Next (NXT) reported strong full-year growth, with revenue for the 52 weeks to January 31 rising to GBP6.90 billion from GBP6.12 billion a year prior, and pretax profit increasing to GBP1.19 billion from GBP987.0 million, supported by robust full-price sales and improved clearance activity. Attributable profit climbs to GBP888.5 million from GBP736.1 million, while diluted earnings per share also show growth to 745.4 pence from 605.5p.
The retailer proposes a final dividend of 181p per share, up from 158p a year prior, continuing its track record of shareholder returns. It adds that it expects to return around GBP500 million to shareholders in financial 2027 through share buybacks, special dividends or other capital returns. Looking ahead, Next maintains guidance for further growth, with expectations for continued sales momentum, though it flags potential cost pressures and demand uncertainty linked to geopolitical tensions, particularly in the Middle East, which could affect supply chains and pricing if sustained. (Alliance News).
Comment: Things must be quite threatening if even the almighty NXT is suggesting that it will be affected by the Iran situation. That said, it would appear to be no big issue yet. By the way does anyone know anyone who has ever shopped at NXT?
Pollen Street Group Limited (POLN) today issued its financial results for the year ended 31 December 2025. The Group is delivering sustained and growing fundraising momentum across both Private Credit and Private Equity strategies, underpinning strong financial performance and delivering against its key strategic priorities. Total Assets Under Management (“AUM”) increased by 30 per cent to £7.1 billion (FY 2024: £5.4 billion). Fee-paying AUM grew 32 per cent to £5.2 billion (FY 2024: £4.0 billion). Flagship fundraises in both Private Equity and Private Credit significantly outperforming target. Group Profit After Tax up 14 per cent to £56.6 million (FY 2024: £49.6 million).
Comment: No one likes a show off. But in the case of POLN even the most curmudgeonly of observers would have to admit that it has put on a very good show. One would assume that the market will be rather more friendly towards this company for the rest of the year than it has been.
THG PLC (THG), announced its preliminary results for the financial year ended 31 December 2025. FTSE 250 consumer-focused group: THG Ingenuity demerger complete, transforming and simplifying the Group to unlock cash generation potential. Full year revenue growth +2.3%: H2 performance c.15% ahead of consensus, a marked improvement on the H1 result: The Group exited the year with +7.2% revenue growth (Q4 2025), with this momentum continuing into Q1 2026. THG Beauty: strongest Q4 growth performance since Q4 2021, driven by Lookfantastic (+16.2%) in the UK and Ireland. A record year for new brand launches (>80). THG Nutrition: growth in all four quarters driven by a return to online growth and significant retail footprint expansion into over 40,000 doors. FY 2025 Adjusted EBITDA of £76.6m (FY 2024: £83.3m): ahead of guidance (c.£74m) and company consensus.
Comment: It is perhaps a shame that the London stock market has never really got THG, something which has been evident from sentiment towards the company and the market cap. Maybe today’s update is seen as being strong enough to move the dial in both these respects.
Checkit plc (CKT), the automated monitoring and operational intelligence platform for frontline-led organisations, today announced the commencement of a Formal Sale Process. The Board of the Company has been conducting a review of the various strategic options available to the Group and has determined that it would be appropriate to investigate a sale of the Company. The Board believes, as outlined below, that there is a disparity between the Company’s improving performance and its valuation on AIM and therefore believes that the Formal Sale Process is the best course of action for the future of the Company and its shareholders. Over the past nine months, the Company has received six unsolicited expressions of interest from a range of credible international parties, including both private equity sponsors and strategic acquirers.
Comment: It is good to see a small cap company receive multiple expressions of interest, and perhaps unlike some, entertain them in the interest of shareholders, rather than the management. Hopefully CKT is resolved in a positive way in the wake of the Formal Sale Process.
Ceres Power Holdings plc (CWR), a leading developer of clean energy technology, announced its audited results for the year ended 31 December 2025. Strong cash and short-term investments position of £83.3 million (2024: £102.5 million) with continued disciplined cash management driving a reduced cash outflow of £19.2 million (2024: £37.5 million). Revenue of £32.6 million (2024: £51.9 million), a decrease of 37%. Gross profit of £22.7 million (2024: £40.2 million), maintaining sector-leading gross margin of 70% (2024: 77%). First royalties were generated, representing a key milestone for the Company.
Comment: Signing a deal with Centrica is perhaps the icing on the cake for a company which has finally started to deliver what was perhaps being waited on for rather more years than one cares to remember. Perhaps the Iran situation is a timely reminder of how important non-fossil fuel sources really are.
Yesterday Tirupati Graphite plc (TGR), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, announced the publication today of a Prospectus for the issue of new ordinary shares of £0.01 each in the capital of the Company. The Shares include those to be issued in connection with the placing announced in December 2025 and the conversion to equity of certain existing convertible loan notes. The Company has requested the restoration of its listing on the Official List and trading on The Main Market of the London Stock Exchange, which has been suspended since August 2024. This is expected to take place later today, 24 March 2026.
Comment: What a journey TGR has been on, and congratulations on its return. One can say well done to all that made TGR 2.0 happen, and not so well done to those who landed it in that situation in the first place.
Aeorema Communications plc (AEO), a leading strategic communications group, provided a trading update ahead of the publication of its audited results for the 18-month period ended 31 December 2025, which are expected to be announced in May 2026. For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 have been included. The Group is pleased to announce that following a strong period of performance, its projected underlying profit before tax for the 18-month period ended 31 December 2025 has increased by 10% to £770,000, up from the £700,000 previously forecast four months ago.
Comment: Making six figures is all well and good. However, the cost of being listed is about the same amount as we are seeing at AEO, reminds us that seven figures is the minimum to make being listed worthwhile, and a scalable business is required.
Renalytix plc (RENX), a precision medicine diagnostics company, whose product kidneyintelX.dkd , is the only FDA-approved and Medicare-reimbursed prognostic test to support early-stage risk assessment in chronic diabetic kidney disease, announced its Half Year Report for the six months ended 31 December 2025. Revenue growth to $1.6 million (H1 FY25: $1.3 million). 58 new practices sites added across four active regions of New York, Texas, Florida and Arizona. Expanded to five fully integrated EHR systems for seamless patient identification, ordering and reporting, up from two in the prior year period.
Comment: In theory RENX should be a recovery / turnaround situation. However, despite the FDA hook, the US angle et al, the shares continue to slide. Presumable the market is waiting for rather higher levels of revenue than are currently being delivered.
Following Wildcat’s (WCAT) General Meeting of the 25th of March 2026, Wildcat is announced that all resolutions voted upon were approved by shareholders.
Comment: So WCAT is to move to Aquis and presumably is all revved up to be a gold processing company, something which the market has so far either ignored or is not aware of. Given that processing is a rather quicker route to revenues than mining, perhaps the market should take more notice.
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.
