(Alliance News) – BP (BP.) on Wednesday said it will take a sizeable charge relating to its energy transition businesses against the fourth quarter of 2025, but the oil major reported progress on lowering debt. BP said fourth quarter results are expected to include impairments of USD4 billion to USD5 billion, attributable to the gas and low-carbon energy segment.
The oil trading result is expected to be “weak” in the recent quarter and the gas marketing and trading result “average”, the London-based company said. Upstream production in the quarter is expected to be broadly flat compared to the prior quarter, with production broadly flat in oil production & operations and lower in gas & low carbon energy.
Comment: We all know go woke, go broke, which can also be said as far as go green. The sad problem for BP is that however many flowers it has in its logo, it will always be seen as a dirty, fossil fuel company.
Ascent Resources Plc (AST), the onshore US focused oil and gas company, is pleased to update investors in relation to the Company’s ICSID registered Energy Charter Treaty claim against the Republic of Slovenia. Further to the Company’s announcement on 23 September 2025, the Company has received an update from the International Centre for Settlement of Investment Disputes which confirms that the Arbitration Tribunal has made good progress with the draft award and are still in deliberation. The Company still expects that the Tribunal’s award on merits will be issued towards the end of Q1 2026. Further updates will be announced as necessary.
Comment: Given how backward looking / backward, the London market is, even though the end of Q1 2026 is fast approaching, the share price of AST may still not stir appreciably. At the very least this provides those who wish to chance their arm on the Slovenian claim a very attractive entry point.
EQTEC plc (EQT), a provider of syngas technology and engineering services for the clean conversion of waste into sustainable energy and biofuels, announced a strategic update: the Company is building on its gasification foundation with a vertically integrated, capital-light strategic expansion into complementary assets central to global electrification, supported by constructive lender engagement on the progressive strategy. EQT said “Since joining EQTEC, my focus has been on sharper execution, capital discipline and commercial outcomes, and that remains unchanged. I am confident in the medium-term potential of our gasification technology and team and in its ability to deliver scalable returns as multiple reference plants come onstream.”
Comment: Apart from being handsome, and looking the part as far as being a thrusting CEO, it is evident that James Parsons has swallowed the book in terms of positive corporate speak. One would have thought we were being serenaded regarding a multibillion pound company, rather than one at £700,000. That said, so far this morning the market seems to have bought the strategic expansion idea.
ProCook Group plc (PROC), the UK’s leading direct-to-consumer specialist kitchenware brand, today reported on Q3 trading results for the 12 weeks ended 4 January 2026. Total revenue in Q3 increased by +28.0% to £32.8m and like for like revenue increased by +17.2%. Retail revenue increased by +26.8% benefitting from the tenth consecutive quarter of like for like growth (+9.1%), and the impact of new store openings. PROC said “These results, together with our expanding retail footprint and our enhanced product offering which is clearly resonating with consumers, mean we are confident in delivering a strong full year performance. We are firmly on track to achieve our medium-term ambition of 100 UK retail stores, £100m revenue and 10% operating profit margin.”
Comment: While it might be somewhat churlish to ask who has the money to buy the kitchenware, or delve into how and why people are doing so, there is little doubt that PROC is on the front foot, and looking to finesse its position further.
Mulberry Group plc (MUL), the British sustainable luxury brand, announced a strong trading performance for the 13 weeks to 27 December 2025. MUL said “In the US, we accelerated growth and achieved sales growth of 12.7%, while in Europe we saw sales increase by 14.9%. In Asia Pacific, sales also increased, despite the continued right-sizing of our store estate as part of our simplification strategy – and LFL sales were +12.2% following a strong response to the Double 11 shopping festival in November 2025. “Strong festive trading period underpinned by full price sales mix and newness; Positive customer response to “the right product, at the right price” strategy.”
Comment: As everyone knows, when the going gets tough, the tough buy handbags, or at least have someone buy one for them. One would consider from the latest reported performance that MUL has got its price points spot on.
Jersey Oil & Gas (JOG), an independent upstream oil and gas company focused on the UK Continental Shelf region of the North Sea, provided a corporate update and outlook for the year ahead. JOG said “While the Government has been working to set the overall parameters in which the industry operates, the corporate landscape has also evolved. Most notably our joint venture partner and Buchan field operator, NEO Next+, on completion of its latest deal, will establish itself as the largest operator and producer in the UK North Sea. This represents an exciting step, both for us to be working alongside the leading player in the basin and to be part of one of the key growth opportunities in its asset portfolio. The Greater Buchan Area, with estimated gross resources of over 100 MMboe and significant exploration upside, represents a material opportunity on a standalone basis and within the outlook of the UK sector as a whole.”
Comment: At first glance one would have thought that anyone operating, or wishing to operate in the North Sea needs their head examined given the Labour government’s crackpot / country bankrupting Net Zero policy that no one wants. Indeed, even with further mulling over of the subject, JOG seems to be in a challenging position, as its periodic share price wobbles underline.
Alkemy Capital Investments plc (ALK) provided an update on progress for its wholly owned subsidiary, Tees Valley Lithium Limited. ALK said “The progress achieved by TVL during the FEED study represents a significant step forward for Alkemy. Concluding FEED at a time of strengthening lithium market conditions reinforces the strategic value of this project and its potential to become a cornerstone of the UK and Europe’s battery materials supply chain. We believe TVL is well positioned to deliver a highly competitive, low-cost and sustainable lithium refining facility, supporting both shareholder value creation and the UK’s critical minerals ambitions.”
Comment: It has been a long road for ALK and its TVL experience, one that was arguably helped / saved by the tariff wars / China export ban / critical metals phenomena of last year. One would believe that the company is now in the home stretch in terms of its ambitions.
Firering Strategic Minerals plc (FRG), a producer of lime products and explorer of critical minerals, provided an update on operational progress at its producing lime asset in Zambia, Limeco Resources Limited, alongside positive developments across its broader portfolio. FRG “Operational momentum is building across the business. At Limeco, the cold commissioning of our second kiln marks an important step towards scaling production, while growing customer engagement, and the acceleration of new potential revenue streams underline the strength of demand for our lime products. In parallel, improving lithium market dynamics are drawing renewed third-party interest in Atex and Alliance, highlighting the strategic value embedded in our wider portfolio.”
Comment: Given the way that almost every other small cap in FRG’s space has managed to deliver a share price rebound in recent months, it may be fair to assume that one is overdue here at FRG. That said, the company has not been and continues not to be its greatest advocate, even in a strong environment.
Xaar (XAR), the inkjet printing technology Group, today issued a trading update for the year ended 31 December 2025. Revenue in the twelve months to 31 December 2025 is expected to be up 16.6% on a like-for-like basis (adjusting for currency and ceased operations) at £60.3 million (2024: £61.4 million,). Revenues in core ceramics segments have been stable, with growth coming from newer products and markets, notably jewellery wax. Printhead revenue growth was 28.9%.
Comment: Shares of XAR had their recent peak back in September, so in the wake of today’s upbeat and impressive update, one would expect the stock to start winning friends again, helped by the promise of fresh contributions from new products and markets.
Ramsdens (RFX), the diversified financial services provider and retailer, today announced its Annual Results for the year ended 30 September 2025. RFX said “Our record performance in FY25 once again demonstrates the strength of our diversified business model, trusted brand and exceptional team. Group revenue exceeded £100m for the first time, resulting in a pre-tax profit increase of 43% to £16.2m, marginally ahead of market expectations. As a consequence of this strong performance and the Board’s confidence in the future, we are also delighted to recommend a 43% increase to the total dividend for FY25.”
Comment: Shares of RFX have already been up three years in a row, and even though it is early days for 2026, it looks like things are well set for a fourth winning year. Unlike the real world, diversity really is strength here, with precious metals and jewellery pleasing standouts.
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.
