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All Market News Today All digested RNS titles 489
BRSC logo BRSC

Holding(s) in Company

Blackrock Smaller Companies Trust PLC

<mark style="background-coloryellow">TR1</mark> Buy
['BlackRock, Inc.', 'Below 5', '5.120000']
IEM logo IEM

Holding(s) in Company

Impax Environmental Markets PLC

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
COST logo COST

Holding(s) in Company

Costain Group PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '5.517363', '7.720744']
AWE logo AWE

Holding(s) in Company

Alphawave IP Group PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '7.643195', '7.469620']
PRSR logo PRSR

TR-1 Notification

PRS Reit PLC

TR1 Buy
['The Goldman Sachs Group, Inc.', '0.257805', '3.077101']
IPF logo IPF

Form 8.3

International Personal Finance PLC

OXIG logo OXIG

Holding(s) in Company

Oxford Instruments PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Aberdeen Group plc', 'Below 5', '5.015127']
HWDN logo HWDN

Director/PDMR Shareholding

Howden Joinery Group Plc

<mark style="background-coloryellow">Purchase</mark> of shares pursuant to a dividend reinvestment plan
UPR logo UPR

Holding(s) in Company

Uniphar Group PLC

TR1 Buy
['Van Lanschot Kempen Investment Management NV', '4.268966', '3.27459']
RENX logo RENX

Holding(s) in Company

Renalytix AI plc

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '8.000675', '7.442592']
SLNG logo SLNG

Director/PDMR Shareholding

H C Slingsby PLC

HC Slingsby PLC, one of the market leaders in the distribution of industrial and commercial equipment, announces that it was today notified that Morgan Morris, Group Chief Executive, has transferred 11,928 ordinary shares of 25p each in the Company ("Ordinary Shares") originally held via his Self-Invested Personal Pension ("SIPP") into his own name, at a price of 60 pence per Share. This transfer from his SIPP was effected today by a sale and re<mark style="background-color:yellow">purchase</mark> of the Ordinary Shares.
CGEO logo CGEO

Holding(s) in Company

Georgia Capital PLC

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', 'Below Minimum Threshold', '6.585608']
MPL logo MPL

Update

Mercantile Ports & Logistics Ltd

0A3D logo 0A3D

Net Asset Value

iShares VII Public Limited Company - iShares Core S&P 500 UCITS ETF

SEE logo SEE

Technical Paper Series - Intoxication launched

Seeing Machines Limited

**Summary**
Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Released on December 17, 2025, the paper highlights the companys efforts to address alcohol-related driver impairment, a persistent cause of road accidents globally. The initiative leverages Seeing Machines **Driver Monitoring System (DMS)** technology to detect impairment in real time, complementing traditional roadside <mark style="background-color:yellow">test</mark>ing methods.
Key points include
**Limitations of Blood Alcohol Concentration (BAC):** Traditional BAC measurements fail to capture the evolving nature of impairment over time, creating gaps between BAC levels and actual driver performance.
**Real-Time Impairment Detection** DMS technology assesses functional impairment directly, offering enhanced sensitivity and in-cabin intervention strategies.
**Collaborative Research** Seeing Machines is partnering with experts and universities to study the disconnect between BAC readings and real-world impairment, emphasizing technological innovation aligned with safety outcomes.
**Future Focus** Subsequent papers in the series will explore other impairment factors, such as cannabis, further advancing DMS capabilities for road safety.
This initiative underscores Seeing Machines commitment to revolutionizing transport safety through cutting-edge technology, with applications across automotive, commercial fleet, off-road, and aviation sectors.
Launch
GSK logo GSK

Exdensur (depemokimab ulla) approved by US FDA

GSK plc

**Summary**
GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 12 and older. Exdensur is the **first and only ultra-long-acting biologic** requiring **twice-yearly dosing**, offering sustained protection from asthma exacerbations. The approval is based on positive results from the **SWIFT-1 and SWIFT-2 phase III trials**, which demonstrated a **58% and 48% reduction** in annualized asthma exacerbations compared to placebo, respectively. The trials also showed fewer hospitalizations and emergency department visits in patients treated with Exdensur.
With an estimated **2 million Americans** living with severe asthma, half of whom continue to experience frequent exacerbations, Exdensur addresses a significant unmet need. The drug’s extended half-life and reduced dosing frequency aim to improve patient adherence and outcomes while reducing healthcare system burden. Exdensur has also received regulatory approvals in the UK and a positive opinion in Europe, with decisions pending in other regions, including China and Japan. GSK is further evaluating depemokimab in other type 2 inflammation-driven diseases, such as chronic rhinosinusitis with nasal polyps, COPD, and hypereosinophilic syndrome.
Approvals
FMET logo FMET

Launch of Bonus Warrant Acceleration Offer

Fulcrum Metals PLC

**Summary**
Fulcrum Metals PLC (AIMFMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of its **Teck-Hughes** and **Sylvanite Tailings Projects**. The offer encourages warrant holders to exercise their warrants at specified prices during the offer period (until January 16, 2026) in exchange for half bonus warrants exercisable at 10 pence for 18 months. Funds raised will support integrated development across the tailings projects, including drilling, <mark style="background-color:yellow">test</mark>ing, and optimization programs, with the goal of creating a processing hub and advancing toward maiden Mineral Resource Estimates and potential production.
CEO **Ryan Mee** highlighted recent milestones, such as successful auger drilling and metallurgical results with over 70% recovery of gold and silver, and emphasized the offer’s aim to strengthen the company’s financial position for accelerated growth. Directors, holding 3,609,413 warrant shares, are unlikely to participate due to regulatory restrictions. Fulcrum Metals leverages environmentally friendly leaching technology under an exclusive license for key Canadian mining districts, positioning itself as a near-term, sustainable gold producer.
**Key Points**
**Offer Purpose** Raise funds to accelerate Teck-Hughes and Sylvanite tailings projects.
**Terms** Warrant holders can exercise at 5p or 3p (or 5p for others) and receive half bonus warrants at 10p.
**Use of Funds** Integrated development, drilling, testing, and strategic opportunities.
**Timeline** Offer closes January 16, 2026.
**Strategic Vision** Leverage technology and tailings assets for sustainable gold production.
Launch
ONDO logo ONDO

Director/PDMR Shareholding

Ondo InsurTech PLC

Following Admission of the Placing Shares and the SIP share <mark style="background-color:yellow">purchase</mark>s, the interest of the Directors interests are now as set out below.
IHP logo IHP

Final Results

IntegraFin Holdings plc

IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7% to £75.4 million and underlying earnings per share (EPS) up 7% to 17.4p.
**Financial Highlights**
Closing Funds Under Direction (FUD) grew 16% to £74.2 billion, driven by strong net inflows of £4.4 billion, up 76% from the previous year.
Revenue increased 8% to £156.8 million, primarily due to higher average daily FUD.
Reported PBT increased slightly to £69.1 million, while underlying PBT rose 7% to £75.4 million.
Reported EPS decreased 1% to 15.5p, but underlying EPS increased 7% to 17.4p.
The client base expanded 5% to 246,200, reflecting the continued attractiveness of the Transact platform.
**Dividend and Outlook**
A second interim dividend of 8.0 pence per share was declared, resulting in a 9% increase in the total dividend for the year to 11.3 pence per share.
Transact is well-positioned to capture a growing share of the adviser platform market net inflows in FY26 and beyond.
The company expects to manage platform revenue margin and slow the growth of underlying administrative expenses, supporting profit margin expansion.
**Strategic Initiatives**
Completed a Group-wide cost review, identifying efficiency opportunities to accelerate future earnings growth.
Focused on digitalisation and integration enhancements, strengthening the Transact proposition and driving greater efficiency for financial advice firms.
Relocated to new premises, supporting sustainability objectives and staff wellbeing.
**CEO Commentary**
Alex Scott, CEO, highlighted the companys strong performance, driven by the appeal of the Transact platform and commitment to high-quality client service. He emphasized the importance of proprietary technology and personal customer service in delivering growth. Scott also noted the successful completion of the cost review and the companys position to deliver efficiency improvements and sustainable growth.
**Financial Review**
The platform business delivered strong performance, with FUD growth of 16% and net inflows up 76%. Revenue increased 8%, and underlying PBT rose 7%. Administrative expenses grew, primarily due to investment in staffing and technology. The company maintains a strong liquidity profile and focuses on corporate interest optimization.
**Risk Management and Sustainability**
The company outlined its principal risks, including competition, market risk, and regulatory compliance. It highlighted its risk management strategies, such as diversification, robust controls, and a focus on resilience. IntegraFin also formalized its sustainability efforts through a Responsible Business Strategy, aiming to embed sustainability at the core of its business.
**Conclusion**
IntegraFin Holdings plc demonstrated robust financial performance, strategic advancements, and a commitment to sustainability in FY25. With a strong market position, focus on efficiency, and investment in technology, the company is well-prepared to navigate the evolving wealth management landscape and deliver value to shareholders, clients, and advisers.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Total Group Revenue156.8144.98%
Reported Profit Before Tax (PBT)69.168.90%
Underlying Profit Before Tax (PBT)75.470.67%
Reported Earnings Per Share (EPS)15.5p15.7p-1%
Underlying Earnings Per Share (EPS)17.4p16.2p7%
Total Dividend Per Share11.3p10.4p9%
Net Inflows4,4002,50076%
Closing Funds Under Direction (FUD)74,20064,10016%
Average Daily FUD67,90059,60014%
Platform Clients246,191234,9985%
Total Administrative Expenses100.285.018%
Underlying Administrative Expenses91.083.39%
Non-underlying Expenses9.21.7441%
Interest Income10.910.72%
Net Assets224.9208.38%
**Notes:** * All values are in millions (£m) except for EPS and dividend per share which are in pence (p). * Net Inflows, Closing FUD, and Average Daily FUD are in millions (£m) for consistency with the original text. * The table includes key financial metrics such as revenue, profit, EPS, dividends, net inflows, FUD, administrative expenses, interest income, and net assets. * Debt is not explicitly mentioned in the provided text, so it's not included in the table. However, lease liabilities can be considered a form of debt, and they increased from £2.9m in 2024 to £13.0m in 2025.
SRP logo SRP

Serco pre-close trading update

Serco Group

**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026**
Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on December 17, 2025, highlighting robust performance and optimistic momentum.
**2025 Highlights**
**Revenue:** ~£4.9 billionup 3% at constant currencyincluding 1% organic growthdriven by defencejusticeand citizen services.
**Underlying Operating Profit** ~£270 million, with a 5.5% margin, exceeding prior guidance due to productivity improvements and contract performance.
**Free Cash Flow** Increased guidance to £170 million, with leverage at 0.9x net debt to EBITDA.
**Order Intake** ~£5.5 billion, with a book-to-bill ratio of at least 110%, predominantly in defence (two-thirds of awards).
**Pipeline** Expanded to a decade-high, reflecting strong demand for critical services in complex environments.
**Portfolio Development** Successful integration of MT&S acquisition, disposal of Hong Kong business, and mobilization of Mubadala joint venture in the Middle East.
**Operational Excellence** 20% reduction in safety incidents, fewer lost days, improved attrition, and strong colleague engagement.
**Shareholder Returns** Completed £50 million share buyback, totaling £390 million returned to shareholders since 2021.
**2026 Guidance**
**Revenue:** ~£5.0 billionwith improved organic growth of ~3%led by defencejusticeand citizen services.
**Underlying Operating Profit** ~£300 million, with a 6.0% margin, driven by contract ramp-ups, MT&S integration, and productivity gains.
**Financial Position** Adjusted net debt expected to reduce to ~£150 million, with trading cash conversion in line with the 80% medium-term target.
**Strategic Progress**
Strengthened leadership with new CEOs for North America and UK & Europe, enhancing international growth focus.
Major contract wins, including HMP Dovegate retention, Canada’s Future Aircrew Training Programme, and justice transport services in Victoria, Australia.
**CEO Comment**
Anthony Kirby emphasized Serco’s strategic and operational progress, highlighting the global demand for its services, particularly in defence, and the company’s robust financial and operational position.
**Conclusion**
Serco’s 2025 performance exceeded expectations, and its 2026 outlook remains positive, underpinned by strong market demand, operational excellence, and strategic portfolio enhancements. The company is well-positioned for sustainable growth in the government services sector.
Below is the HTML table code comparing the financials and debt year-on-year for Serco Group PLC based on the provided text:
Metric2024 Actual2025 Prior Guidance2025 New Guidance2026 Initial Guidance
Revenue (£m)4,787~4,900~4,900~5,000
Organic Sales Growth (%)(3)~1~1~3
Underlying Operating Profit (£m)274~260~270~300
Net Finance Costs (£m)33~48~46~50
Underlying Effective Tax Rate (%)25~23~23~25
Free Cash Flow (£m)228~130~170~160
Adjusted Net Debt (£m)100~285~265~150
Leverage (Net Debt/EBITDA)--~0.9x-
### Key Notes: 1. **Revenue**: Shows a steady increase from £4.787 billion in 2024 to £5.0 billion in 2026, with organic growth improving from -3% in 2024 to 3% in 2026. 2. **Underlying Operating Profit**: Expected to rise from £274 million in 2024 to £300 million in 2026, with margins improving to 6.0% in 2026. 3. **Adjusted Net Debt**: Increases in 2025 due to the MT&S acquisition and share buybacks but is expected to reduce to £150 million in 2026. 4. **Free Cash Flow**: Remains strong, with guidance of £170 million in 2025 and £160 million in 2026. 5. **Leverage**: Net debt to EBITDA leverage is expected to be ~0.9x in 2025, below the medium-term target of 1-2x. This table provides a clear comparison of key financial metrics and debt levels across the years.
JIGI logo JIGI

Annual Financial Report

JPMorgan India Growth & Income PLC

**Summary of JPMorgan India Growth & Income PLC Annual Financial Report (Year Ended 30 September 2025)**
**Performance Highlights**
**NAV Total Return** -11.4% (vs. -13.5% for the MSCI India Index in Sterling terms).
**Share Price Total Return** -1.8%, outperforming the benchmark due to positive stock selection and capital gains tax credits.
**Cumulative Returns**
3-year NAV+5.9% (Benchmark: +11.3%)
Share price+20.8%.
5-year NAV+61.2% (annualised +10%)
Share price+76.7%.
10-year NAV+93.5% (annualised +6.8%)
Share price+101.2%.
**Dividends** First quarterly interim dividend of 11.08p declared
enhanced dividend policy targets 4% of prior year-end NAV annually.
**Share Repurchases** Completed a 30% tender offer (19.7 million shares) and bought back 3.9 million shares, reducing the share price discount to NAV to 8.9% (from 17.8% in 2024).
**Strategic Initiatives**
1. **Tender Offer** Repurchased 19.7 million shares at 1,167.22p per share, approved by shareholders in July 2025.
2. **Triennial Tender Offer** Planned for Q2 2028, offering 100% of shares at a 3% discount to NAV, with a safeguard to maintain NAV above £150 million.
3. **Single Digit Discount Target** Active buybacks to maintain a single-digit discount to NAV, utilizing a 14.99% buyback authority.
4. **Enhanced Dividend Policy** Annual dividends of at least 4% of prior year-end NAV, paid quarterly.
5. **Dividend Reinvestment Plan (DRIP)** Introduced starting January 2026.
6. **Management Fee Reduction** Lowered from 0.75% to 0.65% on the first £300 million of assets, and from 0.60% to 0.55% above £300 million.
7. **Name Change** Renamed to JPMorgan India Growth & Income plc (ticker: JIGI) to reflect the enhanced dividend focus.
**Financial Overview**
**Net Asset Value (NAV)** £502.2 million (2024: £860.9 million).
**Net Profit/(Loss)** £(87.8) million (2024: £127.3 million).
**Earnings/(Loss) per Share** (141.97)p (2024: 178.74p).
**NAV per Share:** 1108.2p (2024: 1250.1p).
**Board and Governance**
Charlotta Ginman succeeded Jasper Judd as Chair of the Audit and Risk Committee.
All Directors to stand for re-election at the 2026 AGM.
**Outlook**
Indian equities remain attractive due to strong long-term growth prospects, supported by structural changes like middle-class expansion and technological investment.
Near-term challenges include global uncertainty, tariff pressures, and subdued consumption, but policy measures (e.g., rate cuts, tax reforms) are expected to boost growth.
The Board and Portfolio Managers are confident in delivering consistent returns and competitive income as India realizes its potential.
**AGM Details**
Scheduled for 10 February 2026 at 60 Victoria Embankment, London.
Shareholders can attend in person or virtually, with voting encouraged via proxy.
**Key Risks**
Poor execution of investment strategy, geopolitical risks, cyber incidents, and legal/regulatory compliance.
Emerging riskClimate change, which could impact investee companies and regulatory disclosures.
**Conclusion**
Despite short-term market challenges, JPMorgan India Growth & Income PLC remains focused on long-term growth, shareholder value enhancement, and strategic initiatives to reduce discounts and increase investor appeal.
Here is the HTML table code comparing the financials and debt year on year based on the provided text:
Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Total Income/Loss170,630(88,990)(259,620)-152.1%
Profit/Loss Before Taxation164,084(94,669)(258,753)-157.7%
Net Profit/Loss127,285(87,769)(215,054)-168.9%
Net Assets860,887502,246(358,641)-41.7%
Cash and Cash Equivalents14,209(319)(14,528)-102.2%
Deferred Tax Liability(41,606)(17,833)23,77357.1%
Investments Held at Fair Value888,542518,076(370,466)-41.7%

Debt and Repurchases:

Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Repurchase of Shares for Cancellation (Tender Offer)0(230,837)(230,837)N/A
Repurchase of Shares into Treasury(41,833)(39,195)2,6386.3%
Net Cash Outflow from Financing Activities(41,833)(270,854)(229,021)547.5%
**Notes:** * The tables compare key financial metrics and debt/repurchase activities for 2024 and 2025. * The "Change" columns show the absolute difference between the two years. * The "Change (%)" columns show the percentage change between the two years. * N/A indicates that the metric was not applicable in the previous year. * The data is extracted from the provided text, specifically the financial statements and notes.
PRD logo PRD

End of Year Operations Update

Predator Oil & Gas Holdings Plc

**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)**
**Highlights**
**Production & Revenue** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averaged US$100,405 monthly.
**Trinidad Operations** First fully funded infill development well drilled and tied in. Fully funded for up to 12 infill wells and 14 heavy workovers in 2026.
**Growth Projections** Forecast to reach 1,000 bopd by end-2026, with a 5- to 10-fold increase in monthly revenues.
**Morocco Progress** Rigless testing validated gas saturations and mitigated formation damage. Discussions ongoing for fully-funded CNG/micro-LNG development.
**Partnerships & Funding** Finalizing partnerships for gas appraisal and development, with FID (Final Investment Decision) nearing.
**Trinidad Operations (2025 Progress)**
Cumulative oil production rose to 27,175 barrels (from 452 barrels in Jan 2025).
Daily production increased to 308 bopd (from 4 bopd in Jan 2025).
Established oil sales point at South Erin field
restored two Bonasse wells and drilled a new well (BON-16).
Production increased by 220% since October 2025
all fields returned to profitability post-restructuring.
**Trinidad 2026 Program**
Fully funded for 12 infill wells and 14 heavy workovers.
Key projectsBON-17 well, Goudron infill well (targeting 200 bopd), Snowcap-1 re-entry, and Snowcap-3 appraisal well (up to 400 bopd).
Aim to achieve 1000 bopd by year-endsignificantly boosting revenues.
**Morocco Operations (2025 Progress)**
MOU-3 testing confirmed gas saturations and mitigated formation damage.
Focus on MOU-1 and MOU-3 structure for CNG/micro-LNG development.
MOU-5 drilled under budget, encountering helium and Triassic salt, opening deeper reservoir potential.
**Morocco 2026 Program**
Updated resource report expected to uplift gas reserves.
Fully funded Environmental Impact Assessment and preliminary engineering design for CNG/micro-LNG.
Pursuing Exploitation Concession application by Q3 2026.
**Offshore Ireland**
Exploring strategic gas storage opportunities, advocating for offshore FSRU linked to subsurface storage.
Plans to compile documents on Corrib South authorization process under Irelands Freedom of Information Act.
**CEO Commentary (Paul Griffiths)**
Eliminated exposure to field operating costs in Trinidad
assets now profitable.
Focus on high-value drilling opportunities and partnerships for Morocco gas development.
Optimistic about 2026, with fully funded programs and improved market sentiment.
**Conclusion**
Predator Oil & Gas is poised for significant growth in 2026, with fully funded programs in Trinidad and Morocco driving production and revenue increases. Strategic partnerships and focus on gas development position the company for long-term success in a favorable global energy landscape.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not explicitly mention debt figures, the table focuses on key financial metrics available for 2025 and projections for 2026.
Metric2025 (Actual)2026 (Forecast)
Cumulative Oil Production (barrels)27,175 (as of 30/11/25)Up to 1,000 bopd by end 2026
Cumulative Sales Oil (barrels)25,300 (as of 31/10/25)N/A
Cumulative Gross Revenues (US$)806,051 (as of 31/10/25)5- to 10-fold increase in monthly revenues by end 2026
Cumulative Net Revenues (US$)200,810 (as of 31/10/25)N/A
Average Monthly Net Revenues (US$)100,405 (Sep & Oct 2025)5- to 10-fold increase by end 2026
Daily Oil Production (bopd)308 (as of 30/11/25)Up to 1,000 bopd by end 2026
Debt (US$)Not mentionedNot mentioned
### Notes: 1. **Debt**: The provided text does not include specific debt figures for either 2025 or 2026, so the table reflects this as "Not mentioned." 2. **Projections**: The 2026 figures are based on forecasts and targets mentioned in the text, such as increasing production to 1,000 bopd and a 5- to 10-fold increase in monthly revenues. 3. **Formatting**: The table is structured with bold headers for clarity and includes all available financial metrics from the text.
BNZL logo BNZL

Trading Statement

Bunzl PLC

**Summary**
Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition.
Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not contain specific numerical data for a detailed comparison, the table summarizes the key financial and debt-related points mentioned for 2025 and 2026.
Metric20252026 (Expected)
Revenue Growth (Constant Exchange Rates)2% - 3%Moderate growth
Revenue Growth (Actual Exchange Rates)Broadly flatNot specified
Underlying Revenue GrowthBroadly flatSome growth
Adjusted Operating ProfitIn-line with expectationsSlightly down year-on-year
Operating Margin~7.6%Slightly down from 2025
Leverage (Net Debt/EBITDA)Just over 2.0 timesNot specified
Acquisition SpendLower (£200m buyback + Damito acquisition)Improved year for acquisitions
### Explanation: 1. **Revenue Growth**: 2025 growth is driven by acquisitions, while 2026 expects moderate growth with some underlying revenue growth. 2. **Operating Profit & Margin**: 2025 profit is in-line with expectations, while 2026 expects a slight decline in operating margin. 3. **Leverage**: 2025 leverage is expected to be just over 2.0 times, with no specific figure provided for 2026. 4. **Acquisitions**: 2025 saw lower acquisition spend, while 2026 is expected to be an improved year for acquisitions. This table provides a concise comparison based on the available information.
ARV logo ARV

Titan East Discovery

Artemis Resources Ltd

Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at 1.6 g/t Au in hole 25ARRC025, following an earlier high-grade result of 5 meters at 13.1 g/t Au in hole 25ARRC006. These findings validate the potential of the newly identified Titan East shear zone.
The recent drilling campaign, which included six reverse circulation (RC) holes along a 600-meter strike length, has yielded encouraging visual results, with multiple holes intersecting broad zones of alteration and veining associated with gold mineralization. Diamond drilling commenced in December to better define the mineralized zones geometry and scale, with the first hole (25ARDD006) already intersecting significant quartz veining and alteration.
Artemis Resources plans to accelerate exploration efforts at Titan East, with further RC and diamond drilling scheduled for early 2026. The companys Executive Director, Jozsef Patarica, highlighted the potential for a substantial, coherent mineralized system beneath shallow cover, emphasizing the strategic importance of Titan East within the broader Carlow project. The area is located just 1.5 km from the existing Carlow deposit, which has an inferred resource of 374,000 ounces of gold and 64,000 tonnes of copper.
The discovery at Titan East represents a compelling growth opportunity for Artemis Resources, with the current drilling programs expected to underpin an expanded campaign in the coming year. The companys strategic location in a Tier 1 jurisdiction, coupled with its highly prospective tenure in the Pilbara Region, positions it well for further exploration success.
Discovery
AI 1 news title 1
Acquisitions 8 news titles 8
Agreement 0 news titles 0

No news for this category in the selected date range.

Approvals 1 news title 1
GSK logo GSK

Exdensur (depemokimab ulla) approved by US FDA

GSK plc

**Summary**
GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 12 and older. Exdensur is the **first and only ultra-long-acting biologic** requiring **twice-yearly dosing**, offering sustained protection from asthma exacerbations. The approval is based on positive results from the **SWIFT-1 and SWIFT-2 phase III trials**, which demonstrated a **58% and 48% reduction** in annualized asthma exacerbations compared to placebo, respectively. The trials also showed fewer hospitalizations and emergency department visits in patients treated with Exdensur.
With an estimated **2 million Americans** living with severe asthma, half of whom continue to experience frequent exacerbations, Exdensur addresses a significant unmet need. The drug’s extended half-life and reduced dosing frequency aim to improve patient adherence and outcomes while reducing healthcare system burden. Exdensur has also received regulatory approvals in the UK and a positive opinion in Europe, with decisions pending in other regions, including China and Japan. GSK is further evaluating depemokimab in other type 2 inflammation-driven diseases, such as chronic rhinosinusitis with nasal polyps, COPD, and hypereosinophilic syndrome.
Approvals
Authorisation 0 news titles 0

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Awards 2 news titles 2
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DirectorDealing 41 news titles 41
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Director/PDMR Shareholding

Howden Joinery Group Plc

<mark style="background-coloryellow">Purchase</mark> of shares pursuant to a dividend reinvestment plan
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Director/PDMR Shareholding

H C Slingsby PLC

HC Slingsby PLC, one of the market leaders in the distribution of industrial and commercial equipment, announces that it was today notified that Morgan Morris, Group Chief Executive, has transferred 11,928 ordinary shares of 25p each in the Company ("Ordinary Shares") originally held via his Self-Invested Personal Pension ("SIPP") into his own name, at a price of 60 pence per Share. This transfer from his SIPP was effected today by a sale and re<mark style="background-color:yellow">purchase</mark> of the Ordinary Shares.
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Director/PDMR Shareholding

Ondo InsurTech PLC

Following Admission of the Placing Shares and the SIP share <mark style="background-color:yellow">purchase</mark>s, the interest of the Directors interests are now as set out below.
Discovery 1 news title 1
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Titan East Discovery

Artemis Resources Ltd

Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at 1.6 g/t Au in hole 25ARRC025, following an earlier high-grade result of 5 meters at 13.1 g/t Au in hole 25ARRC006. These findings validate the potential of the newly identified Titan East shear zone.
The recent drilling campaign, which included six reverse circulation (RC) holes along a 600-meter strike length, has yielded encouraging visual results, with multiple holes intersecting broad zones of alteration and veining associated with gold mineralization. Diamond drilling commenced in December to better define the mineralized zones geometry and scale, with the first hole (25ARDD006) already intersecting significant quartz veining and alteration.
Artemis Resources plans to accelerate exploration efforts at Titan East, with further RC and diamond drilling scheduled for early 2026. The companys Executive Director, Jozsef Patarica, highlighted the potential for a substantial, coherent mineralized system beneath shallow cover, emphasizing the strategic importance of Titan East within the broader Carlow project. The area is located just 1.5 km from the existing Carlow deposit, which has an inferred resource of 374,000 ounces of gold and 64,000 tonnes of copper.
The discovery at Titan East represents a compelling growth opportunity for Artemis Resources, with the current drilling programs expected to underpin an expanded campaign in the coming year. The companys strategic location in a Tier 1 jurisdiction, coupled with its highly prospective tenure in the Pilbara Region, positions it well for further exploration success.
Discovery
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Launch 2 news titles 2
SEE logo SEE

Technical Paper Series - Intoxication launched

Seeing Machines Limited

**Summary**
Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Released on December 17, 2025, the paper highlights the companys efforts to address alcohol-related driver impairment, a persistent cause of road accidents globally. The initiative leverages Seeing Machines **Driver Monitoring System (DMS)** technology to detect impairment in real time, complementing traditional roadside <mark style="background-color:yellow">test</mark>ing methods.
Key points include
**Limitations of Blood Alcohol Concentration (BAC):** Traditional BAC measurements fail to capture the evolving nature of impairment over time, creating gaps between BAC levels and actual driver performance.
**Real-Time Impairment Detection** DMS technology assesses functional impairment directly, offering enhanced sensitivity and in-cabin intervention strategies.
**Collaborative Research** Seeing Machines is partnering with experts and universities to study the disconnect between BAC readings and real-world impairment, emphasizing technological innovation aligned with safety outcomes.
**Future Focus** Subsequent papers in the series will explore other impairment factors, such as cannabis, further advancing DMS capabilities for road safety.
This initiative underscores Seeing Machines commitment to revolutionizing transport safety through cutting-edge technology, with applications across automotive, commercial fleet, off-road, and aviation sectors.
Launch
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Launch of Bonus Warrant Acceleration Offer

Fulcrum Metals PLC

**Summary**
Fulcrum Metals PLC (AIMFMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of its **Teck-Hughes** and **Sylvanite Tailings Projects**. The offer encourages warrant holders to exercise their warrants at specified prices during the offer period (until January 16, 2026) in exchange for half bonus warrants exercisable at 10 pence for 18 months. Funds raised will support integrated development across the tailings projects, including drilling, <mark style="background-color:yellow">test</mark>ing, and optimization programs, with the goal of creating a processing hub and advancing toward maiden Mineral Resource Estimates and potential production.
CEO **Ryan Mee** highlighted recent milestones, such as successful auger drilling and metallurgical results with over 70% recovery of gold and silver, and emphasized the offer’s aim to strengthen the company’s financial position for accelerated growth. Directors, holding 3,609,413 warrant shares, are unlikely to participate due to regulatory restrictions. Fulcrum Metals leverages environmentally friendly leaching technology under an exclusive license for key Canadian mining districts, positioning itself as a near-term, sustainable gold producer.
**Key Points**
**Offer Purpose** Raise funds to accelerate Teck-Hughes and Sylvanite tailings projects.
**Terms** Warrant holders can exercise at 5p or 3p (or 5p for others) and receive half bonus warrants at 10p.
**Use of Funds** Integrated development, drilling, testing, and strategic opportunities.
**Timeline** Offer closes January 16, 2026.
**Strategic Vision** Leverage technology and tailings assets for sustainable gold production.
Launch
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Reports 7 news titles 7
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Annual Financial Report

JPMorgan India Growth & Income PLC

**Summary of JPMorgan India Growth & Income PLC Annual Financial Report (Year Ended 30 September 2025)**
**Performance Highlights**
**NAV Total Return** -11.4% (vs. -13.5% for the MSCI India Index in Sterling terms).
**Share Price Total Return** -1.8%, outperforming the benchmark due to positive stock selection and capital gains tax credits.
**Cumulative Returns**
3-year NAV+5.9% (Benchmark: +11.3%)
Share price+20.8%.
5-year NAV+61.2% (annualised +10%)
Share price+76.7%.
10-year NAV+93.5% (annualised +6.8%)
Share price+101.2%.
**Dividends** First quarterly interim dividend of 11.08p declared
enhanced dividend policy targets 4% of prior year-end NAV annually.
**Share Repurchases** Completed a 30% tender offer (19.7 million shares) and bought back 3.9 million shares, reducing the share price discount to NAV to 8.9% (from 17.8% in 2024).
**Strategic Initiatives**
1. **Tender Offer** Repurchased 19.7 million shares at 1,167.22p per share, approved by shareholders in July 2025.
2. **Triennial Tender Offer** Planned for Q2 2028, offering 100% of shares at a 3% discount to NAV, with a safeguard to maintain NAV above £150 million.
3. **Single Digit Discount Target** Active buybacks to maintain a single-digit discount to NAV, utilizing a 14.99% buyback authority.
4. **Enhanced Dividend Policy** Annual dividends of at least 4% of prior year-end NAV, paid quarterly.
5. **Dividend Reinvestment Plan (DRIP)** Introduced starting January 2026.
6. **Management Fee Reduction** Lowered from 0.75% to 0.65% on the first £300 million of assets, and from 0.60% to 0.55% above £300 million.
7. **Name Change** Renamed to JPMorgan India Growth & Income plc (ticker: JIGI) to reflect the enhanced dividend focus.
**Financial Overview**
**Net Asset Value (NAV)** £502.2 million (2024: £860.9 million).
**Net Profit/(Loss)** £(87.8) million (2024: £127.3 million).
**Earnings/(Loss) per Share** (141.97)p (2024: 178.74p).
**NAV per Share:** 1108.2p (2024: 1250.1p).
**Board and Governance**
Charlotta Ginman succeeded Jasper Judd as Chair of the Audit and Risk Committee.
All Directors to stand for re-election at the 2026 AGM.
**Outlook**
Indian equities remain attractive due to strong long-term growth prospects, supported by structural changes like middle-class expansion and technological investment.
Near-term challenges include global uncertainty, tariff pressures, and subdued consumption, but policy measures (e.g., rate cuts, tax reforms) are expected to boost growth.
The Board and Portfolio Managers are confident in delivering consistent returns and competitive income as India realizes its potential.
**AGM Details**
Scheduled for 10 February 2026 at 60 Victoria Embankment, London.
Shareholders can attend in person or virtually, with voting encouraged via proxy.
**Key Risks**
Poor execution of investment strategy, geopolitical risks, cyber incidents, and legal/regulatory compliance.
Emerging riskClimate change, which could impact investee companies and regulatory disclosures.
**Conclusion**
Despite short-term market challenges, JPMorgan India Growth & Income PLC remains focused on long-term growth, shareholder value enhancement, and strategic initiatives to reduce discounts and increase investor appeal.
Here is the HTML table code comparing the financials and debt year on year based on the provided text:
Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Total Income/Loss170,630(88,990)(259,620)-152.1%
Profit/Loss Before Taxation164,084(94,669)(258,753)-157.7%
Net Profit/Loss127,285(87,769)(215,054)-168.9%
Net Assets860,887502,246(358,641)-41.7%
Cash and Cash Equivalents14,209(319)(14,528)-102.2%
Deferred Tax Liability(41,606)(17,833)23,77357.1%
Investments Held at Fair Value888,542518,076(370,466)-41.7%

Debt and Repurchases:

Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Repurchase of Shares for Cancellation (Tender Offer)0(230,837)(230,837)N/A
Repurchase of Shares into Treasury(41,833)(39,195)2,6386.3%
Net Cash Outflow from Financing Activities(41,833)(270,854)(229,021)547.5%
**Notes:** * The tables compare key financial metrics and debt/repurchase activities for 2024 and 2025. * The "Change" columns show the absolute difference between the two years. * The "Change (%)" columns show the percentage change between the two years. * N/A indicates that the metric was not applicable in the previous year. * The data is extracted from the provided text, specifically the financial statements and notes.
Results 7 news titles 7
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Final Results

IntegraFin Holdings plc

IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7% to £75.4 million and underlying earnings per share (EPS) up 7% to 17.4p.
**Financial Highlights**
Closing Funds Under Direction (FUD) grew 16% to £74.2 billion, driven by strong net inflows of £4.4 billion, up 76% from the previous year.
Revenue increased 8% to £156.8 million, primarily due to higher average daily FUD.
Reported PBT increased slightly to £69.1 million, while underlying PBT rose 7% to £75.4 million.
Reported EPS decreased 1% to 15.5p, but underlying EPS increased 7% to 17.4p.
The client base expanded 5% to 246,200, reflecting the continued attractiveness of the Transact platform.
**Dividend and Outlook**
A second interim dividend of 8.0 pence per share was declared, resulting in a 9% increase in the total dividend for the year to 11.3 pence per share.
Transact is well-positioned to capture a growing share of the adviser platform market net inflows in FY26 and beyond.
The company expects to manage platform revenue margin and slow the growth of underlying administrative expenses, supporting profit margin expansion.
**Strategic Initiatives**
Completed a Group-wide cost review, identifying efficiency opportunities to accelerate future earnings growth.
Focused on digitalisation and integration enhancements, strengthening the Transact proposition and driving greater efficiency for financial advice firms.
Relocated to new premises, supporting sustainability objectives and staff wellbeing.
**CEO Commentary**
Alex Scott, CEO, highlighted the companys strong performance, driven by the appeal of the Transact platform and commitment to high-quality client service. He emphasized the importance of proprietary technology and personal customer service in delivering growth. Scott also noted the successful completion of the cost review and the companys position to deliver efficiency improvements and sustainable growth.
**Financial Review**
The platform business delivered strong performance, with FUD growth of 16% and net inflows up 76%. Revenue increased 8%, and underlying PBT rose 7%. Administrative expenses grew, primarily due to investment in staffing and technology. The company maintains a strong liquidity profile and focuses on corporate interest optimization.
**Risk Management and Sustainability**
The company outlined its principal risks, including competition, market risk, and regulatory compliance. It highlighted its risk management strategies, such as diversification, robust controls, and a focus on resilience. IntegraFin also formalized its sustainability efforts through a Responsible Business Strategy, aiming to embed sustainability at the core of its business.
**Conclusion**
IntegraFin Holdings plc demonstrated robust financial performance, strategic advancements, and a commitment to sustainability in FY25. With a strong market position, focus on efficiency, and investment in technology, the company is well-prepared to navigate the evolving wealth management landscape and deliver value to shareholders, clients, and advisers.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Total Group Revenue156.8144.98%
Reported Profit Before Tax (PBT)69.168.90%
Underlying Profit Before Tax (PBT)75.470.67%
Reported Earnings Per Share (EPS)15.5p15.7p-1%
Underlying Earnings Per Share (EPS)17.4p16.2p7%
Total Dividend Per Share11.3p10.4p9%
Net Inflows4,4002,50076%
Closing Funds Under Direction (FUD)74,20064,10016%
Average Daily FUD67,90059,60014%
Platform Clients246,191234,9985%
Total Administrative Expenses100.285.018%
Underlying Administrative Expenses91.083.39%
Non-underlying Expenses9.21.7441%
Interest Income10.910.72%
Net Assets224.9208.38%
**Notes:** * All values are in millions (£m) except for EPS and dividend per share which are in pence (p). * Net Inflows, Closing FUD, and Average Daily FUD are in millions (£m) for consistency with the original text. * The table includes key financial metrics such as revenue, profit, EPS, dividends, net inflows, FUD, administrative expenses, interest income, and net assets. * Debt is not explicitly mentioned in the provided text, so it's not included in the table. However, lease liabilities can be considered a form of debt, and they increased from £2.9m in 2024 to £13.0m in 2025.
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TR1 36 news titles 36
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Holding(s) in Company

Blackrock Smaller Companies Trust PLC

<mark style="background-coloryellow">TR1</mark> Buy
['BlackRock, Inc.', 'Below 5', '5.120000']
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Holding(s) in Company

Impax Environmental Markets PLC

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
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Holding(s) in Company

Costain Group PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '5.517363', '7.720744']
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Holding(s) in Company

Alphawave IP Group PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '7.643195', '7.469620']
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TR-1 Notification

PRS Reit PLC

TR1 Buy
['The Goldman Sachs Group, Inc.', '0.257805', '3.077101']
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Holding(s) in Company

Oxford Instruments PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Aberdeen Group plc', 'Below 5', '5.015127']
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Holding(s) in Company

Uniphar Group PLC

TR1 Buy
['Van Lanschot Kempen Investment Management NV', '4.268966', '3.27459']
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Holding(s) in Company

Renalytix AI plc

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '8.000675', '7.442592']
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Holding(s) in Company

Georgia Capital PLC

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', 'Below Minimum Threshold', '6.585608']
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Updates 24 news titles 24
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Update

Mercantile Ports & Logistics Ltd

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Serco pre-close trading update

Serco Group

**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026**
Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on December 17, 2025, highlighting robust performance and optimistic momentum.
**2025 Highlights**
**Revenue:** ~£4.9 billionup 3% at constant currencyincluding 1% organic growthdriven by defencejusticeand citizen services.
**Underlying Operating Profit** ~£270 million, with a 5.5% margin, exceeding prior guidance due to productivity improvements and contract performance.
**Free Cash Flow** Increased guidance to £170 million, with leverage at 0.9x net debt to EBITDA.
**Order Intake** ~£5.5 billion, with a book-to-bill ratio of at least 110%, predominantly in defence (two-thirds of awards).
**Pipeline** Expanded to a decade-high, reflecting strong demand for critical services in complex environments.
**Portfolio Development** Successful integration of MT&S acquisition, disposal of Hong Kong business, and mobilization of Mubadala joint venture in the Middle East.
**Operational Excellence** 20% reduction in safety incidents, fewer lost days, improved attrition, and strong colleague engagement.
**Shareholder Returns** Completed £50 million share buyback, totaling £390 million returned to shareholders since 2021.
**2026 Guidance**
**Revenue:** ~£5.0 billionwith improved organic growth of ~3%led by defencejusticeand citizen services.
**Underlying Operating Profit** ~£300 million, with a 6.0% margin, driven by contract ramp-ups, MT&S integration, and productivity gains.
**Financial Position** Adjusted net debt expected to reduce to ~£150 million, with trading cash conversion in line with the 80% medium-term target.
**Strategic Progress**
Strengthened leadership with new CEOs for North America and UK & Europe, enhancing international growth focus.
Major contract wins, including HMP Dovegate retention, Canada’s Future Aircrew Training Programme, and justice transport services in Victoria, Australia.
**CEO Comment**
Anthony Kirby emphasized Serco’s strategic and operational progress, highlighting the global demand for its services, particularly in defence, and the company’s robust financial and operational position.
**Conclusion**
Serco’s 2025 performance exceeded expectations, and its 2026 outlook remains positive, underpinned by strong market demand, operational excellence, and strategic portfolio enhancements. The company is well-positioned for sustainable growth in the government services sector.
Below is the HTML table code comparing the financials and debt year-on-year for Serco Group PLC based on the provided text:
Metric2024 Actual2025 Prior Guidance2025 New Guidance2026 Initial Guidance
Revenue (£m)4,787~4,900~4,900~5,000
Organic Sales Growth (%)(3)~1~1~3
Underlying Operating Profit (£m)274~260~270~300
Net Finance Costs (£m)33~48~46~50
Underlying Effective Tax Rate (%)25~23~23~25
Free Cash Flow (£m)228~130~170~160
Adjusted Net Debt (£m)100~285~265~150
Leverage (Net Debt/EBITDA)--~0.9x-
### Key Notes: 1. **Revenue**: Shows a steady increase from £4.787 billion in 2024 to £5.0 billion in 2026, with organic growth improving from -3% in 2024 to 3% in 2026. 2. **Underlying Operating Profit**: Expected to rise from £274 million in 2024 to £300 million in 2026, with margins improving to 6.0% in 2026. 3. **Adjusted Net Debt**: Increases in 2025 due to the MT&S acquisition and share buybacks but is expected to reduce to £150 million in 2026. 4. **Free Cash Flow**: Remains strong, with guidance of £170 million in 2025 and £160 million in 2026. 5. **Leverage**: Net debt to EBITDA leverage is expected to be ~0.9x in 2025, below the medium-term target of 1-2x. This table provides a clear comparison of key financial metrics and debt levels across the years.
PRD logo PRD

End of Year Operations Update

Predator Oil & Gas Holdings Plc

**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)**
**Highlights**
**Production & Revenue** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averaged US$100,405 monthly.
**Trinidad Operations** First fully funded infill development well drilled and tied in. Fully funded for up to 12 infill wells and 14 heavy workovers in 2026.
**Growth Projections** Forecast to reach 1,000 bopd by end-2026, with a 5- to 10-fold increase in monthly revenues.
**Morocco Progress** Rigless testing validated gas saturations and mitigated formation damage. Discussions ongoing for fully-funded CNG/micro-LNG development.
**Partnerships & Funding** Finalizing partnerships for gas appraisal and development, with FID (Final Investment Decision) nearing.
**Trinidad Operations (2025 Progress)**
Cumulative oil production rose to 27,175 barrels (from 452 barrels in Jan 2025).
Daily production increased to 308 bopd (from 4 bopd in Jan 2025).
Established oil sales point at South Erin field
restored two Bonasse wells and drilled a new well (BON-16).
Production increased by 220% since October 2025
all fields returned to profitability post-restructuring.
**Trinidad 2026 Program**
Fully funded for 12 infill wells and 14 heavy workovers.
Key projectsBON-17 well, Goudron infill well (targeting 200 bopd), Snowcap-1 re-entry, and Snowcap-3 appraisal well (up to 400 bopd).
Aim to achieve 1000 bopd by year-endsignificantly boosting revenues.
**Morocco Operations (2025 Progress)**
MOU-3 testing confirmed gas saturations and mitigated formation damage.
Focus on MOU-1 and MOU-3 structure for CNG/micro-LNG development.
MOU-5 drilled under budget, encountering helium and Triassic salt, opening deeper reservoir potential.
**Morocco 2026 Program**
Updated resource report expected to uplift gas reserves.
Fully funded Environmental Impact Assessment and preliminary engineering design for CNG/micro-LNG.
Pursuing Exploitation Concession application by Q3 2026.
**Offshore Ireland**
Exploring strategic gas storage opportunities, advocating for offshore FSRU linked to subsurface storage.
Plans to compile documents on Corrib South authorization process under Irelands Freedom of Information Act.
**CEO Commentary (Paul Griffiths)**
Eliminated exposure to field operating costs in Trinidad
assets now profitable.
Focus on high-value drilling opportunities and partnerships for Morocco gas development.
Optimistic about 2026, with fully funded programs and improved market sentiment.
**Conclusion**
Predator Oil & Gas is poised for significant growth in 2026, with fully funded programs in Trinidad and Morocco driving production and revenue increases. Strategic partnerships and focus on gas development position the company for long-term success in a favorable global energy landscape.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not explicitly mention debt figures, the table focuses on key financial metrics available for 2025 and projections for 2026.
Metric2025 (Actual)2026 (Forecast)
Cumulative Oil Production (barrels)27,175 (as of 30/11/25)Up to 1,000 bopd by end 2026
Cumulative Sales Oil (barrels)25,300 (as of 31/10/25)N/A
Cumulative Gross Revenues (US$)806,051 (as of 31/10/25)5- to 10-fold increase in monthly revenues by end 2026
Cumulative Net Revenues (US$)200,810 (as of 31/10/25)N/A
Average Monthly Net Revenues (US$)100,405 (Sep & Oct 2025)5- to 10-fold increase by end 2026
Daily Oil Production (bopd)308 (as of 30/11/25)Up to 1,000 bopd by end 2026
Debt (US$)Not mentionedNot mentioned
### Notes: 1. **Debt**: The provided text does not include specific debt figures for either 2025 or 2026, so the table reflects this as "Not mentioned." 2. **Projections**: The 2026 figures are based on forecasts and targets mentioned in the text, such as increasing production to 1,000 bopd and a 5- to 10-fold increase in monthly revenues. 3. **Formatting**: The table is structured with bold headers for clarity and includes all available financial metrics from the text.
BNZL logo BNZL

Trading Statement

Bunzl PLC

**Summary**
Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition.
Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not contain specific numerical data for a detailed comparison, the table summarizes the key financial and debt-related points mentioned for 2025 and 2026.
Metric20252026 (Expected)
Revenue Growth (Constant Exchange Rates)2% - 3%Moderate growth
Revenue Growth (Actual Exchange Rates)Broadly flatNot specified
Underlying Revenue GrowthBroadly flatSome growth
Adjusted Operating ProfitIn-line with expectationsSlightly down year-on-year
Operating Margin~7.6%Slightly down from 2025
Leverage (Net Debt/EBITDA)Just over 2.0 timesNot specified
Acquisition SpendLower (£200m buyback + Damito acquisition)Improved year for acquisitions
### Explanation: 1. **Revenue Growth**: 2025 growth is driven by acquisitions, while 2026 expects moderate growth with some underlying revenue growth. 2. **Operating Profit & Margin**: 2025 profit is in-line with expectations, while 2026 expects a slight decline in operating margin. 3. **Leverage**: 2025 leverage is expected to be just over 2.0 times, with no specific figure provided for 2026. 4. **Acquisitions**: 2025 saw lower acquisition spend, while 2026 is expected to be an improved year for acquisitions. This table provides a concise comparison based on the available information.
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Trading Floor
2025-12-17
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2025-12-17 18 picks
80 Positive
SEE
Seeing Machines Limited
Positive
**Summary:** Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Released on December 17, 2025, the paper highlights the companys efforts to address alcohol-related driver impairment, a persistent cause of road accidents globally. The initiative leverages Seeing Machines **Driver Monitoring System (DMS)** technology to detect impairment in real time, complementing traditional roadside <mark style="background-color:yellow">test</mark>ing methods. Key points include: - **Limitations of Blood Alcohol Concentration (BAC):** Traditional BAC measurements fail to capture the evolving nature of impairment over time, creating gaps between BAC levels and actual driver performance. - **Real-Time Impairment Detection:** DMS technology assesses functional impairment directly, offering enhanced sensitivity and in-cabin intervention strategies. - **Collaborative Research:** Seeing Machines is partnering with experts and universities to study the disconnect between BAC readings and real-world impairment, emphasizing technological innovation aligned with safety outcomes. - **Future Focus:** Subsequent papers in the series will explore other impairment factors, such as cannabis, further advancing DMS capabilities for road safety. This initiative underscores Seeing Machines commitment to revolutionizing transport safety through cutting-edge technology, with applications across automotive, commercial fleet, off-road, and aviation sectors.
**Summary**
Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Released on December 17, 2025, the paper highlights the companys efforts to address alcohol-related driver impairment, a persistent cause of road accidents globally. The initiative leverages Seeing Machines **Driver Monitoring System (DMS)** technology to detect impairment in real time, complementing traditional roadside <mark style="background-color:yellow">test</mark>ing methods.
Key points include
**Limitations of Blood Alcohol Concentration (BAC):** Traditional BAC measurements fail to capture the evolving nature of impairment over time, creating gaps between BAC levels and actual driver performance.
**Real-Time Impairment Detection** DMS technology assesses functional impairment directly, offering enhanced sensitivity and in-cabin intervention strategies.
**Collaborative Research** Seeing Machines is partnering with experts and universities to study the disconnect between BAC readings and real-world impairment, emphasizing technological innovation aligned with safety outcomes.
**Future Focus** Subsequent papers in the series will explore other impairment factors, such as cannabis, further advancing DMS capabilities for road safety.
This initiative underscores Seeing Machines commitment to revolutionizing transport safety through cutting-edge technology, with applications across automotive, commercial fleet, off-road, and aviation sectors.
Launch
06:01
80 Positive
GSK
GSK plc
Positive
**Summary:** GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 12 and older. Exdensur is the **first and only ultra-long-acting biologic** requiring **twice-yearly dosing**, offering sustained protection from asthma exacerbations. The approval is based on positive results from the **SWIFT-1 and SWIFT-2 phase III trials**, which demonstrated a **58% and 48% reduction** in annualized asthma exacerbations compared to placebo, respectively. The trials also showed fewer hospitalizations and emergency department visits in patients treated with Exdensur. With an estimated **2 million Americans** living with severe asthma, half of whom continue to experience frequent exacerbations, Exdensur addresses a significant unmet need. The drug’s extended half-life and reduced dosing frequency aim to improve patient adherence and outcomes while reducing healthcare system burden. Exdensur has also received regulatory approvals in the UK and a positive opinion in Europe, with decisions pending in other regions, including China and Japan. GSK is further evaluating depemokimab in other type 2 inflammation-driven diseases, such as chronic rhinosinusitis with nasal polyps, COPD, and hypereosinophilic syndrome.
**Summary**
GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 12 and older. Exdensur is the **first and only ultra-long-acting biologic** requiring **twice-yearly dosing**, offering sustained protection from asthma exacerbations. The approval is based on positive results from the **SWIFT-1 and SWIFT-2 phase III trials**, which demonstrated a **58% and 48% reduction** in annualized asthma exacerbations compared to placebo, respectively. The trials also showed fewer hospitalizations and emergency department visits in patients treated with Exdensur.
With an estimated **2 million Americans** living with severe asthma, half of whom continue to experience frequent exacerbations, Exdensur addresses a significant unmet need. The drug’s extended half-life and reduced dosing frequency aim to improve patient adherence and outcomes while reducing healthcare system burden. Exdensur has also received regulatory approvals in the UK and a positive opinion in Europe, with decisions pending in other regions, including China and Japan. GSK is further evaluating depemokimab in other type 2 inflammation-driven diseases, such as chronic rhinosinusitis with nasal polyps, COPD, and hypereosinophilic syndrome.
Approvals
06:01
80 Positive
FMET
Fulcrum Metals PLC
Positive
**Summary:** Fulcrum Metals PLC (AIM: FMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of its **Teck-Hughes** and **Sylvanite Tailings Projects**. The offer encourages warrant holders to exercise their warrants at specified prices during the offer period (until January 16, 2026) in exchange for half bonus warrants exercisable at 10 pence for 18 months. Funds raised will support integrated development across the tailings projects, including drilling, <mark style="background-color:yellow">test</mark>ing, and optimization programs, with the goal of creating a processing hub and advancing toward maiden Mineral Resource Estimates and potential production. CEO **Ryan Mee** highlighted recent milestones, such as successful auger drilling and metallurgical results with over 70% recovery of gold and silver, and emphasized the offer’s aim to strengthen the company’s financial position for accelerated growth. Directors, holding 3,609,413 warrant shares, are unlikely to participate due to regulatory restrictions. Fulcrum Metals leverages environmentally friendly leaching technology under an exclusive license for key Canadian mining districts, positioning itself as a near-term, sustainable gold producer. **Key Points:** - **Offer Purpose:** Raise funds to accelerate Teck-Hughes and Sylvanite tailings projects. - **Terms:** Warrant holders can exercise at 5p or 3p (or 5p for others) and receive half bonus warrants at 10p. - **Use of Funds:** Integrated development, drilling, testing, and strategic opportunities. - **Timeline:** Offer closes January 16, 2026. - **Strategic Vision:** Leverage technology and tailings assets for sustainable gold production.
**Summary**
Fulcrum Metals PLC (AIMFMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of its **Teck-Hughes** and **Sylvanite Tailings Projects**. The offer encourages warrant holders to exercise their warrants at specified prices during the offer period (until January 16, 2026) in exchange for half bonus warrants exercisable at 10 pence for 18 months. Funds raised will support integrated development across the tailings projects, including drilling, <mark style="background-color:yellow">test</mark>ing, and optimization programs, with the goal of creating a processing hub and advancing toward maiden Mineral Resource Estimates and potential production.
CEO **Ryan Mee** highlighted recent milestones, such as successful auger drilling and metallurgical results with over 70% recovery of gold and silver, and emphasized the offer’s aim to strengthen the company’s financial position for accelerated growth. Directors, holding 3,609,413 warrant shares, are unlikely to participate due to regulatory restrictions. Fulcrum Metals leverages environmentally friendly leaching technology under an exclusive license for key Canadian mining districts, positioning itself as a near-term, sustainable gold producer.
**Key Points**
**Offer Purpose** Raise funds to accelerate Teck-Hughes and Sylvanite tailings projects.
**Terms** Warrant holders can exercise at 5p or 3p (or 5p for others) and receive half bonus warrants at 10p.
**Use of Funds** Integrated development, drilling, testing, and strategic opportunities.
**Timeline** Offer closes January 16, 2026.
**Strategic Vision** Leverage technology and tailings assets for sustainable gold production.
Launch
06:01
93 Strong Beat
IHP
IntegraFin Holdings plc
Positive
IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7% to £75.4 million and underlying earnings per share (EPS) up 7% to 17.4p. **Financial Highlights:** - Closing Funds Under Direction (FUD) grew 16% to £74.2 billion, driven by strong net inflows of £4.4 billion, up 76% from the previous year. - Revenue increased 8% to £156.8 million, primarily due to higher average daily FUD. - Reported PBT increased slightly to £69.1 million, while underlying PBT rose 7% to £75.4 million. - Reported EPS decreased 1% to 15.5p, but underlying EPS increased 7% to 17.4p. - The client base expanded 5% to 246,200, reflecting the continued attractiveness of the Transact platform. **Dividend and Outlook:** - A second interim dividend of 8.0 pence per share was declared, resulting in a 9% increase in the total dividend for the year to 11.3 pence per share. - Transact is well-positioned to capture a growing share of the adviser platform market net inflows in FY26 and beyond. - The company expects to manage platform revenue margin and slow the growth of underlying administrative expenses, supporting profit margin expansion. **Strategic Initiatives:** - Completed a Group-wide cost review, identifying efficiency opportunities to accelerate future earnings growth. - Focused on digitalisation and integration enhancements, strengthening the Transact proposition and driving greater efficiency for financial advice firms. - Relocated to new premises, supporting sustainability objectives and staff wellbeing. **CEO Commentary:** Alex Scott, CEO, highlighted the companys strong performance, driven by the appeal of the Transact platform and commitment to high-quality client service. He emphasized the importance of proprietary technology and personal customer service in delivering growth. Scott also noted the successful completion of the cost review and the companys position to deliver efficiency improvements and sustainable growth. **Financial Review:** The platform business delivered strong performance, with FUD growth of 16% and net inflows up 76%. Revenue increased 8%, and underlying PBT rose 7%. Administrative expenses grew, primarily due to investment in staffing and technology. The company maintains a strong liquidity profile and focuses on corporate interest optimization. **Risk Management and Sustainability:** The company outlined its principal risks, including competition, market risk, and regulatory compliance. It highlighted its risk management strategies, such as diversification, robust controls, and a focus on resilience. IntegraFin also formalized its sustainability efforts through a Responsible Business Strategy, aiming to embed sustainability at the core of its business. **Conclusion:** IntegraFin Holdings plc demonstrated robust financial performance, strategic advancements, and a commitment to sustainability in FY25. With a strong market position, focus on efficiency, and investment in technology, the company is well-prepared to navigate the evolving wealth management landscape and deliver value to shareholders, clients, and advisers.
IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7% to £75.4 million and underlying earnings per share (EPS) up 7% to 17.4p.
**Financial Highlights**
Closing Funds Under Direction (FUD) grew 16% to £74.2 billion, driven by strong net inflows of £4.4 billion, up 76% from the previous year.
Revenue increased 8% to £156.8 million, primarily due to higher average daily FUD.
Reported PBT increased slightly to £69.1 million, while underlying PBT rose 7% to £75.4 million.
Reported EPS decreased 1% to 15.5p, but underlying EPS increased 7% to 17.4p.
The client base expanded 5% to 246,200, reflecting the continued attractiveness of the Transact platform.
**Dividend and Outlook**
A second interim dividend of 8.0 pence per share was declared, resulting in a 9% increase in the total dividend for the year to 11.3 pence per share.
Transact is well-positioned to capture a growing share of the adviser platform market net inflows in FY26 and beyond.
The company expects to manage platform revenue margin and slow the growth of underlying administrative expenses, supporting profit margin expansion.
**Strategic Initiatives**
Completed a Group-wide cost review, identifying efficiency opportunities to accelerate future earnings growth.
Focused on digitalisation and integration enhancements, strengthening the Transact proposition and driving greater efficiency for financial advice firms.
Relocated to new premises, supporting sustainability objectives and staff wellbeing.
**CEO Commentary**
Alex Scott, CEO, highlighted the companys strong performance, driven by the appeal of the Transact platform and commitment to high-quality client service. He emphasized the importance of proprietary technology and personal customer service in delivering growth. Scott also noted the successful completion of the cost review and the companys position to deliver efficiency improvements and sustainable growth.
**Financial Review**
The platform business delivered strong performance, with FUD growth of 16% and net inflows up 76%. Revenue increased 8%, and underlying PBT rose 7%. Administrative expenses grew, primarily due to investment in staffing and technology. The company maintains a strong liquidity profile and focuses on corporate interest optimization.
**Risk Management and Sustainability**
The company outlined its principal risks, including competition, market risk, and regulatory compliance. It highlighted its risk management strategies, such as diversification, robust controls, and a focus on resilience. IntegraFin also formalized its sustainability efforts through a Responsible Business Strategy, aiming to embed sustainability at the core of its business.
**Conclusion**
IntegraFin Holdings plc demonstrated robust financial performance, strategic advancements, and a commitment to sustainability in FY25. With a strong market position, focus on efficiency, and investment in technology, the company is well-prepared to navigate the evolving wealth management landscape and deliver value to shareholders, clients, and advisers.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Total Group Revenue156.8144.98%
Reported Profit Before Tax (PBT)69.168.90%
Underlying Profit Before Tax (PBT)75.470.67%
Reported Earnings Per Share (EPS)15.5p15.7p-1%
Underlying Earnings Per Share (EPS)17.4p16.2p7%
Total Dividend Per Share11.3p10.4p9%
Net Inflows4,4002,50076%
Closing Funds Under Direction (FUD)74,20064,10016%
Average Daily FUD67,90059,60014%
Platform Clients246,191234,9985%
Total Administrative Expenses100.285.018%
Underlying Administrative Expenses91.083.39%
Non-underlying Expenses9.21.7441%
Interest Income10.910.72%
Net Assets224.9208.38%
**Notes:** * All values are in millions (£m) except for EPS and dividend per share which are in pence (p). * Net Inflows, Closing FUD, and Average Daily FUD are in millions (£m) for consistency with the original text. * The table includes key financial metrics such as revenue, profit, EPS, dividends, net inflows, FUD, administrative expenses, interest income, and net assets. * Debt is not explicitly mentioned in the provided text, so it's not included in the table. However, lease liabilities can be considered a form of debt, and they increased from £2.9m in 2024 to £13.0m in 2025.
06:01
88 Trading Edge
SRP
Serco Group
Positive
**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026** Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on December 17, 2025, highlighting robust performance and optimistic momentum. **2025 Highlights:** - **Revenue:** ~£4.9 billion, up 3% at constant currency, including 1% organic growth, driven by defence, justice, and citizen services. - **Underlying Operating Profit:** ~£270 million, with a 5.5% margin, exceeding prior guidance due to productivity improvements and contract performance. - **Free Cash Flow:** Increased guidance to £170 million, with leverage at 0.9x net debt to EBITDA. - **Order Intake:** ~£5.5 billion, with a book-to-bill ratio of at least 110%, predominantly in defence (two-thirds of awards). - **Pipeline:** Expanded to a decade-high, reflecting strong demand for critical services in complex environments. - **Portfolio Development:** Successful integration of MT&S acquisition, disposal of Hong Kong business, and mobilization of Mubadala joint venture in the Middle East. - **Operational Excellence:** 20% reduction in safety incidents, fewer lost days, improved attrition, and strong colleague engagement. - **Shareholder Returns:** Completed £50 million share buyback, totaling £390 million returned to shareholders since 2021. **2026 Guidance:** - **Revenue:** ~£5.0 billion, with improved organic growth of ~3%, led by defence, justice, and citizen services. - **Underlying Operating Profit:** ~£300 million, with a 6.0% margin, driven by contract ramp-ups, MT&S integration, and productivity gains. - **Financial Position:** Adjusted net debt expected to reduce to ~£150 million, with trading cash conversion in line with the 80% medium-term target. **Strategic Progress:** - Strengthened leadership with new CEOs for North America and UK & Europe, enhancing international growth focus. - Major contract wins, including HMP Dovegate retention, Canada’s Future Aircrew Training Programme, and justice transport services in Victoria, Australia. **CEO Comment:** Anthony Kirby emphasized Serco’s strategic and operational progress, highlighting the global demand for its services, particularly in defence, and the company’s robust financial and operational position. **Conclusion:** Serco’s 2025 performance exceeded expectations, and its 2026 outlook remains positive, underpinned by strong market demand, operational excellence, and strategic portfolio enhancements. The company is well-positioned for sustainable growth in the government services sector.
**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026**
Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on December 17, 2025, highlighting robust performance and optimistic momentum.
**2025 Highlights**
**Revenue:** ~£4.9 billionup 3% at constant currencyincluding 1% organic growthdriven by defencejusticeand citizen services.
**Underlying Operating Profit** ~£270 million, with a 5.5% margin, exceeding prior guidance due to productivity improvements and contract performance.
**Free Cash Flow** Increased guidance to £170 million, with leverage at 0.9x net debt to EBITDA.
**Order Intake** ~£5.5 billion, with a book-to-bill ratio of at least 110%, predominantly in defence (two-thirds of awards).
**Pipeline** Expanded to a decade-high, reflecting strong demand for critical services in complex environments.
**Portfolio Development** Successful integration of MT&S acquisition, disposal of Hong Kong business, and mobilization of Mubadala joint venture in the Middle East.
**Operational Excellence** 20% reduction in safety incidents, fewer lost days, improved attrition, and strong colleague engagement.
**Shareholder Returns** Completed £50 million share buyback, totaling £390 million returned to shareholders since 2021.
**2026 Guidance**
**Revenue:** ~£5.0 billionwith improved organic growth of ~3%led by defencejusticeand citizen services.
**Underlying Operating Profit** ~£300 million, with a 6.0% margin, driven by contract ramp-ups, MT&S integration, and productivity gains.
**Financial Position** Adjusted net debt expected to reduce to ~£150 million, with trading cash conversion in line with the 80% medium-term target.
**Strategic Progress**
Strengthened leadership with new CEOs for North America and UK & Europe, enhancing international growth focus.
Major contract wins, including HMP Dovegate retention, Canada’s Future Aircrew Training Programme, and justice transport services in Victoria, Australia.
**CEO Comment**
Anthony Kirby emphasized Serco’s strategic and operational progress, highlighting the global demand for its services, particularly in defence, and the company’s robust financial and operational position.
**Conclusion**
Serco’s 2025 performance exceeded expectations, and its 2026 outlook remains positive, underpinned by strong market demand, operational excellence, and strategic portfolio enhancements. The company is well-positioned for sustainable growth in the government services sector.
Below is the HTML table code comparing the financials and debt year-on-year for Serco Group PLC based on the provided text:
Metric2024 Actual2025 Prior Guidance2025 New Guidance2026 Initial Guidance
Revenue (£m)4,787~4,900~4,900~5,000
Organic Sales Growth (%)(3)~1~1~3
Underlying Operating Profit (£m)274~260~270~300
Net Finance Costs (£m)33~48~46~50
Underlying Effective Tax Rate (%)25~23~23~25
Free Cash Flow (£m)228~130~170~160
Adjusted Net Debt (£m)100~285~265~150
Leverage (Net Debt/EBITDA)--~0.9x-
### Key Notes: 1. **Revenue**: Shows a steady increase from £4.787 billion in 2024 to £5.0 billion in 2026, with organic growth improving from -3% in 2024 to 3% in 2026. 2. **Underlying Operating Profit**: Expected to rise from £274 million in 2024 to £300 million in 2026, with margins improving to 6.0% in 2026. 3. **Adjusted Net Debt**: Increases in 2025 due to the MT&S acquisition and share buybacks but is expected to reduce to £150 million in 2026. 4. **Free Cash Flow**: Remains strong, with guidance of £170 million in 2025 and £160 million in 2026. 5. **Leverage**: Net debt to EBITDA leverage is expected to be ~0.9x in 2025, below the medium-term target of 1-2x. This table provides a clear comparison of key financial metrics and debt levels across the years.
06:01
88 Trading Edge
PRD
Predator Oil & Gas Holdings Plc
Positive
**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)** **Highlights:** - **Production & Revenue:** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averaged US$100,405 monthly. - **Trinidad Operations:** First fully funded infill development well drilled and tied in. Fully funded for up to 12 infill wells and 14 heavy workovers in 2026. - **Growth Projections:** Forecast to reach 1,000 bopd by end-2026, with a 5- to 10-fold increase in monthly revenues. - **Morocco Progress:** Rigless testing validated gas saturations and mitigated formation damage. Discussions ongoing for fully-funded CNG/micro-LNG development. - **Partnerships & Funding:** Finalizing partnerships for gas appraisal and development, with FID (Final Investment Decision) nearing. **Trinidad Operations (2025 Progress):** - Cumulative oil production rose to 27,175 barrels (from 452 barrels in Jan 2025). - Daily production increased to 308 bopd (from 4 bopd in Jan 2025). - Established oil sales point at South Erin field; restored two Bonasse wells and drilled a new well (BON-16). - Production increased by 220% since October 2025; all fields returned to profitability post-restructuring. **Trinidad 2026 Program:** - Fully funded for 12 infill wells and 14 heavy workovers. - Key projects: BON-17 well, Goudron infill well (targeting 200 bopd), Snowcap-1 re-entry, and Snowcap-3 appraisal well (up to 400 bopd). - Aim to achieve 1,000 bopd by year-end, significantly boosting revenues. **Morocco Operations (2025 Progress):** - MOU-3 testing confirmed gas saturations and mitigated formation damage. - Focus on MOU-1 and MOU-3 structure for CNG/micro-LNG development. - MOU-5 drilled under budget, encountering helium and Triassic salt, opening deeper reservoir potential. **Morocco 2026 Program:** - Updated resource report expected to uplift gas reserves. - Fully funded Environmental Impact Assessment and preliminary engineering design for CNG/micro-LNG. - Pursuing Exploitation Concession application by Q3 2026. **Offshore Ireland:** - Exploring strategic gas storage opportunities, advocating for offshore FSRU linked to subsurface storage. - Plans to compile documents on Corrib South authorization process under Irelands Freedom of Information Act. **CEO Commentary (Paul Griffiths):** - Eliminated exposure to field operating costs in Trinidad; assets now profitable. - Focus on high-value drilling opportunities and partnerships for Morocco gas development. - Optimistic about 2026, with fully funded programs and improved market sentiment. **Conclusion:** Predator Oil & Gas is poised for significant growth in 2026, with fully funded programs in Trinidad and Morocco driving production and revenue increases. Strategic partnerships and focus on gas development position the company for long-term success in a favorable global energy landscape.
**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)**
**Highlights**
**Production & Revenue** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averaged US$100,405 monthly.
**Trinidad Operations** First fully funded infill development well drilled and tied in. Fully funded for up to 12 infill wells and 14 heavy workovers in 2026.
**Growth Projections** Forecast to reach 1,000 bopd by end-2026, with a 5- to 10-fold increase in monthly revenues.
**Morocco Progress** Rigless testing validated gas saturations and mitigated formation damage. Discussions ongoing for fully-funded CNG/micro-LNG development.
**Partnerships & Funding** Finalizing partnerships for gas appraisal and development, with FID (Final Investment Decision) nearing.
**Trinidad Operations (2025 Progress)**
Cumulative oil production rose to 27,175 barrels (from 452 barrels in Jan 2025).
Daily production increased to 308 bopd (from 4 bopd in Jan 2025).
Established oil sales point at South Erin field
restored two Bonasse wells and drilled a new well (BON-16).
Production increased by 220% since October 2025
all fields returned to profitability post-restructuring.
**Trinidad 2026 Program**
Fully funded for 12 infill wells and 14 heavy workovers.
Key projectsBON-17 well, Goudron infill well (targeting 200 bopd), Snowcap-1 re-entry, and Snowcap-3 appraisal well (up to 400 bopd).
Aim to achieve 1000 bopd by year-endsignificantly boosting revenues.
**Morocco Operations (2025 Progress)**
MOU-3 testing confirmed gas saturations and mitigated formation damage.
Focus on MOU-1 and MOU-3 structure for CNG/micro-LNG development.
MOU-5 drilled under budget, encountering helium and Triassic salt, opening deeper reservoir potential.
**Morocco 2026 Program**
Updated resource report expected to uplift gas reserves.
Fully funded Environmental Impact Assessment and preliminary engineering design for CNG/micro-LNG.
Pursuing Exploitation Concession application by Q3 2026.
**Offshore Ireland**
Exploring strategic gas storage opportunities, advocating for offshore FSRU linked to subsurface storage.
Plans to compile documents on Corrib South authorization process under Irelands Freedom of Information Act.
**CEO Commentary (Paul Griffiths)**
Eliminated exposure to field operating costs in Trinidad
assets now profitable.
Focus on high-value drilling opportunities and partnerships for Morocco gas development.
Optimistic about 2026, with fully funded programs and improved market sentiment.
**Conclusion**
Predator Oil & Gas is poised for significant growth in 2026, with fully funded programs in Trinidad and Morocco driving production and revenue increases. Strategic partnerships and focus on gas development position the company for long-term success in a favorable global energy landscape.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not explicitly mention debt figures, the table focuses on key financial metrics available for 2025 and projections for 2026.
Metric2025 (Actual)2026 (Forecast)
Cumulative Oil Production (barrels)27,175 (as of 30/11/25)Up to 1,000 bopd by end 2026
Cumulative Sales Oil (barrels)25,300 (as of 31/10/25)N/A
Cumulative Gross Revenues (US$)806,051 (as of 31/10/25)5- to 10-fold increase in monthly revenues by end 2026
Cumulative Net Revenues (US$)200,810 (as of 31/10/25)N/A
Average Monthly Net Revenues (US$)100,405 (Sep & Oct 2025)5- to 10-fold increase by end 2026
Daily Oil Production (bopd)308 (as of 30/11/25)Up to 1,000 bopd by end 2026
Debt (US$)Not mentionedNot mentioned
### Notes: 1. **Debt**: The provided text does not include specific debt figures for either 2025 or 2026, so the table reflects this as "Not mentioned." 2. **Projections**: The 2026 figures are based on forecasts and targets mentioned in the text, such as increasing production to 1,000 bopd and a 5- to 10-fold increase in monthly revenues. 3. **Formatting**: The table is structured with bold headers for clarity and includes all available financial metrics from the text.
06:01
88 Trading Edge
BNZL
Bunzl PLC
Positive
**Summary:** Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition. Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.
**Summary**
Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition.
Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not contain specific numerical data for a detailed comparison, the table summarizes the key financial and debt-related points mentioned for 2025 and 2026.
Metric20252026 (Expected)
Revenue Growth (Constant Exchange Rates)2% - 3%Moderate growth
Revenue Growth (Actual Exchange Rates)Broadly flatNot specified
Underlying Revenue GrowthBroadly flatSome growth
Adjusted Operating ProfitIn-line with expectationsSlightly down year-on-year
Operating Margin~7.6%Slightly down from 2025
Leverage (Net Debt/EBITDA)Just over 2.0 timesNot specified
Acquisition SpendLower (£200m buyback + Damito acquisition)Improved year for acquisitions
### Explanation: 1. **Revenue Growth**: 2025 growth is driven by acquisitions, while 2026 expects moderate growth with some underlying revenue growth. 2. **Operating Profit & Margin**: 2025 profit is in-line with expectations, while 2026 expects a slight decline in operating margin. 3. **Leverage**: 2025 leverage is expected to be just over 2.0 times, with no specific figure provided for 2026. 4. **Acquisitions**: 2025 saw lower acquisition spend, while 2026 is expected to be an improved year for acquisitions. This table provides a concise comparison based on the available information.
06:01
80 Positive
ARV
Artemis Resources Ltd
Positive
Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at 1.6 g/t Au in hole 25ARRC025, following an earlier high-grade result of 5 meters at 13.1 g/t Au in hole 25ARRC006. These findings validate the potential of the newly identified Titan East shear zone. The recent drilling campaign, which included six reverse circulation (RC) holes along a 600-meter strike length, has yielded encouraging visual results, with multiple holes intersecting broad zones of alteration and veining associated with gold mineralization. Diamond drilling commenced in December to better define the mineralized zones geometry and scale, with the first hole (25ARDD006) already intersecting significant quartz veining and alteration. Artemis Resources plans to accelerate exploration efforts at Titan East, with further RC and diamond drilling scheduled for early 2026. The companys Executive Director, Jozsef Patarica, highlighted the potential for a substantial, coherent mineralized system beneath shallow cover, emphasizing the strategic importance of Titan East within the broader Carlow project. The area is located just 1.5 km from the existing Carlow deposit, which has an inferred resource of 374,000 ounces of gold and 64,000 tonnes of copper. The discovery at Titan East represents a compelling growth opportunity for Artemis Resources, with the current drilling programs expected to underpin an expanded campaign in the coming year. The companys strategic location in a Tier 1 jurisdiction, coupled with its highly prospective tenure in the Pilbara Region, positions it well for further exploration success.
Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at 1.6 g/t Au in hole 25ARRC025, following an earlier high-grade result of 5 meters at 13.1 g/t Au in hole 25ARRC006. These findings validate the potential of the newly identified Titan East shear zone.
The recent drilling campaign, which included six reverse circulation (RC) holes along a 600-meter strike length, has yielded encouraging visual results, with multiple holes intersecting broad zones of alteration and veining associated with gold mineralization. Diamond drilling commenced in December to better define the mineralized zones geometry and scale, with the first hole (25ARDD006) already intersecting significant quartz veining and alteration.
Artemis Resources plans to accelerate exploration efforts at Titan East, with further RC and diamond drilling scheduled for early 2026. The companys Executive Director, Jozsef Patarica, highlighted the potential for a substantial, coherent mineralized system beneath shallow cover, emphasizing the strategic importance of Titan East within the broader Carlow project. The area is located just 1.5 km from the existing Carlow deposit, which has an inferred resource of 374,000 ounces of gold and 64,000 tonnes of copper.
The discovery at Titan East represents a compelling growth opportunity for Artemis Resources, with the current drilling programs expected to underpin an expanded campaign in the coming year. The companys strategic location in a Tier 1 jurisdiction, coupled with its highly prospective tenure in the Pilbara Region, positions it well for further exploration success.
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HC Slingsby PLC, one of the market leaders in the distribution of industrial and commercial equipment, announces that it was today notified that Morgan Morris, Group Chief Executive, has transferred 11,928 ordinary shares of 25p each in th…

HC Slingsby PLC, one of the market leaders in the distribution of industrial and commercial equipment, announces that it was today notified that Morgan Morris, Group Chief Executive, has transferred 11,928 ordinary shares of 25p each in the Company ("Ordinary Shares") originally held via his Self-Invested Personal Pension ("SIPP") into his own name, at a price of 60 pence per Share. This transfer from his SIPP was effected today by a sale and re<mark style="background-color:yellow">purchase</mark> of the Ordinary Shares.
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Net Asset Value

CMB1
CMB1 iShares FTSE MIB UCITS
06:11
Market

Net Asset Value

0A3E
0A3E 0A3E
06:11
Market

Net Asset Value

TRST
TRST Trustpilot Group PLC
06:06
Market

Transaction in Own Shares

SRP
SRP Serco Group
06:02
Market

CFO Retirement

FIPP
FIPP Frontier IP Group Plc
06:02
Market

Retail Offer

OCI
OCI Oakley Capital Investments …
06:02
Market

Transaction in Own Shares

DEC
DEC Diversified Energy Company …
06:02
Market

Transaction in Own Shares

GROW
GROW Draper Esprit PLC
06:01
Market

Transaction in Own Shares

SEE
SEE Seeing Machines Limited
06:01
Market

Technical Paper Series - Intoxication launched

**Summary:** Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Release…

**Summary**
Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Released on December 17, 2025, the paper highlights the companys efforts to address alcohol-related driver impairment, a persistent cause of road accidents globally. The initiative leverages Seeing Machines **Driver Monitoring System (DMS)** technology to detect impairment in real time, complementing traditional roadside <mark style="background-color:yellow">test</mark>ing methods.
Key points include
**Limitations of Blood Alcohol Concentration (BAC):** Traditional BAC measurements fail to capture the evolving nature of impairment over time, creating gaps between BAC levels and actual driver performance.
**Real-Time Impairment Detection** DMS technology assesses functional impairment directly, offering enhanced sensitivity and in-cabin intervention strategies.
**Collaborative Research** Seeing Machines is partnering with experts and universities to study the disconnect between BAC readings and real-world impairment, emphasizing technological innovation aligned with safety outcomes.
**Future Focus** Subsequent papers in the series will explore other impairment factors, such as cannabis, further advancing DMS capabilities for road safety.
This initiative underscores Seeing Machines commitment to revolutionizing transport safety through cutting-edge technology, with applications across automotive, commercial fleet, off-road, and aviation sectors.
Launch
MWE
MWE M.T.I Wireless Edge Ltd
06:01
Market

MTI achieves AS9100D certification

CCH
CCH Coca Cola HBC AG
06:01
Market

Notice of EGM

GSK
GSK GSK plc
06:01
Market

Exdensur (depemokimab ulla) approved by US FDA

**Summary:** GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 1…

**Summary**
GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 12 and older. Exdensur is the **first and only ultra-long-acting biologic** requiring **twice-yearly dosing**, offering sustained protection from asthma exacerbations. The approval is based on positive results from the **SWIFT-1 and SWIFT-2 phase III trials**, which demonstrated a **58% and 48% reduction** in annualized asthma exacerbations compared to placebo, respectively. The trials also showed fewer hospitalizations and emergency department visits in patients treated with Exdensur.
With an estimated **2 million Americans** living with severe asthma, half of whom continue to experience frequent exacerbations, Exdensur addresses a significant unmet need. The drug’s extended half-life and reduced dosing frequency aim to improve patient adherence and outcomes while reducing healthcare system burden. Exdensur has also received regulatory approvals in the UK and a positive opinion in Europe, with decisions pending in other regions, including China and Japan. GSK is further evaluating depemokimab in other type 2 inflammation-driven diseases, such as chronic rhinosinusitis with nasal polyps, COPD, and hypereosinophilic syndrome.
Approvals
FMET
FMET Fulcrum Metals PLC
06:01
Market

Launch of Bonus Warrant Acceleration Offer

**Summary:** Fulcrum Metals PLC (AIM: FMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of …

**Summary**
Fulcrum Metals PLC (AIMFMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of its **Teck-Hughes** and **Sylvanite Tailings Projects**. The offer encourages warrant holders to exercise their warrants at specified prices during the offer period (until January 16, 2026) in exchange for half bonus warrants exercisable at 10 pence for 18 months. Funds raised will support integrated development across the tailings projects, including drilling, <mark style="background-color:yellow">test</mark>ing, and optimization programs, with the goal of creating a processing hub and advancing toward maiden Mineral Resource Estimates and potential production.
CEO **Ryan Mee** highlighted recent milestones, such as successful auger drilling and metallurgical results with over 70% recovery of gold and silver, and emphasized the offer’s aim to strengthen the company’s financial position for accelerated growth. Directors, holding 3,609,413 warrant shares, are unlikely to participate due to regulatory restrictions. Fulcrum Metals leverages environmentally friendly leaching technology under an exclusive license for key Canadian mining districts, positioning itself as a near-term, sustainable gold producer.
**Key Points**
**Offer Purpose** Raise funds to accelerate Teck-Hughes and Sylvanite tailings projects.
**Terms** Warrant holders can exercise at 5p or 3p (or 5p for others) and receive half bonus warrants at 10p.
**Use of Funds** Integrated development, drilling, testing, and strategic opportunities.
**Timeline** Offer closes January 16, 2026.
**Strategic Vision** Leverage technology and tailings assets for sustainable gold production.
Launch
AVCT
AVCT Avacta Group PLC
06:01
Market

Faridoxorubicin Phase 1b SGC data

EWI
EWI Edinburgh Worldwide Investm…
06:01
Market

EWIT: Stop SABA Taking Over EWIT

RTC
RTC RTC Group plc
06:01
Market

Change of broker

EJFZ
EJFZ EJF Investments Limited
06:01
Market

Recent Investment Announcement

KRPZ
KRPZ Kropz Plc
06:01
Market

Legal Claim Update

ADF
ADF Facilities By ADF PLC
06:01
Market

Director Dealing

ONDO
ONDO Ondo InsurTech PLC
06:01
Market

Director/PDMR Shareholding

Following Admission of the Placing Shares and the SIP share <mark style="background-color:yellow">purchase</mark>s, the interest of the Directors interests are now as set out below.

Following Admission of the Placing Shares and the SIP share <mark style="background-color:yellow">purchase</mark>s, the interest of the Directors interests are now as set out below.
GAW
GAW Games Workshop Group PLC
06:01
Market

Dividend

BCG
BCG Baltic Classifieds Group PLC
06:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['RDST Capital LLC', '3.140000', 0]
WCAT
WCAT Wildcat Petroleum Plc
06:01
Market

Issue of Warrants

CARD
CARD Card Factory PLC
06:01
Market

Director/PDMR Shareholding

REC
REC Record PLC
06:01
Market

Directorate change

CARD
CARD Card Factory PLC
06:01
Market

Director/PDMR Shareholding

CARD
CARD Card Factory PLC
06:01
Market

Director/PDMR Shareholding

BEZ
BEZ Beazley plc
06:01
Market

Directorate change

GSCU
GSCU Great Southern Copper PLC
06:01
Market

Admission of Shares

TYM
TYM Tertiary Minerals Plc
06:01
Market

Board Change

VNET
VNET Vianet Group Plc
06:01
Market

Interim Dividend

STAN
STAN Standard Chartered PLC
06:01
Market

Transaction in Own Shares

IHP
IHP IntegraFin Holdings plc
06:01
Market

Final Results

IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7%…

IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7% to £75.4 million and underlying earnings per share (EPS) up 7% to 17.4p.
**Financial Highlights**
Closing Funds Under Direction (FUD) grew 16% to £74.2 billion, driven by strong net inflows of £4.4 billion, up 76% from the previous year.
Revenue increased 8% to £156.8 million, primarily due to higher average daily FUD.
Reported PBT increased slightly to £69.1 million, while underlying PBT rose 7% to £75.4 million.
Reported EPS decreased 1% to 15.5p, but underlying EPS increased 7% to 17.4p.
The client base expanded 5% to 246,200, reflecting the continued attractiveness of the Transact platform.
**Dividend and Outlook**
A second interim dividend of 8.0 pence per share was declared, resulting in a 9% increase in the total dividend for the year to 11.3 pence per share.
Transact is well-positioned to capture a growing share of the adviser platform market net inflows in FY26 and beyond.
The company expects to manage platform revenue margin and slow the growth of underlying administrative expenses, supporting profit margin expansion.
**Strategic Initiatives**
Completed a Group-wide cost review, identifying efficiency opportunities to accelerate future earnings growth.
Focused on digitalisation and integration enhancements, strengthening the Transact proposition and driving greater efficiency for financial advice firms.
Relocated to new premises, supporting sustainability objectives and staff wellbeing.
**CEO Commentary**
Alex Scott, CEO, highlighted the companys strong performance, driven by the appeal of the Transact platform and commitment to high-quality client service. He emphasized the importance of proprietary technology and personal customer service in delivering growth. Scott also noted the successful completion of the cost review and the companys position to deliver efficiency improvements and sustainable growth.
**Financial Review**
The platform business delivered strong performance, with FUD growth of 16% and net inflows up 76%. Revenue increased 8%, and underlying PBT rose 7%. Administrative expenses grew, primarily due to investment in staffing and technology. The company maintains a strong liquidity profile and focuses on corporate interest optimization.
**Risk Management and Sustainability**
The company outlined its principal risks, including competition, market risk, and regulatory compliance. It highlighted its risk management strategies, such as diversification, robust controls, and a focus on resilience. IntegraFin also formalized its sustainability efforts through a Responsible Business Strategy, aiming to embed sustainability at the core of its business.
**Conclusion**
IntegraFin Holdings plc demonstrated robust financial performance, strategic advancements, and a commitment to sustainability in FY25. With a strong market position, focus on efficiency, and investment in technology, the company is well-prepared to navigate the evolving wealth management landscape and deliver value to shareholders, clients, and advisers.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Total Group Revenue156.8144.98%
Reported Profit Before Tax (PBT)69.168.90%
Underlying Profit Before Tax (PBT)75.470.67%
Reported Earnings Per Share (EPS)15.5p15.7p-1%
Underlying Earnings Per Share (EPS)17.4p16.2p7%
Total Dividend Per Share11.3p10.4p9%
Net Inflows4,4002,50076%
Closing Funds Under Direction (FUD)74,20064,10016%
Average Daily FUD67,90059,60014%
Platform Clients246,191234,9985%
Total Administrative Expenses100.285.018%
Underlying Administrative Expenses91.083.39%
Non-underlying Expenses9.21.7441%
Interest Income10.910.72%
Net Assets224.9208.38%
**Notes:** * All values are in millions (£m) except for EPS and dividend per share which are in pence (p). * Net Inflows, Closing FUD, and Average Daily FUD are in millions (£m) for consistency with the original text. * The table includes key financial metrics such as revenue, profit, EPS, dividends, net inflows, FUD, administrative expenses, interest income, and net assets. * Debt is not explicitly mentioned in the provided text, so it's not included in the table. However, lease liabilities can be considered a form of debt, and they increased from £2.9m in 2024 to £13.0m in 2025.
PETS
PETS Pets at Home Group Plc
06:01
Market

Transaction in Own Shares

MBH
MBH Michelmersh Brick Holdings …
06:01
Market

Transaction in Own Shares

VCP
VCP Victoria PLC
06:01
Market

Half-year Report

DOTD
DOTD Dotdigital Group Plc
06:01
Market

Transaction in Own Shares

CCEP
CCEP Coca-Cola Europacific Partn…
06:01
Market

Transactions in Own Shares

BCG
BCG Baltic Classifieds Group PLC
06:01
Market

Transaction in Own Shares

KLSO
KLSO Kelso Group Holdings PLC
06:01
Market

Result of Placing and Subscription

BATS
BATS British American Tobacco PLC
06:01
Market

Transaction in Own Shares

ASLI
ASLI abrdn European Logistics In…
06:01
Market

Response to DL Invest Group

GMR
GMR Gaming Realms plc
06:01
Market

Transaction in Own Shares

KIE
KIE Kier Group PLC
06:01
Market

Transaction in Own Shares

SRP
SRP Serco Group
06:01
Market

Serco pre-close trading update

**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026** Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on…

**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026**
Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on December 17, 2025, highlighting robust performance and optimistic momentum.
**2025 Highlights**
**Revenue:** ~£4.9 billionup 3% at constant currencyincluding 1% organic growthdriven by defencejusticeand citizen services.
**Underlying Operating Profit** ~£270 million, with a 5.5% margin, exceeding prior guidance due to productivity improvements and contract performance.
**Free Cash Flow** Increased guidance to £170 million, with leverage at 0.9x net debt to EBITDA.
**Order Intake** ~£5.5 billion, with a book-to-bill ratio of at least 110%, predominantly in defence (two-thirds of awards).
**Pipeline** Expanded to a decade-high, reflecting strong demand for critical services in complex environments.
**Portfolio Development** Successful integration of MT&S acquisition, disposal of Hong Kong business, and mobilization of Mubadala joint venture in the Middle East.
**Operational Excellence** 20% reduction in safety incidents, fewer lost days, improved attrition, and strong colleague engagement.
**Shareholder Returns** Completed £50 million share buyback, totaling £390 million returned to shareholders since 2021.
**2026 Guidance**
**Revenue:** ~£5.0 billionwith improved organic growth of ~3%led by defencejusticeand citizen services.
**Underlying Operating Profit** ~£300 million, with a 6.0% margin, driven by contract ramp-ups, MT&S integration, and productivity gains.
**Financial Position** Adjusted net debt expected to reduce to ~£150 million, with trading cash conversion in line with the 80% medium-term target.
**Strategic Progress**
Strengthened leadership with new CEOs for North America and UK & Europe, enhancing international growth focus.
Major contract wins, including HMP Dovegate retention, Canada’s Future Aircrew Training Programme, and justice transport services in Victoria, Australia.
**CEO Comment**
Anthony Kirby emphasized Serco’s strategic and operational progress, highlighting the global demand for its services, particularly in defence, and the company’s robust financial and operational position.
**Conclusion**
Serco’s 2025 performance exceeded expectations, and its 2026 outlook remains positive, underpinned by strong market demand, operational excellence, and strategic portfolio enhancements. The company is well-positioned for sustainable growth in the government services sector.
Below is the HTML table code comparing the financials and debt year-on-year for Serco Group PLC based on the provided text:
Metric2024 Actual2025 Prior Guidance2025 New Guidance2026 Initial Guidance
Revenue (£m)4,787~4,900~4,900~5,000
Organic Sales Growth (%)(3)~1~1~3
Underlying Operating Profit (£m)274~260~270~300
Net Finance Costs (£m)33~48~46~50
Underlying Effective Tax Rate (%)25~23~23~25
Free Cash Flow (£m)228~130~170~160
Adjusted Net Debt (£m)100~285~265~150
Leverage (Net Debt/EBITDA)--~0.9x-
### Key Notes: 1. **Revenue**: Shows a steady increase from £4.787 billion in 2024 to £5.0 billion in 2026, with organic growth improving from -3% in 2024 to 3% in 2026. 2. **Underlying Operating Profit**: Expected to rise from £274 million in 2024 to £300 million in 2026, with margins improving to 6.0% in 2026. 3. **Adjusted Net Debt**: Increases in 2025 due to the MT&S acquisition and share buybacks but is expected to reduce to £150 million in 2026. 4. **Free Cash Flow**: Remains strong, with guidance of £170 million in 2025 and £160 million in 2026. 5. **Leverage**: Net debt to EBITDA leverage is expected to be ~0.9x in 2025, below the medium-term target of 1-2x. This table provides a clear comparison of key financial metrics and debt levels across the years.
CRE
CRE Conduit Holdings Ltd
06:01
Market

Transaction in Own Shares

ZEG
ZEG Zegona Communications Plc
06:01
Market

Transaction in Own Shares

BPT
BPT Bridgepoint Group Plc
06:01
Market

Transaction in Own Shares

PLUS
PLUS Plus500 Ltd
06:01
Market

Transaction in Own Shares

TMT
TMT TMT Investments PLC
06:01
Market

Transaction in Own Shares

OCI
OCI Oakley Capital Investments …
06:01
Market

Oakley Capital invests in James Perse

RKT
RKT Reckitt Benckiser Group PLC
06:01
Market

Transaction in Own Shares

JIGI
JIGI JPMorgan India Growth & Inc…
06:01
Market

Annual Financial Report

**Summary of JPMorgan India Growth & Income PLC Annual Financial Report (Year Ended 30 September 2025)** **Performance Highlights:** - **NAV Total Return:** -11.4% (vs. -13.5% for the MSCI India Index in Sterling terms). - **Share P…

**Summary of JPMorgan India Growth & Income PLC Annual Financial Report (Year Ended 30 September 2025)**
**Performance Highlights**
**NAV Total Return** -11.4% (vs. -13.5% for the MSCI India Index in Sterling terms).
**Share Price Total Return** -1.8%, outperforming the benchmark due to positive stock selection and capital gains tax credits.
**Cumulative Returns**
3-year NAV+5.9% (Benchmark: +11.3%)
Share price+20.8%.
5-year NAV+61.2% (annualised +10%)
Share price+76.7%.
10-year NAV+93.5% (annualised +6.8%)
Share price+101.2%.
**Dividends** First quarterly interim dividend of 11.08p declared
enhanced dividend policy targets 4% of prior year-end NAV annually.
**Share Repurchases** Completed a 30% tender offer (19.7 million shares) and bought back 3.9 million shares, reducing the share price discount to NAV to 8.9% (from 17.8% in 2024).
**Strategic Initiatives**
1. **Tender Offer** Repurchased 19.7 million shares at 1,167.22p per share, approved by shareholders in July 2025.
2. **Triennial Tender Offer** Planned for Q2 2028, offering 100% of shares at a 3% discount to NAV, with a safeguard to maintain NAV above £150 million.
3. **Single Digit Discount Target** Active buybacks to maintain a single-digit discount to NAV, utilizing a 14.99% buyback authority.
4. **Enhanced Dividend Policy** Annual dividends of at least 4% of prior year-end NAV, paid quarterly.
5. **Dividend Reinvestment Plan (DRIP)** Introduced starting January 2026.
6. **Management Fee Reduction** Lowered from 0.75% to 0.65% on the first £300 million of assets, and from 0.60% to 0.55% above £300 million.
7. **Name Change** Renamed to JPMorgan India Growth & Income plc (ticker: JIGI) to reflect the enhanced dividend focus.
**Financial Overview**
**Net Asset Value (NAV)** £502.2 million (2024: £860.9 million).
**Net Profit/(Loss)** £(87.8) million (2024: £127.3 million).
**Earnings/(Loss) per Share** (141.97)p (2024: 178.74p).
**NAV per Share:** 1108.2p (2024: 1250.1p).
**Board and Governance**
Charlotta Ginman succeeded Jasper Judd as Chair of the Audit and Risk Committee.
All Directors to stand for re-election at the 2026 AGM.
**Outlook**
Indian equities remain attractive due to strong long-term growth prospects, supported by structural changes like middle-class expansion and technological investment.
Near-term challenges include global uncertainty, tariff pressures, and subdued consumption, but policy measures (e.g., rate cuts, tax reforms) are expected to boost growth.
The Board and Portfolio Managers are confident in delivering consistent returns and competitive income as India realizes its potential.
**AGM Details**
Scheduled for 10 February 2026 at 60 Victoria Embankment, London.
Shareholders can attend in person or virtually, with voting encouraged via proxy.
**Key Risks**
Poor execution of investment strategy, geopolitical risks, cyber incidents, and legal/regulatory compliance.
Emerging riskClimate change, which could impact investee companies and regulatory disclosures.
**Conclusion**
Despite short-term market challenges, JPMorgan India Growth & Income PLC remains focused on long-term growth, shareholder value enhancement, and strategic initiatives to reduce discounts and increase investor appeal.
Here is the HTML table code comparing the financials and debt year on year based on the provided text:
Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Total Income/Loss170,630(88,990)(259,620)-152.1%
Profit/Loss Before Taxation164,084(94,669)(258,753)-157.7%
Net Profit/Loss127,285(87,769)(215,054)-168.9%
Net Assets860,887502,246(358,641)-41.7%
Cash and Cash Equivalents14,209(319)(14,528)-102.2%
Deferred Tax Liability(41,606)(17,833)23,77357.1%
Investments Held at Fair Value888,542518,076(370,466)-41.7%

Debt and Repurchases:

Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Repurchase of Shares for Cancellation (Tender Offer)0(230,837)(230,837)N/A
Repurchase of Shares into Treasury(41,833)(39,195)2,6386.3%
Net Cash Outflow from Financing Activities(41,833)(270,854)(229,021)547.5%
**Notes:** * The tables compare key financial metrics and debt/repurchase activities for 2024 and 2025. * The "Change" columns show the absolute difference between the two years. * The "Change (%)" columns show the percentage change between the two years. * N/A indicates that the metric was not applicable in the previous year. * The data is extracted from the provided text, specifically the financial statements and notes.
GBG
GBG GB Group plc
06:01
Market

Transaction in Own Shares

HBR
HBR Harbour Energy PLC
06:01
Market

Transaction in Own Shares

VOD
VOD Vodafone Group PLC
06:01
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Transaction in Own Shares

IHG
IHG InterContinental Hotels Gro…
06:01
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CARD
CARD Card Factory PLC
06:01
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Transaction in Own Shares

PTEC
PTEC Playtech Plc
06:01
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Transaction in Own Shares

PRU
PRU Prudential plc
06:01
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Transaction in Own Shares

SPA
SPA 1Spatial PLC
06:01
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Form 8 - 1Spatial plc

RCP
RCP RIT Capital Partners
06:01
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Transaction in Own Shares

IPF
IPF International Personal Fina…
06:01
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Extension of PUSU deadline

HILS
HILS Hill & Smith Holdings PLC
06:01
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Transaction in Own Shares

HSW
HSW Hostelworld Group PLC
06:01
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Transaction in Own Shares

CVSG
CVSG CVS Group Plc
06:01
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Transaction in Own Shares

NET
NET Netcall plc
06:01
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AGM Statement

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SNX Synectics plc
06:01
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Full Year Trading Update

LSEG
LSEG London Stock Exchange Group…
06:01
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Transaction in Own Shares

CORA
CORA Cora Gold Limited
06:01
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Fundraise

MERC
MERC Mercia Technologies PLC
06:01
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Transaction in Own Shares

KYGA
KYGA Kerry Group
06:01
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Transaction in Own Shares

KGF
KGF Kingfisher PLC
06:01
Market

Transaction in Own Shares

INCH
INCH Inchcape PLC
06:01
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Transaction in Own Shares

GFRD
GFRD Galliford Try PLC
06:01
Market

Transaction in Own Shares

ACSO
ACSO Accesso Technology Group PLC
06:01
Market

Transaction in Own Shares

SBRY
SBRY J Sainsbury PLC
06:01
Market

Transaction in Own Shares

SAG
SAG Science Group plc
06:01
Market

Transaction in Own Shares

PIN
PIN Pantheon International PLC
06:01
Market

Transaction in Own Shares

MTO
MTO Mitie Group PLC
06:01
Market

Transaction in Own Shares

SSPG
SSPG SSP Group PLC
06:01
Market

Transaction in Own Shares

HICL
HICL HICL Infrastructure Company…
06:01
Market

Transaction in Own Shares

UKW
UKW Greencoat UK Wind PLC
06:01
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Transaction in Own Shares

HTWS
HTWS Helios Towers Plc
06:01
Market

Transaction in Own Shares

IGG
IGG IG Group Holdings PLC
06:01
Market

Transaction in Own Shares

PRD
PRD Predator Oil & Gas Holdings…
06:01
Market

End of Year Operations Update

**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)** **Highlights:** - **Production & Revenue:** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averag…

**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)**
**Highlights**
**Production & Revenue** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averaged US$100,405 monthly.
**Trinidad Operations** First fully funded infill development well drilled and tied in. Fully funded for up to 12 infill wells and 14 heavy workovers in 2026.
**Growth Projections** Forecast to reach 1,000 bopd by end-2026, with a 5- to 10-fold increase in monthly revenues.
**Morocco Progress** Rigless testing validated gas saturations and mitigated formation damage. Discussions ongoing for fully-funded CNG/micro-LNG development.
**Partnerships & Funding** Finalizing partnerships for gas appraisal and development, with FID (Final Investment Decision) nearing.
**Trinidad Operations (2025 Progress)**
Cumulative oil production rose to 27,175 barrels (from 452 barrels in Jan 2025).
Daily production increased to 308 bopd (from 4 bopd in Jan 2025).
Established oil sales point at South Erin field
restored two Bonasse wells and drilled a new well (BON-16).
Production increased by 220% since October 2025
all fields returned to profitability post-restructuring.
**Trinidad 2026 Program**
Fully funded for 12 infill wells and 14 heavy workovers.
Key projectsBON-17 well, Goudron infill well (targeting 200 bopd), Snowcap-1 re-entry, and Snowcap-3 appraisal well (up to 400 bopd).
Aim to achieve 1000 bopd by year-endsignificantly boosting revenues.
**Morocco Operations (2025 Progress)**
MOU-3 testing confirmed gas saturations and mitigated formation damage.
Focus on MOU-1 and MOU-3 structure for CNG/micro-LNG development.
MOU-5 drilled under budget, encountering helium and Triassic salt, opening deeper reservoir potential.
**Morocco 2026 Program**
Updated resource report expected to uplift gas reserves.
Fully funded Environmental Impact Assessment and preliminary engineering design for CNG/micro-LNG.
Pursuing Exploitation Concession application by Q3 2026.
**Offshore Ireland**
Exploring strategic gas storage opportunities, advocating for offshore FSRU linked to subsurface storage.
Plans to compile documents on Corrib South authorization process under Irelands Freedom of Information Act.
**CEO Commentary (Paul Griffiths)**
Eliminated exposure to field operating costs in Trinidad
assets now profitable.
Focus on high-value drilling opportunities and partnerships for Morocco gas development.
Optimistic about 2026, with fully funded programs and improved market sentiment.
**Conclusion**
Predator Oil & Gas is poised for significant growth in 2026, with fully funded programs in Trinidad and Morocco driving production and revenue increases. Strategic partnerships and focus on gas development position the company for long-term success in a favorable global energy landscape.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not explicitly mention debt figures, the table focuses on key financial metrics available for 2025 and projections for 2026.
Metric2025 (Actual)2026 (Forecast)
Cumulative Oil Production (barrels)27,175 (as of 30/11/25)Up to 1,000 bopd by end 2026
Cumulative Sales Oil (barrels)25,300 (as of 31/10/25)N/A
Cumulative Gross Revenues (US$)806,051 (as of 31/10/25)5- to 10-fold increase in monthly revenues by end 2026
Cumulative Net Revenues (US$)200,810 (as of 31/10/25)N/A
Average Monthly Net Revenues (US$)100,405 (Sep & Oct 2025)5- to 10-fold increase by end 2026
Daily Oil Production (bopd)308 (as of 30/11/25)Up to 1,000 bopd by end 2026
Debt (US$)Not mentionedNot mentioned
### Notes: 1. **Debt**: The provided text does not include specific debt figures for either 2025 or 2026, so the table reflects this as "Not mentioned." 2. **Projections**: The 2026 figures are based on forecasts and targets mentioned in the text, such as increasing production to 1,000 bopd and a 5- to 10-fold increase in monthly revenues. 3. **Formatting**: The table is structured with bold headers for clarity and includes all available financial metrics from the text.
TRN
TRN Trainline Plc
06:01
Market

Transaction in Own Shares

EDIN
EDIN Edinburgh Investment Trust
06:01
Market

Transaction in Own Shares

WTB
WTB Whitbread PLC
06:01
Market

Transaction in Own Shares

HVPE
HVPE HarbourVest Global Private …
06:01
Market

Transaction in Own Shares

SEQI
SEQI Sequoia Econ Infrastructure
06:01
Market

Transaction in Own Shares

CLDN
CLDN Caledonia Investments
06:01
Market

Transaction in Own Shares

VTY
VTY Vistry Group PLC
06:01
Market

Transaction in Own Shares

VOF
VOF VinaCapital Vietnam Opportu…
06:01
Market

Transaction in Own Shares

AHT
AHT Ashtead Group PLC
06:01
Market

Transaction in Own Shares

BBH
BBH Bellevue Healthcare Trust P…
06:01
Market

Transaction in Own Shares

MGAM
MGAM Morgan Advanced Materials p…
06:01
Market

Transaction in Own Shares

BAB
BAB Babcock International Group…
06:01
Market

Transaction in Own Shares

VLG
VLG Venture Life Group PLC
06:01
Market

Transaction in Own Shares

CNA
CNA Centrica PLC
06:01
Market

Transaction in Own Shares

N91
N91 Ninety One PLC
06:01
Market

Transaction in Own Shares

NEO
NEO Neo Energy Metals Plc
06:01
Market

Funding Strategy and Financing Update

DRX
DRX Drax Group PLC
06:01
Market

Transaction in Own Shares

CHRY
CHRY Chrysalis Investments Ltd
06:01
Market

Transaction in Own Shares

AEI
AEI abrdn Equity Income Trust p…
06:01
Market

Doc re. Annual Report

BNZL
BNZL Bunzl PLC
06:01
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Trading Statement

**Summary:** Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating pro…

**Summary**
Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition.
Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not contain specific numerical data for a detailed comparison, the table summarizes the key financial and debt-related points mentioned for 2025 and 2026.
Metric20252026 (Expected)
Revenue Growth (Constant Exchange Rates)2% - 3%Moderate growth
Revenue Growth (Actual Exchange Rates)Broadly flatNot specified
Underlying Revenue GrowthBroadly flatSome growth
Adjusted Operating ProfitIn-line with expectationsSlightly down year-on-year
Operating Margin~7.6%Slightly down from 2025
Leverage (Net Debt/EBITDA)Just over 2.0 timesNot specified
Acquisition SpendLower (£200m buyback + Damito acquisition)Improved year for acquisitions
### Explanation: 1. **Revenue Growth**: 2025 growth is driven by acquisitions, while 2026 expects moderate growth with some underlying revenue growth. 2. **Operating Profit & Margin**: 2025 profit is in-line with expectations, while 2026 expects a slight decline in operating margin. 3. **Leverage**: 2025 leverage is expected to be just over 2.0 times, with no specific figure provided for 2026. 4. **Acquisitions**: 2025 saw lower acquisition spend, while 2026 is expected to be an improved year for acquisitions. This table provides a concise comparison based on the available information.
APTD
APTD Aptitude Software Group PLC
06:01
Market

Transaction in Own Shares

DATA
DATA GlobalData PLC
06:01
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Transaction in Own Shares

WIX
WIX Wickes Group PLC
06:01
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Transaction in Own Shares

JSG
JSG Johnson Service Group Plc
06:01
Market

Transaction in Own Shares

PAY
PAY PayPoint plc
06:01
Market

Transaction in Own Shares

KLR
KLR Keller Group PLC
06:01
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Transaction in Own Shares

MRO
MRO Melrose Industries PLC
06:01
Market

Transaction in Own Shares

0A28
0A28 Prosus N.V.
06:01
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Transaction in Own Shares

TBCG
TBCG TBC Bank Group PLC
06:01
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Transaction in Own Shares

ARV
ARV Artemis Resources Ltd
06:01
Market

Titan East Discovery

Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at…

Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at 1.6 g/t Au in hole 25ARRC025, following an earlier high-grade result of 5 meters at 13.1 g/t Au in hole 25ARRC006. These findings validate the potential of the newly identified Titan East shear zone.
The recent drilling campaign, which included six reverse circulation (RC) holes along a 600-meter strike length, has yielded encouraging visual results, with multiple holes intersecting broad zones of alteration and veining associated with gold mineralization. Diamond drilling commenced in December to better define the mineralized zones geometry and scale, with the first hole (25ARDD006) already intersecting significant quartz veining and alteration.
Artemis Resources plans to accelerate exploration efforts at Titan East, with further RC and diamond drilling scheduled for early 2026. The companys Executive Director, Jozsef Patarica, highlighted the potential for a substantial, coherent mineralized system beneath shallow cover, emphasizing the strategic importance of Titan East within the broader Carlow project. The area is located just 1.5 km from the existing Carlow deposit, which has an inferred resource of 374,000 ounces of gold and 64,000 tonnes of copper.
The discovery at Titan East represents a compelling growth opportunity for Artemis Resources, with the current drilling programs expected to underpin an expanded campaign in the coming year. The companys strategic location in a Tier 1 jurisdiction, coupled with its highly prospective tenure in the Pilbara Region, positions it well for further exploration success.
Discovery
EYE
EYE Eagle Eye Solutions Group p…
06:01
Market

Transaction in Own Shares

GTE
GTE Gran Tierra Energy Inc
06:01
Market

Director/PDMR Shareholding

BOY
BOY Bodycote PLC
06:01
Market

Transaction in Own Shares

MOON
MOON Moonpig Group PLC
06:01
Market

Transaction in Own Shares

AWEM
AWEM Ashoka WhiteOak Emerging Mr…
06:01
Market

Monthly Update - November 2025

OXIG
OXIG Oxford Instruments PLC
06:01
Market

Transaction in Own Shares

BRIG
BRIG BlackRock Income and Growth…
06:01
Market

Total Voting Rights

BRGE
BRGE BlackRock Greater Europe In…
06:01
Market

Total Voting Rights

FSG
FSG Foresight Group Holdings Li…
06:01
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Transaction in Own Shares

NBPE
NBPE NB Private Equity Partners …
06:01
Market

NBPE Announces Transaction in Own Shares

ICG
ICG Intermediate Capital Group …
06:01
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Holding(s) in Company

TR1 Buy

TR1 Buy
['RDST Capital LLC', '3.140000', 0]
YNGN
YNGN Young & Co.s Brewery P.L.C
06:01
Market

Transaction in Own Shares

PSH
PSH Pershing Square Holdings Ltd
06:01
Market

Transaction in Own Shares

Digested News

The ticker catalyst tape is rendered as native mobile cards. Articles and ticker links stay clickable.

BRSC logo BRSC

Holding(s) in Company

Blackrock Smaller Companies Trust PLC

<mark style="background-coloryellow">TR1</mark> Buy
['BlackRock, Inc.', 'Below 5', '5.120000']
IEM logo IEM

Holding(s) in Company

Impax Environmental Markets PLC

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
COST logo COST

Holding(s) in Company

Costain Group PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '5.517363', '7.720744']
AWE logo AWE

Holding(s) in Company

Alphawave IP Group PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '7.643195', '7.469620']
PRSR logo PRSR

TR-1 Notification

PRS Reit PLC

TR1 Buy
['The Goldman Sachs Group, Inc.', '0.257805', '3.077101']
IPF logo IPF

Form 8.3

International Personal Finance PLC

OXIG logo OXIG

Holding(s) in Company

Oxford Instruments PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Aberdeen Group plc', 'Below 5', '5.015127']
HWDN logo HWDN

Director/PDMR Shareholding

Howden Joinery Group Plc

<mark style="background-coloryellow">Purchase</mark> of shares pursuant to a dividend reinvestment plan
ESP logo ESP

Form 8.3

Empiric Student Property Plc

UPR logo UPR

Holding(s) in Company

Uniphar Group PLC

TR1 Buy
['Van Lanschot Kempen Investment Management NV', '4.268966', '3.27459']
RENX logo RENX

Holding(s) in Company

Renalytix AI plc

TR1 Buy
['UBS Group AG - Investment Bank & Global Wealth Management', '8.000675', '7.442592']
SLNG logo SLNG

Director/PDMR Shareholding

H C Slingsby PLC

HC Slingsby PLC, one of the market leaders in the distribution of industrial and commercial equipment, announces that it was today notified that Morgan Morris, Group Chief Executive, has transferred 11,928 ordinary shares of 25p each in the Company ("Ordinary Shares") originally held via his Self-Invested Personal Pension ("SIPP") into his own name, at a price of 60 pence per Share. This transfer from his SIPP was effected today by a sale and re<mark style="background-color:yellow">purchase</mark> of the Ordinary Shares.
CGEO logo CGEO

Holding(s) in Company

Georgia Capital PLC

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', 'Below Minimum Threshold', '6.585608']
MPL logo MPL

Update

Mercantile Ports & Logistics Ltd

CLBS logo CLBS

Holding(s) in Company

Celebrus Technologies plc

TR1 Buy
['CANACCORD GENUITY GROUP INC', '9.2120', '10.9224']
0A3D logo 0A3D

Net Asset Value

iShares VII Public Limited Company - iShares Core S&P 500 UCITS ETF

SEE logo SEE

Technical Paper Series - Intoxication launched

Seeing Machines Limited

**Summary**
Seeing Machines Limited, a global leader in vision-based monitoring technology, has launched **Part One** of its **Technical Paper Series** focused on **non-fatigue driver impairment**, starting with **intoxication**. Released on December 17, 2025, the paper highlights the companys efforts to address alcohol-related driver impairment, a persistent cause of road accidents globally. The initiative leverages Seeing Machines **Driver Monitoring System (DMS)** technology to detect impairment in real time, complementing traditional roadside <mark style="background-color:yellow">test</mark>ing methods.
Key points include
**Limitations of Blood Alcohol Concentration (BAC):** Traditional BAC measurements fail to capture the evolving nature of impairment over time, creating gaps between BAC levels and actual driver performance.
**Real-Time Impairment Detection** DMS technology assesses functional impairment directly, offering enhanced sensitivity and in-cabin intervention strategies.
**Collaborative Research** Seeing Machines is partnering with experts and universities to study the disconnect between BAC readings and real-world impairment, emphasizing technological innovation aligned with safety outcomes.
**Future Focus** Subsequent papers in the series will explore other impairment factors, such as cannabis, further advancing DMS capabilities for road safety.
This initiative underscores Seeing Machines commitment to revolutionizing transport safety through cutting-edge technology, with applications across automotive, commercial fleet, off-road, and aviation sectors.
Launch
GSK logo GSK

Exdensur (depemokimab ulla) approved by US FDA

GSK plc

**Summary**
GSK plc announced on December 17, 2025, that the US FDA has approved **Exdensur (depemokimab-ulaa)** as an add-on maintenance treatment for **severe asthma** with an **eosinophilic phenotype** in adults and adolescents aged 12 and older. Exdensur is the **first and only ultra-long-acting biologic** requiring **twice-yearly dosing**, offering sustained protection from asthma exacerbations. The approval is based on positive results from the **SWIFT-1 and SWIFT-2 phase III trials**, which demonstrated a **58% and 48% reduction** in annualized asthma exacerbations compared to placebo, respectively. The trials also showed fewer hospitalizations and emergency department visits in patients treated with Exdensur.
With an estimated **2 million Americans** living with severe asthma, half of whom continue to experience frequent exacerbations, Exdensur addresses a significant unmet need. The drug’s extended half-life and reduced dosing frequency aim to improve patient adherence and outcomes while reducing healthcare system burden. Exdensur has also received regulatory approvals in the UK and a positive opinion in Europe, with decisions pending in other regions, including China and Japan. GSK is further evaluating depemokimab in other type 2 inflammation-driven diseases, such as chronic rhinosinusitis with nasal polyps, COPD, and hypereosinophilic syndrome.
Approvals
FMET logo FMET

Launch of Bonus Warrant Acceleration Offer

Fulcrum Metals PLC

**Summary**
Fulcrum Metals PLC (AIMFMET), a mining company specializing in recovering precious and critical metals from mine waste, has launched a **Bonus Warrant Acceleration Offer** to raise funds for accelerating the development of its **Teck-Hughes** and **Sylvanite Tailings Projects**. The offer encourages warrant holders to exercise their warrants at specified prices during the offer period (until January 16, 2026) in exchange for half bonus warrants exercisable at 10 pence for 18 months. Funds raised will support integrated development across the tailings projects, including drilling, <mark style="background-color:yellow">test</mark>ing, and optimization programs, with the goal of creating a processing hub and advancing toward maiden Mineral Resource Estimates and potential production.
CEO **Ryan Mee** highlighted recent milestones, such as successful auger drilling and metallurgical results with over 70% recovery of gold and silver, and emphasized the offer’s aim to strengthen the company’s financial position for accelerated growth. Directors, holding 3,609,413 warrant shares, are unlikely to participate due to regulatory restrictions. Fulcrum Metals leverages environmentally friendly leaching technology under an exclusive license for key Canadian mining districts, positioning itself as a near-term, sustainable gold producer.
**Key Points**
**Offer Purpose** Raise funds to accelerate Teck-Hughes and Sylvanite tailings projects.
**Terms** Warrant holders can exercise at 5p or 3p (or 5p for others) and receive half bonus warrants at 10p.
**Use of Funds** Integrated development, drilling, testing, and strategic opportunities.
**Timeline** Offer closes January 16, 2026.
**Strategic Vision** Leverage technology and tailings assets for sustainable gold production.
Launch
ONDO logo ONDO

Director/PDMR Shareholding

Ondo InsurTech PLC

Following Admission of the Placing Shares and the SIP share <mark style="background-color:yellow">purchase</mark>s, the interest of the Directors interests are now as set out below.
IHP logo IHP

Final Results

IntegraFin Holdings plc

IntegraFin Holdings plc, the operator of Transact, a UK investment platform, has released its final results for the year ended 30 September 2025. The company reported strong growth in earnings, with underlying profit before tax (PBT) up 7% to £75.4 million and underlying earnings per share (EPS) up 7% to 17.4p.
**Financial Highlights**
Closing Funds Under Direction (FUD) grew 16% to £74.2 billion, driven by strong net inflows of £4.4 billion, up 76% from the previous year.
Revenue increased 8% to £156.8 million, primarily due to higher average daily FUD.
Reported PBT increased slightly to £69.1 million, while underlying PBT rose 7% to £75.4 million.
Reported EPS decreased 1% to 15.5p, but underlying EPS increased 7% to 17.4p.
The client base expanded 5% to 246,200, reflecting the continued attractiveness of the Transact platform.
**Dividend and Outlook**
A second interim dividend of 8.0 pence per share was declared, resulting in a 9% increase in the total dividend for the year to 11.3 pence per share.
Transact is well-positioned to capture a growing share of the adviser platform market net inflows in FY26 and beyond.
The company expects to manage platform revenue margin and slow the growth of underlying administrative expenses, supporting profit margin expansion.
**Strategic Initiatives**
Completed a Group-wide cost review, identifying efficiency opportunities to accelerate future earnings growth.
Focused on digitalisation and integration enhancements, strengthening the Transact proposition and driving greater efficiency for financial advice firms.
Relocated to new premises, supporting sustainability objectives and staff wellbeing.
**CEO Commentary**
Alex Scott, CEO, highlighted the companys strong performance, driven by the appeal of the Transact platform and commitment to high-quality client service. He emphasized the importance of proprietary technology and personal customer service in delivering growth. Scott also noted the successful completion of the cost review and the companys position to deliver efficiency improvements and sustainable growth.
**Financial Review**
The platform business delivered strong performance, with FUD growth of 16% and net inflows up 76%. Revenue increased 8%, and underlying PBT rose 7%. Administrative expenses grew, primarily due to investment in staffing and technology. The company maintains a strong liquidity profile and focuses on corporate interest optimization.
**Risk Management and Sustainability**
The company outlined its principal risks, including competition, market risk, and regulatory compliance. It highlighted its risk management strategies, such as diversification, robust controls, and a focus on resilience. IntegraFin also formalized its sustainability efforts through a Responsible Business Strategy, aiming to embed sustainability at the core of its business.
**Conclusion**
IntegraFin Holdings plc demonstrated robust financial performance, strategic advancements, and a commitment to sustainability in FY25. With a strong market position, focus on efficiency, and investment in technology, the company is well-prepared to navigate the evolving wealth management landscape and deliver value to shareholders, clients, and advisers.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Total Group Revenue156.8144.98%
Reported Profit Before Tax (PBT)69.168.90%
Underlying Profit Before Tax (PBT)75.470.67%
Reported Earnings Per Share (EPS)15.5p15.7p-1%
Underlying Earnings Per Share (EPS)17.4p16.2p7%
Total Dividend Per Share11.3p10.4p9%
Net Inflows4,4002,50076%
Closing Funds Under Direction (FUD)74,20064,10016%
Average Daily FUD67,90059,60014%
Platform Clients246,191234,9985%
Total Administrative Expenses100.285.018%
Underlying Administrative Expenses91.083.39%
Non-underlying Expenses9.21.7441%
Interest Income10.910.72%
Net Assets224.9208.38%
**Notes:** * All values are in millions (£m) except for EPS and dividend per share which are in pence (p). * Net Inflows, Closing FUD, and Average Daily FUD are in millions (£m) for consistency with the original text. * The table includes key financial metrics such as revenue, profit, EPS, dividends, net inflows, FUD, administrative expenses, interest income, and net assets. * Debt is not explicitly mentioned in the provided text, so it's not included in the table. However, lease liabilities can be considered a form of debt, and they increased from £2.9m in 2024 to £13.0m in 2025.
SRP logo SRP

Serco pre-close trading update

Serco Group

**Serco Group PLC Pre-Close Trading Update: Strong 2025 Performance and Positive Outlook for 2026**
Serco Group PLC, a leading international provider of critical government services, released its 2025 trading update and 2026 guidance on December 17, 2025, highlighting robust performance and optimistic momentum.
**2025 Highlights**
**Revenue:** ~£4.9 billionup 3% at constant currencyincluding 1% organic growthdriven by defencejusticeand citizen services.
**Underlying Operating Profit** ~£270 million, with a 5.5% margin, exceeding prior guidance due to productivity improvements and contract performance.
**Free Cash Flow** Increased guidance to £170 million, with leverage at 0.9x net debt to EBITDA.
**Order Intake** ~£5.5 billion, with a book-to-bill ratio of at least 110%, predominantly in defence (two-thirds of awards).
**Pipeline** Expanded to a decade-high, reflecting strong demand for critical services in complex environments.
**Portfolio Development** Successful integration of MT&S acquisition, disposal of Hong Kong business, and mobilization of Mubadala joint venture in the Middle East.
**Operational Excellence** 20% reduction in safety incidents, fewer lost days, improved attrition, and strong colleague engagement.
**Shareholder Returns** Completed £50 million share buyback, totaling £390 million returned to shareholders since 2021.
**2026 Guidance**
**Revenue:** ~£5.0 billionwith improved organic growth of ~3%led by defencejusticeand citizen services.
**Underlying Operating Profit** ~£300 million, with a 6.0% margin, driven by contract ramp-ups, MT&S integration, and productivity gains.
**Financial Position** Adjusted net debt expected to reduce to ~£150 million, with trading cash conversion in line with the 80% medium-term target.
**Strategic Progress**
Strengthened leadership with new CEOs for North America and UK & Europe, enhancing international growth focus.
Major contract wins, including HMP Dovegate retention, Canada’s Future Aircrew Training Programme, and justice transport services in Victoria, Australia.
**CEO Comment**
Anthony Kirby emphasized Serco’s strategic and operational progress, highlighting the global demand for its services, particularly in defence, and the company’s robust financial and operational position.
**Conclusion**
Serco’s 2025 performance exceeded expectations, and its 2026 outlook remains positive, underpinned by strong market demand, operational excellence, and strategic portfolio enhancements. The company is well-positioned for sustainable growth in the government services sector.
Below is the HTML table code comparing the financials and debt year-on-year for Serco Group PLC based on the provided text:
Metric2024 Actual2025 Prior Guidance2025 New Guidance2026 Initial Guidance
Revenue (£m)4,787~4,900~4,900~5,000
Organic Sales Growth (%)(3)~1~1~3
Underlying Operating Profit (£m)274~260~270~300
Net Finance Costs (£m)33~48~46~50
Underlying Effective Tax Rate (%)25~23~23~25
Free Cash Flow (£m)228~130~170~160
Adjusted Net Debt (£m)100~285~265~150
Leverage (Net Debt/EBITDA)--~0.9x-
### Key Notes: 1. **Revenue**: Shows a steady increase from £4.787 billion in 2024 to £5.0 billion in 2026, with organic growth improving from -3% in 2024 to 3% in 2026. 2. **Underlying Operating Profit**: Expected to rise from £274 million in 2024 to £300 million in 2026, with margins improving to 6.0% in 2026. 3. **Adjusted Net Debt**: Increases in 2025 due to the MT&S acquisition and share buybacks but is expected to reduce to £150 million in 2026. 4. **Free Cash Flow**: Remains strong, with guidance of £170 million in 2025 and £160 million in 2026. 5. **Leverage**: Net debt to EBITDA leverage is expected to be ~0.9x in 2025, below the medium-term target of 1-2x. This table provides a clear comparison of key financial metrics and debt levels across the years.
JIGI logo JIGI

Annual Financial Report

JPMorgan India Growth & Income PLC

**Summary of JPMorgan India Growth & Income PLC Annual Financial Report (Year Ended 30 September 2025)**
**Performance Highlights**
**NAV Total Return** -11.4% (vs. -13.5% for the MSCI India Index in Sterling terms).
**Share Price Total Return** -1.8%, outperforming the benchmark due to positive stock selection and capital gains tax credits.
**Cumulative Returns**
3-year NAV+5.9% (Benchmark: +11.3%)
Share price+20.8%.
5-year NAV+61.2% (annualised +10%)
Share price+76.7%.
10-year NAV+93.5% (annualised +6.8%)
Share price+101.2%.
**Dividends** First quarterly interim dividend of 11.08p declared
enhanced dividend policy targets 4% of prior year-end NAV annually.
**Share Repurchases** Completed a 30% tender offer (19.7 million shares) and bought back 3.9 million shares, reducing the share price discount to NAV to 8.9% (from 17.8% in 2024).
**Strategic Initiatives**
1. **Tender Offer** Repurchased 19.7 million shares at 1,167.22p per share, approved by shareholders in July 2025.
2. **Triennial Tender Offer** Planned for Q2 2028, offering 100% of shares at a 3% discount to NAV, with a safeguard to maintain NAV above £150 million.
3. **Single Digit Discount Target** Active buybacks to maintain a single-digit discount to NAV, utilizing a 14.99% buyback authority.
4. **Enhanced Dividend Policy** Annual dividends of at least 4% of prior year-end NAV, paid quarterly.
5. **Dividend Reinvestment Plan (DRIP)** Introduced starting January 2026.
6. **Management Fee Reduction** Lowered from 0.75% to 0.65% on the first £300 million of assets, and from 0.60% to 0.55% above £300 million.
7. **Name Change** Renamed to JPMorgan India Growth & Income plc (ticker: JIGI) to reflect the enhanced dividend focus.
**Financial Overview**
**Net Asset Value (NAV)** £502.2 million (2024: £860.9 million).
**Net Profit/(Loss)** £(87.8) million (2024: £127.3 million).
**Earnings/(Loss) per Share** (141.97)p (2024: 178.74p).
**NAV per Share:** 1108.2p (2024: 1250.1p).
**Board and Governance**
Charlotta Ginman succeeded Jasper Judd as Chair of the Audit and Risk Committee.
All Directors to stand for re-election at the 2026 AGM.
**Outlook**
Indian equities remain attractive due to strong long-term growth prospects, supported by structural changes like middle-class expansion and technological investment.
Near-term challenges include global uncertainty, tariff pressures, and subdued consumption, but policy measures (e.g., rate cuts, tax reforms) are expected to boost growth.
The Board and Portfolio Managers are confident in delivering consistent returns and competitive income as India realizes its potential.
**AGM Details**
Scheduled for 10 February 2026 at 60 Victoria Embankment, London.
Shareholders can attend in person or virtually, with voting encouraged via proxy.
**Key Risks**
Poor execution of investment strategy, geopolitical risks, cyber incidents, and legal/regulatory compliance.
Emerging riskClimate change, which could impact investee companies and regulatory disclosures.
**Conclusion**
Despite short-term market challenges, JPMorgan India Growth & Income PLC remains focused on long-term growth, shareholder value enhancement, and strategic initiatives to reduce discounts and increase investor appeal.
Here is the HTML table code comparing the financials and debt year on year based on the provided text:
Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Total Income/Loss170,630(88,990)(259,620)-152.1%
Profit/Loss Before Taxation164,084(94,669)(258,753)-157.7%
Net Profit/Loss127,285(87,769)(215,054)-168.9%
Net Assets860,887502,246(358,641)-41.7%
Cash and Cash Equivalents14,209(319)(14,528)-102.2%
Deferred Tax Liability(41,606)(17,833)23,77357.1%
Investments Held at Fair Value888,542518,076(370,466)-41.7%

Debt and Repurchases:

Metric2024 (£'000)2025 (£'000)Change (£'000)Change (%)
Repurchase of Shares for Cancellation (Tender Offer)0(230,837)(230,837)N/A
Repurchase of Shares into Treasury(41,833)(39,195)2,6386.3%
Net Cash Outflow from Financing Activities(41,833)(270,854)(229,021)547.5%
**Notes:** * The tables compare key financial metrics and debt/repurchase activities for 2024 and 2025. * The "Change" columns show the absolute difference between the two years. * The "Change (%)" columns show the percentage change between the two years. * N/A indicates that the metric was not applicable in the previous year. * The data is extracted from the provided text, specifically the financial statements and notes.
PRD logo PRD

End of Year Operations Update

Predator Oil & Gas Holdings Plc

**Predator Oil & Gas Holdings Plc End of Year Operations Update Summary (December 2025)**
**Highlights**
**Production & Revenue** Produced 27,175 barrels of oil to date, generating gross revenues of US$806,051. Net revenues averaged US$100,405 monthly.
**Trinidad Operations** First fully funded infill development well drilled and tied in. Fully funded for up to 12 infill wells and 14 heavy workovers in 2026.
**Growth Projections** Forecast to reach 1,000 bopd by end-2026, with a 5- to 10-fold increase in monthly revenues.
**Morocco Progress** Rigless testing validated gas saturations and mitigated formation damage. Discussions ongoing for fully-funded CNG/micro-LNG development.
**Partnerships & Funding** Finalizing partnerships for gas appraisal and development, with FID (Final Investment Decision) nearing.
**Trinidad Operations (2025 Progress)**
Cumulative oil production rose to 27,175 barrels (from 452 barrels in Jan 2025).
Daily production increased to 308 bopd (from 4 bopd in Jan 2025).
Established oil sales point at South Erin field
restored two Bonasse wells and drilled a new well (BON-16).
Production increased by 220% since October 2025
all fields returned to profitability post-restructuring.
**Trinidad 2026 Program**
Fully funded for 12 infill wells and 14 heavy workovers.
Key projectsBON-17 well, Goudron infill well (targeting 200 bopd), Snowcap-1 re-entry, and Snowcap-3 appraisal well (up to 400 bopd).
Aim to achieve 1000 bopd by year-endsignificantly boosting revenues.
**Morocco Operations (2025 Progress)**
MOU-3 testing confirmed gas saturations and mitigated formation damage.
Focus on MOU-1 and MOU-3 structure for CNG/micro-LNG development.
MOU-5 drilled under budget, encountering helium and Triassic salt, opening deeper reservoir potential.
**Morocco 2026 Program**
Updated resource report expected to uplift gas reserves.
Fully funded Environmental Impact Assessment and preliminary engineering design for CNG/micro-LNG.
Pursuing Exploitation Concession application by Q3 2026.
**Offshore Ireland**
Exploring strategic gas storage opportunities, advocating for offshore FSRU linked to subsurface storage.
Plans to compile documents on Corrib South authorization process under Irelands Freedom of Information Act.
**CEO Commentary (Paul Griffiths)**
Eliminated exposure to field operating costs in Trinidad
assets now profitable.
Focus on high-value drilling opportunities and partnerships for Morocco gas development.
Optimistic about 2026, with fully funded programs and improved market sentiment.
**Conclusion**
Predator Oil & Gas is poised for significant growth in 2026, with fully funded programs in Trinidad and Morocco driving production and revenue increases. Strategic partnerships and focus on gas development position the company for long-term success in a favorable global energy landscape.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not explicitly mention debt figures, the table focuses on key financial metrics available for 2025 and projections for 2026.
Metric2025 (Actual)2026 (Forecast)
Cumulative Oil Production (barrels)27,175 (as of 30/11/25)Up to 1,000 bopd by end 2026
Cumulative Sales Oil (barrels)25,300 (as of 31/10/25)N/A
Cumulative Gross Revenues (US$)806,051 (as of 31/10/25)5- to 10-fold increase in monthly revenues by end 2026
Cumulative Net Revenues (US$)200,810 (as of 31/10/25)N/A
Average Monthly Net Revenues (US$)100,405 (Sep & Oct 2025)5- to 10-fold increase by end 2026
Daily Oil Production (bopd)308 (as of 30/11/25)Up to 1,000 bopd by end 2026
Debt (US$)Not mentionedNot mentioned
### Notes: 1. **Debt**: The provided text does not include specific debt figures for either 2025 or 2026, so the table reflects this as "Not mentioned." 2. **Projections**: The 2026 figures are based on forecasts and targets mentioned in the text, such as increasing production to 1,000 bopd and a 5- to 10-fold increase in monthly revenues. 3. **Formatting**: The table is structured with bold headers for clarity and includes all available financial metrics from the text.
BNZL logo BNZL

Trading Statement

Bunzl PLC

**Summary**
Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition.
Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text. Since the text does not contain specific numerical data for a detailed comparison, the table summarizes the key financial and debt-related points mentioned for 2025 and 2026.
Metric20252026 (Expected)
Revenue Growth (Constant Exchange Rates)2% - 3%Moderate growth
Revenue Growth (Actual Exchange Rates)Broadly flatNot specified
Underlying Revenue GrowthBroadly flatSome growth
Adjusted Operating ProfitIn-line with expectationsSlightly down year-on-year
Operating Margin~7.6%Slightly down from 2025
Leverage (Net Debt/EBITDA)Just over 2.0 timesNot specified
Acquisition SpendLower (£200m buyback + Damito acquisition)Improved year for acquisitions
### Explanation: 1. **Revenue Growth**: 2025 growth is driven by acquisitions, while 2026 expects moderate growth with some underlying revenue growth. 2. **Operating Profit & Margin**: 2025 profit is in-line with expectations, while 2026 expects a slight decline in operating margin. 3. **Leverage**: 2025 leverage is expected to be just over 2.0 times, with no specific figure provided for 2026. 4. **Acquisitions**: 2025 saw lower acquisition spend, while 2026 is expected to be an improved year for acquisitions. This table provides a concise comparison based on the available information.
ARV logo ARV

Titan East Discovery

Artemis Resources Ltd

Artemis Resources Limited has announced a significant discovery at its Titan East site within the Carlow Gold-Copper Project in Western Australia. The company has confirmed an emerging gold zone with a standout intersection of 19 meters at 1.6 g/t Au in hole 25ARRC025, following an earlier high-grade result of 5 meters at 13.1 g/t Au in hole 25ARRC006. These findings validate the potential of the newly identified Titan East shear zone.
The recent drilling campaign, which included six reverse circulation (RC) holes along a 600-meter strike length, has yielded encouraging visual results, with multiple holes intersecting broad zones of alteration and veining associated with gold mineralization. Diamond drilling commenced in December to better define the mineralized zones geometry and scale, with the first hole (25ARDD006) already intersecting significant quartz veining and alteration.
Artemis Resources plans to accelerate exploration efforts at Titan East, with further RC and diamond drilling scheduled for early 2026. The companys Executive Director, Jozsef Patarica, highlighted the potential for a substantial, coherent mineralized system beneath shallow cover, emphasizing the strategic importance of Titan East within the broader Carlow project. The area is located just 1.5 km from the existing Carlow deposit, which has an inferred resource of 374,000 ounces of gold and 64,000 tonnes of copper.
The discovery at Titan East represents a compelling growth opportunity for Artemis Resources, with the current drilling programs expected to underpin an expanded campaign in the coming year. The companys strategic location in a Tier 1 jurisdiction, coupled with its highly prospective tenure in the Pilbara Region, positions it well for further exploration success.
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