Dunedin Income Growth Investment Trust: Manager update video

Watch the latest manager update video from Dunedin Income Growth Investment Trust, featuring Co-Managers Ben Ritchie and Rebecca Maclean.

AIM movers: Anglo Asian Mining copper production record and Tern loses investment

4

AI technology commercialisation GenIP (LON: GNIP) says revenues grew 330% in 2025 as a new product suite was rolled out. Client retention was 90%, while the corporate client base is increasing. The share price increased 19.5% to 12.25p.

Waratah Capital Advisors has sold its 8.64% stake in Bradda Head Lithium (LON: BHL), while Spreadex Ltd has acquired a 3.52% shareholding. The share price recovered 12.5% to 1.35p.

Anglo Asian Mining (LON: AAZ) produced 7,915 tonnes of copper, 25,061 ounces of gold and 153,332 ounces of silver in 2025. Copper production was at a record level in the fourth quarter. The first sales of copper concentrate were made from the Demirli mine. Gedabek and Demirli mines both increased copper production, although copper production was slightly below guidance. There is inventory of 2,457 tonnes of copper valued at $12,504/tonne. The share price rose 7.01% to 297.5p.

Diagnostic data services provider Diaceutics (LON: DXRX) returned to profit in 2025 on lower than expected revenues of £38.5m. Organic constant currency growth was 24%. Panmure Liberum has raised its 2025 operating profit estimate from £1.1m to £1.7m. There is a record multi-year order book is 48% higher at £36.8m. The operating profit forecast for 2026 has been cut from £4.2m to £2.5m because of higher amortisation charges on capitalised spending. Net cash could be £16m. The share price improved 6.01% to 150p.

Distribution Finance (LON: DFCH) has grown its loan book to £846m at the end of 2025, ahead of guidance, and it is targeting a figure of £1.5bn by 2030. New loan origination was more than £1.8bn in 2025. Full year underlying pre-tax profit will be at least £17.5m, up from £14.4m. Tangible net assets are at least 75p/share. The share price gained 5.45% to 58p.

FALLERS

Tern (LON: TERN) has been notified by the general partner of SVV2 that Tern has ceased to be a limited partner in the SVV2 partnership because it has been classed as a defaulting investor.  Tern’s interest has been transferred to other partners, and it is unlikely to receive any compensation. The general partner is also seeking default interest and costs of £40,000 and indemnity from consequence of default of £184,000. Tern is taking legal advice. The share price declined 29.2% to 0.425p.

Western Australia focused explorer Artemis Resources (LON: ARV) plans to cancel its AIM quotation and concentrate of the ASX listing. Liquidity has been limited. There is an opportunity for each Depositary Interest holder can become a registered shareholder on the Australian share register. This is expected to happen on 13 February, which is three years after joining AIM. The introduction price was 3.75p. The share price fell 18.8% to 0.325p.

Caledonia Mining Corporation (LON: CMCL) has increased the offering of 5.875% convertible senior notes due 2033 from $100m to $125m. The initial purchasers have an option to purchase a further $25m for 13 days after the issue of the notes. The offer should close on 20 January. Net proceeds will be around $120m, or $144m if the option is fully taken up. There will be $12m spent on the cost of capped call transactions. The rest will fund development of the Bilboes gold project in Zimbabwe. The share price dipped 9.88% to £21.90.

Ex-dividends

AB Dynamics (LON: ABDP) is paying a final dividend of 6.36p/share and the share price decreased 15p to £13.25.

Character Group (LON: CCT) is paying a final dividend of 3p/share and the share price fell 3p to 237p.

Cerillion (LON: CER) is paying a final dividend of 10.6p/share and the share price slipped 10p to £14.90.

Origin Enterprises (LON: OGN) is paying a final dividend of 14.15 cents/share and the share price is unchanged at €4.20.

Premier Miton (LON: PMI) is paying a final dividend of 3p/share and the share price fell 5.9p to 52.5p. The fund manager also announced that assets under management fell from £10,3bn to £9.6bn in the quarter to December 2025.

RWS Holdings (LON: RWS) is paying a final dividend of 4.6p/share and the share price slipped 3.55p to 90.75p.

Hunting: Trading Update indicates good Order Book and tender pipeline, with big subsea emphasis

The 2025 Full Year Trading Statement issued by Hunting (LON:HTG), the £600m-capitalised global precision engineering group, covered the period to end-December last. 
Last July I stated that the group’s shares were undervalued at 339p, since when they have risen over 20%. 
I believe that the group has the potential for significant growth in its main operating divisions, and that its shares, now at 401p, are an attractive investment. 
The Update 
The Group indicated EBITDA of approximately $135m, ...

GenIP shares jump on revenue growth and fresh orders

GenIP has reported approximately 330% revenue growth and 150% gross margin expansion compared with FY2024, driven by increasing adoption of its AI-powered innovation intelligence platform.

Shares were 12% higher at the time of writing.

The company’s active client base grew by over 225% whilst maintaining retention at approximately 90%.

Increasing engagement reflects growing traction for GenIP’s integrated invention intelligence suite, particularly its recently launched Invention Prioritiser product.

Brazil’s National Nuclear Energy Commission (CNEN) has ordered the Invention Prioritiser to assess an initial portfolio of 20 technologies, with potential to extend the engagement to a further 20 technologies subject to performance.

The product has already been deployed across several hundred technologies for a leading Saudi Arabian research university, which has also generated client introductions to additional regional institutions.

Although the firm is focused on Universities, GenIP says it is making progress in its strategy to broaden its corporate client base. This is likely to be lucrative.

Initial corporate orders have been secured through the partnership with 360 Impact Studio and a direct engagement involving AI-based computer vision technology. Further corporate discussions are underway.

Academic demand remains robust. New orders have been secured from a major US university in a leading innovation hub, a Chilean university for a two-year engagement, and a Singapore university recognised for design-centric research.

Taylor Wimpey shares slip as margins squeezed

It hasn’t been a good period for housebuilding trading updates so far in 2026, and Taylor Wimpey added to the gloom on Thursday.

Taylor Wimpey has reported a 6% increase in total completions for 2025, delivering 11,229 homes across the group, including joint ventures, up from 10,593 in the previous year. But margins have been hit, and the outlook is soft.

The housebuilder completed 10,614 UK homes excluding joint ventures, representing a 6.4% rise from 9,972 completions in 2024. This figure came in at the middle of the company’s guidance range, with affordable homes accounting for 21% of total UK completions at 2,220 units.

The growth in completion came despite challenging market conditions in the second half of the year. “Uncertainty ahead of the late Autumn Budget impacted sales through the second half of 2025 and our order book coming into 2026,” the company stated.

Revenue increased to approximately £3.8 billion from £3.4 billion, driven by higher volumes and average selling prices. The UK average selling price on private completions rose to £374,000 from £356,000 in 2024.

However, operating profit margin compressed to around 11% from 12.2% in the prior year, partly offset by strong land sales which contributed a 60 basis point enhancement to margins.

“The only hiccup in today’s results was the outlook for 2026, where the company expects profit margins to be lower than the prior year,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“Lower pricing on its bulk deals is largely to blame, alongside low single-digit build-cost inflation. As a result, performance is likely to be more heavily weighted towards the second half than usual. While that’s not what investors were hoping for, the balance sheet remains in a great place, arguably one of the strongest in the sector.”

Taylor Wimpey expanded its outlet network to 219 sites by year-end, up from 213 at the end of 2024, as part of its growth strategy. The company reported increasing momentum in planning determinations during the final quarter, benefiting from changes to the National Planning Policy Framework.

Democratising collectible car investing and rolling out SaaS technology with TheCarCrowd

The UK Investor Magazine was delighted to be joined by David Spickett, Founder of TheCarCrowd, to discuss the company’s crowdfunding campaign and how TheCarCrowd is democratising collectible car investment.

Learn more about TheCarCrowd here.

David reveals how fractional ownership is democratising access to one of the world’s most resilient alternative asset classes.

In this conversation, David explains why collectible cars have historically delivered strong returns but remained locked away from everyday investors, and how TheCarCrowd’s proprietary technology platform is changing that.

With over 40 cars funded and nearly 6,000 members, he shares key insights on transforming a niche concept into a scalable business, the complexity of building a fractional-ownership infrastructure that actually works, and why uncertain markets are driving accelerated demand for tangible, passion-driven investments.

David also discusses the strategic decision to build their own tech platform, Syndi, its potential applications beyond cars, and why now is the right time to open TheCarCrowd to investors.

We also learn of an exciting update on the technology’s SaaS rollout to new partners.

Visit TheCarCrowd’s Crowdfunding page here.

He outlines where new capital raised during the crowdfunding campaign will have the biggest impact and shares his vision for what success looks like as the business scales into its next phase of growth.

Hays shares fall as fees sink in Q4

Hays highlighted the strains of a slowing global recruitment market on Wednesday as the firm revealed the impact of economic uncertainty and the changing face of recruitment. 

Net fees were down 10% on a like-for-like basis in the fourth quarter, with all geographies experiencing declines. Germany was particularly heavily hit.

Although a softer jobs market can be blamed for some of the slowdown, Hays faces a bigger threat from businesses that choose to seek out talent without involving professional recruiters.

Platforms such as LinkedIn and a plethora of AI tools mean in-house recruiters have never been better placed to conduct their talent searches.

This is a threat to Hays that isn’t going away and will likely lead to lower revenues in the coming years. It goes without saying that this is highly unattractive to investors, and today’s update has proved to be the final nail in the coffin for some. Shares were down 4% at the time of writing. 

“Things are starting to look very serious for Hays, what began as a slowdown has turned into a rout. After a series of profit warnings and repeated downgrades, net fees and operating profit have continued to fall sharply,” said Mark Crouch, market analyst for eToro.

“Permanent recruitment, the engine room of the business, suffered a double-digit decline, ripping through earnings and leaving little room for optimism.

“Global economic uncertainty, weak business confidence and sector-specific pressure have all bitten Hays hard. The UK public sector remains subdued, while Germany, a critical market, has been dragged down by an automotive industry that last year posted its worst quarterly profits since the 2009. At the same time, companies are increasingly bypassing traditional recruiters altogether, leaning on in-house teams, AI-driven platforms and direct hiring models to cut costs and move faster.”

FTSE 100 hits fresh record high as miners rally

The FTSE 100 rose to a fresh record high on Wednesday as strong metals prices lifted miners, and AstraZeneca rose after announcing an AI acquisition.

London’s leading index was 0.3% higher at 10,171 at the time of writing.

“The FTSE 100 is going from strength to strength, hitting yet another new record high,” said Dan Coatsworth, head of markets at AJ Bell. 

“The blue-chip index of UK stocks hit 10,171 in early trading, propelled by a good spread of industries. Endeavour Mining was boosted by ongoing strength in the gold price, with the metal hitting $4,639 per ounce. Gold has become an investor favourite over the past year thanks to a backdrop of uncertainty around geopolitics, inflation and a weakening US dollar.”

Endeavour Mining was the top riser at the time of writing.

Days after miners Glencore and Rio Tinto announced discussions about a potential merger, the two heavyweight miners played a central role in the FTSE 100, touching fresh record highs in reaction to strong Chinese trade data. Both were up around 2% at the time of writing.

“China’s exports have surprised on the upside, with a 6.6% rise in December compared to a year earlier,” said Susannah Streeter, Chief Investment Strategist, Wealth Club.

“Far from crushing China’s might as factory of the world, flush with overseas orders, US trade policy seems just to have cemented its position.  China posted a record $1.189 trillion trade surplus in 2025, with exports rising 5.5% while imports stayed pretty static.”

Pearson shares were rooted to the bottom of the leaderboard, down 6%, after releasing a downbeat trading statement that outlined slower growth than some investors may have liked.

The impact of a $5bn write-down of BP’s green energy assets sent shares in the oil major marginally lower, as it sought to front-load bad news on the unit, which is set to be less of a priority for the new CEO.

“The logic behind BP’s about-turn on its green energy push is reaffirmed by impairments in a teaser ahead of quarterly results,” Dan Coatsworth said.

“Put the write-downs together with a weak showing for its oil trading arm and the impact from weaker oil prices looks like the final set of quarterly results before Meg O’Neill steps into the hotseat in April will be downbeat. 

“From O’Neill’s perspective this is no bad thing as it gives her a low base from which to build. However, it does illustrate the scale of the challenge in front of her.”

AstraZeneca helped add a number of points to the FTSE 100 after announcing the acquisition of Modella AI to help oncology research.

AIM movers: Strong fourth quarter for DP Poland and Eqtec moves into metals

3

Eqtec (LON: EQT) is broadening its strategy to gain exposure of critical and precious metals, while continuing with the core waste to energy technology business. They are viewed to be complementary segments of the energy transition sector. Lenders are supporting the move. The share price jumped 63.6% to 0.09p.

Truetide (LON: TRUE) investee company Paraytec, where it owns 100%, has started a development programme for a high-throughput, real-time fluorescent assay for alpha-synuclein fibril formation using the CX300 detection system. This will be used for neurological diseases. The target is development of a low cost rapid assay that will be a screening tool. The share price gained 39.5% to 3p.

Data analysis software developer Cirata (LON: CRTA) nearly trebled data integration bookings to $13.2m in 2025. It has signed the largest contract in its history worth $3.1m. Cash overheads have been slashed by more than two-thirds from their peak. Cirata should be cash flow positive in the first quarter of 2026. Cash was $4m at the end of 2025. The share price increased 15% to 23.25p.

GEO Exploration (LON: GEO) has paid A$100,000 for the exploration licence E08/3737, which is the Gorge project in Western Australia, and holds 48.13 million shares issued at 4p each in escrow until 13 January 2027. It has also issued 18.5 million shares to Callum Baxter at 0.00135p each for a A$50,000 consultancy fee. Gold occurrences have been recorded at the Gorge project. The share price rose 7.84% to 0.1375p.

Pizza restaurants operator DP Poland (LON: DPP) gained momentum in the fourth quarter of 2025 and this has continued into this year. System sales were 14% higher on a constant currency basis and 22% on a reporting currency basis. Full year system sales were 8% higher at £16.4m on a constant currency basis. The growth rates in Poland and Croatia were similar. Group EBITDA rose from £4.8m to £6.3m. Cash was £1.6m at the end of 2025. Consolidation of commissary and dough production in a single facility should be completed in the first half. There are 135 Domino’s and 75 Pizzeria 105 locations. Panmure Liberum forecasts a reduced pre-tax loss of £300,000 in 2026, down from £500,000 in 2025. The share price improved 6.9% to 7.75p.

FALLERS

Virtual product advertising Miriad Advertising (LON: MIRI) says 2025 revenues fell from £1m to £400,000. It expects a much stronger performance in 2026 with positive signs for February and March. There are joint venture discussions for emerging markets. Cash was £1.2m at the end of £1.2m and the monthly cost base is £220,000. The share price declined 13.3% to 0.0065p.

United Oil and Gas (LON: UOG) says that the survey vessel for the offshore piston coring and surface geochemical survey on the Walton Morant Licence, offshore Jamaica will leave Trinidad next week. The share price fell 6.9% to 0.135p.

Estate agency M Winkworth (LON: WINK) had a difficult second half in 2025 after strong sales activity in the first half. Lettings business continues to grow. Second half revenues were broadly the same as the second half of 2024. Full year network revenues were 6% higher. There were additional costs in 2025 that should not be repeated. Pre-tax profit is set to fall from £2.35m to £2.1m. Net cash was at least £3.9m at the end of 2025. The quarterly dividend is maintained at 3.3p/share. Shore has cut its 2026 pre-tax profit from £2.9m to £2.4m. The share price dipped 4.45% to 182.5p.

EQTEC shares jump on critical metals plans

EQTEC shares jumped on Wednesday after announcing a strategic expansion into critical and precious metals, complementing its core waste-to-energy gasification technology, as the company seeks earlier cash flow whilst its longer-term project pipeline matures.

Although the company calls the move ‘complementary’, it does mark a dramatic change in strategy. After a period of poor share price performance, it may be what the company needs to turn its fortunes around.

Investors seem to agree, and shares were 80% higher at the time of writing.

The clean energy technology provider, which converts waste and biomass into syngas, power and renewable fuels, will pursue capital-light resource assets targeting copper, gold, rare earth elements and specialty metals essential to global electrification and grid infrastructure.

The diversification comes as EQTEC anticipates several material gasification project wins in the near term, while maintaining confidence that a portfolio of commissioned reference plants will deliver scalable returns over time.

However, the company recognises that large-scale infrastructure projects require extended development timelines before reaching full commercial operation. This has long been a major concern for investors, leading to poor share price performance.

The strategic rationale centres on shared end markets, with both critical metals and gasification technology serving the renewable power, electrification and energy storage sectors. The company argues that this creates a coherent circular-economy positioning across complementary segments of the energy transition value chain.

EQTEC will prioritise opportunities that are cash generative or near-term production, capital-light at entry, situated in established lower-risk mining jurisdictions, and positioned for operational value uplift. The company confirmed it already has an active pipeline under evaluation, supported by recent leadership appointments with extractive industry backgrounds.