1Spatial has reported significant progress in its strategic transformation during the latest year, with recurring revenues from its SaaS business surging.

A trading statement released on Wednesday painted a positive picture of 2024 activities that will set the company up for future growth.

Term licence and Software-as-a-Service revenue surged by over 35% to £11.5 million, substantially exceeding management expectations. Recurring revenue reached approximately £21.0 million, representing about 62% of total revenue, up from 56% in the previous year.

Despite delays in a major Belgian contract that dampened services revenue, overall group turnover increased to £33.4 million, up from £32.3 million in FY2024. The impact of lower services revenue was offset by the improved business mix of higher-margin software sales and cost reductions. Adjusted EBITDA expected to be at least £5.6 million.

1Spatial gave an upbeat assessment of the outlook for the year ahead. They said FY2026 had begun positively with several customer contracts in final negotiation stages. The company anticipates announcing a third significant contract for its 1Streetworks SaaS solution in Q1.

“We’ve made some good progress across the Group this year and I’m especially pleased that we’ve delivered an increase in software revenues ahead of our expectations, as well as reporting the first significant sales of our higher margin 1Streetworks SaaS solution, with a further material contract in advanced negotiations,” said 1Spatial CEO, Claire Milverton.

“With recurring revenue now accounting for 62% of total revenue, the investments that we’ve made in our software platform as well as new sales resource and leadership hires, we look forward to a positive year ahead.”

Light Science Technologies (LON: LST) was cash generative last year and the loss reduced from £1.14m to £30,000, following a strong second half. Revenues increased from £9.3m to £12m with an initial contribution from the fire protection business. The contract electronics manufacturing business grew, but the fastest growth was in agricultural technology. This is still a small percentage of revenues, but this will be a significant market when technology is adopted, and cross-selling opportunities are realised. The potential pipeline of business is worth £42m. The share price continued its recovery adding 21.2% to 3.15p.  

Chariot (LON: CHAR) owns 49% of Etana Energy, the South African electricity trading platform, which has secured up to $75m in guarantee financing and equity from Standard Bank and Norfund. This enables the financial close of the 75MW Du Plessis Dam solar energy project. A 20-year power supply agreement has been signed for the project. The equity funding in Etana Energy, values Chariot’s stake at 2.1p/share. The share price is 14.3% higher at 1.6p.

OptiBiotix Health (LON: OPTI) says 2024 orders were 56% higher at £1m. A stock overhang has been cleared and margins and sales of weight management product Slimbiome should increase this year. The order book for the first quarter of 2025 is higher than for the first half of 2024. There is £754,000 in cash in the balance sheet at the end of 2024 and since then £257,000 has been raised from selling shares in SkinBioTherapeutics (LON: SBTX). The OptiBiotix Health share price improved 10.1% to 19p.

Greatland Gold (LON: GGP) has updated the mineral resource estimate for Telfer prospect in Australia. The measured and indicated estimate is 65Mt at 0.69g/t for 1.4m ounces of gold – a 55% increase. A reserve statement is planned by June. The share price increased 8.79% to 10.4p.

Seascape Energy Asia (LON: SEA) has completed the farm-out of a 42.5% participating interest in Block 2A, offshore Malaysia, to Inpex. The deal is worth $38m, including $10m in cash and $1m in reimbursed costs. Seascape Energy Asia will receive a fully uncapped carry of 10% through the exploration phase. The share price rose 7.25% to 37p.

FALLERS

Ethernity Network (LON: ENET) is holding a general meeting to enable it to issue more shares. Last week £88,750 was raised at 0.05p/share and more cash will be required to pay creditors. The share price slumped 35.3% to 0.0275p.

Oil and gas company ADM Energy (ADME) has received an additional £274,000 at 0.1p/share via broker option. That is slightly higher than the £250,000 sought. The share price slipped by one-fifth to 0.2p.

Biome Technologies (LON: BIOM) shares fell a further 14.3% to 0.75p ahead of the AIM cancellation on 21 March. JP Jenkins will then provide a matched bargain facility.

Shore has updated its forecasts for payment services provider Finseta (LON: FIN) and added costs for the new operation in Dubai and Canada. The costs will be £2.1m higher this year. Initial revenues will not be enough to offset the higher cost base in the short-term. The 2025 pre-tax profit forecast has been cut from £2.5m to £900,000, while next year the figure has been reduced from £4m to £3.4m. The company will remain in a net cash position. The investment should enhance earnings from 2027 onwards. The share price dipped 8.57% to 32p.

The FTSE 100 gained for a second day on Tuesday as investors bought cyclical stocks, including miners, retailers, and housebuilders.

London’s leading index was 0.3% higher at the time of writing. Although it’s too early to call a bottom on the recent correction that hit US stocks, the past two trading sessions would suggest investors are content the threat of a global trade war is suitably priced into equities.

US stocks rallied again overnight, setting the European session up for a positive start that gradually built momentum as the day progressed. 

“UK markets have continued on the front foot, with yesterday’s close marking four consecutive days of gains for the FTSE 100, with another jump higher this morning. Positive earnings reports and growing optimism about China’s economic recovery helped lead insurers and miners to the forefront in yesterday’s session,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

With equities showing signs of stabilisation, traders will start looking forward to this week’s US and UK interest rate decisions and the forecasts of monetary policy and economic activity.

“This week, all eyes are on the Bank of England’s upcoming interest rate decision on Thursday, with markets pricing in a 90% chance of no change as policymakers navigate the challenging task of balancing slowing growth with sticky inflation,” Britzman explained.

Whilst it would be wise to be cautious going into this week’s central bank events, there are signs that risk appetite is improving, and tomorrow’s decision may prove to be a catalyst for further upside. 

Improving sentiment was evident in the FTSE 100’s rally on Tuesday. The highly cyclical retail, mining and housebuilding sectors led the charge higher, with JD Sports topping the FTSE 100 leaderboard. JD shares were 3% higher at the time of writing.

Copper miner Antofagasta enjoyed another strong session on China stimulus hopes and gained 2%. Glencore rose 1%.

Housebuilders Barratt Redrow, Taylor Wimpey and Persimmon showed further signs of building a base after a recent sell-off with gains between 1%-2%.

There were also signs that investors were happy to take a little more risk as the ‘safer’ utilities sector experienced selling pressure. United Utilities was down 1% at the time of writing.

Yü Group PLC, the independent supplier of gas and electricity to the UK corporate sector, has reported a material increase in revenues as it continues to expand its smart metering business.

The group’s revenue surged by 40% to £645.5 million, driven primarily by a significant increase in the volume of energy supplied, which grew by 78% to 2.21 TWh. This translated into an Adjusted EBITDA of £48.8 million, representing an 11% increase compared to the previous year. Profit before tax similarly improved by 12% to £44.5 million.

Investors will be delighted to learn Yü Group has continued to expand its footprint in the UK corporate energy market, laying the foundations for future growth. The number of meter points supplied grew to 88,000, representing a 65% increase from the previous year.

Despite this significant growth, the Group’s market share stands at just 2.7% of its £50 billion addressable market, pointing to substantial opportunities for further expansion.

Yü Group’s management has set targets for 2025, including expanding to over 120,000 supplied meter points and over 60,000 smart meter assets owned. Revenue is expected to range between £730 million and £760 million. However, energy prices are anticipated to act as a headwind to sales growth, with a 9% year-on-year price reduction already embedded in the contract book.

The company hiked its dividend by 50% to 60p for the full year. Yü Group’s medium-term target is to achieve three times dividend cover on earnings per share.

Yü Group’s hedging agreement has provided the company with the ability to boost investment back into growth as it has lessened the demand for posting cash a collateral. Cash balances were £80.2 million , up £48.1 million on the year, largely as a result of the hedging agreement.

“The team and I continue to focus on delivering our strategy, which has delivered another new set of record results, with further strong growth in revenue, profit and cash terms. I’m particularly pleased that this is our 6^th year of profit growth, and we have taken revenue from £81m in 2018 to £646m in 2024. This growth is set to continue, although at a slower pace in percentage terms due to the larger base,” said Bobby Kalar, Chief Executive Officer of Yü Group.

“Our disciplined approach to growth and the focus on our core target market remains, and our smart metering business is starting to bear considerable fruits.

“Whilst softened commodity markets provide a lower revenue per customer, our 78% growth in delivered energy volume demonstrates the opportunity being taken. We continue to grow market share, nearly doubling year-on-year to 2.7%, and we have a huge addressable market available and are set-up to scale.

“Our smart metering business continues to perform well. I’m really pleased and proud that from standstill in 2023 we now have a fully functioning engineering capability across the Country, with our own training centre and a highly skilled and driven management team. I’m very much looking forward to guiding this business as it develops further.”

Greatland Gold shares jumped on Tuesday after the company confirmed the expansion of its mineral resource portfolio following its acquisition of the Telfer gold-copper mine.

Greatland’s total Group Mineral Resources are now 10.2 million ounces of gold and 387,000 tonnes of copper, making it one of Australia’s leading gold miners in terms of resources.

The uplift came as the inaugural Mineral Resource Estimate (MRE) for the Telfer mine confirmed it will contribute 3.2 million ounces of gold and 117,000 tonnes of copper to Greatland’s resource base.

Greatland shares were 8% higher at the time of writing and had touched the highest point for more than a year.

The Telfer MRE comprises three key components: the West Dome Open Pit, which contains 2.1 million ounces of gold and 61,000 tonnes of copper; the Main Dome Underground, contributing 700,000 ounces of gold and 40,000 tonnes of copper; and existing stockpiles, which hold a further 400,000 ounces of gold and 16,000 tonnes of copper.

Notably, 46% of the gold in the Telfer resource falls within the Measured or Indicated categories, representing 1.4 million ounces of gold and 62,000 tonnes of copper.

Today’s Group Mineral Resources figure of 10.2 million ounces of gold and 387,000 tonnes of copper includes both the Telfer mine and the Havieron deposit, representing a substantial 40% increase in the company’s overall resource base.

Overall, 55% of the gold within the Group Mineral Resources falls within Measured or Indicated categories, totalling 5.6 million ounces of gold and 227,000 tonnes of copper.

“This inaugural Greatland Telfer Mineral Resource estimate is an outstanding result, delineating 3.2 million ounces of contained gold.  This exceptional outcome is a testament to the significant opportunities we saw at Telfer during our acquisition due diligence, and the excellent work of our team to progress and validate those opportunities in short order,” said Greatland Managing Director, Shaun Day.

“Total group Mineral Resources now stand at more than 10.2 million ounces of gold and 387,000 tonnes of copper, an exceptional foundation for Greatland as a leading new Australian gold and copper producer.

“When we announced the acquisition, we described an initial 15-month mine plan at Telfer to produce 374,000 ounces of gold and 13,000 tonnes of copper. Our two key focuses at Telfer now are continuing safe and profitable operations and demonstration of mine life extension.”

Greatland Gold has outlined several key priorities for the Telfer operation going forward. The 2024 Telfer MRE will underpin the company’s inaugural Telfer Ore Reserve, which is targeted for completion in the June 2025 quarter.

The company has already mobilised additional drilling capacity at the site, focusing on high-priority infill drilling to convert Inferred Resources to Indicated category, as well as extension drilling to further grow the resource base. Currently, four drill rigs are operating at the site, with two more scheduled to be mobilised in the June 2025 quarter.

The FTSE 100 carved out gains on Monday as investors digested a wide range of macro developments and company updates.

London’s leading index was 0.15% higher at the time of writing as mining stocks gained and Phoenix Group soared to the top of the leaderboard.

Positive news from China helped support the index as miners reacted to China’s stimulus developments and a ‘special action plan’ to boost consumer spending.

However, gains were capped as investors braced for a busy week of central bank action and economic data. The first major data point of the week, US retail sales, was a disappointment, with growth of just 0.25% compared to estimates of 0.6%.

“Markets are in choppy waters at the start of a week dominated by central bank decisions, as investors navigate risky trade currents and geopolitical uncertainty,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“Hopes that a new consumer life raft in China will buoy up the country’s prospects of recovery have helped lift sentiment slightly, but caution remains.”

The Federal Reserve will kick off its interest rate meeting tomorrow and release its decision on Wednesday. The Fed is expected to keep rates on hold, but its forecasts of economic activity will be scrutinized for insights into its thinking on Donald Trump’s tariffs.

Phoenix Group

Phoenix Group soared to the top of the FTSE 100 leaderboard on the news strength in the group’s Pensions and Savings and Retirement Solutions businesses meant it would achieve financial goals sooner than previously thought.

“We are ahead of plan from both a strategic and financial perspective, delivering Operating Cash Generation of £1.4bn two years ahead of our 2026 target,” said Phoenix Group CEO, Andy Briggs.

Phoenix Group shares were 9% higher at the time of writing.

Miners Antofagasta and Rio Tinto were also among the risers on China stimulus hopes. JD Sports rose 2% as bargain hunters stepped in to pick up the beaten down retailer.

AstraZeneca weighed on the index after announcing the $1 billion acquisition of EsoBiotec, a Belgium-based cell therapy company.

“Pharmaceutical companies face a continual pressure to move on to the next major treatment or medical breakthrough as they spy the end of patent protection on their existing drugs,” said

“That explains why AstraZeneca has doled out $1 billion to buy Belgian firm EsoBiotec which has made some clinical advancements in cell therapy. It empowers immune cells within a patient’s body to fight off disease.

“This still represents a relatively small bet for a company of AstraZeneca’s size – it is paying out an initial $425 million with the remainder based on hitting certain milestones, having posted revenue of more than $54 billion in 2024.”