Dominic Younger took the reigns at the start of 2026 from Julian Cane who was the portfolio manager for 28 years.  Dominic will introduce himself to shareholders and will outline this expectations for the UK market and the portfolio in 2026.

PRI0R1TY INTELLIGENCE GROUP PLC (PR1:AIM) provided an investor update outlining its strategy to scale an AI-led, data-first SaaS and consultancy platform for UK SMEs, focused on modernising data capture, enrichment and activation to drive measurable ROI. The group operates through three specialist subsidiaries—Halfspace (sports), Priority AI (SME operations) and Metric (music, entertainment and lifestyle)—deploying proprietary products including Advisor (secure, compliant AI model deployment and data acquisition), FanSonar (AI-driven social listening across large-scale sources to surface intent and audience insights), Vox (multilingual voice automation to convert missed inbound and outbound calls into revenue) and Compass (digital ID capture and third-party enrichment for deeper audience profiling, segmentation and marketing activation). Management highlighted a differentiated model combining affordable, scalable monthly recurring revenue with higher-value enterprise consultancy, embedding data into client workflows across CRM, paid media, analytics and partnership monetisation to create a defensible data moat and strong customer retention. Commercial traction continues to build, with over 100 paying business customers and a target of 500 by the end of FY26, while contracted revenue secured in Q1 exceeded total FY25 contracted revenue. The group expects SaaS subscription revenues to overtake consultancy over time as platform adoption scales. A detailed horse racing case study demonstrated multi-stakeholder scalability across 58 UK racecourses, with approximately 8 million managed transaction records, 12 million captured digital IDs and margins of c.60–70%. Looking ahead, PRI0R1TY INTELLIGENC GROUP PLC outlined growth priorities including product expansion, increased marketing investment, sector diversification, partnerships and selective M&A, positioning the business for sustained recurring revenue growth and long-term shareholder value creation.

Bradda Head Lithium Limited (BHL:AIM) provided an investor update outlining renewed momentum as lithium demand recovers and US supply chains increasingly prioritise domestic production. The company highlighted its expanding Arizona-focused portfolio, anchored by the Whistlejack hard-rock lithium project, where Bradda Head has secured an earn-in joint venture with Rio Tinto’s Kennecott Exploration, validating the project’s technical quality and tier-one jurisdiction credentials. Whistlejack complements the nearby San Domingo pegmatite project, enabling shared infrastructure, operational synergies and an accelerated growth strategy, with historic drilling delivering strong near-surface lithium grades and a clear pathway toward a compliant resource. Management emphasised disciplined capital allocation, a tightly held share register and director-backed funding to advance exploration without immediate shareholder dilution. In addition to pegmatites, the company retains a strategic lithium clay resource at Basin and attractive brine licences in Texas, Louisiana and Pennsylvania, providing optionality through potential partnerships and growing interest in direct lithium extraction. Supported by favourable US federal policy, multiple funding pathways and proximity to major battery and EV demand centres, Bradda Head’s growth strategy is focused on near-term, low-capex production opportunities, improving margins and long-term shareholder value. Overall, the presentation positioned the company as a nimble, US-focused lithium developer with improving market conditions, a strong project pipeline and a clear route to monetisation.

Pathos Communications plc (NEWS:AIM) provided an investor update outlining strong company performance from its tech-enabled, human-led PR platform that connects SMEs to global press via a differentiated pay-on-results model. Following its December 16, 2025 IPO (raising £5m), management highlighted FY2025 financial results of $13.2m revenue and $2.9m adjusted EBITDA, supported by strong gross margins, improving cash collection and a growing proportion of repeat business (nearly half of cash receipts), reflecting increased customer “stickiness.” With over 6,000 clients across 80+ countries and a 370,000-strong prospect/community ecosystem, Pathos is scaling a diversified acquisition engine (telemarketing, partnerships, paid media and warm re-engagement) while reducing concentration risk. The commercial model charges $5,000 per published article, with a “Priority” subscription (c.$1,000 annually) enabling a reduced $3,500 per article rate—supporting retention and lifetime value. The business emphasized operational upgrades addressing legacy bad debt through tighter onboarding and quality control, and reported trading ahead of expectations with strong volumes into early 2026. Growth strategy centers on scaling the core engine, expanding internationally (including China and Latin America), pursuing micro-acquisitions, and productising proprietary AI—“Pathos Mind” (news monitoring, hooks and drafting) and “Priscilla” (virtual publicist workflow automation)—to enhance customer ROI, deepen the order book of repeat engagements, and support margin and revenue expansion over the next 2–3 years.

CT Global Managed Portfolio Trust PLC(CGT:LSE) provided an investor update outlining its differentiated two-portfolio structure—Growth (capital appreciation) and Income (c. 6% yield)—including the dividend “exchange” mechanism (income from Growth transferred to Income for capital) and an annual October conversion facility that lets shareholders switch between portfolios, supporting flexible long-term planning. Portfolio managers Paul Green and Adam Norris detailed their disciplined multi-asset process, combining strategic and tactical asset allocation with intensive investment trust selection (125+ manager meetings in seven months), governance assessment, and analytics designed to avoid “false diversification” and maintain balanced style exposure. Since taking on the mandate in June, they have repositioned meaningfully toward Asia and emerging markets (c. 10% shift, funded largely from UK exposure), alongside higher-conviction allocations to listed private equity and AI-driven infrastructure, reflecting their view that the next technology cycle is powered by hardware capex (data centres, energy and supply chains). Case studies included Invesco Asia Dragon (total-return focus with a trust-level dividend policy), Pantheon Infrastructure (private-market exposure benefiting from data-centre/power build-out and early exits), and Baillie Gifford’s Schiehallion Fund (access to scaled private growth assets). In the UK, they favour “self-help” small/mid-cap engagement strategies rather than relying on broad rerating. Performance over six months to end-November was broadly in line with the benchmark on an NAV basis, with some share-price rerating, and the managers remain pro-risk given their expectations for resilient global growth and double-digit earnings trends, while using diversification, selective alternatives and modest gearing (income portfolio just under 10%) to manage risk and sustain dividends.

Alumasc Group plc (ALU:AIM) reported a resilient investor update for the half year to December 2025, delivering solid company performance despite significant headwinds across UK construction markets. Group revenue was £50.4m, down 3% year-on-year excluding the prior-period Chek Lap Kok Airport project, while underlying profit before tax reached £4.0m as management actions to protect margins took effect. Market disruption from the Building Safety Act, planning delays, affordability pressures, and budget uncertainty impacted UK activity, particularly in water management and building envelope, but this was partly offset by strong export growth. The Group’s diversified operating model across water management, building envelope, and housebuilding products underpins its sustainability-led growth strategy. The order book strengthened to £14.5m at December 2025, up 27% year-on-year excluding Chek Lap Kok, supported by a robust £190m opportunity pipeline that is approximately 75% specification-backed, providing strong medium-term revenue visibility. Export momentum accelerated, highlighted by a £2.0m initial order from Changi Airport in Singapore with material follow-on potential, alongside projects across Europe, Asia, Australia, and Latin America. EBITDA and operating margins were impacted by lower volumes, but £1.1m of annualised cost savings and operational efficiencies position the Group for margin recovery toward its 15–20% medium-term target range. Net debt remained conservative at £7.7m, equating to leverage of 0.5x, supporting continued investment, selective bolt-on acquisitions, and the maintenance of an interim dividend of 3.5p. With a strengthening order book, improving pipeline momentum, and clear alignment to long-term sustainability and infrastructure trends, Alumasc Group remains on track to meet FY26 expectations and deliver meaningful shareholder value as markets recover.

NWF Group PLC (NWF:AIM) reported a resilient investor update for the half year ended 30 November 2025, demonstrating strategic progress despite challenging market conditions in fuels. Company performance was driven by strong financial results in Food and Feeds, which offset weaker trading in Fuels caused by reduced UK demand for domestic heating oil and commercial gas oil, pressuring volumes and margins. Group revenue declined modestly due to lower commodity prices, while EBITDA and profit metrics were down year on year, reflecting the fuel market downturn. Food delivered robust growth with higher pallet throughput, increased storage utilization near optimal capacity, improved margins, and a leaner cost base, supported by new customer wins and a scalable national growth strategy. Feeds also performed strongly, with stable underlying volumes, effective margin management, and higher profitability driven by new moist feed products. Fuels faced a short term operating loss, though management highlighted confidence in demand normalizing and benefits emerging from the national rollout of a new regional operating model and bolt on acquisitions. The Group maintained a positive net cash position, strong cash conversion, a solid balance sheet, and significant funding headroom to support investment and acquisitions, while declaring an interim dividend of 1 pence per share in line with its long term progressive dividend policy. With a resilient business model, diversified revenue streams, and a clear growth strategy focused on scaling its Food logistics network and operational efficiency, the Board reiterated that full year expectations remain unchanged and expressed confidence in NWF Group’s medium term outlook and ability to deliver sustainable shareholder returns.

CAP-XX Limited (CPX:AIM) reported a strong investor update for the first half of FY26, demonstrating improving company performance, accelerating commercial traction, and continued operational transformation in a challenging market backdrop. The group delivered revenue of approximately A$2.5 million, representing 9% year-on-year growth, supported by a sharp increase in bookings of 31% and a substantial expansion of the order book, with backlog up more than 130%, providing enhanced future revenue visibility. Billings also increased year on year, while EBITDA loss and net loss both improved by high single digits, reflecting disciplined cost control, manufacturing efficiencies, and the benefits of recent transformation initiatives. CAP-XX remains debt-free, ending the period with around A$2.9 million in cash and improved cash stewardship. Strategically, the company advanced its growth strategy through refreshed and expanded product lines, including new SMT-ready supercapacitors and modular solutions designed for high-volume automated production. These innovations support entry into attractive growth markets such as industrial IoT, healthcare, aerospace and defence, grid stabilisation, and data centres. Strengthened global distribution partnerships, including master distribution and OEM channels, are broadening market reach across Europe, APAC, and the Americas, while investments in automated manufacturing, warehouse management systems, and ongoing IP development are expected to support margin improvement and scalability. Management highlighted a strong start to FY26, a diversified end-market exposure, and a growing sales pipeline, positioning CAP-XX for continued revenue growth and progress toward sustainable profitability.

HVIVO plc (HVO:AIM) reported an unaudited FY25 trading update highlighting resilient company performance amid a challenging macro backdrop, with revenue of £46.7 million in line with revised guidance and a positive low single-digit adjusted EBITDA margin, outperforming market expectations. Despite lower revenue versus FY24 due to biotech funding headwinds and vaccine market softness, the group delivered EBITDA upside through strong late-year clinical activity, disciplined cost control and contractual cancellation protections, while closing the year with £14.3 million of cash and no debt. Strategic acquisitions, including Cryostore and German CRS clinical sites, broadened HVIVO’s end-to-end CRO offering across consulting, phase 1–3 clinical trials, human challenge studies, and expanded laboratory services, enhancing diversification beyond infectious diseases into cardio-metabolic, respiratory, obesity and diabetes trials. Management highlighted growing cross-selling, a more balanced order book, and improving sales pipeline momentum, supported by increased proposal activity and preferred partnerships. While FY25 reflected a reset year, the group reiterated confidence in a return to growth in FY26, targeting high single-digit revenue growth, improving margins and more predictable cash flows, underpinned by expanded lab capacity, new technologies such as ddPCR and NGS, and strengthened governance. Overall, the update positions HVIVO as a more diversified, scalable and resilient clinical research organisation, well placed to capitalise on recovering biotech investment and M&A activity.