CQS New City High Yield Fund Limited (NCYF:LSE) delivered a solid investor update alongside its latest interim financial results, reporting a net asset value (NAV) total return of 4.85% and a share price total return of 4.61% for the six months to 31 December. The investment trust continued to trade at a healthy premium to NAV of around 5–6%, enabling the issuance of over 44.5 million new shares (£22.5m) during the period, with additional issuance continuing into the new year—reflecting strong investor demand. The fund maintained its focus on delivering high and sustainable income, declaring two quarterly dividends of 1p per share, fully covered by earnings and contributing to an attractive yield of approximately 8.9%. Managed by Manulife CQS, the diversified high-yield credit portfolio combines corporate bonds, equities, and preference shares across roughly 90–110 holdings, with a weighted average duration of around 3.25 years, helping mitigate interest rate risk. Portfolio positioning remains concentrated in financials and income-generating assets, supported by rigorous credit analysis from a team of more than 25 analysts. Key holdings include companies such as Shawbrook Bank, Stonegate Pubs, Travelodge, and Barclays, contributing to stable portfolio income and capital preservation. Management highlighted ongoing market volatility driven by geopolitics, inflation, and interest rate uncertainty, but noted that higher-for-longer rates can benefit the fund by increasing yields on newly issued debt. With a disciplined growth strategy focused on diversification, risk management, and income generation, the company remains on track to achieve AIC Dividend Hero status, marking 20 consecutive years of dividend growth, reinforcing its position as a compelling high-yield income investment for long-term shareholders.

Synectics plc reported strong FY2025 financial results, delivering robust revenue growth, improved EBITDA, and a strengthened balance sheet, alongside a strategic transformation aimed at driving scalable long-term growth. For the year ended 30 November 2025, group revenue increased 22% to £68 million, supported by a major casino surveillance deployment in Southeast Asia and strong demand across transport, leisure, and critical infrastructure markets. Adjusted EBITDA rose 36% to £8.5 million, with EBITDA margins improving to 12.5%, while Synectics Systems recorded revenue growth of 21% to £43 million and Ocular Integration grew revenue 24% to £26.4 million. The company also ended the year with a record cash balance of £14.1 million, reflecting strong operating cash flow and reinforcing its debt-free financial position. Operationally, Synectics continues to expand its AI-driven security and surveillance technology, with its Synergy Detect platform receiving industry recognition for innovation. Looking ahead, management outlined a strategic repositioning toward a scalable, product-led and partner-enabled growth model, designed to enhance operating leverage and recurring revenue opportunities. The company expects FY2026 to be a transitional year, reflecting the absence of the one-off casino contract and increased strategic investment, before accelerating growth from FY2027 onward, supported by double-digit revenue growth, expanded partner distribution, and product innovation across AI, cloud, and cybersecurity capabilities. With a robust order book, growing pipeline, and progressive dividend policy, including a proposed 5p per share dividend, Synectics aims to deliver sustainable shareholder returns while strengthening its global presence in intelligent security and surveillance solutions.

Great Western Mining Corporation PLC (GWMO:AIM) delivered an investor update outlining its growth strategy and exploration progress across a diversified portfolio of strategic minerals in Nevada, one of the world’s leading mining jurisdictions. The presentation highlighted the company’s focus on advancing tungsten, copper, gold, and silver assets located primarily in Mineral County, where strong infrastructure and historic mining activity support exploration and development. Newly appointed CEO Ed Loy detailed plans to prioritize the Pine Crow–Defender tungsten corridor, where recent channel sampling and historical workings indicate potential for consistent skarn-hosted mineralisation. The company intends to conduct additional trenching followed by a drilling campaign in mid-2026, targeting a maiden mineral resource estimate (MRE) by the fall. Great Western also continues to build on its existing copper resource at the M2 project (4.3 million tonnes at 0.45% Cu) while evaluating gold and silver prospects at West Huntoon and the Olympic Gold Project. Management emphasized strong commodity market fundamentals, including rising tungsten prices driven by defence, aerospace, and advanced manufacturing demand, alongside long-term copper demand from global electrification. Financially, the company recently raised approximately $3.2 million to fund exploration activities and maintain steady operational progress. Additional potential catalysts include drilling results, resource estimates, ongoing project evaluations, and discussions around joint venture opportunities and processing infrastructure such as the company’s milling operation and tailings recovery initiatives. Overall, the update reinforces Great Western Mining’s strategy to unlock value from its multi-metal asset base while advancing exploration milestones, strengthening partnerships, and positioning the company to benefit from increasing demand for critical and strategic minerals in North America.

Kenmare has released an announcement regarding an update on the Moma Mine's Implementation Agreement. Management will discuss the announcement and answer questions from analysts and investors.

Refuels N.V (REFL:Euronext) delivered a strong Q3 2026 investor update highlighting accelerating company performance, improved financial results, and continued expansion of its biomethane refuelling network for heavy goods vehicles across the United Kingdom. Through its 40 percent stake in CNG Fuels, the company supplies around half of the biomethane used in UK trucks, supporting more than 2200 vehicles daily and enabling customers to reduce greenhouse gas emissions by 85 to 90 percent while lowering fuel costs. During the quarter the business reported revenue growth of 22 percent year to date, a 72 percent increase in gross profit to £10 million, and EBITDA of £5.6 million compared with breakeven in the prior year period, reflecting scale efficiencies, higher certificate prices, and rising fuel volumes. Quarterly EBITRA reached £9.7 million, representing a tenfold increase year on year, prompting management to raise full year guidance to £13 to £15 million. Operational momentum was supported by a 13 percent rise in fuel volumes and record generation of 82.2 million renewable transport fuel certificates, while margins improved to over 30 percent on certificate sales. The company continues to invest in growth strategy and infrastructure, operating 16 grid connected stations and 11 mobile refuelling sites with plans to expand to 25 stations and around 30 mobile units by 2028 to meet increasing demand for low carbon trucking. Despite a soft haulage market, adoption of compressed natural gas trucks is expanding, particularly as new 6 by 2 vehicle models enter the market. With strong order interest, long term biomethane supply visibility, and forward sold certificates providing earnings stability, Refuels believes it is transitioning from an infrastructure build phase to a cash flow generating platform, positioning the business for sustained revenue growth, improving margins, and long term value creation in the decarbonisation of heavy transport.

Greencoat UK Wind PLC’s (UKW:LSE) latest investor update highlights resilient company performance in 2025, with £291 million of net cash generation, 1.3x dividend cover, and a 12th consecutive year of inflation-linked dividend growth despite unusually low wind speeds and weaker power prices. As the UK’s largest listed renewable infrastructure trust and largest non-utility owner of UK wind farms, the company emphasized its scale, portfolio quality, and long-term growth strategy, supported by 49 wind farms generating around 2% of UK electricity. Management outlined disciplined capital allocation, including £181 million of asset disposals at or near NAV, £109 million of share buybacks, and £168 million of debt reduction, while also lowering investment management fees to improve shareholder alignment and margins. Greencoat UK Wind expects a 2026 dividend target of 10.7p, with strong projected dividend cover and significant excess cash flow available for reinvestment, deleveraging, and selective portfolio expansion. The presentation also underscored a constructive long-term market backdrop, with rising UK electricity demand, supportive renewable auction activity, and continued opportunities in onshore and offshore wind. While net asset value was affected by lower-than-budget wind resource and reduced power price forecasts, the company reiterated confidence in its valuation, cash flow visibility, EBITDA strength, and ability to create long-term shareholder value through disciplined reinvestment, operational performance, and exposure to the UK renewable energy transition.

Hunting PLC delivered a positive investor update highlighting resilient company performance, strong financial results, and a clear growth strategy across its global oilfield services and advanced manufacturing portfolio. The group, which generates more than 90% of revenue from oilfield services, reported EBITDA of $135.7 million, up 7% year-on-year, with margins improving to 13% as the company progresses toward its 15% medium-term target. Revenue remained stable despite a challenging market backdrop, while profit growth drove a 9% increase in EPS and a 13% rise in the dividend. Key drivers included robust performance in Oil Country Tubular Goods (OCTG) and subsea technologies, supported by proprietary connections, high-specification manufacturing capabilities, and a diversified blue-chip customer base across major energy producers and service companies. Strategic acquisitions, including Flexible Engineered Solutions and the Organic Oil Recovery product line, strengthened Hunting’s subsea offering and expanded opportunities in offshore developments such as FPSOs, with significant tender potential across Brazil, Guyana, and the Gulf of Mexico. The company also highlighted strong order activity, with $358 million in bookings and a pipeline exceeding $1 billion in OCTG tenders. Operational efficiencies and lean manufacturing initiatives continue to drive cost improvements, with a further $15 million in savings targeted over two years. Hunting maintained a strong balance sheet with $63 million in cash while returning capital through dividends and share buybacks, including a new $40 million programme. Looking ahead, management expects EBITDA of $145–$155 million and margin expansion supported by international growth in perforating systems, subsea technology bundling, and emerging energy transition opportunities including geothermal, carbon capture, and offshore wind.

Theon International PLC (THEON:Euronext Amsterdam) delivered a comprehensive investor update highlighting strong company performance, robust financial results, and a clear growth strategy driven by global defence demand. The defence technology group, a global leader in night vision systems and military optronics, reported record revenue of €443.5 million in 2025, representing more than 25% year on year growth and exceeding guidance, while maintaining market leading profitability with adjusted EBITDA margins of 26.2%. The company also achieved record order intake of €1.3 billion, supported by a landmark contract for 100000 night vision goggles and driving a total order book of approximately €2.3 billion including options, providing significant revenue visibility. Theon continues to benefit from rising global defence spending, particularly in Europe, Asia Pacific and the Middle East, where penetration rates for soldier night vision equipment remain relatively low, creating a substantial long term market opportunity. The group’s strategy focuses on expanding its core night vision leadership, scaling its ARMed digital ecosystem of augmented reality and fused vision solutions, and entering the fast growing platform based optronics market for vehicles, drones and naval systems. Strategic acquisitions and investments including Harder Digital, Kappa Optronics and Exosens have strengthened supply chain security, enhanced technology capabilities and accelerated product development. With secured access to critical image intensifier tubes and expanding global production capacity, Theon expects continued strong growth, guiding revenue of €570 million to €600 million for 2026 with mid twenties EBITDA margins. Supported by a growing product portfolio, expanding international footprint and active M&A strategy, the company targets €1 billion in annual revenue ahead of its original 2030 timeline while positioning itself as a leading global defence optoelectronics provider.

Seraphim Space Investment Trust (SSIT:LSE) reported its strongest interim results to date for the period ending 31 December 2025, reflecting robust portfolio performance and growing demand for space technology and defence capabilities. The investment trust delivered a 27.6% increase in portfolio valuation to £332 million, while NAV per share rose 20% to 142.3p, driving total net assets to £337.5 million and eliminating the discount to NAV. Performance was largely supported by significant valuation uplifts across SSIT’s largest holdings, including ICEYE (ISI), All.Space, Hawkeye 360, and D-Orbit, alongside record levels of external funding across the portfolio. Over the period, portfolio companies collectively raised more than $2.2 billion, reinforcing strong capital positions, with 77% of holdings funded for at least 12 months and 85% expected to reach EBITDA profitability by 2026. SSIT’s largest holding, ICEYE, benefited from a €1.7 billion satellite contract with the German government, highlighting the accelerating role of sovereign space infrastructure, intelligence and defence technology in Europe amid rising geopolitical tensions. Additional portfolio momentum included new funding rounds, strategic partnerships, and satellite launches across companies such as Hawkeye 360, Tomorrow.io, and Satellogic. With space investment reaching record levels globally and defence budgets expanding, Seraphim believes structural tailwinds—driven by **geopolitics, sovereign satellite demand, AI-enabled data services, and increased M&A activity—**will continue to support long-term growth. As the world’s only listed space-focused investment trust, SSIT aims to capitalise on these trends through its diversified portfolio of nearly 150 space technology companies, positioning the fund for sustained revenue growth, expanding order books, and further NAV appreciation.