Author: Fiona Craig

Haleon plc (LSE:HLN) has released its half-year 2026 results, publishing the full report through the London Stock Exchange and on its corporate website. The update provides investors with the group’s latest financial performance while reaffirming its commitment to maintaining transparent communication with shareholders and the market.

Interim Dividend Increased by 9%

The board approved an interim dividend of 2.4 pence per ordinary share for the first half of 2026, representing a 9% increase compared with the interim dividend paid a year earlier. The dividend is scheduled to be paid in mid-September to holders of ordinary shares and American Depositary Shares (ADSs).

Haleon also reaffirmed its policy of growing the ordinary dividend at least in line with adjusted earnings over time. In addition, the company announced that a recorded presentation of its results, followed by a question-and-answer session for analysts and investors, will be made available as part of its ongoing shareholder engagement programme.

Outlook Remains Positive

Management continues to target sustainable earnings growth, supported by improving profitability, healthy free cash flow generation and ongoing cost-efficiency initiatives. While short-term share price momentum has been relatively subdued and valuation metrics remain balanced, the company’s earnings outlook and commitment to increasing shareholder returns continue to support its long-term investment case.

About Haleon

Haleon plc (LSE:HLN) is a global consumer healthcare company focused on everyday health products across categories including oral care, vitamins, minerals and supplements, pain relief, respiratory and digestive health, and therapeutic skincare.

Its portfolio includes globally recognised brands such as Advil, Centrum, Panadol, Sensodyne, Theraflu and Voltaren, serving more than one billion consumers worldwide. Listed on both the London Stock Exchange and the New York Stock Exchange under the ticker HLN, Haleon continues to invest in research, innovation and product development to strengthen its leadership position in the global over-the-counter healthcare market.

Robert Walters (LSE:RWA) reported first-half 2026 results in line with management expectations, with group net fee income declining 3% at constant currency to £134.6 million. The recruitment specialist also reduced its operating loss to £4.5 million as efficiency measures and improved trading momentum began to take effect.

Although net fee income remained under pressure and the group’s net cash position fell to £17.2 million, management said business performance improved compared with 2025. The company now expects full-year results to come in toward the upper end of current market expectations.

Cost Reduction Programme Advances

Robert Walters continued to execute its strategic plan focused on improving costs, cash generation and long-term growth. The company remains on track to deliver £12 million of structural cost savings by 2027 while strengthening cash management through enhanced forecasting and greater use of local financing facilities.

Growth initiatives also showed encouraging progress. Productivity improved across several key recruitment markets, recruitment process outsourcing (RPO) and managed service provider (MSP) activities returned to growth, and consultancy net fee income increased 41% during the period.

Headcount was reduced by 11% year over year as part of the company’s efficiency programme. To preserve financial flexibility and support the ongoing transformation, the board decided not to declare an interim dividend.

Outlook Improves Despite Challenging Market Conditions

Management believes the business is well positioned to continue improving performance during the second half of the year. The combination of cost reductions, operational improvements and stronger performance in higher-growth business lines is expected to support earnings, despite continued uncertainty across global recruitment markets.

Investment Outlook

Robert Walters has made progress in narrowing losses and improving operational performance, while maintaining positive operating and free cash flow. Technical indicators have also strengthened, with the shares trading above key moving averages and supported by positive momentum. However, the company continues to face headwinds from several years of declining revenue, ongoing losses and a weaker balance sheet. The absence of a dividend and a negative price-to-earnings ratio also make valuation more difficult to assess.

About Robert Walters

Robert Walters PLC (LSE:RWA) is an international specialist recruitment and talent outsourcing company operating across Asia-Pacific, Europe, the UK and other global markets. The group provides permanent and temporary recruitment services alongside recruitment process outsourcing (RPO), managed service provider (MSP) solutions and consultancy services.

Asia-Pacific remains the company’s largest contributor to net fee income, while its outsourcing and consultancy businesses continue to represent an increasing share of overall revenue. Robert Walters is focused on improving productivity, expanding higher-value services and strengthening operational efficiency to support long-term growth.

Vesuvius (LSE:VSVS) delivered a modest increase in first-half 2026 revenue, with adjusted sales rising at constant currency, while free cash flow improved significantly, helping reduce the group’s leverage. However, statutory operating profit and earnings declined as temporary operational issues within the Steel division and weaker performance in the Advanced Refractories business weighed on overall profitability.

Although steel markets outside China continued to recover, the company said operational disruptions prevented its Steel division from fully benefiting from stronger demand. Pricing discipline and ongoing structural cost-saving measures provided some support during the period but were not enough to offset the impact of these challenges.

Foundry Division Delivers Strong Performance

The Foundry division was the standout performer during the first half, recording solid growth in both revenue and trading profit. The improvement was driven by positive pricing, continued cost reductions, market share gains and the contribution from the MMS acquisition.

Management also highlighted progress in improving cash management, investing in research and development, and delivering additional structural efficiency initiatives. The company maintained its interim dividend and said actions are underway to resolve the operational issues affecting the Steel division.

Full-Year Outlook Remains Positive

Despite the softer first-half earnings performance, Vesuvius expects full-year trading profit to be slightly ahead of 2025 on a constant currency basis. Management believes improving operational execution, combined with ongoing efficiency measures and stronger end-market conditions outside China, should support performance during the remainder of the year.

Investment Outlook

Vesuvius continues to benefit from its strong market position and improving cash generation, while its dividend yield and moderate valuation provide support for investors. However, pressure on profit margins, lower returns on equity, softer cash conversion and weaker short-term technical indicators remain areas of concern. The company’s ability to resolve operational issues within the Steel division will be an important factor in delivering its full-year expectations.

About Vesuvius

Vesuvius plc (LSE:VSVS) is a global provider of molten metal flow engineering solutions, supplying advanced refractories, flow control products and related technologies to customers operating in high-temperature industrial processes. The company also provides technical services and data-driven solutions through an international network of manufacturing facilities and technology centres located close to customer operations.

Vesuvius serves customers across the global steel and foundry industries, focusing on improving manufacturing efficiency, safety and sustainability. Its strategy is built on technological leadership, long-standing customer relationships, a strong presence in developing markets and continued investment in innovation to support long-term profitable growth.

Quadrise (LSE:QED) has updated its Joint Development Agreement with Australian technology company Licella Holdings to sharpen the focus and accelerate the timetable for integrating Licella’s Cat-HTR hydrothermal liquefaction bio-oils into Quadrise’s bioMSAR and bioMSAR Zero marine fuel products.

The collaboration combines Licella’s technology for converting biomass residues and organic waste into renewable bio-oils with Quadrise’s expertise in emulsion fuels and established relationships within the marine fuel market.

Pilot Engine Testing Planned for 2026

Following successful laboratory testing of refined bio-oils, which is expected during the second half of 2026, the companies intend to begin initial pilot trials using marine diesel engines. These tests will be followed by larger-scale third-party engine evaluations as the partners work towards commercial deployment in the shipping sector.

Management believes the revised agreement strengthens Quadrise’s strategy of developing scalable and cost-effective low-carbon marine fuels. The use of alternative bio-feedstocks could also help reduce dependence on more expensive raw materials while supporting the maritime industry’s transition toward lower-emission fuels.

Commercial Progress Balanced by Execution Risks

While the partnership represents another step toward commercialization, Quadrise continues to face financial challenges typical of a company in the development stage. Revenue remains limited, losses continue, and the business is still consuming cash despite maintaining relatively low debt levels.

Technical indicators also remain weak, with the share price trading below key moving averages and momentum remaining negative. However, investors may take encouragement from the company’s defined commercialization milestones, improving visibility on project development and continued collaboration with strategic partners. Even so, execution risk, reliance on partners and ongoing cash requirements remain the key factors influencing the investment outlook.

About Quadrise Fuels International

Quadrise Plc (LSE:QED) develops lower-cost, lower-emission alternative fuels for the global fuel oil market. Its flagship products, MSAR and bioMSAR, are produced using low-value refinery residues, heavy oil by-products and renewable feedstocks to provide more efficient and environmentally friendly alternatives to conventional fuel oil for the shipping, refining and industrial sectors.

The company’s MSAR fuel has already demonstrated commercial viability as a lower-cost substitute for traditional heavy fuel oil while remaining compatible with existing infrastructure. Its bioMSAR product builds on this technology by incorporating renewable feedstocks to reduce greenhouse gas emissions, offering shipping operators a practical pathway toward meeting increasingly stringent environmental regulations without significant capital investment.

Vanquis Banking Group (LSE:VANQ) reported a strong set of interim results for the six months ended June 30, 2026, with statutory profit before tax from continuing operations rising 44% to £8.9 million. The figure exceeded the group’s full-year 2025 profit despite higher impairment provisions linked to the macroeconomic environment.

Customer interest-earning balances increased 8% to £3.05 billion, supported by growth in second charge mortgages and credit card lending. Net interest income also rose 8%, while operating expenses declined 8%, helping improve the group’s cost-to-income ratio. Credit performance remained stable throughout the period.

Technology Investment Drives Higher Savings Target

Vanquis continued to make progress with its technology transformation programme during the first half. The company successfully migrated all credit card customers to its new mobile app while advancing development of its Gateway technology platform.

As a result, management increased its expected transformation savings to between £30 million and £35 million over the 2026 to 2028 period. The programme is designed to improve operational efficiency, increase automation and support the group’s long-term growth strategy.

Consumer Spending Trends Expected to Weigh on Near-Term Returns

Despite the stronger first-half performance, Vanquis expects returns to remain under pressure during 2026 and 2027 as consumer spending remains cautious. The company is also relying more heavily on acquiring new credit card customers, who typically generate lower profitability in the early years of their relationship.

Management expects these investments to support stronger earnings from 2028 onward. Backed by solid capital and liquidity, the board also intends to reinstate a modest dividend when it reports its full-year 2026 results.

Investment Outlook

Vanquis has demonstrated a clear improvement in profitability, supported by stronger earnings, lower operating costs and continued progress on its transformation programme. Healthy capital levels and positive management guidance also strengthen the outlook. However, elevated balance sheet leverage, a relatively high valuation, weak technical indicators and ongoing execution and credit risks continue to temper expectations for near-term upside.

About Vanquis Banking Group

Vanquis Banking Group (LSE:VANQ) is a UK specialist bank focused on providing credit products to customers who have limited access to mainstream lending. Its core businesses include credit cards, second charge mortgages and vehicle finance, with funding primarily sourced through customer deposits.

The group is investing heavily in digital technology to improve customer experience and operational efficiency through its new mobile platform and Gateway transformation programme. By expanding lower-risk lending, increasing automation and incorporating artificial intelligence into its operations, Vanquis aims to deliver sustainable long-term growth while maintaining disciplined lending standards. The company also expects future regulatory changes, including Basel 3.1 and the UK’s Small Domestic Deposit Takers regime, to strengthen its capital position and support additional lending capacity.

Alien Metals (LSE:UFO) announced that joint venture partner West Coast Silver has completed its first-half 2026 diamond drilling programme at the Elizabeth Hill Silver Project in Western Australia’s Pilbara region. Alien retains a 30% interest in the project as well as an equity investment in West Coast Silver.

The campaign consisted of 14 diamond drill holes covering a total of 2,015.7 metres. Drilling focused on extending mineralisation below the historic mine workings, testing areas to the north and west of the existing resource, and carrying out infill drilling within the current resource model.

High-Grade Results Support Future Growth Plans

Earlier assay results from the programme returned several high-grade silver intersections, including 3 metres grading 524 grams per tonne silver, with 1.5 metres grading 1,039 grams per tonne. These results continue to demonstrate the project’s potential as one of Australia’s highest-grade silver deposits.

All remaining drill core samples have now been submitted for laboratory analysis, with results expected during August. The new data will contribute to an updated JORC-compliant mineral resource estimate and support economic studies assessing future development opportunities. Additional drilling is planned for the second half of 2026 as the joint venture looks to further expand the resource and strengthen the project’s long-term production potential.

Investment Outlook

Alien Metals continues to face challenges associated with its exploration-stage business model, including the absence of revenue, ongoing operating losses and continued cash outflows. Technical indicators also remain weak, with the shares trading below key moving averages alongside negative momentum signals. While the company’s valuation provides some support, the lack of a dividend and its early-stage development profile continue to weigh on the overall investment outlook.

About Alien Metals Ltd

Alien Metals Ltd is an AIM-listed mineral exploration and development company focused on advancing a diversified portfolio of mining assets across Australia. Its projects include the Georgina Basin iron oxide copper-gold (IOCG) project in the Northern Territory, multiple iron ore assets in Western Australia’s Pilbara region, and precious and base metals projects such as Elizabeth Hill and Munni Munni. The company holds a 30% joint venture interest in the Elizabeth Hill Silver Project together with an equity stake in West Coast Silver.

Beyond silver, Alien’s principal iron ore asset is the Hancock Iron Ore Project in the central Pilbara, which hosts a JORC-compliant resource of 8.4 million tonnes grading 60% iron. The company is targeting production of 2 million tonnes per year over a ten-year mine life, supported by access to major transport infrastructure and export facilities at Port Hedland. Alien also maintains interests in the Brockman and Vivash iron ore projects, alongside a 30% stake in the Munni Munni project through its joint venture with GreenTech Metals, providing exposure to iron ore, silver and platinum group metals across key Australian mining regions.

MYCELX (LSE:MYX) reported unaudited first-half 2026 revenue of approximately $2.1 million, compared with $1.7 million in the same period last year, supported by paid trials, equipment leases and recurring filter media sales. The company expects a much stronger performance during the second half, driven by the delivery of a $3.9 million REGEN system for the Permian Basin and continued growth in leasing and media revenue.

Management said around 80% of its projected full-year revenue target of $11 million has already been secured through booked, contracted or recurring business, providing improved revenue visibility. Cash on hand totaled $500,000 at the end of June, with a further $1.1 million received during July. MYCELX is also reviewing financing alternatives to support additional equipment investment for Permian projects while expanding a pipeline of opportunities across U.S. produced water, PFAS treatment and Middle East operations.

Operations Expand Across Key Growth Markets

During the first half, MYCELX completed its third offshore produced water treatment installation in the Gulf of Mexico and is preparing to deploy its first large-scale project for a Permian Basin water midstream operator. The company is also pursuing further offshore and onshore contracts, with increasing filter media demand expected to strengthen recurring revenue as additional systems come online.

In PFAS treatment, MYCELX has secured a three-month validation project with a landfill operator in Minnesota. A successful outcome could lead to permanent installations both at the site and at similar facilities. Across the Middle East, the company continues to identify opportunities for new installations and retrofit projects, although management noted that regional geopolitical conditions may influence project timing. Even so, the company believes recent commercial progress has reinforced its competitive position in its target markets.

Investment Considerations

The company’s outlook continues to be weighed down by ongoing negative operating and free cash flow, despite the improvement in revenue and profitability achieved during 2025. From a technical perspective, the shares remain above their longer-term moving averages but are trading below the 20-day average, presenting a mixed picture. Valuation also remains demanding due to a relatively high price-to-earnings ratio, while the company currently offers no dividend yield.

About MYCELX Technologies

MYCELX Technologies Corporation develops proprietary water treatment solutions for the oil and gas industry as well as a range of industrial applications. Its modular treatment systems and specialist filter media are designed for produced water treatment in both offshore and onshore environments, while the business is also expanding into PFAS remediation and industrial wastewater treatment across the United States and the Middle East.

The company serves oil producers, midstream water operators, municipal authorities and industrial customers, with a strategy focused on increasing recurring revenue through long-term projects and consumable media sales. Its core markets include the Permian Basin, offshore Gulf of Mexico operations, Middle Eastern energy projects and the growing U.S. PFAS remediation sector.