Author: Fiona Craig

SigmaRoc (LSE:SRC) reported revenue of £523.1 million for the first half of 2026, an increase of 2.5%, while underlying EBITDA rose more than 11% to £131.2 million.

The European lime and minerals group recorded a 200-basis-point increase in its underlying EBITDA margin. Underlying earnings per share increased 12.2% compared with the prior-year period.

Net debt declined 7.2%, while covenant leverage improved to 1.66x. Return on invested capital increased to 11.8%.

Operationally, core volumes rose 1% during the period, while the company said pricing remained firm. SigmaRoc attributed its margin performance to commercial and operational measures alongside cost controls.

The group also secured permits covering an additional 64 million tonnes of high-grade limestone resources in Sweden. SigmaRoc reported an AAA ESG rating during the period.

On financing, the company put in place a new investment-grade facility and accordion, increasing the funding available for potential acquisitions.

SigmaRoc said trading remained resilient despite geopolitical tensions in the Middle East, citing its range of end markets and flexible cost structure.

The company reported that trading in the seasonally stronger second half was running ahead of the comparable period last year. The board reiterated its expectation that full-year 2026 results will be in line with market expectations.

Management identified energy transition, defence and data infrastructure as areas contributing to demand across markets served by the group.

More about SigmaRoc

SigmaRoc is a quoted European lime and minerals group producing lime and limestone-based products for a range of industrial and construction applications.

Its products are used in areas including construction, environmental remediation, battery production and other industrial projects. The group operates a portfolio of mineral assets and pursues growth through acquisitions alongside operational and cost-efficiency measures.

XP Factory PLC (LSE:XPF) reported underlying group revenue of £59.6 million for the year ended 29 March 2026, up 3%, while pre-IFRS 16 adjusted EBITDA declined to £5.5 million amid higher labour costs and lower demand in the competitive socialising market.

Net debt increased to £5.9 million. During the period, the group secured a new £20 million revolving credit facility with HSBC to support its funding and capital allocation requirements.

The owner-operated Escape Hunt business recorded an 11% increase in revenue to £15.8 million, with UK like-for-like sales rising 4.6%. Site-level EBITDA margins were 42%. The division added locations in Canterbury and Sheffield as part of its estate expansion.

Owner-operated revenue at Boom Battle Bar increased 2% to £42.8 million. UK like-for-like sales declined 8%, while site-level EBITDA margins decreased to 17%. The company said the performance was recorded against a declining experiential leisure market.

Trading following the year-end was affected by unusually warm and dry weather, which the company said reduced demand for indoor venues. XP Factory said trading conditions have subsequently normalised.

The group reported that December business-to-business bookings were running 15% ahead of the prior year, providing an early indication of demand for the Christmas trading period.

XP Factory has implemented £1 million of reductions in head-office costs and identified more than £2 million of annualised savings at site level.

The company is continuing to expand the Escape Hunt estate, with several new locations planned during 2026. Its longer-term objective is to operate 100 owner-operated sites across the UK and Ireland.

Chairman James van den Bergh described FY26 as a year of resilience rather than progress. The board remains cautious about the timing of a recovery in consumer demand as the group enters FY27 with a reduced cost base and continues to assess opportunities within the experiential leisure market.

More about XP Factory PLC

XP Factory PLC is a UK-based experiential leisure group operating the Escape Hunt and Boom Battle Bar brands.

Escape Hunt provides escape-room experiences through owner-operated UK locations, international franchises and digital games, serving consumer and corporate customers.

Boom Battle Bar operates owner-operated and franchised competitive socialising venues offering activities including augmented reality darts, axe throwing and crazier golf, alongside food and drinks.

Ashmore Group (LSE:ASHM) reported a 13% increase in assets under management to US$54.0 billion for the year ended 30 June 2026, supported by net inflows and investment performance across emerging markets.

The asset manager recorded net inflows of US$2.7 billion during the year. Equities represented 19% of total assets under management, while assets in alternative strategies increased 25%. Ashmore said 16% of group assets are now managed through its local offices.

The company reported that a majority of assets under management in its active strategies outperformed their respective benchmarks over one-, three- and five-year periods. Flows were recorded across fixed income, equities and alternatives.

Profit before tax increased 17% to £126.9 million despite lower performance fees, while diluted earnings per share rose 28%. The results included £82.5 million of gains from seed capital investments.

Ashmore maintained its dividend for the year.

The company also entered into a strategic partnership with Japan Post Insurance, which includes a US$1 billion commitment. Ashmore said the arrangement forms part of its efforts to develop its business and client relationships in Japan.

Management said emerging markets continue to be supported by factors including economic fundamentals and moderating inflation, while noting ongoing geopolitical tensions.

More about Ashmore Group PLC

Ashmore Group plc is a London-based specialist emerging markets asset manager offering active investment strategies across fixed income, equities and alternatives.

The company serves institutional and retail clients globally and operates in local markets including Colombia, Indonesia and India. It also has an established presence serving clients in Japan.

Grainger (LSE:GRI) reiterated its target of delivering 35% earnings growth between FY25 and FY29 after reporting portfolio occupancy above 96% for the 11 months to the end of August 2026.

The private rental housing provider reported like-for-like Build to Rent rental growth of 3%, in line with its guidance, alongside continued demand across its portfolio.

Grainger said leasing at recently launched developments, including Glasshouse Square in Bristol, was running ahead of its underwriting assumptions.

The company also said it has adapted its operations to the new Renters’ Rights Act and has not recorded an increase in tenant departures or rent challenges following the changes.

Grainger’s earnings growth target is supported by three committed Build to Rent developments and its wider secured development pipeline. The company has received planning permission for a 425-home development at Cambridge North.

Alongside its development programme, Grainger is pursuing an accelerated disposal programme covering approximately £850 million of non-core assets.

The group is targeting a £300 million to £350 million reduction in net debt by FY29 and is also seeking additional cost savings. These measures are intended to offset the impact of higher interest costs as the company works towards its FY29 earnings target.

More about Grainger

Grainger plc is a U.K.-listed provider of private rental housing and operates in the Build to Rent sector. Its portfolio comprises more than 11,000 rental homes.

The company develops and manages rental communities and works with infrastructure and transport organisations, including Network Rail and Transport for London, on developments in urban locations.

PetroTal (LSE:TAL) reported average group production of 13,181 barrels per day for the year to date, approximately 3% above budget, while also securing revised royalty terms for incremental production at its Los Angeles field in Peru.

Group production averaged 11,709 barrels per day in August, with output primarily coming from the Bretana field.

At Bretana, PetroTal completed a pulling campaign and workovers involving five wells. The programme included replacing pumps and tubing and increasing water injection capacity.

The company plans to resume development drilling in October, with the Estrella drilling rig already at the site.

In Block 131, PetroTal secured a revised price-linked royalty structure covering incremental production from the Los Angeles field. Royalty rates for production from deeper formations will be capped at 5%.

As part of the revised arrangements, PetroTal will increase its contributions to the social fund and has committed to drilling two wells within two years.

Separately, the company is retendering its erosion control project at Bretana after ending its arrangement with the previous contractor. PetroTal is continuing interim remediation work while preparing to restart construction under a new contract.

The company has also updated its corporate presentation ahead of investor meetings in London.

More about PetroTal Corp

PetroTal Corp. is a Calgary-domiciled oil and gas development and production company with listings including LSE:TAL. Its operations are focused on onshore crude oil assets in Peru.

The company’s principal producing asset is the Bretana Norte oil field in Block 95. PetroTal also operates the Los Angeles field in Block 131.

Team Internet (LSE:TIG) reported an unaudited operating profit of USD 3.0 million for the first half of 2026, marking its first positive half-year operating result since 2024, as the group continued the transition of its Search business.

Net revenue was USD 61.0 million, with a gross margin of 34.1%. The company said its higher-margin DIS operation and growing Comparison business accounted for an increasing proportion of the group’s earnings following changes to Search.

Adjusted EBITDA was USD 19.5 million, equivalent to 32.0% of net revenue. Adjusted operating cash flow declined to USD 3.6 million, resulting in cash conversion of 18%.

Team Internet attributed the lower cash conversion to a one-off working capital impact associated with the non-renewal of a registry contract. Net debt increased to USD 117.6 million, also reflecting the working capital movement and USD 14.8 million of tax payments relating to previous years.

The company reported available liquidity of USD 78.2 million and said the board expects net debt to decline significantly during the second half of 2026.

Operationally, Team Internet reported growth in DIS and higher margins in its Comparison operation. The Search business, which has been reduced following its transition, returned to profit in June, according to the company.

Team Internet also said its strategic review has reached an advanced stage. Discussions remain underway regarding potential transactions involving all or parts of the division.

The company said potential transactions under discussion could result in a valuation materially above USD 160 million. No transaction has been confirmed in the supplied information, and the strategic review remains ongoing.

More about Team Internet Group

Team Internet Group plc is a global internet company operating across online presence and digital commerce.

Its DIS operation distributes domain names and related digital products through approximately 17,000 channel partners worldwide. According to the company, DIS supports registry platforms for more than half of the top 20 new top-level domains and serves small businesses, retail customers and larger enterprises.

The group’s digital commerce activities include Comparison and Search. Comparison operates consumer guidance platforms, including in Germany, while Search connects online audiences with advertisers through search-based advertising formats.

Asiamet Resources Limited (LSE:ARS) has confirmed that all conditions precedent relating to the proposed sale of Indokal Limited, which holds a 100% interest in the KSK Project in Indonesia, to Norin Mining (Hong Kong) Limited have been satisfied or waived.

The AIM-listed mining and exploration company said the parties are now proceeding with the remaining steps required to complete the transaction.

Asiamet expects completion of the sale to take place shortly. The company did not provide a specific completion date in the supplied announcement.

Indokal is currently a wholly owned subsidiary of Asiamet and holds the company’s 100% interest in the KSK Project. Completion of the transaction will therefore result in the disposal of the project to Norin Mining.

The latest announcement confirms that the regulatory and contractual conditions required ahead of completion have been addressed. Further details are expected following completion of the transaction.

More about Asiamet Resources

Asiamet Resources Limited is an AIM-listed mining and exploration company focused on copper and other base metal assets in Indonesia.

Its portfolio has included the KSK Project, which is held through wholly owned subsidiary Indokal Limited. The company’s activities include developing mineral projects and undertaking transactions involving its asset portfolio.

Gamma Communications (LSE:GAMA) reported a 4% increase in first-half 2026 revenue to £330 million, while its board has recommended an all-cash takeover offer from Epiris.

Gross profit increased 4% year-on-year, with the gross margin unchanged at 54%. The company reported adjusted cash conversion of 97% and return on capital employed of 30%, while recurring revenue represented 90% of the group total.

Gamma said its German SME operation recorded a 30% increase in gross profit, while its Service Provider business also improved. These gains were partially offset by margin pressures in the UK SME and Enterprise businesses amid challenging domestic economic conditions.

The group also reported continued cash generation and a reduction in leverage following its acquisition of Starface.

In the UK, Gamma said demand continued for cloud communications and full-fibre connectivity products. Gross profit associated with PSTN services remained stable, supported by pricing measures. The company also reported progress in the Asia-Pacific region, including additional licences and new customers.

Gamma continued the deployment of Cisco’s Webex for Gamma across its core markets during the period and expanded the use of AI-enabled capabilities within its communications offering.

Separately, Gamma’s board has recommended an all-cash acquisition by Epiris. Following the recommendation, dividend payments and share buybacks have been suspended.

The board said its assessment of the offer took into account the risks associated with executing Gamma’s standalone strategy and prevailing market conditions. The proposed transaction remains a material consideration for shareholders alongside the company’s first-half operating performance.

More about Gamma Communications

Gamma Communications is a FTSE 250-listed provider of communications technology serving small and medium-sized businesses, larger companies and public-sector organisations.

The group provides cloud communications software, calling and network connectivity through its own telecommunications infrastructure and third-party platforms. Its operations include the UK, Germany, Spain and the Netherlands, with more than 2,000 employees.

Gamma serves customers through channel partners and direct relationships. Its operations include Gamma Business for UK SMEs, Gamma Enterprise for larger organisations and a German business serving SMEs through partners and a self-service digital platform.

The company also works with technology providers including Cisco, offering communications services incorporating telephony, messaging, video and AI-enabled customer experience capabilities.

Gateley (LSE:GTLY) has announced that its Austen Hays business has secured a settlement in its first class action case, with settlement payments expected to be available for distribution by 31 March 2027.

The professional services group said the agreement is expected to materially increase Austen Hays’s contribution to the group and provide a cash benefit to Gateley’s net debt position during the current financial year.

The settlement represents the first class action case completed by Austen Hays. Gateley said the outcome reflects progress within the business following its previous investment in the operation.

The board said the settlement also supports the group’s strategy of generating returns from historical growth investments, with a focus on their contribution to revenue and margins.

Gateley did not provide financial details of the settlement in the supplied announcement. The company said further information on the agreement will be provided alongside its upcoming first-half pre-close trading update, which will also cover the group’s wider trading performance.

More about Gateley (Holdings)

Gateley (Holdings) Plc is a U.K.-listed professional services group operating on AIM under the ticker GTLY. The company provides legal and related advisory services, including class action services through its Austen Hays business.

The group’s strategy includes generating returns from previous growth investments and increasing their contribution to group revenue and margins.

Churchill China (LSE:CHH) reported revenue of £37.4 million for the six months ended 30 June 2026, down 2.9% from the same period a year earlier, as lower UK hospitality and materials sales offset increases in European and U.S. revenue.

Profit before tax and exceptional items declined 19.4% year-on-year to £2.5 million. The company reported improved cash generation during the period, with net cash increasing to £8.5 million.

Churchill China maintained its interim dividend at 7p per share.

The company said sales declines have stabilised and factory performance has improved. It also continued capital expenditure during the period and reduced inventory, which supported cash generation.

Trading was affected by costs associated with European distribution and freight expenses linked to conditions in the Middle East. Churchill China said it nevertheless expects full-year profitability to be in line with its expectations.

Management said the company has gained market share and improved its competitive position despite lower demand across global hospitality markets. The group also continues to face uncertainty associated with geopolitical conditions.

Chief Executive Officer James Roper plans to focus on increasing project business, expanding the customer base and using recent investments in products, employees and manufacturing capabilities to support sales growth.

More about Churchill China

Churchill China is a U.K.-based manufacturer of ceramic products for hospitality markets. The company supplies tableware and related products to customers in the UK and international markets, including Europe and the U.S.

The group operates manufacturing facilities in Stoke-on-Trent and has been investing in automation and production efficiency. Its business includes replacement-driven sales to hospitality customers.