Investor Meet Company - Audio Archive

Conduit Holdings Limited delivered a resilient Q1 2026 investor update, reporting 4.9% growth in gross premiums written to $430.3 million despite softer reinsurance market conditions and increased competition. Growth was driven primarily by the casualty segment, where stable risk-adjusted pricing and disciplined underwriting supported a 23% increase in premiums, while property and specialty markets experienced continued rate softening. The company emphasized its focus on underwriting discipline, portfolio diversification, and margin protection as market conditions evolve. Conduit also highlighted strong financial performance, including a stable investment portfolio that generated a 0.3% quarterly return and expanded to $2.3 billion in managed investments, supporting future earnings growth. The insurer maintained a conservative balance sheet with AA average credit quality, short-duration assets, and strong capital flexibility. Management reaffirmed confidence in the company’s strategy through continued shareholder returns, substantially completing a $50 million share buyback programme and authorising a new repurchase initiative alongside an attractive dividend policy. While geopolitical uncertainty and Middle East conflict risks remain under review, management described related exposures as manageable and not material to earnings expectations. Looking ahead, Conduit expects competitive market conditions and rate pressure to persist but remains confident in its growth strategy, underwriting approach, capital management framework, and ability to deliver long-term shareholder value through disciplined execution and selective expansion opportunities.

Investor Meet Company will be hosting IOFINA PLC - Audited full-year results for the 12 months to 31 December 2025, at 13th May 2026 at 2:30pm BST.

Power Probe PLC delivered strong full-year 2025 financial results, highlighting robust revenue growth, expanding EBITDA margins, and continued execution of its growth strategy in the automotive electrical diagnostics market. The company reported net revenue of $39.4 million, up 25.7% year-on-year, alongside adjusted EBITDA of $9 million and a healthy 23% EBITDA margin. Power Probe continues to strengthen its position as a leading automotive diagnostics technology brand through innovation, with 35% of revenue generated from new product introductions and 15 additional products planned for launch in 2026. Backed by 81 patents and strong brand recognition, the company is benefiting from growing demand driven by increasing vehicle complexity, ageing car fleets, and the rise of EV and hybrid technologies. Management highlighted strong momentum across core US operations and international expansion, with UK and European revenue rising 33% following the successful launch of its Nuneaton facility. The group also entered the OEM market with agreements signed with Ford, Toyota, Hyundai, Honda, GM, and Stellantis, creating a significant long-term revenue opportunity. Proceeds from the recent IPO are being invested into a new US R&D centre and manufacturing facility to accelerate product development, strengthen supply chain resilience, and support future margin expansion through “Made in USA” production. With no debt, strong cash generation, and a growing order pipeline, Power Probe PLC remains focused on scaling its global footprint, driving high-margin revenue growth, and reinforcing its leadership in automotive electrical diagnosis solutions.

International Biotechnology Trust PLC (IBT) delivered a strong half-year investor update for the six months ended 28 February 2026, reporting a 39% share price increase and a 35.7% rise in net asset value, outperforming the NASDAQ Biotechnology Index, which gained just under 30%. Company performance was driven by disciplined portfolio positioning in late-stage, clinically de-risked biotech assets and a robust M&A environment, with five portfolio acquisitions during the period, including deals by Roche, Pfizer, Genmab, Novo Nordisk and Novartis. The trust’s discount narrowed to 6.7%, while management highlighted continued momentum after period-end, with a further five acquisitions and around 15% of the fund acquired in calendar year 2026 to date. IBT’s growth strategy remains focused on innovative biotechnology companies across rare diseases, oncology, metabolic disorders and central nervous system therapies, supported by strong sector fundamentals, ageing demographics, rising healthcare demand and major pharma’s need to replenish pipelines amid patent expiries. The portfolio is weighted toward launched or near-launch assets, with careful risk mitigation around binary clinical events and valuation-sensitive position sizing. With an interim dividend announced and continued exposure to high-quality public and unquoted biotech opportunities, IBT remains positioned to capture long-term revenue growth, M&A upside and value creation across the global biotechnology sector.

Dillistone Group PLC’s final results for the year ended 31 December 2025 highlight a transformational investor update as the recruitment software provider pivots toward a new long-term buy-and-build growth strategy. Despite challenging recruitment market conditions, the Group delivered financial results in line with expectations, reporting revenue of £4.2m, adjusted EBITDA of £1.19m and an improved EBITDA margin of 28.3%, more than double the level achieved four years ago. Recurring revenue remained strong, supporting predictable cash generation, while operating cash flow increased 13% to £1.08m and annual cash burn reduced by 36%. The Company also strengthened its balance sheet through a £1.5m fundraising completed at a premium to market price, with proceeds supporting strategic acquisitions, future M&A activity and operational flexibility. Management highlighted strong momentum within its Talentis CRM platform, with annual contract adoption rising sharply and Q1 2026 delivering the business’s strongest order intake in three years. Dillistone confirmed plans to transition from a pure recruitment software business toward a diversified acquisition-led model focused on stable, cash-generative companies with scalable margins and long-term recurring revenues. The Group has also initiated a search for a new CEO to lead the next phase of expansion, supported by experienced buy-and-build investors and board additions with significant M&A expertise.

Ingenta PLC’s FY2025 investor update highlighted resilient company performance, strong recurring revenue, and continued execution of its long-term growth strategy across publishing, media, and intellectual property management markets. The software and services provider, which has operated for more than 45 years, reported recurring revenues rising to £9.1 million, EBITDA of £1.6 million, and free cash flow growth to £1.7 million, supporting a 10% increase in the annual dividend to 4.5p per share. With a debt-free balance sheet and cash reserves of £4.7 million, Engenta continues to invest in sales, marketing, and product expansion while maintaining healthy EBITDA margins of around 20%. Management emphasized the strength of its sticky customer base, with average client relationships spanning 19 years, underpinned by mission-critical SaaS solutions for publishing, digital content distribution, rights management, royalties, and intellectual property monetization. Strategic growth areas include music, media, gaming, and digital publishing, where Engenta’s scalable platforms and AI-enhanced workflow tools are gaining traction. The company showcased strong momentum in its royalties and rights-management software, including new opportunities in music and media sectors, alongside continued expansion of its Edify and Ingenta Connect platforms. Despite modest headline revenue growth due to legacy product attrition and delayed sales recruitment, management remains confident in the long-term outlook, citing a growing sales pipeline, expanding recurring revenue base, and increasing demand for integrated content distribution and IP management solutions.

Andrada Mining Limited delivered a comprehensive investor update highlighting strong operational momentum, expanding production, and a fully funded growth strategy across its portfolio of critical minerals in Namibia. The company reported positive EBITDA and free cash flow generation from its flagship Uis tin mine, with quarterly tin production up 10% year-on-year and tin prices exceeding $45,000 per tonne, supporting improving margins and cash flow. Management outlined plans to scale throughput from 1 million tonnes to 2.5 million tonnes through crusher upgrades, ore sorting technology, and plant optimisation, targeting a significant increase in tin concentrate production by 2028. Beyond tin, Andrada continues to advance its high-grade Lithium Ridge discovery, backed by a $40 million funding partnership with global lithium leader SQM, while the fully funded Brandberg West project provides exposure to tungsten, copper, and additional critical minerals. The company emphasised its diversified commodity portfolio, district-scale mineral system, and strategic infrastructure advantages as key drivers of long-term shareholder value. With over $90 million in non-dilutive project financing secured, strong institutional backing, and multiple near-term catalysts including feasibility studies, drilling results, and production expansion, management believes the market is undervaluing the company’s assets, growth potential, and future revenue streams.

Smiths News PLC delivered a resilient H1 2026 performance, with management reaffirming full-year guidance in line with market expectations despite ongoing structural declines in print media. The company reported adjusted operating profit of £18.3m and adjusted profit after tax of £12.7m, supported by strong cash generation, with free cash flow rising to £21.2m and average net cash improving to £16.2m. Revenue declined 3.9%, consistent with guidance, as the core newspaper and magazine distribution business continued to track historic market trends while benefiting from long-term contract visibility, with 96% of revenues secured through 2029 or beyond. Growth strategy execution remained a key highlight, with collectibles revenue increasing 13.3% driven by strong demand for Pokémon and upcoming FIFA World Cup trading collections, while growth vertical revenues rose 35%, including over 50% growth in recycling services. Smiths News also highlighted strategic opportunities in the UK Deposit Return Scheme (DRS), final-mile logistics, book distribution and recycling solutions, leveraging its nationwide supply chain infrastructure and extensive retailer network. Management expects continued operational efficiencies exceeding £4m in FY2026, alongside further momentum across growth verticals, positioning the business for sustainable cash generation, improved shareholder returns and long-term revenue diversification.

Camellia Plc delivered its FY2025 investor update outlining improved company performance, strengthening financial results, and progress against its Value Enhancement Plan (VEP), focused on driving long-term revenue growth, margins, and shareholder value. Group revenue reached £268 million, with trading profit returning to £1 million from a £5.5 million loss in 2024, reflecting early benefits from operational efficiencies and portfolio optimisation. Profit before tax stood at £3 million, supported by £20 million in asset disposals, as the company continues to streamline non-core holdings and redeploy capital into higher-return agricultural assets. Core operations across global agriculture showed mixed performance, with strong contributions from Brazil and recovery in macadamia and avocado production, partially offset by weather-related volatility in tea markets. Camellia’s growth strategy centres on expanding high-margin crops, improving productivity through technology and automation, and enhancing its asset base, with significant projects in avocados, citrus, and blueberries expected to deliver a combined £35 million annual revenue uplift by 2034. The balance sheet remains stable, with a healthy cash position and disciplined capital allocation supporting ongoing investment. Management reiterated its focus on operational efficiency, risk reduction, and portfolio optimisation in 2026, alongside continued execution of strategic initiatives to improve EBITDA, margins, and long-term revenue visibility. Overall, Camellia is positioning for sustainable growth through a more focused, resilient agricultural portfolio and enhanced operational performance.

EENERGY GROUP PLC’s FY2025 investor update highlighted a transformational year of improved profitability, stronger cash generation and accelerating growth across its energy efficiency and renewable solutions platform. The company reported adjusted EBITDA of £2.2m, up £2.9m year-on-year, alongside significantly improved gross margins of 33.1% driven by operational efficiencies, tighter project delivery and enhanced procurement strategies. Despite FY2025 revenue of £19m, EENERGY generated £2.8m net cash inflow from operations and reduced net debt to £1.3m, reflecting management’s disciplined focus on cash flow and working capital. The Group’s forward order book doubled to £14m, while FY2026 guidance was increased to £38m revenue and £4.5m EBITDA following strong Q1 trading performance. EENERGY continues to scale its multi-technology platform across solar, LED lighting, battery energy storage and EV infrastructure, with growing exposure to NHS, education and commercial sectors. Strategic growth drivers include GB Energy framework opportunities, off-balance-sheet funding solutions through Redaptive, and a £127m investment-grade pipeline supporting long-term revenue visibility. Management expects continued momentum from rising energy prices, expanding solar adoption, NHS contracts and battery storage demand, positioning EENERGY for sustained revenue growth, higher EBITDA margins and improved shareholder value.

Brave Bison Group PLC delivered a strong investor update highlighting transformational company performance, robust financial results, and a clear AI-led growth strategy. In FY2025, the marketing and technology group reported significant revenue expansion driven by both organic growth and five strategic acquisitions, contributing to a step change in scale and capability. Net revenue has grown more than 12x since 2020, while adjusted EBITDA margins reached c.20%, supported by improved operational efficiency and integration synergies. The business achieved 14% adjusted EPS growth year-on-year, alongside a strengthened balance sheet with a £4.3m net cash position and increasing net assets. Core divisions, including sports and entertainment and consultancy services, delivered strong performance, with double-digit growth in performance marketing and increasing demand for AI-enabled solutions. The newly acquired Mini MBA business is emerging as a high-growth asset, delivering c.18% revenue growth and expanding global enterprise contracts, enhancing the group’s recurring revenue visibility and order book. Brave Bison’s proprietary AI platform (BBX) underpins margin expansion and operational scalability, enabling enhanced service delivery and new product innovation. Looking ahead, management targets medium-term EBITDA growth from £10m to £25m through organic expansion, bolt-on acquisitions, and platform investments, including its strategic stake in System1. With strong momentum, improving margins, and a differentiated AI-driven proposition, Brave Bison is well positioned to deliver sustained revenue growth and long-term shareholder value.

Eleco Public Limited Company delivered a strong FY2025 investor update, reporting results ahead of market expectations with double-digit revenue growth, record recurring revenue and improved profitability. Annualised recurring revenue rose 29%, with recurring revenue now representing 81% of group revenue, supported by high customer retention, 110% net revenue retention and growing enterprise adoption across its built environment software portfolio. Total revenue increased 20%, while adjusted EBITDA grew 32%, reflecting operational leverage, disciplined cost control and strong gross margins of around 90%. The company ended the year with £16.3m net cash, no debt, strong free cash flow and a proposed 21% increase in the final dividend. Strategic progress included two targeted acquisitions, the disposal of a non-core visualisation business, continued investment in AI-enabled workflows, product connectivity and secure APIs. With a resilient subscription model, expanding order book visibility through deferred income, and demand for productivity, compliance, asset management and project delivery software, Eleco Public Limited Company remains well positioned for continued growth in 2026.

In this episode, we discuss insights from a JPMorgan Emerging Markets Dividend Income PLC's presentation highlighting the overlooked potential of emerging markets in global portfolios. With emerging markets accounting for 85% of the world's population and 41% of global GDP, they typically represent only 10% of global equity investments due to perceived volatility. The key strategy presented focuses on an "income plus growth" approach, emphasizing the importance of dividends as indicators of corporate governance and stability. A three-bucket investment strategy aims to mitigate risks associated with high yields while focusing on sustainable cash flows. Finally, we explore how investing in dividend-paying companies can provide steady income during market fluctuations while contributing to long-term growth.

FADEL Partners, Inc.’s 2025 investor update highlighted continued progress in its transition toward a scalable SaaS model, supported by strong licence ARR growth, improving margins and enhanced financial discipline. The company reported revenue of $12.6m, with licence ARR increasing 14% year-on-year and 61% since IPO, reaching $8.9m, while maintaining high licence gross margins of 84%. Although overall revenue declined slightly due to a strategic shift away from lower-margin services, total gross margin improved to 64%, and adjusted EBITDA loss narrowed significantly to $0.7m, reflecting improved operational efficiency. FADEL Partners’ growth strategy is centred on expanding its AI-enabled IP management, royalty accounting and brand compliance platforms into the mid-market, unlocking a substantial addressable market within the global licensing ecosystem. The company continues to build momentum through new customer acquisition, a growing order pipeline, and ongoing product innovation across its IPM Suite and Brand Vision platforms, including advanced AI-driven analytics and automation capabilities. Strategic partnerships with AWS, Oracle, NetSuite and Adobe further strengthen its go-to-market and integration capabilities. Looking ahead, management remains focused on accelerating recurring revenue, improving profitability, expanding margins and capitalising on increasing demand for automated licensing, royalty management and content governance solutions.

SpaceandPeople plc’s FY2025 investor update highlights strong company performance with double-digit revenue growth, improved profitability, and continued strategic investment across its experiential marketing and retail platform. Net revenue increased 20% to over £8 million, driven by growth across all divisions, including brand promotions, retail, and its proprietary “Rock Up and Pop Up” offering, while operating profit rose بیش 70% to लगभग £0.6 million and profit before tax more than doubled to around £0.5 million. The group strengthened its balance sheet by increasing cash reserves and fully repaying legacy debt, supporting financial flexibility. Growth was underpinned by robust demand for face-to-face brand activations, customer acquisition campaigns, and flexible pop-up retail solutions, alongside expansion in Germany, where revenue grew 16% and new exclusive venue partnerships were secured. Operationally, the company invested in marketing, talent, and infrastructure, while advancing a digital transformation programme, including a new AI-enabled booking platform and CRM integration to enhance customer experience and sales efficiency. Looking ahead, management expects further profit growth of up to 50%, supported by a resilient growth strategy focused on experiential marketing, omnichannel retail trends, and increased European penetration. While mindful of macroeconomic and geopolitical risks impacting marketing spend and supply chains, the company remains confident in its order book, scalable business model, and ability to deliver sustainable revenue growth, margin expansion, and long-term shareholder value.

Keystone Law Group PLC delivered a strong investor update, reporting revenue growth of 17.9% to £115.2m, adjusted PBT up 20.6% to £15.3m, and robust operating cash conversion of 98.9%. The company highlighted continued momentum in its platform law firm model, with 61 new principals, 63 new pod members and total fee earners rising 13.5% to 654. Revenue per principal increased 10.5%, supported by strong client demand, high-quality recruitment and growing cross-referrals across the firm. Keystone remains debt-free, with £9.7m cash, a progressive ordinary dividend of 24.7p per share, and a track record of returning surplus capital through dividends. Management also outlined investment in technology and AI, including the rollout of Thomson Reuters’ CoCounsel, to enhance lawyer productivity and strengthen operational efficiency. Looking ahead, Keystone expects trading conditions to remain favourable, with growth driven by recruitment, brand strength, disciplined investment and its scalable pay-when-paid model.

Skillcast Group plc’s FY2025 investor update highlights strong company performance, with double-digit revenue growth, expanding margins, and a step change in profitability driven by its scalable SaaS model. Annual recurring revenue (ARR) 19% to £13.8 million, while total revenue rose 16% to £15.3 million, supported by 21% growth in high-margin subscription revenues, now representing 87% of total sales. Gross margins improved to 75.7%, and EBITDA surged than 200% to £1.5 million, reflecting operational leverage, disciplined cost control, and limited headcount growth. The group generated £3.7 million in free cash flow and ended the year with a strong net cash position of £30 million, underpinning a progressive dividend policy. Growth was driven by increased client numbers, higher average contract values, and successful upselling to enhanced and premium plans, while net revenue retention remained above 100%. Strategically, Skillcast is focused on sustaining ~20% ARR growth and improving EBITDA margins towards 20% through organic expansion, EU market penetration, product innovation, and AI integration. Management emphasised resilience in demand for compliance solutions, continued investment in AI-driven features, and a robust sales pipeline. Despite a modest slowdown in new client acquisition early in 2026, trading remains in line with expectations, supported by a growing order book, strong retention, and ongoing productivity gains, positioning the company for continued profitable growth and long-term shareholder value creation.

Getech Group PLC’s FY2025 final results investor presentation highlights a significant improvement in company performance, with revenue increasing over 7% to £5.0m and a return to positive EBITDA of £0.5m, marking its first positive EBITDA since 2019. The financial results reflect a successful strategic reset, including a 20% reduction in the cost base, improved operational efficiency, and a strong recovery in margins to 52%. The group continues to leverage its proprietary geoscience data and GLOBE platform, supporting a diversified global customer base across oil and gas, mining, and energy sectors. Recurring revenue (ARR) remained stable at £2.8m, with management focused on accelerating ARR growth through new contract wins, upselling existing clients, and expanding product capabilities. The order book of £3.8m provides solid forward revenue visibility into FY2026. Getech’s growth strategy is aligned with favourable market trends, including renewed exploration activity, low reserve replacement rates, and increasing demand for critical minerals and low-carbon resources such as natural hydrogen and geothermal energy. With a focus on sustainable cash generation, margin expansion, and product innovation, the company is well-positioned to capitalise on emerging opportunities and deliver long-term shareholder value in the global natural resources market.

In this episode, we analyze Sainsbury (J) PLC's 2026 full-year results and strategic approach. Despite a 5.2% increase in grocery sales, the company faced a 1% drop in operating profits due to rising costs from national insurance and a new packaging tax. Sainsbury's is absorbing costs to maintain market share while promoting their higher-margin premium products. The conversation also highlights their aggressive digital transformation, including AI at self-checkouts and facial recognition for theft prevention. Ultimately, this reveals how Sainsbury's is pivoting towards a tech-driven model, where customer data and logistics optimization are becoming central to their business strategy.

KR1 plc’s latest investor update highlights a transitional year in 2025 marked by challenging market conditions, portfolio write-downs, and a significant decline in net asset value, alongside continued progress in building a diversified, income-generating digital asset platform. Despite a reported drop of over 60% in portfolio value, the company delivered approximately £5 million in infrastructure income and maintained a positive adjusted operating result, reflecting resilience in its underlying business model. KR1’s strategy differentiates itself from traditional crypto investment vehicles by combining price exposure with active income generation across technology infrastructure (including Ethereum staking and validator expansion), financial infrastructure (such as Nexus Mutual underwriting and liquidity provision), and venture investments. Entering 2026, KR1 is focused on enhancing recurring revenue streams, targeting yields of 6–8%, and transitioning assets into more productive, income-generating positions. The company maintains a debt-free balance sheet and is leveraging its recent London Stock Exchange listing to access broader institutional demand. Management remains optimistic about future growth, supported by improving market sentiment, increasing regulatory clarity, and rising institutional inflows into digital assets. With a clear growth strategy centered on decentralised AI, blockchain infrastructure, and tokenised financial systems, KR1 is positioning itself to capitalise on the next cycle of digital asset innovation while driving long-term shareholder value through scalable income generation and portfolio optimisation.

Novacyt S.A. delivered a resilient final results investor update, reporting 2025 revenue of £20m, with underlying growth of 4% after the Taiwan divestment, a strong 63% gross margin, and a reduced EBITDA loss of £7.8m. The molecular diagnostics group highlighted continued progress against its growth strategy, including increased R&D investment, IVDR-accredited product development, and new launches such as LightBench Discover, which helped drive 25% instrumentation growth. Clinical revenues represented around 70% of group sales, supported by double-digit growth in NIPT, contract wins in the UK, Iceland and Thailand, and expanding Asia-Pacific demand. Novacyt also strengthened its international footprint through the earnings-accretive acquisition of Southern Cross Diagnostics, enhancing access to the fast-growing Australian diagnostics market and supporting the pathway to EBITDA profitability. With £11m cash at March 2026, a streamlined cost base, upcoming DPYD assay launch, and a target of double-digit revenue growth, Novacyt is positioning for sustained commercial expansion, improved margins, and long-term shareholder value.

Titon Holdings PLC delivered a mixed investor update for H1 2026, highlighting solid revenue growth alongside margin pressure and ongoing turnaround efforts. Group revenue increased 5.6% year-on-year to £8.1 million, driven by strong performance in the mechanical ventilation division, where sales rose 19.8% supported by new product launches, consultative selling, and a record order win. However, the window and door hardware segment remained a drag on overall company performance, with revenue declining 9.8% amid weaker market demand and legacy product challenges. Group margins softened to 29.3%, reflecting adverse product mix and lower absorption rates, while underlying EBITDA was broadly breakeven and operating losses widened due to strategic investment in sales capabilities. Despite these pressures, Titon maintains a robust balance sheet with £3.1 million in cash, no debt, and significant property asset backing, providing flexibility to fund its growth strategy. Management continues to focus on operational efficiency, margin recovery, and market share gains, particularly through revitalising the underperforming hardware division. The company’s order book is strengthening, and management expects improved second-half performance as market conditions stabilise. With clear medium-term targets of 10% annual revenue growth and 15% operating margins, Titon remains focused on executing its turnaround strategy, enhancing profitability, and delivering long-term shareholder value.

Northcoders Group PLC’s latest investor update outlines a challenging but transformative financial year, reflecting structural changes in UK skills funding and a strategic pivot toward sustainable growth. FY2025 revenue declined to £4.9 million following the transition from national to regional government funding, while EBITDA reported a loss of £0.6 million amid significant market disruption. Despite this, the company demonstrated resilience through decisive cost reduction, preserving gross margins at 59% and maintaining a strong cash position. The group’s growth strategy is increasingly centered on its B2B “Counter” division, which delivered revenue growth to £1.5 million and secured a record £2.5 million order book, highlighting strong demand for embedded technology teams across public and private sectors. With a rebalanced revenue mix, reduced reliance on government funding, and a leaner operating model, Northcoders is targeting break-even performance at approximately £5 million revenue in FY2026. Early trading shows positive momentum, supported by contracted revenue, a robust pipeline, and increasing demand for AI-focused training solutions. The company remains focused on scaling its Counter offering, enhancing commercial training services, and exploring strategic M&A opportunities to drive long-term revenue growth, margin expansion, and shareholder value.

Chapel Down Group PLC reported strong FY2025 financial results, with net sales revenue up 19% to almost £20 million and adjusted EBITDA increasing 25% to £3.7 million, reflecting robust company performance across its core traditional method sparkling wine portfolio. The investor update highlighted 28% growth in sparkling wine revenue, rising brand awareness to 49%, and an expanded 36% market share in the UK off-trade channel, supported by distribution gains, e-commerce momentum and international growth of 49%. Management outlined a clear growth strategy focused on brand investment, premiumisation through single-vineyard wines, sustainable channel expansion and disciplined capital management. Chapel Down’s 2025 harvest delivered strong quality and yield, supporting future stock-building and long-term revenue growth, while the company’s £20 million revolving credit facility provides funding flexibility. With improving margins expected in 2026, continued investment in marketing, and a target to achieve 1% equivalent share of the global champagne market by 2035, Chapel Down remains focused on profitable growth, EBITDA progression and strengthening its position as the UK’s leading English sparkling wine producer.

Futura Medical PLC’s latest investor update highlights a transitional year marked by strategic reset, challenging financial results, and a renewed growth strategy focused on its sexual health portfolio. Full-year 2025 revenue declined to £1.7 million, reflecting a shift from milestone-driven income to demand-led sales, while gross margins remained strong at 73%. The company reported an underlying operating loss of £4.5 million, alongside disciplined cost control, improved capital allocation, and a strengthened balance sheet following a £2.7 million fundraise. Commercial performance of its flagship product, Eroxon, fell short of expectations due to positioning and usage challenges, prompting a refined go-to-market strategy targeting defined consumer segments and improved partner collaboration. Looking ahead, the growth strategy centers on driving revenue recovery, expanding margins, and accelerating product innovation, including Eroxon Intense (targeted 2027 launch) and the WSD4000 female sexual health platform (targeted 2028 launch), both supported by positive clinical and consumer data. With a robust product pipeline, active funding initiatives, and multiple 2026 value inflection points—including regulatory milestones and partnership expansion—the company aims to enhance long-term shareholder value while advancing toward sustainable revenue growth and improved operational performance.

In this episode, we explore the recent investment memos from the River UK Micro Cap Limited, revealing a hidden section of the stock market where companies are thriving yet undervalued. The fund targets firms valued under £100 million, which larger institutions can't invest in due to their size, creating a structural blind spot. While macroeconomic fears dominate the market, these microcaps have shown impressive growth, with 19% annual revenue growth and 50% profit growth over the past three years, despite skepticism about sustainability. We discuss standout performers like Sylvania Platinum, which boasts a notable 40% free cash flow yield, and examine why macro-level conditions have adversely affected perceptions of these profitable businesses. Finally, we consider the potential for private equity to step in to acquire these undervalued firms as they continue to post strong growth amid a challenging market environment.

Acuity RM Group plc provided an investor update highlighting a strong turnaround in company performance and a clear growth strategy. The business reported six consecutive months of profitability following losses in 2024, with Q1 revenue of £441k, a 37% reduction in administrative costs, and improving margins supporting a path to sustainable profitability. Its high-quality, subscription-based revenue model (86% recurring) remains underpinned by a “sticky” UK public sector client base, including the Ministry of Defence. Forward contracted revenue increased to £2.1m, while £619k of new contract wins exceeded expectations, strengthening the order book and pipeline visibility. Growth is expected to accelerate in H2 2026, driven by the launch of Stream Cloud, a scalable SaaS platform targeting the mid-market cyber risk management sector, enabling faster deployment and distribution via channel partnerships. With rising demand for cybersecurity solutions, ongoing AI-led efficiency initiatives, and an expanding product suite, Acuity RM Group is well positioned to deliver revenue growth, margin improvement, and long-term shareholder value.

Capital Limited delivered a strong Q1 2026 investor update, reporting record company performance with revenue rising 42% year-on-year to $101.7 million, driven by robust growth across all operating divisions. The drilling segment generated $62.8 million (+9%), mining contributed $18 million following new contract mobilisation, and MSA Labs delivered standout growth with revenue of $20.9 million (+55%), reflecting increasing demand for laboratory services. The group’s diversified business model and expanding global footprint across Africa, the Middle East, and the Americas continue to underpin its growth strategy. Margin expansion and improved return on capital were supported by the redeployment of mining assets and increased operational activity, while MSA Labs transitioned into profitability, enhancing overall EBITDA potential. Capital’s order book strengthened with multiple long-term contract wins, including drilling, mining, and laboratory agreements, providing strong revenue visibility. The company reaffirmed full-year revenue guidance of $410–$440 million, supported by a healthy pipeline and favourable commodity market conditions, particularly in gold and copper. With rising industry demand, tightening supply, and increasing pricing power, management expects sustained growth momentum. Trading at a notable discount to peers on an EV/EBITDA basis, Capital Limited highlights significant valuation upside alongside its integrated services platform, strong client base, and disciplined capital allocation, positioning the group for continued earnings growth and shareholder value creation.

Poolbeg Pharma PLC (POLB:AIM) delivered a focused full-year results investor update, highlighting strong company performance, a £7.7 million cash position and financial runway into 2027. The clinical-stage biopharma is advancing POLB 001, an oral p38 MAPK inhibitor targeting prevention of cytokine release syndrome in cancer immunotherapies, with MHRA approval secured, six UK cancer centres lined up and interim CRS trial data expected in summer 2026. Backed by Johnson & Johnson’s supply of teclistamab, growing IP protection, FDA orphan drug designation and positive human challenge data, Poolbeg sees a potential $10 billion market opportunity across multiple myeloma and lymphoma. Management also reported accelerating partnering discussions with large and mid-sized pharma companies, supported by a populated data room and strong payer feedback. Alongside POLB 001, the company is progressing an oral GLP-1 obesity programme, with a clinical trial expected in H2 2026, reinforcing its growth strategy, revenue potential and value inflection points.

Likewise Group PLC’s latest investor update highlights strong company performance and continued execution of its growth strategy, driven by expanding UK distribution infrastructure and product diversification. For the financial year, revenue increased 9% to £163 million, with improved gross margins and EBITDA rising to £10.4 million, while profit before tax surged 56% to £3.1 million, reflecting enhanced operational efficiency and scale. The group’s robust balance sheet is underpinned by £31.6 million in property assets and low leverage, supporting future investment. Operationally, Likewise has built a nationwide platform with 13 distribution centres, over 7,000 customers, and a growing fleet exceeding 160 vehicles, positioning the business to scale towards its £200–£250 million revenue target. Early trading in the new financial year remains قوية, with revenue up 15%, indicating positive momentum despite macroeconomic and supply chain challenges. Strategic initiatives, including digital platforms, expanded product ranges, and strengthened supplier relationships, continue to enhance market share and customer engagement. Ongoing capital investment in logistics capacity and freehold property assets further supports long-term margin expansion and operational gearing. Overall, the group’s financial results demonstrate resilient revenue growth, improving profitability, and a clear pathway to sustained EBITDA and margin progression within the UK flooring distribution market.

Santhera Pharmaceuticals Holding AG delivered a strong FY2025 investor update, reporting revenue growth to CHF 77.2 million, ahead of guidance, supported by accelerating AGAMREE uptake, expanding reimbursement access and partner market momentum. Product sales rose 72%, driven by Germany, Austria and the UK, while Catalyst generated US sales of $117 million and China partner Sperogenix advanced its self-pay launch. European growth remains central to Santhera’s strategy, with Spain and Italy launches expected to support 2026 revenue guidance of CHF 80–90 million and cash flow breakeven targeted for Q3 2026. The Guardian long-term study strengthened AGAMREE’s differentiation, showing comparable efficacy to traditional corticosteroids with improved safety, reduced fracture risk and maintained growth. Management also highlighted global expansion through Nexera in Japan, Korea, Australia and New Zealand, high-margin distributor agreements, manufacturing scale-up, and potential rare disease asset acquisitions to leverage Santhera’s commercial infrastructure.

Xeros Technology Group PLC delivered an investor update highlighting strong progress across its asset-light licensing model, green technology portfolio and commercialisation strategy. The company reported improved 2025 revenue, disciplined cost control and a strengthened cash position following a successful fundraise, positioning it to accelerate growth across 2026–2027. Key milestones include a product launch agreement with a top 10 North American domestic laundry OEM, active technology verification with further global appliance groups, and growing momentum for its XOrbs fabric care technology, which targets water, energy and detergent savings while improving garment life. In garment finishing, partner Yilmak Makina has moved Xeros technology into live production with Ambition Apparel, supporting future denim industry rollout and recurring revenue from machine royalties and XOrbs supply. Xeros also expects its microplastic filtration technology, certified to capture 98% of microfibres, to launch in key European markets with partners including Russell Hobbs and MediaMarkt, with further global opportunities under discussion. Management reiterated confidence in the company’s growth strategy, IP protection, high-margin royalty model and potential to generate significant long-term profitability as revenue scales.

Atome PLC’s latest investor update highlights a transformational milestone with the fully financed $665 million Vietta Project, the world’s first industrial-scale, low-carbon fertiliser plant powered entirely by renewable energy. The company’s financial results and strategic progress demonstrate a compelling growth strategy focused on sustainable agriculture, energy transition, and scalable infrastructure. With projected production of 260,000 tonnes annually and strong EBITDA potential (c.$84 million based on base case assumptions), the project underscores robust future revenue visibility and attractive margins. Backed by tier-one partners, long-term offtake agreements, and concessional financing from global institutions, Atom has significantly de-risked execution while strengthening its balance sheet through recent capital raises. The company’s platform model, combining green hydrogen, ammonia, and fertiliser production, positions it competitively as a lowest-cost producer versus imports, enhancing supply chain resilience and regional food security. With construction underway and first production targeted by 2029, Atom is transitioning from development to execution, with early-stage cash flow supported by management fees. Beyond Vietta, a strong project pipeline and expansion into renewable power infrastructure underpin long-term revenue growth and scalability. Overall, Atom’s company performance reflects improving financial fundamentals, increasing investor confidence, and a clear pathway to sustainable EBITDA growth driven by innovation in low-carbon fertiliser and clean energy solutions.

Literacy Capital PLC delivered an investor update highlighting resilient company performance, disciplined capital allocation and a differentiated growth strategy across its UK private equity portfolio. Since launch in 2017, net assets have grown from £54m to nearly £290m, with shareholder returns of 109% since listing and recent exits achieved at an average 39% premium to carrying value. Management emphasised its focus on smaller UK businesses with enterprise values typically below £25m, where operational support, management upgrades, M&A and attractive entry pricing can drive NAV growth, EBITDA expansion and margin improvement. The portfolio remains concentrated, with the top 10 investments representing 84% of the fund, while Q1 KPIs showed revenue growth of 14% and EBITDA growth of 16%. Recent investments Trinitatum and Red Sky have performed strongly, delivering rapid multiple-of-money growth supported by cash generation, improved operational capacity and favourable deal structuring. Literacy Capital also highlighted its conservative valuation approach, significant management ownership of nearly 40%, no carried interest or performance fees, and a charitable purpose supporting UK literacy. Despite recent discount-to-NAV pressures, management remains focused on investor engagement, portfolio execution and restoring stronger NAV growth.

Light Science Technologies Holdings PLC delivered a FY2025 investor update highlighting a transitional year, with group revenue of £8.6m, improved gross margin of 33.8%, and a sharpened focus on higher-margin growth markets. Despite EBITDA and profitability pressure from reduced contract electronics manufacturing revenue and Building Safety Regulator delays, the company strengthened its platform through a £6.6m post-period fundraise and three strategic acquisitions, including Injectorclad. Management outlined a £55m quoted pipeline, £4m forward order book, and medium-term ambition to reach £50m revenue. Growth strategy is centred on AgTech expansion, CEM diversification into defence, medical and healthcare, and passive fire protection, where strong margins, regulatory drivers and a growing order pipeline support expectations for improved H2 2026 performance and future shareholder value.

Bango PLC’s FY25 investor update highlights strong operational execution and improving financial performance, driven by the continued scale-up of its Digital Vending Machine (DVM) platform and a higher-quality revenue mix. Despite broadly flat reported revenue, the company delivered 30% ARR growth and a 60% increase in active subscriptions, underpinned by zero customer churn and 117% net revenue retention, reinforcing the strength of its recurring revenue model. Group profitability improved significantly, with gross margins rising to 84% and adjusted EBITDA margin expanding to 31%, supported by cost efficiencies and a £3.8 million reduction in operating expenses. Notably, Bango achieved positive cash EBITDA for the first time, marking a key inflection point toward sustainable cash generation. The business has introduced clearer segmental reporting across Payments and Subscriptions, highlighting a cash-generative payments division and a high-growth subscriptions segment expected to drive future value. Strategic focus remains on scaling the DVM platform, which enables telecom operators, banks, and retailers to bundle and monetise subscription services, positioning Bango as a leading platform in the global subscription economy. With a record number of new DVM customer wins, expanding order book momentum, and growing adoption across new verticals, the company enters FY26 with strong trading, improved revenue visibility, and a clear growth strategy centred on platform scalability, margin expansion, and long-term value creation.

Pollen Street Group Limited delivered a strong 2025 investor update, highlighting robust company performance, accelerating AUM growth, and a scalable earnings model. Total assets under management increased 30% year-on-year to £7.1bn, with fee-paying AUM rising to £5.2bn, supporting predictable, recurring management fee income and revenue growth to £114m. Group EBITDA reached £64.6m, reflecting improved margins and operational leverage, while the asset manager now contributes 71% of total revenue. Strong fundraising momentum across private equity and private credit strategies—exceeding targets with funds such as Private Equity V and Credit IV—has strengthened the order book and provided £800m+ of deployable capital, enhancing visibility on future revenue and earnings. The firm’s disciplined mid-market investment strategy, focused on financial and business services, continues to deliver consistent returns, with net investment income of £32.9m and resilient margins supported by asset-backed lending and diversified portfolios. Management emphasized a clear growth strategy centred on scaling AUM towards a £10bn target, expanding fee-based revenues, and driving long-term shareholder returns through dividends and capital allocation. With strong structural tailwinds, a high-quality recurring revenue model, and increasing operational gearing, Pollen Street remains well positioned for sustained growth, margin expansion, and value creation in 2026 and beyond.

Facilities by ADF plc delivered a strong FY25 investor update, highlighting solid company performance, improving financial results, and a clear growth strategy in the expanding UK film and TV production market. Revenue increased 17% to £41.3 million, supported by higher utilisation, a full-year contribution from the AutoTrack acquisition, and growing diversification beyond core film and TV services. Adjusted EBITDA rose 28% to £9.2 million, with margins improving to 22%, reflecting operational efficiencies, cost control initiatives, and higher-margin revenue streams. The group returned to break-even profitability and strengthened its balance sheet, reducing net debt to £12.3 million and maintaining disciplined leverage at 1.3x EBITDA. The business remained cash generative, with positive free cash flow and a strong asset-backed fleet supporting operations. Operationally, ADF supported 311 productions, achieved a best-in-class NPS of 89, and continued to build its reputation as a premium provider of on-location production facilities. Looking ahead, the company’s growth strategy focuses on becoming an integrated “one-stop shop,” enhancing cross-selling across its group, expanding into adjacent markets such as live events, and pursuing selective acquisitions. ADF also benefits from a robust order book and pipeline of £21 million (+4% year-on-year), underpinned by strong UK production spend and favourable industry tailwinds. With a strengthened leadership team, improved margins, and clear strategic priorities, Facilities by ADF is well positioned to drive revenue growth, optimise returns, and capitalise on long-term demand across the global content production industry.

Seed Innovations Limited provided an investor update outlining its strategic repositioning, portfolio evolution, and future growth strategy, underpinned by a refreshed board and enhanced investment focus. The company highlighted a transition from legacy investments, including cannabis exposure, toward high-growth sectors, with a core emphasis on robotics and AI-driven technologies. Management emphasized a disciplined capital allocation approach, targeting companies with strong customer traction, scalable business models, and clear pathways to monetization via IPOs, trade sales, or private equity exits. The presentation underscored a robust pipeline of opportunities, particularly in robotics applications across agriculture, infrastructure, energy, and healthcare, where automation is addressing global labour shortages, improving productivity, and enhancing operational efficiency. Market forecasts significant expansion potential, with the global robotics sector expected to grow substantially over the coming decade, supporting Seed’s long-term value creation strategy. The company also highlighted its investment in Clean Food Group and maintained a solid cash position to support new deployments. Leadership alignment with shareholders was reinforced through significant insider ownership, while the strengthened board brings deep expertise in capital markets, portfolio management, and global strategy. Overall, Seed Innovations positioned itself for accelerated growth, focusing on portfolio optimisation, revenue-generating opportunities, and exposure to transformative technologies, with a clear objective to enhance NAV, improve returns, and deliver long-term shareholder value.

Arecor Therapeutics PLC’s latest investor update highlights solid company performance, strategic progress, and a focused growth strategy in high-value cardiometabolic markets. The clinical-stage biotech reported strengthened financial results, including improved revenue, reduced operating costs, and a bolstered balance sheet following a $11 million non-dilutive royalty financing, extending cash runway to Q2 2027. The company’s lead asset, AT278—an ultra-concentrated, ultra-rapid acting insulin—continues to advance toward Phase 2 clinical trials in partnership with Sequel MedTech, with positive FDA feedback supporting its regulatory pathway and commercial potential. Targeting a multi-billion-dollar market opportunity, AT278 is positioned to enhance automated insulin delivery systems, improving patient outcomes while addressing unmet needs in diabetes care. Alongside this, Arecor is progressing its proprietary oral peptide delivery platform, with early-stage data demonstrating promising stability and ongoing pharmacokinetic studies aimed at improving bioavailability. The company’s dual-platform approach, supported by strategic partnerships with major pharma players, underpins long-term revenue growth potential and pipeline expansion. With a disciplined capital allocation strategy, strong R&D focus, and clear clinical milestones ahead, Arecor remains well positioned to deliver value through innovation, partnerships, and scalable commercial opportunities in global healthcare markets.

Ebiquity PLC (EBQ:AIM) delivered a challenging set of full year 2025 financial results, with revenue declining 4% to £73.4 million, adjusted operating profit of £4.6 million, and margins compressing to 6.3%, reflecting North America weakness, elevated costs, and operational inefficiencies. Despite this, the investor update highlights improved financial discipline, including adjusted cash from operations of £12.8 million, positive free cash flow of £3.1 million, and reduced net debt to £13.1 million. Management has taken decisive action through restructuring, leadership changes, and tighter cost controls to strengthen company performance and restore profitability. Ebiquity continues to leverage its proprietary media data, AI driven capabilities, and integrated growth strategy across its transform govern grow framework to support global clients and enhance marketing effectiveness. With a stronger order book, new client wins, and a healthier pipeline, the company enters 2026 focused on revenue growth, margin expansion, and sustainable EBITDA improvement, particularly targeting recovery in North America and long term shareholder value creation.

PensionBee Group plc’s Q1 2026 investor update highlights strong financial results and continued execution of its growth strategy, with robust increases in assets under administration (AUA), revenue, and customer numbers despite macroeconomic volatility. The UK segment delivered AUA of £7.5 billion (+29% YoY), annual run-rate revenue of £52 million (+43% YoY), and 315,000 invested customers, alongside profitability and improving EBITDA margins (15% LTM). At a group level, PensionBee achieved a break-even EBITDA position, supported by disciplined cost control and scalable operations. The business continues to benefit from a predictable, recurring revenue model, underpinned by a resilient customer base and stable revenue margins of 67 basis points. During the quarter, 10,000 net new customers were added, driven by increased marketing investment and a growing acquisition pipeline, while productivity improved 23% year-on-year through AI-driven efficiencies, including the Bebot platform. In the US, PensionBee is progressing its international expansion strategy, targeting a $60 billion retirement rollover market through partnerships and brand-led customer acquisition. Management reaffirmed medium-term targets of £100 million+ revenue and 20% EBITDA margins by 2029, and long-term ambitions exceeding £250 million revenue and 50% margins by 2034. Overall, PensionBee Group plc demonstrates strong operational momentum, scalable growth, and a clear path to long-term value creation.

Kenmare Resources PLC’s Q1 2026 investor update highlights solid company performance, with shipments on track to meet its 1.1 million tonne target, supporting cash flow and inventory reduction despite softer production linked to WCP-A project completion. The business remains within full-year production guidance, with the upgraded plant expected to enhance throughput, margins, and operational efficiency. Market conditions for titanium feedstocks remain weak, with ilmenite pricing under pressure from oversupply; however, improving demand, a strengthening order book into Q2–Q3, and early signs of market tightening are emerging. Zircon pricing has stabilized and begun to increase, supporting revenue diversification, while the new Zertai product is contributing to sales growth. Kenmare continues to focus on cost control, managing diesel exposure, and maintaining strong customer relationships, underpinning revenue visibility. Progress on Mozambique agreement negotiations remains positive, reinforcing confidence in the group’s growth strategy, long-term asset value, and ability to navigate cyclical market conditions.

Harbour Energy PLC’s latest investor update highlights strong company performance, disciplined capital allocation, and a clear growth strategy amid heightened commodity price volatility. The company reported robust operational delivery with production exceeding 500,000 barrels per day early in 2026 and reaffirmed full-year guidance of 475,000–500,000 boepd, supported by a diversified global portfolio. Strategic M&A activity, including the transformative $3 billion LOG acquisition in the US Gulf, alongside portfolio optimisation through divestments and targeted acquisitions, is expected to materially enhance free cash flow, margins, and long-term revenue visibility. Harbour’s cost-efficient operations, with unit operating costs around $14.50 per barrel, combined with high exposure to Brent oil and European gas prices, position the business to benefit from favourable market dynamics. At updated pricing assumptions, the company forecasts up to $1.4 billion in free cash flow for 2026, more than doubling prior estimates. The group maintains an investment-grade balance sheet and a disciplined financial policy, prioritising debt reduction while delivering shareholder returns through a 45–75% payout ratio. Looking ahead, Harbour expects stable production, expanding EBITDA and margins, and significant free cash flow growth through 2030, driven by higher-margin assets in the US and Mexico, a strong project pipeline, and an enhanced order book of development opportunities.

Billington Holdings PLC’s 2025 investor update highlights resilient company performance despite lower revenue of £95.7 million, driven by a smaller number of highly complex projects with reduced steel content and client-led contract delays. The group reported an underlying operating margin of 3.6%, maintained a strong £20.5 million cash balance, remained debt-free, and proposed an 11p dividend, underlining balance sheet strength and disciplined capital allocation. Management emphasized a robust and diversified order book extending through 2026 and into 2027, with exposure to growth sectors including energy from waste, data centres, defence, education, and carbon capture. Strategic progress included completion of the five-year capital investment programme, full operation of the new Tubecon facility, consolidation of structural steel operations into Barnsley, and continued investment in productivity, efficiency, and margins. While profitability was affected by a subdued macroeconomic backdrop and deferred margin recognition, the company expects improved revenue, EBITDA, and margin performance in 2026 as contract mix normalises. With strong cash reserves, owned property assets, a healthy pension surplus, and selective acquisition opportunities under review, Billington presents an investor-friendly outlook supported by operational modernisation, disciplined risk management, and long-term growth strategy.

MPAC Group PLC’s FY2025 investor update highlights a record year of company performance, with revenue rising 42% to £174 million and underlying profit before tax increasing 27% to £13.5 million, despite challenging market conditions including US tariff disruption and delayed customer capital investment. The Group achieved a key strategic milestone with operating margins exceeding 10% for the first time, supported by strong gross margin expansion, operational efficiencies, and acquisition synergies. Order intake grew 26% to £150.9 million, with a robust order book of £90 million providing 52% revenue visibility for 2026. Growth was driven by both original equipment and service segments, alongside successful integration of recent acquisitions, strengthening scale, geographic reach, and margin profile. MPAC’s growth strategy remains focused on expanding its global customer base, increasing higher-margin service revenues, and leveraging engineering expertise to secure repeat business and long-term contracts. Strategic initiatives included operational consolidation, cost reduction programmes, innovation-led product launches, and integrated turnkey solutions, enhancing its competitive positioning in the global packaging machinery market. While near-term margin pressure from pricing competition persists, management continues to prioritise EBITDA growth, cash flow discipline, and operational efficiency. With a strong balance sheet, controlled leverage, and ongoing investment in innovation and international expansion, MPAC is well positioned to deliver sustained revenue growth and improved financial results in 2026 and beyond.

S&U plc’s latest investor update highlights a strong recovery in company performance, with profit before tax increasing 32% to £31.8 million, reflecting improved financial results across its Advantage motor finance and Aspen property bridging divisions. Despite a modest decline in revenue due to cautious lending earlier in the year, the group delivered robust second-half growth, supported by enhanced credit quality, stronger collections and reduced impairment charges. Group receivables approached £500 million, with Advantage reaching £317 million and Aspen delivering record lending volumes, repayments and £8.8 million PBT, demonstrating the strength of its specialist lending model. The company continues to invest in technology, AI and operational infrastructure to drive efficiency and support scalable growth. S&U’s growth strategy is underpinned by a major securitisation and refinancing programme, expected to significantly increase funding capacity, improve margins and optimise cost of capital, while maintaining disciplined underwriting standards. Management highlighted a positive start to 2026, a strong pipeline of lending opportunities and potential to gain market share amid evolving regulatory conditions. Overall, S&U plc is positioned for sustainable revenue growth, improved EBITDA and long-term expansion, with a resilient balance sheet and increasing investor confidence in its future earnings potential.

Surgical Innovations Group PLC’s FY2025 investor update highlights resilient company performance amid challenging market conditions, with revenue broadly flat at £11.6m due to headwinds including US tariffs, OEM supply chain constraints, and reduced elective procedures in the UK. Despite this, the Group delivered strong regional growth, particularly in Europe (+23%) and UK third-party sales (+14%), reflecting successful execution of its growth strategy and increasing demand for its sustainability-led product offering. Gross margins improved significantly to ~34%, supported by favorable product mix, pricing initiatives, and ongoing cost reduction programmes, although EBITDA remained negative. The company reported positive operating cash flow (£0.6m) and strengthened its balance sheet through improved working capital management, including inventory reduction and tighter control of receivables and payables. Strategic progress included achieving MDR certification, enhancing regulatory positioning and enabling future product innovation, alongside investment in sales infrastructure, international distribution expansion, and high-margin product focus. Looking ahead, Surgical Innovations is targeting revenue growth and margin expansion through a strengthened order book, new product pipeline, US market development, and operational efficiencies. Management remains focused on driving sustainable profitability, leveraging clinical relationships, and capitalizing on global market opportunities to deliver improved financial results in 2026 and beyond.

Savannah Resources PLC’s latest investor update highlights strong momentum at its Barroso Lithium Project, positioned as Europe’s largest spodumene lithium resource and a strategically important asset in the regional battery supply chain. Management reported significant progress across project development, financing and commercial discussions, including a major non-dilutive grant of up to €110 million from the Portuguese state, ongoing work toward the Definitive Feasibility Study expected this summer, and a target for production in 2028. The company also emphasised improving lithium market conditions, with lithium prices recovering sharply, alongside rising demand from electric vehicles and battery storage. Savannah’s growth strategy includes expanding resource potential through the Aldeia concession, advancing offtake negotiations, and securing project finance supported by strong interest from commercial banks and strategic partners. Management reiterated confidence in the project’s long-term economics, citing robust prior estimates for NPV, competitive operating costs, attractive margins and substantial upside as the asset is further de-risked. With community engagement strengthening, infrastructure planning progressing and institutional investor support increasing, the presentation underlined Savannah’s focus on delivering value through milestone execution, financing readiness, and positioning the company for future revenue growth and shareholder returns.

Concurrent Technologies PLC delivered a strong investor update alongside its FY2025 financial results, highlighting record company performance, robust revenue growth, and a clear long-term growth strategy. Revenue increased to £45.9 million, supported by record order intake of £47 million and £145 million in design wins, significantly strengthening the company’s order book and future revenue visibility. Profit before tax rose 25%, while gross margins improved to 53%, reflecting operational efficiencies and a maturing systems business. The group continues to generate strong cash flow, ending the period with £14.4 million in cash and no debt. Growth is being driven by expansion up the value chain into higher-margin systems and design services, alongside its core embedded computing products. The systems division saw rapid revenue growth of 160%, demonstrating increasing traction despite near-term margin investment. With 90% exposure to global defence markets, Concurrent benefits from long-term programme cycles and increasing demand for advanced computing solutions. Strategic investments in manufacturing capacity, US expansion, and product innovation underpin future scalability, while M&A remains a key lever for growth. Management highlighted strong pipeline visibility and confidence in FY2026 performance, supported by a £24 million opening backlog and improving conversion of design wins into production revenue. Overall, the company is well positioned to deliver sustained revenue growth, margin expansion, and long-term EBITDA progression.