Santhera Pharmaceuticals Holding AG delivered a strong FY2025 investor update, reporting revenue growth to CHF 77.2 million, ahead of guidance, supported by accelerating AGAMREE uptake, expanding reimbursement access and partner market momentum. Product sales rose 72%, driven by Germany, Austria and the UK, while Catalyst generated US sales of $117 million and China partner Sperogenix advanced its self-pay launch. European growth remains central to Santhera’s strategy, with Spain and Italy launches expected to support 2026 revenue guidance of CHF 80–90 million and cash flow breakeven targeted for Q3 2026. The Guardian long-term study strengthened AGAMREE’s differentiation, showing comparable efficacy to traditional corticosteroids with improved safety, reduced fracture risk and maintained growth. Management also highlighted global expansion through Nexera in Japan, Korea, Australia and New Zealand, high-margin distributor agreements, manufacturing scale-up, and potential rare disease asset acquisitions to leverage Santhera’s commercial infrastructure.

Christie Group plc delivered a strong FY25 investor update, highlighting robust company performance, improved financial results, and a clear growth strategy across its professional and financial services platform. Revenue from continuing operations increased 19% to £70.6m, while operating profit surged 95% to £6.9m, driving margins close to 10% and reflecting strong operational gearing. EBITDA growth and a 133% rise in profit before tax to £6.0m underscore improved profitability, supported by higher-value transactions and increased advisory activity. The group completed over 1,160 business sales with a total transaction value approaching £2bn, alongside valuing £14.5bn of assets, demonstrating significant market share and deal flow strength. Strategic divestment of non-core, loss-making businesses has enhanced earnings quality and balance sheet strength, with net cash rising to £9.4m. The board proposed a 55% increase in total dividend, reflecting confidence in sustainable earnings growth. Christie Group’s integrated service model, spanning brokerage, finance, insurance, valuation, and stock auditing, continues to drive cross-selling opportunities and recurring revenue. Growth is further supported by international expansion, particularly in European healthcare and hospitality sectors, and a strong order book with pipeline activity up 9.6%. Despite longer transaction cycles, current trading remains positive with solid instruction levels and investor demand. The company remains well-positioned to deliver scalable growth, margin expansion, and long-term shareholder value through continued investment in talent, digital capabilities, and sector expertise.

Xeros Technology Group PLC delivered an investor update highlighting strong progress across its asset-light licensing model, green technology portfolio and commercialisation strategy. The company reported improved 2025 revenue, disciplined cost control and a strengthened cash position following a successful fundraise, positioning it to accelerate growth across 2026–2027. Key milestones include a product launch agreement with a top 10 North American domestic laundry OEM, active technology verification with further global appliance groups, and growing momentum for its XOrbs fabric care technology, which targets water, energy and detergent savings while improving garment life. In garment finishing, partner Yilmak Makina has moved Xeros technology into live production with Ambition Apparel, supporting future denim industry rollout and recurring revenue from machine royalties and XOrbs supply. Xeros also expects its microplastic filtration technology, certified to capture 98% of microfibres, to launch in key European markets with partners including Russell Hobbs and MediaMarkt, with further global opportunities under discussion. Management reiterated confidence in the company’s growth strategy, IP protection, high-margin royalty model and potential to generate significant long-term profitability as revenue scales.

Atome PLC’s latest investor update highlights a transformational milestone with the fully financed $665 million Vietta Project, the world’s first industrial-scale, low-carbon fertiliser plant powered entirely by renewable energy. The company’s financial results and strategic progress demonstrate a compelling growth strategy focused on sustainable agriculture, energy transition, and scalable infrastructure. With projected production of 260,000 tonnes annually and strong EBITDA potential (c.$84 million based on base case assumptions), the project underscores robust future revenue visibility and attractive margins. Backed by tier-one partners, long-term offtake agreements, and concessional financing from global institutions, Atom has significantly de-risked execution while strengthening its balance sheet through recent capital raises. The company’s platform model, combining green hydrogen, ammonia, and fertiliser production, positions it competitively as a lowest-cost producer versus imports, enhancing supply chain resilience and regional food security. With construction underway and first production targeted by 2029, Atom is transitioning from development to execution, with early-stage cash flow supported by management fees. Beyond Vietta, a strong project pipeline and expansion into renewable power infrastructure underpin long-term revenue growth and scalability. Overall, Atom’s company performance reflects improving financial fundamentals, increasing investor confidence, and a clear pathway to sustainable EBITDA growth driven by innovation in low-carbon fertiliser and clean energy solutions.

Literacy Capital PLC delivered an investor update highlighting resilient company performance, disciplined capital allocation and a differentiated growth strategy across its UK private equity portfolio. Since launch in 2017, net assets have grown from £54m to nearly £290m, with shareholder returns of 109% since listing and recent exits achieved at an average 39% premium to carrying value. Management emphasised its focus on smaller UK businesses with enterprise values typically below £25m, where operational support, management upgrades, M&A and attractive entry pricing can drive NAV growth, EBITDA expansion and margin improvement. The portfolio remains concentrated, with the top 10 investments representing 84% of the fund, while Q1 KPIs showed revenue growth of 14% and EBITDA growth of 16%. Recent investments Trinitatum and Red Sky have performed strongly, delivering rapid multiple-of-money growth supported by cash generation, improved operational capacity and favourable deal structuring. Literacy Capital also highlighted its conservative valuation approach, significant management ownership of nearly 40%, no carried interest or performance fees, and a charitable purpose supporting UK literacy. Despite recent discount-to-NAV pressures, management remains focused on investor engagement, portfolio execution and restoring stronger NAV growth.

Light Science Technologies Holdings PLC delivered a FY2025 investor update highlighting a transitional year, with group revenue of £8.6m, improved gross margin of 33.8%, and a sharpened focus on higher-margin growth markets. Despite EBITDA and profitability pressure from reduced contract electronics manufacturing revenue and Building Safety Regulator delays, the company strengthened its platform through a £6.6m post-period fundraise and three strategic acquisitions, including Injectorclad. Management outlined a £55m quoted pipeline, £4m forward order book, and medium-term ambition to reach £50m revenue. Growth strategy is centred on AgTech expansion, CEM diversification into defence, medical and healthcare, and passive fire protection, where strong margins, regulatory drivers and a growing order pipeline support expectations for improved H2 2026 performance and future shareholder value.

Bango PLC’s FY25 investor update highlights strong operational execution and improving financial performance, driven by the continued scale-up of its Digital Vending Machine (DVM) platform and a higher-quality revenue mix. Despite broadly flat reported revenue, the company delivered 30% ARR growth and a 60% increase in active subscriptions, underpinned by zero customer churn and 117% net revenue retention, reinforcing the strength of its recurring revenue model. Group profitability improved significantly, with gross margins rising to 84% and adjusted EBITDA margin expanding to 31%, supported by cost efficiencies and a £3.8 million reduction in operating expenses. Notably, Bango achieved positive cash EBITDA for the first time, marking a key inflection point toward sustainable cash generation. The business has introduced clearer segmental reporting across Payments and Subscriptions, highlighting a cash-generative payments division and a high-growth subscriptions segment expected to drive future value. Strategic focus remains on scaling the DVM platform, which enables telecom operators, banks, and retailers to bundle and monetise subscription services, positioning Bango as a leading platform in the global subscription economy. With a record number of new DVM customer wins, expanding order book momentum, and growing adoption across new verticals, the company enters FY26 with strong trading, improved revenue visibility, and a clear growth strategy centred on platform scalability, margin expansion, and long-term value creation.

Pollen Street Group Limited delivered a strong 2025 investor update, highlighting robust company performance, accelerating AUM growth, and a scalable earnings model. Total assets under management increased 30% year-on-year to £7.1bn, with fee-paying AUM rising to £5.2bn, supporting predictable, recurring management fee income and revenue growth to £114m. Group EBITDA reached £64.6m, reflecting improved margins and operational leverage, while the asset manager now contributes 71% of total revenue. Strong fundraising momentum across private equity and private credit strategies—exceeding targets with funds such as Private Equity V and Credit IV—has strengthened the order book and provided £800m+ of deployable capital, enhancing visibility on future revenue and earnings. The firm’s disciplined mid-market investment strategy, focused on financial and business services, continues to deliver consistent returns, with net investment income of £32.9m and resilient margins supported by asset-backed lending and diversified portfolios. Management emphasized a clear growth strategy centred on scaling AUM towards a £10bn target, expanding fee-based revenues, and driving long-term shareholder returns through dividends and capital allocation. With strong structural tailwinds, a high-quality recurring revenue model, and increasing operational gearing, Pollen Street remains well positioned for sustained growth, margin expansion, and value creation in 2026 and beyond.

Theracryf PLC (TCF:AIM) delivered an investor update highlighting strong progress in its neuropsychiatry-focused growth strategy, led by its potentially class-leading Orexin 1 antagonist programme for addiction and compulsive behaviours. Management confirmed the company remains on budget and on schedule to complete key pre-clinical toxicology studies by Q3, with a full data package targeted for submission readiness in Q4. Recent milestones include successful scale-up manufacturing, production of over 2kg of GMP clinical-grade material, and new patent filings to strengthen IP protection and potential market exclusivity. The company also outlined significant market opportunity in addiction, ongoing partner discussions, and its strategy to licence assets to large pharma or biotech at value-enhancing inflection points. With a capital-efficient virtual model, preserved cash runway, and growing pharma interest in Orexin biology, Theracryf positioned its Orexin 1 programme as the primary value driver for future revenue, margins and shareholder returns.

Facilities by ADF plc delivered a strong FY25 investor update, highlighting solid company performance, improving financial results, and a clear growth strategy in the expanding UK film and TV production market. Revenue increased 17% to £41.3 million, supported by higher utilisation, a full-year contribution from the AutoTrack acquisition, and growing diversification beyond core film and TV services. Adjusted EBITDA rose 28% to £9.2 million, with margins improving to 22%, reflecting operational efficiencies, cost control initiatives, and higher-margin revenue streams. The group returned to break-even profitability and strengthened its balance sheet, reducing net debt to £12.3 million and maintaining disciplined leverage at 1.3x EBITDA. The business remained cash generative, with positive free cash flow and a strong asset-backed fleet supporting operations. Operationally, ADF supported 311 productions, achieved a best-in-class NPS of 89, and continued to build its reputation as a premium provider of on-location production facilities. Looking ahead, the company’s growth strategy focuses on becoming an integrated “one-stop shop,” enhancing cross-selling across its group, expanding into adjacent markets such as live events, and pursuing selective acquisitions. ADF also benefits from a robust order book and pipeline of £21 million (+4% year-on-year), underpinned by strong UK production spend and favourable industry tailwinds. With a strengthened leadership team, improved margins, and clear strategic priorities, Facilities by ADF is well positioned to drive revenue growth, optimise returns, and capitalise on long-term demand across the global content production industry.