ITM Power gets go-ahead on 20MW project

UK Investor Magazine
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ITM Power gets go-ahead on 20MW project

ITM Power shares rose on Monday after the company confirmed receipt of a Notice to Proceed for a 20MW project following the customer’s Final Investment Decision.

Although the update didn’t specifically name a project, it could relate to the MorGen 20MW West Wales Hydrogen project in Milford Haven announced in August last year. ITM will deploy POSEIDON, its 20 MW modular electrolyser platform, at the project.

The NtP formally authorises ITM to begin full project work and sets the official contract start date. The contract will now be added to the company’s contracted order backlog.

ITM expects to provide further project details towards the end of the first quarter of 2026.

“We are proud that we have been entrusted to deliver yet another important industrial-scale project, and we are looking forward to providing more information on the project specifics in due course,” said Dennis Schulz.

Helium One Global shares jump on encouraging Tanzania testing data

UK Investor Magazine
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Helium One Global shares jump on encouraging Tanzania testing data

Helium One Global is firing on all cylinders with positive news from its Tanzanian helium project, released today, following an encouraging update on its  Colorado-based Galactica project last week.

The company has completed Electrical Submersible Pump (ESP) testing at its ITW-1 well in the southern Rukwa Helium Project in Tanzania, delivering a significant increase in flow performance.

Helium One shares were 20% higher at the time of writing.

Over a 20-day testing period, the well produced the equivalent of more than 250,000 barrels of water, achieving flow rates of up to 16,400 barrels per day – a six-fold increase compared with natural flow rates recorded during the 2024 Extended Well Test.

Helium concentrations were sustained at 5.4% (air corrected), with a peak reading of 9.2% at the surface. Average gas-to-water ratio readings were 0.06 m³/m³, peaking at 0.1 m³/m³ during continuous flow. Downhole temperature and salinity data indicate fluid mixing from both Basement and Karoo Group aquifer sources.

Encouragingly, wellhead and downhole pressures re-pressurised quickly upon shut-in, suggesting robust reservoir support.

With testing now complete, Helium One said it will commence a strategic farmout process to identify and select a suitable industry partner for the project’s next phase of development.

“The successful completion of the ESP testing programme represents an important operational milestone for Helium One and further demonstrates the production potential of the southern Rukwa Helium Project,” said James Smith, Chairman, Helium One.

“The testing delivered consistent and reliable operational performance, with ESP flow rates exceeding expectations and sustained helium concentrations in line with anticipated ranges. Whilst the gas water ratio was towards the lower end of the expected outcome range, the results provide valuable technical insight and further support the Company’s understanding of the subsurface system.”

Director deals: One Health boss buys

Andrew Hore
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Director deals: One Health boss buys

Outsourced treatments and surgery provider One Health Group (LON: OHGR) boss Adam Binns has been buying shares following the latest trading statement. He acquired 2,229 shares at 224p each, followed by 1,113 shares at 224p each and then 1,115 shares at 224p each. That takes the chief executive’s stake to 14,457 shares.
Business
One Health provides NHS-funded outsourced treatments and surgery in orthopaedics, spine, gynaecology, urology and general surgery. It was formed two decades ago. NHS qualified provider status was obtained in 2012. The government wants to cut waiting lists and One Health...

AIM weekly movers: Aferian extends loan ahead of potential sale

Andrew Hore
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AIM weekly movers: Aferian extends loan ahead of potential sale

Helium One Global (LON: HE1) says the installation of production facilities at the Pinyon Canyon plant at the 50% owned Galactica-Pegasus helium development in Tanzania is progressing. This will increase production capacity. The share price jumped 79.3% to 0.78p.

Trading in Celsius Resources (LON: CLA) shares recommenced trading on the ASX on 9 February. This followed a successful court case over the resignation of an auditor in 2011. The share price recovered 54.8% to 1.2p.

South east Asia gas explorer Sunda Energy (LON: SNDA) has entered an unsecured loan agreement with chief executive Dr Andy Butler of up to £1.5m. The initial draw down is £400,000. This will help to fund the transaction costs for the proposed acquisition od a portfolio of oil and gas assets. A revised farm in agreement for 60% owned Timor-Leste TL-SO 19 16 PSC is being discussed with partner TIMOR GAP. The share price increased 54.8% to 0.039p.

Gift packaging and stationery supplier IG Design (LON: IGR) is trading ahead of expectations. In the nine months to December 2025, margins of 4% are at the higher end of guidance. Full year pre-tax profit estimate has been raised from $7.1m to $9.9m. Cash could be more than $55m at the end of March 2026. A new chief executive is being recruited. The full year results will be published in June and there will be a return to reporting in pounds. The share price rebounded 36.4% to 64.4p.

FALLERS

Video streaming technology developer Aferian (LON: AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility. The share price slumped 69.1% to 0.4254p.

Faron Pharmaceuticals (LON: FARN) is planning to raise €40m to enable acceleration of development of its lead asset bexmarilimab and to run the Phase II portion of the FDA agreed Phase II/III trial in frontline high risk myelodysplastic syndrome. Lead asset bexmarilimab is an investigational immunotherapy designed to overcome resistance to existing cancer treatments by harnessing the power of immune cells and igniting the immune system. Management expects value inflection points in 2026 and 2027. The share price declined 67.5% to 54.5p.

Phoenix Copper (LON: PXC) has suspended chief executive Marcus Edwards-Jones and finance director Richard Wilkins due to their recent conduct and past payments. An investigation is underway. The company has limited cash available, and it will last until the second quarter of 2026. The share price halved to 1p.

Skin treatments developer SkinBioTherapeutics (LON: SBTX) chief executive has resigned after having been suspended due to investigations into his conduct. Martin Hunt has become executive chairman. There is no further comment about what has happened. Mark Dixon has raised his shareholding to 20.45%. The share price slipped 38.9% to 12.375p.

Aquis weekly movers: Delta Gold Technologies university partnership

Andrew Hore
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Aquis weekly movers: Delta Gold Technologies university partnership

Quantum computing IP developer Delta Gold Technologies (LON: DGT) has secured a research sponsorship and technology licensing agreement with Penn State University. The sponsorship could cost $2.99m over three years. This will provide exclusive access to IP developed. Penn State will receive a running royalty of 1% of net sales of licensed products once net sales exceed $20m. The share price increased 35.8% to 36p.

Wishbone Gold (LON: WSBN) has expanded its interests in the area of Greatland Gold (GGP) owned Telfer gold mine in Western Australia. The company won a tender for 67km2 of mineral title on crown land, 25km north-west of Telfer. The share price rose 12.3% to 77.5p.

EPE Special Opportunities (LON: EO.P) had was cash of £14.1m at the end of January 2026. The NAV was 360p/share. The Luceco (LON: LUCE) share price recovered, and Whittard of Chelsea was refinanced. Recent acquisition LSA has been integrated into Rayware. A £3m share buyback has been launched. The share price gained 9.68% to 170p.

Oscillate (LON: SRVL) has agreed to acquire Kalahari Copper, which has interests in the Kaoko Basin in Namibia and the Kalahari copper belt in Botswana. The acquisition will be combined with a move to AIM. A further $80,000 has been received from Pulsar Helium Inc for the sale of hydrogen assets. One more payment of $80,000 is due. The share price improved 9.09% to 0.6p.

Sulnox Group (LON: SNOX) has secured a distribution agreement with Motor Plus Panama, which will stock Sulnox emission reduction products for maritime, industrial and transport clients. The share price is 4.35% higher at 60p.

Valereum (LON: VLRM) has signed a Memorandum of Understanding with RWO.io, which will integrate VLRM markets into its infrastructure. Longer-term, there are plans to develop a decentralised exchange and enable token assets to be used to secure loans.  The share price edged up 2.22% to 11.5p,

FALLERS

Falconedge (EDGE) generated income of 0.368524 Bitcoin, taking the total Bitcoin holding to 19.878377 Bitcoin. The share price fell 9.22% to 0.935p.

FTSE 100: Natwest slips as RELX and Experian bounce

UK Investor Magazine
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FTSE 100: Natwest slips as RELX and Experian bounce

The FTSE 100 was broadly flat on Friday as investors assessed the latest wave of concerns about potential AI disruption that shook US stocks overnight.

London’s leading index was slightly weaker at 10,389 at the time of writing.

The selling that hit software stocks last week has spread from sector to sector this week, with price comparison companies feeling pressure before wealth management companies in the UK and US bore the brunt of panic selling.

US real estate management companies even felt the anxiety yesterday as investors fretted that their services could be replaced by AI.

“A gloomy session on Wall Street on Thursday put investors in a grumpy mood at the end of the trading week,” said Russ Mould, investment director at AJ Bell.

“Association with AI has gone from party to peril as investors reappraise what the technology means for companies.

“Some are concerned about excessive levels of spending and others fear AI will disrupt multiple industries. It all adds up to a cocktail of worries and that’s bad for market sentiment more broadly.”

But as Mould alludes to, the impact, so far, has been limited to sentiment and perceptions of future disruption, rather than real-world evidence of companies starting to lose out to AI start-ups.

Indeed, bargain hunters couldn’t resist the value FTSE 100 RELX offers after the group released a fairly strong set of results yesterday.

As one of the stocks most heavily hit by concerns about new tools from Anthropic, RELX’s results yesterday were a real litmus test of how companies were implementing AI and dealing with potential disruption. In many respects, results highlighted the company was successfully building out an AI-powered offering that was fuelling growth.

Although RELX shares were only slightly higher yesterday, the rally gained momentum on Friday, and shares added another 5%.

Other stocks swept up in the indiscriminate selling of FTSE 100 AI beneficiares including Pearson, Experian, and Sage, were also higher on Friday.

Experian rallied 3.5% while Pearson added 2%.

However, NatWest and the rest of the banking sector offset gains elsewhere after NatWest released results that failed to inspire a snap back from a heavy week of selling following the acquisition of Evelyn Partners.

NatWest shares were 2.6% lower as HSBC fell 2%. UK housebuilders were also among the stocks dragged the index lower.

AIM movers: SkinBioTherapeutics chief executive resigns and Tekmar wins order

Andrew Hore
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AIM movers: SkinBioTherapeutics chief executive resigns and Tekmar wins order

Helix Exploration (LON: HEX) identified an issue with the variable speed drive that delayed the start of helium production at the Rudyard project, and this has been resolved. There will be a broader update next week. The share price increased 8.16% to 26.5p.

Offshore energy services Tekmar Group (LON: TGP) has won a £4m plus contract for cable protection systems to a large European offshore windfarm. Revenues should be recognised in 2025-26 and 2026-27. The share price gained 4.88% to 10.75p.

CelLBxHealth (LON: CLBX) is reducing costs by discontinuing maintenance of the FDA establishment licence and device listing for liquid biopsy Parsortix. There is an option to reinstate the listing, but currently 97% of installations are for in-house research. The company can focus on this core market. The share price rose 4.76% to 1.1p.

Nexteq (LON: NXQ) has gained the first order for the Launchpad gaming software platform. This is with a new Asian customer and could be worth more than $1m each year. This will enable the client to launch land-based gaming in a new country. The share price is 3.89% higher at 77.5p.

Scientific instruments supplier SDI Group (LON: SDI) has secured the earnings enhancing acquisition of PRP Optoelectronics. The manufacturer of ruggedised LEDs for the aerospace, medical and industrial printing markets cost £9.3m, net of cash acquired of £2.8m, and could enhance 2026-27 earnings by nearly 8%. Forecast net debt will increase to £23.1m. This takes SDI into new markets, and the product range fits with some existing products. The share price improved 3.7% to 84p.

FALLERS

Skin treatments developer SkinBioTherapeutics (LON: SBTX) chief executive has resigned after having been suspended due to investigations into his conduct. Martin Hunt has become executive chairman. There is no further comment about what has happened. The share price slumped 29.5% to 13.75p.

Tern (LON: TERN) has launched a one-for-seven open offer at 0.4p/share. The closing date is 2 March. This will provide cash to operate the company and make follow-on investments while Tern realises its investments. Follow-on investments can be required to maintain a stake. Current cash is £24,000. Two executives will have their pay halved, saving £153,000 each year, while 12.5% of net proceeds from investment disposals will be paid to the board and executives. Shareholders are promised the distribution of 50% of net proceeds from individual disposals over £1m. The share price dipped by one-fifth to 0.4p.

Video streaming technology developer Aferian (LON: AFRN) has extended its $16.5m banking facilities to 20 March 2026. It could be further extended at a later date. The loan from major shareholder kestrel Partners is £1.59m and is repayable on 15 April 2026. The formal sale process continues, and this is leading to significant adviser costs. Some potential options for the trading businesses would not raise as much as the bank facility. The share price fell 5.56% to 0.425p.

SigmaRoc: up 29.5% in five months, Finals by end-March, shares 143.80p, TP 216p

Mark Watson-Mitchell
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SigmaRoc: up 29.5% in five months, Finals by end-March, shares 143.80p, TP 216p

Just over five months ago, in early September 2025, I wrote about SigmaRoc (LON:SRC), the lime and minerals group, stating that its shares, then at 116p, were destined to gradually climb to around the 150p level.
Yesterday saw them hit 150.23p, before easing back to close at 143.80p in the wake of some small profit-taking after that 29.5% appreciation in price.
But do not get tempted to join the sellers.
There is still so much more to go for – with one broker recently upping his Target Price to 216p, from 198p previously.
The Business
SigmaRoc invests in and acquires businesses in the lime and...

Nick Train: Pursuing superior returns in FTSE 100 AI beneficiaries

UK Investor Magazine
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Nick Train: Pursuing superior returns in FTSE 100 AI beneficiaries

Jeremy Naylor sits down with Nick Train, Manager of the Finsbury Growth & Income Trust, to delve into the portfolio and the trust’s focus on FTSE 100 AI beneficiaries.

Find out more about Finsbury Growth & Income Trust here.

After a challenging start to 2026 for a number of Finsbury Growth & Income Trust’s digitally orientated holdings, Nick provides a fascinating insight into why he thinks companies such as Experian, RELX, and Sage Group have what it takes to create long-term shareholder value.

Nick also discusses consumer-focused holdings Diageo and Burberry, and why they continue to earn a place in the portfolio.

NatWest rewards investors with 51% full year dividend hike

UK Investor Magazine
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NatWest rewards investors with 51% full year dividend hike

NatWest Group has hiked its dividend after delivering a very respectable financial performance for 2025, with attributable profit climbing to £5.5 billion and earnings per share jumping 27% to 68.0 pence.

The bank’s return on tangible equity hit 19.2%, whilst total income, excluding notable items, rose by £1.8 billion to £16.4 billion. Profit before tax rose to £7.7 billion.

The strong results were driven by deposit margin expansion, increased customer lending, and robust growth in assets under management and administration, which climbed 19.6% to £58.5 billion.

Results follow a bad week for NatWest shares, which sank after announcing the £2.7 billion acquisition of Evelyn Partners at the beginning of the week. Some analysts suggest NatWest has overpaid.

NatWest shares were little changed on Friday, down around 0.5% at the time of writing.

“NatWest delivered a reassuring set of results after a tough week for the shares,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“Results beat expectations across the board, with profits coming in 10% ahead. The standout was lending income, while tighter cost control and lower bad-loan charges gave profits an extra lift. The balance sheet also looks healthier, with capital ticking up (though there was a benefit from the smaller-than-hoped buyback announced earlier in the week).”

The bank said it added approximately one million new customers during the year, both organically and through the Sainsbury’s Bank transaction, helping net loans to customers grow by £20.7 billion, whilst customer deposits increased by £10.4 billion.

Retail banking savings were a particular area of strength.

NatWest’s efficiency drive delivered results, with the cost-to-income ratio improving 4.8 percentage points to 48.6%. The bank maintained a strong capital position with a Common Equity Tier 1 ratio of 14.0%, up around 40 basis points year-on-year.

The board has proposed a final dividend of 23.0 pence per share, bringing the total for 2025 to 32.5 pence. This is a whopping 51% increase on 2024.

The outlook wasn’t bad either. NatWest expects 2026 total income between £17.2 billion and £17.6 billion, with return on tangible equity exceeding 17%.

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