Vietnam Enterprise Investments Limited (VEIL:LSE), managed by Dragon Capital, delivered a strong investor update highlighting its outperformance as the best-performing Vietnam-focused investment trust on the London Stock Exchange year-to-date, surpassing the index by 4%. The presentation underscored Vietnam’s resilient macroeconomic growth, driven by robust domestic demand, rising credit expansion, infrastructure investment, and a recovering real estate market, despite global trade tensions. Exports grew 14.5% year-on-year, FDI inflows remain resilient, and inflation is contained below 3.5%, underpinning macro stability. Vietnam’s equity market has surged nearly 30% in 2025, with record profits, 23% earnings growth, and attractive valuations at 13x forward PER. VEIL’s portfolio strategy is focused on high-conviction themes of consumption, infrastructure, and banking, with overweight positions in financials, retail, and property. The fund also sees strong opportunities in technology and anticipates a revival of IPO activity supported by an upcoming $50bn pipeline, creating depth ahead of an expected Emerging Market (EM) upgrade. Active portfolio rebalancing, including increased exposure to banks, real estate, and brokerages, has enhanced performance, while share buybacks narrowed the discount from 22% to 16%. Looking ahead, VEIL projects sustained earnings momentum into 2026, with forecast net profit growth of 17% across a broad base of sectors, positioning Vietnam as a compelling growth and value market relative to regional peers. The fund remains confident that structural reforms, supportive government policy, and EM reclassification will drive long-term shareholder value and attract greater foreign capital inflows.

India Capital Growth Fund Limited (IGC:LSE), a London-listed, Guernsey-based investment company, delivered its latest investor update highlighting both the long-term opportunity in Indian equities and the current market dynamics. Managed by Gaurav Narain since 2011, the fund focuses on small and mid-cap companies, leveraging on-the-ground research from its Mumbai-based team. India remains one of the fastest-growing economies globally, projected to reach $7 trillion GDP by 2030, driven by favorable demographics, infrastructure investment, and rapid digital adoption. While recent GDP growth has moderated to 6.5% amid global headwinds, domestic policy support—including tax cuts, infrastructure spending, and interest rate reductions—is expected to reignite consumption and earnings growth.

The fund emphasized its disciplined bottom-up approach, prioritizing management quality, scalability, and strong free cash flow. The portfolio remains growth-oriented, with 65% in small caps and key exposures across consumption, digitization, supply chain reallocation, and capex. Despite India’s equity market underperformance in the past year and valuations remaining at the higher end, ICGF sees earnings growth strengthening in FY26, with portfolio companies expected to deliver c.25% growth. Domestic investor inflows continue to support market liquidity, offsetting foreign outflows, while a vibrant IPO pipeline is broadening market depth.

Since inception, ICGF has compounded sterling returns at 13% annually, outperforming the MSCI India Index over the long term. Management reiterated confidence in India’s structural growth story, underpinned by demographics, reform momentum, and expanding capital markets, while acknowledging near-term risks from global geopolitical and trade uncertainties.

hVivo Plc (AIM:HVO) delivered its Interim Results Investor Update for H1 2025, reporting revenue of £24.2m, EBITDA of £3m and a cash balance of £23.3m while reiterating full-year guidance of £47m despite reduced activity in human challenge trials caused by biotech funding pressures and regulatory changes in the vaccines market. The company expects to return to growth in 2026 with breakeven EBITDA and move back to profitability and stronger cash generation in 2027. Strategic diversification has been a key theme, with the acquisitions of CRS in Germany and Cryostore in London broadening capabilities across early phase clinical trials, laboratory services and biobanking. This expansion extends hVivo’s reach beyond infectious and respiratory diseases into obesity, metabolic, immunology, dermatology and renal/hepatic studies, strengthening its competitive position. The group continues to lead globally in human challenge trials, recently introducing the world’s first HMPV model, while building momentum in laboratory services and consulting, supported by a growing weighted order book of £140m. Cost efficiencies, tighter headcount management and cancellation fees helped mitigate revenue decline, with integration of new acquisitions already delivering synergies and cross-selling opportunities. Management noted that 2025 has been a challenging year for CROs, but emphasised that increased proposal activity, diversified service lines and strong client relationships position the business for sustainable growth. Looking ahead, hVivo sees opportunities in obesity trials, large multi-site projects and expanded laboratory-only contracts, supported by favourable UK regulatory changes that shorten clinical trial timelines. With no debt, a healthy balance sheet and proven expertise in accelerating vaccine and drug development, hVivo remains well placed to deliver revenue growth, margin improvement and long-term shareholder value.

Ilika Plc (AIM: IKA), a pioneer in solid-state battery technology, delivered a comprehensive investor update following its AGM, highlighting significant progress on its Goliath large-format solid-state batteries. The company confirmed strong shareholder backing with all resolutions passed and reiterated its asset-light, IP-led licensing and royalty model designed to accelerate commercialization while minimizing capital risk. Key milestones include achieving 50Ah prototype capacity, successful validation at the UK Battery Industrialisation Centre, and securing £1.25m in grant funding under the PRIMED project. Independent modelling shows Goliath batteries could cut EV costs by £2,500, reduce weight by 20%, extend driving range, and shorten charging times from 18 to 12 minutes. Licensing discussions are advancing with 21 global OEMs and Tier 1 manufacturers, with revenue streams expected from grants, non-recurring engineering, royalties, and staged license fees from 2026 onwards. With a strong patent portfolio, proven partnerships, and growing industry validation, Ilika is positioned within the leading global cohort of solid-state battery developers.

Transense Technologies Plc (AIM:TRT) delivered strong full year results for FY25, reporting a 33% rise in revenues (55% excluding ITA royalties), higher profits, and robust cash conversion generating over £2m free cash flow. The group continues to scale its two core divisions – SAWSense and TransLogik – while benefiting from ongoing ITrack royalties with Bridgestone. SAWSense revenues surged 149% as customer adoption accelerated across aerospace, e-drives, robotics and motorsport, supported by new production capabilities and investment in next-generation components. TransLogik posted 18% growth, underpinned by expanding partnerships with tire majors, distributors, and software providers, alongside a shift to a subscription model improving earnings visibility. Gross margins strengthened to nearly 90% following the move to in-house production, while operating expenses rose with increased headcount and strategic investment. EBITDA and EBT both advanced, with the business maintaining a strong balance sheet, over £1m cash, and significant tax loss assets of c.£19m. Looking ahead, management highlighted a healthy order book, growing international pipeline, and further product launches, positioning the group to deliver continued revenue growth and margin expansion in FY26. Despite wider AIM market pressures, the board emphasised its focus on long-term shareholder value creation, maintaining disciplined cash management and reinvestment to support scale-up opportunities.

Space and People PLC (SAL:AIM) delivered a strong set of interim results for H1 2025, highlighting robust revenue growth, improved profitability, and strategic progress across its UK and German operations. Group revenue rose 26% year-on-year, driven by a standout performance from the UK promotions division, with brand activations in transport hubs and high-footfall venues boosting net revenue to £2.46m. Gross profit increased 29%, supporting a swing to positive operating profit and a profit before tax of £44k, compared to a £200k loss last year. The business also reported a solid cash position of £0.8m, marking a significant improvement from prior periods. Key growth drivers include the expansion of its Rock Up and Pop Up retail division, which is attracting e-commerce brands, established retailers, and major chains trialling new formats to drive in-store traffic. In Germany, the company is capitalising on market fragmentation, securing exclusive commercialization agreements and expanding into new European territories including the Czech Republic and Netherlands, with France in the pipeline. Strategic investments in a new operations hub, staff expansion, and a major digital transformation project are expected to enhance efficiency, customer experience, and scalability. Looking ahead, management remains focused on sustained earnings growth, margin improvement, and strengthening the balance sheet, with potential dividends under review for the medium term. Overall, Space and People is well positioned to leverage its unique market proposition, diversified revenue streams, and digital-first strategy to deliver long-term value for shareholders.

Raspberry Pi Holdings PLC Investor Update – Raspberry Pi Holdings PLC reported solid interim results for H1 2025, highlighting a recovery in demand, resilient unit economics, and ongoing innovation across its product portfolio. Unit sales reached 3.6m boards, with sequential growth in OEM demand and a stronger mix driving a 19% uplift in adjusted EBITDA to $19.4m. Gross profit per unit held at $8, supported by improved direct sales and accessory revenues. Revenue from semiconductors accelerated, with shipments of the RP2040 microcontroller rising 69% sequentially, marking the first half in which chip volumes exceeded board volumes.

The Group ended the period with $34.3m cash, reflecting investment in inventory and payables, while maintaining sufficient DRAM supply secured into 2026. Despite tariff pressures and DRAM pricing volatility, management noted limited impact on U.S. demand and confidence in mitigating cost headwinds. Recent launches, including the Compute Module 5, Pico 2, and extended-temperature variants, underline the company’s strategy of sustaining innovation, addressing industrial OEM needs, and expanding into AI-enabled solutions.

Strategic initiatives, including the Board-to-Board program, are targeting large industrial OEM design wins, while international expansion continues with tailored offerings for markets such as China. Management reiterated that semiconductors are expected to become a co-equal growth driver over the next decade, supported by adoption of RP2350 and new AI products.

Looking ahead, Raspberry Pi expects continued improvement in demand, a strong order backlog to support H2 volumes, and stable gross margins. Full-year profit expectations remain unchanged, with cash flow anticipated to strengthen from 2026 as working capital normalizes. With a track record of scale, innovation, and industrial adoption, Raspberry Pi is well positioned to deliver sustainable growth, margin resilience, and long-term shareholder value.

Skillcast Group PLC Investor Update – Skillcast Group PLC delivered a strong set of interim results for H1 2025, with revenue up 18% year-on-year, driven entirely by organic growth and a 23% increase in SaaS subscription revenues, which now represent 85% of the mix. Annual recurring revenue rose 23% to £12.8m, supported by new client wins and stable retention at 100%. EBITDA advanced to £0.7m, reflecting improved margins of 10% and operational gearing, while the Rule of 40 score improved to 32%. Gross profit margin expanded to 75.5% following a strategic shift away from lower-margin professional services.

The Group strengthened its balance sheet, ending the half with £11.5m net cash, up £2.2m, and proposed a 20% increase in the interim dividend, in line with its policy to grow shareholder returns alongside subscription revenues. Skillcast continues to invest in product innovation, including its AI digital assistant, enhanced learning packages, and a new EU compliance library launching later this year. The premium plan has gained traction, rising to 7.4% of ARR, while client numbers grew 17% to more than 1,400.

Management reiterated its strategy to expand ARR, sustain 100%+ net retention, and pursue selective acquisitions in adjacent compliance content verticals, guided by strict valuation discipline. Marketing investment has been stepped up with a new website, higher share of voice, and adaptation to evolving search and generative AI trends.

Looking ahead, Skillcast aims to leverage its robust SaaS model, resilient compliance demand, and growing cash generation to deliver sustainable revenue growth, higher EBITDA margins, and long-term shareholder value.

Santhera Pharmaceuticals (SIX: SANN) delivered a strong set of Half Year 2025 results, highlighting robust revenue growth, accelerating global rollouts of Agamree, and strengthened financial guidance. Group revenues rose 70% year-on-year to CHF 24 million, driven by direct sales in Germany, Austria and the UK, alongside milestone, royalty and supply revenues from US partner Catalyst and China partner Sperogenix. Agamree, Santhera’s differentiated corticosteroid for Duchenne muscular dystrophy (DMD), is rapidly gaining market share, now treating around 40% of eligible patients in Germany and Austria, with Austria exceeding 50%. Catalyst reported H1 2025 sales of USD 49.4 million, on track to deliver USD 100–110 million for the full year, which is expected to trigger a milestone payment to Santhera. In China, more than 250 patients have already begun treatment since the recent commercial rollout, underlining significant long-term demand. New distribution agreements across the GCC, India and Turkey further expand Santhera’s international footprint. Financially, the company ended June with CHF 18.4 million in cash and has since secured CHF 20 million in additional funding through a royalty monetization and convertible bond, extending runway to cash flow break-even targeted for mid-2026. Management raised full-year 2025 revenue guidance above CHF 70 million and reiterated its 2028 revenue ambition of over €150 million, supported by strong operational execution, expanding market penetration, and upcoming long-term data from the Guardian study expected in Q4. With a clear growth strategy, global partner network, and differentiated product, Santhera is well positioned to capture a DMD market opportunity exceeding USD 600 million while maintaining disciplined cost control and preparing for sustainable profitability.

Star Energy Group PLC (STAR:AIM) delivered its H1 2025 investor presentation, highlighting operational resilience and disciplined capital allocation despite a challenging low oil price environment. The Group reported stable oil and gas production of c.1,900 BOE/day, reaffirming full-year guidance of 2,000 BOE/day. Cost discipline has driven a £1.6m reduction in G&A expenses and £1.5m lower geothermal spend, while operating cash flow strengthened. The company completed the Holybourne sale, repaid Facility A, and continues to invest selectively, with capex reduced to £8.4m. Key projects include the Singleton Gas-to-Wire initiative, now expected online in early 2025. Star Energy is maintaining a measured approach to geothermal development in the UK and Croatia, prioritising grant-funded and strategic partnership-backed projects with Veolia and others. Management emphasised significant long-term growth potential from geothermal heat markets, while stressing that spend will remain tightly controlled until clear policy signals are in place. Despite the burden of the Energy Profits Levy (EPL), which management described as constraining free cash flow and investment capacity, Star Energy remains committed to enhancing efficiency, offsetting inflationary impacts, and positioning for future upside. With a strong license portfolio, a substantial tax loss position, and strategic opportunities in both conventional oil and gas and renewable geothermal energy, the Group reiterated its focus on financial discipline, production stability, and long-term value creation for shareholders.