ADVFN UK Market News

Author: Fiona Craig

  • Amcomri Shares Rise as Company Lifts First-Half Profit Expectations

    Amcomri Shares Rise as Company Lifts First-Half Profit Expectations

    Amcomri (LSE:AMCO) shares gained around 3.2% during the session after the industrial engineering group forecast stronger first-half earnings and substantial revenue growth, supported by continued demand across its core markets and contributions from recent acquisitions.

    The company expects first-half core profit to increase 9% to £4.7 million, while revenue is projected to rise 33% to £42.4 million. The update provides further evidence of growth across the business as Amcomri combines organic demand with its acquisition-led expansion strategy.

    Shares Continue Recovery From 52-Week Low

    The latest gain extends Amcomri’s recovery from its 52-week low of 91p. Despite the improvement, the shares remain some distance below their 52-week high of 165p, leaving scope for investors to assess whether stronger financial performance can support a more sustained recovery.

    The broader market offered a relatively neutral backdrop, with major global equity indices showing little movement during the session. This meant Amcomri’s share-price advance was driven primarily by company-specific developments rather than a wider improvement in market sentiment.

    AIM Listing Can Amplify Share-Price Movements

    Amcomri trades on the FTSE AIM All-Share, where smaller companies can experience comparatively large percentage movements when trading volumes are limited.

    Given Amcomri’s small-cap profile, relatively modest changes in buying or selling activity can therefore have an amplified effect on its share price. This can increase short-term volatility even when the underlying news is incremental rather than transformative.

    The latest advance reflects a combination of improving first-half expectations, continued demand within Amcomri’s core markets and positive share-price momentum. A relatively calm wider market environment also allowed investors to respond to the company’s improved outlook without significant pressure from broader risk-off sentiment.

  • Safestore Shares Slide After Deutsche Bank Downgrades Stock to Hold

    Safestore Shares Slide After Deutsche Bank Downgrades Stock to Hold

    Safestore (LSE:SAFE) shares fell nearly 4.9% after Deutsche Bank downgraded the self-storage operator from “buy” to “hold” as concerns over increasingly aggressive pricing competition weighed on the outlook for the European sector.

    The broker highlighted several pressures affecting earnings, including subdued housing transaction volumes and swap rates. Rising property taxes are also contributing to higher costs, adding another challenge for operators seeking to protect profitability.

    Self-Storage Sector Has Struggled Since March

    Deutsche Bank pointed to significant weakness across European self-storage stocks in recent months. Since March, Shurgard has fallen by approximately 16%, while Safestore has declined by around 25%.

    Although the broker believes self-storage yields continue to offer “significant long-term upside potential,” it stressed that earnings growth remains the main factor influencing share-price performance in the near term.

    With further earnings downgrades potentially still to come and few obvious catalysts expected over the next 12 months, Deutsche Bank nevertheless believes much of the anticipated deterioration has already been reflected in sector valuations.

    Safestore Technical Picture Adds to Investor Caution

    Safestore has substantially underperformed the FTSE All Share Index over the past six months, reinforcing concerns surrounding the company’s near-term outlook.

    The shares are also trading well below their 200-day moving average, a technical indicator that points to continued weakness in the longer-term trend. Safestore’s 52-week high stands at 837p, highlighting the extent of the decline from its previous peak.

    The combination of weaker momentum, uncertain earnings growth and challenging sector conditions has contributed to greater caution among institutional investors.

    Higher Interest Rates Continue to Pressure Property Stocks

    The challenges facing Safestore form part of a broader difficult environment for UK property and self-storage companies. Elevated interest rates have placed downward pressure on property valuations while simultaneously increasing financing costs across the industry.

    Other operators, including Big Yellow Group (LSE:BYG), have faced similar market conditions. Investors are increasingly focused on rental growth, occupancy levels and balance-sheet strength as they assess how individual companies can navigate the tougher backdrop.

    While longer-term appreciation in self-storage assets remains a potential attraction, near-term earnings visibility has become increasingly important as investors weigh competitive pricing, higher costs and the impact of interest rates on the sector.

  • Empire Metals Resource Upgrade Reinforces Pitfield’s Position as World’s Largest Titanium Resource

    Empire Metals Resource Upgrade Reinforces Pitfield’s Position as World’s Largest Titanium Resource

    Empire Metals (LSE:EEE) has announced a major upgrade to the Mineral Resource Estimate for its Pitfield Project in Western Australia, confirming what the company describes as the world’s largest known titanium resource and introducing a Measured Resource classification for the first time.

    The updated estimate covers the Thomas and Cosgrove deposits and contains a total Mineral Resource of 8.16 billion tonnes grading 4.3% TiO2. This equates to approximately 349 million tonnes of contained titanium dioxide, highlighting the substantial scale of the mineralised system at Pitfield.

    A key feature of the revised resource is a large, near-surface weathered zone containing 4.39 billion tonnes at an average grade of 4.4% TiO2. The material is relatively soft and sits beneath minimal overburden, potentially allowing Empire to consider straightforward mining methods as it advances development studies.

    Within this zone, the company has also identified higher-grade cores containing more than 6% TiO2. These areas could provide opportunities to prioritise higher-grade material during the early stages of a future mining operation, potentially benefiting project economics and development planning.

    The resource upgrade follows recent metallurgical progress at Pitfield. Empire has demonstrated a conventional processing flowsheet capable of producing titanium dioxide with purity exceeding 99%, providing further support for the project’s potential to supply high-quality material to titanium markets.

    Existing infrastructure is another important component of the development proposition. Pitfield benefits from established transport connections providing access to deep-water ports, which could facilitate future exports to customers across major markets including Asia, the U.S., Europe and the Middle East.

    The combination of substantial scale, near-surface mineralisation, high-grade zones, encouraging processing results and infrastructure access strengthens Empire’s case for Pitfield as a potential tier-one titanium development. The upgraded resource also provides a more detailed foundation for mine planning and future economic studies as the company moves beyond the exploration phase.

    Empire Metals’ investment outlook nevertheless remains constrained by its pre-revenue financial profile, sustained losses and continuing cash burn. A relatively low level of debt provides some balance-sheet support. Technical indicators are more constructive in the near term, with the shares trading above key moving averages and showing positive momentum, while valuation remains difficult to assess favourably because of negative earnings and the absence of a dividend yield.

    More About Empire Metals

    Empire Metals Limited is an AIM-quoted and OTCQX-traded natural resources company focused on mineral exploration and development, with the Pitfield Project in Western Australia representing its principal asset.

    The company is advancing Pitfield as a potential large-scale source of high-purity titanium feedstock for applications including pigments and titanium metal. Its location and access to established rail infrastructure could provide routes to international customers across Asia, the U.S., Europe and the Middle East.

    Empire holds a 70% interest in the Pitfield joint venture alongside Century Minerals Pty Ltd and acts as manager and sole operator of the project.

    The Mineral Resource is reported in accordance with the JORC 2012 Code, providing an internationally recognised framework for the estimate as Empire progresses Pitfield from resource definition towards mine planning, economic evaluation and potential development.

  • Defence Holdings CEO Explains Rationale Behind £2 Million Defence Fund Investment

    Defence Holdings CEO Explains Rationale Behind £2 Million Defence Fund Investment

    Defence Holdings (LSE:ALRT) has published an open letter from Chief Executive Officer Andrew Roughan providing shareholders with further detail on the company’s £2 million cornerstone commitment to the newly established Defence Fund.

    The investment formally activates the Investment pillar of Defence Holdings’ five-part operating model and forms part of its strategy to combine revenue-generating defence contracts with equity exposure to promising defence technology businesses. Management believes this approach can create multiple sources of long-term value as the company develops its position within the UK sovereign defence technology sector.

    Roughan said the £2 million commitment was contemplated as part of the company’s June fundraising and is fully funded from existing resources. He stressed that the investment does not represent a diversion of capital away from the group’s core operating activities but is instead intended to strengthen the broader ecosystem supporting its commercial strategy.

    Rather than making a large number of investments directly from its own balance sheet, Defence Holdings is using a separate alternative investment fund governed within an FCA-regulated framework. The structure is designed to attract additional institutional and private capital, spread investment risk among multiple participants and reduce potential regulatory or structural complications associated with extensive direct investing by the listed company.

    The CEO also outlined several governance safeguards surrounding the arrangement. Defence Holdings will be exempt from performance carry on its cornerstone investment, while the fund’s founding principals will participate in due diligence covering technology, financial, legal, customer and product considerations.

    First Sentinel Corporate Finance is acting as investment adviser to the fund. Certain establishment and external service provider expenses will be met from the fund’s management fees, allowing Defence Holdings to contribute its sector knowledge and expertise while maintaining a clear distinction between its corporate operations and the fund’s governance and regulatory responsibilities.

    The shareholder letter follows debate among investors over the rationale for the investment. Roughan acknowledged those concerns but argued that the structure could play an important role in building a stronger sovereign defence technology business over the next three to five years.

    The communication also forms part of the CEO’s commitment to maintaining regular dialogue with shareholders as Defence Holdings implements its wider strategy. Recent milestones include securing the company’s first UK Ministry of Defence contract and launching the Meridian accelerator, with Roughan expected to provide further detail on the group’s strategy in a longer-form interview later this week.

    Defence Holdings’ broader investment outlook remains constrained by weak financial fundamentals, including a substantial decline in revenue, continuing losses and ongoing cash consumption. The absence of reported debt provides some balance-sheet support, but technical indicators remain broadly bearish despite oversold readings. Valuation also offers limited support while earnings remain negative and the shares provide no dividend yield.

    More About Defence Holdings

    Defence Holdings PLC is a London-listed, software-led defence technology company operating under the ticker ALRT.

    The group is focused on developing sovereign digital capabilities designed to support national security, resilience and defence readiness. Its operating strategy is structured around five interconnected pillars covering accelerator, investment, product, commercial and technology activities.

    Through this model, Defence Holdings aims to combine the development and commercialisation of defence technologies with strategic investment in emerging companies, creating an integrated platform capable of supporting innovation within the UK defence ecosystem.

  • Vast Resources Completes Gulf Acquisition and Secures Funding for Aprelevka Expansion

    Vast Resources Completes Gulf Acquisition and Secures Funding for Aprelevka Expansion

    Vast Resources (LSE:VAST) has completed its reverse takeover of Gulf International Minerals, giving the enlarged mining group a 49% beneficial interest in the producing Aprelevka Joint Venture in Tajikistan and significantly expanding its exposure to precious metals.

    Aprelevka currently produces approximately 11,000 ounces of gold and 130,000 ounces of silver annually. Completion of the transaction, together with an associated share consolidation, has resulted in Vast’s enlarged share capital being re-admitted to trading on AIM. The company now has 1,645,941,556 ordinary shares in issue.

    Alongside the acquisition, Vast raised approximately £7.8 million through a combination of a placing, subscription and oversubscribed retail offer. It has also secured a US$10 million debt facility, providing additional capital to address legacy debt obligations, settle creditors and support technical development work at Aprelevka.

    The company is considering a further subscription of approximately £500,000, which would provide additional funding as it moves into the next stage of its growth strategy. A drilling campaign has also commenced at Aprelevka with the objective of establishing a maiden JORC-compliant mineral resource.

    Management views the acquisition as an opportunity to build a larger, cash-generative mining business, with the existing Aprelevka operations providing a production base from which output could be expanded. The company ultimately aims to establish a profitable mid-tier mining operation with a diversified portfolio of producing and development assets.

    Tailings reprocessing has been identified as one potential route to near-term growth at Aprelevka. Vast believes this could provide a relatively low-cost opportunity to recover additional precious metals while improving operational efficiencies at the existing mining complex.

    Beyond current production, the company intends to work with the Tajik government on responsible mining initiatives and investigate further opportunities along the Tien Shan Gold Belt and elsewhere in Central Asia. Vast also plans to progress the restart of its Romanian operations, potentially adding another source of production and revenue to the enlarged group.

    Despite the strategic progress, Vast’s investment outlook remains constrained by substantial financial and operational challenges. Declining revenue, negative profitability and weak valuation metrics continue to weigh on the company, while technical indicators point to a bearish share-price trend. Successful integration of the Aprelevka interest, debt management and delivery of planned production growth will therefore be important factors in determining whether the enlarged business can improve its financial position.

    More About Vast Resources

    Vast Resources plc is an AIM-listed mining and resource development company with producing and development-stage precious metal and polymetallic assets in Tajikistan and Romania.

    Through its 49% beneficial interest in the Aprelevka Joint Venture, the company has exposure to producing gold and silver mines located along the Tien Shan Gold Belt in Central Asia. Its strategy includes increasing production, expanding mineral resources and pursuing additional opportunities across the region.

    Vast also maintains mining interests in Romania, where it is working towards restarting operations as part of its strategy to establish a more diversified production and revenue base spanning Central Asia and Europe.

  • Scancell Secures UK Approval for Global Phase 3 iSCIB1+ Melanoma Trial

    Scancell Secures UK Approval for Global Phase 3 iSCIB1+ Melanoma Trial

    Scancell Holdings (LSE:SCLP) has received authorisation from the UK Medicines and Healthcare Products Regulatory Agency to proceed with a Phase 3 registrational trial of iSCIB1+, its lead DNA ImmunoBody therapy for advanced melanoma.

    The regulatory clearance represents another important step towards launching the global study, following earlier Investigational New Drug clearance from the U.S. Food and Drug Administration. Scancell is targeting initiation of the Phase 3 programme by the end of 2026.

    The trial is expected to recruit 550 patients with stage III or stage IV unresectable melanoma across approximately 90 clinical sites in the U.S., European Union, UK, Canada and Australia. Participants will receive either iSCIB1+ in combination with checkpoint inhibitors ipilimumab and nivolumab or placebo alongside the same two therapies.

    Scancell has designed the study using an adaptive approach, with progression-free survival serving as the primary endpoint and potentially supporting an accelerated approval pathway. Overall survival will be assessed as a secondary endpoint and is intended to provide evidence supporting full regulatory approval.

    The Phase 3 programme builds on results from Scancell’s Phase 2 SCOPE study, which demonstrated sustained progression-free and overall survival outcomes with iSCIB1+. Importantly, the company reported no additional checkpoint inhibitor-related toxicity associated with adding its therapy to the treatment regimen.

    Initial progression-free survival data from the Phase 3 trial are expected during the second half of 2028. A successful study could provide the foundation for regulatory approval and eventual commercialisation of iSCIB1+ as a treatment for patients with advanced melanoma.

    Scancell is also preparing a separate Phase 2 study evaluating iSCIB1+ in the neo/adjuvant melanoma setting, potentially extending the therapy into earlier stages of the disease. These clinical programmes are progressing alongside development of the company’s wider immuno-oncology pipeline and its proposed business combination with Neuphoria Therapeutics.

    Scancell’s investment outlook remains constrained by continued losses, cash consumption, negative equity and the valuation challenges associated with negative earnings. These financial risks are partly balanced by strengthening clinical and regulatory momentum and a clearly defined Phase 3 development pathway for iSCIB1+. Technical indicators point to an upward trend in the shares, although strongly overbought readings could increase the potential for near-term volatility.

    More About Scancell Holdings

    Scancell Holdings is a late-stage clinical immuno-oncology and biotechnology company developing targeted, off-the-shelf active immunotherapies for difficult-to-treat cancers.

    Its pipeline is based around the ImmunoBody and Moditope technology platforms. Lead candidate iSCIB1+ is being developed for melanoma, while Modi-1 is being investigated in cancers including head and neck and renal cancer. Scancell has also developed its GlyMab antibody platform, with two antibodies licensed to Genmab.

    The company’s therapies are designed to stimulate durable immune responses capable of targeting and destroying tumour cells. Earlier clinical studies of iSCIB1+ have demonstrated encouraging activity and a favourable safety profile both as a standalone therapy and when used alongside checkpoint inhibitors.

    In addition to advancing iSCIB1+ in advanced melanoma, Scancell plans to explore its potential in the neo/adjuvant setting while continuing to develop its wider pipeline through internal programmes and pharmaceutical partnerships.

  • Nanoco Meets Full-Year Expectations as Asian Partnerships Support Growth Strategy

    Nanoco Meets Full-Year Expectations as Asian Partnerships Support Growth Strategy

    Nanoco (LSE:NANO) reported full-year trading in line with expectations, as licensing income supported revenue and the company’s streamlined operating structure helped deliver earnings and cash slightly ahead of market forecasts.

    Unaudited revenue for the year reached £11.3 million, with the majority generated from licence income and a further £1.5 million coming from non-licence activities. Underlying adjusted EBITDA was £6.1 million, while year-end cash stood at £9.3 million, with both measures marginally exceeding expectations.

    The company’s recent reorganisation has also significantly reduced its operating cost base. Gross monthly cash costs are now running at between £0.3 million and £0.4 million, providing Nanoco with a leaner structure as it focuses resources on licensing, material development and commercial partnerships.

    Operational progress continues with Nanoco’s first Asian chemical customer under a three-year joint development agreement. The company remains on schedule to complete all milestones planned for the first year of the programme and expects material volumes associated with the relationship to more than double during FY27, albeit from a relatively modest initial level.

    Nanoco is also extending development activities with a second Asian partner and remains in discussions with additional prospective customers. Much of this commercial activity is focused on sensing applications, an area the company views as an important opportunity for its proprietary nanomaterials technology.

    Alongside these commercial initiatives, Nanoco is continuing the shareholder consultation process launched in late June. Feedback from investors, together with progress across its Asian partnerships, could influence the company’s strategic direction and the development of future commercial agreements.

    The latest developments reflect Nanoco’s evolution towards a more focused, licence-led and partnership-driven business model. A reduced cost structure, recurring licensing income and expanding development relationships could provide greater visibility over medium-term opportunities as the company seeks to convert technical programmes into larger material supply arrangements.

    Nanoco’s wider investment outlook nevertheless remains constrained by underlying financial weaknesses, including negative profitability, deteriorating operating cash flow and negative equity on the balance sheet. Technical indicators are also unfavourable, with the shares trading below all major moving averages. A very low price-to-earnings multiple provides some valuation support, although this is tempered by the limited confirmation from the company’s broader fundamentals.

    More About Nanoco Group plc

    Nanoco Group plc is a London-listed developer and manufacturer of cadmium-free quantum dots and other advanced nanomaterials based on its proprietary technology platform.

    The company works with major chemical businesses and other commercial partners to develop materials for specialised applications, with its current business development efforts particularly focused on opportunities within sensing markets.

    Following its recent restructuring, Nanoco operates with a substantially reduced cost base and is increasingly centred on licensing, collaborative development programmes and potential material supply agreements.

    Relationships with Asian chemical companies form an important part of this strategy, with Nanoco seeking to increase material volumes as development programmes mature and to secure additional partnerships capable of generating longer-term commercial revenue.

  • Nuformix Reports Positive Preclinical Data for Inhaled Fibrosis Candidate NXP002

    Nuformix Reports Positive Preclinical Data for Inhaled Fibrosis Candidate NXP002

    Nuformix (LSE:NFX) has reported encouraging preclinical results from an inhaled pharmacokinetic and target engagement study of NXP002, its lead development candidate for idiopathic pulmonary fibrosis, progressive pulmonary fibrosis and other progressive fibrosing interstitial lung diseases.

    The study demonstrated that NXP002 could be successfully nebulised across a broad range of doses, producing substantial and dose-dependent exposure within the lungs while keeping systemic exposure relatively limited. Achieving high local concentrations with reduced exposure elsewhere in the body is an important consideration for therapies intended to be administered by inhalation over extended periods.

    Nuformix said lung concentrations reached levels expected to produce pharmacological activity. The study also demonstrated attenuation of a key fibrosis biomarker in vivo, providing further evidence that NXP002 is engaging its intended biological target.

    The findings allow the company to begin modelling a potential therapeutic window for NXP002, with the aim of identifying dose levels capable of delivering sufficient efficacy while maintaining an appropriate safety profile. The results also provide an important link between Nuformix’s previous ex vivo work using human lung tissue and its latest in vivo inhalation studies.

    Following the positive data, Nuformix plans to advance NXP002 through additional preclinical development, including non-GLP dose-range-finding studies. These activities are intended to generate further information on dosing, efficacy and tolerability as the company builds the evidence required to support the programme’s next stages.

    The results could also strengthen Nuformix’s position in discussions with potential development and commercial partners. The company expects to continue its partnering activities, including engagement with industry participants around the upcoming European Respiratory Society Congress.

    Nuformix’s wider investment outlook remains constrained by its early-stage financial profile. The company currently generates no revenue and continues to record losses and negative free cash flow, leaving cash requirements and balance-sheet resources as important considerations. Technical indicators are also weak, with the shares trading below major moving averages. Valuation provides some support through a relatively low price-to-earnings measure, although this does not fully offset the risks associated with continued cash burn and limited financial resources.

    More About Nuformix Plc

    Nuformix plc is a UK-listed pharmaceutical development company focused on developing treatments for areas of unmet medical need, particularly fibrosis and oncology.

    The company uses drug repurposing alongside its expertise in discovering, developing and patenting novel forms of existing compounds. Its approach is designed to create differentiated therapies through changes to factors such as dosage, formulation, delivery method or product presentation, with the potential to support early-stage licensing and partnership opportunities.

    NXP002 is Nuformix’s lead preclinical programme and is being developed as a potential inhaled therapy for idiopathic pulmonary fibrosis, progressive pulmonary fibrosis and other progressive fibrosing interstitial lung diseases.

    By targeting new indications and differentiated product profiles, Nuformix aims to establish commercially attractive development opportunities that can be advanced through partnerships with larger pharmaceutical and biotechnology companies.

  • Ithaca Energy Raises 2026 Dividend Guidance After Record North Sea Production

    Ithaca Energy Raises 2026 Dividend Guidance After Record North Sea Production

    Ithaca Energy (LSE:ITH) delivered a strong first half of 2026, with record second-quarter production, robust cash generation and progress across its North Sea development portfolio prompting the company to increase its dividend guidance for the year.

    Production reached a record 131 thousand barrels of oil equivalent per day (kboe/d) during the second quarter, taking the first-half average to 128 kboe/d. The performance allowed management to reaffirm its full-year production guidance, while production efficiency across operated assets reached 90%.

    Financial performance was supported by the higher production levels, with adjusted EBITDAX exceeding $1.1 billion during the first half. Ithaca also reported lower leverage and an improved outlook for operating costs, strengthening its capacity to return cash to shareholders while continuing to invest in future projects.

    Against this backdrop, the board increased its 2026 dividend guidance to between $500 million and $530 million and declared an interim distribution of $255 million. The higher shareholder return reflects confidence in the group’s cash-generating capacity and financial position.

    Operationally, Ithaca maintained a strong safety performance while keeping its emissions intensity below the wider basin average. Progress was also made across several developments intended to support future production and extend the life of its North Sea portfolio.

    Rosebank, one of the company’s most significant projects, has entered the final execution phase, with first oil targeted for 2027. Other developments including Cambo, Fotla, Tornado and Cygnus are also progressing through important stages, providing a pipeline of potential organic growth opportunities.

    Ithaca has complemented this development programme with selective transactions designed to strengthen its position in key production hubs. These include a farm-in to Tobermory and a farm-down of Fotla, moves intended to establish commercial partnerships and enhance the company’s position in the West of Shetland gas region.

    Financial and operational flexibility has also been strengthened through a rig-sharing agreement with Harbour Energy and the issuance of additional senior notes. Available liquidity increased to $1.9 billion while leverage remained low, providing resources to advance Ithaca’s project portfolio while maintaining shareholder distributions.

    Ithaca’s broader investment outlook is underpinned by strong operating profitability and free cash flow, although earnings volatility and less conservative balance-sheet trends remain potential risks. Near-term technical indicators are also relatively weak. Valuation presents a mixed picture, with the high dividend yield providing support while the price-to-earnings multiple remains relatively elevated for a cyclical oil and gas producer.

    More About Ithaca Energy PLC

    Ithaca Energy PLC is a UK North Sea oil and gas producer with a portfolio spanning both operated and non-operated assets across the UK Continental Shelf.

    Its production portfolio includes a combination of oil and natural gas assets, while its development strategy is focused on extending production and cash generation through projects including Rosebank, Cambo and other opportunities in the West of Shetland region.

    The company combines organic investment with targeted mergers, acquisitions and portfolio transactions, seeking to allocate capital towards projects capable of generating attractive returns. Its strategy is centred on maintaining sustainable production, developing its resource base and generating cash flow that can support both future investment and shareholder distributions.

  • Oxford Nanopore Cuts First-Half Losses as It Targets More Than $700 Million Revenue by 2030

    Oxford Nanopore Cuts First-Half Losses as It Targets More Than $700 Million Revenue by 2030

    Oxford Nanopore (LSE:ONT) delivered higher first-half revenue and a substantial reduction in adjusted losses during 2026, as stronger demand across key end markets and improved cost discipline supported progress towards profitability.

    Revenue for the six months reached £116.7 million, representing growth of 12.3% on a constant-currency basis. Performance was supported by particularly strong demand across the EMEAI region and from BioPharma and Clinical customers, helping offset weaker conditions in APAC, most notably China.

    Profitability metrics also improved significantly. Gross margin increased by 400 basis points to 62.2%, while the adjusted EBITDA loss narrowed to £22.1 million, less than half the level recorded in the comparable period. The improvement reflected a combination of higher gross profit and tighter management of the group’s cost base.

    Oxford Nanopore’s PromethION sequencing platform was a major contributor to growth, with the company reporting solid demand across Clinical, BioPharma, Industrial and Research applications. The performance reinforces management’s strategy of directing resources towards markets where its sequencing technology has the strongest commercial potential.

    As part of this approach, Oxford Nanopore has established four strategic priorities designed to sharpen its market focus, accelerate adoption and improve operational execution. The group continues to target adjusted EBITDA breakeven in FY27, followed by positive free cash flow in FY28.

    Looking further ahead, management has introduced a new objective of generating more than $700 million in annual revenue by 2030. Achieving this target would represent an important milestone towards Oxford Nanopore’s longer-term ambition of developing into a business with revenue exceeding $1 billion.

    Commercial activity has continued since the end of the reporting period. Oxford Nanopore signed a global cross-licensing agreement with a diagnostics company that is expected to generate licensing payments, committed product purchases and recurring royalties.

    The company also entered an agreement to integrate its sequencing technology into MyOme’s rare disease platform, potentially expanding the application of nanopore sequencing within clinical diagnostics. New executive appointments across medical and marketing leadership further demonstrate Oxford Nanopore’s efforts to strengthen its regulatory, commercial and market-development capabilities.

    Oxford Nanopore’s investment outlook is improving as revenue grows, gross margins expand and losses narrow, supported by cost controls and constructive FY26 guidance. However, substantial operating losses and continued cash consumption remain important risks. Technical indicators are mixed, with the shares below key longer-term moving averages, while valuation remains constrained by negative earnings and the absence of a dividend yield.

    More About Oxford Nanopore Technologies PLC

    Oxford Nanopore Technologies plc is a London-listed molecular sensing and sequencing technology company serving BioPharma, clinical, research and industrial markets worldwide.

    Its nanopore-based technology enables real-time analysis of DNA and RNA across a range of applications. The company’s portfolio includes its PromethION high-throughput sequencing systems and portable MinION devices, alongside associated consumables, software and services.

    Oxford Nanopore operates internationally across EMEAI, the Americas and APAC, with its strategy increasingly focused on expanding adoption in higher-growth Clinical and BioPharma applications while continuing to serve established research customers.

    The company is also pursuing opportunities in regulated and industrial markets, supported by a strategy centred on customer-led growth, targeted innovation and greater operational discipline. Its goal of exceeding $700 million in revenue by 2030 represents a key step towards its longer-term ambition of building a business generating more than $1 billion in annual sales.