Seraphim Space Investment Trust (SSIT), led by CEO Mark Boggett, has established itself as the world’s most active investor in space tech, with a portfolio spanning 147 companies across 30+ countries. In this investor update, Boggett highlights SSIT’s strong positioning in the rapidly expanding commercial space sector, driven by surging demand from defence and climate applications. SSIT focuses on “space-to-Earth” investments—leveraging satellite constellations, AI, and vertically integrated infrastructure to deliver real-time data and services to terrestrial markets. With over 70% of Net Asset Value (NAV) tied to defence customers, including flagship companies like ICEYE, Seraphim is benefiting from significant European and U.S. defence spending, including NATO’s €800 billion and the U.S. $1 trillion budget. Portfolio companies are growing rapidly, with many now profitable or on a clear path to profitability, supported by nearly $1 billion raised in 2024 alone. Strategic partnerships with global aerospace leaders and a unique ecosystem of accelerators and VC funds provide SSIT with unrivalled access to deal flow and technological insight. As the global space economy shifts towards mass satellite deployment, AI-enabled analytics, and space-based infrastructure, Seraphim sees long-term value creation akin to the rise of the internet—backing companies it believes will become the “Googles and Amazons” of the space age. With IPOs like Voyager Space and AST SpaceMobile showcasing investor appetite, and key holdings such as ICEYE commanding multi-million dollar defence contracts, Seraphim offers a rare, pure-play exposure to the transformative potential of space technology. Despite strong fundamentals, SSIT currently trades at a discount to NAV, presenting a compelling entry point for investors.

Mercia Asset Management delivered a strong FY2025 performance, marked by double-digit growth in revenue (+13%) and EBITDA (+37%), driven by record capital deployment of £284m across 165 businesses. Now managing £2bn in assets under management (AUM), Mercia continues to scale as a leading UK-focused alternative asset manager, benefiting from a unique regional origination platform. The company reported robust operating cash flow, retained £40m in cash, and maintained a progressive dividend policy alongside a newly launched £3m annual share buyback. Strategic progress includes the first close of the £82m Mercia Evolution Fund, further institutional inflows, and continued diversification across venture, development capital, property finance, and a growing focus on real assets. Mercia's three-year "Mercia 27" plan is on track, targeting £3bn AUM, £10m EBITDA, and margin expansion to 26% by FY2027. The business is also simplifying its model by divesting up to 70% of its direct investments to focus on fund management. Key differentiators include recurring revenue (80%), a 2% blended fee margin, and strong momentum from UK pension reforms and the Mansion House Compact. With 87 new portfolio additions and increasing institutional engagement, Mercia is well positioned to benefit from the reallocation of domestic capital into UK private markets. The company reaffirmed its commitment to sustainable, place-based investment and expects continued profitability, AUM growth, and long-term value creation for shareholders.

Tissue Regenix delivered a robust FY2024 investor update, reporting record adjusted EBITDA growth of over 150% and its first-ever annual operating profit, supported by a 9% rise in group revenue. Strong performance from its dCELL division (up 23%) and strategic partnerships, including an extended relationship with Arthrex, helped offset headwinds in BioRinse. The company’s diversified product portfolio—spanning bone grafts, birth tissue, and human dermis—continues to address unmet clinical needs in orthopaedics, wound care, and regenerative medicine. Key 2024 milestones included entry into the EU market, shipment of 1,000+ XT ligament products, and completion of a strategic review aimed at unlocking shareholder value. Despite a temporary drop in share price and inventory challenges linked to delayed regulatory approvals, management reaffirmed a focus on operational execution, market expansion, and margin growth. The recent purchase of its US facility signals long-term infrastructure confidence, and a shift to ISO-certified medical device manufacturing enhances global export capabilities. With a clear 4S strategy (Supply, Sales, Sustainability, Scale) and new growth pillars in place, Tissue Regenix is positioned for continued revenue growth, enhanced profitability, and long-term shareholder value creation in FY2025 and beyond.

Autins Group has unveiled its FY25 results, marking a transformative 18-month period of strategic repositioning and financial recovery. The specialist manufacturer of acoustic and thermal insulation materials for the automotive industry reported a significant improvement in gross margins and operating efficiencies, driven by its “Survive and Thrive” strategy. Despite modest revenue fluctuations, gross profit rose notably to £3.3 million, underpinned by cost optimisation, business integration across UK, German, and Swedish sites, and enhanced operational control. Autins continued to generate strong operating cash flow while accelerating long-term debt repayment, aiming to be debt-free by July 2026. With FY26 forecasts reinstated for the first time since 2020, the company is targeting a return to net profitability and further margin expansion into FY27. Innovation remains central, with new high-value products such as Neptune, OrDuct, and OrTrim gaining OEM traction—securing multi-year orders with UK and German premium carmakers. A growing pipeline worth £26 million in annual potential revenue, coupled with increased European customer exposure and rising EV content requirements, positions Autins for scalable growth. Management also outlined a disciplined M&A strategy focused on distressed or synergistic automotive manufacturing assets. With a refreshed leadership team, enhanced financial discipline, and a focus on shareholder value creation, Autins is firmly on track to rebuild market confidence and deliver sustainable long-term growth.

eEnergy Group PLC (AIM:EAAS) delivered a strong investor update, reporting its fourth consecutive year of organic growth with FY24 revenue reaching a record £25.1 million and adjusted EBITDA (pre-PLC costs) of £3.1 million. A robust second-half performance generated £19 million in revenue and £2.6 million in EBITDA, demonstrating significant operational gearing and scalability. Following a strategic divestment and financial restructuring, the company is now cash generative, with improved project-level profitability and a strengthened balance sheet. EEnergy’s core growth pillars - energy efficiency and on-site renewable generation - are delivered through its capital-free “as-a-service” model, supported by a new funding partnership with Rdaptive that enables 100% project financing and enhances cash flow. The Group has invested heavily in digital infrastructure, including a proprietary CRM and proposal platform, to drive speed, accuracy, and margin improvement. Its pipeline has grown 71% over 18 months, with high conversion rates across LED lighting and solar projects in education, healthcare, and commercial sectors. Recurring revenues are growing through operations and maintenance contracts, and the business now has clear visibility into FY25 performance, guided to deliver £28 million in revenue and £3.2 million in EBITDA. With strong momentum, diversified routes to market, and a scalable platform, EEnergy is well-positioned for sustainable growth aligned with net-zero targets.

Liontrust Asset Management PLC (LSE:LIO) delivered its full-year results, highlighting resilience amid a challenging industry backdrop and outlining a confident growth strategy for the year ahead. Despite market headwinds, assets under management (AUM) stood at £22.6 billion, with revenues of £157 million and adjusted profit before tax of £48.3 million. Operating margin remained solid at just under 30%, and the group maintained its full-year dividend, underpinned by a strong capital surplus of £57 million. The business announced a new capital allocation policy, targeting a sustainable 50% dividend payout ratio and optional share buybacks. Management remains confident in the renewed investment case for active management, as macro trends shift away from US equity dominance and passive flows. Liontrust’s seven specialist investment teams - covering global equities, UK economic advantage, sustainable strategies, multi-asset, European dynamic, innovation, and income - are well-positioned to deliver alpha through high-conviction, benchmark-agnostic strategies. The firm reported strong fund performance in areas such as European Dynamic and Global Alpha Long/Short, alongside increasing institutional demand in sustainable and multi-asset offerings. Liontrust continues to enhance its operational efficiency via cost savings, technology integration (notably BlackRock’s Aladdin platform), and a scalable data-led distribution model. The brand ranks among the top UK asset managers for client service, communication, and sustainability. With a clear focus on long-term value creation, Liontrust’s strategic repositioning, data-driven distribution, and strong brand equity position it to capture growth opportunities in an evolving investment landscape. This investor update reinforces Liontrust’s commitment to high-performance active fund management and disciplined financial stewardship.

Duke Capital has reported a strong set of FY25 financial results, underscoring the resilience of its hybrid credit model despite macroeconomic headwinds. The company posted record recurring cash revenue, up year-on-year, and successfully maintained a covered quarterly dividend yield of 2.8%, demonstrating robust free cash flow and a commitment to capital preservation and income generation. While total cash revenue declined due to the absence of portfolio exits—non-recurring income was down 86%—management emphasized the long-term value being built through increased equity ownership across its portfolio. With six equity stake increases in FY25 and a total of eight since adopting IFRS 10, Duke is strategically positioning itself to unlock significant upside from future exits. The business deployed over £31 million in capital during the year, focusing exclusively on existing partners as part of a cautious but deliberate growth approach. A £23.5 million oversubscribed equity raise further supports the self-sustaining model, with plans underway to incorporate third-party capital and enhance net asset value without shareholder dilution. Despite economic challenges—including UK tax changes and interest rate volatility—Duke’s portfolio remains diversified across geography and sector, comprising 75 operating companies. Management reaffirmed its disciplined cost structure, aiming to reduce OpEx to below 10% of recurring revenue, while highlighting over £1 billion in contracted revenue should investments run to term. With a 9.7% dividend yield, continued shareholder alignment, and a pipeline of high-IRR exit opportunities, Duke Capital is focused on delivering attractive risk-adjusted returns through its blend of private credit and private equity, offering investors both stable income and long-term growth potential.

Foresight Group Holdings Limited (LSE:FSG) delivered robust full-year results for FY2025, reporting a 9% increase in assets under management (AUM) to £13.2 billion and a 14% rise in fee-earning assets (FUM) to £9.7 billion. Recurring revenue remained strong at 87%, supporting total revenue growth of 9% to £154 million. Core EBITDA pre-share-based payments rose 5% to £62.2 million, with the group reaffirming its goal to double this figure by FY2029. Key performance drivers included record UK retail tax-efficient fundraising of £587 million, £546 million in institutional capital inflows, and earnings-accretive strategic acquisitions that boosted AUM by £744 million. Despite a short-term dip in operating margin to 40.4% due to investment in headcount and technology, management anticipates margin expansion to 45% by FY2029. The group’s diversified growth strategy - spanning infrastructure, private equity, and public markets - is underpinned by secular trends such as energy transition, SME funding gaps, and increased energy security. Foresight remains well-positioned in fast-growing sectors, with significant market share potential across the UK, Europe, and Australia. Strong cash generation supports a 60% dividend pay-out ratio (24.2p per share) and an ongoing £50 million share buyback programme. With a disciplined capital allocation strategy and a deep pipeline of scalable opportunities—including private credit, natural capital, and regional private equity - Foresight is confident in sustaining long-term value creation. Investors can expect continued earnings growth, expanding margins, and attractive shareholder returns.

4basebio delivered a compelling FY2024 investor update, showcasing rapid commercial expansion, record DNA revenue growth, and a strong balance sheet following its £40m capital raise led by M&G and PS&C. The company doubled core DNA revenue year-on-year and now serves over 90 clients globally, including tier-one pharma and CDMOs. Repeat business accounts for 25% of clients, underlining growing demand and product satisfaction. A major highlight was achieving MHRA GMP certification, validating its Cambridge-based cleanroom facility for both critical starting materials and drug substance manufacturing—unlocking access to clinical and commercial DNA supply. 4basebio’s synthetic DNA platform, powered by proprietary enzymes, offers superior purity, cost-effectiveness, and rapid scalability versus traditional plasmid DNA. With expanded commercial infrastructure, a growing presence in APAC, and increasing pharma adoption, the company is well-positioned to lead the shift from plasmid to synthetic DNA. Investment is being channelled into client onboarding capacity, sales enablement, and manufacturing scale-up. Backed by £34.6m in cash and no immediate funding needs, 4basebio is targeting continued GMP order book growth, clinical-stage contracts, and new market penetration across mRNA, gene editing, DNA vaccines, and viral vectors. With synthetic DNA gaining industry validation, the company is confidently executing its growth strategy and expects revenue acceleration into 2025 and 2026.