Author: Fiona Craig

Capital Limited (LSE:CAPD) has raised its full-year revenue guidance after delivering strong growth in the first half of 2026, supported by higher drilling productivity, robust mining contracts and improving performance from its MSALABS laboratory business.

Revenue for the period increased 37.6% to $219 million, while adjusted EBITDA climbed 70.4% to $54.7 million. The stronger performance was accompanied by an expansion in margins and an increase in net profit after tax, reflecting improved operating leverage across the group.

Capital also reduced net debt during the period, strengthening its balance sheet as it continued to invest in growth opportunities. Following the first-half performance and an improving contract pipeline, management increased its full-year revenue guidance to between $430 million and $450 million.

The company maintained its interim dividend at 1.3 cents per share, providing continued shareholder returns alongside its investment in operational expansion.

Contract activity remained strong, with Capital securing several long-term agreements across its drilling, mining and laboratory operations. These included new work with Maaden in Saudi Arabia as the group continues to expand its presence in the Middle East.

The company also won grade control and stripping contracts associated with gold projects in Côte d’Ivoire, Egypt and Pakistan, further diversifying its geographic exposure and increasing the proportion of revenue generated from longer-term mining services agreements.

At the same time, Capital has been actively reshaping its drilling portfolio by withdrawing from lower-return operations in Mali and the US. Rigs from these markets are being redeployed into regions offering stronger growth prospects and potentially higher returns, supporting management’s focus on improving fleet productivity and capital efficiency.

MSALABS continued to make progress during the half, expanding its network to 33 laboratories. Higher utilisation and improving margins contributed to the division’s performance, reinforcing Capital’s strategy of offering laboratory and assay services alongside its established drilling and mining activities.

The group’s broader outlook is supported by strong revenue growth, improving operating profitability and a strengthening balance sheet. Valuation also appears relatively attractive based on a low price-to-earnings ratio, complemented by a modest dividend yield.

Technical indicators are less convincing, however, with the shares remaining below important longer-term moving averages and MACD in negative territory. This suggests underlying share-price momentum has yet to fully reflect the improvement in operational and financial performance.

More about Capital Limited

Capital Limited is a London-listed mining services company providing drilling, mining and laboratory services to gold and base metals projects across Africa, the Middle East and other international markets.

The group operates through Capital Drilling, Capital Mining and MSALABS, allowing it to provide customers with services spanning exploration and production drilling, mine-site operations and laboratory analysis.

Capital’s strategy focuses on securing long-term relationships with major mining companies, expanding into attractive geographic markets and increasing its exposure to technology-led laboratory and assay services. This integrated approach is intended to diversify revenue, improve margins and deepen relationships with customers throughout the mining lifecycle.

Focus keyphrase: Capital Limited H1 2026 results

Meta description: Capital Limited raises FY26 revenue guidance to $430–$450 million after H1 revenue jumps 37.6% and adjusted EBITDA climbs 70.4%.

Castings PLC (LSE:CGS) has reported improving demand across its core European heavy truck business and newer markets, although recent operational disruption continues to affect efficiency at its William Lee facility.

The engineering group said order books and forward schedules from its established European heavy truck customers are strengthening, pointing to a recovery in one of its most important end markets. Castings has long-standing relationships with major original equipment manufacturers in the sector, supplying iron castings and machined components used across commercial vehicle platforms.

The company is also seeing additional business associated with the wind energy sector, supporting its efforts to diversify beyond traditional transport markets. Growing exposure to renewable energy applications provides Castings with another potential source of demand alongside its established activities in heavy trucks, agriculture, rail and material handling.

Operational performance has been affected by a power supply problem at the William Lee site. Although the issue has now been resolved, its impact continued to weigh on efficiency and output during June and July.

Management expects productivity improvements and tighter cost control to help mitigate these pressures over the remainder of the financial year. The group is also working to optimise its new foundry line, which should provide further opportunities to improve operational performance as utilisation increases.

Despite the disruption, Castings continues to expect its full-year results to be in line with market expectations. The unchanged outlook indicates that management believes stronger demand, efficiency measures and improved utilisation can offset the near-term operational challenges.

The company’s broader investment case is supported by a strong financial position, particularly its very low leverage, alongside improved profitability and cash generation in FY2026. These characteristics provide financial resilience while Castings invests in production capabilities and responds to changing customer demand.

Technical indicators are also generally supportive, although signs that the shares may be overbought could limit near-term upside. Valuation is another consideration, with a relatively high price-to-earnings ratio partly offset by an attractive dividend yield.

More about Castings PLC

Castings PLC is a UK-based manufacturer of iron castings and machined components serving customers in domestic and international markets. The group has gross foundry capacity of approximately 80,000 tonnes per year and operates highly automated production facilities capable of handling complex, high-mix manufacturing requirements.

The company has particularly strong relationships with major European heavy truck manufacturers, supplying components across vehicle platforms that can remain in production for more than a decade. Its automated operations support just-in-time delivery and the precision requirements of large industrial customers.

Beyond commercial vehicles, Castings supplies components to sectors including wind energy, agriculture, rail and material handling. This diversification gives the group exposure to both established industrial markets and growing renewable energy supply chains.

Focus keyphrase: Castings PLC trading update

Meta description: Castings PLC reports improving heavy truck and wind energy demand while managing operational disruption and maintaining its full-year expectations.

ATOME PLC (LSE:ATOM) has secured financial and technical support from the dollar-denominated fund of a multilateral development bank to undertake a feasibility study for a proposed 300MWp solar photovoltaic development in Paraguay.

The planned solar project would be located close to ATOME’s green fertiliser facility at Villeta and represents a potential expansion of the company’s renewable energy activities in the country. The study will assess the technical and commercial viability of developing large-scale solar generation alongside ATOME’s existing industrial plans.

Subject to securing the necessary power purchase agreement, the project could form the foundation of a wider industrial park incorporating renewable electricity generation and battery energy storage. Such a development would allow ATOME to broaden its presence beyond green fertiliser production and establish a larger role within Paraguay’s emerging low-carbon industrial economy.

The external financial and technical backing provides additional support as ATOME evaluates the opportunity without relying entirely on its own resources for the feasibility work. A positive outcome could create a pathway towards a significant new renewable infrastructure project adjacent to the company’s Villeta operations.

The concept also offers potential strategic benefits through the combination of renewable power, energy storage and green industrial production at a single location. This could support the development of a broader clean energy ecosystem around Villeta while giving ATOME additional opportunities to participate in Paraguay’s renewable electricity market.

ATOME’s investment outlook nevertheless remains constrained by its pre-revenue financial profile. The company continues to report losses and negative free cash flow, meaning further funding requirements remain an important consideration as it advances its portfolio of capital-intensive projects.

Technical indicators provide a more positive signal, with the shares trading above major moving averages and MACD in positive territory. Valuation remains difficult to assess using conventional earnings measures, however, because losses result in a negative price-to-earnings ratio and there is no stated dividend yield.

More about ATOME PLC

ATOME PLC is an AIM-listed company developing green fertiliser and renewable energy projects, with a significant focus on Paraguay. Through its ATOME Power activities, the group is exploring opportunities in renewable electricity generation and battery energy storage alongside its core industrial developments.

The company is already progressing a green fertiliser facility at Villeta, where it intends to use renewable energy to support the production of lower-carbon agricultural inputs. The proposed 300MWp solar project could broaden this strategy by combining clean power generation, storage and industrial activity within the same geographic area.

Through these projects, ATOME is seeking to establish a position in the growing markets for low-carbon fertilisers, renewable power and clean industrial infrastructure.

Focus keyphrase: ATOME Paraguay solar project

Meta description: ATOME secures financial and technical backing for a feasibility study into a proposed 300MWp solar project near its Villeta green fertiliser facility in Paraguay.

Potter & Moore PLC (LSE:PAM) has warned of a challenging start to the financial year, with first-quarter revenue and gross profit margin both below the levels recorded a year earlier as higher costs and difficult conditions across the wider sector weigh on trading.

Despite the softer performance, the beauty and well-being products group said trading remains broadly consistent with its internal expectations. Potter & Moore ended July with £4.1 million of cash, providing the company with financial flexibility as it works through the current period of weaker demand and elevated input costs.

Management’s expectations for the year are weighted towards a stronger second half, meaning first-half results are anticipated to remain below the prior-year period. The company is relying on several commercial initiatives to improve momentum as the year progresses.

These include securing new retail listings, increasing special-buy and fast-follow activity and recovering higher costs through improved sales pricing. Progress in negotiations with retail customers will therefore be important to restoring margins and supporting the anticipated improvement in second-half profitability.

Potter & Moore is also continuing with its planned final dividend, maintaining shareholder distributions despite the tougher near-term trading environment. The decision reflects the strength of the group’s balance sheet and management’s confidence in its ability to navigate current pressures.

The company’s broader investment case continues to benefit from relatively strong financial fundamentals and an attractive valuation. Its cash position provides balance-sheet resilience, while a low price-to-earnings ratio could indicate that the shares are modestly valued relative to earnings.

These positives are partly offset by weaker technical indicators, which currently point to a bearish share-price trend. Declining free cash flow growth is another area to watch, particularly if the expected second-half recovery takes longer to materialise or cost pressures prove more persistent than anticipated.

More about Potter & Moore PLC

Potter & Moore PLC is a British beauty and well-being brand owner and manufacturer operating across the personal care market. The group develops and produces beauty, wellness and related consumer products for retail customers, including branded ranges and products created for special-buy programmes.

Its performance is closely linked to consumer spending trends and retailer purchasing activity, while profitability can be influenced by factors including raw material and other input costs, pricing negotiations and changes in product mix.

The company’s existing cash resources provide support for day-to-day operations and its commercial strategy as management seeks to expand retail distribution, recover cost increases and generate sustainable growth.

Focus keyphrase: Potter & Moore trading update

Meta description: Potter & Moore warns of weaker first-half trading as higher costs pressure revenue and margins, but expects new listings and pricing to support a second-half recovery.

Robinson plc (LSE:RBN) reported higher revenue for the first half of 2026, although rising costs, supply disruption and operational pressures resulted in a sharp decline in underlying profitability.

Revenue for the period increased 5% to £28.9 million, supported by stronger sales volumes, particularly across the group’s UK and Danish operations. However, the benefits of higher sales were offset by cost inflation and supply-chain disruption associated with the Middle East crisis.

Gross margin declined to 20%, while underlying operating profit fell to £0.9 million, almost half the level recorded in the comparable period. Operational challenges also affected performance as the packaging manufacturer navigated a more competitive trading environment and weaker volumes in Poland.

In response, Robinson has reorganised its management structure with the appointment of new heads of commercial and operations. The company is moving towards a more functionally led model intended to improve customer focus, strengthen operational execution and support its longer-term objective of delivering profitable growth ahead of the wider market.

Balance-sheet improvement remains another priority. Robinson completed three disposals from its surplus property portfolio during the period, generating £1.5 million of cash that was used to reduce net debt.

Additional property transactions have already been agreed, with their completion expected to make a material contribution to reported profit before tax for 2026. The disposal programme is also helping Robinson simplify its asset base and release capital from properties that are no longer required for its core packaging operations.

Despite the pressures experienced during the first half, the board expects full-year underlying operating profit to fall within a range of £2.2 million to £2.6 million. Achieving this target will depend partly on operational improvements and the company’s ability to recover higher input costs through customer pricing.

The investment outlook is supported by signs of improving underlying fundamentals and a healthier leverage position, while a relatively low price-to-earnings ratio and solid dividend yield provide additional valuation support.

These positives are tempered by uneven free cash flow and weak technical momentum. The shares remain below important moving averages, while negative MACD and a particularly low RSI indicate continued pressure on the technical picture.

More about Robinson plc

Robinson plc is a specialist manufacturer of custom plastic and rigid paperboard packaging for the food and consumer goods industries. Headquartered in Chesterfield, UK, the company operates manufacturing facilities across the UK, Poland and Denmark.

Its products include injection and blow-moulded plastic packaging alongside luxury rigid paperboard packaging. Robinson supplies major fast-moving consumer goods companies across markets including food, homecare, personal care and luxury gifting, with its products designed to provide hygiene, protection, convenience and other technical benefits.

The group employs almost 400 people and also owns a portfolio of surplus properties with development potential. Robinson is progressively disposing of these assets, with proceeds primarily being directed towards debt reduction and balance-sheet improvement.

Focus keyphrase: Robinson plc H1 2026 results

Meta description: Robinson plc reports a 5% rise in H1 revenue to £28.9 million, while higher costs weigh on profit as the group restructures and sells surplus property.

AB Dynamics (LSE:ABDP) has acquired US-based eMpulse Test Systems LLC in a deal designed to broaden its laboratory testing capabilities and strengthen its position in the North American automotive testing market.

eMpulse specialises in servoelectric testing systems used for noise, vibration and harshness, structural and durability testing. AB Dynamics sees the company’s technology as highly complementary to its existing portfolio, creating opportunities to offer customers a wider range of advanced vehicle testing solutions.

The transaction includes an initial cash payment of $11.0 million alongside an anticipated working capital adjustment of approximately $1.8 million. A further contingent consideration of up to $15.0 million could become payable depending on eMpulse’s future performance.

AB Dynamics expects the acquisition to generate meaningful commercial synergies by introducing eMpulse products to customers through its established international sales network. This could accelerate expansion into markets where eMpulse currently has a more limited presence, including Japan, while also increasing opportunities to cross-sell products to existing customers.

The group expects the transaction to become earnings enhancing from FY27 as eMpulse continues its recovery from tariff-related disruption. The acquired business generated revenue of $5.5 million and EBITDA of $0.5 million in 2025 after its performance was affected by the downturn associated with global tariffs.

Trading has subsequently improved, with eMpulse recording a strong recovery during the first half of 2026. Its existing management team will remain with the business following completion, providing continuity as AB Dynamics integrates the company and pursues international growth opportunities.

eMpulse’s servoelectric technology also offers an energy-efficient alternative to conventional hydraulic testing equipment. Adding these systems to AB Dynamics’ portfolio could increase the group’s addressable market while allowing it to deepen relationships with automotive manufacturers, suppliers and testing organisations.

AB Dynamics’ broader outlook is supported by strong underlying financial characteristics, including profitability, relatively low leverage and healthy cash conversion. Recent improvements in orders and strong liquidity also support expectations for a gradual recovery.

These strengths are partly offset by execution risks, including a significant weighting of deliveries towards the second half and uncertainty surrounding the VadoTech China issue. Technical indicators remain particularly weak, with the share price trading well below key moving averages and signalling a pronounced bearish trend.

Valuation is more mixed, with a negative price-to-earnings ratio limiting support from conventional earnings metrics and the company’s dividend yield remaining relatively modest.

More about AB Dynamics

AB Dynamics plc is a UK-headquartered designer and manufacturer of advanced testing, simulation and measurement products and services for the international transport industry. Its customers include major automotive manufacturers, Tier 1 suppliers and specialist service providers that use its technology to evaluate vehicle dynamics and safety systems.

Based in Bradford on Avon, the group supplies sophisticated laboratory and track-based testing equipment used throughout vehicle development and validation. Its portfolio includes servoelectric technology such as the Suspension Parameter Measurement Machine, alongside simulation and measurement systems.

AB Dynamics is focused on meeting growing global demand for accurate, efficient and increasingly sophisticated vehicle testing technology as manufacturers respond to changing safety standards, electrification and regulatory requirements.

Focus keyphrase: AB Dynamics eMpulse acquisition

Meta description: AB Dynamics acquires eMpulse Test Systems to expand its laboratory testing portfolio, strengthen its US presence and target new global markets.

Critical Mineral Resources Plc (LSE:CMRS) has appointed independent consultancy Addison Mining Services to prepare the maiden JORC-compliant mineral resource estimate for its Agadir Melloul copper project in Morocco.

Addison has started assessing the geological, drilling and assay information generated from the project and has already completed a site visit as part of the resource modelling process. Critical Mineral Resources is targeting publication of the initial estimate in October 2026.

The maiden resource will primarily incorporate results from the extensive drilling programmes carried out during 2025 and 2026 at Zone 1 North. Establishing an independently verified resource represents an important technical step as CMR seeks to move Agadir Melloul beyond exploration and into the next phase of project evaluation and development.

Importantly, the area expected to be covered by the first resource estimate represents only around 5% to 6% of the company’s existing permit footprint. This leaves the majority of the licence outside the initial resource calculation and provides considerable scope for additional exploration and potential resource growth.

CMR is continuing exploration across the wider Agadir Melloul permit area alongside the resource estimation work. Management believes further discoveries could increase the overall scale of the project and strengthen its strategic importance within the company’s Moroccan critical minerals portfolio.

The appointment of an independent consultant also provides external technical validation as CMR builds a more detailed understanding of the deposit. A JORC-compliant resource could provide a foundation for subsequent technical studies, further drilling and decisions over the project’s longer-term development pathway.

Despite the exploration progress, the company’s financial position remains a significant risk. Critical Mineral Resources currently generates no revenue and continues to report losses and cash outflows, while negative equity and increasing debt place additional pressure on its balance sheet.

Technical indicators are also generally bearish, with the shares trading below important moving averages and MACD remaining negative. Valuation provides little support because the company’s loss-making position results in a negative price-to-earnings ratio, while there is no dividend yield to provide an income component.

More about Critical Mineral Resources Plc

Critical Mineral Resources Plc is a London-listed exploration and development company focused on commodities considered important to electrification and the global energy transition. Its portfolio includes copper, silver and other critical mineral opportunities in Morocco.

The company views Morocco as an attractive jurisdiction due to its established mining sector, infrastructure, permitting environment and proximity to European markets. CMR’s strategy is centred on advancing prospective assets through exploration, resource definition and subsequent development studies.

Critical Mineral Resources also owns an 80% interest in Moroccan exploration and geological services company Atlantic Research Minerals SARL, providing the group with additional technical capabilities and an established presence in the country.

Through Agadir Melloul and its wider portfolio, CMR is seeking exposure to anticipated long-term demand growth for metals required across renewable energy, electrification and other emerging technologies.

Focus keyphrase: Critical Mineral Resources Agadir Melloul

Meta description: Critical Mineral Resources appoints Addison Mining Services to prepare a maiden JORC resource estimate for Agadir Melloul, targeted for October 2026.

Tap Global Group (LSE:TAP) delivered a stronger-than-expected performance in FY26, with revenue exceeding market forecasts and losses coming in substantially below expectations despite a difficult year for the wider cryptocurrency industry.

The crypto-fintech group reported unaudited revenue of approximately £3.0 million, around 7% ahead of market expectations. Its adjusted EBITDA loss was approximately £0.26 million, roughly 80% better than forecast, while the EBITDA loss narrowed to about £55,000 when other income was included.

Tap also achieved EBITDA profitability during the second half of the financial year, providing an encouraging indication of improving operating leverage. The group ended the period with combined cash and cryptoassets of approximately £2.15 million.

The performance came against a challenging backdrop for digital assets, with industry-wide cryptocurrency exchange volumes falling by more than half during the year. Bitcoin also dropped by around 50% from its peak, while a number of listed digital asset businesses underwent restructurings or ceased operations.

Tap said its fee-based business model and relatively stable customer base helped provide resilience during the downturn. The platform continues to serve more than 400,000 users, leaving management confident that the business is positioned to benefit from an eventual recovery in cryptocurrency trading and investment activity.

A major contributor to the group’s growth strategy is Tap Earn, its yield-generating product launched in May 2026. The service exceeded US$5 million in assets under management within its first five weeks and continued attracting capital despite the broader crypto market sell-off.

Assets in Tap Earn increased by 43% during the market downturn and surpassed US$5.6 million after three months. The product has also completed fifteen consecutive weekly payouts and generated approximately US$125,000 of yield revenue, equivalent to an annualised gross yield of around 7% on committed capital.

Customer flows have remained positive, with Tap reporting approximately US$10 of deposits into the programme for every US$1 withdrawn. Management believes this performance demonstrates demand for a product that allows customers to generate weekly income from existing crypto holdings, even during weaker market conditions.

Tap sees the product as an increasingly important revenue stream with scope to scale further if digital asset markets recover. For FY27, the company intends to focus on expanding operations, establishing sustained profitability and once again performing ahead of current market expectations.

More about Tap Global Group plc

Tap Global Group plc is a regulated crypto-fintech company operating a digital finance platform that brings together traditional money, payments and cryptocurrency services within a single application.

The platform serves more than 400,000 customers across over 25 countries and provides access to more than 70 cryptoassets. Customers can trade digital assets, make payments through a Mastercard-linked service accepted at millions of merchant locations and generate potential income on eligible holdings through Tap Earn.

Tap’s European business was the first cryptocurrency fintech in Europe to receive Mastercard approval, supporting its focus on regulated, card-linked digital asset services. The group is also licensed by the Gibraltar Financial Services Commission under its distributed ledger technology framework.

Looking ahead, Tap intends to apply for authorisation under the UK’s forthcoming cryptoasset regulatory regime when applications open in September 2026, potentially expanding its regulatory presence in one of its key target markets.

Focus keyphrase: Tap Global FY26 results

Meta description: Tap Global beats FY26 forecasts with £3.0 million revenue as Tap Earn surpasses US$5.6 million in assets and the group targets profitability.