Aberdeen Asia Focus PLC is a closed-end investment company listed on the London Stock Exchange. The company focuses on identifying and investing in well-managed smaller companies across Asia (excluding Japan) that they believe demonstrate strong growth potential.
Vietnam Holding Investor Presentation February 2026
Vietnam Holding (VNH) invests in high-growth companies in Vietnam, focusing on domestic consumption, industrialisation and urbanisation. Launched in 2006, VNH is a closed-end fund listed on the London Stock Exchange.
JPMorgan Global Growth & Income Investor Presentation February 2026
JPMorgan Global Growth & Income plc (JGGI) aims to provide superior total returns and outperform the MSCI All Country World Index over the long-term by investing in companies based around the world. The manager is focused on building a high conviction portfolio of typically 50 – 90 stocks, drawing on an investment process underpinned by fundamental research.
IAG posts record profit as travel demand powers another bumper year
International Airlines Group delivered its strongest-ever financial performance in 2025, with operating profit surging 13.1% to over €5 billion as robust demand for air travel and an ongoing transformation programme continued to bear fruit.
Revenue at the parent company of British Airways, Iberia, Aer Lingus, and Vueling rose 3.5% to €33.2 billion, while adjusted earnings per share jumped 22.4% to 69.5 euro cents. The group’s operating margin widened by 1.3 percentage points to 15.1%.
Iberia was the standout performer, posting a 16.2% margin, with British Airways close behind at 15.2%. Both airlines benefited from improving punctuality and rising customer satisfaction scores, with group on-time performance up 4.6 points to 82.4%.
IAG pointed to a combination of strong demand for travel and constrained industry supply, with aircraft delivery delays from manufacturers limiting competitor growth. The group grew its own capacity by 2.4% in the year, deploying new A321XLR aircraft on transatlantic routes from both Dublin and Madrid.
Luis Gallego, IAG Chief Executive Officer, said “Execution of our strategy and transformation programme is creating value for shareholders, with adjusted EPS growth of 22.4% and, in line with our disciplined capital allocation framework, we have grown the dividend per share by 8.9% and are announcing today a further return of excess cash of €1.5 billion.”
“We are confident as we look to the future, with compelling market dynamics, long-term secular growth and a clear plan to leverage our business model and deliver our strategy.”
Trading was generally firm across all markets, with Asia Pacific performing particularly well, though there was some softness in the US leisure segment during the third quarter.
The North Atlantic remains an area of strength for IAG, with its joint business partners holding 49% market share. Though the real growth story is Latin America, where Iberia expanded frequencies and launched new routes to Brazil.
IAG proposed a final dividend of €228 million, bringing the full-year payout to €448 million — an 8.9% increase per share. On top of that, it announced a fresh €1.5 billion return of excess cash, starting with a €500 million share buyback, up from the €1 billion programme launched in February.
AIM movers: Another Hardide contract and ex-dividends
Advanced coating provider Hardide (LON: HDD) continues to win new orders. A further £1.8m of orders have been placed by an existing North American customer. Profitability is better than expected, helped by operational gearing. Cavendish has increased its pre-tax profit forecast by two-thirds to £2.3m. The share price jumped 29.2% to 31p, which is the highest it has been for nearly four years.
Eco Animal Health (LON: EAH) has secured distribution partners for launching ECOVAXXIN MS in major EU poultry markets. The vaccine treats Mycoplasma synoviae. This covers 220 million birds over the top seven producing countries. The official launch will be in June/July in Spain followed by regional launches. The share price gained 5.88% to 108p.
Digital services provider Made Tech Group (LON: MTEC) grew interim revenues by 28% to £27.8m, while underlying pre-tax profit improved from £1.5m to £1.9m. Trading is ahead of expectations with signs of further UK government activity leading management to believe that there should be further sales momentum in the second half. Canaccord Genuity has raised its full year pre-tax profit forecast from £4.1m to £4.6m. The share price increased 9.22% to 38.5p.
Quantum Helium (LON: QHE) has gained government approval for the Coyote Wash project in Colorado. The formal approval of the Sagebrush assignment is still awaited. The share price improved 4.48% to 0.035p.
Fishing tackle and equipment retailer Angling Direct (LON: ANG) says trading was ahead of expectations in the year to January 2026. Revenues were 14% ahead at £103.9m, although there was a fall in European sales the related loss was reduced. EBITDA was £4.8m, whereas £4.35m was forecast. Net cash was £10.9m at the end of January 2026, following the opening of six new stores and spending £1.1m on share buybacks. The MyAD customer loyalty club has more than 600,000 members. The share price rose 3.92% to 53p.
Eco Buildings Group (LON: ECOB) has agreed with its joint venture partner in Senegal the funding of a new production line in the country. G2 Invest Group is contributing €1.75m to fund the investment. A show house will be constructed in Senegal, and this will help with government approvals and the commercial launch. The share price is 2.43% to 44.25p.
FALLERS
Oil and gas producer Jadestone Energy (LON: JSE) has set 2026 production guidance at 18,000-21,000boe/day, while total production costs are likely to be $260m-$300m. Capex will be $50m-$80m, which will predominantly be spent in Malaysia and Vietnam. Cash flow expectations are based on $70/barrel. There will be a $90m write down in the 2025 accounts relating to valuation of assets based on the oil price decline. At the end of 2025, 2P reserves were 56MMboe, down by 8.3MMboe over the year after production of 7MMboe during the year. Net debt is $89m. The share price slipped 10.9% to 22.5p.
Nativo Resources (LON: NTVO) has secured the right to design and operate La Patona gold ore processing plant, which is near the Tesoro gold concession in Peru. Negotiations took longer than anticipated and the commencement of work on the plant has been delayed by up to 15 weeks. Construction should be completed in the second half of 2026 and will cost $1.8m. The share price fell 4.85% to 0.49p.
Ex-dividends
Diales (LON: DIAL) is paying a final dividend of 0.75p/share and the share price dipped 2.5p to 25.5p.
Tribal Group (LON: TRB) is paying an advanced dividend of 1.3p/share and the share price slid 2.5p to 67.5p.
CVS Group grows despite weak UK consumer confidence
Vet practices owner CVS Group (LON: CVSG) grew revenues in the UK in the first half despite weak consumer confidence, while Australia is becoming a bigger contributor. The move from AIM to the Main Market means that CVS is set to join the FTSE 250 index, which could provide additional investor interest.
In the six months to December 2025, revenues were 6% ahead at £356.9m with like-for like growth of 2.7%. Australia contributes more than 10% of revenues. Earnings improved 6% to 40.2p/share. CVS managed to offset the higher NI and other employment costs by growth in the UK and Australia, although this did put UK margins under pressure.
Net debt was £160.2m at the end of 2025, after spending £23.3m on acquisitions and £12.6m of share buybacks. There are bank facilities totalling £350m. The interim dividend has been raised from 8p/share to 8.5p/share.
Healthy Pet Club membership has been held at 516,000. Regular appointments and vaccinations have been delayed by some pet owners. There was some testing of pricing for the online services, but price reductions did not lead to higher volumes.
The final decision publication following the CMA market review process is expected in the spring and that should provide full clarity on the future of the sector. There is a DEFRA consultation that has commenced and this will influence new legislation, which may not be a few years. In this case it could end up providing greater flexibility for CVS by allowing nurses to undertake additional work.
The main focus for acquisitions is Australia, but when the CMA process is completed and the final recommendations come into force there should be opportunities in the UK. However, CVS will not be paying the same multiples for UK practices that it did in the past. This is because of the better opportunities in Australia.
Panmure Liberum forecasts an improvement in full year pre-tax profit from £79.7m to £83.9m. Debt could fall by the end of June 2026, but that will depend on the timing of further acquisitions.
The share price slipped 68p to £13.02, which means that the prospective multiple is 15. There is upside from further acquisitions in Australia and potential for growth in the UK as consumer confidence improves.
FTSE 100 edges towards 11,000 as Rolls-Royce and Howdens impress
The FTSE 100 scaled fresh record highs on Thursday and edged towards 11,000 as corporate earnings lifted the index.
It was another busy day for FTSE 100 earnings updates on Thursday, with Rolls-Royce, Howden Joinery, London Stock Exchange Group, and Hikma reporting results.
The balance of Thursday’s earnings updated was positive, and London’s leading index rose 0.15% to 10,819.
“The FTSE 100 is on quite a run and drawing ever closer to the 11,000 level,” says Dan Coatsworth, head of markets at AJ Bell.
“Advancing once again, the blue-chip UK index has this time been propelled by superstar engineer Rolls-Royce which is going from strength to strength, and London Stock Exchange Group staging a recovery.
“Kitchen seller Howden Joinery also continued its run of quietly getting on with the job and then reminding the market it can still take a step forward in a difficult market.”
However, the FTSE 100 was kept in check by a lacklustre market response to Nvidia’s strong results, which hinted at ongoing nervousness about how the AI story would play out.
“Nvidia delivered another standout quarter, reinforcing its reputation as one of the market’s most consistent outperformers,” said Daniela Hathorn, senior market analyst at Capital.com.
“Revenue and earnings comfortably beat expectations, driven once again by stronger-than-forecast data centre sales. Margins also came in firmer than feared, easing concerns that aggressive scaling and rising input costs would begin to erode profitability.”
But while investors treated bumper Nvidia results with caution, UK-focused investors were more than happy to bid Rolls-Royce shares higher after the engineering firm reported a 40% jump in underlying operating profit amid strong performance in its aerospace and power divisions.
Chris Beauchamp, Chief Market Analyst at IG, said: “Rolls-Royce has managed to do what Nvidia couldn’t – engineer a share price bounce following results.”
“The share buyback provided the magic sauce for today’s surge to fresh highs, since, like Nvidia, the strong earnings backdrop was already expected by investors. Plus there seems to be an unending appetite right now for FTSE companies, as the index’s march towards 11,000 proves. It looks like the FTSE 100’s version of Nvidia will keep delivering for investors, as it responds to renewed demand for defence spending across Europe and a fresh ramp up in US outlays on the way too.”
Rolls-Royce shares were 6.5% higher at the time of writing.
Howden Joinery was the FTSE 100’s top gainer after capturing more market share in challenging market conditions. Shares were 7% higher.
The London Stock Exchange Group was also among the risers after announcing a 56% increase in profit before tax that resonated with investors looking for reassurance amid AI disruption fears.
“London Stock Exchange Group (LSEG) looks to be in defensive mode after becoming the target of activist investor Elliott,” Dan Coatsworth said.
“The tone of its results is one of a business trying to convince the market (and Elliott) that it is doing much better than its share price would suggest.
“Banging the drum to say it has consistently met or exceeded medium-term guidance set out in 2023 is LSEG’s way of trying to prove it is not dragging its heels.”
Symvan Capital Backs AI Growth Businesses, Championing AI Minister Narayan’s Vision for the UK
Symvan Capital, a leading UK venture capital firm specialising in EIS and SEIS funding for high-growth technology companies, reinforces its strategic commitment to investing in AI directly supporting Minister Kanishka Narayan’s initiative to position the UK as a global leader in artificial intelligence.
The commitment comes at a pivotal moment for the UK’s AI sector, with AI investment predicted to surge approximately 149% between now and 2030. This substantial growth trajectory underscores the increasing recognition of the importance of AI technologies in driving economic prosperity and innovation across British industries.
Symvan Capital already backs TIKOS®, the UK-based, early-stage AI startup founded in 2024 , demonstrating the firm’s commitment to identifying and nurturing AI businesses that align with national strategic priorities. The UK government has demonstrated its commitment to AI leadership by backing the sector with more than £1.6 billion in investment, ensuring British expertise continues to develop cutting-edge technologies that can compete on the global stage.
Symvan Capital’s CEO, Kealan Doyle commented, “The UK is a global leader in Artificial Intelligence, and our investment in TIKOS® demonstrates Symvan’s commitment to backing innovative AI growth businesses that align with the government’s vision for the sector. We are proud to support Minister Kanishka Narayan’s drive to position the UK at the forefront of AI development.”
The timing of the investment commitment reflects broader market confidence in AI technologies, with corporations expecting to double their spending on AI in 2026, from 0.8% to about 1.7% of revenues. This significant shift demonstrates that businesses on a multi sector basis are prioritising AI as a key driver of innovation and competitive advantage.
For investors seeking opportunities in high-growth technology sectors, the AI landscape presents compelling prospects. Recent data shows that around one in seven businesses are planning to adopt some form of AI technology within the next year, indicating robust demand for AI solutions across the economy. Investors seeking to join Symvan’s current investment round have the unique opportunity to invest via a reduced minimum through their live Republic Campaign, available until 20th March. Capital at Risk.
Symvan Capital’s investment approach combines financial backing with strategic guidance, industry connections, and practical advice to help AI businesses scale effectively. Through EIS and SEIS funding structures, the firm offers tax-efficient investment pathways for individuals and entities looking to participate in the UK’s AI revolution whilst supporting the next generation of British technology champions.
As spring approaches and businesses finalise their growth strategies for the year ahead, Symvan Capital continues to actively seek partnerships with ambitious AI founders in the UK who share the vision of building world-class technology companies.
To learn more about investment opportunities in AI growth businesses through EIS and SEIS schemes, investors, entrepreneurs, and financial advisers are welcome to contact Symvan Capital via their Republic Campaign live until 20th March. Capital at Risk.
Rolls-Royce shares power higher as profits surge 40% to £3.5bn
Rolls-Royce Holdings has delivered an outstanding set of full-year results for 2025, with underlying operating profit jumping 40% to £3.5bn and margins climbing to 17.3%, up from 13.8% a year earlier.
Rolls-Royce is the gift that keeps on giving for investors who are being rewarded for ongoing operational strength and top-line growth.
Shares powered higher on Thursday after the engineering giant announced a multi-year share buyback programme worth £7bn to £9bn over the 2026–2028 period, underscoring management’s confidence in the business’s trajectory.
The company completed a £1bn buyback in 2025, its first in a decade, and has already returned £200m to shareholders in the opening weeks of 2026. Free cash flow still rose to £3.3bn from £2.4bn.
Aarin Chiekrie, equity analyst, Hargreaves Lansdown, said: “Rolls-Royce delivered a blockbuster set of results, with full-year profits flying past expectations largely due to a much better-than-expected performance from its Power Systems division.
“Here, growth continues to be driven by data centre customers looking for power while awaiting grid connection. As upgrades to grid infrastructure are expected to take years, Rolls-Royce’s on-site power generation systems are well-positioned to benefit from sustained demand over the medium term.
“Strong demand in its Civil Aerospace business remains a running theme. The division’s 15% revenue growth continues to be boosted by the upward trend in large engine flying hours, which are now cruising at 111% of pre-pandemic levels. Rolls also has exposure to the defence sector, making up around 25% of group revenue. Given the current elevated-threat environment, defence budgets across many countries are on the rise. With positions in combat aircraft and nuclear submarines, Rolls-Royce looks well-placed to capture some of the increased spending.”
As Chiekrie highlights, Civil Aerospace was the star performer, delivering a 20.5% operating margin compared with 16.6% in 2024, driven by stronger aftermarket activity. Large engine flying hours grew 8% year-on-year. The explosion in global demand for air travel means investors should look forward to further growth in the years ahead.
Power Systems posted a margin of 17.4%, up sharply from 13.1%, as the division captured growth in data centre power generation and governmental work. The data centre business is an area to watch, with Rolls-Royce becoming a direct beneficiary of AI’s growth.
Defence held broadly steady at a 14.4% margin, up marginally from 14.2%, with stronger transport and combat performance offsetting the absence of a one-off submarine benefit from the prior year.
The board declared a final dividend of 5.0p per share, bringing the total 2025 payout to 9.5p — a 32% payout ratio of underlying profit after tax. It marks the first time Rolls-Royce has paid a dividend in more than five years.
Rolls-Royce shares were 6% higher at the time of writing at 1,389p.
Howden Joinery shares jump as revenue increases amid market share gains
Howden Joinery shares jumped on Thursday as the kitchen specialist impressed with strong 2025 results.
Shares rose 9% as the group’s revenue rose 4.1% to £2.42bn and pre-tax profit climbing 5.1% to £344.9m, as the kitchen specialist continued to take market share despite a sluggish backdrop for the wider UK kitchen market.
UK revenue, which accounts for the bulk of the business, grew 3.8% to £2.33bn, driven by balanced pricing and volume growth.
The international arm, spanning France, Belgium, and the Republic of Ireland, produced strong growth in percentage terms, with revenue up 13.5% to £84.8m as the company builds out its model overseas.
“The business advanced on all fronts in the year. We gained market share and delivered a strong operational performance with profit growth ahead of sales,” said Andrew Livingston, Chief Executive.
“Alongside this, we continued to invest in our strategic initiatives which is helping our trade customers win more business while making our operations more efficient and productive.”
Gross margins widened by 110 basis points to 62.7%, helped by sourcing and manufacturing efficiencies that more than offset cost inflation. The group also delivered £41m in productivity savings across its cost base.
Operating profit rose 4.7% to £355.3m, while basic earnings per share came in at 49.2p, up 7.9% on the prior year.
Cash generation remained strong, with £344.5m on the balance sheet at year’s end. The board proposed a final dividend of 16.9p, taking the full-year payout to 21.9p — a 3.3% increase — and announced a fresh £100m share buyback programme for 2026.
On the operational front, Howden opened 23 new UK depots during the year, with 18 of those arriving in the final two trading periods. Three further depots were added internationally, bringing the Republic of Ireland network to 16 locations.