Blog

Safestore Holdings Plc (LSE:SAFE) on Thursday posted a resilient operational performance for the year ended 31 October 2025, with total revenue increasing 4.9% to £234.3 million, despite ongoing inflationary cost pressures.

The self-storage group delivered like-for-like revenue growth of 3.1% across its portfolio. UK revenue rose 3.3% to £167.5 million, while Paris revenue increased 2.5% to €52.6 million. The Expansion Markets of Spain, the Netherlands and Belgium continued to outperform, recording a 27% rise in revenue to €26.2 million.

Underlying EBITDAR increased by 1.2% to £137.0 million. However, underlying profit before tax declined 4.2% to £92.9 million, reflecting higher finance costs associated with increased borrowing to support expansion. Adjusted diluted EPRA earnings per share fell 4.7% to 40.3 pence.

During the year, Safestore added 13 new stores and completed one extension, lifting its maximum lettable area by 8% to 9.3 million square feet. This marked the largest organic increase in space in the company’s recent history.

Commenting on the progress, Frederic Vecchioli said: “Safestore is now at an inflection point, where the significant investment we have made in MLA expansion is driving revenue growth and is set to translate into meaningful growth in earnings and long term value creation.”

Reflecting confidence in the outlook, the board proposed a 1% increase in the full-year dividend to 30.70 pence per share, despite the short-term decline in earnings.

Looking ahead, Safestore Holdings Plc expects to return to earnings growth in the 2026 financial year, with first-quarter trading indicating a continuation of the positive trends seen in 2025. The group remains on track to generate £35–£40 million of incremental EBITDA from non-like-for-like stores once they reach stabilisation.

Oxford Instruments (LSE:OXIG) on Thursday reiterated its full-year outlook in a third-quarter trading update, citing robust order momentum that lifted the group’s year-to-date book-to-bill ratio to 1.2x.

The strongest performance came from the Advanced Technologies division, where year-to-date order intake rose 44.5% year on year on a constant currency basis. This marked a notable acceleration from the 25% growth recorded in the first half and has extended order book visibility well into the 2027 financial year.

Momentum also improved within the group’s core Imaging and Analysis division, with third-quarter orders increasing by 2.4%. This represents a turnaround from earlier periods, following declines of 11.4% in the first quarter and 0.5% in the second. The division’s year-to-date book-to-bill ratio now stands at 1.1x, indicating a return to more balanced demand.

Oxford Instruments said cost reduction initiatives implemented during the first half at its Belfast imaging operations are delivering the anticipated benefits in the second half of the year.

The group also highlighted recent balance sheet actions. It completed the sale of its NanoScience business on 2 January 2026, generating net proceeds of £48.5 million after final working capital and debt-like adjustments. In addition, the company finalised a buy-in of its defined benefit pension scheme in December, which will remove pension contribution requirements from the 2027 financial year, compared with an expected £5.25 million contribution in 2026.

Management reaffirmed guidance for the 2026 financial year, with earnings before interest, tax and amortisation (EBITA) expected to be in the range of £70.2 million to £73.0 million, broadly in line with market expectations. Currency assumptions were also unchanged, with foreign exchange anticipated to represent an approximate £5.5 million headwind to EBITA for the year.

Great Portland Estates (LSE:GGP) reported a strong leasing performance for the quarter, with new lettings achieved at an average of 9.1% above the March 2025 estimated rental value (ERV), the company said on Thursday.

During the period, the property group secured £8.9 million of new rental income. Fully Managed office leases accounted for £7.3 million, achieved at £241 per square foot and representing an 8.3% premium to ERV. Retail activity also remained firm, with new retail leases contributing £1.6 million of rent at an average 11.7% uplift to ERV.

Since the start of the financial year, Great Portland Estates has completed 60 lease transactions, generating total rent of £46.5 million at an average 7.5% above ERV. A further £14.5 million of rental income is currently under offer, reflecting a premium of 20.9% to ERV.

Leasing momentum was particularly evident across refurbishment schemes. The 141 Wardour Street development reached full occupancy within two months of launch, with rents achieved at £279 per square foot, or 13.3% above ERV. At 170 Piccadilly, 47% of space is now let or under offer, with headline rents reaching as high as £400 per square foot.

Retail demand also remained resilient, supported by a pre-let agreement with L’Eto at 30 Duke Street. In total, the company completed seven new retail leases during the quarter, securing £1.6 million in rental income.

Commenting on the update, Toby Courtauld, chief executive of Great Portland Estates, said: “We have delivered another strong quarter of leasing, with market lettings 9.1% ahead of the March 2025 ERV. Healthy demand for our premium spaces continued, with more than £47 million of lettings so far this financial year and a further £15 million under offer.”

Rathbones (LSE:RAT) said funds under management and administration (FUMA) increased by 2.3% over the fourth quarter to £115.6 billion as at 31 December 2025, compared with £113.0 billion at the end of September and £109.2 billion a year earlier.

The Wealth Management division continued to be the primary contributor to growth, with FUMA rising to £106.2 billion from £103.2 billion in the previous quarter and £99.3 billion at the end of 2024.

Asset Management also recorded a modest increase, with FUMA edging up to £16.6 billion from £16.3 billion three months earlier and £15.8 billion a year ago. Rathbones noted that £7.2 billion of Wealth Management assets were invested in its own Asset Management strategies.

Commenting on the update, Jonathan Sorrell, chief executive of Rathbones Group plc, said: “I am grateful to my colleagues for their extraordinary efforts in 2025 in integrating Rathbones and Investment Wealth & Investment UK.” He added: “As that process approaches its conclusion, our opportunity now is to take advantage of our core strengths to grow the business organically over time.”

During the quarter, the group recorded total net outflows of £0.5 billion, compared with net outflows of £0.3 billion in the same period last year.

Rathbones said it will release its preliminary results for the year ended 31 December 2025 on Friday, 27 February 2026, when it expects to provide further detail on full-year performance, fund flows and its outlook.

Anglo Asian Mining (LSE:AAZ) reported a record fourth quarter for copper production in 2025, with output rising to 4,439 tonnes, a 94% increase quarter on quarter. The strong performance was driven by higher contributions from the Gedabek mine and the addition of output from the newly commissioned Demirli operation. During the quarter, the group also produced 6,149 ounces of gold and 49,361 ounces of silver.

For the full year, copper production totalled 7,915 tonnes, while gold output reached 25,061 ounces. Gold volumes came in slightly below revised guidance due to planned maintenance on the Demirli ball mill. Despite this, robust sales volumes, supportive metal prices and the first shipments of Demirli copper concentrate lifted total annual sales proceeds to $125.7 million. As a result, the group ended the year with a net cash position of $2.5 million, marking a significant turnaround from net debt in the prior period.

Operationally, Anglo Asian completed its transition into a multi-asset producer, with both Gilar and Demirli now in production alongside Gedabek. Work also progressed on upgrades to the Gedabek flotation plant to enable processing of higher-grade ore from Gilar. By year-end, unsold inventory stood at $37.7 million, including a substantial volume of high-value copper concentrate, positioning the company to benefit from continued strength in copper markets.

Looking ahead, management continues to advance its longer-term copper growth pipeline, with development projects at Xarxar and Garadag forming part of its strategy to scale production. While the company still faces financial challenges that will require careful management, improving technical indicators and recent strategic progress provide some optimism for further recovery.

More about Anglo Asian Mining

Anglo Asian Mining plc is an AIM-listed producer of copper, gold and silver with a portfolio of mining and exploration assets in Azerbaijan. The company operates the Gedabek, Gilar and Demirli mines and is pursuing a strategy to become a multi-asset, mid-tier copper and gold producer by 2030. Copper is expected to be its primary commodity, with a long-term target of producing 50,000–55,000 tonnes of copper annually supported by future developments at Xarxar, Garadag and Zafar.

Audioboom (LSE:BOOM) reported record revenue for 2025 of approximately US$80.4 million, representing a 10% year-on-year increase, alongside a 54% rise in adjusted EBITDA to around US$5.1 million, comfortably ahead of market expectations.

The improved performance was driven by an 18% increase in gross profit to US$17 million, reflecting a continued shift toward higher-margin revenue streams. The company delivered a strong finish to the year, with record results in the fourth quarter supported by growth in its Showcase advertising marketplace. Downloads and video views also rose sharply following the acquisition of Adelicious, strengthening Audioboom’s position in the UK market.

Strategically, Audioboom has entered into a new commercial partnership with Spotify and completed the removal of an onerous contract, actions that management believes will enhance video monetisation and improve the quality of earnings. Looking ahead, the group expects adjusted EBITDA to serve as a closer proxy for cash generation in 2026, even as it continues a broader strategic review of the business.

From a market perspective, sentiment is supported by strong technical indicators and a series of positive corporate developments. These are partly offset by ongoing challenges around cash flow generation and a relatively high price-to-earnings multiple. Nonetheless, the shares’ upward trend and improving operational leverage underpin confidence in Audioboom’s longer-term growth potential.

More about Audioboom

Audioboom Group plc is a global podcasting and audio content company whose shows generate around 150 million downloads and views each month from approximately 50 million unique listeners worldwide. Ranked among the largest podcast publishers in the US by Edison Research, Audioboom operates an advertising and monetisation platform supporting a premium network of leading podcasts. The group provides commercial, distribution, marketing and production services, with content distributed via major platforms including Apple Podcasts, YouTube and Spotify and partnerships spanning North America, Europe, Asia and Australia.

Tern plc (LSE:TERN) has confirmed that it has forfeited its entire limited partner interest in the Sure Valley Ventures Enterprise Capital Fund LP (SVV2) after being designated a defaulting investor under the fund’s limited partnership agreement.

The development follows Tern’s request in late 2025 for relief from its remaining funding commitments to the fund. As a result, the company has been notified that it will receive effectively no consideration for its former interest in SVV2. In addition, the fund’s general partner has indicated that it intends to pursue claims of approximately £40,000 relating to default interest and associated costs.

Tern also faces potential longer-term exposure through a deemed indemnity obligation of around £184,000, which could extend through to 2032. The company said it is seeking legal advice to better understand the scope and potential impact of these claims, noting that the outcome remains uncertain and could influence its future financial obligations. The situation highlights the risks associated with Tern’s fund-based investment approach.

From a market perspective, the company’s outlook continues to be weighed down by weak financial performance, including a sharp contraction in revenue, substantial losses and negative operating and free cash flow. While technical indicators show some positive momentum, overbought signals suggest increased downside risk. Valuation metrics also remain constrained by ongoing losses, reflected in a negative price-to-earnings ratio and the absence of dividend support.

More about Tern plc

Tern plc is an AIM-quoted investment company focused on building stakes in technology-related businesses through a combination of fund commitments and direct investments. The group targets returns from early-stage and emerging growth ventures operating across a range of technology-driven sectors.

Cohort plc (LSE:CHRT) has published its interim report for the six months ended 31 October 2025, with the document made available to shareholders both by post and via the company’s investor relations website.

The publication forms part of Cohort’s ongoing engagement with the market as it continues to integrate its diversified defence technology portfolio. This includes the recently completed acquisition of EM Solutions, which further strengthens the group’s capabilities across specialist defence communications and technology solutions. Cohort continues to position itself as a focused supplier of communications, intelligence, sensor and effector systems to defence customers globally.

From a market perspective, the group benefits from strong underlying financial performance and supportive corporate developments. These positives are balanced by bearish technical indicators and a valuation viewed as moderate, suggesting a degree of caution in current market sentiment despite the company’s solid operational foundations.

More about Cohort plc

Cohort plc is an AIM-listed independent technology group serving defence and related markets through a portfolio of seven businesses operating across the UK, Australia, Germany and Portugal. The group is organised into two divisions — Communications and Intelligence, and Sensors and Effectors — delivering advanced communications systems, satellite terminals, RF subsystems, electronic warfare and digital services, surveillance and tracking technologies, sonar and underwater communications, and other specialist solutions for defence and transport customers. Headquartered in Reading, Cohort employs more than 1,500 staff and focuses on both domestic and export markets through businesses including EID, EM Solutions, MASS, MCL, Chess Dynamics, ELAC SONAR and SEA.

Robert Walters (LSE:RWA) reported a 14% year-on-year fall in fourth-quarter net fee income on a constant currency basis, with overall group performance broadly stable compared with the prior quarter but marked by increasing divergence across regions.

The UK delivered strong growth in specialist recruitment, while trading trends improved in Spain and New Zealand. These gains were offset by continued weakness across northern Europe, alongside softer market conditions in parts of Asia Pacific and the Middle East. Management said the mixed regional picture reflects ongoing uncertainty in global hiring markets and differing paces of economic recovery.

In response, the group is taking further steps to tighten its cost base. Measures include headcount reductions, the closure of its smaller Canadian operation, and the migration of additional back-office activities into global business services hubs. Robert Walters ended the period with net cash of £26.2 million, providing financial flexibility as it prioritises portfolio management and productivity improvements.

Looking ahead, management expects net fee income in 2026 to come in slightly below 2025 levels, reflecting continued caution around global recruitment demand. However, growth in newer business lines — including recruitment outsourcing partnerships, early-stage talent solutions and consultancy services — is expected to provide some offset to weaker conditions in traditional hiring markets.

From a market perspective, the outlook is weighed down by declining revenues and profitability, while technical indicators point to bearish momentum. Valuation signals are mixed, with an attractive dividend yield contrasted by a negative price-to-earnings ratio. Limited recent earnings call and corporate update information restricts further visibility into near-term guidance.

More about Robert Walters

Robert Walters plc is a global specialist recruitment and talent solutions group. The majority of its net fee income is generated from permanent and temporary professional recruitment, with specialist roles accounting for more than 80% of group revenue. The business also provides recruitment outsourcing and talent advisory services, operating across Asia-Pacific, Europe, the UK and other international markets, with an increasing focus on early-stage talent advisory, workforce consultancy and outsourcing solutions.