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.

Seed Innovations Limited provided an investor update outlining its strategic repositioning, portfolio evolution, and future growth strategy, underpinned by a refreshed board and enhanced investment focus. The company highlighted a transition from legacy investments, including cannabis exposure, toward high-growth sectors, with a core emphasis on robotics and AI-driven technologies. Management emphasized a disciplined capital allocation approach, targeting companies with strong customer traction, scalable business models, and clear pathways to monetization via IPOs, trade sales, or private equity exits. The presentation underscored a robust pipeline of opportunities, particularly in robotics applications across agriculture, infrastructure, energy, and healthcare, where automation is addressing global labour shortages, improving productivity, and enhancing operational efficiency. Market forecasts significant expansion potential, with the global robotics sector expected to grow substantially over the coming decade, supporting Seed’s long-term value creation strategy. The company also highlighted its investment in Clean Food Group and maintained a solid cash position to support new deployments. Leadership alignment with shareholders was reinforced through significant insider ownership, while the strengthened board brings deep expertise in capital markets, portfolio management, and global strategy. Overall, Seed Innovations positioned itself for accelerated growth, focusing on portfolio optimisation, revenue-generating opportunities, and exposure to transformative technologies, with a clear objective to enhance NAV, improve returns, and deliver long-term shareholder value.

Tertiary Minerals PLC’s latest investor update highlights growing momentum at its Mushima North silver-copper project in Zambia, where the near-surface Target A1 oxide discovery now carries a JORC exploration target of 15 to 30 million tonnes at 40 to 60 g/t silver equivalent, or up to approximately 58 million ounces silver equivalent. Management stressed the project’s attractive development profile, with potential for low-cost open-pit mining, simple metallurgy, favourable recovery rates and lower capital intensity typically associated with oxide mineralization. With less than £450,000 spent to date, the company believes Mushima North remains significantly undervalued relative to its current market value, while upcoming infill drilling, metallurgical test work and progress toward a maiden mineral resource by year-end provide clear investor catalysts. Tertiary also outlined additional growth potential from multiple nearby drill-ready targets, possible sulphide mineralization at depth and a broader project portfolio supported by joint venture partnerships in Zambia and Nevada. Overall, the presentation positioned Mushima North as the company’s flagship growth asset, supported by improving share price performance, disciplined exploration spend, a defined growth strategy and a focus on resource expansion, project de-risking and long-term shareholder value.

Arecor Therapeutics PLC’s latest investor update highlights solid company performance, strategic progress, and a focused growth strategy in high-value cardiometabolic markets. The clinical-stage biotech reported strengthened financial results, including improved revenue, reduced operating costs, and a bolstered balance sheet following a $11 million non-dilutive royalty financing, extending cash runway to Q2 2027. The company’s lead asset, AT278—an ultra-concentrated, ultra-rapid acting insulin—continues to advance toward Phase 2 clinical trials in partnership with Sequel MedTech, with positive FDA feedback supporting its regulatory pathway and commercial potential. Targeting a multi-billion-dollar market opportunity, AT278 is positioned to enhance automated insulin delivery systems, improving patient outcomes while addressing unmet needs in diabetes care. Alongside this, Arecor is progressing its proprietary oral peptide delivery platform, with early-stage data demonstrating promising stability and ongoing pharmacokinetic studies aimed at improving bioavailability. The company’s dual-platform approach, supported by strategic partnerships with major pharma players, underpins long-term revenue growth potential and pipeline expansion. With a disciplined capital allocation strategy, strong R&D focus, and clear clinical milestones ahead, Arecor remains well positioned to deliver value through innovation, partnerships, and scalable commercial opportunities in global healthcare markets.

Ebiquity PLC (EBQ:AIM) delivered a challenging set of full year 2025 financial results, with revenue declining 4% to £73.4 million, adjusted operating profit of £4.6 million, and margins compressing to 6.3%, reflecting North America weakness, elevated costs, and operational inefficiencies. Despite this, the investor update highlights improved financial discipline, including adjusted cash from operations of £12.8 million, positive free cash flow of £3.1 million, and reduced net debt to £13.1 million. Management has taken decisive action through restructuring, leadership changes, and tighter cost controls to strengthen company performance and restore profitability. Ebiquity continues to leverage its proprietary media data, AI driven capabilities, and integrated growth strategy across its transform govern grow framework to support global clients and enhance marketing effectiveness. With a stronger order book, new client wins, and a healthier pipeline, the company enters 2026 focused on revenue growth, margin expansion, and sustainable EBITDA improvement, particularly targeting recovery in North America and long term shareholder value creation.

PensionBee Group plc’s Q1 2026 investor update highlights strong financial results and continued execution of its growth strategy, with robust increases in assets under administration (AUA), revenue, and customer numbers despite macroeconomic volatility. The UK segment delivered AUA of £7.5 billion (+29% YoY), annual run-rate revenue of £52 million (+43% YoY), and 315,000 invested customers, alongside profitability and improving EBITDA margins (15% LTM). At a group level, PensionBee achieved a break-even EBITDA position, supported by disciplined cost control and scalable operations. The business continues to benefit from a predictable, recurring revenue model, underpinned by a resilient customer base and stable revenue margins of 67 basis points. During the quarter, 10,000 net new customers were added, driven by increased marketing investment and a growing acquisition pipeline, while productivity improved 23% year-on-year through AI-driven efficiencies, including the Bebot platform. In the US, PensionBee is progressing its international expansion strategy, targeting a $60 billion retirement rollover market through partnerships and brand-led customer acquisition. Management reaffirmed medium-term targets of £100 million+ revenue and 20% EBITDA margins by 2029, and long-term ambitions exceeding £250 million revenue and 50% margins by 2034. Overall, PensionBee Group plc demonstrates strong operational momentum, scalable growth, and a clear path to long-term value creation.

Kenmare Resources PLC’s Q1 2026 investor update highlights solid company performance, with shipments on track to meet its 1.1 million tonne target, supporting cash flow and inventory reduction despite softer production linked to WCP-A project completion. The business remains within full-year production guidance, with the upgraded plant expected to enhance throughput, margins, and operational efficiency. Market conditions for titanium feedstocks remain weak, with ilmenite pricing under pressure from oversupply; however, improving demand, a strengthening order book into Q2–Q3, and early signs of market tightening are emerging. Zircon pricing has stabilized and begun to increase, supporting revenue diversification, while the new Zertai product is contributing to sales growth. Kenmare continues to focus on cost control, managing diesel exposure, and maintaining strong customer relationships, underpinning revenue visibility. Progress on Mozambique agreement negotiations remains positive, reinforcing confidence in the group’s growth strategy, long-term asset value, and ability to navigate cyclical market conditions.