Writing about businesses, systems, incentives and decisions that compound. I'm thinking in public — not tips or advice, just analysis.
Company Analysis
SkinBioTherapeutics has not explicitly disclosed a £750k Zenakine royalty figure in its FY25 accounts, with commercial terms remaining confidential. However, the CEO has publicly acknowledged that straightforward arithmetic using figures in the annual report allows this amount to be inferred as attributable to Zenakine royalties. At first glance, a number
Company Analysis
Grainger is a straightforward company by listed property standards. Its value is best understood through the scale of its operations, the shift to REIT status, and the macro backdrop for UK rental housing. The latest full-year results cover the year to September 2025, which margin has reviewed alongside subsequent disclosures.