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.

SkinBioTherapeutics plc’s latest investor update outlines a period of significant corporate transition following governance issues that led to the restatement of FY25 accounts, while reaffirming confidence in the company’s long-term growth strategy and commercial assets. Management confirmed that £0.77m of previously accrued royalty revenue was removed after an investigation identified fabricated supporting documentation by the former CEO, with no other FY25 revenue issues or cash discrepancies found. Despite the disruption, first-half FY26 revenue increased to £2.17m (from £1.58m), driven by a full contribution from Biotech Solutions (BTS), resilient Dermatonics trading, and the first recognised royalty income from its Croda partnership, while maintaining gross margins of approximately 56% and reducing operating losses through improved cost discipline. The company’s growth strategy is now centred on expanding its core revenue-generating businesses, Dermatonics and BTS, carefully managing investment in the early-stage AxisBiotix consumer brand, and supporting long-term value creation through its SkinBiotix intellectual property licensing partnership with Croda. Management highlighted ongoing operational efficiencies, margin improvements, governance enhancements, and a pathway towards cash break-even supported by strict financial discipline and an expected minimum 12-month cash runway. With new leadership, strengthened corporate governance, and continued confidence in its commercial partnerships, SkinBioTherapeutics is focused on rebuilding investor confidence, executing its operational strategy, and delivering sustainable long-term shareholder value through growth in revenue, IP commercialisation, and operational performance.

Volex plc delivered a record financial performance in FY26, exceeding its five-year strategic targets a full year ahead of schedule. Revenue increased 14.4% to $1.24 billion, driven by 14.2% organic growth, while underlying operating profit rose nearly 20% and operating margin expanded to 10.2%, surpassing the company's previous target range. Growth was led by exceptional demand from hyperscale data centre customers supporting AI infrastructure, alongside strong performances in off-highway, defence and electrification markets, offsetting temporary weakness in medical and consumer electricals. The Group continued to invest in manufacturing capacity, operational efficiencies and centres of excellence, supporting higher-margin products and improved returns on capital. Management highlighted a strong balance sheet, disciplined capital allocation and continued focus on capability-led acquisitions to accelerate long-term growth. Looking ahead, Volex reaffirmed confidence in its new medium-term strategy targeting $2 billion of revenue and a 12% operating margin through a combination of organic expansion, customer programme wins and selective acquisitions. The company also expects continued momentum in data centres, electrification, energy storage and defence markets, while benefiting from increasing product complexity, vertical integration and long-term customer partnerships. With a planned move to the Main Market of the London Stock Exchange and strong trading at the start of FY27, management believes Volex is well positioned to deliver sustained revenue growth, margin expansion and long-term shareholder value.

Dialight plc reported a strong improvement in profitability and cash generation in its FY2026 financial results, marking a significant milestone in its transformation strategy and supporting upgraded medium-term growth targets. Despite a modest decline in revenue, impacted by the exit from its low-margin traffic business and softer U.S. market conditions, the industrial LED lighting specialist delivered a 250% increase in underlying operating profit, improved gross margins to 39%, and generated EBITDA of nearly $20 million. Inventory was reduced by $16.6 million, net bank debt fell to £1.9 million, and the company has since moved into a net cash position. Management highlighted a robust order book and a strong sales pipeline of approximately $300 million, with margins exceeding 50%, providing confidence in a return to profitable revenue growth. Dialight continues to benefit from growing demand in hazardous industrial lighting, where it holds an estimated 20% market share, alongside increasing exposure to AI and data centre applications through its Signals and Components division. The company’s growth strategy includes further manufacturing consolidation, operational efficiencies, hybrid sourcing initiatives, product portfolio optimisation and expansion of strategic accounts. Following the successful completion of its restructuring programme and settlement of the long-running Sanmina dispute, Dialight has raised its medium-term targets, aiming for revenue growth of 3–5%, gross margins above 45%, return on sales exceeding 15%, and returns on net assets of 25–50%. Management believes the strengthened balance sheet, enhanced margins and disciplined execution position the company to deliver sustainable earnings growth and long-term shareholder value.

Manolete Partners PLC delivered an investor update outlining its FY2026 financial results, highlighting resilient underlying performance despite a challenging year for shareholders. The insolvency litigation finance specialist reported realised revenue broadly in line with expectations, stronger gross cash receipts, improved gross margins and a significantly expanded forward book, which increased 37% to a record £67 million, providing enhanced earnings visibility. Management emphasised that adjusted realised profit before tax was impacted by one-off bad debt provisions, while ongoing cost reductions, lower finance costs and operational efficiencies supported profitability. The company continues to invest in higher-value insolvency claims, expand its in-house legal team and strengthen business development, positioning the business for long-term growth. Manolete also introduced new medium-term growth targets focused on increasing average case values, improving revenue per lawyer, scaling operations and delivering stronger cash generation. With a market-leading position, a growing pipeline of high-margin claims, continued investment in technology and operational leverage, management believes the business is well placed to accelerate revenue growth, expand EBITDA and realised profits, and enhance shareholder returns over the next three to five years through disciplined capital allocation and future dividends or share buybacks once balance sheet priorities are met.

Intercede Group PLC delivered resilient FY2026 financial results despite temporary delays in U.S. federal contract awards, maintaining confidence in its £21 million revenue outlook and demonstrating the strength of its recurring revenue model. The cybersecurity software provider reported continued growth in subscription and recurring revenues, up 11.4%, while preserving a debt-free balance sheet, robust cash position and disciplined working capital management. Intercede invested heavily in innovation, increasing annual R&D expenditure to approximately £4.1 million and targeting up to £4.5 million in FY2027 to reinforce its leadership in strong authentication, credential management and post-quantum cryptography (PQC). The company achieved significant commercial progress through new strategic partnerships with Swissbit and OneSpan, expanding its indirect go-to-market strategy and opening access to new banking, enterprise and international markets. Management highlighted improving demand from fully funded U.S. government agencies, favourable regulatory tailwinds from NIS2 and DORA, and growing interest in data sovereignty solutions across Europe and Asia-Pacific. Intercede continues to enhance its product portfolio with enterprise-managed passkeys, quantum-resistant security capabilities and AI-enabled development efficiencies, while pursuing acquisition opportunities in machine identity and digital credential management. With low customer churn, high-margin software revenues, strong visibility from long-term government and defence relationships, and a clear growth strategy focused on subscription income, innovation and strategic partnerships, Intercede believes it is well positioned to deliver sustainable company performance, margin expansion and long-term shareholder value in the rapidly evolving cybersecurity market.

Seascape Energy Asia PLC provided a positive post-AGM investor update, highlighting significant operational and strategic progress across its Malaysian gas-focused portfolio as it advances towards first production in 2028. The company reported substantial momentum at its flagship Tamaris Cluster, where front-end engineering and design (FEED) contracts have been awarded, well design completed, and a field development plan remains on track for submission later this year. Seascape also announced the appointment of Macquarie to structure development financing for the Tamaris and Dawa projects, supporting its broader funding strategy alongside potential farm-outs and strategic partnerships. The company continues to benefit from favourable market dynamics, including increasing Asian gas demand, regional supply shortages, and heightened energy security concerns, which management believes strengthen the value of its predominantly gas-weighted portfolio. Exploration upside has expanded following advanced 3D seismic reprocessing, identifying new prospective resources within the Southern Malay Basin, while the Block 2A exploration well targeting an estimated 9 Tcf prospect remains scheduled for drilling in 2027 with Seascape fully carried on its 10% interest. Progress also continues at the Dawa Cluster, where first gas is targeted in 2028 and development plans are being optimised to capture infrastructure synergies. Backed by a strong cash position, supportive industry fundamentals, and growing interest from strategic and financial partners, Seascape believes its growth strategy, resource base and technical expertise position the company to maximise shareholder value and capitalise on the increasing demand for domestic gas supplies in Southeast Asia.