Filtronic, the specialist provider of high-performance RF, microwave, and mmWave technology solutions, has announced a significant enhancement to its strategic partnership with SpaceX.

Filtronic has announced a series of updates on its relationship with SpaceX this year, and today’s news will see that agreement expanded, paving the way for SpaceX to increase its allocation of business to Filtronic.

Under the expanded agreement, Filtronic will supply greater volumes of its advanced E-band SSPA modules for SpaceX’s Starlink satellite constellation. The closer ties reflect SpaceX’s continued confidence in Filtronic’s technological capabilities and engineering expertise which bodes well for Filtronic in the near term.

Further deepening the arrangement, Filtronic has issued 10,949,079 warrants to SpaceX at an exercise price of 92.8 pence. These warrants enable SpaceX to subscribe for up to 5% of Filtronic’s existing share capital, which will vest based on the receipt of purchase orders.

SpaceX clearly likes what Filtronic are doing.

“We are delighted to enter this important new phase of our strategic partnership with SpaceX,” said Nat Edington, Chief Executive Officer, of Filtronic.

“The new agreement demonstrates the value of our technology to one of the world’s most innovative technology companies and secures further significant supply of E-band SSPAs into the Starlink constellation. This gives us greater visibility and confidence that we are trading marginally ahead of market expectations for our financial year ending 31 May 2026. This continues to be an exciting time for the business, and we look forward to continuing our relationship with SpaceX.”

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.”