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The FTSE 100 pulled back slightly on Thursday morning after notching a record close in the previous session, while the pound weakened against the U.S. dollar, dipping below the $1.34 level once again.

As of 07:28 GMT, the blue-chip benchmark was down 0.4%, while GBP/USD fell 0.3% to just above 1.33. Meanwhile, Europe’s major equity markets posted modest gains, with Germany’s DAX up 0.2% and France’s CAC 40 also rising 0.2%.

UK Corporate Round-Up

Volution beats expectations:
Volution Group plc (LSE:FAN) delivered stronger-than-anticipated results for fiscal 2025, fueled by robust second-half performance. Organic revenue in the latter half climbed 7.2%, exceeding the company’s target range of 3% to 5%. Full-year revenue reached £419 million, up 21% year-on-year. Organic growth from ongoing operations was 5.7%, ahead of Jefferies’ 5.1% forecast.

Lloyds flags potential provision:
Lloyds Banking Group PLC (LSE:LLOY) said it may need to set aside additional provisions tied to the Financial Conduct Authority’s proposed scheme on motor finance mis-selling. The bank cautioned that the provision could have a material impact on its financials.

Grainger maintains momentum:
Residential landlord Grainger PLC (LSE:GRI) reported further strength in its portfolio, with occupancy reaching 98.1% ahead of its full-year results on November 20. That’s up from 96% at the March half-year. Like-for-like rental growth came in at 3.6%, aligning with its medium-term guidance of 3% to 3.5%.

SSP misses top-line forecasts:
SSP Group PLC (LSE:SSPG) reported fourth-quarter group sales growth of 4% year-on-year in constant currency, falling short of the 6% consensus. Like-for-like sales rose 2% versus an expected 4%. For FY25, revenue stood at £3.7 billion in constant currency, with pre-IFRS 16 constant currency operating profit of £230 million, at the lower end of its guidance.

Johnson Matthey lifts profit outlook:
Johnson Matthey PLC (LSE:JMAT) said Thursday it expects full-year underlying operating profit to reach the top end of its guidance range, with the second half of the fiscal year expected to drive results. The outlook is supported by a £10 million benefit from current platinum group metal prices and currency movements.

Regulatory and Political Developments

In the utility sector, the Competition and Markets Authority provisionally rejected close to 80% of the water price increases proposed by five companies. Its provisional redeterminations allow just £556 million of the £2.7 billion in additional revenue sought.

On the geopolitical front, UK Prime Minister Keir Starmer welcomed the agreement on the first stage of U.S. President Donald Trump’s Gaza peace plan, urging “its full and immediate implementation.”

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Anglo Asian Mining plc (LSE:AAZ) has revised its 2025 production guidance upward following the launch of operations at its new Gilar and Demirli mines in Azerbaijan. The company now anticipates copper output of between 8,100 and 9,000 tonnes and gold production in the range of 25,000 to 28,000 ounces for the year.

This marks a significant step in Anglo Asian’s strategic transformation into a multi-asset producer and supports its ambition to become a mid-tier mining company. The expansion of the Gedabek flotation plant, combined with the stockpiling of high-grade ore, is expected to boost processing capacity and provide a solid foundation for future production growth.

Despite the operational progress, the company continues to grapple with weak financial performance, including pressure on revenue, profitability, and cash flow. Although technical indicators point to some positive momentum, negative valuation metrics — driven by a lack of profitability and dividend yield — remain a headwind.

About Anglo Asian Mining

Anglo Asian Mining is a copper and gold producer with a diversified portfolio of production and exploration assets in Azerbaijan. The company is executing a strategy to transition into a mid-tier producer by 2030, with copper as its primary focus. Its growth plan includes the development of multiple new mines, including the recently commissioned Gilar and Demirli operations.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Central Asia Metals PLC (LSE:CAML) has released its operational update for the third quarter of 2025, reporting stable production levels across both its Kounrad copper operation and Sasa zinc-lead mine. The company reaffirmed its full-year production guidance and highlighted ongoing efficiency improvements at Sasa aimed at reducing costs and boosting operational performance.

Both operations recorded zero lost time injuries during the quarter, underscoring the company’s strong commitment to safety. Alongside its production achievements, Central Asia Metals continues to advance its exploration activities in Kazakhstan and Scotland, with key investment decisions expected before the end of the year.

The company’s financial outlook remains positive, supported by strong fundamentals, an attractive valuation with a low P/E ratio, and a healthy dividend yield. While technical signals are mixed, management’s focus on operational efficiency and growth opportunities has reinforced investor confidence. Monitoring cost pressures at Sasa and other operational challenges remains a priority.

About Central Asia Metals

Central Asia Metals is an AIM-quoted UK-based mining company that operates the Kounrad SX-EW copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. In addition, the company is progressing exploration projects in Kazakhstan and Scotland, with a strategic focus on base metals development.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Treatt PLC (LSE:TET) has announced a difficult trading year ending 30 September 2025, marked by revenue declines across its Heritage, Premium, and New product categories. The company cited elevated citrus oil prices and weaker consumer confidence in North America as the main factors weighing on performance.

Despite these market headwinds, Treatt expects to deliver results in line with revised guidance, forecasting revenue of approximately £130.6 million and profit before tax of around £10 million. Management has emphasized a continued focus on operational efficiencies and disciplined cost control to help stabilize performance.

In a parallel development, Treatt also revealed that it has received and recommended a cash offer from Natara UK Bidco Limited, an entity controlled by Exponent Private Equity LLP, potentially paving the way for a change in ownership.

The company’s solid profitability and healthy balance sheet remain bright spots, with technical indicators pointing toward positive momentum, albeit with some signs of overbought conditions.

About Treatt PLC

Treatt is a global, independent producer of natural extracts and ingredients for the flavour, fragrance, and consumer goods sectors, with a particular focus on beverages. The company operates manufacturing sites in the UK and US and employs around 350 people across Europe, North America, and Asia. Its expertise in sourcing and ingredient knowledge underpins its competitive position in the market.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Lloyds Banking Group (LSE:LLOY) has confirmed that it is assessing the potential financial implications of a new consultation paper issued by the Financial Conduct Authority (FCA) on motor finance. The bank indicated that the consultation may require an additional financial provision, though the full impact will depend on how the proposals are ultimately interpreted and implemented.

This development could influence Lloyds’ broader financial strategy, particularly as it navigates an evolving regulatory environment. Management noted that a clearer understanding of the potential cost impact will emerge as the consultation process progresses.

Despite these uncertainties, Lloyds maintains a generally positive market outlook, supported by strong technical indicators, fair valuation levels, and a steady dividend yield. However, challenges related to declining profitability and cash flow remain areas of concern for the bank’s long-term financial resilience.

About Lloyds Banking Group

Lloyds Banking Group is one of the UK’s largest financial services organizations, providing a wide range of retail and commercial banking products, insurance services, and wealth management solutions. It serves millions of customers nationwide through its well-known brands and extensive branch network.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Grainger plc (LSE:GRI) has reported solid financial and operational results for the year ending September 2025, underpinned by high occupancy levels and steady rental growth. Occupancy rates reached 98.1%, while like-for-like rental growth stood at 3.6%, reflecting strong tenant demand across the company’s portfolio.

Grainger generated around £169 million through capital recycling via disposals, with proceeds being reinvested into higher-yielding Build to Rent (BTR) assets. This strategy supports the company’s target of achieving 50% earnings growth between FY24 and FY29. Management highlighted that a supportive regulatory backdrop and Grainger’s planned transition to REIT status further enhance its ability to deliver sustainable income growth and improve shareholder returns.

While the company’s fundamentals are strong and valuation attractive, technical indicators show some weakness, and its high leverage remains a key financial risk. Overall, the outlook balances solid performance with cautious risk management.

About Grainger plc

Grainger is the UK’s largest listed provider of private rental homes and a leading BTR operator, managing a portfolio of over 11,000 units. The company focuses on delivering high-quality, mid-market rental homes in desirable urban locations, leveraging its operational platform to sustain strong occupancy and rental performance.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Intercede Group PLC (LSE:IGP), a leading cybersecurity software provider specializing in digital identity solutions, reported that first-half FY26 revenue is expected to come in at approximately £8.21 million, representing a 3.9% year-on-year decline. The company attributed the dip to temporary delays in US federal contract awards but emphasized that its strategic shift toward a subscription-based revenue model is gaining traction.

License revenue grew strongly during the period, driven primarily by the rapid uptake of subscription licenses. Intercede also secured several new contracts and renewals, including notable deals in the US and Asia, underscoring the company’s expanding global client base and deepening partner ecosystem. Management reiterated confidence in delivering a solid full-year performance despite the short-term revenue pressure.

Intercede maintains a strong balance sheet and favorable technical indicators, which support its positive outlook. However, concerns around near-term revenue softness and cash flow constraints, combined with a moderate valuation, temper the overall sentiment.

About Intercede

Intercede is a cybersecurity software company that protects against credential-based breaches through digital identity solutions. Its technology supports secure registration, ID verification, password management, and Public key infrastructure (PKI), enabling customers to move toward passwordless authentication environments. The company serves clients worldwide in sectors including government, aerospace, defense, financial services, healthcare, and telecommunications.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

ITM Power (LSE:ITM) has announced that all resolutions were successfully approved at its Annual General Meeting. Among the key decisions was the appointment of BDO LLP as the company’s new auditor, effective immediately, replacing Grant Thornton LLP.

The AGM also marked notable changes in the board’s composition, with Sir Warren East and John Howarth joining as Non-Executive Directors. These appointments signal a potential shift in governance strategy and oversight, which could influence ITM Power’s future operations and engagement with stakeholders.

While the company continues to face financial pressures — particularly around profitability and cash flow — recent earnings updates offered some encouraging signs, including revenue growth and strategic progress. Technical indicators and valuation metrics, however, remain subdued.

About ITM Power

Founded in 2000 and listed on the AIM market of the London Stock Exchange since 2004, ITM Power is headquartered in Sheffield, England. The company specializes in the design and manufacture of electrolysers based on Proton-exchange membrane fuel cell (PEM) technology to produce green hydrogen from renewable electricity and water, supporting the transition to net-zero energy solutions.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Jangada Mines PLC (LSE:JAN) has released a promising exploration update for its Paranaíta Gold Project in Brazil, marking a key step toward expanding its gold resource base. The company is targeting an increase in resources from 210,000 ounces to approximately 350,000 ounces under JORC Code standards and intends to accelerate a Preliminary Economic Assessment focused on developing a high-grade, open-pit mine.

Exploration progress to date has been substantial: 21 of 31 planned trenches have been excavated, a 700-metre vein with visible gold mineralization has been identified, and a drilling contract has been signed for 1,800 metres of diamond drilling. These developments are expected to strengthen Jangada’s position in the gold sector and support the creation of long-term value for shareholders.

About Jangada Mines

Jangada Mines is a natural resource development company operating in Brazil, with a primary focus on gold exploration and development. Its flagship asset, the Paranaíta Gold Project, is located in the Alta Floresta-Juruena Gold Province, an area known for its high mineral potential.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Tern Plc (LSE:TERN) has announced a significant overhaul of its remuneration framework, cutting fixed pay for its board and executive team while pledging to share proceeds from successful investment exits with shareholders. As part of the new structure, key executives will see their base salaries reduced by 50%, with future compensation more closely tied to performance.

The company has also committed to distributing at least 50% of net proceeds from any investment exit exceeding £1 million, aiming to more directly align management incentives with shareholder value creation. This shift reflects Tern’s ongoing focus on maximizing returns from its portfolio while maintaining disciplined cost control.

Despite the strategic changes, the company continues to face financial headwinds, including declining revenues and sustained negative profitability. Technical indicators point to a bearish market trend, and valuation remains under pressure due to a negative P/E ratio and the absence of dividend payouts.

About Tern Plc

Tern Plc is an investment company focused on supporting early-stage, high-growth businesses in the disruptive Internet of Things (IoT) sector.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.