Education administration software provider Tribal Group (LON: TRB) says 2024 revenues and cash flow are ahead of expectations. Singer raised its forecast revenues by 5% to £90m, while pre-tax profit is expected to be £12m. There was £5m of legacy contract revenues that are reducing, so 2025 revenues are expected to be flat, which would mean 2025 pre-tax profit of £10.4m. The share price recovered 21% to 47.2p.

Fusion Antibodies (LON: FAB) says that the OptiMAL validation project is proceeding as planned and the National Cancer Institute has identified a number of antibody expressing cells that positively bind to their targets of interest. Analysis of the DNA by Fusion Antibodies will take several months. The share price imrpved 8% to 8.75p.

Artemis Resources (LON: ARV) has identified targets for drilling at the Karratha gold project in early February. Three targets will initially be tested. The share price rose 6.25% to 0.425p.

Europa Oil & Gas (LON: EOG) is hoping to secure a full carry on an exploration well in Equatoria Guinea on the Barracuda gas prospect. The Irish government appears more favourable to oil and gas exploration and that will make it easier to find a partner there. There is sufficient cash for 2025 requirements. The share price is 6.25% higher at 0.85p.

FALLERS

Metals One (LON: MET1) is raising up to £5m, or £3m after costs, plus up to £100,000 from a retail offer. A convertible loan note will raise £600,000, which will be interest free, and £4.4m via a warrant instrument. There will also be a ten-for-one share consolidation – the retail offer price is then 2p. The effective exercise of the warrant instrument depends on the consolidation and shareholder approval, plus a 24-month consulting agreement with MavDB costing £2m. The PEA for the Finland – Black Schist Ni-Cu-Co-Zn project has been published. The share price slumped 47.1% to 0.225p.

Autoantibody profiling company Oncimmune (LON: ONC) should double revenues to £3m in 2024. Subsequent interim revenues are set to rise by one-fifth to £1.4m. New contracts are being added, but the process has become slower. There are potential deals that could have a large effect on the second half, but the timing is uncertain. One contract is deferred into next year. The annual cost base has been lowered to £5m. Additional finance will be required. The share price dipped 21.7% to 9.75p.

Celadon Pharmaceuticals (LON: CEL) says it should receive the remaining £103,000 from its committed credit facility in February. There is enough cash to last until March if the drawdown is further delayed. Discussions have ended with one previously mentioned potential finance provider, but there are still other potential providers. The share price decreased 19.4% to 14.5p.

Maintel (LON: MAI) revenues were lower than expected in 2024 and net debt was higher than anticipated at £16.7m. Revenues were £97.9m and the loss of contracts has reduced forecasts for 2025. The focus has been higher margin business. Pre-tax profit is still estimated to have improved from £3.9m to £4.8m in 2024, but earnings are lower. A permanent chief executive is being recruited. The share price declined 15.2% to 235p.

Growth in the human capital management business in North America offset delays in other parts of Newmark Security (LON: NWT) in the first half. Revenues fell 2% to £10.2m and the loss increased from £126,000 to £431,000. There is an increasing focus on recurring software revenues and that is helping to edge up overall gross margins. The second half is always stronger, and Newmark Security has built up a base in the North America to enable further growth in the region, while UK and European markets are more subdued. The share price fell 9.38% to 72.5p.

It’s up, up and away for the FTSE 100 as London’s flagship index rocketed to another fresh all-time record high on Friday.

After smashing through the 8,600 level like it wasn’t there yesterday, the FTSE 100 firmly had 8,700 in its sights on Friday after gaining another 0.5% in early trade.

The combination of hopes around interest rates and positive corporate developments has helped the index higher this week. Investors will also be encouraged that the index still presents value compared to peers in the US.

“Despite the FTSE 100 outperforming its US peers so far this year, UK indices continue to trade at significant valuation discounts, not least due to differing sector exposures,” said Mark Nelson, Senior Equity Analyst at wealth manager Killik & Co.

Indeed, the repricing of interest rate futures in recent days suggests the Bank of England will cut interest rates between 3 -5 times this year, which will serve as a tailwind for risk appetite and should help support the index.

“It’s been a record-breaking week for the Footsie and enthusiasm is still high, with the index up 5% year to date,” explained Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“Given the volatility this week on Wall Street as investors fret about the trajectory of AI spend, and the impact of Trump’s tariff plans, there’s been a flight to safer havens, offering more reliable returns.”

While ‘safer’ stocks such as utility shares were again well bid on Friday, the mining, financials and engineering sectors with more cyclical attributes joined the rally and helped to take the index to record highs.

Smiths Group shot to the top of the FTSE 100 leaderboard after announcing it would sell a number of business units after a period of shareholder pressure.

“‘You say jump and I say how high’ appears to be the response of industrial conglomerate Smiths Group to pressure from activist investor Engine Capital,” Russ Mould, investment director at AJ Bell said.

“Smiths Group says it plans to spin off its Interconnect arm – which makes broadband connection and antenna parts – and Smiths Detection which makes X-Ray machines for airports. In reality, it is unlikely these decisions have been made purely because Engine published a letter a week or so ago. These plans have likely been in the works for some time, although whether they have been brought forward is another matter.”

Smiths Group shares were 11% higher at the time of writing.

Industrial technology conglomerate Smiths Group has unveiled plans for a significant restructuring, announcing its intention to sell or separate two of its four main divisions as it seeks to streamline operations and boost shareholder returns.

Investors cheered the news, and shares jumped over 15% in early trading to touch all-time record highs.

Smiths Group reported organic revenue growth of 15.8% for the three months to 1 November 2024 but had been under pressure to explore options to boost shareholder value.

The FTSE 100 company will focus on its John Crane and Flex-Tek businesses, which specialise in industrial technologies for flow and heat management. These divisions have demonstrated strong performance, each achieving operating profit margins above 20% and returns on capital employed exceeding 25% in fiscal year 2024.

Under the restructuring plan, Smiths will launch a sale process for its Interconnect division, targeting completion by the end of 2025. Following this, the company plans to separate its Detection business either through a UK demerger or sale.

Explaining the rationale behind the strategy, Roland Carter, CEO of Smiths Group, said: “We start from a position of strength and as we execute this strategy, we will become a more focused business with significant potential for future growth and value creation. Focusing on our world-class John Crane and Flex-Tek businesses and carefully managing the separation of Smiths Interconnect and Smiths Detection, we will deliver significant value for all stakeholders.

The strategic shift comes after a period of robust financial performance, with the group delivering 7% compound annual organic revenue growth between FY2021 and FY2024. The company believes the separation of Interconnect and Detection will better serve these businesses’ prospects while creating additional value for shareholders.

The group has also announced a significant increase in its share buyback programme from £150 million to £500 million, with the additional £350 million to be returned to shareholders by the end of 2025. This will have played a part in today’s jump in shares.

Tekcapital portfolio company Innovative Eyewear has expanded its retail exposure in the US through a nationwide distribution agreement with prominent American technology retailer Micro Centre.

The partnership will see Innovative Eyewear’s Lucyd smart eyewear range, which includes branded collections from Nautica, Eddie Bauer and Reebok, available both online and across Micro Centre’s network of retail locations throughout the United States.

Tekcapital said the agreement with Micro Centre was the result of Lucyd’s partnership with Windsor Eyes, major eyewear retailer in North America.

As part of the collaboration, Micro Centre will implement Lucyd’s bespoke interactive display units within their stores. These displays have been designed to enhance the customer experience and boost sales through engaging product presentations.

Micro Centre, established in 1979 in Columbus, Ohio, has established itself as one of America’s leading suppliers of information technology, communications equipment and electronic devices and adds to the growing list of distributors carrying Lucyd smart eyewear.

“We are thrilled to announce our partnership with Micro Center, one of the leading tech retailers in the U.S., known for its wide selection of cutting-edge technology products and passionate tech-focused customer base,” said Harrison Gross, CEO & Co-Founder of Innovative Eyewear.

“Micro Center is the ideal partner for our smart eyewear, as their customers are early adopters of innovative technology who are eager to experience the latest advancements. Further, Lucyd smart eyewear connects with any Bluetooth-enabled device, such as smartphones, laptops, desktops, and game controllers making it an ideal companion product.”

On Thursday, the FTSE 100 attacked the 8,600 level as positive reactions to corporate earnings in both the UK and US lifted the mood.

Airtel Africa and St James’s Place were the FTSE 100’s standout performers, with gains of 9% and 8%, respectively.

US stocks had a minor wobble overnight after the Federal Reserve kept rates on hold in a ‘hawkish hold’, which signalled to the market that they shouldn’t expect too much from the Fed this year in terms of rate cuts.

“The Fed, as expected, kept interest rates in a holding pattern, but dropped its recent mention of inflation making progress,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“With threats and speculation flying around about trade tariffs and the potential impact on consumer prices, its little wonder policymakers seem in no rush to cut rates again, especially given the resilience of the US economy.”

The S&P 500 sank after the decision was released yesterday evening, but most of the lost ground was quickly recovered as a raft of earnings from US tech giants had a net positive on US indices. Meta rose on strong results but Microsoft shares fell as cloud revenue growth slowed. Tesla investors choose to look past a soft quarter to the promise of earnings growth over the coming year.

Although there was still evidence of concern around the emergence of DeepSeek as Nvidia shares slipped back again in US trade yesterday, the pessimism looks to be largely focused on chipmakers, with most of the ‘Magnificent Seven’ unscathed.

The turnaround in the final hours of US trade translated into an upbeat start in Europe, with the FTSE 100 up by 0.3% at the time of writing.

Shell shares rose following the release of fourth-quarter results. Shell released an earnings teaser earlier this month that dampened the impact of final quarterly results, so the sharp drop in adjusting earnings and EBITDA were largely priced in. 

“Shell’s fourth-quarter underlying profit slumped 39% on a sequential basis to $3.6bn, bringing the full-year total to $23.7bn, 16% lower than 2023,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“The slowdown at the end of 2024 reflected lower margins in its trading businesses as well as the marketing division which includes its network of petrol forecourts. Lower oil prices also played their part. Exploration well write-offs were another headwind reflecting the increasing difficulty of discovering new sources of hydrocarbons.

“But one thing that has kept flowing is cash. Shell generated $8.7bn of free cash flow in the final quarter and nearly $40bn over the year as a whole.”

Oil is finding its feet after several days of declines, which is providing additional support for Shell. BP rose in sympathy.

BT Group was the top faller after the company issued yet another disappointing trading update that revealed little to no growth across all business units.

“BT fell 4.1% after a patchy third quarter. It’s all well and good talking about cost transformation when sales are falling nearly across the board. Openreach was the only business area to show revenue progression,” explained Russ Mould, investment director at AJ Bell.