Conduit Holdings Limited (CRE:LSE) delivered its full year 2025 investor update highlighting resilient company performance despite elevated catastrophe activity, including the California wildfires, and a softening reinsurance market. Gross premiums written increased nearly 7% year on year to 1.24 billion dollars, driven by 23% casualty growth, while reinsurance revenue rose 10.2%, reflecting disciplined portfolio expansion. The group reported comprehensive income of 116.8 million dollars and a return on equity of 11.1%, with net tangible assets per share up 11.9% including dividends. The undiscounted combined ratio of 101.5% was impacted by catastrophe losses, though a benign second half and strong underwriting discipline supported recovery. Investment performance was a key contributor, generating a 6.7% return and 119.5 million dollars of income, with managed investments growing to 2.2 billion dollars and a 4.2% book yield, enhancing recurring revenue and investment leverage. The balance sheet remains robust with a 252% BSCR ratio, supporting capital returns of 59.4 million dollars through dividends and share buybacks. Management outlined a clear growth strategy focused on disciplined underwriting, portfolio rebalancing toward casualty and excess of loss, expanded retrocession to reduce volatility, and capital efficiency amid moderating market conditions. While renewal pricing declined modestly, rates remain broadly adequate, and Conduit continues to prioritize margin over volume. With strengthened leadership, improved risk management, and a growing order book, the company is positioned to deliver sustainable revenue growth, attractive shareholder distributions, and improved margins through the cycle.

LPA Group PLC (LPA:LSE) delivered a positive investor update outlining a strategic transformation focused on profitable growth, operational efficiency and revenue diversification across its rail, aerospace, aviation and industrial markets. Under CEO Philo Daniel Tran, the innovation-led engineering and manufacturing group has integrated previously siloed divisions, strengthened its leadership team and consolidated operations to enhance scalability and margin performance. FY25 marked a transition year, with record order intake of £28.8 million (FY24: £17 million) and a robust £32.5 million order book, providing strong revenue visibility. Although project delays impacted reported revenue, the company has guided to approximately £27 million revenue in FY26, representing 25% growth, and delivered its first profitable Q1 in four years. Rail remains the largest segment (66% of revenue), while aerospace, aviation and defence has expanded to 28%, reflecting a deliberate rebalancing of the revenue mix and growing international exposure (47% Europe and Rest of World). A newly secured three-year revolving credit facility strengthens working capital flexibility and supports medium-term growth. LPA continues to leverage long-term contracts (20–40 years) with recurring aftermarket revenue, while investing in product innovation, certification upgrades and customer-centric solutions to drive EBITDA improvement and margin accretion. With a strong balance sheet, pension surplus, and increasing pipeline momentum across key customers including Siemens, SNCF and major airports, management expressed confidence in achieving full-year profitability and accelerating sustainable growth.

East Star Resources PLC (EST:LSE) delivered a February 2026 investor update outlining accelerating progress across its Kazakhstan-focused copper and gold portfolio, positioning the company to capitalise on strong commodity prices and structural copper demand growth. The flagship JORC-compliant Verkhuba copper resource (20Mt at ~1.1% Cu; ~230kt contained copper) is advancing toward production via a staged joint venture with Xinhai, which is funding additional drilling, feasibility studies and development of a proposed ~1Mtpa processing plant. Under the agreement, Xinhai can earn up to 70% on commissioning, enabling East Star to retain a meaningful minority interest while limiting upfront capital requirements and shareholder dilution. A second Soviet-era copper deposit at Rulikha, described as comparable in size but higher grade, represents a key 2026 catalyst as permitting and drilling approvals progress within an infrastructure-rich region supported by rail, nearby concentrators and low-cost power. Exploration upside remains significant, with VMS targets at Rulikha North and Talovskoy returning thick sulphide intersections ahead of further EM surveys and planned drilling, alongside three porphyry and epithermal gold-copper targets including the 4km-long “Snowy” prospect. A strategic joint venture with Endeavour Mining—now the largest shareholder (~14.3%)—adds funding support, technical capability and tier-one gold discovery potential. Management highlighted disciplined capital allocation, minimal warrant overhang and multiple near-term catalysts across resource growth, feasibility milestones and discovery-led value creation.

Transense Technologies PLC (TRT:AIM) reported resilient interim results for FY26, highlighting strong underlying growth across its two core operating segments despite headwinds from a planned reduction in Bridgestone iTrack royalty rates and softer demand from global tyre majors. SAWsense delivered standout performance with revenue up 74% year on year, driven by expanding programmes in aerospace, motorsport, e drives and robotics, alongside a growing order book and increasing component supply that supports future recurring revenue. TransLogic achieved solid growth of 13%, benefiting from improved gross margins, new routes to market, complementary product launches and increasing software partnerships, even as tyre major revenues temporarily softened. Group revenue excluding royalties rose 39%, gross margins were maintained at 90%, the business remained profitable and cash generative, and period end cash stood at £1.33 million, supporting continued disciplined investment in production capability and next generation ASIC development. Management reiterated confidence in its growth strategy to build high value recurring revenues by the end of the decade, underpinned by a strong development pipeline, repeat business from blue chip customers, and long term royalty income from iTrack, which is expected to generate around £9 million over the remaining contract life. The board emphasised disciplined execution, improving visibility on conversion from development to production, and a positive medium term outlook for revenue, EBITDA and margins.

Feedback PLC (FDBK:AIM) provided an investor update outlining stable underlying trading, disciplined cash conservation and growing UK client adoption, alongside a sharpened NHS-focused growth strategy for its Bleeper platform. New CFO Emma Oswick reported no new H1 contracts, with all UK clients renewing and EBITDA remaining loss-making at £1.6m (vs £1.4m prior period), while cash of £3.82m at end-November supports runway to mid-2027 under proactive cash-flow management; reported cash outflow was distorted by a key client renewal moving from annual to six-monthly billing, expected to reverse in H2. CEO Dr Tom Oakley highlighted significant national NHS interest following a centrally requested business case to scale Bleeper—positioned to improve elective care productivity and reduce waiting lists—with an anticipated decision aligned to the NHS year-end (by 31 March). Operational progress focused on “scale readiness,” including integrations with core NHS infrastructure (e-Referral Service, Patient Demographic Service and GP Connect) to reduce deployment friction across UK primary care, plus expansion beyond the flagship breathlessness pathway into a suspected cancer pathway to demonstrate broader clinical applicability. Management reiterated Bleeper’s differentiation as a pathway-agnostic, end-to-end collaboration and diagnostics workflow—described as a certified medical device for image display—enabling faster decisions, fewer appointments (c.90% avoided) and materially improved pathway speed (c.63% faster vs the 18-week standard), with modelling suggesting potential to treat ~30% more patients within the same budget via revised tariffs. With NHS restructuring easing and new technology adoption funding expected from April, Feedback aims to convert “bottled-up” demand into ICB-led contracts, supported by developing cloud, consulting and primary care partnerships; overseas opportunities (India, Canada) remain paused to prioritise near-term UK execution and revenue growth.

Plus500 Ltd (PLUS:LSE) delivered a strong 2025 investor update, highlighting resilient company performance, accelerating strategic execution and continued diversification into high-growth markets. The multi-asset fintech group reported revenue of $792 million (+3% YoY) and EBITDA of $348 million (+2% YoY), with basic EPS rising 10% to $3.93, reflecting robust margins and disciplined capital allocation. Customer deposits reached a record $6.5 billion, while average deposit per active customer increased over 400% in four years to approximately $27,000, underscoring the success of its higher-value customer acquisition and retention strategy. Non-OTC operations, including futures and institutional clearing, contributed more than $100 million in revenue (14% of total revenue), driven by strong growth in the US futures business and strategic partnerships with CME Group, FanDuel and Topstep. Plus500 also expanded into the fast-growing, CFTC-regulated prediction markets space, leveraging its proprietary technology and market infrastructure capabilities to capture structural growth opportunities. The acquisition of Mehta Equities in India further strengthens its global footprint and access to high-growth derivatives markets. With over $800 million in cash, no debt, and total FY2025 shareholder returns of $365 million through dividends and share buybacks, Plus500 maintains a highly cash-generative, high-margin business model. Management enters 2026 with positive operational momentum, a diversified order flow model based on commissions, clearing fees and interest income, and confidence in delivering sustainable growth, innovation and long-term shareholder value.

Custodian Property Income REIT PLC (CREI:LSE) reported a strong investor update highlighting continued recovery in UK commercial property values, robust company performance, and growing confidence in rental-led capital growth. The REIT delivered a 19 percent share price total return over the last 12 months, supported by a 12 percent NAV total return, rising rent roll, and positive like for like rental growth of 2.4 percent, with total rents up 4.3 percent year on year. A diversified portfolio of 175 properties and over 300 tenancies across industrial, logistics, and retail warehousing underpins stable earnings and a fully covered 6 pence per share dividend, equating to a current yield of approximately 6.4 to 7 percent. Management highlighted a 14 percent reversionary potential between passing rent and estimated rental value, providing clear visibility on future income growth and margin expansion. Balance sheet strength remains solid with loan to value at 26.4 percent and largely fixed rate debt, supporting resilience and flexibility. The company continues to pursue accretive growth through selective family property company acquisitions funded via NAV neutral share issuance, alongside a disciplined share buyback program to enhance shareholder value. With inflation hedging characteristics, secure contracted income, and forecasts for positive total returns across all property sectors, Custodian Property Income REIT PLC is well positioned to capture further upside in revenue, earnings, and dividends as the UK real estate recovery gains momentum.

KR1 plc delivered an investor update outlining its next phase of growth as a London Stock Exchange–listed digital asset infrastructure specialist. With over 100 early-stage investments since 2016 and net assets of £50.2 million (December NAV), the company reported approximately £4.9 million in 2025 income from staking and technology infrastructure operations, maintaining a debt-free balance sheet. KR1’s strategy centers on generating recurring income and long-term capital appreciation through active participation in blockchain networks, particularly Ethereum, which represents more than 55% of holdings. The group compounds returns via staking, validator operations, and infrastructure exposure, differentiating itself from passive crypto ETPs and treasury-style vehicles. A newly launched financial infrastructure strategy will allocate up to 20% of assets to risk-managed, yield-focused opportunities across DeFi, including expanded positions in Bitcoin and Ethereum, targeting returns above standard staking yields while utilizing on-chain cover solutions such as Nexus Mutual. KR1 continues to scale its validator operations and oracle exposure, including investments in Lido and Rocket Pool, reinforcing its position at the core of blockchain infrastructure. Management, which owns approximately 25% of the company, emphasized disciplined asset allocation, income diversification, and exposure to structural growth trends such as tokenization, stablecoin adoption, and institutional DeFi participation. Positioned at the intersection of public markets and digital assets, KR1 aims to build the leading blue-chip blockchain infrastructure vehicle on the LSE, combining revenue generation, active portfolio management, and scalable on-chain operations to enhance shareholder value.

Falcon Oil & Gas Limited (FOG:AIM) delivered an investor update outlining its recommended share-for-share merger with Tamboran Resources, under which Tamboran will acquire all Falcon subsidiaries for 6.537 million new shares plus US$23.7 million in cash (cash payable to a single sanctioned shareholder), with other investors receiving Tamboran shares at an exchange ratio of 0.00687 Tamboran shares per Falcon share. The transaction implies a significant uplift in valuation, increasing Falcon’s equity value from approximately C$160 million based on its prior VWAP to up to C$300 million at current Tamboran share prices, reflecting strong market re-rating. Management highlighted that the deal enables shareholders to retain full exposure to the Beetaloo Basin’s long-term growth potential within a larger, more liquid, operator-led vehicle, while avoiding ongoing capital requirements, cash calls, and potential dilution tied to drilling, fracking, and pipeline infrastructure commitments. Tamboran’s post-merger position increases its working interest in key Beetaloo acreage from 58% to 81%, strengthening its farm-out strategy and supporting a transition from exploration to commercial production, with first gas sales targeted for H2 2026. The board believes the merger captures near-term upside while positioning investors to benefit from future catalysts including farm-out agreements, operational milestones, production ramp-up, and improved EBITDA and revenue visibility as the asset matures. Shareholders are encouraged to vote ahead of the March 11 meeting and seek independent tax advice regarding potential CGT implications.