In reply to Sam W:
Regarding Fenix:
HL50 fits right into your budget (50 quid), although it's not rechargeable (just use Eneloops with a standalone charger). 1 AA or CR123A, small, metal, waterproof and rugged, neutral (warm) white led and can be taken out of the headband and used as a torch. 2-3 hrs on high with ~150 lumens (depending on battery), ~300 on turbo (just burst). Runs constant output in every mode but turbo.
Or if you want rechargeable, the HM50R? 60 quid, micro USB and can use CR123A for the really cold days as well. Cold white led (personally I like neutral white ones more) and this one uses a step-down output curve to extend runtime:
https://i.imgur.com/yjdlZdr.png
I'd normally call it "false advertising", but since the industry allows it, almost everybody including Petzl does it, they do actually (if vaguely) mention it in the description and in some situations the extended runtime - even with lowering output - can be useful (like getting benighted and bailing out), I guess it's OK. Just something to be aware of when buying any torch.
You can actually get an upgraded model with constant output (no step-down curve), neutral white LED and added red light (HM51R), but it is sold only in some CEU markets with demand for it - go figure.
While the bigger models (HL55 or HM61R) might offer a lot more bang for the buck, they might be a bit too heavy for running. The metal bodied Fenix torches are generally regarded as pretty reliable. I have some that I have been using for years in all conditions and they still work well.
Post edited at 11:27