Focusrite plc delivered a resilient investor update, reporting financial results in line with expectations despite ongoing macroeconomic uncertainty. The company achieved revenue growth, gross margin expansion, and higher EBITDA, supported by strong underlying demand across its Content Creation and Audio Reproduction divisions, disciplined pricing, improved operational efficiency, and robust cash generation. Net debt reduced significantly through effective working capital management, while continued investment in new product development, direct-to-consumer channels, and international expansion particularly in Japan and the US strengthened its long-term growth strategy. Management highlighted the successful completion of a multi-year investment cycle, including the development of a proprietary silicon platform designed to accelerate innovation, enhance product performance, improve margins, and reduce long-term manufacturing costs. The business also reported healthy first-quarter trading, a strong order book in Audio Reproduction, and sustained demand across global music production, live events, and professional audio markets. Looking ahead, Focusrite remains focused on profitable growth through operational excellence, annual pricing initiatives, targeted sales and marketing investment, AI-driven productivity improvements, and continued expansion of its global distribution network. Backed by a diversified portfolio of leading audio brands, strong market fundamentals, improving profitability, and a robust balance sheet, the company is well positioned to deliver sustainable revenue growth, margin expansion, enhanced EBITDA, and long-term shareholder value.

Mercia Asset Management plc’s FY2026 investor update highlighted resilient company performance and continued execution of its growth strategy, with revenue remaining stable at £34.1m while EBITDA increased 6% to £8.1m, supported by improved operational efficiency and expanding margins. The specialist asset manager delivered record third-party fund inflows of £357m, a 51% year-on-year increase, taking assets under management to £2.2bn and reinforcing the strength of its scalable private markets platform. Management reiterated its strategic focus on simplifying the business by exiting its direct investment portfolio over time, allowing greater emphasis on its high-quality, recurring asset management operations, where 83% of revenue is contracted. Despite lower valuations within the direct investment portfolio due to weaker private market multiples rather than underlying trading performance, Mercia reported strong progress across many portfolio companies and maintained a robust £26.4m cash position, supporting dividend growth and ongoing share buybacks. Looking ahead, the company expects favourable UK market conditions, a strong fundraising pipeline, and increasing institutional demand to support further growth in funds under management, EBITDA, and margins, while targeting continued expansion across venture capital, development capital and property finance. Management believes the strategic simplification of the business and sustained growth in recurring revenues will enhance shareholder value and strengthen Mercia’s position as a leading UK private asset manager.

HarbourVest Global Private Equity (HVPE) delivered a strong investor update, highlighting resilient portfolio performance, long-term value creation, and enhanced shareholder returns. For the year ended 31 January 2026, NAV per share increased 9.7%, while the share price generated a 13.6% total return, supported by improved private equity exit activity and a diversified global portfolio of more than 1,000 private companies. The company strengthened shareholder value through an expanded capital allocation strategy, including a $400 million tender offer, an ongoing share buyback programme, and a commitment to annual tenders, alongside a simplified investment structure via a Separate Managed Account (SMA). HVPE maintained a robust balance sheet with strong liquidity, substantial available credit facilities, and disciplined capital management. Portfolio companies delivered double-digit operational growth, with average revenue increasing 12.7% and EBITDA rising 13.3%, while valuations remained attractive relative to comparable public markets. The investment portfolio continues to benefit from broad diversification across buyout, venture capital, private credit, infrastructure, sectors, and geographies, providing exposure to leading private businesses such as SpaceX, OpenAI, Anthropic, Stripe, Revolut, and Databricks. Management also highlighted improving distribution trends, a narrowing share price discount to NAV, and a healthy pipeline of potential IPOs and exits expected to support future cash generation. Backed by a proven long-term investment track record, strong portfolio fundamentals, disciplined capital allocation, and a shareholder-focused growth strategy, HVPE remains well positioned to deliver sustainable NAV growth, attractive long-term returns, and enhanced value for investors through global private equity markets.

Solid State plc delivered a strong FY2026 investor update, reporting robust company performance driven primarily by organic growth, improved profitability, and a strengthening order book. Revenue increased by more than 25% on an organic basis, while gross margins expanded to 33.5%, driving a 60% increase in operating profit and a 77% rise in earnings per share. The group also generated strong operating cash flow, reduced net debt, strengthened its balance sheet, and maintained a progressive dividend policy. Growth was supported by strong demand across defence, AI infrastructure, industrial, and medical markets, with major contract wins, including NATO and UK defence programmes, alongside expanding opportunities in AI data centres and power management solutions. Management highlighted continued investment in manufacturing capacity, engineering capabilities, and operational efficiency across its Systems, Power, and Components divisions, positioning the business for sustained margin expansion and long-term revenue growth. The company’s order book increased to £106.6 million, providing strong revenue visibility over the next 18 months, while its growth strategy focuses on higher-margin proprietary products, longer-term customer partnerships, selective acquisitions, and cross-divisional collaboration. With clear operating margin targets across all business units, a disciplined capital allocation framework, and ambitions to double profitability over the medium term, Solid State plc remains well positioned to capitalize on favourable defence spending trends, increasing AI-driven demand, and expanding opportunities in mission-critical electronics, delivering sustainable growth and long-term shareholder value.

Liontrust Asset Management PLC provided an investor update outlining continued strategic progress despite a challenging backdrop for active fund managers. The company reported improving company performance, with quarterly net outflows reducing as a result of broader institutional distribution, stronger investment performance across key funds, and growing international demand. Management highlighted a strengthening order book of institutional opportunities, expansion into new markets including the Middle East, and the completion of the River Global acquisition, which significantly broadens Liontrust’s investment capabilities across value, growth, quality and momentum strategies. Financial results demonstrated disciplined cost management, with operating expenses reduced, a resilient 24% adjusted operating margin, a strong cash position of £51 million, and a sustainable capital allocation policy supporting dividends, strategic investment and share buybacks. The presentation also highlighted improving performance across fixed income, multi-asset and European strategies, alongside continued investment in technology, operating infrastructure and AI-enabled capabilities to enhance long-term competitiveness. While management acknowledged industry-wide headwinds and ongoing net outflows, it expressed confidence that improving investment performance, a more diversified client base, enhanced distribution channels and expanding institutional pipeline will support future revenue growth and a return towards positive fund flows. Overall, Liontrust’s growth strategy remains focused on diversification, operational efficiency, disciplined capital management and strategic acquisitions, positioning the business to benefit as investor demand increasingly shifts towards active management solutions

Empire Metals delivered a compelling investor update highlighting significant progress at its flagship Pitfield Titanium Project in Western Australia, one of the world's largest and highest-grade titanium deposits. The company outlined major operational milestones, including completion of a 68,000-metre drilling campaign, an updated Mineral Resource Estimate (MRE) expected in Q3, and the successful development of a proprietary processing flowsheet that produces high-purity titanium dioxide with the potential for low-cost, integrated production. Management emphasized the project's strategic advantages, including exceptional ore grade, minimal overburden, low-energy mining, valuable alumina by-product potential, and access to established infrastructure, supporting a competitive cost profile and attractive project economics. Empire also highlighted strong market fundamentals, with rising global demand for titanium across aerospace, defence, renewable energy, pigments, and advanced manufacturing, alongside constrained global supply. Backed by a strengthened financial position following an £8 million capital raise, the company is fully funded through key development milestones, including engineering studies, pilot processing, environmental permitting, and economic assessments. With plans for an ASX dual listing to broaden institutional investor access and a clear growth strategy focused on advancing Pitfield toward development, Empire Metals is well positioned to become a leading supplier of high-purity titanium products and create long-term shareholder value through a globally significant critical minerals project.

4basebio PLC delivered a positive investor update highlighting accelerating commercial momentum, expanding clinical adoption, and strong execution of its growth strategy as the company seeks to disrupt the traditional plasmid DNA market with its proprietary enzymatic DNA manufacturing platform. The company reported 81% year-on-year revenue growth in 2025, driven by increasing demand for higher-value GMP-grade and clinical-stage DNA, while maintaining a strong balance sheet with £17.8 million of cash and funding runway into late 2027. 4basebio now serves more than 150 customers, works with six of the world's top ten pharmaceutical companies, and has secured regulatory acceptance across the FDA, EMA, MHRA and Australian authorities. Management highlighted growing demand across gene therapy, mRNA, gene editing and viral vector applications, supported by a rapidly expanding commercial pipeline that is increasingly weighted towards larger clinical and commercial opportunities. The company also outlined plans to increase manufacturing capacity through a new Cambridge headquarters, strengthen its experienced leadership team, and capitalise on the growing focus on safer, faster and more scalable DNA manufacturing. With its differentiated technology offering enhanced purity, reduced manufacturing timelines, lower costs and improved safety compared with conventional plasmid DNA, 4basebio believes it is well positioned to capture a significant share of the multi-billion-dollar genetic medicine manufacturing market and drive long-term revenue growth through expanding clinical programmes and strategic pharmaceutical partnerships.

Autins Group plc delivered a positive investor update, highlighting its successful transition from turnaround to growth following its first full-year profit since 2017. The FY2026 financial results demonstrated record gross margins of 36.2%, strengthened profitability, improved cash generation, and a more resilient balance sheet after refinancing legacy debt. The company secured £15 million of new business awards, supporting a growing order book and providing strong visibility for future revenue growth. Operational improvements, including the rollout of its next-generation proprietary Neptune acoustic materials, enhanced manufacturing efficiency and expanded margins, while continued growth across its German and Swedish operations strengthened its European footprint. Management outlined a clear growth strategy through FY2029, targeting organic revenue growth to £27.2 million, higher EBITDA, improved earnings per share, and increased value per vehicle through innovative acoustic, thermal, ducting, and trim technologies. With a diversified customer base, reduced reliance on its largest automotive customer, expanding product portfolio, and opportunities for selective acquisitions, Autins is well positioned to capitalize on growing demand for lightweight noise, vibration and thermal management solutions, particularly in electric vehicles. Supported by a strong pipeline of booked business, operational excellence, and disciplined capital allocation, the company remains focused on delivering sustainable revenue growth, expanding margins, and long-term shareholder value.

Custodian Property Income REIT delivered a strong investor update, reporting another year of positive operational and financial performance driven by sustained rental growth across its diversified UK real estate portfolio. The company achieved 3.4% contractual rent growth, 3.3% estimated rental value (ERV) growth, and 6.3p EPRA earnings per share, fully covering its 6.0p annual dividend at 105%. Net asset value increased by 3.7%, while the portfolio generated a 10% total return, supported by active asset management, lease renewals, rent reviews, and profitable property disposals. With a robust order pipeline of accretive corporate acquisitions, a defensive balance sheet featuring a 4.1% weighted average cost of debt, and a portfolio yield of 6.4%, the REIT remains well positioned to capture further rental reversion potential of approximately 13%. Management also highlighted continued investment in ESG initiatives, improving EPC ratings across the portfolio, and maintaining compliance with evolving energy efficiency standards. Backed by a regionally diversified portfolio, high-quality tenants, strong occupancy fundamentals, and a disciplined growth strategy, Custodian Property Income REIT continues to deliver stable income, attractive dividend yields, resilient margins, and long-term value creation for shareholders despite ongoing macroeconomic uncertainty.