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Elementis plc (LSE:ELM) reported full-year 2025 results on Thursday that came in ahead of analyst expectations, supported by improved margins despite a difficult trading environment. The company also announced the planned sale of its pharmaceutical manufacturing division to Associated British Foods plc.

For the year ended 31 December 2025, adjusted earnings per share reached 13.7 cents, surpassing analyst forecasts of 13.0 cents.

Revenue declined 1.9% on a constant currency basis to $597.5m, slightly below the $601m expected by analysts but compared with $603.8m recorded in 2024. Adjusted operating profit increased 4.6% in constant currency terms to $126.7m, broadly in line with consensus estimates of $126m, while adjusted operating margin improved by 150 basis points to 21.2%.

Within the business segments, Personal Care delivered revenue growth of 2.4% on a constant currency basis to $224.5m, with adjusted operating margin jumping 410 basis points to 32.4%. Meanwhile, the Coatings division saw revenue decline 4.3% on a constant currency basis to $373.0m due to softer demand, though adjusted operating margin remained relatively strong at 18.9%, compared with 20.3% the previous year.

Elementis also confirmed it has agreed to sell its pharmaceutical manufacturing unit to Associated British Foods for an enterprise value of about €34m ($40m). The deal is expected to complete in the second quarter of 2026, subject to regulatory approval, and is intended to allow the company to concentrate on its core Personal Care and Coatings markets.

The group said it plans to return the net proceeds from the transaction to shareholders once the sale is finalised.

“I am pleased we have delivered a resilient performance with strong growth in profitability and margins despite the challenging market environment,” said Luc van Ravenstein. “We are pleased to have reached another important milestone for Elementis with the agreement to sell our pharmaceutical manufacturing business.”

The board proposed a final dividend of 3.0 cents per share, bringing the full-year dividend to 4.3 cents—an increase of 7.5% compared with 4.0 cents in 2024. During the year, the company also completed a £40.0m ($53.8m) share buyback programme.

Net debt rose to $185.4m from $157.2m the previous year, with the net debt-to-EBITDA ratio standing at 1.3 times. Elementis reported delivering $18m in cost savings during 2025 and said it remains on track to achieve the remaining $4m in savings during 2026.

PageGroup plc (LSE:PAGE) reported full-year 2025 results on Thursday broadly in line with its previous guidance, though earnings per share came in below analyst expectations as a higher effective tax rate weighed on the outcome amid ongoing uncertainty in recruitment markets.

For the year ended 31 December 2025, the company generated gross profit of £769.5m, representing a 7.6% decline in constant currency compared with £842.6m recorded in 2024. Revenue also fell 7.4% year over year to £1,596.6m.

Operating profit dropped sharply to £20.9m, down 58.8% from the previous year and in line with earlier guidance. This equated to a conversion rate of 2.7%, compared with 6.2% in 2024. The results included roughly £15m in one-off restructuring costs, partly offset by £5m in savings.

Basic earnings per share decreased 68.1% to 2.9p from 9.1p the previous year, landing around 21% below market consensus. The shortfall was mainly attributed to a higher effective tax rate of 44.4%, compared with 42.1% in 2024.

The board proposed a final dividend of 3.21p per share, significantly lower than the 11.75p distributed the year before. This brings the total dividend for the year to 8.57p per share, marking a 50% reduction from 2024.

“The Group produced a resilient performance despite continued market uncertainty,” said Nicholas Kirk. “We saw variable market conditions across the regions, with ongoing challenging conditions in Continental Europe and the UK. However, we continued to grow in the US, and we saw improved conditions in Asia Pacific, particularly during the second half of the year.”

The number of fee earners employed by the group declined by 402 during the year, a reduction of 7.5%, leaving a total of 4,968. Despite the lower headcount, gross profit per fee earner remained strong at £148.9k, up 0.3% in constant currency.

PageGroup said its cost optimisation programme remains on course to deliver annualised savings of about £15m starting in 2026.

At the end of the year, the company reported net cash of £31.4m, down from £95.3m a year earlier, reflecting dividend payments totalling £53.6m during 2025.

Tesla Inc. (NASDAQ:TSLA) saw its sales in the United Kingdom drop significantly in February, declining 45.2% year over year to 2,208 vehicles, according to figures released Wednesday by New Automotive.

Meanwhile, Chinese electric vehicle maker BYD Company Limited (USOTC:BYDDY) recorded strong growth, with sales rising 40.9% to 968 vehicles over the same period. Despite the surge, Tesla maintained its position as the leading brand in the UK electric vehicle market.

New Automotive noted that Tesla’s delivery volumes often fluctuate from month to month. However, cumulative sales for the year to date are currently down around 5%, a trend the group said is likely to draw increased market scrutiny.

The data also highlighted continued momentum in the UK’s electric vehicle transition. Battery electric vehicles accounted for roughly one quarter of total car sales in February, while approximately one-third of newly registered vehicles were plug-in models.

“It’s fantastic to see one in four drivers opting for an electric car in February,” said Ben Nelmes. “As we enter yet another fossil fuel price crisis, every electric vehicle represents another step towards energy independence.”

Helium One Global Limited (LSE:HE1) reported that integrated operations have begun at the Pinon Canyon Plant within the Galactica project in Colorado, marking an important operational milestone for the helium development.

The facility is operated by Blue Star Helium, which manages the project in which Helium One holds a 50% working interest. The plant’s amine unit is now actively removing carbon dioxide from the gas stream and supplying helium-enriched gas to the Helium Recovery Unit. Refined helium is being collected in an on-site tube trailer for sale into the spot market.

The operator is currently fine-tuning plant settings, including operating pressures and flow rates, to optimise helium recovery as production ramps up. Several wells—such as State-9 and State-16, along with key wells from the Jackson field—are already producing or connected to the system. Additional wells are progressing toward production, including Jackson-27, which is planned to align with future CO₂ sales, while Jackson-2 is expected to come online once compression equipment is installed.

Work also continues on carbon dioxide processing infrastructure, with CO₂ liquefaction from the amine unit scheduled for completion before the end of the first half of 2026. Once plant optimisation progresses, the focus will shift toward enhancing well performance, improving the gathering system and planning further drilling. These steps are intended to support the project’s evolution into a larger commercial producer of both helium and CO₂.

Despite the operational progress, the company’s overall outlook remains constrained by weak financial performance, including limited revenue generation, continued losses and ongoing cash burn, although the balance sheet carries no debt. Technical indicators provide some support due to strong share price momentum, though overbought signals suggest caution. Valuation remains challenging given the company’s loss-making position and lack of dividend income.

More about Helium One Global Limited

Helium One Global Limited is a helium exploration and development company with projects in Tanzania and the United States. Its flagship asset is the Rukwa project in south-west Tanzania, where drilling confirmed a helium discovery at the Itumbula West-1 well during the 2023–24 campaign. An extended well test in 2024 produced helium concentrations of 5.5%, and the company secured a 480km² mining licence from the Tanzania Mining Commission in July 2025, supporting future commercialisation plans.

In the United States, Helium One holds a 50% interest in the Galactica-Pegasus helium development in Colorado. Operated by Blue Star Helium, the project completed a six-well drilling programme in 2025, encountering helium concentrations of up to 3.3% alongside carbon dioxide in the Lyons Formation. Initial production began in late 2025, with additional wells expected to come online through 2026 as the project scales up.

Harbour Energy plc (LSE:HBR) reported record production of 474,000 barrels of oil equivalent per day in 2025, reflecting the expanded scale of the business following the integration of Wintershall Dea assets. The company also achieved lower unit operating costs and strong operational performance across its core regions, including the UK, Norway, Argentina and Egypt.

Revenue for the year rose to $10.3bn, while free cash flow reached $1.1bn. Despite these gains, the company recorded a small reported loss after tax due to a high effective tax rate, impairments and a deferred tax charge linked to changes in the UK fiscal regime.

Harbour Energy is reshaping its asset base to focus on longer-life, higher-margin production. The company has taken on operatorship of the Zama oil field in Mexico and is progressing an LNG development project in Argentina, while divesting selected assets in Southeast Asia.

A $3.2bn acquisition of assets from LLOG Exploration Company has also strengthened Harbour’s presence in the U.S. Gulf of Mexico, adding an operated, oil-focused portfolio. Meanwhile, the planned acquisition of Waldorf Production assets in the UK is expected to generate tax synergies. Together, these developments are intended to support stable production in the range of 475,000–500,000 boepd and rising free cash flow later in the decade.

Alongside its results, Harbour introduced a revised capital returns framework that ties shareholder distributions directly to free cash flow. The policy includes a higher base dividend and targets payouts of 45–75% of annual free cash flow depending on leverage levels.

For 2026, the company expects production to remain broadly stable, with slightly higher unit operating costs and approximately $0.6bn of free cash flow based on current commodity price assumptions. Management said the near-term priority will be reducing debt before progressively increasing cash returns as leverage declines and new projects begin contributing more meaningfully to earnings.

Harbour Energy’s outlook is supported by strong operational performance and strategic portfolio developments, including shareholder return initiatives. However, profitability metrics remain affected by recent accounting losses, resulting in a negative price-to-earnings ratio, while technical indicators point to weaker share price momentum. A relatively high dividend yield and positive market sentiment following the results provide some counterbalance to these concerns.

More about Harbour Energy

Harbour Energy plc is an independent oil and gas exploration and production company with operations spanning the UK, Norway, Argentina, Egypt and Mexico, and—following a recent acquisition—the U.S. deepwater Gulf of Mexico. The group focuses on liquids and natural gas production through large-scale offshore developments and LNG projects designed to deliver long-life reserves and sustainable free cash flow.

In recent years the company has reshaped its portfolio through acquisitions and divestments, including the integration of former Wintershall Dea assets and exits from Vietnam and parts of Indonesia. Harbour aims to maintain investment-grade balance sheet metrics while linking shareholder distributions to free cash flow, positioning itself as a large-scale North Sea-based producer with growing international exposure.

Bloomsbury Publishing plc (LSE:BMY) announced that bestselling fantasy author Sarah J. Maas will release the next two books in the A Court of Thorns and Roses series on 27 October 2026 and 12 January 2027.

The closely scheduled releases—set just 11 weeks apart—highlight Bloomsbury’s strong position in the commercial fantasy genre. The publisher has released all 16 of Maas’s previous novels, which have become major global bestsellers.

For the current financial year ending 28 February 2026, Bloomsbury said profit is expected to come in broadly in line with market expectations. Performance continues to be supported by the group’s diversified publishing portfolio and the stability provided by its Academic division.

Looking ahead, the company said profit for the financial year ending 28 February 2027 is now expected to be materially ahead of previous market forecasts. Management believes the upcoming releases from key authors, combined with its balanced business model, will support stronger earnings growth.

Bloomsbury’s outlook is supported by solid financial performance and favourable strategic developments such as major author releases. The company’s disciplined financial management and publishing partnerships also strengthen its growth prospects. Technical indicators remain neutral, while valuation metrics suggest the shares are currently trading at a fair level.

More about Bloomsbury Publishing

Bloomsbury Publishing plc is a UK-based independent publishing house with operations spanning trade and academic books. Its catalogue includes globally recognised authors and bestselling titles, particularly in the fantasy genre. The company follows a “portfolio of portfolios” strategy that balances consumer publishing with a strong academic and professional division, helping to provide more stable earnings across publishing cycles.

Entain plc (LSE:ENT) reported a strong performance in 2025, with total group net gaming revenue—including its share of the BetMGM joint venture—rising 7%. Group underlying EBITDA increased 8% at constant currency, exceeding prior guidance.

Online operations were the primary contributor to growth, with online EBITDA margins surpassing 25%. The company’s U.S. joint venture, BetMGM, delivered particularly strong results, recording revenue growth of 33% at constant currency and achieving an EBITDA profit of $220m. BetMGM also distributed $270m in cash to its parent companies.

Despite these operational gains, Entain reported a statutory loss after tax for the year, largely due to a significant impairment linked to changes in UK gambling tax rules.

The group generated adjusted cash flow of £151m, outperforming expectations, and reduced leverage to 3.1 times EBITDA. Reflecting improved financial performance, the board increased the final dividend by 5%, highlighting management’s renewed emphasis on cash generation and shareholder returns.

Looking ahead, Entain acknowledged the headwind from higher UK gambling taxes but expects to offset more than half of the additional tax burden from 2027 through operational measures. For 2026, the company guided toward mid-single-digit online revenue growth outside the United States and reiterated its long-term objective of generating at least £500m in annual adjusted cash flow by 2028.

While the company’s outlook is supported by revenue growth and strategic initiatives, challenges remain. Profitability pressures and valuation concerns continue to weigh on the investment case, while technical indicators suggest bearish share price momentum. In addition, regulatory risks—particularly those linked to tax increases in key markets—introduce further uncertainty.

More about Entain plc

Entain plc is an international sports betting and gaming operator listed on the London Stock Exchange. The company manages a portfolio of online and retail betting brands across multiple regions, including the UK and Ireland, Central and Eastern Europe and other international markets. It also holds a 50% stake in the U.S.-focused BetMGM venture, which provides sports betting and online gaming services across regulated American markets.

Spire Healthcare Group plc (LSE:SPI) reported revenue of £1.58bn for 2025, up 4.5% year on year, while adjusted EBITDA increased 3.2%. Adjusted free cash flow rose by nearly 65%, supported by £30m in transformation-related cost savings and disciplined capital expenditure.

Adjusted profit before tax declined 7.4%, and reported profit was affected by restructuring expenses and costs linked to a strategic review. Despite these factors, the company maintained margins in its hospital division, increased adjusted earnings per share and proposed a reduced final dividend, signalling continued returns to shareholders.

Operationally, Spire completed a major consolidation of administrative functions through the creation of Patient Support Centres and implemented a leaner workforce structure, reducing approximately 400 roles. The changes are intended to improve efficiency and provide greater operational flexibility.

The group also expanded its primary care offering through acquisitions in occupational health and physiotherapy, alongside the launch of outpatient-focused clinics designed to feed referrals into its hospital network. These initiatives have supported growth in private patient volumes.

Spire continued to invest in clinical capability and brand strength, maintaining strong regulator-equivalent ratings and reporting high satisfaction levels among patients and consultants. Investment in advanced technologies, including robotic surgery and AI-enabled MRI capacity, has helped strengthen its position in the private healthcare market. The company noted that private payors now account for around 70% of hospital revenue, with early 2026 trading indicating improved private revenue growth.

However, the group expects a significant decline in NHS-related revenue in the first quarter of 2026, forecasting a reduction of around 25% as a result of commissioning cuts and Activity Management Plans. Management plans to introduce additional transformation savings beyond the original £30m programme to offset the impact, while awaiting updated NHS commissioning plans from April. Continued growth in private healthcare demand is expected to support the company’s medium-term outlook.

Overall prospects are supported by steady revenue growth and operational efficiency improvements. However, relatively high leverage and modest net profitability remain areas of concern. Technical indicators suggest bearish market momentum, and valuation metrics imply the shares may be trading at relatively elevated levels.

More about Spire Healthcare

Spire Healthcare Group plc is one of the UK’s leading independent healthcare providers, operating a nationwide network of hospitals and primary care facilities. The company treats private patients—including those funded through insurance or self-pay—alongside NHS-funded cases. In recent years it has invested in advanced medical technology, including robotics and diagnostic imaging, to strengthen its offering in elective procedures and outpatient services.

Funding Circle Holdings plc (LSE:FCH) reported strong results for 2025, with revenue increasing 28% to £204.3m and profit before tax rising to £20.3m. The performance enabled the company to reach its previously stated 2026 revenue target a year ahead of schedule.

Total credit extended during the year climbed 29% to £2.45bn, reflecting robust demand from small and medium-sized enterprises. Assets under management edged up to £2.96bn, while the number of active customers increased 10% to 52,700, highlighting continued growth in the platform’s SME lending activity.

The group’s core Term Loans division delivered improved margins and generated profit before tax of £32.2m. Meanwhile, the FlexiPay and business card offerings continued to expand rapidly, with transaction volumes increasing 66%. Both products moved closer to breakeven, helping diversify the company’s revenue streams beyond its traditional lending business.

Funding Circle said it benefits from strong institutional backing, with £2.2bn of committed funding flows supporting loan originations. The company also reported £100.9m in unrestricted cash following share buybacks, strengthening its financial position.

On the back of the strong performance, management upgraded its guidance for 2026 and outlined new strategic targets through 2029. The company aims to scale its data-driven SME lending platform further, positioning itself as a long-term financial partner for UK businesses.

The outlook is supported by improving profitability and a solid balance sheet, alongside a constructive earnings trajectory. However, the company continues to report negative operating and free cash flow, and technical indicators suggest the shares may be overbought in the near term. Valuation is also relatively full, with a price-to-earnings ratio around 25 and no dividend yield currently available.

More about Funding Circle Holdings

Funding Circle Holdings plc is a UK-based fintech lender focused on providing financial products to small and medium-sized enterprises. Its offering includes term loans, flexible payment solutions and business credit cards. Operating through a capital-light marketplace model, the company uses AI-driven credit assessment built on more than 15 years of proprietary SME data, while attracting institutional funding to support the growth of its multi-product financing platform.