ADVFN UK Market News

Author: Fiona Craig

  • Helium One Completes First Offtake Sale as Galactica Production Continues to Increase

    Helium One Completes First Offtake Sale as Galactica Production Continues to Increase

    Helium One Global (LSE:HE1) has announced the first commercial sale under its short-term helium offtake agreement from the Galactica-Pegasus project in Colorado. The milestone follows the delivery of a second helium trailer by project operator Blue Star Helium after the initial shipment in mid-July. Production at the Pinon Canyon Plant, which supports the joint venture, has now stabilised at current operating levels, allowing for regular trailer exchanges and establishing the foundation for recurring helium sales and cash flow from Helium One’s 50% interest in the project.

    The joint venture is now focused on increasing production towards the plant’s full design capacity through a series of operational improvements. These include debottlenecking activities, the drilling of three new development wells during the second half of 2026 and the possible deepening of existing wells to access additional helium-bearing reservoirs. Alongside the continued ramp-up at Galactica-Pegasus, Helium One is also progressing development of its flagship Rukwa project in Tanzania, strengthening its strategy to become a significant supplier of helium while also expanding its exposure to associated carbon dioxide (CO2) production.

    The company’s outlook continues to reflect the challenges of a business transitioning towards commercial production. Although Helium One remains pre-profit and continues to generate operating losses and negative cash flow, it maintains a debt-free balance sheet that provides financial flexibility. Technical indicators remain weak, with the shares trading below major moving averages and momentum signals remaining subdued. Valuation also remains difficult to assess given the company’s negative earnings and the absence of a dividend.

    About Helium One Global Limited

    Helium One Global Limited is a helium exploration and development company with operations in Tanzania and the United States. The company holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado and owns the flagship Rukwa Project in southern Tanzania. Through its portfolio of helium assets across two continents, Helium One aims to become a strategic supplier to the global helium market while also benefiting from opportunities in associated carbon dioxide production.

  • Journeo Raises Revenue Outlook Following Record First-Half Performance

    Journeo Raises Revenue Outlook Following Record First-Half Performance

    Journeo (LSE:JNEO) delivered record first-half results for 2026, with group revenue increasing 53% to £37.6 million and adjusted profit before tax rising 10% to £3.0 million. The strong performance was driven by continued organic growth alongside contributions from the acquisition of Crime and Fire Defence Systems. Cash balances stood at £12.6 million following the acquisition, while order intake increased slightly to £31 million. The company’s sales pipeline expanded to more than £200 million, leading management to raise its revenue expectations for the full year. Revenue is now expected to come in slightly ahead of market forecasts, while profit guidance remains unchanged, providing improved visibility for the second half of the year.

    The expanding pipeline and stable margin outlook highlight Journeo’s growing presence in the intelligent transport and infrastructure protection markets. The company continues to use targeted acquisitions to broaden its addressable market while maintaining a disciplined approach to capital allocation. Management believes the combination of record first-half revenue, available invoice discounting facilities and a strong pipeline of larger contracts positions the business well for continued growth across public transport and critical infrastructure projects.

    The company’s outlook is supported by solid financial fundamentals, including strong revenue growth, improving profitability, lower leverage and healthier cash generation. However, technical indicators remain weak, with the share price trading below key moving averages and momentum signals remaining negative. Valuation provides some support through a relatively low price-to-earnings ratio, although this has yet to outweigh the current bearish trend in the shares.

    About Journeo

    Journeo is a UK-based technology company that provides intelligent transport systems and critical infrastructure solutions. Its products and services include on-vehicle CCTV, telematics, real-time communications and passenger information systems for bus and rail operators. Through its six operating businesses, the company also supplies infrastructure protection technologies for utilities, defence and high-security industrial sites, supported by continued investment in scalable, Internet of Things (IoT)-enabled platforms.

  • Games Workshop Reports Record Revenue and Profit as Warhammer Business Continues to Grow

    Games Workshop Reports Record Revenue and Profit as Warhammer Business Continues to Grow

    Games Workshop (LSE:GAW) delivered record financial results for the 52 weeks ended 31 May 2026, with total revenue increasing to £659.7 million from £617.5 million a year earlier. Profit before tax also reached a new high of £275.7 million, compared with £262.8 million in the previous year, driven by continued strength in the company’s core Warhammer miniatures business. Core revenue rose to £626.8 million, while core operating profit increased to £245.1 million. Licensing income and licensing operating profit declined year-on-year, reflecting lower revenue from intellectual property licensing agreements.

    The company continued to generate strong cash flow, with pre-dividend net cash increasing by £210.3 million during the year. Earnings per share improved to 624.0p despite a lower total dividend distribution of 485p per share. Management reaffirmed its long-term strategy of investing in the Warhammer intellectual property portfolio, expanding its presence through retail stores, trade partners and digital sales channels, while continuing to prioritise strong cash returns to shareholders. The company believes this approach will support sustained long-term growth and reinforce its leading position in the global hobby miniatures market.

    Games Workshop’s outlook remains supported by excellent financial performance, strong profitability and continued operational execution. Technical indicators also remain favourable, reflecting strong share price momentum, although they suggest the stock may be approaching overbought levels. Valuation remains relatively demanding, which provides a modest counterbalance to the otherwise positive investment outlook.

    About Games Workshop

    Games Workshop Group PLC is a UK-based designer, manufacturer and retailer of fantasy and science fiction tabletop miniatures, best known for its flagship Warhammer brand. The company operates a vertically integrated business model, developing, manufacturing and distributing its products through company-owned stores, online platforms and independent retailers worldwide. In addition to its core hobby business, Games Workshop generates revenue by licensing its intellectual property for use across video games, entertainment and other media.

  • Kistos Expands Reserves and Strengthens Cash Position in First-Half 2026 Update

    Kistos Expands Reserves and Strengthens Cash Position in First-Half 2026 Update

    Kistos (LSE:KIST) reported pro forma production of 20,500 barrels of oil equivalent per day (boepd) during the first half of 2026 and reaffirmed its full-year production guidance of between 19,000 and 21,000 boepd. Performance was supported by high operational reliability across its assets, despite planned maintenance shutdowns at key offshore facilities. The company also increased its pro forma proved and probable (2P) reserves to 47.6 million barrels of oil equivalent (MMboe), following the approval of the Balder Next development, while contingent 2C resources rose to 52.4 MMboe.

    Kistos continued to make progress across several strategic projects during the period. Drilling activity at the Balder field advanced, while work on debottlenecking the floating production, storage and offloading (FPSO) system moved forward, supporting plans to remove the Balder floating production unit (FPU) by 2028. In the Greater Laggan Area, the transfer of operatorship to Serica is expected to create additional opportunities for infill drilling and field tie-backs. The company also moved closer to completing its acquisitions of Blocks 3 and 4 and Block 9 in Oman after securing all major regulatory approvals, paving the way for enhanced production terms. Financially, pro forma EBITDA reached approximately $205 million, while cash increased to $259 million, leaving Kistos with modest adjusted net debt and significant capacity to pursue further acquisitions.

    The company’s outlook reflects a mixed financial profile. Improving operating performance and stronger free cash flow provide positive momentum, but continued net losses and relatively high leverage continue to increase financial risk. Valuation also remains constrained by the company’s negative price-to-earnings ratio, reflecting its loss-making position, while no dividend yield is currently available. Technical analysis remains inconclusive due to insufficient market indicator data.

    About Kistos PLC

    Kistos PLC is a London-listed independent energy company focused on acquiring, developing and optimising oil and gas assets. Its portfolio includes offshore producing fields linked to FPSO and FPU infrastructure, alongside a growing presence in the Middle East through onshore exploration and production interests in Oman. The company pursues a strategy of unlocking value from existing assets while expanding through targeted acquisitions.

  • Premier African Minerals Postpones Zulu Restart While Canmax Negotiations Continue

    Premier African Minerals Postpones Zulu Restart While Canmax Negotiations Continue

    Premier African Minerals (LSE:PREM) has confirmed that operations at its Zulu Lithium and Tantalum Project will not restart before the end of July 2026, with production now dependent on the outcome of ongoing discussions with offtake partner Canmax Technologies. The negotiations centre on extending the Long Stop Date under the existing prepayment and offtake agreements. While talks continue, the company is maintaining reduced-scale mining activities, stockpiling ore and carrying out plant upgrades and maintenance. Management believes that building a larger run-of-mine inventory will help support a more efficient and sustainable optimisation programme once operations resume.

    Canmax is currently reviewing updated commissioning and operational data from the project’s upgraded flotation circuit before deciding whether to approve an extension of the Long Stop Date and under what conditions. Premier African Minerals cautioned that there is no certainty an agreement will be reached. The company said securing the extension and successfully completing the next phase of production and plant optimisation will be critical in demonstrating consistent operating performance and advancing discussions with potential strategic investors to support the long-term development of the Zulu project.

    The company’s outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash burn, although leverage remains relatively low. Technical indicators present a mixed picture, with signs of short-term stabilisation but an overall downward trend still evident against the longer-term 200-day moving average. Valuation also remains challenging, as the company is loss-making and currently has a negative price-to-earnings ratio, while no dividend yield is available.

    About Premier African Minerals

    Premier African Minerals is a multi-commodity mining and natural resources company focused on developing projects across Southern Africa. Its principal assets include the Zulu Lithium and Tantalum Project and the RHA Tungsten Project in Zimbabwe. The company’s broader portfolio also includes interests in rare earth elements, lithium, tantalum and tungsten, ranging from near-term production assets to earlier-stage exploration opportunities.

  • Tern Increases Investment in Talking Medicines and Expands Shareholder Return Policy

    Tern Increases Investment in Talking Medicines and Expands Shareholder Return Policy

    Tern plc (LSE:TERN) has invested £117,195 in a new issue of unsecured convertible loan notes by portfolio company Talking Medicines, increasing the principal value of its holding to £234,389 while retaining its 23.8% equity interest. The loan notes carry an annual interest rate of 10% and mature in 2029. Following the transaction, Tern’s total investment in Talking Medicines through convertible loan notes has risen to approximately £1.02 million, highlighting the company’s continued support for the AI-powered healthcare advertising business despite its historical losses.

    At the same time, Tern has strengthened its commitment to shareholder returns by increasing the proportion of proceeds it intends to distribute following significant portfolio exits. Under the revised policy, the company plans to return at least 70% of net proceeds from any individual portfolio disposal exceeding £1 million, up from the previous commitment of 50%. Management said the change reflects growing confidence in the maturity of its investment portfolio while ensuring sufficient capital remains available to fund operations and support future investment opportunities.

    The company’s outlook continues to be affected by weak financial performance, including ongoing losses and negative cash flow. Valuation also remains challenging, with a negative price-to-earnings ratio and no dividend yield currently available. Technical indicators provide a more balanced picture, showing some longer-term improvement relative to key moving averages, although overall momentum remains mixed.

    About Tern plc

    Tern plc is an AIM-listed investment company that focuses on identifying and supporting high-growth, early-stage businesses developing Internet of Things (IoT) technologies. Its investment portfolio includes Talking Medicines, an artificial intelligence and data analytics company that helps healthcare advertising agencies deliver more effective campaigns for pharmaceutical clients in a global healthcare advertising market worth more than US$23 billion.

  • Pebble Beach Systems Increases First-Half Revenue and Reduces Debt Through Strong Cash Generation

    Pebble Beach Systems Increases First-Half Revenue and Reduces Debt Through Strong Cash Generation

    Pebble Beach Systems (LSE:PEB) reported first-half 2026 trading in line with market expectations, with revenue increasing around 10% to £6.5 million. Growth was driven by a 19% rise in project revenue alongside continued expansion in recurring service level agreement (SLA) income. Adjusted EBITDA improved to approximately £2.4 million, lifting the EBITDA margin to around 37%, supported by a greater proportion of higher-margin software licence sales. The company noted that this sales mix is expected to return to more typical levels during the second half of the year.

    Robust operating cash flow enabled Pebble Beach Systems to reduce net debt significantly to approximately £0.8 million at the halfway stage of the year. Management expects the group to move into a net cash position by the end of 2026. The company also highlighted a healthy order book and a growing base of recurring revenue, which provide confidence in delivering full-year expectations while strengthening its financial position and competitive standing in the broadcast automation and streaming technology sectors.

    The company’s outlook is supported by improving profitability and continued strong cash generation, although its balance sheet still reflects some leverage and historical equity weakness. Technical indicators remain favourable, with strong share price momentum, although they also suggest the stock may be approaching overbought territory. Valuation appears supportive, with the shares trading on a relatively low price-to-earnings multiple.

    About Pebble Beach Systems

    Pebble Beach Systems Group plc is a global software company specialising in automation, integrated channel management and virtualised playout solutions for broadcasters and streaming providers. Established in 2000, the company supplies scalable software platforms to leading media organisations, with its technology managing around 2,000 television channels across more than 70 countries.

  • AB Dynamics to Exit Chinese Testing Business as Market Challenges Weigh on Outlook

    AB Dynamics to Exit Chinese Testing Business as Market Challenges Weigh on Outlook

    AB Dynamics (LSE:ABDP) has completed its strategic review of VadoTech, its Chinese testing services business, and has agreed with its customer to terminate the existing contract and withdraw from the on-road vehicle testing market in China. The business will now be classified as a discontinued operation and is expected to reduce reported group revenue for FY2026 by approximately £4 million. Restated FY2025 figures show that VadoTech generated £10.5 million in revenue while reducing adjusted operating profit by around £1.0 million, reflecting the group’s strategy of focusing on higher-margin core operations.

    The company said trading conditions became more challenging during the second half as geopolitical uncertainty, supply chain disruption linked to the Middle East and delays to automotive development programmes affected customer order timing. Although AB Dynamics continues to report a healthy sales pipeline, order conversion has slowed. As a result, the company now expects FY2026 revenue from continuing operations to be between £90 million and £95 million. Management is nevertheless targeting an adjusted operating margin of 20% through disciplined cost management, while its strong net cash position of £41.7 million provides financial flexibility to continue investing in product innovation and commercial expansion.

    The company’s outlook remains supported by solid financial fundamentals, including strong profitability, low leverage and healthy cash generation, alongside expectations for improved order activity over the longer term. However, technical indicators remain weak, with the shares trading below key moving averages and negative momentum signals persisting. Valuation also remains relatively demanding, with a higher price-to-earnings multiple and a modest dividend yield limiting upside from a valuation perspective.

    About AB Dynamics

    AB Dynamics is a UK-based developer and manufacturer of advanced testing, simulation and measurement technologies for the global transport industry. Its products are used by leading automotive manufacturers, Tier 1 suppliers and engineering service providers to test, validate and improve vehicle safety systems, autonomous driving technologies and vehicle dynamics across international markets.

  • Shield Therapeutics Highlights Positive Pediatric Trial Results for Ferric Maltol

    Shield Therapeutics Highlights Positive Pediatric Trial Results for Ferric Maltol

    Shield Therapeutics (LSE:STX) has announced the publication of results from its Phase 3 FORTIS pediatric trial of ferric maltol in the journal Pediatric Drugs, providing further evidence supporting the treatment of iron deficiency anemia in children. The study demonstrated that ferric maltol significantly improved both hemoglobin levels and iron stores within 12 weeks in patients as young as one month old. Researchers also found that the treatment appeared to offer improved tolerability and palatability compared with conventional ferrous sulfate therapy.

    The trial delivered clinically and statistically significant improvements in hemoglobin across all treatment groups. Children receiving ferric maltol experienced no treatment discontinuations due to adverse events, while treatment-related side effects occurred less frequently than in those treated with ferrous sulfate. The published findings strengthen Shield Therapeutics’ strategy to seek regulatory approval for a liquid formulation of ferric maltol for children aged two years and older. If approved, the expanded indication would broaden the potential use of ACCRUFeR/FeRACCRU in the pediatric market and enhance the company’s position within the growing iron deficiency treatment sector.

    The company’s outlook continues to be influenced by financial challenges. Although operational progress has improved, Shield Therapeutics remains loss-making, with ongoing cash burn and negative shareholder equity. Technical indicators also remain weak, with the share price continuing to trade in a downward trend despite appearing oversold. Valuation offers only limited support, as the negative price-to-earnings ratio reflects the company’s current losses and there is no dividend yield.

    About Shield Therapeutics

    Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on the treatment of iron deficiency and iron deficiency anemia through its novel oral iron therapy ACCRUFeR/FeRACCRU (ferric maltol). The company markets the product in the United States and several international markets through commercial partnerships, targeting both adult and pediatric patients. Its intellectual property portfolio provides patent protection extending into the mid-2030s.

  • Croda International Increases Profit and Margins as Innovation Supports First-Half Growth

    Croda International Increases Profit and Margins as Innovation Supports First-Half Growth

    Croda International (LSE:CRDA) delivered a solid first-half performance in 2026, with group revenue rising 2.9% to £880.5 million and organic sales growth of 4.6%. Consumer Care remained the key growth driver, with sales increasing 8%, supported by strong demand across several product categories. Beauty Actives recorded growth of 19%, while Beauty Care, Home Care, and Fragrances & Flavours increased by 4%, 9%, and 8% respectively. These gains helped adjusted operating profit rise 6.7% to £155.8 million, with the adjusted operating margin improving to 17.7% despite modest currency headwinds.

    While Life Sciences delivered broadly stable sales and Industrial Specialties experienced a decline, the group generated profit growth that outpaced revenue growth, supported by increasing demand for innovative and protected products. Croda also benefited from the early impact of its transformation programme, which delivered £18 million of incremental cost savings during the first half. Free cash flow increased 36.8% to £38.3 million, while leverage improved slightly to 1.4 times. Management reaffirmed its full-year 2026 guidance, maintaining expectations for organic growth of between 3% and 6% alongside further margin expansion, reflecting confidence in its long-term strategy despite ongoing macroeconomic and geopolitical challenges.

    The company’s outlook remains underpinned by a strong financial position, supported by healthy cash generation and manageable leverage levels. Technical indicators also remain constructive, although valuation continues to be demanding due to the company’s relatively high price-to-earnings multiple. Management also acknowledged execution risks, including exceptional charges and varying performance across business segments, although progress on the transformation programme and reaffirmed guidance provide additional confidence.

    About Croda International

    Croda International is a global specialty chemicals company that develops high-performance ingredients and technologies for the consumer care, life sciences and industrial sectors. Its portfolio includes ingredients for beauty and personal care products, home care applications, pharmaceutical excipients, and crop and seed enhancement solutions. The company focuses on innovation-led, higher-value products designed to support sustainable growth and improve customer performance across global markets.