Author: Fiona Craig

Shearwater Group (LSE:SWG) said stronger trading during the second half of FY26 enabled the company to outperform market expectations for both revenue and earnings, supported by continued expansion in its Services division and the contribution from previously announced contract wins. The group expects to report revenue of approximately £42 million, representing annualised growth of around 33%, while adjusted EBITDA is forecast to reach £2.5 million, an increase of roughly 41% on an annualised basis, building on the significant progress achieved during FY25.

The company finished the financial year with a net cash position of £5.6 million and intends to seek shareholder approval at a forthcoming General Meeting for a reallocation of capital between reserves. If approved, the proposal would provide the board with greater flexibility to return capital to shareholders through share buy-backs or dividend payments should it consider such actions appropriate in the future. Entering FY27, management said the business benefits from strong trading momentum, a healthy pipeline of opportunities and sustained demand for cybersecurity solutions as organisations continue to increase investment in protecting themselves against increasingly sophisticated cyber threats.

Although operational performance has strengthened, the company’s investment outlook remains constrained by the quality of its financial profile, with loss-making operations and weaker free cash flow despite rapid revenue growth. Technical indicators provide a more positive picture, with the shares trading above the 20-day and 50-day moving averages and the MACD remaining positive. Valuation, however, continues to be limited by negative earnings, while the company does not currently offer a dividend yield.

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Shearwater Group plc is a UK-based cybersecurity specialist providing managed security services and professional advisory solutions to organisations across the public and private sectors. Its portfolio includes identity and access management, data protection, cybersecurity consulting, managed detection and response, and governance, risk and compliance services, delivered through a group of specialist operating businesses.

The company’s strategy combines organic growth with targeted acquisitions to expand its cybersecurity capabilities and broaden its customer base. By integrating consultancy, technology and managed security services, Shearwater aims to help organisations strengthen their cyber resilience while capitalising on growing global demand for advanced cybersecurity solutions.

Scancell Holdings (LSE:SCLP) has successfully raised approximately £15.7 million in gross proceeds after completing an oversubscribed retail offer alongside a UK placing, strengthening its financial position as it advances its immuno-oncology pipeline. The retail offer, conducted through the Winterflood Retail Access Platform, generated £2.7 million at an issue price of 9 pence per share. Demand exceeded the shares available, resulting in scaled-back allocations with priority given to existing shareholders.

The company has applied for the new shares to be admitted to trading on AIM, with admission expected to take effect on or around 28 July 2026. Following the issue, Scancell’s enlarged share capital will comprise 1,212,230,683 ordinary shares, providing shareholders with an updated denominator for calculating interests under the FCA’s disclosure and transparency rules. The retail offer shares will rank equally with both the placing shares and the company’s existing ordinary shares, while the strong level of investor participation highlights continued market support for Scancell’s immuno-oncology development strategy.

Despite the successful fundraising, the company’s investment outlook continues to be constrained by ongoing financial challenges, including operating losses, cash burn and negative shareholder equity, while negative earnings also limit valuation support. These factors are partly balanced by encouraging momentum across the company’s clinical and regulatory programmes, including a clearly defined pathway towards Phase III development. Technical indicators remain positive overall, although the shares appear heavily overbought, suggesting elevated short-term volatility following the recent rally.

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Scancell Holdings plc is a late-stage clinical immuno-oncology company focused on developing innovative cancer immunotherapies designed to stimulate the body’s immune system to recognise and destroy tumour cells. Listed on AIM, the company is advancing a portfolio of treatments targeting difficult-to-treat solid tumours through multiple proprietary immunotherapy platforms.

The company’s strategy centres on developing active immunotherapies that generate durable anti-tumour immune responses, with the aim of improving patient outcomes across a range of oncology indications. As its clinical programmes progress, Scancell continues to focus on advancing candidates through late-stage development while expanding the potential commercial opportunities for its technology platforms.

Zephyr Energy (LSE:ZPHR) has entered into a non-binding Letter of Intent with Atlas Oil Company for a proposed Prepaid Commodity Purchase Agreement that could provide up to US$15 million of pre-production financing for its Paradox Basin project in Utah. Under the proposed arrangement, Atlas would receive exclusive rights to market, purchase and sell hydrocarbons produced from an agreed project area in return for providing the non-dilutive funding package.

The proposed financing would be repaid solely from future hydrocarbon production, allowing Zephyr to fund key development activities without issuing new shares or reducing its working interest in the asset. The company expects the capital to support infrastructure development, well workover programmes and the potential expansion of gas processing capacity at the Paradox project. Management said the agreement would complement its ongoing farm-out process while preserving flexibility to progress the project either with a strategic partner or through a standalone development plan, helping accelerate the route to first commercial production at a larger scale.

Despite the potential funding milestone, the company’s investment outlook continues to be weighed down by weaker financial performance, including declining revenue, ongoing net losses and a significant deterioration in operating and free cash flow during 2025. Technical indicators remain broadly supportive, although an RSI of around 78 suggests the shares may be approaching overbought territory, limiting confidence in further near-term gains. Valuation also remains constrained by negative earnings and the absence of a dividend yield.

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Zephyr Energy plc is a technology-focused oil and gas exploration and production company with operations across the Rocky Mountain region of the United States. Its flagship asset is the approximately 73,000-acre Paradox Project in Utah, where independent assessments have identified significant proved and probable reserves alongside substantial additional recoverable resources. The company also holds a portfolio of non-operated producing interests across the Williston Basin and other Rocky Mountain regions.

Zephyr’s strategy combines responsible resource development with advanced operational technology to maximise value from its asset base. Supported by a US$100 million strategic partnership, the company is focused on expanding production, increasing cash flow and advancing the Paradox Project while maintaining a diversified portfolio of operated and non-operated energy assets.

Aston Martin Lagonda Global Holdings plc (LSE:AML) has issued additional information regarding the structure of its recently announced debt financing, providing investors with greater clarity on how security has been allocated across the group’s assets. The company said the new financing is secured against selected assets held within a newly established subsidiary, together with certain other group assets, as part of an updated approach to managing its capital structure.

The luxury car manufacturer also confirmed that its existing Senior Secured Notes due in 2029 continue to be backed by a pledge over the shares of Aston Martin Lagonda Limited, which is an indirect parent company of the newly created asset-holding subsidiary. However, the notes do not include security over the shares of the new subsidiary itself. In addition, Aston Martin has designated another newly incorporated subsidiary as an unrestricted subsidiary under the terms of the notes’ indenture, providing the group with greater flexibility for future financing arrangements and potential corporate restructuring initiatives.

Despite the clarification around its financing structure, the company’s investment outlook remains constrained by ongoing financial challenges, including persistent net losses, negative operating profit, substantial cash outflows and a highly leveraged balance sheet supported by relatively limited shareholder equity. Technical indicators also remain weak, with the shares trading below key moving averages and the MACD remaining negative, although RSI and stochastic readings suggest the stock is approaching oversold territory. Valuation continues to offer limited support, with negative earnings resulting in a negative price-to-earnings ratio and no current dividend yield.

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Aston Martin Lagonda Global Holdings plc is a British manufacturer of ultra-luxury performance vehicles, producing a range of high-end sports cars, grand tourers and luxury SUVs. Its portfolio includes models such as the Vantage, DB12, Vanquish, DBX and the Valhalla plug-in hybrid, reflecting the company’s strategy of combining traditional craftsmanship with advanced automotive technology.

Headquartered in Gaydon, England, Aston Martin manufactures its sports cars in Warwickshire and its DBX SUV range at its facility in St Athan, Wales. The company sells its vehicles in more than 50 countries and continues to invest in the electrification of its product range while maintaining its position as one of the world’s best-known luxury automotive brands.

RTC Group plc (LSE:RTC) reported lower revenue and profit for the first half of 2026 as challenging recruitment markets and rising operating costs weighed on performance, although the business continued to demonstrate resilience through stable margins and disciplined cost management. Revenue declined to £45.2 million from £48.3 million a year earlier, while operating profit eased to £0.8 million from £1.3 million. Despite these pressures, the engineering and technical recruitment specialist preserved its gross margin and maintained tight control over operating expenses.

The company ended the period with a strong financial position, holding £3.8 million in cash, no term debt and net assets of £8.0 million. RTC also highlighted a healthy order book, supported by six major contract awards and extensions across a range of sectors. While geopolitical uncertainty, higher fuel prices, increased employment costs and subdued UK recruitment activity continue to present near-term challenges, management has opted to maintain investment in staff, training and safety initiatives in preparation for an expected improvement in market conditions from 2027. The group believes long-term growth will be supported by more than £700 billion of planned UK infrastructure investment, including Network Rail’s Control Period 7, the Water AMP8 programme and the transition of the smart metering sector from installation to long-term maintenance.

The company’s investment outlook is supported by a stronger financial profile, with lower leverage and healthy recent free cash flow generation, alongside an attractive valuation characterised by a low price-to-earnings ratio and a relatively high dividend yield. However, these strengths are offset by weaker technical indicators, with the shares trading below key moving averages and the MACD remaining negative, while very low RSI and stochastic readings reflect subdued market sentiment. Investors will also be watching whether continued pressure on revenue could place further strain on the group’s already modest operating margins.

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RTC Group plc is an AIM-listed recruitment specialist providing skilled engineering and technical personnel to clients in the UK and international markets. Through its Ganymede and ATA Recruitment businesses, the company supplies both white-collar and blue-collar professionals to the infrastructure, transport, manufacturing, engineering and technology sectors, while its GSS division supports large-scale engineering projects around the world.

In addition to its recruitment operations, RTC Group owns and operates the Derby Conference Centre, which serves as the company’s headquarters while generating supplementary income through conferencing and property rental activities. The group’s strategy is focused on building long-term client relationships in infrastructure and engineering markets supported by sustained investment programmes.

HyProMag USA, supported by Mkango Resources (LSE:MKA), is bringing forward the development of its Texas Hub by introducing magnet finishing capabilities ahead of the launch of its full-scale recycling operations. The company expects to begin commissioning the initial equipment at its Dallas-Fort Worth facility during the first half of 2027, using up to 20 tonnes of neodymium-iron-boron (NdFeB) magnet blocks supplied from its existing operations in the U.K. and Germany. This approach is designed to meet growing demand from U.S. customers while maintaining uninterrupted supply to European markets.

The phased development strategy will see HyProMag USA commission its integrated Hydrogen Processing of Magnet Scrap (HPMS) facility by the second quarter of 2028. Once fully operational, the site is expected to achieve an annual payable capacity of approximately 678 metric tonnes of recycled NdFeB material and produce up to 1,526 tonnes of finished magnetic products. By establishing downstream magnet manufacturing before recycling operations reach full scale, the company aims to reduce execution risk, strengthen relationships with industrial customers and secure long-term feedstock from end-of-life products including electric vehicle motors, industrial rotors and MRI systems. The project represents a significant step in building a domestic U.S. supply chain for recycled rare earth magnets.

More about Mkango Resources

Mkango Resources is a rare earths development company focused on sustainable magnet recycling and manufacturing through its HyProMag business. Operating across the U.K., Germany and the United States, HyProMag is developing facilities that recover and manufacture neodymium-iron-boron magnets used in technologies such as electric vehicles, wind turbines, artificial intelligence infrastructure and advanced electronic devices.

The company’s proprietary Hydrogen Processing of Magnet Scrap (HPMS) technology enables high-value magnet materials to be recovered directly from waste streams using significantly less energy than conventional recycling methods. Through the expansion of its recycling and manufacturing network, Mkango aims to establish a secure, low-carbon supply of critical rare earth magnets for customers across North America and Europe.

Forgent plc (LSE:FORG) has reported positive results from its maiden Phase 1 drilling programme at the Peak Hill Gold-Copper Project in Western Australia, with assay results confirming multiple areas of near-surface gold mineralisation and supporting the project’s historical exploration data. The 40-hole aircore drilling campaign has strengthened confidence in the company’s geological interpretation while reducing exploration risk across several prospective structural trends.

Analysis of the drilling programme has also highlighted a substantial, largely untested exploration corridor between the Junction and Curley’s prospects, which has the potential to connect existing mineralised zones and significantly expand the overall footprint of the Peak Hill project. Encouraged by these findings, Forgent plans to begin a Phase 2 drilling campaign in August 2026. The next stage of exploration will focus on extending known mineralisation, infilling the most promising areas and testing the newly identified corridor, with the aim of progressing the project towards an initial mineral resource estimate in one of Western Australia’s established gold-producing regions.

Despite the encouraging exploration progress, the company’s investment outlook continues to be constrained by ongoing financial challenges, including operating losses, leverage and negative cash flow. Technical indicators also remain weak, reflecting a prolonged downward share price trend. Valuation provides limited support, with negative earnings resulting in a negative price-to-earnings ratio and no dividend currently available to investors.

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Forgent plc is an exploration company focused on supplying minerals that support the global energy transition, with a portfolio of gold, copper and nickel assets in Western Australia. Its key projects include the Peak Hill Gold-Copper Project, the Green Rocks Copper-Gold Project and an option over the Mount Sholl Nickel-Copper-PGE Project, all located in established mining regions with access to existing infrastructure.

The company’s strategy is centred on applying modern geological modelling and exploration techniques to historically explored assets in order to identify overlooked opportunities and accelerate resource development. Through systematic drilling and targeted exploration, Forgent aims to advance its Western Australian projects towards defined mineral resources and, ultimately, future mine development.