British luxury carmaker consulting on cutting 20% of workforce as revenue slumps 21% to £1.3bn, but expects material improvement in 2026 with Valhalla supercar deliveries

Aston Martin is set to slash its workforce by approximately a fifth after the company’s financial performance suffered from President Donald Trump’s unpredictable tariff policies.

The British manufacturer announced on Wednesday it had recognised a provision of £18.7m in relation to anticipated restructuring costs as it consults on reducing 20 per cent of its global workforce as part of an operational review.

In its most recent annual report, the luxury carmaker, renowned for its connection with the James Bond film franchise, employed just under 3,000 staff, suggesting redundancies of more than 500 workers.

It has it HQ in Gaydon in the West Midlands as well as a factory at St Athan in South Wales.

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Pressure has intensified on the carmaker amid heightened international trade tensions. Over the past year, the group’s wholesale volumes dropped 10 per cent to 5,448 units.

Meanwhile revenue plummeted 21 per cent to £1.3bn, pulling down profit 37 per cent to £370m, as reported by City AM.

Adrian Hallmark, Aston Martin chief executive, said: “In 2025, we navigated a highly challenging trading environment whilst delivering on critical operational milestones.

“An unprecedented backdrop of geopolitical uncertainties and macroeconomic pressures, including heightened tariffs in the US and China, weighed on our performance and ability to execute our plans effectively.”

Trump tariffs strike carmakers.

Last May, UK car production tumbled to its lowest level since 1949 as manufacturers bore the brunt of the US’ trade policy. Following Trump’s introduction of substantial tariffs on foreign-manufactured vehicles, British companies including Aston Martin and Jaguar Land Rover were compelled to halt US-bound shipments from April.

In October, the manufacturer attributed a combination of economic pressures and the continuing impact of tariffs as it cautioned sales would decline year on year.

Aston Martin is forecasting a “material improvement” for the year ahead, with approximately 500 deliveries of its limited-edition hybrid supercar Valhalla and the advantages of its transformation strategy.

Hallmark described the commencement of Valhalla as the “highlight of the year”.

“Looking ahead, I remain confident that our strategy and upcoming products will position us strongly for future success. In 2026, we expect to deliver a material improvement in financial performance and continue delivering year-on-year improvements over the short-mid-term with a focus on margin expansion and cash flow generation,” he added.

The deal will see 42 Technology continue to operate under its own brand

Tyneside engineering business British Engines has acquired a Cambridge-based consultancy, taking the group to nine companies.

The Newcastle-based maker of specialised industrial equipment such as high press valves and hydraulic motors has bought 42 Technology Group, a £10m turnover specialist in product development working across the energy, medtech and industrial sectors. The undisclosed deal brings the 25 year-old firm, which employs 53 people, under the British Engines group, which also includes firms such as BEL Valves, CMP and Rotary Power.

Following the deal, 42 Technology will continue to operate as an independent consultancy under its own brand with its current leadership team in place. British Engines Group says it is committed to the firm’s independence and in “protecting 42T’s position as a trusted partner to some of the world’s best known brands, as well as many ambitious start-ups and SMEs”.

The group says the deal will allow 42T to pursue larger and more ambitious projects, supported by British Engine’s global reach and investment capacity. The latest available accounts for 42 Technology Group Limited, covering 2024, show the business generated operating profit of nearly £848,000 on turnover of £10.8m from clients in the UK, Europe and the US.

Dr Jon Spratley, CEO of 42 Technology said: “Joining British Engines Group will help power 42T’s future growth and allow us to build on the strong foundations we already have as a company. It’s a major step forward for our business, but we will continue operating exactly as before and nothing will change day-to-day for our clients, strategic partners, internal team or suppliers.”

Alex Lamb, chairman of British Engines Group said: “42 Technology brings a highly complementary set of strengths into British Engines Group. Their consultancy expertise, front-end innovation, and strong track record in solving complex, multi-disciplinary problems make them the ideal strategic fit for our group.

“The acquisition will give British Engines access to 42T’s significant expertise in industrial edge AI, sensing, automation and intelligent systems, which aligns with our long-term ambitions. These capabilities will be invaluable for other companies within the group that are continuously looking to improve on their world class manufacturing processes.”

Earlier this year, British Engines lodged plans to develop a derelict plot on the Parsons Works site in Byker. The 1,600-strong business is hoping to build a factory on the Shields Road site, which had been part of the neighbouring Siemens Energy plant but has been vacant since about 2009.

In documents sent to Newcastle City Council, British Engines set out how it wants to create a three-storey office unit alongside two smaller factory buildings. The group had previously scrapped plans to build on Shields Road.

TeraWulf Inc.’s stock rallied sharply on February 24, 2026, closing at $17.56 after gaining 11.99%, marking a new 52-week high near $18.03 as investors positioned ahead of the company’s fourth-quarter and full-year 2025 earnings report scheduled for February 26, amid ongoing enthusiasm for its shift toward high-performance computing (HPC) infrastructure and aggressive capacity expansion.

The surge followed a multi-day uptrend, with shares climbing from around $15.68 on February 23, driven by repositioning ahead of results and broader optimism in the digital infrastructure sector. Volume reached approximately 46 million shares on February 24, reflecting heightened interest. Year-to-date in 2026, the stock has risen about 53%, building on a more than 100% gain in 2025, with a market capitalization now approaching $7.3 billion to $7.4 billion.

TeraWulf, a vertically integrated owner and operator of sustainable data centers focused on Bitcoin mining and HPC hosting, has increasingly emphasized its pivot to AI and compute infrastructure. The company operates facilities powered by zero-carbon energy sources, including nuclear and hydro, providing a competitive edge in energy-intensive operations. Recent announcements highlight plans to develop up to 1,480 MW of new digital and power capacity through acquisitions of land parcels in Kentucky and Maryland, diversifying beyond its core sites in New York and Pennsylvania.

The expansion strategy aligns with surging demand for AI data center capacity, where Bitcoin miners leverage existing power contracts and infrastructure to host high-performance workloads. Analysts note TeraWulf’s ability to repurpose mining assets for more stable, higher-margin HPC leasing, with some observers calling it a “real infrastructure play” in the AI era. The company has been monetizing Bitcoin holdings to fund these initiatives, capitalizing on favorable market conditions.

Upcoming earnings, set for after market close on February 26 with a conference call at 4:30 p.m. ET, represent a key catalyst. The Zacks consensus estimates fourth-quarter revenue at $43.55 million to $44.1 million—up about 24-26% year-over-year from $35 million in the prior-year period—while projecting an adjusted loss of $0.13 to $0.15 per share, wider than the year-ago $0.08 loss but reflecting ongoing investments. Investors will scrutinize updates on hashrate, energy costs, HPC leasing progress, and guidance for 2026, including any metrics on capacity utilization and margin expansion.

TeraWulf’s operational highlights include sustained Bitcoin mining at sites like Lake Mariner in New York, supported by low-cost, sustainable power. The company has emphasized environmental sustainability, positioning itself favorably amid regulatory scrutiny on energy-intensive crypto operations. Recent participation in investor conferences, announced February 10, 2026, including upcoming events in March, underscores management efforts to communicate the growth story.

Wall Street sentiment leans bullish. Consensus among analysts rates WULF a Moderate Buy to Buy, with average 12-month price targets around $20.31—implying roughly 15-20% upside from current levels, though some firms set targets in the $20-$24 range. Retail investors on platforms like Stocktwits express even higher optimism, with some forecasting more than 250% additional upside tied to AI infrastructure tailwinds.

Risks remain prominent in this high-volatility sector. The stock carries a beta of 4.34, indicating extreme sensitivity to market swings, and some analyses suggest it trades overvalued relative to fair value estimates. Bitcoin price fluctuations, energy cost volatility, regulatory changes, and execution risks on expansion projects could pressure performance. Broader concerns include potential oversupply in compute capacity or shifts in AI spending.

The February 26 earnings release will provide critical insights into how TeraWulf balances its legacy Bitcoin mining with emerging HPC opportunities. Positive surprises on revenue, cost controls, or new leasing deals could extend the rally; any signs of margin compression or delayed timelines might trigger pullbacks.

TeraWulf stands at the forefront of the convergence between cryptocurrency infrastructure and AI compute demand. Its sustainable power model, strategic land acquisitions, and capacity growth position it to benefit from long-term digital infrastructure trends. As the company transitions toward greater HPC focus, investor attention will center on execution and profitability in a rapidly evolving market.

With earnings imminent and shares at fresh highs, TeraWulf exemplifies the high-reward potential—and risks—of companies adapting legacy mining operations to the AI boom.

MARA Holdings Inc.’s stock advanced modestly on February 24, 2026, closing at $8.05 after gaining 2.22%, as investors positioned cautiously ahead of the Bitcoin mining company’s fourth-quarter and full-year 2025 earnings report scheduled for February 26, amid ongoing sector challenges and a broader crypto market rebound.

The shares, trading on NASDAQ under ticker MARA, traded in a range of $7.59 to $8.17 during the session with volume of approximately 37 million shares—below recent averages but still elevated. The stock has declined sharply year-to-date in 2026, down roughly 14-15% from early January levels, and remains well below its 52-week high of $23.45 reached in 2025. The pullback reflects pressure from Bitcoin price volatility, rising energy costs, increased competition, and a shift in investor sentiment toward profitability amid a maturing digital asset industry.

MARA Holdings, formerly Marathon Digital Holdings, operates large-scale Bitcoin mining facilities powered by sustainable energy sources, including hydro and nuclear, across North America. The company has emphasized energy efficiency and strategic Bitcoin accumulation, holding significant reserves to benefit from price appreciation while generating revenue from mining rewards and sales.

The February 24 gain followed a multi-day stabilization around $7.50-$8.00, with analysts attributing the modest uptick to pre-earnings repositioning and a slight Bitcoin recovery. Trading volume reached about $290 million, ranking the stock 424th in activity for the day, indicating selective interest rather than broad enthusiasm.

The upcoming earnings release, set for after market close on February 26 with a conference call at 5:00 p.m. ET, represents a pivotal moment. The Zacks consensus estimate calls for a net loss of $0.23 per share—wider than the year-ago profit of $1.24—while projecting revenue of approximately $223.9 million to $224 million, up 4.4% year-over-year. Expectations center on mining output, energy costs, Bitcoin holdings, and any updates on expansion or diversification efforts.

MARA has pursued a dual strategy of efficient Bitcoin mining and strategic asset retention, with recent quarters showing resilience despite industry headwinds. The company has highlighted low power costs through long-term contracts and investments in sustainable infrastructure. However, analysts note challenges from halving events reducing block rewards, higher competition, and potential dilution from capital raises.

The firm has also explored adjacent opportunities, including partnerships and infrastructure development to support broader digital energy applications. A February 20 announcement scheduled the earnings call, with results to be detailed in a shareholder letter on the investor relations site prior to the webcast.

Wall Street views remain mixed but lean toward Hold to Moderate Buy. Consensus among covering analysts sets average 12-month price targets around $19.27—implying significant upside of over 130% from current levels—though targets vary widely reflecting the stock’s high beta of 5.56 and sensitivity to Bitcoin movements. Some firms highlight MARA’s scale and energy advantages as positives for long-term recovery, while others caution on near-term profitability and execution risks.

Broader sector dynamics influence sentiment. Bitcoin mining stocks have faced volatility in 2026 following 2025’s crypto rally, with concerns over energy prices, regulatory scrutiny, and the transition to post-halving economics. MARA’s debt-to-equity ratio of 0.63 and current ratio above 2.0 provide some balance sheet stability, but the stock trades below its 50-day ($9.46) and 200-day ($13.66) moving averages, signaling technical weakness.

Upcoming catalysts include the February 26 report, where management will likely address guidance for 2026, Bitcoin production trends, cost controls, and any progress on non-mining initiatives. Positive surprises on revenue, margins, or Bitcoin holdings could spark a rebound; wider-than-expected losses or cautious outlook might extend downside.

MARA Holdings continues to navigate a transitional phase in the digital asset sector. Its focus on sustainable operations and large-scale mining positions it to benefit from any sustained Bitcoin rally or increased institutional adoption. However, proving consistent profitability amid cyclical pressures will be key to regaining investor confidence.

As earnings approach, the stock’s trajectory hinges on execution and macro crypto trends. With shares at levels well below recent peaks, some see opportunity in the volatility, while others await clearer signs of stabilization in the mining landscape.

Reform UK has pledged to abolish the government’s Renters’ Rights Act if it wins the next general election, describing the legislation as part of a raft of regulations that are “hindering growth, investment and prosperity”.

The Renters’ Rights Act 2025, due to come into force in May, represents one of the most significant overhauls of England’s private rented sector in decades. It abolishes Section 21 “no-fault” evictions, limits rent increases to once per year at market rate, strengthens tenants’ rights to request pets and bans discrimination against families with children or those receiving benefits.

Reform’s deputy leader, Richard Tice, said the party would introduce a “Great Repeal Bill” aimed at reversing what he called “well-intentioned but damaging” rules across multiple sectors. Speaking in Birmingham, he said new property rental regulations should be scrapped alongside employment reforms and environmental mandates.

“Let’s ditch daft regulations,” Tice said. “Scrap new property rental rules, all well intentioned but they kill jobs, hinder growth and investment. This will help lower inflation and bring down bills.”

The announcement has reignited debate over how best to balance tenant security with landlord confidence and housing supply.

Patricia Ogunfeibo, founder of tenant2owner, said repealing the Act could generate further instability in a market already grappling with political uncertainty.

“Scrapping the Renters’ Rights Act may sound attractive from a growth perspective,” she said, “but constant policy reversals create instability for both landlords and tenants. Retrospective changes and disregard for existing contractual arrangements already undermine confidence. Repealing the Act outright could intensify that uncertainty.”

She added that renters should not rely solely on shifting political agendas to secure their housing future, urging more focus on pathways to home ownership.

Simon Bridgland, a broker at Charwin Private Clients, suggested that full abolition was unlikely in practice, arguing that certain elements of the legislation, particularly measures targeting poor housing standards, had broad support.

“I can see more dilution than abolition,” he said. “The Act does introduce positive changes for tenants in terms of living conditions and accountability. The difficulty lies in how aggressively some of these standards have been implemented, particularly around energy efficiency.”

Landlords, he noted, face rising compliance costs, tighter tax treatment and increasing regulatory burdens. “Profit margins have already been squeezed. If incentives disappear entirely, fewer landlords will remain in the market and that reduces supply.”

Other analysts cautioned that repealing tenant protections alone would not address the structural shortage of housing.

David Stirling, an independent financial adviser at Mint Wealth, said Britain’s housing crisis stems primarily from insufficient supply.

“The real question is whether scrapping the Act would increase housing stock,” he said. “Without a meaningful boost in new builds and social housing, weakening tenant rights risks creating a more insecure rental market without making rents cheaper.”

Stirling argued that successive governments have failed to tackle long-term supply constraints, instead oscillating between landlord-focused and tenant-focused reforms.

Official data show the private rented sector remains a crucial part of the housing system, accommodating millions of households. However, landlord exits have accelerated in recent years amid tax changes and higher borrowing costs, contributing to reduced rental availability in some regions.

Michelle Lawson, director at Lawson Financial, supported Reform’s position, claiming the legislation could discourage landlords from maintaining or expanding portfolios.

“It will lessen housing stock, making rents more expensive and reducing choice,” she said. “When supply shrinks, landlords can be more selective, which ultimately affects vulnerable renters.”

The Renters’ Rights Act has been one of Labour’s flagship housing reforms, positioned as a response to rising tenant insecurity and escalating rents. Ministers have argued that ending no-fault evictions will create a fairer and more stable rental system.

Critics, however, say the legislation risks shifting the balance too far against landlords at a time when higher mortgage rates and stricter lending criteria have already reduced investor appetite.

With housing affordability and rental shortages dominating political debate, Reform’s pledge signals that the private rented sector is likely to remain a central battleground ahead of the next election.

Whether scrapping the Act would stimulate supply or simply deepen volatility remains contested. What is clear is that Britain’s rental market continues to face profound structural pressures, with policy direction likely to shape landlord behaviour, and tenant security, for years to come.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

IREN Limited shares rallied sharply on February 24, 2026, closing at $45.45 after jumping 7.29%, extending a volatile but upward trend as the former Bitcoin miner-turned-AI cloud infrastructure provider benefits from major hyperscaler deals and institutional interest, even after a recent earnings miss highlighted execution challenges in its pivot.

As of February 24, 2026, IREN (NASDAQ: IREN) traded in a session range of $40.83 to $45.68 with volume exceeding 36 million shares—below recent averages but still robust amid the rebound. The stock has climbed significantly in recent sessions, recovering from dips following its February 5 Q2 fiscal 2026 results, and now sits well above early-2026 levels while remaining below its 52-week high near $76-77. Year-to-date performance reflects strong momentum in the AI infrastructure theme, with the market capitalization approaching $15 billion.

The February 24 advance followed heavy pre-earnings positioning and post-miss digestion, with analysts and investors focusing on forward visibility from multi-year contracts rather than near-term quarterly shortfalls. In its Q2 FY26 results released February 5, IREN reported revenue of $184.69 million—down 23.1% year-over-year and missing consensus estimates of around $229.64 million—amid declining Bitcoin mining volumes and prices during the period. Adjusted EPS came in at -$0.44 to -$0.52 (depending on source), wider than the -$0.07 to -$0.18 expected, contributing to a negative return on equity of about 10% and ongoing net losses.

Despite the miss, management emphasized progress in its strategic shift toward AI cloud services. The company highlighted secured multi-year GPU cloud contracts, including a landmark deal with Microsoft that underpins ambitions for $3.4 billion in annualized recurring revenue (ARR) by the end of 2026. Additional agreements with customers like Together AI, Fluidstack, and Fireworks AI bolster the pipeline, with GPU financing and purchases (including from Dell) supporting deployment.

IREN appointed John Gross as Chief Innovation Officer on February 17, 2026, in a new role to oversee engineering standards, thermal architecture, and commissioning for next-generation data centers. The move aligns with expansion at sites in British Columbia, Childress, Texas, and the Sweetwater Hub, where the company leverages sustainable power sources to attract high-performance computing tenants.

Analysts remain predominantly bullish on the long-term story. Consensus among 13-18 covering firms rates IREN a Moderate Buy to Buy, with average 12-month price targets around $71.69 to $79.31—implying 58-75% upside from current levels. High targets reach $125, reflecting optimism around AI tailwinds, while some caution persists on profitability timing and execution risks. Seeking Alpha contributors noted execution hurdles and uncertain near-term profitability offset by AI momentum and partnerships, maintaining Hold views in some cases.

The company’s transition from pure Bitcoin mining to diversified digital infrastructure—balancing legacy mining with AI cloud hosting—positions it amid surging data center demand. IREN’s sustainable energy model provides a competitive edge in power-intensive operations, with institutional inflows (including Cantor Fitzgerald adding shares) supporting liquidity and confidence.

Upcoming catalysts include the next earnings report for Q3 FY26, expected around May 13, 2026, where updates on AI cloud ARR progress, GPU deployments, and Bitcoin mining trends will be scrutinized. Management’s guidance for significant ARR growth by end-2026 could fuel further upside if milestones are met; delays in capacity ramp or softening crypto conditions might introduce volatility.

IREN navigates a high-growth but high-risk phase in the evolving digital asset and AI landscape. Its hyperscaler partnerships, infrastructure scale, and sustainable focus offer substantial potential as AI infrastructure spending accelerates. Investors betting on the pivot see current levels as attractive despite recent misses, with the stock’s trajectory tied to execution on AI contracts and broader sector tailwinds.

HSBC has unveiled its largest bonus pool in 14 years after annual profits came in ahead of City expectations, handing bankers a $3.9bn windfall as the group accelerates its strategic overhaul.

The FTSE 100 lender increased total variable pay by 10 per cent year-on-year, taking the 2025 bonus pot to its highest level since $4.2bn was distributed in 2011. The uplift comes despite a 7.4 per cent fall in annual pre-tax profits to $29.9bn, a figure that nevertheless beat analyst forecasts of $28.9bn.

Profits were weighed down by $4.9bn in one-off charges, including $1.4bn in legal provisions and a $2.1bn impairment linked to its stake in China’s Bank of Communications.

Chief executive Georges Elhedery said the bank was benefiting from “strong momentum” and defended the bonus rise as part of a drive to embed a “high performance culture”.

“It’s a culture where talent and performance are better rewarded,” he said.

Elhedery himself received a £14.4m pay package for the year, up from £13.2m previously.

Since taking the helm, Elhedery has embarked on a sweeping restructuring designed to simplify the bank and cut costs. HSBC now expects to achieve $1.5bn in savings by the end of June, six months earlier than originally planned.

Headcount fell to 208,720 at the end of last year from 211,304 the previous year, reflecting thousands of job reductions across the group.

The bank is also deepening its focus on Asia, where it generates the bulk of its profits. It recently completed a $13.6bn transaction to take full control of its Hong Kong-focused subsidiary, Hang Seng Bank.

HSBC said it expects to generate $900m in benefits from Hang Seng by 2028, including $500m in synergies. Elhedery said any duplication arising from the takeover would be managed through redeployment rather than widespread redundancies.

Alongside the bonus announcement, HSBC confirmed it would return $7.71bn to shareholders through a 45-cent-a-share dividend. Shares rose 5 per cent in early London trading following the results.

The combination of stronger-than-expected earnings, accelerated cost savings and a renewed focus on its core Asian markets appears to have reassured investors, even as the bank navigates geopolitical tensions and ongoing restructuring costs.

For staff, the enlarged bonus pool signals a return to more generous payouts, and underlines Elhedery’s determination to reward performance as HSBC seeks to sharpen its competitive edge.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.