Author: Fiona Craig

Alumasc (LSE:ALU) delivered a resilient financial performance for the year ended 30 June 2026 despite challenging conditions across its commercial construction markets, with a sharp increase in its order book providing encouragement for future trading.

The group expects to report revenue of approximately £107 million and underlying profit before tax of around £10 million. Although both figures are slightly lower than the previous financial year, they are broadly in line with revised market expectations amid a more difficult economic and geopolitical backdrop.

A renewed commercial strategy helped drive a 49% year-on-year increase in the order book, supported by strong performances from the Housebuilding Products and Building Envelope divisions. The significant improvement in contracted work provides greater visibility over future revenue and points to improving momentum heading into the new financial year.

The Water Management division experienced a notable decline in reported revenue, largely reflecting a challenging comparison with the previous year’s major Hong Kong airport project. However, management said commercial initiatives and operational efficiency programmes are beginning to deliver positive results as the business works to improve performance.

Housebuilding Products achieved revenue growth of around 16%, outperforming the wider housing market and gaining market share despite subdued activity among UK housebuilders. Meanwhile, the Building Envelope division maintained broadly stable revenue despite ongoing volatility in the construction sector.

Alumasc also retained a strong financial position, with net bank debt equivalent to around 0.5 times earnings, supported by disciplined working capital management. The company has continued to hold additional inventory to help mitigate potential supply chain disruption linked to geopolitical tensions in the Middle East.

Management remains cautious about the wider economic outlook, citing affordability pressures, planning delays and political uncertainty in the UK construction market. However, the stronger order book, ongoing improvements in the Water Management business and the group’s focus on regulated, specification-led markets are expected to support medium-term growth and margin recovery during FY27.

Although recent technical indicators remain relatively weak, Alumasc continues to benefit from solid financial performance, a strong balance sheet and an attractive dividend yield, providing support for its longer-term investment case.

More about Alumasc

Alumasc Group is a UK-based manufacturer and supplier of sustainable building products, systems and technical solutions for regulated construction markets. The business operates through three principal divisions: Water Management, Building Envelope and Housebuilding Products, with the majority of revenue generated from specification-led projects governed by building regulations.

Its specialist product portfolio includes drainage systems, roofing solutions and housebuilding components designed for commercial and residential developments. By focusing on technically differentiated products specified by architects, engineers and contractors, Alumasc has established strong positions in several niche areas of the construction supply chain.

Saga plc (LSE:SAGA) has appointed PricewaterhouseCoopers LLP (PwC) as its new independent external auditor, with the change due to take effect for the financial year ending 31 January 2028 following a formal audit tender process.

The appointment was approved by the board after a review led by the company’s Audit and Risk Committee and remains subject to shareholder approval at Saga’s 2027 Annual General Meeting. Until then, KPMG LLP will continue to serve as the group’s external auditor for the financial year ending 31 January 2027.

The board thanked KPMG for its service since its appointment in 2017 and said the transition to PwC forms part of the company’s regular governance and audit rotation process.

The appointment of a new Big Four audit firm represents an important governance milestone, reinforcing Saga’s commitment to strong financial oversight, effective risk management and high standards of corporate reporting. A periodic change in external auditor is widely regarded as good governance practice, providing an independent perspective on financial reporting and internal controls.

Saga’s broader outlook continues to benefit from improving financial performance and stronger recent cash generation. However, investors remain mindful of the company’s relatively high leverage and limited equity base. While technical indicators present a mixed picture, valuation remains constrained by negative earnings and the absence of a dividend yield.

More about Saga plc

Saga plc is a UK-based specialist provider of products and services for people aged over 50. The company operates across insurance, travel and financial services, offering tailored products designed to meet the needs of the UK’s growing older population.

Through its well-established consumer brand, Saga focuses on delivering age-specific services while building long-term customer relationships. Its strategy centres on combining trusted products with strong customer service to support sustainable growth across its core markets.

Kodal Minerals (LSE:KOD) continued to expand production and exports from its Bougouni Lithium Project in Mali during the second quarter of 2026, while using stronger cash generation to begin repaying project debt, highlighting the operation’s growing contribution to the global battery materials supply chain.

For the three months ended 30 June 2026, the Bougouni project produced 26,174 dry metric tonnes of spodumene concentrate at an average grade of 5.34% Li₂O. This lifted total production for the year to date to 53,195 tonnes. Output was temporarily affected by crushing circuit equipment failures during May, but maintenance work completed in June restored processing capacity, while additional mining equipment improved productivity at the Ngoualana open pit.

Commercial performance also continued to strengthen. More than 69,000 tonnes of spodumene concentrate have now been exported from Bougouni, with the third shipment achieving an implied SC6 benchmark price of US$2,304 per tonne. A fourth shipment of approximately 24,200 tonnes departed Côte d’Ivoire shortly after the end of the reporting period.

Strong operating margins enabled project operator Les Mines de Lithium de Bougouni SA (LMLB) to make an initial US$13 million loan repayment to Kodal Mining UK Limited (KMUK). The repayment allowed KMUK to reduce the majority of its outstanding interest-bearing debt owed to project partner Hainan Mining, strengthening the project’s financial position.

Management said Bougouni remains on track to maintain its regular export programme, with shipments of between 15,000 and 20,000 tonnes expected every six to eight weeks. Preparations are also underway to support operations through the rainy season and maintain stable production and cash flow. The company reported no lost-time injuries during the quarter and continued environmental and community engagement work linked to the planned Phase Two flotation plant and the proposed expansion of the Boumou prospect.

Although Kodal continues to advance operationally, its broader financial outlook remains constrained by the absence of reported revenue, ongoing operating losses and negative free cash flow. However, the company maintains a debt-free balance sheet at the corporate level with substantial equity, providing financial stability as Bougouni continues ramping up production.

More about Kodal Minerals

Kodal Minerals is an AIM-listed mining company focused on lithium production and mineral exploration across West Africa. Its flagship Bougouni Lithium Project in southern Mali produces spodumene concentrate for export to Hainan Mining in China, supporting demand from the global electric vehicle and battery materials industries.

The company holds a 49% interest in Kodal Mining UK Limited, which owns 65% of Les Mines de Lithium de Bougouni SA, the operator of the Bougouni project. Through this structure, Kodal oversees mining and processing activities while Hainan Mining provides strategic funding support and serves as the project’s principal offtake partner.

Operations currently centre on the Ngoualana open pit and the Stage One Dense Media Separation processing plant. The company is also progressing plans for a second-phase flotation plant to increase production capacity while continuing environmental studies and community consultation programmes to support future expansion.

Thalia Therapeutics (LSE:THAT) is strengthening its position in the RNA therapeutics sector through the proposed acquisition of Sanmirna Therapeutics and an oversubscribed £2.75 million fundraising, supporting its transition into a clinical-stage biotechnology company.

The proposed transaction will add miRisten, a Phase 1 microRNA therapy for Acute Myeloid Leukaemia (AML), to Thalia’s development portfolio. Combined with the company’s proprietary Nuvec delivery platform and its cardiovascular small interfering RNA (siRNA) programme, the acquisition is expected to create a broader pipeline focused on oncology and cardiovascular disease.

Following the successful fundraising, Thalia plans to use the proceeds to support key development milestones. Its immediate priorities include completing the acquisition of Sanmirna, advancing the ongoing Phase 1 trial of miRisten, with topline data expected during the first half of 2027, and progressing its cardiovascular candidate towards investigational new drug (IND)-enabling studies.

Management believes these milestones will enhance the company’s long-term growth prospects and strengthen its position within the rapidly expanding global RNA therapeutics market, where it aims to build a diversified clinical-stage pipeline addressing areas of significant unmet medical need.

Despite having no debt, Thalia’s financial outlook continues to reflect the characteristics of a development-stage biotechnology company, including ongoing losses and continued cash burn. However, recent share price performance has remained above key technical moving averages, providing some positive momentum, while valuation metrics remain limited by the company’s lack of profitability and the absence of a dividend.

More about Thalia Therapeutics plc

Thalia Therapeutics plc is an AIM-listed biotechnology company developing RNA-based medicines and drug delivery technologies targeting oncology and cardiovascular diseases. Its portfolio includes the proprietary Nuvec delivery platform, a cardiovascular siRNA programme and, subject to completion of the proposed acquisition, the Phase 1 microRNA therapy miRisten for the treatment of Acute Myeloid Leukaemia.

The company’s strategy is focused on building a diversified clinical-stage RNA therapeutics pipeline that combines innovative delivery technology with high-value therapeutic programmes. By targeting large global markets with significant unmet medical needs, Thalia aims to establish itself as a leading developer of next-generation RNA-based treatments.

Eagle Eye (LSE:EYE) delivered better-than-expected results for the 2026 financial year, supported by strong growth in recurring revenue, expanding adoption of its AI-powered platform and continued operational efficiency.

Annual recurring revenue increased 31% to £44.5 million, while underlying revenue excluding National Retail Solutions (NRS) rose 21%. Recurring revenue accounted for 87% of total group revenue, highlighting the strength and scalability of the company’s software-as-a-service (SaaS) business model.

Adjusted EBITDA reached £9.8 million, representing a margin of 21% and exceeding market expectations as cost discipline and efficiency initiatives continued to support profitability. Eagle Eye also strengthened its balance sheet, with net cash increasing 31% to £16.1 million, providing additional capacity to invest in sales, product innovation and artificial intelligence capabilities.

The company secured a number of significant commercial agreements during the year, including new multi-year contracts with easyJet, Subway, a leading UK health and beauty retailer and several European original equipment manufacturer (OEM) customers. Existing partnerships were also extended through renewals with Woolworths and Auchan, while relationships with Carrefour, Asda and Morrisons continued to expand, helping net revenue retention remain at 111%.

Revenue generated by the EagleAI platform grew 34% during the year. Management believes the combination of growing recurring revenue, an expanding partner ecosystem and continued customer wins positions the business to return to double-digit revenue and EBITDA growth in FY27 while progressing towards its medium-term targets of more than £100 million in annual revenue and an EBITDA margin exceeding 30%.

Although Eagle Eye continues to benefit from strong financial performance, improving margins and positive technical momentum, its valuation remains elevated with a high price-to-earnings ratio. Technical indicators also suggest the shares are in overbought territory, which could increase the potential for short-term volatility despite the company’s positive long-term outlook.

More about Eagle Eye Solutions

Eagle Eye Solutions Group PLC develops AI-powered loyalty and promotional technology that enables consumer-facing businesses to deliver personalised offers and customer engagement across digital channels. Its cloud-based platform serves major retailers, quick-service restaurants, airlines and health and beauty brands through a recurring SaaS revenue model.

The company’s EagleAI and AIR platforms help businesses manage loyalty programmes, digital promotions and customer data at scale. Through partnerships with global systems integrators, OEMs and technology providers, including Deloitte Digital Central Europe, Commerce Architects and Equal Experts, Eagle Eye continues to expand its international reach and strengthen its position in the growing digital loyalty market.

Total Graphite plc (LSE:TGR) has temporarily halted production at its Vatomina graphite mine in Madagascar as part of a Strategic Portfolio Optimisation Programme aimed at strengthening its asset base and supporting long-term growth across its operations.

The company said it will redirect capital towards a targeted drilling programme, updates to the mine plan and processing plant improvements at Vatomina. These initiatives are intended to reduce operational risk, improve future production efficiency and establish a stronger platform for the next phase of graphite development.

Alongside the optimisation work in Madagascar, Total Graphite has elevated the updated Definitive Feasibility Study for its Montepuez project in Mozambique to a key strategic priority. The project is planned to produce 50,000 tonnes of graphite annually during its initial development phase and is expected to play a central role in the company’s long-term expansion plans.

The strategic review has also accelerated discussions with financial institutions and potential strategic partners as Total Graphite explores funding options, including offtake-backed financing, to support the development of its graphite portfolio and future growth initiatives.

More about Total Graphite plc

Total Graphite plc is a specialist graphite developer focused on building an integrated mine-to-materials supply chain to support the global energy transition. The company’s core assets are located in Madagascar and Mozambique, where it is developing natural flake graphite projects for international markets.

Its portfolio includes the producing Vatomina mine in Madagascar and the large-scale Montepuez project in Mozambique. Beyond mining, Total Graphite aims to expand into downstream processing to supply graphite for battery technologies, energy storage systems and other advanced materials applications driven by growing demand for critical minerals.

Arkle Resources PLC (LSE:ARK) has expanded its maiden reverse circulation drilling programme at the Erongo Uranium Project in Namibia after visually identifying carnotite in several drill holes, marking an encouraging step in the company’s initial exploration campaign.

The programme has now completed 52 drill holes covering 1,017 metres across paleochannel targets within Exclusive Prospecting Licence (EPL) 8995. The drilling follows Phase 1 geophysical surveys that outlined targets associated with both paleochannel-hosted uranium deposits and uranium-bearing leucogranite (ULG), allowing Arkle to evaluate two distinct styles of uranium mineralisation across the project area.

Carnotite, the primary uranium-bearing mineral commonly associated with shallow uranium deposits in the region, has been observed in drill chips from three shallow holes. While the visual identification is considered encouraging, laboratory analysis will be required to determine uranium grades and confirm the significance of the mineralisation.

Strong operational progress has enabled the company to expand the current drilling programme. Additional work will include step-out drilling along the eastern paleochannel, an initial fence of holes across the western paleochannel and the first reconnaissance drilling of the project’s main ULG target. Gamma-ray spectrometry will be used to prioritise which of the 1,016 collected samples are submitted for laboratory testing, with assay results expected in early September.

Although exploration activity continues to advance, the company’s broader outlook remains constrained by the absence of revenue, ongoing operating losses and continued cash burn. Technical indicators present a mixed picture, with longer-term trends proving more resilient than recent momentum, while valuation remains limited by the company’s loss-making position and lack of a dividend.

More about Arkle Resources PLC

Arkle Resources PLC is a London-listed exploration company focused on uranium and other energy metals. Its principal uranium asset is the Erongo Uranium Project in Namibia, where the company is targeting both shallow paleochannel-hosted uranium deposits and uranium-bearing leucogranite mineralisation within the prolific Erongo uranium province.

Exploration is centred on Exclusive Prospecting Licence EPL8995, where geophysical surveys have identified multiple priority drill targets. Arkle’s strategy is to rapidly assess these prospects through reverse circulation drilling and complementary exploration work, with the objective of defining economically significant uranium mineralisation across the licence area.