Author: Fiona Craig

Eagle Eye Solutions (LSE:EYE) reported a 31% increase in annual recurring revenue excluding the NRS contract to £44.5 million for the year ended 30 June 2026, according to its audited full-year results.

SaaS revenue excluding NRS also increased 31%, with recurring SaaS revenue accounting for 85% of group revenue. The company had previously lost the NRS contract.

Year-end net cash increased 31% to £16.1 million.

Eagle Eye Secures 13 Major Customer Wins

Eagle Eye reported 13 major customer wins across three continents during the financial year, including new airline and global brand customers.

New annual recurring revenue generated in the US increased six-fold to £2.7 million. The company’s global OEM partnership also moved into commercial deployment during the period.

Revenue from EagleAI, the group’s AI-based offering, increased 35% to £7.8 million.

Eagle Eye said margins improved during the second half of the financial year. Management expects the company to return to double-digit revenue and EBITDA growth in FY27.

The group is also targeting medium-term revenue of £100 million and an EBITDA margin of 30%. These figures remain management targets rather than forecasts of achieved performance.

Eagle Eye Solutions Operations

Eagle Eye provides cloud-based loyalty and promotions technology for customers across sectors including retail, grocery, hospitality and travel.

Its API-based platform is used to deliver personalised offers and manage loyalty programmes. According to the company, its technology currently executes more than 1.8 billion offers each week and manages over 810 million loyalty wallets.

The group’s products include loyalty and promotions capabilities alongside EagleAI, which applies artificial intelligence to customer personalisation.

IP Group (LSE:IPO) reported a 3.2% increase in net asset value per share to 113.9 pence for the first half of 2026, with total NAV reaching £1 billion.

The investment group ended the period with £239 million in cash and generated £68.7 million from exits, exceeding the amount realised during the whole of 2025. It invested £30 million during the first half.

IP Group also appointed former 3i chief executive Michael Queen as chair during the period.

Pfizer Obesity Royalty Asset Valued at £152 Million

Changes in the valuation of IP Group’s royalty interest linked to Pfizer’s berobenatide obesity programme contributed to the increase in NAV.

The company valued the royalty asset at £152 million following clinical developments in the programme. These included reported positive clinical data and the progression of a berobenatide and amylin combination into Phase 2b development.

Pfizer is also undertaking a ten-study Phase 3 programme and is targeting a potential launch in 2028, according to the information provided by IP Group.

Across IP Group’s wider portfolio, companies raised £543 million from third-party investors during the period. Portfolio companies also reported developments across areas including quantum computing, autonomous mobility, cystic fibrosis and other therapeutic programmes.

IP Group maintained its target of achieving £250 million in exit realisations by 2027.

IP Group Expands Third-Party Capital Activities

The group continued developing its third-party capital operations during the first half, including progress on a managed-account relationship with Aberdeen.

It also launched an A$50 million Climate Catalyst Fund backed by Australia’s Clean Energy Finance Corporation and reported additional capital raised through Parkwalk.

Following the end of the reporting period, IP Group said NAV per share had increased to approximately 117 pence. The fair value of its Oxford Nanopore holding increased by £26.4 million, while year-to-date cash proceeds reached £85.8 million.

IP Group Portfolio

IP Group is a UK-listed investment company focused on science and technology businesses across HealthTech, DeepTech and CleanTech.

The group invests directly from its balance sheet and manages third-party capital through partnerships and investment vehicles, including Parkwalk and climate-focused funds. Its portfolio includes equity and royalty interests in companies and technologies at different stages of development.

Tertiary Minerals (LSE:TYM) reported a 121-metre intersection grading 78 grams per tonne silver equivalent from a depth of four metres at the Discovery Zone of its Mushima North Project in Zambia.

The company described the result as its best silver-copper intersection to date at the Discovery Zone. The drill hole ended in mineralisation.

Results were reported for 13 additional reverse circulation drill holes, all of which intersected near-surface silver-copper-zinc mineralisation. Several of the holes ended within mineralised zones, indicating that the mineralisation remains open at depth at those locations.

The latest drilling also returned the highest individual silver assay reported at the project to date, at 471 grams per tonne, alongside multiple copper intervals grading more than 1% over several metres.

Results to Support Mineral Resource Work

Tertiary Minerals said the latest results provide additional data relating to its existing near-surface Exploration Target of between 15 million and 30 million tonnes grading 40 to 60 grams per tonne silver equivalent at Target A1.

An Exploration Target is not a Mineral Resource Estimate, and the company is continuing drilling and evaluation work aimed at determining whether a formal resource can be established.

Management said the results support its evaluation of the Discovery Zone as a potential bulk-tonnage, open-pit silver project. The mineralisation also contains bismuth, antimony and cobalt, which the company is assessing as potential by-products.

Additional laboratory assay results remain outstanding and are expected to contribute to the company’s planned Mineral Resource estimation work.

Tertiary Minerals’ Mushima North Project

Tertiary Minerals is a mineral exploration company focused on silver, copper and zinc projects.

Its Mushima North Project in Zambia targets polymetallic mineralisation and is located in the country’s Iron-Oxide-Copper-Gold belt, near the historic Kalengwa copper-silver mine.

Reverse circulation drilling at the Discovery Zone is being used to further evaluate the scale and grade of mineralisation and provide data for planned Mineral Resource estimation work.

BRCK Group PLC (LSE:BRCK) said trading during the first five months of its current financial year remained in line with the guidance issued in July, with the board maintaining its expectations for the full year.

The construction products and services group said near-term market conditions remained challenging, with activity in the UK housebuilding sector subdued. Macroeconomic uncertainty is also limiting visibility over the timing of a recovery in new building activity, according to the company.

These conditions have affected BRCK’s Distribution division, which is exposed to demand from housebuilding as well as the repair, maintenance and improvement market.

Design & Install Division Starts Year Ahead of Distribution

BRCK said its Design & Install division has started the financial year with higher activity, supported by faster approvals from the Building Safety Regulator for cladding remediation projects.

The performance of the division has helped offset the market pressures affecting Distribution, with the group’s diversified operations providing exposure to different areas of construction activity.

The board has left its full-year expectations unchanged based on trading during the first five months.

BRCK plans to publish a trading update covering the six months ending 30 September 2026 towards the end of October.

BRCK Group Operations

BRCK Group is a UK-based distributor and provider of specialist products and services to the construction industry.

The group operates through its Distribution and Design & Install divisions. Distribution is exposed to housebuilding and repair, maintenance and improvement demand, while Design & Install undertakes specialist projects including cladding remediation work.

Personal Group Holdings (LSE:PGH) reported a 10% increase in group revenue to £25.7 million for the first half of 2026, while adjusted EBITDA rose 22% to £6.7 million.

The workforce benefits and health insurance provider said more than 90% of group revenue was recurring. Profit before tax increased 21% to £4.6 million, while basic earnings per share rose 28% to 12.3 pence.

Return on tangible equity was 29.6%. Personal Group remained debt-free at the end of the period and reported cash of £29.4 million.

Insurance Sales Reach £8.1 Million

New annualised insurance sales reached a record £8.1 million during the period. Insurance revenue increased 11% to £19.4 million, while annualised premium income rose to £42.4 million.

The company attributed the performance to factors including higher average premiums and increased penetration among existing clients.

Revenue from Personal Group’s benefits and reward operations increased 9% to £5.7 million. The company also reported additional customers for its Hapi platform and new partnerships, expanding the number of employees potentially covered by its services.

Personal Group Raises Interim Dividend

The board increased the interim dividend by 10% to 9.0 pence per share.

Management said investments in sales processes, partnerships and digital platforms are beginning to generate operating leverage. The company also reported continued recurring revenue growth and customer retention during the period.

Personal Group provides workforce benefits and health insurance services in the UK. Its operations include hospital, recovery and death benefit insurance plans, the Hapi employee benefits platform and pay and reward consultancy through its Innecto business.

The group serves around 1.25 million employees. Its Hapi platform is sold directly to employers and also supports Sage’s employee benefits offering for small and medium-sized businesses.

Haydale (LSE:HAYD) has progressed commercialisation of its patented Super-Efficient Thermal Transfer Fluid, a graphene-based additive intended for use with glycol coolants in data-centre cooling systems.

The company said the additive increases the thermal conductivity of inhibited glycol by approximately 28%, bringing its thermal performance in line with pure water while retaining the freeze and corrosion protection provided by glycol-based coolants.

Haydale has entered into supply-chain and route-to-market agreements with Liquitherm and Levidian. The company also said it is in advanced discussions with data-centre operators representing approximately 200 MW of capacity.

Haydale Reports Live-Silicon Testing Results

According to Haydale, testing involving live silicon demonstrated thermal performance equivalent to water without observed fouling or viscosity issues.

The company believes the thermal fluid could allow data-centre operators to increase compute density and reduce energy requirements associated with cooling as rack power and thermal loads increase. These potential benefits remain dependent on deployment and performance in commercial applications.

Haydale said its Ammanford facility currently has capacity to treat approximately two million litres of coolant annually, which the company estimates is equivalent to coolant requirements for around 2 GW of data-centre capacity.

Haydale Focuses on Graphene-Based Products

Haydale is an AIM-quoted advanced materials company developing graphene-enabled products. Following a restructuring in late 2024, the group adopted a product-focused strategy that includes its JustHeat underfloor heating platform and Super-Efficient Thermal Transfer Fluid.

The company works with commercial partners to develop applications based on its graphene functionalisation technology. Its HDPlas process is used to support production of functionalised graphene materials, with data-centre thermal management among the industrial applications being targeted by the group.

ValiRx (LSE:VAL) reported a reduced interim loss and lower administrative expenses for the first half of 2026 as the life sciences company implemented cost reductions and refocused its development portfolio.

The company said its lean operating strategy was fully implemented during the period, reducing administrative costs and generating additional annual savings. ValiRx also repositioned Inaphaea BioLabs to focus more closely on supporting its internal development pipeline, alongside the introduction of a stricter process for selecting assets.

Cash at the end of the period stood at £970,564, more than double the prior-year level. The balance was supported by a £1.155 million fundraising completed in June at an issue price of 0.2 pence per share.

ValiRx Advances Development Portfolio

During the period, ValiRx took further evaluation and licensing steps relating to an oral RNA helicase inhibitor and progressed intellectual property work covering formulations of oncolytic peptides.

The company also reported progress on its Digital Twin collaboration and continued expanding its biobank and academic partnerships.

ValiRx established an animal health subsidiary and secured a European patent covering its Cytolytix nanoparticle technology. The company is also evaluating the potential commercialisation of anonymised datasets for artificial intelligence applications.

Management is seeking to develop additional revenue sources and use a combination of dilutive and non-dilutive funding to support the company’s activities.

ValiRx Operations

ValiRx is a London-listed life sciences company focused on early-stage cancer therapeutics and women’s health. Its operations include Inaphaea BioLabs and the newly established ValiRx Animal Health subsidiary.

The company uses internal and partnered research capabilities to develop pre-clinical drug candidates, with its business model including the potential out-licensing of selected assets for further clinical development and commercialisation.

EKF Diagnostics (LSE:EKF) reported revenue of £25.0 million for the six months ended 30 June 2026, broadly unchanged from the prior-year period, while adjusted EBITDA increased 2.4% to £5.9 million.

The diagnostics group reported a gross margin of 53.0%, with the improvement attributed to product mix and increased sales of β-HB products.

Cash generated from operations remained positive during the period, while the group’s cash balance increased to £16.0 million. EKF also continued its share buyback programme, which reduced the number of shares in issue and contributed to higher earnings per share.

Life Sciences Revenue Supported by β-HB Sales

EKF said its Life Sciences division performed ahead of its expectations, supported by growth in β-HB sales and contract manufacturing.

In the Point-of-Care division, revenue was affected by the timing of customer orders and temporary production constraints. The company said those production issues have since been resolved.

EKF reported a committed order book for the second half of the year and reaffirmed its full-year guidance for revenue and EBITDA growth in line with market consensus.

During the period, the company also added digital capabilities through its acquisition of BEEP Insights and exited its Elkhart site earlier than planned.

EKF Diagnostics Operations

EKF Diagnostics is an AIM-listed diagnostics company headquartered in Penarth, near Cardiff. Its Point-of-Care operations include analysers used in haematology and diabetes, while its Life Sciences business provides specialist enzyme manufacturing and custom products for diagnostic, food and industrial applications.

The company operates four manufacturing sites across the US and Germany and sells its products in more than 120 countries.

ImmuPharma (LSE:IMM) reported an operating loss of £1.1 million for the six months ended 30 June 2026, broadly in line with the prior-year period, as the drug development company continued work on its P140 and Kapiglucagon programmes.

The overall loss for the period was £4.7 million, reflecting a non-cash finance loss associated with the revaluation of a derivative asset.

Cash at the end of the period stood at £0.7 million. During the period, ImmuPharma completed a £6.47 million equity fundraising involving Lanstead Capital and retail investors. The company expects the financing to extend its funding runway into the second half of 2028.

ImmuPharma Progresses P140 Programme

ImmuPharma continued work on the intellectual property portfolio covering its P140 autoimmune technology platform during the period.

The company incorporated additional experimental data into an international Patent Cooperation Treaty filing and continued to refine its Type M precision medicine approach, which is intended to identify patient populations that may respond to P140.

ImmuPharma also continued partnering discussions relating to P140, with support from its U.S. licensee Avion Pharmaceuticals.

Kapiglucagon Moves Into Active Development

The company also progressed Kapiglucagon from planning into active development, with regulatory, manufacturing and bioanalytical workstreams underway.

These activities are intended to support IND-enabling studies and the subsequent progression of Kapiglucagon towards first-in-human clinical trials.

ImmuPharma is a London-listed drug discovery and development company focused on autoimmune and metabolic diseases. Its development portfolio includes the P140 autoimmune technology platform and Kapiglucagon.

Kier Group (LSE:KIE) reported a 7.5% increase in revenue to £4.39 billion for the year ended 30 June 2026, while adjusted operating profit rose 6.7% to £169.8 million.

The UK infrastructure and construction group reported an adjusted operating margin of 3.9%, unchanged from the level implied by the reported figures. Average net cash was £10.7 million during the year, while year-end net cash reached £232 million.

Operating free cash flow was £206 million. Kier increased its full-year dividend by 8% and is also carrying out a £25 million share buyback.

The group’s order book increased 8% to £11.9 billion. Kier said more than 95% of its expected revenue for the 2027 financial year and more than 70% for FY28 has been secured.

Contract awards include Hinchingbrooke under the New Hospitals Programme, work on East West Rail and projects involving Greater Manchester stations.

Kier Updates Medium-Term Financial Targets

Kier has simplified its divisional structure and identified growth, resilience and performance as its three strategic priorities. The group has also stopped making new investments in Property development.

As part of its updated medium-term targets, Kier is aiming for mid-single-digit revenue growth, higher margins and average net cash of more than £200 million by FY29. It is also targeting double-digit growth in adjusted earnings per share.

Kier Group Operations

Kier operates across UK infrastructure and construction markets, undertaking public and private-sector projects in areas including healthcare, water, defence, energy, education and transport.

The group participates in a range of frameworks and delivers infrastructure and construction projects across different stages of the project lifecycle.