Company moved to new Liverpool campus

Protein Works has reported record revenues in a “pivotal and transitional year” for the growing nutrition specialist.

The Liverpool business reported revenue of £55.1m for the year to August 31, 2025, up from £50.7m in 2024.

That year saw the company move into its new “state-of-the-art, vertically integrated” PW Campus in south Liverpool. In her report attached to the accounts filed on Companies House, CEO Laura Keir said: “The project was entirely self-funded, without external financing or additional debt. The directors consider this a meaningful demonstration of operational discipline and balance sheet strength.”

Pre-tax profit fell from £8.9m in 2024 to £7.2m in 2025, which directors say was in line with expectations in “a year of transition and sustained growth”.

The directors’ report for parent company Class Delta added: “Continued UK growth was supported by good performance in our strategic international markets, which continue to build scale as we focus investment behind the markets that offer the clearest path to meaningful size outside the UK.

“The underlying international trajectory reinforces the directors’ view that the brand has genuine cross-border portability and they’re pleased an EU based 3PL (third-party logistics) re-platforming is also complete.

“Growth continues to be underpinned by a differentiated brand proposition built around taste leadership, science-backed ingredients and healthy habit-forming product formats that fit naturally into customers’ daily routines. Our core range of complete meal and protein shakes, plus growing savoury meals category, supports sustained engagement and high repeat purchase rates across our customer base

“This record performance was delivered through a period of significant internal change and against a challenging macroeconomic backdrop, which the directors consider a credible reflection of the resilience of the operating model and the capability of the team.”

In a further update on its results, Protein Works added that over the year the business had seen its EBITDA margin improve by two percentage points.

It said international revenue had grown 15% in FY25, with Germany the fastest-growing market. And it hailed a “broadening” customer base, with women now accounting for 55% of UK customers and with more than half of its customers aged under 40.

Laura Keir said: “After 13 years of uninterrupted growth, the standards we set ourselves continue to rise, and I’m incredibly proud of how the team has delivered again in 2025. This year has been the most significant operational year in the company’s history, setting out to do three hard things at once: grow the business, move into a new facility, and kick off a brand re-launch, and I’m very proud to say, we did it! That we delivered record revenue and our best-ever margin performance through all of it reflects the depth of the team we’ve built and the underlying strength of what we’ve created over 13 years.”

Nicola McQuaid, partner at YFM, the private equity backers of Protein Works, added: “This is a business that has consistently delivered on its ambitions, and it’s a privilege for YFM to support the team. Record revenue and improved margins, achieved through a year of major operational change, speak to the quality of leadership Laura and the team have delivered.”

The yellow metal traded with cuts on Monday tracking global cues despite the rupee hitting fresh lows. Prime Minister Narendra Modi’s message to citizens to avoid buying gold for a year dented the confidence of domestic investors.

The June gold futures dropped 0.7% or by Rs 1,030 per 10 gram today to hit the intraday low of Rs 1,51,500 even as INR, which tested a bottom of 95.31, witnessed its sharpest fall in a month.

Rupee’s fall against the greenback is considered supportive for bullion.

“MCX Gold is expected to remain volatile with a slightly negative bias during the week as traders focus on crucial macro developments including US CPI inflation data, Trump’s visit to China, and ongoing US-Iran negotiations,” Jateen Trivedi, Vice President, Research Analyst at LKP Securities said, adding that the market is currently trading near the Rs 1,52,000 – Rs 1,53,000 zone where repeated resistance is being witnessed, indicating profit booking at higher levels after recent recovery attempts.

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While geopolitical uncertainty and currency volatility continue to support prices intermittently, the overall technical structure suggests that upside may remain capped unless Gold decisively sustains above Rs 1,55,500, he added.
What fundamentals suggest?According to Trivedi, CPI inflation data will remain the biggest trigger for bullion markets this week as softer inflation can revive expectations of future Federal Reserve rate cuts, while hotter inflation may strengthen the dollar and pressure precious metals.

Moreover, Trump’s China visit is likely to be keenly watched for any trade or tariff-related developments which may influence risk sentiment globally, the LKP analyst said.

Among the positive triggers, uncertainty surrounding US-Iran talks will likely keep the safe haven appeal of bullion intact.

“Rupee volatility is also expected to keep MCX Gold comparatively more volatile than COMRX Gold in the near term,” Trivedi said.

Technical triggers

Decoding the charts, Trivedi said RSI is hovering near the 52 zone, indicating neutral momentum with slight recovery signs but still lacking strong bullish confirmation. Additionally, bollinger bands remain relatively narrow, suggesting volatility compression and possibility of a sharp move once major US data releases trigger fresh positioning.

“EMA 8 continues to trade marginally below EMA 21, reflecting that short-term trend remains weak and every upside bounce may attract selling pressure unless stronger buying momentum emerges. MACD has shown minor improvement in histogram formation, but the indicator still remains in negative territory, suggesting broader momentum continues to favor cautious or sell-on-rise trading strategies,” this analyst said.

Gold trading strategy

The commodity expert suggested a ‘Sell on rise’ strategy near Rs 1,53,000 – Rs 1,53,500 with a stop loss above Rs 1,55,500 on a closing basis for downside targets of Rs 1,50,000 and Rs 1,48,500.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

NEW YORK — Vicor Corporation shares skyrocketed nearly 19% in morning trading Monday to $304.17, as investors poured into the high-performance power module specialist amid surging demand for advanced power solutions in artificial intelligence data centers and strong first-quarter results that beat expectations.

The dramatic move marks the latest leg higher for the Massachusetts-based company, which has emerged as one of the standout performers in the AI infrastructure supply chain. Vicor’s proprietary power conversion technology is increasingly seen as critical for delivering efficient, high-density power to next-generation GPUs and AI accelerators.

Strong Q1 results fuel rally

Vicor reported first-quarter 2026 revenue of $138.2 million, up 42% from the prior year, with adjusted earnings per share of $1.28 — significantly ahead of Wall Street forecasts. The company highlighted record bookings in its Advanced Products segment, driven by AI-related applications.

CEO Phil Davies cited “unprecedented demand” from hyperscale customers building large AI clusters. Vicor’s modular power systems offer superior efficiency and power density compared to traditional solutions, allowing data center operators to pack more computing power into limited space while reducing energy consumption and cooling requirements.

AI power bottleneck creates opportunity

As AI training and inference clusters scale rapidly, power delivery has become a major constraint. Traditional power architectures struggle to meet the extreme demands of high-performance chips from NVIDIA and others. Vicor’s Factorized Power Architecture and proprietary chip-scale packaging provide game-changing advantages in efficiency, size and thermal performance.

Analysts estimate that each new generation of AI servers requires significantly more power, creating a multi-billion-dollar addressable market for companies like Vicor. The company has secured multiple design wins with leading hyperscalers and server OEMs, with several programs now moving into volume production.

Analyst upgrades and price target hikes

Several Wall Street firms raised price targets following the earnings report. Optimistic voices now see potential for $350–$400 per share if Vicor continues capturing share in the AI power market. The stock’s rapid ascent reflects growing conviction that the company sits at the center of one of the most powerful secular trends in technology.

Monday’s surge came on exceptionally heavy volume, more than six times the average daily trading level, suggesting broad institutional buying interest. The move also triggered multiple short squeezes, as the stock had been on some short sellers’ radar earlier in the year.

Company transformation and technology edge

Vicor has successfully transitioned from a diversified power components supplier to a focused leader in high-performance, high-density power solutions. Its recent innovations in lateral power delivery and vertical power delivery architectures are particularly well-suited for the dense computing environments required by modern AI workloads.

The company maintains strong intellectual property protection and continues investing heavily in research and development. Management highlighted expanding manufacturing capacity to meet growing demand without sacrificing quality or lead times.

Risks and valuation debate

Despite the enthusiasm, some analysts caution that the stock’s rapid rise leaves limited margin of safety. At current levels, Vicor trades at premium multiples that assume sustained hyper-growth. Any slowdown in AI capital expenditure or unexpected supply chain issues could pressure results.

However, many growth investors argue the valuation is reasonable given the enormous long-term opportunity. The company’s expanding backlog and design-win pipeline provide meaningful visibility into future revenue streams.

Broader AI infrastructure theme

Vicor’s surge fits into a larger wave of strength among companies enabling AI infrastructure. From chip designers to cooling specialists and now power electronics providers, the entire ecosystem is benefiting from massive investments by technology giants racing to scale artificial intelligence capabilities.

What’s next for Vicor

Investors will closely watch the company’s second-quarter results in late July for further confirmation of momentum. Key metrics to monitor include backlog growth, gross margin trends, and updates on major customer programs. Additional design wins or capacity expansion announcements could provide further upside catalysts.

For now, Monday’s explosive move cements Vicor’s position as one of the standout AI infrastructure stories of 2026. What began as a relatively under-the-radar power components company has transformed into a high-profile beneficiary of the artificial intelligence megatrend.

As trading continues, all eyes remain on whether this momentum can be sustained through the rest of the year. For investors who caught the move early, Vicor has delivered extraordinary returns — a powerful reminder of how quickly fortunes can shift when a company aligns perfectly with a transformative technological wave.