Author: Fiona Craig

Norcros plc (LSE:NXR) began its new financial year with positive revenue growth, supported by continued demand for its portfolio of branded bathroom products and the integration of the Fibo acquisition. The group, which operates a decentralised and capital-light business model, remains focused on expanding across Europe through a combination of acquisitions, organic growth and investment in sustainable product offerings.

Acquisition drives strong sales performance

In its trading update covering the 13 weeks to 5 July 2026, Norcros reported a 3.1% increase in group revenue on a constant currency like-for-like basis compared with the previous year. Market share gains and pricing actions helped offset softer trading conditions across the wider market.

On a reported basis, revenue rose 27.9%, reflecting the first full-quarter contribution from Fibo following its acquisition. The board said trading remains in line with expectations and reaffirmed its outlook for the full financial year, citing the group’s strong balance sheet and continued progress towards its medium-term growth objectives.

Market conditions remain challenging

Although underlying demand remains subdued in several of its end markets, Norcros continues to benefit from the strength of its brand portfolio and disciplined operating model. The company believes its focus on higher-value products, operational efficiency and selective acquisitions positions it well for further expansion despite an uncertain economic backdrop.

Management also continues to pursue opportunities to increase its presence across the fragmented European bathroom products market while strengthening the group’s sustainability credentials.

Investment outlook

Norcros continues to generate resilient cash flow and offers an attractive dividend yield, providing support for its investment case. However, recent pressure on earnings quality, rising leverage and weak technical indicators continue to weigh on sentiment, with the shares remaining in a broader downward trend.

While the valuation remains reasonable, the current price-to-earnings ratio offers only moderate support given the recent decline in profitability.

About Norcros

Norcros plc is a UK-based supplier of branded bathroom products serving trade and retail customers across the UK, Ireland, Europe and South Africa. Its portfolio includes well-established brands such as Triton, Merlyn, Grant Westfield, Fibo, Vado, Croydex, Abode, Tile Africa, TAL and House of Plumbing.

Headquartered in Wilmslow, Cheshire, the company has built its market position through a combination of strategic acquisitions and organic expansion. Norcros operates a decentralised business model that supports entrepreneurial management teams while benefiting from shared expertise and scale, with a long-term strategy focused on growth, operational excellence and sustainability.

Hochschild Mining (LSE:HOC) delivered solid operating performance during the first half of 2026, producing 151,830 attributable gold equivalent ounces as consistent output from the Inmaculada and San Jose mines was complemented by continued improvements at the Mara Rosa operation in Brazil. The miner said it remains on course to achieve its full-year production target, supported by increased plant reliability at Mara Rosa, encouraging brownfield exploration results and ongoing progress at the Monte Do Carmo and Royropata development projects as they advance through regulatory and investment stages.

Cost inflation creates pressure on margins

While production remains on track, the company warned that all-in sustaining costs are currently running around 5% to 10% above its original guidance. The increase reflects higher royalty payments linked to commodity prices, greater workers’ profit-sharing obligations, stronger local currencies and ongoing inflationary pressures in Argentina.

As a result, Hochschild indicated that cost guidance could be revised when it publishes its half-year financial results, highlighting the continued impact of external cost inflation on the mining sector.

Balance sheet strengthens despite higher expenses

Despite the increase in operating costs, Hochschild continued to improve its financial position during the period. The company ended the half year with an estimated net cash position of approximately $51 million and total liquidity of around $309 million, even after making dividend payments to shareholders and its joint venture partner at the San Jose mine.

Operational improvements at existing mines, combined with continued investment in future growth projects, provide a solid foundation for maintaining production while supporting longer-term expansion plans.

Investment outlook

Hochschild’s outlook continues to benefit from the significant improvement in profitability and free cash flow achieved during 2025, alongside a healthier balance sheet and lower leverage. However, current technical indicators remain relatively weak, with the shares trading below key moving averages and momentum signals such as the MACD and RSI remaining subdued.

Although valuation appears broadly reasonable, the relatively modest dividend yield limits the stock’s appeal for income-focused investors.

About Hochschild Mining

Hochschild Mining PLC is a precious metals producer focused on the exploration, development and operation of underground gold and silver mines across South America. Its core producing assets include the Inmaculada mine in Peru, the San Jose joint venture in Argentina and the Mara Rosa mine in Brazil, while its development pipeline includes the Monte Do Carmo project in Brazil and the Royropata project in Peru.

The company combines production from wholly owned operations and joint ventures, with a strategy centred on operational efficiency, disciplined capital allocation and advancing new mining projects to support long-term growth. Alongside its financial objectives, Hochschild continues to monitor environmental, social and governance performance, including workplace safety, water efficiency, waste management and workforce diversity. Recent improvements across several ESG metrics were tempered by a fatal accident at the Inmaculada mine in June, underscoring the importance of continued investment in safety standards.

Mulberry (LSE:MUL) delivered improved financial results for FY26, reporting a 4% increase in revenue to £125.5 million as its turnaround strategy gathered pace. Sales growth accelerated to 11% during the second half of the year, while like-for-like Retail & Digital revenue climbed 9%. Higher levels of full-price selling and lower promotional activity lifted gross margin to 72%, helping reduce the pre-tax loss to £8.9 million. The luxury retailer also returned to positive underlying EBITDA, supported by disciplined cost management and refinancing that secures borrowing facilities through 2028.

Brand revival drives stronger trading momentum

The company’s “Back to the Mulberry Spirit” strategy continued to reshape the business through a stronger product offering and increased customer engagement. During the year, Mulberry reintroduced popular collections including the Roxanne bag and refreshed the Bayswater range, while appointing Christopher Kane as Ready-to-Wear Creative Director to strengthen its fashion credentials.

Customer loyalty also remained a key strength, with returning shoppers accounting for more than half of UK Retail & Digital sales. The improved brand proposition has translated into stronger trading, with the first 13 weeks of FY27 delivering a 23% increase in group revenue and double-digit like-for-like sales growth across most of its core markets.

Medium-term ambitions remain intact

Management said the strong start to the new financial year reinforces confidence in delivering its medium-term objectives, despite ongoing uncertainty across the global luxury sector. The company continues to target annual revenue exceeding £200 million alongside an EBIT margin of 15%, reflecting its focus on sustainable, profitable growth.

While the broader luxury market remains challenging, Mulberry believes its investment in product innovation, customer relationships and brand positioning provides a solid platform for continued recovery.

Investment outlook

Mulberry’s investment profile remains influenced by financial challenges, including elevated leverage and the legacy of weaker trading in recent years. However, improving technical indicators point to strengthening market momentum, while the company’s operational progress and strategic initiatives provide a more constructive outlook for future performance.

About Mulberry

Mulberry Group plc is a British luxury lifestyle brand recognised for its premium leather handbags, accessories and ready-to-wear collections. The company sells through Retail, Digital, wholesale and franchise channels, with the UK remaining its largest market while continuing to expand its presence across Europe, North America and Asia-Pacific.

Delta Gold Technologies Plc (AQSE:DGQ) (USOTC:DGQTF) (FRA:02J) has strengthened its scientific leadership by appointing Professor Dr Harry Ruda and Professor Ken Knappenberger to its Strategic Advisory Panel, while also announcing the issue of new shares following the exercise of investor warrants.

The appointments build on the formation of the advisory panel in May 2026, when Dr Thomas P Davis became its inaugural member. The expanded panel is intended to enhance the company’s scientific, commercial and intellectual property expertise as it advances its quantum technology strategy.

Advisory panel to guide research and commercialisation

The Strategic Advisory Panel has been established to provide independent guidance to Delta’s board and management on research priorities, scientific investments and commercial opportunities.

Its responsibilities include assessing research programmes, supporting intellectual property strategy, identifying strategic partnerships, evaluating commercial applications and providing external technical representation. The panel is also expected to help the company identify patentable discoveries and accelerate the commercialisation of its research.

Professor Ruda and Professor Knappenberger are already closely involved with Delta through sponsored research programmes at the University of Toronto and The Pennsylvania State University, respectively. Their appointments are designed to strengthen the link between the company’s academic collaborations and its commercial development plans.

Existing advisory panel foundation

The latest appointments follow the addition of Dr Thomas P Davis in May 2026. Dr Davis, co-founder and chief executive of Oxford Sigma, holds a doctorate in Materials Science from the University of Oxford and was appointed to provide independent advice on Delta’s scientific strategy and research allocation.

Delta said the advisory panel was created to help transform scientific research into commercially valuable intellectual property and practical quantum technology applications. The inclusion of Professors Ruda and Knappenberger further expands that expertise with two senior academics actively leading research programmes supported by the company.

Professor Harry Ruda brings nanotechnology expertise

Professor Harry E. Ruda earned his bachelor’s degree from Imperial College of Science and Technology before completing his PhD at the Massachusetts Institute of Technology. Following an IBM Postdoctoral Research Fellowship focused on quantum nanostructures, he worked as a Senior Research Scientist at 3M Corporation, contributing to the company’s II-VI semiconductor blue laser programme.

He joined the University of Toronto’s Department of Materials Science and Engineering in 1989, later becoming Director of its Centre for Nanotechnology in 1997. Throughout his career, Professor Ruda has published more than 300 peer-reviewed papers, co-authored four books and holds 14 patents. His research centres on quantum nanostructures, nanoelectronics and nanophotonics.

Professor Ken Knappenberger strengthens quantum materials research

Professor Kenneth L. Knappenberger Jr. serves as Professor of Chemistry and Physics and Head of the Department of Chemistry at The Pennsylvania State University. His research focuses on the optical, electronic and spin properties of nanomaterials, particularly gold nanoclusters.

After completing his doctorate at Penn State in 2005, he undertook postdoctoral research at the University of California, Berkeley before joining Florida State University, where he led the magneto-optics programme at the National High Magnetic Field Laboratory. He returned to Penn State in 2017 and has published more than 100 scientific papers while delivering over 300 lectures. His honours include the Coblentz Award in Spectroscopy, the Young Investigator Award from the Inter-American Photochemical Society, CAREER awards from the U.S. National Science Foundation and Department of Defense, and fellowship status with both the American Association for the Advancement of Science and Optica.

CEO highlights strategic value of appointments

R. Michael Jones, Chief Executive Officer of Delta, commented: “We are delighted to welcome Professor Dr Harry Ruda and Professor Ken Knappenberger to Delta’s Strategic Advisory Panel. Together with Dr Thomas P Davis, their appointments bring deep scientific, engineering and intellectual property insight directly into Delta’s strategic decision-making process. Professor Ruda and Professor Knappenberger each lead research programmes that sit at the core of our investment thesis: that gold, engineered at the nanoscale, can form the basis of a differentiated and protectable quantum technology platform. Their participation will help us evaluate progress, identify commercial pathways and continue building a high-quality IP portfolio across quantum computing, sensing and communication.”

Delta advances quantum technology intellectual property strategy

Delta Gold Technologies is developing intellectual property focused on nano-scale gold and advanced materials for quantum computing, quantum sensing and quantum communication.

Its research programmes are conducted through sponsored collaborations with leading academic institutions, including The Pennsylvania State University and the University of Toronto. The company has secured rights to intellectual property generated through these partnerships, including patent applications, and continues to pursue additional patent development, licensing opportunities and strategic partnerships to commercialise its quantum technologies.

For more information visit – https://www.deltagoldtech.com/

Investors balance geopolitical risks against inflation expectations

Gold prices extended their advance on Tuesday, holding above the key $4,000-an-ounce level as markets responded to renewed diplomatic initiatives between the United States and Iran that could reduce pressure on oil prices and soften inflation concerns ahead of the Federal Reserve’s next policy meeting.

At 01:24 ET (05:24 GMT), spot gold (XAU/USD) rose 1% to $4,049.47 an ounce, while Gold Futures increased 1% to $4,054.35. Silver (XAG/USD) climbed 2.6% to $57.87 an ounce, and platinum (XPT/USD) gained almost 1% to $1,611.09.

Diplomatic progress eases pressure from energy markets

The precious metal strengthened as investors welcomed signs that Washington and Tehran could return to negotiations, helping offset concerns created by recent military escalation across the Middle East.

Crude oil prices retreated after posting gains during the previous two sessions as reports of mediation efforts outweighed continued military exchanges and renewed threats from Yemen’s Iran-backed Houthi movement to block Saudi shipping.

Reuters also reported that mediators have proposed a 10-day ceasefire following comments from a senior Iranian official, raising hopes that last month’s interim agreement could still provide a foundation for wider negotiations.

Oil had recently climbed to its highest level in more than a month, fuelling expectations that higher energy costs could complicate the Federal Reserve’s inflation fight.

Markets await Fed guidance

Attention is now turning to next week’s Federal Reserve meeting, where policymakers are expected to keep interest rates unchanged while offering fresh guidance on inflation and monetary policy.

Current market pricing suggests a 64% probability of a September rate increase.

Afdhal Rahman, Executive Director, Wealth Advisory at OCBC, said gold’s strong rally has run into a more challenging macro backdrop as higher real yields, a stronger U.S. dollar and hawkish repricing of interest-rate expectations have weighed on investor demand.

He added that renewed tensions in the Gulf could keep oil prices, inflation expectations and the U.S. dollar volatile in the near term, leaving gold under pressure until expectations for tighter monetary policy begin to ease, although sustained central bank buying should continue to provide longer-term support for bullion.

Bullion remains resilient after second-quarter weakness

Although gold suffered a 14% decline during the second quarter—its weakest quarterly performance since 2013—it has spent recent weeks consolidating around the $4,000-an-ounce level as investors continue to seek protection from geopolitical uncertainty.

Traders monitor conflict while awaiting US inventory data

Oil prices traded lower on Tuesday as markets assessed ongoing diplomatic efforts between Washington and Tehran alongside growing concerns that escalating tensions could threaten vital shipping routes used by global energy exporters.

At 04:53 ET (08:53 GMT), Brent crude futures fell 0.5% to $88.80 per barrel, while US West Texas Intermediate (WTI) crude declined 0.5% to $82.81 per barrel.

Both benchmarks had ended Monday’s session higher, with Brent closing at $89.22 per barrel after a 1.3% gain and WTI settling at $83.23 following a 0.9% increase. Brent had briefly climbed above the $90 mark after renewed military activity in the Middle East over the weekend.

Negotiations continue despite renewed attacks

Diplomatic efforts remain active as international mediators seek to restore the fragile ceasefire framework agreed in June.

Pakistani Prime Minister Shehbaz Sharif is holding discussions with Iranian Interior Minister Eskandar Momeni in Islamabad, while US Secretary of State Marco Rubio has indicated that Washington remains open to restarting negotiations.

Nevertheless, military activity continued across the region. Reports from the United Kingdom Maritime Trade Operations centre said a tanker was struck near the Strait of Hormuz off the coast of Oman, forcing the crew to abandon the vessel. Iran’s Islamic Revolutionary Guards Corps later claimed responsibility.

The United States also confirmed a tenth consecutive day of strikes against Iranian military targets, stating that the operations were intended to weaken Iran’s capability to threaten commercial shipping in the Strait of Hormuz.

Bab al-Mandab joins Hormuz as a growing market concern

Alongside uncertainty surrounding the Strait of Hormuz, investors are increasingly focused on the Bab al-Mandab Strait after Yemen’s Iran-backed Houthi movement threatened to block Saudi shipping.

The strategic waterway connects the Red Sea with the Gulf of Aden and carries roughly 12% of global trade, including significant volumes of crude oil exports.

“Vessels would have to take the much longer route through the Suez Canal and go around Africa. It’s yet to be seen how effective any blockade will be. But, clearly, this development will increase insurance costs,” ING analysts said.

“Looking at oil price action this morning, the market is not convinced that this blockade will be successful.”

Inventory reports remain the next catalyst

Analysts believe geopolitical uncertainty continues to provide support for oil prices, although expectations that previous regional conflicts ultimately avoided prolonged supply disruptions have limited further gains.

Markets now await the latest US crude inventory figures from the American Petroleum Institute, due later Tuesday, followed by official Energy Information Administration data on Wednesday.