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PayPoint (LSE:PAY) reported group net revenue of £52.7 million for the third quarter ended 31 December 2025, broadly unchanged year on year, but said trading momentum across several core divisions leaves it on course to deliver record profits for the full financial year. This performance comes despite a challenging consumer environment and ongoing pressure on discretionary spending.

The parcels division delivered a standout quarter, recording its strongest ever peak trading season with transaction volumes rising 6.7%. Growth was supported by a recovery in Yodel and InPost volumes, alongside continued rollout of Royal Mail Shop-branded services across the Collect+ network. In Love2shop, business billings increased and physical gift card volumes rose sharply through the partnership with InComm Payments, while Park Christmas Savings continued to perform steadily.

Within Payments and Banking, PayPoint achieved double-digit growth in both digital and cash-to-digital revenues. This was driven by new customer wins for its MultiPay platform, the expansion of local banking services in partnership with Lloyds Banking Group, and further progress in open banking through obconnect. These gains helped offset anticipated declines in legacy cash and energy-related revenues. The Shopping division also made progress, with service fee income increasing as PayPoint expanded its PayPoint One and Mini estate and benefited from strong SME lending activity through its YouLend partnership, although card processed values declined in line with softer consumer spending.

At group level, net corporate debt increased to £131.3 million as the company continued to invest in growth initiatives while funding shareholder returns. Management reiterated its capital allocation priorities, announcing a higher interim dividend and an expanded share buyback programme. The group is targeting buybacks of at least £30 million per year and aims to reduce its equity base by 20% by March 2028, underlining confidence in long-term growth prospects and its ability to balance returns with a disciplined leverage profile.

From an outlook perspective, PayPoint presents a mixed picture. Its attractive dividend yield and shareholder-focused capital actions are clear positives, but these are tempered by operational challenges, financial pressures in certain legacy areas and bearish technical indicators. Addressing these risks will be key to strengthening its longer-term market position.

More about PayPoint

PayPoint Group is a UK-based payments and technology company serving SMEs, convenience retailers, local authorities, government bodies, multinational service providers and e-commerce businesses. The group operates across shopping, e-commerce, payments and banking, and its Love2shop incentives and savings division. Its services range from in-store payment terminals and card processing to parcel collection networks, multichannel bill payment solutions, open banking services, and gift card and Christmas savings products.

Tower Resources (LSE:TRP) has secured £375,000 through a discounted share subscription, issuing around 1.7 billion new ordinary shares at a price of 0.022p each. Admission of the new shares to trading on AIM is expected on or around 4 February 2026, increasing the company’s enlarged share capital to just under 34 billion shares.

The proceeds will be used to fund working capital requirements while Tower awaits government approvals to complete previously agreed farm-out transactions in Cameroon and Namibia. The company said relevant national authorities in both jurisdictions have reiterated their support and resumed due diligence processes. Alongside this, Tower continues to advance financing discussions for the next stage of development at the Njonji field and is progressing data analysis work in Namibia. These activities highlight the group’s tight capital position but also its determination to move its African asset base forward despite regulatory delays.

From an investment perspective, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing operating losses and negative free cash flow. These pressures are partially mitigated by relatively low leverage and a comparatively resilient balance sheet. Share price technicals remain weak, reflecting limited momentum, while valuation metrics are unfavourable, with a negative P/E ratio and no dividend support.

More about Tower Resources

Tower Resources plc is an AIM-listed energy company focused on developing a balanced portfolio of oil and gas and broader energy opportunities across Africa. The group’s near-term strategy centres on short-cycle development and rapid production at its Njonji project in Cameroon to generate cash flow, alongside efforts to de-risk exploration licences in Namibia and South Africa through 3D seismic acquisition in emerging hydrocarbon basins that have seen recent major discoveries.

FDM Group (LSE:FDM) said trading for the year ended 31 December 2025 is expected to be in line with market expectations, although revenue is forecast to fall 31% year on year to around £178 million. The decline reflects a prolonged period of weak market conditions, with clients reducing demand for consultants across multiple regions.

The number of consultants deployed with clients fell to 2,003 during the year, down from 2,578 previously, with lower placements reported across all of the group’s geographic markets. Despite the softer trading environment, FDM maintained a strong financial position, ending the year debt free with cash of approximately £35 million. Management highlighted early indications of a pickup in client activity during the final months of 2025, which has continued into the early part of 2026. The group said it remains focused on closely matching its cost base and resources to demand, while maintaining strict investment discipline to ensure it is well positioned to benefit when market conditions recover.

From an investment perspective, FDM Group’s outlook continues to be supported by solid underlying profitability and a conservative balance sheet. The shares also screen attractively on valuation metrics, with a low earnings multiple and a high dividend yield enhancing their appeal. These positives are balanced by more cautious technical signals, which point to potentially overbought conditions, and the absence of a recent earnings call, limiting visibility on near-term guidance.

More about FDM Group (Holdings)

FDM Group (Holdings) plc is a global professional services company specialising in information technology. The group recruits, trains and deploys IT consultants to clients across the UK, North America, Asia-Pacific and EMEA, operating a demand-led model designed to align its talent pipeline with the evolving needs of corporate and institutional customers.

Gulf Marine Services (LSE:GMS) has been awarded a variation order by a major national oil company in the Middle East, extending an existing contract covering two vessels by up to a further six years, including option periods. The agreement lifts the group’s contracted backlog to approximately US$700 million, materially improving revenue visibility over the medium to long term.

The contract extension highlights continued strong demand in the region for GMS’s fleet of self-propelled, self-elevating support vessels, which are used in a range of offshore energy operations. Management said the increased backlog strengthens the company’s ability to plan fleet utilisation, supports cash flow generation in the coming years and enhances its platform for pursuing additional contract wins. The deal also reinforces GMS’s strategic positioning within the offshore energy support market as it looks to drive further growth and deliver shareholder returns.

From an investment perspective, the company’s outlook is underpinned by solid operating performance, including strong revenue growth, high operating margins and robust free cash flow generation. Valuation metrics remain relatively attractive, with the shares trading on a comparatively low earnings multiple. Share price technicals are supportive, reflecting a clear upward trend, although elevated momentum indicators suggest the stock may be vulnerable to short-term consolidation following its recent strength.

More about Gulf Marine Services

Gulf Marine Services is a London Stock Exchange-listed provider of advanced self-propelled, self-elevating support vessels to the offshore energy industry. Founded in Abu Dhabi in 1977, the company operates a modern fleet of 15 vessels from bases in the UAE, Saudi Arabia and Qatar. Its assets support a wide range of offshore activities, including platform maintenance and refurbishment, well intervention, offshore wind turbine operations, installation and decommissioning, across markets such as the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

Great Western Mining (LSE:GWMO) has released results from an induced polarisation (IP) geophysical survey and a maiden reverse circulation drilling campaign at the Rhyolite Dome prospect, part of its Olympic Gold epithermal precious metals project in Nevada’s Walker Lane trend. The work marks an important step forward in understanding the geological architecture of the prospect, despite the absence of high-grade gold intercepts at this early stage.

The IP survey, comprising six lines, identified a shallow resistivity anomaly linked to a fault structure, alongside a deeper, untested chargeable feature located more than 300 metres below surface. This deeper target is considered particularly prospective and remains a key focus for future exploration. Four shallow RC drill holes intersected silicified and hydrothermally altered volcanic rocks consistent with an epithermal system. While gold grades were low, the drilling returned more encouraging silver values and elevated concentrations of pathfinder elements including barium, arsenic, manganese, lithium and antimony, supporting the presence of a mineralised system.

Although the first-pass drilling did not deliver significant precious metal grades, management noted that the combined geological, geochemical and geophysical datasets have materially improved understanding of the Rhyolite Dome system. The results will be used to refine the geological model and prioritise future drill targets, particularly the deeper chargeable anomaly that has yet to be tested. The company believes this approach continues to underline the longer-term potential of the Olympic Gold Project within a historically high-grade mining district.

From an investment perspective, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn. Balance sheet risk is relatively limited, providing some mitigation. Technical indicators are more supportive, with the share price holding above key moving averages and momentum signals moderately constructive. Valuation metrics remain unfavourable and difficult to assess, reflecting a negative P/E ratio and the lack of a dividend.

More about Great Western Mining

Great Western Mining Corporation is a diversified mineral exploration and development company focused on strategic commodities across several wholly owned claim groups in Mineral County, Nevada, one of the leading mining jurisdictions in the United States. The group follows a multi-commodity strategy anchored by its flagship Huntoon Copper Project, which hosts a JORC-compliant copper resource, alongside a portfolio of gold, silver and early-stage tungsten assets aligned with US critical minerals priorities. The company also continues to evaluate farm-out and joint venture opportunities to unlock additional value from its asset base.

Ecora Royalties (LSE:ECOR) reported a sharp increase in earnings from its base metals portfolio in 2025, with contributions rising 150% year on year to $28.5 million. The improvement was driven by higher cobalt volumes and pricing at Voisey’s Bay, an initial contribution from the Mimbula copper stream, and record production at the Mantos Blancos copper mine. This strong performance came despite a 10% decline in total portfolio contribution to $57.0 million, reflecting weaker steelmaking coal prices and reduced volumes from Kestrel.

The year marked an important strategic turning point for the group, as critical minerals accounted for 63% of portfolio contribution and, for the first time, overtook steelmaking coal as the largest earnings source. Ecora also made progress on balance sheet strengthening, reducing net debt to $85.5 million following the $50 million acquisition of the Mimbula stream. Management highlighted a growing pipeline of copper and other critical minerals opportunities, reinforcing the company’s continued shift away from coal and supporting its ambitions for further deleveraging and acquisition-led growth.

From an investment perspective, Ecora’s outlook remains constrained by weaker headline financial performance, with lower overall revenue and reported losses offsetting the positive momentum in base metals. That said, the balance sheet remains relatively solid and cash generation continues to be supportive. Technical indicators are broadly favourable but appear somewhat stretched, while valuation metrics are limited by a negative P/E ratio and a modest dividend yield. The latest earnings update was viewed positively by the market, underlining the strength of the base metals portfolio and tangible progress in reducing leverage.

More about Ecora Resources

Ecora Royalties PLC is a royalty and streaming company listed in London and Toronto, focused on critical minerals with copper at the centre of its portfolio. The company offers exposure to commodities that underpin electrification, the energy transition, infrastructure renewal, urbanisation and energy security, through a diversified mix of producing royalties and streams complemented by a strong organic growth pipeline.

NewRiver REIT (LSE:NRR) reported a strong third-quarter performance, underpinned by solid leasing activity, higher occupancy levels and continued progress in reshaping its UK retail portfolio. During the quarter, the group completed 234,500 sq ft of lettings and renewals, securing £2.1 million of annualised income. Long-term leases were agreed broadly in line with estimated rental values and well above previous rent levels, with year-to-date leasing delivering notable uplifts versus both prior rents and ERVs.

Operational indicators strengthened further, with portfolio occupancy increasing to 96.1% and retailer retention reaching 91%. Trading conditions over the Christmas period were described as resilient, particularly across grocery and discount-led tenants, helping to offset softer demand in value fashion. These dynamics supported stable income generation across the estate.

Active capital recycling also remained a key feature of the quarter. NewRiver is on course to complete around £40 million of disposals in the second half, having sold assets including The Marlowes in Hemel Hempstead and Sprucefield Retail Park, alongside exchanging contracts for the sale of Cuckoo Bridge Retail Park. These transactions are intended to simplify the portfolio and further strengthen the balance sheet.

Alongside disposals, the company continued to advance its regeneration and repositioning strategy. Progress included a joint venture with Mid Sussex District Council to deliver a mixed-use redevelopment at The Martlets in Burgess Hill, as well as an agreement for lease with an experiential leisure operator at the Capitol Centre in Cardiff. The latter moves the asset into core status and reduces exposure to non-core ‘Work Out and Other’ properties. Management also highlighted that improved business rate relief for retail, hospitality and leisure tenants should help offset higher rateable values, improving affordability and supporting confidence in future earnings growth and a well-covered dividend as the group moves towards FY27.

From an investment standpoint, NewRiver’s solid financial performance and relatively attractive valuation are supported by favourable technical indicators and recent strategic activity. However, higher leverage levels and future refinancing requirements remain areas to monitor.

More about NewRiver REIT

NewRiver REIT plc is a UK-listed real estate investment trust focused on acquiring, managing and developing resilient retail assets, including community shopping centres and retail parks. Following the acquisition of Capital & Regional in December 2024, the company controls a portfolio valued at around £0.8 billion, covering 7.1 million sq ft. With total assets under management of approximately £2.3 billion, NewRiver’s strategy centres on owning and operating one of the UK’s most defensive retail portfolios, generating sustainable income and long-term value through active asset management and regeneration.

Pebble Beach Systems Group (LSE:PEB) delivered a better-than-expected trading performance for the year ended 31 December 2025, with revenue increasing 6% to roughly £12.2 million and adjusted EBITDA rising 27% to around £4.2 million. Both metrics came in slightly ahead of market forecasts, reflecting solid demand across the group’s activities.

Growth was driven in part by an expansion in recurring revenues from support and maintenance contracts, which climbed 8% to approximately £6.6 million and now account for about 64% of revenues excluding third-party hardware. Project-related revenue also advanced, up 5% to £5.6 million, supported by stronger demand from streaming customers. Cash generation improved significantly over the period, with adjusted EBITDAC surging 206% to £3.2 million. This enabled the group to further strengthen its balance sheet, reducing net debt (excluding leases) by 48% to around £2.0 million following the repayment of an additional £1.0 million in bank borrowings. The board now expects Pebble Beach Systems to reach a net cash position by the end of 2026.

Management believes the combination of a healthier balance sheet, increasing levels of contracted recurring revenue and improving margins places the company in a stronger position to pursue growth opportunities. These include its established broadcast market as well as the expanding live and advertising-supported streaming segment.

From an outlook perspective, positive share price technical signals and recent corporate developments point to potential upside. However, this is tempered by ongoing financial and valuation challenges, including reported net losses and a negative P/E ratio. The company’s ability to translate its improving cash flow profile and strategic progress into sustained profitability will remain a key focus for investors.

More about Pebble Beach Systems

Pebble Beach Systems Group is a global software provider specialising in automation, integrated channel management and virtualised playout solutions for broadcast and streaming customers. Founded in 2000, the company supplies scalable systems used by Tier 1 broadcasters and streaming platforms in more than 70 countries, managing around 2,000 on-air channels across installations ranging from single-channel operations to deployments of more than 150 channels.

Personal Group Holdings (LSE:PGH) reported a strong trading performance for 2025, with revenue rising 11% to around £48.4 million and adjusted EBITDA climbing 21% to approximately £12.1 million. The results came in ahead of market expectations, supported by growth across all operating divisions and a continued expansion in high-quality recurring revenues.

The company pointed to particularly solid momentum in its insurance and benefits activities. Insurance annualised premium income increased by 12% to £40.5 million, while annual recurring revenue from the benefits platform rose 6% to £7.1 million. New insurance sales reached a record £15.4 million during the year, reflecting both strong customer demand and the effectiveness of the group’s distribution model. Personal Group ended the period with a robust balance sheet, holding roughly £29 million in cash and no debt, providing flexibility to invest in growth initiatives and pursue its longer-term financial targets through to 2030.

From an investment perspective, the group’s outlook is supported by healthy profitability and cash generation, which contribute positively to its overall financial profile. Share price technicals suggest a stable trading pattern with a mild upward bias, while valuation measures point to a reasonable earnings multiple alongside an attractive dividend yield. Recent corporate developments, while not a core driver of the outlook, further underline strategic progress and continuity in leadership.

More about Personal Group Holdings

Personal Group Holdings is a UK-based provider of workforce benefits and insurance solutions, focused on delivering affordable protection products and employee engagement services. Its offering includes hospital, recovery and death benefit insurance, complemented by the Hapi digital benefits platform, which aggregates employee benefits, discounts and rewards. The platform also supports white-labelled solutions, including Sage’s SME employee benefits proposition. Headquartered in Milton Keynes, the group has over 40 years of industry experience and serves more than one million UK employees across a broad, blue-chip client base spanning retail, transport, healthcare and public sector organisations.

AEW UK REIT (LSE:AEWU) reported a slight increase in unaudited net asset value to £173.47 million, or 109.32 pence per share, as at 31 December 2025. This translated into a quarterly NAV total return of 2.05%, achieved despite a 0.33% like-for-like fall in portfolio valuations, which nonetheless compared favourably with the wider UK property market.

The board announced a further interim dividend of 2.00 pence per share for the quarter, extending the trust’s record to 41 consecutive quarterly distributions. On an annualised basis, this represents a yield of 7.4%. EPRA earnings per share improved to 2.36 pence, supported by a resilient tenant base, lower bad debts and management fees, and successful asset management initiatives. Notable examples included a value-accretive lease regear at Barnstaple Retail Park and a profitable disposal of an asset in Hitchin.

Sector performance across the portfolio was mixed. Strength in retail warehousing helped offset softer conditions in the industrial and office segments. Financially, the trust continues to benefit from a low fixed cost of debt of 2.959% extending to 2027 and a conservative loan-to-GAV ratio of around 25%. The share price has remained close to NAV, following limited treasury share reissuance at a premium, reflecting ongoing investor confidence. With balance sheet capacity intact, AEW UK REIT retains flexibility to deploy capital into refurbishments and selective acquisitions. A one-year shareholder total return of 15.3% further highlights the trust’s relative resilience in a challenging property environment.

Looking ahead, the company’s outlook is underpinned by improving financial strength, including a move to zero reported debt, and a strong rebound in earnings in the latest year. The investment case is supported by an attractive income profile, combining a high dividend yield with a reasonable earnings multiple. These positives are partly offset by weaker cash flow relative to reported profits in 2025 and a history of uneven results, while technical indicators currently point to a broadly neutral trading setup.

More about AEW UK REIT

AEW UK REIT plc is a London-listed real estate investment trust with a diversified, value-oriented portfolio of 34 UK commercial properties spanning industrial, retail, office and leisure sectors. The trust focuses on delivering income-led returns through active, counter-cyclical asset management and operates with a relatively conservative balance sheet, characterised by low-cost, fixed-rate debt and an emphasis on maintaining a sustainable and attractive dividend for shareholders.