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  • Avacta Progresses Tumour-Targeted Oncology Programmes and Extends Cash Runway Into Q3 2026

    Avacta Progresses Tumour-Targeted Oncology Programmes and Extends Cash Runway Into Q3 2026

    Avacta Group plc (LSE:AVCT) reported solid operational and research progress during 2025, underpinned by encouraging clinical data and continued advancement of its proprietary tumour-activated drug delivery platform. Updated results from Phase 1b expansion cohorts of faridoxorubicin (AVA6000) showed supportive efficacy and safety signals in salivary gland cancer, while patient enrolment continued to help refine trial design ahead of later-stage studies.

    The company also moved its second pre|CISION® programme, FAP-Exd (AVA6103), further forward, supported by positive pharmacology data. A Phase 1 trial is scheduled to begin in early 2026 across multiple specialist oncology centres in the US, targeting four AI-selected tumour types. Alongside programme execution, Avacta introduced additional platform innovations, including a sustained-release mechanism and a dual-payload delivery technology, aimed at broadening the potential applications of its platform.

    On the financial side, Avacta raised £22.5 million in equity during 2025 and finished the year with £16.9 million in cash and equivalents. This funding is expected to support operations into the third quarter of 2026, allowing the company to reach key data readouts for both AVA6000 and AVA6103. Management also confirmed that partnering discussions remain active, which could influence the structure, funding and risk profile of future pivotal trials and wider pipeline development.

    More about Avacta Group plc

    Avacta Group plc is a clinical-stage biopharmaceutical company focused on oncology, developing its proprietary pre|CISION® tumour-activated drug delivery platform. Its lead programmes, faridoxorubicin (AVA6000) and FAP-Exd (AVA6103), are designed to release chemotherapy agents directly within tumours at high concentrations while limiting systemic toxicity. The company targets difficult-to-treat solid cancers including salivary gland, pancreatic, gastric, small cell lung and cervical cancers, with a strategy centred on platform expansion, intellectual property development and collaboration with global pharmaceutical partners.

  • Kier Reaches Net Cash Milestone as Record Order Book Supports FY26 Visibility

    Kier Reaches Net Cash Milestone as Record Order Book Supports FY26 Visibility

    Kier Group plc (LSE:KIE) said trading for the six months to 31 December 2025 was in line with expectations, underpinned by a record order book of £11.6 billion. The group noted that around 94% of forecast FY26 revenue is already secured, providing strong forward visibility.

    Kier also marked a significant balance-sheet improvement, achieving an average month-end net cash position of approximately £15 million, compared with net debt at the same point last year. The company expects to report a materially higher period-end net cash balance than in the prior year, highlighting the progress made in strengthening financial resilience. Recent contract awards included work under British Airways’ Better Buildings framework, Southern Water’s AMP8 programme, an extension at Hinkley Point C, major education schemes and the Government Property Agency’s hub in Darlington. Within property, the group secured planning consent for an industrial development in Manchester and completed a logistics project in Milton Keynes.

    Strategically, Kier has merged its Transportation and Natural Resources, Nuclear & Networks operations into a single Infrastructure division, aiming to better capture opportunities arising from increased UK government infrastructure investment. The leadership team has also been reinforced with the appointment of Tom Hinton as chief financial officer and Martin Staehr as managing director of Construction, moves intended to support the group’s next phase of growth.

    Overall, Kier’s outlook is supported by strong trading momentum, improved cash generation and a highly visible pipeline of work. While leverage remains an area of focus, recent operational and financial progress, alongside a reasonable valuation, provides a more constructive backdrop for the shares.

    More about Kier Group plc

    Kier Group plc is a leading UK infrastructure services, construction and property company, delivering design-and-build and project management solutions across sectors including transport, education, healthcare, justice, defence, water, energy, aviation and nuclear. The group applies specialist technical expertise and integrated delivery capabilities to complex projects for both public- and private-sector clients throughout the UK.

  • PetroTal Frames 2026 as Transition Year Focused on Liquidity and Resetting Bretaña Growth

    PetroTal Frames 2026 as Transition Year Focused on Liquidity and Resetting Bretaña Growth

    PetroTal Corp. (LSE:TAL) has published its 2026 budget and outlook, outlining a transition year that prioritises liquidity protection, tighter cost control and operational stability rather than near-term production growth. The board has approved capital expenditure of $80–90 million, targeting average production of 11,750–12,250 barrels of oil per day in 2026 while maintaining a minimum of $60 million in unrestricted cash.

    The programme allocates around $45 million to drill two development wells at the Bretaña Norte oil field by the end of the year, alongside material spending on erosion control and critical infrastructure. As part of its cost and risk management strategy, PetroTal plans to transition to a third-party drilling contractor and exit its Amazonia-1 rig lease, a move intended to reduce scheduling risk and better align costs with a lower level of activity. At a Brent oil price of $60, the company expects adjusted EBITDA of roughly $30 million, supported by reductions in operating expenditure and G&A.

    All Bretaña crude will be marketed via the Brazil export route during the period, while the company works toward restoring production capacity to above 20,000 barrels per day from 2027. Future investments in water handling and infrastructure expansion are expected to be funded from internally generated cash flow, reinforcing management’s emphasis on balance sheet resilience ahead of the next growth phase.

    More about PetroTal Corp

    PetroTal Corp. is a publicly listed oil and gas development and production company headquartered in Calgary and Houston, with a sole focus on Peruvian oil assets. Its core operation is a 100% working interest in the Bretaña Norte field in Block 95, where production began in 2018 and which has since become Peru’s largest crude oil producing asset. The company is led by a management team with deep experience in the Peruvian energy sector and places strong emphasis on cost-efficient development and responsible, community-focused operations.

  • Creo Medical Reports 50% Revenue Growth and Reduced Losses as Product Uptake Accelerates

    Creo Medical Reports 50% Revenue Growth and Reduced Losses as Product Uptake Accelerates

    Creo Medical Group (LSE:CREO) delivered a strong performance in FY25, with revenue increasing by 50% to £6.0 million alongside a sharp improvement in cost efficiency. Underlying operating expenses fell 20% to £18.4 million, helping to cut the underlying operating loss by more than 40% to £13.3 million. The group ended the year with a cash balance of £12.4 million.

    Revenue growth was driven by continued clinical adoption and higher utilisation across Creo’s core product portfolio. Use of the Speedboat Notch device increased in advanced gastrointestinal procedures, while the newly launched SpydrBlade Flex received encouraging early feedback following its introduction in the US, UK and EU. Progress was also made within the MicroBlate ablation portfolio, supported by commercial sales and limited market releases linked to ongoing clinical studies. Management highlighted confidence in further sequential revenue growth and improving operational leverage in FY26, positioning the business towards more sustainable cash flows as scale builds.

    Looking ahead, Creo Medical’s outlook reflects a mix of improving operational momentum and ongoing financial challenges. While the company remains loss-making and valuation metrics continue to reflect this, recent progress in cost control, product adoption and commercial execution provides a more constructive backdrop for future growth in the minimally invasive endoscopic oncology market.

    More about Creo Medical

    Creo Medical Group is a UK-based medical device company focused on minimally invasive electrosurgical technologies for use in endoscopic procedures for pre-cancer and cancer patients. Its proprietary CROMA platform, powered by Kamaptive technology, combines bipolar radiofrequency and microwave energy to enable tissue resection, dissection, coagulation and ablation. The group aims to provide clinicians with safer, more precise and cost-effective alternatives to conventional surgical techniques, particularly in gastrointestinal and related applications.

  • Ibstock Posts Resilient 2025 Performance and Positions Balance Sheet for Recovery

    Ibstock Posts Resilient 2025 Performance and Positions Balance Sheet for Recovery

    Ibstock (LSE:IBST) delivered a resilient full-year performance in 2025 despite a tougher trading backdrop in the second half, with revenue increasing 2% to approximately £372 million. EBITDA and trading cash flow were in line with management guidance, while net debt stayed broadly stable at around £120 million, supported by roughly £30 million of proceeds from disposals of non-core assets.

    The group has now largely completed its major capital investment programme at the Atlas and Nostell plants and has taken decisive actions to align costs and capacity with market conditions. These measures included headcount reductions, the disposal of surplus land and the sale of the smaller Forticrete roofing business. Looking ahead, Ibstock plans to actively manage production levels and inventories in response to a subdued housing and repair, maintenance and improvement market. Management has indicated it is prepared to accept some margin pressure in 2026 in order to prioritise cash generation and protect balance sheet strength, which it believes will provide flexibility for future growth initiatives and potential capital returns as demand recovers.

    Overall, the company’s outlook reflects a balance between financial resilience and ongoing market challenges. Recent corporate actions have strengthened financial flexibility and strategic positioning, although slower revenue momentum and free cash flow generation remain key areas for investors to monitor, particularly given valuation considerations.

    More about Ibstock

    Ibstock Plc is a leading UK manufacturer of building products and solutions, operating through two main divisions. Ibstock Clay is the UK’s largest clay brick producer by volume, with 15 factories, associated quarries, and a masonry and prefabricated components operation. Ibstock Concrete supplies concrete walling, flooring, fencing, lintels, and rail and infrastructure products from 11 sites. These core businesses are supported by Ibstock Futures, which focuses on sustainable solutions and Modern Methods of Construction, underpinned by an ESG 2030 strategy targeting a 40% reduction in carbon emissions by 2030 and net zero operations by 2040.

  • GSK Agrees $2.2bn Takeover of RAPT Therapeutics to Strengthen Food Allergy Pipeline

    GSK Agrees $2.2bn Takeover of RAPT Therapeutics to Strengthen Food Allergy Pipeline

    GSK (LSE:GSK) has reached an agreement to acquire California-based RAPT Therapeutics in an all-cash transaction valuing the target’s equity at approximately $2.2 billion. The deal will give GSK global rights, excluding Greater China, to ozureprubart, a long-acting anti-IgE monoclonal antibody currently in Phase IIb development for the preventative treatment of food allergies.

    Under the terms of the transaction, which is expected to complete in the first quarter of 2026, RAPT shareholders will receive $58 per share through a tender offer followed by a merger. GSK said the acquisition is intended to enhance its respiratory, immunology and inflammation pipeline, while making use of its established allergy-focused commercial capabilities. Ozureprubart is designed to offer dosing every 12 weeks and could broaden patient eligibility, addressing a fast-growing food allergy market associated with significant healthcare usage and economic costs in the United States.

    From a broader perspective, GSK’s outlook continues to be supported by solid financial performance and attractive valuation metrics. Ongoing strategic actions, including share buybacks and sustained investment in research and development, underpin its growth ambitions. These positives are tempered by pressures on cash flow and uneven performance across certain markets, suggesting a balanced but cautiously optimistic near-term view.

    More about GlaxoSmithKline

    GSK is a global biopharmaceutical group focused on the discovery, development and commercialisation of medicines and vaccines. The company applies science, technology and talent to address major diseases worldwide. The planned acquisition of RAPT Therapeutics, a clinical-stage immunology specialist developing novel treatments for inflammatory and immune-mediated conditions, further strengthens GSK’s position in respiratory, immunology and inflammation, with a particular emphasis on allergy-related therapies.

  • DFS Furniture Raises Profit Expectations After Robust First-Half Performance and Deleveraging

    DFS Furniture Raises Profit Expectations After Robust First-Half Performance and Deleveraging

    DFS Furniture (LSE:DFS) has reported a strong first-half performance for the 26 weeks ended 28 December 2025, prompting an upgrade to full-year profit guidance. Underlying profit before tax and brand amortisation is now expected to reach £30–31 million, representing an improvement of £13–14 million year on year, driven by better margins, disciplined cost control and increased operating leverage.

    Trading momentum remained resilient in a largely flat market, with group order intake up 2.3%. Gross sales on delivered orders are forecast to be approximately 8.7% higher, while robust free cash flow generation enabled the group to reduce net bank debt to around £60–61 million. This has brought leverage back within management’s target range. Following this performance, and with Winter sale trading in line with expectations, DFS has lifted its full-year profit outlook above current market consensus. The group has also strengthened its senior management team with the appointment of Dominique Highfield as permanent chief financial officer, reinforcing confidence in its strategy and medium-term financial objectives.

    Looking ahead, DFS’s outlook is underpinned by solid earnings momentum, strong cash generation and effective cost management, although leverage levels remain an area of focus. Positive recent trading updates and corporate developments support confidence in the group’s direction, partly offset by a moderate valuation and the absence of a dividend yield.

    More about DFS Furniture

    DFS Furniture plc is the UK’s leading retailer of upholstered furniture, operating an integrated estate of physical showrooms and online channels across the UK and Republic of Ireland under the DFS and Sofology brands. The group specialises in living room furniture, combining exclusive product ranges with in-house UK manufacturing and third-party suppliers in the UK, Europe and the Far East. Its vertically integrated model includes a dedicated final-mile delivery network, supported by national marketing, product design innovation and accessible consumer finance options.

  • Big Yellow Sees Modest Revenue and Profit Growth as Occupancy Trends Improve and Estate Expands

    Big Yellow Sees Modest Revenue and Profit Growth as Occupancy Trends Improve and Estate Expands

    Big Yellow Group (LSE:BYG) delivered steady progress in the quarter to 31 December 2025, with total revenue rising 2% to £52.3 million and year-to-date growth also running at 2%. Performance was underpinned by stronger pricing, as net achieved rent per square foot increased by around 3–4%, offsetting a small seasonal dip in occupancy levels.

    Closing occupancy eased to 75.4%, reflecting normal winter weakness and the impact of newly added space, but the fall in occupied area was materially smaller than seen a year earlier. On a like-for-like basis, occupancy improved quarter on quarter, supported by firmer demand from both household and business customers, with business occupancy returning to growth. Cost discipline remained evident, with like-for-like operating expenses slightly lower year to date, although management plans to reinvest some of these savings into digital marketing initiatives. For the full year, the group is guiding to adjusted EPS growth of about 2%, noting that the comparison is held back by the absence of a £4 million insurance gain booked in the prior year.

    Expansion remains a key theme, with two recently opened London stores trading well and a further two sites scheduled to open before the end of the financial year. Planning consent has now been secured for most of the company’s 13-site development pipeline. Big Yellow continues to operate with a conservative balance sheet, largely funded by variable-rate debt, which management believes leaves the group well positioned to benefit from potential interest-rate cuts and future consolidation opportunities within the self-storage sector.

    More about Big Yellow Group

    Big Yellow Group is the UK’s leading self-storage brand, operating 111 stores with a maximum lettable area of around 6.6 million square feet. The company has a development pipeline of approximately 0.9 million square feet across 13 proposed sites and focuses on prominent, accessible locations, particularly in London and surrounding commuter areas, which account for roughly three-quarters of revenue. Its estate is predominantly freehold or long leasehold, and the group emphasises technology-enabled operations, strong customer service, engaged staff and sustainability.

  • Flowtech Fluidpower Targets £10m Capital Raise to Support Dutch Deal and Deleveraging

    Flowtech Fluidpower Targets £10m Capital Raise to Support Dutch Deal and Deleveraging

    Flowtech Fluidpower (LSE:FLO) has announced plans for a conditional equity raise designed to generate up to £10 million in gross proceeds, combining a £9 million institutional placing with a separate UK retail offer of up to £1 million. The placing will involve the issue of as many as 16.98 million new shares at 53p each, representing a discount of roughly 11.5% to the previous closing price.

    The capital raised is intended primarily to fund the proposed acquisition of the Dutch businesses Q Plus B.V. and Naili Europe B.V., while also reducing group debt and providing additional working capital. A capital reorganisation, including a reduction in the nominal value of the company’s shares, is planned to facilitate the issuance. Directors and senior executives have indicated their intention to participate in the fundraising, and the enlarged share capital is expected to be admitted to AIM on 9 February 2026. Alongside institutional demand, the retail offer will give UK private investors the opportunity to invest on the same terms.

    From a trading perspective, Flowtech Fluidpower continues to face pressure on profitability and revenues, with valuation metrics reflecting these challenges. That said, management points to improving sales momentum and a strengthening pipeline, helped by recent strategic activity. While the absence of earnings and dividends remains a headwind, the latest initiatives suggest a more constructive medium-term outlook as the group seeks to rebuild financial resilience and expand its European footprint.

    More about Flowtech Fluidpower

    Flowtech Fluidpower is an AIM-listed provider of fluid power products and services, supplying hydraulic and pneumatic components along with related solutions. The group serves a broad base of industrial and engineering customers across the UK and mainland Europe, pursuing growth through distribution-led expansion and technical support for OEM and maintenance markets.

  • Rachel Reeves skips London Stock Exchange event amid fresh Trump tariff warning

    Rachel Reeves skips London Stock Exchange event amid fresh Trump tariff warning

    UK and European markets moved lower on Monday following a renewed threat from U.S. President Donald Trump to impose tariffs of up to 25% on eight European countries over Greenland.

    Chancellor Rachel Reeves withdrew from a scheduled appearance at the London Stock Exchange, where she had been due to mark what organisers described as a “new golden age” for the City, after Trump said tariffs would remain in place until the United States is permitted to buy Greenland.

    Her decision came as markets opened weaker, undermining the celebratory tone of the event, which had been planned after the FTSE 100 climbed above the 10,000 level for the first time.

    UK equities opened in the red, with the FTSE 100 down 0.4%, following losses across Asian markets overnight as investors shifted toward safe-haven assets such as gold and silver.

    Elsewhere in Europe, France’s CAC 40 fell 1.6%, Germany’s DAX dropped 1.4% and Spain’s IBEX 35 slid close to 1% in early trading.

    The Treasury confirmed that Reeves would not attend the Stock Exchange event in the City. Instead, she appeared alongside Prime Minister Keir Starmer at a Downing Street press conference on Monday morning. Starmer said the dispute with Trump’s administration over Greenland should be addressed through “calm discussion between allies”.

    Proceedings at the exchange went ahead without the chancellor, led by LSE chief executive Julia Hoggett, with ticker tape released as trading began.

    Trump said on Saturday that he was prepared to introduce tariffs of up to 25% on goods from Denmark, Germany, France, the Netherlands, Finland, Sweden, Norway and the UK until the U.S. is allowed to acquire Greenland.

    He added that an initial 10% tariff would take effect from 1 February “on any and all goods sent to the United States of America”, with the rate rising to 25% on 1 June.

    “There will be hundreds of different opinions on how this will all pan out but remember that the tariffs announced on ‘liberation day’ were ultimately softened a week later,” said analysts at Deutsche Bank. “That said, as it stands the tariff threats are real, and would be economically and geopolitically damaging.”

    U.S. financial markets are closed on Monday for Martin Luther King Jr Day.