Author: Fiona Craig

Hargreaves Services (LSE:HSP) reported strong results for the year ended 31 May 2026, with revenue increasing 32.9% to £351.4 million and underlying profit before tax rising to £34.0 million, almost double the previous year’s figure. Statutory profit before tax reached £40.3 million, marking the company’s highest level in twelve years, while basic underlying earnings per share climbed 75% to 79.1p. The performance was supported by growth across the Services division, Hargreaves Land and its German joint venture.

The Services business recorded its fifth consecutive year of double-digit growth, benefiting from increased activity on major UK infrastructure projects and an expanding portfolio of more than 75 term and framework agreements. These contracts provide visibility over more than 70% of the division’s anticipated revenue for the coming financial year. Hargreaves Land also achieved a significant milestone by completing its first sales of renewable energy development sites, generating proceeds of £15.6 million and supporting a £20 million capital return to shareholders through a tender offer. Meanwhile, the German joint venture delivered stronger profits and cash generation, enabling the board to recommend a higher final dividend of 20.5p while maintaining the group’s debt-free balance sheet.

Hargreaves’ outlook continues to be supported by strong financial performance, healthy cash generation and a conservative balance sheet with no debt. Technical indicators also remain favourable, with the shares trading above key moving averages and momentum remaining positive. The company’s valuation is further strengthened by a relatively low price-to-earnings ratio and an attractive dividend yield. Management’s commitment to shareholder returns and continued operational momentum provides additional confidence, although progress at renewable energy developments and the zinc project remains subject to execution and timing risks.

About Hargreaves Services

Hargreaves Services plc is a diversified UK-based group operating across the environmental, infrastructure and property sectors, with activities spanning the United Kingdom, South East Asia and a joint venture in Germany. Its operations are organised into three core divisions: Services, which provides materials handling, engineering, logistics and earthworks for infrastructure, environmental and clean energy projects; Hargreaves Land, which develops brownfield land for residential, commercial and renewable energy uses; and HRMS in Germany, which specialises in commodity trading and steel recycling through its interest in DK Recycling und Roheisen.

The group has established a strong presence on major UK infrastructure projects, including HS2 and Sizewell C, and has recently secured additional work linked to the Lower Thames Crossing and engineering projects at Drax Power Station. Alongside its infrastructure activities, Hargreaves is expanding the value of its land portfolio through renewable energy developments while benefiting from improving profitability and cash generation at its German joint venture, supporting its long-term strategy of delivering sustainable growth and shareholder value.

Kooth (LSE:KOO) expects to report revenue of £30.8 million for the six months ended 30 June 2026, compared with £32.1 million in the same period last year. The modest decline reflects the planned reduction in California product development income and the impact of unfavourable foreign exchange movements. Despite lower revenue, adjusted EBITDA is forecast to increase significantly to between £5.0 million and £5.4 million, up from £1.6 million a year earlier, driven by strong engagement with its California programmes and the benefits of previous investment. Unaudited net cash also strengthened to £23.1 million.

The company reported continued progress during the fourth year of its California contract, where its Soluna platform has now reached 187,000 registrations. Kooth said the programme has received independent recognition from California state authorities and academic research and has also been included in Governor Gavin Newsom’s Children and Youth Behavioral Health Initiative. In the UK, the company is expanding its reach through a new integrated employment and mental health pathfinder programme in the West Midlands while also extending the rollout of Soluna to students. These initiatives support Kooth’s strategy of driving long-term growth through its State Alliance model and deeper partnerships with public health and education organisations.

Improved profitability and a stronger cash position, together with increasing recognition of its digital mental health platforms within government-backed programmes, further strengthen Kooth’s position in the sector. The company believes growing adoption by public-sector organisations provides a solid platform for future expansion ahead of the release of its full half-year results in September 2026.

Kooth’s outlook continues to be supported by strong financial quality, including a debt-free balance sheet and improving profitability, alongside an attractive valuation based on earnings. These strengths are partially offset by softer revenue and cash flow compared with 2024, while technical indicators suggest the shares may be approaching overbought levels despite maintaining a positive longer-term trend.

About Kooth

Kooth Plc is an AIM-listed provider of digital mental health services specialising in support for children, teenagers and young adults. The company delivers accessible online mental health platforms across the UK and several U.S. states, including California, Michigan and New Jersey, while continuing to expand services such as its Soluna platform into education and employment-focused programmes.

Operating within the growing digital healthcare sector, Kooth works with government agencies, healthcare providers, schools and community organisations to deliver preventative and accessible mental health support. Its strong financial position enables continued investment in product innovation, platform development and international growth.

Celebrating its 25th anniversary, Kooth continues to strengthen its role in publicly funded behavioural health initiatives. As its services become more deeply embedded within government-supported programmes, the company is expanding its presence as a long-term partner in improving youth mental health and supporting participation in education and employment.

Abingdon Health PLC (LSE:ABDX), a specialist in the development and manufacture of rapid diagnostic tests, has continued to strengthen its integrated contract development and manufacturing organisation (CDMO) and regulatory services business, providing customers with support from early-stage product development through to commercial manufacturing. Operating from facilities in York and Doncaster in the UK, alongside its U.S. site in Madison, Wisconsin, the company combines expertise in lateral flow diagnostics with regulatory and analytical services to help medical technology and in vitro diagnostics companies bring products to global markets.

For the 2026 financial year, Abingdon expects revenue to increase by 31% to £11.3 million, supported by a particularly strong second half in which revenue rose 63% compared with the first half. Growth was driven by higher contract development and research and development income. The company also reported adjusted EBITDA profitability during the second half, increased its cash balance to £2.9 million, and continued investing in both its Abingdon Analytical division and U.S. manufacturing operations. Management believes the business is well positioned for further progress in FY27, supported by previously secured CDMO contracts and the continued expansion of its international operations.

Although revenue momentum has improved significantly, the company’s outlook continues to be influenced by weaker financial quality, including ongoing losses, declining gross margins and negative operating cash flow. Technical indicators remain supportive, with the share price trading above key moving averages and momentum remaining positive, although a relatively high RSI suggests the shares may be approaching overbought territory in the near term. Valuation also remains constrained by negative earnings and the absence of a dividend yield.

About Abingdon Health PLC

Abingdon Health PLC is a UK-based medical technology services company specialising in the development, manufacture and regulatory support of rapid diagnostic tests and lateral flow assays for customers worldwide. Through its CDMO business, regulatory consulting divisions Compliance Solutions and IVDeology, and its Abingdon Analytical subsidiary, the group provides a comprehensive range of services covering assay development, analytical testing, regulatory compliance and commercial manufacturing. Its customers operate across sectors including infectious disease diagnostics, companion diagnostics, animal health and environmental testing.

Founded in 2008 and headquartered in York, England, Abingdon Health also operates laboratories in Doncaster and commercial and laboratory facilities in Madison, Wisconsin, expanding its presence in the U.S. diagnostics market. Its integrated service offering enables in vitro diagnostics and medical device companies to navigate regulatory approval processes across major markets, including the UK, Europe and the United States, with expertise spanning quality management systems, technical documentation, auditing, training and product performance evaluation.

Rockfire Resources (LSE:ROCK) has announced additional high-grade zinc and germanium drill results from its wholly owned Molaoi project in Greece as the company advances work to upgrade the deposit’s resource classification from Inferred to Indicated. Drill hole HMO-019 returned several significant mineralised intervals, including a standout germanium grade of 84.1g/t, while also extending zinc, silver and germanium mineralisation both down-dip and at greater depth.

According to management, the stronger grades recorded in HMO-019 compared with the previous drill hole could point to improving mineralisation at depth. If confirmed through further drilling, this has the potential to increase the size of the planned Indicated Resource and support the forthcoming feasibility study for an underground mining operation targeting zinc, silver, germanium and lead. Alongside the drilling programme, Rockfire is accelerating technical studies covering comminution, geotechnical analysis and ore-sorting, while awaiting assay results from HMO-020 and preparing for the arrival of a new drill rig in Athens later this year.

Despite encouraging exploration progress, the company’s outlook continues to be weighed down by weak financial fundamentals, including the absence of revenue, ongoing losses and sustained negative free cash flow. Technical indicators also remain unfavourable, with the shares trading below key moving averages and momentum remaining negative, although a near-oversold relative strength index offers some limited support. Valuation also remains challenging due to the company’s negative earnings.

About Rockfire Resources PLC

Rockfire Resources Plc is a London-listed mineral exploration company focused on gold, base metals and critical minerals. Its flagship asset is the high-grade Molaoi deposit in Greece, which contains zinc, lead, silver and germanium mineralisation. The company also owns exploration projects in Queensland, Australia, including the Plateau and Marengo prospects, where it is exploring for gold, copper and silver through farm-in agreements with ASX-listed partners.

The Molaoi project currently hosts a JORC Inferred Mineral Resource of 15.0 million tonnes grading 7.26% zinc, 1.75% lead and 39.50g/t silver, representing approximately 1.5 million tonnes of zinc-equivalent metal. In Australia, the Plateau project contains an inferred resource of 131,000 ounces of gold and 800,000 ounces of silver, while the Marengo prospect is located within a historic goldfield known for high-grade gold, silver and copper mineralisation.

Ecora Royalties PLC (LSE:ECOR) reported a strong second quarter for 2026, highlighting the earnings power of its producing critical minerals portfolio and reinforcing its strategy of increasing exposure to copper and other commodities linked to global electrification. Total portfolio contribution reached $19.0 million, representing an increase of around 60% from the same period last year and 54% compared with the first quarter. Net debt also declined significantly to $74.9 million from $124.6 million a year earlier, strengthening the company’s financial position and providing greater capacity for future royalty acquisitions.

The base metals portfolio remained the primary growth driver, generating $14.1 million and accounting for approximately 74% of total portfolio contribution. Performance was led by a record quarter from the Voisey’s Bay cobalt stream, where attributable cobalt volumes more than doubled and contribution climbed 270% as higher production coincided with stronger commodity prices. Copper streams from Mantos Blancos and Mimbula also delivered improved results, supported by expansion projects and commissioning activities. Elsewhere, specialty metals and uranium assets, including Maracás Menchen and Four Mile, recorded modest gains, while mining operations at the Kestrel steelmaking coal asset returned to Ecora’s private royalty area, providing an additional source of cash flow and further diversifying the company’s royalty portfolio.

Ecora’s investment outlook continues to be supported by strong financial fundamentals, including solid profitability, healthy cash generation and a conservatively managed balance sheet. Positive technical indicators, including the share price trading above key moving averages and favourable momentum signals, also support the outlook. While valuation appears balanced and the dividend yield remains relatively modest, management continues to highlight long-term opportunities in critical minerals, supported by ongoing deleveraging and portfolio growth despite near-term commodity price fluctuations and operational risks.

About Ecora Royalties PLC

Ecora Royalties PLC is a royalty and streaming company focused on critical minerals, with shares listed in London, Toronto and on the OTCQX market. Its portfolio is centred on copper and other commodities that are expected to benefit from long-term trends including electrification, renewable energy, infrastructure investment, digitalisation, robotics and energy security. The company concentrates on acquiring royalties and streams over mining assets operated by established producers in stable mining jurisdictions.

Ecora’s portfolio generates cash flow from a diversified mix of producing royalties and streams while offering additional organic growth through project expansion and development. The company follows a disciplined capital allocation strategy, aiming to strengthen shareholder returns while maintaining a robust balance sheet and expanding its exposure across base metals, specialty minerals and bulk commodities.

Breedon (LSE:BREE) delivered a 5% increase in first-half 2026 revenue to £857.9 million, supported by organic growth and acquisitions in Ireland and the United States, which helped offset continued weakness in Great Britain’s residential construction market. Underlying EBITDA remained broadly unchanged at £115.5 million, with strong trading in the U.S. and Ireland balancing margin pressure and lower ready-mixed concrete volumes in the GB business.

During the period, the group invested £110 million in strategic acquisitions, including Falling Springs in the United States and Booth in Ireland, expanding its aggregates operations in two key growth regions. Breedon reaffirmed its full-year 2026 guidance, reduced covenant leverage slightly to 2.1x despite an increase in net debt, and raised its interim dividend by 5%, reflecting management’s confidence in the company’s cash generation and long-term growth strategy despite varying demand across its markets.

The company also introduced its “Back British Cement” campaign, calling for fairer competitive conditions and stronger carbon border measures to support UK cement manufacturers. Management expects favourable trading conditions to continue in Ireland and the U.S., driven by infrastructure investment and growing demand from data centre developments. In contrast, Great Britain’s construction sector is forecast to experience a fifth straight year of declining volumes, reinforcing the company’s focus on operational efficiency and internal improvement initiatives.

Breedon’s investment case continues to be supported by stable financial performance, including consistent revenue growth and healthy operating cash flow, although higher leverage and mixed free cash flow conversion remain areas to monitor. Its valuation remains attractive, helped by a relatively low price-to-earnings ratio and a strong dividend yield, while technical indicators remain weaker as the share price trades below key moving averages and momentum indicators remain negative.

About Breedon

Breedon Group PLC is a vertically integrated supplier of construction materials, producing aggregates, asphalt, cement and ready-mixed concrete across Great Britain, Ireland and the United States. The company serves infrastructure and construction markets through an extensive network of quarries, production facilities and distribution operations, supported by substantial mineral reserves and ongoing investment in production capacity.

The group continues to expand its presence in Ireland and the United States, where long-term infrastructure spending and construction activity provide attractive growth opportunities. Its integrated business model enables Breedon to supply a broad range of essential building materials while maintaining a diversified geographic footprint across several resilient end markets.

Predator Oil & Gas Holdings Plc (LSE:PRD) has revised its drilling agreement with Intrepid Drilling, extending the availability of Rig 101 for operations at the MOU-6 well in Morocco from 1 August through 1 October 2026. The rig, which is currently stationed at the MOU-5 location, will support a three-month drilling and potential testing campaign targeting the MOU-6 gas prospect in Morocco before moving to the Snowcap-3 oil well in Trinidad.

Chief executive Paul Griffiths said the company has dedicated the past 15 months to strengthening its well delivery capabilities across several regions, ensuring drilling plans are more closely aligned with anticipated geological conditions. He added that positive drilling and testing results at MOU-6 and Snowcap-3 could significantly reduce development risk, paving the way for faster production opportunities, subject to regulatory approvals and due diligence. The programme supports Predator’s objective of commercialising its Moroccan gas assets while increasing oil production from its Trinidad portfolio over the near term.

Despite operational progress, Predator continues to face financial challenges, including significant losses, negative profit margins and ongoing cash outflows. These weaknesses have been partly offset by stronger revenue growth and a relatively low level of debt. Market indicators remain broadly neutral, with limited technical momentum, while valuation metrics are constrained by the absence of positive earnings and dividend yield data.

About Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based oil and gas exploration and production company listed on the London Stock Exchange. Its core operations are focused on onshore projects in Morocco and Trinidad, where it is developing gas and oil assets with an emphasis on efficient production and long-term growth. In Morocco, the company is advancing gas projects that could support compressed natural gas (CNG) or micro-LNG developments, while its Trinidad portfolio is centred on increasing output from mature onshore oil fields through production optimisation, infill drilling and the use of historic tax losses.

Predator’s business model is designed around maintaining a lean operating structure while drawing on experienced technical, financial and legal expertise with extensive local knowledge of both Morocco and Trinidad. The company plans to accelerate Moroccan gas development by taking advantage of existing export infrastructure, while expanding Trinidad production through cost-effective technologies and a Master Services Agreement that allows field operations to be outsourced while retaining a share of gross production revenues.

GSK Plc (LSE:GSK) reported stronger-than-expected second-quarter results on Tuesday, driven by continued momentum in its Specialty Medicines and Vaccines businesses, while announcing a major three-year cost-saving initiative aimed at supporting future growth.

Second-quarter turnover reached £8.41 billion, ahead of the analyst consensus estimate of £8.24 billion.

New Cost-Saving Plan to Support Drug Pipeline

The pharmaceutical group introduced a new restructuring programme, named “Accelerate Growth”, which is expected to generate annual savings of £1.9 billion by 2029.

The initiative is projected to cost approximately £2.4 billion in total, including around £2.1 billion in cash expenditure.

GSK said the savings would be reinvested into its late-stage research pipeline while helping to protect profit margins as its HIV treatment dolutegravir approaches patent expiry between 2028 and 2030.

The company also increased its expectations for clinical development, saying it now plans to begin more than 20 late-stage clinical trials during 2026, compared with its previous target of 10.

Management identified seven potential medicines across 18 disease areas, including cancer, respiratory disease, liver disease and vaccines, that it believes could offer improvements over existing treatments.

Most restructuring costs associated with the programme are expected to be recognised during 2026 and 2027.

Profit Exceeds Market Expectations

Core operating profit rose to £2.80 billion, surpassing the consensus estimate of £2.68 billion.

Core profit before taxation reached £2.68 billion, ahead of the expected £2.52 billion, while core earnings per share came in at 50.5 pence, comfortably above the analyst consensus of 47.1 pence.

GSK also declared a second-quarter dividend of 17 pence per share, matching market expectations.

Specialty Medicines and Vaccines Continue to Drive Growth

Sales from the Specialty Medicines division increased 14% to £3.8 billion.

Within the segment, Oncology revenue rose 17%, while HIV sales increased 10%.

Vaccines revenue climbed 8% to £2.3 billion, supported by Shingrix sales of £0.9 billion, up 3%, and Meningitis vaccine sales of £0.2 billion, which more than doubled from a year earlier.

General Medicines revenue declined 9% to £2.3 billion, with Trelegy sales falling 7% to £0.8 billion.

Positive Cancer Trial and New UK Research Investment

GSK also reported positive late-stage trial results in China for its cancer treatment risvutatug rezetecan (Ris-Rez), which slowed disease progression in patients with relapsed osteosarcoma.

The study was conducted by GSK’s partner Hansoh Pharma. The company said the findings build on previous positive late-stage results for the same treatment in advanced lung cancer, making Ris-Rez the only medicine of its type to demonstrate successful late-stage outcomes across more than one cancer indication.

Separately, GSK announced plans to establish a new 300,000-square-foot research and development centre at the Cambridge Biomedical Campus in the UK.

The facility will accommodate more than 1,000 scientists working across Oncology, Respiratory, Hepatology, Vaccines and HIV research.

The company will invest £400 million over the next three years in the project. As part of the plan, GSK will gradually relocate employees from its Stevenage research site by 2029 while upgrading its laboratories in Ware, Hertfordshire.

“This investment will accelerate our R&D and help us deliver new, competitive products. It integrates GSK further into one of the world’s leading centres of knowledge and demonstrates the attractiveness of the UK’s life sciences ecosystem,” chief executive Luke Miels said in a statement.

Full-Year Outlook Maintained

GSK reaffirmed its outlook for 2026, continuing to expect annual turnover growth of between 3% and 5%, with performance anticipated to be towards the upper end of that range.

UBS has become more cautious on the outlook for palladium, lowering its price target after forecasting that the market will move into surplus during the year. The investment bank now expects palladium to trade around $1,100 per ounce.

The bank noted that China’s palladium imports reached record levels during the first six months of the year. However, UBS believes the increase was mainly linked to the launch of a new trading exchange rather than stronger demand from the automotive industry.

Higher Recycling Supply Expected to Outweigh Mine Output Decline

UBS forecasts that the global palladium market will record an oversupply of roughly 200,000 ounces this year.

While mine production is expected to be lower than in 2025, increased recycled metal entering the market, together with softer investment demand and weaker consumption from the autocatalyst sector, is expected to more than compensate for reduced mining output.

The bank believes these supply and demand dynamics will continue to place downward pressure on palladium prices throughout the remainder of the year.

Automotive Sector Continues to Shape Palladium Demand

UBS maintains a negative outlook for palladium, arguing that supply growth and weaker end-market demand leave little scope for a sustained recovery in prices.

Palladium is widely used in catalytic converters for gasoline-powered vehicles, making demand closely linked to trends in global vehicle production and environmental emissions standards.

Oil prices extended their decline on Tuesday after renewed diplomatic efforts between the United States and Iran strengthened hopes that tensions in the Middle East could continue to ease, reducing fears of major disruptions to global crude supplies.

By 01:23 GMT, Brent crude futures were down 1.3% at $87.24 per barrel, while West Texas Intermediate (WTI) crude futures fell 1.2% to $81.61 per barrel. The decline followed Monday’s steep sell-off, when both benchmark contracts dropped by more than 9%.

The latest move lower reflects a broad reassessment of geopolitical risks after last week’s sharp rally, as traders reduced positions built on expectations of prolonged supply disruptions.

Diplomatic Momentum Pressures the Oil Market

After briefly climbing above $100 per barrel last week, Brent crude has retreated sharply as investors become increasingly optimistic that diplomatic efforts could prevent a wider regional conflict.

Market sentiment improved after President Donald Trump confirmed that the United States was holding negotiations with Iran following his decision to suspend additional military strikes and allow diplomacy to continue.

Iran also paused its retaliatory actions after the United States halted further attacks, while reports suggested China had been encouraging renewed dialogue between Washington and Tehran.

According to IG senior market analyst Tony Sycamore, the sharp decline in crude prices reflects growing confidence that a diplomatic solution may be emerging, reducing immediate concerns about threats to Middle East energy infrastructure.

He also warned that the situation remains uncertain, adding that investors still require stronger evidence of a lasting agreement before fully removing geopolitical risk premiums from oil prices.

Shipping Routes Remain a Key Risk

Despite the improvement in sentiment, Sycamore said tanker movements through the Strait of Hormuz remain below normal levels, while shipping activity through the Bab el-Mandeb Strait has yet to recover significantly.

He noted that negotiations aimed at securing navigation through the Strait of Hormuz will remain a major focus for energy markets. Any failure in talks or renewed attacks on Saudi export facilities could quickly drive crude prices higher again.

Iran and Oman continue discussions designed to restore normal shipping through the strategic waterway, which carries roughly 20% of global oil exports.

A successful diplomatic outcome could pave the way for broader negotiations between Washington and Tehran, although uncertainty continues to keep traders cautious.

Markets also welcomed the resumption of loading operations at Kazakhstan’s primary oil export terminal following disruptions caused by Ukrainian drone attacks, easing concerns over short-term crude supplies.