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  • ASML Q4 Orders Surge Past Forecasts on AI-Led Spending, 1,700 Job Cuts Announced

    ASML (EU:ASML), the world’s largest supplier of semiconductor manufacturing equipment, reported a sharp rebound in fourth-quarter orders, far exceeding market expectations as customers stepped up investment in artificial intelligence-related chip capacity.

    The company also announced plans to reduce its workforce by around 1,700 roles, equivalent to 3.8% of total staff. The cuts will be concentrated mainly in the Netherlands and the United States and will largely affect management positions.

    Fourth-quarter orders — a key barometer for demand across the chipmaking industry — climbed to €13.2 billion, up from €5.4 billion in the previous quarter. The figure came in well ahead of the €6.32 billion consensus forecast compiled by Visible Alpha.

    “In recent months, many of our clients have shared a significantly more positive assessment of the medium-term market situation, based primarily on stronger expectations regarding the sustainability of AI-related demand,” said Christophe Fouquet, CEO of ASML.

    The surge in orders reflects accelerating capital expenditure by ASML’s customers as they expand capacity for AI-focused logic and memory chips. Demand is being driven by hyperscale cloud providers such as Microsoft, Amazon and Google, which continue to invest heavily in infrastructure to support AI workloads.

    Alongside the strong order intake, the Dutch group upgraded its medium-term outlook. ASML now expects annual sales in 2026 to range between €34 billion and €39 billion, compared with analysts’ expectations of around €35 billion, according to LSEG data. Previously, the company had guided for sales to be broadly flat or slightly higher than 2025 levels, when revenue reached €32.7 billion.

    The updated guidance underscores ASML’s growing exposure to AI-driven semiconductor investment, even as it moves to streamline its cost base through targeted workforce reductions.

  • Richmond Hill Resources Raises £600,000 and Advances Martello Gold Acquisition

    Richmond Hill Resources Raises £600,000 and Advances Martello Gold Acquisition

    Richmond Hill Resources (LSE:RHR) has raised £600,000 in gross proceeds through a placing of new shares, while confirming further progress on the acquisition of the Martello Gold Project in Ontario, Canada. The funding provides additional working capital and supports the company’s plans to move the recently acquired asset towards a maiden drilling programme.

    The fundraising comprised the placing of 23,077,000 new ordinary shares at 2.6 pence per share, arranged through broker Clear Capital Limited. The issue price represents a 6% premium to the company’s mid-market closing price on 27 January 2026. Richmond Hill said the net proceeds will be used for general working capital and to advance exploration activities at Martello. The company is also considering the introduction of a future facility that would allow retail investors to participate in subsequent equity fundraisings, with further details to be announced if such a structure is put in place.

    Alongside the placing, Richmond Hill confirmed it has entered into a sale and purchase agreement to acquire the Martello Gold Project, on the same commercial terms announced in December. The vendor has changed from Olerud Ltd to Ulvestone Ltd, which has assumed all rights and obligations under the agreement. Both entities are controlled by James Ikin, a substantial shareholder in Richmond Hill. The company reiterated that historic data compilation and digitisation at Martello are well advanced and nearing completion, with the aim of defining priority drill targets ahead of an initial drilling campaign.

    As part of the transaction, Richmond Hill will shortly make a £100,000 cash payment to the vendor and has issued 38,750,000 new shares at 2 pence per share to satisfy the first tranche of the equity consideration. In addition, the company has issued 1,300,000 shares at the same price to settle outstanding liabilities with a creditor.

    Given the vendor’s ownership structure, the acquisition constitutes a related party transaction under the AIM Rules. The board, which is independent of the transaction, said it considers the terms to be fair and reasonable following consultation with its nominated adviser.

    Application has been made for the admission of 63,127,000 new ordinary shares to trading on AIM, with admission expected on or around 11 February 2026. Following admission, Richmond Hill will have 657,337,949 ordinary shares in issue.

    Hamish Harris, CEO of Richmond Hill, commented: “The Board is delighted to have successfully raised funds at a premium to the prevailing share price on 27 January 2026. With gold trading above $5,000 per ounce at the time of this announcement and Richmond Hill is poised to commence drilling in the near term, we are excited about the significant momentum the Company has achieved in such a short period since listing. This fundraise positions us strongly to unlock value for shareholders as we advance our exploration programme.”

  • Card Factory Reaffirms Profit Outlook as Acquisitions Compensate for Flat UK Store Trading

    Card Factory Reaffirms Profit Outlook as Acquisitions Compensate for Flat UK Store Trading

    Card Factory (LSE:CARD) said trading for the eleven months to 31 December 2025 was in line with its revised expectations, with group revenue rising 7.3% year on year to £541.6 million. Growth was driven largely by contributions from acquired businesses and the ongoing integration of Funky Pigeon, which helped offset flat like-for-like sales across the UK store estate amid subdued high-street footfall.

    Performance over the key Christmas period met management expectations despite a challenging consumer environment. Total revenue across November and December increased 4.3%, although store like-for-like sales declined 1.2%. Cost inflation was partially mitigated through the company’s ‘Simplify and Scale’ efficiency programme, supporting confidence in delivering adjusted profit before tax of between £55 million and £60 million for FY26. The group also reiterated its commitment to a progressive dividend policy and confirmed the completion of a £5 million share buyback to support employee share schemes.

    From an investment perspective, Card Factory benefits from solid underlying financial performance and an attractive valuation profile, with a low earnings multiple and a high dividend yield. These positives are counterbalanced by very weak technical indicators, with the share price trading well below major moving averages and momentum signals remaining firmly bearish, suggesting near-term caution.

    More about Card Factory

    Card Factory plc is the UK’s leading specialist retailer of greeting cards, gifts and celebration products, operating an extensive high-street store network alongside growing digital and international operations. The group has expanded through partnerships and acquisitions, including the online brand Funky Pigeon and businesses in North America and the Republic of Ireland, while maintaining a value-focused proposition aimed at budget-conscious consumers.

  • Fresnillo Exceeds 2025 Gold Guidance but Signals Lower Output in the Near Term

    Fresnillo Exceeds 2025 Gold Guidance but Signals Lower Output in the Near Term

    Fresnillo (LSE:FRES) delivered a solid operational performance in 2025, with attributable gold production of 600.3 thousand ounces, exceeding full-year guidance despite a 5% decline compared with the prior year. Attributable silver production, including volumes from the now-concluded Silverstream, fell 13.5% year on year to 48.7 million ounces, broadly in line with guidance.

    Fourth-quarter results were mixed. Silver, lead and zinc output increased compared with the previous quarter, but gold and silver volumes declined sharply year on year. The performance reflected lower grades and reduced ore throughput at several key operations, including Herradura, Saucito, Ciénega and San Julián. Additional factors included the cessation of mining at San Julián DOB and the discontinuation of zinc concentrate production at Ciénega.

    Looking ahead, the company’s 2026 guidance points to lower expected silver and gold output than previously indicated. Management attributed this to mine plan adjustments at Fresnillo, lower grades and throughput at Ciénega, and delays to infrastructure development at Saucito. Despite the near-term reduction, Fresnillo indicated that production is expected to recover from 2027 onwards as new high-grade zones and development projects come on stream, supporting a more positive medium-term outlook.

    From an investment perspective, Fresnillo’s outlook is underpinned by strong financial performance, including improved margins, low leverage and significantly stronger cash flow, alongside a supportive tone from the latest earnings update. These strengths are balanced by a technically overbought share price and a demanding valuation, with a relatively high P/E ratio reducing near-term margin of safety.

    More about Fresnillo

    Fresnillo plc is a London-listed precious metals mining company primarily focused on silver and gold production from operations in Mexico. The group also produces lead and zinc as by-products and is one of the world’s largest primary silver producers. Its strategy emphasises disciplined mine planning, operational efficiency and safety, supported by exposure to a favourable precious metals price environment.

  • Atalaya Mining Raises £130m to Fast-Track Copper Growth Pipeline in Spain

    Atalaya Mining Raises £130m to Fast-Track Copper Growth Pipeline in Spain

    Atalaya Mining (LSE:ATYM) has raised £130 million in gross proceeds through an equity fundraise that was significantly oversubscribed. The transaction comprised a placing of 12.73 million new shares with institutional investors and existing shareholders, alongside a retail offer of 270,000 shares, all priced at £10.00 per share. The new equity represents around 9.2% of the company’s issued share capital prior to the fundraise and includes participation from a non-executive director, further broadening Atalaya’s institutional shareholder base.

    The proceeds will be used to accelerate development across Atalaya’s copper growth projects in Spain, strengthen the balance sheet and enhance financial flexibility, particularly in relation to advancing the Proyecto Touro development. Management said the capital raise positions the company to push forward its broader Riotinto District pipeline while taking advantage of supportive copper market conditions. The newly issued shares are expected to begin trading on the London Stock Exchange on 2 February 2026.

    From an outlook perspective, Atalaya is supported by strong profitability, improving free cash flow generation and relatively low leverage, providing a solid financial foundation for executing its growth strategy. These strengths are balanced by technical indicators that suggest the shares are currently overbought, increasing the risk of near-term volatility. Valuation metrics are considered moderate, with the investment case also reflecting a relatively low dividend yield.

    More about Atalaya Mining

    Atalaya Mining Copper, S.A. is a European copper producer that owns and operates the Proyecto Riotinto mining complex in southwest Spain, including the Cerro Colorado open pit mine and a 15 million tonne per annum processing plant that serves as a regional hub. Listed on the London Stock Exchange’s Main Market and a member of the FTSE 250, the company is expanding its asset base through a pipeline of development projects, including Proyecto Masa Valverde, Proyecto Riotinto East, the Proyecto Touro brownfield copper project in northwest Spain and Proyecto Ossa Morena.

  • Hargreaves Services Reports Profit Surge, Unveils £15m Cash Return and CEO Succession Plan

    Hargreaves Services Reports Profit Surge, Unveils £15m Cash Return and CEO Succession Plan

    Hargreaves Services (LSE:HSP) delivered a strong first-half performance for the six months ended 30 November 2025, with revenue rising 46.1% to £183.1 million and profit before tax jumping 169.8% to £14.3 million. The result was driven primarily by significant growth in the Services division, which benefited from increased activity on major infrastructure projects, alongside solid contributions from Hargreaves Land and the HRMS joint venture.

    The group’s cash position strengthened materially over the period, more than doubling to £37.3 million. This improvement was supported by the completion of the first tranche sale of renewable energy land assets for £8.8 million. On the back of its stronger balance sheet, the board announced plans to return up to £15 million of cash to shareholders through a tender offer at a premium to the current share price. In addition, the interim dividend was increased by 5.4%. The company also confirmed a planned leadership transition, with long-serving chief executive Gordon Banham set to step down in July 2026 and current chief operating officer Simon Hicks named as his successor.

    Operational visibility remains strong. Around 90% of Services division revenue for the current financial year is already contracted, while the Land and HRMS businesses also offer good earnings visibility. As a result, management now expects the Services division to outperform previous market forecasts and anticipates full-year profit before tax and EBITDA to come in around 4% ahead of expectations, signalling improving earnings momentum and a more proactive approach to capital returns.

    From an investment standpoint, Hargreaves Services is supported by robust financial performance, strong revenue growth and healthy cash generation. The valuation appears attractive, with a reasonable earnings multiple and a solid dividend yield, while recent corporate actions further reinforce confidence in the group’s strategic direction. These positives are balanced by more cautious share price technical signals, which currently point to bearish trends.

    More about Hargreaves Services

    Hargreaves Services plc is a diversified UK-based group operating across environmental, infrastructure and property markets, with activities in the UK and South East Asia. The group is organised into three main segments: Services, which provides materials handling, mechanical and electrical contracting, logistics and large-scale earthworks for sectors such as clean energy, connectivity and environmental infrastructure; Hargreaves Land, focused on sustainable brownfield development and the realisation of renewable energy land assets; and HRMS, a German joint venture active in specialist commodity markets and the owner of DK Recycling und Roheisen, a recycler of steel waste materials.

  • Arrow Exploration Increases Production Following Successful Mateguafa 8 Well

    Arrow Exploration Increases Production Following Successful Mateguafa 8 Well

    Arrow Exploration Corp. (LSE:AXL) has successfully drilled and brought into production the Mateguafa 8 appraisal well on the Tapir Block in Colombia’s Llanos Basin, further validating the potential of the Mateguafa Attic area. While testing of the shallower C7 sands did not deliver commercial results, the well has confirmed the productivity of the C9 formation at the northern edge of the discovery.

    The M-8 well is currently producing around 230 barrels of oil per day on a gross basis from a 30-foot C9 pay interval. Additional upside remains from untested Gacheta pay within the well. The new production contributes to Arrow’s total corporate output of approximately 4,625 barrels of oil equivalent per day and reinforces Mateguafa’s position as a key growth asset within the company’s Colombian portfolio.

    Development activity at Mateguafa continues to progress. The horizontal M-HZ9 well is currently being drilled, with further appraisal and development wells, including M-10 and M-11, planned next. Beyond Mateguafa, Arrow is preparing for an exploration campaign from the Icaco pad and additional development drilling across other pads on the Tapir Block. The company ended the period with US$11.5 million in cash and no debt, and is engaged in discussions regarding an extension of the Tapir contract, positioning it to pursue further production growth and potential reserve additions while maintaining balance sheet flexibility amid changing oil market conditions.

    More about Arrow Exploration Corp

    Arrow Exploration Corp. is an oil and gas company focused on growing light oil production from underdeveloped, high-growth assets in Colombia’s Llanos, Middle Magdalena Valley and Putumayo basins. Operating predominantly as an operator with high working interests and exposure to Brent-linked pricing, the company targets attractive margins supported by low royalty structures. Arrow holds a 50% entitlement to production from the Tapir Block, subject to Ecopetrol’s consent, and is listed on London’s AIM and the TSX Venture Exchange under the symbol AXL.

  • Debenhams Group Upgrades FY26 Profit Guidance and Retains PLT After Strong Turnaround

    Debenhams Group Upgrades FY26 Profit Guidance and Retains PLT After Strong Turnaround

    Debenhams Group (LSE:DEBS) said trading for the year to 28 February 2026 is running ahead of expectations and has upgraded its full-year outlook, now forecasting adjusted EBITDA of £50 million for total operations, compared with previous guidance of around £45 million. The improved outlook reflects continued momentum in the core Debenhams brand, better performance across its Youth Brands portfolio and steady progress with its wider transformation programme, with all brands remaining profitable.

    The company highlighted a particularly strong recovery at PrettyLittleThing (PLT), which has delivered a material improvement in profitability. In light of this turnaround, the board has decided to reverse its earlier intention to sell the brand. PLT will now be retained within the group as a fashion-led marketplace and reclassified as part of continuing operations. Alongside this strategic shift, Debenhams Group is pursuing licensing opportunities and the disposal of non-core assets, with the aim of materially reducing net debt over the next 12 months.

    From an investment perspective, the outlook remains mixed. While the profit upgrade and positive strategic developments provide encouragement, the group continues to face challenges linked to weak historical financial performance and stretched valuation metrics. Share price technical indicators suggest some short-term positive momentum, though overbought signals point to the need for caution. Overall, recent corporate actions add a degree of optimism, but financial risk remains a key consideration.

    More about Debenhams Group Plc

    Debenhams Group, part of boohoo group plc, operates a portfolio of fashion-led online marketplaces spanning fashion, home and beauty. The group runs five digital brands: Debenhams, Karen Millen, boohoo, MAN and PrettyLittleThing (PLT). Founded in 1778 as the UK’s first department store, Debenhams has since evolved into a digital-first retail group serving millions of customers in the UK and internationally.

  • Greencoat UK Wind Continues Buyback Programme With Further Treasury Share Purchases

    Greencoat UK Wind Continues Buyback Programme With Further Treasury Share Purchases

    Greencoat UK Wind PLC (LSE:UKW) has continued to execute its ongoing share buyback programme, repurchasing 49,996 ordinary shares on 27 January 2026 at a weighted average price of 96.41 pence per share. The shares will be held in treasury, increasing total treasury holdings to 148,594,778 and reducing the number of ordinary shares in issue to 2,158,853,878.

    The latest transaction marginally reduces the company’s free float and may provide a small uplift to earnings per share over time. It also updates the share capital base used for disclosure and transparency calculations under FCA rules. The buyback forms part of Greencoat UK Wind’s broader capital management strategy, reflecting the board’s approach to balancing shareholder returns with maintaining a prudent balance sheet.

    From an outlook perspective, the investment case is mixed. Recent periods have seen a sharp deterioration in reported profitability and revenue, although this has been partly offset by strong cash generation and a manageable financial position. Valuation support comes from the trust’s high dividend yield, though this is tempered by a negative P/E ratio. Share price technical indicators are mildly bearish, with the stock trading below key moving averages and a negative MACD signal, while ongoing buybacks offer a modest positive counterbalance alongside some noted regulatory risk.

    More about Greencoat UK Wind

    Greencoat UK Wind PLC is a London-listed renewable infrastructure investment company focused on acquiring and operating UK wind farms. The company provides investors with exposure to long-term, inflation-linked cash flows generated from onshore and offshore wind assets, positioning itself as a specialist vehicle within the listed renewables and clean energy infrastructure sector.

  • Marston’s Reports Robust Festive Trading and Reiterates Confidence in FY2026 Targets

    Marston’s Reports Robust Festive Trading and Reiterates Confidence in FY2026 Targets

    Marston’s (LSE:MARS) delivered a strong trading performance over the key festive period, reporting like-for-like sales growth of 4.0% for the 17 weeks to 24 January 2026. Trading was particularly robust over Christmas and New Year, with sales up 5.6% across the five core festive dates, highlighting the continued appeal and resilience of the group’s community pub estate.

    Across the full reporting period, like-for-like sales were broadly in line with the previous year but continued to outperform the wider pub and hospitality market. Momentum has also been supported by the accelerated rollout of Marston’s new pub formats, with 23 sites opened in the first quarter alone and more than 50 planned for the full year. These formats are contributing to improved margins through a more efficient operating model and tighter cost control.

    The group continues to focus on driving demand through a programme of targeted events and promotions, including sports-led initiatives, entertainment partnerships and themed campaigns, with the upcoming FIFA World Cup expected to provide an additional boost. Against this backdrop, the board reiterated its confidence in delivering full-year results in line with market expectations for FY2026, while remaining on track to meet its previously outlined strategic objectives and shareholder return ambitions.

    From an outlook perspective, sentiment is supported by the strength of recent trading updates and a relatively attractive valuation, which together point to potential upside. Technical indicators also suggest a positive trend in the shares. These strengths are tempered by ongoing concerns around leverage and cash flow, while the absence of a dividend and limited recent corporate actions slightly dilute the otherwise constructive outlook.

    More about Marston’s

    Marston’s PLC is a UK-listed hospitality group operating a nationwide estate of more than 1,300 pubs across managed, franchised, and tenanted and leased models. Employing around 9,000 people, the company focuses on community-based pubs offering food, drink, accommodation and gaming, making it one of the leading operators in the British pub sector.