“These profitability and productivity increases are a clear sign of how North East businesses are approaching AI as a powerful driver of growth,” said Martyn Kendrick of Lloyds.

Regional firms are using AI to boost their profits and increase productivity, a key business survey suggests.

Businesses are increasingly integrating AI into their work, with 85% seeing increased productivity and 42% reporting higher profits in the past 12 months. That’s according to new research within the Lloyds Business Barometer – a monthly survey of businesses with a minimum turnover of £250,000.

Researchers found that of those firms reporting a profit boost from use of AI, 32% recorded an increase in profits of 11% or more. Another 52% said profits increased by 6-10% and 16% said profits rose by between 0-5%.

More than two-thirds (69% of regional firms say they have invested in AI. A third of companies spent less than £25,000 to build their AI capabilities, while 29% spent between £25,000 and £100,000, 5% spent between £100,000 and £250,000 and 4% spent £250,000 or more.

The findings come as investment in AI accelerates, with more than two-thirds (69%) of North East businesses confirming they have invested in AI. More than seven in ten (72%) businesses in the North East say they are currently using AI.

Martyn Kendrick, regional director for the North East at Lloyds, said: “These profitability and productivity increases are a clear sign of how North East businesses are approaching AI as a powerful driver of growth, and unlocking gains that give them a competitive edge. As they adopt this new technology more widely, they will need clear oversight and robust processes to ensure these tools are used responsibly and transparently.”

Lloyds’ research, which spoke to firms between January 5-20, was conducted ahead of the Government announcing a new, AI research lab that it said will “unlock breakthroughs” which could transform healthcare, transport and science. Ministers said the country is “only scratching the surface of this technology’s potential” when announcing £40m available over six years for the Fundamental AI Research Lab.

The Government is now calling on AI experts to apply with bold and ambitious proposals for unlocking the benefits of AI for society.

This funding call is open for applications now with the UK government calling on the country’s AI experts to bring their boldest and most ambitious proposals forward. The launch of the Lab is part of the UKRI AI Strategy, which was revealed in recent weeks and includes a plan to use AI for UK’s cutting-edge science and research efforts, backed by a record £1.6bn over the next four years.

AI Minister Kanishka Narayan said: “AI is already doing things we could never have imagined just a few years ago, like helping to diagnose cancer. It can and will do even more – but if we want this technology to be a force for good, we need to make sure the next big AI breakthroughs are made in Britain. This is a long-term investment in the brilliant minds who will keep the UK in the AI fast lane.

“If we are the ones breaking new ground on what AI can do, we can make sure our values are baked in from the outset. This is a critical part of our mission to make AI work for everyone.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

This article was written by

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Saturn Oil & Gas Inc. (SOIL:CA) Q4 2025 Earnings Call March 12, 2026 10:00 AM EDT

Company Participants

Cindy Gray – Vice President of Investor Relations
John Jeffrey – CEO, President & Non-Independent Director
Justin Kaufmann – Chief Development Officer
Scott Sanborn – CFO & VP of Finance

Conference Call Participants

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Laique Ahmad Amir Arif – ATB Cormark Capital Markets Inc., Research Division
Adam Gill – Ventum Financial Corp., Research Division
James Somerville – ROTH Capital Partners, LLC, Research Division

Presentation

Operator

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Good morning, ladies and gentlemen. Welcome to Saturn’s Fourth Quarter 2025 Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions] I will now turn the meeting over to Ms. Cindy Gray, Vice President, Investor Relations. Please go ahead, Cindy.

Cindy Gray
Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and thanks for joining us to hear management’s remarks about Saturn’s Q4 and year-end 2025 results and reserves. Please note that our financial statements, MD&A, annual information form and press release are all filed on SEDAR+ and available on our website. Some of the statements on today’s call may contain forward-looking information reference to non-IFRS and other financial measures. And as such, listeners are encouraged to review the disclaimers outlined in our most recent MD&A. Listeners are also cautioned not to place undue reliance on these forward-looking statements since a number of factors could cause the actual future results to differ materially from the targets and expectations expressed. The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities law. For further information on our risk factors, please see the company’s AIF filed on SEDAR+ and on website. Also note, all amounts discussed today are Canadian dollars unless otherwise stated.

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The IPO of Innovision has been extended until March 17 after the issue failed to achieve full subscription in the initial bidding window, reflecting muted investor demand. The IPO, which opened for subscription on March 10, was subscribed only 32% by the end of Day 3.

Investor participation remained weak across categories, with retail investors subscribing 28%, non-institutional investors (NII) 36%, and qualified institutional buyers (QIBs) subscribing 99% of their allotted portion.

Following the weak response, the company has also revised the price band to Rs 494-519 per share with effect from March 13, lower than the earlier band of Rs 521-548 per share.

Innovision aims to raise around Rs 323 crore through the public offering. The issue comprises a fresh issue of Rs 255 crore and an offer for sale of Rs 68 crore by existing shareholders.

Grey market trends indicate subdued investor sentiment toward the offering. The IPO is currently commanding a grey market premium (GMP) of around 0%, suggesting expectations of a flat listing.

The revised timeline means the issue will now remain open for subscription until March 17, with the basis of allotment expected to be finalised thereafter and the listing scheduled once the extended subscription process concludes.
Innovision operates in the manpower services and infrastructure support segment, providing workforce solutions, toll plaza management and skill development training services across India.The company initially started with manned private security services before gradually expanding into manpower outsourcing solutions. It entered the skill development business in FY14 and later expanded into toll management services in FY19.

Today, the company operates across 23 states and five union territories, providing workforce management and operational support services to corporate clients as well as infrastructure operators.

Its revenues are largely derived from service contracts and long-term operational engagements, particularly in manpower outsourcing and toll management.

The company has reported strong revenue growth in recent years. Revenue rose to Rs 896 crore in FY25, compared with Rs 512 crore in FY24 and Rs 258 crore in FY23. Profit after tax increased to Rs 29 crore in FY25, up from Rs 10 crore in FY24 and Rs 9 crore in FY23. Despite the strong growth in revenue, margins remain relatively thin. The company reported an EBITDA margin of about 5.78% in FY25, reflecting the manpower-intensive nature of its operations.

Proceeds from the fresh issue will be used primarily for repayment or prepayment of certain borrowings, working capital requirements, and general corporate purposes.

Brokerage Swastika Investmart has recommended avoiding the issue, citing concerns over valuations and the relatively low margin profile of the business. “RoNW of 35.45% is the highest in the peer group by far, which signals efficient capital use and partly justifies the premium. However, at 35.69x P/E the stock is already pricing in significant future growth,” the brokerage said in its note.

It added that the company operates in a manpower-intensive and relatively commoditised services segment, where profitability tends to remain modest.

The John Lewis Partnership has reinstated its staff bonus for the first time in four years, awarding employees a 2 per cent payout after a modest improvement in sales and underlying profits.

The decision marks a symbolic milestone for the employee-owned retailer, which has spent the past several years navigating pandemic disruption, rising costs and intense competition across the UK retail sector.

The partnership, which operates 36 John Lewis department stores and around 320 Waitrose supermarkets, reported profit before tax and exceptional items of £134 million for the year to the end of January. That represents a modest improvement from £126 million the previous year.

However, statutory results told a different story. The group recorded a statutory loss before tax of £21 million, compared with a £97 million profit a year earlier, largely due to one-off costs including the write-down of legacy technology systems.

Despite the accounting loss, the improvement in underlying performance was enough for management to restore the long-awaited bonus for its 70,000 employee-owners, known internally as partners.

Overall group sales increased 5 per cent year-on-year to £13.4 billion, reflecting stronger trading across both of the partnership’s main retail brands.

The grocery arm Waitrose delivered the strongest performance, with sales rising 7 per cent to £8.5 billion, supported by a 3 per cent increase in volumes as the supermarket chain attracted more shoppers.

Meanwhile the John Lewis department store business reported sales growth of 3 per cent to £4.9 billion, as the retailer sought to stabilise its position in a competitive market increasingly shaped by online platforms, fast-fashion brands and discount rivals.

Despite the improving figures, the company warned that several cost pressures continued to weigh on its overall profitability.

The partnership said profits were “held back” by £53 million of headwinds, including the recent rise in employer national insurance contributions, the introduction of the extended producer responsibility levy, and cautious consumer spending during the Christmas period.

For many employees, the reinstatement of the annual bonus carries symbolic importance after a prolonged period without payouts.

The John Lewis Partnership traditionally shares a proportion of its profits with staff through an annual bonus that has historically been one of the retailer’s defining features.

However, bonuses were suspended during the pandemic after lockdown restrictions forced store closures and significantly reduced revenue.

The freeze began in 2020, marking the first suspension of the bonus since 1953.

Although the payment briefly returned in 2022 at 3 per cent, it was subsequently cancelled again as the company battled losses and undertook a major restructuring programme.

In previous decades the bonus had been far more generous. During the late 1980s employees received payouts worth as much as 24 per cent of annual salary, reflecting the retailer’s stronger profitability at the time.

The newly announced 2 per cent bonus therefore represents a cautious step toward restoring one of the partnership’s most distinctive traditions.

The decision comes under the leadership of Jason Tarry, the former Tesco UK boss who became chairman of the John Lewis Partnership in September 2024.

Tarry has been tasked with reviving the fortunes of the historic retailer following years of declining profits, store closures and strategic missteps.

Under his leadership the company has begun refocusing on its core retail operations, reversing earlier efforts to diversify into areas such as property development.

One notable change was the decision to abandon the partnership’s controversial build-to-rent housing strategy, which had planned to construct rental homes on land owned by Waitrose supermarkets.

The retailer said shifting economic conditions, including higher interest rates and construction costs, meant the project no longer met its investment criteria.

Instead, the partnership is doubling down on retail, committing to £800 million of investment across its stores as part of a long-term plan to improve customer experience, modernise shops and strengthen its digital capabilities.

Tarry said the early signs suggested the company’s new “retail-first strategy” was starting to deliver improvements.

“Our multi-year plan to invest in customers and our brands for the long term is working,” he said.

“We have grown customer numbers and achieved record satisfaction. We remain on track to make further progress this year.”

The partnership said its improved financial position, including stronger liquidity and relatively low levels of external borrowing, meant it could continue investing in its transformation plans despite the uncertain economic outlook.

Management believes the strategy will allow the business to win back shoppers, strengthen brand loyalty and unlock growth opportunities across both Waitrose and John Lewis.

Despite the restoration of the bonus, executives struck a cautious tone about the wider economic environment.

Tarry warned that the retail sector remained challenged by weak consumer confidence, rising operating costs and intense competition, describing the market conditions as “subdued”.

The partnership said it remained “well positioned to navigate the challenging macroeconomic environment”, but acknowledged that further work was required to restore the company to sustained profitability.

“We are confident in making further steps forward in the year ahead as we progress our multi-year transformation,” Tarry said.

For the wider retail industry, the return of the John Lewis bonus carries symbolic significance.

The partnership’s employee-owned model has long been held up as an example of profit-sharing and staff engagement within British retail, with bonuses traditionally seen as a reward for collective performance.

After several difficult years marked by restructuring, store closures and rising competition from online rivals, the reinstatement of the bonus is being viewed internally as a sign that the retailer’s turnaround efforts may finally be gaining traction.

While the payout remains modest compared with historic levels, the return of the bonus suggests the partnership is beginning to regain stability after one of the most challenging periods in its 162-year history.

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Hazel Infra, the promoter entity of shipbuilder Swan Defence and Heavy Industries, is looking to part sell their holding in the company through the offer for sale (OFS) route next week, people aware of the development said on Thursday.

The share sale, which comes amid choppy market conditions and challenges in the shipping or maritime industry due to the Middle East conflict, will help the promoters meet the minimum public shareholding norms, they told PTI.

Investor road shows for the sale, which will see the promoter group divest about 5.01 per cent stake, have already begun, they said.

Once the road shows end this week, the floor price for the issue will be decided, they said.

JM Financial has been appointed as the merchant banker for the proposed share sale, the sources added.

In an exchange filing on Monday, Swan Defence and Heavy Industries said its promoter Hazel Infra has proposed to sell approximately 5.01 per cent of the company’s equity shares through the offer-for-sale route via the stock exchange mechanism, in line with circulars issued by the Securities and Exchange Board of India (SEBI).
Emails sent to Swan Defence and Heavy Industries and JM Financial remained unanswered till the time of publishing the story.Swan Defence operates the Pipavav shipyard facility, which was earlier owned by the bankrupt Reliance Naval and Engineering. The company currently has a market capitalisation of around Rs 12,000 crore.

Hazel Infra is a special purpose vehicle floated by Swan Energy for taking over Reliance Naval and Engineering from insolvency resolution.

Swan Energy holds 74 per cent in Hazel Infra and the remaining 26 per cent is held by Hazel Mercantile, in which Swan is a strategic investor.

Swan Group has interests in the textiles, real estate, oil and gas and petrochemical sectors.

The Swan Defence scrip, which had witnessed some selling after the OFS announcement, gained 4.99 per cent to close the session at Rs 2,285.05 a piece on the BSE on Thursday.