Author: Fiona Craig

Debenhams Group (LSE:DEBS) said trading has remained strong ahead of its annual general meeting, with gross merchandise value increasing year-on-year alongside higher profit margins and lower product returns during June and July.

The company said its platform-based business model and broad product offering have enabled it to respond quickly to changing consumer demand, with the recent period of hot weather providing a notable boost to sales across the Debenhams brand.

Management reiterated that its multi-year turnaround strategy remains on track. The Group said its Young Fashion brands, including PLT, have returned to growth and profitability, while Karen Millen continues to strengthen its position as a premium international fashion brand with significant long-term expansion potential.

The company also expects net debt to fall materially during the current financial year and anticipates improved conversion of adjusted EBITDA into operating profit as transformation costs continue to decline. Looking further ahead, management believes the Debenhams platform has the potential to become a multi-billion-pound gross merchandise value business capable of generating more than £100 million of EBITDA. It also continues to evaluate strategic options, including asset disposals and brand licensing opportunities, as part of its objective to eliminate debt over time.

Despite improving operational performance, Debenhams’ financial outlook continues to reflect the challenges of its turnaround. The business remains loss-making, with negative shareholders’ equity and recent cash outflows weighing on financial metrics. While technical indicators remain supportive, with the shares trading above major moving averages and momentum remaining positive, overbought signals suggest the stock could face increased short-term volatility.

About Debenhams Group

Debenhams Group, part of boohoo group plc, operates a portfolio of online fashion, home and beauty brands serving millions of customers through five digital retail platforms: Debenhams, Karen Millen, boohoo, MAN and PLT. The company combines the heritage of the Debenhams department store brand with a modern, asset-light marketplace model and a portfolio of fashion brands spanning premium womenswear and younger consumer markets.

Atalaya Mining (LSE:ATYM) reported a solid operational performance for the second quarter of 2026 at its Proyecto Riotinto mine, with higher mining and processing volumes, improved copper grades and stronger recoveries helping lift copper production to 13,493 tonnes.

The company also benefited from a higher average realised copper price of US$6.14 per pound during the quarter. On-site inventories increased, while cash and cash equivalents rose to €351.2 million, leaving Atalaya with a net cash position of €340.2 million despite modest cost pressures linked to higher input prices following disruptions in the Middle East.

Management reaffirmed that full-year copper and silver production is expected to be towards the lower end of its guidance range. However, the company continues to expect non-sustaining capital expenditure to remain within its €75 million to €102 million target, even if diesel and explosives prices remain elevated.

Development work across Atalaya’s project portfolio continued during the quarter. The company is advancing waste stripping at the San Dionisio deposit, carrying out drilling programmes at San Antonio and Masa Valverde, upgrading the Riotinto processing plant to handle both polymetallic and copper ores simultaneously, and continuing optimisation of the E-LIX Phase I processing facility. Progress is also being made on the permitting process for the Touro project under Galicia’s strategic industrial framework.

Beyond its core operations, Atalaya has secured important permits for the PMV project and is progressing early construction work and land acquisitions at Touro. Exploration drilling is continuing at Ossa Morena and Riotinto East, while the company is also advancing earn-in agreements across projects in Sweden’s Skellefte Belt and Rockliden districts.

Management believes these expansion initiatives, together with supportive copper market fundamentals driven by growing demand from data centres and constrained global supply, position the company to broaden its future production beyond copper concentrates into polymetallic and pyrite-based products.

Atalaya’s outlook remains supported by strong profitability, healthy cash generation and a robust balance sheet with low leverage. While earnings remain exposed to fluctuations in commodity prices, the company’s financial position provides flexibility to continue investing in growth projects. Technical indicators remain broadly neutral to moderately positive, while valuation appears balanced given the current earnings multiple and dividend yield.

About Atalaya Mining

Atalaya Mining Copper, S.A. is a London-listed mining company focused on the production of copper in Spain. Its principal asset is the Proyecto Riotinto mining complex, where it produces copper concentrate with silver as a by-product. The company is also advancing a pipeline of growth projects, including Touro, Masa Valverde and additional polymetallic opportunities within the Riotinto district, while pursuing exploration activities in both Spain and Sweden.

Atalaya’s long-term strategy combines brownfield expansion, new project development and investment in processing technologies such as E-LIX to diversify production and improve operational efficiency, while benefiting from long-term demand for copper and other critical minerals.

Helium One Global Ltd (LSE:HE1) has generated its first revenue from its 50% interest in the Galactica-Pegasus helium project in Colorado after the initial production tube trailer was sold and dispatched from the Pinon Canyon Plant.

Project operator Blue Star Helium said operations are becoming more consistent, with improving plant uptime, higher fill rates and the addition of a new tube trailer under a three-month fixed-price offtake agreement. The latest developments mark the transition from commissioning to more stable commercial production.

The partners are now preparing a series of operational improvements designed to increase production capacity. Planned work includes debottlenecking the processing plant and gas gathering system, deepening existing wells and drilling three additional development wells during the second half of 2026. These initiatives are expected to increase raw gas throughput and boost helium production.

The project is entering production at a time when helium markets remain tightly supplied across North America and globally. Continued supply constraints and strong demand from high-technology industries are supporting favourable market conditions for reliable US-produced helium. The Colorado development also broadens Helium One’s asset base beyond its flagship projects in Tanzania.

Despite achieving its first revenue, the company’s financial outlook continues to reflect the characteristics of an early-stage resource developer. Helium One remains loss-making and continues to consume cash, leaving it reliant on external funding despite maintaining a debt-free balance sheet. Technical indicators also remain weak, with the shares trading below key moving averages and momentum remaining subdued. Valuation continues to be affected by negative earnings and the absence of a dividend.

About Helium One Global Ltd

Helium One Global Ltd is a helium exploration and development company with projects in Tanzania and the United States. Its flagship Rukwa Project in Tanzania is progressing through appraisal and development following the helium discovery at Itumbula West-1 and the award of a 480-square-kilometre mining licence in 2025.

The company also owns a 50% working interest in the Galactica-Pegasus helium project in Las Animas County, Colorado, which is operated by Blue Star Helium. The development targets helium production from the Lyons Formation and has progressed from exploration into commercial production following a successful six-well development programme.

Watches of Switzerland Group (LSE:WOSG) delivered record revenue for FY26, with sales rising 13% at constant currency to £1.83 billion as continued growth in the United States helped offset a resilient but more mature UK market.

The luxury watch and jewellery retailer said the US now accounts for more than half of both group revenue and profit, reflecting the success of its long-term expansion strategy. Adjusted EBIT increased 6% on a constant-currency basis despite margin pressures arising from US tariffs and pricing changes introduced by major watch brands.

Strong free cash flow enabled the company to reduce net debt during the year, even after completing the acquisition of Deutsch & Deutsch and returning £25 million to shareholders through a share buyback programme.

Management reaffirmed its guidance for FY27, forecasting revenue growth of between 5% and 10% at constant currency together with a return to EBIT margin expansion. The company said trading at the start of the new financial year has been encouraging, supported by continued momentum in the US and improving market conditions in the UK.

Looking ahead, Watches of Switzerland plans to continue investing in new showroom openings across the US, selected flagship locations in the UK, its ecommerce platform, the pre-owned watch market and luxury jewellery. Capital expenditure is expected to remain broadly unchanged, while disciplined cost management and selective share buybacks are intended to support long-term profitable growth.

The company’s outlook is underpinned by solid financial performance, strong cash generation and positive management guidance. While technical indicators remain favourable, elevated relative strength levels suggest the shares may be approaching overbought territory. A relatively modest price-to-earnings ratio also provides valuation support despite ongoing margin pressures.

About Watches of Switzerland Group PLC

Watches of Switzerland Group PLC is a leading retailer of luxury watches and jewellery with a network of showrooms across the UK and the United States, supported by a growing ecommerce business. The company represents premium brands including Rolex and Roberto Coin while expanding its presence in pre-owned luxury watches and branded jewellery to broaden its customer offering and diversify revenue streams.

Genus plc (LSE:GNS) has upgraded its outlook for the financial year ended 30 June 2026 after stronger-than-expected trading, supported by robust growth across its Asian operations, improved cash generation and the contribution from its new Chinese joint venture.

The animal genetics specialist said adjusted pre-tax profit is now expected to come in moderately ahead of market consensus at around £98 million. Performance was driven by continued strength in its PIC pig genetics business across Asia and Latin America, while its ABS division delivered double-digit profit growth despite softer dairy markets and weaker milk prices.

The company also benefited from a final milestone payment from its Chinese partner, alongside strong cash generation during the second half of the year. In addition, the launch of its new Chinese porcine joint venture generated approximately £111 million in net cash, reducing net leverage to around 0.4 times and significantly strengthening the balance sheet ahead of FY27.

Management said the stronger financial position, together with the ongoing benefits of its Value Acceleration Programme, provides greater flexibility to pursue strategic priorities. These include the continued commercialisation of new technologies such as the company’s PRRS-resistant pig, subject to the necessary regulatory approvals.

Genus will provide a more detailed review of its financial performance and outlook when it publishes its preliminary FY26 results in September. Investors are expected to focus on the company’s growth prospects, cash generation and progress in bringing its latest genetic innovations to market.

While Genus benefits from strong operational momentum and improved financial performance, technical indicators suggest the shares may be approaching overbought levels. In addition, the company’s relatively high price-to-earnings ratio could limit valuation upside despite its positive long-term growth outlook.

About Genus plc

Genus plc is a global animal genetics company that develops biotechnology and breeding solutions for livestock producers. Through its ABS and PIC businesses, the company supplies high-quality genetics, including semen, embryos and breeding animals, to dairy, beef and pork producers in more than 75 countries. Its operations are supported by proprietary breeding programmes, an international distribution network and research facilities in the United States.

Sosandar (LSE:SOS) delivered a strong performance for FY26, reporting revenue growth of 14% year-on-year to £42.3 million as its focus on full-price sales and higher-quality margins continued to drive profitability. Gross margin improved to 64.0%, while adjusted profit before tax doubled to £0.4 million, in line with market expectations. Excluding losses associated with its developing store portfolio, underlying profit reached £1.3 million.

The company’s direct-to-consumer website remained a key growth driver, with revenue increasing 24% thanks to higher customer traffic, stronger conversion rates and increased order volumes. Sosandar also maintained its position as a leading brand with major retail partners, including NEXT, while trading with Marks & Spencer returned to more normal levels following disruption caused by a cyber incident.

The retailer ended the financial year with net cash of £8.4 million after completing £1.8 million of share buybacks, providing a solid financial foundation for future expansion. Trading has also started strongly in FY27, with first-quarter revenue rising 22% to £11.6 million alongside further improvements in gross margin. Management said the business continues to benefit from increasing operating leverage as its multi-channel strategy and growing store estate mature.

Although Sosandar’s operational performance continues to improve, the company’s outlook remains balanced by ongoing profitability and cash flow challenges. Positive technical indicators, strategic execution and management’s confidence in the long-term growth opportunity provide encouraging signs, but investors are likely to remain focused on the business’s ability to deliver sustained earnings growth as it expands.

About Sosandar plc

Sosandar plc is a UK-based women’s fashion retailer offering predominantly own-brand clothing designed for style-conscious consumers. The company sells through its own e-commerce platform, a growing network of physical stores and major retail partners including NEXT, Marks & Spencer and John Lewis.

Founded in 2016 and listed on AIM in 2017, Sosandar targets the mid-market women’s fashion segment with a strategy centred on expanding brand awareness through a multi-channel retail model, supported by data-led merchandising and digital marketing.

Robert Walters (LSE:RWA) said first-half trading for 2026 was in line with board expectations, with recruitment activity showing signs of gradual improvement despite continuing challenging market conditions.

Group net fees declined 3% on a constant currency basis during the period, marking a notable improvement from the 14% fall recorded in 2025. The company reported stronger trading momentum in several key markets, including the UK, Japan, Spain and New Zealand, while approximately half of its specialist recruitment operations returned to growth.

The recruitment outsourcing business delivered a second consecutive quarter of net fee growth, benefiting from increased demand for consultancy services and improving volumes in permanent recruitment contracts. This helped offset weaker trading conditions across parts of Europe and the Middle East.

Management continued to focus on cost control during the first half, reducing headcount and improving fee earner productivity while maintaining a net cash position of £17.2 million. The company said current staffing levels are broadly aligned with market conditions but added that it will remain flexible as recruitment markets recover at varying rates across different regions.

Although trading trends are beginning to improve, Robert Walters’ outlook continues to be influenced by weaker financial performance, including lower revenue, tighter margins and ongoing losses. Technical indicators also remain negative, with the shares trading below key moving averages and momentum signals remaining weak. However, positive operating and free cash flow, together with an attractive dividend yield, provide some support, even though the recent decline in free cash flow and the group’s loss-making position continue to present risks.

About Robert Walters

Robert Walters is an international specialist recruitment and talent solutions company operating across Asia-Pacific, Europe, the UK and other global markets. The group provides permanent and temporary recruitment services alongside recruitment outsourcing and consultancy solutions, with specialist recruitment remaining its largest source of net fee income.

CelLBxHealth (LSE:CLBX) has reaffirmed its commercial outlook at its annual general meeting, highlighting continued demand for its live circulating tumour cell (CTC) capture technology and announcing the start of a search for a new chief executive.

The company said its Parsortix platform continues to address an important clinical need in areas where circulating tumour DNA (ctDNA) testing is less effective. Management noted that the technology is attracting growing interest from pharmaceutical companies and clinicians, with its ability to integrate into existing laboratory workflows providing deeper oncology insights and supporting multiple revenue opportunities.

The board reiterated its expectation of generating at least £2.1 million in revenue during the 2026 financial year, representing projected growth of approximately 50% compared with FY2025. Management said the core business strategy and commercial outlook remain unchanged despite the planned leadership transition.

Executive Chairman Jan Groen will continue in his role while the company conducts its search for a new chief executive. The board said it has sufficient senior leadership in place to ensure business operations and commercial activities continue without disruption throughout the recruitment process.

Although CelLBxHealth remains focused on expanding the commercial adoption of its technology, its outlook continues to reflect the challenges facing an early-stage healthcare company. Financial performance and valuation remain under pressure, while technical indicators suggest continued weakness in the share price. However, management believes recent operational progress and commercial milestones provide a solid foundation for future growth.

About CelLBxHealth plc

CelLBxHealth plc is an oncology diagnostics company specialising in circulating tumour cell (CTC) technologies for research, drug development and clinical applications. Its patented Parsortix platform captures live circulating tumour cells from blood samples and integrates with existing laboratory systems to support advanced imaging, proteomic profiling and genomic analysis.

The company’s business model combines sales of the Parsortix platform and consumables with laboratory services for clinical trials, assay development through its GCLP-compliant UK facility, and the development of laboratory-developed tests through strategic partnerships and internal research programmes.

Headlam Group (LSE:HEAD) has reported a significant decline in first-half trading, with revenue from continuing operations falling 22.8% year-on-year to £188.8 million. The downturn reflected the company’s planned withdrawal from lower-margin business, challenging market conditions, inventory shortages and the impact of adverse weather, resulting in operating losses that exceeded those recorded during the same period last year.

Trading conditions remained subdued into early July, with management indicating that activity has continued broadly in line with the weaker performance seen during June.

Net debt increased to £36.2 million at 30 June 2026, up from £31.4 million at the end of 2025. The rise was driven by ongoing trading losses and one-off transformation costs, which more than offset proceeds generated from property disposals.

To strengthen its financial position, the board has accelerated its strategic review and refinancing process. The company is exploring a range of options, including discussions with lenders, a potential sale-and-leaseback of its Coleshill headquarters, additional property disposals and other corporate actions aimed at improving liquidity and supporting its long-term turnaround strategy.

Headlam’s outlook remains challenged by declining revenue, continued losses and negative cash flow, alongside a weakening balance sheet. Technical indicators also point to ongoing downside risk, with the shares remaining in a sustained downtrend despite appearing oversold. Valuation provides limited support given the company’s negative earnings and the absence of a disclosed dividend yield.

About Headlam Group

Headlam Group is the UK’s largest distributor of floor coverings, supplying independent retailers and flooring contractors with a wide range of flooring products. The company operates a nationwide distribution network supported by a portfolio of properties, including its headquarters in Coleshill, and serves customers across the residential and commercial flooring markets.