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.

River UK Micro Cap Limited (RMMC:LSE) delivered a positive investor update highlighting resilient company performance, disciplined portfolio construction, and growing evidence of a recovery in UK microcap equities. The investment trust, which focuses on UK-listed companies with market capitalisations below £100m, reported two consecutive years of c.20% NAV growth (19.9% in 2024 and 20.6% in 2025), despite a challenging backdrop for small caps. The portfolio is deliberately concentrated (c.35 holdings) and managed using a company life-cycle approach across growth, recovery, and quality styles, aiming to drive earnings growth and valuation re-ratings. Recent performance has been supported by strong stock selection, M&A exits at an average 64% premium, and material upside in key holdings such as ActiveOps and DF Capital, alongside gains from precious metals exposure. The manager highlighted improving fundamentals across the portfolio, with c.20% three-year revenue growth, strong EBITDA and cash generation, low leverage, and a free cash flow yield of around 6%. Importantly, early signs of a UK small-cap cycle recovery are emerging, with microcaps beginning to outperform large caps after several years of underperformance, supported by easing interest rate expectations and stabilising investor sentiment. The trust reiterated its differentiated capital return mechanism, having returned £77m to shareholders since launch, with further returns triggered if NAV exceeds £110–130m, reinforcing alignment and downside protection for investors.

EJF Investments Limited (EJFI:LSE) provided an investor update outlining a resilient income focused strategy centered on regulated debt issued primarily by US community banks. The trust targets income sensitive investors seeking a steady quarterly dividend and has delivered consistent distributions for nine years with a recent dividend increase pushing the yield above 9 percent. Management highlighted strong company performance driven by a diversified portfolio of investment grade Tier 2 bank and insurance debt offering attractive risk adjusted returns, enhanced through modest structural leverage. The presentation outlined a supportive backdrop for financial results including a steepening yield curve, improving net interest margins, accelerating loan growth, and a constructive regulatory environment encouraging consolidation. A large and growing issuance pipeline for bank sub debt refinancing and active M&A activity underpin the growth strategy and create potential capital upside alongside income. Portfolio fundamentals remain robust with high capital ratios, low default experience, limited exposure to higher risk commercial real estate, and a focus on domestically oriented lenders with stable insured deposits. Additional revenue from management fee interests and selective exposure to credit risk transfer assets further support earnings and margins. Management reiterated the sustainability of the dividend, strong alignment through a 28 percent ownership stake, and ongoing measures to address the share price discount. Overall, the update positions EJF Investments as a differentiated investor friendly income vehicle delivering stable revenue, predictable cash flows, and an attractive outlook for long term income focused investors.

AEW UK REIT PLC (AWEU:LSE) delivered a robust Q3 investor update highlighting resilient company performance driven by disciplined value investing, active asset management and a strong income focused strategy across the UK commercial property market. The company reported another strong quarter for earnings supported by being fully invested, consistent rent collection and continued asset management gains, while maintaining one of the highest dividend records in the sector with 41 consecutive quarterly payments. The diversified portfolio comprises 34 properties and over 130 tenants, with an attractive net initial yield above 8 percent and a clear reversionary yield gap that underpins future income growth. Long term financial results demonstrate sustained outperformance versus peers and the MSCI benchmark, supported by countercyclical buying and selling, sector diversification and disciplined capital recycling. AEW continues to benefit from a favourable investment backdrop, with commercial property values near cycle lows and yields at historically attractive levels, creating a compelling pipeline of high yielding opportunities particularly in high street retail, leisure and selective industrial assets. Recent disposals at significant premiums to purchase price highlight effective capital allocation, while asset management initiatives continue to drive rental growth, improve lease terms and enhance ESG credentials. Looking ahead, the company remains focused on growing earnings, maintaining margins, recycling capital efficiently and exploring options to expand its equity base to support future growth and shareholder returns.

ITM Power PLC (ITM:AIM) delivered a strong investor update for the first half of financial year 2026, reporting its highest ever six month revenue of £18 million, supported by disciplined cost control, operational improvements and growing industrial demand for green hydrogen solutions. The company highlighted solid company performance despite macroeconomic headwinds, with equipment sales of £15.5 million, an improving gross loss position and a robust cash balance of £197.8 million, reinforcing balance sheet strength as a competitive advantage. The contracted order book increased to £152 million, with 71 percent now profitable contracts, reflecting improved pricing, execution and risk discipline. ITM Power continues to see strong momentum for its Neptune V product and early market traction for the newly launched ALPHA 50, a standardised 50 megawatt electrolyser plant designed to accelerate large scale hydrogen deployment. Operational progress included expanded automated manufacturing capacity, improved factory efficiency and on time delivery of landmark projects such as the 200 megawatt Lingen installation for RWE. The group also advanced its growth strategy with Hydropulse, its build own operate model targeting recurring revenues and improved margins through long term hydrogen offtake contracts. Management reaffirmed full year revenue guidance of £35 to £40 million, with EBITDA loss guidance unchanged as legacy contracts continue to unwind and factory utilisation improves. Looking ahead, ITM Power is progressing development of its next generation CHRONOS stack platform, targeting significant cost reductions, higher efficiency and enhanced scalability, underpinning long term growth, improved margins and a clearer path to profitability.

Hargreaves Services plc (HSP:AIM) delivered a strong interim investor update highlighting robust company performance, accelerating cash generation, and clear strategic progress across its diversified portfolio. For the first half, the group reported 41% growth in services revenue to £171m, supported by major UK infrastructure projects including HS2, Sizewell C and water sector AMP8 activity, while maintaining resilient EBITDA margins of c.7%. Group EBITDA rose over 20%, profit before tax reached £14m, and the balance sheet remained debt-free with £37m of cash. The disposal of the first tranche of renewable energy assets generated ~£9m upfront cash, with up to £5m deferred, enabling the board to announce a £15m tender offer and a 5.5% dividend increase, reinforcing its progressive dividend policy. The land division advanced its strategy to release £60–80m of capital over five years, while reshaping into a higher-return, capital-light planning and development model. The German joint venture (HRMS) returned to profitability and continues to remit dividends, alongside a new zinc recycling investment offering potential medium-term upside with controlled downside risk. With 90% order book coverage into FY26, inflation-protected contracts, upgraded earnings forecasts, and an orderly CEO succession underway, the group outlined a confident outlook focused on infrastructure-led growth, capital returns, and disciplined investment execution.

Arc Minerals PLC provided a detailed investor update outlining its strategy, asset portfolio, and outlook amid strong copper market fundamentals. Management highlighted expectations of a potential copper supercycle driven by electrification, supply constraints, and strategic stockpiling, positioning the company in a favourable macro environment. The presentation focused on two flagship copper exploration projects: the Kalahari Copper Belt in Botswana and the highly prospective Western Domes region in Zambia. In Botswana, Arc Minerals controls a strategically located licence adjacent to MMG’s Zone 5 mine, with recent drilling and geophysical work confirming a highly prospective contact zone that hosts major regional discoveries. A phased growth strategy is underway, combining ground magnetic surveys, airborne EM, and targeted drilling to de-risk the licence and advance exploration efficiently. In Zambia, the company holds one of the largest exploration footprints on the Kabompo Dome, an underexplored area believed to host significant Tier 1 copper potential. Management acknowledged frustrations with the pace of progress under the Anglo American JV but emphasized strong underlying geology, improved legal clarity, and growing inbound interest from major miners. Financially, Arc Minerals reported a disciplined cash position, reduced and deferred management fees, and sufficient liquidity to fund near-term exploration and corporate costs. The company also committed to improved shareholder communication, including regular investor presentations and quarterly updates. Overall, the presentation underscored Arc Minerals’ focus on long-term value creation through disciplined exploration, strategic asset positioning, and prudent capital management, with management viewing the current valuation as significantly disconnected from the underlying asset potential.

Likewise Group PLC (LIKE:AIM) provided a 2025 pre-close investor update highlighting resilient company performance, continued market share gains, and a confident outlook for 2026, underpinned by sustained investment in people, infrastructure, and capacity. The Group delivered 8.6% revenue growth in 2025, with its Likewise Floors division growing 13.3%, supported by strong seasonal trading and a notably positive start to 2026. Management emphasised the strength of its vertically integrated UK distribution model, now comprising 12 distribution and logistics centres, with a fourth major hub in Newport due for completion in mid-2026, materially increasing cutting and logistics capacity. Ongoing capital investment includes expanded cutting facilities in Leeds, Glasgow, Derby and Erith, growth of the delivery fleet to at least 160 vehicles, and a nationwide salesforce of 102 representatives. The Group serves more than 7,000 independent retailers and contractors across residential and commercial flooring markets, supported by long-standing supplier relationships and a diversified product range spanning carpet, vinyl, laminate, LVT, artificial grass, and accessories. Management reaffirmed its growth strategy, prioritising organic expansion over value-dilutive M&A while remaining open to selective strategic acquisitions. With a strong balance sheet, supportive banking relationships, and improving industry pricing dynamics, the board believes existing infrastructure can support revenues well beyond its £200m target, with clear ambition to scale towards £250m–£300m+ over the medium term through disciplined investment and operational leverage.

Paul Niven, lead manager of F&C Investment Trust and Head of Multi-Asset (EMEA) at Columbia Threadneedle Investments, would like to update existing and potential shareholders on performance in 2025 and outlook for 2026.