Trellus Health (LON: TRLS), which has developed digital technology to manage chronic conditions, has gained shareholder approval to issue up to £5m of secured convertible loan notes to an institutional shareholder. This will be drawn down in multiple tranches that will come with warrants. Average monthly cash burn has been reduced to $400,000. The share price rebounded 163% to 1.05p.

Goldstone Resources (LON: GRL) is raising £2m at 1p/share, which was more than double the share price ahead of the announcement. The cash will fund exploration at the Homase mine in Ghana to expand the JORC resource and to evaluate other gold projects, including one in Sierra Leone. Asian Investment Management is converting £1.45m of interest on its gold loan to shares at a conversion price base on a gold price of $4,250/ounce, taking its shareholding to 29.9%. This leaves 250 ounces of interest and the principal gold loan of 1,871.31 ounces. Directors are also taking 50% of fees owed in shares at 1p/share. The share price jumped 113% to 0.85p.

Water mediation services provider MYCELX Technologies (LON: MYX) grew 2025 revenues by 1405 to $11.7m and this, along with cost controls, has enabled the company to achieve an expected profit of around $360,000. A loss was previously forecast. The share price rose 43.9% to 41p.

Oil and gas company Block Energy (LON: BLOE) has completed the farm-out of licence XIQ (Project IV) following approval from the government of Georgia. Block Energy is fully carried through the staged work programme which could cost $95m. Aspect Georgia will earn up to 75% with an option to increase this to 92.5%. The share price is 38.6% higher at 0.97p.

FALLERS

Genetics based testing company GENinCode (LON: GENI) has raised £3.9m via a placing and subscription at 1p/share – that is more than the £3.5m minimum sought. Up to £500,000 more could be raised by a retail offer, which closes on 26 January. The company has been working with the FDA to gain 510k approval for the CARDIO inCode-Score test. Highlighted deficiencies are being attended to, including a greater emphasis on African American community data and further clinical validation. The cash will fund this and expansion in the UK and EU. The share price decreased 42.1% to 1.1p.

MobilityOne (LON: MBO) has formed a mobile money transfer collaboration in Bangladesh with bKash. It will share fees on remittance transactions by bKash account holders. There will be a modest contribution this year. The share price slipped 29% to 5.5p.

More good news for Oracle Power (LON: ORCP) from drilling at the Kalgoorlie gold project in Australia. It has intersected shallow gold mineralisation at the Northern Zone Intrusive Hosted gold project. The best result is 8 metres at 5.81g/t gold. There are a further 16 drillholes due to report results in two batches. It is possible that there is a 600 metre wide zone of shallow oxide mineralisation overlapping the Northern Zone porphyry system. The share price declined 23.3% to 0.0575p.

Trading in Landore Resources (LON: LND) shares recommenced after it published an updated mineral resource estimate for the BAM gold project in Ontario. It includes estimates for the B-47 nickel copper cobalt PGE deposit and VW nickel copper cobalt deposit at the Junior Lake nickel deposit. BAM has indicated gold of 622,300 ounces with 33,700 ounces inferred. B47 has indicated resources of 3,428 tonnes at 0.6% nickel, 0.41% copper, 0.05% cobalt, 0.13g/t platinum, 0.48g/t Pg and 0.03%g/t gold. VW has indicated resources of 3,428 tonnes at 0.4% nickel, 0.05% copper, 0.02% cobalt, 0.03g/t platinum, 0.04g/t Pg and 0.01%g/t gold. Strategic options are being considered for Junior Lake. There are potential changes at subsidiary Landore Resources Canada Inc. The share price fell 22.2% to 2.8p.

The FTSE 100 was little changed on Friday as investors took stock of a rollercoaster week for global equities and geopolitics.

London’s leading index was marginally higher at the time of writing as losses in airlines and Burberry offset a strong session for BP and BAE Systems.

“It’s a calmer end to a chaotic week on the markets,” said Dan Coatsworth, head of markets at AJ Bell. “While it looks like a crisis has been averted, investors’ patience has been well and truly tested.”

UK retail sales data for December and the fourth quarter painted a mixed picture of the UK consumer, who opted to buy jewellery and food over other non-food items during the period.

Marks & Spencer reacted well to the data, gaining 1.5%. Tesco was flat.

Babcock was the main corporate story on Friday after the defence group announced its CEO would step down alongside a trading statement. Babcock had a rip-roaring 2025 and has gotten off to a strong start to 2025, so a 2% pullback in shares shouldn’t come as a surprise to investors, as the CEO who delivered bumper returns for investors last year signals his time at the helm is coming to an end.

“No chief executive wants to see their company’s share price fall, but Babcock’s David Lockwood might just afford himself half a smile at the drop on news he is stepping down later this year,” Coatsworth.

“His nominated successor Harry Holt has a hard act to follow. Someone who bought the shares when Lockwood took the top job in 2020 would have subsequently made more than five times their money. He transformed what was a struggling business into globally relevant defence outfit.”

Burberry shares were at the bottom of the leaderboard, down 4%, as investors sold into the strength created by an encouraging trading update released earlier in the week.

BAE Systems was the top riser on the news that it had won a £453m radar contract to add to its growing orderbook. BAE Systems are 15% higher so far in 2026.

UK retail sales rose 0.4% in December, bolstered by increased food purchases and online gold sales, though non-food sales fell 0.9% during the month.

Rising gold prices may have helped drive a preference for gifting precious metals over the festive period, with online jewellery standing out as a clear winner amid overall non-food sales that fell.

Although retail rose in December, sales declined 0.3% across the final quarter of 2025, reflecting challenging Christmas trading conditions and a trend of shoppers holding off making purchases until the last moment, which points to underlying weakness.

Quieter shops and lower levels of online activity during October and November prompted retailers to start sales earlier than they might otherwise have, leading to an uptick in the final days before Christmas.

For the full year, sales volumes increased 1.3%, though they remained below pre-pandemic levels.

“The headline rise in retail sales masks what has been a difficult Christmas for our high streets. People were keen to splurge on tasty treats which helped deliver bumper sales to supermarkets, but they were still cautious when it came to snapping up gifts for loved ones,” explained Danni Hewson, AJ Bell head of financial analysis,” said Danni Hewson, AJ Bell head of financial analysis.

“The trends evident over the past couple of years have continued, with shoppers seeking out value for money and waiting for those sales events before making their purchases. 

“Experiences have also become highly sought after. Many people have preferred to hoard their cash in order to make memories with their friends and families, focusing on moments rather than mementos.”

Energy-as-a-Service provider eEnergy Group has delivered a substantial turnaround in profitability, with adjusted EBITDA surging 183% to £1.7m for the year ended 31 December 2025.

The AIM-listed company posted revenues of £23.0m, down from £25.1m the previous year. However, £4.0m of anticipated FY25 revenue has been pushed into the first half of 2026. Gross margin improved to 35.3% from 34.7%, reflecting better project budgeting and tighter operational controls.

Encouragingly for investors, the company’s contracted and awarded order book stood at a record £14.0m at year-end, doubling from £7.0m at the start of the year. With improved revenue visibility for FY26, the board expects revenues of £34.0m and adjusted EBITDA of £4.5m. This would be a major improvement on figures announced today for the prior year.

“Our strategy is working; we have pivoted from a direct sales education business to a multi-channel, framework, and partner-driven development platform across education (where we are market leaders), healthcare and commercial and industrial. We have an exceptional proposition, underpinned by a funding model which provides our customers with a truly off-balance sheet solution, which we believe is unique in the UK market,” said Harvey Sinclair, CEO of eEnergy.

“We are pleased to have secured several major new contracts and awards in H2-25, namely Mace, LASER and the NHS NEEF portfolio. Despite the strong sales growth over FY25, evidenced by our record year-end contracted order book which is 100% higher from the position at the start of the FY25, a small number of large contracts were delayed which we expect to conclude in H1-26.”

Major contract wins

The company’s strengthened framework capabilities delivered several significant awards during the year. NHS trusts awarded eEnergy a combined £1.7m following successful funding applications to the NHS National Energy Efficiency Fund for LED lighting, solar PV and battery storage projects.

A standout contract came from a UK government-backed solar PV and battery installation project managed by Mace. Initially covering 47 schools, the project expanded to 73 schools and now includes LED and EV installations. eEnergy recognised £5.1m of revenue from this contract in FY25, with cash inflows commencing in January 2026.

Other notable wins included a £2.0m solar PV ground-mount installation at a UK golf course and a £0.7m local authority contract with West Berkshire Council for solar installation at an integrated waste management site.

The company also launched SolarLife, a structured operations and maintenance service expected to generate £0.2m of recurring revenue from FY26 onwards.

eEnergy shares were 9% higher at the time of writing.

Babcock shares slipped on Friday after the defence group announced that CEO David Lockwood would retire by the end of the year, alongside a round-up of third-quarter trading.

The company said it maintained the strong trajectory reported at half-year and was confident of meeting its FY26 margin target of 8%, with contracted revenue now secured for the vast majority of the year ending 31 March 2026.

The group achieved good organic revenue growth and underlying operating margin progression through December. Nuclear operations led the expansion, driven by new build clean energy projects and submarine support activities. Aviation also posted strong growth as the French Mentor 2 contract continues its ramp-up phase.

Marine revenues increased on higher LGE volumes and the expansion of the Skynet programme. These gains more than compensated for the expected lower Land revenues due to reduced Rail activity.

All in all, Babcock’s third-quarter update was fine, but it provided little to drive shares higher after a 12% gain so far in 2026.

Indonesian Partnership Drives International Expansion

Babcock secured its position as the prime partner for Indonesia’s £4 billion Maritime Partnership Programme in November and will develop maritime capabilities for the Indonesian navy and fishing fleets.

In January, the company signed a Letter of Intent and an agreement for two additional Arrowhead 140 licences, scheduled for delivery within months. Should these Indonesian licences be completed within the financial year, they would provide upside to current expectations.

UK Defence Programmes Progress

The T31 frigate programme reached another milestone in December with the keel-laying of HMS Formidable at Rosyth. HMS Active is on track for rollout, whilst steel cutting for HMS Bulldog is expected imminently.

Babcock has expanded its strategic partnership with HII to support the US Virginia Class nuclear submarine programme. The Rosyth facility will manufacture complex submarine assemblies for Block VI fast-attack submarines, strengthening the AUKUS supply chain.

The company launched ARMOR Force with HII and Arondite to develop autonomous maritime capabilities. The initiative aims to transform Royal Navy frigates into command vessels controlling networked autonomous systems for anti-submarine, air defence and strike operations.

On land, the £1 billion five-year DSG follow-on contract continued its ramp-up. The first Jackal 3 “Extenda” high mobility vehicle for the British Army rolled off production lines at Devonport.

Babcock shares were 1% lower at the time of writing.