Author: Fiona Craig

Kistos (LSE:KIST) reported pro forma production of 20,500 barrels of oil equivalent per day (boepd) during the first half of 2026 and reaffirmed its full-year production guidance of between 19,000 and 21,000 boepd. Performance was supported by high operational reliability across its assets, despite planned maintenance shutdowns at key offshore facilities. The company also increased its pro forma proved and probable (2P) reserves to 47.6 million barrels of oil equivalent (MMboe), following the approval of the Balder Next development, while contingent 2C resources rose to 52.4 MMboe.

Kistos continued to make progress across several strategic projects during the period. Drilling activity at the Balder field advanced, while work on debottlenecking the floating production, storage and offloading (FPSO) system moved forward, supporting plans to remove the Balder floating production unit (FPU) by 2028. In the Greater Laggan Area, the transfer of operatorship to Serica is expected to create additional opportunities for infill drilling and field tie-backs. The company also moved closer to completing its acquisitions of Blocks 3 and 4 and Block 9 in Oman after securing all major regulatory approvals, paving the way for enhanced production terms. Financially, pro forma EBITDA reached approximately $205 million, while cash increased to $259 million, leaving Kistos with modest adjusted net debt and significant capacity to pursue further acquisitions.

The company’s outlook reflects a mixed financial profile. Improving operating performance and stronger free cash flow provide positive momentum, but continued net losses and relatively high leverage continue to increase financial risk. Valuation also remains constrained by the company’s negative price-to-earnings ratio, reflecting its loss-making position, while no dividend yield is currently available. Technical analysis remains inconclusive due to insufficient market indicator data.

About Kistos PLC

Kistos PLC is a London-listed independent energy company focused on acquiring, developing and optimising oil and gas assets. Its portfolio includes offshore producing fields linked to FPSO and FPU infrastructure, alongside a growing presence in the Middle East through onshore exploration and production interests in Oman. The company pursues a strategy of unlocking value from existing assets while expanding through targeted acquisitions.

Premier African Minerals (LSE:PREM) has confirmed that operations at its Zulu Lithium and Tantalum Project will not restart before the end of July 2026, with production now dependent on the outcome of ongoing discussions with offtake partner Canmax Technologies. The negotiations centre on extending the Long Stop Date under the existing prepayment and offtake agreements. While talks continue, the company is maintaining reduced-scale mining activities, stockpiling ore and carrying out plant upgrades and maintenance. Management believes that building a larger run-of-mine inventory will help support a more efficient and sustainable optimisation programme once operations resume.

Canmax is currently reviewing updated commissioning and operational data from the project’s upgraded flotation circuit before deciding whether to approve an extension of the Long Stop Date and under what conditions. Premier African Minerals cautioned that there is no certainty an agreement will be reached. The company said securing the extension and successfully completing the next phase of production and plant optimisation will be critical in demonstrating consistent operating performance and advancing discussions with potential strategic investors to support the long-term development of the Zulu project.

The company’s outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn, although leverage remains relatively low. Technical indicators present a mixed picture, with signs of short-term stabilisation but an overall downward trend still evident against the longer-term 200-day moving average. Valuation also remains challenging, as the company is loss-making and currently has a negative price-to-earnings ratio, while no dividend yield is available.

About Premier African Minerals

Premier African Minerals is a multi-commodity mining and natural resources company focused on developing projects across Southern Africa. Its principal assets include the Zulu Lithium and Tantalum Project and the RHA Tungsten Project in Zimbabwe. The company’s broader portfolio also includes interests in rare earth elements, lithium, tantalum and tungsten, ranging from near-term production assets to earlier-stage exploration opportunities.

Tern plc (LSE:TERN) has invested £117,195 in a new issue of unsecured convertible loan notes by portfolio company Talking Medicines, increasing the principal value of its holding to £234,389 while retaining its 23.8% equity interest. The loan notes carry an annual interest rate of 10% and mature in 2029. Following the transaction, Tern’s total investment in Talking Medicines through convertible loan notes has risen to approximately £1.02 million, highlighting the company’s continued support for the AI-powered healthcare advertising business despite its historical losses.

At the same time, Tern has strengthened its commitment to shareholder returns by increasing the proportion of proceeds it intends to distribute following significant portfolio exits. Under the revised policy, the company plans to return at least 70% of net proceeds from any individual portfolio disposal exceeding £1 million, up from the previous commitment of 50%. Management said the change reflects growing confidence in the maturity of its investment portfolio while ensuring sufficient capital remains available to fund operations and support future investment opportunities.

The company’s outlook continues to be affected by weak financial performance, including ongoing losses and negative cash flow. Valuation also remains challenging, with a negative price-to-earnings ratio and no dividend yield currently available. Technical indicators provide a more balanced picture, showing some longer-term improvement relative to key moving averages, although overall momentum remains mixed.

About Tern plc

Tern plc is an AIM-listed investment company that focuses on identifying and supporting high-growth, early-stage businesses developing Internet of Things (IoT) technologies. Its investment portfolio includes Talking Medicines, an artificial intelligence and data analytics company that helps healthcare advertising agencies deliver more effective campaigns for pharmaceutical clients in a global healthcare advertising market worth more than US$23 billion.

Pebble Beach Systems (LSE:PEB) reported first-half 2026 trading in line with market expectations, with revenue increasing around 10% to £6.5 million. Growth was driven by a 19% rise in project revenue alongside continued expansion in recurring service level agreement (SLA) income. Adjusted EBITDA improved to approximately £2.4 million, lifting the EBITDA margin to around 37%, supported by a greater proportion of higher-margin software licence sales. The company noted that this sales mix is expected to return to more typical levels during the second half of the year.

Robust operating cash flow enabled Pebble Beach Systems to reduce net debt significantly to approximately £0.8 million at the halfway stage of the year. Management expects the group to move into a net cash position by the end of 2026. The company also highlighted a healthy order book and a growing base of recurring revenue, which provide confidence in delivering full-year expectations while strengthening its financial position and competitive standing in the broadcast automation and streaming technology sectors.

The company’s outlook is supported by improving profitability and continued strong cash generation, although its balance sheet still reflects some leverage and historical equity weakness. Technical indicators remain favourable, with strong share price momentum, although they also suggest the stock may be approaching overbought territory. Valuation appears supportive, with the shares trading on a relatively low price-to-earnings multiple.

About Pebble Beach Systems

Pebble Beach Systems Group plc is a global software company specialising in automation, integrated channel management and virtualised playout solutions for broadcasters and streaming providers. Established in 2000, the company supplies scalable software platforms to leading media organisations, with its technology managing around 2,000 television channels across more than 70 countries.

AB Dynamics (LSE:ABDP) has completed its strategic review of VadoTech, its Chinese testing services business, and has agreed with its customer to terminate the existing contract and withdraw from the on-road vehicle testing market in China. The business will now be classified as a discontinued operation and is expected to reduce reported group revenue for FY2026 by approximately £4 million. Restated FY2025 figures show that VadoTech generated £10.5 million in revenue while reducing adjusted operating profit by around £1.0 million, reflecting the group’s strategy of focusing on higher-margin core operations.

The company said trading conditions became more challenging during the second half as geopolitical uncertainty, supply chain disruption linked to the Middle East and delays to automotive development programmes affected customer order timing. Although AB Dynamics continues to report a healthy sales pipeline, order conversion has slowed. As a result, the company now expects FY2026 revenue from continuing operations to be between £90 million and £95 million. Management is nevertheless targeting an adjusted operating margin of 20% through disciplined cost management, while its strong net cash position of £41.7 million provides financial flexibility to continue investing in product innovation and commercial expansion.

The company’s outlook remains supported by solid financial fundamentals, including strong profitability, low leverage and healthy cash generation, alongside expectations for improved order activity over the longer term. However, technical indicators remain weak, with the shares trading below key moving averages and negative momentum signals persisting. Valuation also remains relatively demanding, with a higher price-to-earnings multiple and a modest dividend yield limiting upside from a valuation perspective.

About AB Dynamics

AB Dynamics is a UK-based developer and manufacturer of advanced testing, simulation and measurement technologies for the global transport industry. Its products are used by leading automotive manufacturers, Tier 1 suppliers and engineering service providers to test, validate and improve vehicle safety systems, autonomous driving technologies and vehicle dynamics across international markets.

Shield Therapeutics (LSE:STX) has announced the publication of results from its Phase 3 FORTIS pediatric trial of ferric maltol in the journal Pediatric Drugs, providing further evidence supporting the treatment of iron deficiency anemia in children. The study demonstrated that ferric maltol significantly improved both hemoglobin levels and iron stores within 12 weeks in patients as young as one month old. Researchers also found that the treatment appeared to offer improved tolerability and palatability compared with conventional ferrous sulfate therapy.

The trial delivered clinically and statistically significant improvements in hemoglobin across all treatment groups. Children receiving ferric maltol experienced no treatment discontinuations due to adverse events, while treatment-related side effects occurred less frequently than in those treated with ferrous sulfate. The published findings strengthen Shield Therapeutics’ strategy to seek regulatory approval for a liquid formulation of ferric maltol for children aged two years and older. If approved, the expanded indication would broaden the potential use of ACCRUFeR/FeRACCRU in the pediatric market and enhance the company’s position within the growing iron deficiency treatment sector.

The company’s outlook continues to be influenced by financial challenges. Although operational progress has improved, Shield Therapeutics remains loss-making, with ongoing cash burn and negative shareholder equity. Technical indicators also remain weak, with the share price continuing to trade in a downward trend despite appearing oversold. Valuation offers only limited support, as the negative price-to-earnings ratio reflects the company’s current losses and there is no dividend yield.

About Shield Therapeutics

Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on the treatment of iron deficiency and iron deficiency anemia through its novel oral iron therapy ACCRUFeR/FeRACCRU (ferric maltol). The company markets the product in the United States and several international markets through commercial partnerships, targeting both adult and pediatric patients. Its intellectual property portfolio provides patent protection extending into the mid-2030s.

Croda International (LSE:CRDA) delivered a solid first-half performance in 2026, with group revenue rising 2.9% to £880.5 million and organic sales growth of 4.6%. Consumer Care remained the key growth driver, with sales increasing 8%, supported by strong demand across several product categories. Beauty Actives recorded growth of 19%, while Beauty Care, Home Care, and Fragrances & Flavours increased by 4%, 9%, and 8% respectively. These gains helped adjusted operating profit rise 6.7% to £155.8 million, with the adjusted operating margin improving to 17.7% despite modest currency headwinds.

While Life Sciences delivered broadly stable sales and Industrial Specialties experienced a decline, the group generated profit growth that outpaced revenue growth, supported by increasing demand for innovative and protected products. Croda also benefited from the early impact of its transformation programme, which delivered £18 million of incremental cost savings during the first half. Free cash flow increased 36.8% to £38.3 million, while leverage improved slightly to 1.4 times. Management reaffirmed its full-year 2026 guidance, maintaining expectations for organic growth of between 3% and 6% alongside further margin expansion, reflecting confidence in its long-term strategy despite ongoing macroeconomic and geopolitical challenges.

The company’s outlook remains underpinned by a strong financial position, supported by healthy cash generation and manageable leverage levels. Technical indicators also remain constructive, although valuation continues to be demanding due to the company’s relatively high price-to-earnings multiple. Management also acknowledged execution risks, including exceptional charges and varying performance across business segments, although progress on the transformation programme and reaffirmed guidance provide additional confidence.

About Croda International

Croda International is a global specialty chemicals company that develops high-performance ingredients and technologies for the consumer care, life sciences and industrial sectors. Its portfolio includes ingredients for beauty and personal care products, home care applications, pharmaceutical excipients, and crop and seed enhancement solutions. The company focuses on innovation-led, higher-value products designed to support sustainable growth and improve customer performance across global markets.

Dotdigital (LSE:DOTD) delivered solid growth for the financial year ended 30 June 2026, with revenue increasing 8% to £90.9 million. Gross margin improved to 80%, reflecting the continued strength of its core customer experience and data platform, which accounted for 84% of total group revenue. The company also recorded double-digit growth in recurring revenue and contracted annual recurring revenue (ARR), strengthening its base of predictable income and supporting revenue, profit and cash generation in line with market expectations.

Recent acquisitions continued to perform well, with Alia and Social Snowball generating ARR growth of 45% and 33% respectively since joining the group. Dotdigital also expanded its artificial intelligence capabilities through the launch of several new products, including its proprietary MCP server, Dotdigital Loyalty and Agents in Dotdigital. Management said these product developments, combined with enhanced commercial execution under the company’s new chief revenue officer, provide confidence in achieving its FY27 targets while accelerating organic growth.

The company’s outlook remains supported by strong profitability, healthy cash conversion and a low level of leverage. Valuation also appears attractive, with a price-to-earnings ratio of 11.95 and a dividend yield of 2.74%. However, technical indicators remain less favourable, as the shares continue to trade below key moving averages and momentum signals point to a bearish, oversold trend.

About Dotdigital Group

Dotdigital Group is a London-based provider of AI-powered marketing automation and customer engagement software. Its customer experience and data platform enables businesses to manage customer acquisition, engagement, retention, loyalty and advocacy across multiple channels. The company serves more than 9,800 customers across 150 countries through offices in Europe, North America, Asia-Pacific and Africa.

Founded in 1999, Dotdigital has built a high-margin, recurring revenue business centred on its customer experience and data platform. The company’s technology combines customer data with intelligent automation, helping brands deliver personalised marketing campaigns while maintaining creative control in an increasingly AI-driven digital landscape.

Restore plc (LSE:RST) delivered a strong first-half performance in 2026, with revenue increasing 21% to £175.4 million and adjusted earnings per share rising 24%. The growth was supported by a combination of organic expansion and acquisitions. Information Management was the standout performer, recording revenue growth of 26%, while the Technology division returned to stronger trading. Improved profitability and reduced leverage, which fell to 1.7x, enabled the company to increase its interim dividend while continuing to invest in future growth initiatives.

During the period, Restore completed four strategic bolt-on acquisitions and continued progressing its £20 million share buyback programme, repurchasing £4.6 million of shares in the first half. The group also advanced the consolidation of its Information Management property portfolio, a move expected to generate further cost efficiencies. With every division performing at or above management expectations and robust cash generation supporting both acquisitions and shareholder returns, the company expects to deliver full-year profits in line with current market forecasts. Restore also confirmed that a planned leadership transition will take place in early 2027.

The company’s outlook remains balanced. While recurring cash generation continues to provide financial flexibility, profitability has been subject to periods of inconsistency and leverage remains at a moderate level. Technical indicators offer a mixed picture, with no clear momentum trend emerging. Valuation also remains a consideration, as the shares trade on a relatively high price-to-earnings multiple, although this is partially supported by the company’s dividend yield.

About Restore plc

Restore plc is a UK-based provider of secure and sustainable business services specialising in the management of data, information, communications and physical assets. The company operates across several divisions, including Information Management, Datashred and Technology, with recurring revenues supported by long-term document storage services and steady demand for secure shredding and information management solutions.

Geo Exploration Limited (LSE:GEO) has completed the interpretation of comprehensive airborne geophysical and LiDAR surveys across its Gorge Project in Western Australia, with the results confirming the project sits within the regionally significant Wyloo Dome. This geological setting is comparable to several major Australian gold districts. The latest work has significantly increased the number of priority exploration targets from three to 12, while also enhancing the ranking of established prospects including MAG001, Gorge Mine and the 401 Prospect. The survey also identified a complex network of faults and folds that further strengthens the project’s exploration potential.

The newly processed magnetic, radiometric, LiDAR and aerial imagery data has outlined a major structural corridor, highlighted potential intrusive bodies at depth and identified multiple fault intersections considered favourable for gold mineralisation. In addition, the survey uncovered evidence of far more extensive historical mining activity than previously recognised, including 24 historic mine shafts, 12 exploration trenches and widespread quartz veining. Together, these findings provide Geo Exploration with a substantially larger portfolio of well-defined targets to advance through future field exploration and drilling programmes.

About Geo Exploration Limited

Geo Exploration Limited is an exploration company focused on discovering gold deposits in Western Australia. Its flagship asset is the Gorge Project, located within the highly prospective Wyloo Dome, where the company applies advanced exploration technologies, including magnetic, radiometric and LiDAR surveys, to identify and prioritise gold targets across a large regional mineral system.