ITM Power has entered a strategic collaboration with German defence group Rheinmetall to support its Giga PtX project, a plan to build a Europe-wide network of decentralised synthetic fuel plants for NATO armed forces.
The project envisages several hundred production sites across Europe, each with electrolysis capacity of up to 50 MW and capable of producing 5,000 to 7,000 tonnes of e-fuel per year.
The collaboration will initially focus on the UK, combining Rheinmetall’s Power-to-X expertise with ITM’s electrolyser systems.
Dennis Schulz, CEO of ITM Power, said: “Our collaboration with Rheinmetall aligns the energy transition with national security priorities. Reliable access to fuel is fundamental to defence capability, and decentralised production offers a structurally more resilient alternative to traditional supply chains.
“The Giga PtX project represents a repeatable deployment opportunity for large-scale electrolysers, while directly supporting sovereign fuel capability and operational readiness. By combining Rheinmetall’s system integration capability and defence experience with our leading electrolyser technology, together we are well-positioned to deliver scalable solutions.”
For ITM, the tie-up opens the door to a sizeable new growth market. Synthetic fuels are increasingly seen as essential in defence and other mission-critical sectors where electrification isn’t a realistic option, and where governments are pushing hard for secure, sovereign fuel supply.
A rollout on the scale envisaged would translate into substantial demand for large-scale hydrogen production kit, precisely the segment ITM is targeting.
Today’s announcement adds to a string of recent updates that suggest ITM Power is really starting to build momentum.
Animalcare (LON: ANCR) is recommending a 336p/share cash bid from Charterhouse Capital Partners, which values the animal treatments developer at £235.2m. The share price has not been at that level since early 2022. The bid values Animalcare at more than 24 times prospective 2026 earnings. Charterhouse believes it can provide the funding for Animalcare to continue its buy and build strategy. The share price jumped 34.6% to 332.5p.
Strip Tinning (LON: STG) has received a serial order for Cell Contacting system parts for the battery pack for Zoox Robotax. This is important progress in the battery connectors sector. A glazing connectors contract has gone into serial production, and a smart glass roof connectors contract is about to go into serial production. The share price rebounded 22.5% to 24.5p.
Peru-based miner Nativo Resources (LON: NTVO) says further laboratory analysis of underground selective vein chip samples from the Bonanza gold mine reinforces the presence of high-grade mineralisation within the vein system. There is also silver in the samples. The share price rose 11.9% to 0.33p.
Verici Dx (LON: VRCI) says the use of post kidney transplant test Tutivia is increasing with year-on-year growth in testing rising by one-third. This shows that the test is trusted by the clinicians. Seven transplant centres have placed initial orders. Two Medicaid states have been added taking the total offering funding for the test to 17. A new sales director has been appointed. Net cash is estimated at $2.6m at the end of 2025. The share price recovered 15.85 to 0.55p.
FALLERS
Quantum Blockchain Technologies (LON: QBT) has raised £500,000 at0.35p/share. It This will fund further development of Bitcoin mining technology, and this will help integrating the AI Oracle technology into mining rigs of ASIC manufacturers. There is £100,000 being set aside to set up BlocKeeper to develop a hardware free virtual Bitcoin mining operation by acquiring hashing power from Bitcoin miners. BlocKeeper will seek an Aquis quotation. The share price slipped 24.2% to 0.36p.
Building products supplier Alumasc (LON: ALU) says events in the Middle East has made it cautious about the second half. Exports are an important contributor to revenues, but business confidence has also been hit in the UK. Potential supply concerns mean that Alumasc is increasing inventories. Cavendish cut its forecast 2025-26 revenues by 4% to £109m, while pre-tax profit has been slashed from £14.4m to £11m. There is a strong order book, but timings are uncertain. The dividend may be maintained at 10.8p/share – it would still be more than twice covered by earnings. Net debt could be £4.3m at the end of June 2026 and there could be net cash one year later. The share price declined 14.4% to 222.5p, which is ten times prospective earnings.
Nicholas Slater has cut his stake in Blue Star Capital (LON: BLU) from 6.51% to 5.39%. The share price fell 11.3% to 11.75p.
Eric Sprott has exercised 39 million warrants in Galantas Gold (LON: GAL) at C$0.12 each. The share price dipped 9.21% to 34.5p.
Ex-dividends
Arbuthnot Banking (LON: ARBB) is paying a final dividend of 31p/share and the share price is 27.5p lower at 850p.
Pebble Group (LON: PEBB) is paying a final dividend of 2p/share and the share price fell 1.5p to 51p.
Winkworth (LON: WINK) is paying a dividend of 3.3p/share and the share price is unchanged at 172.5p.
The FTSE 100 was marginally higher on Thursday as investors awaited further developments in the Middle East after the US said they are seeking a ‘grand bargain’ with Iran.
While the FTSE 100 showed signs of concern over developments in the Middle East, US stocks stormed to a record high overnight as investors piled back into key themes, including AI and quantum.
The S&P 500 closed at 7,022 and the NASDAQ at 24,016 – both record closing levels.
US stocks have rocketed higher this week while London’s leading index has settled into a tight range around 10,600 and lacked direction. The FTSE 100 was 0.1% higher at the time of writing on Thursday.
“For the most part, markets are still clinging to hopes of a resolution to the Middle East conflict, with a decent advance in the US and Asia followed up by more modest gains in Europe,” says Dan Coatsworth, head of markets at AJ Bell.
“Miners did some heavy lifting for the FTSE 100 after Chinese GDP growth hit its 5% target in the first quarter despite the disruption from the Iran war. This is good news for London’s resources contingent given China is a rapacious consumer of a raft of commodities.”
Melten Energy was back among the best performers, with a 3% gain as Rio Tinto rose 1.7%.
Tesco was comfortably higher and the standout corporate story on Thursday, releasing preliminary results that showed the group taking market shares and increasing revenues and profits.
“There’s a clear gap between sales and profit progression which tells us Tesco is executing well but it’s still having to spend to keep prices low and defend its market-leading position,” said Robinhood UK lead analyst Dan Lane.
“With inflation threatening to bite even more, UK consumer confidence is the lowest it has been since April 2025, which could well play into Tesco’s value credentials and own-label range, allowing loyalty benefits to matter even more.
“More broadly, a squeezed consumer is making the wallet-friendly competition even more attractive. Tesco, Sainsbury’s and Morrisons have been giving up market share in 2026, with the German discounters growing theirs. March stats show that, for the first time, Lidl is level-pegging with Morrisons after sitting 0.6ppts adrift this time last year, 1.2ppts the year before, 1.5ppts in 2023 and 3.2ppts in 2022. It means Tesco’s non-core business lines will have to pick up the slack created by investing in price to keep customers on board and out of the discounters’ stores.”
Entain was the FTSE 100’s top riser, adding around 5% after releasing an upbeat trading statement.
Analysis for informational purposes only. Capital at risk.
A hidden transformation is taking place behind the living room screen.
TCL, the world’s No. 2 TV brand, has evolved from a hardware assembler into an innovative platform via a three‑pillar structural pivot: premium TVs, distributed solar and AR smart glasses.
The market has rewarded the shift, driving the stock up more than 5x since 2024.
The “Rooftop” Powerhouse: TCL has leveraged its deep rural distribution network to build a solar business. By converting idle rooftops into revenue-generating assets, the solar division now contributes 18% of group revenue. Growing at 64% annually, this segment has repositioned TCL as a major player in solar, with installed capacity enough to power Singapore/Greater London.
Dominance in Spatial Commerce: TCL’s RayNeo division now commands the No. 1 global market share in AI/AR smart glasses. This is no longer a “lab project”; through its partnership with Ant Group, TCL has pioneered “look-and-pay” functionality, transforming lightweight wearables into frictionless commerce terminals.
The Premium Consolidation: TCL has effectively broken the Korean-Japanese duopoly in high-end displays. By controlling 31% of the global Mini-LED market and securing majority control of Sony’s global “BRAVIA” business, TCL is capturing the “logo tax” and premium margins that previously eluded Chinese manufacturers.
The Rising Solar Star: A “Hidden Gem” at Scale
TCL is more than TVs. Its solar business is a rapidly scaling “hidden gem.”
In 2025, the solar segment grew revenue 63% and became the company’s second‑largest revenue contributor, accounting for 18% of group revenue.
Source: The company, AP
While TVs and solar panels seem unrelated, TCL has successfully leveraged rural distribution into an energy solution by removing the primary adoption barriers.
Monetising rural roofs/ Zero‑cost financing: TCL converts unused rural rooftops into microgrids via 15–25 year leases. Homeowners rent out their roofs and get recurring electricity income with zero upfront cost. Partner financial institutions purchase the solar hardware from TCL and collect electricity yields to service the lease. TCL recognises immediate hardware revenue and secures long-term maintenance fees.
The “free TV” catalyst: TCL bundles long‑term solar leases with complimentary smart TCL TVs or appliances to accelerate sign‑ups.
The Synergy
The rural network: TCL has spent decades building deep distribution and service networks in rural towns and villages. The same local dealer who sells and installs a TV is now trained to sell and install rooftop solar.
Brand trust: Rural households are highly risk-averse regarding long-term financial contracts. TCL’s brand equity ensures high contract-signing velocities compared to other solar companies.
Supply chain leverage: Its sister company, TCL Zhonghuan (002129 CH), is a major manufacturer of silicon wafers. This allows TCL to secure hardware supply without carrying the heavy CapEx on its own balance sheet.
TVs as energy hubs: TCL repositions smart TVs as the Home Energy Management System (HEMS) dashboard, integrating solar, batteries, EV chargers and appliances into a single localized microgrid ecosystem.
Scale and exportability
Over 360,000 rural household sign‑ups and 340 commercial and industrial projects, totalling ~8GW installed capacity—roughly the output of eight nuclear reactors and enough for millions of households.
That scale repositions TCL as one of the world’s largest distributed‑generation operators.
TCL plans to export the zero‑cost solar playbook using its TV retail and logistics footprint in Europe and other emerging markets.
Source: The company, Energy Market Authority of Singapore, Transpower New Zealand, UK National Grid, EirGrid, IAEA, AP
The Innovation Engine: Wearable Commerce via AI/AR Smart Glass
TCL’s RayNeo currently leads the global consumer AR smart glass market (27% share).
Currently, it commands a dominant share in entertainment-focused smart glasses—devices that function as wearable screens for media and gaming.
Source: Counterpoint, AP
Looking forward, it is pivoting into transparent AI glasses.
By pioneering ‘look-and-pay’ functionality with Ant Group on these lightweight, normal-looking glasses, TCL is transforming AR from a simple portable monitor into a frictionless commerce terminal.
How Payment via RayNeo AR Glasses Works:
Users link their RayNeo AR glasses to their Alipay accounts and enable voice verification.
In-store, users say, “RayNeo, pay 10 RMB.”
The glasses scan the Alipay QR code or the Alipay Tap! merchant terminal.
Users confirm the payment by voice.
The TV Cash Cow: Globalisation and the Premiumisation
TCL is no longer chasing volume alone; it is capturing the premium profit pool.
International markets now generate 73% of display revenue, where TCL has cemented its position as the global No. 2 brand (14.7% market share).
Source: Counterpoint, the companies, AP
Critically, TCL is improving both scale and margin.
In 2025, display revenue and gross profit rose 9.2% and 16.4% YoY respectively, while segment gross margin expanded 1.1ppt to 16.5%, reflecting the company is premiumising its mix.
Mini‑LED leadership: TCL held the No.1 global shipment ranking for Mini‑LED TVs. Shipments jumped 118.0% YoY in 2025 and now represent 13.0% of total shipments. With a 31.1% share of the Mini‑LED category, TCL is proving it can deliver near‑OLED picture quality at a materially lower price point.
Large‑screen dominance: TCL is also No.1 globally for >75″ and 98″ TV shipments. Models 65″ and up grew 22.7% YoY and now account for 30.5% of volume, securing leading position in a high‑value segment.
Future Driver: The Sony TV JV
Effective April 2027, TCL will assume 51% control of Sony’s global home-entertainment business. By manufacturing and distributing under the Sony and BRAVIA brands, TCL will capture the legacy brand equity and premium pricing power that were previously out of reach.
The Geopolitical Hedge: Bypassing the Tariff Wall
In an era of escalating trade friction, TCL has built a structural hedge via its global assembly facilities targeting key markets.
Mexico and Vietnam: Primarily serving the US market.
Poland: A major manufacturing hub in Poland secures “EU Origin” status, dodging the import duty applied to finished Asian electronics.
Pricing Power: This international footprint allows TCL to maintain aggressive retail pricing in Western stores.
This article is a “periodical publication” for information only and is not investment advice or a solicitation to buy or sell securities. This article does not constitute a “personal recommendation” or “investment advice” under UK FCA regulations. Investing in equities involves significant risk. The author holds NO position in the securities mentioned. There is no warranty as to completeness or correctness. Please do your own due diligence or consult a licensed financial adviser. Please read the Full Disclaimer before acting on any information. Images created with the assistance of Gemini AI.
Tesco has rounded off its financial year with another set of solid numbers, posting sales growth across all of its markets, its highest UK market share in over a decade, and a fresh £750m buyback.
Investors should be encouraged by most of Tesco’s key metrics, given the challenging economic backdrop in which they are operating.
Group sales excluding fuel climbed 4.6% to £66.6bn on a comparable 52-week basis, with like-for-like sales up 3.5%. Growth came from every corner of the business: UK up 4.2%, Republic of Ireland up 4.6%, Booker up 0.2% and Central Europe up 2.2%.
Adjusted operating profit edged 0.6% higher at constant rates to £3,152m, as investments in price, quality and service, along with cost inflation, were offset by sales growth and a strong £535m contribution from the group’s Save to Invest programme.
Free cash flow jumped 11.8% to £2bn.
UK market share hit 28.5%, up 0.24% year-on-year and the highest level in more than a decade. Tesco has now increased its market share by 1.22% over the last three years, which many investors will see as a massive validation of its strategy to fight off pressure from discounters.
“Tesco’s full-year results look like a retailer in decent health serving a savvy consumer who wants to spend, but on their terms,” said Alex Pugh, Investment Writer at Freetrade.
“Tesco is still having to work hard for that growth, investing heavily in value, quality and service while absorbing operating cost inflation.
“The psyche of the UK consumer is a shopper in scrutiny mode. People want low prices, but they have not abandoned convenience, quality or the occasional treat either.
“The fact Tesco is expanding Everyday Low Prices, Clubcard Prices and Aldi Price Match while also growing Finest sales 15% to £3bn sums up contemporary British spending: thrift on the staples, selective on the extras, and very little tolerance for paying more without a very good reason.
Online is proving to be an area of strength after a conscious effort to strengthen its position there.
UK online sales rose 11% to over £7bn, with market share up 30 basis points to 35.7%. Tesco Whoosh, the rapid delivery service, grew 51% to pass £400m, while Finest sales jumped 15% to £3bn. F&F clothing added 5.1% to top £1.2bn, helped by the launch of F&F Online during the year.
UK GDP grew 0.5% in February before the Iran war started, as strong services and production offset weakness in construction.
UK growth of 0.5% in February was much higher than the 0.1% recorded in January, showing the UK economy was getting itself on a better footing before the US and Israel launched attacks on Iran.
Luke Bartholomew, Deputy Chief Economist at Aberdeen, said: “The UK economy grew much faster than expected in February after a period of very sluggish growth.”
Bartholomew continued to explain that although the data for February was strong, the world was a very different place now and that upcoming data points, such as unemployment figures, would be a better guide to the health of the UK economy.
“While it is no doubt of some interest that the stronger survey data from earlier this year did indeed translate into stronger hard data, ultimately this report feels very dated given all that has happened since February,” he said.
“As the IMF recently pointed out, the UK economy was very exposed to the shock from the Iran war as a large energy importer with weakly anchored inflation expectations and an already very soft labour market. So next week’s inflation and employment data will provide an important early sign of how this shock is playing out, and have much more influence on the path of interest rates than this report. But with energy markets having stabilised recently, we think the Bank of England is unlikely to hike interest rates in the near term.”
Audioboom has kicked off 2026 in style, delivering its strongest-ever first quarter, with revenue climbing 30% to $22.5m and adjusted EBITDA more than doubling.
The AIM-listed podcast group reported adjusted EBITDA of $1.4m for the three months to 31 March, up 118% on the same period last year, with the margin expanding to 6.2% from 3.7%. Gross profit rose 41% to $4.8m, reflecting what management described as a continued focus on higher-quality revenue and improved creator contracts.
The standout performer was Showcase, Audioboom’s tech-driven global advertising marketplace, where revenue surged 63% year-on-year, driven by stronger demand and expanded inventory. With operating costs held flat at an average of $1.1m a month, the business is now seeing more than 20% of every marginal dollar of revenue drop straight through to EBITDA.
Average monthly downloads and video views hit 170 million in the quarter, up 79% year-on-year, helped by last summer’s Adelicious acquisition and fresh signings including Crooked Media, RedHanded and Hear Me Out.
Those tier one deals alone are adding more than 20 million monthly downloads and YouTube views to the network, plus over 200 million monthly impressions to Showcase.
Average revenue per thousand downloads and views came in at $45.10, down from $60.83 a year ago, as expected given the growing mix of lower-yielding video and UK inventory.
Stuart Last, CEO of Audioboom, said: “2026 is off to a flying start for Audioboom with new major podcast signings, the launch of commercial partnerships in video, and excellent financial performance by all metrics.
“In February we signed Crooked Media to the Audioboom Creator Network. Crooked is a leader in political podcasting, and will be part of our network through this year’s US midterm election and the 2028 Presidential election. Together with other newly signed top tier podcasts like RedHanded and Hear Me Out, more than 20 million new downloads and video views have been added to the platform as we achieved record monthly distribution of 170 million during the quarter – up 79% on the same period last year.
“Optimising the yield from those new downloads and video views will be key to our future growth. Our new partnerships with Spotify and Apple provide us with enhanced monetisation options for our video creators, ensuring we are the go-to platform for podcasters whether in audio or video form.”
The FTSE 100 was little changed on Wednesday despite the S&P 500 closing just shy of a record high overnight, fueled by a tech rally.
But Europe’s lack of technology shares meant the optimism in the US didn’t translate to a higher FTSE 100 with European indices dragged lower by the luxury sector.
Hopes of a ceasefire and the IEA cutting its 2026 global demand growth forecast amid a weakening demand picture weighed on oil prices and helped provide some support for the FTSE 100, which was up 5 points at 10,615 at the time of writing.
“The optimism that had been fired up on hopes that fresh talks could end the Iran conflict has begun to seep away,” said Susannah Streeter, chief investment strategist, Wealth Club
“Stocks on Wall Street nudged fresh record levels as oil prices dipped back. But given the hurdles to cross, this could be interpreted as a dose of irrational exuberance. In Europe there’s a lot more caution around as companies count the cost of the conflict.
“The FTSE 100 has struggled to hold onto early gains while the CAC 40 in Paris is deep in the red, dragged down by luxury goods giants.”
Burberry was among the FTSE 100’s top fallers, declining in sympathy with French luxury names that reported lower sales, driven by a lack of Middle Eastern buyers.
Antofagasta is often among the FTSE 100 top gainers or losers and has one of the highest betas of the index. Today, it released production figures that show copper production falling but gold strengthening. The net result
Alex Pugh, Investment Writer at Freetrade, said: “Gold saves the day for Antofagasta. The mining firm’s Q1 was a softer production quarter but a stronger net cost quarter. Copper production fell 8% year on year to 143,000 tonnes, but net cash costs dropped to $1.08/lb thanks to a surge in by-product credits from gold and molybdenum.”
“Management is sticking to full year guidance and expects production to improve quarter on quarter as grades and processing rates recover at Los Pelambres copper mine. So the question now is whether Q1 was simply a planned soft start, or whether the second-half ramp will need to do more of the heavy lifting than investors might like.”
Barratt Redrow shares were 2% higher after the company reaffirmed its completions outlook for the year, despite warning of a potential impact from the war in Iran.
“The conflict in Iran and the implications it has for inflation and interest rates have shaken the foundations of the housebuilding sector, so there will be a modicum of relief after Barratt Redrow’s third-quarter update,” Russ Mould, investment director at AJ Bell, explained.
“The company is sticking with guidance, albeit for a financial year which ends in a matter of weeks. Demand is holding up for now, with sales rates ticking higher and the order book in reasonable shape, but the company’s decision to materially scale back land purchases feels instructive as it reacts to limited forward visibility.”
Standard Life’s proposed acquisition of Aegon UK in a deal that would create the UK’s largest pensions and savings group helped firm the stock up by 1.7%.
Oracle Power (LON: ORCP) has announced assay results from another 31 holes at the Northern Zone Intrusive Hosted gold project in Western Australia. They are some of the best intercepts for grade and width drilled at the project. The tenement is being converted to a mining lease. The share price jumped 35% to 0.0675p.
Silver Bullet Data Services (LON: SBDS) is continuing its strong momentum into 2026. First quarter revenues are 22% higher and are better than the digital advertising services company budget. Margins are improving. Cost savings helped the company to report its initial EBITDA quarterly profit, and the company should be cash flow positive by the end of the second quarter. The share price gained 18.4% to 22.5p.
LiDAR wind sensor and software developer Windar Photonics (LON: WPHO) has secured a record number of test orders in the first quarter of 2026 and full year revenues are expected to be €7.8m, up from €6.4m in 2025. That assumes 50% of the ten active test orders are converted into contracts. A £20m share subscription facility has been agreed with GEM Global Yield LLC. The company is near to appointing a new chief executive. The share price increased 12.7% to 31p.
Iodine producer Iofina (LON: IOF) generated record production of 179 tons in the first quarter from a combination of new capacity and higher brine temperatures improving recovery. First half guidance is being upgraded to 325-355 tons. Iodine prices are still above 70/kg. Canaccord Genuity has raised its revenue forecast from $69.5m to $71.6m and earnings from 3.7 cents/share to 3.9 cents/share. The share price rose 6.78% to 31.5p.
Bow Street Restaurants (LON: BOW) has made progress with improving the performance of its existing stores and has identified potential acquisitions. Full year revenues fell from £36.6m to £31.3m following the closure of some sites. There was a swing from an underlying operating profit of £400,000 to a £500,000 loss. There was an impairment charge of £7.3m following a review of assets. Refurbishments are helping to boost income. The number of restaurants has been reduced to 29 and the refurbishments are continuing. Net cash was £11.1m at the end of 2025. This will also fund acquisitions of restaurant groups, with the initial purchase potentially an Asian style brand. Trading has improved so far this year with like-for-like growth of 6.1% in March. A 2026 loss is still expected from the current operations. The share price improved 1.69% to 0.3p, having reached 0.31p earlier.
FALLERS
Trellus Health (LON: TRLS), which developed the Trellus Elevate platform to manage complex chronic conditions, has issued another 48.7 million shares on conversion of £50,000 of loan notes. That takes the number of shares in issue to 371 million. The share price is one-fifth lower at 0.2p.
Anglo Asian Mining (LON: AAZ) produced 3,711 tonnes of copper, 42,796 ounces of silver and 6,062 ounces of gold in the first quarter. Cash was $37.2m at the end of March 2026, while debt was $19.5m. The share price declined 3.85% to 250p.
Thor Explorations (LON: THX) had cash of $154m at the end of the first quarter of 2026 and it could reach $351m by the end of the year. It produced 23,397 ounces of gold at the Segilola ming, which was better than expected due to the high recovery rate, and is well on the way to the 2026 target production of 75,000-85,000 ounces of gold for the full year at an all in sustaining cost of up to $1,200/ounce. There is further drilling at the Douta project. The share price fell 1.23% to 80p.
This morning the near £214m-capitalised ASA International (LON:ASAI) has announced its Final Results for the year to end-December 2025 – they were excellent.
The group, which has a strong commitment to financial inclusion and socioeconomic progress, is one of the world's largest international microfinance institutions, providing small, socially responsible loans to low-income entrepreneurs, most of whom are women, across Asia and Africa.
This morning’s results showed a doubling of profits and the impact of its scaling opportunities. ...
