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Croda (LSE:CRDA) delivered 2025 sales of £1.7 billion, representing growth of 6.6% at constant currency, supported by improved performance in its Consumer Care and Life Sciences divisions, both of which recorded increases in revenue, profitability and margins. Industrial Specialties, however, experienced a decline during the period. Adjusted operating profit rose 7.9% at constant currency to £295.3 million, although statutory profit was reduced by more than £100 million in impairment and restructuring charges linked to optimisation of the group’s lipids capacity as part of ongoing portfolio refinement.

Management reported that its transformation programme is progressing ahead of schedule, generating £28 million in gross benefits during 2025. The company also introduced a new working capital initiative, reduced leverage levels and modestly increased its dividend. Looking ahead, Croda outlined a new financial framework covering 2026 to 2028, targeting organic sales growth of 3–6% annually, operating margins above 20%, stronger cash generation and improved returns on capital. The strategy reflects confidence that operational efficiencies, focused innovation and enhanced customer engagement will drive performance despite an uncertain macroeconomic backdrop.

The company’s outlook combines solid financial fundamentals and strategic progress with some cautionary factors. While recent corporate developments and earnings momentum provide support, valuation remains relatively demanding and technical indicators point to weaker market momentum, suggesting investors may remain cautious in the near term.

More about Croda International

Croda International is a UK-based specialty chemicals company focused on applying “smart science” to develop high-performance ingredients and solutions across consumer care, life sciences and industrial markets. Its portfolio includes beauty and personal care actives, fragrances, home care ingredients, crop protection and seed enhancement technologies, as well as pharmaceutical components, with a strategic emphasis on higher-growth, value-added applications worldwide.

BTG Consulting plc (LSE:BTG) reported that trading for the third quarter to 31 January 2026 met board expectations, enabling the group to reaffirm its full-year guidance and continue its track record of profitable growth. Performance remained stable across all divisions, with restructuring activity supported by challenging economic conditions, while the financial advisory business benefited from an increase in completed transactions and a strong pipeline heading into the final months of the financial year.

The real estate advisory division traded in line with expectations, and integration of recently acquired businesses Kirkby Diamond and Network Auctions is progressing smoothly, with both operations performing as planned. During the period, the company also completed a rebrand and corporate name change, bringing its financial and real estate advisory operations together under a unified identity. Management said the move reflects the firm’s development into a broader advisory platform and supports continued investment in talent and growth opportunities.

The group’s outlook is underpinned by solid financial performance and positive corporate developments, although technical indicators suggest some caution due to weaker market momentum. Valuation metrics point to potential overvaluation, but strategic acquisitions and a consistent dividend yield help balance the overall investment case.

More about BTG Consulting plc

BTG Consulting plc, formerly known as Begbies Traynor, is a UK-based advisory firm providing financial and real estate consultancy services aimed at enhancing, protecting and realising client value. The company offers restructuring, financial advisory and property advisory services, supporting businesses, investors and lenders with funding, transactions and asset realisation across varying economic environments.

Ceres Power Holdings (LSE:CWR) has confirmed it will publish its full-year results for the period ended 31 December 2025 on 26 March 2026, alongside a live online investor presentation hosted through the Investor Meet Company platform. The session will be open to both existing and prospective shareholders, reflecting the company’s continued focus on investor engagement as it progresses development and commercial partnerships across fuel cell and green hydrogen technologies.

The presentation will provide investors with an opportunity to hear directly from management and submit questions, offering additional transparency around operational performance and strategic priorities. By facilitating direct dialogue with the market, Ceres aims to strengthen confidence in its positioning within the global energy transition while showcasing progress in deploying its solid oxide technology across power generation and industrial decarbonisation applications.

The company’s outlook is supported by a strong balance sheet with low leverage and solid equity backing, as well as continued revenue growth. However, ongoing losses and cash outflows remain key constraints. Technical indicators present a mixed picture, while valuation remains pressured by negative earnings and the absence of dividend support. Recent earnings commentary has provided some encouragement through evidence of commercialisation progress and cost-reduction initiatives, although uncertainty around order timing and revenue recognition continues to represent a risk.

More about Ceres Power Holdings

Ceres Power Holdings is a UK-based clean energy technology company specialising in solid oxide fuel cells for power generation and electrolysers used in green hydrogen production. Operating an asset-light licensing model, the company partners with major industrial groups including Doosan, Delta, Denso, Shell, Weichai and Thermax to deploy its technology across applications ranging from AI data centres to heavy industry decarbonisation. Listed on the London Stock Exchange and awarded the Green Economy Mark, the majority of Ceres’s activities are aligned with green-economy technologies.

City of London Investment Group (LSE:CLIG) delivered a solid performance for the six months to 31 December 2025, with funds under management increasing to $11.2 billion from $10.8 billion at the start of the financial year and rising further to a record $11.9 billion by mid-February 2026. Net fee income grew to $37.3 million, while profit before tax reached $14.0 million, enabling the board to maintain its interim dividend at 11 pence per share.

The reporting period also marked a leadership change, with Cooper Abbott formally assuming the role of chief executive officer and joining the board. The chair highlighted Abbott’s multi-asset investment expertise and emphasis on empowering investment teams as central to the company’s long-term strategy. Strong investment performance — particularly across international and emerging markets, which now represent 57% of total assets — alongside disciplined cost management and increased engagement with clients and shareholders, helped reinforce the group’s market position despite ongoing volatility.

The company’s outlook is supported by solid financial delivery and positive corporate developments, while a reasonable valuation and attractive dividend yield enhance its investment appeal. However, technical indicators point to weaker share price momentum and a bearish trend, suggesting some near-term caution.

More about City of London Investment

City of London Investment Group is a London-listed specialist asset manager focused on international and emerging market strategies through its affiliates, City of London Investment Management and Karpus Investment Management. The firm serves institutional and sophisticated investors, seeking to generate alpha-driven returns across equities and other asset classes while delivering strong long-term outcomes for clients.

ConvaTec (LSE:CTEC) reported revenue of $2.44 billion for 2025, representing a 6.5% increase on a reported basis, with organic growth excluding InnovaMatrix reaching 6.4%. Performance was supported by broad-based expansion across advanced wound care, ostomy care, continence care and infusion care. Adjusted operating profit rose 12.1% to $544 million, lifting the adjusted operating margin by 110 basis points to 22.3%, while adjusted diluted earnings per share increased 16%. Strong cash generation enabled $185 million in capital expenditure, dividend payments of $140 million and a $300 million share buyback programme.

Infusion care delivered the strongest category performance with organic growth of 12.5%, while the group’s other divisions recorded mid- to high-single-digit gains. These advances were partly offset by a sharp decline in InnovaMatrix sales and a $72 million impairment linked to changes in CMS reimbursement policies. Looking ahead, management expects another year of double-digit adjusted EPS growth in 2026, reaffirming guidance for 5–7% underlying organic revenue growth excluding InnovaMatrix and an adjusted operating margin of at least 23%. The company also upgraded its medium-term outlook, targeting 6–8% organic growth from 2027 alongside mid-20s operating margins and sustained double-digit expansion in both EPS and free cash flow, reflecting confidence in its product pipeline and execution strategy.

During the year, ConvaTec further strengthened its financial position by achieving investment-grade credit ratings from all three major agencies and issuing a $500 million 10-year senior unsecured bond. Net leverage remained at 2.0x adjusted EBITDA, consistent with management targets. The board increased the full-year dividend by 13% while maintaining a payout ratio of 40% of adjusted net profit, signalling confidence in future cash generation as the company continues investing in innovation and production capacity to meet growing demand.

The group’s outlook is supported by strong operating performance and shareholder-friendly capital allocation, including ongoing buybacks. However, weaker technical momentum and valuation concerns suggest some caution, with shares appearing relatively fully valued despite solid fundamentals.

More about ConvaTec

ConvaTec Group is a global medical products and technologies company focused on solutions for managing chronic health conditions. The FTSE 100 constituent holds leading positions in advanced wound care, ostomy care, continence care and infusion care, supplying products in around 90 countries and employing more than 10,000 people worldwide.

Its portfolio includes wound dressings such as Aquacel and ConvaFoam, ostomy systems including Esteem Body, continence solutions such as GentleCath catheters and infusion sets used in diabetes and other therapies. Through these offerings, ConvaTec aims to improve patient outcomes while helping healthcare systems manage the long-term costs associated with chronic disease care.

OptiBiotix Health (LSE:OPTI) has initiated a double-blind, placebo-controlled clinical study in partnership with Hull University Teaching Hospital NHS Trust to evaluate whether its patented prebiotic fibre complex, WellBiome, can enhance outcomes for cardiac surgery patients while reducing treatment costs for the NHS. The trial will involve up to 60 participants receiving six weeks of supplementation prior to surgery, with researchers assessing intensive care duration, total hospital stay and post-operative complication rates, alongside a detailed economic analysis of potential cost savings.

WellBiome, developed in collaboration with UK academic institutions, is designed to support gut microbiome diversity and carries approved health claims in both Europe and the United States covering areas including gut, bone, cardiovascular, muscle, brain and psychological health. Positive clinical and economic findings could support adoption of the product as part of standard preoperative care within the NHS, potentially expanding OptiBiotix’s presence in clinically validated microbiome-based healthcare solutions and creating opportunities for wider medical use.

The company’s near-term outlook remains constrained by ongoing losses and continued cash outflows despite strong revenue growth reported in 2024. Technical indicators also remain weak, reflecting a prolonged share price downtrend and negative momentum. A debt-free balance sheet provides some financial stability, though valuation remains challenging given negative earnings and the absence of dividend income.

More about OptiBiotix Health

OptiBiotix Health plc is a UK-based life sciences company specialising in microbiome-focused technologies aimed at preventing and managing human disease. Its product portfolio includes prebiotic ingredients such as SlimBiome, WellBiome, SweetBiotix and Microbiome Modulators, alongside interests in probiotics and skincare applications, targeting the rapidly expanding global market for gut health and metabolic wellness solutions.

B.P. Marsh & Partners (LSE:BPM) reported a year of active portfolio development for the period ending 31 January 2026, completing eight new investments alongside two profitable exits that generated £30.7 million from an original investment of just £1.9 million. The group remains debt-free, holding £49.5 million in available funds while its loan portfolio expanded to £40.8 million, reflecting continued deployment of capital across specialist financial services opportunities.

During the year, the company increased its exposure to specialist insurance and alternative finance platforms through new investments in businesses including iO Finance, Oneglobal, Sodalis and a number of underwriting and intermediary start-ups. Additional follow-on funding was also provided to existing portfolio companies such as Pantheon Specialty, supporting growth initiatives including expansion into emerging areas like digital asset insurance.

B.P. Marsh also stepped up capital returns to shareholders, distributing £8.0 million in dividends during FY2026 and initiating a £1.9 million share buyback programme. Management outlined plans to return £13.0 million to investors in FY2027 and at least £5.0 million in FY2028, supported by strong cash generation and successful investment realisations. Despite softer reinsurance pricing and ongoing sector consolidation, the company remains positive on the outlook for specialist insurance intermediaries, viewing increased merger and acquisition activity as a source of new investment opportunities and continued portfolio growth.

The group’s outlook is supported by strong financial performance, attractive valuation metrics and positive corporate developments. While technical indicators suggest some caution due to potentially overbought market conditions, a relatively low price-to-earnings ratio and ongoing strategic execution provide a solid platform for future expansion.

More about B.P. Marsh & Partners plc

B.P. Marsh & Partners plc is a specialist venture capital investor focused on early-stage and growth businesses within financial services, particularly insurance distribution, managing general agencies and related intermediaries. The group invests in niche and specialist markets across the UK and internationally, providing both equity and loan financing to entrepreneurial management teams operating in insurance and broader financial intermediary sectors.