Author: Fiona Craig

  • Tungsten West Reports £25.5 Million Cash Position as Hemerdon Restart Progresses

    Tungsten West Reports £25.5 Million Cash Position as Hemerdon Restart Progresses

    Tungsten West (LSE:TUN) reported audited results for the year ended 31 March 2026, with a year-end cash position of £25.5 million following equity fundraising and the conversion of convertible loan notes.

    The company raised £43 million in equity during the period and recorded its first sales of tungsten concentrate from the recommissioned processing facility.

    Tungsten West reported an operating loss of £7.9 million for the year. Its results also included a non-cash finance charge associated with the conversion of loan notes.

    The company reported no lost-time injuries during the period and continued construction activities at its Hemerdon tungsten and tin mine in Devon, including the installation of equipment and appointments to its management team.

    Tungsten and Tin Concentrate Production Begins

    Following the end of the financial year, Tungsten West began producing tungsten and tin concentrates from the fines gravity circuit at Hemerdon.

    The company said construction associated with the mine restart remains on schedule and within budget, with completion targeted for the first quarter of 2027.

    The project is backed by funding of up to £71 million from the UK National Wealth Fund.

    Tungsten West has recruited more than 150 employees as it prepares for the planned ramp-up of operations.

    Hemerdon Restart Targets Q1 2027 Construction Completion

    Management said tungsten market prices have increased, with Chinese export controls identified by the company as one factor affecting the market.

    Tungsten West views Hemerdon as a potential Western source of tungsten and tin and said the project is funded through to production. The company continues to target completion of restart construction during the first quarter of 2027.

    Tungsten West Operations

    Tungsten West Plc is a UK-listed mining company focused on restarting the Hemerdon tungsten and tin mine in Devon.

    The project uses existing mining and processing infrastructure and is intended to produce tungsten and tin for industrial markets. The company is currently progressing construction and commissioning activities ahead of the planned restart of operations.

  • Hilton Food Raises Full-Year Adjusted Profit Guidance After Interim Results

    Hilton Food Raises Full-Year Adjusted Profit Guidance After Interim Results

    Hilton Food Group (LSE:HFG) reported adjusted profit before tax from continuing operations of £32.8 million for the interim period, down 5.2% year on year but ahead of the company’s expectations.

    Revenue increased 11.5% on a constant-currency basis, while volumes rose 2.1%. The group said its core meat and fresh prepared foods operations recorded growth during the period, while seafood business Foppen experienced margin pressures.

    Adjusted free cash flow was positive. Statutory profit was affected by exceptional costs associated with export restrictions at Foppen and a non-cash impairment related to the agreed disposal of Hilton Food’s vegan and vegetarian business, Dalco.

    Dalco Disposal Agreed as Portfolio Changes Continue

    Hilton Food has agreed to sell Dalco as it focuses its operations on meat and prepared foods. The company said the removal of Dalco’s losses is one factor reflected in its revised full-year guidance.

    The group has also extended retail partnerships, including its relationship with Tesco in the UK, and continued improvement measures at its UK seafood operation Seachill.

    In Central Europe, Hilton Food is expanding capacity in Poland, where fresh prepared foods volumes increased 26%.

    Saudi Arabia and Canada Facilities Scheduled to Open

    Hilton Food is progressing two international expansion projects.

    A facility operated through its Saudi Arabian joint venture is scheduled to become operational in the fourth quarter of 2026. In Canada, a new plant is expected to launch in January 2027, initially handling beef, pork and fish before subsequently adding bacon.

    The company expects both operations to begin contributing to earnings during 2027.

    Full-Year Adjusted PBT Guidance Raised to £66 Million–£71 Million

    Management raised its full-year adjusted profit before tax guidance to between £66 million and £71 million, reflecting the removal of Dalco losses and favourable currency movements.

    Hilton Food maintained its interim dividend at the prior-year level.

    The group plans approximately £100 million of capital expenditure during 2026. Management expects this spending to increase net bank debt while maintaining leverage within its target range of one to two times adjusted EBITDA.

    Hilton Food continues to target medium-term operating profit growth in the mid-single digits, cash conversion and returns on capital above 20%. These remain company targets rather than forecasts of achieved performance.

    Hilton Food Group Operations

    Hilton Food Group is a UK-based food processing and packing company operating across red meat, fresh prepared foods and seafood.

    The group works with supermarket retailers across its existing markets and is expanding its international operations through projects including new facilities in Saudi Arabia and Canada, alongside additional capacity for fresh prepared foods in Central Europe.

  • LondonMetric Property Reports £105 Million of Investment Activity Since July

    LondonMetric Property Reports £105 Million of Investment Activity Since July

    LondonMetric Property (LSE:LMP) has reported £105 million of investment activity since July as the real estate investment trust continues to adjust its property portfolio.

    The company has sold seven assets for a combined £85 million at a net initial yield of 5.3%, with the disposals completed in line with March valuations.

    The properties sold included two hospitals occupied by Ramsay Health Care, logistics warehouses, a Lidl store and Travelodge hotels. The transactions reduced LondonMetric’s rental exposure to Ramsay Health Care and Travelodge.

    LondonMetric said total disposals during the current financial year now comprise 32 properties with a combined value of £175 million.

    Acquisitions Completed at 5.9% Yield

    Alongside its disposals, LondonMetric has completed £62 million of acquisitions at a combined yield of 5.9%.

    The transactions include the £20 million forward funding of a Tesco foodstore in Nuneaton. The property is subject to a 20-year lease.

    LondonMetric is also under offer on a further £140 million of long-let assets at yields above 6%. The company has not stated that these transactions have been completed.

    LondonMetric Property Portfolio

    LondonMetric Property is a UK-based triple net lease real estate investment trust with a property portfolio valued at approximately £8 billion.

    Its portfolio includes assets across logistics, convenience retail, healthcare, entertainment and leisure. The company focuses on generating rental income from properties occupied under lease arrangements across these sectors.

  • Safestore Reports Q3 Revenue Growth and Updates Full-Year Earnings Outlook

    Safestore Reports Q3 Revenue Growth and Updates Full-Year Earnings Outlook

    Safestore (LSE:SAFE) reported third-quarter group revenue of £62.2 million, an increase of 4.1% at constant exchange rates, reflecting like-for-like growth and contributions from newly opened stores.

    The self-storage operator continued to expand its portfolio during the period, including the addition of a new site in Watford. Group closing occupancy stood at 77.5% of lettable area, with recently developed UK locations and new stores in Paris continuing to build occupancy.

    Like-for-Like Revenue Rises 1.9%

    Group like-for-like revenue increased 1.9% during the quarter.

    In the UK, like-for-like revenue rose 1.9%, supported by domestic customer demand and changes to unit partitioning. Safestore’s expansion markets recorded an 11.6% increase in like-for-like revenue, reflecting higher occupancy and rental rates.

    Paris like-for-like revenue declined 2.5%, which the company attributed to economic conditions and planned unit reconfiguration. Including non-like-for-like locations, total revenue in France increased 1.4%.

    Safestore Updates Earnings Expectations and UK Development Timing

    Management now expects full-year adjusted diluted EPRA earnings per share to be in the lower half of analyst forecasts.

    Safestore is also reviewing the timing of its UK development pipeline for 2027 and 2028. The company has not changed the planned overall size of the pipeline.

    Safestore Holdings Operations

    Safestore Holdings plc operates self-storage facilities across the UK, Paris and other markets in continental Europe.

    The group generates revenue by renting storage space to domestic and business customers and continues to invest in new facilities and unit partitioning across its portfolio.

  • Galliford Try Secures £110 Million River Mease Water Infrastructure Contract

    Galliford Try Secures £110 Million River Mease Water Infrastructure Contract

    Galliford Try’s (LSE:GFRD) Environment business has secured a £110 million contract from Severn Trent Water to deliver the River Mease Improvement project in the Midlands.

    The project is being undertaken as part of Water Industry National Environment Programme requirements and includes construction of a 23km cross-country pipeline connecting the Packington and Measham treatment works.

    The contract adds to Galliford Try’s existing work in the water and wastewater infrastructure sector and continues its relationship with Severn Trent Water.

    River Mease Project to Support Water Infrastructure Programme

    The River Mease Improvement project is intended to support Severn Trent Water in meeting environmental and regulatory requirements.

    Galliford Try will undertake the infrastructure work through its Environment business, which delivers water and wastewater projects for regulated utility clients.

    The £110 million contract represents a further project for the group within the regulated water sector.

    Galliford Try Operations

    Galliford Try Holdings is a UK construction group listed on the London Stock Exchange and a member of the FTSE 250.

    The company operates under the Galliford Try and Morrison Construction brands and delivers building and infrastructure projects for public, private and regulated sector clients across the UK.

  • Watches of Switzerland Reports Trading in Line With FY27 Expectations

    Watches of Switzerland Reports Trading in Line With FY27 Expectations

    Watches of Switzerland Group (LSE:WOSG) said trading for the 17 weeks to 30 August 2026 remained in line with the trends reported alongside its full-year results, with demand in the US and improving market conditions in the UK contributing to performance during the period.

    The luxury watch retailer reported growth across its key brands, alongside contributions from luxury jewellery, certified pre-owned products and ecommerce. The company also said the integration of its recently acquired US business Deutsch & Deutsch was progressing as planned.

    Showroom Expansion Programme Continues

    Watches of Switzerland said its showroom expansion and refurbishment programme remains on schedule.

    New and upgraded locations have opened or are scheduled to open in Georgia, New Jersey and Glasgow, alongside several other UK sites ahead of Christmas.

    The programme forms part of the group’s ongoing investment in its physical retail network across the UK and US.

    FY27 Guidance Reiterated

    Management reiterated the group’s guidance for the 2027 financial year, including constant-currency revenue growth of between 5% and 10%.

    Watches of Switzerland also continues to expect an expansion in its EBIT margin and free cash flow conversion during the financial year.

    The group’s US operations create exposure to currency movements, with its guidance for revenue growth presented on a constant-currency basis.

    Watches of Switzerland Group Operations

    Watches of Switzerland Group operates luxury watch and jewellery retail businesses across the UK and US under brands including Watches of Switzerland, Goldsmiths, Mappin & Webb, Mayors, Betteridge, Deutsch & Deutsch, Analog:Shift and Hodinkee.

    The group operates 186 showrooms and seven retail websites and sells watches and jewellery from brands including Rolex, OMEGA, Cartier and Breitling. It also holds exclusive distribution rights for Roberto Coin in the Americas.

  • East Star Resources Reports 1,700-Metre Geophysical Anomaly at Snowy Gold Target

    East Star Resources Reports 1,700-Metre Geophysical Anomaly at Snowy Gold Target

    East Star Resources Plc (LSE:EST) has reported results from an induced polarisation survey at its Snowy Epithermal Target in central Kazakhstan, identifying an east-west chargeability anomaly extending approximately 1,700 metres.

    The anomaly begins at around 100 metres depth, remains open to both the east and west and is associated with a volcanic unit. According to the company, its chargeability amplitudes are consistent with those observed at low sulphidation epithermal gold targets.

    East Star said the geophysical anomaly also coincides with gold identified in surface sampling.

    Further Exploration Planned at Snowy

    The Snowy target is located between two known gold deposits that the company said contain similar styles of mineralisation.

    East Star plans additional exploration to investigate the source of the chargeability anomaly and assess quartz veining at depth. The company said the timing and scope of the next exploration phase will be determined alongside its wider work programme, including activities conducted through its joint venture with Endeavour Mining.

    No drilling results or mineral resource estimate for the Snowy target were included in the information provided.

    East Star Resources’ Kazakhstan Portfolio

    East Star Resources is a London-listed exploration and development company focused on copper and gold projects in Kazakhstan.

    Its portfolio includes a joint venture covering the Verkhuba volcanogenic massive sulphide deposit, VMS exploration at Rulikha and a gold exploration partnership with Endeavour Mining. The company is also evaluating copper porphyry and epithermal gold targets in Kazakhstan.

    East Star conducts exploration through a combination of its own programmes and joint ventures. Its partners include Hong Kong Xinhai Mining Services and Endeavour Mining, with the arrangements providing external technical expertise and capital for certain projects.

    The company’s activities cover projects at different stages of exploration and development across copper, gold and volcanogenic massive sulphide prospects in Kazakhstan.

  • Wall Street Futures Steady as Oil and Treasury Yields Retreat: Dow Jones, S&P, Nasdaq

    Wall Street Futures Steady as Oil and Treasury Yields Retreat: Dow Jones, S&P, Nasdaq

    U.S. equity futures were little changed on Wednesday, suggesting a muted start for Wall Street following several sessions of declines as investors monitored developments in the Middle East and upcoming economic data.

    Oil prices and U.S. Treasury yields moved lower after their recent increases, while geopolitical uncertainty remained in focus following another exchange of attacks involving the U.S. and Iran.

    Iran launched missiles and drones toward U.S.-linked sites in Bahrain, Jordan and Kuwait on Wednesday. The action followed U.S. strikes against Iranian military targets on Tuesday.

    The Iranian response came after U.S. President Donald Trump warned that retaliation would result in Iran being “hit much harder” and said the U.S. was still holding back “the biggest attack of them all.”

    U.S. Crude Falls After Two-Session Rally

    U.S. crude oil futures declined 0.8% on Wednesday after gaining more than 8% over the previous two sessions.

    Treasury yields also moved lower, with the benchmark 10-year yield retreating after reaching its highest closing level in almost three years.

    Recent increases in oil prices and bond yields have drawn investor attention because of their potential implications for inflation and monetary policy. The eventual effects will depend on how energy prices and financial conditions develop.

    Markets are also awaiting Friday’s Labor Department employment report for further evidence about the condition of the U.S. labour market.

    ADP Reports 38,000 Private-Sector Jobs Added in August

    ADP reported that U.S. private employers added 38,000 jobs in August, below the 48,000 increase expected by economists.

    July’s increase was revised to 46,000 jobs from the previously reported 44,000.

    The ADP report provides an indication of private-sector employment conditions but does not necessarily correspond with the figures that will be reported in Friday’s government employment data.

    The upcoming Labor Department report will provide additional information for investors assessing the economic and monetary policy outlook.

    U.S. Indices Extend Declines on Tuesday

    Wall Street recorded another negative session on Tuesday, with all three major indices closing lower.

    The Nasdaq Composite declined 271.11 points, or 1%, to 26,099.77. The Dow Jones Industrial Average lost 419.02 points, or 0.8%, to finish at 52,766.88, while the S&P 500 dropped 54.67 points, or 0.7%, to 7,631.47.

    The indices recovered from their intraday lows but still finished with notable losses.

    The session coincided with an announcement from U.S. Central Command that American forces had conducted another series of strikes against Islamic Revolutionary Guard Corps targets in Iran.

    Centcom said the action followed attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and U.S. military personnel stationed in the region.

    Trump Issues Warning Following U.S. Strikes

    President Donald Trump responded to the latest developments with a warning to Iran on Truth Social.

    Trump said Iran would be “hit again at a much harder and higher level” if it retaliated.

    “But it will not be the biggest attack of them all, that is waiting in the wings and, when it is over, there will be very little left of the Islamic Republic of Iran!” Trump said.

    U.S. crude futures rose by more than 5% during Tuesday’s trading following the latest military developments.

    The increase brought renewed attention to the potential inflationary effects of higher energy prices. However, the implications for inflation and interest rates will depend on whether the increase in oil prices is sustained.

    ISM Manufacturing PMI Falls to 54.6

    Investors also assessed economic data showing that U.S. manufacturing activity continued to expand in August, although at a slower pace.

    The Institute for Supply Management’s manufacturing PMI declined to 54.6 from 55.6 in July, below economists’ forecast of 55.2.

    Readings above 50 indicate expansion.

    The manufacturing data, together with the latest private-sector employment figures, provide additional information ahead of Friday’s government jobs report.

    While economic data may influence expectations for the Federal Reserve’s meeting later this month, the outcome of the central bank’s next interest-rate decision remains dependent on policymakers’ assessment of employment, inflation and other economic conditions.

    Gold and Technology-Related Sectors Record Losses

    Several areas of the U.S. equity market recorded larger declines during Tuesday’s trading.

    The NYSE Arca Gold Bugs Index dropped 4.2% as gold-related stocks moved lower alongside the precious metal.

    Networking shares also declined, with the NYSE Arca Networking Index falling 2.6%, while the Dow Jones Transportation Average lost 2.5%.

    Software, housing and semiconductor stocks were also lower. Oil producers and pharmaceutical companies, meanwhile, moved higher against the broader market trend.

    Wednesday’s relatively flat futures indicated a more limited move ahead of the open as investors continued to assess geopolitical developments, oil prices, Treasury yields and forthcoming U.S. employment data.

  • European Stocks Fall as Oil Prices and Bond Yields Rise: DAX, CAC, FTSE100

    European Stocks Fall as Oil Prices and Bond Yields Rise: DAX, CAC, FTSE100

    European equities traded lower on Wednesday, with major indices approaching one-month lows as investors assessed higher oil prices, rising government bond yields and the outlook for monetary policy.

    Brent crude moved toward $95 a barrel following U.S. military strikes on targets in Iran and subsequent Iranian missile and drone attacks on sites across the region.

    The developments increased concerns about potential energy supply disruptions and commercial shipping through the Strait of Hormuz.

    Eurozone Bond Yields Extend Gains

    Eurozone government bond yields moved higher, following similar increases in U.S. and Asian bond markets overnight.

    The moves came as investors assessed the outlook for European Central Bank monetary policy following the latest Eurozone inflation data.

    The supplied information indicates that Eurozone inflation reached a nearly three-year high in August. Market expectations cited in the source point to a 25-basis-point ECB rate increase at its September 10 meeting.

    While markets may assign a high probability to a rate increase, the ECB’s decision has not yet been made and will depend on its assessment of inflation, economic conditions and other available data.

    DAX, FTSE 100 and CAC 40 Trade Lower

    Germany’s DAX was down 0.4%, while the UK’s FTSE 100 declined 0.3%.

    France’s CAC 40 fell 0.1%.

    The declines came as investors monitored developments in energy markets and sovereign bond yields alongside the monetary policy outlook.

    Prudential and BP Shares Move Lower

    British insurer Prudential (LSE:PRU) traded slightly lower despite announcing plans to repurchase up to $1.472 billion of shares by December 18, 2026, under its existing share buyback programme.

    The share-price movement and buyback announcement occurred during the same session, but the supplied information does not establish the factors responsible for the stock’s decline.

    BP Plc (LSE:BP.) also moved lower after appointing Ian Tyler as its new chair.

    The supplied information similarly does not establish that the management appointment caused BP’s share-price movement.

    Halma and Wizz Air Trade Higher

    Halma (LSE:HLMA) moved higher after agreeing to acquire U.S.-based water quality monitoring specialist Pyxis.

    The transaction has an initial value of $170 million, according to the supplied information.

    Wizz Air Holdings (LSE:WIZZ) also traded higher after reporting its August operating performance.

    European markets remained focused on the combination of higher energy prices, rising bond yields and expectations surrounding the ECB’s September policy meeting.

  • European Gas Prices Reach Highest Levels Since 2023 Amid Persian Gulf Supply Disruption

    European Gas Prices Reach Highest Levels Since 2023 Amid Persian Gulf Supply Disruption

    European and British natural gas prices rose sharply on Wednesday, reaching their highest levels since 2023 as military developments in the Persian Gulf increased concerns about liquefied natural gas supply routes.

    The benchmark Dutch front-month contract climbed to €74.32 per megawatt-hour (MWh), its highest level in nearly three years. In Great Britain, the equivalent NBP wholesale gas contract rose to 183.95 pence per therm, also reaching a level last seen in 2023.

    The latest increases took both benchmarks above previous highs recorded during the ongoing Middle East conflict, as market participants assessed the potential duration and scale of disruption to global LNG transportation.

    Strait of Hormuz Traffic Falls Following Military Escalation

    The latest price movement followed strikes targeting Islamic Revolutionary Guard Corps (IRGC) sites and retaliatory missile attacks against U.S. air bases in Jordan.

    Commercial shipping through the Strait of Hormuz has fallen to a fraction of pre-war levels, according to the maritime tracking data cited in the supplied information. Washington maintains that the waterway remains open to navigation.

    U.S. President Donald Trump has threatened “harder” military action, including potential strikes against Iran’s Kharg Island export facility.

    The Strait of Hormuz accounts for approximately 20% of global seaborne LNG transit, with Qatar representing a significant source of those shipments. Continued disruption could affect the availability of LNG cargoes for both European and Asian buyers.

    The duration of the disruption and its eventual effect on regional gas supplies remain uncertain.

    European Gas Storage Stands at Around 62%

    The developments in the Persian Gulf coincide with Europe’s efforts to rebuild underground gas inventories ahead of the northern hemisphere winter.

    Data from Gas Infrastructure Europe cited in the supplied information showed regional storage facilities at approximately 62% of capacity, below the five-year seasonal average.

    Gas-fired electricity demand increased during summer heatwaves in Southern Europe, while routine offshore pipeline maintenance in Norway and delayed LNG shipments from Qatar limited storage injections during August.

    The combination has left European inventories below their typical seasonal level as the autumn period approaches.

    LNG Supply Remains Key Variable for Winter Market

    Market participants are monitoring whether disruption to seaborne LNG supplies continues through the autumn.

    A sustained reduction in LNG availability could increase competition between European and Asian buyers for uncommitted Atlantic basin cargoes. The eventual effect on prices and physical supply would depend on factors including the duration of shipping disruption, weather conditions, alternative supply availability and regional demand.

    The supplied information also indicates that trading desks are considering the possibility of further price volatility and supply constraints if inventories remain below seasonal averages during an extended period of cold winter weather.

    These outcomes remain scenarios rather than established future developments.

    Higher Energy Prices Add to ECB Inflation Considerations

    The increase in natural gas prices also comes ahead of the European Central Bank’s Governing Council meeting scheduled for September 10.

    Preliminary Eurozone inflation data for August showed core inflation easing to 2.4%, while headline inflation increased to 3.3%.

    The supplied information indicates that the increase in headline inflation was primarily associated with a 14.3% rise in the energy component.

    The ECB will assess inflation, economic activity and other available data when considering monetary policy. The recent increase in gas prices adds another energy-related factor to that assessment, although its eventual impact on inflation will depend on the duration and extent of the price movement.