Theon International delivered a positive investor update, highlighting strong financial performance, sustained revenue growth and a clear strategy to become a global leader in defence electro-optics. Management reaffirmed FY2026 revenue guidance of €570–600m and its target to exceed €1bn in revenue by 2029, supported by a record €1.4bn order backlog, long-term framework agreements and growing demand for advanced defence technologies. The company reported FY2025 revenue of €443m, up 26%, while maintaining industry-leading EBITDA margins above 25%, underpinned by its asset-light business model and strong cash generation. Theon outlined an ambitious growth strategy centred on expanding beyond its market-leading night vision business into intelligence, surveillance and reconnaissance (ISR), drones, AI-enabled defence systems and digital soldier technologies through targeted acquisitions, strategic partnerships and organic innovation. Recent investments, including the acquisitions of HGH and Mario, alongside a joint venture with Safran, significantly expand the group’s addressable market, product portfolio and international footprint. Management expects platform-based and digital products to contribute around 50% of group revenue over the medium term, enhancing diversification while maintaining best-in-class profitability. With strong operational execution, increasing revenue visibility, disciplined capital allocation and a robust pipeline of defence opportunities across Europe, North America and other international markets, Theon believes it is well positioned to deliver sustainable double-digit organic growth, expanding margins and long-term shareholder value.

Steppe Cement LTD delivered a strong investor update highlighting record company performance, resilient financial results, and a positive growth strategy supported by rising cement demand in Kazakhstan. The company reported record sales of more than 2 million tonnes, a 15 percent increase in first half sales volumes, and a 43 percent increase in revenue driven by higher prices and volumes, with management expecting stronger EBITDA, improved margins, and robust cash flow to support dividends and fund its Line 6 expansion. The project is progressing on schedule and is expected to increase annual production capacity to 2.5 million tonnes by 2028 while reducing operating costs and improving energy efficiency. With a strong balance sheet, competitive cost position, stable market share, and confidence in future demand, the company remains well positioned to deliver long term revenue growth, enhanced profitability, and increased shareholder value.

Verici Dx PLC provided an investor update highlighting continued commercial progress for its AI-powered RNA diagnostics platform for kidney transplant patients, led by its flagship Tutivia post-transplant rejection test. The company reported strong operational momentum, including 32% quarter-on-quarter revenue growth, adoption across 29 US transplant centres representing approximately 20% of annual transplant activity, and nationwide regulatory approval following New York State clearance. Management reiterated its growth strategy of expanding commercial adoption through a focused US sales force, increasing recurring test volumes, strengthening clinical evidence with real-world data, and targeting high-value unmet clinical needs where its RNA technology offers advantages over traditional cell-free DNA diagnostics. Financial results showed FY2025 revenue of $3.7m, supported by Tutivia sales and milestone income from its Thermo Fisher partnership, alongside recent equity funding to extend its cash runway and support commercial expansion. The company also outlined future growth opportunities through the upcoming launch of its Protega fibrosis test, continued development of urine-based diagnostics, and expanding laboratory services. With a US addressable market estimated at $900m, a clear route towards revenue growth and operational scale, and a defined path to breakeven, Verici Dx believes it is well positioned to capitalise on increasing demand for precision transplant diagnostics and deliver long-term shareholder value.

System1 Group PLC delivered an investor update highlighting a strong second half recovery following a challenging first half, with record H2 revenue, continued platform expansion, and confidence in future growth. Platform revenue now represents 96 percent of total revenue, supporting scalable operations, improving EBITDA margins, and long term profitability. The company reported resilient company performance despite macroeconomic headwinds, driven by strong new business wins, growing demand from global brands, and progress across its growth strategy focused on the United States, innovation, and enterprise clients. Management also highlighted continued investment in AI powered marketing solutions, disciplined cost management, a strong cash position, an increased dividend, and improving operational leverage. With healthy revenue momentum and trading in line with market expectations, the company remains confident in delivering sustainable growth, stronger margins, and long term shareholder value.

One Health Group PLC delivered a strong investor update, reporting another year of double-digit revenue growth with FY2026 revenue increasing 11% to £31.6 million and EBITDA rising 28% to £2.6 million, reflecting continued operational momentum and improving profitability. The company highlighted robust cash generation, a strengthened balance sheet, and a growing portfolio of long-term NHS contracts covering more than 80% of revenue, providing greater earnings visibility. Driven by sustained demand for elective surgery services, One Health continues to expand its community-based healthcare model through new outreach clinics, consultant recruitment, and increased surgical capacity. Management outlined a clear growth strategy centred on organic expansion and the rollout of dedicated surgical hubs, designed to improve patient access while enhancing margins by internalising surgical capacity. The first hub is under construction and is expected to support future revenue growth and operational efficiency. With over 7 million patients still on NHS waiting lists, an expanding order book, and strong government support for independent healthcare providers, the company believes it is well positioned to capitalise on significant market opportunities. Looking ahead, One Health remains focused on delivering sustainable revenue growth, improving EBITDA margins, maintaining dividend payments, and executing its long-term strategy to become a substantially larger healthcare services provider through continued geographic expansion and strategic infrastructure investment.

Foresight Group Holdings Limited delivered a strong investor update with annual financial results showing resilient company performance driven by growth in private markets, real assets and private equity. Assets under management increased to £13 billion while revenue rose 11 percent, core EBITDA before share based payments grew 10 percent, adjusted earnings per share increased 13 percent and dividends rose 12 percent. The company strengthened its growth strategy through record retail fundraising, expanding institutional distribution, strong deployment and disciplined asset realizations that supported performance fees and margin resilience. Following the sale of Foresight Capital Management, the business is now fully focused on higher growth private market opportunities with long duration recurring revenue and operational leverage expected to drive future EBITDA margins. Management reaffirmed guidance to nearly double core EBITDA by 2029, supported by energy transition investments, private equity expansion, a growing order book of fundraising opportunities and continued demand for tax efficient investment products. The outlook remains positive with increasing assets under management, improving cash generation, disciplined capital allocation and confidence in delivering long term shareholder value.

ActiveOps PLC reported record financial results with strong organic growth driven by increasing demand for its SaaS decision intelligence platform and successful execution of its growth strategy. Revenue reached £45 million with annual recurring revenue increasing to £41.5 million, supported by 23% organic SaaS revenue growth, 119% net revenue retention, nine new enterprise customer wins and the successful integration of the Enlighten acquisition. Adjusted EBITDA margin improved to 10% while gross margins remained stable at 84% and the company ended the year with £23.8 million in cash and no debt. Management highlighted expanding customer adoption through cross sell and upsell opportunities, a growing order book, and continued investment in sales, customer success and strategic partnerships to accelerate long term growth. ActiveOps also reaffirmed its medium term target of £100 million in annual recurring revenue and a 25% EBITDA margin, supported by a significantly expanded addressable market, strong recurring revenue, healthy cash generation and increasing demand for solutions that help enterprises optimize workforce productivity, automation and AI driven operational performance.

Acuity RM Group plc delivered a positive investor update, highlighting a successful business turnaround and a clear strategy to accelerate growth in the expanding cybersecurity governance, risk and compliance (GRC) software market. The company reported stable FY2025 revenue of £2.1 million while significantly improving company performance through a substantial reduction in operating costs, transforming a loss-making business into one that achieved operating profitability in the second half of the year and has remained profitable on a monthly basis since October 2025. Backed by a clean balance sheet, 86% recurring subscription revenue, strong cash conversion, and forward contracted revenue of £2.15 million, Acuity is well positioned to scale its SaaS business. Management highlighted a robust public sector and defence sales pipeline, new customer wins, and continued investment in product innovation following an oversubscribed fundraising. The company’s growth strategy centres on expanding adoption of its Stream Cloud platform, strengthening channel partnerships, and developing Risk OS, an AI-native cybersecurity platform designed to automate risk management and address evolving regulatory and cyber threats. With a blue-chip customer base across government, defence, healthcare, utilities and financial services, increasing demand for cyber resilience, and a scalable recurring revenue model, Acuity RM Group is focused on accelerating revenue growth, improving margins, delivering sustainable profitability, and creating long-term shareholder value.

Gelion PLC provided an investor update highlighting a major strategic milestone through a Cooperative Research and Development Agreement with a United States national energy laboratory, supporting its expansion into the United States and accelerating the commercialization of its lithium sulphur battery technology. The presentation also announced a CEO transition, with the new chief executive bringing significant experience in battery materials, manufacturing scale up, and global business growth. Management highlighted Gelion PLC's validated technology, scalable production process, strong intellectual property portfolio, and expanding international partnerships as key drivers of its growth strategy. The company believes these initiatives will strengthen future revenue potential, support margin expansion, enhance commercialization, and create long term shareholder value as it advances toward large scale production and global market leadership.