Blog

Seraphim Space Investment Trust (LSE:SSIT) highlighted strong investment activity across its portfolio in its February newsletter, with several portfolio companies securing new funding and forming strategic partnerships as momentum builds in the SpaceTech sector.

Among the most notable developments, weather intelligence company Tomorrow.io raised $175 million at a unicorn valuation to accelerate deployment of its AI-driven weather satellite constellation. Meanwhile, SatVu secured £30 million in NATO-backed funding to expand its thermal imaging satellite network focused on Earth observation and security applications.

Additional portfolio-related progress included D-Orbit partnering with ELT Group on space initiatives in Saudi Arabia, while Voyager’s Starlab project continues building an ecosystem for in-orbit manufacturing and bioprinting. Other collaborations involving companies such as Xona, Skylo and AST SpaceMobile are advancing technologies including resilient satellite navigation, hybrid satellite-enabled Internet of Things connectivity and direct-to-device broadband services.

Beyond developments within its portfolio, Seraphim Space also announced that it has exceeded the $100 million fundraising target for its new early-stage venture fund. The milestone lifts the firm’s total assets under management above $550 million and strengthens its position as a specialist investor supporting emerging companies in the global space technology sector.

The newsletter also pointed to wider industry developments, including SpaceX’s acquisition of xAI, which reflects growing convergence between artificial intelligence and space infrastructure. Seraphim executives have also increased their participation in industry podcasts and conferences, reinforcing the firm’s visibility and influence in discussions around the strategic importance of space-based technologies.

Despite the sector momentum, the company’s outlook remains influenced by weak financial quality, including ongoing negative operating cash flow and valuation-driven earnings volatility, although the balance sheet remains debt-free. Technical indicators are currently supportive with a strong upward trend, though momentum suggests the shares may be becoming stretched. Valuation analysis remains limited due to the absence of meaningful P/E and dividend yield metrics.

More about Seraphim Space Investment Trust

Seraphim Space Investment Trust plc is a London-listed investment company focused on SpaceTech opportunities. Through its manager Seraphim Space, the trust invests in early- and growth-stage businesses developing satellites, in-orbit services, space-based data platforms and related infrastructure. Its investment strategy targets technologies with dual-use potential across sectors including defence, climate monitoring, life sciences and communications, supporting the expansion of the global space economy.

HICL Infrastructure (LSE:HICL) reported solid operational performance for the period from 1 October 2025 to 28 February 2026, supported by capital expenditure programmes across its growth assets that helped drive EBITDA improvements and stable cash generation.

The company reaffirmed its dividend guidance, targeting 8.35p per share for the financial year ending 31 March 2026 and 8.50p for 2027. These payouts are expected to be supported by forecast dividend cash cover of around 1.1 times, along with consistent cash flows from the group’s public-private partnership (PPP) portfolio.

As part of its capital allocation strategy, the board completed £225 million of disposals from its UK PPP portfolio at carrying value. Proceeds were used to repay drawings under the company’s revolving credit facility and to fund committed investments. HICL has also restarted share buybacks, which management believes are attractive at the current share price discount.

The company is redeploying capital into its existing growth assets, including Affinity Water, the Blankenburg Tunnel and the B247 road project, while continuing to pursue selective follow-on investments and portfolio optimisation through targeted disposals.

Key assets across the portfolio performed in line with or ahead of expectations. These included Affinity Water, London St. Pancras High Speed and telecommunications tower platform Fortysouth. Expansion capital expenditure, new co-location opportunities and an oversubscribed refinancing supported the strength and resilience of earnings.

Management said inflation trends and movements in bond yields are not expected to have a material near-term impact on the company’s net asset value. The company also noted that recent shareholder consultations following the cancellation of a proposed combination with TRIG indicated continued investor support for HICL’s strategy, portfolio and long-term return profile.

Overall, the company’s outlook is supported by strong cash generation and a solid financial structure. However, recent revenue and earnings momentum has been more modest. Technical indicators appear broadly neutral, while valuation is supported by an attractive dividend yield but is not clearly discounted on earnings multiples. Recent corporate actions, including share buybacks and strategic discussions around portfolio positioning, provide some additional positive sentiment.

More about HICL Infrastructure

HICL Infrastructure PLC is a London-listed investment company managed by InfraRed Capital Partners. The company invests in a diversified portfolio of core infrastructure assets, including public-private partnership projects, utilities, transport and digital infrastructure. Its strategy focuses on delivering stable income and long-term capital growth through investments in essential infrastructure across the UK and selected international markets.

Galliford Try (LSE:GFRD) reported solid results for the six months to 31 December 2025, with revenue increasing 1.3% to £934.9 million and adjusted profit before tax rising 20.5% to £24.7 million. The improvement was largely driven by stronger margins in the group’s Building and Infrastructure divisions.

Divisional adjusted operating margin improved to 3.2%, while the company’s order book expanded to £4.1 billion. Reflecting confidence in performance and cash generation, the group also increased its interim dividend by 18.2%. Management highlighted the company’s strong cash position and disciplined approach to risk management as key contributors to the improved profitability.

Looking ahead, Galliford Try expects both revenue and adjusted profit before tax for the full year to exceed the upper end of current market forecasts. The company also noted strong revenue visibility, with 98% of expected FY26 revenue and 80% of FY27 turnover already secured through existing contracts.

Strategic initiatives during the period included preparations to participate in the AMP8 water infrastructure programme, investment in a new pipe fabrication facility and the £10 million acquisition of Nene Valley Fire & Acoustic. The acquisition strengthens the group’s position in the higher-margin fire protection segment and supports expansion into specialist services.

These moves are intended to reinforce Galliford Try’s presence in sectors with strong long-term demand while supporting its broader strategy of achieving sustainable growth and improved margins through to 2030.

The company’s outlook is supported by favourable technical indicators and a stable financial position. Although revenue growth remains modest and margin pressures persist in parts of the market, initiatives such as its share buyback programme and continued focus on cash generation strengthen its appeal for investors seeking income and stability.

More about Galliford Try

Galliford Try Holdings plc is a UK-based construction and infrastructure group delivering building, infrastructure and specialist services primarily for public sector and regulated markets. The company has strong positions in areas such as highways, education, defence, custodial and healthcare facilities, and is increasingly expanding into higher-margin sectors including water infrastructure, fire protection and specialist fabrication through long-term national frameworks.

Quilter (LSE:QLT) delivered strong results for 2025, with Assets under Management and Administration increasing 18% to £141.2 billion. Core net inflows surged 75% to £9.1 billion, representing about 8% of opening assets for the year.

Growth was driven by strong momentum across the group’s platform and managed portfolio services. Platform assets rose 22% to £104.6 billion, while WealthSelect assets expanded 38% to £25.4 billion. Adjusted profit before tax increased 6% to £207 million, with the operating margin improving to 30% as the company’s simplification programme achieved £50 million in annualised cost savings.

The group also returned to IFRS profitability, reporting £120 million in profit after tax. Quilter raised its total dividend for the year by 7% to 6.3 pence per share and announced a £100 million share buyback programme. Alongside this, the company introduced a new capital return policy that targets distributing 70% of post-tax, post-interest earnings through dividends and ongoing buybacks.

Management highlighted record inflows and continued outperformance in both the Affluent and High Net Worth client segments. Even after accounting for the share buyback and final dividend, Quilter maintained a pro forma Solvency II ratio of around 200%, demonstrating strong capital resilience.

The company’s outlook is supported by positive technical indicators and recent strategic developments. Strong cash generation and enhanced capital returns strengthen its market positioning, although valuation considerations and some profitability pressures remain factors for investors to monitor.

More about Quilter

Quilter plc is a UK-based wealth management company focused on serving affluent and high net worth clients. The group provides an adviser-led investment platform and discretionary investment management services. Its core offerings include the Quilter platform and WealthSelect, the UK’s largest managed portfolio service, distributed through a combination of independent financial advisers and the company’s in-house network of restricted financial planners.

SIG (LSE:SHI) reported revenue of £2.59 billion for the full year 2025, broadly unchanged from the previous year as softer construction activity and pricing pressure weighed on like-for-like sales across several European markets. Despite the challenging environment, the group’s specialist insulation, interiors and roofing businesses continued to outperform their local markets, with particularly strong sales momentum seen in the UK Interiors division.

Underlying operating profit increased 28% to £32.1 million, supported by £39 million in savings generated through restructuring efforts and productivity improvements. These measures helped offset the impact of lower sales volumes and inflationary pressures during the year.

However, the group still recorded a pre-tax loss and saw net debt rise slightly to £518 million. Management said liquidity remains strong and emphasised ongoing initiatives aimed at improving efficiency and optimising the portfolio. These measures are intended to strengthen margins and position the business to benefit from operating leverage when construction markets recover.

The company’s outlook remains influenced by financial pressures, including flat revenue growth and relatively high leverage. Technical indicators present mixed signals, with some short-term upward momentum but longer-term weakness. Valuation also remains constrained by a negative price-to-earnings ratio and the absence of a dividend. Nevertheless, recent corporate developments—including a share purchase by the CEO and leadership changes—have provided some positive sentiment around the company’s strategic direction.

More about SIG plc

SIG plc is a pan-European distributor of specialist building materials serving trade customers across the UK, France, Germany, Ireland, the Benelux region and Poland. The company focuses on insulation, interiors and roofing products, providing contractors with a wide product range, technical expertise and coordinated delivery services within the fragmented construction supply market. SIG plc is listed on the London Stock Exchange.

Netcall (LSE:NET) reported a solid performance for the six months to 31 December 2025, with revenue rising 15% to £26.5 million. Growth was supported by 11% organic expansion and an initial contribution from the December acquisition of digital experience platform provider Jadu.

Cloud services were the main driver of growth during the period. Cloud revenue increased 34%, while cloud annual contract value (ACV) climbed 42% to £42.6 million. Overall ACV across the business reached £50.5 million, and recurring revenue accounted for 83% of total income. Adjusted EBITDA rose 13% to £6.5 million, although statutory pre-tax profit declined compared with the previous year.

The company also highlighted growing adoption of artificial intelligence capabilities within its Liberty platform. Bookings linked to AI functionality more than tripled during the period, while continued customer expansion delivered a cloud net retention rate of 115%.

Netcall said the acquisition of Jadu strengthens its digital experience and AI capabilities while extending its presence in UK local government and opening further opportunities in the United States through partner networks. The company ended the period debt-free with £14.8 million in cash and a record contracted order book valued at £92.4 million, alongside a strong pipeline that management believes will support continued growth in the 2026 financial year.

Overall, the company’s outlook is supported by solid operational performance, high recurring revenue and minimal leverage. However, growth in net income and free cash flow has slowed. From a technical perspective, the share price remains in a strong upward trend but appears heavily overbought, which could increase near-term volatility. Valuation metrics also represent a potential headwind due to a high price-to-earnings ratio and relatively low dividend yield.

More about Netcall

Netcall is a UK-based enterprise software company listed on AIM that provides automation and customer engagement technology through its AI-powered Liberty platform. The platform helps organisations digitise processes and improve customer interactions, serving around 700 clients across sectors including healthcare, government and financial services. Its customers include approximately two-thirds of NHS acute trusts, half of UK local authorities and major financial institutions such as Legal & General, Baloise and Santander.

Weir Group (LSE:WEIR) reported a strong set of results for 2025, with orders rising 7% and revenue increasing 6% on a constant-currency basis. Adjusted operating profit climbed 15%, pushing operating margins to just above 20%, supported by resilient aftermarket demand, higher mining activity and growth in higher-margin digital offerings.

A key contributor to performance was the company’s software segment, where recurring revenue from Micromine increased at an annualised rate of 24%. Despite the operational gains, statutory profit was affected by acquisition-related costs and an increase in net debt linked to recent deal activity.

During the year, Weir accelerated its strategic expansion through several acquisitions, including Micromine, Fast2Mine, Townley and ESEL. These additions, along with new technology partnerships and product launches, broaden the company’s reach in areas such as digital mining solutions, North American phosphate processing and sustainable tailings management.

Management expects the momentum to continue into 2026, forecasting further revenue growth and margin improvement. Planned gains are expected to come from ongoing cost efficiencies under the company’s Performance Excellence programme, the full-year contribution from recent acquisitions and sustained demand for critical minerals.

The company’s outlook is supported by strong operational performance and positive technical indicators. Strategic acquisitions and an expanding digital product offering are expected to underpin long-term growth. While valuation metrics appear broadly balanced, recent corporate developments and management commentary highlight confidence in the company’s strategic direction.

More about Weir Group plc

Weir Group is a global engineering company supplying mission-critical equipment, aftermarket services and digital solutions to the mining industry. Its product range includes mineral processing equipment, ground-engaging tools and software platforms designed to improve efficiency and sustainability in mining operations. The business benefits from a strong aftermarket revenue base and growing exposure to high-demand commodities such as copper, gold and phosphates.

eEnergy Group (LSE:EAAS) has announced two new public sector contracts in the UK worth a combined £1.8 million, strengthening its presence in the education and healthcare sectors. The agreements support the company’s strategy of delivering energy infrastructure upgrades through funded projects that require no upfront capital from clients.

The larger contract, valued at £1.1 million, has been awarded by Unity Schools Partnership and will see rooftop solar photovoltaic systems installed across 19 schools. The project will deliver approximately 300 kW of on-site renewable energy capacity and expands an existing relationship between the two organisations, following earlier LED lighting upgrades completed at 14 schools within the partnership.

The second contract, worth £700,000, has been secured with Plymouth University Hospital and involves upgrading lighting systems to energy-efficient LEDs across seven buildings. The work builds on previous installations completed in 19 hospital wards and is expected to improve lighting quality and safety while delivering measurable reductions in energy consumption and operating costs.

Together, the projects highlight growing demand from public sector organisations seeking to lower energy usage and carbon emissions while managing tight operating budgets. eEnergy’s funded delivery model allows institutions to implement energy-saving infrastructure without significant upfront expenditure, which management believes supports continued growth.

Despite these recent contract wins, the company’s broader outlook remains challenged by weak financial performance and subdued technical indicators. While recent corporate developments are positive, they do not fully offset ongoing operational pressures. The company also carries a negative price-to-earnings ratio and currently offers no dividend, which weighs on its overall valuation profile.

More about eEnergy Group

eEnergy Group is a UK-based Energy-as-a-Service provider that finances and delivers energy efficiency and energy generation projects for public sector and commercial organisations operating across multiple sites. Its solutions include LED lighting systems and smart controls, rooftop and ground-mounted solar PV, battery storage and electric vehicle charging infrastructure, supported by dedicated project funding facilities and public sector procurement frameworks.

Cordiant Digital Infrastructure (LSE:CORD) reported strong trading performance for the nine months to 31 December 2025, with portfolio revenue rising to £262.9 million and EBITDA reaching £125.1 million. The increase was driven by new contract wins, built-in price escalators, disciplined cost management and the addition of Datacenter United to its portfolio.

The company maintained solid dividend coverage of 1.8 times against its target annual payout of 4.35p per share. Its financial position also remains stable, with consolidated gearing at 40.7% and no debt maturities due before June 2029. Cordiant reported available liquidity of £240.8 million, which it intends to deploy toward growth capital expenditure and selective bolt-on acquisitions.

The board also confirmed plans to transfer the company’s listing from the London Stock Exchange’s Specialist Fund Segment to the Main Market under the Closed-ended Investment Funds category. The shift is expected to improve share liquidity, widen access for retail investors and potentially pave the way for inclusion in FTSE indices.

Operational progress across the portfolio included development work on the Prague Gateway data centre project and the completion of CRA’s acquisition of IPTV and OTT platform provider nangu.TV. Meanwhile, broadcast infrastructure operator Emitel secured new contracts in radio broadcasting and Internet of Things services while continuing to assess potential data centre expansion opportunities. These developments align with Cordiant’s “buy, build and grow” strategy aimed at creating scalable digital infrastructure platforms.

Overall, the company’s outlook remains positive, supported by favourable technical indicators and an attractive valuation profile. Recent strategic initiatives and portfolio expansion also reinforce management’s growth ambitions. However, cash flow pressures remain a modest constraint, partially offsetting the otherwise strong performance.

More about Cordiant Digital Infrastructure Limited

Cordiant Digital Infrastructure Limited is a London-listed investment company focused on digital infrastructure assets. Its portfolio spans data centres, fibre networks, broadcast towers and other connectivity platforms across Europe. The company aims to build diversified and scalable operating businesses through holdings such as CRA, Emitel, Speed Fibre and Datacenter United, targeting long-term, cash-generative growth from essential digital connectivity infrastructure.

Georgina Energy plc (LSE:GEX) has moved forward with preparations for drilling at its Hussar EP513 prospect in Western Australia, securing formal quotations for a primary drilling rig along with associated camp infrastructure and a dedicated water well drilling unit. The company is also organising contractor reconnaissance of access routes and the nearby airstrip while coordinating with a neighbouring exploration company to share mobilisation costs for certain civil works.

Technical adviser Aztech Well Construction has issued additional requests for quotations covering essential well construction and drilling services. These include casing materials, wellhead equipment, logging services, cementing, drilling fluids, and geological and gas analysis support.

Under the project structure, all preparatory site work, drilling and completion activities, and related infrastructure—such as water well development—will be financed by Harlequin Energy through a non-dilutive structured offtake agreement. Access and site preparation activities are expected to begin in late Q1 or during Q2 2026, with drill testing currently targeted for the third quarter of 2026.

The Hussar prospect is considered a significant subsalt exploration target for helium, hydrogen and hydrocarbons in onshore Australia, and the upcoming drilling campaign represents a key step in evaluating its resource potential.

Despite operational progress, the company’s broader outlook remains constrained by weak financial fundamentals, including the absence of revenue, widening losses, continued cash burn and negative equity alongside rising debt levels. Technical indicators provide some offset, with moderate upward price momentum and the share trading above key longer-term moving averages. However, valuation metrics remain difficult to assess due to the lack of available P/E and dividend data.

More about Georgina Energy

Georgina Energy plc is an exploration company focused on the development of helium and hydrogen resources. Through its wholly owned Australian subsidiary Westmarket O&G, the company holds 100% interests in the onshore Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory. It is also advancing additional subsalt re-entry opportunities at Mt Kitty and Dukas within the Amadeus Basin as part of its strategy to establish itself in emerging critical gas markets.