Author: Fiona Craig

GetBusy (LSE:GETB) reported group annualised recurring revenue of £24.0 million for the first half of 2026, representing growth of 12% at constant currency, as its SmartVault business recorded higher recurring revenue.

SmartVault ARR increased 22% year-on-year to $19.1 million. The company said new business increased 19%, including growth of 52% from Thomson Reuters UltraTax users and 8% from Intuit users following integrations with the platforms.

According to GetBusy, SmartVault is integrated with the major U.S. tax software ecosystems and is used by more than 31,000 professionals across 7,000 firms. The platform manages more than 650 million client documents.

GetBusy said it expects SmartVault ARR growth of approximately 20% for 2026 and anticipates operating leverage will move the business’s EBITDA margin towards 20% during the year.

Wórkiro ARR increased 1% year-on-year to £9.7 million and was 4% higher compared with the start of 2026. The company said growth was supported by customer migrations from Virtual Cabinet and an expanded collaboration with TaxCalc, which provides access to approximately 11,000 accountancy firms.

At group level, recurring revenue increased 11% at constant currency to £11.6 million, while total revenue rose 11% to £12.0 million. Adjusted EBITDA increased to £0.6 million, while the company reported a narrower loss before tax. Net bank debt stood at £0.7 million, representing a modest increase.

Management expects SmartVault to remain the main contributor to group growth and plans to continue migrating customers to Wórkiro. The company also intends to pursue additional integration partnerships for Wórkiro in the UK and Australia and New Zealand.

More about GetBusy Plc

GetBusy plc provides SaaS document workflow software for professional and financial services businesses, with products focused on document management, workflow and compliance requirements.

Its platforms include SmartVault, which serves the U.S. tax preparation market, and Wórkiro, which is designed for professional services businesses and cloud ERP environments. GetBusy’s platforms manage workflows involving more than 1.3 billion documents for over 60,000 users globally.

The company is also migrating customers from its legacy Virtual Cabinet product to Wórkiro as part of its product strategy.

TheWorks.co.uk plc (LSE:WRKS) has raised its FY27 earnings guidance after reporting a 10.4% increase in like-for-like sales during the first 18 weeks of the financial year.

The sales increase compares with like-for-like growth of 5.9% during the corresponding period of FY26. The retailer said growth was recorded across all four of its product categories.

Following the trading performance, the board increased its expectation for FY27 pre-IFRS 16 adjusted EBITDA to at least £16.0 million, compared with its previous guidance of £15.0 million.

The company attributed the sales performance to its product offering and the execution of its Elevating The Works growth strategy.

TheWorks said the wider macroeconomic environment remains uncertain and noted that the Christmas trading period will be an important part of its full-year performance.

More about TheWorks.co.uk plc

TheWorks.co.uk plc is a specialist retailer of arts and crafts, stationery, toys and games, and books, with a focus on affordable, screen-free activities.

The group operates more than 500 stores across the UK and Ireland, selling products aimed at families and consumers seeking value-focused leisure, creative and educational activities.

Forgent plc (LSE:FORG) has completed the first component of its Phase II drilling programme at the 99%-owned Peak Hill Gold-Copper Project in Western Australia, with the drilling rig now moved to the Cathedral prospect.

The company completed 18 holes totalling 710 metres at the Curley’s prospect. The drilling was designed to test the continuity and extent of previously identified mineralisation, with samples now being submitted for assay.

Drilling has subsequently moved to Cathedral, a large target situated between the Curley’s and Junction prospects that has not previously been drilled.

Forgent plans to drill 112 holes at Cathedral as part of the wider Phase II programme, which comprises 130 holes for approximately 8,700 metres across the project.

According to the company, Cathedral represents the principal discovery target of the current drilling phase. Results from the programme will provide additional geological information on the target and the broader Peak Hill project.

More about Forgent plc

Forgent plc is an Australian-focused explorer targeting gold, copper and nickel assets. Its portfolio includes the 99%-owned Peak Hill Gold-Copper Project, an option over the Mount Sholl nickel-copper-PGE project and the Green Rocks copper-gold project.

The company’s exploration strategy focuses on advancing projects with existing mineralisation and historical geological data through further exploration and drilling.

Fulcrum Metals (LSE:FMET) has reported preliminary airborne geophysical survey results from the Charlot-Neely Lake uranium project in northern Saskatchewan, identifying seven uranium-related radiometric anomalies.

The project forms part of Fulcrum’s approximately 594 km² Saskatchewan uranium portfolio, which is currently under option to Terra North Resources. The exploration programme is being funded by Terra North.

One of the identified anomalies is located north of Neely Lake, an area where previous exploration recorded uranium grades of up to 0.8% U₃O₈. Preliminary magnetic data from the survey has also identified two major magnetic domains separated by the approximately 20-kilometre Black Bay Fault.

The airborne programme is expected to cover approximately 2,441 line kilometres across the 163.7 km² Charlot-Neely claim area. Survey work remains underway, including closely spaced east-west flight lines, with further interpretation expected as additional data is collected and processed.

Fulcrum retains exposure to the Saskatchewan uranium portfolio through equity interests in Terra North and Terra Balcanica, as well as rights to future cash and equity consideration and a net smelter return royalty.

The arrangement allows exploration of the uranium assets to be funded by Terra North while Fulcrum directs its own corporate resources towards its mine tailings recovery activities.

More about Fulcrum Metals Plc

Fulcrum Metals Plc is an AIM-listed natural resources company focused on recovering precious and critical metals from mine tailings in Canada using cyanide-free leaching technology developed by Extrakt Process Solutions.

Its core tailings projects are located at the former Teck-Hughes and Sylvanite gold mines in Ontario. The company also holds mineral exploration and development assets in Ontario and Saskatchewan.

Fulcrum has exclusive rights to deploy Extrakt’s technology across legacy gold mine waste sites in the Timmins and Kirkland Lake districts. The company is working to advance its initial tailings projects towards production while evaluating opportunities to apply the recovery model across additional sites.

Evercore expects banks to provide third-quarter investment banking and trading guidance below consensus forecasts after quarter-to-date capital markets indicators tracked behind expectations.

The firm’s August 2026 Capital Markets Monthly report showed investment banking volumes declining 6% year over year during July, reflecting lower debt capital markets activity despite increases in equity issuance and mergers and acquisitions.

Debt capital markets and syndicated lending volumes declined 18% from the prior-year period. Equity capital markets activity, meanwhile, increased 119%, and M&A volumes rose 11%.

Trading activity showed improvement following a slower July. Evercore said most fixed income, currencies and commodities indicators were tracking at low- to high-double-digit year-over-year growth rates for the quarter to date.

Foreign exchange and commodities volumes each increased 17% year over year, while credit activity rose 10% and rates volumes increased 2%.

Equity-market indicators presented a mixed picture. CBOE volumes were 4% lower than a year earlier, while retail trading activity increased 43% and options activity rose 14%.

Average margin balances were up 32% year over year on a quarter-to-date basis. Evercore said balances remained stable despite some deleveraging associated with artificial intelligence during July.

Based on the quarter-to-date indicators, the firm said third-quarter earnings-per-share estimates may be higher than current activity levels imply.

Evercore expects investment banking and trading guidance to come in below consensus, while guidance or commentary on wealth management and trust fees is expected to be in line with or slightly below forecasts.

The firm also said investors appear aware of the slower quarterly trends, with share prices and valuation multiples adjusting against weaker data and increases in interest rates and oil prices.

Broader equity markets increased 3%, while fixed income markets were unchanged month over month. Average H.8 loan and deposit balances each rose 6% compared with the prior year.

Bank of America strategist Michael Hartnett continues to favour commodities and gold, saying policy measures aimed at containing bond yields are having an effect on financial markets.

“Policy panic [is] working,” Hartnett and his team wrote. They pointed to gains in the Japanese yen while discussing efforts to defend market levels including $4-a-gallon gasoline, 160 dollar-yen and 5% Treasury yields.

Hartnett said central banks are leaning towards rate increases as policymakers seek to maintain credibility and limit upward pressure on bond yields. He said investors should remain long commodities and assets he categorises as debasement hedges, including gold.

His assessment also considered longer-term performance across asset classes. Ten-year rolling returns stand at approximately 15% for U.S. equities and 11% for commodities, while Treasuries have returned negative 2%, according to Hartnett.

The Treasury figure represents the weakest 10-year performance in a century, he said. Hartnett compared the current long-term return environment with previous periods including 1939, 1974 and 2009 for equities and 1933 and 2018 for commodities.

U.S. midterms add another factor to market outlook

Hartnett said investors have largely looked through risks surrounding the upcoming U.S. midterm elections, while assessing several potential outcomes.

He considers a Democratic sweep unlikely because of the Senate electoral map, while noting the administration’s increased use of executive action rather than Congress.

At the same time, Hartnett said Trump’s approval rating has declined to between 35% and 40%, compared with a historical average of 53% two months before midterm elections. Prediction markets now indicate a 50% probability of a Democratic sweep, according to the report.

Hartnett said such an outcome could produce a risk-off response, including an equity decline exceeding 10% alongside lower dollar and bond yields. Conversely, he said an unexpected Republican sweep could result in additional risk-taking.

He characterised a Republican Senate combined with a Democratic House as a modest risk-on outcome, describing the scenario as “gridlock = goldilocks.”

Weekly flows favour cash and fixed income

Cash funds recorded $30 billion of inflows during the week through Sept. 2, the largest amount among the asset classes cited in the report. Bonds followed with $18.3 billion, while gold attracted $3.2 billion and equities received $2.8 billion.

The equity inflow was the smallest in nine weeks. Cryptocurrency funds received $500 million, bringing cumulative inflows over five weeks to $5.5 billion, the highest since October.

Investment-grade bonds attracted $9.2 billion for a 22nd consecutive week of inflows. Treasury funds received $6.2 billion for their 10th consecutive positive week, while high-yield bonds recorded $1.5 billion of inflows. Bank loans experienced $600 million of outflows, their first weekly withdrawal in 13 weeks.

Japanese equities received $1.4 billion, marking a second consecutive week of inflows, while European equities attracted $800 million.

U.S. equities recorded $5.9 billion of outflows for a second week, and emerging-market equities saw $5.4 billion leave. Chinese equities registered $5.3 billion of outflows for a fifth consecutive week.

Technology funds posted $1.5 billion of withdrawals, their largest outflow since June, while financial funds recorded $900 million of outflows for a fifth consecutive week.

Piper Sandler increased its Brent crude forecast for the second half of 2026 to $90 per barrel from $80 per barrel, pointing to constrained Middle East supplies and reductions in Russian refining capacity.

The firm said the oil market has tightened more than anticipated when its previous forecast was established in mid-July.

Piper Sandler characterised the $10-per-barrel increase as “mostly a mark-to-market exercise,” as Brent averaged $88/b through the third quarter. Its earlier forecast had a midpoint of $80/b, set when a memorandum of understanding existed and Strait of Hormuz traffic was operating at a higher baseline.

“Not only has Mideast supply been more constrained, but there’s been zero diplomatic or military movement toward ending the conflict. The term Stalemate applies,” the firm wrote.

Piper Sandler also pointed to lower Russian refining capacity as contributing to its revised oil outlook.

“Drastic cuts to refining capacity in Russia add price support,” the firm said.

The new forecast does not rule out Brent exceeding Piper Sandler’s estimate during the fourth quarter.

“We fear that $90/b for Q4 may prove an under-estimate,” Piper Sandler wrote.

The firm’s data showed Brent averaging $88/b during the third quarter, compared with its $90/b fourth-quarter projection.

U.S. natural gas outlook remains below consensus

Piper Sandler maintained its below-consensus position on U.S. natural gas, citing inventory levels and continued production growth.

Natural gas inventories held a surplus of approximately 150 billion cubic feet compared with five-year averages throughout the injection season, according to the firm. Prices averaged below $3/MMBtu in both the second and third quarters.

Piper Sandler said annual U.S. natural gas production growth of 4% to 5% has maintained what it described as “in easy equilibrium” between supply and demand.

The firm reiterated below-consensus fourth-quarter forecasts and introduced quarterly detail to its 2027 projections. Specific quarterly estimates were not disclosed in the available report.

Piper Sandler’s outlook assumes producers can increase output and supporting infrastructure to accommodate additional domestic electricity consumption and LNG exports at prices above $3/MMBtu.

“US producers can comfortably grow production and infrastructure to meet strong domestic power-demand and LNG export scenarios at $3+ MMBtu,” Piper Sandler wrote.

Under the firm’s assessment, increased electricity demand and expanding LNG export capacity can be supplied without requiring a substantial increase in U.S. natural gas prices.

Barclays has reduced some equity risk exposure ahead of September as its strategists assess seasonal market patterns, softer economic indicators and renewed pressure from interest rates and energy prices.

The bank nevertheless continues to hold a constructive medium-term view on equities, citing economic activity, corporate earnings and relative valuations.

Strategist Emmanuel Cau said the calmer market conditions seen during the summer have shifted towards a more volatile environment.

“Less beta and more tactical hedges seem wise, but a lot of hawkishness is priced in now, while resilient growth & earnings remain a key anchor to the bull market,” he wrote.

Among the factors identified by Barclays is September’s historically weaker seasonality, particularly before U.S. midterm elections. The bank also cited moderation in U.S. activity data and the fading contribution from the second-quarter earnings season.

Interest rates remain another factor in the bank’s assessment. Barclays economists forecast two additional Federal Reserve rate increases in 2026 and also expect further tightening from the European Central Bank and Bank of Japan.

Energy prices represent an additional source of uncertainty. The continuing U.S.-Iran standoff has kept oil prices elevated, with Cau describing energy prices as being in “the danger zone.”

The strategists also said the artificial intelligence investment theme is maturing, with increasing dispersion between companies benefiting from the trend and those experiencing different outcomes.

Barclays said it considers the current risks manageable within its broader equity outlook.

“Big picture, however, we see these hiccups as manageable, as the key pillars supporting equities stay firmly in place,” Cau wrote.

The bank pointed to resilient global activity, earnings-per-share growth of around 20% and valuations that it said continue to favour stocks relative to bonds.

Reflecting its near-term assessment, Barclays reduced beta exposure and moved construction materials to marketweight. It raised insurance to marketweight while retaining a constructive view on capital-expenditure-related opportunities in industrials, technology and mining.