hVIVO plc (HVO), a full-service early phase Contract Research Organisation (CRO) and the world leader in human challenge clinical trials, provided a trading update for the year ended 31 December 2025 (FY25). The FY25 financials in this statement remain subject to audit.
Revenue is expected to be c.£46.7 million (2024: £62.7 million), in line with expectations Adjusted EBITDA margin is expected to be positive low single-digit (2024: 26.2%), above expectations. Cash of c.£14.3 million as at 31 December 2025 (31 December 2024: £44.2 million), no debt and ahead of expectations. Guidance reiterated for high single digit revenue growth in 2026.
Comment: Shares of HVO were down really 70% last year, something which is going to take a while to recover from, especially while revenue numbers continue to be below previous years. While one can look on the bright side as far as prospects for 2026, there still needs to be a fresh fundamental kicker here to get the stock going.
Aterian plc (ATN), the Africa-focused critical metals exploration company, announced encouraging surface sampling results from its 100%-owned Agdz Est Copper-Silver Project in the Kingdom of Morocco. The results identify multiple mineralised fault zones hosting copper and silver, significantly extending the known footprint of mineralisation within the broader 50.4 km² Agdz Project area. The identification of these multiple mineralised structures over a limited area highlights the potential scale of the system and materially enhances the Company’s confidence in advancing Agdz towards drill evaluation.
Comment: The good news as far as explorer / developers is concerned these days is that given we are in the middle of a commodities boom, a company like ATN just needs to announce it has hit upon a bogey’s worth of metal, and the share price will be up 10% – 20%. This is good news for ATN, which remains one of the more under loved and under-rated plays in its space, with scope for a catch up with the rest of the market.
Great Western Mining Corporation (GWMO), a strategic minerals exploration and development company, announced assay results from a machine-cut channel sampling programme at its Defender Tungsten Project in Mineral County, Nevada USA. GWMO said “In a rapidly changing world in which tungsten has become a critical metal for defence and industrial use, currently in short supply in the West, the confirmation of significant mineralisation at Defender is a very exciting development for Great Western. This initial channel sampling operation has confirmed the presence of tungsten, which was previously indicated by soil and rock chip sampling last year, with results firmly at the upper end of our expectations. Notably, minerals that could impair processing such as molybdenum and lead were immaterial in the results. We are now planning the next stages and will keep shareholders informed.”
Comment: It might be harsh to say it, but until as recently as a few months ago, GWMO could not get arrested, seemingly going around in ever decreasing circles. However, with metals prices booming, the rising tide means that even this former 7 stone weakling is giving the impression of being a heavyweight in the making. The key points here are crtical metals and Nevada.
Strategic Minerals plc (SML), an international mineral exploration and production company, is delighted to announce that its wholly owned subsidiary, Cornwall Resources Limited, has completed its review of historical drill data following the receipt of results of twin drillhole CRD036, drilled at the Redmoor Tungsten-Tin-Copper Project in southeast Cornwall. Results confirm reproducibility of historical results and mineralised continuity of the Redmoor SVS high-grade zones, while providing increased detail for the new and more robust SVS deposit model.
Comment: SML is still buzzing like a bee after its recent well received fundraise, and of course the way that it represents a UK source of critical minerals, something which is as rare as it is welcome. Indeed, it is surprising that the government has not closed the company down on Net Zero concerns, and a desire to be dependent on foreign supplies.
Kavango Resources plc (KAV), the Southern Africa focused metals exploration and gold production company, announced the full results from its reverse circulation resource drilling programme at Bill’s Luck Gold Mine at the Hillside Project, Zimbabwe. This follows the publication of diamond drilling results from the same programme (26th January 2026). KAV “We look forward to defining a maiden Mineral Resource Estimate at Bill’s Luck in the near future, which will provide a robust technical foundation for ongoing mine planning and will inform the planned ramp-up of ore output to feed our 50 tonnes per day pilot Carbon-In-Pulp (CIP) processing plant, which is nearing commissioning. This represents an important step in advancing Bill’s Luck towards consistent and scalable gold production.”
Comment: Life without former CEO Ben Turney must be tough for KAV, his stewardship, insight and wisdom certainly was something to behold. Nevertheless, it would appear that the company is slowly regrouping after this painful loss, and the run up to a MRE should be a strong time for the share price.
Aptamer Group plc (APTA), the developer of next-generation synthetic binders for the life sciences industry, announced £190,000 of new fee-for-service orders and £80,000 of cash licensing receipts, demonstrating sustained commercial momentum and the commencement of high-margin, recurring revenues from its Optimer® platform. FY26 fee-for-service order book now exceeds £2.1 million. First cash licensing receipts of £80,000 from a hot‑start PCR Optimer® licence.
Comment: Although we are still not talking big numbers here as far as the orders are concerned, it does appear that the market has latched onto APTA, at least in terms of the ongoing share price rally from last summer. Indeed, there seems to be enough strength here for the company to raise cash and scale up.
Fever-Tree Drinks plc (FEVR), the world’s leading supplier of premium carbonated mixers, today provided a pre-close trading update for the year ended 31 December 2025. FEVR said “Adjusted revenue and adjusted EBITDA for FY25 are expected to be marginally ahead of current market expectations, based upon good momentum in the second half which has resulted in Fever-Tree brand revenue increasing by 5% in H2, and full year growth of 4% (both at constant currency). This reflects continued delivery against the Group’s strategic priorities and ongoing strong market share performance. In the US, the transition into Molson Coors’ national distribution network is progressing to plan and, alongside an upweighted marketing investment, will provide a strong platform for 2026.”
Comment: The headlines these days are that Generation Z, apart from being really boring anyway, are not drowning their considerable snowflake sorrows by getting drunk like the rest of us. Presumably, this may eat into FEVR’s performance as well, as tonic water is rather boring without gin, vodka etc. But at least the share price of FEVR has been in recovery mode of late, something which underlines the way that the Molson deal looks to be working for the company.
Luceco plc (LUCE), the leading designer and manufacturer of residential and commercial electrification products and systems, provided the following update for the year ended 31 December 2025. Full year performance to exceed previously upgraded expectations. 2025 revenue of c.£271m, up 12% (2024: £242.5m). Second half like-for-like revenue growth of over 6%, representing an acceleration over the 2% like-for-like revenue growth in the first half. EV charging sales up c.85% in the year to c.£18m (2024: £9.8m). Continued solid performance in wiring accessories and LED delivering low single digit percentage growth. Adjusted Operating Profit expected to be at least £33.5m, representing an increase of approximately 15% over the prior year (2024: £29.0m), and ahead of the top end of market expectations.
Comment: LUCE provides a reminder of how to deliver an all systems are go trading update, one that involves a proper, growing real world business. One of the points of interest though, is the EV charging sales number being up 85%, something which rather belies the impression some may have that the area has peaked, or is struggling.
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.
