Author: Fiona Craig

Tritax Big Box REIT (LSE:BBOX) has received planning consent for its 107MW Manor Farm data centre in the Slough Availability Zone, marking a major milestone for one of its flagship digital infrastructure projects. The approval follows the successful conclusion of a judicial review, significantly increasing the development potential of the site and providing a clear path towards construction in one of Europe’s most sought-after and capacity-constrained data centre markets.

The company has also secured an accelerated route to power delivery, overcoming one of the biggest constraints facing new data centre developments and allowing capacity to be brought to market ahead of competing projects. Backed by strong occupier demand, with a pre-let agreement now progressing through legal documentation, the Manor Farm scheme is expected to generate a yield on cost of 9.3%. The project represents an important step in Tritax Big Box’s strategy to expand its data centre portfolio and support medium-term earnings growth while delivering attractive long-term returns for shareholders.

The company’s investment outlook remains supported by solid underlying financial performance, although weaker free cash flow conversion during 2025 and higher debt levels continue to weigh on the overall picture. Technical indicators remain favourable, reflecting a sustained upward share price trend, while valuation appears attractive with a low-teens price-to-earnings ratio and a dividend yield of around 4.6%. Recent management commentary has also strengthened confidence through a visible development pipeline and disciplined capital allocation, although execution risk and the normalisation of near-term income remain factors to watch.

More about Tritax Big Box REIT

Tritax Big Box REIT plc is the UK’s largest listed owner and developer of high-quality logistics warehouse assets, with a portfolio focused on modern distribution facilities let on long-term leases. As a FTSE 100 real estate investment trust, the company seeks to generate sustainable income and capital growth through strategically located logistics properties serving leading occupiers.

Alongside its logistics platform, Tritax Big Box is expanding into digital infrastructure through a power-led data centre strategy. The company has built a development pipeline exceeding 230MW of secured capacity, with ambitions to grow this to around 1 gigawatt, positioning it to benefit from rising demand for data centres driven by cloud computing, artificial intelligence and digital services.

Quartix Technologies (LSE:QTX) delivered a strong first-half performance, reporting double-digit growth in revenue, earnings and recurring income as its subscription base continued to expand across key international markets. Revenue increased 12% to £19.4 million, while profit before tax climbed 21% to £4.8 million. Annualised recurring revenue rose 11% to £38.9 million, supported by continued customer growth, and EBITDA advanced 16%. Strong cash generation also lifted free cash flow by 18%, enabling the board to increase the interim dividend to 2.70p per share while maintaining disciplined control over administrative expenses.

The company’s performance was driven by a 7% increase in its fleet subscription base, together with a 3% rise in average pricing and lower hardware costs following the rollout of its TCSV 17 tracking device. These factors helped improve gross margin to 80%. Quartix reinvested part of these efficiency gains into sales and marketing, reducing spending on weaker indirect sales channels while increasing investment in AI-driven customer acquisition initiatives. Growth in annualised recurring revenue across mainland Europe, combined with continued success in upselling existing customers, helped offset softer trading conditions and higher customer attrition in the UK, as well as more modest growth in the United States.

The company’s investment outlook remains supported by its strong financial position, improving profitability and a balance sheet carrying very little debt. Valuation also remains attractive, with a relatively low price-to-earnings ratio complemented by a growing dividend. These strengths are partly offset by weaker technical indicators, with the shares trading below key moving averages and the MACD signalling subdued short-term momentum.

More about Quartix Technologies

Quartix Technologies is a UK-based provider of subscription-based vehicle tracking, fleet telematics and data analytics solutions for commercial vehicle operators. Listed on AIM, the company develops integrated software and hardware that enables businesses to monitor vehicle performance, improve driver safety, increase operational efficiency and reduce fleet operating costs.

Since its launch in 2001, Quartix has focused on expanding its recurring subscription revenue through long-term customer relationships across the UK, Ireland, France, Italy, Spain, Germany, the United States and other international markets. Continued investment in new tracking technology, including its TCSV 17 device, forms part of the company’s strategy to improve margins while supporting sustainable long-term growth.

Science Group (LSE:SAG) reported a resilient performance for the first half of 2026, delivering higher profitability despite a modest decline in revenue amid geopolitical uncertainty and slower activity in the UK defence market. Adjusted operating profit increased to £11.5 million, while operating margins strengthened as the company continued to focus on higher-quality revenue streams. Adjusted earnings per share also improved, supported by stronger profitability and the ongoing execution of an active share buy-back programme.

The group’s Services division maintained healthy margins despite delays to UK defence spending and reduced client investment linked to instability in the Middle East. Management noted that trading conditions are beginning to improve following the publication of the UK Defence Investment Plan. Within the Systems businesses, CMS2 performed ahead of expectations, benefiting from the timing of contract deliveries that produced exceptionally strong margins, while Frontier delivered stable revenue despite higher electronic component costs. Backed by a robust balance sheet and a portfolio of freehold property assets, Science Group said it remains well positioned to continue returning capital to shareholders while exploring strategic acquisitions and opportunities to unlock additional value from its real estate holdings.

The company’s investment outlook continues to be supported by strong profitability, a conservative financial position and an attractive valuation based on a relatively low price-to-earnings multiple. These strengths are partly offset by weaker technical indicators, with the shares trading below key moving averages and the MACD remaining negative. Continued share buy-backs and other capital allocation initiatives provide an additional positive factor for investors.

More about Science Group plc

Science Group plc is an international science, technology and engineering business that provides consultancy, systems and product development services across a range of specialist industries. Through its Sagentia division, the company delivers innovation, regulatory and advisory services, while CMS2 supplies submarine atmosphere management systems for the defence sector and Frontier develops radio frequency and audio semiconductor technologies.

The group’s strategy focuses on generating sustainable operating profit, expanding margins and producing strong cash flow, enabling it to invest in growth opportunities while returning excess capital to shareholders. Alongside its operating businesses, Science Group also owns significant freehold property assets near Cambridge and Epsom, which provide additional opportunities to enhance long-term shareholder value.

Vesuvius plc (LSE:VSVS) said first-half 2026 trading was affected by temporary operational issues within its Steel division and continued weakness in the Advanced Refractories market, particularly across Europe. The company expects to report trading profit of around £74 million for the six-month period, reflecting the impact of these headwinds, although management believes the operational disruptions are temporary and is targeting a resolution before the end of the year.

Despite the softer first-half performance, Vesuvius has upgraded its expectations for the full year and now anticipates 2026 trading profit, on a constant currency basis, will finish slightly ahead of 2025. The group said its diversified global operations and strong position in high-temperature industrial processes continue to provide resilience in challenging market conditions. Investors will receive a fuller update when the company publishes its half-year results on 30 July 2026, with particular attention likely to focus on progress in resolving operational issues and the potential impact on margins and future profitability.

Although the company expects an improvement in full-year earnings, the broader investment outlook remains constrained by weakening fundamentals, including pressure on margins, lower returns on equity, rising leverage and softer free cash flow generation. Technical indicators also suggest subdued short-term momentum, with the shares trading below key near-term moving averages and the MACD remaining negative. While Vesuvius continues to offer an attractive dividend yield and trades on a relatively moderate valuation, these positives are only a partial offset to the operational and cash flow challenges facing the business.

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Vesuvius plc is a global engineering company specialising in molten metal flow technology and advanced materials for industries that operate in high-temperature environments. The group develops and supplies flow control systems, advanced refractories, consumable products and technical services, supported by an international network of manufacturing facilities, research centres and engineering expertise.

The company serves customers across the global steel, foundry and industrial sectors, helping improve production efficiency, product quality and operational performance. Through its technological leadership, broad geographic footprint and long-standing customer relationships, Vesuvius aims to deliver sustainable growth while expanding its presence in key industrial markets around the world.

Dianomi (LSE:DNM) delivered steady progress during the first half of 2026, reporting higher revenue, improved margins and a stronger financial position despite continued caution across the digital advertising market. Revenue increased 2% year-on-year to £13.4 million, while constant-currency growth reached 4.5%. An improvement in gross margin helped lift gross profit to £3.9 million, and the company said it expects to report only a modest EBITDA loss for the period, representing an improvement on the previous year. Dianomi also finished June with £6.0 million in cash and no debt, highlighting the resilience of its balance sheet.

During the period, the company expanded its strategic relationships with premium publishers including CNN News and the Associated Press by introducing additional advertising inventory across their platforms. Dianomi also launched Dianomi Interactive, a new advertising format designed to increase audience engagement while generating richer customer data. Alongside this, the business established a dedicated Investor Relations and Corporate Communications division and appointed a Head of Insights to strengthen its audience analytics capabilities. These initiatives broaden the company’s services for listed businesses and reinforce its position as a specialist advertising partner for financial and business brands.

While trading has continued to improve, the investment outlook remains constrained by an inconsistent record of profitability and uneven cash generation, despite the company’s debt-free balance sheet. Technical indicators remain supportive, reflecting a strong upward share price trend, although an exceptionally high RSI suggests the stock may be overextended following recent gains. Valuation also remains challenging, as Dianomi continues to report losses and does not currently offer a dividend yield.

More about Dianomi Plc

Dianomi Plc is a digital advertising technology company specialising in premium native advertising for financial, business and lifestyle brands. Operating from offices in London, New York and Sydney, the company connects advertisers with audiences through a network of more than 250 premium publishing partners, reaching over 500 million devices each month.

Its platform delivers contextually relevant advertising across desktop, mobile and app environments, integrating sponsored content that closely matches the appearance of editorial material. By providing highly targeted access to institutional investors, financial advisers and retail audiences across leading publications including Reuters, CNN Business, The Times and The Wall Street Journal, Dianomi has established itself as a specialist provider of digital advertising solutions for global financial brands.

Oracle Power PLC (LSE:ORCP) has reached another milestone in the development of its Northern Zone Kalgoorlie Gold Project in Western Australia, reporting substantial progress on the technical studies required to secure key operating permits. Working alongside Resources WA, the company has completed a range of assessments that support both its Native Vegetation Clearing Permit application and the Mine Development and Closure Plan for the proposed open-pit gold operation near the renowned Kalgoorlie “Super Pit”.

Engineering studies have confirmed that the planned pit slopes and waste dump designs meet high safety standards and are expected to remain stable under current site conditions. Environmental testing also found that the site’s waste rock is largely non-acid forming and has a strong capacity to neutralise acidity, reducing the likelihood of acid mine drainage while identifying no evidence of hazardous fibrous minerals.

Hydrological and hydrogeological investigations indicate groundwater is located around 37 metres below the surface and that the surrounding rock has low permeability, suggesting limited groundwater inflows during mining. Initial flood modelling also points to only modest infrastructure requirements, with minor culvert installations expected along access roads. Oracle Power said the Native Vegetation Clearing Permit application is nearing completion, while the Mine Development and Closure Plan is around 60% finished, keeping the project on track for future permitting approvals and the commencement of mining activities in the Kalgoorlie gold region.

Despite the operational progress, the company’s investment outlook continues to be weighed down by its financial profile, with no current revenue, ongoing losses and sustained cash outflows. Technical indicators remain broadly neutral to weak, offering only limited support for the share price. Valuation also remains challenging as the company is loss-making and does not currently provide a dividend yield.

More about Oracle Power PLC

Oracle Power PLC is an AIM-listed natural resources developer focused on advancing mining projects with long-term production potential. Its flagship Northern Zone Kalgoorlie Gold Project is located approximately 25 kilometres east of Kalgoorlie in Western Australia, one of the world’s most established gold mining districts.

Positioned close to the famous Kalgoorlie “Super Pit” and the Golden Mile/Fimiston goldfield, the project benefits from access to existing mining infrastructure and an established regulatory environment. Oracle Power is currently focused on securing the environmental and mining approvals required to advance the project from the development stage toward construction and future gold production.

Gana Media Group plc (LSE:GANA) reported a sharp increase in user activity during the World Cup, with its Estadio Gana platform delivering significant growth across betting turnover, customer registrations and gaming revenue in the Mexican market. The online sportsbook, which focuses on sports fans and bettors in Mexico, offers wagering across football, baseball, tennis, combat sports and other major sporting competitions as part of its strategy to broaden customer engagement throughout the year.

The company said average daily betting turnover climbed 162% during the tournament, while new customer registrations rose 136% to more than 40,000 users. Gross gaming revenue increased 227% compared with levels recorded at the beginning of June, with Mexico’s national team matches acting as the primary catalyst for activity. Encouragingly, early trading data indicate that many customers who joined during the World Cup have continued placing bets on other sporting events, supporting management’s expectations for stronger third-quarter performance and improved long-term user retention.

Despite the strong operational momentum, the investment outlook remains constrained by continuing operating losses and negative free cash flow, even as revenue recovered during FY2025 and gross margins remained robust. Technical indicators also continue to suggest weak share price momentum, with the stock trading below key moving averages and the MACD remaining negative. Valuation support is also limited, as the company remains loss-making and does not currently pay a dividend.

More about Gana Media Group plc

Gana Media Group plc operates in the online sports betting and gaming sector, with its Estadio Gana brand serving customers across Mexico’s regulated wagering market. The platform provides sportsbook betting on a wide range of sporting events, including the World Cup, Liga MX, Major League Baseball, European football, tennis, UFC and the TT Elite Series, with a focus on building long-term engagement among digital bettors.

The company’s strategy is centred on transforming major sporting events into lasting customer relationships by encouraging players to remain active after headline tournaments conclude. Through continued expansion across multiple sports and a growing presence in Latin America’s regulated betting market, Gana Media Group aims to strengthen recurring revenue and establish Estadio Gana as a recognised online gaming brand in the region.

Big Technologies (LSE:BIG) delivered a stronger first half of 2026, with growth in recurring revenue, earnings and cash generation driven by the rollout of contracts secured during 2025 and the opening months of 2026. Annual recurring revenue increased 5% to £53.2 million, while revenue rose 6% on a constant currency basis to £26.9 million. Gross profit margin edged down by one percentage point to 67%, although adjusted EBITDA advanced 14% to £14.2 million, lifting the adjusted EBITDA margin to 53% as the business benefited from operating leverage and a cost-neutral expansion of its leadership and operational capabilities.

The group also reported a significant improvement in cash generation, with adjusted free cash flow climbing 42% to £9.6 million. This reflected robust underlying operating performance alongside a reduction in exceptional legal cash payments. Cash at bank totalled £67.1 million after the company made £33.4 million in settlement payments relating to the Buddi litigation, leaving Big Technologies with what it described as a strong financial position. New contract awards in Chile, Guatemala and across six U.S. agreements, together with the commercial rollout of AlcoTag and AlcoBreath, provide management with confidence that growth will continue through the second half of 2026 and into the future, strengthening the company’s position in the global electronic monitoring market.

Despite the encouraging operational performance, the investment outlook remains tempered by the sharp deterioration in profitability and free cash flow experienced during 2025. Market indicators also continue to reflect subdued momentum, with the shares trading below key moving averages and the MACD remaining negative. In addition, valuation support is limited because the company is currently reporting negative earnings and does not offer a dividend yield.

More about Big Technologies PLC

Big Technologies PLC, traded on AIM under the ticker BIG, is a specialist provider of electronic monitoring technology for the criminal justice sector, operating internationally through its Buddi brand. The company supplies integrated hardware and software solutions via a scalable, subscription-based platform that enables governments and justice agencies to deploy monitoring services across a broad range of jurisdictions and operational requirements.

The business is focused on delivering advanced monitoring technology and data-driven services designed to improve the management of individuals within criminal justice systems. By prioritising long-term recurring revenue contracts and continually expanding its product portfolio, Big Technologies has established itself as a leading supplier of electronic monitoring infrastructure within its specialist market.