4 million, underlining the resilience of the balance sheet.

Management said the group’s financial position provides flexibility to continue investing in product development, international expansion and further complementary acquisitions. Full-year results are scheduled for release toward the end of March 2026.

From an investment perspective, Anpario’s outlook is supported by its strong financial performance and recent positive corporate developments. Share price technical indicators point to a bullish trend, while valuation appears reasonable given the group’s growth profile. Overall, the company enters 2026 with momentum across both operations and strategy.

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Anpario plc is an independent producer of natural and sustainable animal feed additives designed to improve animal health, nutrition and biosecurity. The group supplies customers worldwide, with key growth markets in Asia, the Americas and Europe, and follows a strategy centred on innovation, global expansion and earnings-enhancing acquisitions, including the purchase of Bio-Vet in 2024.

ME Group International (LSE:MEGP) has appointed Peel Hunt LLP as its sole corporate broker, bringing its UK capital markets advisory under a single firm. The company said the move is intended to streamline broker relationships and support more focused engagement with investors as the group continues to expand its automated self-service vending operations.

The appointment comes as ME Group International grows its diversified portfolio of consumer-facing, self-service solutions across multiple geographies. Management believes a simplified advisory structure will help sharpen communication with the UK equity market and reinforce the group’s positioning within the automated consumer services sector.

From an investment perspective, ME Group International benefits from strong underlying financial performance, including robust revenue and profit growth and a stable balance sheet. Valuation metrics remain attractive, supported by a relatively low earnings multiple and a high dividend yield.

These positives are partly offset by bearish share price technicals, with the stock currently in a downtrend and showing oversold conditions that could increase near-term volatility. While fundamentals remain supportive, investors may remain cautious until market momentum improves.

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ME Group International is a London-listed market leader in automated self-service equipment for consumers. The group operates more than 48,000 vending units across 16 countries in continental Europe, the UK and Ireland, and Asia Pacific. Its core services include Photo.ME photobooths with biometric ID solutions and Wash.ME unattended laundry facilities, alongside complementary offerings such as Print.ME digital printing kiosks and other automated vending services.

Surface Transforms (LSE:SCE) reported a step-change in performance during 2025, with revenue increasing by around 120% to approximately £18.0 million as higher production volumes and stronger second-half deliveries drove growth. The production ramp-up also helped narrow operating losses before interest and tax to about £8.7 million, compared with the prior year.

The company said the year was characterised by continued investment in capacity expansion and automation, supported in part by the full drawdown of a £13.2 million ERDF loan. Manufacturing efficiency improved materially, with production yields rising from 49% in the first quarter to 77% by the fourth quarter, reflecting better process control and learning curve benefits.

Surface Transforms expects further progress in 2026, with a new furnace scheduled to come online by the end of the second quarter. This additional capacity underpins management’s forecast of around £27.0 million in revenue next year and a move toward EBITDA breakeven. While acknowledging that cash headroom remains tight, the company said liquidity is manageable as it approaches a more sustainable operating scale.

From a market perspective, the outlook continues to be shaped by financial challenges, including ongoing losses and cash outflows. Technical indicators suggest a broadly bearish trend in the shares, and valuation remains constrained by negative earnings. However, recent operational milestones, improving production metrics and strategic investment in capacity are viewed as constructive steps toward longer-term profitability.

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Surface Transforms plc is a UK-based manufacturer of carbon fibre reinforced carbon-ceramic brake discs for high-performance automotive applications. The company supplies major global OEM customers across internal combustion and electric vehicle platforms and differentiates itself through proprietary continuous-fibre carbon-ceramic technology that delivers lighter weight, longer life and superior heat management compared with traditional braking systems.

Marshalls (LSE:MSLH) said its adjusted profit before tax for 2025 is expected to be in line with market expectations, as group revenue increased 2% year on year to £632 million, marking a tentative return to growth amid subdued end-market conditions. Performance varied across divisions, reflecting both ongoing demand pressures and the early benefits of restructuring initiatives.

Landscaping Products revenue declined 1%, with volume growth offset by adverse price and mix effects. By contrast, Building Products and Roofing Products each delivered 4% revenue growth. Building Products benefited from strong demand in water management solutions, while Roofing Products saw a standout contribution from Viridian Solar, where annual revenue rose 32%. These gains were partly offset by weaker bricks demand and a softer second half at Marley.

The group continues to execute its Landscaping Products improvement plan, including the exit from UK quarried natural stone processing. This programme is on track to deliver £11 million of annualised cost savings, with £3 million realised during 2025. Management said the lower cost base is already supporting improved competitiveness, helping to drive volume growth and protect market share.

Marshalls’ balance sheet remains resilient, with pre-IFRS 16 net debt of £138 million and £125 million of undrawn headroom on its refinanced syndicated banking facility. This financial flexibility provides capacity to support both strategic initiatives and operational investment.

While the board does not expect a near-term rebound in underlying market demand, it anticipates improved financial performance in 2026, driven by the benefits of cost savings and continued delivery of the group’s ‘Transform & Grow’ strategy. Under the leadership of newly appointed chief executive Simon Bourne, the company believes it is well positioned to benefit from an eventual recovery in construction markets and longer-term structural growth trends.

From an investment perspective, Marshalls’ outlook is supported by improving margins, solid cash flow generation and a moderate valuation underpinned by a reliable dividend yield. Technical indicators remain mixed, with some short-term positive momentum tempered by longer-term caution. Recent corporate developments, including leadership changes and insider share purchases, add to a generally constructive medium-term view.

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Marshalls plc is a long-established UK manufacturer of sustainable solutions for the built environment. The group operates through its Landscaping, Building Products and Roofing Products divisions, serving construction and infrastructure markets via a nationwide manufacturing and distribution network, with a strategic focus on ESG leadership, low-carbon products and operational excellence.

Premier African Minerals (LSE:PREM) has agreed a mutual release and settlement with contractor J R Goddard Contracting in relation to a US$2.4 million claim associated with the Zulu Lithium and Tantalum Project in Zimbabwe. The agreement removes the risk of immediate enforcement action against the company’s movable assets and provides greater clarity around its short- to medium-term funding and operational plans.

Under the terms of the settlement, Premier will make an initial payment of US$400,000 by 30 January 2026, followed by monthly instalments through to November 2026. J R Goddard Contracting has agreed to suspend enforcement proceedings for as long as Premier adheres to the agreed payment schedule. The board said the structured settlement offers improved certainty as the company continues to progress development activities at Zulu.

Alongside resolving the dispute, Premier said it is actively seeking to strengthen its board. The company is prioritising the appointment of technically focused directors with relevant market and operational experience to support the next stage of development at the Zulu project. Management said the move reflects a broader push to enhance governance, technical oversight and strategic execution as it advances its flagship lithium asset.

From a market perspective, Premier’s outlook remains constrained by weak financial fundamentals, including ongoing losses, negative gross profit and continued cash outflows, with no reported revenue to date. Share price technical indicators also remain bearish, with the stock trading below key moving averages and momentum measures signalling continued pressure. Valuation support is limited given negative earnings and the absence of a dividend.

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Premier African Minerals Limited is a multi-commodity mining and natural resource development company focused on Southern Africa. Its asset base includes the RHA Tungsten mine and the Zulu Lithium project in Zimbabwe, alongside interests in lithium, tantalum, rare earth elements and other strategic minerals, spanning assets from early-stage exploration to projects with near-term production potential.

Auction Technology Group (LSE:ATG) said it has rejected an indicative, all-cash proposal of 400 pence per share from FitzWalter Capital, stating that the approach materially undervalues the business and its long-term growth potential. The board confirmed it has not yet received a customary letter setting out detailed terms and unanimously advised shareholders to take no action at this stage.

The company said it will provide a further update at its annual general meeting trading statement scheduled for 22 January. While the proposal was rejected, the board signalled it remains open to engaging with FitzWalter Capital or other potential bidders should a fully detailed offer emerge that appropriately reflects the group’s value and future prospects.

In line with UK takeover regulations, FitzWalter has until 2 February 2026 to either announce a firm intention to make an offer or confirm that it does not intend to proceed. In the meantime, Auction Technology Group has entered a formal offer period, which is expected to draw close attention from investors and other interested parties.

From an investment standpoint, the group’s outlook continues to be weighed down by weak financial performance, including operating losses, negative margins and declining free cash flow growth, despite ongoing revenue expansion and a stable leverage position. Technically, the shares are trading above key moving averages with positive momentum indicators, offering some support. However, valuation remains constrained by negative earnings and the absence of a dividend.

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Auction Technology Group plc operates digital auction marketplaces and technology platforms that connect auctioneers with bidders across specialist and industrial asset categories. The group enables both timed online auctions and live-streamed bidding, supporting a global network of auction houses, consignors and professional buyers.

XP Power (LSE:XPP) said its trading performance for 2025 was in line with market expectations, supported by a stronger second half that helped offset softer revenues for the year. Full-year order intake rose 24% to £225.9 million, while revenue declined 7% to £229.7 million. The group closed the year with an order book of £116.1 million and a book-to-bill ratio close to one.

Balance sheet metrics improved over the period, with net debt reduced to £41.6 million and leverage at around 1.2 times. This was aided by a significant prepayment received from a key customer, contributing to solid cash generation despite pressure on revenues and profitability.

Strategically, XP Power announced a decision to exit its lower-margin radio frequency (RF) division through an estimated three-year wind-down. The move follows the introduction of new US export controls that restrict RF sales to key Chinese customers. Management said capital and operational focus will instead be redirected toward higher-growth, higher-return areas of the portfolio.

The group has also completed construction of a new manufacturing facility in Malaysia and closed its plant in Kunshan, China. These actions are intended to improve flexibility in serving global customers — particularly in the US — while reshaping the production footprint without adding strain to existing capacity. Further detail on the strategic repositioning is expected alongside full-year results scheduled for 3 March 2026.

From a market perspective, XP Power’s outlook is shaped by a mix of strengths and challenges. Strong cash flow and recent strategic actions provide some support, but declining revenues and profitability continue to weigh on sentiment. Technical indicators point to a bearish trend, while valuation remains constrained by negative earnings, despite optimism around the group’s longer-term strategic direction.

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XP Power is a Singapore-headquartered designer and manufacturer of power controllers used to convert grid electricity into usable power for electronic equipment. The group supplies blue-chip OEM customers across the semiconductor manufacturing equipment, industrial technology and healthcare sectors, typically securing multi-year revenues once its solutions are designed into customer products. XP Power operates manufacturing facilities in Vietnam, North America and Germany, has recently exited China manufacturing, and is listed on the London Stock Exchange as a member of the FTSE SmallCap Index.

Oracle Power PLC (LSE:ORCP) reported a new set of positive assay results from a further 21 drill holes completed at the Northern Zone Intrusive Hosted Gold Project, part of its broader Kalgoorlie Gold Project in Western Australia. The latest results confirm additional shallow gold mineralisation and extend the known mineralised footprint, particularly toward the northeast and across the saddle area.

The company highlighted several strong intercepts from the programme, including 8 metres grading 5.81 g/t gold alongside multiple other high-grade, near-surface intersections. Oracle said the data continues to support its geological model of an approximately 600-metre-wide oxide gold system sitting above the underlying Northern Zone porphyry, reinforcing confidence in the scale and continuity of the mineralisation.

These results are expected to feed directly into a future maiden Mineral Resource Estimate, as well as mine planning activities being progressed with MEGA Resources. Oracle is targeting the commencement of mining operations in the first half of 2026. In parallel, the company is advancing the conversion of the project area to a Mining Lease, progressing its Mine Development and Closure Plan and completing environmental assessment work. A drill rig has also been secured for February to continue expanding the shallow oxide resource base.

Collectively, management said these developments further strengthen the project’s pathway toward production and enhance Oracle’s strategic positioning within the established Kalgoorlie gold district.

From an investment perspective, Oracle’s outlook remains constrained by the absence of revenue, ongoing losses and negative operating cash flow, implying continued reliance on external funding. Share price technicals show a supportive longer-term uptrend, although elevated volatility and overbought momentum indicators increase the risk of near-term pullbacks. Valuation remains limited by negative earnings and the lack of dividend visibility.

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Oracle Power PLC is an international project developer listed on AIM, focused on advancing gold and energy assets. The company is currently developing the Kalgoorlie Gold Project in Western Australia, working alongside partners including Riversgold and MEGA Resources to define and advance shallow, oxide-hosted gold mineralisation at the Northern Zone toward near-term production.

City of London Investment Group (LSE:CLIG) reported a 4% increase in funds under management to approximately $11.2 billion for the six months ended 31 December 2025. Assets continued to rise into the new year, reaching around $11.6 billion by mid-January 2026, supported by favourable market conditions and solid underlying investment performance.

Within the group, CLIM’s emerging markets and listed private equity strategies delivered strong outperformance versus their benchmarks. Performance was aided by effective country allocation, narrowing discounts across closed-end funds and value uplift from corporate actions. International equity and opportunistic value strategies recorded more modest underperformance over the period. At KIM, balanced and fixed income strategies broadly matched or slightly exceeded benchmarks, underpinned by robust long-term performance in fixed income portfolios.

Despite positive market returns, the group experienced net outflows of $853 million during the period. Management said these were largely driven by client portfolio rebalancing, shifts toward liability-matching and passive investment strategies, and funding-related requirements. These outflows were partly offset by $247 million of gross inflows across emerging markets, international equity and fixed income strategies.

Overall, the majority of strategies are now reporting higher asset levels than at the start of the period, highlighting the resilience of client portfolios and continued interest in the group’s offerings, even amid mixed flows and ongoing volatility in closed-end fund discounts.

From an investment perspective, City of London Investment Group benefits from strong financial performance and supportive corporate developments. The shares also offer a reasonable valuation and an attractive dividend yield. However, technical indicators point to a more cautious near-term outlook, with bearish trends and subdued momentum suggesting potential volatility.

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City of London Investment Group is a specialist asset management firm listed in London, providing institutional and retail investment products through its CLIM and KIM platforms. The group manages strategies across emerging markets, international equities, listed private equity, balanced mandates and taxable and tax-sensitive fixed income, with a particular focus on closed-end fund structures and active management in global markets.