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2025-12-11 / ALL-MARKETS
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All Market News Today All digested RNS titles 523
GSK logo
All News 16:55
GSK

Blujepa approved in US for gonorrhoea indication

GSK plc

**Summary**
GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uGC)** in adults and adolescents aged 12 and older weighing at least 45 kg. This approval marks the first new antibiotic class for gonorrhoea in over three decades, offering a much-needed alternative to injectable treatments.
**Key Highlights**
**Innovation** Blujepa is the first new class of antibiotics for gonorrhoea since 1987, addressing the urgent need for new treatments due to rising antimicrobial resistance.
**Indication** Approved for patients with limited or no alternative treatment options, such as those intolerant to or unwilling to use first-line injectable therapies.
**Clinical Evidence** Positive results from the **EAGLE-1 Phase III trial** demonstrated non-inferiority to the standard of care (ceftriaxone + azithromycin) with a favorable safety profile.
**Public Health Impact** Gonorrhoea, caused by *Neisseria gonorrhoeae*, is a priority pathogen for the WHO and an urgent public health threat in the U.S., with over 600,000 cases reported in 2023.
**Mechanism** Gepotidacin inhibits bacterial DNA replication through a novel mechanism, providing activity against resistant strains.
**Funding** Development was partially funded by the U.S. Department of Health and Human Services and the Department of Defense.
This approval underscores GSK’s commitment to addressing infectious diseases and combating antimicrobial resistance (AMR), with gepotidacin also approved earlier in 2025 for uncomplicated urinary tract infections (uUTI).
**Media and Investor Contacts**
GSK provided contact details for media and investor relations inquiries, emphasizing the significance of this milestone in infectious disease treatment.
Approvals
GNC logo
All News 16:11
GNC

Holding(s) in Company

Greencore Group

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '3.308803', '0.000000']
PRSR logo
All News 16:02
PRSR

TR-1 Notification

PRS Reit PLC

TR1 Buy
['Bank of America Corporation', '0.899474', '0.596230']
HRI logo
All News 15:53
HRI

Holding(s) in Company

Herald Investment Trust

TR1 Buy
['Bank of America Corporation', '5.980501', '5.324707']
CPI logo
All News 15:46
CPI

Holding(s) in Company

Capita PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '6.491077', '0.000000']
DFCH logo
All News 15:35
DFCH

Director/PDMR Shareholding

Distribution Finance Capital Holdings PLC

<mark style="background-coloryellow">Purchase</mark> of Ordinary Shares by a Persons Discharging Managerial Responsibilities ("PDMRs")
SDR logo
All News 15:31
SDR

Director/PDMR Shareholding

Schroders PLC

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan.
WG. logo
All News 15:29
WG.

Holding(s) in Company

WG.

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', '0.671477', 'Below Minimum Threshold']
PCGH logo
All News 15:10
PCGH

Holding(s) in Company

Polar Capital Global Healthcare Trust plc

<mark style="background-coloryellow">TR1</mark> Buy
CAV logo
All News 15:01
CAV

Director Dealing

Cavendish plc

<mark style="background-coloryellow">Purchase</mark> of Dividend Shares under the Share Incentive Plan
EWI logo
All News 15:00
EWI

Holding(s) in Company

Edinburgh Worldwide Investment Trust plc

<mark style="background-coloryellow">TR1</mark> Buy
['Barclays PLC', 'Below notifiable threshold', '5.580000']
AVON logo
All News 14:52
AVON

Holding(s) in Company

Avon Protection PLC

TR1 Buy
['JTC Share Plan Trustees (Guernsey) Limited', '2.830000', '3.104339']
CEPS logo
All News 14:40
CEPS

Response to Press Speculation

Ceps PLC

**Summary**
CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. However, CEPS emphasized that no agreement has been reached, and there is no certainty that a firm offer will be made or what terms it might include. The company will make a further announcement if and when appropriate. This statement constitutes inside information under the UK Market Abuse Regulation (UK MAR) and is now in the public domain. The Directors of CEPS accept responsibility for the announcements content. Contact details for CEPS and its Nomad, SPARK Advisory Partners Limited, are provided for inquiries.
Speculation
IPF logo
All News 14:26
IPF

Form 8.3

International Personal Finance PLC

FAN logo
All News 14:01
FAN

Holding(s) in Company

Volution Group plc

TR1 Buy
['Grandeur Peak Global Advisors, LLC', '3.104', '2.999']
SPEC logo
All News 13:41
SPEC

Holding(s) in Company

Inspecs Group plc

TR1 Buy
['Liontrust Investment Partners LLP', '3.466000', '5.709000']
EZJ logo
All News 13:01
EZJ

Director/PDMR Shareholding

EasyJet PLC

The Plan is an HM Revenue and Customs approved plan under which employees in the UK are able to buy ordinary shares in the Company of 27 2/7 pence each, using deductions from their monthly salary ("Partnership Shares"). Participants can contribute up to £150 per month from their pay towards the <mark style="background-color:yellow">purchase</mark> of Partnership Shares.
SVS logo
All News 13:01
SVS

Director/PDMR Shareholding

Savills

The Savills Share Incentive Plan ("the Plan") is a share <mark style="background-color:yellow">purchase</mark> plan available to all employees of participating companies and Executive Directors/ PDMRs are eligible to participate. Each month the Trustees of the Plan invest participants contributions in Savills plc ordinary shares of 2.5p each ("Ordinary Shares") at the prevailing market price in accordance with the Plan Rules.
DGE logo
All News 12:40
DGE

Director/PDMR Shareholding

Diageo PLC

1. <mark style="background-coloryellow">purchase</mark> of partnership shares using deductions from salary
and
XSG logo
All News 12:07
XSG

TR-1 Entrepreneurs Fund

Xeros Technology Group Plc

TR1 Buy
['Entrepreneurs Fund General Partner Limited', '4.130000', '6.870000']
ACG logo
All News 11:51
ACG

Amendment: No intention to offer - Anglo Asian

ACG Acquisition Co. Ltd.

**Summary**
ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with ACG concluding that the acquisition would not create value for its stakeholders. ACG emphasized its disciplined approach to capital allocation and commitment to protecting shareholder value. The announcement complies with Rule 2.8 of the City Code on Takeovers and Mergers, though ACG reserves the right to revisit this decision under specific circumstances, such as a third-party offer or material change in circumstances. ACG, focused on consolidating the copper industry with a strong ESG focus, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The statement was released via RNS, the London Stock Exchanges news service, and is subject to regulatory restrictions.
Offers
TRST logo
All News 11:20
TRST

Holding(s) in Company

Trustpilot Group PLC

TR1 Buy
['JPMorgan Asset Management Holdings Inc.', '4.937273', '5.180540']
RCGH logo
All News 11:01
RCGH

Half-year Financial Report

RC365 Holding PLC

**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):**
**Financial Performance**
**Revenue Growth** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024.
**Gross Margin** Gross margin decreased to 39.3% from 89.2% in H1 2024, primarily due to the contribution of card payment programs to the cost of sales.
**Loss Reduction** Loss after tax was reduced to HK$4.1 million from HK$7.4 million in H1 2024, attributed to disciplined cost management.
**Cash Position** Cash and cash equivalents stood at HK$5.9 million as of September 30, 2025, down from HK$11.8 million in March 2024.
**Operational Highlights**
**RCPAY Transactions** Processed HK$14.46 million in remittance and payment transactions, slightly lower than HK$18.70 million in H1 2024, reflecting a return to typical levels after exceptionally high demand in the prior year.
**Card Issuance** Issued an additional 46 RC365 Asset Link Credit Cards, bringing the total to 1,687. This includes clients from Hong Kong, Japan, and ASEAN.
**Virtual Banking Strategy**
Secured a Money Lenders Licence through the acquisition of HC Capital Group Ltd, enabling digital lending services.
Expanded card product range to include credit facilities, targeted for rollout in Q4 2025.
**Market Expansion** Strengthened presence in Japan, with the number of corporate customers more than doubling.
**RC3.0 App Launch** Preparation for the public launch of the RC3.0 App in early Q1 2026, which will expand functionality to include virtual banking, ERP, and blockchain-enabled features.
**Strategic Execution**
**Acquisition of HC Capital** Gained a Money Lenders Licence, marking a significant step towards offering credit products and developing virtual banking capabilities.
**Card Programs** Progress in card programs, particularly in Japan, which is a key growth market.
**RC3.0 App Development** The upcoming launch of the RC3.0 App is pivotal for expanding into virtual banking and other advanced services.
**Outlook**
**Exploring Opportunities** Continuing to explore business relationships in Hong Kong, Japan, the UK, and wider Europe.
**Card Programs Momentum** Expecting continued momentum in existing card programs.
**RC3.0 App Launch** Excited about the launch of the RC3.0 App, which will be a key milestone in expanding into virtual banking.
**Principal Risks and Uncertainties**
**Technological and Innovation Risks** Need to keep pace with rapid fintech developments to avoid losing market share.
**Competitive and Market Pressures** Intense competition from larger fintech players may pressure pricing and market penetration.
**Reputational and Operational Risks** Potential negative publicity from service disruptions, data breaches, or customer dissatisfaction.
**Regulatory and Compliance Risks** Non-compliance with AML, CTF, and licensing requirements could result in fines or operational restrictions.
**Strategic and Execution Risks** Challenges in executing growth strategies, including product development and market expansion.
**Human Capital Risks** Dependence on key executives and specialized personnel.
**Macroeconomic and External Risks** Global economic volatility, inflation, and shifts in payment methods could impact transaction volumes.
**Financial and Funding Risks** Ongoing liquidity pressures and reliance on external financing.
**Fraud and Security Risks** Exposure to fraudulent activities in digital payments.
**Managements Perspective**
**CEOs Statement** Chi Kit (Michael) LAW emphasized continued solid performance, strategic advancements, and improved financial results. He highlighted the importance of the HC Capital acquisition, progress in card issuance, and the upcoming RC3.0 App launch. The CEO also noted disciplined cost management and the focus on developing new revenue streams.
**Conclusion**
RC365 Holding PLC demonstrated resilience and strategic progress in H1 2025, with significant revenue growth, reduced losses, and key operational and strategic achievements. The company is well-positioned to capitalize on its expanded service offerings and geographic presence, particularly with the upcoming launch of the RC3.0 App and continued focus on virtual banking. However, it must navigate various risks, including technological, competitive, and regulatory challenges, to sustain its growth trajectory.
Here is the HTML table code comparing the financials and debt year on year for RC365 Holding PLC:
Financial MetricH1 2025 (HK$)H1 2024 (HK$)Change
Revenue11,949,1036,138,632+94.6%
Gross Profit4,691,7865,477,000-14.3%
Loss after Tax(4,121,662)(7,397,508)-44.3%
Cash and Cash Equivalents5,851,99116,250,880-64.0%
Total Debt (Borrowings + Lease Liabilities)4,605,1224,952,146-7.0%
Trade and Other Payables1,470,8913,967,381-63.0%
Amount due to a director857,5642,097,277-59.1%
Amount due to a shareholder2,634,9990N/A

Notes:

  • Revenue increased significantly by 94.6% year-on-year.
  • Loss after tax reduced by 44.3% due to effective cost control.
  • Cash and cash equivalents decreased by 64.0% compared to H1 2024.
  • Total debt decreased slightly by 7.0% year-on-year.
  • Trade and other payables and amounts due to a director decreased significantly.
  • A new amount due to a shareholder appeared in H1 2025.
This table provides a clear comparison of key financial metrics and debt items between H1 2025 and H1 2024 for RC365 Holding PLC. The changes are calculated as percentages to show the year-on-year growth or decline.
ACG logo
All News 10:54
ACG

Statement of no offer intention - Anglo Asian

ACG Acquisition Co. Ltd.

**Summary**
ACG Metals Limited announced on December 11, 2025, that it does not intend to make an offer for Anglo Asian Mining Plc, following a thorough review of Anglo Asians asset base. The decision aligns with ACGs disciplined approach to capital allocation and its focus on protecting shareholder value. ACG concluded that acquiring Anglo Asian would not create value for its stakeholders. This statement is made under Rule 2.8 of the City Code on Takeovers and Mergers, binding ACG to certain restrictions unless specific conditions (e.g., third-party offers, material changes) are met. ACG, a company focused on consolidating the copper industry through ESG-driven acquisitions, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The announcement contains inside information and is subject to regulatory restrictions.
Offers
ROR logo
All News 10:51
ROR

Director/PDMR Shareholding

Rotork PLC

The transactions arise out of each PDMRs participation in the monthly partnership share <mark style="background-color:yellow">purchase</mark> arrangements under the Companys HMRC approved Share Incentive Plan. All of the Shares were purchased on 10 December 2025 on the London Stock Exchange at a price of 327.1876 pence per Share.
CRDA logo
All News 10:31
CRDA

Director/PDMR Shareholding

Croda International PLC

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan by the SIP Trustee (Equiniti Share Plan Trustees Limited) - partnership shares purchased on behalf of PDMRs as detailed in c) and matching shares awarded to PDMRs as detailed in c).
PIN logo
All News 09:52
PIN

Holding(s) in Company

Pantheon International PLC

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
MKS logo
All News 09:01
MKS

2025 PSP Award Targets

Marks and Spencer Group PLC

Please provide the text you would like me to summarize. Im ready to help!
Awards
0A3D logo
All News 06:11
0A3D

Net Asset Value

iShares VII Public Limited Company - iShares Core S&P 500 UCITS ETF

NRR logo
All News 06:01
NRR

Agreement for Joint Venture in Burgess Hill

NewRiver REIT plc

**Summary**
NewRiver REIT plc has entered into a conditional agreement with Mid Sussex District Council to form a joint venture for the regeneration of The Martlets shopping centre in Burgess Hill. The project aims to transform the outdated 1970s centre into a modern retail and leisure destination, including 172 new homes, a 102-room hotel, 50,000 sq ft of new retail space, and enhanced public areas. The joint venture will be formalized once specific conditions are met, including the sale of the residential site and pre-lets for the food store and hotel. Construction is expected to begin in summer 2026, with completion by 2028. Both parties expressed enthusiasm for the partnership, highlighting its potential to create lasting value for the community and shareholders. NewRiver, a leading UK Real Estate Investment Trust, specializes in resilient retail assets and manages a £2.3 billion portfolio. The announcement was distributed via Reach, the non-regulatory press release service of the London Stock Exchange.
JV
STX logo
All News 06:01
STX

Shield Wins Gold at Titan Branding Awards

Shield Therapeutics plc

**Summary**
Shield Therapeutics plc, a commercial-stage pharmaceutical company specializing in iron deficiency treatments, has been awarded Gold at the 2025 Titan Brand Awards for the successful rebranding of its product, ACCRUFeR®. The award recognizes the companys efforts in transforming ACCRUFeR® into a highly differentiated, patient-focused brand, which has become the #1 branded prescription oral iron in the U.S. ID/IDA market. This achievement highlights Shields commitment to addressing the significant unmet needs of patients and healthcare professionals in managing iron deficiency and iron deficiency anemia (ID/IDA), a condition affecting approximately 20 million people in the U.S. and representing a $2.3B market opportunity. The rebranding initiative is part of a broader digital marketing strategy aimed at driving growth for ACCRUFeR®. The product, also known as FeRACCRU® (ferric maltol), is a novel, stable, non-salt-based oral therapy with a unique absorption mechanism, supported by strong clinical trial data. Shield has established partnerships for the commercialization of ACCRUFeR®/FeRACCRU® globally, with patent protection extending into the mid-2030s.
Wins
NCC logo
All News 06:01
NCC

Preliminary audited results for the year 30/09/25

NCC Group plc

NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points
**Financial Performance**
* **Revenue** Group revenue declined by 2.6% to £293.9 million, with Escode (software escrow) growing by 2.2% to £66.5 million and Cyber Security declining by 4.0% to £227.4 million.
* **Gross Margins** Improved to 44.5% from 43.9%, driven by operational discipline and margin improvements in Escode.
* **Adjusted EBITDA** Declined to £40.6 million from £42.1 million in 2024, in line with Board expectations.
* **Profit Before Taxation** Increased significantly to £20.6 million from a loss of £17.8 million in 2024, due to various factors including a one-off profit from the sale of Fox Crypto.
**Strategic Progress**
* **Simplification and Focus** The sale of Fox Crypto in March 2025 simplified the business and strengthened the balance sheet, eliminating net debt.
* **Escode Review** The company is exploring strategic options for its Escode business, including a potential sale, which could lead to a significant return of capital to shareholders.
* **Cyber Security Transformation** NCC Group is repositioning its Cyber Security business towards higher-value, recurring revenue streams, supported by global delivery and strategic partnerships.
**Operational Highlights**
* **Managed Services Growth** Managed Services revenue increased as a proportion of total Cyber Security revenue, contributing to margin improvement.
* **Global Delivery** Expansion of the Manila hub and application of technology are enabling the company to scale operations and serve clients more efficiently.
* **Strategic Partnerships** Recognition from key partners like Splunk and Microsoft underscores NCC Groups reputation as a trusted advisor and innovator.
**Outlook**
* **FY26 Expectations** Revenue is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth. Adjusted EBITDA is expected to grow faster than revenue.
* **Medium-Term Goals** The Board remains confident in delivering the Groups medium-term financial goals through improved operational discipline and transformation of the cyber security engine.
**Key Metrics**
* **Net Cash** £13.1 million as of September 30, 2025, compared to net debt of £45.3 million in 2024.
* **Dividend** An unchanged final dividend of 3.15p per share, marking 20 consecutive years of dividend payments.
**Conclusion**
NCC Groups FY25 results reflect a year of strategic progress and transformation, with a focus on simplifying the business, improving profitability, and positioning for future growth in the cyber security market. The companys efforts to enhance its Cyber Security offerings, expand global delivery capabilities, and explore strategic options for Escode demonstrate its commitment to long-term success and value creation for shareholders.
Here is the HTML table code comparing the financials and debt year on year for NCC Group PLC:
Metric2025 (£m)2024 (£m)Change
Revenue305.4329.2(7.2%)
Gross Profit135.9142.9(4.9%)
Adjusted EBITDA43.749.7(12.1%)
Operating Profit/(Loss)25.6(11.5)322.6%
Profit Before Taxation20.6(17.8)215.7%
Net Cash/(Debt) excluding lease liabilities13.1(45.3)128.9%
Final Dividend (pence)3.151.50-

Debt Comparison

Metric2025 (£m)2024 (£m)Change
Net Debt (including lease liabilities)(6.4)(72.9)91.2%
Net Debt (excluding lease liabilities)13.1(45.3)128.9%
**Key Takeaways:** * Revenue decreased by 7.2% from 2024 to 2025. * Gross Profit decreased by 4.9% from 2024 to 2025. * Adjusted EBITDA decreased by 12.1% from 2024 to 2025. * Profit Before Taxation increased significantly from a loss in 2024 to a profit in 2025. * Net Debt (excluding lease liabilities) improved significantly from a net debt position in 2024 to a net cash position in 2025. * Final Dividend increased from 1.50p in 2024 to 3.15p in 2025. Note: The debt comparison table shows both net debt including and excluding lease liabilities to provide a comprehensive view of the company's debt position.
BLOE logo
All News 06:01
BLOE

Holding(s) in Company

Block Energy PLC

TR1 Buy
['CSC Employee Benefit Trustee (Jersey) Limited', '0.000000', '7.026000']
INSG logo
All News 06:01
INSG

Director Dealings

Insig Ai PLC

<mark style="background-coloryellow">Purchase</mark> of shares
THRU logo
All News 06:01
THRU

Holding(s) in Company

Thruvision Group PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Nicholas Slater', '', 0]
RWS logo
All News 06:01
RWS

Final Results

RWS Holdings PLC

**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025**
RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformation and resilience amid market challenges. Key financial and operational highlights include
### **Financial Overview**
**Revenue**£690.1 million, a 4% decline from FY2024 (£718.2 million), with organic constant currency (OCC) revenue broadly flat, reflecting resilience despite market disruption.
**Adjusted EBITDA**£100.8 million, down 29% from FY2024 (£140.7 million).
**Adjusted Profit Before Tax (PBT)**£60.4 million, a 43% decrease from FY2024 (£106.7 million), but with a significant improvement from H1 (£18 million) to H2 (£42 million) due to cost reduction measures.
**Reported Loss Before Tax**£99.7 million, compared to a profit of £60.0 million in FY2024, primarily due to a non-cash goodwill impairment of £88.0 million and exceptional items of £22 million.
**Operational Free Cash Flow**£80.1 million, up 45% from FY2024 (£55.1 million), with a cash conversion rate of 126%.
**Net Debt**£25.4 million, up from £12.9 million in FY2024, including dividend payments of £45.9 million.
### **Dividend**
**Final Dividend**4.6p per share (FY2024: 10.0p), resulting in a total dividend for the year of 7.05p per share (FY2024: 12.45p). The Board recommends rebasing the dividend to align with sustainable profit performance and support investment in AI and M&A strategies.
### **Operational Highlights**
**Language Services**3% OCC growth, driven by AI services and strong APAC performance.
**Regulated Industries**10% OCC decline due to reduced linguistic validation activity.
**Language & Content Technology and IP Services**: Stable on an OCC basis, with SaaS growth.
**AI-Related Revenues**28% of Group revenues (FY2024: 25%).
**SaaS Transition**46% of license revenues from SaaS (FY2024: 39%).
**Client Retention**95% repeat services revenue and NPS score of +46.
### **Strategic Progress**
**Technology and Innovation**Launched Trados as a translation agent in Microsoft Co-pilot, integrated Papercups AI dubbing technology, and partnered with Cohere for automated translation.
**Efficiency**Implemented an efficiency plan, delivering stronger H2 profit performance, and working with Alvarez & Marsal to achieve a 10% productivity improvement over 18 months.
**Operating Model**Launched a new operating model with three strategic segments: Generate, Transform, and Protect.
**Leadership**Strengthened leadership with key appointments, including a Chief Product & Technology Officer and EVP of Go-to-Market.
### **Outlook**
**FY2026**Expects low single-digit OCC revenue growth, moderate margin expansion, and continued strong free cash flow conversion.
**Medium-Term**Anticipates accelerated OCC revenue growth, gradual profitability improvement, and normalization of operational free cash flow to c.65%.
### **Board Changes**
**Chairman and SID**Julie Southern and David Clayton to step down effective 31 December 2025. Andrew Brode and Gordon Stuart will serve as interim Chairman and SID, respectively.
**CFO**Stephen Lamb appointed as CFO, expected to join in Q1 2026.
### **CEO Commentary**
Ben Faes emphasized FY2025 as a pivotal year, marking RWSs transition to a technology-led AI solutions partner. Despite financial challenges, the company demonstrated resilience and executed strategic initiatives to position itself for future growth in the AI-driven market.
### **Conclusion**
RWS Holdings PLC navigated a challenging FY2025 with strategic focus on AI and operational efficiency, setting the stage for future growth and value creation in the evolving global AI landscape.
Here is the HTML table code comparing the financials and debt year on year for RWS Holdings PLC:
Metric2025 (£m)2024 (£m)Change
Revenue690.1718.2-4%
Adjusted EBITDA100.8140.7-28%
Adjusted Profit Before Tax60.4106.7-43%
Net Debt (excluding lease liabilities)(25.4)(12.9)-£12.5m
Net Debt (including lease liabilities)(47.9)(40.1)-£7.8m

Key Observations:

  • Revenue decreased by 4% from £718.2m in 2024 to £690.1m in 2025.
  • Adjusted EBITDA decreased by 28% from £140.7m in 2024 to £100.8m in 2025.
  • Adjusted Profit Before Tax decreased by 43% from £106.7m in 2024 to £60.4m in 2025.
  • Net Debt (excluding lease liabilities) increased from £(12.9)m in 2024 to £(25.4)m in 2025, a change of £(12.5)m.
  • Net Debt (including lease liabilities) increased from £(40.1)m in 2024 to £(47.9)m in 2025, a change of £(7.8)m.
This table provides a clear comparison of the key financials and debt metrics for RWS Holdings PLC between 2024 and 2025. The data shows a decline in revenue, adjusted EBITDA, and adjusted profit before tax, while net debt has increased.
CUSN logo
All News 06:01
CUSN

PDMR DEALING

Cornish Metals Inc.

On-market share <mark style="background-color:yellow">purchase</mark>
EST logo
All News 06:01
EST

JV Agreement for Development of Verkhuba

East Star Resources PLC

**Summary**
East Star Resources Plc (LSEEST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, Procurement, Construction) company, to establish a joint venture (JVCo) for the development of the Verkhuba Copper Deposit. Under the agreement, Xinhai will farm into the project in five stages, investing up to US$65 million to advance Verkhuba to production, potentially earning up to 70% equity in the JVCo. East Star will retain 30% ownership and will not require further funding to become a copper producer. The deal de-risks and accelerates Verkhubas development while allowing East Star to focus on other exploration projects, including its Rulikha and Talovskoye prospects, and a $25 million+ strategic gold exploration joint venture with Endeavour Mining. The agreement highlights East Stars asset value and positions the company for significant growth in Kazakhstans mining sector.
Agreement
SMIN logo
All News 06:01
SMIN

BINDING AGREEMENT SIGNED RE SMITHS INTERCONNECT

Smiths Group PLC

**Summary**
Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £1.3 billion. This transaction, initially disclosed on October 16, 2025, values Smiths Interconnect at 15.1x its FY2025 Headline EBITDA of £86.1 million. The sale follows the completion of a required French employment consultation process and is subject to customary regulatory approvals. Smiths Group expects the deal to close in the second half of fiscal year 2026, with proceeds received in cash, adjusted for working capital, cash, and debt. The company reaffirmed its strategic focus on high-growth sectors like energy, industrials, and construction, aiming to address global challenges such as decarbonization and energy efficiency.
Agreement
GCP logo
All News 06:01
GCP

Annual Report and Financial Statements

GCP Infrastructure Investments Limited

**Summary of GCP Infrastructure Investments Limiteds Annual Report and Financial Statements for the Year Ended 30 September 2025**
**Overview**
GCP Infrastructure Investments Limited ("GCP Infra" or the "Company") released its annual report and financial statements for the year ended 30 September 2025, highlighting its performance, strategic achievements, and future plans. The Company, a FTSE 250 closed-ended investment company, focuses on providing shareholders with regular, sustained, long-term dividend income while preserving capital through investments in UK infrastructure debt and similar assets.
**Financial Highlights**
**Portfolio Valuation**£858.9 million (2024: £960.0 million).
**Dividends for the Year**7.0 pence per share (maintained from 2024).
**NAV per Share**101.40 pence (2024: 105.22 pence).
**Weighted Average Annualised Yield**8.0% (2024: 7.8%).
**NAV Total Return**3.1% (2024: 2.2%).
**Total Profit and Comprehensive Income**: £18.4 million (2024: £19.5 million).
**Portfolio and Investment Strategy**
The Company maintains a diversified portfolio of 47 investments across renewable energy, social housing, and PPP/PFI sectors, with 49% partially inflation-protected.
The portfolio is focused on sustainable infrastructure, contributing to renewable energy generation and social impact, aligning with UN Sustainable Development Goals (SDGs).
The Company has a weighted average annualised yield of 8.0% and an average life of 11 years.
**Capital Allocation and Leverage**
**Leverage Reduction**Reduced leverage by 80% since the capital allocation policy announcement in December 2023, with a Loan-to-Value (LTV) ratio of 2.4% at year-end.
**Disposals and Cash Proceeds**Generated £46.4 million from disposals, primarily in renewables, bringing total proceeds since the policy to £77.8 million.
**Share Buybacks**Repurchased 30.8 million shares for £22.8 million, returning £35.6 million to shareholders since March 2023.
**Dividends and Shareholder Returns**
Paid a dividend of 7.0 pence per share, in line with the target, and reaffirmed the same target for the forthcoming year.
Dividend cover was 0.31 times on an earnings basis and 0.96 times on an adjusted earnings basis.
**Sustainability and ESG Integration**
The Company continues to integrate ESG criteria into its investment processes, with 57% of the portfolio invested in renewable energy.
Achieved B Corp certification for the Investment Adviser in 2024, reflecting commitment to sustainability.
Contributed to renewable energy generation (1,434 GWh) and social housing (3,040 people housed).
**Market Outlook and Strategy**
The UK infrastructure market presents significant opportunities, with £725 billion in public investment and £500 billion in private investment planned over the next decade.
The Company is well-positioned to capitalize on emerging sectors like long-duration energy storage, water, and heat networks.
Political risks, including policy changes and election uncertainties, are closely monitored.
**Governance and Stakeholder Engagement**
Welcomed new directors Ian Brown and Heather Bestwick, enhancing board diversity and expertise.
Engaged extensively with shareholders, including 62 meetings, webinars, and site visits.
Maintained strong relationships with borrowers, suppliers, and public sector stakeholders.
**Future Plans**
The Company intends to engage with shareholders in early 2026 to propose a future strategy for capital recycling and utilization.
Focus on portfolio rebalancing, reducing exposure to supported living, and exploring new investment opportunities in line with its sustainability and income objectives.
**Conclusion**
GCP Infra demonstrated resilience and strategic progress in 2025, maintaining its dividend target, reducing leverage, and advancing its capital allocation policy. Despite challenges, the Company remains committed to its investment objectives, sustainability goals, and delivering value to shareholders. The Board is optimistic about future opportunities in the UK infrastructure market and continues to prioritize shareholder engagement and governance excellence.
Here is a comparison of the financials and debt year on year for GCP Infrastructure Investments Limited, presented as an HTML table:
Metric20252024Change
Portfolio Valuation (£m)858.9960.0-10.5%
Dividends for the year (pence per share)7.07.00%
NAV per share (pence)101.40105.22-3.6%
Weighted Average Annualised Yield (%)8.07.8+2.6%
NAV Total Return (%)3.12.2+40.9%
Leverage (£m)2057-64.9%
LTV Ratio (%)2.46.0-60.0%
Disposals and Cash Proceeds (£m)46.431.4+47.8%
Share Buybacks (£m)22.82.2+936.4%
Total Profit and Comprehensive Income (£m)18.419.5-5.6%
**Key Observations:** - **Portfolio Valuation:** Decreased by 10.5% from £960.0m in 2024 to £858.9m in 2025, likely due to downward revaluations. - **Dividends:** Remained stable at 7.0 pence per share. - **NAV per share:** Decreased by 3.6% from 105.22 pence to 101.40 pence. - **Weighted Average Annualised Yield:** Increased slightly from 7.8% to 8.0%. - **NAV Total Return:** Improved significantly from 2.2% to 3.1%. - **Leverage and LTV Ratio:** Both decreased substantially, indicating a reduction in debt and improved financial flexibility. - **Disposals and Cash Proceeds:** Increased by 47.8%, reflecting active portfolio management. - **Share Buybacks:** Increased dramatically, indicating a focus on returning capital to shareholders. - **Total Profit and Comprehensive Income:** Decreased slightly from £19.5m to £18.4m. This table provides a concise comparison of key financial and debt metrics for GCP Infrastructure Investments Limited between 2024 and 2025.
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All News 06:01
PYC

Physiomics Awarded New Contract by Numab

Physiomics Plc

**Summary**
Physiomics plc, a leader in mathematical modelling, data science, and biostatistics for drug development, has been awarded a new contract by its long-standing client, Numab Therapeutics AG. The project involves using modelling and simulation to support the pre-clinical development of a multi-specific antibody targeting autoimmune diseases. Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model to optimize dosing for preclinical and clinical studies. The project is expected to be completed within the financial year ending 2026. This contract highlights the growing importance of Model Informed Drug Development (MIDD) in the drug development lifecycle. Dr. Peter Sargent, CEO of Physiomics, expressed satisfaction with the continued collaboration with Numab Therapeutics, emphasizing support for their therapeutic antibody pipeline in oncology and autoimmune indications. Physiomics has a proven track record, having contributed to over 100 commercial projects with clients including Merck KGaA, Astellas, and CRUK. The announcement was made via the London Stock Exchanges RNS news service on December 11, 2025.
NewContract
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All News 06:01
ANII

Half-year Financial Report

Aberdeen New India Investment Trust PLC

**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)**
**Overview**
Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy.
**Investment Case for India**
**Demographics**Indias large and expanding middle class drives consumption growth.
**Urbanization & Infrastructure**Booming infrastructure development benefits property, materials, and industrial sectors.
**Financial Inclusion**Digitalization expands financial services to underserved markets.
**Digital Transformation**Indias IT sector supports global digital readiness.
**Healthcare**Rising income and chronic diseases increase demand for quality healthcare.
**Green Transition**Policy commitments to renewable energy and environmental management.
**Performance Highlights**
**Six Months Ended 30 September 2025**
Share price+1.1%
Net asset value (NAV) per share-4.3%
Adjusted NAV per share-3.8% (adjusted for Indian Capital Gains Tax)
MSCI India Index (Sterling adjusted)-1.8%
**Year Ended 31 March 2025**
Share price+16.0%
NAV per share+8.5%
Adjusted NAV per share+11.7%
MSCI India Index+0.7%
**Long-Term Performance (10 years)**
Share price+150.7%
NAV per share+148.3%
MSCI India Index+180.1%
**Financial Metrics**
**Discount to NAV**Narrowed from 15.0% to 10.2%.
**Net Gearing**Increased slightly to 4.2% from 3.9%.
**Ongoing Charges Ratio**Rose to 1.00% from 0.95%.
**Portfolio Strategy**
Focus on high-quality, well-managed companies with sustainable competitive advantages.
Concentrated portfolio aligned with Indias structural growth themes.
Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent).
Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand.
**Key Developments**
**Investment Policy Change**Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets.
**Board Changes**Rebecca Donaldson passed away
search for a new Non-Executive Director underway.
**Name Change**Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding.
**Outlook**
Near-term challenges include US tariffs, macroeconomic risks, and market volatility.
Long-term growth drivers remain intactdemographics, policy reforms, urbanization, digitalization, and energy transition.
Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers.
**Chairmans Statement**
Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer.
**Investment Managers Report**
The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market.
**Top Holdings (as of 30 September 2025)**
HDFC Bank (10.2%)
ICICI Bank (8.4%)
Bharti Airtel (6.5%)
Mahindra & Mahindra (4.8%)
Infosys (3.7%)
**Risks**
Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation.
**Conclusion**
Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.
Here’s an HTML table comparing the financials and debt year-on-year for Aberdeen New India Investment Trust PLC based on the provided text:
Metric30 September 202531 March 2025Change
Financial Highlights
Share price (mid-market)764.00p756.00p+1.1%
Net asset value per share851.07p889.34p-4.3%
Adjusted net asset value per share904.16p940.32p-3.8%
Discount to net asset value10.2%15.0%-32.0%
Net gearing4.2%3.9%+7.7%
Ongoing charges ratio1.00%0.95%+5.3%
Debt
Bank loan (drawn down)£22.5 million£19.5 million+15.4%
Interest rate on borrowings5.27%8.055%-34.6%
### Explanation: 1. **Financial Highlights**: - **Share price**: Increased by 1.1% from 756.00p to 764.00p. - **Net asset value (NAV) per share**: Decreased by 4.3% from 889.34p to 851.07p. - **Adjusted NAV per share**: Decreased by 3.8% from 940.32p to 904.16p. - **Discount to NAV**: Narrowed from 15.0% to 10.2%, a reduction of 32.0%. - **Net gearing**: Increased slightly from 3.9% to 4.2%. - **Ongoing charges ratio**: Increased from 0.95% to 1.00%. 2. **Debt**: - **Bank loan**: Increased by 15.4% from £19.5 million to £22.5 million. - **Interest rate**: Decreased significantly from 8.055% to 5.27%, a reduction of 34.6%. This table provides a clear year-on-year comparison of key financial metrics and debt details for Aberdeen New India Investment Trust PLC.
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Acquisitions 7 news titles 7
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Agreement 06:01
EST

JV Agreement for Development of Verkhuba

East Star Resources PLC

**Summary**
East Star Resources Plc (LSEEST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, Procurement, Construction) company, to establish a joint venture (JVCo) for the development of the Verkhuba Copper Deposit. Under the agreement, Xinhai will farm into the project in five stages, investing up to US$65 million to advance Verkhuba to production, potentially earning up to 70% equity in the JVCo. East Star will retain 30% ownership and will not require further funding to become a copper producer. The deal de-risks and accelerates Verkhubas development while allowing East Star to focus on other exploration projects, including its Rulikha and Talovskoye prospects, and a $25 million+ strategic gold exploration joint venture with Endeavour Mining. The agreement highlights East Stars asset value and positions the company for significant growth in Kazakhstans mining sector.
Agreement
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Agreement 06:01
SMIN

BINDING AGREEMENT SIGNED RE SMITHS INTERCONNECT

Smiths Group PLC

**Summary**
Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £1.3 billion. This transaction, initially disclosed on October 16, 2025, values Smiths Interconnect at 15.1x its FY2025 Headline EBITDA of £86.1 million. The sale follows the completion of a required French employment consultation process and is subject to customary regulatory approvals. Smiths Group expects the deal to close in the second half of fiscal year 2026, with proceeds received in cash, adjusted for working capital, cash, and debt. The company reaffirmed its strategic focus on high-growth sectors like energy, industrials, and construction, aiming to address global challenges such as decarbonization and energy efficiency.
Agreement
Approvals 1 news title 1
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Approvals 16:55
GSK

Blujepa approved in US for gonorrhoea indication

GSK plc

**Summary**
GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uGC)** in adults and adolescents aged 12 and older weighing at least 45 kg. This approval marks the first new antibiotic class for gonorrhoea in over three decades, offering a much-needed alternative to injectable treatments.
**Key Highlights**
**Innovation** Blujepa is the first new class of antibiotics for gonorrhoea since 1987, addressing the urgent need for new treatments due to rising antimicrobial resistance.
**Indication** Approved for patients with limited or no alternative treatment options, such as those intolerant to or unwilling to use first-line injectable therapies.
**Clinical Evidence** Positive results from the **EAGLE-1 Phase III trial** demonstrated non-inferiority to the standard of care (ceftriaxone + azithromycin) with a favorable safety profile.
**Public Health Impact** Gonorrhoea, caused by *Neisseria gonorrhoeae*, is a priority pathogen for the WHO and an urgent public health threat in the U.S., with over 600,000 cases reported in 2023.
**Mechanism** Gepotidacin inhibits bacterial DNA replication through a novel mechanism, providing activity against resistant strains.
**Funding** Development was partially funded by the U.S. Department of Health and Human Services and the Department of Defense.
This approval underscores GSK’s commitment to addressing infectious diseases and combating antimicrobial resistance (AMR), with gepotidacin also approved earlier in 2025 for uncomplicated urinary tract infections (uUTI).
**Media and Investor Contacts**
GSK provided contact details for media and investor relations inquiries, emphasizing the significance of this milestone in infectious disease treatment.
Approvals
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Awards 1 news title 1
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Awards 09:01
MKS

2025 PSP Award Targets

Marks and Spencer Group PLC

Please provide the text you would like me to summarize. Im ready to help!
Awards
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DirectorDealing 36 news titles 36
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DirectorDealing 15:35
DFCH

Director/PDMR Shareholding

Distribution Finance Capital Holdings PLC

<mark style="background-coloryellow">Purchase</mark> of Ordinary Shares by a Persons Discharging Managerial Responsibilities ("PDMRs")
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DirectorDealing 15:31
SDR

Director/PDMR Shareholding

Schroders PLC

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan.
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DirectorDealing 15:01
CAV

Director Dealing

Cavendish plc

<mark style="background-coloryellow">Purchase</mark> of Dividend Shares under the Share Incentive Plan
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DirectorDealing 13:01
EZJ

Director/PDMR Shareholding

EasyJet PLC

The Plan is an HM Revenue and Customs approved plan under which employees in the UK are able to buy ordinary shares in the Company of 27 2/7 pence each, using deductions from their monthly salary ("Partnership Shares"). Participants can contribute up to £150 per month from their pay towards the <mark style="background-color:yellow">purchase</mark> of Partnership Shares.
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DirectorDealing 13:01
SVS

Director/PDMR Shareholding

Savills

The Savills Share Incentive Plan ("the Plan") is a share <mark style="background-color:yellow">purchase</mark> plan available to all employees of participating companies and Executive Directors/ PDMRs are eligible to participate. Each month the Trustees of the Plan invest participants contributions in Savills plc ordinary shares of 2.5p each ("Ordinary Shares") at the prevailing market price in accordance with the Plan Rules.
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DirectorDealing 12:40
DGE

Director/PDMR Shareholding

Diageo PLC

1. <mark style="background-coloryellow">purchase</mark> of partnership shares using deductions from salary
and
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DirectorDealing 10:51
ROR

Director/PDMR Shareholding

Rotork PLC

The transactions arise out of each PDMRs participation in the monthly partnership share <mark style="background-color:yellow">purchase</mark> arrangements under the Companys HMRC approved Share Incentive Plan. All of the Shares were purchased on 10 December 2025 on the London Stock Exchange at a price of 327.1876 pence per Share.
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DirectorDealing 10:31
CRDA

Director/PDMR Shareholding

Croda International PLC

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan by the SIP Trustee (Equiniti Share Plan Trustees Limited) - partnership shares purchased on behalf of PDMRs as detailed in c) and matching shares awarded to PDMRs as detailed in c).
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DirectorDealing 06:01
INSG

Director Dealings

Insig Ai PLC

<mark style="background-coloryellow">Purchase</mark> of shares
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DirectorDealing 06:01
CUSN

PDMR DEALING

Cornish Metals Inc.

On-market share <mark style="background-color:yellow">purchase</mark>
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JV 1 news title 1
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JV 06:01
NRR

Agreement for Joint Venture in Burgess Hill

NewRiver REIT plc

**Summary**
NewRiver REIT plc has entered into a conditional agreement with Mid Sussex District Council to form a joint venture for the regeneration of The Martlets shopping centre in Burgess Hill. The project aims to transform the outdated 1970s centre into a modern retail and leisure destination, including 172 new homes, a 102-room hotel, 50,000 sq ft of new retail space, and enhanced public areas. The joint venture will be formalized once specific conditions are met, including the sale of the residential site and pre-lets for the food store and hotel. Construction is expected to begin in summer 2026, with completion by 2028. Both parties expressed enthusiasm for the partnership, highlighting its potential to create lasting value for the community and shareholders. NewRiver, a leading UK Real Estate Investment Trust, specializes in resilient retail assets and manages a £2.3 billion portfolio. The announcement was distributed via Reach, the non-regulatory press release service of the London Stock Exchange.
JV
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NewContract 2 news titles 2
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NewContract 06:01
PYC

Physiomics Awarded New Contract by Numab

Physiomics Plc

**Summary**
Physiomics plc, a leader in mathematical modelling, data science, and biostatistics for drug development, has been awarded a new contract by its long-standing client, Numab Therapeutics AG. The project involves using modelling and simulation to support the pre-clinical development of a multi-specific antibody targeting autoimmune diseases. Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model to optimize dosing for preclinical and clinical studies. The project is expected to be completed within the financial year ending 2026. This contract highlights the growing importance of Model Informed Drug Development (MIDD) in the drug development lifecycle. Dr. Peter Sargent, CEO of Physiomics, expressed satisfaction with the continued collaboration with Numab Therapeutics, emphasizing support for their therapeutic antibody pipeline in oncology and autoimmune indications. Physiomics has a proven track record, having contributed to over 100 commercial projects with clients including Merck KGaA, Astellas, and CRUK. The announcement was made via the London Stock Exchanges RNS news service on December 11, 2025.
NewContract
Offers 4 news titles 4
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Offers 11:51
ACG

Amendment: No intention to offer - Anglo Asian

ACG Acquisition Co. Ltd.

**Summary**
ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with ACG concluding that the acquisition would not create value for its stakeholders. ACG emphasized its disciplined approach to capital allocation and commitment to protecting shareholder value. The announcement complies with Rule 2.8 of the City Code on Takeovers and Mergers, though ACG reserves the right to revisit this decision under specific circumstances, such as a third-party offer or material change in circumstances. ACG, focused on consolidating the copper industry with a strong ESG focus, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The statement was released via RNS, the London Stock Exchanges news service, and is subject to regulatory restrictions.
Offers
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Offers 10:54
ACG

Statement of no offer intention - Anglo Asian

ACG Acquisition Co. Ltd.

**Summary**
ACG Metals Limited announced on December 11, 2025, that it does not intend to make an offer for Anglo Asian Mining Plc, following a thorough review of Anglo Asians asset base. The decision aligns with ACGs disciplined approach to capital allocation and its focus on protecting shareholder value. ACG concluded that acquiring Anglo Asian would not create value for its stakeholders. This statement is made under Rule 2.8 of the City Code on Takeovers and Mergers, binding ACG to certain restrictions unless specific conditions (e.g., third-party offers, material changes) are met. ACG, a company focused on consolidating the copper industry through ESG-driven acquisitions, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The announcement contains inside information and is subject to regulatory restrictions.
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Reports 11 news titles 11
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Reports 11:01
RCGH

Half-year Financial Report

RC365 Holding PLC

**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):**
**Financial Performance**
**Revenue Growth** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024.
**Gross Margin** Gross margin decreased to 39.3% from 89.2% in H1 2024, primarily due to the contribution of card payment programs to the cost of sales.
**Loss Reduction** Loss after tax was reduced to HK$4.1 million from HK$7.4 million in H1 2024, attributed to disciplined cost management.
**Cash Position** Cash and cash equivalents stood at HK$5.9 million as of September 30, 2025, down from HK$11.8 million in March 2024.
**Operational Highlights**
**RCPAY Transactions** Processed HK$14.46 million in remittance and payment transactions, slightly lower than HK$18.70 million in H1 2024, reflecting a return to typical levels after exceptionally high demand in the prior year.
**Card Issuance** Issued an additional 46 RC365 Asset Link Credit Cards, bringing the total to 1,687. This includes clients from Hong Kong, Japan, and ASEAN.
**Virtual Banking Strategy**
Secured a Money Lenders Licence through the acquisition of HC Capital Group Ltd, enabling digital lending services.
Expanded card product range to include credit facilities, targeted for rollout in Q4 2025.
**Market Expansion** Strengthened presence in Japan, with the number of corporate customers more than doubling.
**RC3.0 App Launch** Preparation for the public launch of the RC3.0 App in early Q1 2026, which will expand functionality to include virtual banking, ERP, and blockchain-enabled features.
**Strategic Execution**
**Acquisition of HC Capital** Gained a Money Lenders Licence, marking a significant step towards offering credit products and developing virtual banking capabilities.
**Card Programs** Progress in card programs, particularly in Japan, which is a key growth market.
**RC3.0 App Development** The upcoming launch of the RC3.0 App is pivotal for expanding into virtual banking and other advanced services.
**Outlook**
**Exploring Opportunities** Continuing to explore business relationships in Hong Kong, Japan, the UK, and wider Europe.
**Card Programs Momentum** Expecting continued momentum in existing card programs.
**RC3.0 App Launch** Excited about the launch of the RC3.0 App, which will be a key milestone in expanding into virtual banking.
**Principal Risks and Uncertainties**
**Technological and Innovation Risks** Need to keep pace with rapid fintech developments to avoid losing market share.
**Competitive and Market Pressures** Intense competition from larger fintech players may pressure pricing and market penetration.
**Reputational and Operational Risks** Potential negative publicity from service disruptions, data breaches, or customer dissatisfaction.
**Regulatory and Compliance Risks** Non-compliance with AML, CTF, and licensing requirements could result in fines or operational restrictions.
**Strategic and Execution Risks** Challenges in executing growth strategies, including product development and market expansion.
**Human Capital Risks** Dependence on key executives and specialized personnel.
**Macroeconomic and External Risks** Global economic volatility, inflation, and shifts in payment methods could impact transaction volumes.
**Financial and Funding Risks** Ongoing liquidity pressures and reliance on external financing.
**Fraud and Security Risks** Exposure to fraudulent activities in digital payments.
**Managements Perspective**
**CEOs Statement** Chi Kit (Michael) LAW emphasized continued solid performance, strategic advancements, and improved financial results. He highlighted the importance of the HC Capital acquisition, progress in card issuance, and the upcoming RC3.0 App launch. The CEO also noted disciplined cost management and the focus on developing new revenue streams.
**Conclusion**
RC365 Holding PLC demonstrated resilience and strategic progress in H1 2025, with significant revenue growth, reduced losses, and key operational and strategic achievements. The company is well-positioned to capitalize on its expanded service offerings and geographic presence, particularly with the upcoming launch of the RC3.0 App and continued focus on virtual banking. However, it must navigate various risks, including technological, competitive, and regulatory challenges, to sustain its growth trajectory.
Here is the HTML table code comparing the financials and debt year on year for RC365 Holding PLC:
Financial MetricH1 2025 (HK$)H1 2024 (HK$)Change
Revenue11,949,1036,138,632+94.6%
Gross Profit4,691,7865,477,000-14.3%
Loss after Tax(4,121,662)(7,397,508)-44.3%
Cash and Cash Equivalents5,851,99116,250,880-64.0%
Total Debt (Borrowings + Lease Liabilities)4,605,1224,952,146-7.0%
Trade and Other Payables1,470,8913,967,381-63.0%
Amount due to a director857,5642,097,277-59.1%
Amount due to a shareholder2,634,9990N/A

Notes:

  • Revenue increased significantly by 94.6% year-on-year.
  • Loss after tax reduced by 44.3% due to effective cost control.
  • Cash and cash equivalents decreased by 64.0% compared to H1 2024.
  • Total debt decreased slightly by 7.0% year-on-year.
  • Trade and other payables and amounts due to a director decreased significantly.
  • A new amount due to a shareholder appeared in H1 2025.
This table provides a clear comparison of key financial metrics and debt items between H1 2025 and H1 2024 for RC365 Holding PLC. The changes are calculated as percentages to show the year-on-year growth or decline.
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Reports 06:01
GCP

Annual Report and Financial Statements

GCP Infrastructure Investments Limited

**Summary of GCP Infrastructure Investments Limiteds Annual Report and Financial Statements for the Year Ended 30 September 2025**
**Overview**
GCP Infrastructure Investments Limited ("GCP Infra" or the "Company") released its annual report and financial statements for the year ended 30 September 2025, highlighting its performance, strategic achievements, and future plans. The Company, a FTSE 250 closed-ended investment company, focuses on providing shareholders with regular, sustained, long-term dividend income while preserving capital through investments in UK infrastructure debt and similar assets.
**Financial Highlights**
**Portfolio Valuation**£858.9 million (2024: £960.0 million).
**Dividends for the Year**7.0 pence per share (maintained from 2024).
**NAV per Share**101.40 pence (2024: 105.22 pence).
**Weighted Average Annualised Yield**8.0% (2024: 7.8%).
**NAV Total Return**3.1% (2024: 2.2%).
**Total Profit and Comprehensive Income**: £18.4 million (2024: £19.5 million).
**Portfolio and Investment Strategy**
The Company maintains a diversified portfolio of 47 investments across renewable energy, social housing, and PPP/PFI sectors, with 49% partially inflation-protected.
The portfolio is focused on sustainable infrastructure, contributing to renewable energy generation and social impact, aligning with UN Sustainable Development Goals (SDGs).
The Company has a weighted average annualised yield of 8.0% and an average life of 11 years.
**Capital Allocation and Leverage**
**Leverage Reduction**Reduced leverage by 80% since the capital allocation policy announcement in December 2023, with a Loan-to-Value (LTV) ratio of 2.4% at year-end.
**Disposals and Cash Proceeds**Generated £46.4 million from disposals, primarily in renewables, bringing total proceeds since the policy to £77.8 million.
**Share Buybacks**Repurchased 30.8 million shares for £22.8 million, returning £35.6 million to shareholders since March 2023.
**Dividends and Shareholder Returns**
Paid a dividend of 7.0 pence per share, in line with the target, and reaffirmed the same target for the forthcoming year.
Dividend cover was 0.31 times on an earnings basis and 0.96 times on an adjusted earnings basis.
**Sustainability and ESG Integration**
The Company continues to integrate ESG criteria into its investment processes, with 57% of the portfolio invested in renewable energy.
Achieved B Corp certification for the Investment Adviser in 2024, reflecting commitment to sustainability.
Contributed to renewable energy generation (1,434 GWh) and social housing (3,040 people housed).
**Market Outlook and Strategy**
The UK infrastructure market presents significant opportunities, with £725 billion in public investment and £500 billion in private investment planned over the next decade.
The Company is well-positioned to capitalize on emerging sectors like long-duration energy storage, water, and heat networks.
Political risks, including policy changes and election uncertainties, are closely monitored.
**Governance and Stakeholder Engagement**
Welcomed new directors Ian Brown and Heather Bestwick, enhancing board diversity and expertise.
Engaged extensively with shareholders, including 62 meetings, webinars, and site visits.
Maintained strong relationships with borrowers, suppliers, and public sector stakeholders.
**Future Plans**
The Company intends to engage with shareholders in early 2026 to propose a future strategy for capital recycling and utilization.
Focus on portfolio rebalancing, reducing exposure to supported living, and exploring new investment opportunities in line with its sustainability and income objectives.
**Conclusion**
GCP Infra demonstrated resilience and strategic progress in 2025, maintaining its dividend target, reducing leverage, and advancing its capital allocation policy. Despite challenges, the Company remains committed to its investment objectives, sustainability goals, and delivering value to shareholders. The Board is optimistic about future opportunities in the UK infrastructure market and continues to prioritize shareholder engagement and governance excellence.
Here is a comparison of the financials and debt year on year for GCP Infrastructure Investments Limited, presented as an HTML table:
Metric20252024Change
Portfolio Valuation (£m)858.9960.0-10.5%
Dividends for the year (pence per share)7.07.00%
NAV per share (pence)101.40105.22-3.6%
Weighted Average Annualised Yield (%)8.07.8+2.6%
NAV Total Return (%)3.12.2+40.9%
Leverage (£m)2057-64.9%
LTV Ratio (%)2.46.0-60.0%
Disposals and Cash Proceeds (£m)46.431.4+47.8%
Share Buybacks (£m)22.82.2+936.4%
Total Profit and Comprehensive Income (£m)18.419.5-5.6%
**Key Observations:** - **Portfolio Valuation:** Decreased by 10.5% from £960.0m in 2024 to £858.9m in 2025, likely due to downward revaluations. - **Dividends:** Remained stable at 7.0 pence per share. - **NAV per share:** Decreased by 3.6% from 105.22 pence to 101.40 pence. - **Weighted Average Annualised Yield:** Increased slightly from 7.8% to 8.0%. - **NAV Total Return:** Improved significantly from 2.2% to 3.1%. - **Leverage and LTV Ratio:** Both decreased substantially, indicating a reduction in debt and improved financial flexibility. - **Disposals and Cash Proceeds:** Increased by 47.8%, reflecting active portfolio management. - **Share Buybacks:** Increased dramatically, indicating a focus on returning capital to shareholders. - **Total Profit and Comprehensive Income:** Decreased slightly from £19.5m to £18.4m. This table provides a concise comparison of key financial and debt metrics for GCP Infrastructure Investments Limited between 2024 and 2025.
ANII logo
Reports 06:01
ANII

Half-year Financial Report

Aberdeen New India Investment Trust PLC

**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)**
**Overview**
Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy.
**Investment Case for India**
**Demographics**Indias large and expanding middle class drives consumption growth.
**Urbanization & Infrastructure**Booming infrastructure development benefits property, materials, and industrial sectors.
**Financial Inclusion**Digitalization expands financial services to underserved markets.
**Digital Transformation**Indias IT sector supports global digital readiness.
**Healthcare**Rising income and chronic diseases increase demand for quality healthcare.
**Green Transition**Policy commitments to renewable energy and environmental management.
**Performance Highlights**
**Six Months Ended 30 September 2025**
Share price+1.1%
Net asset value (NAV) per share-4.3%
Adjusted NAV per share-3.8% (adjusted for Indian Capital Gains Tax)
MSCI India Index (Sterling adjusted)-1.8%
**Year Ended 31 March 2025**
Share price+16.0%
NAV per share+8.5%
Adjusted NAV per share+11.7%
MSCI India Index+0.7%
**Long-Term Performance (10 years)**
Share price+150.7%
NAV per share+148.3%
MSCI India Index+180.1%
**Financial Metrics**
**Discount to NAV**Narrowed from 15.0% to 10.2%.
**Net Gearing**Increased slightly to 4.2% from 3.9%.
**Ongoing Charges Ratio**Rose to 1.00% from 0.95%.
**Portfolio Strategy**
Focus on high-quality, well-managed companies with sustainable competitive advantages.
Concentrated portfolio aligned with Indias structural growth themes.
Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent).
Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand.
**Key Developments**
**Investment Policy Change**Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets.
**Board Changes**Rebecca Donaldson passed away
search for a new Non-Executive Director underway.
**Name Change**Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding.
**Outlook**
Near-term challenges include US tariffs, macroeconomic risks, and market volatility.
Long-term growth drivers remain intactdemographics, policy reforms, urbanization, digitalization, and energy transition.
Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers.
**Chairmans Statement**
Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer.
**Investment Managers Report**
The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market.
**Top Holdings (as of 30 September 2025)**
HDFC Bank (10.2%)
ICICI Bank (8.4%)
Bharti Airtel (6.5%)
Mahindra & Mahindra (4.8%)
Infosys (3.7%)
**Risks**
Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation.
**Conclusion**
Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.
Here’s an HTML table comparing the financials and debt year-on-year for Aberdeen New India Investment Trust PLC based on the provided text:
Metric30 September 202531 March 2025Change
Financial Highlights
Share price (mid-market)764.00p756.00p+1.1%
Net asset value per share851.07p889.34p-4.3%
Adjusted net asset value per share904.16p940.32p-3.8%
Discount to net asset value10.2%15.0%-32.0%
Net gearing4.2%3.9%+7.7%
Ongoing charges ratio1.00%0.95%+5.3%
Debt
Bank loan (drawn down)£22.5 million£19.5 million+15.4%
Interest rate on borrowings5.27%8.055%-34.6%
### Explanation: 1. **Financial Highlights**: - **Share price**: Increased by 1.1% from 756.00p to 764.00p. - **Net asset value (NAV) per share**: Decreased by 4.3% from 889.34p to 851.07p. - **Adjusted NAV per share**: Decreased by 3.8% from 940.32p to 904.16p. - **Discount to NAV**: Narrowed from 15.0% to 10.2%, a reduction of 32.0%. - **Net gearing**: Increased slightly from 3.9% to 4.2%. - **Ongoing charges ratio**: Increased from 0.95% to 1.00%. 2. **Debt**: - **Bank loan**: Increased by 15.4% from £19.5 million to £22.5 million. - **Interest rate**: Decreased significantly from 8.055% to 5.27%, a reduction of 34.6%. This table provides a clear year-on-year comparison of key financial metrics and debt details for Aberdeen New India Investment Trust PLC.
Results 7 news titles 7
NCC logo
Results 06:01
NCC

Preliminary audited results for the year 30/09/25

NCC Group plc

NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points
**Financial Performance**
* **Revenue** Group revenue declined by 2.6% to £293.9 million, with Escode (software escrow) growing by 2.2% to £66.5 million and Cyber Security declining by 4.0% to £227.4 million.
* **Gross Margins** Improved to 44.5% from 43.9%, driven by operational discipline and margin improvements in Escode.
* **Adjusted EBITDA** Declined to £40.6 million from £42.1 million in 2024, in line with Board expectations.
* **Profit Before Taxation** Increased significantly to £20.6 million from a loss of £17.8 million in 2024, due to various factors including a one-off profit from the sale of Fox Crypto.
**Strategic Progress**
* **Simplification and Focus** The sale of Fox Crypto in March 2025 simplified the business and strengthened the balance sheet, eliminating net debt.
* **Escode Review** The company is exploring strategic options for its Escode business, including a potential sale, which could lead to a significant return of capital to shareholders.
* **Cyber Security Transformation** NCC Group is repositioning its Cyber Security business towards higher-value, recurring revenue streams, supported by global delivery and strategic partnerships.
**Operational Highlights**
* **Managed Services Growth** Managed Services revenue increased as a proportion of total Cyber Security revenue, contributing to margin improvement.
* **Global Delivery** Expansion of the Manila hub and application of technology are enabling the company to scale operations and serve clients more efficiently.
* **Strategic Partnerships** Recognition from key partners like Splunk and Microsoft underscores NCC Groups reputation as a trusted advisor and innovator.
**Outlook**
* **FY26 Expectations** Revenue is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth. Adjusted EBITDA is expected to grow faster than revenue.
* **Medium-Term Goals** The Board remains confident in delivering the Groups medium-term financial goals through improved operational discipline and transformation of the cyber security engine.
**Key Metrics**
* **Net Cash** £13.1 million as of September 30, 2025, compared to net debt of £45.3 million in 2024.
* **Dividend** An unchanged final dividend of 3.15p per share, marking 20 consecutive years of dividend payments.
**Conclusion**
NCC Groups FY25 results reflect a year of strategic progress and transformation, with a focus on simplifying the business, improving profitability, and positioning for future growth in the cyber security market. The companys efforts to enhance its Cyber Security offerings, expand global delivery capabilities, and explore strategic options for Escode demonstrate its commitment to long-term success and value creation for shareholders.
Here is the HTML table code comparing the financials and debt year on year for NCC Group PLC:
Metric2025 (£m)2024 (£m)Change
Revenue305.4329.2(7.2%)
Gross Profit135.9142.9(4.9%)
Adjusted EBITDA43.749.7(12.1%)
Operating Profit/(Loss)25.6(11.5)322.6%
Profit Before Taxation20.6(17.8)215.7%
Net Cash/(Debt) excluding lease liabilities13.1(45.3)128.9%
Final Dividend (pence)3.151.50-

Debt Comparison

Metric2025 (£m)2024 (£m)Change
Net Debt (including lease liabilities)(6.4)(72.9)91.2%
Net Debt (excluding lease liabilities)13.1(45.3)128.9%
**Key Takeaways:** * Revenue decreased by 7.2% from 2024 to 2025. * Gross Profit decreased by 4.9% from 2024 to 2025. * Adjusted EBITDA decreased by 12.1% from 2024 to 2025. * Profit Before Taxation increased significantly from a loss in 2024 to a profit in 2025. * Net Debt (excluding lease liabilities) improved significantly from a net debt position in 2024 to a net cash position in 2025. * Final Dividend increased from 1.50p in 2024 to 3.15p in 2025. Note: The debt comparison table shows both net debt including and excluding lease liabilities to provide a comprehensive view of the company's debt position.
RWS logo
Results 06:01
RWS

Final Results

RWS Holdings PLC

**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025**
RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformation and resilience amid market challenges. Key financial and operational highlights include
### **Financial Overview**
**Revenue**£690.1 million, a 4% decline from FY2024 (£718.2 million), with organic constant currency (OCC) revenue broadly flat, reflecting resilience despite market disruption.
**Adjusted EBITDA**£100.8 million, down 29% from FY2024 (£140.7 million).
**Adjusted Profit Before Tax (PBT)**£60.4 million, a 43% decrease from FY2024 (£106.7 million), but with a significant improvement from H1 (£18 million) to H2 (£42 million) due to cost reduction measures.
**Reported Loss Before Tax**£99.7 million, compared to a profit of £60.0 million in FY2024, primarily due to a non-cash goodwill impairment of £88.0 million and exceptional items of £22 million.
**Operational Free Cash Flow**£80.1 million, up 45% from FY2024 (£55.1 million), with a cash conversion rate of 126%.
**Net Debt**£25.4 million, up from £12.9 million in FY2024, including dividend payments of £45.9 million.
### **Dividend**
**Final Dividend**4.6p per share (FY2024: 10.0p), resulting in a total dividend for the year of 7.05p per share (FY2024: 12.45p). The Board recommends rebasing the dividend to align with sustainable profit performance and support investment in AI and M&A strategies.
### **Operational Highlights**
**Language Services**3% OCC growth, driven by AI services and strong APAC performance.
**Regulated Industries**10% OCC decline due to reduced linguistic validation activity.
**Language & Content Technology and IP Services**: Stable on an OCC basis, with SaaS growth.
**AI-Related Revenues**28% of Group revenues (FY2024: 25%).
**SaaS Transition**46% of license revenues from SaaS (FY2024: 39%).
**Client Retention**95% repeat services revenue and NPS score of +46.
### **Strategic Progress**
**Technology and Innovation**Launched Trados as a translation agent in Microsoft Co-pilot, integrated Papercups AI dubbing technology, and partnered with Cohere for automated translation.
**Efficiency**Implemented an efficiency plan, delivering stronger H2 profit performance, and working with Alvarez & Marsal to achieve a 10% productivity improvement over 18 months.
**Operating Model**Launched a new operating model with three strategic segments: Generate, Transform, and Protect.
**Leadership**Strengthened leadership with key appointments, including a Chief Product & Technology Officer and EVP of Go-to-Market.
### **Outlook**
**FY2026**Expects low single-digit OCC revenue growth, moderate margin expansion, and continued strong free cash flow conversion.
**Medium-Term**Anticipates accelerated OCC revenue growth, gradual profitability improvement, and normalization of operational free cash flow to c.65%.
### **Board Changes**
**Chairman and SID**Julie Southern and David Clayton to step down effective 31 December 2025. Andrew Brode and Gordon Stuart will serve as interim Chairman and SID, respectively.
**CFO**Stephen Lamb appointed as CFO, expected to join in Q1 2026.
### **CEO Commentary**
Ben Faes emphasized FY2025 as a pivotal year, marking RWSs transition to a technology-led AI solutions partner. Despite financial challenges, the company demonstrated resilience and executed strategic initiatives to position itself for future growth in the AI-driven market.
### **Conclusion**
RWS Holdings PLC navigated a challenging FY2025 with strategic focus on AI and operational efficiency, setting the stage for future growth and value creation in the evolving global AI landscape.
Here is the HTML table code comparing the financials and debt year on year for RWS Holdings PLC:
Metric2025 (£m)2024 (£m)Change
Revenue690.1718.2-4%
Adjusted EBITDA100.8140.7-28%
Adjusted Profit Before Tax60.4106.7-43%
Net Debt (excluding lease liabilities)(25.4)(12.9)-£12.5m
Net Debt (including lease liabilities)(47.9)(40.1)-£7.8m

Key Observations:

  • Revenue decreased by 4% from £718.2m in 2024 to £690.1m in 2025.
  • Adjusted EBITDA decreased by 28% from £140.7m in 2024 to £100.8m in 2025.
  • Adjusted Profit Before Tax decreased by 43% from £106.7m in 2024 to £60.4m in 2025.
  • Net Debt (excluding lease liabilities) increased from £(12.9)m in 2024 to £(25.4)m in 2025, a change of £(12.5)m.
  • Net Debt (including lease liabilities) increased from £(40.1)m in 2024 to £(47.9)m in 2025, a change of £(7.8)m.
This table provides a clear comparison of the key financials and debt metrics for RWS Holdings PLC between 2024 and 2025. The data shows a decline in revenue, adjusted EBITDA, and adjusted profit before tax, while net debt has increased.
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Speculation 1 news title 1
CEPS logo
Speculation 14:40
CEPS

Response to Press Speculation

Ceps PLC

**Summary**
CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. However, CEPS emphasized that no agreement has been reached, and there is no certainty that a firm offer will be made or what terms it might include. The company will make a further announcement if and when appropriate. This statement constitutes inside information under the UK Market Abuse Regulation (UK MAR) and is now in the public domain. The Directors of CEPS accept responsibility for the announcements content. Contact details for CEPS and its Nomad, SPARK Advisory Partners Limited, are provided for inquiries.
Speculation
Strategic 0 news titles 0

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Suspension 1 news title 1
TR1 49 news titles 49
GNC logo
TR1 16:11
GNC

Holding(s) in Company

Greencore Group

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '3.308803', '0.000000']
PRSR logo
TR1 16:02
PRSR

TR-1 Notification

PRS Reit PLC

TR1 Buy
['Bank of America Corporation', '0.899474', '0.596230']
CPI logo
TR1 15:46
CPI

Holding(s) in Company

Capita PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '6.491077', '0.000000']
WG. logo
TR1 15:29
WG.

Holding(s) in Company

WG.

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', '0.671477', 'Below Minimum Threshold']
PCGH logo
TR1 15:10
PCGH

Holding(s) in Company

Polar Capital Global Healthcare Trust plc

<mark style="background-coloryellow">TR1</mark> Buy
EWI logo
TR1 15:00
EWI

Holding(s) in Company

Edinburgh Worldwide Investment Trust plc

<mark style="background-coloryellow">TR1</mark> Buy
['Barclays PLC', 'Below notifiable threshold', '5.580000']
AVON logo
TR1 14:52
AVON

Holding(s) in Company

Avon Protection PLC

TR1 Buy
['JTC Share Plan Trustees (Guernsey) Limited', '2.830000', '3.104339']
XSG logo
TR1 12:07
XSG

TR-1 Entrepreneurs Fund

Xeros Technology Group Plc

TR1 Buy
['Entrepreneurs Fund General Partner Limited', '4.130000', '6.870000']
TRST logo
TR1 11:20
TRST

Holding(s) in Company

Trustpilot Group PLC

TR1 Buy
['JPMorgan Asset Management Holdings Inc.', '4.937273', '5.180540']
PIN logo
TR1 09:52
PIN

Holding(s) in Company

Pantheon International PLC

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
BLOE logo
TR1 06:01
BLOE

Holding(s) in Company

Block Energy PLC

TR1 Buy
['CSC Employee Benefit Trustee (Jersey) Limited', '0.000000', '7.026000']
THRU logo
TR1 06:01
THRU

Holding(s) in Company

Thruvision Group PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Nicholas Slater', '', 0]
Takeover 0 news titles 0

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Understanding 0 news titles 0

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Updates 20 news titles 20
Vaccine 0 news titles 0

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Wins 1 news title 1
STX logo
Wins 06:01
STX

Shield Wins Gold at Titan Branding Awards

Shield Therapeutics plc

**Summary**
Shield Therapeutics plc, a commercial-stage pharmaceutical company specializing in iron deficiency treatments, has been awarded Gold at the 2025 Titan Brand Awards for the successful rebranding of its product, ACCRUFeR®. The award recognizes the companys efforts in transforming ACCRUFeR® into a highly differentiated, patient-focused brand, which has become the #1 branded prescription oral iron in the U.S. ID/IDA market. This achievement highlights Shields commitment to addressing the significant unmet needs of patients and healthcare professionals in managing iron deficiency and iron deficiency anemia (ID/IDA), a condition affecting approximately 20 million people in the U.S. and representing a $2.3B market opportunity. The rebranding initiative is part of a broader digital marketing strategy aimed at driving growth for ACCRUFeR®. The product, also known as FeRACCRU® (ferric maltol), is a novel, stable, non-salt-based oral therapy with a unique absorption mechanism, supported by strong clinical trial data. Shield has established partnerships for the commercialization of ACCRUFeR®/FeRACCRU® globally, with patent protection extending into the mid-2030s.
Wins
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Trading Floor
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2025-12-11 22 picks
80 Positive
GSK
GSK plc
Positive
Blujepa approved in US for gonorrhoea indication
**Summary:** GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uGC)** in adults and adolescents aged 12 and older weighing at least 45 kg. This approval marks the first new antibiotic class for gonorrhoea in over three decades, offering a much-needed alternative to injectable treatments. **Key Highlights:** - **Innovation:** Blujepa is the first new class of antibiotics for gonorrhoea since 1987, addressing the urgent need for new treatments due to rising antimicrobial resistance. - **Indication:** Approved for patients with limited or no alternative treatment options, such as those intolerant to or unwilling to use first-line injectable therapies. - **Clinical Evidence:** Positive results from the **EAGLE-1 Phase III trial** demonstrated non-inferiority to the standard of care (ceftriaxone + azithromycin) with a favorable safety profile. - **Public Health Impact:** Gonorrhoea, caused by *Neisseria gonorrhoeae*, is a priority pathogen for the WHO and an urgent public health threat in the U.S., with over 600,000 cases reported in 2023. - **Mechanism:** Gepotidacin inhibits bacterial DNA replication through a novel mechanism, providing activity against resistant strains. - **Funding:** Development was partially funded by the U.S. Department of Health and Human Services and the Department of Defense. This approval underscores GSK’s commitment to addressing infectious diseases and combating antimicrobial resistance (AMR), with gepotidacin also approved earlier in 2025 for uncomplicated urinary tract infections (uUTI). **Media and Investor Contacts:** GSK provided contact details for media and investor relations inquiries, emphasizing the significance of this milestone in infectious disease treatment.
**Summary**
GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uGC)** in adults and adolescents aged 12 and older weighing at least 45 kg. This approval marks the first new antibiotic class for gonorrhoea in over three decades, offering a much-needed alternative to injectable treatments.
**Key Highlights**
**Innovation** Blujepa is the first new class of antibiotics for gonorrhoea since 1987, addressing the urgent need for new treatments due to rising antimicrobial resistance.
**Indication** Approved for patients with limited or no alternative treatment options, such as those intolerant to or unwilling to use first-line injectable therapies.
**Clinical Evidence** Positive results from the **EAGLE-1 Phase III trial** demonstrated non-inferiority to the standard of care (ceftriaxone + azithromycin) with a favorable safety profile.
**Public Health Impact** Gonorrhoea, caused by *Neisseria gonorrhoeae*, is a priority pathogen for the WHO and an urgent public health threat in the U.S., with over 600,000 cases reported in 2023.
**Mechanism** Gepotidacin inhibits bacterial DNA replication through a novel mechanism, providing activity against resistant strains.
**Funding** Development was partially funded by the U.S. Department of Health and Human Services and the Department of Defense.
This approval underscores GSK’s commitment to addressing infectious diseases and combating antimicrobial resistance (AMR), with gepotidacin also approved earlier in 2025 for uncomplicated urinary tract infections (uUTI).
**Media and Investor Contacts**
GSK provided contact details for media and investor relations inquiries, emphasizing the significance of this milestone in infectious disease treatment.
Approvals
16:55
Open Terminal ↗ RNS Source
80 Positive
CEPS
Ceps PLC
Positive
Response to Press Speculation
**Summary:** CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. However, CEPS emphasized that no agreement has been reached, and there is no certainty that a firm offer will be made or what terms it might include. The company will make a further announcement if and when appropriate. This statement constitutes inside information under the UK Market Abuse Regulation (UK MAR) and is now in the public domain. The Directors of CEPS accept responsibility for the announcements content. Contact details for CEPS and its Nomad, SPARK Advisory Partners Limited, are provided for inquiries.
**Summary**
CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. However, CEPS emphasized that no agreement has been reached, and there is no certainty that a firm offer will be made or what terms it might include. The company will make a further announcement if and when appropriate. This statement constitutes inside information under the UK Market Abuse Regulation (UK MAR) and is now in the public domain. The Directors of CEPS accept responsibility for the announcements content. Contact details for CEPS and its Nomad, SPARK Advisory Partners Limited, are provided for inquiries.
Speculation
14:40
Open Terminal ↗ RNS Source
80 Positive
ACG
ACG Acquisition Co. Ltd.
Positive
Amendment: No intention to offer - Anglo Asian
**Summary:** ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with ACG concluding that the acquisition would not create value for its stakeholders. ACG emphasized its disciplined approach to capital allocation and commitment to protecting shareholder value. The announcement complies with Rule 2.8 of the City Code on Takeovers and Mergers, though ACG reserves the right to revisit this decision under specific circumstances, such as a third-party offer or material change in circumstances. ACG, focused on consolidating the copper industry with a strong ESG focus, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The statement was released via RNS, the London Stock Exchanges news service, and is subject to regulatory restrictions.
**Summary**
ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with ACG concluding that the acquisition would not create value for its stakeholders. ACG emphasized its disciplined approach to capital allocation and commitment to protecting shareholder value. The announcement complies with Rule 2.8 of the City Code on Takeovers and Mergers, though ACG reserves the right to revisit this decision under specific circumstances, such as a third-party offer or material change in circumstances. ACG, focused on consolidating the copper industry with a strong ESG focus, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The statement was released via RNS, the London Stock Exchanges news service, and is subject to regulatory restrictions.
Offers
11:51
Open Terminal ↗ RNS Source
84 Broker Upgrade
RCGH
RC365 Holding PLC
Positive
Half-year Financial Report
**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):** **Financial Performance:** - **Revenue Growth:** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024. - **Gross Margin:** Gross margin decreased to 39.3% from 89.2% in H1 2024, primarily due to the contribution of card payment programs to the cost of sales. - **Loss Reduction:** Loss after tax was reduced to HK$4.1 million from HK$7.4 million in H1 2024, attributed to disciplined cost management. - **Cash Position:** Cash and cash equivalents stood at HK$5.9 million as of September 30, 2025, down from HK$11.8 million in March 2024. **Operational Highlights:** - **RCPAY Transactions:** Processed HK$14.46 million in remittance and payment transactions, slightly lower than HK$18.70 million in H1 2024, reflecting a return to typical levels after exceptionally high demand in the prior year. - **Card Issuance:** Issued an additional 46 RC365 Asset Link Credit Cards, bringing the total to 1,687. This includes clients from Hong Kong, Japan, and ASEAN. - **Virtual Banking Strategy:** - Secured a Money Lenders Licence through the acquisition of HC Capital Group Ltd, enabling digital lending services. - Expanded card product range to include credit facilities, targeted for rollout in Q4 2025. - **Market Expansion:** Strengthened presence in Japan, with the number of corporate customers more than doubling. - **RC3.0 App Launch:** Preparation for the public launch of the RC3.0 App in early Q1 2026, which will expand functionality to include virtual banking, ERP, and blockchain-enabled features. **Strategic Execution:** - **Acquisition of HC Capital:** Gained a Money Lenders Licence, marking a significant step towards offering credit products and developing virtual banking capabilities. - **Card Programs:** Progress in card programs, particularly in Japan, which is a key growth market. - **RC3.0 App Development:** The upcoming launch of the RC3.0 App is pivotal for expanding into virtual banking and other advanced services. **Outlook:** - **Exploring Opportunities:** Continuing to explore business relationships in Hong Kong, Japan, the UK, and wider Europe. - **Card Programs Momentum:** Expecting continued momentum in existing card programs. - **RC3.0 App Launch:** Excited about the launch of the RC3.0 App, which will be a key milestone in expanding into virtual banking. **Principal Risks and Uncertainties:** - **Technological and Innovation Risks:** Need to keep pace with rapid fintech developments to avoid losing market share. - **Competitive and Market Pressures:** Intense competition from larger fintech players may pressure pricing and market penetration. - **Reputational and Operational Risks:** Potential negative publicity from service disruptions, data breaches, or customer dissatisfaction. - **Regulatory and Compliance Risks:** Non-compliance with AML, CTF, and licensing requirements could result in fines or operational restrictions. - **Strategic and Execution Risks:** Challenges in executing growth strategies, including product development and market expansion. - **Human Capital Risks:** Dependence on key executives and specialized personnel. - **Macroeconomic and External Risks:** Global economic volatility, inflation, and shifts in payment methods could impact transaction volumes. - **Financial and Funding Risks:** Ongoing liquidity pressures and reliance on external financing. - **Fraud and Security Risks:** Exposure to fraudulent activities in digital payments. **Managements Perspective:** - **CEOs Statement:** Chi Kit (Michael) LAW emphasized continued solid performance, strategic advancements, and improved financial results. He highlighted the importance of the HC Capital acquisition, progress in card issuance, and the upcoming RC3.0 App launch. The CEO also noted disciplined cost management and the focus on developing new revenue streams. **Conclusion:** RC365 Holding PLC demonstrated resilience and strategic progress in H1 2025, with significant revenue growth, reduced losses, and key operational and strategic achievements. The company is well-positioned to capitalize on its expanded service offerings and geographic presence, particularly with the upcoming launch of the RC3.0 App and continued focus on virtual banking. However, it must navigate various risks, including technological, competitive, and regulatory challenges, to sustain its growth trajectory.
**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):**
**Financial Performance**
**Revenue Growth** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024.
**Gross Margin** Gross margin decreased to 39.3% from 89.2% in H1 2024, primarily due to the contribution of card payment programs to the cost of sales.
**Loss Reduction** Loss after tax was reduced to HK$4.1 million from HK$7.4 million in H1 2024, attributed to disciplined cost management.
**Cash Position** Cash and cash equivalents stood at HK$5.9 million as of September 30, 2025, down from HK$11.8 million in March 2024.
**Operational Highlights**
**RCPAY Transactions** Processed HK$14.46 million in remittance and payment transactions, slightly lower than HK$18.70 million in H1 2024, reflecting a return to typical levels after exceptionally high demand in the prior year.
**Card Issuance** Issued an additional 46 RC365 Asset Link Credit Cards, bringing the total to 1,687. This includes clients from Hong Kong, Japan, and ASEAN.
**Virtual Banking Strategy**
Secured a Money Lenders Licence through the acquisition of HC Capital Group Ltd, enabling digital lending services.
Expanded card product range to include credit facilities, targeted for rollout in Q4 2025.
**Market Expansion** Strengthened presence in Japan, with the number of corporate customers more than doubling.
**RC3.0 App Launch** Preparation for the public launch of the RC3.0 App in early Q1 2026, which will expand functionality to include virtual banking, ERP, and blockchain-enabled features.
**Strategic Execution**
**Acquisition of HC Capital** Gained a Money Lenders Licence, marking a significant step towards offering credit products and developing virtual banking capabilities.
**Card Programs** Progress in card programs, particularly in Japan, which is a key growth market.
**RC3.0 App Development** The upcoming launch of the RC3.0 App is pivotal for expanding into virtual banking and other advanced services.
**Outlook**
**Exploring Opportunities** Continuing to explore business relationships in Hong Kong, Japan, the UK, and wider Europe.
**Card Programs Momentum** Expecting continued momentum in existing card programs.
**RC3.0 App Launch** Excited about the launch of the RC3.0 App, which will be a key milestone in expanding into virtual banking.
**Principal Risks and Uncertainties**
**Technological and Innovation Risks** Need to keep pace with rapid fintech developments to avoid losing market share.
**Competitive and Market Pressures** Intense competition from larger fintech players may pressure pricing and market penetration.
**Reputational and Operational Risks** Potential negative publicity from service disruptions, data breaches, or customer dissatisfaction.
**Regulatory and Compliance Risks** Non-compliance with AML, CTF, and licensing requirements could result in fines or operational restrictions.
**Strategic and Execution Risks** Challenges in executing growth strategies, including product development and market expansion.
**Human Capital Risks** Dependence on key executives and specialized personnel.
**Macroeconomic and External Risks** Global economic volatility, inflation, and shifts in payment methods could impact transaction volumes.
**Financial and Funding Risks** Ongoing liquidity pressures and reliance on external financing.
**Fraud and Security Risks** Exposure to fraudulent activities in digital payments.
**Managements Perspective**
**CEOs Statement** Chi Kit (Michael) LAW emphasized continued solid performance, strategic advancements, and improved financial results. He highlighted the importance of the HC Capital acquisition, progress in card issuance, and the upcoming RC3.0 App launch. The CEO also noted disciplined cost management and the focus on developing new revenue streams.
**Conclusion**
RC365 Holding PLC demonstrated resilience and strategic progress in H1 2025, with significant revenue growth, reduced losses, and key operational and strategic achievements. The company is well-positioned to capitalize on its expanded service offerings and geographic presence, particularly with the upcoming launch of the RC3.0 App and continued focus on virtual banking. However, it must navigate various risks, including technological, competitive, and regulatory challenges, to sustain its growth trajectory.
Here is the HTML table code comparing the financials and debt year on year for RC365 Holding PLC:
Financial MetricH1 2025 (HK$)H1 2024 (HK$)Change
Revenue11,949,1036,138,632+94.6%
Gross Profit4,691,7865,477,000-14.3%
Loss after Tax(4,121,662)(7,397,508)-44.3%
Cash and Cash Equivalents5,851,99116,250,880-64.0%
Total Debt (Borrowings + Lease Liabilities)4,605,1224,952,146-7.0%
Trade and Other Payables1,470,8913,967,381-63.0%
Amount due to a director857,5642,097,277-59.1%
Amount due to a shareholder2,634,9990N/A

Notes:

  • Revenue increased significantly by 94.6% year-on-year.
  • Loss after tax reduced by 44.3% due to effective cost control.
  • Cash and cash equivalents decreased by 64.0% compared to H1 2024.
  • Total debt decreased slightly by 7.0% year-on-year.
  • Trade and other payables and amounts due to a director decreased significantly.
  • A new amount due to a shareholder appeared in H1 2025.
This table provides a clear comparison of key financial metrics and debt items between H1 2025 and H1 2024 for RC365 Holding PLC. The changes are calculated as percentages to show the year-on-year growth or decline.
11:01
Open Terminal ↗ RNS Source
80 Positive
ACG
ACG Acquisition Co. Ltd.
Positive
Statement of no offer intention - Anglo Asian
**Summary:** ACG Metals Limited announced on December 11, 2025, that it does not intend to make an offer for Anglo Asian Mining Plc, following a thorough review of Anglo Asians asset base. The decision aligns with ACGs disciplined approach to capital allocation and its focus on protecting shareholder value. ACG concluded that acquiring Anglo Asian would not create value for its stakeholders. This statement is made under Rule 2.8 of the City Code on Takeovers and Mergers, binding ACG to certain restrictions unless specific conditions (e.g., third-party offers, material changes) are met. ACG, a company focused on consolidating the copper industry through ESG-driven acquisitions, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The announcement contains inside information and is subject to regulatory restrictions.
**Summary**
ACG Metals Limited announced on December 11, 2025, that it does not intend to make an offer for Anglo Asian Mining Plc, following a thorough review of Anglo Asians asset base. The decision aligns with ACGs disciplined approach to capital allocation and its focus on protecting shareholder value. ACG concluded that acquiring Anglo Asian would not create value for its stakeholders. This statement is made under Rule 2.8 of the City Code on Takeovers and Mergers, binding ACG to certain restrictions unless specific conditions (e.g., third-party offers, material changes) are met. ACG, a company focused on consolidating the copper industry through ESG-driven acquisitions, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The announcement contains inside information and is subject to regulatory restrictions.
Offers
10:54
Open Terminal ↗ RNS Source
80 Positive
MKS
Marks and Spencer Group PLC
Positive
2025 PSP Award Targets
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Awards
09:01
Open Terminal ↗ RNS Source
80 Positive
NRR
NewRiver REIT plc
Positive
Agreement for Joint Venture in Burgess Hill
**Summary:** NewRiver REIT plc has entered into a conditional agreement with Mid Sussex District Council to form a joint venture for the regeneration of The Martlets shopping centre in Burgess Hill. The project aims to transform the outdated 1970s centre into a modern retail and leisure destination, including 172 new homes, a 102-room hotel, 50,000 sq ft of new retail space, and enhanced public areas. The joint venture will be formalized once specific conditions are met, including the sale of the residential site and pre-lets for the food store and hotel. Construction is expected to begin in summer 2026, with completion by 2028. Both parties expressed enthusiasm for the partnership, highlighting its potential to create lasting value for the community and shareholders. NewRiver, a leading UK Real Estate Investment Trust, specializes in resilient retail assets and manages a £2.3 billion portfolio. The announcement was distributed via Reach, the non-regulatory press release service of the London Stock Exchange.
**Summary**
NewRiver REIT plc has entered into a conditional agreement with Mid Sussex District Council to form a joint venture for the regeneration of The Martlets shopping centre in Burgess Hill. The project aims to transform the outdated 1970s centre into a modern retail and leisure destination, including 172 new homes, a 102-room hotel, 50,000 sq ft of new retail space, and enhanced public areas. The joint venture will be formalized once specific conditions are met, including the sale of the residential site and pre-lets for the food store and hotel. Construction is expected to begin in summer 2026, with completion by 2028. Both parties expressed enthusiasm for the partnership, highlighting its potential to create lasting value for the community and shareholders. NewRiver, a leading UK Real Estate Investment Trust, specializes in resilient retail assets and manages a £2.3 billion portfolio. The announcement was distributed via Reach, the non-regulatory press release service of the London Stock Exchange.
JV
06:01
Open Terminal ↗ RNS Source
80 Positive
STX
Shield Therapeutics plc
Positive
Shield Wins Gold at Titan Branding Awards
**Summary:** Shield Therapeutics plc, a commercial-stage pharmaceutical company specializing in iron deficiency treatments, has been awarded Gold at the 2025 Titan Brand Awards for the successful rebranding of its product, ACCRUFeR®. The award recognizes the companys efforts in transforming ACCRUFeR® into a highly differentiated, patient-focused brand, which has become the #1 branded prescription oral iron in the U.S. ID/IDA market. This achievement highlights Shields commitment to addressing the significant unmet needs of patients and healthcare professionals in managing iron deficiency and iron deficiency anemia (ID/IDA), a condition affecting approximately 20 million people in the U.S. and representing a $2.3B market opportunity. The rebranding initiative is part of a broader digital marketing strategy aimed at driving growth for ACCRUFeR®. The product, also known as FeRACCRU® (ferric maltol), is a novel, stable, non-salt-based oral therapy with a unique absorption mechanism, supported by strong clinical trial data. Shield has established partnerships for the commercialization of ACCRUFeR®/FeRACCRU® globally, with patent protection extending into the mid-2030s.
**Summary**
Shield Therapeutics plc, a commercial-stage pharmaceutical company specializing in iron deficiency treatments, has been awarded Gold at the 2025 Titan Brand Awards for the successful rebranding of its product, ACCRUFeR®. The award recognizes the companys efforts in transforming ACCRUFeR® into a highly differentiated, patient-focused brand, which has become the #1 branded prescription oral iron in the U.S. ID/IDA market. This achievement highlights Shields commitment to addressing the significant unmet needs of patients and healthcare professionals in managing iron deficiency and iron deficiency anemia (ID/IDA), a condition affecting approximately 20 million people in the U.S. and representing a $2.3B market opportunity. The rebranding initiative is part of a broader digital marketing strategy aimed at driving growth for ACCRUFeR®. The product, also known as FeRACCRU® (ferric maltol), is a novel, stable, non-salt-based oral therapy with a unique absorption mechanism, supported by strong clinical trial data. Shield has established partnerships for the commercialization of ACCRUFeR®/FeRACCRU® globally, with patent protection extending into the mid-2030s.
Wins
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
NCC
NCC Group plc
Positive
Preliminary audited results for the year 30/09/25
NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points: **Financial Performance:** * **Revenue:** Group revenue declined by 2.6% to £293.9 million, with Escode (software escrow) growing by 2.2% to £66.5 million and Cyber Security declining by 4.0% to £227.4 million. * **Gross Margins:** Improved to 44.5% from 43.9%, driven by operational discipline and margin improvements in Escode. * **Adjusted EBITDA:** Declined to £40.6 million from £42.1 million in 2024, in line with Board expectations. * **Profit Before Taxation:** Increased significantly to £20.6 million from a loss of £17.8 million in 2024, due to various factors including a one-off profit from the sale of Fox Crypto. **Strategic Progress:** * **Simplification and Focus:** The sale of Fox Crypto in March 2025 simplified the business and strengthened the balance sheet, eliminating net debt. * **Escode Review:** The company is exploring strategic options for its Escode business, including a potential sale, which could lead to a significant return of capital to shareholders. * **Cyber Security Transformation:** NCC Group is repositioning its Cyber Security business towards higher-value, recurring revenue streams, supported by global delivery and strategic partnerships. **Operational Highlights:** * **Managed Services Growth:** Managed Services revenue increased as a proportion of total Cyber Security revenue, contributing to margin improvement. * **Global Delivery:** Expansion of the Manila hub and application of technology are enabling the company to scale operations and serve clients more efficiently. * **Strategic Partnerships:** Recognition from key partners like Splunk and Microsoft underscores NCC Groups reputation as a trusted advisor and innovator. **Outlook:** * **FY26 Expectations:** Revenue is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth. Adjusted EBITDA is expected to grow faster than revenue. * **Medium-Term Goals:** The Board remains confident in delivering the Groups medium-term financial goals through improved operational discipline and transformation of the cyber security engine. **Key Metrics:** * **Net Cash:** £13.1 million as of September 30, 2025, compared to net debt of £45.3 million in 2024. * **Dividend:** An unchanged final dividend of 3.15p per share, marking 20 consecutive years of dividend payments. **Conclusion:** NCC Groups FY25 results reflect a year of strategic progress and transformation, with a focus on simplifying the business, improving profitability, and positioning for future growth in the cyber security market. The companys efforts to enhance its Cyber Security offerings, expand global delivery capabilities, and explore strategic options for Escode demonstrate its commitment to long-term success and value creation for shareholders.
NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points
**Financial Performance**
* **Revenue** Group revenue declined by 2.6% to £293.9 million, with Escode (software escrow) growing by 2.2% to £66.5 million and Cyber Security declining by 4.0% to £227.4 million.
* **Gross Margins** Improved to 44.5% from 43.9%, driven by operational discipline and margin improvements in Escode.
* **Adjusted EBITDA** Declined to £40.6 million from £42.1 million in 2024, in line with Board expectations.
* **Profit Before Taxation** Increased significantly to £20.6 million from a loss of £17.8 million in 2024, due to various factors including a one-off profit from the sale of Fox Crypto.
**Strategic Progress**
* **Simplification and Focus** The sale of Fox Crypto in March 2025 simplified the business and strengthened the balance sheet, eliminating net debt.
* **Escode Review** The company is exploring strategic options for its Escode business, including a potential sale, which could lead to a significant return of capital to shareholders.
* **Cyber Security Transformation** NCC Group is repositioning its Cyber Security business towards higher-value, recurring revenue streams, supported by global delivery and strategic partnerships.
**Operational Highlights**
* **Managed Services Growth** Managed Services revenue increased as a proportion of total Cyber Security revenue, contributing to margin improvement.
* **Global Delivery** Expansion of the Manila hub and application of technology are enabling the company to scale operations and serve clients more efficiently.
* **Strategic Partnerships** Recognition from key partners like Splunk and Microsoft underscores NCC Groups reputation as a trusted advisor and innovator.
**Outlook**
* **FY26 Expectations** Revenue is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth. Adjusted EBITDA is expected to grow faster than revenue.
* **Medium-Term Goals** The Board remains confident in delivering the Groups medium-term financial goals through improved operational discipline and transformation of the cyber security engine.
**Key Metrics**
* **Net Cash** £13.1 million as of September 30, 2025, compared to net debt of £45.3 million in 2024.
* **Dividend** An unchanged final dividend of 3.15p per share, marking 20 consecutive years of dividend payments.
**Conclusion**
NCC Groups FY25 results reflect a year of strategic progress and transformation, with a focus on simplifying the business, improving profitability, and positioning for future growth in the cyber security market. The companys efforts to enhance its Cyber Security offerings, expand global delivery capabilities, and explore strategic options for Escode demonstrate its commitment to long-term success and value creation for shareholders.
Here is the HTML table code comparing the financials and debt year on year for NCC Group PLC:
Metric2025 (£m)2024 (£m)Change
Revenue305.4329.2(7.2%)
Gross Profit135.9142.9(4.9%)
Adjusted EBITDA43.749.7(12.1%)
Operating Profit/(Loss)25.6(11.5)322.6%
Profit Before Taxation20.6(17.8)215.7%
Net Cash/(Debt) excluding lease liabilities13.1(45.3)128.9%
Final Dividend (pence)3.151.50-

Debt Comparison

Metric2025 (£m)2024 (£m)Change
Net Debt (including lease liabilities)(6.4)(72.9)91.2%
Net Debt (excluding lease liabilities)13.1(45.3)128.9%
**Key Takeaways:** * Revenue decreased by 7.2% from 2024 to 2025. * Gross Profit decreased by 4.9% from 2024 to 2025. * Adjusted EBITDA decreased by 12.1% from 2024 to 2025. * Profit Before Taxation increased significantly from a loss in 2024 to a profit in 2025. * Net Debt (excluding lease liabilities) improved significantly from a net debt position in 2024 to a net cash position in 2025. * Final Dividend increased from 1.50p in 2024 to 3.15p in 2025. Note: The debt comparison table shows both net debt including and excluding lease liabilities to provide a comprehensive view of the company's debt position.
06:01
Open Terminal ↗ RNS Source
93 Strong Beat
RWS
RWS Holdings PLC
Positive
Final Results
**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025** RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformation and resilience amid market challenges. Key financial and operational highlights include: ### **Financial Overview** - **Revenue**: £690.1 million, a 4% decline from FY2024 (£718.2 million), with organic constant currency (OCC) revenue broadly flat, reflecting resilience despite market disruption. - **Adjusted EBITDA**: £100.8 million, down 29% from FY2024 (£140.7 million). - **Adjusted Profit Before Tax (PBT)**: £60.4 million, a 43% decrease from FY2024 (£106.7 million), but with a significant improvement from H1 (£18 million) to H2 (£42 million) due to cost reduction measures. - **Reported Loss Before Tax**: £99.7 million, compared to a profit of £60.0 million in FY2024, primarily due to a non-cash goodwill impairment of £88.0 million and exceptional items of £22 million. - **Operational Free Cash Flow**: £80.1 million, up 45% from FY2024 (£55.1 million), with a cash conversion rate of 126%. - **Net Debt**: £25.4 million, up from £12.9 million in FY2024, including dividend payments of £45.9 million. ### **Dividend** - **Final Dividend**: 4.6p per share (FY2024: 10.0p), resulting in a total dividend for the year of 7.05p per share (FY2024: 12.45p). The Board recommends rebasing the dividend to align with sustainable profit performance and support investment in AI and M&A strategies. ### **Operational Highlights** - **Language Services**: 3% OCC growth, driven by AI services and strong APAC performance. - **Regulated Industries**: 10% OCC decline due to reduced linguistic validation activity. - **Language & Content Technology and IP Services**: Stable on an OCC basis, with SaaS growth. - **AI-Related Revenues**: 28% of Group revenues (FY2024: 25%). - **SaaS Transition**: 46% of license revenues from SaaS (FY2024: 39%). - **Client Retention**: 95% repeat services revenue and NPS score of +46. ### **Strategic Progress** - **Technology and Innovation**: Launched Trados as a translation agent in Microsoft Co-pilot, integrated Papercups AI dubbing technology, and partnered with Cohere for automated translation. - **Efficiency**: Implemented an efficiency plan, delivering stronger H2 profit performance, and working with Alvarez & Marsal to achieve a 10% productivity improvement over 18 months. - **Operating Model**: Launched a new operating model with three strategic segments: Generate, Transform, and Protect. - **Leadership**: Strengthened leadership with key appointments, including a Chief Product & Technology Officer and EVP of Go-to-Market. ### **Outlook** - **FY2026**: Expects low single-digit OCC revenue growth, moderate margin expansion, and continued strong free cash flow conversion. - **Medium-Term**: Anticipates accelerated OCC revenue growth, gradual profitability improvement, and normalization of operational free cash flow to c.65%. ### **Board Changes** - **Chairman and SID**: Julie Southern and David Clayton to step down effective 31 December 2025. Andrew Brode and Gordon Stuart will serve as interim Chairman and SID, respectively. - **CFO**: Stephen Lamb appointed as CFO, expected to join in Q1 2026. ### **CEO Commentary** Ben Faes emphasized FY2025 as a pivotal year, marking RWSs transition to a technology-led AI solutions partner. Despite financial challenges, the company demonstrated resilience and executed strategic initiatives to position itself for future growth in the AI-driven market. ### **Conclusion** RWS Holdings PLC navigated a challenging FY2025 with strategic focus on AI and operational efficiency, setting the stage for future growth and value creation in the evolving global AI landscape.
**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025**
RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformation and resilience amid market challenges. Key financial and operational highlights include
### **Financial Overview**
**Revenue**£690.1 million, a 4% decline from FY2024 (£718.2 million), with organic constant currency (OCC) revenue broadly flat, reflecting resilience despite market disruption.
**Adjusted EBITDA**£100.8 million, down 29% from FY2024 (£140.7 million).
**Adjusted Profit Before Tax (PBT)**£60.4 million, a 43% decrease from FY2024 (£106.7 million), but with a significant improvement from H1 (£18 million) to H2 (£42 million) due to cost reduction measures.
**Reported Loss Before Tax**£99.7 million, compared to a profit of £60.0 million in FY2024, primarily due to a non-cash goodwill impairment of £88.0 million and exceptional items of £22 million.
**Operational Free Cash Flow**£80.1 million, up 45% from FY2024 (£55.1 million), with a cash conversion rate of 126%.
**Net Debt**£25.4 million, up from £12.9 million in FY2024, including dividend payments of £45.9 million.
### **Dividend**
**Final Dividend**4.6p per share (FY2024: 10.0p), resulting in a total dividend for the year of 7.05p per share (FY2024: 12.45p). The Board recommends rebasing the dividend to align with sustainable profit performance and support investment in AI and M&A strategies.
### **Operational Highlights**
**Language Services**3% OCC growth, driven by AI services and strong APAC performance.
**Regulated Industries**10% OCC decline due to reduced linguistic validation activity.
**Language & Content Technology and IP Services**: Stable on an OCC basis, with SaaS growth.
**AI-Related Revenues**28% of Group revenues (FY2024: 25%).
**SaaS Transition**46% of license revenues from SaaS (FY2024: 39%).
**Client Retention**95% repeat services revenue and NPS score of +46.
### **Strategic Progress**
**Technology and Innovation**Launched Trados as a translation agent in Microsoft Co-pilot, integrated Papercups AI dubbing technology, and partnered with Cohere for automated translation.
**Efficiency**Implemented an efficiency plan, delivering stronger H2 profit performance, and working with Alvarez & Marsal to achieve a 10% productivity improvement over 18 months.
**Operating Model**Launched a new operating model with three strategic segments: Generate, Transform, and Protect.
**Leadership**Strengthened leadership with key appointments, including a Chief Product & Technology Officer and EVP of Go-to-Market.
### **Outlook**
**FY2026**Expects low single-digit OCC revenue growth, moderate margin expansion, and continued strong free cash flow conversion.
**Medium-Term**Anticipates accelerated OCC revenue growth, gradual profitability improvement, and normalization of operational free cash flow to c.65%.
### **Board Changes**
**Chairman and SID**Julie Southern and David Clayton to step down effective 31 December 2025. Andrew Brode and Gordon Stuart will serve as interim Chairman and SID, respectively.
**CFO**Stephen Lamb appointed as CFO, expected to join in Q1 2026.
### **CEO Commentary**
Ben Faes emphasized FY2025 as a pivotal year, marking RWSs transition to a technology-led AI solutions partner. Despite financial challenges, the company demonstrated resilience and executed strategic initiatives to position itself for future growth in the AI-driven market.
### **Conclusion**
RWS Holdings PLC navigated a challenging FY2025 with strategic focus on AI and operational efficiency, setting the stage for future growth and value creation in the evolving global AI landscape.
Here is the HTML table code comparing the financials and debt year on year for RWS Holdings PLC:
Metric2025 (£m)2024 (£m)Change
Revenue690.1718.2-4%
Adjusted EBITDA100.8140.7-28%
Adjusted Profit Before Tax60.4106.7-43%
Net Debt (excluding lease liabilities)(25.4)(12.9)-£12.5m
Net Debt (including lease liabilities)(47.9)(40.1)-£7.8m

Key Observations:

  • Revenue decreased by 4% from £718.2m in 2024 to £690.1m in 2025.
  • Adjusted EBITDA decreased by 28% from £140.7m in 2024 to £100.8m in 2025.
  • Adjusted Profit Before Tax decreased by 43% from £106.7m in 2024 to £60.4m in 2025.
  • Net Debt (excluding lease liabilities) increased from £(12.9)m in 2024 to £(25.4)m in 2025, a change of £(12.5)m.
  • Net Debt (including lease liabilities) increased from £(40.1)m in 2024 to £(47.9)m in 2025, a change of £(7.8)m.
This table provides a clear comparison of the key financials and debt metrics for RWS Holdings PLC between 2024 and 2025. The data shows a decline in revenue, adjusted EBITDA, and adjusted profit before tax, while net debt has increased.
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EST
East Star Resources PLC
Positive
JV Agreement for Development of Verkhuba
**Summary:** East Star Resources Plc (LSE: EST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, Procurement, Construction) company, to establish a joint venture (JVCo) for the development of the Verkhuba Copper Deposit. Under the agreement, Xinhai will farm into the project in five stages, investing up to US$65 million to advance Verkhuba to production, potentially earning up to 70% equity in the JVCo. East Star will retain 30% ownership and will not require further funding to become a copper producer. The deal de-risks and accelerates Verkhubas development while allowing East Star to focus on other exploration projects, including its Rulikha and Talovskoye prospects, and a $25 million+ strategic gold exploration joint venture with Endeavour Mining. The agreement highlights East Stars asset value and positions the company for significant growth in Kazakhstans mining sector.
**Summary**
East Star Resources Plc (LSEEST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, Procurement, Construction) company, to establish a joint venture (JVCo) for the development of the Verkhuba Copper Deposit. Under the agreement, Xinhai will farm into the project in five stages, investing up to US$65 million to advance Verkhuba to production, potentially earning up to 70% equity in the JVCo. East Star will retain 30% ownership and will not require further funding to become a copper producer. The deal de-risks and accelerates Verkhubas development while allowing East Star to focus on other exploration projects, including its Rulikha and Talovskoye prospects, and a $25 million+ strategic gold exploration joint venture with Endeavour Mining. The agreement highlights East Stars asset value and positions the company for significant growth in Kazakhstans mining sector.
Agreement
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SMIN
Smiths Group PLC
Positive
BINDING AGREEMENT SIGNED RE SMITHS INTERCONNECT
**Summary:** Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £1.3 billion. This transaction, initially disclosed on October 16, 2025, values Smiths Interconnect at 15.1x its FY2025 Headline EBITDA of £86.1 million. The sale follows the completion of a required French employment consultation process and is subject to customary regulatory approvals. Smiths Group expects the deal to close in the second half of fiscal year 2026, with proceeds received in cash, adjusted for working capital, cash, and debt. The company reaffirmed its strategic focus on high-growth sectors like energy, industrials, and construction, aiming to address global challenges such as decarbonization and energy efficiency.
**Summary**
Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £1.3 billion. This transaction, initially disclosed on October 16, 2025, values Smiths Interconnect at 15.1x its FY2025 Headline EBITDA of £86.1 million. The sale follows the completion of a required French employment consultation process and is subject to customary regulatory approvals. Smiths Group expects the deal to close in the second half of fiscal year 2026, with proceeds received in cash, adjusted for working capital, cash, and debt. The company reaffirmed its strategic focus on high-growth sectors like energy, industrials, and construction, aiming to address global challenges such as decarbonization and energy efficiency.
Agreement
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PYC
Physiomics Plc
Positive
Physiomics Awarded New Contract by Numab
**Summary:** Physiomics plc, a leader in mathematical modelling, data science, and biostatistics for drug development, has been awarded a new contract by its long-standing client, Numab Therapeutics AG. The project involves using modelling and simulation to support the pre-clinical development of a multi-specific antibody targeting autoimmune diseases. Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model to optimize dosing for preclinical and clinical studies. The project is expected to be completed within the financial year ending 2026. This contract highlights the growing importance of Model Informed Drug Development (MIDD) in the drug development lifecycle. Dr. Peter Sargent, CEO of Physiomics, expressed satisfaction with the continued collaboration with Numab Therapeutics, emphasizing support for their therapeutic antibody pipeline in oncology and autoimmune indications. Physiomics has a proven track record, having contributed to over 100 commercial projects with clients including Merck KGaA, Astellas, and CRUK. The announcement was made via the London Stock Exchanges RNS news service on December 11, 2025.
**Summary**
Physiomics plc, a leader in mathematical modelling, data science, and biostatistics for drug development, has been awarded a new contract by its long-standing client, Numab Therapeutics AG. The project involves using modelling and simulation to support the pre-clinical development of a multi-specific antibody targeting autoimmune diseases. Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model to optimize dosing for preclinical and clinical studies. The project is expected to be completed within the financial year ending 2026. This contract highlights the growing importance of Model Informed Drug Development (MIDD) in the drug development lifecycle. Dr. Peter Sargent, CEO of Physiomics, expressed satisfaction with the continued collaboration with Numab Therapeutics, emphasizing support for their therapeutic antibody pipeline in oncology and autoimmune indications. Physiomics has a proven track record, having contributed to over 100 commercial projects with clients including Merck KGaA, Astellas, and CRUK. The announcement was made via the London Stock Exchanges RNS news service on December 11, 2025.
NewContract
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ANII
Aberdeen New India Investment Trust PLC
Positive
Half-year Financial Report
**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)** **Overview** Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy. **Investment Case for India** - **Demographics**: Indias large and expanding middle class drives consumption growth. - **Urbanization & Infrastructure**: Booming infrastructure development benefits property, materials, and industrial sectors. - **Financial Inclusion**: Digitalization expands financial services to underserved markets. - **Digital Transformation**: Indias IT sector supports global digital readiness. - **Healthcare**: Rising income and chronic diseases increase demand for quality healthcare. - **Green Transition**: Policy commitments to renewable energy and environmental management. **Performance Highlights** - **Six Months Ended 30 September 2025**: - Share price: +1.1% - Net asset value (NAV) per share: -4.3% - Adjusted NAV per share: -3.8% (adjusted for Indian Capital Gains Tax) - MSCI India Index (Sterling adjusted): -1.8% - **Year Ended 31 March 2025**: - Share price: +16.0% - NAV per share: +8.5% - Adjusted NAV per share: +11.7% - MSCI India Index: +0.7% - **Long-Term Performance (10 years)**: - Share price: +150.7% - NAV per share: +148.3% - MSCI India Index: +180.1% **Financial Metrics** - **Discount to NAV**: Narrowed from 15.0% to 10.2%. - **Net Gearing**: Increased slightly to 4.2% from 3.9%. - **Ongoing Charges Ratio**: Rose to 1.00% from 0.95%. **Portfolio Strategy** - Focus on high-quality, well-managed companies with sustainable competitive advantages. - Concentrated portfolio aligned with Indias structural growth themes. - Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent). - Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand. **Key Developments** - **Investment Policy Change**: Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets. - **Board Changes**: Rebecca Donaldson passed away; search for a new Non-Executive Director underway. - **Name Change**: Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding. **Outlook** - Near-term challenges include US tariffs, macroeconomic risks, and market volatility. - Long-term growth drivers remain intact: demographics, policy reforms, urbanization, digitalization, and energy transition. - Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers. **Chairmans Statement** Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer. **Investment Managers Report** The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market. **Top Holdings (as of 30 September 2025)** - HDFC Bank (10.2%) - ICICI Bank (8.4%) - Bharti Airtel (6.5%) - Mahindra & Mahindra (4.8%) - Infosys (3.7%) **Risks** Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation. **Conclusion** Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.
**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)**
**Overview**
Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy.
**Investment Case for India**
**Demographics**Indias large and expanding middle class drives consumption growth.
**Urbanization & Infrastructure**Booming infrastructure development benefits property, materials, and industrial sectors.
**Financial Inclusion**Digitalization expands financial services to underserved markets.
**Digital Transformation**Indias IT sector supports global digital readiness.
**Healthcare**Rising income and chronic diseases increase demand for quality healthcare.
**Green Transition**Policy commitments to renewable energy and environmental management.
**Performance Highlights**
**Six Months Ended 30 September 2025**
Share price+1.1%
Net asset value (NAV) per share-4.3%
Adjusted NAV per share-3.8% (adjusted for Indian Capital Gains Tax)
MSCI India Index (Sterling adjusted)-1.8%
**Year Ended 31 March 2025**
Share price+16.0%
NAV per share+8.5%
Adjusted NAV per share+11.7%
MSCI India Index+0.7%
**Long-Term Performance (10 years)**
Share price+150.7%
NAV per share+148.3%
MSCI India Index+180.1%
**Financial Metrics**
**Discount to NAV**Narrowed from 15.0% to 10.2%.
**Net Gearing**Increased slightly to 4.2% from 3.9%.
**Ongoing Charges Ratio**Rose to 1.00% from 0.95%.
**Portfolio Strategy**
Focus on high-quality, well-managed companies with sustainable competitive advantages.
Concentrated portfolio aligned with Indias structural growth themes.
Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent).
Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand.
**Key Developments**
**Investment Policy Change**Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets.
**Board Changes**Rebecca Donaldson passed away
search for a new Non-Executive Director underway.
**Name Change**Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding.
**Outlook**
Near-term challenges include US tariffs, macroeconomic risks, and market volatility.
Long-term growth drivers remain intactdemographics, policy reforms, urbanization, digitalization, and energy transition.
Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers.
**Chairmans Statement**
Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer.
**Investment Managers Report**
The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market.
**Top Holdings (as of 30 September 2025)**
HDFC Bank (10.2%)
ICICI Bank (8.4%)
Bharti Airtel (6.5%)
Mahindra & Mahindra (4.8%)
Infosys (3.7%)
**Risks**
Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation.
**Conclusion**
Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.
Here’s an HTML table comparing the financials and debt year-on-year for Aberdeen New India Investment Trust PLC based on the provided text:
Metric30 September 202531 March 2025Change
Financial Highlights
Share price (mid-market)764.00p756.00p+1.1%
Net asset value per share851.07p889.34p-4.3%
Adjusted net asset value per share904.16p940.32p-3.8%
Discount to net asset value10.2%15.0%-32.0%
Net gearing4.2%3.9%+7.7%
Ongoing charges ratio1.00%0.95%+5.3%
Debt
Bank loan (drawn down)£22.5 million£19.5 million+15.4%
Interest rate on borrowings5.27%8.055%-34.6%
### Explanation: 1. **Financial Highlights**: - **Share price**: Increased by 1.1% from 756.00p to 764.00p. - **Net asset value (NAV) per share**: Decreased by 4.3% from 889.34p to 851.07p. - **Adjusted NAV per share**: Decreased by 3.8% from 940.32p to 904.16p. - **Discount to NAV**: Narrowed from 15.0% to 10.2%, a reduction of 32.0%. - **Net gearing**: Increased slightly from 3.9% to 4.2%. - **Ongoing charges ratio**: Increased from 0.95% to 1.00%. 2. **Debt**: - **Bank loan**: Increased by 15.4% from £19.5 million to £22.5 million. - **Interest rate**: Decreased significantly from 8.055% to 5.27%, a reduction of 34.6%. This table provides a clear year-on-year comparison of key financial metrics and debt details for Aberdeen New India Investment Trust PLC.
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Blujepa approved in US for gonorrhoea indication

**Summary:** GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uG…

**Summary**
GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uGC)** in adults and adolescents aged 12 and older weighing at least 45 kg. This approval marks the first new antibiotic class for gonorrhoea in over three decades, offering a much-needed alternative to injectable treatments.
**Key Highlights**
**Innovation** Blujepa is the first new class of antibiotics for gonorrhoea since 1987, addressing the urgent need for new treatments due to rising antimicrobial resistance.
**Indication** Approved for patients with limited or no alternative treatment options, such as those intolerant to or unwilling to use first-line injectable therapies.
**Clinical Evidence** Positive results from the **EAGLE-1 Phase III trial** demonstrated non-inferiority to the standard of care (ceftriaxone + azithromycin) with a favorable safety profile.
**Public Health Impact** Gonorrhoea, caused by *Neisseria gonorrhoeae*, is a priority pathogen for the WHO and an urgent public health threat in the U.S., with over 600,000 cases reported in 2023.
**Mechanism** Gepotidacin inhibits bacterial DNA replication through a novel mechanism, providing activity against resistant strains.
**Funding** Development was partially funded by the U.S. Department of Health and Human Services and the Department of Defense.
This approval underscores GSK’s commitment to addressing infectious diseases and combating antimicrobial resistance (AMR), with gepotidacin also approved earlier in 2025 for uncomplicated urinary tract infections (uUTI).
**Media and Investor Contacts**
GSK provided contact details for media and investor relations inquiries, emphasizing the significance of this milestone in infectious disease treatment.
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Market

Publication of a Prospectus

Open Terminal Source RNS
BGEU
BGEU Baillie Gifford European Gr…
15:54
Market

Transaction in Own Shares

Open Terminal Source RNS
FCIT
FCIT F&C Investment Trust PLC
15:54
Market

Transaction in Own Shares

Open Terminal Source RNS
SPI
SPI Spire Healthcare Group Plc
15:54
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
PCGH
PCGH Polar Capital Global Health…
15:54
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
BRGE
BRGE BlackRock Greater Europe In…
15:54
Market

Result of AGM

Open Terminal Source RNS
MNKS
MNKS Monks Investment Trust PLC
15:53
Market

Transaction in Own Shares

Open Terminal Source RNS
HRI
HRI Herald Investment Trust
15:53
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Bank of America Corporation', '5.980501', '5.324707']
Open Terminal Source RNS
JMAT
JMAT Johnson Matthey PLC
15:52
Market

Director/PDMR Shareholding

Open Terminal Source RNS
FRGT
FRGT Franklin Global Trust Ord
15:51
Market

Transaction in Own Shares

Open Terminal Source RNS
BGUK
BGUK Baillie Gifford UK Growth F…
15:51
Market

Transaction in Own Shares

Open Terminal Source RNS
SAIN
SAIN Scottish American Investmen…
15:49
Market

Transaction in Own Shares

Open Terminal Source RNS
BGFD
BGFD Baillie Gifford Japan Trust
15:49
Market

Transaction in Own Shares

Open Terminal Source RNS
CPI
CPI Capita PLC
15:46
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '6.491077', '0.000000']
Open Terminal Source RNS
CNA
CNA Centrica PLC
15:46
Market

Director/PDMR Shareholding

Open Terminal Source RNS
PCGH
PCGH Polar Capital Global Health…
15:45
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
GJ03
GJ03 GJ03
15:40
Market

ISM-MSIP- Partial Retirement-11.12.2025

Open Terminal Source RNS
DO72
DO72 DO72
15:39
Market

ISM-MSESE- Early Redemption-11.12.2025

Open Terminal Source RNS
BARC
BARC Barclays PLC
15:38
Market

Form 8.3 NCC GROUP PLC Replacement

Open Terminal Source RNS
CTY
CTY City Of London Investment T…
15:38
Market

Issue of Equity

Open Terminal Source RNS
71LF
71LF 71LF
15:36
Market

ISM-MSBV- Early Redemption-11.12.2025

Open Terminal Source RNS
DFCH
DFCH Distribution Finance Capita…
15:35
Market

Director/PDMR Shareholding

<mark style="background-color:yellow">Purchase</mark> of Ordinary Shares by a Persons Discharging Managerial Responsibilities ("PDMRs")

<mark style="background-coloryellow">Purchase</mark> of Ordinary Shares by a Persons Discharging Managerial Responsibilities ("PDMRs")
Open Terminal Source RNS
XGDU
XGDU Xtrackers IE Physical Gold …
15:35
Market

Final Terms

Open Terminal Source RNS
BARC
BARC Barclays PLC
15:33
Market

Form 8.3 UNITE GROUP PLC, THE Replacement

Open Terminal Source RNS
BARC
BARC Barclays PLC
15:33
Market

Form 8.3 JUST GROUP PLC Replacement

Open Terminal Source RNS
BARC
BARC Barclays PLC
15:33
Market

Form8.3INTERNATIONALPERSONALFINANCEPLC Replacement

Open Terminal Source RNS
BARC
BARC Barclays PLC
15:33
Market

Form 8.3 BAKKAVOR GROUP PLC Replacement

Open Terminal Source RNS
BIPS
BIPS Invesco Bond Income Plus Li…
15:33
Market

Issue of Equity

Open Terminal Source RNS
XGDU
XGDU Xtrackers IE Physical Gold …
15:32
Market

Final Terms

Open Terminal Source RNS
SDR
SDR Schroders PLC
15:31
Market

Director/PDMR Shareholding

<mark style="background-color:yellow">Purchase</mark> of shares under the Companys Share Incentive Plan.

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan.
Open Terminal Source RNS
XGDU
XGDU Xtrackers IE Physical Gold …
15:30
Market

Final Terms

Open Terminal Source RNS
STEM
STEM SThree plc
15:29
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Perpetual Limited', '11.004488', '10.970683']
Open Terminal Source RNS
WG.
WG. WG.
15:29
Market

Holding(s) in Company

<mark style="background-color:yellow">TR1</mark> Buy

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', '0.671477', 'Below Minimum Threshold']
Open Terminal Source RNS
SCF
SCF Schroder Income Growth Fund
15:24
Market

Dividend Declaration

Open Terminal Source RNS
PCGH
PCGH Polar Capital Global Health…
15:18
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
0UKH
0UKH Bank of Montreal
15:17
Market

Form 8 (DD) - Qualcomm Inc

Open Terminal Source RNS
COST
COST Costain Group PLC
15:16
Market

Director/PDMR Shareholding

<mark style="background-color:yellow">PURCHASE</mark> OF 6,347 SHARES

<mark style="background-coloryellow">PURCHASE</mark> OF 6,347 SHARES
Open Terminal Source RNS
JUST
JUST Just Group plc
15:15
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['JPMorgan Chase & Co.', '2.375284', '1.587417']
Open Terminal Source RNS
FGT
FGT Finsbury Growth & Income Tr…
15:15
Market

Monthly Fact Sheet as at 30 November 2025

Open Terminal Source RNS
0UKH
0UKH Bank of Montreal
15:14
Market

Form 8 (DD) - Qualcomm Inc

Open Terminal Source RNS
PCGH
PCGH Polar Capital Global Health…
15:10
Market

Holding(s) in Company

<mark style="background-color:yellow">TR1</mark> Buy

<mark style="background-coloryellow">TR1</mark> Buy
Open Terminal Source RNS
3IN
3IN 3I Infrastructure PLC
15:09
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Evelyn Partners Limited', '5.003000', 0]
Open Terminal Source RNS
HFEL
HFEL Henderson Far East Income L…
15:05
Market

Issue of Equity

Open Terminal Source RNS
TGE
TGE TGE
15:05
Market

Total Voting Rights

Open Terminal Source RNS
DSCV
DSCV Discoverie Group PLC
15:03
Market

Director/PDMR Shareholding

Open Terminal Source RNS
LTI
LTI Lindsell Train Investment T…
15:02
Market

Director/PDMR Shareholding

Open Terminal Source RNS
PRV
PRV Porvair plc
15:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['BlackRock, Inc.', '4.970000', '5.510000']
Open Terminal Source RNS
CAV
CAV Cavendish plc
15:01
Market

Director Dealing

<mark style="background-color:yellow">Purchase</mark> of Dividend Shares under the Share Incentive Plan

<mark style="background-coloryellow">Purchase</mark> of Dividend Shares under the Share Incentive Plan
Open Terminal Source RNS
EWI
EWI Edinburgh Worldwide Investm…
15:00
Market

Holding(s) in Company

<mark style="background-color:yellow">TR1</mark> Buy

<mark style="background-coloryellow">TR1</mark> Buy
['Barclays PLC', 'Below notifiable threshold', '5.580000']
Open Terminal Source RNS
LTI
LTI Lindsell Train Investment T…
14:59
Market

Director/PDMR Shareholding

Open Terminal Source RNS
SCF
SCF Schroder Income Growth Fund
14:56
Market

Result of AGM

Open Terminal Source RNS
AVON
AVON Avon Protection PLC
14:52
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['JTC Share Plan Trustees (Guernsey) Limited', '2.830000', '3.104339']
Open Terminal Source RNS
GROW
GROW Draper Esprit PLC
14:48
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
Open Terminal Source RNS
WG.
WG. WG.
14:46
Market

Results of General Meeting and update on Chair

Open Terminal Source RNS
CINH
CINH CINH
14:46
Market

Notice of AGM & Resignation of Director

Open Terminal Source RNS
FCSS
FCSS Fidelity China Special Situ…
14:43
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
DNA3
DNA3 Doric Nimrod Air Three Ltd
14:41
Market

Update - Anticipated Redemption of Shares

Open Terminal Source RNS
BP.
BP. BP.
14:41
Market

Board Committee Membership Change

Open Terminal Source RNS
CEPS
CEPS Ceps PLC
14:40
Market

Response to Press Speculation

**Summary:** CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. H…

**Summary**
CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. However, CEPS emphasized that no agreement has been reached, and there is no certainty that a firm offer will be made or what terms it might include. The company will make a further announcement if and when appropriate. This statement constitutes inside information under the UK Market Abuse Regulation (UK MAR) and is now in the public domain. The Directors of CEPS accept responsibility for the announcements content. Contact details for CEPS and its Nomad, SPARK Advisory Partners Limited, are provided for inquiries.
Speculation
Open Terminal Source RNS
EZJ
EZJ EasyJet PLC
14:38
Market

Annual Report and Accounts

Open Terminal Source RNS
0QPR
0QPR Cicor Technologies Ltd.
14:36
Market

Form 8.3 - Zürcher Kantonalbank: Cicor Technologies Ltd.

Open Terminal Source RNS
LND
LND Landore Resources Plc
14:32
Market

Temporary Suspension of Trading on AIM

Open Terminal Source RNS
GSK
GSK GSK plc
14:31
Market

Director/PDMR Shareholding

Open Terminal Source RNS
BARC
BARC Barclays PLC
14:28
Market

Form 8.3 GREENCORE GROUP PLC

Open Terminal Source RNS
FSV
FSV Fidelity Special Values
14:28
Market

Result of AGM

Open Terminal Source RNS
0QZ3
0QZ3 Qualcomm Inc.
14:26
Market

Form 8.3

Open Terminal Source RNS
WG.
WG. WG.
14:26
Market

Form 8.3

Open Terminal Source RNS
JUST
JUST Just Group plc
14:26
Market

Form 8.3

Open Terminal Source RNS
JTC
JTC JTC PLC
14:26
Market

Form 8.3

Open Terminal Source RNS
AWE
AWE Alphawave IP Group PLC
14:26
Market

Form 8.3

Open Terminal Source RNS
AWE
AWE Alphawave IP Group PLC
14:26
Market

Form 8.3

Open Terminal Source RNS
IPF
IPF International Personal Fina…
14:26
Market

Form 8.3

Open Terminal Source RNS
0QZ3
0QZ3 Qualcomm Inc.
14:26
Market

Form 8.3

Open Terminal Source RNS
DWL
DWL Dowlais Group Plc
14:26
Market

Form 8.3

Open Terminal Source RNS
DWL
DWL Dowlais Group Plc
14:26
Market

Form 8.3

Open Terminal Source RNS
OTB
OTB On The Beach Group PLC
14:25
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Morgan Stanley', '6.020531', '5.830232']
Open Terminal Source RNS
AIBG
AIBG AIB Group PLC
14:23
Market

Holding in Company

Open Terminal Source RNS
AAZ
AAZ Anglo Asian Mining Plc
14:22
Market

Response to ACG Metals Limited no intention to bid

Open Terminal Source RNS
BARC
BARC Barclays PLC
14:20
Market

Form 8.3 BAKKAVOR GROUP PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
14:20
Market

Form 8.3 INTERNATIONAL PERSONAL FINANCE PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
14:20
Market

Form 8.3 SPIRE HEALTHCARE GROUP PLC

Open Terminal Source RNS
DNA3
DNA3 Doric Nimrod Air Three Ltd
14:17
Market

Unaudited Interim Financial Report

Open Terminal Source RNS
CVCE
CVCE CVC Income & Growth Limited
14:15
Market

Issue of Equity

Open Terminal Source RNS
IRSH
IRSH IRSH
14:05
Market

Form 8.3 - Greencore Group plc

Open Terminal Source RNS
IRSH
IRSH IRSH
14:04
Market

Form 8.3 - Unite Group plc

Open Terminal Source RNS
DRX
DRX Drax Group PLC
14:04
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['BlackRock, Inc.', '5.040000', '4.500000']
Open Terminal Source RNS
IRSH
IRSH IRSH
14:04
Market

Form 8.3 - American Axle & Manufacturing Holdings

Open Terminal Source RNS
JTC
JTC JTC PLC
14:04
Market

Form 8.3

Open Terminal Source RNS
ABF
ABF Associated British Foods PLC
14:03
Market

Director Declaration

Open Terminal Source RNS
IRSH
IRSH IRSH
14:03
Market

Form 8.3 - Alphawave IP Group plc

Open Terminal Source RNS
IRSH
IRSH IRSH
14:02
Market

Form 8.3 - NCC Group plc

Open Terminal Source RNS
CHG
CHG Chemring Group PLC
14:02
Market

Additional Listing - Replacement

Open Terminal Source RNS
NG.
NG. NG.
14:01
Market

Outcome of audit tender process

Open Terminal Source RNS
FAN
FAN Volution Group plc
14:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Grandeur Peak Global Advisors, LLC', '3.104', '2.999']
Open Terminal Source RNS
IBST
IBST Ibstock PLC
14:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Cobas Asset Management, SGIIC, S.A.', '6.024736', '5.074226']
Open Terminal Source RNS
0QZ3
0QZ3 Qualcomm Inc.
14:01
Market

Form 8.3

Open Terminal Source RNS
JUST
JUST Just Group plc
14:00
Market

Form 8.3

Open Terminal Source RNS
IRSH
IRSH IRSH
13:58
Market

Form 8.3 - Dowlais Group plc

Open Terminal Source RNS
CREI
CREI Custodian REIT PLC
13:58
Market

Custodian Property Income REIT plc: Share Buyback

Open Terminal Source RNS
JTC
JTC JTC PLC
13:58
Market

Form 8.3

Open Terminal Source RNS
IRSH
IRSH IRSH
13:57
Market

Form 8.3 - Qualcomm Incorporated

Open Terminal Source RNS
IRSH
IRSH IRSH
13:56
Market

Form 8.3 - JTC plc

Open Terminal Source RNS
IRSH
IRSH IRSH
13:55
Market

Post-Stabilisation Notice- Verallia SA Dual

Open Terminal Source RNS
IRSH
IRSH IRSH
13:53
Market

Post-Stabilisation Notice-Societe Generale

Open Terminal Source RNS
IRSH
IRSH IRSH
13:50
Market

Post-Stabilisation Notice- Societe Generale

Open Terminal Source RNS
IRSH
IRSH IRSH
13:48
Market

Post-Stabilisation Notice-RTE

Open Terminal Source RNS
IRSH
IRSH IRSH
13:45
Market

Post-Stabilisation Notice-PKO Bank Polski S.A.

Open Terminal Source RNS
DIG
DIG Dunedin Income Growth Inves…
13:43
Market

Third Interim Dividend Declaration

Open Terminal Source RNS
IRSH
IRSH IRSH
13:43
Market

Post-Stabilisation Notice- OMV

Open Terminal Source RNS
80M
80M 80 Mile Plc
13:42
Market

Notice of General Meeting

Open Terminal Source RNS
DCC
DCC DCC plc
13:41
Market

Result of Extraordinary General Meeting

Open Terminal Source RNS
SPEC
SPEC Inspecs Group plc
13:41
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['Liontrust Investment Partners LLP', '3.466000', '5.709000']
Open Terminal Source RNS
IRSH
IRSH IRSH
13:39
Market

Post-Stabilisation Notice- New Immo Holding SA

TR1 Buy

TR1 Buy
Open Terminal Source RNS
IRSH
IRSH IRSH
13:36
Market

Post-Stabilisation Notice-L'Oréal

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:36
Market

Form 8.3 WOOD GROUP (JOHN) PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:35
Market

Form 8.3 NCC GROUP PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:35
Market

Form 8.3 UNITE GROUP PLC, THE

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:35
Market

Form 8.3 JUST GROUP PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:35
Market

Form 8.3 JTC PLC

Open Terminal Source RNS
BARC
BARC Barclays PLC
13:35
Market

Form 8.3 EMPIRIC STUDENT PROPERTY PLC

Open Terminal Source RNS
0HAF
0HAF Nokia Oyj
13:31
Market

Correction: Changes in Nokia Corporation's own shares

Open Terminal Source RNS
0HAF
0HAF Nokia Oyj
13:31
Market

Korjaus: Muutokset Nokia Oyj:n omien osakkeiden omistuksessa

Open Terminal Source RNS
IRSH
IRSH IRSH
13:30
Market

Post-Stabilisation Notice - Linde plc

Open Terminal Source RNS
IRSH
IRSH IRSH
13:26
Market

Post-Stabilisation Notice- Euronext

Open Terminal Source RNS
IRSH
IRSH IRSH
13:25
Market

Post-Stabilisation Notice- Canal +

Open Terminal Source RNS
ASPL
ASPL Aseana Properties Limited
13:23
Market

Result of GM

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
13:20
Market

Form 8.3 International Personal Finance plc

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
13:19
Market

Form 8.3 - Amend American Axle & Mfg Hldgs, Inc.

Open Terminal Source RNS
TTG
TTG TT Electronics Plc
13:19
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
HMSO
HMSO Hammerson PLC
13:16
Market

Total Voting Rights

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
13:15
Market

Form 8.3 - American Axle & Mfg Hldgs, Inc.

Open Terminal Source RNS
0QZ3
0QZ3 Qualcomm Inc.
13:12
Market

Form 8.3 - The Vanguard Group, Inc.: Qualcomm Incorporated

Open Terminal Source RNS
IRSH
IRSH IRSH
13:10
Market

Form 8.3 - The Vanguard Group, Inc.: Avadel Pharmaceuticals plc

Open Terminal Source RNS
AWE
AWE Alphawave IP Group PLC
13:09
Market

Form 8.3 - The Vanguard Group, Inc.: Alphawave IP Group plc

Open Terminal Source RNS
UTG
UTG Unite Group PLC
13:08
Market

Form 8.3 - The Vanguard Group, Inc.: Unite Group plc, The

Open Terminal Source RNS
EZJ
EZJ EasyJet PLC
13:01
Market

Director/PDMR Shareholding

The Plan is an HM Revenue and Customs approved plan under which employees in the UK are able to buy ordinary shares in the Company of 27 2/7 pence each, using deductions from their monthly salary ("Partnership Shares"). Participants can co…

The Plan is an HM Revenue and Customs approved plan under which employees in the UK are able to buy ordinary shares in the Company of 27 2/7 pence each, using deductions from their monthly salary ("Partnership Shares"). Participants can contribute up to £150 per month from their pay towards the <mark style="background-color:yellow">purchase</mark> of Partnership Shares.
Open Terminal Source RNS
SVS
SVS Savills
13:01
Market

Director/PDMR Shareholding

The Savills Share Incentive Plan ("the Plan") is a share <mark style="background-color:yellow">purchase</mark> plan available to all employees of participating companies and Executive Directors/ PDMRs are eligible to participate. Each mon…

The Savills Share Incentive Plan ("the Plan") is a share <mark style="background-color:yellow">purchase</mark> plan available to all employees of participating companies and Executive Directors/ PDMRs are eligible to participate. Each month the Trustees of the Plan invest participants contributions in Savills plc ordinary shares of 2.5p each ("Ordinary Shares") at the prevailing market price in accordance with the Plan Rules.
Open Terminal Source RNS
AXS
AXS Accsys Technologies PLC
13:01
Market

Standard form for notification of major holdings

TR1 Buy

TR1 Buy
['INEOS Acetyls Investments Limited', '0.0000', '3.0903']
Open Terminal Source RNS
HMSO
HMSO Hammerson PLC
13:01
Market

Director/PDMR Shareholding

Open Terminal Source RNS
BCG
BCG Baltic Classifieds Group PLC
12:56
Market

Director/PDMR Shareholding - Replacement

<mark style="background-color:yellow">Purchase</mark> of ordinary shares

<mark style="background-coloryellow">Purchase</mark> of ordinary shares
Open Terminal Source RNS
JDW
JDW J D Wetherspoon PLC
12:55
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
IRSH
IRSH IRSH
12:54
Market

Post-Stabilisation Notice- BFCM

Open Terminal Source RNS
DOTD
DOTD Dotdigital Group Plc
12:52
Market

Result of AGM

Open Terminal Source RNS
LIO
LIO Liontrust Asset Management
12:43
Market

Form 8.3 - INSPECS GROUP PLC

Open Terminal Source RNS
DGE
DGE Diageo PLC
12:40
Market

Director/PDMR Shareholding

1. <mark style="background-color:yellow">purchase</mark> of partnership shares using deductions from salary; and

1. <mark style="background-coloryellow">purchase</mark> of partnership shares using deductions from salary
and
Open Terminal Source RNS
SBRE
SBRE Sabre Insurance Group PLC
12:30
Market

Director/PDMR Shareholding

Open Terminal Source RNS
PNN
PNN Pennon Group Plc
12:17
Market

Confirmed Financial Calendar

Open Terminal Source RNS
PAY
PAY PayPoint plc
12:11
Market

Holding(s) in Shares

TR1 Buy

TR1 Buy
Open Terminal Source RNS
FOX
FOX Fox Marble Holdings PLC
12:10
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
Open Terminal Source RNS
AYM
AYM Anglesey Mining
12:09
Market

Completion of Warrant Offering

Open Terminal Source RNS
XSG
XSG Xeros Technology Group Plc
12:07
Market

TR-1 Entrepreneurs Fund

TR1 Buy

TR1 Buy
['Entrepreneurs Fund General Partner Limited', '4.130000', '6.870000']
Open Terminal Source RNS
SMIF
SMIF TwentyFour Select Monthly I…
12:06
Market

Dividend Declaration

Open Terminal Source RNS
LWDB
LWDB Law Debenture Corp
12:05
Market

Dividend Declaration

Open Terminal Source RNS
IGET
IGET Invesco Perpetual Select Tr…
12:04
Market

UK Listing Rule 11.2.6

Open Terminal Source RNS
WG.
WG. WG.
12:01
Market

Maintenance contract for Rio Grande LNG facility

Open Terminal Source RNS
MPE
MPE M.P.Evans Group
11:59
Market

Publication of 2024 ESG report

Open Terminal Source RNS
MGCI
MGCI M&G Credit Income Investmen…
11:57
Market

Issue of Equity

Open Terminal Source RNS
ACG
ACG ACG Acquisition Co. Ltd.
11:51
Market

Amendment: No intention to offer - Anglo Asian

**Summary:** ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with …

**Summary**
ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with ACG concluding that the acquisition would not create value for its stakeholders. ACG emphasized its disciplined approach to capital allocation and commitment to protecting shareholder value. The announcement complies with Rule 2.8 of the City Code on Takeovers and Mergers, though ACG reserves the right to revisit this decision under specific circumstances, such as a third-party offer or material change in circumstances. ACG, focused on consolidating the copper industry with a strong ESG focus, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The statement was released via RNS, the London Stock Exchanges news service, and is subject to regulatory restrictions.
Offers
Open Terminal Source RNS
RAT
RAT Rathbone Brothers PLC
11:38
Market

Form 8.3 - Idox Plc

Open Terminal Source RNS
0UKI
0UKI Bank of Nova Scotia
11:37
Market

Publication of a Supplementary Prospectus

Open Terminal Source RNS
UTL
UTL UIL Ltd
11:36
Market

Publication of monthly factsheet

Open Terminal Source RNS
RAT
RAT Rathbone Brothers PLC
11:35
Market

Form 8.3 - Empiric Student Property Plc

Open Terminal Source RNS
RAT
RAT Rathbone Brothers PLC
11:32
Market

Form 8.3 - Bluefield Solar Income Fund Ltd

Open Terminal Source RNS
TRST
TRST Trustpilot Group PLC
11:20
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['JPMorgan Asset Management Holdings Inc.', '4.937273', '5.180540']
Open Terminal Source RNS
TATE
TATE Tate & Lyle PLC
11:19
Market

Director/PDMR Shareholding

Open Terminal Source RNS
MODE
MODE Mode Global Holdings
11:10
Market

Result of AGM

Open Terminal Source RNS
ABDN
ABDN Abrdn PLC
11:10
Market

Form 8.3 - JTC plc

Open Terminal Source RNS
BGFD
BGFD Baillie Gifford Japan Trust
11:08
Market

Replacement - Result of AGM

Open Terminal Source RNS
RCGH
RCGH RC365 Holding PLC
11:01
Market

Half-year Financial Report

**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):** **Financial Performance:** - **Revenue Growth:** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024. - **Gross Margin:**…

**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):**
**Financial Performance**
**Revenue Growth** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024.
**Gross Margin** Gross margin decreased to 39.3% from 89.2% in H1 2024, primarily due to the contribution of card payment programs to the cost of sales.
**Loss Reduction** Loss after tax was reduced to HK$4.1 million from HK$7.4 million in H1 2024, attributed to disciplined cost management.
**Cash Position** Cash and cash equivalents stood at HK$5.9 million as of September 30, 2025, down from HK$11.8 million in March 2024.
**Operational Highlights**
**RCPAY Transactions** Processed HK$14.46 million in remittance and payment transactions, slightly lower than HK$18.70 million in H1 2024, reflecting a return to typical levels after exceptionally high demand in the prior year.
**Card Issuance** Issued an additional 46 RC365 Asset Link Credit Cards, bringing the total to 1,687. This includes clients from Hong Kong, Japan, and ASEAN.
**Virtual Banking Strategy**
Secured a Money Lenders Licence through the acquisition of HC Capital Group Ltd, enabling digital lending services.
Expanded card product range to include credit facilities, targeted for rollout in Q4 2025.
**Market Expansion** Strengthened presence in Japan, with the number of corporate customers more than doubling.
**RC3.0 App Launch** Preparation for the public launch of the RC3.0 App in early Q1 2026, which will expand functionality to include virtual banking, ERP, and blockchain-enabled features.
**Strategic Execution**
**Acquisition of HC Capital** Gained a Money Lenders Licence, marking a significant step towards offering credit products and developing virtual banking capabilities.
**Card Programs** Progress in card programs, particularly in Japan, which is a key growth market.
**RC3.0 App Development** The upcoming launch of the RC3.0 App is pivotal for expanding into virtual banking and other advanced services.
**Outlook**
**Exploring Opportunities** Continuing to explore business relationships in Hong Kong, Japan, the UK, and wider Europe.
**Card Programs Momentum** Expecting continued momentum in existing card programs.
**RC3.0 App Launch** Excited about the launch of the RC3.0 App, which will be a key milestone in expanding into virtual banking.
**Principal Risks and Uncertainties**
**Technological and Innovation Risks** Need to keep pace with rapid fintech developments to avoid losing market share.
**Competitive and Market Pressures** Intense competition from larger fintech players may pressure pricing and market penetration.
**Reputational and Operational Risks** Potential negative publicity from service disruptions, data breaches, or customer dissatisfaction.
**Regulatory and Compliance Risks** Non-compliance with AML, CTF, and licensing requirements could result in fines or operational restrictions.
**Strategic and Execution Risks** Challenges in executing growth strategies, including product development and market expansion.
**Human Capital Risks** Dependence on key executives and specialized personnel.
**Macroeconomic and External Risks** Global economic volatility, inflation, and shifts in payment methods could impact transaction volumes.
**Financial and Funding Risks** Ongoing liquidity pressures and reliance on external financing.
**Fraud and Security Risks** Exposure to fraudulent activities in digital payments.
**Managements Perspective**
**CEOs Statement** Chi Kit (Michael) LAW emphasized continued solid performance, strategic advancements, and improved financial results. He highlighted the importance of the HC Capital acquisition, progress in card issuance, and the upcoming RC3.0 App launch. The CEO also noted disciplined cost management and the focus on developing new revenue streams.
**Conclusion**
RC365 Holding PLC demonstrated resilience and strategic progress in H1 2025, with significant revenue growth, reduced losses, and key operational and strategic achievements. The company is well-positioned to capitalize on its expanded service offerings and geographic presence, particularly with the upcoming launch of the RC3.0 App and continued focus on virtual banking. However, it must navigate various risks, including technological, competitive, and regulatory challenges, to sustain its growth trajectory.
Here is the HTML table code comparing the financials and debt year on year for RC365 Holding PLC:
Financial MetricH1 2025 (HK$)H1 2024 (HK$)Change
Revenue11,949,1036,138,632+94.6%
Gross Profit4,691,7865,477,000-14.3%
Loss after Tax(4,121,662)(7,397,508)-44.3%
Cash and Cash Equivalents5,851,99116,250,880-64.0%
Total Debt (Borrowings + Lease Liabilities)4,605,1224,952,146-7.0%
Trade and Other Payables1,470,8913,967,381-63.0%
Amount due to a director857,5642,097,277-59.1%
Amount due to a shareholder2,634,9990N/A

Notes:

  • Revenue increased significantly by 94.6% year-on-year.
  • Loss after tax reduced by 44.3% due to effective cost control.
  • Cash and cash equivalents decreased by 64.0% compared to H1 2024.
  • Total debt decreased slightly by 7.0% year-on-year.
  • Trade and other payables and amounts due to a director decreased significantly.
  • A new amount due to a shareholder appeared in H1 2025.
This table provides a clear comparison of key financial metrics and debt items between H1 2025 and H1 2024 for RC365 Holding PLC. The changes are calculated as percentages to show the year-on-year growth or decline.
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Preliminary audited results for the year 30/09/25

NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points: **Financial Performance:** * **Revenue:** Group reven…

NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points
**Financial Performance**
* **Revenue** Group revenue declined by 2.6% to £293.9 million, with Escode (software escrow) growing by 2.2% to £66.5 million and Cyber Security declining by 4.0% to £227.4 million.
* **Gross Margins** Improved to 44.5% from 43.9%, driven by operational discipline and margin improvements in Escode.
* **Adjusted EBITDA** Declined to £40.6 million from £42.1 million in 2024, in line with Board expectations.
* **Profit Before Taxation** Increased significantly to £20.6 million from a loss of £17.8 million in 2024, due to various factors including a one-off profit from the sale of Fox Crypto.
**Strategic Progress**
* **Simplification and Focus** The sale of Fox Crypto in March 2025 simplified the business and strengthened the balance sheet, eliminating net debt.
* **Escode Review** The company is exploring strategic options for its Escode business, including a potential sale, which could lead to a significant return of capital to shareholders.
* **Cyber Security Transformation** NCC Group is repositioning its Cyber Security business towards higher-value, recurring revenue streams, supported by global delivery and strategic partnerships.
**Operational Highlights**
* **Managed Services Growth** Managed Services revenue increased as a proportion of total Cyber Security revenue, contributing to margin improvement.
* **Global Delivery** Expansion of the Manila hub and application of technology are enabling the company to scale operations and serve clients more efficiently.
* **Strategic Partnerships** Recognition from key partners like Splunk and Microsoft underscores NCC Groups reputation as a trusted advisor and innovator.
**Outlook**
* **FY26 Expectations** Revenue is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth. Adjusted EBITDA is expected to grow faster than revenue.
* **Medium-Term Goals** The Board remains confident in delivering the Groups medium-term financial goals through improved operational discipline and transformation of the cyber security engine.
**Key Metrics**
* **Net Cash** £13.1 million as of September 30, 2025, compared to net debt of £45.3 million in 2024.
* **Dividend** An unchanged final dividend of 3.15p per share, marking 20 consecutive years of dividend payments.
**Conclusion**
NCC Groups FY25 results reflect a year of strategic progress and transformation, with a focus on simplifying the business, improving profitability, and positioning for future growth in the cyber security market. The companys efforts to enhance its Cyber Security offerings, expand global delivery capabilities, and explore strategic options for Escode demonstrate its commitment to long-term success and value creation for shareholders.
Here is the HTML table code comparing the financials and debt year on year for NCC Group PLC:
Metric2025 (£m)2024 (£m)Change
Revenue305.4329.2(7.2%)
Gross Profit135.9142.9(4.9%)
Adjusted EBITDA43.749.7(12.1%)
Operating Profit/(Loss)25.6(11.5)322.6%
Profit Before Taxation20.6(17.8)215.7%
Net Cash/(Debt) excluding lease liabilities13.1(45.3)128.9%
Final Dividend (pence)3.151.50-

Debt Comparison

Metric2025 (£m)2024 (£m)Change
Net Debt (including lease liabilities)(6.4)(72.9)91.2%
Net Debt (excluding lease liabilities)13.1(45.3)128.9%
**Key Takeaways:** * Revenue decreased by 7.2% from 2024 to 2025. * Gross Profit decreased by 4.9% from 2024 to 2025. * Adjusted EBITDA decreased by 12.1% from 2024 to 2025. * Profit Before Taxation increased significantly from a loss in 2024 to a profit in 2025. * Net Debt (excluding lease liabilities) improved significantly from a net debt position in 2024 to a net cash position in 2025. * Final Dividend increased from 1.50p in 2024 to 3.15p in 2025. Note: The debt comparison table shows both net debt including and excluding lease liabilities to provide a comprehensive view of the company's debt position.
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BLOE
BLOE Block Energy PLC
06:01
Market

Holding(s) in Company

TR1 Buy

TR1 Buy
['CSC Employee Benefit Trustee (Jersey) Limited', '0.000000', '7.026000']
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SWC
SWC Summerway Capital Plc
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Updated Corporate Website

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BUCE
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Holding(s) in Company

TR1 Buy

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['Peel Hunt LLP', '10.853624', '11.043157']
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Director/PDMR Shareholding

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Dividend Declaration

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Director Dealings

<mark style="background-color:yellow">Purchase</mark> of shares

<mark style="background-coloryellow">Purchase</mark> of shares
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Prelim Results and publication of Annual Report

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THRU
THRU Thruvision Group PLC
06:01
Market

Holding(s) in Company

<mark style="background-color:yellow">TR1</mark> Buy

<mark style="background-coloryellow">TR1</mark> Buy
['Nicholas Slater', '', 0]
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Director/PDMR Shareholding

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Group Chief Financial Officer succession

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Director/PDMR Shareholding

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RWS
RWS RWS Holdings PLC
06:01
Market

Final Results

**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025** RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformat…

**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025**
RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformation and resilience amid market challenges. Key financial and operational highlights include
### **Financial Overview**
**Revenue**£690.1 million, a 4% decline from FY2024 (£718.2 million), with organic constant currency (OCC) revenue broadly flat, reflecting resilience despite market disruption.
**Adjusted EBITDA**£100.8 million, down 29% from FY2024 (£140.7 million).
**Adjusted Profit Before Tax (PBT)**£60.4 million, a 43% decrease from FY2024 (£106.7 million), but with a significant improvement from H1 (£18 million) to H2 (£42 million) due to cost reduction measures.
**Reported Loss Before Tax**£99.7 million, compared to a profit of £60.0 million in FY2024, primarily due to a non-cash goodwill impairment of £88.0 million and exceptional items of £22 million.
**Operational Free Cash Flow**£80.1 million, up 45% from FY2024 (£55.1 million), with a cash conversion rate of 126%.
**Net Debt**£25.4 million, up from £12.9 million in FY2024, including dividend payments of £45.9 million.
### **Dividend**
**Final Dividend**4.6p per share (FY2024: 10.0p), resulting in a total dividend for the year of 7.05p per share (FY2024: 12.45p). The Board recommends rebasing the dividend to align with sustainable profit performance and support investment in AI and M&A strategies.
### **Operational Highlights**
**Language Services**3% OCC growth, driven by AI services and strong APAC performance.
**Regulated Industries**10% OCC decline due to reduced linguistic validation activity.
**Language & Content Technology and IP Services**: Stable on an OCC basis, with SaaS growth.
**AI-Related Revenues**28% of Group revenues (FY2024: 25%).
**SaaS Transition**46% of license revenues from SaaS (FY2024: 39%).
**Client Retention**95% repeat services revenue and NPS score of +46.
### **Strategic Progress**
**Technology and Innovation**Launched Trados as a translation agent in Microsoft Co-pilot, integrated Papercups AI dubbing technology, and partnered with Cohere for automated translation.
**Efficiency**Implemented an efficiency plan, delivering stronger H2 profit performance, and working with Alvarez & Marsal to achieve a 10% productivity improvement over 18 months.
**Operating Model**Launched a new operating model with three strategic segments: Generate, Transform, and Protect.
**Leadership**Strengthened leadership with key appointments, including a Chief Product & Technology Officer and EVP of Go-to-Market.
### **Outlook**
**FY2026**Expects low single-digit OCC revenue growth, moderate margin expansion, and continued strong free cash flow conversion.
**Medium-Term**Anticipates accelerated OCC revenue growth, gradual profitability improvement, and normalization of operational free cash flow to c.65%.
### **Board Changes**
**Chairman and SID**Julie Southern and David Clayton to step down effective 31 December 2025. Andrew Brode and Gordon Stuart will serve as interim Chairman and SID, respectively.
**CFO**Stephen Lamb appointed as CFO, expected to join in Q1 2026.
### **CEO Commentary**
Ben Faes emphasized FY2025 as a pivotal year, marking RWSs transition to a technology-led AI solutions partner. Despite financial challenges, the company demonstrated resilience and executed strategic initiatives to position itself for future growth in the AI-driven market.
### **Conclusion**
RWS Holdings PLC navigated a challenging FY2025 with strategic focus on AI and operational efficiency, setting the stage for future growth and value creation in the evolving global AI landscape.
Here is the HTML table code comparing the financials and debt year on year for RWS Holdings PLC:
Metric2025 (£m)2024 (£m)Change
Revenue690.1718.2-4%
Adjusted EBITDA100.8140.7-28%
Adjusted Profit Before Tax60.4106.7-43%
Net Debt (excluding lease liabilities)(25.4)(12.9)-£12.5m
Net Debt (including lease liabilities)(47.9)(40.1)-£7.8m

Key Observations:

  • Revenue decreased by 4% from £718.2m in 2024 to £690.1m in 2025.
  • Adjusted EBITDA decreased by 28% from £140.7m in 2024 to £100.8m in 2025.
  • Adjusted Profit Before Tax decreased by 43% from £106.7m in 2024 to £60.4m in 2025.
  • Net Debt (excluding lease liabilities) increased from £(12.9)m in 2024 to £(25.4)m in 2025, a change of £(12.5)m.
  • Net Debt (including lease liabilities) increased from £(40.1)m in 2024 to £(47.9)m in 2025, a change of £(7.8)m.
This table provides a clear comparison of the key financials and debt metrics for RWS Holdings PLC between 2024 and 2025. The data shows a decline in revenue, adjusted EBITDA, and adjusted profit before tax, while net debt has increased.
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TIR Tiger Royalties and investm…
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Board Changes

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PDMR DEALING

On-market share <mark style="background-color:yellow">purchase</mark>

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JV Agreement for Development of Verkhuba

**Summary:** East Star Resources Plc (LSE: EST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, …

**Summary**
East Star Resources Plc (LSEEST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, Procurement, Construction) company, to establish a joint venture (JVCo) for the development of the Verkhuba Copper Deposit. Under the agreement, Xinhai will farm into the project in five stages, investing up to US$65 million to advance Verkhuba to production, potentially earning up to 70% equity in the JVCo. East Star will retain 30% ownership and will not require further funding to become a copper producer. The deal de-risks and accelerates Verkhubas development while allowing East Star to focus on other exploration projects, including its Rulikha and Talovskoye prospects, and a $25 million+ strategic gold exploration joint venture with Endeavour Mining. The agreement highlights East Stars asset value and positions the company for significant growth in Kazakhstans mining sector.
Agreement
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BINDING AGREEMENT SIGNED RE SMITHS INTERCONNECT

**Summary:** Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £…

**Summary**
Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £1.3 billion. This transaction, initially disclosed on October 16, 2025, values Smiths Interconnect at 15.1x its FY2025 Headline EBITDA of £86.1 million. The sale follows the completion of a required French employment consultation process and is subject to customary regulatory approvals. Smiths Group expects the deal to close in the second half of fiscal year 2026, with proceeds received in cash, adjusted for working capital, cash, and debt. The company reaffirmed its strategic focus on high-growth sectors like energy, industrials, and construction, aiming to address global challenges such as decarbonization and energy efficiency.
Agreement
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Business Update

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Transaction in Own Shares

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AJB AJ Bell plc
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Transaction in Own Shares

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Transaction in Own Shares

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CVSG CVS Group Plc
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SML Strategic Minerals Plc
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Redmoor Drilling Continues to Deliver

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Exercise of Options

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Transaction in Own Shares

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AAZ Anglo Asian Mining Plc
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Flotation plant upgrade & record copper production

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GCP
GCP GCP Infrastructure Investme…
06:01
Market

Annual Report and Financial Statements

**Summary of GCP Infrastructure Investments Limiteds Annual Report and Financial Statements for the Year Ended 30 September 2025** **Overview** GCP Infrastructure Investments Limited ("GCP Infra" or the "Company") released its annual re…

**Summary of GCP Infrastructure Investments Limiteds Annual Report and Financial Statements for the Year Ended 30 September 2025**
**Overview**
GCP Infrastructure Investments Limited ("GCP Infra" or the "Company") released its annual report and financial statements for the year ended 30 September 2025, highlighting its performance, strategic achievements, and future plans. The Company, a FTSE 250 closed-ended investment company, focuses on providing shareholders with regular, sustained, long-term dividend income while preserving capital through investments in UK infrastructure debt and similar assets.
**Financial Highlights**
**Portfolio Valuation**£858.9 million (2024: £960.0 million).
**Dividends for the Year**7.0 pence per share (maintained from 2024).
**NAV per Share**101.40 pence (2024: 105.22 pence).
**Weighted Average Annualised Yield**8.0% (2024: 7.8%).
**NAV Total Return**3.1% (2024: 2.2%).
**Total Profit and Comprehensive Income**: £18.4 million (2024: £19.5 million).
**Portfolio and Investment Strategy**
The Company maintains a diversified portfolio of 47 investments across renewable energy, social housing, and PPP/PFI sectors, with 49% partially inflation-protected.
The portfolio is focused on sustainable infrastructure, contributing to renewable energy generation and social impact, aligning with UN Sustainable Development Goals (SDGs).
The Company has a weighted average annualised yield of 8.0% and an average life of 11 years.
**Capital Allocation and Leverage**
**Leverage Reduction**Reduced leverage by 80% since the capital allocation policy announcement in December 2023, with a Loan-to-Value (LTV) ratio of 2.4% at year-end.
**Disposals and Cash Proceeds**Generated £46.4 million from disposals, primarily in renewables, bringing total proceeds since the policy to £77.8 million.
**Share Buybacks**Repurchased 30.8 million shares for £22.8 million, returning £35.6 million to shareholders since March 2023.
**Dividends and Shareholder Returns**
Paid a dividend of 7.0 pence per share, in line with the target, and reaffirmed the same target for the forthcoming year.
Dividend cover was 0.31 times on an earnings basis and 0.96 times on an adjusted earnings basis.
**Sustainability and ESG Integration**
The Company continues to integrate ESG criteria into its investment processes, with 57% of the portfolio invested in renewable energy.
Achieved B Corp certification for the Investment Adviser in 2024, reflecting commitment to sustainability.
Contributed to renewable energy generation (1,434 GWh) and social housing (3,040 people housed).
**Market Outlook and Strategy**
The UK infrastructure market presents significant opportunities, with £725 billion in public investment and £500 billion in private investment planned over the next decade.
The Company is well-positioned to capitalize on emerging sectors like long-duration energy storage, water, and heat networks.
Political risks, including policy changes and election uncertainties, are closely monitored.
**Governance and Stakeholder Engagement**
Welcomed new directors Ian Brown and Heather Bestwick, enhancing board diversity and expertise.
Engaged extensively with shareholders, including 62 meetings, webinars, and site visits.
Maintained strong relationships with borrowers, suppliers, and public sector stakeholders.
**Future Plans**
The Company intends to engage with shareholders in early 2026 to propose a future strategy for capital recycling and utilization.
Focus on portfolio rebalancing, reducing exposure to supported living, and exploring new investment opportunities in line with its sustainability and income objectives.
**Conclusion**
GCP Infra demonstrated resilience and strategic progress in 2025, maintaining its dividend target, reducing leverage, and advancing its capital allocation policy. Despite challenges, the Company remains committed to its investment objectives, sustainability goals, and delivering value to shareholders. The Board is optimistic about future opportunities in the UK infrastructure market and continues to prioritize shareholder engagement and governance excellence.
Here is a comparison of the financials and debt year on year for GCP Infrastructure Investments Limited, presented as an HTML table:
Metric20252024Change
Portfolio Valuation (£m)858.9960.0-10.5%
Dividends for the year (pence per share)7.07.00%
NAV per share (pence)101.40105.22-3.6%
Weighted Average Annualised Yield (%)8.07.8+2.6%
NAV Total Return (%)3.12.2+40.9%
Leverage (£m)2057-64.9%
LTV Ratio (%)2.46.0-60.0%
Disposals and Cash Proceeds (£m)46.431.4+47.8%
Share Buybacks (£m)22.82.2+936.4%
Total Profit and Comprehensive Income (£m)18.419.5-5.6%
**Key Observations:** - **Portfolio Valuation:** Decreased by 10.5% from £960.0m in 2024 to £858.9m in 2025, likely due to downward revaluations. - **Dividends:** Remained stable at 7.0 pence per share. - **NAV per share:** Decreased by 3.6% from 105.22 pence to 101.40 pence. - **Weighted Average Annualised Yield:** Increased slightly from 7.8% to 8.0%. - **NAV Total Return:** Improved significantly from 2.2% to 3.1%. - **Leverage and LTV Ratio:** Both decreased substantially, indicating a reduction in debt and improved financial flexibility. - **Disposals and Cash Proceeds:** Increased by 47.8%, reflecting active portfolio management. - **Share Buybacks:** Increased dramatically, indicating a focus on returning capital to shareholders. - **Total Profit and Comprehensive Income:** Decreased slightly from £19.5m to £18.4m. This table provides a concise comparison of key financial and debt metrics for GCP Infrastructure Investments Limited between 2024 and 2025.
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**Summary**
Physiomics plc, a leader in mathematical modelling, data science, and biostatistics for drug development, has been awarded a new contract by its long-standing client, Numab Therapeutics AG. The project involves using modelling and simulation to support the pre-clinical development of a multi-specific antibody targeting autoimmune diseases. Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model to optimize dosing for preclinical and clinical studies. The project is expected to be completed within the financial year ending 2026. This contract highlights the growing importance of Model Informed Drug Development (MIDD) in the drug development lifecycle. Dr. Peter Sargent, CEO of Physiomics, expressed satisfaction with the continued collaboration with Numab Therapeutics, emphasizing support for their therapeutic antibody pipeline in oncology and autoimmune indications. Physiomics has a proven track record, having contributed to over 100 commercial projects with clients including Merck KGaA, Astellas, and CRUK. The announcement was made via the London Stock Exchanges RNS news service on December 11, 2025.
NewContract
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BA. BA.
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PIN Pantheon International PLC
06:01
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KYGA
KYGA Kerry Group
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BVT
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06:01
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Offer Update:Close of Early Subscription Incentive

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MTO
MTO Mitie Group PLC
06:01
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Transaction in Own Shares

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HSW
HSW Hostelworld Group PLC
06:01
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VOF
VOF VinaCapital Vietnam Opportu…
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GBG
GBG GB Group plc
06:01
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SBRY
SBRY J Sainsbury PLC
06:01
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IGG
IGG IG Group Holdings PLC
06:01
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KGF Kingfisher PLC
06:01
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DRX
DRX Drax Group PLC
06:01
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ROR Rotork PLC
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HVPE
HVPE HarbourVest Global Private …
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BAB Babcock International Group…
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CHRY Chrysalis Investments Ltd
06:01
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AHT Ashtead Group PLC
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CNA
CNA Centrica PLC
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RICA Ruffer Investment Company L…
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VTY
VTY Vistry Group PLC
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RKT
RKT Reckitt Benckiser Group PLC
06:01
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TSTL
TSTL Tristel
06:01
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AGM Statement

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QQ. QQ.
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SEQI
SEQI Sequoia Econ Infrastructure
06:01
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N91
N91 Ninety One PLC
06:01
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CHG
CHG Chemring Group PLC
06:01
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EDIN
EDIN Edinburgh Investment Trust
06:01
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IPX
IPX Impax Asset Management Grou…
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MGAM Morgan Advanced Materials p…
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SBSI Schroder BSC Social Impact …
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Strategy Update

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JSG Johnson Service Group Plc
06:01
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MCB
MCB McBride plc
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FEVR
FEVR Fevertree Drinks Plc
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MRO
MRO Melrose Industries PLC
06:01
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SOM
SOM Somero Enterprise Inc
06:01
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Transaction in Own Shares and Total Voting Rights

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PAY
PAY PayPoint plc
06:01
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Transaction in Own Shares

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TBCG
TBCG TBC Bank Group PLC
06:01
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Transaction in Own Shares

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RKW
RKW Rockwood Realisation PLC
06:01
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Issue of Equity and TVR

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WIX Wickes Group PLC
06:01
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Transaction in Own Shares

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ANII
ANII Aberdeen New India Investme…
06:01
Market

Half-year Financial Report

**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)** **Overview** Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial…

**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)**
**Overview**
Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy.
**Investment Case for India**
**Demographics**Indias large and expanding middle class drives consumption growth.
**Urbanization & Infrastructure**Booming infrastructure development benefits property, materials, and industrial sectors.
**Financial Inclusion**Digitalization expands financial services to underserved markets.
**Digital Transformation**Indias IT sector supports global digital readiness.
**Healthcare**Rising income and chronic diseases increase demand for quality healthcare.
**Green Transition**Policy commitments to renewable energy and environmental management.
**Performance Highlights**
**Six Months Ended 30 September 2025**
Share price+1.1%
Net asset value (NAV) per share-4.3%
Adjusted NAV per share-3.8% (adjusted for Indian Capital Gains Tax)
MSCI India Index (Sterling adjusted)-1.8%
**Year Ended 31 March 2025**
Share price+16.0%
NAV per share+8.5%
Adjusted NAV per share+11.7%
MSCI India Index+0.7%
**Long-Term Performance (10 years)**
Share price+150.7%
NAV per share+148.3%
MSCI India Index+180.1%
**Financial Metrics**
**Discount to NAV**Narrowed from 15.0% to 10.2%.
**Net Gearing**Increased slightly to 4.2% from 3.9%.
**Ongoing Charges Ratio**Rose to 1.00% from 0.95%.
**Portfolio Strategy**
Focus on high-quality, well-managed companies with sustainable competitive advantages.
Concentrated portfolio aligned with Indias structural growth themes.
Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent).
Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand.
**Key Developments**
**Investment Policy Change**Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets.
**Board Changes**Rebecca Donaldson passed away
search for a new Non-Executive Director underway.
**Name Change**Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding.
**Outlook**
Near-term challenges include US tariffs, macroeconomic risks, and market volatility.
Long-term growth drivers remain intactdemographics, policy reforms, urbanization, digitalization, and energy transition.
Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers.
**Chairmans Statement**
Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer.
**Investment Managers Report**
The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market.
**Top Holdings (as of 30 September 2025)**
HDFC Bank (10.2%)
ICICI Bank (8.4%)
Bharti Airtel (6.5%)
Mahindra & Mahindra (4.8%)
Infosys (3.7%)
**Risks**
Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation.
**Conclusion**
Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.
Here’s an HTML table comparing the financials and debt year-on-year for Aberdeen New India Investment Trust PLC based on the provided text:
Metric30 September 202531 March 2025Change
Financial Highlights
Share price (mid-market)764.00p756.00p+1.1%
Net asset value per share851.07p889.34p-4.3%
Adjusted net asset value per share904.16p940.32p-3.8%
Discount to net asset value10.2%15.0%-32.0%
Net gearing4.2%3.9%+7.7%
Ongoing charges ratio1.00%0.95%+5.3%
Debt
Bank loan (drawn down)£22.5 million£19.5 million+15.4%
Interest rate on borrowings5.27%8.055%-34.6%
### Explanation: 1. **Financial Highlights**: - **Share price**: Increased by 1.1% from 756.00p to 764.00p. - **Net asset value (NAV) per share**: Decreased by 4.3% from 889.34p to 851.07p. - **Adjusted NAV per share**: Decreased by 3.8% from 940.32p to 904.16p. - **Discount to NAV**: Narrowed from 15.0% to 10.2%, a reduction of 32.0%. - **Net gearing**: Increased slightly from 3.9% to 4.2%. - **Ongoing charges ratio**: Increased from 0.95% to 1.00%. 2. **Debt**: - **Bank loan**: Increased by 15.4% from £19.5 million to £22.5 million. - **Interest rate**: Decreased significantly from 8.055% to 5.27%, a reduction of 34.6%. This table provides a clear year-on-year comparison of key financial metrics and debt details for Aberdeen New India Investment Trust PLC.
Open Terminal Source RNS
OGDC
OGDC OGDC
06:01
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RECEIPT OF RS 41.8 BILLION FROM UCH POWER

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PAT
PAT Panthera Resources PLC
06:01
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Warrant Conversion

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BVA
BVA Banco Bilbao Vizcaya Argent…
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Completion of the execution of the Buyback Program

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SPI
SPI Spire Healthcare Group Plc
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Holding(s) in Company

TR1 Buy

TR1 Buy
['FIL Limited', '4.673200', '8.574000']
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S32
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Daily Share Buy-Back Notice

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SMIF
SMIF TwentyFour Select Monthly I…
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Full-Year Results for the year ended 30 September 2025

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FGP
FGP FirstGroup PLC
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Acquisition

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OXIG
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PAC
PAC Pacific Assets Trust plc
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Strategic Review

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MOON
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BRSC Blackrock Smaller Companies…
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OSB
OSB OneSavings Bank PLC
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OSB GROUP PLC - Transaction in Own Shares

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YNGN
YNGN Young & Co.s Brewery P.L.C
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Transaction in Own Shares

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PSH
PSH Pershing Square Holdings Ltd
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FSG
FSG Foresight Group Holdings Li…
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NBPE
NBPE NB Private Equity Partners …
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NBPE Announces Transaction in Own Shares

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SOLG
SOLG SolGold PLC
06:01
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Form 8.3

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Digested News

The ticker catalyst tape is rendered as native mobile cards. Articles and ticker links stay clickable.

GSK logo
Latest RNS 16:55
GSK

Blujepa approved in US for gonorrhoea indication

GSK plc

**Summary**
GSK plc announced on December 11, 2025, that the U.S. Food and Drug Administration (FDA) has approved **Blujepa (gepotidacin)**, a first-in-class oral antibiotic, for the treatment of **uncomplicated urogenital gonorrhoea (uGC)** in adults and adolescents aged 12 and older weighing at least 45 kg. This approval marks the first new antibiotic class for gonorrhoea in over three decades, offering a much-needed alternative to injectable treatments.
**Key Highlights**
**Innovation** Blujepa is the first new class of antibiotics for gonorrhoea since 1987, addressing the urgent need for new treatments due to rising antimicrobial resistance.
**Indication** Approved for patients with limited or no alternative treatment options, such as those intolerant to or unwilling to use first-line injectable therapies.
**Clinical Evidence** Positive results from the **EAGLE-1 Phase III trial** demonstrated non-inferiority to the standard of care (ceftriaxone + azithromycin) with a favorable safety profile.
**Public Health Impact** Gonorrhoea, caused by *Neisseria gonorrhoeae*, is a priority pathogen for the WHO and an urgent public health threat in the U.S., with over 600,000 cases reported in 2023.
**Mechanism** Gepotidacin inhibits bacterial DNA replication through a novel mechanism, providing activity against resistant strains.
**Funding** Development was partially funded by the U.S. Department of Health and Human Services and the Department of Defense.
This approval underscores GSK’s commitment to addressing infectious diseases and combating antimicrobial resistance (AMR), with gepotidacin also approved earlier in 2025 for uncomplicated urinary tract infections (uUTI).
**Media and Investor Contacts**
GSK provided contact details for media and investor relations inquiries, emphasizing the significance of this milestone in infectious disease treatment.
Approvals
GNC logo
Latest RNS 16:11
GNC

Holding(s) in Company

Greencore Group

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '3.308803', '0.000000']
PRSR logo
Latest RNS 16:02
PRSR

TR-1 Notification

PRS Reit PLC

TR1 Buy
['Bank of America Corporation', '0.899474', '0.596230']
HRI logo
Latest RNS 15:53
HRI

Holding(s) in Company

Herald Investment Trust

TR1 Buy
['Bank of America Corporation', '5.980501', '5.324707']
CPI logo
Latest RNS 15:46
CPI

Holding(s) in Company

Capita PLC

TR1 Buy
['UBS Group AG-Investment Bank & Global Wealth Management', '6.491077', '0.000000']
DFCH logo
Latest RNS 15:35
DFCH

Director/PDMR Shareholding

Distribution Finance Capital Holdings PLC

<mark style="background-coloryellow">Purchase</mark> of Ordinary Shares by a Persons Discharging Managerial Responsibilities ("PDMRs")
SDR logo
Latest RNS 15:31
SDR

Director/PDMR Shareholding

Schroders PLC

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan.
WG. logo
Latest RNS 15:29
WG.

Holding(s) in Company

WG.

<mark style="background-coloryellow">TR1</mark> Buy
['JPMorgan Chase & Co.', '0.671477', 'Below Minimum Threshold']
PCGH logo
Latest RNS 15:10
PCGH

Holding(s) in Company

Polar Capital Global Healthcare Trust plc

<mark style="background-coloryellow">TR1</mark> Buy
CAV logo
Latest RNS 15:01
CAV

Director Dealing

Cavendish plc

<mark style="background-coloryellow">Purchase</mark> of Dividend Shares under the Share Incentive Plan
EWI logo
Latest RNS 15:00
EWI

Holding(s) in Company

Edinburgh Worldwide Investment Trust plc

<mark style="background-coloryellow">TR1</mark> Buy
['Barclays PLC', 'Below notifiable threshold', '5.580000']
AVON logo
Latest RNS 14:52
AVON

Holding(s) in Company

Avon Protection PLC

TR1 Buy
['JTC Share Plan Trustees (Guernsey) Limited', '2.830000', '3.104339']
CEPS logo
Latest RNS 14:40
CEPS

Response to Press Speculation

Ceps PLC

**Summary**
CEPS PLC issued a statement on December 11, 2025, responding to recent press speculation. The company confirmed it is in negotiations with a third party regarding the potential disposal of its subsidiary, ICA Group Limited. However, CEPS emphasized that no agreement has been reached, and there is no certainty that a firm offer will be made or what terms it might include. The company will make a further announcement if and when appropriate. This statement constitutes inside information under the UK Market Abuse Regulation (UK MAR) and is now in the public domain. The Directors of CEPS accept responsibility for the announcements content. Contact details for CEPS and its Nomad, SPARK Advisory Partners Limited, are provided for inquiries.
Speculation
IPF logo
Latest RNS 14:26
IPF

Form 8.3

International Personal Finance PLC

FAN logo
Latest RNS 14:01
FAN

Holding(s) in Company

Volution Group plc

TR1 Buy
['Grandeur Peak Global Advisors, LLC', '3.104', '2.999']
SPEC logo
Latest RNS 13:41
SPEC

Holding(s) in Company

Inspecs Group plc

TR1 Buy
['Liontrust Investment Partners LLP', '3.466000', '5.709000']
EZJ logo
Latest RNS 13:01
EZJ

Director/PDMR Shareholding

EasyJet PLC

The Plan is an HM Revenue and Customs approved plan under which employees in the UK are able to buy ordinary shares in the Company of 27 2/7 pence each, using deductions from their monthly salary ("Partnership Shares"). Participants can contribute up to £150 per month from their pay towards the <mark style="background-color:yellow">purchase</mark> of Partnership Shares.
SVS logo
Latest RNS 13:01
SVS

Director/PDMR Shareholding

Savills

The Savills Share Incentive Plan ("the Plan") is a share <mark style="background-color:yellow">purchase</mark> plan available to all employees of participating companies and Executive Directors/ PDMRs are eligible to participate. Each month the Trustees of the Plan invest participants contributions in Savills plc ordinary shares of 2.5p each ("Ordinary Shares") at the prevailing market price in accordance with the Plan Rules.
DGE logo
Latest RNS 12:40
DGE

Director/PDMR Shareholding

Diageo PLC

1. <mark style="background-coloryellow">purchase</mark> of partnership shares using deductions from salary
and
XSG logo
Latest RNS 12:07
XSG

TR-1 Entrepreneurs Fund

Xeros Technology Group Plc

TR1 Buy
['Entrepreneurs Fund General Partner Limited', '4.130000', '6.870000']
ACG logo
Latest RNS 11:51
ACG

Amendment: No intention to offer - Anglo Asian

ACG Acquisition Co. Ltd.

**Summary**
ACG Metals Limited announced on December 11, 2025, that it has terminated offer talks and has no intention to make an offer for Anglo Asian Mining Plc. This decision follows a thorough review of Anglo Asians asset base, with ACG concluding that the acquisition would not create value for its stakeholders. ACG emphasized its disciplined approach to capital allocation and commitment to protecting shareholder value. The announcement complies with Rule 2.8 of the City Code on Takeovers and Mergers, though ACG reserves the right to revisit this decision under specific circumstances, such as a third-party offer or material change in circumstances. ACG, focused on consolidating the copper industry with a strong ESG focus, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The statement was released via RNS, the London Stock Exchanges news service, and is subject to regulatory restrictions.
Offers
TRST logo
Latest RNS 11:20
TRST

Holding(s) in Company

Trustpilot Group PLC

TR1 Buy
['JPMorgan Asset Management Holdings Inc.', '4.937273', '5.180540']
RCGH logo
Latest RNS 11:01
RCGH

Half-year Financial Report

RC365 Holding PLC

**Summary of RC365 Holding PLCs Half-Year Financial Report (H1 2025):**
**Financial Performance**
**Revenue Growth** Revenue increased significantly to HK$11.9 million in H1 2025, up from HK$6.1 million in H1 2024.
**Gross Margin** Gross margin decreased to 39.3% from 89.2% in H1 2024, primarily due to the contribution of card payment programs to the cost of sales.
**Loss Reduction** Loss after tax was reduced to HK$4.1 million from HK$7.4 million in H1 2024, attributed to disciplined cost management.
**Cash Position** Cash and cash equivalents stood at HK$5.9 million as of September 30, 2025, down from HK$11.8 million in March 2024.
**Operational Highlights**
**RCPAY Transactions** Processed HK$14.46 million in remittance and payment transactions, slightly lower than HK$18.70 million in H1 2024, reflecting a return to typical levels after exceptionally high demand in the prior year.
**Card Issuance** Issued an additional 46 RC365 Asset Link Credit Cards, bringing the total to 1,687. This includes clients from Hong Kong, Japan, and ASEAN.
**Virtual Banking Strategy**
Secured a Money Lenders Licence through the acquisition of HC Capital Group Ltd, enabling digital lending services.
Expanded card product range to include credit facilities, targeted for rollout in Q4 2025.
**Market Expansion** Strengthened presence in Japan, with the number of corporate customers more than doubling.
**RC3.0 App Launch** Preparation for the public launch of the RC3.0 App in early Q1 2026, which will expand functionality to include virtual banking, ERP, and blockchain-enabled features.
**Strategic Execution**
**Acquisition of HC Capital** Gained a Money Lenders Licence, marking a significant step towards offering credit products and developing virtual banking capabilities.
**Card Programs** Progress in card programs, particularly in Japan, which is a key growth market.
**RC3.0 App Development** The upcoming launch of the RC3.0 App is pivotal for expanding into virtual banking and other advanced services.
**Outlook**
**Exploring Opportunities** Continuing to explore business relationships in Hong Kong, Japan, the UK, and wider Europe.
**Card Programs Momentum** Expecting continued momentum in existing card programs.
**RC3.0 App Launch** Excited about the launch of the RC3.0 App, which will be a key milestone in expanding into virtual banking.
**Principal Risks and Uncertainties**
**Technological and Innovation Risks** Need to keep pace with rapid fintech developments to avoid losing market share.
**Competitive and Market Pressures** Intense competition from larger fintech players may pressure pricing and market penetration.
**Reputational and Operational Risks** Potential negative publicity from service disruptions, data breaches, or customer dissatisfaction.
**Regulatory and Compliance Risks** Non-compliance with AML, CTF, and licensing requirements could result in fines or operational restrictions.
**Strategic and Execution Risks** Challenges in executing growth strategies, including product development and market expansion.
**Human Capital Risks** Dependence on key executives and specialized personnel.
**Macroeconomic and External Risks** Global economic volatility, inflation, and shifts in payment methods could impact transaction volumes.
**Financial and Funding Risks** Ongoing liquidity pressures and reliance on external financing.
**Fraud and Security Risks** Exposure to fraudulent activities in digital payments.
**Managements Perspective**
**CEOs Statement** Chi Kit (Michael) LAW emphasized continued solid performance, strategic advancements, and improved financial results. He highlighted the importance of the HC Capital acquisition, progress in card issuance, and the upcoming RC3.0 App launch. The CEO also noted disciplined cost management and the focus on developing new revenue streams.
**Conclusion**
RC365 Holding PLC demonstrated resilience and strategic progress in H1 2025, with significant revenue growth, reduced losses, and key operational and strategic achievements. The company is well-positioned to capitalize on its expanded service offerings and geographic presence, particularly with the upcoming launch of the RC3.0 App and continued focus on virtual banking. However, it must navigate various risks, including technological, competitive, and regulatory challenges, to sustain its growth trajectory.
Here is the HTML table code comparing the financials and debt year on year for RC365 Holding PLC:
Financial MetricH1 2025 (HK$)H1 2024 (HK$)Change
Revenue11,949,1036,138,632+94.6%
Gross Profit4,691,7865,477,000-14.3%
Loss after Tax(4,121,662)(7,397,508)-44.3%
Cash and Cash Equivalents5,851,99116,250,880-64.0%
Total Debt (Borrowings + Lease Liabilities)4,605,1224,952,146-7.0%
Trade and Other Payables1,470,8913,967,381-63.0%
Amount due to a director857,5642,097,277-59.1%
Amount due to a shareholder2,634,9990N/A

Notes:

  • Revenue increased significantly by 94.6% year-on-year.
  • Loss after tax reduced by 44.3% due to effective cost control.
  • Cash and cash equivalents decreased by 64.0% compared to H1 2024.
  • Total debt decreased slightly by 7.0% year-on-year.
  • Trade and other payables and amounts due to a director decreased significantly.
  • A new amount due to a shareholder appeared in H1 2025.
This table provides a clear comparison of key financial metrics and debt items between H1 2025 and H1 2024 for RC365 Holding PLC. The changes are calculated as percentages to show the year-on-year growth or decline.
ACG logo
Latest RNS 10:54
ACG

Statement of no offer intention - Anglo Asian

ACG Acquisition Co. Ltd.

**Summary**
ACG Metals Limited announced on December 11, 2025, that it does not intend to make an offer for Anglo Asian Mining Plc, following a thorough review of Anglo Asians asset base. The decision aligns with ACGs disciplined approach to capital allocation and its focus on protecting shareholder value. ACG concluded that acquiring Anglo Asian would not create value for its stakeholders. This statement is made under Rule 2.8 of the City Code on Takeovers and Mergers, binding ACG to certain restrictions unless specific conditions (e.g., third-party offers, material changes) are met. ACG, a company focused on consolidating the copper industry through ESG-driven acquisitions, recently acquired the Gediktepe Mine and remains committed to its strategic vision. The announcement contains inside information and is subject to regulatory restrictions.
Offers
ROR logo
Latest RNS 10:51
ROR

Director/PDMR Shareholding

Rotork PLC

The transactions arise out of each PDMRs participation in the monthly partnership share <mark style="background-color:yellow">purchase</mark> arrangements under the Companys HMRC approved Share Incentive Plan. All of the Shares were purchased on 10 December 2025 on the London Stock Exchange at a price of 327.1876 pence per Share.
CRDA logo
Latest RNS 10:31
CRDA

Director/PDMR Shareholding

Croda International PLC

<mark style="background-coloryellow">Purchase</mark> of shares under the Companys Share Incentive Plan by the SIP Trustee (Equiniti Share Plan Trustees Limited) - partnership shares purchased on behalf of PDMRs as detailed in c) and matching shares awarded to PDMRs as detailed in c).
PIN logo
Latest RNS 09:52
PIN

Holding(s) in Company

Pantheon International PLC

TR1 Buy
['Bank of America Corporation', '0.000000', '0.000000']
ESP logo
Latest RNS 09:13
ESP

Form 8.3

Empiric Student Property Plc

MKS logo
Latest RNS 09:01
MKS

2025 PSP Award Targets

Marks and Spencer Group PLC

Please provide the text you would like me to summarize. Im ready to help!
Awards
ONDO logo
Latest RNS 08:51
ONDO

Holding(s) in Company

Ondo InsurTech PLC

TR1 Buy
['Kapitalforeningen Wealth Invest', '6.671198', '3.595929']
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Latest RNS 06:11
0A3D

Net Asset Value

iShares VII Public Limited Company - iShares Core S&P 500 UCITS ETF

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NRR

Agreement for Joint Venture in Burgess Hill

NewRiver REIT plc

**Summary**
NewRiver REIT plc has entered into a conditional agreement with Mid Sussex District Council to form a joint venture for the regeneration of The Martlets shopping centre in Burgess Hill. The project aims to transform the outdated 1970s centre into a modern retail and leisure destination, including 172 new homes, a 102-room hotel, 50,000 sq ft of new retail space, and enhanced public areas. The joint venture will be formalized once specific conditions are met, including the sale of the residential site and pre-lets for the food store and hotel. Construction is expected to begin in summer 2026, with completion by 2028. Both parties expressed enthusiasm for the partnership, highlighting its potential to create lasting value for the community and shareholders. NewRiver, a leading UK Real Estate Investment Trust, specializes in resilient retail assets and manages a £2.3 billion portfolio. The announcement was distributed via Reach, the non-regulatory press release service of the London Stock Exchange.
JV
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STX

Shield Wins Gold at Titan Branding Awards

Shield Therapeutics plc

**Summary**
Shield Therapeutics plc, a commercial-stage pharmaceutical company specializing in iron deficiency treatments, has been awarded Gold at the 2025 Titan Brand Awards for the successful rebranding of its product, ACCRUFeR®. The award recognizes the companys efforts in transforming ACCRUFeR® into a highly differentiated, patient-focused brand, which has become the #1 branded prescription oral iron in the U.S. ID/IDA market. This achievement highlights Shields commitment to addressing the significant unmet needs of patients and healthcare professionals in managing iron deficiency and iron deficiency anemia (ID/IDA), a condition affecting approximately 20 million people in the U.S. and representing a $2.3B market opportunity. The rebranding initiative is part of a broader digital marketing strategy aimed at driving growth for ACCRUFeR®. The product, also known as FeRACCRU® (ferric maltol), is a novel, stable, non-salt-based oral therapy with a unique absorption mechanism, supported by strong clinical trial data. Shield has established partnerships for the commercialization of ACCRUFeR®/FeRACCRU® globally, with patent protection extending into the mid-2030s.
Wins
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Latest RNS 06:01
NCC

Preliminary audited results for the year 30/09/25

NCC Group plc

NCC Group PLC, a global cyber security and software escrow business, released its preliminary audited results for the year ended September 30, 2025. Heres a summary of the key points
**Financial Performance**
* **Revenue** Group revenue declined by 2.6% to £293.9 million, with Escode (software escrow) growing by 2.2% to £66.5 million and Cyber Security declining by 4.0% to £227.4 million.
* **Gross Margins** Improved to 44.5% from 43.9%, driven by operational discipline and margin improvements in Escode.
* **Adjusted EBITDA** Declined to £40.6 million from £42.1 million in 2024, in line with Board expectations.
* **Profit Before Taxation** Increased significantly to £20.6 million from a loss of £17.8 million in 2024, due to various factors including a one-off profit from the sale of Fox Crypto.
**Strategic Progress**
* **Simplification and Focus** The sale of Fox Crypto in March 2025 simplified the business and strengthened the balance sheet, eliminating net debt.
* **Escode Review** The company is exploring strategic options for its Escode business, including a potential sale, which could lead to a significant return of capital to shareholders.
* **Cyber Security Transformation** NCC Group is repositioning its Cyber Security business towards higher-value, recurring revenue streams, supported by global delivery and strategic partnerships.
**Operational Highlights**
* **Managed Services Growth** Managed Services revenue increased as a proportion of total Cyber Security revenue, contributing to margin improvement.
* **Global Delivery** Expansion of the Manila hub and application of technology are enabling the company to scale operations and serve clients more efficiently.
* **Strategic Partnerships** Recognition from key partners like Splunk and Microsoft underscores NCC Groups reputation as a trusted advisor and innovator.
**Outlook**
* **FY26 Expectations** Revenue is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth. Adjusted EBITDA is expected to grow faster than revenue.
* **Medium-Term Goals** The Board remains confident in delivering the Groups medium-term financial goals through improved operational discipline and transformation of the cyber security engine.
**Key Metrics**
* **Net Cash** £13.1 million as of September 30, 2025, compared to net debt of £45.3 million in 2024.
* **Dividend** An unchanged final dividend of 3.15p per share, marking 20 consecutive years of dividend payments.
**Conclusion**
NCC Groups FY25 results reflect a year of strategic progress and transformation, with a focus on simplifying the business, improving profitability, and positioning for future growth in the cyber security market. The companys efforts to enhance its Cyber Security offerings, expand global delivery capabilities, and explore strategic options for Escode demonstrate its commitment to long-term success and value creation for shareholders.
Here is the HTML table code comparing the financials and debt year on year for NCC Group PLC:
Metric2025 (£m)2024 (£m)Change
Revenue305.4329.2(7.2%)
Gross Profit135.9142.9(4.9%)
Adjusted EBITDA43.749.7(12.1%)
Operating Profit/(Loss)25.6(11.5)322.6%
Profit Before Taxation20.6(17.8)215.7%
Net Cash/(Debt) excluding lease liabilities13.1(45.3)128.9%
Final Dividend (pence)3.151.50-

Debt Comparison

Metric2025 (£m)2024 (£m)Change
Net Debt (including lease liabilities)(6.4)(72.9)91.2%
Net Debt (excluding lease liabilities)13.1(45.3)128.9%
**Key Takeaways:** * Revenue decreased by 7.2% from 2024 to 2025. * Gross Profit decreased by 4.9% from 2024 to 2025. * Adjusted EBITDA decreased by 12.1% from 2024 to 2025. * Profit Before Taxation increased significantly from a loss in 2024 to a profit in 2025. * Net Debt (excluding lease liabilities) improved significantly from a net debt position in 2024 to a net cash position in 2025. * Final Dividend increased from 1.50p in 2024 to 3.15p in 2025. Note: The debt comparison table shows both net debt including and excluding lease liabilities to provide a comprehensive view of the company's debt position.
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BLOE

Holding(s) in Company

Block Energy PLC

TR1 Buy
['CSC Employee Benefit Trustee (Jersey) Limited', '0.000000', '7.026000']
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INSG

Director Dealings

Insig Ai PLC

<mark style="background-coloryellow">Purchase</mark> of shares
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THRU

Holding(s) in Company

Thruvision Group PLC

<mark style="background-coloryellow">TR1</mark> Buy
['Nicholas Slater', '', 0]
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Latest RNS 06:01
RWS

Final Results

RWS Holdings PLC

**Summary of RWS Holdings PLC Final Results for the Year Ended 30 September 2025**
RWS Holdings PLC, a global AI solutions company, reported its final results for the fiscal year 2025 (FY2025), highlighting a year of strategic transformation and resilience amid market challenges. Key financial and operational highlights include
### **Financial Overview**
**Revenue**£690.1 million, a 4% decline from FY2024 (£718.2 million), with organic constant currency (OCC) revenue broadly flat, reflecting resilience despite market disruption.
**Adjusted EBITDA**£100.8 million, down 29% from FY2024 (£140.7 million).
**Adjusted Profit Before Tax (PBT)**£60.4 million, a 43% decrease from FY2024 (£106.7 million), but with a significant improvement from H1 (£18 million) to H2 (£42 million) due to cost reduction measures.
**Reported Loss Before Tax**£99.7 million, compared to a profit of £60.0 million in FY2024, primarily due to a non-cash goodwill impairment of £88.0 million and exceptional items of £22 million.
**Operational Free Cash Flow**£80.1 million, up 45% from FY2024 (£55.1 million), with a cash conversion rate of 126%.
**Net Debt**£25.4 million, up from £12.9 million in FY2024, including dividend payments of £45.9 million.
### **Dividend**
**Final Dividend**4.6p per share (FY2024: 10.0p), resulting in a total dividend for the year of 7.05p per share (FY2024: 12.45p). The Board recommends rebasing the dividend to align with sustainable profit performance and support investment in AI and M&A strategies.
### **Operational Highlights**
**Language Services**3% OCC growth, driven by AI services and strong APAC performance.
**Regulated Industries**10% OCC decline due to reduced linguistic validation activity.
**Language & Content Technology and IP Services**: Stable on an OCC basis, with SaaS growth.
**AI-Related Revenues**28% of Group revenues (FY2024: 25%).
**SaaS Transition**46% of license revenues from SaaS (FY2024: 39%).
**Client Retention**95% repeat services revenue and NPS score of +46.
### **Strategic Progress**
**Technology and Innovation**Launched Trados as a translation agent in Microsoft Co-pilot, integrated Papercups AI dubbing technology, and partnered with Cohere for automated translation.
**Efficiency**Implemented an efficiency plan, delivering stronger H2 profit performance, and working with Alvarez & Marsal to achieve a 10% productivity improvement over 18 months.
**Operating Model**Launched a new operating model with three strategic segments: Generate, Transform, and Protect.
**Leadership**Strengthened leadership with key appointments, including a Chief Product & Technology Officer and EVP of Go-to-Market.
### **Outlook**
**FY2026**Expects low single-digit OCC revenue growth, moderate margin expansion, and continued strong free cash flow conversion.
**Medium-Term**Anticipates accelerated OCC revenue growth, gradual profitability improvement, and normalization of operational free cash flow to c.65%.
### **Board Changes**
**Chairman and SID**Julie Southern and David Clayton to step down effective 31 December 2025. Andrew Brode and Gordon Stuart will serve as interim Chairman and SID, respectively.
**CFO**Stephen Lamb appointed as CFO, expected to join in Q1 2026.
### **CEO Commentary**
Ben Faes emphasized FY2025 as a pivotal year, marking RWSs transition to a technology-led AI solutions partner. Despite financial challenges, the company demonstrated resilience and executed strategic initiatives to position itself for future growth in the AI-driven market.
### **Conclusion**
RWS Holdings PLC navigated a challenging FY2025 with strategic focus on AI and operational efficiency, setting the stage for future growth and value creation in the evolving global AI landscape.
Here is the HTML table code comparing the financials and debt year on year for RWS Holdings PLC:
Metric2025 (£m)2024 (£m)Change
Revenue690.1718.2-4%
Adjusted EBITDA100.8140.7-28%
Adjusted Profit Before Tax60.4106.7-43%
Net Debt (excluding lease liabilities)(25.4)(12.9)-£12.5m
Net Debt (including lease liabilities)(47.9)(40.1)-£7.8m

Key Observations:

  • Revenue decreased by 4% from £718.2m in 2024 to £690.1m in 2025.
  • Adjusted EBITDA decreased by 28% from £140.7m in 2024 to £100.8m in 2025.
  • Adjusted Profit Before Tax decreased by 43% from £106.7m in 2024 to £60.4m in 2025.
  • Net Debt (excluding lease liabilities) increased from £(12.9)m in 2024 to £(25.4)m in 2025, a change of £(12.5)m.
  • Net Debt (including lease liabilities) increased from £(40.1)m in 2024 to £(47.9)m in 2025, a change of £(7.8)m.
This table provides a clear comparison of the key financials and debt metrics for RWS Holdings PLC between 2024 and 2025. The data shows a decline in revenue, adjusted EBITDA, and adjusted profit before tax, while net debt has increased.
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CUSN

PDMR DEALING

Cornish Metals Inc.

On-market share <mark style="background-color:yellow">purchase</mark>
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Latest RNS 06:01
EST

JV Agreement for Development of Verkhuba

East Star Resources PLC

**Summary**
East Star Resources Plc (LSEEST), a Kazakhstan-focused gold and base metals explorer, has signed a binding Heads of Agreement (HoA) with Hong Kong Xinhai Mining Services Limited (Xinhai), a leading global EPC (Engineering, Procurement, Construction) company, to establish a joint venture (JVCo) for the development of the Verkhuba Copper Deposit. Under the agreement, Xinhai will farm into the project in five stages, investing up to US$65 million to advance Verkhuba to production, potentially earning up to 70% equity in the JVCo. East Star will retain 30% ownership and will not require further funding to become a copper producer. The deal de-risks and accelerates Verkhubas development while allowing East Star to focus on other exploration projects, including its Rulikha and Talovskoye prospects, and a $25 million+ strategic gold exploration joint venture with Endeavour Mining. The agreement highlights East Stars asset value and positions the company for significant growth in Kazakhstans mining sector.
Agreement
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Latest RNS 06:01
SMIN

BINDING AGREEMENT SIGNED RE SMITHS INTERCONNECT

Smiths Group PLC

**Summary**
Smiths Group PLC announced on December 11, 2025, that it has signed a binding agreement to sell its subsidiary, Smiths Interconnect, to Molex Electronic Technologies Holdings, LLC (a Koch company) for an enterprise value of £1.3 billion. This transaction, initially disclosed on October 16, 2025, values Smiths Interconnect at 15.1x its FY2025 Headline EBITDA of £86.1 million. The sale follows the completion of a required French employment consultation process and is subject to customary regulatory approvals. Smiths Group expects the deal to close in the second half of fiscal year 2026, with proceeds received in cash, adjusted for working capital, cash, and debt. The company reaffirmed its strategic focus on high-growth sectors like energy, industrials, and construction, aiming to address global challenges such as decarbonization and energy efficiency.
Agreement
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Latest RNS 06:01
GCP

Annual Report and Financial Statements

GCP Infrastructure Investments Limited

**Summary of GCP Infrastructure Investments Limiteds Annual Report and Financial Statements for the Year Ended 30 September 2025**
**Overview**
GCP Infrastructure Investments Limited ("GCP Infra" or the "Company") released its annual report and financial statements for the year ended 30 September 2025, highlighting its performance, strategic achievements, and future plans. The Company, a FTSE 250 closed-ended investment company, focuses on providing shareholders with regular, sustained, long-term dividend income while preserving capital through investments in UK infrastructure debt and similar assets.
**Financial Highlights**
**Portfolio Valuation**£858.9 million (2024: £960.0 million).
**Dividends for the Year**7.0 pence per share (maintained from 2024).
**NAV per Share**101.40 pence (2024: 105.22 pence).
**Weighted Average Annualised Yield**8.0% (2024: 7.8%).
**NAV Total Return**3.1% (2024: 2.2%).
**Total Profit and Comprehensive Income**: £18.4 million (2024: £19.5 million).
**Portfolio and Investment Strategy**
The Company maintains a diversified portfolio of 47 investments across renewable energy, social housing, and PPP/PFI sectors, with 49% partially inflation-protected.
The portfolio is focused on sustainable infrastructure, contributing to renewable energy generation and social impact, aligning with UN Sustainable Development Goals (SDGs).
The Company has a weighted average annualised yield of 8.0% and an average life of 11 years.
**Capital Allocation and Leverage**
**Leverage Reduction**Reduced leverage by 80% since the capital allocation policy announcement in December 2023, with a Loan-to-Value (LTV) ratio of 2.4% at year-end.
**Disposals and Cash Proceeds**Generated £46.4 million from disposals, primarily in renewables, bringing total proceeds since the policy to £77.8 million.
**Share Buybacks**Repurchased 30.8 million shares for £22.8 million, returning £35.6 million to shareholders since March 2023.
**Dividends and Shareholder Returns**
Paid a dividend of 7.0 pence per share, in line with the target, and reaffirmed the same target for the forthcoming year.
Dividend cover was 0.31 times on an earnings basis and 0.96 times on an adjusted earnings basis.
**Sustainability and ESG Integration**
The Company continues to integrate ESG criteria into its investment processes, with 57% of the portfolio invested in renewable energy.
Achieved B Corp certification for the Investment Adviser in 2024, reflecting commitment to sustainability.
Contributed to renewable energy generation (1,434 GWh) and social housing (3,040 people housed).
**Market Outlook and Strategy**
The UK infrastructure market presents significant opportunities, with £725 billion in public investment and £500 billion in private investment planned over the next decade.
The Company is well-positioned to capitalize on emerging sectors like long-duration energy storage, water, and heat networks.
Political risks, including policy changes and election uncertainties, are closely monitored.
**Governance and Stakeholder Engagement**
Welcomed new directors Ian Brown and Heather Bestwick, enhancing board diversity and expertise.
Engaged extensively with shareholders, including 62 meetings, webinars, and site visits.
Maintained strong relationships with borrowers, suppliers, and public sector stakeholders.
**Future Plans**
The Company intends to engage with shareholders in early 2026 to propose a future strategy for capital recycling and utilization.
Focus on portfolio rebalancing, reducing exposure to supported living, and exploring new investment opportunities in line with its sustainability and income objectives.
**Conclusion**
GCP Infra demonstrated resilience and strategic progress in 2025, maintaining its dividend target, reducing leverage, and advancing its capital allocation policy. Despite challenges, the Company remains committed to its investment objectives, sustainability goals, and delivering value to shareholders. The Board is optimistic about future opportunities in the UK infrastructure market and continues to prioritize shareholder engagement and governance excellence.
Here is a comparison of the financials and debt year on year for GCP Infrastructure Investments Limited, presented as an HTML table:
Metric20252024Change
Portfolio Valuation (£m)858.9960.0-10.5%
Dividends for the year (pence per share)7.07.00%
NAV per share (pence)101.40105.22-3.6%
Weighted Average Annualised Yield (%)8.07.8+2.6%
NAV Total Return (%)3.12.2+40.9%
Leverage (£m)2057-64.9%
LTV Ratio (%)2.46.0-60.0%
Disposals and Cash Proceeds (£m)46.431.4+47.8%
Share Buybacks (£m)22.82.2+936.4%
Total Profit and Comprehensive Income (£m)18.419.5-5.6%
**Key Observations:** - **Portfolio Valuation:** Decreased by 10.5% from £960.0m in 2024 to £858.9m in 2025, likely due to downward revaluations. - **Dividends:** Remained stable at 7.0 pence per share. - **NAV per share:** Decreased by 3.6% from 105.22 pence to 101.40 pence. - **Weighted Average Annualised Yield:** Increased slightly from 7.8% to 8.0%. - **NAV Total Return:** Improved significantly from 2.2% to 3.1%. - **Leverage and LTV Ratio:** Both decreased substantially, indicating a reduction in debt and improved financial flexibility. - **Disposals and Cash Proceeds:** Increased by 47.8%, reflecting active portfolio management. - **Share Buybacks:** Increased dramatically, indicating a focus on returning capital to shareholders. - **Total Profit and Comprehensive Income:** Decreased slightly from £19.5m to £18.4m. This table provides a concise comparison of key financial and debt metrics for GCP Infrastructure Investments Limited between 2024 and 2025.
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Latest RNS 06:01
PYC

Physiomics Awarded New Contract by Numab

Physiomics Plc

**Summary**
Physiomics plc, a leader in mathematical modelling, data science, and biostatistics for drug development, has been awarded a new contract by its long-standing client, Numab Therapeutics AG. The project involves using modelling and simulation to support the pre-clinical development of a multi-specific antibody targeting autoimmune diseases. Physiomics will develop a mechanistic Pharmacokinetics and Pharmacodynamics (PK/PD) model to optimize dosing for preclinical and clinical studies. The project is expected to be completed within the financial year ending 2026. This contract highlights the growing importance of Model Informed Drug Development (MIDD) in the drug development lifecycle. Dr. Peter Sargent, CEO of Physiomics, expressed satisfaction with the continued collaboration with Numab Therapeutics, emphasizing support for their therapeutic antibody pipeline in oncology and autoimmune indications. Physiomics has a proven track record, having contributed to over 100 commercial projects with clients including Merck KGaA, Astellas, and CRUK. The announcement was made via the London Stock Exchanges RNS news service on December 11, 2025.
NewContract
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Latest RNS 06:01
ANII

Half-year Financial Report

Aberdeen New India Investment Trust PLC

**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)**
**Overview**
Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy.
**Investment Case for India**
**Demographics**Indias large and expanding middle class drives consumption growth.
**Urbanization & Infrastructure**Booming infrastructure development benefits property, materials, and industrial sectors.
**Financial Inclusion**Digitalization expands financial services to underserved markets.
**Digital Transformation**Indias IT sector supports global digital readiness.
**Healthcare**Rising income and chronic diseases increase demand for quality healthcare.
**Green Transition**Policy commitments to renewable energy and environmental management.
**Performance Highlights**
**Six Months Ended 30 September 2025**
Share price+1.1%
Net asset value (NAV) per share-4.3%
Adjusted NAV per share-3.8% (adjusted for Indian Capital Gains Tax)
MSCI India Index (Sterling adjusted)-1.8%
**Year Ended 31 March 2025**
Share price+16.0%
NAV per share+8.5%
Adjusted NAV per share+11.7%
MSCI India Index+0.7%
**Long-Term Performance (10 years)**
Share price+150.7%
NAV per share+148.3%
MSCI India Index+180.1%
**Financial Metrics**
**Discount to NAV**Narrowed from 15.0% to 10.2%.
**Net Gearing**Increased slightly to 4.2% from 3.9%.
**Ongoing Charges Ratio**Rose to 1.00% from 0.95%.
**Portfolio Strategy**
Focus on high-quality, well-managed companies with sustainable competitive advantages.
Concentrated portfolio aligned with Indias structural growth themes.
Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent).
Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand.
**Key Developments**
**Investment Policy Change**Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets.
**Board Changes**Rebecca Donaldson passed away
search for a new Non-Executive Director underway.
**Name Change**Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding.
**Outlook**
Near-term challenges include US tariffs, macroeconomic risks, and market volatility.
Long-term growth drivers remain intactdemographics, policy reforms, urbanization, digitalization, and energy transition.
Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers.
**Chairmans Statement**
Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer.
**Investment Managers Report**
The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market.
**Top Holdings (as of 30 September 2025)**
HDFC Bank (10.2%)
ICICI Bank (8.4%)
Bharti Airtel (6.5%)
Mahindra & Mahindra (4.8%)
Infosys (3.7%)
**Risks**
Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation.
**Conclusion**
Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.
Here’s an HTML table comparing the financials and debt year-on-year for Aberdeen New India Investment Trust PLC based on the provided text:
Metric30 September 202531 March 2025Change
Financial Highlights
Share price (mid-market)764.00p756.00p+1.1%
Net asset value per share851.07p889.34p-4.3%
Adjusted net asset value per share904.16p940.32p-3.8%
Discount to net asset value10.2%15.0%-32.0%
Net gearing4.2%3.9%+7.7%
Ongoing charges ratio1.00%0.95%+5.3%
Debt
Bank loan (drawn down)£22.5 million£19.5 million+15.4%
Interest rate on borrowings5.27%8.055%-34.6%
### Explanation: 1. **Financial Highlights**: - **Share price**: Increased by 1.1% from 756.00p to 764.00p. - **Net asset value (NAV) per share**: Decreased by 4.3% from 889.34p to 851.07p. - **Adjusted NAV per share**: Decreased by 3.8% from 940.32p to 904.16p. - **Discount to NAV**: Narrowed from 15.0% to 10.2%, a reduction of 32.0%. - **Net gearing**: Increased slightly from 3.9% to 4.2%. - **Ongoing charges ratio**: Increased from 0.95% to 1.00%. 2. **Debt**: - **Bank loan**: Increased by 15.4% from £19.5 million to £22.5 million. - **Interest rate**: Decreased significantly from 8.055% to 5.27%, a reduction of 34.6%. This table provides a clear year-on-year comparison of key financial metrics and debt details for Aberdeen New India Investment Trust PLC.
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Market AI · 2025-12-11

LONDON MARKET CLOSE: FTSE 100 up as Fed sounds softer tone than feared

FTSE 100 Performance: Closed up 47.63 points (0.5%) at 9,703.16, driven by a less hawkish Fed rate cut and brighter US economic outlook. FTSE 250 & AIM All-Share: FTSE 250 up 21.13 points (0.1%) at 21,852.10; AIM A…

Market AI · 2025-12-11

LONDON MARKET MIDDAY: FTSE 100 stays green ahead of US jobless data

Stock Market Performance: London stock prices higher near midday on 11th Dec 2025, despite the Federal Reserve's rate cut not sparking a substantial rally in the US or Europe. FTSE 100 up 0.2% at 9,6…

Market AI · 2025-12-11

LONDON BROKER RATINGS: Experian on JPMorgan focus list at 'overweight'

Here is the provided text formatted as bullet points in HTML: html 11th Dec 2025 09:39 The following London-listed shares received analyst recommendations on Thursday morning and on Wednesday: FTSE 100 …

Market AI · 2025-12-11

LONDON MARKET OPEN: Stocks mostly red after "hawkish" US Fed move

London Stock Market: FTSE 100 opened down 0.1% at 9,642.99. FTSE 250 down 0.1% at 21,810.33. AIM All-Share up 0.3% at 748.76. FirstGroup up 1.9% after acquiring RATP Developpement’s UK si…

Market AI · 2025-12-11

LONDON MARKET EARLY CALL: Stocks in red after latest Fed rate cut

11th Dec 2025 07:00 London stocks expected to open lower after the US Federal Reserve cut interest rates by a quarter-point to 3.50%-3.75% and signaled one more reduction in 2026. UK housing market weakened…

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Short pressure lensShort data matters most when it conflicts with fresh catalysts — high short interest plus a positive RNS is a squeeze candidate. Low short interest plus bad news has less bounce risk.
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Short Data
Holder positions · % float shorted · borrow cost · squeeze candidates
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Volatility Lab

SGE

Movers1
News523
Up0
Execution lensATR defines stop width. Use it to judge whether today's RNS triggered a clean breakout or noise within the daily range.
Volume confirmsVolume expansion on catalyst day is the key signal — high volume on break through resistance confirms the move; low volume warns of fade.
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Volatility Lab
ATR · realized range · volume profile · reaction zones · breakout confirmation
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Ask AI
Chart context · RNS news · support/resistance · MACD · catalyst risk — all live
Target path News risk Invalidation Capital flow