Acuity RM Group plc (ACRM), the software group specialising in cyber-security, which supplies its award-winning STREAM software platform for the Governance, Risk and Compliance (“GRC”) market, together with associated consultancy services, provided the following summary on trading for the year ended 31 December 2025 and outlines key priorities for 2026.
The year to 31 December 2025 was one of considerable change and improvement. Since the start of the second half of the year, there have been regular wins of new contracts, most are of a size that does not merit a separate RNS announcement. The Directors believe there are significant opportunities for contract wins in 2026. Forward contracted revenue as at 31 December 2025 £1.9 m (2024 £2.5m).
Comment: ACRM was always supposed to be the great, white, hope as far as its cyber-security offering, as indeed, all cyber-security companies have been supposed to be – so to speak. While the great inflection point still seems to be a little way away, the improved tone from the company does deserve attention.
Metir plc (MET), the leading global provider of fast-response, mobile and point-of-use water and environmental monitoring technologies, provided a trading update for the financial year ended 31 December 2025. The Group’s Annual Report and Accounts are expected to be published in May 2026. Trading in FY25 was in line with management expectations, with growth driven by increased international demand for Microtox® LX instruments, Microtox® reagents and Sulphate Reducing Bacteria (“SRB”) kits, alongside continued progress in large-scale potable water monitoring projects with the Continuous Toxic Monitoring (“CTM”) installation in Qatar. The Group expects to report revenues of £1.5m (31 December 2024: £0.23m) and a cash balance at the year-end of £1.04m following the successful fundraise of £1.0m, before expenses, completed on 22 December 2025.
Comment: It can be said that the only reason I include MET in the RNS Hotlist is due to the diligence of its PR company. If only other small cap companies were so on the ball. As far as MET itself is concerned, Qatar continues to be a rich vein for the company, even though the fundraise last month stung a little.
Petra Diamonds Limited (PDL) announced that it has recovered a 41.82 carat Type IIb blue diamond of seemingly exceptional quality in terms of both its colour and clarity at the Cullinan Mine in South Africa. The Company is in the process of analysing the stone and ascertaining the preferred method of the sale of this stone. Further announcements with regards to the marketing of this stone will be made in due course. The Cullinan Mine is known for the recovery of very rare and highly valuable blue diamonds.
Comment: For anyone who has watched “Diamonds Are Forever” the chances of finding a big rock these days would appear to be quite slim, given that many are allegedly whisked away in body cavities, including orally. Therefore, one would celebrate the latest find at PDL all the more.
Itaconix plc (ITX), a leading innovator in high-performance plant-based specialty polymers, provided a trading update for the year ended 31 December 2025. Unaudited revenues for FY 2025 increased 59% year-on-year to $10.3 million (FY 2024: $6.5 million), exceeding $10 million for the first time. This performance was underpinned by a third consecutive record half year, with revenues of $5.5 million in H2 2025, up from $4.8 million in H2 2024. Revenue growth was generated across both existing and new customers, spanning major applications and geographies. Demand for the Company’s patented plant-based polymers continued to strengthen as global consumer product manufacturers increasingly adopt sustainable, high-performance ingredients to enhance formulation performance and deliver added value in detergent, hygiene and beauty products. This growth in revenue and a step change in the Company’s commercial traction have enabled Itaconix to invest further in demand generation and support for 2026.
Comment: You do not have to be Warren Buffett to know that it is the boring widget making companies that tend to do best, and be the best investments. ITX seems to fit the bill in this respect. After all, what is more boring than a patented plant-based polymer? Presumably, an unpatented one.
Eagle Eye (EYE), a leading SaaS and AI technology company that creates digital connections enabling personalized, real-time marketing at scale, has secured a substantial multi-year contract with Wakefern Food Corp., the largest retailer-owned supermarket cooperative in the United States. Wakefern will use Eagle Eye’s AIR platform and AI-powered Personalized Challenges and Personalized Promotion solutions to support its customer loyalty platforms, at scale. The program is expected to go live in mid-2026, with a material contribution to Group ARR, supporting the Board’s FY26 expectations.
Comment: One of the noticeable highlights on the London market in recent months have been the way that increasing numbers of UK small cap companies have been winning decent big contracts. Admittedly most of them have been emanating from outside Marxist Britain, but they all count even if the profits will be wasted on welfare and the lazy.
Iofina (IOF), specialists in the exploration and production of iodine and manufacturers of specialty chemical products, today provides a market update regarding its activities during Q4 2025 and for the full year ended 31 December 2025. IOF said “As a result of achieving the upper end of its production forecast along with a strong sales cycle in the second half of 2025, Iofina expects to exceed market expectations for revenue and EBITDA.1 Revenues for 2025 are projected to surpass $65m, and EBITDA for 2025 is expected to be greater than $11m. Additionally, the Company’s net cash as at 31 December 2025 was $5.2m (FY24: $2.9m).”
Comment: Having interviewed CEO Dr Tom Becker on several occasions it is clear that he is a man who knows what he is doing and where his company is going. We have further evidence of this today, with IOF exceeding expectations, and underlining itself as a key niche player in the field.
Afentra plc (AET), an upstream oil and gas company focused on acquiring production and development assets in Africa, announced the completion of an independent audit by Sproule ERCE of its contingent resource base across Blocks 3/05 and 3/05A discoveries and the completion of the Company’s initial assessment of contingent resources within Block 3/24. The Company’s annual reserves assessment is currently underway and will be released upon completion later this quarter. The Company’s total 2C WI contingent resources across Blocks 3/05, 5A and 24 now amount to 87.3 mmboe (gross 302.6 mmboe) representing an increase of over 400% versus the previously disclosed 2C resources WI of 20.9 mmboe.
Comment: A 400% increase in anything is nothing to be sniffed at. Indeed, the jump reported by AET today should arguably have resulted in a rather bigger share price hike than the 6% we have seen so far. But then again, that is the London market for you.
First Class Metals PLC (FCM), the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, announced the successful completion of an option to purchase two properties with highly anomalous Rare Earth Elements (“REE”) samples. The option terms for both properties are highly favourable in year one, allowing FCM to assess REE potential with limited upfront financial exposure.
Comment: An interesting twist for FCM getting into the red hot REE space, something which not only adds another string to the company’s bow, but may also attract it to new types of investor.
Brave Bison (BBSN), the next-generation marketing and technology partner for global brands, provided a trading update for the year ending 31 December 2025 ahead of publication of the Group’s audited FY25 results. BBSN said “As a result of strong trading in the second half of FY25, the Board now expects to be in a position to repay all outstanding bank debt prior to the end of 2026, meaning that debt facilities drawn to fund acquisitions completed in H2 2025 will be repaid ahead of prior expectations.”
Blencowe Resources Plc (BRES) announced that Oak Securities has published an initiation research note, which is now publicly available on the Company’s website. The note reviews Blencowe’s Orom-Cross Graphite Project in Uganda and reflects recent operational and corporate milestones, including the completion of the Definitive Feasibility Study (“DFS”), which outlines a staged development strategy. The research also references the Company’s expanding resource footprint following recent drilling at the newly identified Iyan and Beehive deposits. At Beehive, recently announced deep holes have intersected thick, continuous graphite mineralisation to depths of around 100 metres, with all holes ending in graphite. Assay results from a further c.180 shallow and step-out holes across these new deposits remain pending and are expected to be incorporated into an updated JORC Resource in due course. The DFS defines an initial 15-year mine life based on a relatively small portion of the licence area, with scope for substantial life extension as additional resources are incorporated. The study also highlights Orom-Cross’ low projected operating costs, staged capital intensity and exposure to higher-value downstream graphite products. Blencowe continues to progress funding discussions with a range of strategic, institutional and development finance groups as it advances Orom-Cross toward construction and production.
A copy of the Oak Securities research note is available at:
Comment: At last / finally a research note by someone in the market who is known and respected, and something which gives additional credibility to a credible company. Dr Ryan D. Long is the man.
Westmount Energy Limited (WTE), the AIM-quoted oil and gas investing company focussed on high impact drilling outcomes in emerging basins, reported that its investee JHI Associates Inc. (“JHI”) has signed a non-binding Memorandum of Understanding (“MOU”)1 with Navitas Petroleum LP (“Navitas”) for a farm-in under which Navitas will acquire a 65% Working Interest (“W.I.”) and operatorship of the PL001 North Falklands Basin Licence. JHI currently holds 100% W.I. in PL001 via a wholly owned subsidiary, JHI Falkland Inc. . PL001 is located immediately to the west of PL032 containing the Navitas operated Sea Lion Project which recently achieved Final Investment Decision with respect to Phase 1 of this giant development complex with over 700 MMbbls of recoverable resources.
Comment: In some ways the rise and rise in shares of WTE on the great Atlantic basin margins boom has been quicker and easier than many of its counterparts such as BOR, RKH, et al. That said, one can see that progress is being delivered across the board. Above 8p we are looking for as much as 11p on a technical basis by the end of next month.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
