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All Market News Today All digested RNS titles 480
FCM logo
All News 16:38
FCM

Holding(s) in Company

First Class Metals PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Darren Andrew Rowlands', 'reached', 'Position of previous']
RMMC logo
All News 15:42
RMMC

Holding(s) in Company

River and Mercantile UK Micro Cap Investment Company Ltd

TR1 Buy
['JPMorgan Chase & Co.', '0.000000', '0.139249']
FWT logo
All News 15:01
FWT

Issue of Equity

Foresight Solar & Techn VCT PLC Foresight Williams Tech Shares

SEC logo
All News 14:50
SEC

Holding(s) in Company

Strategic Equity Capital Closed Fund

TR1 Buy
['City of London Investment Management Company Limited', '15.020000', '14.100000']
IPF logo
All News 14:26
IPF

Form 8.3

International Personal Finance PLC

GSF logo
All News 13:49
GSF

Holding(s) in Company

Gore Street Energy Storage Fund Plc

TR1 Buy
['Jefferies Financial Group Inc', '1.573000', '0.143000']
IPF logo
All News 12:47
IPF

Form 8.3

International Personal Finance PLC

SDR logo
All News 11:58
SDR

Holding(s) in Company

Schroders PLC

TR1 Buy
['SILCHESTER INTERNATIONAL INVESTORS LLP', '4.000000', '5.010000']
IPF logo
All News 11:57
IPF

Form 8.3

International Personal Finance PLC

IPF logo
All News 11:16
IPF

Form 8.3

International Personal Finance PLC

BRGE logo
All News 10:52
BRGE

Portfolio Update

BlackRock Greater Europe Investment Trust plc

**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)**
**Performance Highlights**
**Net Asset Value (NAV)** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004).
**Share Price:** +0.9% (1 month)-1.3% (1 year)+19.8% (3 years)+744.8% (since launch).
**Benchmark (FTSE World Europe ex UK)** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch).
**Discount to NAV** 5.3% (including income).
**Net Gearing** 2.3%.
**Net Yield** 1.2%.
**Total Assets** £573.1 million.
**Sector Allocation**
Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%).
**Country Exposure**
Largest exposures are France (22.5%)Netherlands (18.9%)Switzerland (14.8%)and Germany (6.9%).
**Top 10 Holdings**
Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%).
**Market Commentary**
**AI Impact** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense.
**Macro Outlook** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard.
**Portfolio Adjustments** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales).
**Notable Performers** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors.
**Outlook**
The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities.
**Key Metrics**
Ongoing charges0.95%.
Ordinary shares in issue: 92661158 (excluding treasury shares).
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
Below is the HTML table code comparing the financials and debt (net gearing) year-on-year based on the provided text. Since the data is for a single year (2026), I’ve included the available metrics for comparison.
Metric20252026
Net Asset Value (undiluted) - One Year PerformanceN/A-2.8%
Share Price - One Year PerformanceN/A-1.3%
Net Asset Value (capital only)N/A616.62p
Net Asset Value (including income)N/A618.47p
Share PriceN/A586.00p
Discount to NAV (including income)N/A5.3%
Net GearingN/A2.3%
Net YieldBased on interim dividend of 1.75p and final dividend of 5.40p for 20251.2%
Total Assets (including income)N/A£573.1m
Ordinary Shares in IssueN/A92,661,158
Ongoing Charges0.95%0.95%
### Notes: 1. **Year-on-Year Comparison**: Since the data provided is primarily for 2026, the 2025 column includes limited information (e.g., ongoing charges and net yield basis). 2. **Net Yield**: The 2025 value is based on the dividend information provided, while the 2026 value is explicitly stated. 3. **Debt**: Net gearing is the closest metric to debt mentioned in the text, with 2.3% for 2026. This table summarizes the available financial and debt-related metrics for comparison.
NEXS logo
All News 10:42
NEXS

Director Dealing

Nexus Infrastructure plc

Following this share <mark style="background-color:yellow">purchase</mark>, Charles Sweeneys total shareholding in the Company is 55,619 Ordinary Shares, representing approximately 0.62% per cent of Nexus total voting rights.
WIZZ logo
All News 08:53
WIZZ

Wizz Air Omnibus Plan award grants

Wizz Air Holdings PLC

**Summary**
On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). The awards, approved by the Remuneration Committee on January 27, 2026, consist of options over 25,139 ordinary shares in the company. The grant is divided into two parts
**Performance Award (40%)** 10,056 options subject to Total Relative Shareholder Return (TSR) performance conditions over a three-year period starting in the 2026 financial year. Vesting ranges from 25% at median TSR to full vesting at the upper quartile.
**Restricted Stock Award (60%)** 15,083 options that vest on specific dates, provided the PDMR remains employed with the company.
The options must be exercised within ten years of the grant date, with underlying shares issued at nil cost. No payment was made by the PDMR for these options. Wizz Air, recognized for its sustainability efforts, operates a fleet of 260 Airbus aircraft and serves millions of passengers annually, with a focus on low fares and superior service.
**Key Points**
**Recipient** Nora Viktoria Rabe (Corporate and ESG Officer)
**Total Options Granted:** 25139 ordinary shares
**Performance Award:** 10056 options (TSR-based vesting)
**Restricted Stock Award:** 15083 options (time-based vesting)
**Exercise Period** 10 years from grant date
**Cost to PDMR** Nil
**Company Highlights** Sustainable airline with 260 aircraft, 63.4 million passengers in 2025, and multiple sustainability awards.
Awards
GSF logo
All News 08:16
GSF

Holding(s) in Company

Gore Street Energy Storage Fund Plc

TR1 Buy
['Saba Capital Management, L.P.', '0.006662', '0.002350']
CHSS logo
All News 08:11
CHSS

Subscription Agreement

World Chess PLC

**Summary**
World Chess Plc (LSECHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company will issue 175,915,198 new ordinary shares at £0.00656533 per share, subject to shareholder approval at a general meeting on March 18, 2026. If approval is not obtained, the number of shares issued will be reduced to 127,605,998. The transaction also extends the fulfillment period for warrant conditions from December 31, 2026, to December 31, 2028. CEO Ilya Merenzon highlighted that the new capital will fund the companys growth phase, supported by the continued commitment of existing shareholders. The announcement was classified as inside information under UK market regulations. World Chess is known for organizing major FIDE events, developing chess-related content, and operating the FIDE-rated gaming platform worldchess.com.
Agreement
OTES logo
All News 07:27
OTES

Q4 2025-FY 2025 Financial Results

HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.

**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results**
**Key Highlights**
**Revenue Growth** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services.
**Mobile Service Revenues** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**.
**Fixed Retail Service Revenues** Grew by **2.6%** in Q4, maintaining upward momentum.
**FTTH Expansion** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**.
**Shareholder Remuneration** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**.
**EBITDA Guidance** Raised to **~3%** for 2026, reflecting strong operational and financial performance.
**Financial Performance**
**Adjusted EBITDA (AL)** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**.
**Profit to Owners of the Parent** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**.
**Free Cash Flow (AL)** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**.
**Net Debt** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025.
**Operational Highlights**
**FTTH Adoption** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier.
**Mobile Performance** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base.
**TV Subscribers** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures.
**Outlook for 2026**
**Fixed Services** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion.
**Mobile Services** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum.
**ICT Sector** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down.
**Wholesale** Anticipated decline in international near-zero-margin segment, offset by domestic growth.
**EBITDA Growth** Projected to accelerate to **~3%** in 2026.
**Shareholder Remuneration Policy**
New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility.
For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks.
**Significant Events**
**TERNA FIBER Acquisition** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas.
**Mobile Infrastructure Spin-off** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**.
**Telekom Romania Mobile Disposal** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend.
**Sustainability**
Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects.
Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion.
**Conclusion**
OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
Here’s an HTML table comparing the year-on-year financials and debt for OTE Group based on the provided text:
MetricQ4'25 (€mn)Q4'24 (€mn)y-o-y Change12M'25 (€mn)12M'24 (€mn)y-o-y Change
Revenues916.3843.1+8.7%3,464.33,334.0+3.9%
Adjusted EBITDA (AL)351.1343.1+2.3%1,373.51,346.2+2.0%
EBIT217.6205.3+6.0%821.0784.8+4.6%
Profit to Owners of the Parent148.4154.0-3.6%726.0616.5+17.8%
Capex174.5158.4+10.2%611.6562.5+8.7%
Free Cash Flow (AL)168.3145.4+15.7%542.8522.5+3.9%
Net Debt553.3643.4-14.0%553.3643.4-14.0%
### Key Observations: 1. **Revenue Growth**: Revenues increased by 8.7% in Q4'25 compared to Q4'24, and by 3.9% for the full year 2025. 2. **EBITDA Improvement**: Adjusted EBITDA (AL) grew by 2.3% in Q4'25 and 2.0% for the full year, with guidance for 2026 raised to ~3%. 3. **Profitability**: Profit to owners of the parent decreased slightly in Q4'25 (-3.6%) but increased significantly for the full year (+17.8%). 4. **Capex Increase**: Capital expenditure increased by 10.2% in Q4'25 and 8.7% for the full year, driven by FTTH and 5G investments. 5. **Debt Reduction**: Net debt decreased by 14.0% both in Q4'25 and for the full year 2025, reflecting improved financial health. This table provides a clear comparison of key financial metrics and debt levels year-on-year for OTE Group.
HIK logo
All News 06:06
HIK

Launch of Buyback Programme

Hikma Pharmaceuticals PLC

**Summary**
Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust balance sheet, and confidence in future growth. It is structured in two equal tranches of **US $125 million each**, managed by Citigroup Global Markets Limited and J.P. Morgan Securities plc, respectively. The first tranche begins immediately and ends by June 9, 2026, while the second tranche starts upon completion of the first and concludes by September 23, 2026. The buyback aims to reduce share capital while maintaining balance sheet efficiency and allowing for continued investment opportunities. Purchases will comply with regulatory requirements, including the Market Abuse Regulation and UK Listing Rule 9, and will be announced daily. Shareholder approval for the programme’s continuation post-2026 Annual General Meeting is required. All repurchased shares will be cancelled or held in treasury.
Launch
PIN logo
All News 06:02
PIN

Half-year Financial Report

Pantheon International PLC

**Summary of Pantheon International PLC Half-Year Financial Report (February 2026)**
**Overview**
Pantheon International PLC (PIN), a FTSE 250 investment trust, released its Half-Year Report for the six months ended 30 November 2025. The report highlights PINs performance, strategic initiatives, and financial position, emphasizing its focus on improving shareholder value and reducing the discount to net asset value (NAV).
**Key Financial Highlights**
**NAV Growth**NAV increased by 4.9% during the period, driven by modest valuation gains (2.8%), favorable currency movements (2.2%), and share buybacks (1.0%). Expenses and taxes offset these gains by 1.1%.
**Share Price Performance**The share price rose by 26.7%, outperforming the MSCI World (10.0%) and FTSE All-Share (14.9%) indices.
**Discount Narrowing**The discount to NAV narrowed from 40% in May 2025 to 28% in November 2025, reflecting the Boards efforts to address the discount.
**Cash Flow**PIN generated net portfolio cash flow of £83.1m, an 85% increase from the previous period, with a distribution rate improving to 15%.
**Strategic Initiatives**
1. **Refocused Investment Strategy**PIN is concentrating on c.25 core private equity managers, down from approximately 90, to enhance performance and alignment.
2. **Cost Reduction**A new management fee structure will reduce fees by 19% (or £5.3m) from 1 June 2026, calculated at a flat 1% of NAV with no fees on undrawn commitments.
3. **Active Asset Sales**PIN plans to leverage the growing secondary market to sell assets, enhancing liquidity and shareholder returns.
4. **Capital Allocation**A £60m Distribution Pool has been established to return capital to shareholders through share buybacks or distributions, increasing by 20% of monthly gross distributions.
5. **Balance Sheet Management**PIN extended its £400m credit facility to October 2029 with improved terms, maintaining a prudent net debt position of 9.3% of NAV.
6. **Portfolio Insights**Enhanced analytics are being used to provide greater transparency into portfolio performance, aiding investor understanding.
**Market Context**
**Technology Sector**PINs largest sector, technology, faced volatility due to AI-related concerns. However, PINs managers view AI as an opportunity to expand markets and enhance operational capabilities.
**Private Equity Valuations**Private equity multiples have remained more stable than public equity multiples, which have seen significant increases.
**Leadership and Governance**
**Board Changes**Tony Morgan became Chair in January 2026, focusing on performance improvement and shareholder engagement.
**Management Transition**Charlotte Morris, Partner at Pantheon, seamlessly took over as Lead Manager of PIN.
**Outlook**
PIN remains confident in the long-term attractiveness of private equity, supported by substantial dry powder and improving exit activity. The company is well-positioned for a market rebound, with a diversified, cash-generative portfolio and a clear strategic plan to enhance NAV and reduce the discount.
**Conclusion**
PINs half-year results reflect progress in addressing performance challenges and aligning with shareholder interests. Strategic initiatives, including cost reduction, active asset sales, and improved capital allocation, are expected to drive long-term value creation. The company remains committed to its investment trust structure, offering accessible and diversified private equity exposure to investors.
Here is a comparison of the financials and debt year on year presented as an HTML table:
Metric30 Nov 202530 Nov 202431 May 2025Change (YoY)Change (Half-Year)
Net Asset Value (NAV)£2,265.1m£2,315.7m£2,223.0m-2.2%1.9%
NAV per Share520.82p501.64p496.45p3.8%4.9%
Share Price375.0p296.0p296.0p26.7%26.7%
Net Debt£208.6m£210.3m£188.9m-0.8%10.4%
Net Debt to NAV9.3%9.1%8.7%0.2pp0.6pp
Undrawn Coverage Ratio87%85%85%2pp2pp
Net Portfolio Cash Flow£83.1m£45.0m£73.3m (FY)84.7%84.7%
Distribution Rate15%12%12% (FY)3pp3pp
Call Rate27%20%20% (FY)7pp7pp
**Notes:** - **YoY (Year on Year):** Compares 30 Nov 2025 to 30 Nov 2024. - **Half-Year:** Compares 30 Nov 2025 to 31 May 2025. - **pp:** Percentage points. - **FY:** Full Year (31 May 2025). This table provides a concise comparison of key financial and debt metrics, highlighting year-on-year and half-year changes.
LSEG logo
All News 06:01
LSEG

Commencement of Share Buyback Programme

London Stock Exchange Group PLC

**Summary**
London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The programme, valued at up to £750 million, aims to reduce the companys share capital by repurchasing ordinary shares of 679/86 pence each.
LSEG has engaged Morgan Stanley & Co. International Plc to execute the buyback as a riskless principal, operating within pre-set parameters. Purchases will begin immediately and conclude by May 29, 2026, with transactions conducted on the London Stock Exchange and/or Turquoise Equities Trading. Shares acquired by Morgan Stanley will be resold to LSEG and subsequently cancelled.
The buyback operates under the authority granted by shareholders at the 2025 Annual General Meeting, allowing the repurchase of up to 28,112,224 shares. The programme complies with UK Listing Rules and relevant EU regulations, as retained in UK law post-Brexit. LSEG will provide regulatory updates on share purchases as they occur. The initiative underscores the companys strategy to manage its capital structure effectively.
BuyBack
MWE logo
All News 06:01
MWE

MTI Launches New Interactive Investor Hub

M.T.I Wireless Edge Ltd

**Summary**
MTI Wireless Edge Ltd. (AIMMWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub consolidates all MTI content, including regulatory announcements, reports, presentations, and investment research, into a single, user-friendly interface. It also features an interactive portal allowing stakeholders to ask questions and receive timely responses from MTI’s management team.
MTI’s CEO, Moni Borovitz, emphasized the company’s commitment to transparency, clear communication, and sustainable growth, highlighting the Investor Hub as a tool to strengthen these values. The platform aims to provide investors with direct access to company updates, insights, and leadership engagement.
MTI, headquartered in Israel, operates across three core divisions: **Antenna Solutions**, **Water Control & Management** (via subsidiary Mottech Water Solutions), and **Distribution & Professional Consulting Services** (via subsidiary MTI Summit Electronics). The company focuses on delivering innovative communication and radio frequency solutions for both commercial and military applications.
The announcement was distributed via **Reach**, a non-regulatory investor communication service, and further details are available on MTI’s investor website.
Launch
EAH logo
All News 06:01
EAH

EU launch plans for ECOVAXXIN® MS

Eco Animal Health Group Plc

**Summary**
ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing authorization in December 2025. The vaccine aims to immunize layer and breeder chickens, reducing economic losses caused by infections, including air-sac and foot-pad lesions and decreased egg production.
The company plans a phased launch across key European territories in 2026 and 2027, leveraging its existing commercial network and strategic distribution partnerships covering over 220 million layer birds annually in the EUs top seven poultry markets. A pre-launch phase includes distributor training, technical assessments, and marketing activities, culminating in an official launch event in Madrid, Spain, from June 30 to July 1, 2026, followed by regional events.
ECOVAXXIN® MS is expected to be immediately margin accretive, with a material contribution to EBITDA anticipated in the 2027/2028 financial year. The launch positions ECO as a comprehensive Mycoplasma solutions provider, complementing its lead product Aivlosin®. The company’s CEO, David Hallas, and Chief Commercial Officer, Andrew Buglass, emphasized the strategic importance of this launch, highlighting the vaccine’s differentiated value and the readiness of the commercial network for successful market entry.
Launch
FDEV logo
All News 06:01
FDEV

Launch of on-market Share Buyback Programme

Frontier Developments Plc

**Summary**
Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary shares, with a maximum expenditure of £8 million, or until June 27, 2026, whichever occurs first. This initiative follows a previous £10 million buyback completed in October 2025 and reflects the company’s strong financial position, confidence in its creative management simulation (CMS) game strategy, and commitment to enhancing shareholder returns.
Peel Hunt LLP has been appointed to execute the buyback, acting independently to determine purchase timing and pricing. David Braben, President and Founder, intends to sell a portion of his shares to maintain his current ownership percentage. The company will disclose all share purchases promptly and emphasizes that the buyback’s full implementation is not guaranteed. Frontier Developments remains focused on sustainable growth through its CMS franchises and proprietary technology.
Launch
RNEW logo
All News 06:01
RNEW

Notice of GM

Ecofin U.S. Renewables Infrastructure Trust PLC USD

BIG logo
All News 06:01
BIG

Holding(s) in Company

Big Technologies PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Neudi & C:o AB', '31 066 900', 0]
ELSA logo
All News 06:01
ELSA

2025 Preliminary Results

Electrica SA

**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results**
Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adjustments, and robust investment management. Key highlights include
1. **Record Financial Performance**
**Net Profit**RON 1,218.9 million, a 159.2% increase from 2024 (RON 470.2 million).
**EBITDA**: RON 2383.3 millionup 64.5% from 2024 (RON 1449.0 million).
**Operating Revenue**: RON 12165.3 milliona 12.9% rise from 2024 (RON 10772.8 million).
2. **Segment Contributions**
**Supply Segment**Revenues increased by RON 2,125.8 million (36.5%) to RON 7,944.6 million, primarily due to the removal of the electricity price cap scheme and market adjustments. EBITDA improved by RON 650.5 million to RON 572.4 million.
**Distribution Segment**Revenues grew by RON 500.1 million (10.6%) to RON 5,209.7 million, driven by tariff increases and higher electricity distribution volumes. EBITDA contribution was 78.8% of the Group’s total.
3. **Operational Highlights**
Distributed electricity volumes rose by 1.5% to 18.03 TWh, serving 4.011 million users across 40.8% of Romania’s area.
Renewable energy production increased by 65.86% to 16.69 GWh, supported by new photovoltaic parks.
Investments totaled RON 878.4 million, exceeding the planned commissioning program by 115%.
4. **Strategic Achievements**
Strengthened market position in a competitive environment, with Electrica Furnizare maintaining the second-largest market share (14.73%) in Romania’s electricity supply market.
Expanded renewable generation capacities and advanced energy storage projects, positioning the Group for sustainable growth.
5. **Restatement of 2024 and 2023 Financials**
Financial statements for 2024 and 2023 were restated to reflect reassessments of trade receivables and subsidies due to retroactive regulations (OUG 32/2024).
6. **CEO Statement**
Alexandru-Aurelian Chirita highlighted the Group’s structural performance shift, emphasizing operational efficiency, capital management, and investments in renewable energy and storage projects to support Romania’s energy security.
Electrica Group’s 2025 results underscore a new phase of sustainable growth, built on efficiency, stability, and strategic investments. Full details are available on the company’s website.
Below is the HTML table code comparing the financials and debt year-on-year for Societatea Energetica Electrica SA based on the provided text: < lang="en">Financial and Debt Comparison - Electrica SA

Financial and Debt Comparison - Electrica SA (2024 vs 2025)

Metric2024 (Restated)2025Δ (Change)Δ% (Change %)
Operating Revenue (RON mn)10,772.812,165.31,392.512.9%
Operating Profit (RON mn)852.71,782.5929.8109.0%
EBITDA (RON mn)1,449.02,383.3934.464.5%
Net Profit (RON mn)470.21,218.9748.6159.2%
CAPEX PIF (RON mn)810.2878.468.28.4%
Subsidy Revenues (RON mn)2,127.61,081.8(1,045.8)-49.2%
Distributed Electricity Volumes (TWh)17.7618.030.271.5%
Regulated Asset Base (RON bn)N/A8.6N/AN/A

Note: Debt information was not explicitly provided in the text, so it is not included in the table.

### Key Points: 1. **Revenue and Profit Growth**: Significant increases in operating revenue, operating profit, EBITDA, and net profit. 2. **CAPEX Increase**: A modest increase in commissioned investments (CAPEX PIF). 3. **Subsidy Reduction**: A substantial decrease in subsidy revenues due to the removal of the capping scheme. 4. **Operational Metrics**: Slight increase in distributed electricity volumes and a notable increase in the Regulated Asset Base. This table provides a clear year-on-year comparison of key financial and operational metrics for Electrica SA.
DRX logo
All News 06:01
DRX

Annual Financial Report

Drax Group PLC

Drax Group PLC, a UK-based energy company, reported its full-year results for 2025, highlighting record levels of renewable energy generation and a strong financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Adjusted EBITDA**£947 million in 2025, down from £1,064 million in 2024, primarily due to lower achieved power prices.
**Net Debt**Reduced to £784 million from £992 million in 2024, with a Net debt to Adjusted EBITDA ratio of 0.8 times, significantly <mark style="background-color:yellow">below</mark> the target of around 2 times.
**Adjusted Basic EPS**: 137.7 pencecompared to 128.4 pence in 2024.
**Dividend per Share**Increased to 29.0 pence from 26.0 pence in 2024, marking the ninth consecutive year of dividend growth.
### **Operational Performance**
**Renewable Generation**Record levels achieved, contributing 6% of UK power and 11% of UK renewables.
**Pellet Production**Record levels produced, with a 5% increase compared to 2024.
**Biomass Generation**15.0TWh generated, up from 14.6TWh in 2024, supporting UK energy security.
### **Strategic Developments**
**Low Carbon Dispatchable CfD**Signed with the UK Government for Drax Power Station, providing increased visibility and supporting energy security.
**Battery Energy Storage Systems (BESS)**: Initial investments made, with commitments in 710MW of BESS developments.
**Flexitricity Acquisition**Acquired an optimization platform to support the development of the FlexGen portfolio.
**Data Centre Development**Exploring options for a 1.2GW-scale data centre at Drax Power Station, with a first phase of 100MW targeted for 2027.
### **Financial Outlook**
**2026 Adjusted EBITDA**Expected to be in line with analyst consensus estimates of £662 million.
**Post-2027 Adjusted EBITDA**Targeting £600-700 million per annum from Pellet Production, Biomass Generation, and FlexGen.
**Free Cash Flow**Targeting £3 billion from 2025-2031, with £0.5 billion delivered in 2025.
**Shareholder Returns**Over £1 billion to be returned through dividends and share buybacks, with a £450 million three-year buyback extension.
### **Sustainability**
**CDP and MSCI Ratings**Achieved A ratings for forestry and climate (CDP) and sustainability (MSCI).
**Sustainability Framework**Launched in 2025, aligning with TCFD, TNFD, and SBTi targets.
**Biomass Tracker Tool**Launched in 2026 to enhance transparency in biomass sourcing.
### **Challenges and Opportunities**
**Canadian Operations**Facing a more challenging outlook due to constrained fibre markets
strategic options are being reviewed.
**Energy Transition and AI Growth**Creating opportunities for investment in flexible and renewable energy, including BESS and data centres.
### **Leadership and Governance**
**CEO Comment**Will Gardiner emphasized the Group’s role in UK energy security and the strategic importance of the low carbon dispatchable CfD.
**Board Changes**Frank Lemmink appointed as CFO in September 2025, and Mark Clare joined as a Non-Executive Director in February 2026.
### **Conclusion**
Drax Group PLC demonstrated strong operational and financial performance in 2025, with a focus on renewable energy and strategic investments in flexible generation and storage. The company is well-positioned to capitalize on the energy transition and emerging opportunities in AI and data centres, while maintaining a commitment to sustainability and shareholder value.
Here is the HTML table code comparing the financials and debt year on year for Drax Group PLC:
Metric2025 (£ million)2024 (£ million)Change
Adjusted EBITDA9471,064(11%)
Net debt784992(21%)
Operating profit241850(72%)
Profit before tax190753(75%)
Adjusted basic EPS (pence)137.7128.47%
Dividend per share (pence)29.026.012%
Cash generated from operations1,0001,135(12%)
Capital expenditure202321(37%)
**Key Observations:** * **Adjusted EBITDA:** Decreased by 11% from £1,064 million in 2024 to £947 million in 2025, primarily due to lower achieved power prices. * **Net debt:** Significantly reduced by 21% from £992 million in 2024 to £784 million in 2025, indicating improved financial health. * **Operating profit and Profit before tax:** Both metrics experienced substantial declines, primarily due to non-cash impairment charges of £378 million in 2025. * **Adjusted basic EPS and Dividend per share:** Both increased, reflecting the company's focus on shareholder returns despite the decline in overall profitability. * **Cash generated from operations and Capital expenditure:** Both decreased, indicating a focus on cost control and potentially reduced investment in growth initiatives. This table provides a concise overview of Drax Group PLC's financial performance and debt position, highlighting key changes between 2024 and 2025.
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AZN

AstraZeneca prices a $2bn bond offering

AstraZeneca PLC

**Summary**
AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities and Exchange Commission (SEC), consists of three tranches of fixed-rate notes with maturities in 2031, 2033, and 2036, and coupons of 4.000%, 4.300%, and 4.600%, respectively. The proceeds will be used for general corporate purposes, potentially including refinancing existing debt. The transaction is expected to close on March 2, 2026, and does not impact AstraZenecas 2026 financial guidance. BofA Securities, Deutsche Bank Securities, HSBC Securities, and Mizuho Securities acted as joint book-running managers. The offering is made via a prospectus supplement and accompanying prospectus, available through the SECs EDGAR system or the listed underwriters.
Offers
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DLN

Results for the Year Ended 31 December 2025

Derwent London PLC

Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lettings of £11.3 million, 10% <mark style="background-color:yellow">above</mark> estimated rental value (ERV), and a record year of asset management activity.
Key financial highlights include
Gross rental income increased by 1.6% to £218.3 million.
EPRA earnings per share (EPS) decreased by 7.6% to 98.4p, primarily due to mid-year refinancing.
Total accounting return (TAR) increased to 5.0%.
Net asset value (NAV) per share rose by 2.4% to 3,225p.
Derwent Londons portfolio ERV guidance was increased to 4-7% for 2026, reflecting strong occupational dynamics and a shortage of new office space in London. The company is targeting £1 billion in disposals over the next three years to redeploy capital into accretive opportunities, with a focus on development projects and acquisitions.
The companys development pipeline includes several major projects, such as Holden House W1, Greencoat & Gordon House SW1, and 50 Baker Street W1, which are expected to deliver attractive returns. Derwent London also formed a strategic partnership with Related Argent to develop the Old Street Quarter EC1, a significant long-term regeneration opportunity.
In terms of financial performance, Derwent Londons total property return outperformed the MSCI Central London Office Quarterly Index by 69 basis points. The companys EPRA NTA per share increased by 2.4%, resulting in a TAR of 5.0%.
Looking ahead, Derwent London forecasts 25-30% growth in EPRA earnings per share by 2030, driven by project completions, rental growth, and disciplined capital allocation. The company aims to deliver a TAR of 7-10% per annum over the coming years, assuming stable investment yields.
**Summary**
Derwent London PLC reported strong financial results for 2025, with increasing rental income, improving total accounting return, and a robust development pipeline. The company is well-positioned to benefit from the strengthening London office market, with a focus on capital recycling, development, and strategic partnerships to drive future growth.
Here is the HTML table code comparing the financials and debt year on year for Derwent London PLC:
Metric20252024Change
Gross rental income (£m)218.3214.81.6%
EPRA EPS (p)98.4106.5(7.6%)
Dividend (p)81.580.51.2%
IFRS result before tax (£m)161.5116.039.2%
EPRA NTA per share (p)3,2253,1492.4%
Net debt (£m)1,4501,483(2.2%)
EPRA LTV (%)29.429.9(1.7%)
Net debt/EBITDA (x)9.09.3(3.2%)
Interest cover (x)3.13.9(20.5%)
**Notes:** * The table compares key financial metrics for Derwent London PLC between 2024 and 2025. * The metrics include gross rental income, EPRA EPS, dividend, IFRS result before tax, EPRA NTA per share, net debt, EPRA LTV, net debt/EBITDA, and interest cover. * The change column shows the percentage change between 2024 and 2025 for each metric. * The table is formatted with borders and headers for clarity.
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HIK

Final Results, Share Buyback & Leadership Changes

Hikma Pharmaceuticals PLC

Hikma Pharmaceuticals PLC announced its final results for the year ended December 31, 2025, highlighting significant growth in revenue and profit, along with strategic leadership changes and a share buyback program. Here’s a summary of the key points
### **Financial Performance**
**Revenue Growth**Group revenue increased by 7% to $3,349 million (6% in constant currency), driven by strong performance in Branded and Hikma Rx businesses, and growth across all geographies (North America, MENA, and Europe).
**Profit Growth**Profit attributable to shareholders rose by 12% to $402 million, with core operating profit up 3% to $741 million.
**Margins**Resilient margins were maintained despite challenges in the Injectables business.
**Dividend and Share Buyback**A 5% increase in the total dividend to 84 cents per share and a $250 million share buyback program were announced, reflecting strong cash flow generation and confidence in future growth.
### **Business Segment Performance**
**Injectables**Core revenue grew by 7%, but core operating profit declined by 6% due to geographic and product mix challenges. Efforts are underway to address these issues.
**Branded**Revenue increased by 10%, with core operating profit up 19%, driven by strong performance in oncology and diabetes products.
**Hikma Rx**Revenue remained flat, but core operating profit increased by 5%, supported by complex products like generic Advair Diskus®.
### **Strategic Progress**
**Product Launches**Launched 84 products globally, including Tyzavan® in the US and the first biosimilar product, ustekinumab.
**Partnerships**Expanded partnership with Celltrion in MENA for six additional biosimilars.
**Geographic Growth**Double-digit growth in Europe Injectables and continued success in MENA with products like palbociclib and dapagliflozin.
### **Leadership Changes**
**Said Darwazah**Stepped down as Executive Chairman to focus exclusively on the CEO role.
**Victoria Hull**Appointed as Chair of the Board.
**Mazen Darwazah**Became Deputy CEO, MENA, overseeing all MENA activities.
**Khalid Nabilsi**Appointed Deputy CEO, North America and Europe, and stepped down as CFO.
**Areb Kurdi**Acting CFO while the search for a new CFO is ongoing.
**Hafrun Fridriksdottir**Expanded role to include management of Injectables commercial activities in the US.
### **2026 Outlook**
**Revenue Growth**Expected to be in the range of 2% to 4%.
**Core Operating Profit**Projected between $720 million and $770 million.
**Segmental Outlook**Injectables revenue to grow in low single digits with a margin of 27-28%
Branded revenue to grow 6-8% with a margin of around 25%
Hikma Rx revenue to remain flat with a margin close to 20%.
### **Balance Sheet and Ratings**
**Net Debt**Increased to $1,387 million, with a net debt to core EBITDA ratio of 1.6x.
**Credit Ratings**Upgraded to BBB by S&P and Fitch, with successful refinancing of a $500 million Eurobond.
### **Share Buyback**
A $250 million share buyback program was announced, reflecting strong cash generation and confidence in future growth prospects.
### **Conclusion**
Hikma Pharmaceuticals demonstrated robust financial performance in 2025, despite challenges in the Injectables business. Strategic leadership changes and a focus on sustainable profit growth position the company for continued success in 2026. The share buyback and increased dividend underscore the company’s financial strength and commitment to shareholder value.
Here’s an HTML table comparing the year-on-year financials and debt for Hikma Pharmaceuticals PLC based on the provided text:
Metric2024 ($ million)2025 ($ million)ChangeConstant Currency Change
Revenue3,1273,3497%6%
Operating Profit612542(11%)(12%)
Profit Attributable to Shareholders35940212%13%
Cashflow from Operating Activities564436(23%)-
Net Debt1,1181,38724%-
Leverage (Net Debt/Core EBITDA)1.4x1.6x--
### Key Highlights: 1. **Revenue Growth**: Revenue increased by 7% (6% in constant currency) from 2024 to 2025, driven by strong performance in Branded and Hikma Rx businesses. 2. **Operating Profit Decline**: Operating profit decreased by 11% (12% in constant currency) due to a legal settlement impact. 3. **Profit Attributable to Shareholders**: Increased by 12% (13% in constant currency) despite the decline in operating profit. 4. **Cashflow from Operating Activities**: Decreased by 23%, primarily due to $186 million in one-off legal settlements. 5. **Net Debt Increase**: Net debt increased by 24% to $1,387 million, with leverage rising from 1.4x to 1.6x. This table provides a concise comparison of key financial and debt metrics year-on-year for Hikma Pharmaceuticals PLC.
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MACF

Annual Results 2025

Macfarlane Group PLC

Macfarlane Group PLC, a UK-based packaging company, reported its annual results for 2025, highlighting a challenging year with mixed financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Revenue Growth**Group revenue increased by 11% to £300.8 million, driven by strong performance in Manufacturing Operations, particularly from the Polyformes acquisition.
**Profit Decline**Operating profit fell by 47% to £12.5 million, and profit before tax dropped by 61% to £8.05 million, primarily due to economic headwinds, increased operating costs, and the impact of the Pitreavie incident.
**Adjusted Metrics**Adjusted operating profit decreased by 28% to £19.7 million, and adjusted profit before tax fell by 38% to £15.57 million.
**Dividend**The Board maintained the final dividend at 2.70p per share, with a total dividend for 2025 of 3.66p per share.
### **Segment Performance**
**Packaging Distribution**Revenue grew marginally to £229.2 million, but adjusted operating profit declined significantly to £11.4 million due to weaker demand, competitive pressures, and increased costs.
**Manufacturing Operations**Revenue surged by 65% to £78.5 million, with adjusted operating profit rising to £8.3 million, driven by the Polyformes acquisition and strong demand in defense, space, and aerospace sectors.
**Pitreavie**Acquired in January 2025, Pitreavie underperformed due to a tragic incident at its facility, resulting in an adjusted operating loss of £0.2 million.
### **Cash Flow and Debt**
**Net Cash Inflow**Operating activities generated £24.8 million in cash, reflecting effective working capital management.
**Net Bank Debt**Increased to £16.2 million due to acquisitions, share buybacks, dividends, and capital expenditure.
**Bank Facility**The Group operates within a £40 million bank facility, extended to November 2028 with an option to extend further.
### **Pension Scheme**
A non-recurring charge of £1.9 million was accrued to address historic equalization of pensions, reducing the pension scheme surplus to £6.0 million.
### **Sustainability**
The Group reduced Scope 1 and 2 carbon emissions and is committed to electrifying its delivery fleet and expanding renewable energy use.
### **Outlook**
**Challenging Market**Management expects markets to remain challenging in 2026, with a focus on improving Packaging Distribution, recovering Pitreavie, and growing Manufacturing Operations.
**Key Priorities**Include new business development in industrial markets, operational efficiency, cost savings, and refining the sourcing model.
**Investment**£1.2 million investment in Pitreavie to restore full operational capacity by Q2 2026.
### **Risks and Uncertainties**
**Economic Environment**Uncertain economic conditions and weakened demand impact performance.
**Health and Safety**Elevated risk following the Pitreavie incident, with initiatives to strengthen safety culture.
**Supply Chain**Inflationary pressures and supply chain disruptions remain challenges.
### **Viability Statement**
The Board is confident in the Group’s ability to continue operations and meet liabilities, even under a severe but plausible downside scenario, supported by mitigating actions and a robust financial model.
### **Conclusion**
Macfarlane Group faced a difficult year in 2025, with revenue growth offset by profit declines due to external challenges and the Pitreavie incident. The Group remains focused on strategic priorities to improve performance and sustainability, with a cautious but optimistic outlook for 2026.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£000)2024 (£000)Change (£000)Change (%)
Revenue300,810270,43730,37311%
Gross Profit112,171105,3726,7996%
Operating Profit12,49523,597(11,102)(47%)
Profit Before Tax8,05020,896(12,846)(61%)
Profit for the Year6,31615,530(9,214)(59%)
Net Cash Inflow from Operating Activities24,78025,428(648)(3%)
Net Bank Debt16,1611,91814,243742%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 11% from £270.4 million in 2024 to £300.8 million in 2025. 2. **Profit Decline:** Operating profit, profit before tax, and profit for the year all declined significantly in 2025 compared to 2024, with profit for the year dropping by 59%. 3. **Cash Flow:** Net cash inflow from operating activities decreased slightly by 3%, but remained strong at £24.8 million. 4. **Debt Increase:** Net bank debt increased significantly from £1.9 million in 2024 to £16.2 million in 2025, primarily due to acquisitions, share buybacks, dividends, and capital expenditure. This table provides a clear comparison of key financial metrics and debt levels between 2024 and 2025 for Macfarlane Group PLC.
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MTEC

Interim Results

Made Tech Group PLC

**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)**
**Financial Performance**
**Revenue Growth**Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog.
**Profitability**Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million).
**Cash Position**Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet.
**Contracted Backlog**Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year.
**Sales Bookings**Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27.
**Strategic Highlights**
**Client Delivery**Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation.
**Market Opportunity**Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption.
**Software Division**Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions.
**People**Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program.
**Outlook**
**Trading Ahead of Expectations**Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix.
**Pipeline Strength**Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27.
**M&A Exploration**Actively exploring acquisitions to extend digital capabilities and expand the addressable market.
**Management Changes**
**New CFO**Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience.
**CEO Commentary**
Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI.
**Conclusion**
Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
Here’s an HTML table comparing the financials and debt year on year for Made Tech Group PLC based on the provided text:
MetricH1 FY26H1 FY25ChangeFY25
Revenue£27.8m£21.8m+28%£46.4m
Gross Profit£8.7m£7.8m+12%£14.8m
Gross Profit Margin31.2%35.8%32.0%
Adjusted EBITDA£2.4m£1.8m+35%£3.5m
Adjusted EBITDA Margin8.7%8.2%7.5%
Statutory Profit before Tax£1.3m£0.4m+186%£2.0m
Adjusted Profit before Tax£1.9m£1.5m+31%£2.9m
Sales Bookings£13.4m£42.0m-68%£82.1m
Contracted Backlog£74.4m£80.8m-8%£92.2m
Net Cash£11.9m£9.1m+30%£10.4m
Debt£0m£0mN/A£0m
### Key Notes: - **Debt**: The company remains debt-free across all periods. - **Net Cash**: Increased by 30% from H1 FY25 to H1 FY26, reflecting strong cash generation. - **Revenue and Profitability**: Significant growth in revenue (+28%) and profitability metrics (e.g., Adjusted EBITDA +35%) year on year. - **Sales Bookings and Contracted Backlog**: Declined compared to H1 FY25 due to timing of large contract awards, but management remains optimistic about future bookings.
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JUP

Annual Financial Report

Jupiter Fund Management Plc

**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)**
**Overview**
Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under management (AUM), positive net inflows, and improved profitability. The company highlighted material progress in its strategic objectives, including increased scale, reduced complexity, and enhanced client relationships.
**Key Financial Highlights**
**Underlying Profit Before Tax** Increased by 42% to £138.3 million (2024: £97.5 million), driven by performance fees of £120.3 million (2024: £31.2 million).
**Statutory Profit Before Tax** Rose to £131.9 million (2024: £88.3 million).
**Assets Under Management (AUM)** Grew by 19% to £54.0 billion (2024: £45.3 billion), supported by net inflows and market movements.
**Net Inflows** Recorded £1.3 billion (2024: net outflows of £10.3 billion), the first year of positive net inflows since 2017.
**Cost Management** Administrative expenses (before performance fees and exceptional items) decreased by 2% to £255.5 million (2024: £260.5 million).
**Strategic Achievements**
**Acquisitions** Completed the acquisition of CCLA Investment Management, adding £15 billion to AUM and expanding into the non-profit client segment. Also acquired Origin Asset Management.
**Cost Savings** Delivered cost savings ahead of schedule and reconfirmed synergy targets for the CCLA acquisition.
**Dividends and Share Buyback** Announced a final ordinary dividend of 2.3p per share, a special dividend of 5.7p per share, and a share buyback program of up to £30 million, representing a 50% distribution of 2025 performance fee revenue.
**Operational Performance**
**Net Revenue** Increased by 18% to £431.0 million (2024: £364.1 million), driven by higher performance fees.
**Investment Performance** 68% of mutual fund AUM outperformed their peer group over three years, with nearly half in the top quartile.
**Client Sentiment** Improved, leading to positive net inflows across both institutional and retail & wholesale channels.
**Outlook**
The company expressed confidence in its ability to achieve its medium-term target of a 70% cost:income ratio, supported by improved investment performance, strategic acquisitions, and disciplined cost management. Jupiter Fund Management PLC is well-positioned to benefit from potential shifts in client allocations and market conditions.
**Management Commentary**
Chief Executive Matthew Beesley emphasized the companys strong performance, strategic progress, and improved client sentiment. He highlighted the successful integration of acquisitions and the focus on cost discipline, positioning the company for continued growth and value creation.
**Conclusion**
Jupiter Fund Management PLCs 2025 results reflect robust financial and operational performance, strategic advancements, and a positive outlook. The companys focus on scale, cost efficiency, and client relationships has strengthened its position in the asset management industry.
Here is the HTML table code comparing the financials and debt year on year for Jupiter Fund Management PLC:
Metric2025 (£m)2024 (£m)% Change
AUM (£bn)54.045.319%
Net flows (£bn)1.3(10.3)N/A
Net revenue (£m)431.0364.118%
Statutory profit before tax (£m)131.988.349%
Basic earnings per share (EPS) (p)19.212.554%
Underlying profit before tax (£m)138.397.542%
Underlying EPS (p)19.413.445%
Total dividends per share (p)10.15.487%
Cost:income ratio82%78%N/A

Notes:

  • Debt information is not explicitly mentioned in the provided text, so it's not included in the table.
  • The % change for net flows is not applicable (N/A) due to the change from negative to positive values.
This table compares the key financials year on year, including AUM, net flows, net revenue, profit before tax, EPS, underlying profit, underlying EPS, total dividends per share, and cost:income ratio. Since debt information is not provided in the text, it's not included in the table.
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CSSG

Half-year Financial Report

Croma Security Solutions Group Plc

**Summary of Croma Security Solutions Group PLC Half-Year Financial Report (H1 2026)**
**Overview**
Croma Security Solutions Group PLC (AIMCSSG), a UK-based security solutions provider, reported its unaudited interim results for the six months ended 31 December 2025. The period was marked by strategic investments, reorganisation, and acquisitions aimed at future growth, despite a planned reduction in profit.
**Key Financial Highlights**
**Revenue Growth**Revenue increased by 9% to £5.0 million (H1 2025: £4.6 million), driven by prior-year acquisitions, though partially offset by planned security centre refurbishments, branch consolidations, and customer caution ahead of the 2025 Autumn Budget.
**Profitability**EBITDA fell to £0.436 million (H1 2025: £0.572 million), and profit before tax dropped to £0.252 million (H1 2025: £0.456 million) due to higher costs from strategic investments and management hires.
**Cash Position**The company remains debt-free with cash reserves of £4.4 million (H1 2025: £4.2 million), plus an additional £0.85 million due from the Vigilant disposal by June 2026.
**Net Asset Value**Increased to 113p per share (H1 2025: 111p).
**Operational Performance**
**Portfolio Optimisation**Merged four security centres into two in Peterborough and Southampton, with refurbished locations.
**Acquisitions**Completed the acquisition of TLS Security Systems Limited in Taunton on 2 January 2026, expanding the security centre network to 17 locations.
**Digital Strategy**Reset Google Ads strategy and re-indexed online stock to improve online sales and profitability, though this temporarily reduced online sales.
**Management Strengthening**Invested in key hires across Operations, HR, Engineering, and Head Office to support scaling.
**Strategic Initiatives**
**Growth Focus**Emphasis on acquiring and integrating local locksmith businesses into modern security centres, with a pipeline of further acquisitions expected in H2 2026.
**Legislative Opportunities**Positioned to benefit from the Terrorism (Protection of Premises) Act 2025 (Martyns Law), offering integrated security and fire safety solutions.
**Freehold Properties**Strategic ownership of freehold properties for long-term control and flexibility, with recent refurbishments enhancing operational efficiency.
**Outlook**
**H2 2026**Positive trading performance expected, supported by a strong new business pipeline and improved customer sentiment post-Budget.
**Dividend**Plans to declare a single final progressive dividend with FY26 results.
**Confidence**The Board remains confident in meeting full-year targets, supported by the TLS acquisition and operational improvements.
**Conclusion**
Croma Security Solutions Group PLC’s H1 2026 results reflect a period of strategic investment and reorganisation, positioning the company for future growth. Despite short-term profit reductions, the company’s robust financial position, expanded network, and strong acquisition pipeline underscore its commitment to long-term expansion and shareholder value.
Below is an HTML table comparing the financials and debt year on year for Croma Security Solutions Group PLC based on the provided text:
MetricH1 2025 (£000s)H1 2024 (£000s)Change
Revenue4,9944,580+9%
EBITDA436572-24%
Profit Before Tax252456-45%
Earnings Per Share (pence)1.352.25-40%
Cash and Cash Equivalents4,3614,174+4%
Net Debt00No Change
Net Asset Value per Share (pence)113111+2%
### Key Points: 1. **Revenue**: Increased by 9% year on year, driven by acquisitions and organic growth. 2. **EBITDA and Profit Before Tax**: Decreased due to higher costs, primarily from planned investments in the business and key management hires. 3. **Earnings Per Share**: Declined by 40% due to reduced profitability. 4. **Cash Position**: Remained strong with no debt and a slight increase in cash and cash equivalents. 5. **Net Asset Value per Share**: Increased slightly, reflecting the company's robust financial position. This table provides a clear comparison of key financial metrics and debt position year on year for Croma Security Solutions Group PLC.
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NEXS

Full Year Results

Nexus Infrastructure plc

Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despite ongoing challenges in the housing sector. This growth was accompanied by an improvement in gross margins to 15.6% and a 21% reduction in central costs.
Key financial highlights include
Revenue increased by 16% to £65.9 million.
Gross margin improved to 15.6%.
Central costs were reduced by 21%.
The order book grew significantly by 62% to £83.4 million.
Operating loss before exceptional items decreased to £1.1 million.
Cash and cash equivalents stood at £10.9 million.
A final dividend of 2.0 pence per share was recommended, bringing the total annual dividend to 3.0 pence.
Operationally, Nexuss subsidiary Tamdown secured £88.8 million in new work, contributing to a 62% increase in the order book. The acquisition of Coleman Construction & Utilities Limited in October 2024 marked a strategic step, broadening the groups presence in higher-margin sectors like water and rail infrastructure. Colemans integration was seamless, and it is expected to benefit from the AMP8 investment programme, which runs until 2030.
Looking ahead, Tamdown is well-positioned to capitalize on the anticipated recovery in the housebuilding sector, with a solid order book and new contract wins. Coleman is expected to see increased activity in the water sector as AMP8 progresses. The groups strong order book and improving market sentiment indicate positive prospects for the future.
In summary, Nexus Infrastructure PLC demonstrated resilience and strategic progress in FY25, achieving growth, improving margins, and strengthening its position in key infrastructure sectors, despite challenging market conditions. The company is well-prepared for future opportunities, particularly in the housing and water sectors.
Here is a comparison of the financials and debt year on year for Nexus Infrastructure PLC, presented as an HTML table:
MetricFY25 (£'000)FY24 (£'000)Change (%)
Revenue65,91056,71316%
Gross Profit10,2557,66434%
Operating Loss before Exceptional Items(1,080)(1,946)44% improvement
Cash and Cash Equivalents10,94212,801(14.5%)
Net Assets27,31929,982(9.0%)
Order Book83,40051,60062%
Trade and Other Receivables19,30421,836(11.6%)
Trade and Other Payables11,69013,568(13.8%)
Lease Liabilities11,51311,1693.1%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 16% from FY24 to FY25, driven by growth in the residential housebuilding sector and the acquisition of Coleman. 2. **Gross Profit Improvement:** Gross profit increased by 34%, primarily due to improved margins and the contribution from Coleman. 3. **Operating Loss Reduction:** The operating loss before exceptional items decreased by 44%, reflecting cost control measures and improved operational efficiency. 4. **Order Book Growth:** The order book grew significantly by 62%, providing a solid foundation for future revenue growth. 5. **Cash Position:** Cash and cash equivalents decreased by 14.5%, partly due to the acquisition of Coleman and dividend payments. 6. **Net Assets:** Net assets decreased by 9.0%, primarily due to the loss for the year and dividend payments. 7. **Debt Position:** Lease liabilities increased slightly by 3.1%, while trade and other payables decreased by 13.8%, indicating improved working capital management. This table provides a concise comparison of key financial metrics, highlighting areas of improvement and potential areas of concern.
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All News 06:01
VANQ

Results for the year ended 31 December 2025

Vanquis Banking Group PLC

**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025**
**Key Highlights**
**Return to Profitability** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared to a loss of £138.0 million in 2024, marking a successful return to profitability.
**Strategic Growth** The Group achieved a 22% increase in gross customer interest-earning balances to £2,824 million, driven by strong performance in Second Charge Mortgages and renewed growth in Credit Cards.
**Cost Discipline** Operating costs were reduced by 33% to £265.5 million, with transformation savings of £28.8 million and lower complaint costs contributing significantly.
**Technology Transformation** The Gateway technology transformation is on track for completion in 2026, already improving decisioning, speed, and consistency, and set to enhance customer experience and operational efficiency.
**Capital Strength** The Group strengthened its capital position through a successful Additional Tier 1 (AT1) issuance, with the Common Equity Tier 1 (CET1) ratio at 16.5% at year-end.
**Risk Management** Cost of risk improved to 7.3% from 8.4% in 2024, reflecting enhanced underwriting and model performance, as well as a changing portfolio mix.
**Customer Focus** The Group continued to support underserved customers, helping them borrow responsibly and build financial resilience, with initiatives like the Vanquis Benefits Checker and Fair Finance program.
**Strategic Direction** The Group established a clear strategic framework focused on serving more customers responsibly and scaling profitably, aiming for sustainable growth and attractive returns.
**Financial Performance**
**Total Income** Increased by 2% to £454.9 million, with net interest income rising by 3% to £418.4 million.
**Impairment Charges** Decreased by 2% to £181.1 million, supported by improved credit quality and portfolio mix.
**Operating Costs** Reduced by 33% to £265.5 million, driven by transformation savings and lower complaint costs.
**Profit After Tax** Statutory profit after tax was £8.7 million, compared to a loss of £119.3 million in 2024.
**ROTE** Statutory Return on Tangible Equity (ROTE) improved to 2.3% from -32.1% in 2024.
**Segment Performance**
**Credit Cards** Balances increased by 19% to £1,518 million, with total income rising by 1% to £352.5 million. Profit before tax contribution increased by 27% to £38.2 million.
**Vehicle Finance** Balances decreased by 8% to £706 million due to proactive management of new business growth. Loss before tax contribution was £12.7 million, compared to £38.8 million in 2024.
**Second Charge Mortgages** Balances grew significantly to £599 million, with profit before tax contribution of £5.4 million.
**Outlook and Guidance**
**2026 Guidance** Gross customer interest-earning balances are expected to exceed £3.3 billion, with a Net Interest Margin (NIM) of around 15.5% and a Risk-Adjusted Margin (RAM) of over 9.5%.
**2027 Guidance** Gross customer interest-earning balances are projected to surpass £3.7 billion, with NIM at around 14.5% and RAM over 9.0%.
**ROTE Targets** Low double-digit ROTE in 2026 and mid-teens in 2027.
**Capital Management** The Group aims to maintain a CET1 ratio <mark style="background-color:yellow">above</mark> 14.5%, with a focus on capital deployment for growth and a reset of the capital allocation framework in 2026.
**Conclusion**
Vanquis Banking Groups 2025 results demonstrate significant progress in its strategic transformation, with a return to profitability, strengthened capital position, and improved operational efficiency. The Group is well-positioned for sustainable growth, supported by its technology investments, risk management practices, and focus on underserved customer segments. The outlook for 2026 and beyond is positive, with clear guidance on financial metrics and a commitment to delivering attractive returns for shareholders.
Here is a comparison of Vanquis Banking Group's financials and debt year on year, presented as an HTML table:
MetricFY2025 (£m)FY2024 (£m)YoY Change (£m)YoY Change (%)
Statutory profit before tax from continuing operations8.3(138.0)146.3N/A
Statutory profit after tax from continuing operations8.0(120.6)128.6N/A
Statutory profit after tax8.7(119.3)128.0N/A
Statutory profit attributable to shareholders8.2(119.3)127.5N/A
Gross customer interest-earning balances2,8242,30851622%
Net receivables2,6912,15553625%
Total assets3,9423,37556717%
Total liabilities3,4542,93452018%
Common Equity Tier 1 (CET1) capital ratio (%)16.518.8(2.3)(12%)
Liquidity Coverage Ratio (LCR) (%)306359(53)(15%)
Retail deposits (£m)2,9842,39958524%
Retail funding (% of all funding)89.785.64.15%
**Key Observations:** * **Return to Profitability:** Vanquis Banking Group returned to statutory profitability in FY2025, with a significant improvement in profit before tax from continuing operations, from a loss of £138.0m in FY2024 to a profit of £8.3m in FY2025. * **Balance Sheet Growth:** The Group experienced substantial growth in its balance sheet, with gross customer interest-earning balances increasing by 22% and total assets growing by 17%. * **Capital Position:** While the CET1 capital ratio decreased by 2.3 percentage points, it remains strong at 16.5%. The Group also optimized its capital structure through a successful Additional Tier 1 (AT1) issuance. * **Liquidity and Funding:** Liquidity remained robust, although the LCR decreased slightly. Retail deposits continued to be a significant source of funding, increasing by 24% and representing 89.7% of total funding. This table provides a concise overview of Vanquis Banking Group's financial performance and debt position, highlighting key areas of improvement and growth.
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All News 06:01
MCG

Unaudited results for 12 months ended 31 Dec 2025

Mobico Group Plc

**Summary of Mobico Group PLCs Unaudited Results for the 12 Months Ended 31 December 2025**
Mobico Group PLC reported unaudited results for the 12 months ended 31 December 2025, highlighting a turnaround with building momentum. Key points include
**Financial Performance**
Group revenue grew by 6.2% to £2.76 billion, driven by double-digit growth in Alsa and continued growth in WeDriveU.
Adjusted operating profit increased by 9% to £198 million, exceeding guidance, primarily due to strong end-of-year trading in Spain and cost-saving initiatives.
Statutory operating profit was £21.9 million, impacted by one-off adjusting items.
Covenant gearing improved to 2.7x, supported by proceeds from the NASB disposal.
**Strategic Progress**
Alsa achieved record revenue growth, offsetting challenges in the UK and operational issues with the WMATA contract in WeDriveU.
The Simplify for Success cost programme is expected to deliver £100 million in annualised cost savings by the end of 2026.
An agreement in principle with German Rail PTAs is expected to deliver a sustainable business going forward.
UK Coach is largely integrated into Alsa, reducing overheads and improving competitiveness.
**Outlook**
The Group expects Adjusted Operating Profit for 2026 to be in the range of £195 million to £210 million.
Focus remains on cost reduction, strict Capex control, and asset monetisation to improve cash generation and de-leveraging.
**Key Initiatives**
Sale of NASB raised £273 million in de-leveraging proceeds.
Agreement with German PTAs de-risks the German rail business.
Key contract wins in 2025 totaled £84 million in annualised revenue, with total contract values exceeding £437 million.
**Divisional Performance**
**Alsa**Record revenue of £1.49 billion, driven by strong performance in Spain and international diversification.
**WeDriveU**Revenue grew by 4.7%, but operating profit was impacted by operational challenges in specific contracts.
**UK & Germany**Revenue declined by 2.1%, with UK Coach facing increased competition and Germany seeing a return to full service levels.
**Financial Position**
Strong liquidity with £0.9 billion in cash and undrawn committed facilities.
Net debt reduced to £1.076 billion, supported by disposals and cost-saving measures.
**Future Focus**
Continued emphasis on simplifying and strengthening the business, with a focus on cash flow generation and de-leveraging.
Strategic priorities include preparing for key contract retentions in Spain and further operational diversification.
Overall, Mobico Group PLC demonstrated resilience and strategic progress in 2025, positioning itself for further growth and improvement in 2026.
Here is a comparison of Mobico Group PLC's financials and debt year on year, presented as an HTML table:
Metric2024 (£m)2025 (£m)Change (£m)Change (%)
Group Revenue2,6002,7601606.2%
Adjusted Operating Profit181.1198.016.99.3%
Statutory Operating Profit34.021.9(12.1)(35.6%)
Free Cash Flow210.277.3(132.9)(63.2%)
Net Debt1,202.51,075.7(126.8)(10.5%)
Covenant Gearing2.8x2.7x--
**Key Observations:** * **Revenue Growth:** Mobico Group PLC experienced a 6.2% increase in Group Revenue from £2.60 billion in 2024 to £2.76 billion in 2025, primarily driven by strong performance in Alsa and WeDriveU. * **Adjusted Operating Profit Improvement:** Adjusted Operating Profit increased by 9.3% from £181.1 million in 2024 to £198.0 million in 2025, attributed to strong trading in Alsa and cost-saving initiatives. * **Statutory Operating Profit Decline:** Statutory Operating Profit decreased by 35.6% from £34.0 million in 2024 to £21.9 million in 2025, impacted by one-off adjusting items. * **Free Cash Flow Decrease:** Free Cash Flow significantly declined by 63.2% from £210.2 million in 2024 to £77.3 million in 2025, mainly due to the decrease in operating cash flow and higher growth capital expenditure. * **Net Debt Reduction:** Net Debt decreased by 10.5% from £1,202.5 million in 2024 to £1,075.7 million in 2025, aided by proceeds from the disposal of the North America School Bus business. * **Covenant Gearing Improvement:** Covenant Gearing improved slightly from 2.8x in 2024 to 2.7x in 2025, indicating a stronger financial position.
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All News 06:01
CVSG

Interim Results

CVS Group Plc

**Summary of CVS Group plc Interim Results for H1 2026**
**Financial Highlights**
**Revenue Growth** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions.
**Like-for-Like Sales** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK.
**Adjusted EBITDA** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets.
**Profit Before Tax** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs.
**Cash Conversion** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%).
**Leverage** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x.
**Operational Highlights**
**Australia Expansion** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations.
**Investment** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience.
**Leadership** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency.
**Research** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship.
**Employee Satisfaction** Improved employee net promoter score to +10.0 (FY 2025: +3.1).
**Branding** Launched CVS Vets as a dual brand alongside local practice names.
**Market Listing** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026.
**Outlook**
**UK Challenges** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand.
**Acquisitions** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process.
**Financial Position** Strong balance sheet and cash flows support further acquisitions and investments.
**CMA Process** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026.
**DEFRA Consultation** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966.
**CEO Commentary**
Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth.
**Conclusion**
CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.
Here is the HTML table code comparing the financials and debt year on year for CVS Group plc:
MetricH1 2026 (£m)H1 2025 (£m)Change %FY 2025 (£m)
Revenue356.9337.35.8%673.2
Adjusted EBITDA67.765.13.9%134.6
Profit before tax15.215.9-4.4%32.6
Net bank borrowings160.2182.9-12.4%131.4
Leverage (x)1.411.66-15.1%1.18

Key Observations:

  • Revenue increased by 5.8% year-on-year, driven by acquisitions and organic growth.
  • Adjusted EBITDA grew by 3.9%, but profit before tax decreased by 4.4% due to higher depreciation, business combination costs, and exceptional items.
  • Net bank borrowings decreased by 12.4% compared to H1 2025 but increased from FY 2025 due to acquisitions, capex, and share buybacks.
  • Leverage ratio improved to 1.41x, remaining within the guidance of <2.0x.
This table and observations provide a concise comparison of key financials and debt metrics for CVS Group plc between H1 2026, H1 2025, and FY 2025.
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All News 06:01
PPH

Annual Results & Publication of Annual Report

PPHE Hotel Group Ltd

## PPHE Hotel Group Limited2025 Annual Results Summary
**Key Highlights**
* **Revenue Growth** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-for-like revenue grew by 3.7% to £456.9 million.
* **EBITDA Performance** Reported EBITDA increased by 1.3% to £138.2 million, while like-for-like EBITDA grew by 2.1% to £139.0 million. EBITDA margin slightly declined due to the dilutive effect of newly opened hotels.
* **Strategic Expansion** The group completed its largest-ever investment program, opening its first hotel in Italy (artotel Rome Piazza Sallustio) and expanding its presence in London and Zagreb.
* **Development Pipeline** PPHE acquired a development site near the City of London for its first select-service hotel in the city, further strengthening its development pipeline.
* **Refinancing and Balance Sheet** The group successfully refinanced several loan facilities, extending maturities and improving liquidity. Net bank debt leverage stands at 34.8%.
* **Dividend** The board recommended a final dividend of 22p per share, bringing the total dividend for 2025 to 39p per share, a 2.6% increase.
* **Strategic Review** The ongoing Strategic Review process aims to maximize shareholder value, potentially exploring options like growth capital injection or a sale of the company.
**Financial Performance by Region**
* **United Kingdom** Strong performance with 6% revenue growth, driven by increased occupancy and stable average room rates.
* **Netherlands** More subdued performance with 1.8% revenue decline due to pressure on occupancy and average room rates.
* **Croatia** Strong summer season with 6.4% revenue growth, driven by rising average room rates.
* **Germany** Subdued performance with 11.7% revenue decline due to moderated demand and the termination of a lease in Berlin.
* **Other Markets** Significant growth in Italy, Hungary, Serbia, and Austria, driven by the new hotel opening in Rome and improved business activity.
**Key Initiatives and Outlook**
* **Technology Transformation** PPHE is investing in cloud-based infrastructure, digital experience solutions, and AI-powered tools to enhance guest experience and operational efficiency.
* **Sustainability** The group is committed to its ESG strategy, submitting emission reduction targets to SBTi and focusing on waste management and energy efficiency.
* **Guest Experience** PPHE prioritizes guest satisfaction, achieving an 88.1% satisfaction score in 2025.
* **2026 Outlook** The board expects further revenue and EBITDA growth in 2026, driven by contributions from recent investments and newly opened hotels. Forward booking momentum is encouraging.
**Overall** PPHE Hotel Group demonstrated resilience in 2025, navigating a challenging macroeconomic environment while executing its strategic expansion plans. The group is well-positioned for future growth with a strong balance sheet, a robust development pipeline, and a focus on technology and sustainability. The ongoing Strategic Review process adds an element of uncertainty, but the board remains confident in delivering value to shareholders.
Here is the HTML table code comparing the financials and debt year on year for PPHE Hotel Group Limited:
Metric20252024Variance
Total Revenue (£ million)466.4442.85.3%
Room Revenue (£ million)330.4317.24.2%
EBITDA (£ million)138.2136.51.3%
EBITDA Margin29.6%30.8%(120)bps
Reported PBT (£ million)1.530.6(95.2)%
Net Debt (£ million)775.5775.50.0%
EPRA NRV per share (£)27.3527.51(0.6)%
Dividend per share (pence)39382.6%
Occupancy75.1%74.5%60bps
Average Room Rate (£)164.3161.51.7%
RevPAR (£)123.4120.32.6%

Notes:

  • Net Debt is calculated as Borrowings minus Cash and Cash Equivalents.
  • Variance is calculated as the percentage change from 2024 to 2025.
This table provides a comparison of key financial metrics and debt for PPHE Hotel Group Limited between 2024 and 2025. The metrics include total revenue, room revenue, EBITDA, EBITDA margin, reported PBT, net debt, EPRA NRV per share, dividend per share, occupancy, average room rate, and RevPAR. The variance column shows the percentage change from 2024 to 2025 for each metric. Please note that the net debt calculation is based on the information provided in the text, where Borrowings (short-/long-term) is £913.5 million and Cash and Cash Equivalents is £138.0 million, resulting in a net debt of £775.5 million for both years. If more detailed information on debt is available, the net debt calculation can be adjusted accordingly.
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LSEG

Final Results

London Stock Exchange Group PLC

**Summary of London Stock Exchange Group PLCs Final Results for 2025**
London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shareholder returns. Key highlights include
**Financial Performance**Total income (excl. recoveries) grew by 7.1% on an organic, constant currency basis (+5.8% reported), driven by broad-based growth across segments: Data & Analytics (+5.0%), FTSE Russell (+7.3%), Risk Intelligence (+11.7%), and Markets (+8.9%). Adjusted EBITDA rose by 11.8%, with margins improving by 150 basis points. Reported EPS surged by 85.1%, and adjusted EPS grew by 15.7%.
**Strategic Initiatives**LSEG advanced its **LSEG Everywhere** strategy, forming AI-ready data partnerships with leading platforms like Microsoft, OpenAI, and Snowflake. Significant innovations included the launch of Open Directory with Microsoft, approval of the Private Securities Market, and development of DigitalAssetClear.
**Post Trade Solutions**A strategic transformation was achieved through a 20% stake investment from 11 leading banks.
**Shareholder Returns**£2.1 billion was returned via share buybacks in 2025, with a further £3 billion planned by February 2027. Dividends increased by 15.7% to 103.0p per share.
**Outlook**LSEG expects organic constant currency growth of 6.5-7.5% in total income for 2026, with EBITDA margins improving by 80-100 basis points. Medium-term guidance (2027-2029) projects mid to high single-digit annual growth, a 150 basis point cumulative EBITDA margin increase, and double-digit compound annual growth in equity free cash flow per share.
CEO David Schwimmer emphasized the Group’s focus on product innovation, customer partnerships, and leveraging AI to drive growth, positioning LSEG as a leader in trusted data and infrastructure.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text:
Metric2025 (£m)2024 (£m)Variance (%)
Total Income (excl. recoveries)8,9868,4945.8%
Recoveries360364-1.1%
Total Income (incl. recoveries)9,3468,8585.5%
EBITDA (Reported)4,3653,94510.6%
Operating Profit (Reported)2,1271,46345.4%
Profit Before Tax (Reported)1,9691,25856.5%
Basic Earnings Per Share (p)238.4128.885.1%
Dividends Per Share (p)150.0130.015.4%
Adjusted EBITDA4,5234,1489.0%
Adjusted Operating Profit3,5063,16510.8%
Adjusted Earnings Per Share (p)420.6363.515.7%
### Notes: 1. **Debt Information**: The provided text does not include specific debt figures for comparison. If debt details were available, they would be added to the table. 2. **Formatting**: The table is styled with borders, padding, and right-aligned numeric values for better readability. 3. **Metrics**: Key financial metrics such as income, EBITDA, operating profit, earnings per share, and dividends are included for comparison.
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All News 06:01
GNS

Interim Results

Genus PLC

**Summary of Genus PLC Interim Results for the Six Months Ended 31 December 2025**
**Financial Highlights**
**Record First Half Profit** Genus PLC reported a record first half adjusted operating profit of £55.8 million, driven by strong growth in PIC (porcine business), a £5.6 million milestone payment from Beijing Capital Agribusiness (BCA), and Value Acceleration Programme (VAP) actions benefiting ABS (bovine business).
**Revenue Stability** Revenue remained stable at £335.6 million, similar to the previous year.
**Profit Before Tax (PBT)** Adjusted PBT increased by 57% to £55.7 million, with statutory PBT at £39.5 million.
**Cash Flow** Strong cash generation with a free cash inflow of £8.2 million, despite a working capital outflow of £22.7 million.
**Dividend Increase** Interim dividend increased to 11.2 pence per share, up from 10.3 pence.
**Strategic Progress**
**Porcine Joint Venture** Formation of a strategic Chinese porcine joint venture with BCA, expected to receive approximately £100 million in fiscal Q4.
**PRRS Resistant Pig (PRP)** Significant milestone with Canada approving the use of PRP gene edit, advancing North American commercialization.
**Bovine VAP** Phase 3 initiatives on track to deliver £7 million in-year benefit and £9 million annualized benefit.
**Divisional Performance**
**PIC** Strong performance with 30% adjusted operating profit growth, driven by China and LATAM, lower input costs, and the BCA milestone payment.
**ABS** Significant improvement in adjusted operating profit to £10.9 million, driven by £4.7 million in VAP benefits, partially offset by lower profits in ABS China.
**Outlook**
**Broadly Neutral Currency Impact** Expected in FY26 H2 if current exchange rates continue.
**PIC China Deconsolidation** Expected in fiscal Q4, with FY26 Group adjusted PBT in line with market expectations.
**Management Commentary**
CEO Jorgen Kokke highlighted the strong first half performance, strategic milestones, and continued focus on executing strategic priorities, expressing confidence for the second half of FY26.
**Key Metrics**
**Adjusted Earnings Per Share (EPS)** Increased by 53% to 60.8 pence.
**Net Debt to Adjusted EBITDA** Improved to 1.4x from 1.5x.
**Return on Adjusted Invested Capital** Increased to 15.8% from 14.7%.
**Conclusion**
Genus PLC demonstrated robust financial and strategic progress in the first half of FY26, with record profits, significant strategic advancements, and a positive outlook for the remainder of the fiscal year.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Revenue335.6336.40
Operating Profit55.840.338
Profit Before Tax55.735.457
Cash Generated by Operations38.546.1-16
Free Cash Flow8.210.3-20
Net Debt232.9228.22
Net Debt to Adjusted EBITDA Ratio1.4x1.5xImprovement

Key Highlights:

  • Record first half adjusted operating profit driven by strong growth in PIC and ABS.
  • Adjusted profit before tax increased by 57% to £55.7m.
  • Net debt increased slightly to £232.9m, but the net debt to adjusted EBITDA ratio improved to 1.4x.
  • Free cash flow decreased by 20% to £8.2m, but still compares well to a strong prior year period.

Note: The above table and highlights are based on the provided text and may not include all relevant financial information.

This HTML table compares key financial metrics between 2025 and 2024, including revenue, operating profit, profit before tax, cash generated by operations, free cash flow, net debt, and net debt to adjusted EBITDA ratio. The table also includes a brief summary of key highlights from the comparison. Please note that the actual values and percentages may vary depending on the specific financial data and calculations used. The above table is based on the provided text and may not include all relevant financial information.
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ATC

Year End Trading Update

Atlantic Coal Plc

**Summary**
ATC Music Group Plc (AIMATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approximately £67.5 million, with adjusted operating EBITDA in line with market expectations at £1.25 million. Key milestones included a successful transition to the AIM market, raising £8.6 million, and a post-period rebrand to ATC Music Group Plc. The group strengthened its market position through strategic acquisitions, including Driift Holdings, Easy Life Group, and Control Industry Inc, expanding its US operations and integrated service offerings.
ATC’s growth was driven by strong performance across its Representation, Services, and Events segments, with notable increases in artist clients (circa 1,000) and engagement across multiple service lines. The company’s data-led, artist-centric approach positions it well in the evolving music industry, particularly in direct-to-fan engagement. Despite strategic investments impacting short-term EBITDA, ATC’s cash balance increased significantly to £21.5 million, supported by the AIM fundraise.
Looking ahead, ATC anticipates continued momentum in 2026, with a growing pipeline of opportunities, ongoing discussions with globally recognized artists, and a focus on organic and acquisitive growth. The company’s integrated service model, strengthened balance sheet, and scalable operating model position it for sustained long-term growth in the dynamic live music sector. CEO Adam Driscoll emphasized ATC’s strategic focus on operational efficiency and maximizing returns from its expanding events pipeline.
Below is the HTML table code comparing the financials and debt year-on-year for ATC Music Group Plc based on the provided text:
MetricFY24FY25Change
Revenue (£m)50.967.5+32.6%
Adjusted Operating EBITDA (£m)1.6≥1.25-21.9%*
Cash Balance (incl. client funds) (£m)9.721.5+121.6%
Cash Balance (excl. client funds) (£m)7.818.9+142.3%
Number of Artists~800~1,000+25.0%
*Note: Adjusted EBITDA for FY25 is "at least £1.25m," so the change is calculated based on the minimum value.
### Key Points in the Table: 1. **Revenue**: Increased by 32.6% from £50.9m in FY24 to £67.5m in FY25. 2. **Adjusted Operating EBITDA**: Declined by 21.9% (based on the minimum FY25 value of £1.25m vs FY24's £1.6m). 3. **Cash Balance**: Significantly increased, with the total cash balance (including client funds) up by 121.6% and the balance excluding client funds up by 142.3%. 4. **Number of Artists**: Grew by 25%, from ~800 in FY24 to ~1,000 in FY25. This table provides a clear year-on-year comparison of key financial metrics and artist growth for ATC Music Group Plc.
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All News 06:01
SML

Redmoor - Discovery of New Tin Zone

Strategic Minerals Plc

**Summary**
Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This discovery is significant as it represents a distinct and continuous tin-dominant mineralized structure separate from the existing Redmoor Sheeted Vein System (SVS) deposit. The North Tin Zone was confirmed through analysis of drilling results, historical relogging, and newly validated 1980s datasets. Key highlights include
1. **Confirmation of a New Zone** The North Tin Zone is a large, mineralized structure with visible cassiterite (tin oxide), confirmed by drilling and geological modeling.
2. **Potential for Resource Growth** The zone has the potential to support future Mineral Resource definition, subject to estimation and economic assessment (RPEEE).
3. **High-Grade Intersections** Notable intersections include 4.00m @ 0.25% Sn, 0.01% Cu, and 2.00m @ 0.40% Sn, 0.02% Cu. Historical intersections also show high tin grades, such as 1.00m @ 5.13% Sn.
4. **Strategic Importance** The discovery adds long-term potential for significant resource growth at Redmoor, complementing the existing SVS deposit.
5. **Market Context** The project benefits from tightening supply and surging demand for tungsten, tin, copper, and silver, with tin and copper prices rallying due to market dynamics.
CRL plans to include the North Tin Zone in the forthcoming Mineral Resource Estimate (MRE) update, alongside continued expansion of the SVS deposit. This discovery underscores Redmoors polymetallic potential and the teams successful exploration efforts.
Discovery
HDD logo
All News 06:01
HDD

Further significant North American order intake

Hardide PLC

**Summary**
Hardide PLC (AIMHDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These orders, to be delivered primarily during the current financial year ending September 30, 2026, are expected to significantly boost revenues and performance beyond previous expectations. The company is also in discussions with the customer to establish a long-term framework agreement to support their future business development and supply needs. CEO Matt Hamblin highlighted that these orders position Hardide to achieve its strategic goal of doubling 2024 revenues ahead of schedule, leveraging higher capacity utilization. Hardide specializes in tungsten carbide/tungsten metal matrix coatings, which enhance component durability and efficiency in aggressive environments, serving industries like energy, aerospace, and precision engineering.
Orders
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All News 06:01
HWDN

2025 Full Year Results

Howden Joinery Group Plc

**Summary of Howden Joinery Group PLCs 2025 Full Year Results**
Howden Joinery Group PLC reported strong financial performance for the 52 weeks ending December 27, 2025, with key highlights as follows
### **Financial Performance**
**Revenue Growth**Group revenue increased by 4.1% to £2,418.0 million, driven by
**UK Revenue**Up 3.8% to £2,333.2 million, despite kitchen market headwinds, reflecting balanced pricing and volume growth.
**International Revenue**Surged 13.5% to £84.8 million, with significant progress in France and the Republic of Ireland.
**Gross Profit Margin**Improved by 110 basis points to 62.7%, supported by revenue growth and efficiency gains.
**Operating Profit**Rose 4.7% to £355.3 million, with a margin of 14.7%.
**Profit Before Tax**Increased 5.1% to £344.9 million.
**Basic Earnings Per Share (EPS)**Up 7.9% to 49.2p.
**Dividend**Total ordinary dividend per share increased 3.3% to 21.9p, with a proposed final dividend of 16.9p.
**Cash Position**Robust cash generation, with cash at the end of the period at £344.5 million.
### **Operational Highlights**
**Depot Expansion**Opened 23 new UK depots and 3 international depots, bringing the total to 891 UK and 79 international depots.
**Product Innovation**Introduced 24 new kitchen ranges and launched a new pricing and margin (PAM) tool to optimize depot margins.
**Manufacturing Investment**Invested in UK manufacturing capacity, including upgrading the rigid cabinet and panel facility at Runcorn.
**International Growth**Continued focus on optimizing the depot network in France and establishing a strong presence in the Republic of Ireland.
### **Strategic Initiatives**
**Depot Model Evolution**Focused on efficient space utilization and customer experience improvements.
**Product Range and Supply Management**Enhanced product offerings and supply chain efficiency.
**Digital Transformation**Increased online account usage and engagement, with 59,000 new registrations and 61% of customers holding online accounts.
**International Expansion**Strengthened presence in France and the Republic of Ireland.
### **Outlook**
**UK Kitchen Market**Expected to remain level in 2026 after years of decline, in a competitive environment.
**Focus Areas**Maintaining a balance between price and volume, cost discipline, and leveraging the differentiated business model.
**Growth Opportunities**Significant long-term opportunities to continue above-market performance and enhance shareholder returns.
### **Sustainability**
**Net Zero Plan**On track to achieve a 42% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions by 2030, with Net Zero targeted by 2050.
**Operational Progress**Zero-to-landfill status maintained across all sites, with significant investments in renewable energy and fleet decarbonization.
### **Capital Allocation**
**Share Buyback**Announced a new £100 million share buyback program for 2026.
**Dividend Policy**Committed to sustainable dividend growth and returning surplus capital to shareholders.
### **Board Changes**
**CFO Transition**Jackie Callaway succeeded Paul Hayes as CFO, bringing extensive experience in multinational manufacturing and supply chain businesses.
### **Financial Guidance for 2026**
**Inflationary Costs**Expected headwinds of around £30 million, offset by productivity and efficiency savings.
**Strategic Investments**Continued investment of approximately £30 million in growth initiatives.
**Net Interest Charge**Approximately £16 million.
**Effective Tax Rate**23% to 24%.
**Capital Expenditure**Around £125 million, including growth investments.
Howden Joinery Group PLC remains well-positioned for continued growth, with a strong focus on operational efficiency, strategic investments, and sustainable practices.
Here’s an HTML table comparing the financials and debt year-on-year for Howden Joinery Group PLC based on the provided text:
Metric2025 (£ millions)2024 (£ millions)Change
Group Revenue2,418.02,322.1+4.1%
- UK Revenue2,333.22,247.4+3.8%
- International Revenue84.874.7+13.5%
Gross Profit Margin (%)62.7%61.6%+110bps
Operating Profit355.3339.2+4.7%
- Operating Profit Margin (%)14.7%14.6%+10bps
Profit Before Tax344.9328.1+5.1%
Basic Earnings Per Share (p)49.2p45.6p+7.9%
Total Ordinary Dividend Per Share (p)21.9p21.2p+3.3%
Cash at End of Period344.5343.6+0.3%
Net Debt (Cash)(344.5)(343.6)+0.3%
### Key Notes: 1. **Revenue Growth**: Group revenue increased by 4.1%, driven by UK revenue growth of 3.8% and international revenue growth of 13.5%. 2. **Profitability**: Gross profit margin improved by 110bps to 62.7%, and operating profit grew by 4.7%. 3. **Earnings and Dividends**: Basic EPS increased by 7.9%, and the total ordinary dividend per share rose by 3.3%. 4. **Cash Position**: Cash at the end of the period increased slightly by 0.3% to £344.5 million. 5. **Debt**: The company remains debt-free, with a net cash position. This table provides a clear year-on-year comparison of key financial metrics and debt position for Howden Joinery Group PLC.
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All News 06:01
TATE

Trading Statement

Tate & Lyle PLC

**Summary**
Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-digit declines in revenue and EBITDA compared to the prior year. Key points include
1. **Performance Overview**
Q3 revenue was 15% higher on a reported basis due to the CP Kelco acquisition (completed November 2024), but 2% lower on a pro forma basis due to muted market demand.
Nine-month revenue declined 3% on a pro forma basis, with regional variations: Americas (-2%), EMEA (-5%), and Asia Pacific (+1%).
2. **Strategic Actions**
Progress on initiatives to drive top-line growth, including investments in capabilities and technology.
Increased cross-selling opportunities and customer engagement following the CP Kelco integration.
On-track productivity program delivering cost savings.
3. **Outlook**
Unchanged expectations for FY 2026, with low-single-digit declines in revenue and EBITDA.
Focus on returning to top-line growth through selective investments in volume and revenue expansion.
4. **Leadership Confidence**
CEO Nick Hampton expressed confidence in near-term improvements and long-term growth potential, leveraging the company’s leadership in sweetening, mouthfeel, and fortification solutions.
5. **Conference Call**
A conference call was scheduled for 0800 am GMT on 26 February 2026, with details provided for participation.
Tate & Lyle remains committed to its purpose of transforming lives through food science, supported by its expanded portfolio and global reach post-CP Kelco acquisition.
Below is the HTML table code comparing the financials and revenue changes year-on-year for Tate & Lyle PLC based on the provided text: < lang="en">Tate & Lyle Financials Comparison

Tate & Lyle PLC Financials Comparison (9 Months to 31 December 2025)

RegionRevenue (£m)Revenue Change (Reported) %Revenue Change (Pro Forma) %
Americas74918%(2%)
Europe, Middle East and Africa47527%(5%)
Asia Pacific28279%1%
Group Total1,50629%(3%)

Notes:

1. Comparative information is on a statutory basis, including CP Kelco from acquisition on 15 November 2024. Change is in constant currency.

2. Comparative information is pro forma basis, including the impact of CP Kelco for the entire period. CP Kelco acquisition completed 15 November 2024. Change is in constant currency.

### Key Points: - **Reported Revenue Changes**: Reflect the inclusion of CP Kelco from the acquisition date (15 November 2024). - **Pro Forma Revenue Changes**: Assume CP Kelco was included for the entire period, providing a like-for-like comparison. - **Group Total**: Shows a 29% increase in reported revenue but a 3% decline on a pro forma basis. This table provides a clear comparison of the financials across regions and on both reported and pro forma bases.
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All News 06:01
WIL

Half-year Financial Report

Wilmington PLC

**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)**
**Financial Performance Highlights**
**Revenue Growth** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%.
**Adjusted EBITA** Up 9% to £10.4 million (H1 FY25: £9.5 million).
**Adjusted PBT** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions.
**Adjusted Basic EPS** Stable at 9.92p (H1 FY25: 9.90p).
**Interim Dividend** Increased by 3% to 3.10p (H1 FY25: 3.00p).
**Net Debt** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia.
**Strategic Developments**
**Acquisition of Conversia** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring.
**RegTech Platform Investment** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025.
**Portfolio Enhancement** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%).
**Operational Review**
**Segment Performance**
**HSE** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety.
**Data Privacy** New segment with £1.8 million revenue from Conversia.
**Legal** Organic revenue growth of 3%, with strong subscription revenue and customer retention.
**Financial Services** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi.
**Financial Position and Outlook**
**Net Debt:** £65.0 millionreflecting the Conversia acquisitionwith leverage below 2.0x EBITDA.
**Cash Generation** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2.
**Outlook** Trading in line with market expectations, supported by a strong contracted order book and repeat business.
**CEO Commentary (Mark Milner)**
Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities.
Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology.
**Conclusion**
Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
Here is the HTML table code comparing the financials and debt year on year for Wilmington PLC:
MetricH1 FY26H1 FY25Change
Revenue£47.7m£40.9m17%
Adjusted EBITA£10.4m£9.5m9%
Adjusted PBT£11.8m£11.8m0%
Adjusted PBT margin25%29%-4ppt
Adjusted basic EPS9.92p9.90p0%
Interim dividend3.10p3.00p0.10p
Net (debt)/cash(£65.0m)£31.3mN/A

Debt Comparison

DateNet (debt)/cash
31 Dec 2025(£65.0m)
31 Dec 2024£31.3m
30 Jun 2025£42.2m

Note: The significant increase in net debt is due to the acquisition of Conversia for £105.2m (£101.9m net of cash received).

This HTML code creates two tables: 1. The first table compares the key financial metrics (Revenue, Adjusted EBITA, Adjusted PBT, Adjusted PBT margin, Adjusted basic EPS, and Interim dividend) for H1 FY26 and H1 FY25, along with the percentage change. 2. The second table compares the net debt/cash position at different dates, highlighting the significant increase in net debt due to the Conversia acquisition. The tables are formatted with borders and headers for better readability. The `N/A` value in the first table indicates that the change in net debt/cash is not directly comparable due to the significant acquisition.
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All News 06:01
AIE

Half-year Financial Report

Ashoka India Equity Investment Trust PLC

**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)**
**Overview**
Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence.
**Financial Highlights**
**Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025.
**Share Price**Fell to 272.0p from 281.5p.
**Net Assets**Declined to £455.5 million from £476.2 million.
**Performance**Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%).
**Investment Strategy and Performance**
The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance.
Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%).
Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge.
**Operational Developments**
Two new DirectorsSarah MacAulay and Karen Roydonwere appointed to the Boardenhancing governance and expertise.
A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns.
The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand.
**Performance Fee**
A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark.
**Outlook**
India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms.
The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification.
Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals.
**Conclusion**
Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
Here’s an HTML table comparing the financials and debt year on year for Ashoka India Equity Investment Trust PLC based on the provided text:
MetricAs at 31 December 2025As at 30 June 2025Change
Net Asset Value (NAV) per Ordinary Share (cum income)269.6p278.9p-3.3%
Ordinary Share Price272.0p281.5p-3.4%
Ordinary Share Price Premium to NAV0.9%0.9%0.0%
Net Assets£455.5 million£476.2 million-4.3%
Performance Fee Provision£14,721,000£15,954,000-7.7%
Cash and Cash Equivalents£11.3 million£27.4 million-58.8%
Total Liabilities£30,109,000£34,397,000-12.5%
### Key Observations: 1. **Net Asset Value (NAV) and Share Price**: Both NAV and share price decreased slightly year on year, reflecting a modest decline in value. 2. **Net Assets**: Total net assets decreased by 4.3%, aligning with the reduction in NAV. 3. **Performance Fee Provision**: The performance fee provision decreased by 7.7%, indicating lower expected performance fees. 4. **Cash and Cash Equivalents**: Cash holdings significantly decreased by 58.8%, possibly due to increased investment activities or operational expenses. 5. **Total Liabilities**: Total liabilities decreased by 12.5%, suggesting improved financial health or reduced obligations. This table provides a concise comparison of key financial metrics and debt-related figures for the specified periods.
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All News 06:01
ANG

Full Year Trading Update and Notice of Results

Angling Direct PLC

**Summary**
Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include
1. **Financial Performance**
Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million.
Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online).
UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%.
European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced.
2. **Operational Achievements**
Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales.
Expanded the MyAD omni-channel customer loyalty club to over 600,000 members.
Strengthened own-brand offerings and improved third-party product availability.
3. **Strategic Focus**
Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26).
Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns.
4. **Future Outlook**
Substantially achieved the medium-term revenue target of £100 million within two years.
The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026.
CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
Below is the HTML table code comparing the financials and debt (net cash) year-on-year for Angling Direct PLC based on the provided text:
MetricFY 2026 (£m)FY 2025 (£m)Change
Revenue103.991.313.8%
UK Retail store sales56.450.711.1%
UK Online sales42.835.720.0%
Total UK sales99.286.414.8%
Total European sales4.74.9-4.7%
Net cash & cash equivalents at period end10.912.1-9.5%
### Explanation: - **Metrics**: The table includes Revenue (broken down into UK Retail store sales, UK Online sales, Total UK sales, and Total European sales) and Net cash & cash equivalents. - **FY 2026 vs FY 2025**: Each metric is compared year-on-year with the corresponding figures. - **Change**: The percentage change between FY 2026 and FY 2025 is displayed for each metric. - **Formatting**: The table is structured with headers and nested rows for clarity, with bold text for main categories. This HTML code can be directly embedded into a webpage to display the financial comparison.
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All News 06:01
WPP

Strategy Update and 2025 Preliminary Results

WPP PLC

**Summary**
WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client proposition, restore growth, and drive long-term value for clients, talent, and shareholders. Key highlights include
1. **Strategic Objectives**
Transition from a holding company to a single, streamlined company with four operating units: **WPP Media**, **WPP Creative**, **WPP Production**, and **WPP Enterprise Solutions**, across four regions (North America, Latin America, EMEA, APAC).
Focus on being a **trusted growth partner** for leading brands in the AI era.
Stabilize the business in 2026, build momentum in 2027, and achieve accelerated growth from 2028.
2. **Financial Performance (2025)**
Revenue£13.55 billion (down 8.1% reported, 3.6% LFL).
Revenue less pass-through costs£10.18 billion (down 10.4% reported, 5.4% LFL).
Headline operating profit£1.32 billion (down 22.6%), with a margin of 13.0%.
Reported operating profit£382 million (down 71.2%) due to impairments and restructuring costs.
Proposed final dividend7.5p per share (full-year dividend: 15.0p).
3. **Elevate28 Strategy**
**Simplification** Reduce organizational complexity and integrate operations.
**Growth Focus** Lead with media, establish next-gen creative and production capabilities, and elevate enterprise solutions for AI transformation.
**WPP Open Platform** Leverage the agentic marketing platform to connect capabilities and differentiate with trusted data solutions.
**Cost Efficiency** Unlock £500 million in annualized gross savings by 2028.
**Financial Foundations** Focus on disciplined capital allocation, portfolio rationalization, and maintaining an investment-grade balance sheet.
4. **Phases of Delivery**
**Phase 1 (2026)** Stabilize net new business, execute cost savings, and rationalize the portfolio.
**Phase 2 (2027)** Embed transformed go-to-market strategy and return to organic growth.
**Phase 3 (2028+)** Accelerate growth, expand margins, and deliver strong cash conversion.
5. **2026 Outlook**
LFL revenue less pass-through costs to decline mid to high-single digits in H1, improving in H2.
Headline operating margin12% to 13%.
Adjusted operating cash flow before working capital: £800 million to £900 million.
6. **Key Initiatives**
Launched **WPP Production**unifying production capabilities.
Introduced **Agent Hub** on WPP Open for AI-driven client solutions.
Appointed a **Chief Innovation Officer** and launched **Client Solution Architects Group** to drive growth.
WPP aims to position itself as a simpler, integrated, and AI-enabled company, ready to capitalize on the evolving marketing landscape and deliver sustained value for all stakeholders.
Here’s an HTML table comparing the financials and debt of WPP PLC for the years 2024 and 2025, based on the provided text:
Metric2025 (£ million)Change (%)2024 (£ million)
Revenue13,550(8.1)14,741
Revenue less pass-through costs10,176(10.4)11,359
Operating profit (Reported)382(71.2)1,325
Operating profit margin (Reported)2.8%(6.2)pt9.0%
Operating profit (Headline)1,321(22.6)1,707
Operating profit margin (Headline)13.0%(2.0)pt15.0%
Adjusted operating cash flow pre WC1,189(11.5)1,343
Net cash inflow from operating activities724(48.6)1,408
Adjusted net debt2,16724.41,742
Average adjusted net debt3,404(2.9)3,506
### Key Notes: - **Revenue**: Declined by 8.1% from £14,741 million in 2024 to £13,550 million in 2025. - **Revenue less pass-through costs**: Decreased by 10.4% from £11,359 million in 2024 to £10,176 million in 2025. - **Operating Profit (Reported)**: Plummeted by 71.2% from £1,325 million in 2024 to £382 million in 2025. - **Operating Profit (Headline)**: Fell by 22.6% from £1,707 million in 2024 to £1,321 million in 2025. - **Adjusted Net Debt**: Increased by 24.4% from £1,742 million in 2024 to £2,167 million in 2025. - **Average Adjusted Net Debt**: Slightly decreased by 2.9% from £3,506 million in 2024 to £3,404 million in 2025. This table provides a clear year-on-year comparison of key financial metrics and debt for WPP PLC.
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All News 06:01
ETL

Eutelsat Communications S.A. Announces the Success of Its Offering of €1,500 Million Senior Notes

Eutelsat Group

**Summary**
Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed by Eutelsat S.A. and OneWeb Holdings Limited, are expected to be issued on March 5, 2026, pending customary conditions. The proceeds will be used to redeem existing debt (including €600 million 2.25% notes due 2027 and €600 million 9.750% notes due 2029), repay a term loan and revolving credit facility, cover transaction fees, and fund cash reserves. The offering is restricted to non-U.S. persons and qualified institutional buyers, with no public offering in the U.S. or to retail investors in the EEA or UK. The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update unless required by law.
Offers
AI 0 news titles 0

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Acquisitions 1 news title 1
Agreement 2 news titles 2
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Agreement 08:11
CHSS

Subscription Agreement

World Chess PLC

**Summary**
World Chess Plc (LSECHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company will issue 175,915,198 new ordinary shares at £0.00656533 per share, subject to shareholder approval at a general meeting on March 18, 2026. If approval is not obtained, the number of shares issued will be reduced to 127,605,998. The transaction also extends the fulfillment period for warrant conditions from December 31, 2026, to December 31, 2028. CEO Ilya Merenzon highlighted that the new capital will fund the companys growth phase, supported by the continued commitment of existing shareholders. The announcement was classified as inside information under UK market regulations. World Chess is known for organizing major FIDE events, developing chess-related content, and operating the FIDE-rated gaming platform worldchess.com.
Agreement
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Awards 1 news title 1
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Awards 08:53
WIZZ

Wizz Air Omnibus Plan award grants

Wizz Air Holdings PLC

**Summary**
On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). The awards, approved by the Remuneration Committee on January 27, 2026, consist of options over 25,139 ordinary shares in the company. The grant is divided into two parts
**Performance Award (40%)** 10,056 options subject to Total Relative Shareholder Return (TSR) performance conditions over a three-year period starting in the 2026 financial year. Vesting ranges from 25% at median TSR to full vesting at the upper quartile.
**Restricted Stock Award (60%)** 15,083 options that vest on specific dates, provided the PDMR remains employed with the company.
The options must be exercised within ten years of the grant date, with underlying shares issued at nil cost. No payment was made by the PDMR for these options. Wizz Air, recognized for its sustainability efforts, operates a fleet of 260 Airbus aircraft and serves millions of passengers annually, with a focus on low fares and superior service.
**Key Points**
**Recipient** Nora Viktoria Rabe (Corporate and ESG Officer)
**Total Options Granted:** 25139 ordinary shares
**Performance Award:** 10056 options (TSR-based vesting)
**Restricted Stock Award:** 15083 options (time-based vesting)
**Exercise Period** 10 years from grant date
**Cost to PDMR** Nil
**Company Highlights** Sustainable airline with 260 aircraft, 63.4 million passengers in 2025, and multiple sustainability awards.
Awards
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BuyBack 2 news titles 2
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BuyBack 06:01
LSEG

Commencement of Share Buyback Programme

London Stock Exchange Group PLC

**Summary**
London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The programme, valued at up to £750 million, aims to reduce the companys share capital by repurchasing ordinary shares of 679/86 pence each.
LSEG has engaged Morgan Stanley & Co. International Plc to execute the buyback as a riskless principal, operating within pre-set parameters. Purchases will begin immediately and conclude by May 29, 2026, with transactions conducted on the London Stock Exchange and/or Turquoise Equities Trading. Shares acquired by Morgan Stanley will be resold to LSEG and subsequently cancelled.
The buyback operates under the authority granted by shareholders at the 2025 Annual General Meeting, allowing the repurchase of up to 28,112,224 shares. The programme complies with UK Listing Rules and relevant EU regulations, as retained in UK law post-Brexit. LSEG will provide regulatory updates on share purchases as they occur. The initiative underscores the companys strategy to manage its capital structure effectively.
BuyBack
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DirectorDealing 9 news titles 9
NEXS logo
DirectorDealing 10:42
NEXS

Director Dealing

Nexus Infrastructure plc

Following this share <mark style="background-color:yellow">purchase</mark>, Charles Sweeneys total shareholding in the Company is 55,619 Ordinary Shares, representing approximately 0.62% per cent of Nexus total voting rights.
Discovery 1 news title 1
SML logo
Discovery 06:01
SML

Redmoor - Discovery of New Tin Zone

Strategic Minerals Plc

**Summary**
Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This discovery is significant as it represents a distinct and continuous tin-dominant mineralized structure separate from the existing Redmoor Sheeted Vein System (SVS) deposit. The North Tin Zone was confirmed through analysis of drilling results, historical relogging, and newly validated 1980s datasets. Key highlights include
1. **Confirmation of a New Zone** The North Tin Zone is a large, mineralized structure with visible cassiterite (tin oxide), confirmed by drilling and geological modeling.
2. **Potential for Resource Growth** The zone has the potential to support future Mineral Resource definition, subject to estimation and economic assessment (RPEEE).
3. **High-Grade Intersections** Notable intersections include 4.00m @ 0.25% Sn, 0.01% Cu, and 2.00m @ 0.40% Sn, 0.02% Cu. Historical intersections also show high tin grades, such as 1.00m @ 5.13% Sn.
4. **Strategic Importance** The discovery adds long-term potential for significant resource growth at Redmoor, complementing the existing SVS deposit.
5. **Market Context** The project benefits from tightening supply and surging demand for tungsten, tin, copper, and silver, with tin and copper prices rallying due to market dynamics.
CRL plans to include the North Tin Zone in the forthcoming Mineral Resource Estimate (MRE) update, alongside continued expansion of the SVS deposit. This discovery underscores Redmoors polymetallic potential and the teams successful exploration efforts.
Discovery
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JV 1 news title 1
Launch 4 news titles 4
HIK logo
Launch 06:06
HIK

Launch of Buyback Programme

Hikma Pharmaceuticals PLC

**Summary**
Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust balance sheet, and confidence in future growth. It is structured in two equal tranches of **US $125 million each**, managed by Citigroup Global Markets Limited and J.P. Morgan Securities plc, respectively. The first tranche begins immediately and ends by June 9, 2026, while the second tranche starts upon completion of the first and concludes by September 23, 2026. The buyback aims to reduce share capital while maintaining balance sheet efficiency and allowing for continued investment opportunities. Purchases will comply with regulatory requirements, including the Market Abuse Regulation and UK Listing Rule 9, and will be announced daily. Shareholder approval for the programme’s continuation post-2026 Annual General Meeting is required. All repurchased shares will be cancelled or held in treasury.
Launch
MWE logo
Launch 06:01
MWE

MTI Launches New Interactive Investor Hub

M.T.I Wireless Edge Ltd

**Summary**
MTI Wireless Edge Ltd. (AIMMWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub consolidates all MTI content, including regulatory announcements, reports, presentations, and investment research, into a single, user-friendly interface. It also features an interactive portal allowing stakeholders to ask questions and receive timely responses from MTI’s management team.
MTI’s CEO, Moni Borovitz, emphasized the company’s commitment to transparency, clear communication, and sustainable growth, highlighting the Investor Hub as a tool to strengthen these values. The platform aims to provide investors with direct access to company updates, insights, and leadership engagement.
MTI, headquartered in Israel, operates across three core divisions: **Antenna Solutions**, **Water Control & Management** (via subsidiary Mottech Water Solutions), and **Distribution & Professional Consulting Services** (via subsidiary MTI Summit Electronics). The company focuses on delivering innovative communication and radio frequency solutions for both commercial and military applications.
The announcement was distributed via **Reach**, a non-regulatory investor communication service, and further details are available on MTI’s investor website.
Launch
EAH logo
Launch 06:01
EAH

EU launch plans for ECOVAXXIN® MS

Eco Animal Health Group Plc

**Summary**
ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing authorization in December 2025. The vaccine aims to immunize layer and breeder chickens, reducing economic losses caused by infections, including air-sac and foot-pad lesions and decreased egg production.
The company plans a phased launch across key European territories in 2026 and 2027, leveraging its existing commercial network and strategic distribution partnerships covering over 220 million layer birds annually in the EUs top seven poultry markets. A pre-launch phase includes distributor training, technical assessments, and marketing activities, culminating in an official launch event in Madrid, Spain, from June 30 to July 1, 2026, followed by regional events.
ECOVAXXIN® MS is expected to be immediately margin accretive, with a material contribution to EBITDA anticipated in the 2027/2028 financial year. The launch positions ECO as a comprehensive Mycoplasma solutions provider, complementing its lead product Aivlosin®. The company’s CEO, David Hallas, and Chief Commercial Officer, Andrew Buglass, emphasized the strategic importance of this launch, highlighting the vaccine’s differentiated value and the readiness of the commercial network for successful market entry.
Launch
FDEV logo
Launch 06:01
FDEV

Launch of on-market Share Buyback Programme

Frontier Developments Plc

**Summary**
Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary shares, with a maximum expenditure of £8 million, or until June 27, 2026, whichever occurs first. This initiative follows a previous £10 million buyback completed in October 2025 and reflects the company’s strong financial position, confidence in its creative management simulation (CMS) game strategy, and commitment to enhancing shareholder returns.
Peel Hunt LLP has been appointed to execute the buyback, acting independently to determine purchase timing and pricing. David Braben, President and Founder, intends to sell a portion of his shares to maintain his current ownership percentage. The company will disclose all share purchases promptly and emphasizes that the buyback’s full implementation is not guaranteed. Frontier Developments remains focused on sustainable growth through its CMS franchises and proprietary technology.
Launch
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Offers 3 news titles 3
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Offers 06:01
AZN

AstraZeneca prices a $2bn bond offering

AstraZeneca PLC

**Summary**
AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities and Exchange Commission (SEC), consists of three tranches of fixed-rate notes with maturities in 2031, 2033, and 2036, and coupons of 4.000%, 4.300%, and 4.600%, respectively. The proceeds will be used for general corporate purposes, potentially including refinancing existing debt. The transaction is expected to close on March 2, 2026, and does not impact AstraZenecas 2026 financial guidance. BofA Securities, Deutsche Bank Securities, HSBC Securities, and Mizuho Securities acted as joint book-running managers. The offering is made via a prospectus supplement and accompanying prospectus, available through the SECs EDGAR system or the listed underwriters.
Offers
ETL logo
Offers 06:01
ETL

Eutelsat Communications S.A. Announces the Success of Its Offering of €1,500 Million Senior Notes

Eutelsat Group

**Summary**
Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed by Eutelsat S.A. and OneWeb Holdings Limited, are expected to be issued on March 5, 2026, pending customary conditions. The proceeds will be used to redeem existing debt (including €600 million 2.25% notes due 2027 and €600 million 9.750% notes due 2029), repay a term loan and revolving credit facility, cover transaction fees, and fund cash reserves. The offering is restricted to non-U.S. persons and qualified institutional buyers, with no public offering in the U.S. or to retail investors in the EEA or UK. The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update unless required by law.
Offers
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Orders 1 news title 1
HDD logo
Orders 06:01
HDD

Further significant North American order intake

Hardide PLC

**Summary**
Hardide PLC (AIMHDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These orders, to be delivered primarily during the current financial year ending September 30, 2026, are expected to significantly boost revenues and performance beyond previous expectations. The company is also in discussions with the customer to establish a long-term framework agreement to support their future business development and supply needs. CEO Matt Hamblin highlighted that these orders position Hardide to achieve its strategic goal of doubling 2024 revenues ahead of schedule, leveraging higher capacity utilization. Hardide specializes in tungsten carbide/tungsten metal matrix coatings, which enhance component durability and efficiency in aggressive environments, serving industries like energy, aerospace, and precision engineering.
Orders
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Reports 18 news titles 18
PIN logo
Reports 06:02
PIN

Half-year Financial Report

Pantheon International PLC

**Summary of Pantheon International PLC Half-Year Financial Report (February 2026)**
**Overview**
Pantheon International PLC (PIN), a FTSE 250 investment trust, released its Half-Year Report for the six months ended 30 November 2025. The report highlights PINs performance, strategic initiatives, and financial position, emphasizing its focus on improving shareholder value and reducing the discount to net asset value (NAV).
**Key Financial Highlights**
**NAV Growth**NAV increased by 4.9% during the period, driven by modest valuation gains (2.8%), favorable currency movements (2.2%), and share buybacks (1.0%). Expenses and taxes offset these gains by 1.1%.
**Share Price Performance**The share price rose by 26.7%, outperforming the MSCI World (10.0%) and FTSE All-Share (14.9%) indices.
**Discount Narrowing**The discount to NAV narrowed from 40% in May 2025 to 28% in November 2025, reflecting the Boards efforts to address the discount.
**Cash Flow**PIN generated net portfolio cash flow of £83.1m, an 85% increase from the previous period, with a distribution rate improving to 15%.
**Strategic Initiatives**
1. **Refocused Investment Strategy**PIN is concentrating on c.25 core private equity managers, down from approximately 90, to enhance performance and alignment.
2. **Cost Reduction**A new management fee structure will reduce fees by 19% (or £5.3m) from 1 June 2026, calculated at a flat 1% of NAV with no fees on undrawn commitments.
3. **Active Asset Sales**PIN plans to leverage the growing secondary market to sell assets, enhancing liquidity and shareholder returns.
4. **Capital Allocation**A £60m Distribution Pool has been established to return capital to shareholders through share buybacks or distributions, increasing by 20% of monthly gross distributions.
5. **Balance Sheet Management**PIN extended its £400m credit facility to October 2029 with improved terms, maintaining a prudent net debt position of 9.3% of NAV.
6. **Portfolio Insights**Enhanced analytics are being used to provide greater transparency into portfolio performance, aiding investor understanding.
**Market Context**
**Technology Sector**PINs largest sector, technology, faced volatility due to AI-related concerns. However, PINs managers view AI as an opportunity to expand markets and enhance operational capabilities.
**Private Equity Valuations**Private equity multiples have remained more stable than public equity multiples, which have seen significant increases.
**Leadership and Governance**
**Board Changes**Tony Morgan became Chair in January 2026, focusing on performance improvement and shareholder engagement.
**Management Transition**Charlotte Morris, Partner at Pantheon, seamlessly took over as Lead Manager of PIN.
**Outlook**
PIN remains confident in the long-term attractiveness of private equity, supported by substantial dry powder and improving exit activity. The company is well-positioned for a market rebound, with a diversified, cash-generative portfolio and a clear strategic plan to enhance NAV and reduce the discount.
**Conclusion**
PINs half-year results reflect progress in addressing performance challenges and aligning with shareholder interests. Strategic initiatives, including cost reduction, active asset sales, and improved capital allocation, are expected to drive long-term value creation. The company remains committed to its investment trust structure, offering accessible and diversified private equity exposure to investors.
Here is a comparison of the financials and debt year on year presented as an HTML table:
Metric30 Nov 202530 Nov 202431 May 2025Change (YoY)Change (Half-Year)
Net Asset Value (NAV)£2,265.1m£2,315.7m£2,223.0m-2.2%1.9%
NAV per Share520.82p501.64p496.45p3.8%4.9%
Share Price375.0p296.0p296.0p26.7%26.7%
Net Debt£208.6m£210.3m£188.9m-0.8%10.4%
Net Debt to NAV9.3%9.1%8.7%0.2pp0.6pp
Undrawn Coverage Ratio87%85%85%2pp2pp
Net Portfolio Cash Flow£83.1m£45.0m£73.3m (FY)84.7%84.7%
Distribution Rate15%12%12% (FY)3pp3pp
Call Rate27%20%20% (FY)7pp7pp
**Notes:** - **YoY (Year on Year):** Compares 30 Nov 2025 to 30 Nov 2024. - **Half-Year:** Compares 30 Nov 2025 to 31 May 2025. - **pp:** Percentage points. - **FY:** Full Year (31 May 2025). This table provides a concise comparison of key financial and debt metrics, highlighting year-on-year and half-year changes.
DRX logo
Reports 06:01
DRX

Annual Financial Report

Drax Group PLC

Drax Group PLC, a UK-based energy company, reported its full-year results for 2025, highlighting record levels of renewable energy generation and a strong financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Adjusted EBITDA**£947 million in 2025, down from £1,064 million in 2024, primarily due to lower achieved power prices.
**Net Debt**Reduced to £784 million from £992 million in 2024, with a Net debt to Adjusted EBITDA ratio of 0.8 times, significantly <mark style="background-color:yellow">below</mark> the target of around 2 times.
**Adjusted Basic EPS**: 137.7 pencecompared to 128.4 pence in 2024.
**Dividend per Share**Increased to 29.0 pence from 26.0 pence in 2024, marking the ninth consecutive year of dividend growth.
### **Operational Performance**
**Renewable Generation**Record levels achieved, contributing 6% of UK power and 11% of UK renewables.
**Pellet Production**Record levels produced, with a 5% increase compared to 2024.
**Biomass Generation**15.0TWh generated, up from 14.6TWh in 2024, supporting UK energy security.
### **Strategic Developments**
**Low Carbon Dispatchable CfD**Signed with the UK Government for Drax Power Station, providing increased visibility and supporting energy security.
**Battery Energy Storage Systems (BESS)**: Initial investments made, with commitments in 710MW of BESS developments.
**Flexitricity Acquisition**Acquired an optimization platform to support the development of the FlexGen portfolio.
**Data Centre Development**Exploring options for a 1.2GW-scale data centre at Drax Power Station, with a first phase of 100MW targeted for 2027.
### **Financial Outlook**
**2026 Adjusted EBITDA**Expected to be in line with analyst consensus estimates of £662 million.
**Post-2027 Adjusted EBITDA**Targeting £600-700 million per annum from Pellet Production, Biomass Generation, and FlexGen.
**Free Cash Flow**Targeting £3 billion from 2025-2031, with £0.5 billion delivered in 2025.
**Shareholder Returns**Over £1 billion to be returned through dividends and share buybacks, with a £450 million three-year buyback extension.
### **Sustainability**
**CDP and MSCI Ratings**Achieved A ratings for forestry and climate (CDP) and sustainability (MSCI).
**Sustainability Framework**Launched in 2025, aligning with TCFD, TNFD, and SBTi targets.
**Biomass Tracker Tool**Launched in 2026 to enhance transparency in biomass sourcing.
### **Challenges and Opportunities**
**Canadian Operations**Facing a more challenging outlook due to constrained fibre markets
strategic options are being reviewed.
**Energy Transition and AI Growth**Creating opportunities for investment in flexible and renewable energy, including BESS and data centres.
### **Leadership and Governance**
**CEO Comment**Will Gardiner emphasized the Group’s role in UK energy security and the strategic importance of the low carbon dispatchable CfD.
**Board Changes**Frank Lemmink appointed as CFO in September 2025, and Mark Clare joined as a Non-Executive Director in February 2026.
### **Conclusion**
Drax Group PLC demonstrated strong operational and financial performance in 2025, with a focus on renewable energy and strategic investments in flexible generation and storage. The company is well-positioned to capitalize on the energy transition and emerging opportunities in AI and data centres, while maintaining a commitment to sustainability and shareholder value.
Here is the HTML table code comparing the financials and debt year on year for Drax Group PLC:
Metric2025 (£ million)2024 (£ million)Change
Adjusted EBITDA9471,064(11%)
Net debt784992(21%)
Operating profit241850(72%)
Profit before tax190753(75%)
Adjusted basic EPS (pence)137.7128.47%
Dividend per share (pence)29.026.012%
Cash generated from operations1,0001,135(12%)
Capital expenditure202321(37%)
**Key Observations:** * **Adjusted EBITDA:** Decreased by 11% from £1,064 million in 2024 to £947 million in 2025, primarily due to lower achieved power prices. * **Net debt:** Significantly reduced by 21% from £992 million in 2024 to £784 million in 2025, indicating improved financial health. * **Operating profit and Profit before tax:** Both metrics experienced substantial declines, primarily due to non-cash impairment charges of £378 million in 2025. * **Adjusted basic EPS and Dividend per share:** Both increased, reflecting the company's focus on shareholder returns despite the decline in overall profitability. * **Cash generated from operations and Capital expenditure:** Both decreased, indicating a focus on cost control and potentially reduced investment in growth initiatives. This table provides a concise overview of Drax Group PLC's financial performance and debt position, highlighting key changes between 2024 and 2025.
JUP logo
Reports 06:01
JUP

Annual Financial Report

Jupiter Fund Management Plc

**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)**
**Overview**
Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under management (AUM), positive net inflows, and improved profitability. The company highlighted material progress in its strategic objectives, including increased scale, reduced complexity, and enhanced client relationships.
**Key Financial Highlights**
**Underlying Profit Before Tax** Increased by 42% to £138.3 million (2024: £97.5 million), driven by performance fees of £120.3 million (2024: £31.2 million).
**Statutory Profit Before Tax** Rose to £131.9 million (2024: £88.3 million).
**Assets Under Management (AUM)** Grew by 19% to £54.0 billion (2024: £45.3 billion), supported by net inflows and market movements.
**Net Inflows** Recorded £1.3 billion (2024: net outflows of £10.3 billion), the first year of positive net inflows since 2017.
**Cost Management** Administrative expenses (before performance fees and exceptional items) decreased by 2% to £255.5 million (2024: £260.5 million).
**Strategic Achievements**
**Acquisitions** Completed the acquisition of CCLA Investment Management, adding £15 billion to AUM and expanding into the non-profit client segment. Also acquired Origin Asset Management.
**Cost Savings** Delivered cost savings ahead of schedule and reconfirmed synergy targets for the CCLA acquisition.
**Dividends and Share Buyback** Announced a final ordinary dividend of 2.3p per share, a special dividend of 5.7p per share, and a share buyback program of up to £30 million, representing a 50% distribution of 2025 performance fee revenue.
**Operational Performance**
**Net Revenue** Increased by 18% to £431.0 million (2024: £364.1 million), driven by higher performance fees.
**Investment Performance** 68% of mutual fund AUM outperformed their peer group over three years, with nearly half in the top quartile.
**Client Sentiment** Improved, leading to positive net inflows across both institutional and retail & wholesale channels.
**Outlook**
The company expressed confidence in its ability to achieve its medium-term target of a 70% cost:income ratio, supported by improved investment performance, strategic acquisitions, and disciplined cost management. Jupiter Fund Management PLC is well-positioned to benefit from potential shifts in client allocations and market conditions.
**Management Commentary**
Chief Executive Matthew Beesley emphasized the companys strong performance, strategic progress, and improved client sentiment. He highlighted the successful integration of acquisitions and the focus on cost discipline, positioning the company for continued growth and value creation.
**Conclusion**
Jupiter Fund Management PLCs 2025 results reflect robust financial and operational performance, strategic advancements, and a positive outlook. The companys focus on scale, cost efficiency, and client relationships has strengthened its position in the asset management industry.
Here is the HTML table code comparing the financials and debt year on year for Jupiter Fund Management PLC:
Metric2025 (£m)2024 (£m)% Change
AUM (£bn)54.045.319%
Net flows (£bn)1.3(10.3)N/A
Net revenue (£m)431.0364.118%
Statutory profit before tax (£m)131.988.349%
Basic earnings per share (EPS) (p)19.212.554%
Underlying profit before tax (£m)138.397.542%
Underlying EPS (p)19.413.445%
Total dividends per share (p)10.15.487%
Cost:income ratio82%78%N/A

Notes:

  • Debt information is not explicitly mentioned in the provided text, so it's not included in the table.
  • The % change for net flows is not applicable (N/A) due to the change from negative to positive values.
This table compares the key financials year on year, including AUM, net flows, net revenue, profit before tax, EPS, underlying profit, underlying EPS, total dividends per share, and cost:income ratio. Since debt information is not provided in the text, it's not included in the table.
CSSG logo
Reports 06:01
CSSG

Half-year Financial Report

Croma Security Solutions Group Plc

**Summary of Croma Security Solutions Group PLC Half-Year Financial Report (H1 2026)**
**Overview**
Croma Security Solutions Group PLC (AIMCSSG), a UK-based security solutions provider, reported its unaudited interim results for the six months ended 31 December 2025. The period was marked by strategic investments, reorganisation, and acquisitions aimed at future growth, despite a planned reduction in profit.
**Key Financial Highlights**
**Revenue Growth**Revenue increased by 9% to £5.0 million (H1 2025: £4.6 million), driven by prior-year acquisitions, though partially offset by planned security centre refurbishments, branch consolidations, and customer caution ahead of the 2025 Autumn Budget.
**Profitability**EBITDA fell to £0.436 million (H1 2025: £0.572 million), and profit before tax dropped to £0.252 million (H1 2025: £0.456 million) due to higher costs from strategic investments and management hires.
**Cash Position**The company remains debt-free with cash reserves of £4.4 million (H1 2025: £4.2 million), plus an additional £0.85 million due from the Vigilant disposal by June 2026.
**Net Asset Value**Increased to 113p per share (H1 2025: 111p).
**Operational Performance**
**Portfolio Optimisation**Merged four security centres into two in Peterborough and Southampton, with refurbished locations.
**Acquisitions**Completed the acquisition of TLS Security Systems Limited in Taunton on 2 January 2026, expanding the security centre network to 17 locations.
**Digital Strategy**Reset Google Ads strategy and re-indexed online stock to improve online sales and profitability, though this temporarily reduced online sales.
**Management Strengthening**Invested in key hires across Operations, HR, Engineering, and Head Office to support scaling.
**Strategic Initiatives**
**Growth Focus**Emphasis on acquiring and integrating local locksmith businesses into modern security centres, with a pipeline of further acquisitions expected in H2 2026.
**Legislative Opportunities**Positioned to benefit from the Terrorism (Protection of Premises) Act 2025 (Martyns Law), offering integrated security and fire safety solutions.
**Freehold Properties**Strategic ownership of freehold properties for long-term control and flexibility, with recent refurbishments enhancing operational efficiency.
**Outlook**
**H2 2026**Positive trading performance expected, supported by a strong new business pipeline and improved customer sentiment post-Budget.
**Dividend**Plans to declare a single final progressive dividend with FY26 results.
**Confidence**The Board remains confident in meeting full-year targets, supported by the TLS acquisition and operational improvements.
**Conclusion**
Croma Security Solutions Group PLC’s H1 2026 results reflect a period of strategic investment and reorganisation, positioning the company for future growth. Despite short-term profit reductions, the company’s robust financial position, expanded network, and strong acquisition pipeline underscore its commitment to long-term expansion and shareholder value.
Below is an HTML table comparing the financials and debt year on year for Croma Security Solutions Group PLC based on the provided text:
MetricH1 2025 (£000s)H1 2024 (£000s)Change
Revenue4,9944,580+9%
EBITDA436572-24%
Profit Before Tax252456-45%
Earnings Per Share (pence)1.352.25-40%
Cash and Cash Equivalents4,3614,174+4%
Net Debt00No Change
Net Asset Value per Share (pence)113111+2%
### Key Points: 1. **Revenue**: Increased by 9% year on year, driven by acquisitions and organic growth. 2. **EBITDA and Profit Before Tax**: Decreased due to higher costs, primarily from planned investments in the business and key management hires. 3. **Earnings Per Share**: Declined by 40% due to reduced profitability. 4. **Cash Position**: Remained strong with no debt and a slight increase in cash and cash equivalents. 5. **Net Asset Value per Share**: Increased slightly, reflecting the company's robust financial position. This table provides a clear comparison of key financial metrics and debt position year on year for Croma Security Solutions Group PLC.
WIL logo
Reports 06:01
WIL

Half-year Financial Report

Wilmington PLC

**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)**
**Financial Performance Highlights**
**Revenue Growth** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%.
**Adjusted EBITA** Up 9% to £10.4 million (H1 FY25: £9.5 million).
**Adjusted PBT** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions.
**Adjusted Basic EPS** Stable at 9.92p (H1 FY25: 9.90p).
**Interim Dividend** Increased by 3% to 3.10p (H1 FY25: 3.00p).
**Net Debt** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia.
**Strategic Developments**
**Acquisition of Conversia** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring.
**RegTech Platform Investment** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025.
**Portfolio Enhancement** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%).
**Operational Review**
**Segment Performance**
**HSE** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety.
**Data Privacy** New segment with £1.8 million revenue from Conversia.
**Legal** Organic revenue growth of 3%, with strong subscription revenue and customer retention.
**Financial Services** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi.
**Financial Position and Outlook**
**Net Debt:** £65.0 millionreflecting the Conversia acquisitionwith leverage below 2.0x EBITDA.
**Cash Generation** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2.
**Outlook** Trading in line with market expectations, supported by a strong contracted order book and repeat business.
**CEO Commentary (Mark Milner)**
Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities.
Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology.
**Conclusion**
Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
Here is the HTML table code comparing the financials and debt year on year for Wilmington PLC:
MetricH1 FY26H1 FY25Change
Revenue£47.7m£40.9m17%
Adjusted EBITA£10.4m£9.5m9%
Adjusted PBT£11.8m£11.8m0%
Adjusted PBT margin25%29%-4ppt
Adjusted basic EPS9.92p9.90p0%
Interim dividend3.10p3.00p0.10p
Net (debt)/cash(£65.0m)£31.3mN/A

Debt Comparison

DateNet (debt)/cash
31 Dec 2025(£65.0m)
31 Dec 2024£31.3m
30 Jun 2025£42.2m

Note: The significant increase in net debt is due to the acquisition of Conversia for £105.2m (£101.9m net of cash received).

This HTML code creates two tables: 1. The first table compares the key financial metrics (Revenue, Adjusted EBITA, Adjusted PBT, Adjusted PBT margin, Adjusted basic EPS, and Interim dividend) for H1 FY26 and H1 FY25, along with the percentage change. 2. The second table compares the net debt/cash position at different dates, highlighting the significant increase in net debt due to the Conversia acquisition. The tables are formatted with borders and headers for better readability. The `N/A` value in the first table indicates that the change in net debt/cash is not directly comparable due to the significant acquisition.
AIE logo
Reports 06:01
AIE

Half-year Financial Report

Ashoka India Equity Investment Trust PLC

**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)**
**Overview**
Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence.
**Financial Highlights**
**Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025.
**Share Price**Fell to 272.0p from 281.5p.
**Net Assets**Declined to £455.5 million from £476.2 million.
**Performance**Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%).
**Investment Strategy and Performance**
The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance.
Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%).
Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge.
**Operational Developments**
Two new DirectorsSarah MacAulay and Karen Roydonwere appointed to the Boardenhancing governance and expertise.
A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns.
The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand.
**Performance Fee**
A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark.
**Outlook**
India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms.
The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification.
Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals.
**Conclusion**
Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
Here’s an HTML table comparing the financials and debt year on year for Ashoka India Equity Investment Trust PLC based on the provided text:
MetricAs at 31 December 2025As at 30 June 2025Change
Net Asset Value (NAV) per Ordinary Share (cum income)269.6p278.9p-3.3%
Ordinary Share Price272.0p281.5p-3.4%
Ordinary Share Price Premium to NAV0.9%0.9%0.0%
Net Assets£455.5 million£476.2 million-4.3%
Performance Fee Provision£14,721,000£15,954,000-7.7%
Cash and Cash Equivalents£11.3 million£27.4 million-58.8%
Total Liabilities£30,109,000£34,397,000-12.5%
### Key Observations: 1. **Net Asset Value (NAV) and Share Price**: Both NAV and share price decreased slightly year on year, reflecting a modest decline in value. 2. **Net Assets**: Total net assets decreased by 4.3%, aligning with the reduction in NAV. 3. **Performance Fee Provision**: The performance fee provision decreased by 7.7%, indicating lower expected performance fees. 4. **Cash and Cash Equivalents**: Cash holdings significantly decreased by 58.8%, possibly due to increased investment activities or operational expenses. 5. **Total Liabilities**: Total liabilities decreased by 12.5%, suggesting improved financial health or reduced obligations. This table provides a concise comparison of key financial metrics and debt-related figures for the specified periods.
Results 34 news titles 34
OTES logo
Results 07:27
OTES

Q4 2025-FY 2025 Financial Results

HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.

**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results**
**Key Highlights**
**Revenue Growth** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services.
**Mobile Service Revenues** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**.
**Fixed Retail Service Revenues** Grew by **2.6%** in Q4, maintaining upward momentum.
**FTTH Expansion** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**.
**Shareholder Remuneration** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**.
**EBITDA Guidance** Raised to **~3%** for 2026, reflecting strong operational and financial performance.
**Financial Performance**
**Adjusted EBITDA (AL)** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**.
**Profit to Owners of the Parent** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**.
**Free Cash Flow (AL)** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**.
**Net Debt** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025.
**Operational Highlights**
**FTTH Adoption** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier.
**Mobile Performance** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base.
**TV Subscribers** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures.
**Outlook for 2026**
**Fixed Services** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion.
**Mobile Services** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum.
**ICT Sector** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down.
**Wholesale** Anticipated decline in international near-zero-margin segment, offset by domestic growth.
**EBITDA Growth** Projected to accelerate to **~3%** in 2026.
**Shareholder Remuneration Policy**
New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility.
For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks.
**Significant Events**
**TERNA FIBER Acquisition** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas.
**Mobile Infrastructure Spin-off** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**.
**Telekom Romania Mobile Disposal** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend.
**Sustainability**
Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects.
Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion.
**Conclusion**
OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
Here’s an HTML table comparing the year-on-year financials and debt for OTE Group based on the provided text:
MetricQ4'25 (€mn)Q4'24 (€mn)y-o-y Change12M'25 (€mn)12M'24 (€mn)y-o-y Change
Revenues916.3843.1+8.7%3,464.33,334.0+3.9%
Adjusted EBITDA (AL)351.1343.1+2.3%1,373.51,346.2+2.0%
EBIT217.6205.3+6.0%821.0784.8+4.6%
Profit to Owners of the Parent148.4154.0-3.6%726.0616.5+17.8%
Capex174.5158.4+10.2%611.6562.5+8.7%
Free Cash Flow (AL)168.3145.4+15.7%542.8522.5+3.9%
Net Debt553.3643.4-14.0%553.3643.4-14.0%
### Key Observations: 1. **Revenue Growth**: Revenues increased by 8.7% in Q4'25 compared to Q4'24, and by 3.9% for the full year 2025. 2. **EBITDA Improvement**: Adjusted EBITDA (AL) grew by 2.3% in Q4'25 and 2.0% for the full year, with guidance for 2026 raised to ~3%. 3. **Profitability**: Profit to owners of the parent decreased slightly in Q4'25 (-3.6%) but increased significantly for the full year (+17.8%). 4. **Capex Increase**: Capital expenditure increased by 10.2% in Q4'25 and 8.7% for the full year, driven by FTTH and 5G investments. 5. **Debt Reduction**: Net debt decreased by 14.0% both in Q4'25 and for the full year 2025, reflecting improved financial health. This table provides a clear comparison of key financial metrics and debt levels year-on-year for OTE Group.
ELSA logo
Results 06:01
ELSA

2025 Preliminary Results

Electrica SA

**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results**
Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adjustments, and robust investment management. Key highlights include
1. **Record Financial Performance**
**Net Profit**RON 1,218.9 million, a 159.2% increase from 2024 (RON 470.2 million).
**EBITDA**: RON 2383.3 millionup 64.5% from 2024 (RON 1449.0 million).
**Operating Revenue**: RON 12165.3 milliona 12.9% rise from 2024 (RON 10772.8 million).
2. **Segment Contributions**
**Supply Segment**Revenues increased by RON 2,125.8 million (36.5%) to RON 7,944.6 million, primarily due to the removal of the electricity price cap scheme and market adjustments. EBITDA improved by RON 650.5 million to RON 572.4 million.
**Distribution Segment**Revenues grew by RON 500.1 million (10.6%) to RON 5,209.7 million, driven by tariff increases and higher electricity distribution volumes. EBITDA contribution was 78.8% of the Group’s total.
3. **Operational Highlights**
Distributed electricity volumes rose by 1.5% to 18.03 TWh, serving 4.011 million users across 40.8% of Romania’s area.
Renewable energy production increased by 65.86% to 16.69 GWh, supported by new photovoltaic parks.
Investments totaled RON 878.4 million, exceeding the planned commissioning program by 115%.
4. **Strategic Achievements**
Strengthened market position in a competitive environment, with Electrica Furnizare maintaining the second-largest market share (14.73%) in Romania’s electricity supply market.
Expanded renewable generation capacities and advanced energy storage projects, positioning the Group for sustainable growth.
5. **Restatement of 2024 and 2023 Financials**
Financial statements for 2024 and 2023 were restated to reflect reassessments of trade receivables and subsidies due to retroactive regulations (OUG 32/2024).
6. **CEO Statement**
Alexandru-Aurelian Chirita highlighted the Group’s structural performance shift, emphasizing operational efficiency, capital management, and investments in renewable energy and storage projects to support Romania’s energy security.
Electrica Group’s 2025 results underscore a new phase of sustainable growth, built on efficiency, stability, and strategic investments. Full details are available on the company’s website.
Below is the HTML table code comparing the financials and debt year-on-year for Societatea Energetica Electrica SA based on the provided text: < lang="en">Financial and Debt Comparison - Electrica SA

Financial and Debt Comparison - Electrica SA (2024 vs 2025)

Metric2024 (Restated)2025Δ (Change)Δ% (Change %)
Operating Revenue (RON mn)10,772.812,165.31,392.512.9%
Operating Profit (RON mn)852.71,782.5929.8109.0%
EBITDA (RON mn)1,449.02,383.3934.464.5%
Net Profit (RON mn)470.21,218.9748.6159.2%
CAPEX PIF (RON mn)810.2878.468.28.4%
Subsidy Revenues (RON mn)2,127.61,081.8(1,045.8)-49.2%
Distributed Electricity Volumes (TWh)17.7618.030.271.5%
Regulated Asset Base (RON bn)N/A8.6N/AN/A

Note: Debt information was not explicitly provided in the text, so it is not included in the table.

### Key Points: 1. **Revenue and Profit Growth**: Significant increases in operating revenue, operating profit, EBITDA, and net profit. 2. **CAPEX Increase**: A modest increase in commissioned investments (CAPEX PIF). 3. **Subsidy Reduction**: A substantial decrease in subsidy revenues due to the removal of the capping scheme. 4. **Operational Metrics**: Slight increase in distributed electricity volumes and a notable increase in the Regulated Asset Base. This table provides a clear year-on-year comparison of key financial and operational metrics for Electrica SA.
DLN logo
Results 06:01
DLN

Results for the Year Ended 31 December 2025

Derwent London PLC

Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lettings of £11.3 million, 10% <mark style="background-color:yellow">above</mark> estimated rental value (ERV), and a record year of asset management activity.
Key financial highlights include
Gross rental income increased by 1.6% to £218.3 million.
EPRA earnings per share (EPS) decreased by 7.6% to 98.4p, primarily due to mid-year refinancing.
Total accounting return (TAR) increased to 5.0%.
Net asset value (NAV) per share rose by 2.4% to 3,225p.
Derwent Londons portfolio ERV guidance was increased to 4-7% for 2026, reflecting strong occupational dynamics and a shortage of new office space in London. The company is targeting £1 billion in disposals over the next three years to redeploy capital into accretive opportunities, with a focus on development projects and acquisitions.
The companys development pipeline includes several major projects, such as Holden House W1, Greencoat & Gordon House SW1, and 50 Baker Street W1, which are expected to deliver attractive returns. Derwent London also formed a strategic partnership with Related Argent to develop the Old Street Quarter EC1, a significant long-term regeneration opportunity.
In terms of financial performance, Derwent Londons total property return outperformed the MSCI Central London Office Quarterly Index by 69 basis points. The companys EPRA NTA per share increased by 2.4%, resulting in a TAR of 5.0%.
Looking ahead, Derwent London forecasts 25-30% growth in EPRA earnings per share by 2030, driven by project completions, rental growth, and disciplined capital allocation. The company aims to deliver a TAR of 7-10% per annum over the coming years, assuming stable investment yields.
**Summary**
Derwent London PLC reported strong financial results for 2025, with increasing rental income, improving total accounting return, and a robust development pipeline. The company is well-positioned to benefit from the strengthening London office market, with a focus on capital recycling, development, and strategic partnerships to drive future growth.
Here is the HTML table code comparing the financials and debt year on year for Derwent London PLC:
Metric20252024Change
Gross rental income (£m)218.3214.81.6%
EPRA EPS (p)98.4106.5(7.6%)
Dividend (p)81.580.51.2%
IFRS result before tax (£m)161.5116.039.2%
EPRA NTA per share (p)3,2253,1492.4%
Net debt (£m)1,4501,483(2.2%)
EPRA LTV (%)29.429.9(1.7%)
Net debt/EBITDA (x)9.09.3(3.2%)
Interest cover (x)3.13.9(20.5%)
**Notes:** * The table compares key financial metrics for Derwent London PLC between 2024 and 2025. * The metrics include gross rental income, EPRA EPS, dividend, IFRS result before tax, EPRA NTA per share, net debt, EPRA LTV, net debt/EBITDA, and interest cover. * The change column shows the percentage change between 2024 and 2025 for each metric. * The table is formatted with borders and headers for clarity.
HIK logo
Results 06:01
HIK

Final Results, Share Buyback & Leadership Changes

Hikma Pharmaceuticals PLC

Hikma Pharmaceuticals PLC announced its final results for the year ended December 31, 2025, highlighting significant growth in revenue and profit, along with strategic leadership changes and a share buyback program. Here’s a summary of the key points
### **Financial Performance**
**Revenue Growth**Group revenue increased by 7% to $3,349 million (6% in constant currency), driven by strong performance in Branded and Hikma Rx businesses, and growth across all geographies (North America, MENA, and Europe).
**Profit Growth**Profit attributable to shareholders rose by 12% to $402 million, with core operating profit up 3% to $741 million.
**Margins**Resilient margins were maintained despite challenges in the Injectables business.
**Dividend and Share Buyback**A 5% increase in the total dividend to 84 cents per share and a $250 million share buyback program were announced, reflecting strong cash flow generation and confidence in future growth.
### **Business Segment Performance**
**Injectables**Core revenue grew by 7%, but core operating profit declined by 6% due to geographic and product mix challenges. Efforts are underway to address these issues.
**Branded**Revenue increased by 10%, with core operating profit up 19%, driven by strong performance in oncology and diabetes products.
**Hikma Rx**Revenue remained flat, but core operating profit increased by 5%, supported by complex products like generic Advair Diskus®.
### **Strategic Progress**
**Product Launches**Launched 84 products globally, including Tyzavan® in the US and the first biosimilar product, ustekinumab.
**Partnerships**Expanded partnership with Celltrion in MENA for six additional biosimilars.
**Geographic Growth**Double-digit growth in Europe Injectables and continued success in MENA with products like palbociclib and dapagliflozin.
### **Leadership Changes**
**Said Darwazah**Stepped down as Executive Chairman to focus exclusively on the CEO role.
**Victoria Hull**Appointed as Chair of the Board.
**Mazen Darwazah**Became Deputy CEO, MENA, overseeing all MENA activities.
**Khalid Nabilsi**Appointed Deputy CEO, North America and Europe, and stepped down as CFO.
**Areb Kurdi**Acting CFO while the search for a new CFO is ongoing.
**Hafrun Fridriksdottir**Expanded role to include management of Injectables commercial activities in the US.
### **2026 Outlook**
**Revenue Growth**Expected to be in the range of 2% to 4%.
**Core Operating Profit**Projected between $720 million and $770 million.
**Segmental Outlook**Injectables revenue to grow in low single digits with a margin of 27-28%
Branded revenue to grow 6-8% with a margin of around 25%
Hikma Rx revenue to remain flat with a margin close to 20%.
### **Balance Sheet and Ratings**
**Net Debt**Increased to $1,387 million, with a net debt to core EBITDA ratio of 1.6x.
**Credit Ratings**Upgraded to BBB by S&P and Fitch, with successful refinancing of a $500 million Eurobond.
### **Share Buyback**
A $250 million share buyback program was announced, reflecting strong cash generation and confidence in future growth prospects.
### **Conclusion**
Hikma Pharmaceuticals demonstrated robust financial performance in 2025, despite challenges in the Injectables business. Strategic leadership changes and a focus on sustainable profit growth position the company for continued success in 2026. The share buyback and increased dividend underscore the company’s financial strength and commitment to shareholder value.
Here’s an HTML table comparing the year-on-year financials and debt for Hikma Pharmaceuticals PLC based on the provided text:
Metric2024 ($ million)2025 ($ million)ChangeConstant Currency Change
Revenue3,1273,3497%6%
Operating Profit612542(11%)(12%)
Profit Attributable to Shareholders35940212%13%
Cashflow from Operating Activities564436(23%)-
Net Debt1,1181,38724%-
Leverage (Net Debt/Core EBITDA)1.4x1.6x--
### Key Highlights: 1. **Revenue Growth**: Revenue increased by 7% (6% in constant currency) from 2024 to 2025, driven by strong performance in Branded and Hikma Rx businesses. 2. **Operating Profit Decline**: Operating profit decreased by 11% (12% in constant currency) due to a legal settlement impact. 3. **Profit Attributable to Shareholders**: Increased by 12% (13% in constant currency) despite the decline in operating profit. 4. **Cashflow from Operating Activities**: Decreased by 23%, primarily due to $186 million in one-off legal settlements. 5. **Net Debt Increase**: Net debt increased by 24% to $1,387 million, with leverage rising from 1.4x to 1.6x. This table provides a concise comparison of key financial and debt metrics year-on-year for Hikma Pharmaceuticals PLC.
MACF logo
Results 06:01
MACF

Annual Results 2025

Macfarlane Group PLC

Macfarlane Group PLC, a UK-based packaging company, reported its annual results for 2025, highlighting a challenging year with mixed financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Revenue Growth**Group revenue increased by 11% to £300.8 million, driven by strong performance in Manufacturing Operations, particularly from the Polyformes acquisition.
**Profit Decline**Operating profit fell by 47% to £12.5 million, and profit before tax dropped by 61% to £8.05 million, primarily due to economic headwinds, increased operating costs, and the impact of the Pitreavie incident.
**Adjusted Metrics**Adjusted operating profit decreased by 28% to £19.7 million, and adjusted profit before tax fell by 38% to £15.57 million.
**Dividend**The Board maintained the final dividend at 2.70p per share, with a total dividend for 2025 of 3.66p per share.
### **Segment Performance**
**Packaging Distribution**Revenue grew marginally to £229.2 million, but adjusted operating profit declined significantly to £11.4 million due to weaker demand, competitive pressures, and increased costs.
**Manufacturing Operations**Revenue surged by 65% to £78.5 million, with adjusted operating profit rising to £8.3 million, driven by the Polyformes acquisition and strong demand in defense, space, and aerospace sectors.
**Pitreavie**Acquired in January 2025, Pitreavie underperformed due to a tragic incident at its facility, resulting in an adjusted operating loss of £0.2 million.
### **Cash Flow and Debt**
**Net Cash Inflow**Operating activities generated £24.8 million in cash, reflecting effective working capital management.
**Net Bank Debt**Increased to £16.2 million due to acquisitions, share buybacks, dividends, and capital expenditure.
**Bank Facility**The Group operates within a £40 million bank facility, extended to November 2028 with an option to extend further.
### **Pension Scheme**
A non-recurring charge of £1.9 million was accrued to address historic equalization of pensions, reducing the pension scheme surplus to £6.0 million.
### **Sustainability**
The Group reduced Scope 1 and 2 carbon emissions and is committed to electrifying its delivery fleet and expanding renewable energy use.
### **Outlook**
**Challenging Market**Management expects markets to remain challenging in 2026, with a focus on improving Packaging Distribution, recovering Pitreavie, and growing Manufacturing Operations.
**Key Priorities**Include new business development in industrial markets, operational efficiency, cost savings, and refining the sourcing model.
**Investment**£1.2 million investment in Pitreavie to restore full operational capacity by Q2 2026.
### **Risks and Uncertainties**
**Economic Environment**Uncertain economic conditions and weakened demand impact performance.
**Health and Safety**Elevated risk following the Pitreavie incident, with initiatives to strengthen safety culture.
**Supply Chain**Inflationary pressures and supply chain disruptions remain challenges.
### **Viability Statement**
The Board is confident in the Group’s ability to continue operations and meet liabilities, even under a severe but plausible downside scenario, supported by mitigating actions and a robust financial model.
### **Conclusion**
Macfarlane Group faced a difficult year in 2025, with revenue growth offset by profit declines due to external challenges and the Pitreavie incident. The Group remains focused on strategic priorities to improve performance and sustainability, with a cautious but optimistic outlook for 2026.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£000)2024 (£000)Change (£000)Change (%)
Revenue300,810270,43730,37311%
Gross Profit112,171105,3726,7996%
Operating Profit12,49523,597(11,102)(47%)
Profit Before Tax8,05020,896(12,846)(61%)
Profit for the Year6,31615,530(9,214)(59%)
Net Cash Inflow from Operating Activities24,78025,428(648)(3%)
Net Bank Debt16,1611,91814,243742%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 11% from £270.4 million in 2024 to £300.8 million in 2025. 2. **Profit Decline:** Operating profit, profit before tax, and profit for the year all declined significantly in 2025 compared to 2024, with profit for the year dropping by 59%. 3. **Cash Flow:** Net cash inflow from operating activities decreased slightly by 3%, but remained strong at £24.8 million. 4. **Debt Increase:** Net bank debt increased significantly from £1.9 million in 2024 to £16.2 million in 2025, primarily due to acquisitions, share buybacks, dividends, and capital expenditure. This table provides a clear comparison of key financial metrics and debt levels between 2024 and 2025 for Macfarlane Group PLC.
MTEC logo
Results 06:01
MTEC

Interim Results

Made Tech Group PLC

**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)**
**Financial Performance**
**Revenue Growth**Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog.
**Profitability**Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million).
**Cash Position**Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet.
**Contracted Backlog**Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year.
**Sales Bookings**Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27.
**Strategic Highlights**
**Client Delivery**Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation.
**Market Opportunity**Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption.
**Software Division**Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions.
**People**Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program.
**Outlook**
**Trading Ahead of Expectations**Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix.
**Pipeline Strength**Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27.
**M&A Exploration**Actively exploring acquisitions to extend digital capabilities and expand the addressable market.
**Management Changes**
**New CFO**Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience.
**CEO Commentary**
Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI.
**Conclusion**
Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
Here’s an HTML table comparing the financials and debt year on year for Made Tech Group PLC based on the provided text:
MetricH1 FY26H1 FY25ChangeFY25
Revenue£27.8m£21.8m+28%£46.4m
Gross Profit£8.7m£7.8m+12%£14.8m
Gross Profit Margin31.2%35.8%32.0%
Adjusted EBITDA£2.4m£1.8m+35%£3.5m
Adjusted EBITDA Margin8.7%8.2%7.5%
Statutory Profit before Tax£1.3m£0.4m+186%£2.0m
Adjusted Profit before Tax£1.9m£1.5m+31%£2.9m
Sales Bookings£13.4m£42.0m-68%£82.1m
Contracted Backlog£74.4m£80.8m-8%£92.2m
Net Cash£11.9m£9.1m+30%£10.4m
Debt£0m£0mN/A£0m
### Key Notes: - **Debt**: The company remains debt-free across all periods. - **Net Cash**: Increased by 30% from H1 FY25 to H1 FY26, reflecting strong cash generation. - **Revenue and Profitability**: Significant growth in revenue (+28%) and profitability metrics (e.g., Adjusted EBITDA +35%) year on year. - **Sales Bookings and Contracted Backlog**: Declined compared to H1 FY25 due to timing of large contract awards, but management remains optimistic about future bookings.
NEXS logo
Results 06:01
NEXS

Full Year Results

Nexus Infrastructure plc

Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despite ongoing challenges in the housing sector. This growth was accompanied by an improvement in gross margins to 15.6% and a 21% reduction in central costs.
Key financial highlights include
Revenue increased by 16% to £65.9 million.
Gross margin improved to 15.6%.
Central costs were reduced by 21%.
The order book grew significantly by 62% to £83.4 million.
Operating loss before exceptional items decreased to £1.1 million.
Cash and cash equivalents stood at £10.9 million.
A final dividend of 2.0 pence per share was recommended, bringing the total annual dividend to 3.0 pence.
Operationally, Nexuss subsidiary Tamdown secured £88.8 million in new work, contributing to a 62% increase in the order book. The acquisition of Coleman Construction & Utilities Limited in October 2024 marked a strategic step, broadening the groups presence in higher-margin sectors like water and rail infrastructure. Colemans integration was seamless, and it is expected to benefit from the AMP8 investment programme, which runs until 2030.
Looking ahead, Tamdown is well-positioned to capitalize on the anticipated recovery in the housebuilding sector, with a solid order book and new contract wins. Coleman is expected to see increased activity in the water sector as AMP8 progresses. The groups strong order book and improving market sentiment indicate positive prospects for the future.
In summary, Nexus Infrastructure PLC demonstrated resilience and strategic progress in FY25, achieving growth, improving margins, and strengthening its position in key infrastructure sectors, despite challenging market conditions. The company is well-prepared for future opportunities, particularly in the housing and water sectors.
Here is a comparison of the financials and debt year on year for Nexus Infrastructure PLC, presented as an HTML table:
MetricFY25 (£'000)FY24 (£'000)Change (%)
Revenue65,91056,71316%
Gross Profit10,2557,66434%
Operating Loss before Exceptional Items(1,080)(1,946)44% improvement
Cash and Cash Equivalents10,94212,801(14.5%)
Net Assets27,31929,982(9.0%)
Order Book83,40051,60062%
Trade and Other Receivables19,30421,836(11.6%)
Trade and Other Payables11,69013,568(13.8%)
Lease Liabilities11,51311,1693.1%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 16% from FY24 to FY25, driven by growth in the residential housebuilding sector and the acquisition of Coleman. 2. **Gross Profit Improvement:** Gross profit increased by 34%, primarily due to improved margins and the contribution from Coleman. 3. **Operating Loss Reduction:** The operating loss before exceptional items decreased by 44%, reflecting cost control measures and improved operational efficiency. 4. **Order Book Growth:** The order book grew significantly by 62%, providing a solid foundation for future revenue growth. 5. **Cash Position:** Cash and cash equivalents decreased by 14.5%, partly due to the acquisition of Coleman and dividend payments. 6. **Net Assets:** Net assets decreased by 9.0%, primarily due to the loss for the year and dividend payments. 7. **Debt Position:** Lease liabilities increased slightly by 3.1%, while trade and other payables decreased by 13.8%, indicating improved working capital management. This table provides a concise comparison of key financial metrics, highlighting areas of improvement and potential areas of concern.
VANQ logo
Results 06:01
VANQ

Results for the year ended 31 December 2025

Vanquis Banking Group PLC

**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025**
**Key Highlights**
**Return to Profitability** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared to a loss of £138.0 million in 2024, marking a successful return to profitability.
**Strategic Growth** The Group achieved a 22% increase in gross customer interest-earning balances to £2,824 million, driven by strong performance in Second Charge Mortgages and renewed growth in Credit Cards.
**Cost Discipline** Operating costs were reduced by 33% to £265.5 million, with transformation savings of £28.8 million and lower complaint costs contributing significantly.
**Technology Transformation** The Gateway technology transformation is on track for completion in 2026, already improving decisioning, speed, and consistency, and set to enhance customer experience and operational efficiency.
**Capital Strength** The Group strengthened its capital position through a successful Additional Tier 1 (AT1) issuance, with the Common Equity Tier 1 (CET1) ratio at 16.5% at year-end.
**Risk Management** Cost of risk improved to 7.3% from 8.4% in 2024, reflecting enhanced underwriting and model performance, as well as a changing portfolio mix.
**Customer Focus** The Group continued to support underserved customers, helping them borrow responsibly and build financial resilience, with initiatives like the Vanquis Benefits Checker and Fair Finance program.
**Strategic Direction** The Group established a clear strategic framework focused on serving more customers responsibly and scaling profitably, aiming for sustainable growth and attractive returns.
**Financial Performance**
**Total Income** Increased by 2% to £454.9 million, with net interest income rising by 3% to £418.4 million.
**Impairment Charges** Decreased by 2% to £181.1 million, supported by improved credit quality and portfolio mix.
**Operating Costs** Reduced by 33% to £265.5 million, driven by transformation savings and lower complaint costs.
**Profit After Tax** Statutory profit after tax was £8.7 million, compared to a loss of £119.3 million in 2024.
**ROTE** Statutory Return on Tangible Equity (ROTE) improved to 2.3% from -32.1% in 2024.
**Segment Performance**
**Credit Cards** Balances increased by 19% to £1,518 million, with total income rising by 1% to £352.5 million. Profit before tax contribution increased by 27% to £38.2 million.
**Vehicle Finance** Balances decreased by 8% to £706 million due to proactive management of new business growth. Loss before tax contribution was £12.7 million, compared to £38.8 million in 2024.
**Second Charge Mortgages** Balances grew significantly to £599 million, with profit before tax contribution of £5.4 million.
**Outlook and Guidance**
**2026 Guidance** Gross customer interest-earning balances are expected to exceed £3.3 billion, with a Net Interest Margin (NIM) of around 15.5% and a Risk-Adjusted Margin (RAM) of over 9.5%.
**2027 Guidance** Gross customer interest-earning balances are projected to surpass £3.7 billion, with NIM at around 14.5% and RAM over 9.0%.
**ROTE Targets** Low double-digit ROTE in 2026 and mid-teens in 2027.
**Capital Management** The Group aims to maintain a CET1 ratio <mark style="background-color:yellow">above</mark> 14.5%, with a focus on capital deployment for growth and a reset of the capital allocation framework in 2026.
**Conclusion**
Vanquis Banking Groups 2025 results demonstrate significant progress in its strategic transformation, with a return to profitability, strengthened capital position, and improved operational efficiency. The Group is well-positioned for sustainable growth, supported by its technology investments, risk management practices, and focus on underserved customer segments. The outlook for 2026 and beyond is positive, with clear guidance on financial metrics and a commitment to delivering attractive returns for shareholders.
Here is a comparison of Vanquis Banking Group's financials and debt year on year, presented as an HTML table:
MetricFY2025 (£m)FY2024 (£m)YoY Change (£m)YoY Change (%)
Statutory profit before tax from continuing operations8.3(138.0)146.3N/A
Statutory profit after tax from continuing operations8.0(120.6)128.6N/A
Statutory profit after tax8.7(119.3)128.0N/A
Statutory profit attributable to shareholders8.2(119.3)127.5N/A
Gross customer interest-earning balances2,8242,30851622%
Net receivables2,6912,15553625%
Total assets3,9423,37556717%
Total liabilities3,4542,93452018%
Common Equity Tier 1 (CET1) capital ratio (%)16.518.8(2.3)(12%)
Liquidity Coverage Ratio (LCR) (%)306359(53)(15%)
Retail deposits (£m)2,9842,39958524%
Retail funding (% of all funding)89.785.64.15%
**Key Observations:** * **Return to Profitability:** Vanquis Banking Group returned to statutory profitability in FY2025, with a significant improvement in profit before tax from continuing operations, from a loss of £138.0m in FY2024 to a profit of £8.3m in FY2025. * **Balance Sheet Growth:** The Group experienced substantial growth in its balance sheet, with gross customer interest-earning balances increasing by 22% and total assets growing by 17%. * **Capital Position:** While the CET1 capital ratio decreased by 2.3 percentage points, it remains strong at 16.5%. The Group also optimized its capital structure through a successful Additional Tier 1 (AT1) issuance. * **Liquidity and Funding:** Liquidity remained robust, although the LCR decreased slightly. Retail deposits continued to be a significant source of funding, increasing by 24% and representing 89.7% of total funding. This table provides a concise overview of Vanquis Banking Group's financial performance and debt position, highlighting key areas of improvement and growth.
MCG logo
Results 06:01
MCG

Unaudited results for 12 months ended 31 Dec 2025

Mobico Group Plc

**Summary of Mobico Group PLCs Unaudited Results for the 12 Months Ended 31 December 2025**
Mobico Group PLC reported unaudited results for the 12 months ended 31 December 2025, highlighting a turnaround with building momentum. Key points include
**Financial Performance**
Group revenue grew by 6.2% to £2.76 billion, driven by double-digit growth in Alsa and continued growth in WeDriveU.
Adjusted operating profit increased by 9% to £198 million, exceeding guidance, primarily due to strong end-of-year trading in Spain and cost-saving initiatives.
Statutory operating profit was £21.9 million, impacted by one-off adjusting items.
Covenant gearing improved to 2.7x, supported by proceeds from the NASB disposal.
**Strategic Progress**
Alsa achieved record revenue growth, offsetting challenges in the UK and operational issues with the WMATA contract in WeDriveU.
The Simplify for Success cost programme is expected to deliver £100 million in annualised cost savings by the end of 2026.
An agreement in principle with German Rail PTAs is expected to deliver a sustainable business going forward.
UK Coach is largely integrated into Alsa, reducing overheads and improving competitiveness.
**Outlook**
The Group expects Adjusted Operating Profit for 2026 to be in the range of £195 million to £210 million.
Focus remains on cost reduction, strict Capex control, and asset monetisation to improve cash generation and de-leveraging.
**Key Initiatives**
Sale of NASB raised £273 million in de-leveraging proceeds.
Agreement with German PTAs de-risks the German rail business.
Key contract wins in 2025 totaled £84 million in annualised revenue, with total contract values exceeding £437 million.
**Divisional Performance**
**Alsa**Record revenue of £1.49 billion, driven by strong performance in Spain and international diversification.
**WeDriveU**Revenue grew by 4.7%, but operating profit was impacted by operational challenges in specific contracts.
**UK & Germany**Revenue declined by 2.1%, with UK Coach facing increased competition and Germany seeing a return to full service levels.
**Financial Position**
Strong liquidity with £0.9 billion in cash and undrawn committed facilities.
Net debt reduced to £1.076 billion, supported by disposals and cost-saving measures.
**Future Focus**
Continued emphasis on simplifying and strengthening the business, with a focus on cash flow generation and de-leveraging.
Strategic priorities include preparing for key contract retentions in Spain and further operational diversification.
Overall, Mobico Group PLC demonstrated resilience and strategic progress in 2025, positioning itself for further growth and improvement in 2026.
Here is a comparison of Mobico Group PLC's financials and debt year on year, presented as an HTML table:
Metric2024 (£m)2025 (£m)Change (£m)Change (%)
Group Revenue2,6002,7601606.2%
Adjusted Operating Profit181.1198.016.99.3%
Statutory Operating Profit34.021.9(12.1)(35.6%)
Free Cash Flow210.277.3(132.9)(63.2%)
Net Debt1,202.51,075.7(126.8)(10.5%)
Covenant Gearing2.8x2.7x--
**Key Observations:** * **Revenue Growth:** Mobico Group PLC experienced a 6.2% increase in Group Revenue from £2.60 billion in 2024 to £2.76 billion in 2025, primarily driven by strong performance in Alsa and WeDriveU. * **Adjusted Operating Profit Improvement:** Adjusted Operating Profit increased by 9.3% from £181.1 million in 2024 to £198.0 million in 2025, attributed to strong trading in Alsa and cost-saving initiatives. * **Statutory Operating Profit Decline:** Statutory Operating Profit decreased by 35.6% from £34.0 million in 2024 to £21.9 million in 2025, impacted by one-off adjusting items. * **Free Cash Flow Decrease:** Free Cash Flow significantly declined by 63.2% from £210.2 million in 2024 to £77.3 million in 2025, mainly due to the decrease in operating cash flow and higher growth capital expenditure. * **Net Debt Reduction:** Net Debt decreased by 10.5% from £1,202.5 million in 2024 to £1,075.7 million in 2025, aided by proceeds from the disposal of the North America School Bus business. * **Covenant Gearing Improvement:** Covenant Gearing improved slightly from 2.8x in 2024 to 2.7x in 2025, indicating a stronger financial position.
CVSG logo
Results 06:01
CVSG

Interim Results

CVS Group Plc

**Summary of CVS Group plc Interim Results for H1 2026**
**Financial Highlights**
**Revenue Growth** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions.
**Like-for-Like Sales** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK.
**Adjusted EBITDA** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets.
**Profit Before Tax** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs.
**Cash Conversion** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%).
**Leverage** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x.
**Operational Highlights**
**Australia Expansion** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations.
**Investment** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience.
**Leadership** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency.
**Research** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship.
**Employee Satisfaction** Improved employee net promoter score to +10.0 (FY 2025: +3.1).
**Branding** Launched CVS Vets as a dual brand alongside local practice names.
**Market Listing** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026.
**Outlook**
**UK Challenges** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand.
**Acquisitions** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process.
**Financial Position** Strong balance sheet and cash flows support further acquisitions and investments.
**CMA Process** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026.
**DEFRA Consultation** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966.
**CEO Commentary**
Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth.
**Conclusion**
CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.
Here is the HTML table code comparing the financials and debt year on year for CVS Group plc:
MetricH1 2026 (£m)H1 2025 (£m)Change %FY 2025 (£m)
Revenue356.9337.35.8%673.2
Adjusted EBITDA67.765.13.9%134.6
Profit before tax15.215.9-4.4%32.6
Net bank borrowings160.2182.9-12.4%131.4
Leverage (x)1.411.66-15.1%1.18

Key Observations:

  • Revenue increased by 5.8% year-on-year, driven by acquisitions and organic growth.
  • Adjusted EBITDA grew by 3.9%, but profit before tax decreased by 4.4% due to higher depreciation, business combination costs, and exceptional items.
  • Net bank borrowings decreased by 12.4% compared to H1 2025 but increased from FY 2025 due to acquisitions, capex, and share buybacks.
  • Leverage ratio improved to 1.41x, remaining within the guidance of <2.0x.
This table and observations provide a concise comparison of key financials and debt metrics for CVS Group plc between H1 2026, H1 2025, and FY 2025.
PPH logo
Results 06:01
PPH

Annual Results & Publication of Annual Report

PPHE Hotel Group Ltd

## PPHE Hotel Group Limited2025 Annual Results Summary
**Key Highlights**
* **Revenue Growth** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-for-like revenue grew by 3.7% to £456.9 million.
* **EBITDA Performance** Reported EBITDA increased by 1.3% to £138.2 million, while like-for-like EBITDA grew by 2.1% to £139.0 million. EBITDA margin slightly declined due to the dilutive effect of newly opened hotels.
* **Strategic Expansion** The group completed its largest-ever investment program, opening its first hotel in Italy (artotel Rome Piazza Sallustio) and expanding its presence in London and Zagreb.
* **Development Pipeline** PPHE acquired a development site near the City of London for its first select-service hotel in the city, further strengthening its development pipeline.
* **Refinancing and Balance Sheet** The group successfully refinanced several loan facilities, extending maturities and improving liquidity. Net bank debt leverage stands at 34.8%.
* **Dividend** The board recommended a final dividend of 22p per share, bringing the total dividend for 2025 to 39p per share, a 2.6% increase.
* **Strategic Review** The ongoing Strategic Review process aims to maximize shareholder value, potentially exploring options like growth capital injection or a sale of the company.
**Financial Performance by Region**
* **United Kingdom** Strong performance with 6% revenue growth, driven by increased occupancy and stable average room rates.
* **Netherlands** More subdued performance with 1.8% revenue decline due to pressure on occupancy and average room rates.
* **Croatia** Strong summer season with 6.4% revenue growth, driven by rising average room rates.
* **Germany** Subdued performance with 11.7% revenue decline due to moderated demand and the termination of a lease in Berlin.
* **Other Markets** Significant growth in Italy, Hungary, Serbia, and Austria, driven by the new hotel opening in Rome and improved business activity.
**Key Initiatives and Outlook**
* **Technology Transformation** PPHE is investing in cloud-based infrastructure, digital experience solutions, and AI-powered tools to enhance guest experience and operational efficiency.
* **Sustainability** The group is committed to its ESG strategy, submitting emission reduction targets to SBTi and focusing on waste management and energy efficiency.
* **Guest Experience** PPHE prioritizes guest satisfaction, achieving an 88.1% satisfaction score in 2025.
* **2026 Outlook** The board expects further revenue and EBITDA growth in 2026, driven by contributions from recent investments and newly opened hotels. Forward booking momentum is encouraging.
**Overall** PPHE Hotel Group demonstrated resilience in 2025, navigating a challenging macroeconomic environment while executing its strategic expansion plans. The group is well-positioned for future growth with a strong balance sheet, a robust development pipeline, and a focus on technology and sustainability. The ongoing Strategic Review process adds an element of uncertainty, but the board remains confident in delivering value to shareholders.
Here is the HTML table code comparing the financials and debt year on year for PPHE Hotel Group Limited:
Metric20252024Variance
Total Revenue (£ million)466.4442.85.3%
Room Revenue (£ million)330.4317.24.2%
EBITDA (£ million)138.2136.51.3%
EBITDA Margin29.6%30.8%(120)bps
Reported PBT (£ million)1.530.6(95.2)%
Net Debt (£ million)775.5775.50.0%
EPRA NRV per share (£)27.3527.51(0.6)%
Dividend per share (pence)39382.6%
Occupancy75.1%74.5%60bps
Average Room Rate (£)164.3161.51.7%
RevPAR (£)123.4120.32.6%

Notes:

  • Net Debt is calculated as Borrowings minus Cash and Cash Equivalents.
  • Variance is calculated as the percentage change from 2024 to 2025.
This table provides a comparison of key financial metrics and debt for PPHE Hotel Group Limited between 2024 and 2025. The metrics include total revenue, room revenue, EBITDA, EBITDA margin, reported PBT, net debt, EPRA NRV per share, dividend per share, occupancy, average room rate, and RevPAR. The variance column shows the percentage change from 2024 to 2025 for each metric. Please note that the net debt calculation is based on the information provided in the text, where Borrowings (short-/long-term) is £913.5 million and Cash and Cash Equivalents is £138.0 million, resulting in a net debt of £775.5 million for both years. If more detailed information on debt is available, the net debt calculation can be adjusted accordingly.
LSEG logo
Results 06:01
LSEG

Final Results

London Stock Exchange Group PLC

**Summary of London Stock Exchange Group PLCs Final Results for 2025**
London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shareholder returns. Key highlights include
**Financial Performance**Total income (excl. recoveries) grew by 7.1% on an organic, constant currency basis (+5.8% reported), driven by broad-based growth across segments: Data & Analytics (+5.0%), FTSE Russell (+7.3%), Risk Intelligence (+11.7%), and Markets (+8.9%). Adjusted EBITDA rose by 11.8%, with margins improving by 150 basis points. Reported EPS surged by 85.1%, and adjusted EPS grew by 15.7%.
**Strategic Initiatives**LSEG advanced its **LSEG Everywhere** strategy, forming AI-ready data partnerships with leading platforms like Microsoft, OpenAI, and Snowflake. Significant innovations included the launch of Open Directory with Microsoft, approval of the Private Securities Market, and development of DigitalAssetClear.
**Post Trade Solutions**A strategic transformation was achieved through a 20% stake investment from 11 leading banks.
**Shareholder Returns**£2.1 billion was returned via share buybacks in 2025, with a further £3 billion planned by February 2027. Dividends increased by 15.7% to 103.0p per share.
**Outlook**LSEG expects organic constant currency growth of 6.5-7.5% in total income for 2026, with EBITDA margins improving by 80-100 basis points. Medium-term guidance (2027-2029) projects mid to high single-digit annual growth, a 150 basis point cumulative EBITDA margin increase, and double-digit compound annual growth in equity free cash flow per share.
CEO David Schwimmer emphasized the Group’s focus on product innovation, customer partnerships, and leveraging AI to drive growth, positioning LSEG as a leader in trusted data and infrastructure.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text:
Metric2025 (£m)2024 (£m)Variance (%)
Total Income (excl. recoveries)8,9868,4945.8%
Recoveries360364-1.1%
Total Income (incl. recoveries)9,3468,8585.5%
EBITDA (Reported)4,3653,94510.6%
Operating Profit (Reported)2,1271,46345.4%
Profit Before Tax (Reported)1,9691,25856.5%
Basic Earnings Per Share (p)238.4128.885.1%
Dividends Per Share (p)150.0130.015.4%
Adjusted EBITDA4,5234,1489.0%
Adjusted Operating Profit3,5063,16510.8%
Adjusted Earnings Per Share (p)420.6363.515.7%
### Notes: 1. **Debt Information**: The provided text does not include specific debt figures for comparison. If debt details were available, they would be added to the table. 2. **Formatting**: The table is styled with borders, padding, and right-aligned numeric values for better readability. 3. **Metrics**: Key financial metrics such as income, EBITDA, operating profit, earnings per share, and dividends are included for comparison.
GNS logo
Results 06:01
GNS

Interim Results

Genus PLC

**Summary of Genus PLC Interim Results for the Six Months Ended 31 December 2025**
**Financial Highlights**
**Record First Half Profit** Genus PLC reported a record first half adjusted operating profit of £55.8 million, driven by strong growth in PIC (porcine business), a £5.6 million milestone payment from Beijing Capital Agribusiness (BCA), and Value Acceleration Programme (VAP) actions benefiting ABS (bovine business).
**Revenue Stability** Revenue remained stable at £335.6 million, similar to the previous year.
**Profit Before Tax (PBT)** Adjusted PBT increased by 57% to £55.7 million, with statutory PBT at £39.5 million.
**Cash Flow** Strong cash generation with a free cash inflow of £8.2 million, despite a working capital outflow of £22.7 million.
**Dividend Increase** Interim dividend increased to 11.2 pence per share, up from 10.3 pence.
**Strategic Progress**
**Porcine Joint Venture** Formation of a strategic Chinese porcine joint venture with BCA, expected to receive approximately £100 million in fiscal Q4.
**PRRS Resistant Pig (PRP)** Significant milestone with Canada approving the use of PRP gene edit, advancing North American commercialization.
**Bovine VAP** Phase 3 initiatives on track to deliver £7 million in-year benefit and £9 million annualized benefit.
**Divisional Performance**
**PIC** Strong performance with 30% adjusted operating profit growth, driven by China and LATAM, lower input costs, and the BCA milestone payment.
**ABS** Significant improvement in adjusted operating profit to £10.9 million, driven by £4.7 million in VAP benefits, partially offset by lower profits in ABS China.
**Outlook**
**Broadly Neutral Currency Impact** Expected in FY26 H2 if current exchange rates continue.
**PIC China Deconsolidation** Expected in fiscal Q4, with FY26 Group adjusted PBT in line with market expectations.
**Management Commentary**
CEO Jorgen Kokke highlighted the strong first half performance, strategic milestones, and continued focus on executing strategic priorities, expressing confidence for the second half of FY26.
**Key Metrics**
**Adjusted Earnings Per Share (EPS)** Increased by 53% to 60.8 pence.
**Net Debt to Adjusted EBITDA** Improved to 1.4x from 1.5x.
**Return on Adjusted Invested Capital** Increased to 15.8% from 14.7%.
**Conclusion**
Genus PLC demonstrated robust financial and strategic progress in the first half of FY26, with record profits, significant strategic advancements, and a positive outlook for the remainder of the fiscal year.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Revenue335.6336.40
Operating Profit55.840.338
Profit Before Tax55.735.457
Cash Generated by Operations38.546.1-16
Free Cash Flow8.210.3-20
Net Debt232.9228.22
Net Debt to Adjusted EBITDA Ratio1.4x1.5xImprovement

Key Highlights:

  • Record first half adjusted operating profit driven by strong growth in PIC and ABS.
  • Adjusted profit before tax increased by 57% to £55.7m.
  • Net debt increased slightly to £232.9m, but the net debt to adjusted EBITDA ratio improved to 1.4x.
  • Free cash flow decreased by 20% to £8.2m, but still compares well to a strong prior year period.

Note: The above table and highlights are based on the provided text and may not include all relevant financial information.

This HTML table compares key financial metrics between 2025 and 2024, including revenue, operating profit, profit before tax, cash generated by operations, free cash flow, net debt, and net debt to adjusted EBITDA ratio. The table also includes a brief summary of key highlights from the comparison. Please note that the actual values and percentages may vary depending on the specific financial data and calculations used. The above table is based on the provided text and may not include all relevant financial information.
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Results 06:01
HWDN

2025 Full Year Results

Howden Joinery Group Plc

**Summary of Howden Joinery Group PLCs 2025 Full Year Results**
Howden Joinery Group PLC reported strong financial performance for the 52 weeks ending December 27, 2025, with key highlights as follows
### **Financial Performance**
**Revenue Growth**Group revenue increased by 4.1% to £2,418.0 million, driven by
**UK Revenue**Up 3.8% to £2,333.2 million, despite kitchen market headwinds, reflecting balanced pricing and volume growth.
**International Revenue**Surged 13.5% to £84.8 million, with significant progress in France and the Republic of Ireland.
**Gross Profit Margin**Improved by 110 basis points to 62.7%, supported by revenue growth and efficiency gains.
**Operating Profit**Rose 4.7% to £355.3 million, with a margin of 14.7%.
**Profit Before Tax**Increased 5.1% to £344.9 million.
**Basic Earnings Per Share (EPS)**Up 7.9% to 49.2p.
**Dividend**Total ordinary dividend per share increased 3.3% to 21.9p, with a proposed final dividend of 16.9p.
**Cash Position**Robust cash generation, with cash at the end of the period at £344.5 million.
### **Operational Highlights**
**Depot Expansion**Opened 23 new UK depots and 3 international depots, bringing the total to 891 UK and 79 international depots.
**Product Innovation**Introduced 24 new kitchen ranges and launched a new pricing and margin (PAM) tool to optimize depot margins.
**Manufacturing Investment**Invested in UK manufacturing capacity, including upgrading the rigid cabinet and panel facility at Runcorn.
**International Growth**Continued focus on optimizing the depot network in France and establishing a strong presence in the Republic of Ireland.
### **Strategic Initiatives**
**Depot Model Evolution**Focused on efficient space utilization and customer experience improvements.
**Product Range and Supply Management**Enhanced product offerings and supply chain efficiency.
**Digital Transformation**Increased online account usage and engagement, with 59,000 new registrations and 61% of customers holding online accounts.
**International Expansion**Strengthened presence in France and the Republic of Ireland.
### **Outlook**
**UK Kitchen Market**Expected to remain level in 2026 after years of decline, in a competitive environment.
**Focus Areas**Maintaining a balance between price and volume, cost discipline, and leveraging the differentiated business model.
**Growth Opportunities**Significant long-term opportunities to continue above-market performance and enhance shareholder returns.
### **Sustainability**
**Net Zero Plan**On track to achieve a 42% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions by 2030, with Net Zero targeted by 2050.
**Operational Progress**Zero-to-landfill status maintained across all sites, with significant investments in renewable energy and fleet decarbonization.
### **Capital Allocation**
**Share Buyback**Announced a new £100 million share buyback program for 2026.
**Dividend Policy**Committed to sustainable dividend growth and returning surplus capital to shareholders.
### **Board Changes**
**CFO Transition**Jackie Callaway succeeded Paul Hayes as CFO, bringing extensive experience in multinational manufacturing and supply chain businesses.
### **Financial Guidance for 2026**
**Inflationary Costs**Expected headwinds of around £30 million, offset by productivity and efficiency savings.
**Strategic Investments**Continued investment of approximately £30 million in growth initiatives.
**Net Interest Charge**Approximately £16 million.
**Effective Tax Rate**23% to 24%.
**Capital Expenditure**Around £125 million, including growth investments.
Howden Joinery Group PLC remains well-positioned for continued growth, with a strong focus on operational efficiency, strategic investments, and sustainable practices.
Here’s an HTML table comparing the financials and debt year-on-year for Howden Joinery Group PLC based on the provided text:
Metric2025 (£ millions)2024 (£ millions)Change
Group Revenue2,418.02,322.1+4.1%
- UK Revenue2,333.22,247.4+3.8%
- International Revenue84.874.7+13.5%
Gross Profit Margin (%)62.7%61.6%+110bps
Operating Profit355.3339.2+4.7%
- Operating Profit Margin (%)14.7%14.6%+10bps
Profit Before Tax344.9328.1+5.1%
Basic Earnings Per Share (p)49.2p45.6p+7.9%
Total Ordinary Dividend Per Share (p)21.9p21.2p+3.3%
Cash at End of Period344.5343.6+0.3%
Net Debt (Cash)(344.5)(343.6)+0.3%
### Key Notes: 1. **Revenue Growth**: Group revenue increased by 4.1%, driven by UK revenue growth of 3.8% and international revenue growth of 13.5%. 2. **Profitability**: Gross profit margin improved by 110bps to 62.7%, and operating profit grew by 4.7%. 3. **Earnings and Dividends**: Basic EPS increased by 7.9%, and the total ordinary dividend per share rose by 3.3%. 4. **Cash Position**: Cash at the end of the period increased slightly by 0.3% to £344.5 million. 5. **Debt**: The company remains debt-free, with a net cash position. This table provides a clear year-on-year comparison of key financial metrics and debt position for Howden Joinery Group PLC.
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TR1 30 news titles 30
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Holding(s) in Company

First Class Metals PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Darren Andrew Rowlands', 'reached', 'Position of previous']
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Holding(s) in Company

River and Mercantile UK Micro Cap Investment Company Ltd

TR1 Buy
['JPMorgan Chase & Co.', '0.000000', '0.139249']
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['City of London Investment Management Company Limited', '15.020000', '14.100000']
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['Jefferies Financial Group Inc', '1.573000', '0.143000']
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Schroders PLC

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['SILCHESTER INTERNATIONAL INVESTORS LLP', '4.000000', '5.010000']
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Big Technologies PLC

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['Neudi & C:o AB', '31 066 900', 0]
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Updates 10:52
BRGE

Portfolio Update

BlackRock Greater Europe Investment Trust plc

**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)**
**Performance Highlights**
**Net Asset Value (NAV)** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004).
**Share Price:** +0.9% (1 month)-1.3% (1 year)+19.8% (3 years)+744.8% (since launch).
**Benchmark (FTSE World Europe ex UK)** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch).
**Discount to NAV** 5.3% (including income).
**Net Gearing** 2.3%.
**Net Yield** 1.2%.
**Total Assets** £573.1 million.
**Sector Allocation**
Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%).
**Country Exposure**
Largest exposures are France (22.5%)Netherlands (18.9%)Switzerland (14.8%)and Germany (6.9%).
**Top 10 Holdings**
Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%).
**Market Commentary**
**AI Impact** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense.
**Macro Outlook** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard.
**Portfolio Adjustments** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales).
**Notable Performers** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors.
**Outlook**
The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities.
**Key Metrics**
Ongoing charges0.95%.
Ordinary shares in issue: 92661158 (excluding treasury shares).
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
Below is the HTML table code comparing the financials and debt (net gearing) year-on-year based on the provided text. Since the data is for a single year (2026), I’ve included the available metrics for comparison.
Metric20252026
Net Asset Value (undiluted) - One Year PerformanceN/A-2.8%
Share Price - One Year PerformanceN/A-1.3%
Net Asset Value (capital only)N/A616.62p
Net Asset Value (including income)N/A618.47p
Share PriceN/A586.00p
Discount to NAV (including income)N/A5.3%
Net GearingN/A2.3%
Net YieldBased on interim dividend of 1.75p and final dividend of 5.40p for 20251.2%
Total Assets (including income)N/A£573.1m
Ordinary Shares in IssueN/A92,661,158
Ongoing Charges0.95%0.95%
### Notes: 1. **Year-on-Year Comparison**: Since the data provided is primarily for 2026, the 2025 column includes limited information (e.g., ongoing charges and net yield basis). 2. **Net Yield**: The 2025 value is based on the dividend information provided, while the 2026 value is explicitly stated. 3. **Debt**: Net gearing is the closest metric to debt mentioned in the text, with 2.3% for 2026. This table summarizes the available financial and debt-related metrics for comparison.
ATC logo
Updates 06:01
ATC

Year End Trading Update

Atlantic Coal Plc

**Summary**
ATC Music Group Plc (AIMATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approximately £67.5 million, with adjusted operating EBITDA in line with market expectations at £1.25 million. Key milestones included a successful transition to the AIM market, raising £8.6 million, and a post-period rebrand to ATC Music Group Plc. The group strengthened its market position through strategic acquisitions, including Driift Holdings, Easy Life Group, and Control Industry Inc, expanding its US operations and integrated service offerings.
ATC’s growth was driven by strong performance across its Representation, Services, and Events segments, with notable increases in artist clients (circa 1,000) and engagement across multiple service lines. The company’s data-led, artist-centric approach positions it well in the evolving music industry, particularly in direct-to-fan engagement. Despite strategic investments impacting short-term EBITDA, ATC’s cash balance increased significantly to £21.5 million, supported by the AIM fundraise.
Looking ahead, ATC anticipates continued momentum in 2026, with a growing pipeline of opportunities, ongoing discussions with globally recognized artists, and a focus on organic and acquisitive growth. The company’s integrated service model, strengthened balance sheet, and scalable operating model position it for sustained long-term growth in the dynamic live music sector. CEO Adam Driscoll emphasized ATC’s strategic focus on operational efficiency and maximizing returns from its expanding events pipeline.
Below is the HTML table code comparing the financials and debt year-on-year for ATC Music Group Plc based on the provided text:
MetricFY24FY25Change
Revenue (£m)50.967.5+32.6%
Adjusted Operating EBITDA (£m)1.6≥1.25-21.9%*
Cash Balance (incl. client funds) (£m)9.721.5+121.6%
Cash Balance (excl. client funds) (£m)7.818.9+142.3%
Number of Artists~800~1,000+25.0%
*Note: Adjusted EBITDA for FY25 is "at least £1.25m," so the change is calculated based on the minimum value.
### Key Points in the Table: 1. **Revenue**: Increased by 32.6% from £50.9m in FY24 to £67.5m in FY25. 2. **Adjusted Operating EBITDA**: Declined by 21.9% (based on the minimum FY25 value of £1.25m vs FY24's £1.6m). 3. **Cash Balance**: Significantly increased, with the total cash balance (including client funds) up by 121.6% and the balance excluding client funds up by 142.3%. 4. **Number of Artists**: Grew by 25%, from ~800 in FY24 to ~1,000 in FY25. This table provides a clear year-on-year comparison of key financial metrics and artist growth for ATC Music Group Plc.
TATE logo
Updates 06:01
TATE

Trading Statement

Tate & Lyle PLC

**Summary**
Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-digit declines in revenue and EBITDA compared to the prior year. Key points include
1. **Performance Overview**
Q3 revenue was 15% higher on a reported basis due to the CP Kelco acquisition (completed November 2024), but 2% lower on a pro forma basis due to muted market demand.
Nine-month revenue declined 3% on a pro forma basis, with regional variations: Americas (-2%), EMEA (-5%), and Asia Pacific (+1%).
2. **Strategic Actions**
Progress on initiatives to drive top-line growth, including investments in capabilities and technology.
Increased cross-selling opportunities and customer engagement following the CP Kelco integration.
On-track productivity program delivering cost savings.
3. **Outlook**
Unchanged expectations for FY 2026, with low-single-digit declines in revenue and EBITDA.
Focus on returning to top-line growth through selective investments in volume and revenue expansion.
4. **Leadership Confidence**
CEO Nick Hampton expressed confidence in near-term improvements and long-term growth potential, leveraging the company’s leadership in sweetening, mouthfeel, and fortification solutions.
5. **Conference Call**
A conference call was scheduled for 0800 am GMT on 26 February 2026, with details provided for participation.
Tate & Lyle remains committed to its purpose of transforming lives through food science, supported by its expanded portfolio and global reach post-CP Kelco acquisition.
Below is the HTML table code comparing the financials and revenue changes year-on-year for Tate & Lyle PLC based on the provided text: < lang="en">Tate & Lyle Financials Comparison

Tate & Lyle PLC Financials Comparison (9 Months to 31 December 2025)

RegionRevenue (£m)Revenue Change (Reported) %Revenue Change (Pro Forma) %
Americas74918%(2%)
Europe, Middle East and Africa47527%(5%)
Asia Pacific28279%1%
Group Total1,50629%(3%)

Notes:

1. Comparative information is on a statutory basis, including CP Kelco from acquisition on 15 November 2024. Change is in constant currency.

2. Comparative information is pro forma basis, including the impact of CP Kelco for the entire period. CP Kelco acquisition completed 15 November 2024. Change is in constant currency.

### Key Points: - **Reported Revenue Changes**: Reflect the inclusion of CP Kelco from the acquisition date (15 November 2024). - **Pro Forma Revenue Changes**: Assume CP Kelco was included for the entire period, providing a like-for-like comparison. - **Group Total**: Shows a 29% increase in reported revenue but a 3% decline on a pro forma basis. This table provides a clear comparison of the financials across regions and on both reported and pro forma bases.
ANG logo
Updates 06:01
ANG

Full Year Trading Update and Notice of Results

Angling Direct PLC

**Summary**
Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include
1. **Financial Performance**
Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million.
Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online).
UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%.
European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced.
2. **Operational Achievements**
Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales.
Expanded the MyAD omni-channel customer loyalty club to over 600,000 members.
Strengthened own-brand offerings and improved third-party product availability.
3. **Strategic Focus**
Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26).
Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns.
4. **Future Outlook**
Substantially achieved the medium-term revenue target of £100 million within two years.
The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026.
CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
Below is the HTML table code comparing the financials and debt (net cash) year-on-year for Angling Direct PLC based on the provided text:
MetricFY 2026 (£m)FY 2025 (£m)Change
Revenue103.991.313.8%
UK Retail store sales56.450.711.1%
UK Online sales42.835.720.0%
Total UK sales99.286.414.8%
Total European sales4.74.9-4.7%
Net cash & cash equivalents at period end10.912.1-9.5%
### Explanation: - **Metrics**: The table includes Revenue (broken down into UK Retail store sales, UK Online sales, Total UK sales, and Total European sales) and Net cash & cash equivalents. - **FY 2026 vs FY 2025**: Each metric is compared year-on-year with the corresponding figures. - **Change**: The percentage change between FY 2026 and FY 2025 is displayed for each metric. - **Formatting**: The table is structured with headers and nested rows for clarity, with bold text for main categories. This HTML code can be directly embedded into a webpage to display the financial comparison.
WPP logo
Updates 06:01
WPP

Strategy Update and 2025 Preliminary Results

WPP PLC

**Summary**
WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client proposition, restore growth, and drive long-term value for clients, talent, and shareholders. Key highlights include
1. **Strategic Objectives**
Transition from a holding company to a single, streamlined company with four operating units: **WPP Media**, **WPP Creative**, **WPP Production**, and **WPP Enterprise Solutions**, across four regions (North America, Latin America, EMEA, APAC).
Focus on being a **trusted growth partner** for leading brands in the AI era.
Stabilize the business in 2026, build momentum in 2027, and achieve accelerated growth from 2028.
2. **Financial Performance (2025)**
Revenue£13.55 billion (down 8.1% reported, 3.6% LFL).
Revenue less pass-through costs£10.18 billion (down 10.4% reported, 5.4% LFL).
Headline operating profit£1.32 billion (down 22.6%), with a margin of 13.0%.
Reported operating profit£382 million (down 71.2%) due to impairments and restructuring costs.
Proposed final dividend7.5p per share (full-year dividend: 15.0p).
3. **Elevate28 Strategy**
**Simplification** Reduce organizational complexity and integrate operations.
**Growth Focus** Lead with media, establish next-gen creative and production capabilities, and elevate enterprise solutions for AI transformation.
**WPP Open Platform** Leverage the agentic marketing platform to connect capabilities and differentiate with trusted data solutions.
**Cost Efficiency** Unlock £500 million in annualized gross savings by 2028.
**Financial Foundations** Focus on disciplined capital allocation, portfolio rationalization, and maintaining an investment-grade balance sheet.
4. **Phases of Delivery**
**Phase 1 (2026)** Stabilize net new business, execute cost savings, and rationalize the portfolio.
**Phase 2 (2027)** Embed transformed go-to-market strategy and return to organic growth.
**Phase 3 (2028+)** Accelerate growth, expand margins, and deliver strong cash conversion.
5. **2026 Outlook**
LFL revenue less pass-through costs to decline mid to high-single digits in H1, improving in H2.
Headline operating margin12% to 13%.
Adjusted operating cash flow before working capital: £800 million to £900 million.
6. **Key Initiatives**
Launched **WPP Production**unifying production capabilities.
Introduced **Agent Hub** on WPP Open for AI-driven client solutions.
Appointed a **Chief Innovation Officer** and launched **Client Solution Architects Group** to drive growth.
WPP aims to position itself as a simpler, integrated, and AI-enabled company, ready to capitalize on the evolving marketing landscape and deliver sustained value for all stakeholders.
Here’s an HTML table comparing the financials and debt of WPP PLC for the years 2024 and 2025, based on the provided text:
Metric2025 (£ million)Change (%)2024 (£ million)
Revenue13,550(8.1)14,741
Revenue less pass-through costs10,176(10.4)11,359
Operating profit (Reported)382(71.2)1,325
Operating profit margin (Reported)2.8%(6.2)pt9.0%
Operating profit (Headline)1,321(22.6)1,707
Operating profit margin (Headline)13.0%(2.0)pt15.0%
Adjusted operating cash flow pre WC1,189(11.5)1,343
Net cash inflow from operating activities724(48.6)1,408
Adjusted net debt2,16724.41,742
Average adjusted net debt3,404(2.9)3,506
### Key Notes: - **Revenue**: Declined by 8.1% from £14,741 million in 2024 to £13,550 million in 2025. - **Revenue less pass-through costs**: Decreased by 10.4% from £11,359 million in 2024 to £10,176 million in 2025. - **Operating Profit (Reported)**: Plummeted by 71.2% from £1,325 million in 2024 to £382 million in 2025. - **Operating Profit (Headline)**: Fell by 22.6% from £1,707 million in 2024 to £1,321 million in 2025. - **Adjusted Net Debt**: Increased by 24.4% from £1,742 million in 2024 to £2,167 million in 2025. - **Average Adjusted Net Debt**: Slightly decreased by 2.9% from £3,506 million in 2024 to £3,404 million in 2025. This table provides a clear year-on-year comparison of key financial metrics and debt for WPP PLC.
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2026-02-26 33 picks
88 Trading Edge
BRGE
BlackRock Greater Europe Investment Trust plc
Positive
Portfolio Update
**Summary: BlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)** **Performance Highlights:** - **Net Asset Value (NAV):** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004). - **Share Price:** +0.9% (1 month), -1.3% (1 year), +19.8% (3 years), +744.8% (since launch). - **Benchmark (FTSE World Europe ex UK):** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch). - **Discount to NAV:** 5.3% (including income). - **Net Gearing:** 2.3%. - **Net Yield:** 1.2%. - **Total Assets:** £573.1 million. **Sector Allocation:** Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%). **Country Exposure:** Largest exposures are France (22.5%), Netherlands (18.9%), Switzerland (14.8%), and Germany (6.9%). **Top 10 Holdings:** Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%). **Market Commentary:** - **AI Impact:** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense. - **Macro Outlook:** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard. - **Portfolio Adjustments:** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales). - **Notable Performers:** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors. **Outlook:** The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities. **Key Metrics:** - Ongoing charges: 0.95%. - Ordinary shares in issue: 92,661,158 (excluding treasury shares). For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)**
**Performance Highlights**
**Net Asset Value (NAV)** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004).
**Share Price:** +0.9% (1 month)-1.3% (1 year)+19.8% (3 years)+744.8% (since launch).
**Benchmark (FTSE World Europe ex UK)** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch).
**Discount to NAV** 5.3% (including income).
**Net Gearing** 2.3%.
**Net Yield** 1.2%.
**Total Assets** £573.1 million.
**Sector Allocation**
Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%).
**Country Exposure**
Largest exposures are France (22.5%)Netherlands (18.9%)Switzerland (14.8%)and Germany (6.9%).
**Top 10 Holdings**
Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%).
**Market Commentary**
**AI Impact** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense.
**Macro Outlook** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard.
**Portfolio Adjustments** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales).
**Notable Performers** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors.
**Outlook**
The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities.
**Key Metrics**
Ongoing charges0.95%.
Ordinary shares in issue: 92661158 (excluding treasury shares).
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
Below is the HTML table code comparing the financials and debt (net gearing) year-on-year based on the provided text. Since the data is for a single year (2026), I’ve included the available metrics for comparison.
Metric20252026
Net Asset Value (undiluted) - One Year PerformanceN/A-2.8%
Share Price - One Year PerformanceN/A-1.3%
Net Asset Value (capital only)N/A616.62p
Net Asset Value (including income)N/A618.47p
Share PriceN/A586.00p
Discount to NAV (including income)N/A5.3%
Net GearingN/A2.3%
Net YieldBased on interim dividend of 1.75p and final dividend of 5.40p for 20251.2%
Total Assets (including income)N/A£573.1m
Ordinary Shares in IssueN/A92,661,158
Ongoing Charges0.95%0.95%
### Notes: 1. **Year-on-Year Comparison**: Since the data provided is primarily for 2026, the 2025 column includes limited information (e.g., ongoing charges and net yield basis). 2. **Net Yield**: The 2025 value is based on the dividend information provided, while the 2026 value is explicitly stated. 3. **Debt**: Net gearing is the closest metric to debt mentioned in the text, with 2.3% for 2026. This table summarizes the available financial and debt-related metrics for comparison.
10:52
Open Terminal ↗ RNS Source
80 Positive
WIZZ
Wizz Air Holdings PLC
Positive
Wizz Air Omnibus Plan award grants
**Summary:** On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). The awards, approved by the Remuneration Committee on January 27, 2026, consist of options over 25,139 ordinary shares in the company. The grant is divided into two parts: - **Performance Award (40%):** 10,056 options subject to Total Relative Shareholder Return (TSR) performance conditions over a three-year period starting in the 2026 financial year. Vesting ranges from 25% at median TSR to full vesting at the upper quartile. - **Restricted Stock Award (60%):** 15,083 options that vest on specific dates, provided the PDMR remains employed with the company. The options must be exercised within ten years of the grant date, with underlying shares issued at nil cost. No payment was made by the PDMR for these options. Wizz Air, recognized for its sustainability efforts, operates a fleet of 260 Airbus aircraft and serves millions of passengers annually, with a focus on low fares and superior service. **Key Points:** - **Recipient:** Nora Viktoria Rabe (Corporate and ESG Officer) - **Total Options Granted:** 25,139 ordinary shares - **Performance Award:** 10,056 options (TSR-based vesting) - **Restricted Stock Award:** 15,083 options (time-based vesting) - **Exercise Period:** 10 years from grant date - **Cost to PDMR:** Nil - **Company Highlights:** Sustainable airline with 260 aircraft, 63.4 million passengers in 2025, and multiple sustainability awards.
**Summary**
On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). The awards, approved by the Remuneration Committee on January 27, 2026, consist of options over 25,139 ordinary shares in the company. The grant is divided into two parts
**Performance Award (40%)** 10,056 options subject to Total Relative Shareholder Return (TSR) performance conditions over a three-year period starting in the 2026 financial year. Vesting ranges from 25% at median TSR to full vesting at the upper quartile.
**Restricted Stock Award (60%)** 15,083 options that vest on specific dates, provided the PDMR remains employed with the company.
The options must be exercised within ten years of the grant date, with underlying shares issued at nil cost. No payment was made by the PDMR for these options. Wizz Air, recognized for its sustainability efforts, operates a fleet of 260 Airbus aircraft and serves millions of passengers annually, with a focus on low fares and superior service.
**Key Points**
**Recipient** Nora Viktoria Rabe (Corporate and ESG Officer)
**Total Options Granted:** 25139 ordinary shares
**Performance Award:** 10056 options (TSR-based vesting)
**Restricted Stock Award:** 15083 options (time-based vesting)
**Exercise Period** 10 years from grant date
**Cost to PDMR** Nil
**Company Highlights** Sustainable airline with 260 aircraft, 63.4 million passengers in 2025, and multiple sustainability awards.
Awards
08:53
Open Terminal ↗ RNS Source
80 Positive
CHSS
World Chess PLC
Positive
Subscription Agreement
**Summary:** World Chess Plc (LSE: CHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company will issue 175,915,198 new ordinary shares at £0.00656533 per share, subject to shareholder approval at a general meeting on March 18, 2026. If approval is not obtained, the number of shares issued will be reduced to 127,605,998. The transaction also extends the fulfillment period for warrant conditions from December 31, 2026, to December 31, 2028. CEO Ilya Merenzon highlighted that the new capital will fund the companys growth phase, supported by the continued commitment of existing shareholders. The announcement was classified as inside information under UK market regulations. World Chess is known for organizing major FIDE events, developing chess-related content, and operating the FIDE-rated gaming platform worldchess.com.
**Summary**
World Chess Plc (LSECHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company will issue 175,915,198 new ordinary shares at £0.00656533 per share, subject to shareholder approval at a general meeting on March 18, 2026. If approval is not obtained, the number of shares issued will be reduced to 127,605,998. The transaction also extends the fulfillment period for warrant conditions from December 31, 2026, to December 31, 2028. CEO Ilya Merenzon highlighted that the new capital will fund the companys growth phase, supported by the continued commitment of existing shareholders. The announcement was classified as inside information under UK market regulations. World Chess is known for organizing major FIDE events, developing chess-related content, and operating the FIDE-rated gaming platform worldchess.com.
Agreement
08:11
Open Terminal ↗ RNS Source
93 Strong Beat
OTES
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.
Positive
Q4 2025-FY 2025 Financial Results
**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results** **Key Highlights:** - **Revenue Growth:** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services. - **Mobile Service Revenues:** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**. - **Fixed Retail Service Revenues:** Grew by **2.6%** in Q4, maintaining upward momentum. - **FTTH Expansion:** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**. - **Shareholder Remuneration:** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**. - **EBITDA Guidance:** Raised to **~3%** for 2026, reflecting strong operational and financial performance. **Financial Performance:** - **Adjusted EBITDA (AL):** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**. - **Profit to Owners of the Parent:** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**. - **Free Cash Flow (AL):** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**. - **Net Debt:** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025. **Operational Highlights:** - **FTTH Adoption:** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier. - **Mobile Performance:** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base. - **TV Subscribers:** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures. **Outlook for 2026:** - **Fixed Services:** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion. - **Mobile Services:** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum. - **ICT Sector:** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down. - **Wholesale:** Anticipated decline in international near-zero-margin segment, offset by domestic growth. - **EBITDA Growth:** Projected to accelerate to **~3%** in 2026. **Shareholder Remuneration Policy:** - New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility. - For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks. **Significant Events:** - **TERNA FIBER Acquisition:** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas. - **Mobile Infrastructure Spin-off:** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**. - **Telekom Romania Mobile Disposal:** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend. **Sustainability:** - Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects. - Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion. **Conclusion:** OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results**
**Key Highlights**
**Revenue Growth** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services.
**Mobile Service Revenues** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**.
**Fixed Retail Service Revenues** Grew by **2.6%** in Q4, maintaining upward momentum.
**FTTH Expansion** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**.
**Shareholder Remuneration** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**.
**EBITDA Guidance** Raised to **~3%** for 2026, reflecting strong operational and financial performance.
**Financial Performance**
**Adjusted EBITDA (AL)** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**.
**Profit to Owners of the Parent** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**.
**Free Cash Flow (AL)** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**.
**Net Debt** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025.
**Operational Highlights**
**FTTH Adoption** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier.
**Mobile Performance** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base.
**TV Subscribers** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures.
**Outlook for 2026**
**Fixed Services** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion.
**Mobile Services** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum.
**ICT Sector** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down.
**Wholesale** Anticipated decline in international near-zero-margin segment, offset by domestic growth.
**EBITDA Growth** Projected to accelerate to **~3%** in 2026.
**Shareholder Remuneration Policy**
New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility.
For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks.
**Significant Events**
**TERNA FIBER Acquisition** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas.
**Mobile Infrastructure Spin-off** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**.
**Telekom Romania Mobile Disposal** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend.
**Sustainability**
Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects.
Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion.
**Conclusion**
OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
Here’s an HTML table comparing the year-on-year financials and debt for OTE Group based on the provided text:
MetricQ4'25 (€mn)Q4'24 (€mn)y-o-y Change12M'25 (€mn)12M'24 (€mn)y-o-y Change
Revenues916.3843.1+8.7%3,464.33,334.0+3.9%
Adjusted EBITDA (AL)351.1343.1+2.3%1,373.51,346.2+2.0%
EBIT217.6205.3+6.0%821.0784.8+4.6%
Profit to Owners of the Parent148.4154.0-3.6%726.0616.5+17.8%
Capex174.5158.4+10.2%611.6562.5+8.7%
Free Cash Flow (AL)168.3145.4+15.7%542.8522.5+3.9%
Net Debt553.3643.4-14.0%553.3643.4-14.0%
### Key Observations: 1. **Revenue Growth**: Revenues increased by 8.7% in Q4'25 compared to Q4'24, and by 3.9% for the full year 2025. 2. **EBITDA Improvement**: Adjusted EBITDA (AL) grew by 2.3% in Q4'25 and 2.0% for the full year, with guidance for 2026 raised to ~3%. 3. **Profitability**: Profit to owners of the parent decreased slightly in Q4'25 (-3.6%) but increased significantly for the full year (+17.8%). 4. **Capex Increase**: Capital expenditure increased by 10.2% in Q4'25 and 8.7% for the full year, driven by FTTH and 5G investments. 5. **Debt Reduction**: Net debt decreased by 14.0% both in Q4'25 and for the full year 2025, reflecting improved financial health. This table provides a clear comparison of key financial metrics and debt levels year-on-year for OTE Group.
07:27
Open Terminal ↗ RNS Source
80 Positive
HIK
Hikma Pharmaceuticals PLC
Positive
Launch of Buyback Programme
**Summary:** Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust balance sheet, and confidence in future growth. It is structured in two equal tranches of **US $125 million each**, managed by Citigroup Global Markets Limited and J.P. Morgan Securities plc, respectively. The first tranche begins immediately and ends by June 9, 2026, while the second tranche starts upon completion of the first and concludes by September 23, 2026. The buyback aims to reduce share capital while maintaining balance sheet efficiency and allowing for continued investment opportunities. Purchases will comply with regulatory requirements, including the Market Abuse Regulation and UK Listing Rule 9, and will be announced daily. Shareholder approval for the programme’s continuation post-2026 Annual General Meeting is required. All repurchased shares will be cancelled or held in treasury.
**Summary**
Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust balance sheet, and confidence in future growth. It is structured in two equal tranches of **US $125 million each**, managed by Citigroup Global Markets Limited and J.P. Morgan Securities plc, respectively. The first tranche begins immediately and ends by June 9, 2026, while the second tranche starts upon completion of the first and concludes by September 23, 2026. The buyback aims to reduce share capital while maintaining balance sheet efficiency and allowing for continued investment opportunities. Purchases will comply with regulatory requirements, including the Market Abuse Regulation and UK Listing Rule 9, and will be announced daily. Shareholder approval for the programme’s continuation post-2026 Annual General Meeting is required. All repurchased shares will be cancelled or held in treasury.
Launch
06:06
Open Terminal ↗ RNS Source
80 Positive
LSEG
London Stock Exchange Group PLC
Positive
Commencement of Share Buyback Programme
**Summary:** London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The programme, valued at up to £750 million, aims to reduce the companys share capital by repurchasing ordinary shares of 679/86 pence each. LSEG has engaged Morgan Stanley & Co. International Plc to execute the buyback as a riskless principal, operating within pre-set parameters. Purchases will begin immediately and conclude by May 29, 2026, with transactions conducted on the London Stock Exchange and/or Turquoise Equities Trading. Shares acquired by Morgan Stanley will be resold to LSEG and subsequently cancelled. The buyback operates under the authority granted by shareholders at the 2025 Annual General Meeting, allowing the repurchase of up to 28,112,224 shares. The programme complies with UK Listing Rules and relevant EU regulations, as retained in UK law post-Brexit. LSEG will provide regulatory updates on share purchases as they occur. The initiative underscores the companys strategy to manage its capital structure effectively.
**Summary**
London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The programme, valued at up to £750 million, aims to reduce the companys share capital by repurchasing ordinary shares of 679/86 pence each.
LSEG has engaged Morgan Stanley & Co. International Plc to execute the buyback as a riskless principal, operating within pre-set parameters. Purchases will begin immediately and conclude by May 29, 2026, with transactions conducted on the London Stock Exchange and/or Turquoise Equities Trading. Shares acquired by Morgan Stanley will be resold to LSEG and subsequently cancelled.
The buyback operates under the authority granted by shareholders at the 2025 Annual General Meeting, allowing the repurchase of up to 28,112,224 shares. The programme complies with UK Listing Rules and relevant EU regulations, as retained in UK law post-Brexit. LSEG will provide regulatory updates on share purchases as they occur. The initiative underscores the companys strategy to manage its capital structure effectively.
BuyBack
06:01
Open Terminal ↗ RNS Source
80 Positive
MWE
M.T.I Wireless Edge Ltd
Positive
MTI Launches New Interactive Investor Hub
**Summary:** MTI Wireless Edge Ltd. (AIM: MWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub consolidates all MTI content, including regulatory announcements, reports, presentations, and investment research, into a single, user-friendly interface. It also features an interactive portal allowing stakeholders to ask questions and receive timely responses from MTI’s management team. MTI’s CEO, Moni Borovitz, emphasized the company’s commitment to transparency, clear communication, and sustainable growth, highlighting the Investor Hub as a tool to strengthen these values. The platform aims to provide investors with direct access to company updates, insights, and leadership engagement. MTI, headquartered in Israel, operates across three core divisions: **Antenna Solutions**, **Water Control & Management** (via subsidiary Mottech Water Solutions), and **Distribution & Professional Consulting Services** (via subsidiary MTI Summit Electronics). The company focuses on delivering innovative communication and radio frequency solutions for both commercial and military applications. The announcement was distributed via **Reach**, a non-regulatory investor communication service, and further details are available on MTI’s investor website.
**Summary**
MTI Wireless Edge Ltd. (AIMMWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub consolidates all MTI content, including regulatory announcements, reports, presentations, and investment research, into a single, user-friendly interface. It also features an interactive portal allowing stakeholders to ask questions and receive timely responses from MTI’s management team.
MTI’s CEO, Moni Borovitz, emphasized the company’s commitment to transparency, clear communication, and sustainable growth, highlighting the Investor Hub as a tool to strengthen these values. The platform aims to provide investors with direct access to company updates, insights, and leadership engagement.
MTI, headquartered in Israel, operates across three core divisions: **Antenna Solutions**, **Water Control & Management** (via subsidiary Mottech Water Solutions), and **Distribution & Professional Consulting Services** (via subsidiary MTI Summit Electronics). The company focuses on delivering innovative communication and radio frequency solutions for both commercial and military applications.
The announcement was distributed via **Reach**, a non-regulatory investor communication service, and further details are available on MTI’s investor website.
Launch
06:01
Open Terminal ↗ RNS Source
80 Positive
EAH
Eco Animal Health Group Plc
Positive
EU launch plans for ECOVAXXIN® MS
**Summary:** ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing authorization in December 2025. The vaccine aims to immunize layer and breeder chickens, reducing economic losses caused by infections, including air-sac and foot-pad lesions and decreased egg production. The company plans a phased launch across key European territories in 2026 and 2027, leveraging its existing commercial network and strategic distribution partnerships covering over 220 million layer birds annually in the EUs top seven poultry markets. A pre-launch phase includes distributor training, technical assessments, and marketing activities, culminating in an official launch event in Madrid, Spain, from June 30 to July 1, 2026, followed by regional events. ECOVAXXIN® MS is expected to be immediately margin accretive, with a material contribution to EBITDA anticipated in the 2027/2028 financial year. The launch positions ECO as a comprehensive Mycoplasma solutions provider, complementing its lead product Aivlosin®. The company’s CEO, David Hallas, and Chief Commercial Officer, Andrew Buglass, emphasized the strategic importance of this launch, highlighting the vaccine’s differentiated value and the readiness of the commercial network for successful market entry.
**Summary**
ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing authorization in December 2025. The vaccine aims to immunize layer and breeder chickens, reducing economic losses caused by infections, including air-sac and foot-pad lesions and decreased egg production.
The company plans a phased launch across key European territories in 2026 and 2027, leveraging its existing commercial network and strategic distribution partnerships covering over 220 million layer birds annually in the EUs top seven poultry markets. A pre-launch phase includes distributor training, technical assessments, and marketing activities, culminating in an official launch event in Madrid, Spain, from June 30 to July 1, 2026, followed by regional events.
ECOVAXXIN® MS is expected to be immediately margin accretive, with a material contribution to EBITDA anticipated in the 2027/2028 financial year. The launch positions ECO as a comprehensive Mycoplasma solutions provider, complementing its lead product Aivlosin®. The company’s CEO, David Hallas, and Chief Commercial Officer, Andrew Buglass, emphasized the strategic importance of this launch, highlighting the vaccine’s differentiated value and the readiness of the commercial network for successful market entry.
Launch
06:01
Open Terminal ↗ RNS Source
80 Positive
FDEV
Frontier Developments Plc
Positive
Launch of on-market Share Buyback Programme
**Summary:** Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary shares, with a maximum expenditure of £8 million, or until June 27, 2026, whichever occurs first. This initiative follows a previous £10 million buyback completed in October 2025 and reflects the company’s strong financial position, confidence in its creative management simulation (CMS) game strategy, and commitment to enhancing shareholder returns. Peel Hunt LLP has been appointed to execute the buyback, acting independently to determine purchase timing and pricing. David Braben, President and Founder, intends to sell a portion of his shares to maintain his current ownership percentage. The company will disclose all share purchases promptly and emphasizes that the buyback’s full implementation is not guaranteed. Frontier Developments remains focused on sustainable growth through its CMS franchises and proprietary technology.
**Summary**
Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary shares, with a maximum expenditure of £8 million, or until June 27, 2026, whichever occurs first. This initiative follows a previous £10 million buyback completed in October 2025 and reflects the company’s strong financial position, confidence in its creative management simulation (CMS) game strategy, and commitment to enhancing shareholder returns.
Peel Hunt LLP has been appointed to execute the buyback, acting independently to determine purchase timing and pricing. David Braben, President and Founder, intends to sell a portion of his shares to maintain his current ownership percentage. The company will disclose all share purchases promptly and emphasizes that the buyback’s full implementation is not guaranteed. Frontier Developments remains focused on sustainable growth through its CMS franchises and proprietary technology.
Launch
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
ELSA
Electrica SA
Positive
2025 Preliminary Results
**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results** Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adjustments, and robust investment management. Key highlights include: 1. **Record Financial Performance**: - **Net Profit**: RON 1,218.9 million, a 159.2% increase from 2024 (RON 470.2 million). - **EBITDA**: RON 2,383.3 million, up 64.5% from 2024 (RON 1,449.0 million). - **Operating Revenue**: RON 12,165.3 million, a 12.9% rise from 2024 (RON 10,772.8 million). 2. **Segment Contributions**: - **Supply Segment**: Revenues increased by RON 2,125.8 million (36.5%) to RON 7,944.6 million, primarily due to the removal of the electricity price cap scheme and market adjustments. EBITDA improved by RON 650.5 million to RON 572.4 million. - **Distribution Segment**: Revenues grew by RON 500.1 million (10.6%) to RON 5,209.7 million, driven by tariff increases and higher electricity distribution volumes. EBITDA contribution was 78.8% of the Group’s total. 3. **Operational Highlights**: - Distributed electricity volumes rose by 1.5% to 18.03 TWh, serving 4.011 million users across 40.8% of Romania’s area. - Renewable energy production increased by 65.86% to 16.69 GWh, supported by new photovoltaic parks. - Investments totaled RON 878.4 million, exceeding the planned commissioning program by 115%. 4. **Strategic Achievements**: - Strengthened market position in a competitive environment, with Electrica Furnizare maintaining the second-largest market share (14.73%) in Romania’s electricity supply market. - Expanded renewable generation capacities and advanced energy storage projects, positioning the Group for sustainable growth. 5. **Restatement of 2024 and 2023 Financials**: Financial statements for 2024 and 2023 were restated to reflect reassessments of trade receivables and subsidies due to retroactive regulations (OUG 32/2024). 6. **CEO Statement**: Alexandru-Aurelian Chirita highlighted the Group’s structural performance shift, emphasizing operational efficiency, capital management, and investments in renewable energy and storage projects to support Romania’s energy security. Electrica Group’s 2025 results underscore a new phase of sustainable growth, built on efficiency, stability, and strategic investments. Full details are available on the company’s website.
**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results**
Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adjustments, and robust investment management. Key highlights include
1. **Record Financial Performance**
**Net Profit**RON 1,218.9 million, a 159.2% increase from 2024 (RON 470.2 million).
**EBITDA**: RON 2383.3 millionup 64.5% from 2024 (RON 1449.0 million).
**Operating Revenue**: RON 12165.3 milliona 12.9% rise from 2024 (RON 10772.8 million).
2. **Segment Contributions**
**Supply Segment**Revenues increased by RON 2,125.8 million (36.5%) to RON 7,944.6 million, primarily due to the removal of the electricity price cap scheme and market adjustments. EBITDA improved by RON 650.5 million to RON 572.4 million.
**Distribution Segment**Revenues grew by RON 500.1 million (10.6%) to RON 5,209.7 million, driven by tariff increases and higher electricity distribution volumes. EBITDA contribution was 78.8% of the Group’s total.
3. **Operational Highlights**
Distributed electricity volumes rose by 1.5% to 18.03 TWh, serving 4.011 million users across 40.8% of Romania’s area.
Renewable energy production increased by 65.86% to 16.69 GWh, supported by new photovoltaic parks.
Investments totaled RON 878.4 million, exceeding the planned commissioning program by 115%.
4. **Strategic Achievements**
Strengthened market position in a competitive environment, with Electrica Furnizare maintaining the second-largest market share (14.73%) in Romania’s electricity supply market.
Expanded renewable generation capacities and advanced energy storage projects, positioning the Group for sustainable growth.
5. **Restatement of 2024 and 2023 Financials**
Financial statements for 2024 and 2023 were restated to reflect reassessments of trade receivables and subsidies due to retroactive regulations (OUG 32/2024).
6. **CEO Statement**
Alexandru-Aurelian Chirita highlighted the Group’s structural performance shift, emphasizing operational efficiency, capital management, and investments in renewable energy and storage projects to support Romania’s energy security.
Electrica Group’s 2025 results underscore a new phase of sustainable growth, built on efficiency, stability, and strategic investments. Full details are available on the company’s website.
Below is the HTML table code comparing the financials and debt year-on-year for Societatea Energetica Electrica SA based on the provided text: < lang="en">Financial and Debt Comparison - Electrica SA

Financial and Debt Comparison - Electrica SA (2024 vs 2025)

Metric2024 (Restated)2025Δ (Change)Δ% (Change %)
Operating Revenue (RON mn)10,772.812,165.31,392.512.9%
Operating Profit (RON mn)852.71,782.5929.8109.0%
EBITDA (RON mn)1,449.02,383.3934.464.5%
Net Profit (RON mn)470.21,218.9748.6159.2%
CAPEX PIF (RON mn)810.2878.468.28.4%
Subsidy Revenues (RON mn)2,127.61,081.8(1,045.8)-49.2%
Distributed Electricity Volumes (TWh)17.7618.030.271.5%
Regulated Asset Base (RON bn)N/A8.6N/AN/A

Note: Debt information was not explicitly provided in the text, so it is not included in the table.

### Key Points: 1. **Revenue and Profit Growth**: Significant increases in operating revenue, operating profit, EBITDA, and net profit. 2. **CAPEX Increase**: A modest increase in commissioned investments (CAPEX PIF). 3. **Subsidy Reduction**: A substantial decrease in subsidy revenues due to the removal of the capping scheme. 4. **Operational Metrics**: Slight increase in distributed electricity volumes and a notable increase in the Regulated Asset Base. This table provides a clear year-on-year comparison of key financial and operational metrics for Electrica SA.
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AZN
AstraZeneca PLC
Positive
AstraZeneca prices a $2bn bond offering
**Summary:** AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities and Exchange Commission (SEC), consists of three tranches of fixed-rate notes with maturities in 2031, 2033, and 2036, and coupons of 4.000%, 4.300%, and 4.600%, respectively. The proceeds will be used for general corporate purposes, potentially including refinancing existing debt. The transaction is expected to close on March 2, 2026, and does not impact AstraZenecas 2026 financial guidance. BofA Securities, Deutsche Bank Securities, HSBC Securities, and Mizuho Securities acted as joint book-running managers. The offering is made via a prospectus supplement and accompanying prospectus, available through the SECs EDGAR system or the listed underwriters.
**Summary**
AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities and Exchange Commission (SEC), consists of three tranches of fixed-rate notes with maturities in 2031, 2033, and 2036, and coupons of 4.000%, 4.300%, and 4.600%, respectively. The proceeds will be used for general corporate purposes, potentially including refinancing existing debt. The transaction is expected to close on March 2, 2026, and does not impact AstraZenecas 2026 financial guidance. BofA Securities, Deutsche Bank Securities, HSBC Securities, and Mizuho Securities acted as joint book-running managers. The offering is made via a prospectus supplement and accompanying prospectus, available through the SECs EDGAR system or the listed underwriters.
Offers
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DLN
Derwent London PLC
Positive
Results for the Year Ended 31 December 2025
Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lettings of £11.3 million, 10% <mark style="background-color:yellow">above</mark> estimated rental value (ERV), and a record year of asset management activity. Key financial highlights include: - Gross rental income increased by 1.6% to £218.3 million. - EPRA earnings per share (EPS) decreased by 7.6% to 98.4p, primarily due to mid-year refinancing. - Total accounting return (TAR) increased to 5.0%. - Net asset value (NAV) per share rose by 2.4% to 3,225p. Derwent Londons portfolio ERV guidance was increased to 4-7% for 2026, reflecting strong occupational dynamics and a shortage of new office space in London. The company is targeting £1 billion in disposals over the next three years to redeploy capital into accretive opportunities, with a focus on development projects and acquisitions. The companys development pipeline includes several major projects, such as Holden House W1, Greencoat & Gordon House SW1, and 50 Baker Street W1, which are expected to deliver attractive returns. Derwent London also formed a strategic partnership with Related Argent to develop the Old Street Quarter EC1, a significant long-term regeneration opportunity. In terms of financial performance, Derwent Londons total property return outperformed the MSCI Central London Office Quarterly Index by 69 basis points. The companys EPRA NTA per share increased by 2.4%, resulting in a TAR of 5.0%. Looking ahead, Derwent London forecasts 25-30% growth in EPRA earnings per share by 2030, driven by project completions, rental growth, and disciplined capital allocation. The company aims to deliver a TAR of 7-10% per annum over the coming years, assuming stable investment yields. **Summary:** Derwent London PLC reported strong financial results for 2025, with increasing rental income, improving total accounting return, and a robust development pipeline. The company is well-positioned to benefit from the strengthening London office market, with a focus on capital recycling, development, and strategic partnerships to drive future growth.
Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lettings of £11.3 million, 10% <mark style="background-color:yellow">above</mark> estimated rental value (ERV), and a record year of asset management activity.
Key financial highlights include
Gross rental income increased by 1.6% to £218.3 million.
EPRA earnings per share (EPS) decreased by 7.6% to 98.4p, primarily due to mid-year refinancing.
Total accounting return (TAR) increased to 5.0%.
Net asset value (NAV) per share rose by 2.4% to 3,225p.
Derwent Londons portfolio ERV guidance was increased to 4-7% for 2026, reflecting strong occupational dynamics and a shortage of new office space in London. The company is targeting £1 billion in disposals over the next three years to redeploy capital into accretive opportunities, with a focus on development projects and acquisitions.
The companys development pipeline includes several major projects, such as Holden House W1, Greencoat & Gordon House SW1, and 50 Baker Street W1, which are expected to deliver attractive returns. Derwent London also formed a strategic partnership with Related Argent to develop the Old Street Quarter EC1, a significant long-term regeneration opportunity.
In terms of financial performance, Derwent Londons total property return outperformed the MSCI Central London Office Quarterly Index by 69 basis points. The companys EPRA NTA per share increased by 2.4%, resulting in a TAR of 5.0%.
Looking ahead, Derwent London forecasts 25-30% growth in EPRA earnings per share by 2030, driven by project completions, rental growth, and disciplined capital allocation. The company aims to deliver a TAR of 7-10% per annum over the coming years, assuming stable investment yields.
**Summary**
Derwent London PLC reported strong financial results for 2025, with increasing rental income, improving total accounting return, and a robust development pipeline. The company is well-positioned to benefit from the strengthening London office market, with a focus on capital recycling, development, and strategic partnerships to drive future growth.
Here is the HTML table code comparing the financials and debt year on year for Derwent London PLC:
Metric20252024Change
Gross rental income (£m)218.3214.81.6%
EPRA EPS (p)98.4106.5(7.6%)
Dividend (p)81.580.51.2%
IFRS result before tax (£m)161.5116.039.2%
EPRA NTA per share (p)3,2253,1492.4%
Net debt (£m)1,4501,483(2.2%)
EPRA LTV (%)29.429.9(1.7%)
Net debt/EBITDA (x)9.09.3(3.2%)
Interest cover (x)3.13.9(20.5%)
**Notes:** * The table compares key financial metrics for Derwent London PLC between 2024 and 2025. * The metrics include gross rental income, EPRA EPS, dividend, IFRS result before tax, EPRA NTA per share, net debt, EPRA LTV, net debt/EBITDA, and interest cover. * The change column shows the percentage change between 2024 and 2025 for each metric. * The table is formatted with borders and headers for clarity.
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MTEC
Made Tech Group PLC
Positive
Interim Results
**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)** **Financial Performance** - **Revenue Growth**: Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog. - **Profitability**: Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million). - **Cash Position**: Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet. - **Contracted Backlog**: Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year. - **Sales Bookings**: Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27. **Strategic Highlights** - **Client Delivery**: Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation. - **Market Opportunity**: Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption. - **Software Division**: Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions. - **People**: Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program. **Outlook** - **Trading Ahead of Expectations**: Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix. - **Pipeline Strength**: Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27. - **M&A Exploration**: Actively exploring acquisitions to extend digital capabilities and expand the addressable market. **Management Changes** - **New CFO**: Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience. **CEO Commentary** Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI. **Conclusion** Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)**
**Financial Performance**
**Revenue Growth**Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog.
**Profitability**Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million).
**Cash Position**Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet.
**Contracted Backlog**Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year.
**Sales Bookings**Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27.
**Strategic Highlights**
**Client Delivery**Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation.
**Market Opportunity**Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption.
**Software Division**Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions.
**People**Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program.
**Outlook**
**Trading Ahead of Expectations**Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix.
**Pipeline Strength**Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27.
**M&A Exploration**Actively exploring acquisitions to extend digital capabilities and expand the addressable market.
**Management Changes**
**New CFO**Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience.
**CEO Commentary**
Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI.
**Conclusion**
Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
Here’s an HTML table comparing the financials and debt year on year for Made Tech Group PLC based on the provided text:
MetricH1 FY26H1 FY25ChangeFY25
Revenue£27.8m£21.8m+28%£46.4m
Gross Profit£8.7m£7.8m+12%£14.8m
Gross Profit Margin31.2%35.8%32.0%
Adjusted EBITDA£2.4m£1.8m+35%£3.5m
Adjusted EBITDA Margin8.7%8.2%7.5%
Statutory Profit before Tax£1.3m£0.4m+186%£2.0m
Adjusted Profit before Tax£1.9m£1.5m+31%£2.9m
Sales Bookings£13.4m£42.0m-68%£82.1m
Contracted Backlog£74.4m£80.8m-8%£92.2m
Net Cash£11.9m£9.1m+30%£10.4m
Debt£0m£0mN/A£0m
### Key Notes: - **Debt**: The company remains debt-free across all periods. - **Net Cash**: Increased by 30% from H1 FY25 to H1 FY26, reflecting strong cash generation. - **Revenue and Profitability**: Significant growth in revenue (+28%) and profitability metrics (e.g., Adjusted EBITDA +35%) year on year. - **Sales Bookings and Contracted Backlog**: Declined compared to H1 FY25 due to timing of large contract awards, but management remains optimistic about future bookings.
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JUP
Jupiter Fund Management Plc
Positive
Annual Financial Report
**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)** **Overview:** Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under management (AUM), positive net inflows, and improved profitability. The company highlighted material progress in its strategic objectives, including increased scale, reduced complexity, and enhanced client relationships. **Key Financial Highlights:** - **Underlying Profit Before Tax:** Increased by 42% to £138.3 million (2024: £97.5 million), driven by performance fees of £120.3 million (2024: £31.2 million). - **Statutory Profit Before Tax:** Rose to £131.9 million (2024: £88.3 million). - **Assets Under Management (AUM):** Grew by 19% to £54.0 billion (2024: £45.3 billion), supported by net inflows and market movements. - **Net Inflows:** Recorded £1.3 billion (2024: net outflows of £10.3 billion), the first year of positive net inflows since 2017. - **Cost Management:** Administrative expenses (before performance fees and exceptional items) decreased by 2% to £255.5 million (2024: £260.5 million). **Strategic Achievements:** - **Acquisitions:** Completed the acquisition of CCLA Investment Management, adding £15 billion to AUM and expanding into the non-profit client segment. Also acquired Origin Asset Management. - **Cost Savings:** Delivered cost savings ahead of schedule and reconfirmed synergy targets for the CCLA acquisition. - **Dividends and Share Buyback:** Announced a final ordinary dividend of 2.3p per share, a special dividend of 5.7p per share, and a share buyback program of up to £30 million, representing a 50% distribution of 2025 performance fee revenue. **Operational Performance:** - **Net Revenue:** Increased by 18% to £431.0 million (2024: £364.1 million), driven by higher performance fees. - **Investment Performance:** 68% of mutual fund AUM outperformed their peer group over three years, with nearly half in the top quartile. - **Client Sentiment:** Improved, leading to positive net inflows across both institutional and retail & wholesale channels. **Outlook:** The company expressed confidence in its ability to achieve its medium-term target of a 70% cost:income ratio, supported by improved investment performance, strategic acquisitions, and disciplined cost management. Jupiter Fund Management PLC is well-positioned to benefit from potential shifts in client allocations and market conditions. **Management Commentary:** Chief Executive Matthew Beesley emphasized the companys strong performance, strategic progress, and improved client sentiment. He highlighted the successful integration of acquisitions and the focus on cost discipline, positioning the company for continued growth and value creation. **Conclusion:** Jupiter Fund Management PLCs 2025 results reflect robust financial and operational performance, strategic advancements, and a positive outlook. The companys focus on scale, cost efficiency, and client relationships has strengthened its position in the asset management industry.
**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)**
**Overview**
Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under management (AUM), positive net inflows, and improved profitability. The company highlighted material progress in its strategic objectives, including increased scale, reduced complexity, and enhanced client relationships.
**Key Financial Highlights**
**Underlying Profit Before Tax** Increased by 42% to £138.3 million (2024: £97.5 million), driven by performance fees of £120.3 million (2024: £31.2 million).
**Statutory Profit Before Tax** Rose to £131.9 million (2024: £88.3 million).
**Assets Under Management (AUM)** Grew by 19% to £54.0 billion (2024: £45.3 billion), supported by net inflows and market movements.
**Net Inflows** Recorded £1.3 billion (2024: net outflows of £10.3 billion), the first year of positive net inflows since 2017.
**Cost Management** Administrative expenses (before performance fees and exceptional items) decreased by 2% to £255.5 million (2024: £260.5 million).
**Strategic Achievements**
**Acquisitions** Completed the acquisition of CCLA Investment Management, adding £15 billion to AUM and expanding into the non-profit client segment. Also acquired Origin Asset Management.
**Cost Savings** Delivered cost savings ahead of schedule and reconfirmed synergy targets for the CCLA acquisition.
**Dividends and Share Buyback** Announced a final ordinary dividend of 2.3p per share, a special dividend of 5.7p per share, and a share buyback program of up to £30 million, representing a 50% distribution of 2025 performance fee revenue.
**Operational Performance**
**Net Revenue** Increased by 18% to £431.0 million (2024: £364.1 million), driven by higher performance fees.
**Investment Performance** 68% of mutual fund AUM outperformed their peer group over three years, with nearly half in the top quartile.
**Client Sentiment** Improved, leading to positive net inflows across both institutional and retail & wholesale channels.
**Outlook**
The company expressed confidence in its ability to achieve its medium-term target of a 70% cost:income ratio, supported by improved investment performance, strategic acquisitions, and disciplined cost management. Jupiter Fund Management PLC is well-positioned to benefit from potential shifts in client allocations and market conditions.
**Management Commentary**
Chief Executive Matthew Beesley emphasized the companys strong performance, strategic progress, and improved client sentiment. He highlighted the successful integration of acquisitions and the focus on cost discipline, positioning the company for continued growth and value creation.
**Conclusion**
Jupiter Fund Management PLCs 2025 results reflect robust financial and operational performance, strategic advancements, and a positive outlook. The companys focus on scale, cost efficiency, and client relationships has strengthened its position in the asset management industry.
Here is the HTML table code comparing the financials and debt year on year for Jupiter Fund Management PLC:
Metric2025 (£m)2024 (£m)% Change
AUM (£bn)54.045.319%
Net flows (£bn)1.3(10.3)N/A
Net revenue (£m)431.0364.118%
Statutory profit before tax (£m)131.988.349%
Basic earnings per share (EPS) (p)19.212.554%
Underlying profit before tax (£m)138.397.542%
Underlying EPS (p)19.413.445%
Total dividends per share (p)10.15.487%
Cost:income ratio82%78%N/A

Notes:

  • Debt information is not explicitly mentioned in the provided text, so it's not included in the table.
  • The % change for net flows is not applicable (N/A) due to the change from negative to positive values.
This table compares the key financials year on year, including AUM, net flows, net revenue, profit before tax, EPS, underlying profit, underlying EPS, total dividends per share, and cost:income ratio. Since debt information is not provided in the text, it's not included in the table.
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NEXS
Nexus Infrastructure plc
Positive
Full Year Results
Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despite ongoing challenges in the housing sector. This growth was accompanied by an improvement in gross margins to 15.6% and a 21% reduction in central costs. Key financial highlights include: - Revenue increased by 16% to £65.9 million. - Gross margin improved to 15.6%. - Central costs were reduced by 21%. - The order book grew significantly by 62% to £83.4 million. - Operating loss before exceptional items decreased to £1.1 million. - Cash and cash equivalents stood at £10.9 million. - A final dividend of 2.0 pence per share was recommended, bringing the total annual dividend to 3.0 pence. Operationally, Nexuss subsidiary Tamdown secured £88.8 million in new work, contributing to a 62% increase in the order book. The acquisition of Coleman Construction & Utilities Limited in October 2024 marked a strategic step, broadening the groups presence in higher-margin sectors like water and rail infrastructure. Colemans integration was seamless, and it is expected to benefit from the AMP8 investment programme, which runs until 2030. Looking ahead, Tamdown is well-positioned to capitalize on the anticipated recovery in the housebuilding sector, with a solid order book and new contract wins. Coleman is expected to see increased activity in the water sector as AMP8 progresses. The groups strong order book and improving market sentiment indicate positive prospects for the future. In summary, Nexus Infrastructure PLC demonstrated resilience and strategic progress in FY25, achieving growth, improving margins, and strengthening its position in key infrastructure sectors, despite challenging market conditions. The company is well-prepared for future opportunities, particularly in the housing and water sectors.
Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despite ongoing challenges in the housing sector. This growth was accompanied by an improvement in gross margins to 15.6% and a 21% reduction in central costs.
Key financial highlights include
Revenue increased by 16% to £65.9 million.
Gross margin improved to 15.6%.
Central costs were reduced by 21%.
The order book grew significantly by 62% to £83.4 million.
Operating loss before exceptional items decreased to £1.1 million.
Cash and cash equivalents stood at £10.9 million.
A final dividend of 2.0 pence per share was recommended, bringing the total annual dividend to 3.0 pence.
Operationally, Nexuss subsidiary Tamdown secured £88.8 million in new work, contributing to a 62% increase in the order book. The acquisition of Coleman Construction & Utilities Limited in October 2024 marked a strategic step, broadening the groups presence in higher-margin sectors like water and rail infrastructure. Colemans integration was seamless, and it is expected to benefit from the AMP8 investment programme, which runs until 2030.
Looking ahead, Tamdown is well-positioned to capitalize on the anticipated recovery in the housebuilding sector, with a solid order book and new contract wins. Coleman is expected to see increased activity in the water sector as AMP8 progresses. The groups strong order book and improving market sentiment indicate positive prospects for the future.
In summary, Nexus Infrastructure PLC demonstrated resilience and strategic progress in FY25, achieving growth, improving margins, and strengthening its position in key infrastructure sectors, despite challenging market conditions. The company is well-prepared for future opportunities, particularly in the housing and water sectors.
Here is a comparison of the financials and debt year on year for Nexus Infrastructure PLC, presented as an HTML table:
MetricFY25 (£'000)FY24 (£'000)Change (%)
Revenue65,91056,71316%
Gross Profit10,2557,66434%
Operating Loss before Exceptional Items(1,080)(1,946)44% improvement
Cash and Cash Equivalents10,94212,801(14.5%)
Net Assets27,31929,982(9.0%)
Order Book83,40051,60062%
Trade and Other Receivables19,30421,836(11.6%)
Trade and Other Payables11,69013,568(13.8%)
Lease Liabilities11,51311,1693.1%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 16% from FY24 to FY25, driven by growth in the residential housebuilding sector and the acquisition of Coleman. 2. **Gross Profit Improvement:** Gross profit increased by 34%, primarily due to improved margins and the contribution from Coleman. 3. **Operating Loss Reduction:** The operating loss before exceptional items decreased by 44%, reflecting cost control measures and improved operational efficiency. 4. **Order Book Growth:** The order book grew significantly by 62%, providing a solid foundation for future revenue growth. 5. **Cash Position:** Cash and cash equivalents decreased by 14.5%, partly due to the acquisition of Coleman and dividend payments. 6. **Net Assets:** Net assets decreased by 9.0%, primarily due to the loss for the year and dividend payments. 7. **Debt Position:** Lease liabilities increased slightly by 3.1%, while trade and other payables decreased by 13.8%, indicating improved working capital management. This table provides a concise comparison of key financial metrics, highlighting areas of improvement and potential areas of concern.
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VANQ
Vanquis Banking Group PLC
Positive
Results for the year ended 31 December 2025
**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025** **Key Highlights:** - **Return to Profitability:** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared to a loss of £138.0 million in 2024, marking a successful return to profitability. - **Strategic Growth:** The Group achieved a 22% increase in gross customer interest-earning balances to £2,824 million, driven by strong performance in Second Charge Mortgages and renewed growth in Credit Cards. - **Cost Discipline:** Operating costs were reduced by 33% to £265.5 million, with transformation savings of £28.8 million and lower complaint costs contributing significantly. - **Technology Transformation:** The Gateway technology transformation is on track for completion in 2026, already improving decisioning, speed, and consistency, and set to enhance customer experience and operational efficiency. - **Capital Strength:** The Group strengthened its capital position through a successful Additional Tier 1 (AT1) issuance, with the Common Equity Tier 1 (CET1) ratio at 16.5% at year-end. - **Risk Management:** Cost of risk improved to 7.3% from 8.4% in 2024, reflecting enhanced underwriting and model performance, as well as a changing portfolio mix. - **Customer Focus:** The Group continued to support underserved customers, helping them borrow responsibly and build financial resilience, with initiatives like the Vanquis Benefits Checker and Fair Finance program. - **Strategic Direction:** The Group established a clear strategic framework focused on serving more customers responsibly and scaling profitably, aiming for sustainable growth and attractive returns. **Financial Performance:** - **Total Income:** Increased by 2% to £454.9 million, with net interest income rising by 3% to £418.4 million. - **Impairment Charges:** Decreased by 2% to £181.1 million, supported by improved credit quality and portfolio mix. - **Operating Costs:** Reduced by 33% to £265.5 million, driven by transformation savings and lower complaint costs. - **Profit After Tax:** Statutory profit after tax was £8.7 million, compared to a loss of £119.3 million in 2024. - **ROTE:** Statutory Return on Tangible Equity (ROTE) improved to 2.3% from -32.1% in 2024. **Segment Performance:** - **Credit Cards:** Balances increased by 19% to £1,518 million, with total income rising by 1% to £352.5 million. Profit before tax contribution increased by 27% to £38.2 million. - **Vehicle Finance:** Balances decreased by 8% to £706 million due to proactive management of new business growth. Loss before tax contribution was £12.7 million, compared to £38.8 million in 2024. - **Second Charge Mortgages:** Balances grew significantly to £599 million, with profit before tax contribution of £5.4 million. **Outlook and Guidance:** - **2026 Guidance:** Gross customer interest-earning balances are expected to exceed £3.3 billion, with a Net Interest Margin (NIM) of around 15.5% and a Risk-Adjusted Margin (RAM) of over 9.5%. - **2027 Guidance:** Gross customer interest-earning balances are projected to surpass £3.7 billion, with NIM at around 14.5% and RAM over 9.0%. - **ROTE Targets:** Low double-digit ROTE in 2026 and mid-teens in 2027. - **Capital Management:** The Group aims to maintain a CET1 ratio <mark style="background-color:yellow">above</mark> 14.5%, with a focus on capital deployment for growth and a reset of the capital allocation framework in 2026. **Conclusion:** Vanquis Banking Groups 2025 results demonstrate significant progress in its strategic transformation, with a return to profitability, strengthened capital position, and improved operational efficiency. The Group is well-positioned for sustainable growth, supported by its technology investments, risk management practices, and focus on underserved customer segments. The outlook for 2026 and beyond is positive, with clear guidance on financial metrics and a commitment to delivering attractive returns for shareholders.
**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025**
**Key Highlights**
**Return to Profitability** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared to a loss of £138.0 million in 2024, marking a successful return to profitability.
**Strategic Growth** The Group achieved a 22% increase in gross customer interest-earning balances to £2,824 million, driven by strong performance in Second Charge Mortgages and renewed growth in Credit Cards.
**Cost Discipline** Operating costs were reduced by 33% to £265.5 million, with transformation savings of £28.8 million and lower complaint costs contributing significantly.
**Technology Transformation** The Gateway technology transformation is on track for completion in 2026, already improving decisioning, speed, and consistency, and set to enhance customer experience and operational efficiency.
**Capital Strength** The Group strengthened its capital position through a successful Additional Tier 1 (AT1) issuance, with the Common Equity Tier 1 (CET1) ratio at 16.5% at year-end.
**Risk Management** Cost of risk improved to 7.3% from 8.4% in 2024, reflecting enhanced underwriting and model performance, as well as a changing portfolio mix.
**Customer Focus** The Group continued to support underserved customers, helping them borrow responsibly and build financial resilience, with initiatives like the Vanquis Benefits Checker and Fair Finance program.
**Strategic Direction** The Group established a clear strategic framework focused on serving more customers responsibly and scaling profitably, aiming for sustainable growth and attractive returns.
**Financial Performance**
**Total Income** Increased by 2% to £454.9 million, with net interest income rising by 3% to £418.4 million.
**Impairment Charges** Decreased by 2% to £181.1 million, supported by improved credit quality and portfolio mix.
**Operating Costs** Reduced by 33% to £265.5 million, driven by transformation savings and lower complaint costs.
**Profit After Tax** Statutory profit after tax was £8.7 million, compared to a loss of £119.3 million in 2024.
**ROTE** Statutory Return on Tangible Equity (ROTE) improved to 2.3% from -32.1% in 2024.
**Segment Performance**
**Credit Cards** Balances increased by 19% to £1,518 million, with total income rising by 1% to £352.5 million. Profit before tax contribution increased by 27% to £38.2 million.
**Vehicle Finance** Balances decreased by 8% to £706 million due to proactive management of new business growth. Loss before tax contribution was £12.7 million, compared to £38.8 million in 2024.
**Second Charge Mortgages** Balances grew significantly to £599 million, with profit before tax contribution of £5.4 million.
**Outlook and Guidance**
**2026 Guidance** Gross customer interest-earning balances are expected to exceed £3.3 billion, with a Net Interest Margin (NIM) of around 15.5% and a Risk-Adjusted Margin (RAM) of over 9.5%.
**2027 Guidance** Gross customer interest-earning balances are projected to surpass £3.7 billion, with NIM at around 14.5% and RAM over 9.0%.
**ROTE Targets** Low double-digit ROTE in 2026 and mid-teens in 2027.
**Capital Management** The Group aims to maintain a CET1 ratio <mark style="background-color:yellow">above</mark> 14.5%, with a focus on capital deployment for growth and a reset of the capital allocation framework in 2026.
**Conclusion**
Vanquis Banking Groups 2025 results demonstrate significant progress in its strategic transformation, with a return to profitability, strengthened capital position, and improved operational efficiency. The Group is well-positioned for sustainable growth, supported by its technology investments, risk management practices, and focus on underserved customer segments. The outlook for 2026 and beyond is positive, with clear guidance on financial metrics and a commitment to delivering attractive returns for shareholders.
Here is a comparison of Vanquis Banking Group's financials and debt year on year, presented as an HTML table:
MetricFY2025 (£m)FY2024 (£m)YoY Change (£m)YoY Change (%)
Statutory profit before tax from continuing operations8.3(138.0)146.3N/A
Statutory profit after tax from continuing operations8.0(120.6)128.6N/A
Statutory profit after tax8.7(119.3)128.0N/A
Statutory profit attributable to shareholders8.2(119.3)127.5N/A
Gross customer interest-earning balances2,8242,30851622%
Net receivables2,6912,15553625%
Total assets3,9423,37556717%
Total liabilities3,4542,93452018%
Common Equity Tier 1 (CET1) capital ratio (%)16.518.8(2.3)(12%)
Liquidity Coverage Ratio (LCR) (%)306359(53)(15%)
Retail deposits (£m)2,9842,39958524%
Retail funding (% of all funding)89.785.64.15%
**Key Observations:** * **Return to Profitability:** Vanquis Banking Group returned to statutory profitability in FY2025, with a significant improvement in profit before tax from continuing operations, from a loss of £138.0m in FY2024 to a profit of £8.3m in FY2025. * **Balance Sheet Growth:** The Group experienced substantial growth in its balance sheet, with gross customer interest-earning balances increasing by 22% and total assets growing by 17%. * **Capital Position:** While the CET1 capital ratio decreased by 2.3 percentage points, it remains strong at 16.5%. The Group also optimized its capital structure through a successful Additional Tier 1 (AT1) issuance. * **Liquidity and Funding:** Liquidity remained robust, although the LCR decreased slightly. Retail deposits continued to be a significant source of funding, increasing by 24% and representing 89.7% of total funding. This table provides a concise overview of Vanquis Banking Group's financial performance and debt position, highlighting key areas of improvement and growth.
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
CVSG
CVS Group Plc
Positive
Interim Results
**Summary of CVS Group plc Interim Results for H1 2026** **Financial Highlights:** - **Revenue Growth:** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions. - **Like-for-Like Sales:** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK. - **Adjusted EBITDA:** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets. - **Profit Before Tax:** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs. - **Cash Conversion:** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%). - **Leverage:** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x. **Operational Highlights:** - **Australia Expansion:** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations. - **Investment:** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience. - **Leadership:** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency. - **Research:** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship. - **Employee Satisfaction:** Improved employee net promoter score to +10.0 (FY 2025: +3.1). - **Branding:** Launched CVS Vets as a dual brand alongside local practice names. - **Market Listing:** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026. **Outlook:** - **UK Challenges:** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand. - **Acquisitions:** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process. - **Financial Position:** Strong balance sheet and cash flows support further acquisitions and investments. - **CMA Process:** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026. - **DEFRA Consultation:** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966. **CEO Commentary:** Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth. **Conclusion:** CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.
**Summary of CVS Group plc Interim Results for H1 2026**
**Financial Highlights**
**Revenue Growth** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions.
**Like-for-Like Sales** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK.
**Adjusted EBITDA** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets.
**Profit Before Tax** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs.
**Cash Conversion** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%).
**Leverage** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x.
**Operational Highlights**
**Australia Expansion** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations.
**Investment** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience.
**Leadership** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency.
**Research** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship.
**Employee Satisfaction** Improved employee net promoter score to +10.0 (FY 2025: +3.1).
**Branding** Launched CVS Vets as a dual brand alongside local practice names.
**Market Listing** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026.
**Outlook**
**UK Challenges** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand.
**Acquisitions** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process.
**Financial Position** Strong balance sheet and cash flows support further acquisitions and investments.
**CMA Process** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026.
**DEFRA Consultation** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966.
**CEO Commentary**
Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth.
**Conclusion**
CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.
Here is the HTML table code comparing the financials and debt year on year for CVS Group plc:
MetricH1 2026 (£m)H1 2025 (£m)Change %FY 2025 (£m)
Revenue356.9337.35.8%673.2
Adjusted EBITDA67.765.13.9%134.6
Profit before tax15.215.9-4.4%32.6
Net bank borrowings160.2182.9-12.4%131.4
Leverage (x)1.411.66-15.1%1.18

Key Observations:

  • Revenue increased by 5.8% year-on-year, driven by acquisitions and organic growth.
  • Adjusted EBITDA grew by 3.9%, but profit before tax decreased by 4.4% due to higher depreciation, business combination costs, and exceptional items.
  • Net bank borrowings decreased by 12.4% compared to H1 2025 but increased from FY 2025 due to acquisitions, capex, and share buybacks.
  • Leverage ratio improved to 1.41x, remaining within the guidance of <2.0x.
This table and observations provide a concise comparison of key financials and debt metrics for CVS Group plc between H1 2026, H1 2025, and FY 2025.
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
PPH
PPHE Hotel Group Ltd
Positive
Annual Results & Publication of Annual Report
## PPHE Hotel Group Limited: 2025 Annual Results Summary **Key Highlights:** * **Revenue Growth:** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-for-like revenue grew by 3.7% to £456.9 million. * **EBITDA Performance:** Reported EBITDA increased by 1.3% to £138.2 million, while like-for-like EBITDA grew by 2.1% to £139.0 million. EBITDA margin slightly declined due to the dilutive effect of newly opened hotels. * **Strategic Expansion:** The group completed its largest-ever investment program, opening its first hotel in Italy (artotel Rome Piazza Sallustio) and expanding its presence in London and Zagreb. * **Development Pipeline:** PPHE acquired a development site near the City of London for its first select-service hotel in the city, further strengthening its development pipeline. * **Refinancing and Balance Sheet:** The group successfully refinanced several loan facilities, extending maturities and improving liquidity. Net bank debt leverage stands at 34.8%. * **Dividend:** The board recommended a final dividend of 22p per share, bringing the total dividend for 2025 to 39p per share, a 2.6% increase. * **Strategic Review:** The ongoing Strategic Review process aims to maximize shareholder value, potentially exploring options like growth capital injection or a sale of the company. **Financial Performance by Region:** * **United Kingdom:** Strong performance with 6% revenue growth, driven by increased occupancy and stable average room rates. * **Netherlands:** More subdued performance with 1.8% revenue decline due to pressure on occupancy and average room rates. * **Croatia:** Strong summer season with 6.4% revenue growth, driven by rising average room rates. * **Germany:** Subdued performance with 11.7% revenue decline due to moderated demand and the termination of a lease in Berlin. * **Other Markets:** Significant growth in Italy, Hungary, Serbia, and Austria, driven by the new hotel opening in Rome and improved business activity. **Key Initiatives and Outlook:** * **Technology Transformation:** PPHE is investing in cloud-based infrastructure, digital experience solutions, and AI-powered tools to enhance guest experience and operational efficiency. * **Sustainability:** The group is committed to its ESG strategy, submitting emission reduction targets to SBTi and focusing on waste management and energy efficiency. * **Guest Experience:** PPHE prioritizes guest satisfaction, achieving an 88.1% satisfaction score in 2025. * **2026 Outlook:** The board expects further revenue and EBITDA growth in 2026, driven by contributions from recent investments and newly opened hotels. Forward booking momentum is encouraging. **Overall:** PPHE Hotel Group demonstrated resilience in 2025, navigating a challenging macroeconomic environment while executing its strategic expansion plans. The group is well-positioned for future growth with a strong balance sheet, a robust development pipeline, and a focus on technology and sustainability. The ongoing Strategic Review process adds an element of uncertainty, but the board remains confident in delivering value to shareholders.
## PPHE Hotel Group Limited2025 Annual Results Summary
**Key Highlights**
* **Revenue Growth** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-for-like revenue grew by 3.7% to £456.9 million.
* **EBITDA Performance** Reported EBITDA increased by 1.3% to £138.2 million, while like-for-like EBITDA grew by 2.1% to £139.0 million. EBITDA margin slightly declined due to the dilutive effect of newly opened hotels.
* **Strategic Expansion** The group completed its largest-ever investment program, opening its first hotel in Italy (artotel Rome Piazza Sallustio) and expanding its presence in London and Zagreb.
* **Development Pipeline** PPHE acquired a development site near the City of London for its first select-service hotel in the city, further strengthening its development pipeline.
* **Refinancing and Balance Sheet** The group successfully refinanced several loan facilities, extending maturities and improving liquidity. Net bank debt leverage stands at 34.8%.
* **Dividend** The board recommended a final dividend of 22p per share, bringing the total dividend for 2025 to 39p per share, a 2.6% increase.
* **Strategic Review** The ongoing Strategic Review process aims to maximize shareholder value, potentially exploring options like growth capital injection or a sale of the company.
**Financial Performance by Region**
* **United Kingdom** Strong performance with 6% revenue growth, driven by increased occupancy and stable average room rates.
* **Netherlands** More subdued performance with 1.8% revenue decline due to pressure on occupancy and average room rates.
* **Croatia** Strong summer season with 6.4% revenue growth, driven by rising average room rates.
* **Germany** Subdued performance with 11.7% revenue decline due to moderated demand and the termination of a lease in Berlin.
* **Other Markets** Significant growth in Italy, Hungary, Serbia, and Austria, driven by the new hotel opening in Rome and improved business activity.
**Key Initiatives and Outlook**
* **Technology Transformation** PPHE is investing in cloud-based infrastructure, digital experience solutions, and AI-powered tools to enhance guest experience and operational efficiency.
* **Sustainability** The group is committed to its ESG strategy, submitting emission reduction targets to SBTi and focusing on waste management and energy efficiency.
* **Guest Experience** PPHE prioritizes guest satisfaction, achieving an 88.1% satisfaction score in 2025.
* **2026 Outlook** The board expects further revenue and EBITDA growth in 2026, driven by contributions from recent investments and newly opened hotels. Forward booking momentum is encouraging.
**Overall** PPHE Hotel Group demonstrated resilience in 2025, navigating a challenging macroeconomic environment while executing its strategic expansion plans. The group is well-positioned for future growth with a strong balance sheet, a robust development pipeline, and a focus on technology and sustainability. The ongoing Strategic Review process adds an element of uncertainty, but the board remains confident in delivering value to shareholders.
Here is the HTML table code comparing the financials and debt year on year for PPHE Hotel Group Limited:
Metric20252024Variance
Total Revenue (£ million)466.4442.85.3%
Room Revenue (£ million)330.4317.24.2%
EBITDA (£ million)138.2136.51.3%
EBITDA Margin29.6%30.8%(120)bps
Reported PBT (£ million)1.530.6(95.2)%
Net Debt (£ million)775.5775.50.0%
EPRA NRV per share (£)27.3527.51(0.6)%
Dividend per share (pence)39382.6%
Occupancy75.1%74.5%60bps
Average Room Rate (£)164.3161.51.7%
RevPAR (£)123.4120.32.6%

Notes:

  • Net Debt is calculated as Borrowings minus Cash and Cash Equivalents.
  • Variance is calculated as the percentage change from 2024 to 2025.
This table provides a comparison of key financial metrics and debt for PPHE Hotel Group Limited between 2024 and 2025. The metrics include total revenue, room revenue, EBITDA, EBITDA margin, reported PBT, net debt, EPRA NRV per share, dividend per share, occupancy, average room rate, and RevPAR. The variance column shows the percentage change from 2024 to 2025 for each metric. Please note that the net debt calculation is based on the information provided in the text, where Borrowings (short-/long-term) is £913.5 million and Cash and Cash Equivalents is £138.0 million, resulting in a net debt of £775.5 million for both years. If more detailed information on debt is available, the net debt calculation can be adjusted accordingly.
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
LSEG
London Stock Exchange Group PLC
Positive
Final Results
**Summary of London Stock Exchange Group PLCs Final Results for 2025** London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shareholder returns. Key highlights include: - **Financial Performance**: Total income (excl. recoveries) grew by 7.1% on an organic, constant currency basis (+5.8% reported), driven by broad-based growth across segments: Data & Analytics (+5.0%), FTSE Russell (+7.3%), Risk Intelligence (+11.7%), and Markets (+8.9%). Adjusted EBITDA rose by 11.8%, with margins improving by 150 basis points. Reported EPS surged by 85.1%, and adjusted EPS grew by 15.7%. - **Strategic Initiatives**: LSEG advanced its **LSEG Everywhere** strategy, forming AI-ready data partnerships with leading platforms like Microsoft, OpenAI, and Snowflake. Significant innovations included the launch of Open Directory with Microsoft, approval of the Private Securities Market, and development of DigitalAssetClear. - **Post Trade Solutions**: A strategic transformation was achieved through a 20% stake investment from 11 leading banks. - **Shareholder Returns**: £2.1 billion was returned via share buybacks in 2025, with a further £3 billion planned by February 2027. Dividends increased by 15.7% to 103.0p per share. - **Outlook**: LSEG expects organic constant currency growth of 6.5-7.5% in total income for 2026, with EBITDA margins improving by 80-100 basis points. Medium-term guidance (2027-2029) projects mid to high single-digit annual growth, a 150 basis point cumulative EBITDA margin increase, and double-digit compound annual growth in equity free cash flow per share. CEO David Schwimmer emphasized the Group’s focus on product innovation, customer partnerships, and leveraging AI to drive growth, positioning LSEG as a leader in trusted data and infrastructure.
**Summary of London Stock Exchange Group PLCs Final Results for 2025**
London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shareholder returns. Key highlights include
**Financial Performance**Total income (excl. recoveries) grew by 7.1% on an organic, constant currency basis (+5.8% reported), driven by broad-based growth across segments: Data & Analytics (+5.0%), FTSE Russell (+7.3%), Risk Intelligence (+11.7%), and Markets (+8.9%). Adjusted EBITDA rose by 11.8%, with margins improving by 150 basis points. Reported EPS surged by 85.1%, and adjusted EPS grew by 15.7%.
**Strategic Initiatives**LSEG advanced its **LSEG Everywhere** strategy, forming AI-ready data partnerships with leading platforms like Microsoft, OpenAI, and Snowflake. Significant innovations included the launch of Open Directory with Microsoft, approval of the Private Securities Market, and development of DigitalAssetClear.
**Post Trade Solutions**A strategic transformation was achieved through a 20% stake investment from 11 leading banks.
**Shareholder Returns**£2.1 billion was returned via share buybacks in 2025, with a further £3 billion planned by February 2027. Dividends increased by 15.7% to 103.0p per share.
**Outlook**LSEG expects organic constant currency growth of 6.5-7.5% in total income for 2026, with EBITDA margins improving by 80-100 basis points. Medium-term guidance (2027-2029) projects mid to high single-digit annual growth, a 150 basis point cumulative EBITDA margin increase, and double-digit compound annual growth in equity free cash flow per share.
CEO David Schwimmer emphasized the Group’s focus on product innovation, customer partnerships, and leveraging AI to drive growth, positioning LSEG as a leader in trusted data and infrastructure.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text:
Metric2025 (£m)2024 (£m)Variance (%)
Total Income (excl. recoveries)8,9868,4945.8%
Recoveries360364-1.1%
Total Income (incl. recoveries)9,3468,8585.5%
EBITDA (Reported)4,3653,94510.6%
Operating Profit (Reported)2,1271,46345.4%
Profit Before Tax (Reported)1,9691,25856.5%
Basic Earnings Per Share (p)238.4128.885.1%
Dividends Per Share (p)150.0130.015.4%
Adjusted EBITDA4,5234,1489.0%
Adjusted Operating Profit3,5063,16510.8%
Adjusted Earnings Per Share (p)420.6363.515.7%
### Notes: 1. **Debt Information**: The provided text does not include specific debt figures for comparison. If debt details were available, they would be added to the table. 2. **Formatting**: The table is styled with borders, padding, and right-aligned numeric values for better readability. 3. **Metrics**: Key financial metrics such as income, EBITDA, operating profit, earnings per share, and dividends are included for comparison.
06:01
Open Terminal ↗ RNS Source
88 Trading Edge
ATC
Atlantic Coal Plc
Positive
Year End Trading Update
**Summary:** ATC Music Group Plc (AIM: ATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approximately £67.5 million, with adjusted operating EBITDA in line with market expectations at £1.25 million. Key milestones included a successful transition to the AIM market, raising £8.6 million, and a post-period rebrand to ATC Music Group Plc. The group strengthened its market position through strategic acquisitions, including Driift Holdings, Easy Life Group, and Control Industry Inc, expanding its US operations and integrated service offerings. ATC’s growth was driven by strong performance across its Representation, Services, and Events segments, with notable increases in artist clients (circa 1,000) and engagement across multiple service lines. The company’s data-led, artist-centric approach positions it well in the evolving music industry, particularly in direct-to-fan engagement. Despite strategic investments impacting short-term EBITDA, ATC’s cash balance increased significantly to £21.5 million, supported by the AIM fundraise. Looking ahead, ATC anticipates continued momentum in 2026, with a growing pipeline of opportunities, ongoing discussions with globally recognized artists, and a focus on organic and acquisitive growth. The company’s integrated service model, strengthened balance sheet, and scalable operating model position it for sustained long-term growth in the dynamic live music sector. CEO Adam Driscoll emphasized ATC’s strategic focus on operational efficiency and maximizing returns from its expanding events pipeline.
**Summary**
ATC Music Group Plc (AIMATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approximately £67.5 million, with adjusted operating EBITDA in line with market expectations at £1.25 million. Key milestones included a successful transition to the AIM market, raising £8.6 million, and a post-period rebrand to ATC Music Group Plc. The group strengthened its market position through strategic acquisitions, including Driift Holdings, Easy Life Group, and Control Industry Inc, expanding its US operations and integrated service offerings.
ATC’s growth was driven by strong performance across its Representation, Services, and Events segments, with notable increases in artist clients (circa 1,000) and engagement across multiple service lines. The company’s data-led, artist-centric approach positions it well in the evolving music industry, particularly in direct-to-fan engagement. Despite strategic investments impacting short-term EBITDA, ATC’s cash balance increased significantly to £21.5 million, supported by the AIM fundraise.
Looking ahead, ATC anticipates continued momentum in 2026, with a growing pipeline of opportunities, ongoing discussions with globally recognized artists, and a focus on organic and acquisitive growth. The company’s integrated service model, strengthened balance sheet, and scalable operating model position it for sustained long-term growth in the dynamic live music sector. CEO Adam Driscoll emphasized ATC’s strategic focus on operational efficiency and maximizing returns from its expanding events pipeline.
Below is the HTML table code comparing the financials and debt year-on-year for ATC Music Group Plc based on the provided text:
MetricFY24FY25Change
Revenue (£m)50.967.5+32.6%
Adjusted Operating EBITDA (£m)1.6≥1.25-21.9%*
Cash Balance (incl. client funds) (£m)9.721.5+121.6%
Cash Balance (excl. client funds) (£m)7.818.9+142.3%
Number of Artists~800~1,000+25.0%
*Note: Adjusted EBITDA for FY25 is "at least £1.25m," so the change is calculated based on the minimum value.
### Key Points in the Table: 1. **Revenue**: Increased by 32.6% from £50.9m in FY24 to £67.5m in FY25. 2. **Adjusted Operating EBITDA**: Declined by 21.9% (based on the minimum FY25 value of £1.25m vs FY24's £1.6m). 3. **Cash Balance**: Significantly increased, with the total cash balance (including client funds) up by 121.6% and the balance excluding client funds up by 142.3%. 4. **Number of Artists**: Grew by 25%, from ~800 in FY24 to ~1,000 in FY25. This table provides a clear year-on-year comparison of key financial metrics and artist growth for ATC Music Group Plc.
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80 Positive
SML
Strategic Minerals Plc
Positive
Redmoor - Discovery of New Tin Zone
**Summary:** Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This discovery is significant as it represents a distinct and continuous tin-dominant mineralized structure separate from the existing Redmoor Sheeted Vein System (SVS) deposit. The North Tin Zone was confirmed through analysis of drilling results, historical relogging, and newly validated 1980s datasets. Key highlights include: 1. **Confirmation of a New Zone:** The North Tin Zone is a large, mineralized structure with visible cassiterite (tin oxide), confirmed by drilling and geological modeling. 2. **Potential for Resource Growth:** The zone has the potential to support future Mineral Resource definition, subject to estimation and economic assessment (RPEEE). 3. **High-Grade Intersections:** Notable intersections include 4.00m @ 0.25% Sn, 0.01% Cu, and 2.00m @ 0.40% Sn, 0.02% Cu. Historical intersections also show high tin grades, such as 1.00m @ 5.13% Sn. 4. **Strategic Importance:** The discovery adds long-term potential for significant resource growth at Redmoor, complementing the existing SVS deposit. 5. **Market Context:** The project benefits from tightening supply and surging demand for tungsten, tin, copper, and silver, with tin and copper prices rallying due to market dynamics. CRL plans to include the North Tin Zone in the forthcoming Mineral Resource Estimate (MRE) update, alongside continued expansion of the SVS deposit. This discovery underscores Redmoors polymetallic potential and the teams successful exploration efforts.
**Summary**
Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This discovery is significant as it represents a distinct and continuous tin-dominant mineralized structure separate from the existing Redmoor Sheeted Vein System (SVS) deposit. The North Tin Zone was confirmed through analysis of drilling results, historical relogging, and newly validated 1980s datasets. Key highlights include
1. **Confirmation of a New Zone** The North Tin Zone is a large, mineralized structure with visible cassiterite (tin oxide), confirmed by drilling and geological modeling.
2. **Potential for Resource Growth** The zone has the potential to support future Mineral Resource definition, subject to estimation and economic assessment (RPEEE).
3. **High-Grade Intersections** Notable intersections include 4.00m @ 0.25% Sn, 0.01% Cu, and 2.00m @ 0.40% Sn, 0.02% Cu. Historical intersections also show high tin grades, such as 1.00m @ 5.13% Sn.
4. **Strategic Importance** The discovery adds long-term potential for significant resource growth at Redmoor, complementing the existing SVS deposit.
5. **Market Context** The project benefits from tightening supply and surging demand for tungsten, tin, copper, and silver, with tin and copper prices rallying due to market dynamics.
CRL plans to include the North Tin Zone in the forthcoming Mineral Resource Estimate (MRE) update, alongside continued expansion of the SVS deposit. This discovery underscores Redmoors polymetallic potential and the teams successful exploration efforts.
Discovery
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80 Positive
HDD
Hardide PLC
Positive
Further significant North American order intake
**Summary:** Hardide PLC (AIM: HDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These orders, to be delivered primarily during the current financial year ending September 30, 2026, are expected to significantly boost revenues and performance beyond previous expectations. The company is also in discussions with the customer to establish a long-term framework agreement to support their future business development and supply needs. CEO Matt Hamblin highlighted that these orders position Hardide to achieve its strategic goal of doubling 2024 revenues ahead of schedule, leveraging higher capacity utilization. Hardide specializes in tungsten carbide/tungsten metal matrix coatings, which enhance component durability and efficiency in aggressive environments, serving industries like energy, aerospace, and precision engineering.
**Summary**
Hardide PLC (AIMHDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These orders, to be delivered primarily during the current financial year ending September 30, 2026, are expected to significantly boost revenues and performance beyond previous expectations. The company is also in discussions with the customer to establish a long-term framework agreement to support their future business development and supply needs. CEO Matt Hamblin highlighted that these orders position Hardide to achieve its strategic goal of doubling 2024 revenues ahead of schedule, leveraging higher capacity utilization. Hardide specializes in tungsten carbide/tungsten metal matrix coatings, which enhance component durability and efficiency in aggressive environments, serving industries like energy, aerospace, and precision engineering.
Orders
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TATE
Tate & Lyle PLC
Positive
Trading Statement
**Summary:** Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-digit declines in revenue and EBITDA compared to the prior year. Key points include: 1. **Performance Overview**: - Q3 revenue was 15% higher on a reported basis due to the CP Kelco acquisition (completed November 2024), but 2% lower on a pro forma basis due to muted market demand. - Nine-month revenue declined 3% on a pro forma basis, with regional variations: Americas (-2%), EMEA (-5%), and Asia Pacific (+1%). 2. **Strategic Actions**: - Progress on initiatives to drive top-line growth, including investments in capabilities and technology. - Increased cross-selling opportunities and customer engagement following the CP Kelco integration. - On-track productivity program delivering cost savings. 3. **Outlook**: - Unchanged expectations for FY 2026, with low-single-digit declines in revenue and EBITDA. - Focus on returning to top-line growth through selective investments in volume and revenue expansion. 4. **Leadership Confidence**: - CEO Nick Hampton expressed confidence in near-term improvements and long-term growth potential, leveraging the company’s leadership in sweetening, mouthfeel, and fortification solutions. 5. **Conference Call**: - A conference call was scheduled for 08:00 am GMT on 26 February 2026, with details provided for participation. Tate & Lyle remains committed to its purpose of transforming lives through food science, supported by its expanded portfolio and global reach post-CP Kelco acquisition.
**Summary**
Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-digit declines in revenue and EBITDA compared to the prior year. Key points include
1. **Performance Overview**
Q3 revenue was 15% higher on a reported basis due to the CP Kelco acquisition (completed November 2024), but 2% lower on a pro forma basis due to muted market demand.
Nine-month revenue declined 3% on a pro forma basis, with regional variations: Americas (-2%), EMEA (-5%), and Asia Pacific (+1%).
2. **Strategic Actions**
Progress on initiatives to drive top-line growth, including investments in capabilities and technology.
Increased cross-selling opportunities and customer engagement following the CP Kelco integration.
On-track productivity program delivering cost savings.
3. **Outlook**
Unchanged expectations for FY 2026, with low-single-digit declines in revenue and EBITDA.
Focus on returning to top-line growth through selective investments in volume and revenue expansion.
4. **Leadership Confidence**
CEO Nick Hampton expressed confidence in near-term improvements and long-term growth potential, leveraging the company’s leadership in sweetening, mouthfeel, and fortification solutions.
5. **Conference Call**
A conference call was scheduled for 0800 am GMT on 26 February 2026, with details provided for participation.
Tate & Lyle remains committed to its purpose of transforming lives through food science, supported by its expanded portfolio and global reach post-CP Kelco acquisition.
Below is the HTML table code comparing the financials and revenue changes year-on-year for Tate & Lyle PLC based on the provided text: < lang="en">Tate & Lyle Financials Comparison

Tate & Lyle PLC Financials Comparison (9 Months to 31 December 2025)

RegionRevenue (£m)Revenue Change (Reported) %Revenue Change (Pro Forma) %
Americas74918%(2%)
Europe, Middle East and Africa47527%(5%)
Asia Pacific28279%1%
Group Total1,50629%(3%)

Notes:

1. Comparative information is on a statutory basis, including CP Kelco from acquisition on 15 November 2024. Change is in constant currency.

2. Comparative information is pro forma basis, including the impact of CP Kelco for the entire period. CP Kelco acquisition completed 15 November 2024. Change is in constant currency.

### Key Points: - **Reported Revenue Changes**: Reflect the inclusion of CP Kelco from the acquisition date (15 November 2024). - **Pro Forma Revenue Changes**: Assume CP Kelco was included for the entire period, providing a like-for-like comparison. - **Group Total**: Shows a 29% increase in reported revenue but a 3% decline on a pro forma basis. This table provides a clear comparison of the financials across regions and on both reported and pro forma bases.
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WIL
Wilmington PLC
Positive
Half-year Financial Report
**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)** **Financial Performance Highlights:** - **Revenue Growth:** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%. - **Adjusted EBITA:** Up 9% to £10.4 million (H1 FY25: £9.5 million). - **Adjusted PBT:** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions. - **Adjusted Basic EPS:** Stable at 9.92p (H1 FY25: 9.90p). - **Interim Dividend:** Increased by 3% to 3.10p (H1 FY25: 3.00p). - **Net Debt:** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia. **Strategic Developments:** - **Acquisition of Conversia:** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring. - **RegTech Platform Investment:** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025. - **Portfolio Enhancement:** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%). **Operational Review:** - **Segment Performance:** - **HSE:** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety. - **Data Privacy:** New segment with £1.8 million revenue from Conversia. - **Legal:** Organic revenue growth of 3%, with strong subscription revenue and customer retention. - **Financial Services:** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi. **Financial Position and Outlook:** - **Net Debt:** £65.0 million, reflecting the Conversia acquisition, with leverage below 2.0x EBITDA. - **Cash Generation:** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2. - **Outlook:** Trading in line with market expectations, supported by a strong contracted order book and repeat business. **CEO Commentary (Mark Milner):** - Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities. - Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology. **Conclusion:** Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)**
**Financial Performance Highlights**
**Revenue Growth** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%.
**Adjusted EBITA** Up 9% to £10.4 million (H1 FY25: £9.5 million).
**Adjusted PBT** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions.
**Adjusted Basic EPS** Stable at 9.92p (H1 FY25: 9.90p).
**Interim Dividend** Increased by 3% to 3.10p (H1 FY25: 3.00p).
**Net Debt** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia.
**Strategic Developments**
**Acquisition of Conversia** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring.
**RegTech Platform Investment** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025.
**Portfolio Enhancement** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%).
**Operational Review**
**Segment Performance**
**HSE** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety.
**Data Privacy** New segment with £1.8 million revenue from Conversia.
**Legal** Organic revenue growth of 3%, with strong subscription revenue and customer retention.
**Financial Services** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi.
**Financial Position and Outlook**
**Net Debt:** £65.0 millionreflecting the Conversia acquisitionwith leverage below 2.0x EBITDA.
**Cash Generation** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2.
**Outlook** Trading in line with market expectations, supported by a strong contracted order book and repeat business.
**CEO Commentary (Mark Milner)**
Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities.
Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology.
**Conclusion**
Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
Here is the HTML table code comparing the financials and debt year on year for Wilmington PLC:
MetricH1 FY26H1 FY25Change
Revenue£47.7m£40.9m17%
Adjusted EBITA£10.4m£9.5m9%
Adjusted PBT£11.8m£11.8m0%
Adjusted PBT margin25%29%-4ppt
Adjusted basic EPS9.92p9.90p0%
Interim dividend3.10p3.00p0.10p
Net (debt)/cash(£65.0m)£31.3mN/A

Debt Comparison

DateNet (debt)/cash
31 Dec 2025(£65.0m)
31 Dec 2024£31.3m
30 Jun 2025£42.2m

Note: The significant increase in net debt is due to the acquisition of Conversia for £105.2m (£101.9m net of cash received).

This HTML code creates two tables: 1. The first table compares the key financial metrics (Revenue, Adjusted EBITA, Adjusted PBT, Adjusted PBT margin, Adjusted basic EPS, and Interim dividend) for H1 FY26 and H1 FY25, along with the percentage change. 2. The second table compares the net debt/cash position at different dates, highlighting the significant increase in net debt due to the Conversia acquisition. The tables are formatted with borders and headers for better readability. The `N/A` value in the first table indicates that the change in net debt/cash is not directly comparable due to the significant acquisition.
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AIE
Ashoka India Equity Investment Trust PLC
Positive
Half-year Financial Report
**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)** **Overview** Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence. **Financial Highlights** - **Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025. - **Share Price**: Fell to 272.0p from 281.5p. - **Net Assets**: Declined to £455.5 million from £476.2 million. - **Performance**: Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%). **Investment Strategy and Performance** - The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance. - Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%). - Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge. **Operational Developments** - Two new Directors, Sarah MacAulay and Karen Roydon, were appointed to the Board, enhancing governance and expertise. - A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns. - The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand. **Performance Fee** - A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark. **Outlook** - India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms. - The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification. - Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals. **Conclusion** Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)**
**Overview**
Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence.
**Financial Highlights**
**Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025.
**Share Price**Fell to 272.0p from 281.5p.
**Net Assets**Declined to £455.5 million from £476.2 million.
**Performance**Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%).
**Investment Strategy and Performance**
The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance.
Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%).
Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge.
**Operational Developments**
Two new DirectorsSarah MacAulay and Karen Roydonwere appointed to the Boardenhancing governance and expertise.
A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns.
The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand.
**Performance Fee**
A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark.
**Outlook**
India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms.
The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification.
Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals.
**Conclusion**
Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
Here’s an HTML table comparing the financials and debt year on year for Ashoka India Equity Investment Trust PLC based on the provided text:
MetricAs at 31 December 2025As at 30 June 2025Change
Net Asset Value (NAV) per Ordinary Share (cum income)269.6p278.9p-3.3%
Ordinary Share Price272.0p281.5p-3.4%
Ordinary Share Price Premium to NAV0.9%0.9%0.0%
Net Assets£455.5 million£476.2 million-4.3%
Performance Fee Provision£14,721,000£15,954,000-7.7%
Cash and Cash Equivalents£11.3 million£27.4 million-58.8%
Total Liabilities£30,109,000£34,397,000-12.5%
### Key Observations: 1. **Net Asset Value (NAV) and Share Price**: Both NAV and share price decreased slightly year on year, reflecting a modest decline in value. 2. **Net Assets**: Total net assets decreased by 4.3%, aligning with the reduction in NAV. 3. **Performance Fee Provision**: The performance fee provision decreased by 7.7%, indicating lower expected performance fees. 4. **Cash and Cash Equivalents**: Cash holdings significantly decreased by 58.8%, possibly due to increased investment activities or operational expenses. 5. **Total Liabilities**: Total liabilities decreased by 12.5%, suggesting improved financial health or reduced obligations. This table provides a concise comparison of key financial metrics and debt-related figures for the specified periods.
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ANG
Angling Direct PLC
Positive
Full Year Trading Update and Notice of Results
**Summary:** Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include: 1. **Financial Performance**: - Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million. - Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online). - UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%. - European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced. 2. **Operational Achievements**: - Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales. - Expanded the MyAD omni-channel customer loyalty club to over 600,000 members. - Strengthened own-brand offerings and improved third-party product availability. 3. **Strategic Focus**: - Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26). - Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns. 4. **Future Outlook**: - Substantially achieved the medium-term revenue target of £100 million within two years. - The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026. CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
**Summary**
Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include
1. **Financial Performance**
Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million.
Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online).
UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%.
European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced.
2. **Operational Achievements**
Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales.
Expanded the MyAD omni-channel customer loyalty club to over 600,000 members.
Strengthened own-brand offerings and improved third-party product availability.
3. **Strategic Focus**
Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26).
Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns.
4. **Future Outlook**
Substantially achieved the medium-term revenue target of £100 million within two years.
The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026.
CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
Below is the HTML table code comparing the financials and debt (net cash) year-on-year for Angling Direct PLC based on the provided text:
MetricFY 2026 (£m)FY 2025 (£m)Change
Revenue103.991.313.8%
UK Retail store sales56.450.711.1%
UK Online sales42.835.720.0%
Total UK sales99.286.414.8%
Total European sales4.74.9-4.7%
Net cash & cash equivalents at period end10.912.1-9.5%
### Explanation: - **Metrics**: The table includes Revenue (broken down into UK Retail store sales, UK Online sales, Total UK sales, and Total European sales) and Net cash & cash equivalents. - **FY 2026 vs FY 2025**: Each metric is compared year-on-year with the corresponding figures. - **Change**: The percentage change between FY 2026 and FY 2025 is displayed for each metric. - **Formatting**: The table is structured with headers and nested rows for clarity, with bold text for main categories. This HTML code can be directly embedded into a webpage to display the financial comparison.
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WPP
WPP PLC
Positive
Strategy Update and 2025 Preliminary Results
**Summary:** WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client proposition, restore growth, and drive long-term value for clients, talent, and shareholders. Key highlights include: 1. **Strategic Objectives:** - Transition from a holding company to a single, streamlined company with four operating units: **WPP Media**, **WPP Creative**, **WPP Production**, and **WPP Enterprise Solutions**, across four regions (North America, Latin America, EMEA, APAC). - Focus on being a **trusted growth partner** for leading brands in the AI era. - Stabilize the business in 2026, build momentum in 2027, and achieve accelerated growth from 2028. 2. **Financial Performance (2025):** - Revenue: £13.55 billion (down 8.1% reported, 3.6% LFL). - Revenue less pass-through costs: £10.18 billion (down 10.4% reported, 5.4% LFL). - Headline operating profit: £1.32 billion (down 22.6%), with a margin of 13.0%. - Reported operating profit: £382 million (down 71.2%) due to impairments and restructuring costs. - Proposed final dividend: 7.5p per share (full-year dividend: 15.0p). 3. **Elevate28 Strategy:** - **Simplification:** Reduce organizational complexity and integrate operations. - **Growth Focus:** Lead with media, establish next-gen creative and production capabilities, and elevate enterprise solutions for AI transformation. - **WPP Open Platform:** Leverage the agentic marketing platform to connect capabilities and differentiate with trusted data solutions. - **Cost Efficiency:** Unlock £500 million in annualized gross savings by 2028. - **Financial Foundations:** Focus on disciplined capital allocation, portfolio rationalization, and maintaining an investment-grade balance sheet. 4. **Phases of Delivery:** - **Phase 1 (2026):** Stabilize net new business, execute cost savings, and rationalize the portfolio. - **Phase 2 (2027):** Embed transformed go-to-market strategy and return to organic growth. - **Phase 3 (2028+):** Accelerate growth, expand margins, and deliver strong cash conversion. 5. **2026 Outlook:** - LFL revenue less pass-through costs to decline mid to high-single digits in H1, improving in H2. - Headline operating margin: 12% to 13%. - Adjusted operating cash flow before working capital: £800 million to £900 million. 6. **Key Initiatives:** - Launched **WPP Production**, unifying production capabilities. - Introduced **Agent Hub** on WPP Open for AI-driven client solutions. - Appointed a **Chief Innovation Officer** and launched **Client Solution Architects Group** to drive growth. WPP aims to position itself as a simpler, integrated, and AI-enabled company, ready to capitalize on the evolving marketing landscape and deliver sustained value for all stakeholders.
**Summary**
WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client proposition, restore growth, and drive long-term value for clients, talent, and shareholders. Key highlights include
1. **Strategic Objectives**
Transition from a holding company to a single, streamlined company with four operating units: **WPP Media**, **WPP Creative**, **WPP Production**, and **WPP Enterprise Solutions**, across four regions (North America, Latin America, EMEA, APAC).
Focus on being a **trusted growth partner** for leading brands in the AI era.
Stabilize the business in 2026, build momentum in 2027, and achieve accelerated growth from 2028.
2. **Financial Performance (2025)**
Revenue£13.55 billion (down 8.1% reported, 3.6% LFL).
Revenue less pass-through costs£10.18 billion (down 10.4% reported, 5.4% LFL).
Headline operating profit£1.32 billion (down 22.6%), with a margin of 13.0%.
Reported operating profit£382 million (down 71.2%) due to impairments and restructuring costs.
Proposed final dividend7.5p per share (full-year dividend: 15.0p).
3. **Elevate28 Strategy**
**Simplification** Reduce organizational complexity and integrate operations.
**Growth Focus** Lead with media, establish next-gen creative and production capabilities, and elevate enterprise solutions for AI transformation.
**WPP Open Platform** Leverage the agentic marketing platform to connect capabilities and differentiate with trusted data solutions.
**Cost Efficiency** Unlock £500 million in annualized gross savings by 2028.
**Financial Foundations** Focus on disciplined capital allocation, portfolio rationalization, and maintaining an investment-grade balance sheet.
4. **Phases of Delivery**
**Phase 1 (2026)** Stabilize net new business, execute cost savings, and rationalize the portfolio.
**Phase 2 (2027)** Embed transformed go-to-market strategy and return to organic growth.
**Phase 3 (2028+)** Accelerate growth, expand margins, and deliver strong cash conversion.
5. **2026 Outlook**
LFL revenue less pass-through costs to decline mid to high-single digits in H1, improving in H2.
Headline operating margin12% to 13%.
Adjusted operating cash flow before working capital: £800 million to £900 million.
6. **Key Initiatives**
Launched **WPP Production**unifying production capabilities.
Introduced **Agent Hub** on WPP Open for AI-driven client solutions.
Appointed a **Chief Innovation Officer** and launched **Client Solution Architects Group** to drive growth.
WPP aims to position itself as a simpler, integrated, and AI-enabled company, ready to capitalize on the evolving marketing landscape and deliver sustained value for all stakeholders.
Here’s an HTML table comparing the financials and debt of WPP PLC for the years 2024 and 2025, based on the provided text:
Metric2025 (£ million)Change (%)2024 (£ million)
Revenue13,550(8.1)14,741
Revenue less pass-through costs10,176(10.4)11,359
Operating profit (Reported)382(71.2)1,325
Operating profit margin (Reported)2.8%(6.2)pt9.0%
Operating profit (Headline)1,321(22.6)1,707
Operating profit margin (Headline)13.0%(2.0)pt15.0%
Adjusted operating cash flow pre WC1,189(11.5)1,343
Net cash inflow from operating activities724(48.6)1,408
Adjusted net debt2,16724.41,742
Average adjusted net debt3,404(2.9)3,506
### Key Notes: - **Revenue**: Declined by 8.1% from £14,741 million in 2024 to £13,550 million in 2025. - **Revenue less pass-through costs**: Decreased by 10.4% from £11,359 million in 2024 to £10,176 million in 2025. - **Operating Profit (Reported)**: Plummeted by 71.2% from £1,325 million in 2024 to £382 million in 2025. - **Operating Profit (Headline)**: Fell by 22.6% from £1,707 million in 2024 to £1,321 million in 2025. - **Adjusted Net Debt**: Increased by 24.4% from £1,742 million in 2024 to £2,167 million in 2025. - **Average Adjusted Net Debt**: Slightly decreased by 2.9% from £3,506 million in 2024 to £3,404 million in 2025. This table provides a clear year-on-year comparison of key financial metrics and debt for WPP PLC.
06:01
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80 Positive
ETL
Eutelsat Group
Positive
Eutelsat Communications S.A. Announces the Success of Its Offering of €1,500 Million Senior Notes
**Summary:** Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed by Eutelsat S.A. and OneWeb Holdings Limited, are expected to be issued on March 5, 2026, pending customary conditions. The proceeds will be used to redeem existing debt (including €600 million 2.25% notes due 2027 and €600 million 9.750% notes due 2029), repay a term loan and revolving credit facility, cover transaction fees, and fund cash reserves. The offering is restricted to non-U.S. persons and qualified institutional buyers, with no public offering in the U.S. or to retail investors in the EEA or UK. The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update unless required by law.
**Summary**
Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed by Eutelsat S.A. and OneWeb Holdings Limited, are expected to be issued on March 5, 2026, pending customary conditions. The proceeds will be used to redeem existing debt (including €600 million 2.25% notes due 2027 and €600 million 9.750% notes due 2029), repay a term loan and revolving credit facility, cover transaction fees, and fund cash reserves. The offering is restricted to non-U.S. persons and qualified institutional buyers, with no public offering in the U.S. or to retail investors in the EEA or UK. The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update unless required by law.
Offers
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Form 8.3 - International Personal Finance plc

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KITW
KITW Kitwave Group PLC
12:20
Market

Results of the Court Meeting and General Meeting

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IRSH
IRSH IRSH
12:17
Market

Form 8.3 - SolGold plc

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GLDA
GLDA Amundi Physical Gold ETC C
12:14
Market

Amundi Physical Metals plc: UK Final Terms

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SOLG
SOLG SolGold PLC
12:12
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Morgan Stanley', '0.000000', '5.000576']
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AEWU
AEWU AEW UK REIT Plc
12:07
Market

Director Declaration

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GLDA
GLDA Amundi Physical Gold ETC C
12:06
Market

Amundi Physical Metals plc: Final Terms

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IHG
IHG InterContinental Hotels Gro…
12:02
Market

Annual Financial Report

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MOON
MOON Moonpig Group PLC
12:01
Market

Dividend Currency Conversion Announcement

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SOLG
SOLG SolGold PLC
12:01
Market

Form 8.3

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BUR
BUR Burford Capital Limited
12:01
Market

Annual Results for Year Ended December 31, 2025

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JTC
JTC JTC PLC
11:59
Market

Form 8.3

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JUST
JUST Just Group plc
11:59
Market

Form 8.3

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SDR
SDR Schroders PLC
11:58
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['SILCHESTER INTERNATIONAL INVESTORS LLP', '4.000000', '5.010000']
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UU.
UU. UU.
11:57
Market

Publication of Final Terms

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IPF
IPF International Personal Fina…
11:57
Market

Form 8.3

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MNG
MNG M&G Plc
11:38
Market

Form 8.3 - SPIRE HEALTHCARE GROUP PLC

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BUCE
BUCE Buccaneer Energy plc.
11:33
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
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RECI
RECI Real Estate Credit Investme…
11:31
Market

Dividend Declaration Update

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BARC
BARC Barclays PLC
11:30
Market

Form 8.3 WOOD GROUP (JOHN) PLC

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BARC
BARC Barclays PLC
11:30
Market

Form 8.3 SPIRE HEALTHCARE GROUP PLC

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BARC
BARC Barclays PLC
11:30
Market

Form 8.3 NCC GROUP PLC

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BARC
BARC Barclays PLC
11:29
Market

Form 8.3 LIFE SCIENCE REIT PLC

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BARC
BARC Barclays PLC
11:29
Market

Form 8.3 JUST GROUP PLC

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BARC
BARC Barclays PLC
11:28
Market

Form 8.3 JTC PLC

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BARC
BARC Barclays PLC
11:28
Market

Form 8.3 INTERNATIONAL PERSONAL FINANCE PLC

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SOLG
SOLG SolGold PLC
11:22
Market

Form 8.3

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KITW
KITW Kitwave Group PLC
11:18
Market

Form 8.3

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IPF
IPF International Personal Fina…
11:16
Market

Form 8.3

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BVT
BVT Baronsmead Venture Trust Plc
11:16
Market

Admission of Further Securities to Trading

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BMD
BMD Baronsmead Second Venture T…
11:16
Market

Admission of Further Securities to Trading

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BRK
BRK Brooks Macdonald Group
11:15
Market

Form 8.3 - LondonMetric Property plc

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SOU
SOU Sound Energy PLC
11:14
Market

Result of GM

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IDOX
IDOX IDOX plc
11:14
Market

Form 8.3

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JUGI
JUGI JPMorgan UK Small Cap Growt…
11:08
Market

Director Declaration

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MWY
MWY Mid Wynd International Inve…
11:01
Market

Half-year Financial Report

<mark style="background-color:yellow"></mark>

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AAL
AAL Anglo American PLC
11:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Norges Bank', '2.994790', '3.003520']
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NTVO
NTVO Nativo Resources plc
11:00
Market

Issue of Warrants

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30BB
30BB 30BB
10:58
Market

2025 Annual Report and Accounts

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88CS
88CS 88CS
10:58
Market

2025 Annual Report and Accounts

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BRGE
BRGE BlackRock Greater Europe In…
10:52
Market

Portfolio Update

**Summary: BlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)** **Performance Highlights:** - **Net Asset Value (NAV):** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% …

**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)**
**Performance Highlights**
**Net Asset Value (NAV)** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004).
**Share Price:** +0.9% (1 month)-1.3% (1 year)+19.8% (3 years)+744.8% (since launch).
**Benchmark (FTSE World Europe ex UK)** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch).
**Discount to NAV** 5.3% (including income).
**Net Gearing** 2.3%.
**Net Yield** 1.2%.
**Total Assets** £573.1 million.
**Sector Allocation**
Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%).
**Country Exposure**
Largest exposures are France (22.5%)Netherlands (18.9%)Switzerland (14.8%)and Germany (6.9%).
**Top 10 Holdings**
Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%).
**Market Commentary**
**AI Impact** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense.
**Macro Outlook** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard.
**Portfolio Adjustments** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales).
**Notable Performers** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors.
**Outlook**
The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities.
**Key Metrics**
Ongoing charges0.95%.
Ordinary shares in issue: 92661158 (excluding treasury shares).
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
Below is the HTML table code comparing the financials and debt (net gearing) year-on-year based on the provided text. Since the data is for a single year (2026), I’ve included the available metrics for comparison.
Metric20252026
Net Asset Value (undiluted) - One Year PerformanceN/A-2.8%
Share Price - One Year PerformanceN/A-1.3%
Net Asset Value (capital only)N/A616.62p
Net Asset Value (including income)N/A618.47p
Share PriceN/A586.00p
Discount to NAV (including income)N/A5.3%
Net GearingN/A2.3%
Net YieldBased on interim dividend of 1.75p and final dividend of 5.40p for 20251.2%
Total Assets (including income)N/A£573.1m
Ordinary Shares in IssueN/A92,661,158
Ongoing Charges0.95%0.95%
### Notes: 1. **Year-on-Year Comparison**: Since the data provided is primarily for 2026, the 2025 column includes limited information (e.g., ongoing charges and net yield basis). 2. **Net Yield**: The 2025 value is based on the dividend information provided, while the 2026 value is explicitly stated. 3. **Debt**: Net gearing is the closest metric to debt mentioned in the text, with 2.3% for 2026. This table summarizes the available financial and debt-related metrics for comparison.
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JTC
JTC JTC PLC
10:50
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Millennium International Management LP', '0.000000', 0]
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AYM
AYM Anglesey Mining
10:49
Market

Exercising of Energold Warrants

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ASPL
ASPL Aseana Properties Limited
10:47
Market

Updates re. MTNs, RuMa units & legal action

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NEXS
NEXS Nexus Infrastructure plc
10:42
Market

Director Dealing

Following this share <mark style="background-color:yellow">purchase</mark>, Charles Sweeneys total shareholding in the Company is 55,619 Ordinary Shares, representing approximately 0.62% per cent of Nexus total voting rights.

Following this share <mark style="background-color:yellow">purchase</mark>, Charles Sweeneys total shareholding in the Company is 55,619 Ordinary Shares, representing approximately 0.62% per cent of Nexus total voting rights.
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0UKH
0UKH Bank of Montreal
10:37
Market

Pre-Stabilisation Notice- African Development Bank

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LIO
LIO Liontrust Asset Management
10:36
Market

Form 8.3 - ESSENSYS

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MEGP
MEGP Me Group International PLC
10:36
Market

Result of GM and Share Buyback Programme

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IPC
IPC International Paper Company
10:31
Market

IPC Files Current Report on Form 8-K

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CCH
CCH Coca Cola HBC AG
10:31
Market

Director/PDMR Shareholding

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BRFI
BRFI BlackRock Frontiers Investm…
10:28
Market

Portfolio Update

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PUAL
PUAL Puma Alpha VCT Ord
10:25
Market

Admission of Further Securities to Trading

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MILA
MILA Mila Resources PLC
10:21
Market

Drilling at Yarrol Commenced

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AUGM
AUGM Augmentum Fintech PLC
10:13
Market

Form 8.3

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RCGH
RCGH RC365 Holding PLC
10:10
Market

Entry into £3m Convertible Loan Note Instrument

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DO72
DO72 DO72
10:10
Market

Form 8.5 (EPT/NON-RI) - Oxford Biomedica plc

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GJ03
GJ03 GJ03
10:09
Market

Form 8.5 (EPT/RI) - Oxford Biomedica plc

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91XR
91XR 91XR
10:01
Market

Part VII Transfer

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XGDU
XGDU Xtrackers IE Physical Gold …
10:00
Market

Final Terms

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XGDU
XGDU Xtrackers IE Physical Gold …
10:00
Market

Final Terms

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XGDU
XGDU Xtrackers IE Physical Gold …
10:00
Market

Final Terms

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BEZ
BEZ Beazley plc
09:57
Market

Form 8.3

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0MGD
0MGD Jyske Bank A/S
09:56
Market

Election of employee representatives to the Supervisory Board of Jyske Bank A/S

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0MGD
0MGD Jyske Bank A/S
09:56
Market

Valg af medarbejderrepræsentanter til Jyske Bank A/S’ bestyrelse

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BARC
BARC Barclays PLC
09:56
Market

Form 8.5 EPT/Non RI LONDONMETRIC PROPERTY PLC

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SANB
SANB SANTANDER UK 8 5/8% NON-CUM…
09:46
Market

Final Terms

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UFO
UFO Alien Metals Ltd
09:46
Market

Pilbara Iron Ore Update and Q2 2026 Work Program

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BRFI
BRFI BlackRock Frontiers Investm…
09:42
Market

Director Declaration

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BGEU
BGEU Baillie Gifford European Gr…
09:21
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
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WPP
WPP WPP PLC
09:18
Market

Director / PDMR Transaction Notification

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SGRO
SGRO Segro Plc
09:07
Market

Director/PDMR Shareholding

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PAIM
PAIM PAIM
09:01
Market

Issue of Equity

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UFO
UFO Alien Metals Ltd
09:01
Market

Exercise of Warrants & Issue of Equity

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OMG
OMG Oxford Metrics plc
09:00
Market

Correction: Result of Annual General Meeting

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MGNS
MGNS Morgan Sindall Group PLC
08:54
Market

Director Declaration

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WIZZ
WIZZ Wizz Air Holdings PLC
08:53
Market

Wizz Air Omnibus Plan award grants

**Summary:** On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). T…

**Summary**
On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). The awards, approved by the Remuneration Committee on January 27, 2026, consist of options over 25,139 ordinary shares in the company. The grant is divided into two parts
**Performance Award (40%)** 10,056 options subject to Total Relative Shareholder Return (TSR) performance conditions over a three-year period starting in the 2026 financial year. Vesting ranges from 25% at median TSR to full vesting at the upper quartile.
**Restricted Stock Award (60%)** 15,083 options that vest on specific dates, provided the PDMR remains employed with the company.
The options must be exercised within ten years of the grant date, with underlying shares issued at nil cost. No payment was made by the PDMR for these options. Wizz Air, recognized for its sustainability efforts, operates a fleet of 260 Airbus aircraft and serves millions of passengers annually, with a focus on low fares and superior service.
**Key Points**
**Recipient** Nora Viktoria Rabe (Corporate and ESG Officer)
**Total Options Granted:** 25139 ordinary shares
**Performance Award:** 10056 options (TSR-based vesting)
**Restricted Stock Award:** 15083 options (time-based vesting)
**Exercise Period** 10 years from grant date
**Cost to PDMR** Nil
**Company Highlights** Sustainable airline with 260 aircraft, 63.4 million passengers in 2025, and multiple sustainability awards.
Awards
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BARC
BARC Barclays PLC
08:47
Market

Form 8.5 EPT/Non RI BEAZLEY PLC

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BARC
BARC Barclays PLC
08:47
Market

Form 8.5 EPT/Non RI CAB PAYMENTS HOLDINGS PLC

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BARC
BARC Barclays PLC
08:47
Market

Form 8.5 EPT/Non RI SCHRODERS PLC

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CRH
CRH CRH PLC
08:46
Market

Transaction in Own Shares

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PPET
PPET Patria Private Equity Trust
08:42
Market

Transaction in Own Shares

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HKLD
HKLD HONGKONG LAND HLDGS
08:41
Market

Transaction in Own Shares

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IPO
IPO IP Group
08:31
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Saba Capital Management, L.P.', '0.010096', '0.080478']
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GJ03
GJ03 GJ03
08:25
Market

Form 8.5 (EPT/RI) - British Land Company plc, The

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IHC
IHC Inspiration Healthcare Grou…
08:24
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
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BHMG
BHMG BH Macro Limited
08:23
Market

Results of US Dollar Class Closure Meeting and resumption of class conversion facility

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IQE
IQE IQE PLC
08:23
Market

Form 8.3

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BARC
BARC Barclays PLC
08:21
Market

Form 8.5 EPT/Non RI PICTON PROPERTY INCOME LIMITED

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GJ03
GJ03 GJ03
08:16
Market

Form 8.5 (EPT/RI) - Life Science REIT plc

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GSF
GSF Gore Street Energy Storage …
08:16
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Saba Capital Management, L.P.', '0.006662', '0.002350']
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MIG5
MIG5 Maven Income And Growth Vct…
08:16
Market

Dividend Declaration

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GJ03
GJ03 GJ03
08:15
Market

Form 8.5 (EPT/RI)-John Wood Group plc

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DO72
DO72 DO72
08:15
Market

Form 8.5 (EPT/NON-RI) -British Land Company plc

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SDR
SDR Schroders PLC
08:15
Market

Form 8.3

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INVP
INVP Investec PLC
08:14
Market

Form 8.5 (EPT/RI)-NCC Group plc

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CHSS
CHSS World Chess PLC
08:11
Market

Subscription Agreement

**Summary:** World Chess Plc (LSE: CHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company wi…

**Summary**
World Chess Plc (LSECHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company will issue 175,915,198 new ordinary shares at £0.00656533 per share, subject to shareholder approval at a general meeting on March 18, 2026. If approval is not obtained, the number of shares issued will be reduced to 127,605,998. The transaction also extends the fulfillment period for warrant conditions from December 31, 2026, to December 31, 2028. CEO Ilya Merenzon highlighted that the new capital will fund the companys growth phase, supported by the continued commitment of existing shareholders. The announcement was classified as inside information under UK market regulations. World Chess is known for organizing major FIDE events, developing chess-related content, and operating the FIDE-rated gaming platform worldchess.com.
Agreement
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SPR
SPR Springfield Properties Plc
08:07
Market

Block Listing Six Monthly Return

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IRSH
IRSH IRSH
08:05
Market

Stabilisation Notice - Carrefour S.A

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WG.
WG. WG.
08:02
Market

Form 8.3

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AMGO
AMGO Amigo Holdings PLC
08:01
Market

Letter from Craig Ransley, Executive Chair

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BHMG
BHMG BH Macro Limited
07:58
Market

Director Declaration

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0H7D
0H7D Deutsche Bank AG NA O.N.
07:57
Market

Form 8.5 (EPT/RI) Int Personal Finance plc

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0H7D
0H7D Deutsche Bank AG NA O.N.
07:55
Market

Form 8.5 (EPT/RI) Bluefield Solar Income Fund Ltd

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0H7D
0H7D Deutsche Bank AG NA O.N.
07:54
Market

Form 8.5 (EPT/RI) IQE Plc

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TEEG
TEEG Telecom Egypt Company S.A.E
07:52
Market

TE Invitation to the Ordinary General Assembly

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TFIF
TFIF TwentyFour Income Fund Ltd
07:51
Market

Director Declaration

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OGDC
OGDC OGDC
07:41
Market

Half yearly Report period ended December 31, 2025

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OTES
OTES HELLENIC TELECOMMUNICATIONS…
07:27
Market

Q4 2025-FY 2025 Financial Results

**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results** **Key Highlights:** - **Revenue Growth:** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, f…

**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results**
**Key Highlights**
**Revenue Growth** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services.
**Mobile Service Revenues** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**.
**Fixed Retail Service Revenues** Grew by **2.6%** in Q4, maintaining upward momentum.
**FTTH Expansion** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**.
**Shareholder Remuneration** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**.
**EBITDA Guidance** Raised to **~3%** for 2026, reflecting strong operational and financial performance.
**Financial Performance**
**Adjusted EBITDA (AL)** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**.
**Profit to Owners of the Parent** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**.
**Free Cash Flow (AL)** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**.
**Net Debt** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025.
**Operational Highlights**
**FTTH Adoption** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier.
**Mobile Performance** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base.
**TV Subscribers** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures.
**Outlook for 2026**
**Fixed Services** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion.
**Mobile Services** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum.
**ICT Sector** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down.
**Wholesale** Anticipated decline in international near-zero-margin segment, offset by domestic growth.
**EBITDA Growth** Projected to accelerate to **~3%** in 2026.
**Shareholder Remuneration Policy**
New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility.
For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks.
**Significant Events**
**TERNA FIBER Acquisition** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas.
**Mobile Infrastructure Spin-off** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**.
**Telekom Romania Mobile Disposal** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend.
**Sustainability**
Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects.
Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion.
**Conclusion**
OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
Here’s an HTML table comparing the year-on-year financials and debt for OTE Group based on the provided text:
MetricQ4'25 (€mn)Q4'24 (€mn)y-o-y Change12M'25 (€mn)12M'24 (€mn)y-o-y Change
Revenues916.3843.1+8.7%3,464.33,334.0+3.9%
Adjusted EBITDA (AL)351.1343.1+2.3%1,373.51,346.2+2.0%
EBIT217.6205.3+6.0%821.0784.8+4.6%
Profit to Owners of the Parent148.4154.0-3.6%726.0616.5+17.8%
Capex174.5158.4+10.2%611.6562.5+8.7%
Free Cash Flow (AL)168.3145.4+15.7%542.8522.5+3.9%
Net Debt553.3643.4-14.0%553.3643.4-14.0%
### Key Observations: 1. **Revenue Growth**: Revenues increased by 8.7% in Q4'25 compared to Q4'24, and by 3.9% for the full year 2025. 2. **EBITDA Improvement**: Adjusted EBITDA (AL) grew by 2.3% in Q4'25 and 2.0% for the full year, with guidance for 2026 raised to ~3%. 3. **Profitability**: Profit to owners of the parent decreased slightly in Q4'25 (-3.6%) but increased significantly for the full year (+17.8%). 4. **Capex Increase**: Capital expenditure increased by 10.2% in Q4'25 and 8.7% for the full year, driven by FTTH and 5G investments. 5. **Debt Reduction**: Net debt decreased by 14.0% both in Q4'25 and for the full year 2025, reflecting improved financial health. This table provides a clear comparison of key financial metrics and debt levels year-on-year for OTE Group.
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IGC
IGC India Capital Growth Fund
07:20
Market

Update from QuotedData

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DIG
DIG Dunedin Income Growth Inves…
07:20
Market

QuotedData's In The HotSeat Special

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JMGI
JMGI JPMorgan Emerging Markets I…
07:17
Market

QuotedData's In The HotSeat Special

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AVAP
AVAP Avation PLC
07:06
Market

Directorate change

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AJB
AJB AJ Bell plc
07:01
Market

Transaction in Own Shares

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AVAP
AVAP Avation PLC
06:51
Market

Half-year Financial Report

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DLN
DLN Derwent London PLC
06:33
Market

Derwent London plc Disposal of 90 Whitfield Street

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AMOI
AMOI Anemoi International Ltd
06:31
Market

Cessation of Crypto Treasury Management Strategy

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YCA
YCA Yellow Cake PLC
06:30
Market

TR-1: Notification of Major Holdings

TR1 Buy

TR1 Buy
['Plenisfer Investments SGR SpA', '6.150000', '5.200000']
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GGP
GGP Greatland Resources Limited
06:20
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['BlackRock, Inc.', '5.49', '4.52']
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BARC
BARC Barclays PLC
06:16
Market

Transaction in Own Shares

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0A3F
0A3F 0A3F
06:11
Market

Net Asset Value(s)

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0A3D
0A3D iShares VII Public Limited …
06:11
Market

Net Asset Value(s)

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0A3E
0A3E 0A3E
06:11
Market

Net Asset Value(s)

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CMB1
CMB1 iShares FTSE MIB UCITS
06:11
Market

Net Asset Value(s)

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0A3G
0A3G 0A3G
06:11
Market

Net Asset Value(s)

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BF09
BF09 BF09
06:11
Market

Sale of UK Power Networks Holdings Limited

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BBY
BBY Balfour Beatty plc
06:11
Market

Transaction in Own Shares

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GSK
GSK GSK plc
06:06
Market

Linerixibat accepted for priority review in China

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HIK
HIK Hikma Pharmaceuticals PLC
06:06
Market

Launch of Buyback Programme

**Summary:** Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust bala…

**Summary**
Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust balance sheet, and confidence in future growth. It is structured in two equal tranches of **US $125 million each**, managed by Citigroup Global Markets Limited and J.P. Morgan Securities plc, respectively. The first tranche begins immediately and ends by June 9, 2026, while the second tranche starts upon completion of the first and concludes by September 23, 2026. The buyback aims to reduce share capital while maintaining balance sheet efficiency and allowing for continued investment opportunities. Purchases will comply with regulatory requirements, including the Market Abuse Regulation and UK Listing Rule 9, and will be announced daily. Shareholder approval for the programme’s continuation post-2026 Annual General Meeting is required. All repurchased shares will be cancelled or held in treasury.
Launch
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RR.
RR. RR.
06:06
Market

Share buybacks of up to £2.5 billion in 2026

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0Q16
0Q16 Bank of America Corporation
06:04
Market

Notification of Filing of Documents

Open Terminal Source RNS
PIN
PIN Pantheon International PLC
06:02
Market

Half-year Financial Report

**Summary of Pantheon International PLC Half-Year Financial Report (February 2026)** **Overview** Pantheon International PLC (PIN), a FTSE 250 investment trust, released its Half-Year Report for the six months ended 30 November 2025. …

**Summary of Pantheon International PLC Half-Year Financial Report (February 2026)**
**Overview**
Pantheon International PLC (PIN), a FTSE 250 investment trust, released its Half-Year Report for the six months ended 30 November 2025. The report highlights PINs performance, strategic initiatives, and financial position, emphasizing its focus on improving shareholder value and reducing the discount to net asset value (NAV).
**Key Financial Highlights**
**NAV Growth**NAV increased by 4.9% during the period, driven by modest valuation gains (2.8%), favorable currency movements (2.2%), and share buybacks (1.0%). Expenses and taxes offset these gains by 1.1%.
**Share Price Performance**The share price rose by 26.7%, outperforming the MSCI World (10.0%) and FTSE All-Share (14.9%) indices.
**Discount Narrowing**The discount to NAV narrowed from 40% in May 2025 to 28% in November 2025, reflecting the Boards efforts to address the discount.
**Cash Flow**PIN generated net portfolio cash flow of £83.1m, an 85% increase from the previous period, with a distribution rate improving to 15%.
**Strategic Initiatives**
1. **Refocused Investment Strategy**PIN is concentrating on c.25 core private equity managers, down from approximately 90, to enhance performance and alignment.
2. **Cost Reduction**A new management fee structure will reduce fees by 19% (or £5.3m) from 1 June 2026, calculated at a flat 1% of NAV with no fees on undrawn commitments.
3. **Active Asset Sales**PIN plans to leverage the growing secondary market to sell assets, enhancing liquidity and shareholder returns.
4. **Capital Allocation**A £60m Distribution Pool has been established to return capital to shareholders through share buybacks or distributions, increasing by 20% of monthly gross distributions.
5. **Balance Sheet Management**PIN extended its £400m credit facility to October 2029 with improved terms, maintaining a prudent net debt position of 9.3% of NAV.
6. **Portfolio Insights**Enhanced analytics are being used to provide greater transparency into portfolio performance, aiding investor understanding.
**Market Context**
**Technology Sector**PINs largest sector, technology, faced volatility due to AI-related concerns. However, PINs managers view AI as an opportunity to expand markets and enhance operational capabilities.
**Private Equity Valuations**Private equity multiples have remained more stable than public equity multiples, which have seen significant increases.
**Leadership and Governance**
**Board Changes**Tony Morgan became Chair in January 2026, focusing on performance improvement and shareholder engagement.
**Management Transition**Charlotte Morris, Partner at Pantheon, seamlessly took over as Lead Manager of PIN.
**Outlook**
PIN remains confident in the long-term attractiveness of private equity, supported by substantial dry powder and improving exit activity. The company is well-positioned for a market rebound, with a diversified, cash-generative portfolio and a clear strategic plan to enhance NAV and reduce the discount.
**Conclusion**
PINs half-year results reflect progress in addressing performance challenges and aligning with shareholder interests. Strategic initiatives, including cost reduction, active asset sales, and improved capital allocation, are expected to drive long-term value creation. The company remains committed to its investment trust structure, offering accessible and diversified private equity exposure to investors.
Here is a comparison of the financials and debt year on year presented as an HTML table:
Metric30 Nov 202530 Nov 202431 May 2025Change (YoY)Change (Half-Year)
Net Asset Value (NAV)£2,265.1m£2,315.7m£2,223.0m-2.2%1.9%
NAV per Share520.82p501.64p496.45p3.8%4.9%
Share Price375.0p296.0p296.0p26.7%26.7%
Net Debt£208.6m£210.3m£188.9m-0.8%10.4%
Net Debt to NAV9.3%9.1%8.7%0.2pp0.6pp
Undrawn Coverage Ratio87%85%85%2pp2pp
Net Portfolio Cash Flow£83.1m£45.0m£73.3m (FY)84.7%84.7%
Distribution Rate15%12%12% (FY)3pp3pp
Call Rate27%20%20% (FY)7pp7pp
**Notes:** - **YoY (Year on Year):** Compares 30 Nov 2025 to 30 Nov 2024. - **Half-Year:** Compares 30 Nov 2025 to 31 May 2025. - **pp:** Percentage points. - **FY:** Full Year (31 May 2025). This table provides a concise comparison of key financial and debt metrics, highlighting year-on-year and half-year changes.
Open Terminal Source RNS
NEXS
NEXS Nexus Infrastructure plc
06:02
Market

Notice of Presentation

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QHE
QHE Quantum Helium Limited
06:02
Market

Coyote Wash receives formal BIA Approval

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SWEF
SWEF Starwood European Real Esta…
06:01
Market

SWEF: Repayment of Final Loan Investment

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GROW
GROW Draper Esprit PLC
06:01
Market

Transaction in Own Shares

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ZEG
ZEG Zegona Communications Plc
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
LSEG
LSEG London Stock Exchange Group…
06:01
Market

Commencement of Share Buyback Programme

**Summary:** London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The program…

**Summary**
London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The programme, valued at up to £750 million, aims to reduce the companys share capital by repurchasing ordinary shares of 679/86 pence each.
LSEG has engaged Morgan Stanley & Co. International Plc to execute the buyback as a riskless principal, operating within pre-set parameters. Purchases will begin immediately and conclude by May 29, 2026, with transactions conducted on the London Stock Exchange and/or Turquoise Equities Trading. Shares acquired by Morgan Stanley will be resold to LSEG and subsequently cancelled.
The buyback operates under the authority granted by shareholders at the 2025 Annual General Meeting, allowing the repurchase of up to 28,112,224 shares. The programme complies with UK Listing Rules and relevant EU regulations, as retained in UK law post-Brexit. LSEG will provide regulatory updates on share purchases as they occur. The initiative underscores the companys strategy to manage its capital structure effectively.
BuyBack
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MWE
MWE M.T.I Wireless Edge Ltd
06:01
Market

MTI Launches New Interactive Investor Hub

**Summary:** MTI Wireless Edge Ltd. (AIM: MWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub conso…

**Summary**
MTI Wireless Edge Ltd. (AIMMWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub consolidates all MTI content, including regulatory announcements, reports, presentations, and investment research, into a single, user-friendly interface. It also features an interactive portal allowing stakeholders to ask questions and receive timely responses from MTI’s management team.
MTI’s CEO, Moni Borovitz, emphasized the company’s commitment to transparency, clear communication, and sustainable growth, highlighting the Investor Hub as a tool to strengthen these values. The platform aims to provide investors with direct access to company updates, insights, and leadership engagement.
MTI, headquartered in Israel, operates across three core divisions: **Antenna Solutions**, **Water Control & Management** (via subsidiary Mottech Water Solutions), and **Distribution & Professional Consulting Services** (via subsidiary MTI Summit Electronics). The company focuses on delivering innovative communication and radio frequency solutions for both commercial and military applications.
The announcement was distributed via **Reach**, a non-regulatory investor communication service, and further details are available on MTI’s investor website.
Launch
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AGY
AGY Allergy Therapeutics
06:01
Market

Allergy Therapeutics presents progress at AAAAI

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JMGI
JMGI JPMorgan Emerging Markets I…
06:01
Market

Investor Webinar: 27th February 2026

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ZOO
ZOO Zoo Digital Group Plc
06:01
Market

Publication of Quarterly Investor Newsletter

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AWEM
AWEM Ashoka WhiteOak Emerging Mr…
06:01
Market

Kepler Trust Intelligence: New Research

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INAC
INAC InvestAcc Group Limited
06:01
Market

Notice of Results

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PLSR
PLSR Pulsar Helium Inc.
06:01
Market

Financial and Operating Results Q1 2026

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GSK
GSK GSK plc
06:01
Market

Bepirovirsen accepted for Japan regulatory review

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TEEG
TEEG Telecom Egypt Company S.A.E
06:01
Market

TE Invitation to the Ordinary General Assembly

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TEEG
TEEG Telecom Egypt Company S.A.E
06:01
Market

TE Announced FY 2025 FS & Earnings Release

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UPL
UPL Upland Resources Ltd
06:01
Market

Block Participation Aceh, Indonesia

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EEE
EEE Empire Metals Limited
06:01
Market

DTC Eligibility

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GPE
GPE GREAT PORTLAND ESTATES PLC
06:01
Market

GPE secures 38,400 sq ft of Fully Managed leasing

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VANQ
VANQ Vanquis Banking Group PLC
06:01
Market

Publication of Annual Report and AGM Notice

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EAH
EAH Eco Animal Health Group Plc
06:01
Market

EU launch plans for ECOVAXXIN® MS

**Summary:** ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing…

**Summary**
ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing authorization in December 2025. The vaccine aims to immunize layer and breeder chickens, reducing economic losses caused by infections, including air-sac and foot-pad lesions and decreased egg production.
The company plans a phased launch across key European territories in 2026 and 2027, leveraging its existing commercial network and strategic distribution partnerships covering over 220 million layer birds annually in the EUs top seven poultry markets. A pre-launch phase includes distributor training, technical assessments, and marketing activities, culminating in an official launch event in Madrid, Spain, from June 30 to July 1, 2026, followed by regional events.
ECOVAXXIN® MS is expected to be immediately margin accretive, with a material contribution to EBITDA anticipated in the 2027/2028 financial year. The launch positions ECO as a comprehensive Mycoplasma solutions provider, complementing its lead product Aivlosin®. The company’s CEO, David Hallas, and Chief Commercial Officer, Andrew Buglass, emphasized the strategic importance of this launch, highlighting the vaccine’s differentiated value and the readiness of the commercial network for successful market entry.
Launch
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IXI
IXI IXICO PLC
06:01
Market

Validation of Neuroimaging Technology Platform

Open Terminal Source RNS
LSL
LSL LSL Property Services Plc
06:01
Market

Transaction in own Shares and Total Voting Rights

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FDEV
FDEV Frontier Developments Plc
06:01
Market

Launch of on-market Share Buyback Programme

**Summary:** Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary sh…

**Summary**
Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary shares, with a maximum expenditure of £8 million, or until June 27, 2026, whichever occurs first. This initiative follows a previous £10 million buyback completed in October 2025 and reflects the company’s strong financial position, confidence in its creative management simulation (CMS) game strategy, and commitment to enhancing shareholder returns.
Peel Hunt LLP has been appointed to execute the buyback, acting independently to determine purchase timing and pricing. David Braben, President and Founder, intends to sell a portion of his shares to maintain his current ownership percentage. The company will disclose all share purchases promptly and emphasizes that the buyback’s full implementation is not guaranteed. Frontier Developments remains focused on sustainable growth through its CMS franchises and proprietary technology.
Launch
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ZEG
ZEG Zegona Communications Plc
06:01
Market

Zegona Holdco Limited TLB reporting as at 31/12/25

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RNEW
RNEW Ecofin U.S. Renewables Infr…
06:01
Market

Notice of GM

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ENRG
ENRG VH Global Energy Infrastruc…
06:01
Market

Publication of Circular and Notice of GM

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SFOR
SFOR S4 Capital PLC
06:01
Market

Notice of Results

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DGI9
DGI9 Digital 9 Infrastructure PLC
06:01
Market

Notice of Annual Results and Investor Presentation

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NFM
NFM NFM
06:01
Market

OTC Australia Investor Day

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FDEV
FDEV Frontier Developments Plc
06:01
Market

Block Listing Return

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OCDO
OCDO Ocado Group PLC
06:01
Market

Preliminary Results

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SEPL
SEPL Seplat Petroleum Developmen…
06:01
Market

Corporate Announcement on FY25 & Dividend Payment

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GLB
GLB Glanbia plc
06:01
Market

Dividend Payment Date

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MTEC
MTEC Made Tech Group PLC
06:01
Market

Appointment of Chief Financial Officer

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TIDE
TIDE Crimson Tide plc
06:01
Market

Non-Executive Director Appointments

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UPL
UPL Upland Resources Ltd
06:01
Market

Technical Committee Appointment

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BIG
BIG Big Technologies PLC
06:01
Market

Holding(s) in Company

<mark style="background-color:yellow">TR1</mark> Buy

<mark style="background-coloryellow">TR1</mark> Buy
['Neudi & C:o AB', '31 066 900', 0]
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DIG
DIG Dunedin Income Growth Inves…
06:01
Market

Directorate change

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JEMI
JEMI JPMorgan Global Emerging Ma…
06:01
Market

Dividend Declaration

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EMG
EMG Man Group PLC
06:01
Market

Directorate change

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JTC
JTC JTC PLC
06:01
Market

Audit Committee Chair

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ELSA
ELSA Electrica SA
06:01
Market

2025 Preliminary Results

**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results** Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adj…

**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results**
Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adjustments, and robust investment management. Key highlights include
1. **Record Financial Performance**
**Net Profit**RON 1,218.9 million, a 159.2% increase from 2024 (RON 470.2 million).
**EBITDA**: RON 2383.3 millionup 64.5% from 2024 (RON 1449.0 million).
**Operating Revenue**: RON 12165.3 milliona 12.9% rise from 2024 (RON 10772.8 million).
2. **Segment Contributions**
**Supply Segment**Revenues increased by RON 2,125.8 million (36.5%) to RON 7,944.6 million, primarily due to the removal of the electricity price cap scheme and market adjustments. EBITDA improved by RON 650.5 million to RON 572.4 million.
**Distribution Segment**Revenues grew by RON 500.1 million (10.6%) to RON 5,209.7 million, driven by tariff increases and higher electricity distribution volumes. EBITDA contribution was 78.8% of the Group’s total.
3. **Operational Highlights**
Distributed electricity volumes rose by 1.5% to 18.03 TWh, serving 4.011 million users across 40.8% of Romania’s area.
Renewable energy production increased by 65.86% to 16.69 GWh, supported by new photovoltaic parks.
Investments totaled RON 878.4 million, exceeding the planned commissioning program by 115%.
4. **Strategic Achievements**
Strengthened market position in a competitive environment, with Electrica Furnizare maintaining the second-largest market share (14.73%) in Romania’s electricity supply market.
Expanded renewable generation capacities and advanced energy storage projects, positioning the Group for sustainable growth.
5. **Restatement of 2024 and 2023 Financials**
Financial statements for 2024 and 2023 were restated to reflect reassessments of trade receivables and subsidies due to retroactive regulations (OUG 32/2024).
6. **CEO Statement**
Alexandru-Aurelian Chirita highlighted the Group’s structural performance shift, emphasizing operational efficiency, capital management, and investments in renewable energy and storage projects to support Romania’s energy security.
Electrica Group’s 2025 results underscore a new phase of sustainable growth, built on efficiency, stability, and strategic investments. Full details are available on the company’s website.
Below is the HTML table code comparing the financials and debt year-on-year for Societatea Energetica Electrica SA based on the provided text: < lang="en">Financial and Debt Comparison - Electrica SA

Financial and Debt Comparison - Electrica SA (2024 vs 2025)

Metric2024 (Restated)2025Δ (Change)Δ% (Change %)
Operating Revenue (RON mn)10,772.812,165.31,392.512.9%
Operating Profit (RON mn)852.71,782.5929.8109.0%
EBITDA (RON mn)1,449.02,383.3934.464.5%
Net Profit (RON mn)470.21,218.9748.6159.2%
CAPEX PIF (RON mn)810.2878.468.28.4%
Subsidy Revenues (RON mn)2,127.61,081.8(1,045.8)-49.2%
Distributed Electricity Volumes (TWh)17.7618.030.271.5%
Regulated Asset Base (RON bn)N/A8.6N/AN/A

Note: Debt information was not explicitly provided in the text, so it is not included in the table.

### Key Points: 1. **Revenue and Profit Growth**: Significant increases in operating revenue, operating profit, EBITDA, and net profit. 2. **CAPEX Increase**: A modest increase in commissioned investments (CAPEX PIF). 3. **Subsidy Reduction**: A substantial decrease in subsidy revenues due to the removal of the capping scheme. 4. **Operational Metrics**: Slight increase in distributed electricity volumes and a notable increase in the Regulated Asset Base. This table provides a clear year-on-year comparison of key financial and operational metrics for Electrica SA.
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SREI
SREI Schroder Real Estate Invest…
06:01
Market

Dividend Declaration

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OMI
OMI Orosur Mining Inc
06:01
Market

Exercise of RSUs

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CGO
CGO Contango Holdings PLC
06:01
Market

Unaudited Interim Accounts to 30 November 2025

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CRCL
CRCL Corcel PLC
06:01
Market

Successful Completion KON-16 Seismic Acquisition

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JSE
JSE Jadestone Energy Inc
06:01
Market

Guidance and Reserves Update

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STAN
STAN Standard Chartered PLC
06:01
Market

Transaction in Own Shares

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FRMI
FRMI FRMI
06:01
Market

Fermi America Secures Final 6GW Clean Air Permit

Open Terminal Source RNS
DRX
DRX Drax Group PLC
06:01
Market

Annual Financial Report

Drax Group PLC, a UK-based energy company, reported its full-year results for 2025, highlighting record levels of renewable energy generation and a strong financial performance. Here’s a summary of the key points: ### **Financial Highligh…

Drax Group PLC, a UK-based energy company, reported its full-year results for 2025, highlighting record levels of renewable energy generation and a strong financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Adjusted EBITDA**£947 million in 2025, down from £1,064 million in 2024, primarily due to lower achieved power prices.
**Net Debt**Reduced to £784 million from £992 million in 2024, with a Net debt to Adjusted EBITDA ratio of 0.8 times, significantly <mark style="background-color:yellow">below</mark> the target of around 2 times.
**Adjusted Basic EPS**: 137.7 pencecompared to 128.4 pence in 2024.
**Dividend per Share**Increased to 29.0 pence from 26.0 pence in 2024, marking the ninth consecutive year of dividend growth.
### **Operational Performance**
**Renewable Generation**Record levels achieved, contributing 6% of UK power and 11% of UK renewables.
**Pellet Production**Record levels produced, with a 5% increase compared to 2024.
**Biomass Generation**15.0TWh generated, up from 14.6TWh in 2024, supporting UK energy security.
### **Strategic Developments**
**Low Carbon Dispatchable CfD**Signed with the UK Government for Drax Power Station, providing increased visibility and supporting energy security.
**Battery Energy Storage Systems (BESS)**: Initial investments made, with commitments in 710MW of BESS developments.
**Flexitricity Acquisition**Acquired an optimization platform to support the development of the FlexGen portfolio.
**Data Centre Development**Exploring options for a 1.2GW-scale data centre at Drax Power Station, with a first phase of 100MW targeted for 2027.
### **Financial Outlook**
**2026 Adjusted EBITDA**Expected to be in line with analyst consensus estimates of £662 million.
**Post-2027 Adjusted EBITDA**Targeting £600-700 million per annum from Pellet Production, Biomass Generation, and FlexGen.
**Free Cash Flow**Targeting £3 billion from 2025-2031, with £0.5 billion delivered in 2025.
**Shareholder Returns**Over £1 billion to be returned through dividends and share buybacks, with a £450 million three-year buyback extension.
### **Sustainability**
**CDP and MSCI Ratings**Achieved A ratings for forestry and climate (CDP) and sustainability (MSCI).
**Sustainability Framework**Launched in 2025, aligning with TCFD, TNFD, and SBTi targets.
**Biomass Tracker Tool**Launched in 2026 to enhance transparency in biomass sourcing.
### **Challenges and Opportunities**
**Canadian Operations**Facing a more challenging outlook due to constrained fibre markets
strategic options are being reviewed.
**Energy Transition and AI Growth**Creating opportunities for investment in flexible and renewable energy, including BESS and data centres.
### **Leadership and Governance**
**CEO Comment**Will Gardiner emphasized the Group’s role in UK energy security and the strategic importance of the low carbon dispatchable CfD.
**Board Changes**Frank Lemmink appointed as CFO in September 2025, and Mark Clare joined as a Non-Executive Director in February 2026.
### **Conclusion**
Drax Group PLC demonstrated strong operational and financial performance in 2025, with a focus on renewable energy and strategic investments in flexible generation and storage. The company is well-positioned to capitalize on the energy transition and emerging opportunities in AI and data centres, while maintaining a commitment to sustainability and shareholder value.
Here is the HTML table code comparing the financials and debt year on year for Drax Group PLC:
Metric2025 (£ million)2024 (£ million)Change
Adjusted EBITDA9471,064(11%)
Net debt784992(21%)
Operating profit241850(72%)
Profit before tax190753(75%)
Adjusted basic EPS (pence)137.7128.47%
Dividend per share (pence)29.026.012%
Cash generated from operations1,0001,135(12%)
Capital expenditure202321(37%)
**Key Observations:** * **Adjusted EBITDA:** Decreased by 11% from £1,064 million in 2024 to £947 million in 2025, primarily due to lower achieved power prices. * **Net debt:** Significantly reduced by 21% from £992 million in 2024 to £784 million in 2025, indicating improved financial health. * **Operating profit and Profit before tax:** Both metrics experienced substantial declines, primarily due to non-cash impairment charges of £378 million in 2025. * **Adjusted basic EPS and Dividend per share:** Both increased, reflecting the company's focus on shareholder returns despite the decline in overall profitability. * **Cash generated from operations and Capital expenditure:** Both decreased, indicating a focus on cost control and potentially reduced investment in growth initiatives. This table provides a concise overview of Drax Group PLC's financial performance and debt position, highlighting key changes between 2024 and 2025.
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SEPL
SEPL Seplat Petroleum Developmen…
06:01
Market

Full Year 2025 Financial Results

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AZN
AZN AstraZeneca PLC
06:01
Market

AstraZeneca prices a $2bn bond offering

**Summary:** AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities…

**Summary**
AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities and Exchange Commission (SEC), consists of three tranches of fixed-rate notes with maturities in 2031, 2033, and 2036, and coupons of 4.000%, 4.300%, and 4.600%, respectively. The proceeds will be used for general corporate purposes, potentially including refinancing existing debt. The transaction is expected to close on March 2, 2026, and does not impact AstraZenecas 2026 financial guidance. BofA Securities, Deutsche Bank Securities, HSBC Securities, and Mizuho Securities acted as joint book-running managers. The offering is made via a prospectus supplement and accompanying prospectus, available through the SECs EDGAR system or the listed underwriters.
Offers
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DLN
DLN Derwent London PLC
06:01
Market

Results for the Year Ended 31 December 2025

Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lett…

Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lettings of £11.3 million, 10% <mark style="background-color:yellow">above</mark> estimated rental value (ERV), and a record year of asset management activity.
Key financial highlights include
Gross rental income increased by 1.6% to £218.3 million.
EPRA earnings per share (EPS) decreased by 7.6% to 98.4p, primarily due to mid-year refinancing.
Total accounting return (TAR) increased to 5.0%.
Net asset value (NAV) per share rose by 2.4% to 3,225p.
Derwent Londons portfolio ERV guidance was increased to 4-7% for 2026, reflecting strong occupational dynamics and a shortage of new office space in London. The company is targeting £1 billion in disposals over the next three years to redeploy capital into accretive opportunities, with a focus on development projects and acquisitions.
The companys development pipeline includes several major projects, such as Holden House W1, Greencoat & Gordon House SW1, and 50 Baker Street W1, which are expected to deliver attractive returns. Derwent London also formed a strategic partnership with Related Argent to develop the Old Street Quarter EC1, a significant long-term regeneration opportunity.
In terms of financial performance, Derwent Londons total property return outperformed the MSCI Central London Office Quarterly Index by 69 basis points. The companys EPRA NTA per share increased by 2.4%, resulting in a TAR of 5.0%.
Looking ahead, Derwent London forecasts 25-30% growth in EPRA earnings per share by 2030, driven by project completions, rental growth, and disciplined capital allocation. The company aims to deliver a TAR of 7-10% per annum over the coming years, assuming stable investment yields.
**Summary**
Derwent London PLC reported strong financial results for 2025, with increasing rental income, improving total accounting return, and a robust development pipeline. The company is well-positioned to benefit from the strengthening London office market, with a focus on capital recycling, development, and strategic partnerships to drive future growth.
Here is the HTML table code comparing the financials and debt year on year for Derwent London PLC:
Metric20252024Change
Gross rental income (£m)218.3214.81.6%
EPRA EPS (p)98.4106.5(7.6%)
Dividend (p)81.580.51.2%
IFRS result before tax (£m)161.5116.039.2%
EPRA NTA per share (p)3,2253,1492.4%
Net debt (£m)1,4501,483(2.2%)
EPRA LTV (%)29.429.9(1.7%)
Net debt/EBITDA (x)9.09.3(3.2%)
Interest cover (x)3.13.9(20.5%)
**Notes:** * The table compares key financial metrics for Derwent London PLC between 2024 and 2025. * The metrics include gross rental income, EPRA EPS, dividend, IFRS result before tax, EPRA NTA per share, net debt, EPRA LTV, net debt/EBITDA, and interest cover. * The change column shows the percentage change between 2024 and 2025 for each metric. * The table is formatted with borders and headers for clarity.
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HIK
HIK Hikma Pharmaceuticals PLC
06:01
Market

Final Results, Share Buyback & Leadership Changes

Hikma Pharmaceuticals PLC announced its final results for the year ended December 31, 2025, highlighting significant growth in revenue and profit, along with strategic leadership changes and a share buyback program. Here’s a summary of the…

Hikma Pharmaceuticals PLC announced its final results for the year ended December 31, 2025, highlighting significant growth in revenue and profit, along with strategic leadership changes and a share buyback program. Here’s a summary of the key points
### **Financial Performance**
**Revenue Growth**Group revenue increased by 7% to $3,349 million (6% in constant currency), driven by strong performance in Branded and Hikma Rx businesses, and growth across all geographies (North America, MENA, and Europe).
**Profit Growth**Profit attributable to shareholders rose by 12% to $402 million, with core operating profit up 3% to $741 million.
**Margins**Resilient margins were maintained despite challenges in the Injectables business.
**Dividend and Share Buyback**A 5% increase in the total dividend to 84 cents per share and a $250 million share buyback program were announced, reflecting strong cash flow generation and confidence in future growth.
### **Business Segment Performance**
**Injectables**Core revenue grew by 7%, but core operating profit declined by 6% due to geographic and product mix challenges. Efforts are underway to address these issues.
**Branded**Revenue increased by 10%, with core operating profit up 19%, driven by strong performance in oncology and diabetes products.
**Hikma Rx**Revenue remained flat, but core operating profit increased by 5%, supported by complex products like generic Advair Diskus®.
### **Strategic Progress**
**Product Launches**Launched 84 products globally, including Tyzavan® in the US and the first biosimilar product, ustekinumab.
**Partnerships**Expanded partnership with Celltrion in MENA for six additional biosimilars.
**Geographic Growth**Double-digit growth in Europe Injectables and continued success in MENA with products like palbociclib and dapagliflozin.
### **Leadership Changes**
**Said Darwazah**Stepped down as Executive Chairman to focus exclusively on the CEO role.
**Victoria Hull**Appointed as Chair of the Board.
**Mazen Darwazah**Became Deputy CEO, MENA, overseeing all MENA activities.
**Khalid Nabilsi**Appointed Deputy CEO, North America and Europe, and stepped down as CFO.
**Areb Kurdi**Acting CFO while the search for a new CFO is ongoing.
**Hafrun Fridriksdottir**Expanded role to include management of Injectables commercial activities in the US.
### **2026 Outlook**
**Revenue Growth**Expected to be in the range of 2% to 4%.
**Core Operating Profit**Projected between $720 million and $770 million.
**Segmental Outlook**Injectables revenue to grow in low single digits with a margin of 27-28%
Branded revenue to grow 6-8% with a margin of around 25%
Hikma Rx revenue to remain flat with a margin close to 20%.
### **Balance Sheet and Ratings**
**Net Debt**Increased to $1,387 million, with a net debt to core EBITDA ratio of 1.6x.
**Credit Ratings**Upgraded to BBB by S&P and Fitch, with successful refinancing of a $500 million Eurobond.
### **Share Buyback**
A $250 million share buyback program was announced, reflecting strong cash generation and confidence in future growth prospects.
### **Conclusion**
Hikma Pharmaceuticals demonstrated robust financial performance in 2025, despite challenges in the Injectables business. Strategic leadership changes and a focus on sustainable profit growth position the company for continued success in 2026. The share buyback and increased dividend underscore the company’s financial strength and commitment to shareholder value.
Here’s an HTML table comparing the year-on-year financials and debt for Hikma Pharmaceuticals PLC based on the provided text:
Metric2024 ($ million)2025 ($ million)ChangeConstant Currency Change
Revenue3,1273,3497%6%
Operating Profit612542(11%)(12%)
Profit Attributable to Shareholders35940212%13%
Cashflow from Operating Activities564436(23%)-
Net Debt1,1181,38724%-
Leverage (Net Debt/Core EBITDA)1.4x1.6x--
### Key Highlights: 1. **Revenue Growth**: Revenue increased by 7% (6% in constant currency) from 2024 to 2025, driven by strong performance in Branded and Hikma Rx businesses. 2. **Operating Profit Decline**: Operating profit decreased by 11% (12% in constant currency) due to a legal settlement impact. 3. **Profit Attributable to Shareholders**: Increased by 12% (13% in constant currency) despite the decline in operating profit. 4. **Cashflow from Operating Activities**: Decreased by 23%, primarily due to $186 million in one-off legal settlements. 5. **Net Debt Increase**: Net debt increased by 24% to $1,387 million, with leverage rising from 1.4x to 1.6x. This table provides a concise comparison of key financial and debt metrics year-on-year for Hikma Pharmaceuticals PLC.
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SAV
SAV Savannah Resources Plc
06:01
Market

Project Update

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

Transactions in Own Shares

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MACF
MACF Macfarlane Group PLC
06:01
Market

Annual Results 2025

Macfarlane Group PLC, a UK-based packaging company, reported its annual results for 2025, highlighting a challenging year with mixed financial performance. Here’s a summary of the key points: ### **Financial Highlights** - **Revenue Growt…

Macfarlane Group PLC, a UK-based packaging company, reported its annual results for 2025, highlighting a challenging year with mixed financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Revenue Growth**Group revenue increased by 11% to £300.8 million, driven by strong performance in Manufacturing Operations, particularly from the Polyformes acquisition.
**Profit Decline**Operating profit fell by 47% to £12.5 million, and profit before tax dropped by 61% to £8.05 million, primarily due to economic headwinds, increased operating costs, and the impact of the Pitreavie incident.
**Adjusted Metrics**Adjusted operating profit decreased by 28% to £19.7 million, and adjusted profit before tax fell by 38% to £15.57 million.
**Dividend**The Board maintained the final dividend at 2.70p per share, with a total dividend for 2025 of 3.66p per share.
### **Segment Performance**
**Packaging Distribution**Revenue grew marginally to £229.2 million, but adjusted operating profit declined significantly to £11.4 million due to weaker demand, competitive pressures, and increased costs.
**Manufacturing Operations**Revenue surged by 65% to £78.5 million, with adjusted operating profit rising to £8.3 million, driven by the Polyformes acquisition and strong demand in defense, space, and aerospace sectors.
**Pitreavie**Acquired in January 2025, Pitreavie underperformed due to a tragic incident at its facility, resulting in an adjusted operating loss of £0.2 million.
### **Cash Flow and Debt**
**Net Cash Inflow**Operating activities generated £24.8 million in cash, reflecting effective working capital management.
**Net Bank Debt**Increased to £16.2 million due to acquisitions, share buybacks, dividends, and capital expenditure.
**Bank Facility**The Group operates within a £40 million bank facility, extended to November 2028 with an option to extend further.
### **Pension Scheme**
A non-recurring charge of £1.9 million was accrued to address historic equalization of pensions, reducing the pension scheme surplus to £6.0 million.
### **Sustainability**
The Group reduced Scope 1 and 2 carbon emissions and is committed to electrifying its delivery fleet and expanding renewable energy use.
### **Outlook**
**Challenging Market**Management expects markets to remain challenging in 2026, with a focus on improving Packaging Distribution, recovering Pitreavie, and growing Manufacturing Operations.
**Key Priorities**Include new business development in industrial markets, operational efficiency, cost savings, and refining the sourcing model.
**Investment**£1.2 million investment in Pitreavie to restore full operational capacity by Q2 2026.
### **Risks and Uncertainties**
**Economic Environment**Uncertain economic conditions and weakened demand impact performance.
**Health and Safety**Elevated risk following the Pitreavie incident, with initiatives to strengthen safety culture.
**Supply Chain**Inflationary pressures and supply chain disruptions remain challenges.
### **Viability Statement**
The Board is confident in the Group’s ability to continue operations and meet liabilities, even under a severe but plausible downside scenario, supported by mitigating actions and a robust financial model.
### **Conclusion**
Macfarlane Group faced a difficult year in 2025, with revenue growth offset by profit declines due to external challenges and the Pitreavie incident. The Group remains focused on strategic priorities to improve performance and sustainability, with a cautious but optimistic outlook for 2026.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£000)2024 (£000)Change (£000)Change (%)
Revenue300,810270,43730,37311%
Gross Profit112,171105,3726,7996%
Operating Profit12,49523,597(11,102)(47%)
Profit Before Tax8,05020,896(12,846)(61%)
Profit for the Year6,31615,530(9,214)(59%)
Net Cash Inflow from Operating Activities24,78025,428(648)(3%)
Net Bank Debt16,1611,91814,243742%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 11% from £270.4 million in 2024 to £300.8 million in 2025. 2. **Profit Decline:** Operating profit, profit before tax, and profit for the year all declined significantly in 2025 compared to 2024, with profit for the year dropping by 59%. 3. **Cash Flow:** Net cash inflow from operating activities decreased slightly by 3%, but remained strong at £24.8 million. 4. **Debt Increase:** Net bank debt increased significantly from £1.9 million in 2024 to £16.2 million in 2025, primarily due to acquisitions, share buybacks, dividends, and capital expenditure. This table provides a clear comparison of key financial metrics and debt levels between 2024 and 2025 for Macfarlane Group PLC.
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UKW
UKW Greencoat UK Wind PLC
06:01
Market

Final Results Announcement

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MTEC
MTEC Made Tech Group PLC
06:01
Market

Interim Results

**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)** **Financial Performance** - **Revenue Growth**: Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong or…

**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)**
**Financial Performance**
**Revenue Growth**Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog.
**Profitability**Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million).
**Cash Position**Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet.
**Contracted Backlog**Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year.
**Sales Bookings**Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27.
**Strategic Highlights**
**Client Delivery**Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation.
**Market Opportunity**Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption.
**Software Division**Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions.
**People**Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program.
**Outlook**
**Trading Ahead of Expectations**Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix.
**Pipeline Strength**Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27.
**M&A Exploration**Actively exploring acquisitions to extend digital capabilities and expand the addressable market.
**Management Changes**
**New CFO**Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience.
**CEO Commentary**
Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI.
**Conclusion**
Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
Here’s an HTML table comparing the financials and debt year on year for Made Tech Group PLC based on the provided text:
MetricH1 FY26H1 FY25ChangeFY25
Revenue£27.8m£21.8m+28%£46.4m
Gross Profit£8.7m£7.8m+12%£14.8m
Gross Profit Margin31.2%35.8%32.0%
Adjusted EBITDA£2.4m£1.8m+35%£3.5m
Adjusted EBITDA Margin8.7%8.2%7.5%
Statutory Profit before Tax£1.3m£0.4m+186%£2.0m
Adjusted Profit before Tax£1.9m£1.5m+31%£2.9m
Sales Bookings£13.4m£42.0m-68%£82.1m
Contracted Backlog£74.4m£80.8m-8%£92.2m
Net Cash£11.9m£9.1m+30%£10.4m
Debt£0m£0mN/A£0m
### Key Notes: - **Debt**: The company remains debt-free across all periods. - **Net Cash**: Increased by 30% from H1 FY25 to H1 FY26, reflecting strong cash generation. - **Revenue and Profitability**: Significant growth in revenue (+28%) and profitability metrics (e.g., Adjusted EBITDA +35%) year on year. - **Sales Bookings and Contracted Backlog**: Declined compared to H1 FY25 due to timing of large contract awards, but management remains optimistic about future bookings.
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MCB
MCB McBride plc
06:01
Market

Transaction in Own Shares

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WINE
WINE Naked Wines plc
06:01
Market

Transaction in Own Shares

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JUP
JUP Jupiter Fund Management Plc
06:01
Market

Annual Financial Report

**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)** **Overview:** Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under mana…

**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)**
**Overview**
Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under management (AUM), positive net inflows, and improved profitability. The company highlighted material progress in its strategic objectives, including increased scale, reduced complexity, and enhanced client relationships.
**Key Financial Highlights**
**Underlying Profit Before Tax** Increased by 42% to £138.3 million (2024: £97.5 million), driven by performance fees of £120.3 million (2024: £31.2 million).
**Statutory Profit Before Tax** Rose to £131.9 million (2024: £88.3 million).
**Assets Under Management (AUM)** Grew by 19% to £54.0 billion (2024: £45.3 billion), supported by net inflows and market movements.
**Net Inflows** Recorded £1.3 billion (2024: net outflows of £10.3 billion), the first year of positive net inflows since 2017.
**Cost Management** Administrative expenses (before performance fees and exceptional items) decreased by 2% to £255.5 million (2024: £260.5 million).
**Strategic Achievements**
**Acquisitions** Completed the acquisition of CCLA Investment Management, adding £15 billion to AUM and expanding into the non-profit client segment. Also acquired Origin Asset Management.
**Cost Savings** Delivered cost savings ahead of schedule and reconfirmed synergy targets for the CCLA acquisition.
**Dividends and Share Buyback** Announced a final ordinary dividend of 2.3p per share, a special dividend of 5.7p per share, and a share buyback program of up to £30 million, representing a 50% distribution of 2025 performance fee revenue.
**Operational Performance**
**Net Revenue** Increased by 18% to £431.0 million (2024: £364.1 million), driven by higher performance fees.
**Investment Performance** 68% of mutual fund AUM outperformed their peer group over three years, with nearly half in the top quartile.
**Client Sentiment** Improved, leading to positive net inflows across both institutional and retail & wholesale channels.
**Outlook**
The company expressed confidence in its ability to achieve its medium-term target of a 70% cost:income ratio, supported by improved investment performance, strategic acquisitions, and disciplined cost management. Jupiter Fund Management PLC is well-positioned to benefit from potential shifts in client allocations and market conditions.
**Management Commentary**
Chief Executive Matthew Beesley emphasized the companys strong performance, strategic progress, and improved client sentiment. He highlighted the successful integration of acquisitions and the focus on cost discipline, positioning the company for continued growth and value creation.
**Conclusion**
Jupiter Fund Management PLCs 2025 results reflect robust financial and operational performance, strategic advancements, and a positive outlook. The companys focus on scale, cost efficiency, and client relationships has strengthened its position in the asset management industry.
Here is the HTML table code comparing the financials and debt year on year for Jupiter Fund Management PLC:
Metric2025 (£m)2024 (£m)% Change
AUM (£bn)54.045.319%
Net flows (£bn)1.3(10.3)N/A
Net revenue (£m)431.0364.118%
Statutory profit before tax (£m)131.988.349%
Basic earnings per share (EPS) (p)19.212.554%
Underlying profit before tax (£m)138.397.542%
Underlying EPS (p)19.413.445%
Total dividends per share (p)10.15.487%
Cost:income ratio82%78%N/A

Notes:

  • Debt information is not explicitly mentioned in the provided text, so it's not included in the table.
  • The % change for net flows is not applicable (N/A) due to the change from negative to positive values.
This table compares the key financials year on year, including AUM, net flows, net revenue, profit before tax, EPS, underlying profit, underlying EPS, total dividends per share, and cost:income ratio. Since debt information is not provided in the text, it's not included in the table.
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CSSG
CSSG Croma Security Solutions Gr…
06:01
Market

Half-year Financial Report

**Summary of Croma Security Solutions Group PLC Half-Year Financial Report (H1 2026)** **Overview** Croma Security Solutions Group PLC (AIM: CSSG), a UK-based security solutions provider, reported its unaudited interim results for the…

**Summary of Croma Security Solutions Group PLC Half-Year Financial Report (H1 2026)**
**Overview**
Croma Security Solutions Group PLC (AIMCSSG), a UK-based security solutions provider, reported its unaudited interim results for the six months ended 31 December 2025. The period was marked by strategic investments, reorganisation, and acquisitions aimed at future growth, despite a planned reduction in profit.
**Key Financial Highlights**
**Revenue Growth**Revenue increased by 9% to £5.0 million (H1 2025: £4.6 million), driven by prior-year acquisitions, though partially offset by planned security centre refurbishments, branch consolidations, and customer caution ahead of the 2025 Autumn Budget.
**Profitability**EBITDA fell to £0.436 million (H1 2025: £0.572 million), and profit before tax dropped to £0.252 million (H1 2025: £0.456 million) due to higher costs from strategic investments and management hires.
**Cash Position**The company remains debt-free with cash reserves of £4.4 million (H1 2025: £4.2 million), plus an additional £0.85 million due from the Vigilant disposal by June 2026.
**Net Asset Value**Increased to 113p per share (H1 2025: 111p).
**Operational Performance**
**Portfolio Optimisation**Merged four security centres into two in Peterborough and Southampton, with refurbished locations.
**Acquisitions**Completed the acquisition of TLS Security Systems Limited in Taunton on 2 January 2026, expanding the security centre network to 17 locations.
**Digital Strategy**Reset Google Ads strategy and re-indexed online stock to improve online sales and profitability, though this temporarily reduced online sales.
**Management Strengthening**Invested in key hires across Operations, HR, Engineering, and Head Office to support scaling.
**Strategic Initiatives**
**Growth Focus**Emphasis on acquiring and integrating local locksmith businesses into modern security centres, with a pipeline of further acquisitions expected in H2 2026.
**Legislative Opportunities**Positioned to benefit from the Terrorism (Protection of Premises) Act 2025 (Martyns Law), offering integrated security and fire safety solutions.
**Freehold Properties**Strategic ownership of freehold properties for long-term control and flexibility, with recent refurbishments enhancing operational efficiency.
**Outlook**
**H2 2026**Positive trading performance expected, supported by a strong new business pipeline and improved customer sentiment post-Budget.
**Dividend**Plans to declare a single final progressive dividend with FY26 results.
**Confidence**The Board remains confident in meeting full-year targets, supported by the TLS acquisition and operational improvements.
**Conclusion**
Croma Security Solutions Group PLC’s H1 2026 results reflect a period of strategic investment and reorganisation, positioning the company for future growth. Despite short-term profit reductions, the company’s robust financial position, expanded network, and strong acquisition pipeline underscore its commitment to long-term expansion and shareholder value.
Below is an HTML table comparing the financials and debt year on year for Croma Security Solutions Group PLC based on the provided text:
MetricH1 2025 (£000s)H1 2024 (£000s)Change
Revenue4,9944,580+9%
EBITDA436572-24%
Profit Before Tax252456-45%
Earnings Per Share (pence)1.352.25-40%
Cash and Cash Equivalents4,3614,174+4%
Net Debt00No Change
Net Asset Value per Share (pence)113111+2%
### Key Points: 1. **Revenue**: Increased by 9% year on year, driven by acquisitions and organic growth. 2. **EBITDA and Profit Before Tax**: Decreased due to higher costs, primarily from planned investments in the business and key management hires. 3. **Earnings Per Share**: Declined by 40% due to reduced profitability. 4. **Cash Position**: Remained strong with no debt and a slight increase in cash and cash equivalents. 5. **Net Asset Value per Share**: Increased slightly, reflecting the company's robust financial position. This table provides a clear comparison of key financial metrics and debt position year on year for Croma Security Solutions Group PLC.
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JET2
JET2 Jet2 PLC
06:01
Market

Transaction in Own Shares

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NEXS
NEXS Nexus Infrastructure plc
06:01
Market

Full Year Results

Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despi…

Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despite ongoing challenges in the housing sector. This growth was accompanied by an improvement in gross margins to 15.6% and a 21% reduction in central costs.
Key financial highlights include
Revenue increased by 16% to £65.9 million.
Gross margin improved to 15.6%.
Central costs were reduced by 21%.
The order book grew significantly by 62% to £83.4 million.
Operating loss before exceptional items decreased to £1.1 million.
Cash and cash equivalents stood at £10.9 million.
A final dividend of 2.0 pence per share was recommended, bringing the total annual dividend to 3.0 pence.
Operationally, Nexuss subsidiary Tamdown secured £88.8 million in new work, contributing to a 62% increase in the order book. The acquisition of Coleman Construction & Utilities Limited in October 2024 marked a strategic step, broadening the groups presence in higher-margin sectors like water and rail infrastructure. Colemans integration was seamless, and it is expected to benefit from the AMP8 investment programme, which runs until 2030.
Looking ahead, Tamdown is well-positioned to capitalize on the anticipated recovery in the housebuilding sector, with a solid order book and new contract wins. Coleman is expected to see increased activity in the water sector as AMP8 progresses. The groups strong order book and improving market sentiment indicate positive prospects for the future.
In summary, Nexus Infrastructure PLC demonstrated resilience and strategic progress in FY25, achieving growth, improving margins, and strengthening its position in key infrastructure sectors, despite challenging market conditions. The company is well-prepared for future opportunities, particularly in the housing and water sectors.
Here is a comparison of the financials and debt year on year for Nexus Infrastructure PLC, presented as an HTML table:
MetricFY25 (£'000)FY24 (£'000)Change (%)
Revenue65,91056,71316%
Gross Profit10,2557,66434%
Operating Loss before Exceptional Items(1,080)(1,946)44% improvement
Cash and Cash Equivalents10,94212,801(14.5%)
Net Assets27,31929,982(9.0%)
Order Book83,40051,60062%
Trade and Other Receivables19,30421,836(11.6%)
Trade and Other Payables11,69013,568(13.8%)
Lease Liabilities11,51311,1693.1%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 16% from FY24 to FY25, driven by growth in the residential housebuilding sector and the acquisition of Coleman. 2. **Gross Profit Improvement:** Gross profit increased by 34%, primarily due to improved margins and the contribution from Coleman. 3. **Operating Loss Reduction:** The operating loss before exceptional items decreased by 44%, reflecting cost control measures and improved operational efficiency. 4. **Order Book Growth:** The order book grew significantly by 62%, providing a solid foundation for future revenue growth. 5. **Cash Position:** Cash and cash equivalents decreased by 14.5%, partly due to the acquisition of Coleman and dividend payments. 6. **Net Assets:** Net assets decreased by 9.0%, primarily due to the loss for the year and dividend payments. 7. **Debt Position:** Lease liabilities increased slightly by 3.1%, while trade and other payables decreased by 13.8%, indicating improved working capital management. This table provides a concise comparison of key financial metrics, highlighting areas of improvement and potential areas of concern.
Open Terminal Source RNS
ARK
ARK Arkle Resources PLC
06:01
Market

Uranium Exploration Commenced in Namibia

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RGG
RGG RGG
06:01
Market

Licence Agreement with mydeposits

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AIQ
AIQ AIQ Ltd
06:01
Market

Final Results and Publication of Annual Report

Open Terminal Source RNS
VANQ
VANQ Vanquis Banking Group PLC
06:01
Market

Results for the year ended 31 December 2025

**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025** **Key Highlights:** - **Return to Profitability:** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared…

**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025**
**Key Highlights**
**Return to Profitability** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared to a loss of £138.0 million in 2024, marking a successful return to profitability.
**Strategic Growth** The Group achieved a 22% increase in gross customer interest-earning balances to £2,824 million, driven by strong performance in Second Charge Mortgages and renewed growth in Credit Cards.
**Cost Discipline** Operating costs were reduced by 33% to £265.5 million, with transformation savings of £28.8 million and lower complaint costs contributing significantly.
**Technology Transformation** The Gateway technology transformation is on track for completion in 2026, already improving decisioning, speed, and consistency, and set to enhance customer experience and operational efficiency.
**Capital Strength** The Group strengthened its capital position through a successful Additional Tier 1 (AT1) issuance, with the Common Equity Tier 1 (CET1) ratio at 16.5% at year-end.
**Risk Management** Cost of risk improved to 7.3% from 8.4% in 2024, reflecting enhanced underwriting and model performance, as well as a changing portfolio mix.
**Customer Focus** The Group continued to support underserved customers, helping them borrow responsibly and build financial resilience, with initiatives like the Vanquis Benefits Checker and Fair Finance program.
**Strategic Direction** The Group established a clear strategic framework focused on serving more customers responsibly and scaling profitably, aiming for sustainable growth and attractive returns.
**Financial Performance**
**Total Income** Increased by 2% to £454.9 million, with net interest income rising by 3% to £418.4 million.
**Impairment Charges** Decreased by 2% to £181.1 million, supported by improved credit quality and portfolio mix.
**Operating Costs** Reduced by 33% to £265.5 million, driven by transformation savings and lower complaint costs.
**Profit After Tax** Statutory profit after tax was £8.7 million, compared to a loss of £119.3 million in 2024.
**ROTE** Statutory Return on Tangible Equity (ROTE) improved to 2.3% from -32.1% in 2024.
**Segment Performance**
**Credit Cards** Balances increased by 19% to £1,518 million, with total income rising by 1% to £352.5 million. Profit before tax contribution increased by 27% to £38.2 million.
**Vehicle Finance** Balances decreased by 8% to £706 million due to proactive management of new business growth. Loss before tax contribution was £12.7 million, compared to £38.8 million in 2024.
**Second Charge Mortgages** Balances grew significantly to £599 million, with profit before tax contribution of £5.4 million.
**Outlook and Guidance**
**2026 Guidance** Gross customer interest-earning balances are expected to exceed £3.3 billion, with a Net Interest Margin (NIM) of around 15.5% and a Risk-Adjusted Margin (RAM) of over 9.5%.
**2027 Guidance** Gross customer interest-earning balances are projected to surpass £3.7 billion, with NIM at around 14.5% and RAM over 9.0%.
**ROTE Targets** Low double-digit ROTE in 2026 and mid-teens in 2027.
**Capital Management** The Group aims to maintain a CET1 ratio <mark style="background-color:yellow">above</mark> 14.5%, with a focus on capital deployment for growth and a reset of the capital allocation framework in 2026.
**Conclusion**
Vanquis Banking Groups 2025 results demonstrate significant progress in its strategic transformation, with a return to profitability, strengthened capital position, and improved operational efficiency. The Group is well-positioned for sustainable growth, supported by its technology investments, risk management practices, and focus on underserved customer segments. The outlook for 2026 and beyond is positive, with clear guidance on financial metrics and a commitment to delivering attractive returns for shareholders.
Here is a comparison of Vanquis Banking Group's financials and debt year on year, presented as an HTML table:
MetricFY2025 (£m)FY2024 (£m)YoY Change (£m)YoY Change (%)
Statutory profit before tax from continuing operations8.3(138.0)146.3N/A
Statutory profit after tax from continuing operations8.0(120.6)128.6N/A
Statutory profit after tax8.7(119.3)128.0N/A
Statutory profit attributable to shareholders8.2(119.3)127.5N/A
Gross customer interest-earning balances2,8242,30851622%
Net receivables2,6912,15553625%
Total assets3,9423,37556717%
Total liabilities3,4542,93452018%
Common Equity Tier 1 (CET1) capital ratio (%)16.518.8(2.3)(12%)
Liquidity Coverage Ratio (LCR) (%)306359(53)(15%)
Retail deposits (£m)2,9842,39958524%
Retail funding (% of all funding)89.785.64.15%
**Key Observations:** * **Return to Profitability:** Vanquis Banking Group returned to statutory profitability in FY2025, with a significant improvement in profit before tax from continuing operations, from a loss of £138.0m in FY2024 to a profit of £8.3m in FY2025. * **Balance Sheet Growth:** The Group experienced substantial growth in its balance sheet, with gross customer interest-earning balances increasing by 22% and total assets growing by 17%. * **Capital Position:** While the CET1 capital ratio decreased by 2.3 percentage points, it remains strong at 16.5%. The Group also optimized its capital structure through a successful Additional Tier 1 (AT1) issuance. * **Liquidity and Funding:** Liquidity remained robust, although the LCR decreased slightly. Retail deposits continued to be a significant source of funding, increasing by 24% and representing 89.7% of total funding. This table provides a concise overview of Vanquis Banking Group's financial performance and debt position, highlighting key areas of improvement and growth.
Open Terminal Source RNS
DNLM
DNLM Dunelm Group PLC
06:01
Market

Transaction in Own Shares

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0Y71
0Y71 0Y71
06:01
Market

2025 Full Year Results & Leadership Changes

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MCG
MCG Mobico Group Plc
06:01
Market

Unaudited results for 12 months ended 31 Dec 2025

**Summary of Mobico Group PLCs Unaudited Results for the 12 Months Ended 31 December 2025** Mobico Group PLC reported unaudited results for the 12 months ended 31 December 2025, highlighting a turnaround with building momentum. Key points…

**Summary of Mobico Group PLCs Unaudited Results for the 12 Months Ended 31 December 2025**
Mobico Group PLC reported unaudited results for the 12 months ended 31 December 2025, highlighting a turnaround with building momentum. Key points include
**Financial Performance**
Group revenue grew by 6.2% to £2.76 billion, driven by double-digit growth in Alsa and continued growth in WeDriveU.
Adjusted operating profit increased by 9% to £198 million, exceeding guidance, primarily due to strong end-of-year trading in Spain and cost-saving initiatives.
Statutory operating profit was £21.9 million, impacted by one-off adjusting items.
Covenant gearing improved to 2.7x, supported by proceeds from the NASB disposal.
**Strategic Progress**
Alsa achieved record revenue growth, offsetting challenges in the UK and operational issues with the WMATA contract in WeDriveU.
The Simplify for Success cost programme is expected to deliver £100 million in annualised cost savings by the end of 2026.
An agreement in principle with German Rail PTAs is expected to deliver a sustainable business going forward.
UK Coach is largely integrated into Alsa, reducing overheads and improving competitiveness.
**Outlook**
The Group expects Adjusted Operating Profit for 2026 to be in the range of £195 million to £210 million.
Focus remains on cost reduction, strict Capex control, and asset monetisation to improve cash generation and de-leveraging.
**Key Initiatives**
Sale of NASB raised £273 million in de-leveraging proceeds.
Agreement with German PTAs de-risks the German rail business.
Key contract wins in 2025 totaled £84 million in annualised revenue, with total contract values exceeding £437 million.
**Divisional Performance**
**Alsa**Record revenue of £1.49 billion, driven by strong performance in Spain and international diversification.
**WeDriveU**Revenue grew by 4.7%, but operating profit was impacted by operational challenges in specific contracts.
**UK & Germany**Revenue declined by 2.1%, with UK Coach facing increased competition and Germany seeing a return to full service levels.
**Financial Position**
Strong liquidity with £0.9 billion in cash and undrawn committed facilities.
Net debt reduced to £1.076 billion, supported by disposals and cost-saving measures.
**Future Focus**
Continued emphasis on simplifying and strengthening the business, with a focus on cash flow generation and de-leveraging.
Strategic priorities include preparing for key contract retentions in Spain and further operational diversification.
Overall, Mobico Group PLC demonstrated resilience and strategic progress in 2025, positioning itself for further growth and improvement in 2026.
Here is a comparison of Mobico Group PLC's financials and debt year on year, presented as an HTML table:
Metric2024 (£m)2025 (£m)Change (£m)Change (%)
Group Revenue2,6002,7601606.2%
Adjusted Operating Profit181.1198.016.99.3%
Statutory Operating Profit34.021.9(12.1)(35.6%)
Free Cash Flow210.277.3(132.9)(63.2%)
Net Debt1,202.51,075.7(126.8)(10.5%)
Covenant Gearing2.8x2.7x--
**Key Observations:** * **Revenue Growth:** Mobico Group PLC experienced a 6.2% increase in Group Revenue from £2.60 billion in 2024 to £2.76 billion in 2025, primarily driven by strong performance in Alsa and WeDriveU. * **Adjusted Operating Profit Improvement:** Adjusted Operating Profit increased by 9.3% from £181.1 million in 2024 to £198.0 million in 2025, attributed to strong trading in Alsa and cost-saving initiatives. * **Statutory Operating Profit Decline:** Statutory Operating Profit decreased by 35.6% from £34.0 million in 2024 to £21.9 million in 2025, impacted by one-off adjusting items. * **Free Cash Flow Decrease:** Free Cash Flow significantly declined by 63.2% from £210.2 million in 2024 to £77.3 million in 2025, mainly due to the decrease in operating cash flow and higher growth capital expenditure. * **Net Debt Reduction:** Net Debt decreased by 10.5% from £1,202.5 million in 2024 to £1,075.7 million in 2025, aided by proceeds from the disposal of the North America School Bus business. * **Covenant Gearing Improvement:** Covenant Gearing improved slightly from 2.8x in 2024 to 2.7x in 2025, indicating a stronger financial position.
Open Terminal Source RNS
SREI
SREI Schroder Real Estate Invest…
06:01
Market

NAV update for the quarter to 31 December 2025

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MERC
MERC Mercia Technologies PLC
06:01
Market

Transaction in Own Shares

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VOD
VOD Vodafone Group PLC
06:01
Market

Transaction in Own Shares

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KGF
KGF Kingfisher PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
VINO
VINO Virgin Wines UK PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
CVSG
CVSG CVS Group Plc
06:01
Market

Interim Results

**Summary of CVS Group plc Interim Results for H1 2026** **Financial Highlights:** - **Revenue Growth:** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and ac…

**Summary of CVS Group plc Interim Results for H1 2026**
**Financial Highlights**
**Revenue Growth** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions.
**Like-for-Like Sales** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK.
**Adjusted EBITDA** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets.
**Profit Before Tax** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs.
**Cash Conversion** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%).
**Leverage** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x.
**Operational Highlights**
**Australia Expansion** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations.
**Investment** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience.
**Leadership** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency.
**Research** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship.
**Employee Satisfaction** Improved employee net promoter score to +10.0 (FY 2025: +3.1).
**Branding** Launched CVS Vets as a dual brand alongside local practice names.
**Market Listing** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026.
**Outlook**
**UK Challenges** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand.
**Acquisitions** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process.
**Financial Position** Strong balance sheet and cash flows support further acquisitions and investments.
**CMA Process** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026.
**DEFRA Consultation** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966.
**CEO Commentary**
Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth.
**Conclusion**
CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.
Here is the HTML table code comparing the financials and debt year on year for CVS Group plc:
MetricH1 2026 (£m)H1 2025 (£m)Change %FY 2025 (£m)
Revenue356.9337.35.8%673.2
Adjusted EBITDA67.765.13.9%134.6
Profit before tax15.215.9-4.4%32.6
Net bank borrowings160.2182.9-12.4%131.4
Leverage (x)1.411.66-15.1%1.18

Key Observations:

  • Revenue increased by 5.8% year-on-year, driven by acquisitions and organic growth.
  • Adjusted EBITDA grew by 3.9%, but profit before tax decreased by 4.4% due to higher depreciation, business combination costs, and exceptional items.
  • Net bank borrowings decreased by 12.4% compared to H1 2025 but increased from FY 2025 due to acquisitions, capex, and share buybacks.
  • Leverage ratio improved to 1.41x, remaining within the guidance of <2.0x.
This table and observations provide a concise comparison of key financials and debt metrics for CVS Group plc between H1 2026, H1 2025, and FY 2025.
Open Terminal Source RNS
PPH
PPH PPHE Hotel Group Ltd
06:01
Market

Annual Results & Publication of Annual Report

## PPHE Hotel Group Limited: 2025 Annual Results Summary **Key Highlights:** * **Revenue Growth:** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-fo…

## PPHE Hotel Group Limited2025 Annual Results Summary
**Key Highlights**
* **Revenue Growth** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-for-like revenue grew by 3.7% to £456.9 million.
* **EBITDA Performance** Reported EBITDA increased by 1.3% to £138.2 million, while like-for-like EBITDA grew by 2.1% to £139.0 million. EBITDA margin slightly declined due to the dilutive effect of newly opened hotels.
* **Strategic Expansion** The group completed its largest-ever investment program, opening its first hotel in Italy (artotel Rome Piazza Sallustio) and expanding its presence in London and Zagreb.
* **Development Pipeline** PPHE acquired a development site near the City of London for its first select-service hotel in the city, further strengthening its development pipeline.
* **Refinancing and Balance Sheet** The group successfully refinanced several loan facilities, extending maturities and improving liquidity. Net bank debt leverage stands at 34.8%.
* **Dividend** The board recommended a final dividend of 22p per share, bringing the total dividend for 2025 to 39p per share, a 2.6% increase.
* **Strategic Review** The ongoing Strategic Review process aims to maximize shareholder value, potentially exploring options like growth capital injection or a sale of the company.
**Financial Performance by Region**
* **United Kingdom** Strong performance with 6% revenue growth, driven by increased occupancy and stable average room rates.
* **Netherlands** More subdued performance with 1.8% revenue decline due to pressure on occupancy and average room rates.
* **Croatia** Strong summer season with 6.4% revenue growth, driven by rising average room rates.
* **Germany** Subdued performance with 11.7% revenue decline due to moderated demand and the termination of a lease in Berlin.
* **Other Markets** Significant growth in Italy, Hungary, Serbia, and Austria, driven by the new hotel opening in Rome and improved business activity.
**Key Initiatives and Outlook**
* **Technology Transformation** PPHE is investing in cloud-based infrastructure, digital experience solutions, and AI-powered tools to enhance guest experience and operational efficiency.
* **Sustainability** The group is committed to its ESG strategy, submitting emission reduction targets to SBTi and focusing on waste management and energy efficiency.
* **Guest Experience** PPHE prioritizes guest satisfaction, achieving an 88.1% satisfaction score in 2025.
* **2026 Outlook** The board expects further revenue and EBITDA growth in 2026, driven by contributions from recent investments and newly opened hotels. Forward booking momentum is encouraging.
**Overall** PPHE Hotel Group demonstrated resilience in 2025, navigating a challenging macroeconomic environment while executing its strategic expansion plans. The group is well-positioned for future growth with a strong balance sheet, a robust development pipeline, and a focus on technology and sustainability. The ongoing Strategic Review process adds an element of uncertainty, but the board remains confident in delivering value to shareholders.
Here is the HTML table code comparing the financials and debt year on year for PPHE Hotel Group Limited:
Metric20252024Variance
Total Revenue (£ million)466.4442.85.3%
Room Revenue (£ million)330.4317.24.2%
EBITDA (£ million)138.2136.51.3%
EBITDA Margin29.6%30.8%(120)bps
Reported PBT (£ million)1.530.6(95.2)%
Net Debt (£ million)775.5775.50.0%
EPRA NRV per share (£)27.3527.51(0.6)%
Dividend per share (pence)39382.6%
Occupancy75.1%74.5%60bps
Average Room Rate (£)164.3161.51.7%
RevPAR (£)123.4120.32.6%

Notes:

  • Net Debt is calculated as Borrowings minus Cash and Cash Equivalents.
  • Variance is calculated as the percentage change from 2024 to 2025.
This table provides a comparison of key financial metrics and debt for PPHE Hotel Group Limited between 2024 and 2025. The metrics include total revenue, room revenue, EBITDA, EBITDA margin, reported PBT, net debt, EPRA NRV per share, dividend per share, occupancy, average room rate, and RevPAR. The variance column shows the percentage change from 2024 to 2025 for each metric. Please note that the net debt calculation is based on the information provided in the text, where Borrowings (short-/long-term) is £913.5 million and Cash and Cash Equivalents is £138.0 million, resulting in a net debt of £775.5 million for both years. If more detailed information on debt is available, the net debt calculation can be adjusted accordingly.
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IHG
IHG InterContinental Hotels Gro…
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
BCG
BCG Baltic Classifieds Group PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
ORR
ORR Oriole Resources PLC
06:01
Market

Further encouraging drilling results from MB01-N

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PLUS
PLUS Plus500 Ltd
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
LSEG
LSEG London Stock Exchange Group…
06:01
Market

Final Results

**Summary of London Stock Exchange Group PLCs Final Results for 2025** London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shar…

**Summary of London Stock Exchange Group PLCs Final Results for 2025**
London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shareholder returns. Key highlights include
**Financial Performance**Total income (excl. recoveries) grew by 7.1% on an organic, constant currency basis (+5.8% reported), driven by broad-based growth across segments: Data & Analytics (+5.0%), FTSE Russell (+7.3%), Risk Intelligence (+11.7%), and Markets (+8.9%). Adjusted EBITDA rose by 11.8%, with margins improving by 150 basis points. Reported EPS surged by 85.1%, and adjusted EPS grew by 15.7%.
**Strategic Initiatives**LSEG advanced its **LSEG Everywhere** strategy, forming AI-ready data partnerships with leading platforms like Microsoft, OpenAI, and Snowflake. Significant innovations included the launch of Open Directory with Microsoft, approval of the Private Securities Market, and development of DigitalAssetClear.
**Post Trade Solutions**A strategic transformation was achieved through a 20% stake investment from 11 leading banks.
**Shareholder Returns**£2.1 billion was returned via share buybacks in 2025, with a further £3 billion planned by February 2027. Dividends increased by 15.7% to 103.0p per share.
**Outlook**LSEG expects organic constant currency growth of 6.5-7.5% in total income for 2026, with EBITDA margins improving by 80-100 basis points. Medium-term guidance (2027-2029) projects mid to high single-digit annual growth, a 150 basis point cumulative EBITDA margin increase, and double-digit compound annual growth in equity free cash flow per share.
CEO David Schwimmer emphasized the Group’s focus on product innovation, customer partnerships, and leveraging AI to drive growth, positioning LSEG as a leader in trusted data and infrastructure.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text:
Metric2025 (£m)2024 (£m)Variance (%)
Total Income (excl. recoveries)8,9868,4945.8%
Recoveries360364-1.1%
Total Income (incl. recoveries)9,3468,8585.5%
EBITDA (Reported)4,3653,94510.6%
Operating Profit (Reported)2,1271,46345.4%
Profit Before Tax (Reported)1,9691,25856.5%
Basic Earnings Per Share (p)238.4128.885.1%
Dividends Per Share (p)150.0130.015.4%
Adjusted EBITDA4,5234,1489.0%
Adjusted Operating Profit3,5063,16510.8%
Adjusted Earnings Per Share (p)420.6363.515.7%
### Notes: 1. **Debt Information**: The provided text does not include specific debt figures for comparison. If debt details were available, they would be added to the table. 2. **Formatting**: The table is styled with borders, padding, and right-aligned numeric values for better readability. 3. **Metrics**: Key financial metrics such as income, EBITDA, operating profit, earnings per share, and dividends are included for comparison.
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AFRN
AFRN Aferian PLC
06:01
Market

Form 8.3 - Aferian PLC

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CRE
CRE Conduit Holdings Ltd
06:01
Market

Annual Financial Report

Open Terminal Source RNS
GNS
GNS Genus PLC
06:01
Market

Interim Results

**Summary of Genus PLC Interim Results for the Six Months Ended 31 December 2025** **Financial Highlights:** - **Record First Half Profit:** Genus PLC reported a record first half adjusted operating profit of £55.8 million, driven by stro…

**Summary of Genus PLC Interim Results for the Six Months Ended 31 December 2025**
**Financial Highlights**
**Record First Half Profit** Genus PLC reported a record first half adjusted operating profit of £55.8 million, driven by strong growth in PIC (porcine business), a £5.6 million milestone payment from Beijing Capital Agribusiness (BCA), and Value Acceleration Programme (VAP) actions benefiting ABS (bovine business).
**Revenue Stability** Revenue remained stable at £335.6 million, similar to the previous year.
**Profit Before Tax (PBT)** Adjusted PBT increased by 57% to £55.7 million, with statutory PBT at £39.5 million.
**Cash Flow** Strong cash generation with a free cash inflow of £8.2 million, despite a working capital outflow of £22.7 million.
**Dividend Increase** Interim dividend increased to 11.2 pence per share, up from 10.3 pence.
**Strategic Progress**
**Porcine Joint Venture** Formation of a strategic Chinese porcine joint venture with BCA, expected to receive approximately £100 million in fiscal Q4.
**PRRS Resistant Pig (PRP)** Significant milestone with Canada approving the use of PRP gene edit, advancing North American commercialization.
**Bovine VAP** Phase 3 initiatives on track to deliver £7 million in-year benefit and £9 million annualized benefit.
**Divisional Performance**
**PIC** Strong performance with 30% adjusted operating profit growth, driven by China and LATAM, lower input costs, and the BCA milestone payment.
**ABS** Significant improvement in adjusted operating profit to £10.9 million, driven by £4.7 million in VAP benefits, partially offset by lower profits in ABS China.
**Outlook**
**Broadly Neutral Currency Impact** Expected in FY26 H2 if current exchange rates continue.
**PIC China Deconsolidation** Expected in fiscal Q4, with FY26 Group adjusted PBT in line with market expectations.
**Management Commentary**
CEO Jorgen Kokke highlighted the strong first half performance, strategic milestones, and continued focus on executing strategic priorities, expressing confidence for the second half of FY26.
**Key Metrics**
**Adjusted Earnings Per Share (EPS)** Increased by 53% to 60.8 pence.
**Net Debt to Adjusted EBITDA** Improved to 1.4x from 1.5x.
**Return on Adjusted Invested Capital** Increased to 15.8% from 14.7%.
**Conclusion**
Genus PLC demonstrated robust financial and strategic progress in the first half of FY26, with record profits, significant strategic advancements, and a positive outlook for the remainder of the fiscal year.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Revenue335.6336.40
Operating Profit55.840.338
Profit Before Tax55.735.457
Cash Generated by Operations38.546.1-16
Free Cash Flow8.210.3-20
Net Debt232.9228.22
Net Debt to Adjusted EBITDA Ratio1.4x1.5xImprovement

Key Highlights:

  • Record first half adjusted operating profit driven by strong growth in PIC and ABS.
  • Adjusted profit before tax increased by 57% to £55.7m.
  • Net debt increased slightly to £232.9m, but the net debt to adjusted EBITDA ratio improved to 1.4x.
  • Free cash flow decreased by 20% to £8.2m, but still compares well to a strong prior year period.

Note: The above table and highlights are based on the provided text and may not include all relevant financial information.

This HTML table compares key financial metrics between 2025 and 2024, including revenue, operating profit, profit before tax, cash generated by operations, free cash flow, net debt, and net debt to adjusted EBITDA ratio. The table also includes a brief summary of key highlights from the comparison. Please note that the actual values and percentages may vary depending on the specific financial data and calculations used. The above table is based on the provided text and may not include all relevant financial information.
Open Terminal Source RNS
KETL
KETL Strix Group Plc
06:01
Market

Transaction in Own Shares

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GLV
GLV Glenveagh Properties PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
RR.
RR. RR.
06:01
Market

Full Year Results 2025

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PPH
PPH PPHE Hotel Group Ltd
06:01
Market

Publication of Arena Hospitality Annual Report

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VLG
VLG Venture Life Group PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
BTRW
BTRW Barratt Redrow plc
06:01
Market

Transaction in Own Shares

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JMGI
JMGI JPMorgan Emerging Markets I…
06:01
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Half-year Financial Report

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TRST
TRST Trustpilot Group PLC
06:01
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Transaction in Own Shares

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OMG
OMG Oxford Metrics plc
06:01
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Transaction in Own Shares

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

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BPT
BPT Bridgepoint Group Plc
06:01
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Transaction in Own Shares

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ECOB
ECOB Eco Buildings Group plc
06:01
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Senegal JV Progression to Implementation Phase

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PSON
PSON Pearson PLC
06:01
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Transaction in Own Shares

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BWY
BWY Bellway PLC
06:01
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Transaction in Own Shares

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EMG
EMG Man Group PLC
06:01
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Financial results for the year ended 2025

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PETS
PETS Pets at Home Group Plc
06:01
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Transaction in Own Shares

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TRN
TRN Trainline Plc
06:01
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Transaction in Own Shares

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ATC
ATC Atlantic Coal Plc
06:01
Market

Year End Trading Update

**Summary:** ATC Music Group Plc (AIM: ATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approxi…

**Summary**
ATC Music Group Plc (AIMATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approximately £67.5 million, with adjusted operating EBITDA in line with market expectations at £1.25 million. Key milestones included a successful transition to the AIM market, raising £8.6 million, and a post-period rebrand to ATC Music Group Plc. The group strengthened its market position through strategic acquisitions, including Driift Holdings, Easy Life Group, and Control Industry Inc, expanding its US operations and integrated service offerings.
ATC’s growth was driven by strong performance across its Representation, Services, and Events segments, with notable increases in artist clients (circa 1,000) and engagement across multiple service lines. The company’s data-led, artist-centric approach positions it well in the evolving music industry, particularly in direct-to-fan engagement. Despite strategic investments impacting short-term EBITDA, ATC’s cash balance increased significantly to £21.5 million, supported by the AIM fundraise.
Looking ahead, ATC anticipates continued momentum in 2026, with a growing pipeline of opportunities, ongoing discussions with globally recognized artists, and a focus on organic and acquisitive growth. The company’s integrated service model, strengthened balance sheet, and scalable operating model position it for sustained long-term growth in the dynamic live music sector. CEO Adam Driscoll emphasized ATC’s strategic focus on operational efficiency and maximizing returns from its expanding events pipeline.
Below is the HTML table code comparing the financials and debt year-on-year for ATC Music Group Plc based on the provided text:
MetricFY24FY25Change
Revenue (£m)50.967.5+32.6%
Adjusted Operating EBITDA (£m)1.6≥1.25-21.9%*
Cash Balance (incl. client funds) (£m)9.721.5+121.6%
Cash Balance (excl. client funds) (£m)7.818.9+142.3%
Number of Artists~800~1,000+25.0%
*Note: Adjusted EBITDA for FY25 is "at least £1.25m," so the change is calculated based on the minimum value.
### Key Points in the Table: 1. **Revenue**: Increased by 32.6% from £50.9m in FY24 to £67.5m in FY25. 2. **Adjusted Operating EBITDA**: Declined by 21.9% (based on the minimum FY25 value of £1.25m vs FY24's £1.6m). 3. **Cash Balance**: Significantly increased, with the total cash balance (including client funds) up by 121.6% and the balance excluding client funds up by 142.3%. 4. **Number of Artists**: Grew by 25%, from ~800 in FY24 to ~1,000 in FY25. This table provides a clear year-on-year comparison of key financial metrics and artist growth for ATC Music Group Plc.
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CURY
CURY Currys PLC
06:01
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HTG
HTG Hunting PLC
06:01
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Transaction in Own Shares

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SML
SML Strategic Minerals Plc
06:01
Market

Redmoor - Discovery of New Tin Zone

**Summary:** Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This disc…

**Summary**
Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This discovery is significant as it represents a distinct and continuous tin-dominant mineralized structure separate from the existing Redmoor Sheeted Vein System (SVS) deposit. The North Tin Zone was confirmed through analysis of drilling results, historical relogging, and newly validated 1980s datasets. Key highlights include
1. **Confirmation of a New Zone** The North Tin Zone is a large, mineralized structure with visible cassiterite (tin oxide), confirmed by drilling and geological modeling.
2. **Potential for Resource Growth** The zone has the potential to support future Mineral Resource definition, subject to estimation and economic assessment (RPEEE).
3. **High-Grade Intersections** Notable intersections include 4.00m @ 0.25% Sn, 0.01% Cu, and 2.00m @ 0.40% Sn, 0.02% Cu. Historical intersections also show high tin grades, such as 1.00m @ 5.13% Sn.
4. **Strategic Importance** The discovery adds long-term potential for significant resource growth at Redmoor, complementing the existing SVS deposit.
5. **Market Context** The project benefits from tightening supply and surging demand for tungsten, tin, copper, and silver, with tin and copper prices rallying due to market dynamics.
CRL plans to include the North Tin Zone in the forthcoming Mineral Resource Estimate (MRE) update, alongside continued expansion of the SVS deposit. This discovery underscores Redmoors polymetallic potential and the teams successful exploration efforts.
Discovery
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HDD
HDD Hardide PLC
06:01
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Further significant North American order intake

**Summary:** Hardide PLC (AIM: HDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These o…

**Summary**
Hardide PLC (AIMHDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These orders, to be delivered primarily during the current financial year ending September 30, 2026, are expected to significantly boost revenues and performance beyond previous expectations. The company is also in discussions with the customer to establish a long-term framework agreement to support their future business development and supply needs. CEO Matt Hamblin highlighted that these orders position Hardide to achieve its strategic goal of doubling 2024 revenues ahead of schedule, leveraging higher capacity utilization. Hardide specializes in tungsten carbide/tungsten metal matrix coatings, which enhance component durability and efficiency in aggressive environments, serving industries like energy, aerospace, and precision engineering.
Orders
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BATS
BATS British American Tobacco PLC
06:01
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Transaction in Own Shares

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GSK
GSK GSK plc
06:01
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Transaction in Own Shares

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AEP
AEP Anglo-Eastern Plantations P…
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GLB
GLB Glanbia plc
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POLN
POLN Pollen Street PLC
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Transaction in Own Shares

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NAVF
NAVF Nippon Active Value Fund Plc
06:01
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Issue of Equity

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FKE
FKE Fiske PLC
06:01
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Interim results

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EYE
EYE Eagle Eye Solutions Group p…
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Transaction in Own Shares

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IWG
IWG IWG PLC
06:01
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Transaction in Own Shares

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SSPG
SSPG SSP Group PLC
06:01
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Transaction in Own Shares

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AO.
AO. AO.
06:01
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Transaction in Own Shares

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PRU
PRU Prudential plc
06:01
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Transaction in Own Shares

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AAF
AAF Airtel Africa Plc
06:01
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Transaction in Own Shares

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UTG
UTG Unite Group PLC
06:01
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Transaction in Own Shares

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

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HTWS
HTWS Helios Towers Plc
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Transaction in Own Shares

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BA.
BA. BA.
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TRIG
TRIG Renewables Infrastructure G…
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WTB
WTB Whitbread PLC
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PIN
PIN Pantheon International PLC
06:01
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IGG
IGG IG Group Holdings PLC
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GBG
GBG GB Group plc
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GFRD
GFRD Galliford Try PLC
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RCP
RCP RIT Capital Partners
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HICL
HICL HICL Infrastructure Company…
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NTVO
NTVO Nativo Resources plc
06:01
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Operations Update: Gold Ore Processing Plant

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KYGA
KYGA Kerry Group
06:01
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HWDN
HWDN Howden Joinery Group Plc
06:01
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2025 Full Year Results

**Summary of Howden Joinery Group PLCs 2025 Full Year Results** Howden Joinery Group PLC reported strong financial performance for the 52 weeks ending December 27, 2025, with key highlights as follows: ### **Financial Performance** - **R…

**Summary of Howden Joinery Group PLCs 2025 Full Year Results**
Howden Joinery Group PLC reported strong financial performance for the 52 weeks ending December 27, 2025, with key highlights as follows
### **Financial Performance**
**Revenue Growth**Group revenue increased by 4.1% to £2,418.0 million, driven by
**UK Revenue**Up 3.8% to £2,333.2 million, despite kitchen market headwinds, reflecting balanced pricing and volume growth.
**International Revenue**Surged 13.5% to £84.8 million, with significant progress in France and the Republic of Ireland.
**Gross Profit Margin**Improved by 110 basis points to 62.7%, supported by revenue growth and efficiency gains.
**Operating Profit**Rose 4.7% to £355.3 million, with a margin of 14.7%.
**Profit Before Tax**Increased 5.1% to £344.9 million.
**Basic Earnings Per Share (EPS)**Up 7.9% to 49.2p.
**Dividend**Total ordinary dividend per share increased 3.3% to 21.9p, with a proposed final dividend of 16.9p.
**Cash Position**Robust cash generation, with cash at the end of the period at £344.5 million.
### **Operational Highlights**
**Depot Expansion**Opened 23 new UK depots and 3 international depots, bringing the total to 891 UK and 79 international depots.
**Product Innovation**Introduced 24 new kitchen ranges and launched a new pricing and margin (PAM) tool to optimize depot margins.
**Manufacturing Investment**Invested in UK manufacturing capacity, including upgrading the rigid cabinet and panel facility at Runcorn.
**International Growth**Continued focus on optimizing the depot network in France and establishing a strong presence in the Republic of Ireland.
### **Strategic Initiatives**
**Depot Model Evolution**Focused on efficient space utilization and customer experience improvements.
**Product Range and Supply Management**Enhanced product offerings and supply chain efficiency.
**Digital Transformation**Increased online account usage and engagement, with 59,000 new registrations and 61% of customers holding online accounts.
**International Expansion**Strengthened presence in France and the Republic of Ireland.
### **Outlook**
**UK Kitchen Market**Expected to remain level in 2026 after years of decline, in a competitive environment.
**Focus Areas**Maintaining a balance between price and volume, cost discipline, and leveraging the differentiated business model.
**Growth Opportunities**Significant long-term opportunities to continue above-market performance and enhance shareholder returns.
### **Sustainability**
**Net Zero Plan**On track to achieve a 42% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions by 2030, with Net Zero targeted by 2050.
**Operational Progress**Zero-to-landfill status maintained across all sites, with significant investments in renewable energy and fleet decarbonization.
### **Capital Allocation**
**Share Buyback**Announced a new £100 million share buyback program for 2026.
**Dividend Policy**Committed to sustainable dividend growth and returning surplus capital to shareholders.
### **Board Changes**
**CFO Transition**Jackie Callaway succeeded Paul Hayes as CFO, bringing extensive experience in multinational manufacturing and supply chain businesses.
### **Financial Guidance for 2026**
**Inflationary Costs**Expected headwinds of around £30 million, offset by productivity and efficiency savings.
**Strategic Investments**Continued investment of approximately £30 million in growth initiatives.
**Net Interest Charge**Approximately £16 million.
**Effective Tax Rate**23% to 24%.
**Capital Expenditure**Around £125 million, including growth investments.
Howden Joinery Group PLC remains well-positioned for continued growth, with a strong focus on operational efficiency, strategic investments, and sustainable practices.
Here’s an HTML table comparing the financials and debt year-on-year for Howden Joinery Group PLC based on the provided text:
Metric2025 (£ millions)2024 (£ millions)Change
Group Revenue2,418.02,322.1+4.1%
- UK Revenue2,333.22,247.4+3.8%
- International Revenue84.874.7+13.5%
Gross Profit Margin (%)62.7%61.6%+110bps
Operating Profit355.3339.2+4.7%
- Operating Profit Margin (%)14.7%14.6%+10bps
Profit Before Tax344.9328.1+5.1%
Basic Earnings Per Share (p)49.2p45.6p+7.9%
Total Ordinary Dividend Per Share (p)21.9p21.2p+3.3%
Cash at End of Period344.5343.6+0.3%
Net Debt (Cash)(344.5)(343.6)+0.3%
### Key Notes: 1. **Revenue Growth**: Group revenue increased by 4.1%, driven by UK revenue growth of 3.8% and international revenue growth of 13.5%. 2. **Profitability**: Gross profit margin improved by 110bps to 62.7%, and operating profit grew by 4.7%. 3. **Earnings and Dividends**: Basic EPS increased by 7.9%, and the total ordinary dividend per share rose by 3.3%. 4. **Cash Position**: Cash at the end of the period increased slightly by 0.3% to £344.5 million. 5. **Debt**: The company remains debt-free, with a net cash position. This table provides a clear year-on-year comparison of key financial metrics and debt position for Howden Joinery Group PLC.
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HSX
HSX Hiscox Ltd
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INF
INF Informa PLC
06:01
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LIO
LIO Liontrust Asset Management
06:01
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DRX
DRX Drax Group PLC
06:01
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BAB
BAB Babcock International Group…
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TATE
TATE Tate & Lyle PLC
06:01
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Trading Statement

**Summary:** Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-di…

**Summary**
Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-digit declines in revenue and EBITDA compared to the prior year. Key points include
1. **Performance Overview**
Q3 revenue was 15% higher on a reported basis due to the CP Kelco acquisition (completed November 2024), but 2% lower on a pro forma basis due to muted market demand.
Nine-month revenue declined 3% on a pro forma basis, with regional variations: Americas (-2%), EMEA (-5%), and Asia Pacific (+1%).
2. **Strategic Actions**
Progress on initiatives to drive top-line growth, including investments in capabilities and technology.
Increased cross-selling opportunities and customer engagement following the CP Kelco integration.
On-track productivity program delivering cost savings.
3. **Outlook**
Unchanged expectations for FY 2026, with low-single-digit declines in revenue and EBITDA.
Focus on returning to top-line growth through selective investments in volume and revenue expansion.
4. **Leadership Confidence**
CEO Nick Hampton expressed confidence in near-term improvements and long-term growth potential, leveraging the company’s leadership in sweetening, mouthfeel, and fortification solutions.
5. **Conference Call**
A conference call was scheduled for 0800 am GMT on 26 February 2026, with details provided for participation.
Tate & Lyle remains committed to its purpose of transforming lives through food science, supported by its expanded portfolio and global reach post-CP Kelco acquisition.
Below is the HTML table code comparing the financials and revenue changes year-on-year for Tate & Lyle PLC based on the provided text: < lang="en">Tate & Lyle Financials Comparison

Tate & Lyle PLC Financials Comparison (9 Months to 31 December 2025)

RegionRevenue (£m)Revenue Change (Reported) %Revenue Change (Pro Forma) %
Americas74918%(2%)
Europe, Middle East and Africa47527%(5%)
Asia Pacific28279%1%
Group Total1,50629%(3%)

Notes:

1. Comparative information is on a statutory basis, including CP Kelco from acquisition on 15 November 2024. Change is in constant currency.

2. Comparative information is pro forma basis, including the impact of CP Kelco for the entire period. CP Kelco acquisition completed 15 November 2024. Change is in constant currency.

### Key Points: - **Reported Revenue Changes**: Reflect the inclusion of CP Kelco from the acquisition date (15 November 2024). - **Pro Forma Revenue Changes**: Assume CP Kelco was included for the entire period, providing a like-for-like comparison. - **Group Total**: Shows a 29% increase in reported revenue but a 3% decline on a pro forma basis. This table provides a clear comparison of the financials across regions and on both reported and pro forma bases.
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ROR
ROR Rotork PLC
06:01
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Transaction in Own Shares

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NXQ
NXQ Nexteq PLC
06:01
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Transaction in Own Shares and Total Voting Rights

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EXPN
EXPN Experian PLC
06:01
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Transaction in Own Shares

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EDIN
EDIN Edinburgh Investment Trust
06:01
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Transaction in Own Shares

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WIL
WIL Wilmington PLC
06:01
Market

Half-year Financial Report

**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)** **Financial Performance Highlights:** - **Revenue Growth:** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of…

**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)**
**Financial Performance Highlights**
**Revenue Growth** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%.
**Adjusted EBITA** Up 9% to £10.4 million (H1 FY25: £9.5 million).
**Adjusted PBT** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions.
**Adjusted Basic EPS** Stable at 9.92p (H1 FY25: 9.90p).
**Interim Dividend** Increased by 3% to 3.10p (H1 FY25: 3.00p).
**Net Debt** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia.
**Strategic Developments**
**Acquisition of Conversia** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring.
**RegTech Platform Investment** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025.
**Portfolio Enhancement** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%).
**Operational Review**
**Segment Performance**
**HSE** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety.
**Data Privacy** New segment with £1.8 million revenue from Conversia.
**Legal** Organic revenue growth of 3%, with strong subscription revenue and customer retention.
**Financial Services** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi.
**Financial Position and Outlook**
**Net Debt:** £65.0 millionreflecting the Conversia acquisitionwith leverage below 2.0x EBITDA.
**Cash Generation** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2.
**Outlook** Trading in line with market expectations, supported by a strong contracted order book and repeat business.
**CEO Commentary (Mark Milner)**
Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities.
Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology.
**Conclusion**
Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
Here is the HTML table code comparing the financials and debt year on year for Wilmington PLC:
MetricH1 FY26H1 FY25Change
Revenue£47.7m£40.9m17%
Adjusted EBITA£10.4m£9.5m9%
Adjusted PBT£11.8m£11.8m0%
Adjusted PBT margin25%29%-4ppt
Adjusted basic EPS9.92p9.90p0%
Interim dividend3.10p3.00p0.10p
Net (debt)/cash(£65.0m)£31.3mN/A

Debt Comparison

DateNet (debt)/cash
31 Dec 2025(£65.0m)
31 Dec 2024£31.3m
30 Jun 2025£42.2m

Note: The significant increase in net debt is due to the acquisition of Conversia for £105.2m (£101.9m net of cash received).

This HTML code creates two tables: 1. The first table compares the key financial metrics (Revenue, Adjusted EBITA, Adjusted PBT, Adjusted PBT margin, Adjusted basic EPS, and Interim dividend) for H1 FY26 and H1 FY25, along with the percentage change. 2. The second table compares the net debt/cash position at different dates, highlighting the significant increase in net debt due to the Conversia acquisition. The tables are formatted with borders and headers for better readability. The `N/A` value in the first table indicates that the change in net debt/cash is not directly comparable due to the significant acquisition.
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RKW
RKW Rockwood Realisation PLC
06:01
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Issue of Equity and TVR

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ATN
ATN Eastinco Mining & Explorati…
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EIA Approval for Agdz Cu-Ag Project and Funding

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CAU
CAU Centaur Media
06:01
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Result of General Meeting

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QQ.
QQ. QQ.
06:01
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Transaction in Own Shares

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IGC
IGC India Capital Growth Fund
06:01
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Transaction in Own Shares and Total Voting Rights

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VOF
VOF VinaCapital Vietnam Opportu…
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FUTR
FUTR Future PLC
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CHRY
CHRY Chrysalis Investments Ltd
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Transaction in Own Shares

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AIE
AIE Ashoka India Equity Investm…
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Half-year Financial Report

**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)** **Overview** Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting i…

**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)**
**Overview**
Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence.
**Financial Highlights**
**Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025.
**Share Price**Fell to 272.0p from 281.5p.
**Net Assets**Declined to £455.5 million from £476.2 million.
**Performance**Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%).
**Investment Strategy and Performance**
The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance.
Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%).
Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge.
**Operational Developments**
Two new DirectorsSarah MacAulay and Karen Roydonwere appointed to the Boardenhancing governance and expertise.
A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns.
The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand.
**Performance Fee**
A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark.
**Outlook**
India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms.
The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification.
Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals.
**Conclusion**
Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
Here’s an HTML table comparing the financials and debt year on year for Ashoka India Equity Investment Trust PLC based on the provided text:
MetricAs at 31 December 2025As at 30 June 2025Change
Net Asset Value (NAV) per Ordinary Share (cum income)269.6p278.9p-3.3%
Ordinary Share Price272.0p281.5p-3.4%
Ordinary Share Price Premium to NAV0.9%0.9%0.0%
Net Assets£455.5 million£476.2 million-4.3%
Performance Fee Provision£14,721,000£15,954,000-7.7%
Cash and Cash Equivalents£11.3 million£27.4 million-58.8%
Total Liabilities£30,109,000£34,397,000-12.5%
### Key Observations: 1. **Net Asset Value (NAV) and Share Price**: Both NAV and share price decreased slightly year on year, reflecting a modest decline in value. 2. **Net Assets**: Total net assets decreased by 4.3%, aligning with the reduction in NAV. 3. **Performance Fee Provision**: The performance fee provision decreased by 7.7%, indicating lower expected performance fees. 4. **Cash and Cash Equivalents**: Cash holdings significantly decreased by 58.8%, possibly due to increased investment activities or operational expenses. 5. **Total Liabilities**: Total liabilities decreased by 12.5%, suggesting improved financial health or reduced obligations. This table provides a concise comparison of key financial metrics and debt-related figures for the specified periods.
Open Terminal Source RNS
STEM
STEM SThree plc
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
FEVR
FEVR Fevertree Drinks Plc
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
GMR
GMR Gaming Realms plc
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
NCC
NCC NCC Group plc
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
GAMA
GAMA Gamma Communications PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
GROC
GROC Greenroc Mining PLC
06:01
Market

Amitsoq Update

Open Terminal Source RNS
PAY
PAY PayPoint plc
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
CLA
CLA Celsius Resources Limited
06:01
Market

Exercise of Options & Warrants

Open Terminal Source RNS
KNOS
KNOS Kainos Group PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
INPP
INPP International Public Partne…
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
ANG
ANG Angling Direct PLC
06:01
Market

Full Year Trading Update and Notice of Results

**Summary:** Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include: 1.…

**Summary**
Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include
1. **Financial Performance**
Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million.
Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online).
UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%.
European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced.
2. **Operational Achievements**
Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales.
Expanded the MyAD omni-channel customer loyalty club to over 600,000 members.
Strengthened own-brand offerings and improved third-party product availability.
3. **Strategic Focus**
Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26).
Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns.
4. **Future Outlook**
Substantially achieved the medium-term revenue target of £100 million within two years.
The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026.
CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
Below is the HTML table code comparing the financials and debt (net cash) year-on-year for Angling Direct PLC based on the provided text:
MetricFY 2026 (£m)FY 2025 (£m)Change
Revenue103.991.313.8%
UK Retail store sales56.450.711.1%
UK Online sales42.835.720.0%
Total UK sales99.286.414.8%
Total European sales4.74.9-4.7%
Net cash & cash equivalents at period end10.912.1-9.5%
### Explanation: - **Metrics**: The table includes Revenue (broken down into UK Retail store sales, UK Online sales, Total UK sales, and Total European sales) and Net cash & cash equivalents. - **FY 2026 vs FY 2025**: Each metric is compared year-on-year with the corresponding figures. - **Change**: The percentage change between FY 2026 and FY 2025 is displayed for each metric. - **Formatting**: The table is structured with headers and nested rows for clarity, with bold text for main categories. This HTML code can be directly embedded into a webpage to display the financial comparison.
Open Terminal Source RNS
MRO
MRO Melrose Industries PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
VTY
VTY Vistry Group PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
GYM
GYM The GYM Group PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
SU37
SU37 SU37
06:01
Market

Final Results

Open Terminal Source RNS
ESNT
ESNT Essentra PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
VEIL
VEIL Vietnam Enterprise Investme…
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
CKI
CKI Ck Infra Holdings Ltd
06:01
Market

Announcement of Disposal of UK Power Networks

Open Terminal Source RNS
WPP
WPP WPP PLC
06:01
Market

Strategy Update and 2025 Preliminary Results

**Summary:** WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client prop…

**Summary**
WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client proposition, restore growth, and drive long-term value for clients, talent, and shareholders. Key highlights include
1. **Strategic Objectives**
Transition from a holding company to a single, streamlined company with four operating units: **WPP Media**, **WPP Creative**, **WPP Production**, and **WPP Enterprise Solutions**, across four regions (North America, Latin America, EMEA, APAC).
Focus on being a **trusted growth partner** for leading brands in the AI era.
Stabilize the business in 2026, build momentum in 2027, and achieve accelerated growth from 2028.
2. **Financial Performance (2025)**
Revenue£13.55 billion (down 8.1% reported, 3.6% LFL).
Revenue less pass-through costs£10.18 billion (down 10.4% reported, 5.4% LFL).
Headline operating profit£1.32 billion (down 22.6%), with a margin of 13.0%.
Reported operating profit£382 million (down 71.2%) due to impairments and restructuring costs.
Proposed final dividend7.5p per share (full-year dividend: 15.0p).
3. **Elevate28 Strategy**
**Simplification** Reduce organizational complexity and integrate operations.
**Growth Focus** Lead with media, establish next-gen creative and production capabilities, and elevate enterprise solutions for AI transformation.
**WPP Open Platform** Leverage the agentic marketing platform to connect capabilities and differentiate with trusted data solutions.
**Cost Efficiency** Unlock £500 million in annualized gross savings by 2028.
**Financial Foundations** Focus on disciplined capital allocation, portfolio rationalization, and maintaining an investment-grade balance sheet.
4. **Phases of Delivery**
**Phase 1 (2026)** Stabilize net new business, execute cost savings, and rationalize the portfolio.
**Phase 2 (2027)** Embed transformed go-to-market strategy and return to organic growth.
**Phase 3 (2028+)** Accelerate growth, expand margins, and deliver strong cash conversion.
5. **2026 Outlook**
LFL revenue less pass-through costs to decline mid to high-single digits in H1, improving in H2.
Headline operating margin12% to 13%.
Adjusted operating cash flow before working capital: £800 million to £900 million.
6. **Key Initiatives**
Launched **WPP Production**unifying production capabilities.
Introduced **Agent Hub** on WPP Open for AI-driven client solutions.
Appointed a **Chief Innovation Officer** and launched **Client Solution Architects Group** to drive growth.
WPP aims to position itself as a simpler, integrated, and AI-enabled company, ready to capitalize on the evolving marketing landscape and deliver sustained value for all stakeholders.
Here’s an HTML table comparing the financials and debt of WPP PLC for the years 2024 and 2025, based on the provided text:
Metric2025 (£ million)Change (%)2024 (£ million)
Revenue13,550(8.1)14,741
Revenue less pass-through costs10,176(10.4)11,359
Operating profit (Reported)382(71.2)1,325
Operating profit margin (Reported)2.8%(6.2)pt9.0%
Operating profit (Headline)1,321(22.6)1,707
Operating profit margin (Headline)13.0%(2.0)pt15.0%
Adjusted operating cash flow pre WC1,189(11.5)1,343
Net cash inflow from operating activities724(48.6)1,408
Adjusted net debt2,16724.41,742
Average adjusted net debt3,404(2.9)3,506
### Key Notes: - **Revenue**: Declined by 8.1% from £14,741 million in 2024 to £13,550 million in 2025. - **Revenue less pass-through costs**: Decreased by 10.4% from £11,359 million in 2024 to £10,176 million in 2025. - **Operating Profit (Reported)**: Plummeted by 71.2% from £1,325 million in 2024 to £382 million in 2025. - **Operating Profit (Headline)**: Fell by 22.6% from £1,707 million in 2024 to £1,321 million in 2025. - **Adjusted Net Debt**: Increased by 24.4% from £1,742 million in 2024 to £2,167 million in 2025. - **Average Adjusted Net Debt**: Slightly decreased by 2.9% from £3,506 million in 2024 to £3,404 million in 2025. This table provides a clear year-on-year comparison of key financial metrics and debt for WPP PLC.
Open Terminal Source RNS
93TH
93TH 93TH
06:01
Market

Issue of Debt

Open Terminal Source RNS
93TH
93TH 93TH
06:01
Market

Issue of Debt

Open Terminal Source RNS
SJ07
SJ07 SJ07
06:01
Market

Notice to Noteholders - Delisting Notice

Open Terminal Source RNS
OXIG
OXIG Oxford Instruments PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
BRGE
BRGE BlackRock Greater Europe In…
06:01
Market

Total Voting Rights

Open Terminal Source RNS
CGNR
CGNR Conroy Gold & Natural Resou…
06:01
Market

Company Update

Open Terminal Source RNS
CMRS
CMRS Caerus Mineral Resources PLC
06:01
Market

Mining Licence

Open Terminal Source RNS
MOON
MOON Moonpig Group PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
OSB
OSB OneSavings Bank PLC
06:01
Market

OSB GROUP PLC - Transaction in Own Shares

Open Terminal Source RNS
FSG
FSG Foresight Group Holdings Li…
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
NBPE
NBPE NB Private Equity Partners …
06:01
Market

NBPE Announces Transaction in Own Shares

Open Terminal Source RNS
ETL
ETL Eutelsat Group
06:01
Market

Eutelsat Communications S.A. Announces the Success of Its Offering of €1,500 Million Senior Notes

**Summary:** Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed…

**Summary**
Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed by Eutelsat S.A. and OneWeb Holdings Limited, are expected to be issued on March 5, 2026, pending customary conditions. The proceeds will be used to redeem existing debt (including €600 million 2.25% notes due 2027 and €600 million 9.750% notes due 2029), repay a term loan and revolving credit facility, cover transaction fees, and fund cash reserves. The offering is restricted to non-U.S. persons and qualified institutional buyers, with no public offering in the U.S. or to retail investors in the EEA or UK. The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update unless required by law.
Offers
Open Terminal Source RNS
ICGT
ICGT ICG Enterprise Trust PLC
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
FSG
FSG Foresight Group Holdings Li…
06:01
Market

Director Declaration

Open Terminal Source RNS
YNGN
YNGN Young & Co.s Brewery P.L.C
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS
PSH
PSH Pershing Square Holdings Ltd
06:01
Market

Transaction in Own Shares

Open Terminal Source RNS

Digested News

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

FCM logo
Latest RNS 16:38
FCM

Holding(s) in Company

First Class Metals PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Darren Andrew Rowlands', 'reached', 'Position of previous']
RMMC logo
Latest RNS 15:42
RMMC

Holding(s) in Company

River and Mercantile UK Micro Cap Investment Company Ltd

TR1 Buy
['JPMorgan Chase & Co.', '0.000000', '0.139249']
FWT logo
Latest RNS 15:01
FWT

Issue of Equity

Foresight Solar & Techn VCT PLC Foresight Williams Tech Shares

SEC logo
Latest RNS 14:50
SEC

Holding(s) in Company

Strategic Equity Capital Closed Fund

TR1 Buy
['City of London Investment Management Company Limited', '15.020000', '14.100000']
CAV logo
Latest RNS 14:39
CAV

Holding(s) in Company

Cavendish plc

TR1 Buy
['Singer Capital Markets Securities Limited', '3.470000', 0]
IPF logo
Latest RNS 14:26
IPF

Form 8.3

International Personal Finance PLC

GSF logo
Latest RNS 13:49
GSF

Holding(s) in Company

Gore Street Energy Storage Fund Plc

TR1 Buy
['Jefferies Financial Group Inc', '1.573000', '0.143000']
IPF logo
Latest RNS 12:47
IPF

Form 8.3

International Personal Finance PLC

SDR logo
Latest RNS 11:58
SDR

Holding(s) in Company

Schroders PLC

TR1 Buy
['SILCHESTER INTERNATIONAL INVESTORS LLP', '4.000000', '5.010000']
IPF logo
Latest RNS 11:57
IPF

Form 8.3

International Personal Finance PLC

IPF logo
Latest RNS 11:16
IPF

Form 8.3

International Personal Finance PLC

BRGE logo
Latest RNS 10:52
BRGE

Portfolio Update

BlackRock Greater Europe Investment Trust plc

**SummaryBlackRock Greater Europe Investment Trust PLC Portfolio Update (as of 31 January 2026)**
**Performance Highlights**
**Net Asset Value (NAV)** +0.9% (1 month), -1.2% (3 months), -2.8% (1 year), +19.0% (3 years), +779.4% (since launch in 2004).
**Share Price:** +0.9% (1 month)-1.3% (1 year)+19.8% (3 years)+744.8% (since launch).
**Benchmark (FTSE World Europe ex UK)** +2.6% (1 month), +21.3% (1 year), +46.6% (3 years), +596.9% (since launch).
**Discount to NAV** 5.3% (including income).
**Net Gearing** 2.3%.
**Net Yield** 1.2%.
**Total Assets** £573.1 million.
**Sector Allocation**
Top sectors include Industrials (40.9%), Financials (18.9%), Technology (17.6%), and Consumer Discretionary (13.8%).
**Country Exposure**
Largest exposures are France (22.5%)Netherlands (18.9%)Switzerland (14.8%)and Germany (6.9%).
**Top 10 Holdings**
Led by Safran (6.9%), ASML (6.2%), Compagnie Financiere Richemont (4.5%), and Schneider Electric (4.4%).
**Market Commentary**
**AI Impact** Momentum trades continued, with AI disruption affecting software, payments, and information services. The portfolio reduced exposure to AI-vulnerable sectors, favoring semiconductors and European defense.
**Macro Outlook** Strong global growth in Q4’25, particularly in the US (+4.4% GDP) and Europe (Germany, Spain, France). Geopolitical risks (e.g., Venezuela, Iran, Greenland) remain a wildcard.
**Portfolio Adjustments** Reduced holdings in AI-loser companies like Adyen, RELX, SAP, and Nemetschek due to market volatility. Increased exposure to semiconductor companies (e.g., BE Semiconductor, ASML) and European defense (Kongsberg, Thales).
**Notable Performers** BE Semiconductor (+43% QoQ order growth) and Belimo (+26% organic sales growth in H2’25) were top contributors.
**Outlook**
The global economy remains robust, with sovereign debt markets as the primary imbalance. Europe’s fiscal spending and healthy consumer balance sheets are expected to boost growth. The portfolio focuses on companies with predictable business models, high returns on capital, and strong cash flow reinvestment opportunities.
**Key Metrics**
Ongoing charges0.95%.
Ordinary shares in issue: 92661158 (excluding treasury shares).
For more details, visit [www.blackrock.com/uk/brge](http://www.blackrock.com/uk/brge).
Below is the HTML table code comparing the financials and debt (net gearing) year-on-year based on the provided text. Since the data is for a single year (2026), I’ve included the available metrics for comparison.
Metric20252026
Net Asset Value (undiluted) - One Year PerformanceN/A-2.8%
Share Price - One Year PerformanceN/A-1.3%
Net Asset Value (capital only)N/A616.62p
Net Asset Value (including income)N/A618.47p
Share PriceN/A586.00p
Discount to NAV (including income)N/A5.3%
Net GearingN/A2.3%
Net YieldBased on interim dividend of 1.75p and final dividend of 5.40p for 20251.2%
Total Assets (including income)N/A£573.1m
Ordinary Shares in IssueN/A92,661,158
Ongoing Charges0.95%0.95%
### Notes: 1. **Year-on-Year Comparison**: Since the data provided is primarily for 2026, the 2025 column includes limited information (e.g., ongoing charges and net yield basis). 2. **Net Yield**: The 2025 value is based on the dividend information provided, while the 2026 value is explicitly stated. 3. **Debt**: Net gearing is the closest metric to debt mentioned in the text, with 2.3% for 2026. This table summarizes the available financial and debt-related metrics for comparison.
NEXS logo
Latest RNS 10:42
NEXS

Director Dealing

Nexus Infrastructure plc

Following this share <mark style="background-color:yellow">purchase</mark>, Charles Sweeneys total shareholding in the Company is 55,619 Ordinary Shares, representing approximately 0.62% per cent of Nexus total voting rights.
WIZZ logo
Latest RNS 08:53
WIZZ

Wizz Air Omnibus Plan award grants

Wizz Air Holdings PLC

**Summary**
On February 26, 2026, Wizz Air Holdings Plc announced the granting of awards under its Omnibus Share Plan to Nora Viktoria Rabe, the Corporate and ESG Officer, who is a Person Discharging Managerial Responsibilities (PDMR). The awards, approved by the Remuneration Committee on January 27, 2026, consist of options over 25,139 ordinary shares in the company. The grant is divided into two parts
**Performance Award (40%)** 10,056 options subject to Total Relative Shareholder Return (TSR) performance conditions over a three-year period starting in the 2026 financial year. Vesting ranges from 25% at median TSR to full vesting at the upper quartile.
**Restricted Stock Award (60%)** 15,083 options that vest on specific dates, provided the PDMR remains employed with the company.
The options must be exercised within ten years of the grant date, with underlying shares issued at nil cost. No payment was made by the PDMR for these options. Wizz Air, recognized for its sustainability efforts, operates a fleet of 260 Airbus aircraft and serves millions of passengers annually, with a focus on low fares and superior service.
**Key Points**
**Recipient** Nora Viktoria Rabe (Corporate and ESG Officer)
**Total Options Granted:** 25139 ordinary shares
**Performance Award:** 10056 options (TSR-based vesting)
**Restricted Stock Award:** 15083 options (time-based vesting)
**Exercise Period** 10 years from grant date
**Cost to PDMR** Nil
**Company Highlights** Sustainable airline with 260 aircraft, 63.4 million passengers in 2025, and multiple sustainability awards.
Awards
GSF logo
Latest RNS 08:16
GSF

Holding(s) in Company

Gore Street Energy Storage Fund Plc

TR1 Buy
['Saba Capital Management, L.P.', '0.006662', '0.002350']
CHSS logo
Latest RNS 08:11
CHSS

Subscription Agreement

World Chess PLC

**Summary**
World Chess Plc (LSECHSS), the London-listed chess company and official commercial partner of FIDE, announced a binding subscription agreement with two existing shareholders, raising approximately £1,154,941. The company will issue 175,915,198 new ordinary shares at £0.00656533 per share, subject to shareholder approval at a general meeting on March 18, 2026. If approval is not obtained, the number of shares issued will be reduced to 127,605,998. The transaction also extends the fulfillment period for warrant conditions from December 31, 2026, to December 31, 2028. CEO Ilya Merenzon highlighted that the new capital will fund the companys growth phase, supported by the continued commitment of existing shareholders. The announcement was classified as inside information under UK market regulations. World Chess is known for organizing major FIDE events, developing chess-related content, and operating the FIDE-rated gaming platform worldchess.com.
Agreement
OTES logo
Latest RNS 07:27
OTES

Q4 2025-FY 2025 Financial Results

HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.

**Summary of OTE Groups Q4 2025 and Full-Year 2025 Financial Results**
**Key Highlights**
**Revenue Growth** Total revenues increased by **8.7%** in Q4 2025 and **3.9%** for the full year, driven by strong performance in mobile, fixed retail, and ICT services.
**Mobile Service Revenues** Accelerated by **5.2%** in Q4, with a record **60,000 post-paid additions**.
**Fixed Retail Service Revenues** Grew by **2.6%** in Q4, maintaining upward momentum.
**FTTH Expansion** Fiber-to-the-Home (FTTH) connections surged to **567,000**, with **58,000 new additions** in Q4. FTTH rollout is on target, covering **2.1 million homes**, with plans to reach **3.5 million by 2030**.
**Shareholder Remuneration** Total payout of **€532 million**, including a **22% increase** in proposed dividend per share to **€0.8777** and a **€177 million share buyback program**.
**EBITDA Guidance** Raised to **~3%** for 2026, reflecting strong operational and financial performance.
**Financial Performance**
**Adjusted EBITDA (AL)** Increased by **2.3%** in Q4 to **€351.1 million**, with a full-year growth of **2.0%** to **€1,373.5 million**.
**Profit to Owners of the Parent** Declined by **3.6%** in Q4 to **€148.4 million** but grew by **17.8%** for the full year to **€726.0 million**.
**Free Cash Flow (AL)** Rose by **15.7%** in Q4 to **€168.3 million**, with full-year FCF at **€542.8 million**.
**Net Debt** Reduced by **14.0%** to **€553.3 million** as of December 31, 2025.
**Operational Highlights**
**FTTH Adoption** FTTH customers reached **567,000**, accounting for **24%** of the broadband base, up from **17%** a year earlier.
**Mobile Performance** Postpaid subscriber base grew by **7.2%** to **3.1 million**, with prepaid customers declining slightly to **57%** of the total mobile base.
**TV Subscribers** Increased by **7.1%** to **777,000**, supported by enriched sports content and anti-piracy measures.
**Outlook for 2026**
**Fixed Services** Continued growth expected, driven by FTTH adoption, FWA momentum, and fiber expansion.
**Mobile Services** Solid growth anticipated with 5G Stand-Alone coverage expansion and strong postpaid momentum.
**ICT Sector** System solutions revenues expected to remain robust, with EU-financed projects gradually winding down.
**Wholesale** Anticipated decline in international near-zero-margin segment, offset by domestic growth.
**EBITDA Growth** Projected to accelerate to **~3%** in 2026.
**Shareholder Remuneration Policy**
New policy links remuneration to actual Free Cash Flow (FCF) performance, enhancing transparency and flexibility.
For 2026, proposed remuneration of **€532 million**, including **€355 million** in dividends and **€177 million** in share buybacks.
**Significant Events**
**TERNA FIBER Acquisition** OTE acquired 100% of TERNA FIBER S.A. (renamed UltrafastOTE 2) to implement the Ultra-Fast Broadband project, covering **480,000 households** in semi-urban and rural areas.
**Mobile Infrastructure Spin-off** Completed spin-off of passive mobile infrastructure into COSMOTE TELEKOM TOWERS (CTT), transferring **3,800 mobile towers**.
**Telekom Romania Mobile Disposal** Successfully completed disposal for **€70 million**, with net consideration of **€40 million** distributed as an extraordinary dividend.
**Sustainability**
Achieved greenhouse gas neutrality in own operations (scopes 1 & 2) through renewable energy and carbon removal projects.
Social initiatives reached **1.1 million beneficiaries**, promoting digital inclusion.
**Conclusion**
OTE Group demonstrated robust financial and operational performance in 2025, driven by strategic investments in FTTH, 5G, and ICT solutions. The company remains committed to its 2030 vision, focusing on digital transformation, Gigabit network innovation, and sustainable growth while enhancing shareholder returns.
Here’s an HTML table comparing the year-on-year financials and debt for OTE Group based on the provided text:
MetricQ4'25 (€mn)Q4'24 (€mn)y-o-y Change12M'25 (€mn)12M'24 (€mn)y-o-y Change
Revenues916.3843.1+8.7%3,464.33,334.0+3.9%
Adjusted EBITDA (AL)351.1343.1+2.3%1,373.51,346.2+2.0%
EBIT217.6205.3+6.0%821.0784.8+4.6%
Profit to Owners of the Parent148.4154.0-3.6%726.0616.5+17.8%
Capex174.5158.4+10.2%611.6562.5+8.7%
Free Cash Flow (AL)168.3145.4+15.7%542.8522.5+3.9%
Net Debt553.3643.4-14.0%553.3643.4-14.0%
### Key Observations: 1. **Revenue Growth**: Revenues increased by 8.7% in Q4'25 compared to Q4'24, and by 3.9% for the full year 2025. 2. **EBITDA Improvement**: Adjusted EBITDA (AL) grew by 2.3% in Q4'25 and 2.0% for the full year, with guidance for 2026 raised to ~3%. 3. **Profitability**: Profit to owners of the parent decreased slightly in Q4'25 (-3.6%) but increased significantly for the full year (+17.8%). 4. **Capex Increase**: Capital expenditure increased by 10.2% in Q4'25 and 8.7% for the full year, driven by FTTH and 5G investments. 5. **Debt Reduction**: Net debt decreased by 14.0% both in Q4'25 and for the full year 2025, reflecting improved financial health. This table provides a clear comparison of key financial metrics and debt levels year-on-year for OTE Group.
HIK logo
Latest RNS 06:06
HIK

Launch of Buyback Programme

Hikma Pharmaceuticals PLC

**Summary**
Hikma Pharmaceuticals PLC announced the launch of a **US $250 million share buyback programme** on February 26, 2026, to be executed throughout the year. The programme reflects the companys strong cash generation, robust balance sheet, and confidence in future growth. It is structured in two equal tranches of **US $125 million each**, managed by Citigroup Global Markets Limited and J.P. Morgan Securities plc, respectively. The first tranche begins immediately and ends by June 9, 2026, while the second tranche starts upon completion of the first and concludes by September 23, 2026. The buyback aims to reduce share capital while maintaining balance sheet efficiency and allowing for continued investment opportunities. Purchases will comply with regulatory requirements, including the Market Abuse Regulation and UK Listing Rule 9, and will be announced daily. Shareholder approval for the programme’s continuation post-2026 Annual General Meeting is required. All repurchased shares will be cancelled or held in treasury.
Launch
PIN logo
Latest RNS 06:02
PIN

Half-year Financial Report

Pantheon International PLC

**Summary of Pantheon International PLC Half-Year Financial Report (February 2026)**
**Overview**
Pantheon International PLC (PIN), a FTSE 250 investment trust, released its Half-Year Report for the six months ended 30 November 2025. The report highlights PINs performance, strategic initiatives, and financial position, emphasizing its focus on improving shareholder value and reducing the discount to net asset value (NAV).
**Key Financial Highlights**
**NAV Growth**NAV increased by 4.9% during the period, driven by modest valuation gains (2.8%), favorable currency movements (2.2%), and share buybacks (1.0%). Expenses and taxes offset these gains by 1.1%.
**Share Price Performance**The share price rose by 26.7%, outperforming the MSCI World (10.0%) and FTSE All-Share (14.9%) indices.
**Discount Narrowing**The discount to NAV narrowed from 40% in May 2025 to 28% in November 2025, reflecting the Boards efforts to address the discount.
**Cash Flow**PIN generated net portfolio cash flow of £83.1m, an 85% increase from the previous period, with a distribution rate improving to 15%.
**Strategic Initiatives**
1. **Refocused Investment Strategy**PIN is concentrating on c.25 core private equity managers, down from approximately 90, to enhance performance and alignment.
2. **Cost Reduction**A new management fee structure will reduce fees by 19% (or £5.3m) from 1 June 2026, calculated at a flat 1% of NAV with no fees on undrawn commitments.
3. **Active Asset Sales**PIN plans to leverage the growing secondary market to sell assets, enhancing liquidity and shareholder returns.
4. **Capital Allocation**A £60m Distribution Pool has been established to return capital to shareholders through share buybacks or distributions, increasing by 20% of monthly gross distributions.
5. **Balance Sheet Management**PIN extended its £400m credit facility to October 2029 with improved terms, maintaining a prudent net debt position of 9.3% of NAV.
6. **Portfolio Insights**Enhanced analytics are being used to provide greater transparency into portfolio performance, aiding investor understanding.
**Market Context**
**Technology Sector**PINs largest sector, technology, faced volatility due to AI-related concerns. However, PINs managers view AI as an opportunity to expand markets and enhance operational capabilities.
**Private Equity Valuations**Private equity multiples have remained more stable than public equity multiples, which have seen significant increases.
**Leadership and Governance**
**Board Changes**Tony Morgan became Chair in January 2026, focusing on performance improvement and shareholder engagement.
**Management Transition**Charlotte Morris, Partner at Pantheon, seamlessly took over as Lead Manager of PIN.
**Outlook**
PIN remains confident in the long-term attractiveness of private equity, supported by substantial dry powder and improving exit activity. The company is well-positioned for a market rebound, with a diversified, cash-generative portfolio and a clear strategic plan to enhance NAV and reduce the discount.
**Conclusion**
PINs half-year results reflect progress in addressing performance challenges and aligning with shareholder interests. Strategic initiatives, including cost reduction, active asset sales, and improved capital allocation, are expected to drive long-term value creation. The company remains committed to its investment trust structure, offering accessible and diversified private equity exposure to investors.
Here is a comparison of the financials and debt year on year presented as an HTML table:
Metric30 Nov 202530 Nov 202431 May 2025Change (YoY)Change (Half-Year)
Net Asset Value (NAV)£2,265.1m£2,315.7m£2,223.0m-2.2%1.9%
NAV per Share520.82p501.64p496.45p3.8%4.9%
Share Price375.0p296.0p296.0p26.7%26.7%
Net Debt£208.6m£210.3m£188.9m-0.8%10.4%
Net Debt to NAV9.3%9.1%8.7%0.2pp0.6pp
Undrawn Coverage Ratio87%85%85%2pp2pp
Net Portfolio Cash Flow£83.1m£45.0m£73.3m (FY)84.7%84.7%
Distribution Rate15%12%12% (FY)3pp3pp
Call Rate27%20%20% (FY)7pp7pp
**Notes:** - **YoY (Year on Year):** Compares 30 Nov 2025 to 30 Nov 2024. - **Half-Year:** Compares 30 Nov 2025 to 31 May 2025. - **pp:** Percentage points. - **FY:** Full Year (31 May 2025). This table provides a concise comparison of key financial and debt metrics, highlighting year-on-year and half-year changes.
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Latest RNS 06:01
LSEG

Commencement of Share Buyback Programme

London Stock Exchange Group PLC

**Summary**
London Stock Exchange Group plc (LSEG) announced the commencement of a share buyback programme on February 26, 2026, following the release of its preliminary results for the financial year ended December 31, 2025. The programme, valued at up to £750 million, aims to reduce the companys share capital by repurchasing ordinary shares of 679/86 pence each.
LSEG has engaged Morgan Stanley & Co. International Plc to execute the buyback as a riskless principal, operating within pre-set parameters. Purchases will begin immediately and conclude by May 29, 2026, with transactions conducted on the London Stock Exchange and/or Turquoise Equities Trading. Shares acquired by Morgan Stanley will be resold to LSEG and subsequently cancelled.
The buyback operates under the authority granted by shareholders at the 2025 Annual General Meeting, allowing the repurchase of up to 28,112,224 shares. The programme complies with UK Listing Rules and relevant EU regulations, as retained in UK law post-Brexit. LSEG will provide regulatory updates on share purchases as they occur. The initiative underscores the companys strategy to manage its capital structure effectively.
BuyBack
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Latest RNS 06:01
MWE

MTI Launches New Interactive Investor Hub

M.T.I Wireless Edge Ltd

**Summary**
MTI Wireless Edge Ltd. (AIMMWE) announced the launch of its new **Interactive Investor Hub**, a centralized platform designed to enhance communication and engagement with existing and prospective shareholders. The hub consolidates all MTI content, including regulatory announcements, reports, presentations, and investment research, into a single, user-friendly interface. It also features an interactive portal allowing stakeholders to ask questions and receive timely responses from MTI’s management team.
MTI’s CEO, Moni Borovitz, emphasized the company’s commitment to transparency, clear communication, and sustainable growth, highlighting the Investor Hub as a tool to strengthen these values. The platform aims to provide investors with direct access to company updates, insights, and leadership engagement.
MTI, headquartered in Israel, operates across three core divisions: **Antenna Solutions**, **Water Control & Management** (via subsidiary Mottech Water Solutions), and **Distribution & Professional Consulting Services** (via subsidiary MTI Summit Electronics). The company focuses on delivering innovative communication and radio frequency solutions for both commercial and military applications.
The announcement was distributed via **Reach**, a non-regulatory investor communication service, and further details are available on MTI’s investor website.
Launch
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Latest RNS 06:01
EAH

EU launch plans for ECOVAXXIN® MS

Eco Animal Health Group Plc

**Summary**
ECO Animal Health Group PLC, a global animal health company, has announced its detailed commercialization strategy for ECOVAXXIN® MS, a poultry vaccine against Mycoplasma synoviae, following the European Commissions marketing authorization in December 2025. The vaccine aims to immunize layer and breeder chickens, reducing economic losses caused by infections, including air-sac and foot-pad lesions and decreased egg production.
The company plans a phased launch across key European territories in 2026 and 2027, leveraging its existing commercial network and strategic distribution partnerships covering over 220 million layer birds annually in the EUs top seven poultry markets. A pre-launch phase includes distributor training, technical assessments, and marketing activities, culminating in an official launch event in Madrid, Spain, from June 30 to July 1, 2026, followed by regional events.
ECOVAXXIN® MS is expected to be immediately margin accretive, with a material contribution to EBITDA anticipated in the 2027/2028 financial year. The launch positions ECO as a comprehensive Mycoplasma solutions provider, complementing its lead product Aivlosin®. The company’s CEO, David Hallas, and Chief Commercial Officer, Andrew Buglass, emphasized the strategic importance of this launch, highlighting the vaccine’s differentiated value and the readiness of the commercial network for successful market entry.
Launch
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Latest RNS 06:01
FDEV

Launch of on-market Share Buyback Programme

Frontier Developments Plc

**Summary**
Frontier Developments plc, a leading UK-based video game developer and publisher, announced the launch of an on-market share buyback programme on February 26, 2026. The programme aims to repurchase up to 1,429,327 ordinary shares, with a maximum expenditure of £8 million, or until June 27, 2026, whichever occurs first. This initiative follows a previous £10 million buyback completed in October 2025 and reflects the company’s strong financial position, confidence in its creative management simulation (CMS) game strategy, and commitment to enhancing shareholder returns.
Peel Hunt LLP has been appointed to execute the buyback, acting independently to determine purchase timing and pricing. David Braben, President and Founder, intends to sell a portion of his shares to maintain his current ownership percentage. The company will disclose all share purchases promptly and emphasizes that the buyback’s full implementation is not guaranteed. Frontier Developments remains focused on sustainable growth through its CMS franchises and proprietary technology.
Launch
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Latest RNS 06:01
RNEW

Notice of GM

Ecofin U.S. Renewables Infrastructure Trust PLC USD

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Latest RNS 06:01
BIG

Holding(s) in Company

Big Technologies PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Neudi & C:o AB', '31 066 900', 0]
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Latest RNS 06:01
ELSA

2025 Preliminary Results

Electrica SA

**Summary of Societatea Energetica Electrica SAs 2025 Preliminary Results**
Societatea Energetica Electrica SA (Electrica Group) reported record-breaking financial results for 2025, driven by operational efficiency, strategic market adjustments, and robust investment management. Key highlights include
1. **Record Financial Performance**
**Net Profit**RON 1,218.9 million, a 159.2% increase from 2024 (RON 470.2 million).
**EBITDA**: RON 2383.3 millionup 64.5% from 2024 (RON 1449.0 million).
**Operating Revenue**: RON 12165.3 milliona 12.9% rise from 2024 (RON 10772.8 million).
2. **Segment Contributions**
**Supply Segment**Revenues increased by RON 2,125.8 million (36.5%) to RON 7,944.6 million, primarily due to the removal of the electricity price cap scheme and market adjustments. EBITDA improved by RON 650.5 million to RON 572.4 million.
**Distribution Segment**Revenues grew by RON 500.1 million (10.6%) to RON 5,209.7 million, driven by tariff increases and higher electricity distribution volumes. EBITDA contribution was 78.8% of the Group’s total.
3. **Operational Highlights**
Distributed electricity volumes rose by 1.5% to 18.03 TWh, serving 4.011 million users across 40.8% of Romania’s area.
Renewable energy production increased by 65.86% to 16.69 GWh, supported by new photovoltaic parks.
Investments totaled RON 878.4 million, exceeding the planned commissioning program by 115%.
4. **Strategic Achievements**
Strengthened market position in a competitive environment, with Electrica Furnizare maintaining the second-largest market share (14.73%) in Romania’s electricity supply market.
Expanded renewable generation capacities and advanced energy storage projects, positioning the Group for sustainable growth.
5. **Restatement of 2024 and 2023 Financials**
Financial statements for 2024 and 2023 were restated to reflect reassessments of trade receivables and subsidies due to retroactive regulations (OUG 32/2024).
6. **CEO Statement**
Alexandru-Aurelian Chirita highlighted the Group’s structural performance shift, emphasizing operational efficiency, capital management, and investments in renewable energy and storage projects to support Romania’s energy security.
Electrica Group’s 2025 results underscore a new phase of sustainable growth, built on efficiency, stability, and strategic investments. Full details are available on the company’s website.
Below is the HTML table code comparing the financials and debt year-on-year for Societatea Energetica Electrica SA based on the provided text: < lang="en">Financial and Debt Comparison - Electrica SA

Financial and Debt Comparison - Electrica SA (2024 vs 2025)

Metric2024 (Restated)2025Δ (Change)Δ% (Change %)
Operating Revenue (RON mn)10,772.812,165.31,392.512.9%
Operating Profit (RON mn)852.71,782.5929.8109.0%
EBITDA (RON mn)1,449.02,383.3934.464.5%
Net Profit (RON mn)470.21,218.9748.6159.2%
CAPEX PIF (RON mn)810.2878.468.28.4%
Subsidy Revenues (RON mn)2,127.61,081.8(1,045.8)-49.2%
Distributed Electricity Volumes (TWh)17.7618.030.271.5%
Regulated Asset Base (RON bn)N/A8.6N/AN/A

Note: Debt information was not explicitly provided in the text, so it is not included in the table.

### Key Points: 1. **Revenue and Profit Growth**: Significant increases in operating revenue, operating profit, EBITDA, and net profit. 2. **CAPEX Increase**: A modest increase in commissioned investments (CAPEX PIF). 3. **Subsidy Reduction**: A substantial decrease in subsidy revenues due to the removal of the capping scheme. 4. **Operational Metrics**: Slight increase in distributed electricity volumes and a notable increase in the Regulated Asset Base. This table provides a clear year-on-year comparison of key financial and operational metrics for Electrica SA.
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Latest RNS 06:01
DRX

Annual Financial Report

Drax Group PLC

Drax Group PLC, a UK-based energy company, reported its full-year results for 2025, highlighting record levels of renewable energy generation and a strong financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Adjusted EBITDA**£947 million in 2025, down from £1,064 million in 2024, primarily due to lower achieved power prices.
**Net Debt**Reduced to £784 million from £992 million in 2024, with a Net debt to Adjusted EBITDA ratio of 0.8 times, significantly <mark style="background-color:yellow">below</mark> the target of around 2 times.
**Adjusted Basic EPS**: 137.7 pencecompared to 128.4 pence in 2024.
**Dividend per Share**Increased to 29.0 pence from 26.0 pence in 2024, marking the ninth consecutive year of dividend growth.
### **Operational Performance**
**Renewable Generation**Record levels achieved, contributing 6% of UK power and 11% of UK renewables.
**Pellet Production**Record levels produced, with a 5% increase compared to 2024.
**Biomass Generation**15.0TWh generated, up from 14.6TWh in 2024, supporting UK energy security.
### **Strategic Developments**
**Low Carbon Dispatchable CfD**Signed with the UK Government for Drax Power Station, providing increased visibility and supporting energy security.
**Battery Energy Storage Systems (BESS)**: Initial investments made, with commitments in 710MW of BESS developments.
**Flexitricity Acquisition**Acquired an optimization platform to support the development of the FlexGen portfolio.
**Data Centre Development**Exploring options for a 1.2GW-scale data centre at Drax Power Station, with a first phase of 100MW targeted for 2027.
### **Financial Outlook**
**2026 Adjusted EBITDA**Expected to be in line with analyst consensus estimates of £662 million.
**Post-2027 Adjusted EBITDA**Targeting £600-700 million per annum from Pellet Production, Biomass Generation, and FlexGen.
**Free Cash Flow**Targeting £3 billion from 2025-2031, with £0.5 billion delivered in 2025.
**Shareholder Returns**Over £1 billion to be returned through dividends and share buybacks, with a £450 million three-year buyback extension.
### **Sustainability**
**CDP and MSCI Ratings**Achieved A ratings for forestry and climate (CDP) and sustainability (MSCI).
**Sustainability Framework**Launched in 2025, aligning with TCFD, TNFD, and SBTi targets.
**Biomass Tracker Tool**Launched in 2026 to enhance transparency in biomass sourcing.
### **Challenges and Opportunities**
**Canadian Operations**Facing a more challenging outlook due to constrained fibre markets
strategic options are being reviewed.
**Energy Transition and AI Growth**Creating opportunities for investment in flexible and renewable energy, including BESS and data centres.
### **Leadership and Governance**
**CEO Comment**Will Gardiner emphasized the Group’s role in UK energy security and the strategic importance of the low carbon dispatchable CfD.
**Board Changes**Frank Lemmink appointed as CFO in September 2025, and Mark Clare joined as a Non-Executive Director in February 2026.
### **Conclusion**
Drax Group PLC demonstrated strong operational and financial performance in 2025, with a focus on renewable energy and strategic investments in flexible generation and storage. The company is well-positioned to capitalize on the energy transition and emerging opportunities in AI and data centres, while maintaining a commitment to sustainability and shareholder value.
Here is the HTML table code comparing the financials and debt year on year for Drax Group PLC:
Metric2025 (£ million)2024 (£ million)Change
Adjusted EBITDA9471,064(11%)
Net debt784992(21%)
Operating profit241850(72%)
Profit before tax190753(75%)
Adjusted basic EPS (pence)137.7128.47%
Dividend per share (pence)29.026.012%
Cash generated from operations1,0001,135(12%)
Capital expenditure202321(37%)
**Key Observations:** * **Adjusted EBITDA:** Decreased by 11% from £1,064 million in 2024 to £947 million in 2025, primarily due to lower achieved power prices. * **Net debt:** Significantly reduced by 21% from £992 million in 2024 to £784 million in 2025, indicating improved financial health. * **Operating profit and Profit before tax:** Both metrics experienced substantial declines, primarily due to non-cash impairment charges of £378 million in 2025. * **Adjusted basic EPS and Dividend per share:** Both increased, reflecting the company's focus on shareholder returns despite the decline in overall profitability. * **Cash generated from operations and Capital expenditure:** Both decreased, indicating a focus on cost control and potentially reduced investment in growth initiatives. This table provides a concise overview of Drax Group PLC's financial performance and debt position, highlighting key changes between 2024 and 2025.
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Latest RNS 06:01
AZN

AstraZeneca prices a $2bn bond offering

AstraZeneca PLC

**Summary**
AstraZeneca PLC, a global biopharmaceutical company, announced on February 26, 2026, the pricing of a $2 billion bond offering through its subsidiary, AstraZeneca Finance LLC. The offering, registered with the U.S. Securities and Exchange Commission (SEC), consists of three tranches of fixed-rate notes with maturities in 2031, 2033, and 2036, and coupons of 4.000%, 4.300%, and 4.600%, respectively. The proceeds will be used for general corporate purposes, potentially including refinancing existing debt. The transaction is expected to close on March 2, 2026, and does not impact AstraZenecas 2026 financial guidance. BofA Securities, Deutsche Bank Securities, HSBC Securities, and Mizuho Securities acted as joint book-running managers. The offering is made via a prospectus supplement and accompanying prospectus, available through the SECs EDGAR system or the listed underwriters.
Offers
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Latest RNS 06:01
DLN

Results for the Year Ended 31 December 2025

Derwent London PLC

Derwent London PLC, a leading London-based real estate investment trust (REIT), reported its final results for the year ended December 31, 2025, highlighting improving business momentum and a positive outlook. The company achieved new lettings of £11.3 million, 10% <mark style="background-color:yellow">above</mark> estimated rental value (ERV), and a record year of asset management activity.
Key financial highlights include
Gross rental income increased by 1.6% to £218.3 million.
EPRA earnings per share (EPS) decreased by 7.6% to 98.4p, primarily due to mid-year refinancing.
Total accounting return (TAR) increased to 5.0%.
Net asset value (NAV) per share rose by 2.4% to 3,225p.
Derwent Londons portfolio ERV guidance was increased to 4-7% for 2026, reflecting strong occupational dynamics and a shortage of new office space in London. The company is targeting £1 billion in disposals over the next three years to redeploy capital into accretive opportunities, with a focus on development projects and acquisitions.
The companys development pipeline includes several major projects, such as Holden House W1, Greencoat & Gordon House SW1, and 50 Baker Street W1, which are expected to deliver attractive returns. Derwent London also formed a strategic partnership with Related Argent to develop the Old Street Quarter EC1, a significant long-term regeneration opportunity.
In terms of financial performance, Derwent Londons total property return outperformed the MSCI Central London Office Quarterly Index by 69 basis points. The companys EPRA NTA per share increased by 2.4%, resulting in a TAR of 5.0%.
Looking ahead, Derwent London forecasts 25-30% growth in EPRA earnings per share by 2030, driven by project completions, rental growth, and disciplined capital allocation. The company aims to deliver a TAR of 7-10% per annum over the coming years, assuming stable investment yields.
**Summary**
Derwent London PLC reported strong financial results for 2025, with increasing rental income, improving total accounting return, and a robust development pipeline. The company is well-positioned to benefit from the strengthening London office market, with a focus on capital recycling, development, and strategic partnerships to drive future growth.
Here is the HTML table code comparing the financials and debt year on year for Derwent London PLC:
Metric20252024Change
Gross rental income (£m)218.3214.81.6%
EPRA EPS (p)98.4106.5(7.6%)
Dividend (p)81.580.51.2%
IFRS result before tax (£m)161.5116.039.2%
EPRA NTA per share (p)3,2253,1492.4%
Net debt (£m)1,4501,483(2.2%)
EPRA LTV (%)29.429.9(1.7%)
Net debt/EBITDA (x)9.09.3(3.2%)
Interest cover (x)3.13.9(20.5%)
**Notes:** * The table compares key financial metrics for Derwent London PLC between 2024 and 2025. * The metrics include gross rental income, EPRA EPS, dividend, IFRS result before tax, EPRA NTA per share, net debt, EPRA LTV, net debt/EBITDA, and interest cover. * The change column shows the percentage change between 2024 and 2025 for each metric. * The table is formatted with borders and headers for clarity.
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Latest RNS 06:01
HIK

Final Results, Share Buyback & Leadership Changes

Hikma Pharmaceuticals PLC

Hikma Pharmaceuticals PLC announced its final results for the year ended December 31, 2025, highlighting significant growth in revenue and profit, along with strategic leadership changes and a share buyback program. Here’s a summary of the key points
### **Financial Performance**
**Revenue Growth**Group revenue increased by 7% to $3,349 million (6% in constant currency), driven by strong performance in Branded and Hikma Rx businesses, and growth across all geographies (North America, MENA, and Europe).
**Profit Growth**Profit attributable to shareholders rose by 12% to $402 million, with core operating profit up 3% to $741 million.
**Margins**Resilient margins were maintained despite challenges in the Injectables business.
**Dividend and Share Buyback**A 5% increase in the total dividend to 84 cents per share and a $250 million share buyback program were announced, reflecting strong cash flow generation and confidence in future growth.
### **Business Segment Performance**
**Injectables**Core revenue grew by 7%, but core operating profit declined by 6% due to geographic and product mix challenges. Efforts are underway to address these issues.
**Branded**Revenue increased by 10%, with core operating profit up 19%, driven by strong performance in oncology and diabetes products.
**Hikma Rx**Revenue remained flat, but core operating profit increased by 5%, supported by complex products like generic Advair Diskus®.
### **Strategic Progress**
**Product Launches**Launched 84 products globally, including Tyzavan® in the US and the first biosimilar product, ustekinumab.
**Partnerships**Expanded partnership with Celltrion in MENA for six additional biosimilars.
**Geographic Growth**Double-digit growth in Europe Injectables and continued success in MENA with products like palbociclib and dapagliflozin.
### **Leadership Changes**
**Said Darwazah**Stepped down as Executive Chairman to focus exclusively on the CEO role.
**Victoria Hull**Appointed as Chair of the Board.
**Mazen Darwazah**Became Deputy CEO, MENA, overseeing all MENA activities.
**Khalid Nabilsi**Appointed Deputy CEO, North America and Europe, and stepped down as CFO.
**Areb Kurdi**Acting CFO while the search for a new CFO is ongoing.
**Hafrun Fridriksdottir**Expanded role to include management of Injectables commercial activities in the US.
### **2026 Outlook**
**Revenue Growth**Expected to be in the range of 2% to 4%.
**Core Operating Profit**Projected between $720 million and $770 million.
**Segmental Outlook**Injectables revenue to grow in low single digits with a margin of 27-28%
Branded revenue to grow 6-8% with a margin of around 25%
Hikma Rx revenue to remain flat with a margin close to 20%.
### **Balance Sheet and Ratings**
**Net Debt**Increased to $1,387 million, with a net debt to core EBITDA ratio of 1.6x.
**Credit Ratings**Upgraded to BBB by S&P and Fitch, with successful refinancing of a $500 million Eurobond.
### **Share Buyback**
A $250 million share buyback program was announced, reflecting strong cash generation and confidence in future growth prospects.
### **Conclusion**
Hikma Pharmaceuticals demonstrated robust financial performance in 2025, despite challenges in the Injectables business. Strategic leadership changes and a focus on sustainable profit growth position the company for continued success in 2026. The share buyback and increased dividend underscore the company’s financial strength and commitment to shareholder value.
Here’s an HTML table comparing the year-on-year financials and debt for Hikma Pharmaceuticals PLC based on the provided text:
Metric2024 ($ million)2025 ($ million)ChangeConstant Currency Change
Revenue3,1273,3497%6%
Operating Profit612542(11%)(12%)
Profit Attributable to Shareholders35940212%13%
Cashflow from Operating Activities564436(23%)-
Net Debt1,1181,38724%-
Leverage (Net Debt/Core EBITDA)1.4x1.6x--
### Key Highlights: 1. **Revenue Growth**: Revenue increased by 7% (6% in constant currency) from 2024 to 2025, driven by strong performance in Branded and Hikma Rx businesses. 2. **Operating Profit Decline**: Operating profit decreased by 11% (12% in constant currency) due to a legal settlement impact. 3. **Profit Attributable to Shareholders**: Increased by 12% (13% in constant currency) despite the decline in operating profit. 4. **Cashflow from Operating Activities**: Decreased by 23%, primarily due to $186 million in one-off legal settlements. 5. **Net Debt Increase**: Net debt increased by 24% to $1,387 million, with leverage rising from 1.4x to 1.6x. This table provides a concise comparison of key financial and debt metrics year-on-year for Hikma Pharmaceuticals PLC.
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Latest RNS 06:01
MACF

Annual Results 2025

Macfarlane Group PLC

Macfarlane Group PLC, a UK-based packaging company, reported its annual results for 2025, highlighting a challenging year with mixed financial performance. Here’s a summary of the key points
### **Financial Highlights**
**Revenue Growth**Group revenue increased by 11% to £300.8 million, driven by strong performance in Manufacturing Operations, particularly from the Polyformes acquisition.
**Profit Decline**Operating profit fell by 47% to £12.5 million, and profit before tax dropped by 61% to £8.05 million, primarily due to economic headwinds, increased operating costs, and the impact of the Pitreavie incident.
**Adjusted Metrics**Adjusted operating profit decreased by 28% to £19.7 million, and adjusted profit before tax fell by 38% to £15.57 million.
**Dividend**The Board maintained the final dividend at 2.70p per share, with a total dividend for 2025 of 3.66p per share.
### **Segment Performance**
**Packaging Distribution**Revenue grew marginally to £229.2 million, but adjusted operating profit declined significantly to £11.4 million due to weaker demand, competitive pressures, and increased costs.
**Manufacturing Operations**Revenue surged by 65% to £78.5 million, with adjusted operating profit rising to £8.3 million, driven by the Polyformes acquisition and strong demand in defense, space, and aerospace sectors.
**Pitreavie**Acquired in January 2025, Pitreavie underperformed due to a tragic incident at its facility, resulting in an adjusted operating loss of £0.2 million.
### **Cash Flow and Debt**
**Net Cash Inflow**Operating activities generated £24.8 million in cash, reflecting effective working capital management.
**Net Bank Debt**Increased to £16.2 million due to acquisitions, share buybacks, dividends, and capital expenditure.
**Bank Facility**The Group operates within a £40 million bank facility, extended to November 2028 with an option to extend further.
### **Pension Scheme**
A non-recurring charge of £1.9 million was accrued to address historic equalization of pensions, reducing the pension scheme surplus to £6.0 million.
### **Sustainability**
The Group reduced Scope 1 and 2 carbon emissions and is committed to electrifying its delivery fleet and expanding renewable energy use.
### **Outlook**
**Challenging Market**Management expects markets to remain challenging in 2026, with a focus on improving Packaging Distribution, recovering Pitreavie, and growing Manufacturing Operations.
**Key Priorities**Include new business development in industrial markets, operational efficiency, cost savings, and refining the sourcing model.
**Investment**£1.2 million investment in Pitreavie to restore full operational capacity by Q2 2026.
### **Risks and Uncertainties**
**Economic Environment**Uncertain economic conditions and weakened demand impact performance.
**Health and Safety**Elevated risk following the Pitreavie incident, with initiatives to strengthen safety culture.
**Supply Chain**Inflationary pressures and supply chain disruptions remain challenges.
### **Viability Statement**
The Board is confident in the Group’s ability to continue operations and meet liabilities, even under a severe but plausible downside scenario, supported by mitigating actions and a robust financial model.
### **Conclusion**
Macfarlane Group faced a difficult year in 2025, with revenue growth offset by profit declines due to external challenges and the Pitreavie incident. The Group remains focused on strategic priorities to improve performance and sustainability, with a cautious but optimistic outlook for 2026.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£000)2024 (£000)Change (£000)Change (%)
Revenue300,810270,43730,37311%
Gross Profit112,171105,3726,7996%
Operating Profit12,49523,597(11,102)(47%)
Profit Before Tax8,05020,896(12,846)(61%)
Profit for the Year6,31615,530(9,214)(59%)
Net Cash Inflow from Operating Activities24,78025,428(648)(3%)
Net Bank Debt16,1611,91814,243742%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 11% from £270.4 million in 2024 to £300.8 million in 2025. 2. **Profit Decline:** Operating profit, profit before tax, and profit for the year all declined significantly in 2025 compared to 2024, with profit for the year dropping by 59%. 3. **Cash Flow:** Net cash inflow from operating activities decreased slightly by 3%, but remained strong at £24.8 million. 4. **Debt Increase:** Net bank debt increased significantly from £1.9 million in 2024 to £16.2 million in 2025, primarily due to acquisitions, share buybacks, dividends, and capital expenditure. This table provides a clear comparison of key financial metrics and debt levels between 2024 and 2025 for Macfarlane Group PLC.
MTEC logo
Latest RNS 06:01
MTEC

Interim Results

Made Tech Group PLC

**Summary of Made Tech Group PLC Interim Results for H1 FY26 (Six Months Ended 30 November 2025)**
**Financial Performance**
**Revenue Growth**Revenue increased by 28% to £27.8 million (H1 FY25: £21.8 million), driven by strong organic growth and execution of the contracted backlog.
**Profitability**Adjusted EBITDA rose 35% to £2.4 million (H1 FY25: £1.8 million), with margins improving to 8.7% (H1 FY25: 8.2%). Statutory profit before tax surged 186% to £1.3 million (H1 FY25: £0.4 million).
**Cash Position**Net cash increased 30% to £11.9 million (H1 FY25: £9.1 million), with no debt, strengthening the balance sheet.
**Contracted Backlog**Decreased slightly to £74.4 million (H1 FY25: £80.8 million) due to timing of large contract awards in the prior year.
**Sales Bookings**Declined 68% to £13.4 million (H1 FY25: £42.0 million) due to a strong comparative period, but management expects momentum in Q4 FY26 and H1 FY27.
**Strategic Highlights**
**Client Delivery**Successfully delivered national programs and AI solutions, including secure patient record sharing, digital assessments for schools, and justice system digitisation.
**Market Opportunity**Leveraging increased UK Government procurement activity since Autumn 2025, with a focus on digital transformation and AI adoption.
**Software Division**Progress in developing scalable SaaS solutions for local government, with disciplined investment and exploration of targeted acquisitions.
**People**Reduced reliance on contractors (from 19% to 14% of billable workforce), improved employee retention (84% annualised rate), and launched an apprenticeship program.
**Outlook**
**Trading Ahead of Expectations**Management anticipates Adjusted EBITDA to exceed market consensus due to improved operational leverage, utilisation, and contractor mix.
**Pipeline Strength**Robust sales pipeline with bid conversions and late-stage opportunities indicating further momentum in H2 FY26 and FY27.
**M&A Exploration**Actively exploring acquisitions to extend digital capabilities and expand the addressable market.
**Management Changes**
**New CFO**Richard Swinyard appointed as Chief Financial Officer, effective 2 March 2026, bringing significant technology sector and M&A experience.
**CEO Commentary**
Rory MacDonald highlighted exceptional H1 performance, strong cash generation, and confidence in continued growth, supported by a robust pipeline and strategic focus on digital transformation and AI.
**Conclusion**
Made Tech Group PLC delivered strong H1 FY26 results, with revenue and profitability growth, a robust balance sheet, and strategic progress in digital and AI capabilities. The company is well-positioned to capitalize on UK public sector opportunities, with a positive outlook for H2 FY26 and beyond.
Here’s an HTML table comparing the financials and debt year on year for Made Tech Group PLC based on the provided text:
MetricH1 FY26H1 FY25ChangeFY25
Revenue£27.8m£21.8m+28%£46.4m
Gross Profit£8.7m£7.8m+12%£14.8m
Gross Profit Margin31.2%35.8%32.0%
Adjusted EBITDA£2.4m£1.8m+35%£3.5m
Adjusted EBITDA Margin8.7%8.2%7.5%
Statutory Profit before Tax£1.3m£0.4m+186%£2.0m
Adjusted Profit before Tax£1.9m£1.5m+31%£2.9m
Sales Bookings£13.4m£42.0m-68%£82.1m
Contracted Backlog£74.4m£80.8m-8%£92.2m
Net Cash£11.9m£9.1m+30%£10.4m
Debt£0m£0mN/A£0m
### Key Notes: - **Debt**: The company remains debt-free across all periods. - **Net Cash**: Increased by 30% from H1 FY25 to H1 FY26, reflecting strong cash generation. - **Revenue and Profitability**: Significant growth in revenue (+28%) and profitability metrics (e.g., Adjusted EBITDA +35%) year on year. - **Sales Bookings and Contracted Backlog**: Declined compared to H1 FY25 due to timing of large contract awards, but management remains optimistic about future bookings.
JUP logo
Latest RNS 06:01
JUP

Annual Financial Report

Jupiter Fund Management Plc

**Summary of Jupiter Fund Management PLCs Annual Financial Report (2025)**
**Overview**
Jupiter Fund Management PLC reported strong financial results for the year ended December 31, 2025, marked by significant growth in assets under management (AUM), positive net inflows, and improved profitability. The company highlighted material progress in its strategic objectives, including increased scale, reduced complexity, and enhanced client relationships.
**Key Financial Highlights**
**Underlying Profit Before Tax** Increased by 42% to £138.3 million (2024: £97.5 million), driven by performance fees of £120.3 million (2024: £31.2 million).
**Statutory Profit Before Tax** Rose to £131.9 million (2024: £88.3 million).
**Assets Under Management (AUM)** Grew by 19% to £54.0 billion (2024: £45.3 billion), supported by net inflows and market movements.
**Net Inflows** Recorded £1.3 billion (2024: net outflows of £10.3 billion), the first year of positive net inflows since 2017.
**Cost Management** Administrative expenses (before performance fees and exceptional items) decreased by 2% to £255.5 million (2024: £260.5 million).
**Strategic Achievements**
**Acquisitions** Completed the acquisition of CCLA Investment Management, adding £15 billion to AUM and expanding into the non-profit client segment. Also acquired Origin Asset Management.
**Cost Savings** Delivered cost savings ahead of schedule and reconfirmed synergy targets for the CCLA acquisition.
**Dividends and Share Buyback** Announced a final ordinary dividend of 2.3p per share, a special dividend of 5.7p per share, and a share buyback program of up to £30 million, representing a 50% distribution of 2025 performance fee revenue.
**Operational Performance**
**Net Revenue** Increased by 18% to £431.0 million (2024: £364.1 million), driven by higher performance fees.
**Investment Performance** 68% of mutual fund AUM outperformed their peer group over three years, with nearly half in the top quartile.
**Client Sentiment** Improved, leading to positive net inflows across both institutional and retail & wholesale channels.
**Outlook**
The company expressed confidence in its ability to achieve its medium-term target of a 70% cost:income ratio, supported by improved investment performance, strategic acquisitions, and disciplined cost management. Jupiter Fund Management PLC is well-positioned to benefit from potential shifts in client allocations and market conditions.
**Management Commentary**
Chief Executive Matthew Beesley emphasized the companys strong performance, strategic progress, and improved client sentiment. He highlighted the successful integration of acquisitions and the focus on cost discipline, positioning the company for continued growth and value creation.
**Conclusion**
Jupiter Fund Management PLCs 2025 results reflect robust financial and operational performance, strategic advancements, and a positive outlook. The companys focus on scale, cost efficiency, and client relationships has strengthened its position in the asset management industry.
Here is the HTML table code comparing the financials and debt year on year for Jupiter Fund Management PLC:
Metric2025 (£m)2024 (£m)% Change
AUM (£bn)54.045.319%
Net flows (£bn)1.3(10.3)N/A
Net revenue (£m)431.0364.118%
Statutory profit before tax (£m)131.988.349%
Basic earnings per share (EPS) (p)19.212.554%
Underlying profit before tax (£m)138.397.542%
Underlying EPS (p)19.413.445%
Total dividends per share (p)10.15.487%
Cost:income ratio82%78%N/A

Notes:

  • Debt information is not explicitly mentioned in the provided text, so it's not included in the table.
  • The % change for net flows is not applicable (N/A) due to the change from negative to positive values.
This table compares the key financials year on year, including AUM, net flows, net revenue, profit before tax, EPS, underlying profit, underlying EPS, total dividends per share, and cost:income ratio. Since debt information is not provided in the text, it's not included in the table.
CSSG logo
Latest RNS 06:01
CSSG

Half-year Financial Report

Croma Security Solutions Group Plc

**Summary of Croma Security Solutions Group PLC Half-Year Financial Report (H1 2026)**
**Overview**
Croma Security Solutions Group PLC (AIMCSSG), a UK-based security solutions provider, reported its unaudited interim results for the six months ended 31 December 2025. The period was marked by strategic investments, reorganisation, and acquisitions aimed at future growth, despite a planned reduction in profit.
**Key Financial Highlights**
**Revenue Growth**Revenue increased by 9% to £5.0 million (H1 2025: £4.6 million), driven by prior-year acquisitions, though partially offset by planned security centre refurbishments, branch consolidations, and customer caution ahead of the 2025 Autumn Budget.
**Profitability**EBITDA fell to £0.436 million (H1 2025: £0.572 million), and profit before tax dropped to £0.252 million (H1 2025: £0.456 million) due to higher costs from strategic investments and management hires.
**Cash Position**The company remains debt-free with cash reserves of £4.4 million (H1 2025: £4.2 million), plus an additional £0.85 million due from the Vigilant disposal by June 2026.
**Net Asset Value**Increased to 113p per share (H1 2025: 111p).
**Operational Performance**
**Portfolio Optimisation**Merged four security centres into two in Peterborough and Southampton, with refurbished locations.
**Acquisitions**Completed the acquisition of TLS Security Systems Limited in Taunton on 2 January 2026, expanding the security centre network to 17 locations.
**Digital Strategy**Reset Google Ads strategy and re-indexed online stock to improve online sales and profitability, though this temporarily reduced online sales.
**Management Strengthening**Invested in key hires across Operations, HR, Engineering, and Head Office to support scaling.
**Strategic Initiatives**
**Growth Focus**Emphasis on acquiring and integrating local locksmith businesses into modern security centres, with a pipeline of further acquisitions expected in H2 2026.
**Legislative Opportunities**Positioned to benefit from the Terrorism (Protection of Premises) Act 2025 (Martyns Law), offering integrated security and fire safety solutions.
**Freehold Properties**Strategic ownership of freehold properties for long-term control and flexibility, with recent refurbishments enhancing operational efficiency.
**Outlook**
**H2 2026**Positive trading performance expected, supported by a strong new business pipeline and improved customer sentiment post-Budget.
**Dividend**Plans to declare a single final progressive dividend with FY26 results.
**Confidence**The Board remains confident in meeting full-year targets, supported by the TLS acquisition and operational improvements.
**Conclusion**
Croma Security Solutions Group PLC’s H1 2026 results reflect a period of strategic investment and reorganisation, positioning the company for future growth. Despite short-term profit reductions, the company’s robust financial position, expanded network, and strong acquisition pipeline underscore its commitment to long-term expansion and shareholder value.
Below is an HTML table comparing the financials and debt year on year for Croma Security Solutions Group PLC based on the provided text:
MetricH1 2025 (£000s)H1 2024 (£000s)Change
Revenue4,9944,580+9%
EBITDA436572-24%
Profit Before Tax252456-45%
Earnings Per Share (pence)1.352.25-40%
Cash and Cash Equivalents4,3614,174+4%
Net Debt00No Change
Net Asset Value per Share (pence)113111+2%
### Key Points: 1. **Revenue**: Increased by 9% year on year, driven by acquisitions and organic growth. 2. **EBITDA and Profit Before Tax**: Decreased due to higher costs, primarily from planned investments in the business and key management hires. 3. **Earnings Per Share**: Declined by 40% due to reduced profitability. 4. **Cash Position**: Remained strong with no debt and a slight increase in cash and cash equivalents. 5. **Net Asset Value per Share**: Increased slightly, reflecting the company's robust financial position. This table provides a clear comparison of key financial metrics and debt position year on year for Croma Security Solutions Group PLC.
NEXS logo
Latest RNS 06:01
NEXS

Full Year Results

Nexus Infrastructure plc

Nexus Infrastructure PLC, a leading provider of essential infrastructure solutions, reported its full-year results for the year ended 30 September 2025. The company achieved double-digit revenue growth of 16%, reaching £65.9 million, despite ongoing challenges in the housing sector. This growth was accompanied by an improvement in gross margins to 15.6% and a 21% reduction in central costs.
Key financial highlights include
Revenue increased by 16% to £65.9 million.
Gross margin improved to 15.6%.
Central costs were reduced by 21%.
The order book grew significantly by 62% to £83.4 million.
Operating loss before exceptional items decreased to £1.1 million.
Cash and cash equivalents stood at £10.9 million.
A final dividend of 2.0 pence per share was recommended, bringing the total annual dividend to 3.0 pence.
Operationally, Nexuss subsidiary Tamdown secured £88.8 million in new work, contributing to a 62% increase in the order book. The acquisition of Coleman Construction & Utilities Limited in October 2024 marked a strategic step, broadening the groups presence in higher-margin sectors like water and rail infrastructure. Colemans integration was seamless, and it is expected to benefit from the AMP8 investment programme, which runs until 2030.
Looking ahead, Tamdown is well-positioned to capitalize on the anticipated recovery in the housebuilding sector, with a solid order book and new contract wins. Coleman is expected to see increased activity in the water sector as AMP8 progresses. The groups strong order book and improving market sentiment indicate positive prospects for the future.
In summary, Nexus Infrastructure PLC demonstrated resilience and strategic progress in FY25, achieving growth, improving margins, and strengthening its position in key infrastructure sectors, despite challenging market conditions. The company is well-prepared for future opportunities, particularly in the housing and water sectors.
Here is a comparison of the financials and debt year on year for Nexus Infrastructure PLC, presented as an HTML table:
MetricFY25 (£'000)FY24 (£'000)Change (%)
Revenue65,91056,71316%
Gross Profit10,2557,66434%
Operating Loss before Exceptional Items(1,080)(1,946)44% improvement
Cash and Cash Equivalents10,94212,801(14.5%)
Net Assets27,31929,982(9.0%)
Order Book83,40051,60062%
Trade and Other Receivables19,30421,836(11.6%)
Trade and Other Payables11,69013,568(13.8%)
Lease Liabilities11,51311,1693.1%
**Key Observations:** 1. **Revenue Growth:** Revenue increased by 16% from FY24 to FY25, driven by growth in the residential housebuilding sector and the acquisition of Coleman. 2. **Gross Profit Improvement:** Gross profit increased by 34%, primarily due to improved margins and the contribution from Coleman. 3. **Operating Loss Reduction:** The operating loss before exceptional items decreased by 44%, reflecting cost control measures and improved operational efficiency. 4. **Order Book Growth:** The order book grew significantly by 62%, providing a solid foundation for future revenue growth. 5. **Cash Position:** Cash and cash equivalents decreased by 14.5%, partly due to the acquisition of Coleman and dividend payments. 6. **Net Assets:** Net assets decreased by 9.0%, primarily due to the loss for the year and dividend payments. 7. **Debt Position:** Lease liabilities increased slightly by 3.1%, while trade and other payables decreased by 13.8%, indicating improved working capital management. This table provides a concise comparison of key financial metrics, highlighting areas of improvement and potential areas of concern.
VANQ logo
Latest RNS 06:01
VANQ

Results for the year ended 31 December 2025

Vanquis Banking Group PLC

**Summary of Vanquis Banking Group PLCs Final Results for the Year Ended 31 December 2025**
**Key Highlights**
**Return to Profitability** Vanquis Banking Group reported a statutory profit before tax of £8.3 million in 2025, compared to a loss of £138.0 million in 2024, marking a successful return to profitability.
**Strategic Growth** The Group achieved a 22% increase in gross customer interest-earning balances to £2,824 million, driven by strong performance in Second Charge Mortgages and renewed growth in Credit Cards.
**Cost Discipline** Operating costs were reduced by 33% to £265.5 million, with transformation savings of £28.8 million and lower complaint costs contributing significantly.
**Technology Transformation** The Gateway technology transformation is on track for completion in 2026, already improving decisioning, speed, and consistency, and set to enhance customer experience and operational efficiency.
**Capital Strength** The Group strengthened its capital position through a successful Additional Tier 1 (AT1) issuance, with the Common Equity Tier 1 (CET1) ratio at 16.5% at year-end.
**Risk Management** Cost of risk improved to 7.3% from 8.4% in 2024, reflecting enhanced underwriting and model performance, as well as a changing portfolio mix.
**Customer Focus** The Group continued to support underserved customers, helping them borrow responsibly and build financial resilience, with initiatives like the Vanquis Benefits Checker and Fair Finance program.
**Strategic Direction** The Group established a clear strategic framework focused on serving more customers responsibly and scaling profitably, aiming for sustainable growth and attractive returns.
**Financial Performance**
**Total Income** Increased by 2% to £454.9 million, with net interest income rising by 3% to £418.4 million.
**Impairment Charges** Decreased by 2% to £181.1 million, supported by improved credit quality and portfolio mix.
**Operating Costs** Reduced by 33% to £265.5 million, driven by transformation savings and lower complaint costs.
**Profit After Tax** Statutory profit after tax was £8.7 million, compared to a loss of £119.3 million in 2024.
**ROTE** Statutory Return on Tangible Equity (ROTE) improved to 2.3% from -32.1% in 2024.
**Segment Performance**
**Credit Cards** Balances increased by 19% to £1,518 million, with total income rising by 1% to £352.5 million. Profit before tax contribution increased by 27% to £38.2 million.
**Vehicle Finance** Balances decreased by 8% to £706 million due to proactive management of new business growth. Loss before tax contribution was £12.7 million, compared to £38.8 million in 2024.
**Second Charge Mortgages** Balances grew significantly to £599 million, with profit before tax contribution of £5.4 million.
**Outlook and Guidance**
**2026 Guidance** Gross customer interest-earning balances are expected to exceed £3.3 billion, with a Net Interest Margin (NIM) of around 15.5% and a Risk-Adjusted Margin (RAM) of over 9.5%.
**2027 Guidance** Gross customer interest-earning balances are projected to surpass £3.7 billion, with NIM at around 14.5% and RAM over 9.0%.
**ROTE Targets** Low double-digit ROTE in 2026 and mid-teens in 2027.
**Capital Management** The Group aims to maintain a CET1 ratio <mark style="background-color:yellow">above</mark> 14.5%, with a focus on capital deployment for growth and a reset of the capital allocation framework in 2026.
**Conclusion**
Vanquis Banking Groups 2025 results demonstrate significant progress in its strategic transformation, with a return to profitability, strengthened capital position, and improved operational efficiency. The Group is well-positioned for sustainable growth, supported by its technology investments, risk management practices, and focus on underserved customer segments. The outlook for 2026 and beyond is positive, with clear guidance on financial metrics and a commitment to delivering attractive returns for shareholders.
Here is a comparison of Vanquis Banking Group's financials and debt year on year, presented as an HTML table:
MetricFY2025 (£m)FY2024 (£m)YoY Change (£m)YoY Change (%)
Statutory profit before tax from continuing operations8.3(138.0)146.3N/A
Statutory profit after tax from continuing operations8.0(120.6)128.6N/A
Statutory profit after tax8.7(119.3)128.0N/A
Statutory profit attributable to shareholders8.2(119.3)127.5N/A
Gross customer interest-earning balances2,8242,30851622%
Net receivables2,6912,15553625%
Total assets3,9423,37556717%
Total liabilities3,4542,93452018%
Common Equity Tier 1 (CET1) capital ratio (%)16.518.8(2.3)(12%)
Liquidity Coverage Ratio (LCR) (%)306359(53)(15%)
Retail deposits (£m)2,9842,39958524%
Retail funding (% of all funding)89.785.64.15%
**Key Observations:** * **Return to Profitability:** Vanquis Banking Group returned to statutory profitability in FY2025, with a significant improvement in profit before tax from continuing operations, from a loss of £138.0m in FY2024 to a profit of £8.3m in FY2025. * **Balance Sheet Growth:** The Group experienced substantial growth in its balance sheet, with gross customer interest-earning balances increasing by 22% and total assets growing by 17%. * **Capital Position:** While the CET1 capital ratio decreased by 2.3 percentage points, it remains strong at 16.5%. The Group also optimized its capital structure through a successful Additional Tier 1 (AT1) issuance. * **Liquidity and Funding:** Liquidity remained robust, although the LCR decreased slightly. Retail deposits continued to be a significant source of funding, increasing by 24% and representing 89.7% of total funding. This table provides a concise overview of Vanquis Banking Group's financial performance and debt position, highlighting key areas of improvement and growth.
MCG logo
Latest RNS 06:01
MCG

Unaudited results for 12 months ended 31 Dec 2025

Mobico Group Plc

**Summary of Mobico Group PLCs Unaudited Results for the 12 Months Ended 31 December 2025**
Mobico Group PLC reported unaudited results for the 12 months ended 31 December 2025, highlighting a turnaround with building momentum. Key points include
**Financial Performance**
Group revenue grew by 6.2% to £2.76 billion, driven by double-digit growth in Alsa and continued growth in WeDriveU.
Adjusted operating profit increased by 9% to £198 million, exceeding guidance, primarily due to strong end-of-year trading in Spain and cost-saving initiatives.
Statutory operating profit was £21.9 million, impacted by one-off adjusting items.
Covenant gearing improved to 2.7x, supported by proceeds from the NASB disposal.
**Strategic Progress**
Alsa achieved record revenue growth, offsetting challenges in the UK and operational issues with the WMATA contract in WeDriveU.
The Simplify for Success cost programme is expected to deliver £100 million in annualised cost savings by the end of 2026.
An agreement in principle with German Rail PTAs is expected to deliver a sustainable business going forward.
UK Coach is largely integrated into Alsa, reducing overheads and improving competitiveness.
**Outlook**
The Group expects Adjusted Operating Profit for 2026 to be in the range of £195 million to £210 million.
Focus remains on cost reduction, strict Capex control, and asset monetisation to improve cash generation and de-leveraging.
**Key Initiatives**
Sale of NASB raised £273 million in de-leveraging proceeds.
Agreement with German PTAs de-risks the German rail business.
Key contract wins in 2025 totaled £84 million in annualised revenue, with total contract values exceeding £437 million.
**Divisional Performance**
**Alsa**Record revenue of £1.49 billion, driven by strong performance in Spain and international diversification.
**WeDriveU**Revenue grew by 4.7%, but operating profit was impacted by operational challenges in specific contracts.
**UK & Germany**Revenue declined by 2.1%, with UK Coach facing increased competition and Germany seeing a return to full service levels.
**Financial Position**
Strong liquidity with £0.9 billion in cash and undrawn committed facilities.
Net debt reduced to £1.076 billion, supported by disposals and cost-saving measures.
**Future Focus**
Continued emphasis on simplifying and strengthening the business, with a focus on cash flow generation and de-leveraging.
Strategic priorities include preparing for key contract retentions in Spain and further operational diversification.
Overall, Mobico Group PLC demonstrated resilience and strategic progress in 2025, positioning itself for further growth and improvement in 2026.
Here is a comparison of Mobico Group PLC's financials and debt year on year, presented as an HTML table:
Metric2024 (£m)2025 (£m)Change (£m)Change (%)
Group Revenue2,6002,7601606.2%
Adjusted Operating Profit181.1198.016.99.3%
Statutory Operating Profit34.021.9(12.1)(35.6%)
Free Cash Flow210.277.3(132.9)(63.2%)
Net Debt1,202.51,075.7(126.8)(10.5%)
Covenant Gearing2.8x2.7x--
**Key Observations:** * **Revenue Growth:** Mobico Group PLC experienced a 6.2% increase in Group Revenue from £2.60 billion in 2024 to £2.76 billion in 2025, primarily driven by strong performance in Alsa and WeDriveU. * **Adjusted Operating Profit Improvement:** Adjusted Operating Profit increased by 9.3% from £181.1 million in 2024 to £198.0 million in 2025, attributed to strong trading in Alsa and cost-saving initiatives. * **Statutory Operating Profit Decline:** Statutory Operating Profit decreased by 35.6% from £34.0 million in 2024 to £21.9 million in 2025, impacted by one-off adjusting items. * **Free Cash Flow Decrease:** Free Cash Flow significantly declined by 63.2% from £210.2 million in 2024 to £77.3 million in 2025, mainly due to the decrease in operating cash flow and higher growth capital expenditure. * **Net Debt Reduction:** Net Debt decreased by 10.5% from £1,202.5 million in 2024 to £1,075.7 million in 2025, aided by proceeds from the disposal of the North America School Bus business. * **Covenant Gearing Improvement:** Covenant Gearing improved slightly from 2.8x in 2024 to 2.7x in 2025, indicating a stronger financial position.
CVSG logo
Latest RNS 06:01
CVSG

Interim Results

CVS Group Plc

**Summary of CVS Group plc Interim Results for H1 2026**
**Financial Highlights**
**Revenue Growth** Revenue from continuing operations increased by 5.8% to £356.9 million (H1 2025: £337.3 million), driven by organic growth and acquisitions.
**Like-for-Like Sales** Group like-for-like sales grew by 2.7%, despite softer market conditions in the UK.
**Adjusted EBITDA** Increased by 3.9% to £67.7 million (H1 2025: £65.1 million), with margins at 19.0%, in line with medium-term targets.
**Profit Before Tax** Decreased by 4.4% to £15.2 million (H1 2025: £15.9 million), impacted by non-cash depreciation, business combination costs, and exceptional costs.
**Cash Conversion** Adjusted operating cash conversion improved to 75.0% (H1 2025: 71.7%).
**Leverage** Increased to 1.41x (FY 2025: 1.18x) due to acquisitions, capex, and share buybacks, but remains within guidance of <2.0x.
**Operational Highlights**
**Australia Expansion** Established a strong presence in Australia with two practice acquisitions in H1 2026 and further acquisitions post-period end. Australian practices are performing in line with expectations.
**Investment** £17.5 million invested in practice relocations, refurbishments, and clinical equipment to enhance capacity and client experience.
**Leadership** Appointed a permanent Australian Managing Director and launched systems to improve client experience and practice efficiency.
**Research** Continued focus on research, including a PhD on nurse optimisation and antimicrobial stewardship.
**Employee Satisfaction** Improved employee net promoter score to +10.0 (FY 2025: +3.1).
**Branding** Launched CVS Vets as a dual brand alongside local practice names.
**Market Listing** Moved to the Main Market of the London Stock Exchange in January 2026, with FTSE250 inclusion expected in March 2026.
**Outlook**
**UK Challenges** Economic pressures in the UK impact consumer confidence and footfall, but the cohort of COVID-era pets is expected to drive future treatment demand.
**Acquisitions** Strong pipeline of acquisition opportunities in Australia and potential return to UK acquisitions post-CMA process.
**Financial Position** Strong balance sheet and cash flows support further acquisitions and investments.
**CMA Process** Engaging with the CMA on proposed remedies, with the Final Decision due in Spring 2026.
**DEFRA Consultation** Welcomed DEFRAs consultation on reforms to the Veterinary Surgeons Act 1966.
**CEO Commentary**
Richard Fairman highlighted solid growth in revenue and adjusted EBITDA, despite UK market challenges. The Australia expansion and move to the Main Market are strategic milestones. Focus remains on clinical excellence, practice investment, and sustainable growth.
**Conclusion**
CVS Group plc delivered robust H1 2026 results, underpinned by strategic expansion in Australia and operational efficiencies. Despite UK market headwinds, the company is well-positioned for medium to long-term growth, supported by a strong balance sheet and strategic initiatives.
Here is the HTML table code comparing the financials and debt year on year for CVS Group plc:
MetricH1 2026 (£m)H1 2025 (£m)Change %FY 2025 (£m)
Revenue356.9337.35.8%673.2
Adjusted EBITDA67.765.13.9%134.6
Profit before tax15.215.9-4.4%32.6
Net bank borrowings160.2182.9-12.4%131.4
Leverage (x)1.411.66-15.1%1.18

Key Observations:

  • Revenue increased by 5.8% year-on-year, driven by acquisitions and organic growth.
  • Adjusted EBITDA grew by 3.9%, but profit before tax decreased by 4.4% due to higher depreciation, business combination costs, and exceptional items.
  • Net bank borrowings decreased by 12.4% compared to H1 2025 but increased from FY 2025 due to acquisitions, capex, and share buybacks.
  • Leverage ratio improved to 1.41x, remaining within the guidance of <2.0x.
This table and observations provide a concise comparison of key financials and debt metrics for CVS Group plc between H1 2026, H1 2025, and FY 2025.
PPH logo
Latest RNS 06:01
PPH

Annual Results & Publication of Annual Report

PPHE Hotel Group Ltd

## PPHE Hotel Group Limited2025 Annual Results Summary
**Key Highlights**
* **Revenue Growth** PPHE Hotel Group reported a 5.3% increase in total revenue to £466.4 million, driven by improved occupancy and average room rates. Like-for-like revenue grew by 3.7% to £456.9 million.
* **EBITDA Performance** Reported EBITDA increased by 1.3% to £138.2 million, while like-for-like EBITDA grew by 2.1% to £139.0 million. EBITDA margin slightly declined due to the dilutive effect of newly opened hotels.
* **Strategic Expansion** The group completed its largest-ever investment program, opening its first hotel in Italy (artotel Rome Piazza Sallustio) and expanding its presence in London and Zagreb.
* **Development Pipeline** PPHE acquired a development site near the City of London for its first select-service hotel in the city, further strengthening its development pipeline.
* **Refinancing and Balance Sheet** The group successfully refinanced several loan facilities, extending maturities and improving liquidity. Net bank debt leverage stands at 34.8%.
* **Dividend** The board recommended a final dividend of 22p per share, bringing the total dividend for 2025 to 39p per share, a 2.6% increase.
* **Strategic Review** The ongoing Strategic Review process aims to maximize shareholder value, potentially exploring options like growth capital injection or a sale of the company.
**Financial Performance by Region**
* **United Kingdom** Strong performance with 6% revenue growth, driven by increased occupancy and stable average room rates.
* **Netherlands** More subdued performance with 1.8% revenue decline due to pressure on occupancy and average room rates.
* **Croatia** Strong summer season with 6.4% revenue growth, driven by rising average room rates.
* **Germany** Subdued performance with 11.7% revenue decline due to moderated demand and the termination of a lease in Berlin.
* **Other Markets** Significant growth in Italy, Hungary, Serbia, and Austria, driven by the new hotel opening in Rome and improved business activity.
**Key Initiatives and Outlook**
* **Technology Transformation** PPHE is investing in cloud-based infrastructure, digital experience solutions, and AI-powered tools to enhance guest experience and operational efficiency.
* **Sustainability** The group is committed to its ESG strategy, submitting emission reduction targets to SBTi and focusing on waste management and energy efficiency.
* **Guest Experience** PPHE prioritizes guest satisfaction, achieving an 88.1% satisfaction score in 2025.
* **2026 Outlook** The board expects further revenue and EBITDA growth in 2026, driven by contributions from recent investments and newly opened hotels. Forward booking momentum is encouraging.
**Overall** PPHE Hotel Group demonstrated resilience in 2025, navigating a challenging macroeconomic environment while executing its strategic expansion plans. The group is well-positioned for future growth with a strong balance sheet, a robust development pipeline, and a focus on technology and sustainability. The ongoing Strategic Review process adds an element of uncertainty, but the board remains confident in delivering value to shareholders.
Here is the HTML table code comparing the financials and debt year on year for PPHE Hotel Group Limited:
Metric20252024Variance
Total Revenue (£ million)466.4442.85.3%
Room Revenue (£ million)330.4317.24.2%
EBITDA (£ million)138.2136.51.3%
EBITDA Margin29.6%30.8%(120)bps
Reported PBT (£ million)1.530.6(95.2)%
Net Debt (£ million)775.5775.50.0%
EPRA NRV per share (£)27.3527.51(0.6)%
Dividend per share (pence)39382.6%
Occupancy75.1%74.5%60bps
Average Room Rate (£)164.3161.51.7%
RevPAR (£)123.4120.32.6%

Notes:

  • Net Debt is calculated as Borrowings minus Cash and Cash Equivalents.
  • Variance is calculated as the percentage change from 2024 to 2025.
This table provides a comparison of key financial metrics and debt for PPHE Hotel Group Limited between 2024 and 2025. The metrics include total revenue, room revenue, EBITDA, EBITDA margin, reported PBT, net debt, EPRA NRV per share, dividend per share, occupancy, average room rate, and RevPAR. The variance column shows the percentage change from 2024 to 2025 for each metric. Please note that the net debt calculation is based on the information provided in the text, where Borrowings (short-/long-term) is £913.5 million and Cash and Cash Equivalents is £138.0 million, resulting in a net debt of £775.5 million for both years. If more detailed information on debt is available, the net debt calculation can be adjusted accordingly.
LSEG logo
Latest RNS 06:01
LSEG

Final Results

London Stock Exchange Group PLC

**Summary of London Stock Exchange Group PLCs Final Results for 2025**
London Stock Exchange Group (LSEG) reported strong financial and strategic performance for the year ended 31 December 2025, highlighting growth, innovation, and shareholder returns. Key highlights include
**Financial Performance**Total income (excl. recoveries) grew by 7.1% on an organic, constant currency basis (+5.8% reported), driven by broad-based growth across segments: Data & Analytics (+5.0%), FTSE Russell (+7.3%), Risk Intelligence (+11.7%), and Markets (+8.9%). Adjusted EBITDA rose by 11.8%, with margins improving by 150 basis points. Reported EPS surged by 85.1%, and adjusted EPS grew by 15.7%.
**Strategic Initiatives**LSEG advanced its **LSEG Everywhere** strategy, forming AI-ready data partnerships with leading platforms like Microsoft, OpenAI, and Snowflake. Significant innovations included the launch of Open Directory with Microsoft, approval of the Private Securities Market, and development of DigitalAssetClear.
**Post Trade Solutions**A strategic transformation was achieved through a 20% stake investment from 11 leading banks.
**Shareholder Returns**£2.1 billion was returned via share buybacks in 2025, with a further £3 billion planned by February 2027. Dividends increased by 15.7% to 103.0p per share.
**Outlook**LSEG expects organic constant currency growth of 6.5-7.5% in total income for 2026, with EBITDA margins improving by 80-100 basis points. Medium-term guidance (2027-2029) projects mid to high single-digit annual growth, a 150 basis point cumulative EBITDA margin increase, and double-digit compound annual growth in equity free cash flow per share.
CEO David Schwimmer emphasized the Group’s focus on product innovation, customer partnerships, and leveraging AI to drive growth, positioning LSEG as a leader in trusted data and infrastructure.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text:
Metric2025 (£m)2024 (£m)Variance (%)
Total Income (excl. recoveries)8,9868,4945.8%
Recoveries360364-1.1%
Total Income (incl. recoveries)9,3468,8585.5%
EBITDA (Reported)4,3653,94510.6%
Operating Profit (Reported)2,1271,46345.4%
Profit Before Tax (Reported)1,9691,25856.5%
Basic Earnings Per Share (p)238.4128.885.1%
Dividends Per Share (p)150.0130.015.4%
Adjusted EBITDA4,5234,1489.0%
Adjusted Operating Profit3,5063,16510.8%
Adjusted Earnings Per Share (p)420.6363.515.7%
### Notes: 1. **Debt Information**: The provided text does not include specific debt figures for comparison. If debt details were available, they would be added to the table. 2. **Formatting**: The table is styled with borders, padding, and right-aligned numeric values for better readability. 3. **Metrics**: Key financial metrics such as income, EBITDA, operating profit, earnings per share, and dividends are included for comparison.
GNS logo
Latest RNS 06:01
GNS

Interim Results

Genus PLC

**Summary of Genus PLC Interim Results for the Six Months Ended 31 December 2025**
**Financial Highlights**
**Record First Half Profit** Genus PLC reported a record first half adjusted operating profit of £55.8 million, driven by strong growth in PIC (porcine business), a £5.6 million milestone payment from Beijing Capital Agribusiness (BCA), and Value Acceleration Programme (VAP) actions benefiting ABS (bovine business).
**Revenue Stability** Revenue remained stable at £335.6 million, similar to the previous year.
**Profit Before Tax (PBT)** Adjusted PBT increased by 57% to £55.7 million, with statutory PBT at £39.5 million.
**Cash Flow** Strong cash generation with a free cash inflow of £8.2 million, despite a working capital outflow of £22.7 million.
**Dividend Increase** Interim dividend increased to 11.2 pence per share, up from 10.3 pence.
**Strategic Progress**
**Porcine Joint Venture** Formation of a strategic Chinese porcine joint venture with BCA, expected to receive approximately £100 million in fiscal Q4.
**PRRS Resistant Pig (PRP)** Significant milestone with Canada approving the use of PRP gene edit, advancing North American commercialization.
**Bovine VAP** Phase 3 initiatives on track to deliver £7 million in-year benefit and £9 million annualized benefit.
**Divisional Performance**
**PIC** Strong performance with 30% adjusted operating profit growth, driven by China and LATAM, lower input costs, and the BCA milestone payment.
**ABS** Significant improvement in adjusted operating profit to £10.9 million, driven by £4.7 million in VAP benefits, partially offset by lower profits in ABS China.
**Outlook**
**Broadly Neutral Currency Impact** Expected in FY26 H2 if current exchange rates continue.
**PIC China Deconsolidation** Expected in fiscal Q4, with FY26 Group adjusted PBT in line with market expectations.
**Management Commentary**
CEO Jorgen Kokke highlighted the strong first half performance, strategic milestones, and continued focus on executing strategic priorities, expressing confidence for the second half of FY26.
**Key Metrics**
**Adjusted Earnings Per Share (EPS)** Increased by 53% to 60.8 pence.
**Net Debt to Adjusted EBITDA** Improved to 1.4x from 1.5x.
**Return on Adjusted Invested Capital** Increased to 15.8% from 14.7%.
**Conclusion**
Genus PLC demonstrated robust financial and strategic progress in the first half of FY26, with record profits, significant strategic advancements, and a positive outlook for the remainder of the fiscal year.
Here is the comparison of financials and debt year on year presented as an HTML table:
Metric2025 (£m)2024 (£m)Change (%)
Revenue335.6336.40
Operating Profit55.840.338
Profit Before Tax55.735.457
Cash Generated by Operations38.546.1-16
Free Cash Flow8.210.3-20
Net Debt232.9228.22
Net Debt to Adjusted EBITDA Ratio1.4x1.5xImprovement

Key Highlights:

  • Record first half adjusted operating profit driven by strong growth in PIC and ABS.
  • Adjusted profit before tax increased by 57% to £55.7m.
  • Net debt increased slightly to £232.9m, but the net debt to adjusted EBITDA ratio improved to 1.4x.
  • Free cash flow decreased by 20% to £8.2m, but still compares well to a strong prior year period.

Note: The above table and highlights are based on the provided text and may not include all relevant financial information.

This HTML table compares key financial metrics between 2025 and 2024, including revenue, operating profit, profit before tax, cash generated by operations, free cash flow, net debt, and net debt to adjusted EBITDA ratio. The table also includes a brief summary of key highlights from the comparison. Please note that the actual values and percentages may vary depending on the specific financial data and calculations used. The above table is based on the provided text and may not include all relevant financial information.
ATC logo
Latest RNS 06:01
ATC

Year End Trading Update

Atlantic Coal Plc

**Summary**
ATC Music Group Plc (AIMATC) released a year-end trading update for the financial year 2025 (FY25), highlighting significant growth and strategic achievements. The company reported a 33% increase in group revenue to approximately £67.5 million, with adjusted operating EBITDA in line with market expectations at £1.25 million. Key milestones included a successful transition to the AIM market, raising £8.6 million, and a post-period rebrand to ATC Music Group Plc. The group strengthened its market position through strategic acquisitions, including Driift Holdings, Easy Life Group, and Control Industry Inc, expanding its US operations and integrated service offerings.
ATC’s growth was driven by strong performance across its Representation, Services, and Events segments, with notable increases in artist clients (circa 1,000) and engagement across multiple service lines. The company’s data-led, artist-centric approach positions it well in the evolving music industry, particularly in direct-to-fan engagement. Despite strategic investments impacting short-term EBITDA, ATC’s cash balance increased significantly to £21.5 million, supported by the AIM fundraise.
Looking ahead, ATC anticipates continued momentum in 2026, with a growing pipeline of opportunities, ongoing discussions with globally recognized artists, and a focus on organic and acquisitive growth. The company’s integrated service model, strengthened balance sheet, and scalable operating model position it for sustained long-term growth in the dynamic live music sector. CEO Adam Driscoll emphasized ATC’s strategic focus on operational efficiency and maximizing returns from its expanding events pipeline.
Below is the HTML table code comparing the financials and debt year-on-year for ATC Music Group Plc based on the provided text:
MetricFY24FY25Change
Revenue (£m)50.967.5+32.6%
Adjusted Operating EBITDA (£m)1.6≥1.25-21.9%*
Cash Balance (incl. client funds) (£m)9.721.5+121.6%
Cash Balance (excl. client funds) (£m)7.818.9+142.3%
Number of Artists~800~1,000+25.0%
*Note: Adjusted EBITDA for FY25 is "at least £1.25m," so the change is calculated based on the minimum value.
### Key Points in the Table: 1. **Revenue**: Increased by 32.6% from £50.9m in FY24 to £67.5m in FY25. 2. **Adjusted Operating EBITDA**: Declined by 21.9% (based on the minimum FY25 value of £1.25m vs FY24's £1.6m). 3. **Cash Balance**: Significantly increased, with the total cash balance (including client funds) up by 121.6% and the balance excluding client funds up by 142.3%. 4. **Number of Artists**: Grew by 25%, from ~800 in FY24 to ~1,000 in FY25. This table provides a clear year-on-year comparison of key financial metrics and artist growth for ATC Music Group Plc.
SML logo
Latest RNS 06:01
SML

Redmoor - Discovery of New Tin Zone

Strategic Minerals Plc

**Summary**
Strategic Minerals plc, through its subsidiary Cornwall Resources Limited (CRL), has announced the discovery of a new tin zone, named the "North Tin Zone," at the Redmoor Tungsten-Tin-Copper Project in Cornwall, UK. This discovery is significant as it represents a distinct and continuous tin-dominant mineralized structure separate from the existing Redmoor Sheeted Vein System (SVS) deposit. The North Tin Zone was confirmed through analysis of drilling results, historical relogging, and newly validated 1980s datasets. Key highlights include
1. **Confirmation of a New Zone** The North Tin Zone is a large, mineralized structure with visible cassiterite (tin oxide), confirmed by drilling and geological modeling.
2. **Potential for Resource Growth** The zone has the potential to support future Mineral Resource definition, subject to estimation and economic assessment (RPEEE).
3. **High-Grade Intersections** Notable intersections include 4.00m @ 0.25% Sn, 0.01% Cu, and 2.00m @ 0.40% Sn, 0.02% Cu. Historical intersections also show high tin grades, such as 1.00m @ 5.13% Sn.
4. **Strategic Importance** The discovery adds long-term potential for significant resource growth at Redmoor, complementing the existing SVS deposit.
5. **Market Context** The project benefits from tightening supply and surging demand for tungsten, tin, copper, and silver, with tin and copper prices rallying due to market dynamics.
CRL plans to include the North Tin Zone in the forthcoming Mineral Resource Estimate (MRE) update, alongside continued expansion of the SVS deposit. This discovery underscores Redmoors polymetallic potential and the teams successful exploration efforts.
Discovery
HDD logo
Latest RNS 06:01
HDD

Further significant North American order intake

Hardide PLC

**Summary**
Hardide PLC (AIMHDD), a provider of advanced surface treatment technology, announced on February 26, 2026, that it has secured an additional £1.8 million in orders from a major North American energy sector customer. These orders, to be delivered primarily during the current financial year ending September 30, 2026, are expected to significantly boost revenues and performance beyond previous expectations. The company is also in discussions with the customer to establish a long-term framework agreement to support their future business development and supply needs. CEO Matt Hamblin highlighted that these orders position Hardide to achieve its strategic goal of doubling 2024 revenues ahead of schedule, leveraging higher capacity utilization. Hardide specializes in tungsten carbide/tungsten metal matrix coatings, which enhance component durability and efficiency in aggressive environments, serving industries like energy, aerospace, and precision engineering.
Orders
HWDN logo
Latest RNS 06:01
HWDN

2025 Full Year Results

Howden Joinery Group Plc

**Summary of Howden Joinery Group PLCs 2025 Full Year Results**
Howden Joinery Group PLC reported strong financial performance for the 52 weeks ending December 27, 2025, with key highlights as follows
### **Financial Performance**
**Revenue Growth**Group revenue increased by 4.1% to £2,418.0 million, driven by
**UK Revenue**Up 3.8% to £2,333.2 million, despite kitchen market headwinds, reflecting balanced pricing and volume growth.
**International Revenue**Surged 13.5% to £84.8 million, with significant progress in France and the Republic of Ireland.
**Gross Profit Margin**Improved by 110 basis points to 62.7%, supported by revenue growth and efficiency gains.
**Operating Profit**Rose 4.7% to £355.3 million, with a margin of 14.7%.
**Profit Before Tax**Increased 5.1% to £344.9 million.
**Basic Earnings Per Share (EPS)**Up 7.9% to 49.2p.
**Dividend**Total ordinary dividend per share increased 3.3% to 21.9p, with a proposed final dividend of 16.9p.
**Cash Position**Robust cash generation, with cash at the end of the period at £344.5 million.
### **Operational Highlights**
**Depot Expansion**Opened 23 new UK depots and 3 international depots, bringing the total to 891 UK and 79 international depots.
**Product Innovation**Introduced 24 new kitchen ranges and launched a new pricing and margin (PAM) tool to optimize depot margins.
**Manufacturing Investment**Invested in UK manufacturing capacity, including upgrading the rigid cabinet and panel facility at Runcorn.
**International Growth**Continued focus on optimizing the depot network in France and establishing a strong presence in the Republic of Ireland.
### **Strategic Initiatives**
**Depot Model Evolution**Focused on efficient space utilization and customer experience improvements.
**Product Range and Supply Management**Enhanced product offerings and supply chain efficiency.
**Digital Transformation**Increased online account usage and engagement, with 59,000 new registrations and 61% of customers holding online accounts.
**International Expansion**Strengthened presence in France and the Republic of Ireland.
### **Outlook**
**UK Kitchen Market**Expected to remain level in 2026 after years of decline, in a competitive environment.
**Focus Areas**Maintaining a balance between price and volume, cost discipline, and leveraging the differentiated business model.
**Growth Opportunities**Significant long-term opportunities to continue above-market performance and enhance shareholder returns.
### **Sustainability**
**Net Zero Plan**On track to achieve a 42% reduction in Scope 1 and 2 emissions and a 25% reduction in Scope 3 emissions by 2030, with Net Zero targeted by 2050.
**Operational Progress**Zero-to-landfill status maintained across all sites, with significant investments in renewable energy and fleet decarbonization.
### **Capital Allocation**
**Share Buyback**Announced a new £100 million share buyback program for 2026.
**Dividend Policy**Committed to sustainable dividend growth and returning surplus capital to shareholders.
### **Board Changes**
**CFO Transition**Jackie Callaway succeeded Paul Hayes as CFO, bringing extensive experience in multinational manufacturing and supply chain businesses.
### **Financial Guidance for 2026**
**Inflationary Costs**Expected headwinds of around £30 million, offset by productivity and efficiency savings.
**Strategic Investments**Continued investment of approximately £30 million in growth initiatives.
**Net Interest Charge**Approximately £16 million.
**Effective Tax Rate**23% to 24%.
**Capital Expenditure**Around £125 million, including growth investments.
Howden Joinery Group PLC remains well-positioned for continued growth, with a strong focus on operational efficiency, strategic investments, and sustainable practices.
Here’s an HTML table comparing the financials and debt year-on-year for Howden Joinery Group PLC based on the provided text:
Metric2025 (£ millions)2024 (£ millions)Change
Group Revenue2,418.02,322.1+4.1%
- UK Revenue2,333.22,247.4+3.8%
- International Revenue84.874.7+13.5%
Gross Profit Margin (%)62.7%61.6%+110bps
Operating Profit355.3339.2+4.7%
- Operating Profit Margin (%)14.7%14.6%+10bps
Profit Before Tax344.9328.1+5.1%
Basic Earnings Per Share (p)49.2p45.6p+7.9%
Total Ordinary Dividend Per Share (p)21.9p21.2p+3.3%
Cash at End of Period344.5343.6+0.3%
Net Debt (Cash)(344.5)(343.6)+0.3%
### Key Notes: 1. **Revenue Growth**: Group revenue increased by 4.1%, driven by UK revenue growth of 3.8% and international revenue growth of 13.5%. 2. **Profitability**: Gross profit margin improved by 110bps to 62.7%, and operating profit grew by 4.7%. 3. **Earnings and Dividends**: Basic EPS increased by 7.9%, and the total ordinary dividend per share rose by 3.3%. 4. **Cash Position**: Cash at the end of the period increased slightly by 0.3% to £344.5 million. 5. **Debt**: The company remains debt-free, with a net cash position. This table provides a clear year-on-year comparison of key financial metrics and debt position for Howden Joinery Group PLC.
TATE logo
Latest RNS 06:01
TATE

Trading Statement

Tate & Lyle PLC

**Summary**
Tate & Lyle PLC released a trading statement for the nine months ended 31 December 2025, highlighting that Q3 performance was in line with expectations. The company reaffirmed its full-year outlook, anticipating low-single-digit declines in revenue and EBITDA compared to the prior year. Key points include
1. **Performance Overview**
Q3 revenue was 15% higher on a reported basis due to the CP Kelco acquisition (completed November 2024), but 2% lower on a pro forma basis due to muted market demand.
Nine-month revenue declined 3% on a pro forma basis, with regional variations: Americas (-2%), EMEA (-5%), and Asia Pacific (+1%).
2. **Strategic Actions**
Progress on initiatives to drive top-line growth, including investments in capabilities and technology.
Increased cross-selling opportunities and customer engagement following the CP Kelco integration.
On-track productivity program delivering cost savings.
3. **Outlook**
Unchanged expectations for FY 2026, with low-single-digit declines in revenue and EBITDA.
Focus on returning to top-line growth through selective investments in volume and revenue expansion.
4. **Leadership Confidence**
CEO Nick Hampton expressed confidence in near-term improvements and long-term growth potential, leveraging the company’s leadership in sweetening, mouthfeel, and fortification solutions.
5. **Conference Call**
A conference call was scheduled for 0800 am GMT on 26 February 2026, with details provided for participation.
Tate & Lyle remains committed to its purpose of transforming lives through food science, supported by its expanded portfolio and global reach post-CP Kelco acquisition.
Below is the HTML table code comparing the financials and revenue changes year-on-year for Tate & Lyle PLC based on the provided text: < lang="en">Tate & Lyle Financials Comparison

Tate & Lyle PLC Financials Comparison (9 Months to 31 December 2025)

RegionRevenue (£m)Revenue Change (Reported) %Revenue Change (Pro Forma) %
Americas74918%(2%)
Europe, Middle East and Africa47527%(5%)
Asia Pacific28279%1%
Group Total1,50629%(3%)

Notes:

1. Comparative information is on a statutory basis, including CP Kelco from acquisition on 15 November 2024. Change is in constant currency.

2. Comparative information is pro forma basis, including the impact of CP Kelco for the entire period. CP Kelco acquisition completed 15 November 2024. Change is in constant currency.

### Key Points: - **Reported Revenue Changes**: Reflect the inclusion of CP Kelco from the acquisition date (15 November 2024). - **Pro Forma Revenue Changes**: Assume CP Kelco was included for the entire period, providing a like-for-like comparison. - **Group Total**: Shows a 29% increase in reported revenue but a 3% decline on a pro forma basis. This table provides a clear comparison of the financials across regions and on both reported and pro forma bases.
WIL logo
Latest RNS 06:01
WIL

Half-year Financial Report

Wilmington PLC

**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)**
**Financial Performance Highlights**
**Revenue Growth** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%.
**Adjusted EBITA** Up 9% to £10.4 million (H1 FY25: £9.5 million).
**Adjusted PBT** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions.
**Adjusted Basic EPS** Stable at 9.92p (H1 FY25: 9.90p).
**Interim Dividend** Increased by 3% to 3.10p (H1 FY25: 3.00p).
**Net Debt** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia.
**Strategic Developments**
**Acquisition of Conversia** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring.
**RegTech Platform Investment** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025.
**Portfolio Enhancement** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%).
**Operational Review**
**Segment Performance**
**HSE** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety.
**Data Privacy** New segment with £1.8 million revenue from Conversia.
**Legal** Organic revenue growth of 3%, with strong subscription revenue and customer retention.
**Financial Services** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi.
**Financial Position and Outlook**
**Net Debt:** £65.0 millionreflecting the Conversia acquisitionwith leverage below 2.0x EBITDA.
**Cash Generation** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2.
**Outlook** Trading in line with market expectations, supported by a strong contracted order book and repeat business.
**CEO Commentary (Mark Milner)**
Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities.
Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology.
**Conclusion**
Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
Here is the HTML table code comparing the financials and debt year on year for Wilmington PLC:
MetricH1 FY26H1 FY25Change
Revenue£47.7m£40.9m17%
Adjusted EBITA£10.4m£9.5m9%
Adjusted PBT£11.8m£11.8m0%
Adjusted PBT margin25%29%-4ppt
Adjusted basic EPS9.92p9.90p0%
Interim dividend3.10p3.00p0.10p
Net (debt)/cash(£65.0m)£31.3mN/A

Debt Comparison

DateNet (debt)/cash
31 Dec 2025(£65.0m)
31 Dec 2024£31.3m
30 Jun 2025£42.2m

Note: The significant increase in net debt is due to the acquisition of Conversia for £105.2m (£101.9m net of cash received).

This HTML code creates two tables: 1. The first table compares the key financial metrics (Revenue, Adjusted EBITA, Adjusted PBT, Adjusted PBT margin, Adjusted basic EPS, and Interim dividend) for H1 FY26 and H1 FY25, along with the percentage change. 2. The second table compares the net debt/cash position at different dates, highlighting the significant increase in net debt due to the Conversia acquisition. The tables are formatted with borders and headers for better readability. The `N/A` value in the first table indicates that the change in net debt/cash is not directly comparable due to the significant acquisition.
AIE logo
Latest RNS 06:01
AIE

Half-year Financial Report

Ashoka India Equity Investment Trust PLC

**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)**
**Overview**
Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence.
**Financial Highlights**
**Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025.
**Share Price**Fell to 272.0p from 281.5p.
**Net Assets**Declined to £455.5 million from £476.2 million.
**Performance**Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%).
**Investment Strategy and Performance**
The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance.
Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%).
Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge.
**Operational Developments**
Two new DirectorsSarah MacAulay and Karen Roydonwere appointed to the Boardenhancing governance and expertise.
A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns.
The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand.
**Performance Fee**
A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark.
**Outlook**
India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms.
The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification.
Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals.
**Conclusion**
Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
Here’s an HTML table comparing the financials and debt year on year for Ashoka India Equity Investment Trust PLC based on the provided text:
MetricAs at 31 December 2025As at 30 June 2025Change
Net Asset Value (NAV) per Ordinary Share (cum income)269.6p278.9p-3.3%
Ordinary Share Price272.0p281.5p-3.4%
Ordinary Share Price Premium to NAV0.9%0.9%0.0%
Net Assets£455.5 million£476.2 million-4.3%
Performance Fee Provision£14,721,000£15,954,000-7.7%
Cash and Cash Equivalents£11.3 million£27.4 million-58.8%
Total Liabilities£30,109,000£34,397,000-12.5%
### Key Observations: 1. **Net Asset Value (NAV) and Share Price**: Both NAV and share price decreased slightly year on year, reflecting a modest decline in value. 2. **Net Assets**: Total net assets decreased by 4.3%, aligning with the reduction in NAV. 3. **Performance Fee Provision**: The performance fee provision decreased by 7.7%, indicating lower expected performance fees. 4. **Cash and Cash Equivalents**: Cash holdings significantly decreased by 58.8%, possibly due to increased investment activities or operational expenses. 5. **Total Liabilities**: Total liabilities decreased by 12.5%, suggesting improved financial health or reduced obligations. This table provides a concise comparison of key financial metrics and debt-related figures for the specified periods.
ANG logo
Latest RNS 06:01
ANG

Full Year Trading Update and Notice of Results

Angling Direct PLC

**Summary**
Angling Direct PLC, a leading omni-channel fishing tackle retailer, released a full-year trading update for FY26 (ended January 31, 2026), reporting strong performance ahead of market expectations. Key highlights include
1. **Financial Performance**
Adjusted EBITDA of circa £4.8 million, exceeding upgraded market expectations of £4.35 million.
Total revenue grew by 13.8% to £103.9 million, driven by a 14.8% increase in UK sales (stores and online).
UK like-for-like sales rose by 11.9%, with store sales up 11.1% and online sales up 20.0%.
European sales declined slightly by 4.7% to £4.7 million, but operating losses were reduced.
2. **Operational Achievements**
Opened six new UK stores (totaling 58) and closed one underperforming store, contributing £5.6 million in additional sales.
Expanded the MyAD omni-channel customer loyalty club to over 600,000 members.
Strengthened own-brand offerings and improved third-party product availability.
3. **Strategic Focus**
Continued investment in growth through new store openings, technology deployment, and share buybacks (£1.1 million returned to shareholders in FY26).
Reduced net cash to £10.9 million, reflecting strategic investments and shareholder returns.
4. **Future Outlook**
Substantially achieved the medium-term revenue target of £100 million within two years.
The Board plans to update medium-term ambitions at the Final Results announcement on May 12, 2026.
CEO Steve Crowe highlighted FY26 as the best year in the company’s history, despite challenging market conditions, and praised the team’s efforts in driving growth and customer engagement.
Below is the HTML table code comparing the financials and debt (net cash) year-on-year for Angling Direct PLC based on the provided text:
MetricFY 2026 (£m)FY 2025 (£m)Change
Revenue103.991.313.8%
UK Retail store sales56.450.711.1%
UK Online sales42.835.720.0%
Total UK sales99.286.414.8%
Total European sales4.74.9-4.7%
Net cash & cash equivalents at period end10.912.1-9.5%
### Explanation: - **Metrics**: The table includes Revenue (broken down into UK Retail store sales, UK Online sales, Total UK sales, and Total European sales) and Net cash & cash equivalents. - **FY 2026 vs FY 2025**: Each metric is compared year-on-year with the corresponding figures. - **Change**: The percentage change between FY 2026 and FY 2025 is displayed for each metric. - **Formatting**: The table is structured with headers and nested rows for clarity, with bold text for main categories. This HTML code can be directly embedded into a webpage to display the financial comparison.
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Latest RNS 06:01
WPP

Strategy Update and 2025 Preliminary Results

WPP PLC

**Summary**
WPP PLC, a global marketing and communications company, released its 2025 preliminary results and a multi-year strategic plan called **Elevate28** on February 26, 2026. The plan aims to simplify and integrate WPPs client proposition, restore growth, and drive long-term value for clients, talent, and shareholders. Key highlights include
1. **Strategic Objectives**
Transition from a holding company to a single, streamlined company with four operating units: **WPP Media**, **WPP Creative**, **WPP Production**, and **WPP Enterprise Solutions**, across four regions (North America, Latin America, EMEA, APAC).
Focus on being a **trusted growth partner** for leading brands in the AI era.
Stabilize the business in 2026, build momentum in 2027, and achieve accelerated growth from 2028.
2. **Financial Performance (2025)**
Revenue£13.55 billion (down 8.1% reported, 3.6% LFL).
Revenue less pass-through costs£10.18 billion (down 10.4% reported, 5.4% LFL).
Headline operating profit£1.32 billion (down 22.6%), with a margin of 13.0%.
Reported operating profit£382 million (down 71.2%) due to impairments and restructuring costs.
Proposed final dividend7.5p per share (full-year dividend: 15.0p).
3. **Elevate28 Strategy**
**Simplification** Reduce organizational complexity and integrate operations.
**Growth Focus** Lead with media, establish next-gen creative and production capabilities, and elevate enterprise solutions for AI transformation.
**WPP Open Platform** Leverage the agentic marketing platform to connect capabilities and differentiate with trusted data solutions.
**Cost Efficiency** Unlock £500 million in annualized gross savings by 2028.
**Financial Foundations** Focus on disciplined capital allocation, portfolio rationalization, and maintaining an investment-grade balance sheet.
4. **Phases of Delivery**
**Phase 1 (2026)** Stabilize net new business, execute cost savings, and rationalize the portfolio.
**Phase 2 (2027)** Embed transformed go-to-market strategy and return to organic growth.
**Phase 3 (2028+)** Accelerate growth, expand margins, and deliver strong cash conversion.
5. **2026 Outlook**
LFL revenue less pass-through costs to decline mid to high-single digits in H1, improving in H2.
Headline operating margin12% to 13%.
Adjusted operating cash flow before working capital: £800 million to £900 million.
6. **Key Initiatives**
Launched **WPP Production**unifying production capabilities.
Introduced **Agent Hub** on WPP Open for AI-driven client solutions.
Appointed a **Chief Innovation Officer** and launched **Client Solution Architects Group** to drive growth.
WPP aims to position itself as a simpler, integrated, and AI-enabled company, ready to capitalize on the evolving marketing landscape and deliver sustained value for all stakeholders.
Here’s an HTML table comparing the financials and debt of WPP PLC for the years 2024 and 2025, based on the provided text:
Metric2025 (£ million)Change (%)2024 (£ million)
Revenue13,550(8.1)14,741
Revenue less pass-through costs10,176(10.4)11,359
Operating profit (Reported)382(71.2)1,325
Operating profit margin (Reported)2.8%(6.2)pt9.0%
Operating profit (Headline)1,321(22.6)1,707
Operating profit margin (Headline)13.0%(2.0)pt15.0%
Adjusted operating cash flow pre WC1,189(11.5)1,343
Net cash inflow from operating activities724(48.6)1,408
Adjusted net debt2,16724.41,742
Average adjusted net debt3,404(2.9)3,506
### Key Notes: - **Revenue**: Declined by 8.1% from £14,741 million in 2024 to £13,550 million in 2025. - **Revenue less pass-through costs**: Decreased by 10.4% from £11,359 million in 2024 to £10,176 million in 2025. - **Operating Profit (Reported)**: Plummeted by 71.2% from £1,325 million in 2024 to £382 million in 2025. - **Operating Profit (Headline)**: Fell by 22.6% from £1,707 million in 2024 to £1,321 million in 2025. - **Adjusted Net Debt**: Increased by 24.4% from £1,742 million in 2024 to £2,167 million in 2025. - **Average Adjusted Net Debt**: Slightly decreased by 2.9% from £3,506 million in 2024 to £3,404 million in 2025. This table provides a clear year-on-year comparison of key financial metrics and debt for WPP PLC.
ETL logo
Latest RNS 06:01
ETL

Eutelsat Communications S.A. Announces the Success of Its Offering of €1,500 Million Senior Notes

Eutelsat Group

**Summary**
Eutelsat Communications S.A. announced the successful offering of €1.5 billion in senior notes, comprising €850 million due in 2031 (at 5.750% interest) and €650 million due in 2033 (at 6.250% interest). The notes, guaranteed by Eutelsat S.A. and OneWeb Holdings Limited, are expected to be issued on March 5, 2026, pending customary conditions. The proceeds will be used to redeem existing debt (including €600 million 2.25% notes due 2027 and €600 million 9.750% notes due 2029), repay a term loan and revolving credit facility, cover transaction fees, and fund cash reserves. The offering is restricted to non-U.S. persons and qualified institutional buyers, with no public offering in the U.S. or to retail investors in the EEA or UK. The announcement includes forward-looking statements subject to risks and uncertainties, with no obligation to update unless required by law.
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Market AI · 2026-02-26

LONDON MARKET CLOSE: Gains for Rolls-Royce, LSEG offset mining slump

FTSE 100 Hits Record High: The FTSE 100 reached a new record close of 10,846.70, up 0.4%, driven by strong earnings from Howden Joinery, LSEG, and Rolls-Royce, despite declines in mining stocks. UK Market Outperfor…

Market AI · 2026-02-26

LONDON MARKET MIDDAY: Europe moves higher after earnings deluge

European Equities: Supported by well-received corporate earnings, with FTSE 100 up 0.1% at 10,818.05, FTSE 250 up 0.1% at 23,651.94, and CAC 40 up 0.9%. U.S. Markets: Set to open lower despite Nvidia's earnings bea…

Market AI · 2026-02-26

LONDON BROKER RATINGS: Santander cuts BP; Berenberg likes Cairn Homes

Here is the provided text formatted as bullet points in HTML: html 26th Feb 2026 09:59 The following London-listed shares received analyst recommendations Thursday morning and on Wednesday: FTSE 100 …

Market AI · 2026-02-26

LONDON MARKET OPEN: Mixed start in Europe; Rolls-Royce shares climb

European Stocks Mixed: Markets awaited new catalysts after Nvidia's strong earnings report overnight. Corporate Earnings in Focus: Rolls-Royce impressed in London, Engie rose in Paris, while Allianz fell in Frankfu…

Market AI · 2026-02-26

LONDON MARKET EARLY CALL: FTSE 100 to tread water after Nvidia beat

FTSE 100 Outlook: Subdued open expected on Thursday after a sharp rise on Wednesday, with futures indicating a 0.7-point increase to 10,807.11. Wednesday's Performance: FTSE 100 closed up 125.82 points (1.2%) at 10…

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