Author: Fiona Craig

SkinBioTherapeutics (LSE:SBTX) has published unaudited interim results for the six months ended 31 December 2025, reporting revenue growth of 37.4% to £2.17 million while confirming a series of governance and accounting changes following an investigation into actions taken by its former chief executive.

The increase in revenue was supported by a full six-month contribution from Bio-Tech Solutions, steady performance from the Dermatonics product range, the rollout of AxisBiotix products into more than 180 Superdrug stores and the receipt of initial licensing income. Gross margins remained broadly stable at approximately 56%, while operating losses narrowed modestly compared with the prior period.

The company said trading in its AIM-listed shares will be restored following the publication of the results. Management is continuing to focus on expanding the Dermatonics brand, driving cost-effective growth for AxisBiotix, improving operational performance at Bio-Tech Solutions and advancing Zenakine, which recently received industry recognition.

The reporting period was significantly impacted by the suspension and subsequent resignation of the former CEO after an independent investigation identified fabricated documentation that resulted in the incorrect recognition of approximately £0.77 million in accrued royalty revenue during FY25. The investigation, conducted by FRP Advisory, led to a restatement of FY25 revenue from £4.64 million to £3.87 million and an increase in the reported EBITDA loss.

While investigators found no concerns relating to the company’s cash balances, the review identified weaknesses in governance processes and issues relating to the timing of bonus-related accounting. In response, SkinBioTherapeutics has implemented a number of corrective measures, including board changes, the repayment of certain bonus payments, enhanced financial controls and the appointment of a new audit firm.

The company is also pursuing the recovery of approximately £0.7 million in investigation-related costs and is working to rebuild confidence among shareholders, commercial partners and other stakeholders following the findings of the review.

Although revenue growth remains encouraging and the balance sheet is relatively conservative, the company’s outlook continues to be affected by ongoing losses and weak cash flow generation. Technical indicators also remain negative, with the shares trading below major moving averages and momentum measures remaining under pressure. Valuation support is limited due to the absence of profitability and dividend payments.

More about SkinBioTherapeutics

SkinBioTherapeutics is a UK-based life sciences company focused on developing and commercialising microbiome-based technologies for skin health and wellness applications. Its portfolio includes Dermatonics footcare products, AxisBiotix nutritional supplements for blemish-prone skin, Zenakine cosmetic ingredients and the Bio-Tech Solutions manufacturing and services business. The company distributes products through NHS channels, podiatry specialists and major high street retailers while continuing to expand its presence in the consumer health and beauty sectors.

Aptamer Group (LSE:APTA) has begun a funded research collaboration with Imperial College London aimed at adapting its proprietary folic acid Optimer binders for use in rapid lateral flow tests designed to measure folate levels in fortified foods.

The programme is supported by funding from the Gates Foundation and seeks to address the shortage of practical testing tools available for food fortification initiatives, particularly in lower-income countries. Such programmes are intended to reduce folic acid deficiency and help prevent associated birth defects, but often lack simple point-of-production methods for monitoring nutrient levels.

As part of the collaboration, Aptamer will focus on developing sample preparation techniques suitable for field deployment and validating its folic acid Optimer binders by July 2026. Once validated, the binders will be supplied to Imperial College for integration into lateral flow testing devices, with field trials and validation work expected to be completed by the end of 2026.

The company has structured the agreement to create potential long-term commercial opportunities. Aptamer expects to benefit from a future licensing arrangement for the technology while also supplying Optimer binders for device manufacturing. Importantly, the group will retain ownership of its underlying intellectual property, preserving the potential for future applications and recurring revenue streams.

Management believes the collaboration could strengthen Aptamer’s position in the global diagnostics market while demonstrating the versatility of its Optimer technology in addressing public health challenges.

Despite the strategic potential of the project, Aptamer’s outlook remains constrained by weak financial performance, including a significant decline in revenue, ongoing losses and negative cash flow. Technical indicators also remain under pressure, with the shares trading below major moving averages and momentum measures remaining weak despite signs of oversold conditions. Valuation support remains limited due to negative earnings and the absence of a dividend.

More about Aptamer Group Plc

Aptamer Group plc is a life sciences company focused on the development of synthetic affinity binders known as Optimers. These proprietary molecules are designed for use across diagnostics, therapeutics and research applications, offering an alternative to traditional antibodies. The company works with academic and commercial partners to incorporate its Optimer technology into diagnostic assays, lateral flow devices and other analytical platforms.

Mpac Group (LSE:MPAC) has announced the sale of its bespoke automation division, Mpac Lambert, including the SIGA Vision business, to Italy-based Mech.i. Tronic S.p.A. in a transaction valued at up to £20 million, while also warning that earnings for 2026 are expected to fall materially short of market forecasts.

The company said first-half margins are likely to be lower than those achieved in the corresponding period last year, reflecting a combination of delayed customer investment decisions, increased pricing pressure and reduced operational leverage. As a result, management expects underlying profit before tax for 2026 to be substantially below current market expectations.

To address the more challenging trading environment, Mpac has implemented additional measures aimed at improving efficiency and cash generation. These include actions to increase volumes, reduce overhead costs, align manufacturing capacity with demand levels and preserve liquidity. The company reported an order book of £98.8 million and said maintaining covenant headroom and strengthening cash flow remain key priorities.

Alongside these operational initiatives, Mpac has agreed to dispose of Mpac Lambert as part of a broader strategic focus on scalable, full-line packaging machinery solutions. The transaction includes an initial consideration of £16 million, with up to a further £4 million payable through earn-out arrangements, subject to regulatory approvals and other completion conditions.

Management expects the proceeds to significantly reduce net debt, which stood at £47.9 million, while sharpening the group’s strategic focus on its core packaging automation activities. The company believes the disposal will leave the business better positioned to benefit when customer investment activity recovers.

Mpac’s outlook remains challenged by weaker financial performance, including a net loss reported in 2025, negative operating and free cash flow, and higher leverage levels. Technical indicators also remain unfavourable, with the shares trading below key moving averages and momentum measures remaining weak. Valuation support is limited as earnings remain under pressure and the company does not currently offer a dividend yield.

More about Mpac Group PLC

Mpac Group plc is a global provider of high-speed packaging and automation solutions, designing and manufacturing precision machinery, production systems and end-of-line packaging equipment. Headquartered in Coventry, the company serves customers in the food, beverage and healthcare sectors across more than 80 countries through a portfolio of brands that includes BCA, Langen, Switchback and CSi. The group combines equipment sales with recurring service and support activities to provide integrated automation solutions worldwide.

Pharos Energy (LSE:PHAR) has eliminated all outstanding receivables relating to its Egyptian operations after receiving $12.6 million in payments during 2026, in addition to a $20 million payment received at the end of 2025.

The milestone leaves the company’s Egyptian receivables position fully current for the first time since it acquired the assets in 2019. Management attributed the improvement to ongoing engagement with Egyptian authorities and the introduction of a strengthened fiscal framework under a new consolidated concession agreement. Pharos also confirmed that it has received all contingent payments associated with its previous farm-out arrangement with IPR.

With the payment backlog resolved, the company has restarted drilling operations in Egypt as part of a six-well campaign designed to support future production and development objectives. The first well in the programme, Silah 8-2, was spudded on 4 June 2026.

Pharos plans to invest approximately $11 million in capital expenditure as it seeks to unlock additional value from its Egyptian asset portfolio. Management believes the combination of improved payment discipline and renewed operational activity strengthens the company’s financial position and creates a more supportive environment for investment and production growth.

The company’s outlook continues to benefit from a strong balance sheet, minimal leverage and healthy free cash flow generation. Technical indicators also remain broadly supportive, reflecting a positive longer-term trend. These strengths are partly offset by fluctuations in profitability and revenue, while a negative price-to-earnings ratio highlights ongoing earnings volatility despite the support of a dividend yield.

More about Pharos Energy

Pharos Energy plc is an independent oil and gas company with a portfolio of production, development and exploration assets in Vietnam and Egypt. Listed on the Main Market of the London Stock Exchange, the company focuses on sustainable growth through disciplined capital allocation, cash-generative operations and opportunities for both organic development and strategic expansion.

Neo Energy Metals (LSE:NEO) has suspended Chief Financial Officer De Wet Schutte as the company conducts an investigation into potential misconduct, while emphasising that the matter does not relate to financial mismanagement and has no impact on the group’s financial position.

The company said the investigation is ongoing and that further updates will be provided when appropriate. To ensure continuity during the process, the board has appointed Martin Westerman to oversee the finance function and maintain day-to-day financial operations.

Management stressed that the suspension does not affect the company’s financial stability or operational activities. The move reflects the board’s commitment to maintaining strong governance standards and ensuring appropriate oversight while the matter is reviewed.

The announcement comes as Neo Energy Metals continues to advance its growth strategy in South Africa. The company has established a significant uranium and gold resource base through its two flagship uranium projects and is pursuing an additional listing on the Johannesburg Stock Exchange Main Board in 2026 to broaden its access to capital markets and expand its investor base.

The board believes the steps taken will help preserve operational continuity and governance integrity while the investigation is completed.

More about Neo Energy Metals

Neo Energy Metals is a South Africa-focused uranium and gold development company listed on the London Stock Exchange’s Main Market and the A2X exchange. The company is targeting a further listing on the JSE Main Board in 2026 and holds two South African uranium projects containing a combined JORC- and SAMREC-compliant resource of approximately 31.5 million pounds of uranium and 1.2 million ounces of gold.

Mila Resources (LSE:MILA) has reported the final assay results from a 12-hole reverse circulation drilling programme at its Yarrol Gold Project in Queensland, with the latest results reinforcing the scale and continuity of the mineralised system.

According to the company, the drilling has confirmed multiple high-grade gold shoots contained within broader zones of moderate-grade mineralisation. The programme also demonstrated that mineralisation extends beyond the boundaries of the historic resource area and remains open both along strike and at depth, highlighting additional exploration potential.

The results mark an important step in the project’s advancement, enabling Mila to move into the next phase of development. Work will now focus on pre-resource evaluation activities, including detailed geological modelling and the preparation of an initial mineral resource estimate, which could provide the foundation for future economic studies.

Alongside progress at Yarrol, the company continues to advance its wider Australian exploration portfolio. At the Monal gold-copper project in Queensland, induced polarisation geophysical surveys and additional mapping programmes are underway to refine porphyry-related drill targets. Meanwhile, Mila has initiated a strategic review and resource update at the Kathleen Valley gold project in Western Australia, with the aim of identifying and unlocking further value from the asset.

By progressing Yarrol towards resource definition while simultaneously advancing exploration and development work across its other projects, Mila is seeking to establish a diversified pipeline of gold and gold-copper assets capable of supporting future growth and enhancing long-term optionality for shareholders.

The company’s outlook remains constrained by the absence of revenue, ongoing losses and persistent negative free cash flow. However, technical indicators provide some support, with the shares trading above key moving averages, although momentum measures suggest the stock may be approaching overbought territory. Valuation metrics remain limited by negative earnings and the lack of a dividend.

More about Mila Resources

Mila Resources is a London-listed exploration and development company focused on gold and copper opportunities in Australia. Its portfolio includes the Yarrol and Monal projects in Queensland, as well as a 30% interest in the Kathleen Valley gold project in Western Australia, where the company also holds an earn-in right that could increase its ownership to 80%. The assets provide exposure to both established and emerging mineral districts across Australia.

MTI Wireless Edge (LSE:MWE) has strengthened its presence in the defence sector after a contract held by subsidiary P.S.K. Wind Technologies with the Israeli Ministry of Defence increased in value from $2.2 million to approximately $4.5 million.

The expanded agreement covers the supply of communications infrastructure and is expected to be completed by the end of the first quarter of 2027. Management said the increase reflects growing demand for the group’s defence-related technologies and highlighted a robust pipeline of opportunities across all three of its operating divisions.

The enlarged contract enhances MTI’s visibility within the defence market and is expected to provide additional revenue support over the coming years. The company believes the development reinforces its reputation as a provider of advanced communications and infrastructure solutions to military customers at a time when defence spending remains elevated in many regions.

Management also pointed to a healthy order book and increasing levels of customer engagement across the business, suggesting potential for further contract awards. The company’s expertise in antennas, communications systems and specialised defence technologies is viewed as an important competitive advantage in securing future growth opportunities.

MTI’s outlook is supported by strong financial characteristics, including low leverage, consistent profitability and an attractive valuation profile. The shares also benefit from a healthy dividend yield and a relatively low earnings multiple. These strengths are partly offset by a mixed technical picture, with recent share price weakness contrasting with more supportive longer-term trends.

More about MTI Wireless Edge

MTI Wireless Edge is an Israel-based technology company focused on communication and radio-frequency solutions through its antenna, water management, and distribution and consulting divisions. The group develops and supplies advanced antenna technologies, including smart, MIMO and dual-polarity systems for military and commercial applications.

Through its subsidiary Mottech, the company provides remote monitoring and control systems for irrigation, water distribution and wastewater reuse projects serving agricultural, municipal and commercial customers. Another subsidiary, MTI Summit Electronics, delivers RF and microwave engineering services, consulting and integrated communications solutions for government, defence and critical infrastructure clients, including applications involving aerostats, SIGINT, RADAR and observation systems.