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Atos (EU:ATO) said on Wednesday that it achieved its fiscal 2025 revenue objective, while net cash outflow came in better than expected, according to preliminary results.

The French IT group reported estimated full-year revenue of €8.0bn, or €8.03bn at September 30 exchange rates, in line with its stated target of generating more than €8bn of sales. Fourth-quarter revenue was put at around €2.0bn, representing an organic decline of 9.3% year on year. The company attributed the contraction to contract losses recorded in 2024, voluntary exits from certain agreements and a still-challenging market backdrop.

Within the Atos Strategic Business Unit, fourth-quarter revenue was estimated at €1.74bn, down 9% organically compared with the same period last year, but an improvement from the 19.3% organic decline reported in the third quarter. Eviden, the group’s product-led division, generated €265m of revenue in the quarter, an organic decrease of 11.2% year on year.

For the full year, Atos SBU revenue was estimated at €6.96bn, marking an organic decline of 16.2% versus fiscal 2024. By contrast, Eviden posted estimated full-year revenue of €1.04bn, up 6.7% year on year.

Order intake totalled €2.44bn in the fourth quarter, lifting the group’s book-to-bill ratio to 122%, four percentage points higher than a year earlier. The Atos SBU recorded a book-to-bill ratio of 106%, while Eviden reached 229%, supported in particular by the signing of the Alice Recoque supercomputer contract in high-performance computing.

Atos also reported an estimated net cash outflow of about €327m for fiscal 2025, which it said was better than its internal expectations. The figure includes an estimated €431m impact from restructuring costs and excludes the use of receivables factoring or specific optimisation of trade payables.

As of 31 December 2025, group liquidity was estimated at €1.71bn, down from €2.19bn a year earlier but still comfortably above the €650m minimum required under its financing agreements. The company added that its operating margin for fiscal 2025 is expected to exceed its target, stating it should be above €340m, equivalent to more than 4% of revenues.

Christine Lagarde has called for a “deep review” of Europe’s economic model to respond to what she described as “the dawn of a new international order”. Speaking on French radio RTL on Wednesday, the president of the European Central Bank said the changing global landscape requires a fundamental reassessment of how the European economy is structured.

Lagarde said that potential U.S. tariffs are likely to have only a limited inflationary impact on the euro area overall, although she noted that Germany would probably be more affected than France.

She also underlined that Europe could substantially improve its economic position by removing non-tariff barriers that still exist within the bloc, arguing that deeper internal integration would strengthen competitiveness and resilience across member states.

Serica Energy (LSE:SQZ) reported average production of 27,600 barrels of oil equivalent per day in 2025, with revenue of $601m, both lower than the prior year but broadly in line with guidance. Reduced volumes, weaker realised oil prices and higher operating costs led to slightly negative free cash flow for the year and a move to a net debt position of around $200m, despite the continuation of dividend payments.

Operational performance has improved materially entering 2026. Maintenance and reliability work at the Bruce and Triton hubs has now been completed, with year-to-date production already averaging around 43,000 boepd and current rates close to 50,000 boepd. By contrast, the Lancaster field is expected to cease production in the second quarter of 2026 as the FPSO departs.

Strategically, Serica is positioning for a significant uplift in scale and diversification. Recently announced acquisitions are expected to more than double the number of producing fields in the portfolio, materially enhancing cash generation and reducing reliance on individual assets. Alongside this, the group is advancing a pipeline of organic growth opportunities, including potential infill drilling at Bruce and life-extension and emissions-reduction investments across the Bruce and Triton hubs.

Based on these developments, management is guiding to average production in 2026 well above 40,000 boepd, with potential peak rates exceeding 65,000 boepd. With hedging in place and meaningful free cash flow anticipated at current commodity prices, Serica also reiterated its intention to migrate its listing to the London Stock Exchange Main Market, aiming to establish itself as a larger and more resilient UK North Sea operator while continuing to balance growth and shareholder returns.

More about Serica Energy

Serica Energy is a UK-focused independent oil and gas company listed on AIM. Its producing asset base is centred on the Bruce and Triton hubs, alongside assets West of Shetland, generating revenues from a mix of Brent-linked oil and NBP gas. The group is pursuing a more diversified and cash-generative portfolio through a combination of organic investment and acquisitions, with plans to move its listing to the London Stock Exchange’s Main Market.

Volex plc (LSE:VLX) delivered a robust third-quarter performance, with group revenue reaching $902.7m for the nine months to 31 December 2025, representing organic constant-currency growth of 14.8% year on year. The outturn was driven primarily by strong demand within Complex Industrial Technology, particularly from data centre customers increasing investment in AI and digital infrastructure.

Additional organic growth was recorded across electric vehicles and off-highway markets. Medical and consumer electricals were comparatively softer versus the prior year, reflecting customer destocking and weaker appliance demand in Europe. Despite this mixed end-market backdrop, underlying operating margins remained at the upper end of Volex’s 9–10% target range, supported by disciplined pricing, efficiency improvements and tight cost control.

Balance sheet strength continued to improve, with net debt reduced further and covenant leverage falling to around 1.0x. Management said this provides ample capacity to invest in additional production capability, automation, vertical integration and selective bolt-on acquisitions.

Given the trading momentum and good visibility into the year end, the board now expects both full-year revenue and underlying operating profit to exceed current market expectations. The update reinforces Volex’s exposure to structurally attractive growth sectors and underpins confidence in its five-year growth strategy and long-term value creation plans.

More about Volex plc

Volex plc is a UK-headquartered integrated manufacturer specialising in mission-critical power and data connectivity solutions. The group serves global blue-chip customers across electric vehicles, consumer electricals, medical, complex industrial technology and off-highway markets, operating 25 manufacturing facilities with around 13,000 employees worldwide to support increasingly data-intensive and electrified applications.

Shield Therapeutics (LSE:STX) reported unaudited revenues of around $50m for 2025, reflecting strong commercial momentum driven primarily by its U.S. franchise. Sales of ACCRUFeR in the United States rose 56% year on year to approximately $46m, supported by a 21% increase in average net selling price and a 33% rise in total prescriptions to about 199,000.

The acceleration in demand translated into a key financial milestone, with the company delivering positive operating cash flow in the fourth quarter. Shield ended the year with cash and cash equivalents of $11.6m, underpinned by record quarterly prescription volumes and a strengthened balance sheet.

On the back of this progress, management now expects to deliver an operating profit in 2026, marking a shift towards sustainable, self-funded growth. The company believes this positions it more competitively within the iron deficiency and iron deficiency anaemia treatment market as scale benefits and pricing momentum continue to build.

While technical indicators and recent corporate developments are supportive, the overall outlook remains balanced by ongoing financial and valuation risks. Nevertheless, the move to cash flow positivity and the prospect of profitability represent important steps forward for the business.

More about Shield Therapeutics

Shield Therapeutics plc is a commercial-stage specialty pharmaceutical company focused on the treatment of iron deficiency and iron deficiency anaemia. Its flagship product, ACCRUFeR/FeRACCRU (ferric maltol), is the first and only FDA-approved oral iron therapy for ID/IDA in the United States. Shield addresses a large market opportunity through its exclusive U.S. collaboration with Viatris and a network of licensing partners across Europe, Asia-Pacific and other international markets, with patent protection extending into the mid-2030s.

KEFI Gold and Copper (LSE:KEFI) has completed the signing of final documentation for a US$240m loan facility to fund the development of its Tulu Kapi Gold Project in Ethiopia. This follows the arrangement of US$100m in equity financing, with the remaining US$50m component—structured through subordinated streams, royalties and Ethiopian preference shares—now in final documentation and expected to be signed in February 2026.

With US$20m of equity raised in December 2025, KEFI has already begun a number of critical on-site activities. These include compensation payments and land clearing linked to community resettlement, mobilisation of the plant construction contractor, and the start of electricity transmission works. Together, these steps mark a clear transition from financing into active project execution.

In parallel, the company is assessing the potential for an additional US$36m of non-dilutive funding. This would be used to strengthen cash reserves and support exploration and social development programmes, providing further flexibility as the project advances against a backdrop of record gold prices and supportive economic growth forecasts for Ethiopia.

While the financing milestone represents a major strategic achievement, the overall investment outlook remains constrained by KEFI’s current financial profile. The group remains pre-revenue, with ongoing losses and cash burn, and technical indicators continue to point to weak near-term sentiment. A low-leverage balance sheet offers some support, but valuation remains challenged until the project moves closer to production and cash generation.

More about KEFI Gold and Copper

KEFI Gold and Copper plc is a gold and copper exploration and development company operating across the Arabian-Nubian Shield, with assets in Ethiopia and Saudi Arabia. Its flagship project is the high-grade, high-recovery Tulu Kapi Gold Project in Ethiopia, which is positioned to benefit from strong gold prices and the country’s private sector-led economic development.

AFC Energy (LSE:AFC) has completed the first build of its new LC30 30kW liquid-cooled fuel cell generator, marking a significant step forward in the development of its hydrogen-to-power technology. The unit is now undergoing operational testing and is delivering power in line with its design specifications, according to the company.

The LC30 represents a substantial upgrade on AFC Energy’s previous air-cooled model. Management said manufacturing costs have been reduced by around 85%, while efficiency has improved by up to 20%. The new design is also smaller and lighter, with far fewer components, and can operate across a wider temperature range, supporting deployment in a broader set of global environments.

The generator has been engineered to scale to 100kW within the same chassis, offering flexibility for customers with higher power requirements. AFC Energy plans to progress the LC30 towards certification and pre-production in partnership with manufacturing specialist Volex, as part of its strategy to move closer to cost parity with diesel generators.

Strategically, the company aims to use the LC30 to accelerate market adoption, convert its opportunity pipeline into contracted orders and deliver sustainable revenue growth without reliance on subsidies. While the technological progress is encouraging, the overall outlook continues to be shaped by challenges around profitability and cash flow, with valuation metrics remaining under pressure despite improving technical momentum.

More about AFC Energy

AFC Energy plc is a UK-based developer of ammonia-based low-carbon hydrogen production and hydrogen-to-power solutions. Headquartered in Dunsfold, Surrey, and listed on AIM, the company provides decentralised ammonia cracking systems and modular fuel cell generators designed to replace diesel generation in off-grid and temporary power applications. Its technology targets hard-to-abate sectors including industrial sites, construction, transport, EV charging and infrastructure, as well as emerging markets such as maritime, data centres and rail.

Aberdeen Group (LSE:ABDN) reported a 9% year-on-year increase in assets under management and administration to £556.0bn at 31 December 2025, reflecting supportive market conditions and strong growth across its interactive investor platform. Customer numbers at the platform rose 14% to 500,000, while AUMA increased 26% to £97.5bn, supported by £7.3bn of net inflows over the year.

Within the Adviser division, net outflows continued but showed marked improvement, narrowing 44% year on year to £2.2bn. Management attributed the progress to service upgrades, pricing changes and the launch of an Aberdeen SIPP, which are beginning to stabilise performance in the business. The Investments division lifted assets under management to £390.4bn, despite net outflows in the fourth quarter linked to a previously flagged £4.5bn withdrawal from a low-margin quantitative mandate and ongoing insurance run-off.

Looking ahead, Aberdeen Group said adjusted operating profit for full-year 2025 is expected to be in line with market expectations. Management also highlighted encouraging momentum across commodities, fixed income, multi-asset strategies and closed-end funds. Recent developments include a mandate win with the Stagecoach Group Pension Scheme and an agreement to assume £1.5bn of US closed-end fund assets, both of which support the group’s ambition to build a leading UK-focused wealth and investments franchise.

Overall, the update reinforces confidence in the company’s strategy and its ability to meet profitability and capital generation targets in 2026. Strong asset growth, an improving flow profile and an attractive valuation underpin a constructive outlook, supported by a solid balance sheet and improving cash flow dynamics.

More about Aberdeen Group

Aberdeen Group plc is a UK-based wealth and investments group operating across three core divisions: interactive investor, an online investment platform; Adviser, which provides wealth management services to financial advisers and their clients; and Investments, which manages assets for institutional, retail wealth and insurance partners. The group is focused on expanding its UK retail and advised customer base while maintaining a global institutional and insurance asset management presence, with strengths spanning platforms, pension solutions and commodity exchange-traded funds.

J D Wetherspoon (LSE:JDW) reported a solid improvement in trading, with like-for-like sales up 4.7% for the 25 weeks to 18 January 2026. Growth was led by higher bar and gaming machine revenues, while hotel room sales were slightly lower. Total sales increased 5.3%, supported by a strong Christmas period and improving customer demand.

Despite the top-line momentum, profitability has come under pressure from sharply higher operating costs. The group said increases in energy, wages, repairs and business rates added around £45m to costs in the first 25 weeks of the year. As a result, first-half profits are expected to decline year on year, and full-year performance is currently forecast to come in slightly below FY25.

Wetherspoon continues to invest in expanding and upgrading its estate. Six new pubs have opened so far this year, with a total of 15 planned, while the franchised portfolio has grown to 16 sites. Further franchise openings are expected, including the group’s first mainland Spain location at Alicante Airport.

From a balance sheet perspective, net debt is projected to increase to between £740m and £760m, reflecting continued investment and ongoing share buybacks. While the shares are supported by favourable technical indicators and a reasonable valuation, elevated debt levels and historical cash flow volatility remain key considerations for investors.

More about J D Wetherspoon

J D Wetherspoon is a pub operator focused on the UK and Ireland, owning and managing nearly 800 pubs alongside a growing franchised estate. The group targets value-conscious customers with competitively priced food and drink, operating individually designed venues with an emphasis on well-trained staff and well-maintained premises, while also expanding selectively into new international markets such as mainland Spain.

Journeo (LSE:JNEO) said revenue for the year ended 31 December 2025 is expected to rise to around £55m, compared with £50m in 2024, reflecting continued momentum across the business. Adjusted profit before tax is forecast at approximately £5.7m, coming in slightly ahead of market expectations.

The group highlighted the strong early contribution from Crime and Fire Defence Systems, which was acquired in September 2025. Since joining the group, the business has performed well and has broadened Journeo’s footprint within critical national infrastructure and high-security environments, aligning closely with its strategic focus.

Journeo ended the year with cash of about £12m, after funding the £10.7m acquisition, and noted that its invoice discounting facility remains undrawn. Management said this leaves the group well positioned to support organic growth, pursue further strategic opportunities and enter 2026 with confidence in delivering another year of meaningful expansion.

Overall, the outlook is underpinned by strong financial execution and value-accretive corporate activity. While technical indicators point to some near-term share price volatility, Journeo’s reasonable valuation and exposure to structurally supported markets support a positive longer-term view.

More about Journeo

Journeo plc is a UK-based intelligent systems group delivering sustainable solutions for towns, cities, airports and public transport networks, alongside services focused on protecting critical national infrastructure and high-security environments. Through six operating companies, it provides CCTV and telematics for vehicle fleets, passenger information and smart ticketing, rail information displays, infrastructure protection and intelligent transport systems across the UK and parts of Northern Europe, supported by significant R&D investment and an IoT, open-standards approach.