By Financial Journalist: Elric Langton & Alex Langton | 8 May 2026

Journeo, the provider of intelligent transport systems, passenger information technology, and fleet management solutions for public transport networks, announced its latest contract with via subsidiary Infotec, worth US$1.2m to supply advanced passenger display systems for the Massachusetts Bay Transportation Authority (MBTA) in Boston, one of the busiest transit networks, in the USA.

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The systems — designed in-house — offer enhanced reliability, remote diagnostics, and durability in demanding operational environments. Deliveries will continue throughout 2026, adding visibility to revenues while strengthening Journeo’s foothold in North America.

This follows previous work with New York’s Metropolitan Transportation Authority, suggesting Journeo is building credibility in one of the world’s most competitive transit technology markets.

Operationally, the Company continues to make sound progress: revenue is growing, margins are improving, leverage is falling, and cash generation is strengthening. Fundamentally, there is much to like.

From an investment perspective, Journeo has already rewarded early conviction handsomely. Since our original feature at 122p, the shares have climbed to a 415p close — a gain of roughly 240%. That is a substantial rerating by any measure, reflecting both improved operational execution and growing market recognition of the company’s niche positioning.

Encouragingly, despite that strong run, the broader growth story appears intact. If management can continue converting contract wins into recurring revenues while expanding internationally, there may yet be further track ahead. The easy money has clearly been made, but well-run small-caps with momentum in attractive markets have a habit of surprising on the upside — often just when investors begin assuming the best days are behind them.

Summary: Journeo is shaping into a credible small-cap growth story with international expansion potential, supported by improving fundamentals and exposure to long-term transport digitalisation trends. Continued contract wins and consistent delivery could be the catalyst for a market re-rating — assuming investors eventually notice, which in small-caps can take rather longer than logic suggests.

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Opinions

We offer no advice or solicit the purchase of shares in any companies we discuss. However, shares go up and down in value, making your financial situation risky.

The views and opinions contained within these editorials are for research purposes and are the opinions of the author(s). We aim to be as accurate as possible but stress you should also perform your research and never act solely on the contents of these editorials.

By Financial Journalist: Elric Langton | 22 2026

Mike, Alex, and I all have a financial interest in SkinBioTherapeutics.

Croda’s Beauty Actives strength offers a useful clue for SkinBioTherapeutics investors.

Croda’s first-quarter 2026 update did not deliver much drama, which by current market standards may count as a public service. Group sales for the three months to 31 March came in at £431.2m, down 2% on a reported basis but up 1% at constant currency, in line with guidance and set against a strong prior-year comparator. Consumer Care held steady at £255m, Life Sciences softened to £126.2m, and Industrial Specialities slipped to £50m. Full-year expectations were unchanged.

The broader picture was one of a business still feeling uneven end-market conditions, particularly in Crop Protection. In the current climate, especially amid concerns about fertiliser shortages and, of course, food, one would expect crop protection to be a top priority. Latin America was the strongest region, North America was weaker, and management kept to its line that the transformation programme remains on track and should help deliver improved profitability and cash flow through to 2028. Investors were not handed a growth miracle. They were handed something more mundane and arguably more valuable: evidence that Croda still knows where its stronger businesses are.

One of those stronger businesses is clearly Beauty Actives…again.

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By Financial Journalist: Alex Langton & Elric Langton | 16 April 2026

In a market increasingly preoccupied with the disruptive force of AI, there is a certain appeal to business models whose fortunes are anchored less in technological obsolescence and more in capital allocation, regulatory frameworks, and structural demand. Foresight Group Holdings sits firmly in that category. Its exposure to real assets, energy transition infrastructure and private equity places it at a relative remove from the immediate disintermediation risks facing knowledge-based or software-heavy industries. That alone does not make it investable—but it does arguably justify a position on the watchlist, particularly for income-oriented investors seeking a blend of yield, capital return discipline and medium-term growth.

At its core, Foresight is underwriting a simple but demanding proposition: the ability to raise long-duration capital, deploy it effectively, and extract a resilient fee stream.

The firm’s FY25 disclosures reinforce the appeal of this model. With 86.6% of revenue classified as recurring and a core EBITDA pre-share-based payments margin of 40.4%, the earnings profile carries the hallmarks of a high-quality asset manager. Yet this is not a static annuity; it is a platform business where scale, distribution and product innovation must continually reinforce one another.

Management’s long-term strategy is orthodox but coherent. Investment in product development—particularly within higher-margin retail vehicles and institutional infrastructure strategies—is paired with an ambition to scale distribution across the UK and internationally. Overlaying this is a willingness to pursue accretive M&A as a growth accelerant. The stated objective to organically double core EBITDA by FY29 (pre-SBP) is ambitious, though not implausible given the historical trajectory: AUM has compounded at roughly 24% since 2020, while core profitability has grown closer to 38%, implying meaningful operating leverage.

That operating leverage is central to the investment case. Asset management businesses, particularly those with a high proportion of closed-ended or long-duration capital, can exhibit strong incremental margins as AUM scales. Foresight’s recent margin compression—from 42.0% to 40.4%—is framed as a temporary consequence of investment in fundraising capabilities. If that investment translates into sustained inflows, the margin profile should, in theory, re-expand.

Encouragingly, recent trading updates suggest continued momentum. AUM reached £14bn at FY26 year-end, with fundraising of £630m—skewed towards higher-margin retail products. Institutional strategies, particularly in energy infrastructure, also continue to attract commitments. These areas are underpinned by durable macro tailwinds: decarbonisation, energy security and the ongoing need for private capital to fund infrastructure gaps.

Focus: Scale and growth. At the end of FY26 (year ended 31 March 2026)

The trading update reported: AUM £14bn (+6% YoY) and FUM £10bn (+4% YoY). Record annual fundraising of £630m into “higher margin retail vehicles” (+7% YoY). Continued progress in key institutional strategies (e.g., FEIP II commitments approved; ongoing rollout of regional PE funds).

However, the headline AUM figure warrants careful interpretation. Foresight includes debt at both fund and asset level within AUM, meaning that growth can be influenced by refinancing activity as much as by net inflows. For analytical purposes, FUM, net fundraising flows and effective fee rates provide a clearer picture of underlying momentum. In other words, not all AUM growth is economically equal.

The revenue model itself, while largely recurring, is not entirely immune to volatility. Certain “recurring” components include catch-up or episodic elements, and parts of the platform—most notably listed infrastructure and public market strategies—remain sensitive to market conditions. FY25 saw outflows in segments exposed to listed vehicles, a reminder that sentiment and NAV movements can feed through to both fees and flows.

Capital allocation

By contrast, is a relative strength. The company’s policy of distributing 60% of adjusted profits, supplemented by a share buyback programme of up to £50m through FY28, creates a compelling yield-plus-return framework. The explicit intention to return “substantially all free cash flow” absent attractive M&A opportunities signals a disciplined approach. For investors, this provides both income visibility and a degree of downside support—assuming, of course, that earnings remain stable.

Yet the dependence on fundraising cannot be understated. The FY26 update’s emphasis on retail inflows highlights both an opportunity and a vulnerability. Retail channels typically command higher fees, but they are also more sentiment-driven and, in some cases, policy-sensitive. The forthcoming reduction in UK Venture Capital Trust (VCT) income tax relief—from 30% to 20%—introduces a subtle but non-trivial headwind. While VCTs remain tax-advantaged, the marginal appeal to certain investor cohorts may diminish, potentially affecting flows at the edges.

This interplay between structural tailwinds and cyclical or policy-driven headwinds defines the current investment debate. On one hand, Foresight is positioned in sectors—energy transition, regional private equity—that enjoy long-term capital demand. On the other, its earnings are still contingent on continued fundraising success and stable fee economics.

Valuation, as ever, mediates these considerations. With a mid-teens earnings multiple and a high single-digit dividend yield, the shares offer a blend of income and growth that is increasingly scarce in UK markets. The addition of buybacks further enhances total shareholder return potential. However, this valuation is unlikely to remain stable if flows falter or if listed market conditions continue to weigh on parts of the business.

Summary: Foresight Group Holdings presents as a credible, well-structured asset manager with demonstrable operating leverage and a shareholder-friendly capital policy. It is not immune to macro or market risks, nor to the nuances of fundraising dynamics. But for investors seeking exposure to real assets and private markets—without the binary risks associated with technological disruption—it merits close attention. The key, as always, will be in the flows.

Technical Analysis

Trend Structure

• The 200 MA (blue) is broadly flat, slightly rising, which signals a neutral-to-long-term consolidation phase, not a full bearish regime.

• The 50 MA (red) is sloping down and is currently below the 200 MA → short/medium-term trend is still bearish.

• Price has only just pushed back toward the 50 MA after a prolonged decline.

Interpretation:
This is a counter-trend rally inside a broader sideways-to-weak structure, not yet a confirmed trend reversal.

Price Action

• Clear downtrend from early March to early April (lower highs + lower lows).

• Recent move shows:

  • Sharp bounce off 350 area (local bottom)

  • Strong upward momentum into 400–405 resistance zone

• The current price is testing the 50 MA from below.

Key levels:

• Resistance: 400–405 (current test), then 435 (200 MA)

• Support: 360–370, then 350 (recent low)

Momentum & Indicators

RSI (14): 63

• Bullish but not overbought

• Indicates room for continuation, but nearing “decision zone”

Momentum (14): Strong positive

• Clear bullish acceleration

• Confirms the bounce is impulsive, not weak

MACD (12,26,9):

• Bullish crossover confirmed

• Histogram expanding, increasing bullish momentum

Interpretation:
All momentum indicators are aligned bullish short-term, supporting continuation if resistance breaks.

Volume Behaviour

• Noticeable volume spike on recent upward move

• Suggests genuine participation, not just a weak bounce

Scenario Mapping

Bullish Case (Higher Probability Short-Term)

• Clean break and hold above 400–405

• Next target:

  • 435 (200 MA)

  • Then potentially 450+

This would shift the structure toward:

Early trend reversal attempt

Bearish Case (Still Structurally Valid)

• Rejection at 400–405 (50 MA)

• Followed by:

  • Lower high formation

  • Roll-over in momentum

Targets:

• 370 - 350 retest

This would confirm:

Continuation of broader downtrend

Key Signal to Watch

The interaction with the 50 MA is critical:

• Break + hold above momentum continuation

• Rejection trend resumes downward

Right now, the price is at the decision point.

Bottom Line

• Short-term: Bullish momentum is strong

• Medium-term: Still bearish unless 50 MA is reclaimed

• Critical level: 400

  ---

Fibonacci Retracement (500 - 350)

Key Fib Levels (Calculated)

• 0.236 - 385

• 0.382 - 407

• 0.5 - 425

• 0.618 - 443

• 0.786 - 468

Confluence with Your Chart

Current Price (400)

• Sitting between 0.236 (385) and 0.382 (407)

• Also:

  • Testing 50 MA (389–400)

  • Just reclaimed minor structure

This is a classic early retracement zone
—not yet a full trend reversal.

Critical Zone: 405–410 (0.382 Fib)

This is the real test:

• Aligns with:

  • Fib 0.382

  • Horizontal resistance

  • Prior breakdown structure

Expect:

• Rejection continuation downtrend

• Break opens the path higher quickly

Next Upside Targets (If Break Occurs)

• 425 (0.5 Fib)
  Midpoint, often magnet level

• 435–445 (0.618 Fib + 200 MA confluence)
  This is the major decision zone

If price reaches 0.618:

• Trend shifts from “bounce” to a legitimate reversal attempt

Bearish Continuation Structure

If price fails at:

• 400–410 zone

Then the likely path:

• Lower high forms

• Move back toward:

  • 370

  • 350 (range low/liquidity)

Trade Setups (Clean + Structured)

A. Breakout Long (Momentum Play)

• Entry: Above 410 (clean break of 0.382)

• Targets:

  • 425 - 440

• Invalidation:

  • Back below 395

B. Pullback Long (Safer)

• Entry: Retest of 385–395 (0.236 zone)

• Target:

  • 410 - 425

• Logic:

  • Trend continuation after consolidation

C. Rejection Short (Higher Timeframe Bias)

• Entry: Bearish rejection at 405–410

• Targets:

  • 370 - 350

• Invalidation:

  • Strong close above 415

Simples

• Below 410 → still a bounce

• Above 410 → momentum shift

• Above 440 → trend shift

Opinions

We offer no advice or solicit the purchase of shares in any companies we discuss. However, shares go up and down in value, making your financial situation risky.

The views and opinions contained within these editorials are for research purposes and are the opinions of the author(s). We aim to be as accurate as possible but stress you should also perform your research and never act solely on the contents of these editorials.

By Financial Journalist: Alex Langton | 13 April 2026

Wise delivers another quarter of compelling scale metrics, even as the growth cadence shows signs of maturation. It has also delivered capital growth for our readers who bought on the back of our January Feature, at 871.50p, which contained in-depth TA, a new feature for initiation of featured companies, purely as a guide to assist you. The shares closed at 1048p, representing a gain of approximately 20.3%.

In context, this is relatively a robust re-rating over a relatively short period, suggesting that the market has grown incrementally more confident in Wise’s growth durability and strategic positioning—particularly as it approaches its US listing catalyst.

Financials Highlights

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By Financial Journalists, Elric Langton & Alex Langton | 10 April 2026

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By Financial Journalist: Elric Langton & Alex Langton | 3 April 2026

We have already updated on the latest £2.4m Contract Awards - Infrastructure Protection. The focus today is investment longevity, especially given our initial feature was at 122p. Journeo continues to deliver; moreover, it is beginning to look less like a plucky AIM curiosity and more like a quietly compounding infrastructure technology play – the sort that rarely shouts, but keeps turning up with better numbers and fresh contract wins.

The latest nudge came on 31 March, with a £2.4m contract award under its existing framework with a major UK utility. In isolation, it’s not transformative against a £55m revenue base. In context, it’s rather more interesting. The framework itself was announced only in September 2025, with a ceiling of £5m; Journeo has now secured roughly £4.7m of that in short order. That suggests not only initial trust, but repeat validation, the sort of thing that tends to lead to “just one more site” conversations in critical national infrastructure circles. Design work has begun, delivery is set for 2026, and, importantly, this is high-security, high-specification work where margins and switching costs tend to be favourable.

Financially, the group is in rude health. FY2025 revenue of £55.0m (+11%) doesn’t fully capture the operational gearing underneath: gross profit rose 23%, margins ticked up to 40%, and adjusted PBT reached £5.7m. EPS in the mid-20s puts the shares on roughly 17x trailing earnings, dropping to nearer 13x forward, hardly demanding for a business with double-digit growth, expanding margins, and a net cash position of around £12m even after acquisition activity.

That acquisition – CFDS – is doing the heavy lifting strategically. It has pulled Journeo into the orbit of utilities and critical infrastructure, a market with longer contracts, higher barriers to entry, and a distinctly more defensive flavour than traditional transport tech. Passenger Systems remains the engine room (revenue up 33%, profit contribution up sharply), but CNI is where the multiple expansion story lives if management executes.

The investment case, then, is less about any single £2.4m announcement and more about pattern recognition. A £200m qualified pipeline, a stated ambition to push beyond £100m in revenue, and a growing presence in sectors underpinned by energy security and resilience spending all point in the same direction. These are not cyclical whims; they are structural tailwinds dressed in high-vis jackets.

Of course, this is still AIM. Contracts can be lumpy, revenue can slip between reporting periods, and sentiment can turn on a sixpence – particularly after a run that has taken the shares from 122p to just over 400p. Liquidity remains thin, and further acquisitions, while tempting, always carry the risk of indigestion.

But here’s the uncomfortable truth for anyone tempted to bank a tidy 3x: the valuation doesn’t yet look stretched relative to delivery. A forward P/E in the low teens for a business compounding revenue, expanding margins, and nudging into higher-quality end markets is not the usual profile of a story that has run out of road. The presence of a 740p analyst target (FWIW), may be optimistic, but it underlines a broader point – the market may still be underestimating the CNI pivot. We think it is; hence, we feel it remains a compelling hold.

For existing holders sitting on substantial gains, the rational response is not binary. Trimming to manage position size is sensible; one might argue, bloody prudent. Wholesale exit looks premature. The Company is executing, cash generative, and increasingly embedded in sectors where demand is unlikely to evaporate at the first whiff of macro trouble.

In short, Journeo is evolving from a transport tech supplier into a broader infrastructure solutions provider with improved economics and visibility. The latest £2.4m award doesn’t change the story – it reinforces it. And in this game, reinforcement is often where the real money is made.

Opinions

We offer no advice or solicit the purchase of shares in any companies we discuss. However, shares fluctuate in value, making your financial situation unpredictable.

The views and opinions contained within these editorials are for research purposes and are the opinions of the author(s). We aim to be as accurate as possible but stress you should also perform your research and never act solely on the contents of these editorials.

By Financial Journalist: Alex Langton & Elric Langton | 27 March 2026

Mike, Elric, and I all have a financial interest in SkinBioTherapeutics.

We have had a couple of complaints from readers stating our articles are overwritten and too long. This one is for you.

Appreciation to Mark and Dave for their help…Oh, and Grok with the fact-checking and science bits.

Mark — known to many as AquaeSulis on LSE, I believe, has undertaken a notably rigorous piece of independent work in pulling together disparate strands of formulation science, patent evolution and ingredient strategy. What he has assembled is not conjecture in the casual sense, but a structured attempt to interpret signals that, taken individually, might appear inconsequential, yet collectively begin to suggest something more deliberate.

It would be premature to present his conclusions as definitive. We are, quite clearly, operating with incomplete information — Croda has yet to show its hand, and until it does, any interpretation must remain provisional. That caveat matters.

However, on the balance of known data, and our Croda Friend agrees (See the thread above) — from patent language shifts to ingredient positioning and broader category direction — the case he is building does not feel accidental. If anything, it aligns rather neatly with what one might expect from a future-led strategic move within high-value actives.

Whether this ultimately proves to be a reformulation, a platform extension, or something more nuanced remains to be seen.

For now, the work stands as a compelling lens through which to view what may be unfolding.

Croda has not yet shown its hand, and it is improbable that it will do so in any meaningful way before in-cosmetics Global in Paris on 14–16 April 2026, an event that matters all the more because Sederma, Croda’s beauty actives arm, is based in Le Perray-en-Yvelines, near Paris. In other words, the market is trying to infer strategy from patents, product language and timing, before the company has offered any formal reveal.

Part 1

Against that backdrop, the thread’s central suggestion is intriguing but, in its strongest form, still too definitive. The speculation is that a new formulation of Matrixyl 3000 may contain Zenakine™. On the evidence available today, that is not the most likely immediate conclusion. Croda’s live Matrixyl 3000 product page still lists the INCI as glycerin, water, butylene glycol, carbomer, polysorbate 20, palmitoyl tripeptide-1 and palmitoyl tetrapeptide-7.

Zenakine, by contrast, is separately listed by Croda as Lactobacillus Ferment Lysate with glycerin, pentylene glycol, propanediol and xanthan gum. So there is, at present, no direct evidence that the marketed Matrixyl 3000 itself has already been reformulated to include Zenakine™. A silent insertion would also be awkward commercially because it would imply an INCI and positioning change that Croda has not yet disclosed.

That said, the theory is not fanciful.

Let’s start with the teaser on Instagram.

What is it saying? The session description and surrounding context strongly point toward Croda advancing greener, biotechnology-driven formulations in the Matrixyl range — but not necessarily to a literal addition of Zenakine™ into a new Matrixyl 3000 base. Is it really signalling a broader strategic evolution where advanced biotech (postbiotics and fermentation-derived actives) and green chemistry principles are used to create high-performance peptide systems with significantly lighter environmental footprints? This aligns closely with the earlier patent speculation and Zenakine™ positioning. So, are Croda utilising the SkinBiotix technology?

It would be premature to present his conclusions as definitive. We are, quite clearly, operating with incomplete information — Croda has yet to show its hand, and until it does, any interpretation must remain provisional. That caveat matters.

However, at the centre of his analysis sits a particularly intriguing thread — the potential role of Zenakine™ within a broader reformulation or strategic repositioning of established peptide systems. On the balance of known data — from patent language shifts to ingredient positioning and broader category direction — the case being constructed does not feel accidental. If anything, it aligns rather neatly with what one might expect from a future-led strategic move within high-value actives.

Whether this ultimately proves to be a reformulation, a platform extension, or something more nuanced remains to be seen.

For now, the work stands as a compelling lens through which to view what may be unfolding.

You be the judge.

Working with one hand behind our back

We begin with a necessary caveat. At this stage, we are working with one hand behind our back. Croda has yet to show its hand, and it is unlikely to do so meaningfully ahead of In-Cosmetics Global in April in Paris — a location of some relevance given Sederma’s proximity. Until then, the market is left to infer direction from patents, positioning and timing rather than formal disclosure.

The central question: Matrixyl 3000 and Zenakine™

The thread suggests that a new formulation of Matrixyl 3000 may contain Zenakine™. On current evidence, that is not the most probable immediate conclusion. The marketed INCI for Matrixyl 3000 remains unchanged, centred on Palmitoyl Tripeptide-1 and Palmitoyl Tetrapeptide-7. Zenakine™, by contrast, is positioned separately as a Lactobacillus ferment lysate system.

A silent reformulation would imply an undisclosed shift in both INCI and positioning — something Croda has not signalled.

However, the theory is not without merit. It may simply be early.

Matrixyl 3000: established peptide architecture

Matrixyl 3000 is built on a dual-peptide system:

• Palmitoyl Tripeptide-1 — collagen signalling and extracellular matrix stimulation
• Palmitoyl Tetrapeptide-7 — anti-inflammatory modulation and repair signalling

Together, they mimic the skin’s natural damage-response pathways, driving:

• Collagen synthesis
• Reduction in wrinkle depth
• Improved dermal repair
• Stabilisation of the extracellular matrix

It is a classical, highly successful peptide construct.

Zenakine™: postbiotic, circadian and neuroactive positioning

Zenakine™ operates in adjacent, but more contemporary territory. It is positioned as a postbiotic active with:

• Cytokine modulation
• Fibroblast activation
• Collagen stimulation (notably collagen I)
• Reduction in inflammatory signalling
• Acceleration of repair pathways
• Circadian rhythm resynchronisation
• Cortisol mitigation and stress pathway regulation

Crucially, it extends beyond structural repair into sleep physiology and neurocosmetic signalling, an area of increasing commercial interest.

Converging biological endpoints

What makes the speculation compelling is the overlap.

The biological endpoints of Zenakine™ — extracellular matrix stimulation, repair acceleration, inflammation control — intersect directly with those historically delivered by Palmitoyl Tripeptide-1.

In simple terms: Zenakine™ begins to encroach on the functional territory of part of the Matrixyl system, whilst adding a new layer of circadian and stress-related biology.

Patent evolution: where it becomes interesting

The recent patent shift is not subtle.

The latest application reframes the invention around:

• Synergy and chemical compatibility
• Sleep-mode physiology and evening repair
• A peptide + ferment + botanical triad
• A tightly defined combination of actives including:
– Palmitoyl Tetrapeptide-7
– Methylsilanol mannuronate
– Lactobacillus ferment
– Botanical extracts (Punica granatum, Castanea sativa, Gossypium hirsutum, Euterpe oleracea)

By contrast, the earlier patent:

• Contains no peptide language
• Lacks synergy framing
• Focuses on a broader, less structured botanical blend
• Has no circadian or sleep-mode positioning

This is not iteration. It is a repositioning.

The Zenakine™ connection

The inclusion of Lactobacillus ferment — central to Zenakine™ — alongside peptide language and sleep-focused biology is notable.

If marketing is moving towards a ferment-led, sleep-repair architecture, the implication is clear: demand is shifting.

Zenakine™ appears purpose-built for precisely this formulation direction.

Strategic interpretation

This leads to a more measured conclusion.

I am sure sceptics will argue it is unlikely that Zenakine™ has already been embedded into the current Matrixyl 3000 offering. Ah, but Toyin (also on LSE, I believe) spotted something exceptionally intriguing.

Croda’s latest press release states, “Zenakine™ - a multifunctional ingredient for skin and hair.” None of the current formations mentions scalp or hair.

Bring down stress ageing by improving resilience, the key to skin longevity: Zenakine reduces skin fatigue and reinforces its firmness, vitality and resilience to both physical and emotional stress. It also promotes positive and relaxing emotions, enhances sleep quality, feelings of happiness and self-esteem.

However, it is increasingly plausible that Croda is preparing for a next phase in which:

• Peptides and postbiotics are combined
• Circadian and stress biology become central claims
• Legacy franchises such as Matrixyl are either extended or evolved

In that context, Zenakine™ is not a replacement — it is an augmentation layer.

Three strategic drivers stand out:

1. Portfolio evolution — refreshing a mature, highly penetrated peptide franchise

2. Category convergence — aligning peptides with biotech/postbiotic growth trends

3. Claim expansion — moving from wrinkle repair to stress, sleep and regeneration narratives

This is consistent with a shift towards higher-value, more defensible actives.

Conclusion: Is Zenakine™ already inside Matrixyl 3000? On disclosed evidence, no.

Is the broader direction — a convergence of peptide signalling and postbiotic circadian biology — likely? Increasingly, yes.

The patent evolution, ingredient positioning and strategic context all point in the same direction.

But until Croda chooses to show its hand, that conclusion remains informed inference rather than confirmation.

Part 2:

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By Financial Journalist: Elric Langton | 26 March 2026

Apologies for the late update: Journeo has never been the sort of company to shout about itself. It prefers, instead, to quietly wire up the modern transport network—fitting buses, trains and stations with the digital nervous system required to keep passengers informed, assets secure and operators vaguely sane. The market, as is its habit, eventually noticed. By late 2025, the shares had climbed to a punchy 554p.

They now sit at a more subdued 390p.

At first glance, that retreat might suggest the growth story has run out of puff. The numbers tell a different story.

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By Financial Journalist: Elric Langton | 18 March 2026

It is an oft-repeated maxim in investing circles: let your winners run. In the case of Ramsdens Holdings plc, that philosophy has been amply rewarded. Initially highlighted at 157p amid the uncertainty of 2020, the shares—now trading at approximately 400p-have delivered a compelling multi-year return, even as they sit modestly below their recent peak. The investment case, however, appears far from exhausted.

A Business Model in Full Flight

Ramsdens has continued to execute with quiet consistency, leveraging its diversified model across pawnbroking, jewellery retail, foreign exchange, and precious metals purchasing. The latest trading update reinforces n operational momentum coupled with favourable macroeconomic tailwinds.

At the core of the current performance lies an external driver: gold. With the precious metal trading at historically elevated levels—averaging roughly 50% higher year-on-year—the Group’s precious metals division has emerged as a significant profit engine. Not only has pricing strengthened, but customer activity has intensified, with gold purchases also rising by approximately 50%.

This dual effect, price and volume, has materially enhanced margins and underpinned a further upgrade to profit expectations.

Upgraded Expectations — and Then Some

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By Financial Journalists, Elric Langton & Alex Langton | 17 March 2026

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By Financial Journalist Alex Langton | 9 March 2026

I have a financial interest in Rolls-Royce.

I should begin with an apology for the delay in covering Rolls-Royce’s 2025 full-year results. As many readers will know, Rolls-Royce is not a company I have historically led on. I have been working on today’s article for a few days. It was one of Father’s recovery investments, and while I have contributed modestly to previous updates, the conviction behind the original thesis was very much his. I felt I needed to do justice and therefore take my time.

That conviction has proved extraordinarily well placed. What began as a deeply out-of-favour recovery play has evolved into one of the market’s most remarkable turnarounds of recent years. Our position was first established at 127p, at a time when sentiment around the company remained fragile, and the balance sheet recovery was far from assured. From those levels, the shares have delivered a spectacular re-rating, recently trading around 1,238p, representing almost a tenfold return for early investors. Few industrial recoveries in the London market have compounded capital with such force.

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By Financial Journalist: Alex Langton | 24 February 2026

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By Financial Journalist: Elric Langton & Alex Langton | 10 February 2026

One of the longest-running winners from the COVID era – and it’s still delivering the goods.

If you’ve been following the market with one eye open since the pandemic, you’ll know Ramsdens Holdings PLC has been a reliable chart-topper in terms of capital growth. Originally featured at 157p back in the darker days of 2020, Ramsdens has become something of a cult classic among small-cap followers – a rare breed of Company that just keeps on delivering. Today’s trading update only reinforces that status, with FY26 profits now expected to sail past market expectations. In short, it’s the textbook definition of “let your winners run”.

Overview

If you are unfamiliar, Ramsdens Holdings is a diversified financial services provider and value-led retailer, best known for pawnbroking, jewellery retail, foreign exchange, and buying precious metals. Based in Middlesbrough but with an expanding UK footprint. The Company continues to prove there’s more than one way to thrive on the high street, especially if your business has one foot in financial services and the other in gold.

The Gold Standard (Literally)

The precious metals segment is doing the heavy lifting once again, no surprise, given that gold has soared to record highs in early 2026. With prices up around 20% since the start of the financial year, the Group has also seen a surge in volume, as more consumers decide it’s time to turn the family heirlooms into hard cash. Ramsdens knows this game well, and it’s reaping the rewards.

As a result, profit before tax is now expected to top £21m this year – a sharp upgrade from the previous consensus of £18.6m and comfortably ahead of last year’s £16.2m. A material beat, and we’re not just talking about the metals.

A Multi-Channel Retail Machine

Jewellery retail, both new and second-hand, continues to shine, with the re-platformed dedicated jewellery website going live in late January. It’s another example of Ramsdens modernising a very traditional sector without losing the charm (or the margin). Store performance remains robust, and the online channel is gaining traction at pace.

Meanwhile, pawnbroking income remains strong, with record lending volumes in January. The Group continues to lend cautiously against gold, which should give investors some comfort if the metal cools off later in the year.

FX trading, a slightly less glamorous segment, is treading water, with flat volumes and continued migration to digital offerings like click-and-collect and multi-currency cards. Margins here are thinner, but Ramsdens is playing the long game, building a defensible customer base.

Branching Out

Expansion is very much on the agenda. New stores in Wakefield and Hull are performing well, and the pipeline remains healthy. Management aims to open between 8 and 12 stores in FY26, a respectable clip for a business that favours measured growth over flag-planting. The recent acquisition on the Isle of Sheppey has already been refurbished and is trading to plan.

Leadership View

CEO Peter Kenyon remains characteristically cautious in tone – aware of wider macro risks but confident in the Group’s ability to weather storms. His message is consistent: value, trust, and a diversified model are Ramsdens’ secret sauce. And so far, the market agrees.

Conclusion: Ramsdens continues to be a shining example of what a well-run, diversified, value-focused small cap can achieve – particularly when it plays to its strengths. With gold tailwinds, a solid retail core, and ongoing store rollouts, FY26 is shaping up to be another golden year.

For long-term holders, it’s another reason to sit tight and enjoy the compounding. For everyone else, perhaps it’s time to look again at this unsung retail-financial hybrid. After all, how many pandemic-era stars are still hitting new highs? Not many. But Ramsdens, somehow, keeps finding more in the tank.

Annual Results for the year ended 30 September 2025 & Q1 FY26 trading update - & TA

Opinions

We offer no advice or solicit the purchase of shares in any companies we discuss. However, shares go up and down in value, making your financial situation risky.

The views and opinions contained within these editorials are for research purposes and are the opinions of the author(s). We aim to be as accurate as possible but stress you should also perform your research and never act solely on the contents of these editorials.

By Financial Journalist, Elric Langton | 21 January 2026

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By Financial Journalist: Elric Langton & Alex Langton | 14 January 2026

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By Financial Journalist, Elric Langton & Alex Langton | 12 January 2026

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By Financial Journalist: Elric Langton | 5 January 2026

Starting this month, all NEW FEATURED company editorials will come with a sharper edge & Verdict. Each piece will now include a structured Bull vs Bear investment thesis—laying out the opposing cases to help readers cut through the noise and assess conviction. To complement this tug-of-war, we’re also introducing detailed technical charting, focusing on the 50 / 200-day moving average (MDA) and key Fibonacci retracement levels. These will highlight actionable entry points, realistic exit targets, and sensible stop-loss zones, along with tactical insights, ideal for investors who prefer charts to charm and levels to guesswork.

Lion Finance Group – a recent entrant into the ranks of ‘do n’t-call-it-an-emerging-market’ outperformers – has evolved considerably since its former incarnation as Bank of Georgia Group PLC. Following its February 2025 rebranding, the FTSE 250-listed holding company now encapsulates a broader regional ambition. The catalyst? Its acquisition of Armenia’s leading universal bank, Ameriabank, is a strategic move that transforms Lion from a single-market player into a genuinely regional financial force.

Today, the group operates as a diversified financial services ecosystem across Georgia and Armenia, two of the fastest-growing economies in Europe’s extended periphery. Its portfolio includes universal banking (retail and corporate), insurance, leasing, payments, wealth management, and a fast-growing digital stack. With over 2 million digitally active customers and market-leading positions – including a commanding ~55% share in Georgian merchant acquiring – Lion has become something of a paradox: a high-growth, high-margin bank hiding in plain sight on the London Stock Exchange.

Company Overview

Lion Finance’s franchise is underpinned by two heavyweight banking operations: Bank of Georgia (BoG) and Ameriabank. Each is a leader in its domestic market, with enviable Net Promoter Scores (reported at ~74 in Georgia) and strong digital adoption rates.

• Bank of Georgia, the flagship operation, has spent the better part of two decades digitising ahead of its time, building a fortress balance sheet and a loyal retail base.

• Ameriabank, the newer addition, adds a complementary growth engine in Armenia, a market with similar structural tailwinds: low banking penetration, rising incomes, and a tech-savvy population.

Together, the group combines mature-bank profitability (cost-to-income ~35%, profit margin ~52%) with fintech-like scalability. It is also, crucially, well-capitalised (CET1 comfortably above regulatory minimums), enabling reinvestment and shareholder returns without recourse to dilution – a rarity among emerging-market financials.

Investment Thesis: Quality, Growth, and the EM Discount

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By Financial Journalist: Alex Langton | 5 January 2026

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By Financial Journalist: Elric Langton | 30 December 2025

Mike, Alex, and I all have a financial interest in SkinBioTherapeutics.

Zenakine™: A Quiet Revolution in the Making? A Few Observations on Croda, Sederma, and the SkinBioTherapeutics’ Commercial Horizon

I had hoped, if only for my own sanity — and to reassure fellow investors that I haven’t been offering a mirage wrapped in scientific waffle — that someone with direct Croda credentials might eventually break cover and share their view on where things stand. Thankfully, Dave has done just that.

With over 30 years in the chemical industry, including two decades at Croda, I’m no outsider looking in through a steamed-up window. My perspective offers welcome clarity to back up the technical clarity I provided Elric in previous updates — and a quiet confirmation of what many of us suspected: that something materially disruptive is taking shape behind the NDA curtains.

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By Financial Journalist Elric Langton & Alex Langton | 27 December 2025

I have a financial interest in Rolls-Royce.

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