Today's financial updates highlight strong trading performance across several companies, with Water Intelligence, TP ICAP, Conduit Holdings, and Corero Network Security all reporting robust revenue growth or significant order intake, while Velocity Composites anticipates more than doubling its Adjusted EBITDA despite lower revenue. Strategic developments feature prominently, as Ceres Power secured a major manufacturing licence with Weichai, and both First Tin and Alkemy Capital advanced substantial financing efforts for critical projects. Elsewhere, OPG Power Ventures outlined plans for a significant share buyback and AIM delisting, while Cambridge Cognition announced key leadership appointments to drive its brain health initiatives.
Aerospace composite material supplier Velocity Composites VEL announced an unaudited FY25 revenue of £20.7 million, a decrease from £23.0 million in FY24, attributed to lower-than-expected A350 production rates and delays in programme transfers. Despite the revenue dip, the company expects its Adjusted EBITDA to more than double FY24's £0.4 million, reflecting significant progress in driving efficiencies, improving operating margins, and reducing overhead costs. Velocity also secured a new contract for a major Tier One company on the A350 programme and renewed existing contracts.
Water Intelligence WATR, a multinational provider of preventive maintenance solutions for water and wastewater infrastructure, released a robust Q3 trading update, with group revenue increasing 9.2% to $69.3 million for the nine months ended 30 September 2025. Operating improvements, conceptualised as the 'Dallas Template,' significantly boosted efficiencies and profit acceleration. The company is in line with 2025 market expectations and confident about 2026, maintaining a strong, under-levered balance sheet that included significant share repurchases in Q3.
Interdealer broker TP ICAP Group TCAP delivered a positive trading statement, showing a 7% increase in group revenue to £1,783 million for the nine months ending 30 September 2025 at constant currency. The Global Broking division was a key growth driver, with revenue up 10%, capitalising on favourable market conditions across various asset classes. The third quarter alone saw group revenue rise 3% to £560 million, building on a record comparative period. Parameta Solutions and Liquidnet also contributed positively to the overall revenue growth.
Conduit Holdings CRE, the Bermuda-based reinsurance business, announced a positive trading update for the nine months ended 30 September 2025, reporting an 8.5% growth in gross premiums written across all segments. The company also achieved a robust investment return of 5.4% on its $2 billion portfolio. Management is actively repositioning the portfolio and enhancing retrocession coverage to drive more consistent returns, reaffirming its mid-single digit Return on Equity guidance for the current year, despite potential for loss events.
Corero Network Security CNS, a specialist in distributed denial of service ('DDoS') protection, announced strong sales traction across Q3 2025, with order intake rising to $7.4 million from $6.0 million in the previous year's quarter. This momentum was supported by new customer acquisitions across multiple regions and the launch of product enhancements. Crucially, the company secured a significant $6.8 million renewal and expansion order from a leading US cloud computing provider in early Q4 2025, indicating continued strong performance and sales momentum.
Ceres Power Holdings CWR, a developer of clean energy technology, announced a pivotal manufacturing licence agreement with Weichai Power, a global original equipment manufacturer. This agreement permits Weichai to produce Ceres' proprietary solid oxide fuel cell technology for stationary power systems, superseding prior arrangements. The deal is expected to generate significant revenue and cash for Ceres through licence fees, milestones, and ongoing royalties, further expanding its global manufacturing partner base to four.
OPG Power Ventures OPG, an operator of power generation assets in India, unveiled plans for a significant share buyback offer of up to approximately £11.41 million, aimed at returning capital to qualifying shareholders. Concurrently, the company proposes the cancellation of its admission to trading on AIM. This dual strategy involves a substantial financial event and a major structural change, signalling a new direction for the company's ownership and public market presence by delisting from the exchange.
Cambridge Cognition, a brain health software group, has announced key leadership changes, appointing Rob Baker as its new Chief Executive Officer with immediate effect. Baker, who previously served as Chief Operating Officer and Chief of Product and Operations, brings extensive experience from Amazon and Siemens. Additionally, Ronald Openshaw has taken on the role of Chief Financial Officer, completing the refreshed executive team to guide the company's strategic direction in digital health products and advance brain health research.
First Tin 1SN, a tin development company, has received a significant non-binding Letter of Interest from the Export-Import Bank of the United States, outlining potential financing of up to US$120 million. This facility would support the development of the company's Taronga Tin Project in New South Wales, Australia, a strategically important critical minerals asset. The project is being considered under EXIM's program to bolster US supply chain resilience, highlighting its geopolitical and economic relevance for conflict-free tin supply.
Alkemy Capital Investments ALK has appointed ABG Sundal Collier as the exclusive manager and financial advisor for Tees Valley Lithium's upcoming US$245 million bond and equity financing. This substantial funding round is earmarked for the construction of Train 1 of the lithium hydroxide refinery in Teesside, a project poised to become Europe's largest independent facility of its kind. This development marks a significant step towards meeting the growing demand for battery-grade lithium in Europe, supporting the burgeoning EV battery industry.