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Serica Energy (LSE:SQZ) has finalised the acquisition of a 40% operated interest in the Greater Laggan Area and related infrastructure from TotalEnergies, alongside operated licences in four neighbouring exploration blocks. The transaction creates a new operated hub for Serica in the West of Shetland basin, providing current net production of just over 5,000 barrels of oil equivalent per day and strengthening the company’s position as a key gas processing host in one of the UK Continental Shelf’s most prospective gas regions.

As of 31 December 2025, the Greater Laggan Area is estimated to contain net 2P reserves of around 4.0 million barrels of oil equivalent and 2C contingent resources of approximately 5.4 million boe. The asset offers several potential growth opportunities, including the Glendronach field tie-back, additional infill drilling at the Tormore field and further exploration prospects in the surrounding area. Serica completed the acquisition for a nominal consideration of £1 and received a post-tax cash flow adjustment of $55.7 million, strengthening its financial position while expanding its infrastructure footprint and potential for third-party processing at the Shetland Gas Plant.

The company’s outlook reflects a relatively stable financial base supported by solid liquidity and dividend payments. However, technical indicators suggest a more cautious market sentiment, with bearish momentum in the share price. Valuation metrics also remain affected by a negative price-to-earnings ratio. While the company’s financial strength and strategic asset expansion offer support, operational challenges and regulatory uncertainties across the UK energy sector remain key considerations.

More about Serica Energy

Serica Energy is an independent UK oil and gas producer focused on the UK Continental Shelf. The company operates assets that supply roughly 10% of the UK’s gas production. Its main producing hubs include the Bruce, Keith and Rhum fields in the Northern North Sea, along with fields linked to the Triton FPSO in the Central North Sea. The company also maintains a growing position West of Shetland, including its 40% operated interest in the Greater Laggan Area and the Shetland Gas Plant. Since 2020, Serica has invested more than £1 billion in the UK supply chain and maintains a balanced portfolio of oil and gas production. It is also pursuing further portfolio expansion through acquisitions and plans to move its listing from AIM to the London Stock Exchange Main Market.

Filtronic plc (LSE:FTC) has won an $8 million (£6 million) contract from a U.S. customer to design, develop, manufacture and qualify a new range of high-performance system-level amplifier products. The programme is scheduled to begin in March 2026 and will continue through 2027.

The agreement builds on Filtronic’s proprietary high-power solid-state gallium nitride (GaN) amplifier and monolithic microwave integrated circuit (MMIC) technologies. It also broadens the company’s satellite communications product offering, strengthening its presence in strategic space and defence markets while supporting its long-term margin and value objectives.

The contract reflects rising demand for Filtronic’s advanced radio frequency (RF) technologies within the satellite communications sector. It also demonstrates the company’s capability to rapidly move integrated, turnkey solutions from development into scalable manufacturing. By expanding its portfolio for low-Earth orbit (LEO) and other space-based communications applications, Filtronic aims to reinforce its competitive position in mission-critical communications and improve visibility over future revenue streams.

The company’s outlook is supported by strong financial performance, including rapid revenue growth, high margins, low leverage and solid cash generation. Technical indicators remain positive but appear stretched, with overbought signals suggesting potential near-term volatility. Valuation metrics present a moderate constraint due to a relatively high price-to-earnings ratio and the absence of dividend yield data.

More about Filtronic

Filtronic plc is a UK-based designer and manufacturer of advanced radio frequency (RF) solutions used in mission-critical communication networks. The company serves industries including space, aerospace, defence, telecommunications infrastructure and critical communications. Operating globally with two manufacturing sites and three engineering centres, the AIM-listed group focuses on high-growth sectors such as low-Earth orbit satellite systems, where its patented technologies support high-bandwidth, low-latency connectivity and scalable production.

THG (LSE:THG) reported preliminary results for 2025 showing a return to growth on a constant-currency basis, with group revenue rising 2.3%. The company recorded a record second-half performance as momentum strengthened across both its Beauty and Nutrition divisions. Adjusted EBITDA reached £76.6 million, exceeding both company guidance and market expectations, while the group returned to profitability with net profit after tax of £54.1 million, supported in part by asset disposals including the sale of Claremont Ingredients.

During the year, THG completed the demerger of THG Ingenuity and refinanced its debt facilities through to 2029. These steps significantly simplified the group’s capital structure and reduced leverage, cutting gross debt by £162 million. The company ended the period with approximately £333 million in cash and available facilities.

Operationally, THG Nutrition continued to expand through an omnichannel strategy and broader distribution, now reaching more than 40,000 retail locations worldwide. Meanwhile, THG Beauty delivered its strongest quarterly performance since 2021, driven by strong online demand for Lookfantastic and growth in social commerce channels.

Management maintained its guidance for 2026, expecting mid-to-high single-digit growth in the Nutrition division alongside continued improvement in Beauty, supported by margin expansion and operational efficiency initiatives. Net debt is projected to decline further to between £110 million and £130 million, aided by anticipated free cash flow of £25 million to £50 million as well as VAT repayments. These developments are expected to strengthen cash generation and improve the company’s financial resilience.

The company’s outlook reflects a combination of financial challenges and strategic progress. While historically high leverage and recent losses have weighed on performance, improving technical indicators and corporate developments suggest growing momentum as the group advances its restructuring and growth strategy.

More about THG

THG is a FTSE 250 consumer-focused group operating primarily through its THG Beauty and THG Nutrition divisions. The company sells beauty products and sports nutrition through online platforms and retail channels under brands including Lookfantastic and Myprotein. THG has expanded its distribution through an omnichannel approach that includes a rapidly growing physical retail presence and licensing partnerships, with major markets in the UK, the United States and other international regions.

Helium One Global (LSE:HE1) reported unaudited interim results highlighting significant operational progress as the company moves from exploration toward production across its assets in Tanzania and the United States. During the period, the group secured Tanzania’s first-ever helium mining licence covering 480km² at its southern Rukwa project, while also advancing development plans following encouraging test results at the Itumbula West-1 well.

In Tanzania, extended Electrical Submersible Pump testing at the ITW-1 well achieved flow rates around six times higher than those recorded during the 2024 extended well test, while maintaining strong helium concentrations. The results strengthen the commercial outlook for the discovery. Helium One is now preparing to launch a formal farm-out process aimed at bringing in a strategic industry partner to help finance and accelerate development of the southern Rukwa project.

In the United States, the company’s 50%-owned Galactica-Pegasus project in Colorado—operated by Blue Star Helium—achieved first gas production from the Pinon Canyon processing facility. Six wells are currently connected to the system, with the plant transitioning to continuous 24/7 operations. Initial helium sales have been agreed on a spot basis, and additional wells along with CO₂ liquefaction capacity are expected to be brought online in 2026, potentially creating further revenue streams and strengthening near-term cash generation.

Helium One also improved its financial position during the period, raising approximately £8.1 million through an investment agreement and retail offer. The company further strengthened governance through new board appointments, including a non-executive director and a head of governance and compliance. Management described 2026 as a pivotal year for the group, with priorities centred on scaling production in Colorado and advancing the southern Rukwa project toward commercial development, positioning the company as an emerging supplier in the global helium market.

The company’s outlook remains constrained by financial challenges, including the absence of revenue, ongoing losses and continued cash burn, although its balance sheet carries relatively low debt. Technical indicators provide more positive signals, with the share price trading above key moving averages and supported by a positive MACD trend. Valuation metrics remain limited due to a negative price-to-earnings ratio and the absence of dividend data.

More about Helium One Global Limited

Helium One Global Limited is a helium exploration and development company focused on projects in Tanzania and Colorado in the United States. Its flagship southern Rukwa project in Tanzania is advancing from exploration toward development, while the company’s 50% interest in the Galactica-Pegasus project in Colorado targets near-term helium and CO₂ production in a supply-constrained global helium market.

Ceres Power (LSE:CWR) reported revenue of £32.6 million for 2025, representing a 37% decline from the previous year. The company generated gross profit of £22.7 million and maintained a strong financial position with cash and investments totalling £83.3 million. Cost discipline significantly reduced operating cash outflows, cutting them nearly in half compared with the prior year. Although operating losses widened, Ceres recorded its first royalty income as partner Doosan commenced mass production of fuel cell stacks, marking an important milestone for the company’s licensing-based business model.

Strategically, the group continued expanding its international partnerships. In China, Weichai signed a manufacturing licence agreement, while Delta secured approximately £170 million worth of land and facilities in Taiwan to support large-scale hydrogen and power technology manufacturing. In South Korea, Doosan began factory production of Ceres-based systems. Additional developments included a government-supported electrolysis initiative in Japan involving Denso and JERA, and the successful deployment of a megawatt-scale hydrogen system in India by Shell. Alongside these initiatives, Ceres launched a business transformation programme aimed at reducing operating costs by around 20% in 2026. The company said its existing order book already supports roughly £45 million in expected revenue for 2026 before accounting for any new contracts.

The company’s outlook is supported by a solid balance sheet with low leverage and a strong equity base, as well as progress in commercialising its technology through global partners. However, continued operating losses and ongoing cash consumption remain key challenges. Technical indicators present a mixed picture, while valuation metrics remain constrained due to negative earnings and the absence of a dividend yield. Commentary from the latest earnings call highlighted progress toward commercial deployment and planned cost reductions, though uncertainty around future order intake and the timing of revenue recognition remains an important risk factor.

More about Ceres Power Holdings

Ceres Power Holdings is a UK-listed clean energy technology company focused on the development of solid oxide fuel cells for power generation and electrolysers for green hydrogen production. The business operates an asset-light intellectual property licensing model, partnering with global industrial groups including Doosan, Delta, Denso, Shell, Weichai and Thermax. Its technologies target applications such as AI data centres, commercial and industrial power systems, microgrids and other sectors involved in the global energy transition.

ValiRx (LSE:VAL) reported additional annual cost savings of £42,500 through salary reductions and changes to its advisory board structure. At the same time, the company continues to develop its collaboration with Dominion Biotech, working together to co-develop and commercialise patient-derived cell models and related research programmes.

The company has also expanded its research pipeline through several new initiatives. ValiRx signed a preclinical evaluation agreement with McGill University and IRICoR, while progressing a fast-track orphan disease programme. It also launched ValiRx Animal Health Ltd, a new subsidiary focused on commercialising oncology-related assets within the veterinary sector, where the company is already engaging with specialist clinics and potential funding partners.

Further development work has continued across its research portfolio. ValiRx advanced its CytoLytix oncolytic peptide programme with a new in-house formulation, supported by research data generated with partners ScreeIn3D and Bioreparia, and plans to file a related patent application in April 2026. The company is also collaborating with Cellomatics to develop immune-oncology co-culture models using colorectal cancer cells provided by Inaphaea.

In addition, ValiRx has strengthened its academic network through grant-backed collaborations with the University of Nottingham and the Open University, focusing on peptide delivery systems and prostate cancer targeting technologies. Work is also progressing on validation of the VAL201 2.0 construct and additional patent filings. These initiatives are intended to support future external investment and expand commercial opportunities across both human and veterinary oncology markets.

ValiRx’s outlook remains constrained by challenging financial fundamentals, including ongoing losses and reliance on external funding. Technical indicators suggest a broadly bearish share price trend, although some potential for upward movement remains. Valuation metrics are also limited due to the company’s negative price-to-earnings ratio and the absence of dividend support.

More about ValiRx plc

ValiRx plc is a UK-based life sciences company focused on developing early-stage cancer therapies and women’s health treatments. Using a translational development model, the company aims to advance novel drug candidates from preclinical research toward clinic-ready and investor-ready assets. ValiRx operates through a network of subsidiaries and academic and commercial partnerships designed to accelerate drug development in oncology and related therapeutic areas. The company is listed on London’s AIM market under the ticker VAL.

Oxford BioMedica (LSE:OXB) reported strong performance in 2025, with revenue rising 33% on a constant-currency basis to £170.9 million and the business returning to positive Operating EBITDA. Growth was driven by expanding demand for manufacturing, development and procurement services. Profitability improved significantly during the year, while net cash increased to £55.4 million. A larger backlog of contracted revenue also improved visibility heading into 2026. During the period, the company strengthened its manufacturing capacity through the acquisition of an FDA-approved viral vector facility in Durham, North Carolina, enhancing its ability to support late-stage and commercial programmes.

For 2026, management expects revenues to reach between £220 million and £240 million, with an Operating EBITDA margin of around 10%. Performance is anticipated to be weighted toward the second half of the year as newly added capacity begins contributing to production. The company has also secured new and expanded partnerships, including a multi-year supply agreement with Bristol Myers Squibb and a licensing and option agreement with Australia’s VVMF. These developments reinforce Oxford BioMedica’s position as a leading viral vector contract development and manufacturing organisation (CDMO) and support its strategy to deliver sustained double-digit revenue growth alongside improving margins over the medium term.

The company’s outlook remains partly constrained by underlying financial challenges, including ongoing losses, negative cash flow and relatively high leverage, despite the recent revenue growth. Technical indicators remain supportive, reflecting a strong upward price trend and positive MACD signals, although elevated RSI and stochastic readings suggest the shares may be overbought in the near term. Valuation metrics remain limited due to negative earnings and the absence of a dividend yield.

More about Oxford BioMedica

Oxford BioMedica is a specialist contract development and manufacturing organisation focused on cell and gene therapies. The company provides viral vector development, GMP manufacturing and related services, including lentiviral and adeno-associated virus (AAV) platforms, supporting biopharmaceutical companies advancing clinical and commercial gene therapy programmes around the world.

Altona Rare Earths (LSE:REE) reported improved interim financial results for the six months to 31 December 2025, highlighting lower administrative expenses, reduced losses and a strengthened balance sheet. The company bolstered its financial position through warrant exercises, repayment of debt and the extension of an existing loan facility. Non-current assets increased as investment continued at the Monte Muambe project, while cash of approximately £1.1 million remained available at period end to fund near-term activities.

Operational progress centred on advancing land access and technical work at the Monte Muambe rare earths project in northwest Mozambique. The company also completed a 3,419-metre drilling campaign targeting fluorspar and gallium mineralisation, with a JORC-compliant resource estimate expected in April 2026.

Following the reporting period, Altona secured a non-dilutive grant of US$1.875 million from the U.S. Trade and Development Agency (USTDA) to support prefeasibility studies. The company also reported high-grade fluorspar assay results, completed a cross-listing on the OTCQB market to expand its reach to North American investors, refreshed its board and outlined a 2026 strategy focused on de-risking Monte Muambe, advancing gallium extraction opportunities and broadening its project portfolio.

The company’s outlook remains constrained by weak financial metrics, including the absence of revenue, ongoing losses, continued cash burn and rising leverage. However, technical indicators provide some positive signals, with the share price trading well above key moving averages and supported by a positive MACD trend. Valuation metrics offer limited guidance due to negative earnings and the lack of dividend information.

More about Altona Rare Earths

Altona Rare Earths is a London-listed explorer and developer of critical raw materials with a focus on Africa. Its flagship asset is the Monte Muambe project in northwest Mozambique, targeting rare earth elements alongside fluorspar and gallium. The company aims to build a diversified portfolio of projects that combines near-term monetisation opportunities with longer-term development assets.