Author: Fiona Craig

LBG Media (LSE:LBG) reported a strong increase in revenue for the six months to 31 March 2026, with total sales rising 19% year-on-year to £52.4 million. Growth was driven by the company’s Direct revenue segment, where income from branded content almost doubled to £37.6 million and accounted for 72% of total group revenue. The performance was supported by continued expansion in the UK market and rapid growth across the United States, reinforcing the group’s strategic focus on advertiser-led content solutions.

Despite the strong Direct revenue performance, the company faced significant headwinds in its Indirect revenue business. Income generated through social media platform and website advertising revenue-sharing arrangements fell 41%, reflecting the impact of changes to Facebook’s algorithm and weaker search-driven traffic. As a result, adjusted EBITDA declined 34% to £8.0 million, while profit before tax dropped 79% to £1.8 million.

In response to the ongoing challenges within the Indirect segment, the board revised its full-year 2026 guidance. The company now expects revenue of between £100 million and £107 million and adjusted EBITDA of £15 million to £20 million. Nevertheless, management highlighted a healthy sales pipeline, improving profitability within the Direct business and a strong net cash position of £28.4 million, which provides flexibility to support investment initiatives and potential acquisitions.

LBG described 2026 as a transitional year as it continues shifting its business towards more predictable and higher-margin Direct revenue streams. The company is also increasing its use of generative artificial intelligence tools, including Mission Control and LAD Radar, to improve operational efficiency, content performance and client engagement. At the same time, management is implementing cost controls and leadership changes aimed at stabilising the structurally challenged web and social advertising operations.

The company’s outlook continues to benefit from solid financial fundamentals, including low leverage and healthy operating and free cash flow generation. However, investor sentiment remains affected by weak technical indicators, with the shares trading below key moving averages and a negative MACD signal. Valuation appears reasonable on earnings metrics, although the absence of a dividend limits support from an income perspective.

More about LBG Media plc

LBG Media plc is a UK-listed digital media and social entertainment company focused on engaging young adult audiences through content distributed across major social media platforms and owned digital properties. The group operates a portfolio of well-known brands that collectively reach hundreds of millions of users globally.

Its brands include LADbible, Betches, SPORTbible and GAMINGbible, which deliver entertainment, sports, lifestyle and gaming content across platforms such as Facebook, Instagram, Snapchat, X, YouTube and TikTok. The company generates revenue through a combination of bespoke advertising campaigns, branded content partnerships and revenue-sharing agreements with digital platforms, helping major brands connect with younger and often hard-to-reach audiences.

Zephyr Energy (LSE:ZPHR) has reached an important development milestone at its Paradox project in Utah after completing an in-line inspection of the 20.9-mile gas pipeline connecting the field to the Northwest Pipeline system. The assessment confirmed that the pipeline is structurally sound at its current operating pressure, with only limited sections identified for routine visual inspection before pressure levels can be increased. The successful outcome removes a significant technical obstacle and allows the company to begin the formal regulatory process required to raise operating pressure and ultimately deliver first gas into a regulated export network.

At the same time, pipeline operator Enbridge is continuing with planned piping and mechanical enhancement work, while Zephyr and its advisers are finalising the design and capacity requirements of the project’s gas processing infrastructure. Alongside these activities, the company is preparing for additional drilling at the Paradox field and advancing a range of commercial initiatives, including asset-level financing discussions, farm-out negotiations and gas offtake agreements.

Management believes the positive pipeline integrity results strengthen the project’s overall development profile and improve its position in ongoing marketing discussions with potential gas buyers. As the infrastructure programme progresses, the company expects to build further momentum towards commercial production from the Paradox asset.

Zephyr’s outlook continues to be supported by strategic operational and corporate developments that have the potential to create significant long-term value despite ongoing financial and market-related challenges. The company’s ability to attract funding, advance infrastructure and expand development opportunities remains a key strength, helping to offset some of the risks associated with its current financial performance and valuation profile.

More about Zephyr Energy

Zephyr Energy is a technology-focused oil and gas company dedicated to the responsible development of energy resources in the Rocky Mountain region of the United States. The company combines conventional energy production with a disciplined approach to capital allocation and operational efficiency.

Its flagship asset is the Paradox project in Utah, which covers approximately 46,000 acres and contains substantial independently certified reserves and resource potential. In addition to Paradox, Zephyr maintains a portfolio of non-operated interests across the Williston Basin and other Rocky Mountain regions, supported by a US$100 million growth partnership designed to accelerate asset development and value creation.

Time Finance (LSE:TIME) has announced that its gross lending book has exceeded £250 million for the first time, reaching a record level compared with £217 million a year ago. The achievement marks the company’s 20th consecutive quarter of lending book growth and reflects continued demand from UK small and medium-sized businesses for its range of funding solutions. The milestone represents another step towards the group’s strategic objective of expanding its lending portfolio beyond £300 million by May 2028, reinforcing its position within the SME finance market.

The company attributed the growth to the strength of its multi-product lending model, which offers businesses access to a range of financing options tailored to different funding requirements. Sustained expansion of the loan book has been a key component of Time Finance’s growth strategy and continues to support the group’s long-term development plans.

Alongside the lending update, Time Finance confirmed its upcoming financial reporting timetable. A trading update for the year ended 31 May 2026 is scheduled for release on 25 June 2026, while the company’s final audited results and annual report are expected to be published on 23 September 2026. At the same time, management intends to provide a trading update covering the first quarter of the 2026/27 financial year, offering investors additional insight into the performance and momentum of its lending activities.

The company’s outlook remains supported by strong operational performance and positive corporate developments. Technical indicators suggest the shares may have scope for further gains, while valuation metrics point to potential undervaluation relative to the company’s growth trajectory. In the absence of new earnings call commentary, the investment case continues to be driven primarily by the strength of the lending book expansion and the company’s execution against its strategic objectives.

More about Time Finance plc

Time Finance plc is an AIM-listed specialist finance provider focused on supporting UK small and medium-sized enterprises with flexible funding solutions. The company offers a diversified range of products, including asset finance, invoice finance and secured loans, helping businesses access capital to support growth and operational requirements.

The group primarily operates as an own-book lender, generating income from assets held on its balance sheet, while also retaining the ability to broker transactions when appropriate. This flexible approach allows Time Finance to manage lending volumes through different market conditions while continuing to expand its presence within the UK SME finance sector.

Nanoco Group plc (LSE:NANO) is continuing to streamline its operations and focus resources on its most promising commercial opportunities as it seeks to maximise shareholder value and preserve capital. The nanomaterials specialist has been refining its strategy around core business areas while reducing operating costs in response to a more constrained funding environment.

The company has announced that leading proxy advisory firm Glass Lewis has recommended that shareholders vote in favour of the proposed cancellation of Nanoco’s London Stock Exchange listing. According to the board, moving away from the public market will reduce regulatory and administrative costs, allowing the business to deploy its remaining resources more effectively. While the shares would no longer be publicly traded, the company intends to establish a matched bargain facility to provide shareholders with a mechanism to buy and sell shares following the delisting. Nanoco is encouraging investors to support the relevant resolutions at its general meeting scheduled for 19 June.

The company’s outlook remains constrained by weak underlying financial performance, including ongoing losses, deteriorating operating cash flow and a balance sheet that currently reflects negative equity. Market indicators also remain unfavourable, with the shares trading below all major moving averages, highlighting continued weakness in investor sentiment. Although the stock appears inexpensive on a price-to-earnings basis, valuation support is limited by the lack of strong fundamental performance.

More about Nanoco Group plc

Nanoco Group plc is a UK-based technology company specialising in the development of advanced nanomaterials, including quantum dots and other nanoscale materials used in electronic, sensing and imaging applications. Its technologies are designed to support a range of high-growth markets where enhanced material performance can deliver commercial advantages.

The company has been undertaking a strategic restructuring programme aimed at concentrating resources on its most promising technologies and commercial opportunities. By reducing its cost base and focusing on core activities, Nanoco is seeking to improve operational efficiency while preserving capital and creating long-term value for shareholders.

MJ Gleeson plc (LSE:GLE) has cautioned that the completion of a significant Gleeson Land site sale is now expected to be delayed beyond the current financial year. The transaction, which accounts for approximately half of the division’s anticipated plot sales for FY2026, has largely satisfied its technical requirements, but completion is now expected to occur during the first half of the next financial year. The company also reported delays to two smaller land sales, reflecting slower decision-making by national housebuilders, although it still expects to complete an additional site sale before the end of June 2026. Management noted that demand for high-quality development land remains healthy despite the longer transaction timelines.

The postponement of these land sales is expected to have a meaningful impact on earnings for the current year. As a result, MJ Gleeson anticipates that adjusted group profit before tax for the year ending 30 June 2026 will be approximately £7.5 million below existing market expectations. While the delays affect the timing of profits, management stressed that trading within the Gleeson Homes division continues to perform in line with expectations and remains confident that the company’s portfolio of strategically located development sites will continue to attract buyer interest. A more detailed trading update is scheduled to be released in July.

The company’s outlook remains challenged by weak technical indicators, with the share price trading below key moving averages, a bearish MACD reading and an extremely low RSI highlighting negative market momentum. From a valuation perspective, the shares also appear relatively demanding compared with current earnings expectations. Financial performance presents a mixed picture, supported by a strong balance sheet and modest revenue growth, but offset by pressure on margins and recent negative operating and free cash flow trends.

More about MJ Gleeson plc

MJ Gleeson plc is a UK housebuilder and land development specialist operating through two core divisions: Gleeson Homes and Gleeson Land. The company focuses on delivering affordable homes in underserved markets while also identifying, promoting and selling residential development land.

Through its Gleeson Land business, the group works to secure planning permissions and enhance the value of development sites before selling them to national housebuilders and other developers. Its activities are concentrated primarily in England, where it aims to benefit from long-term demand for both affordable housing and well-located residential development opportunities.

Oxford Instruments (LSE:OXIG) delivered full-year 2025/26 results that came in slightly ahead of expectations, with a stronger second-half performance helping to offset challenges experienced earlier in the year, particularly within its Imaging & Analysis division. Group revenue declined 4.6% to £423.2 million, while adjusted operating profit fell 7.3% to £73.7 million. However, reported operating profit increased significantly compared with the previous year, which had been affected by impairment charges, and operating margins improved on a constant-currency basis.

The company continued to reshape its portfolio during the year through the disposal of its NanoScience business, a move that has increased management focus on higher-growth areas while enhancing profitability. The transaction contributed to a rise in net cash to £94 million and supported both a £62.2 million share buyback programme and a 6.3% increase in the dividend. Within the Advanced Technologies division, orders grew by 28%, driving the order book to a record level and providing strong visibility for revenues extending into the 2027 and 2028 financial years. The group is increasingly targeting opportunities in compound semiconductors and high-volume manufacturing markets while navigating an uncertain geopolitical and macroeconomic backdrop.

Oxford Instruments’ outlook remains supported by healthy profitability, solid cash generation and positive share price momentum, with the stock continuing to trade above key moving averages. These strengths are balanced by a relatively demanding valuation, reflected in a price-to-earnings ratio of approximately 22.3 and a modest dividend yield. While management remains optimistic about future trading, investors are also weighing the impact of recent operational disruptions, currency-related headwinds and ongoing weakness within the Imaging & Analysis segment.

More about Oxford Instruments

Oxford Instruments is a UK-based FTSE 250 technology company that develops and supplies advanced scientific instruments, software and specialist expertise to customers in both research and commercial markets. Its products are used across a range of industries, including materials analysis, semiconductor manufacturing, healthcare and life sciences.

Established in 1959 as the first company spun out from Oxford University, the group has grown into a global technology business that helps bridge the gap between scientific discovery and industrial application. Through continued investment in innovation, particularly in areas such as compound semiconductors, advanced imaging and precision measurement technologies, Oxford Instruments aims to benefit from long-term trends including increased research spending, digitalisation and the transition towards more sustainable technologies.

Orosur Mining (LSE:OMI) has announced a significant drilling result from the APTA prospect at its Anzá Project in Colombia, with hole MAP-106A intersecting 229.7 metres grading 0.88 grams per tonne gold. The intercept included several higher-grade sections, with grades reaching up to 7.07 grams per tonne gold. The result further confirms the presence of a large epithermal gold system and has prompted the company to refine its geological interpretation of the Aragon fault zone, where mineralisation appears to be hosted within silicified sedimentary and volcaniclastic rocks.

The latest drilling has highlighted multiple avenues for future growth at APTA. Orosur plans to continue expanding a deeper high-grade mineralised zone that has already been traced along more than one kilometre of strike length. The company also intends to evaluate the potential for previously unidentified shallow bulk-tonnage mineralisation concealed beneath transported cover and to further investigate a hanging-wall vein structure that may offer attractive development potential. Together, these opportunities significantly enhance the exploration potential of the APTA prospect and could contribute meaningfully to the broader resource base at the Anzá Project.

The findings strengthen the company’s exploration outlook by demonstrating both scale and geological complexity within the system. As drilling continues, management believes the evolving geological model could support additional discoveries and improve the long-term development prospects of the Anzá district.

More about Orosur Mining

Orosur Mining Inc. is a gold exploration and development company listed on both the TSX Venture Exchange and AIM. The company is focused on advancing its wholly owned Anzá Project, located within Colombia’s highly prospective Mid-Cauca gold belt, one of the country’s most significant mineral regions.

Covering approximately 330 square kilometres, the Anzá Project hosts multiple exploration targets, including the high-grade Pepas and APTA prospects as well as the El Cedro porphyry system. Through ongoing drilling and resource expansion programmes, Orosur aims to unlock the potential of this large land package within a prolific Andean gold district.

Keller Group plc (LSE:KLR) has been awarded an additional contract variation valued at $207 million for its ongoing involvement in the reconstruction of the I-40 highway in the United States. The latest award expands a series of work packages that the company has been delivering since 2025 and increases the total value of Keller’s participation in the project to approximately $380 million. Around $70 million of this work has already been completed, with the balance expected to be executed over the next two to three years.

The contract extension has lifted Keller’s order book to a record level of roughly £1.9 billion, providing greater visibility over future revenues and workload. Management said the award reflects both the company’s specialist technical expertise and the confidence of its client in Keller’s ability to deliver complex infrastructure projects. The group also reaffirmed its expectation of reporting full-year 2026 results in line with market forecasts while continuing to play a significant role in one of the United States’ major transport infrastructure upgrades.

Keller’s outlook is supported by improving financial performance and a valuation that remains attractive relative to earnings. Recent management commentary has highlighted strong free cash flow generation, a net cash balance sheet and a continued focus on enhancing shareholder returns. Technical indicators also remain favourable, reflecting a well-established upward trend in the share price. However, elevated RSI and stochastic readings suggest the stock could be vulnerable to a short-term pullback following its recent gains.

More about Keller Group plc

Keller Group plc is the world’s largest specialist geotechnical contractor, delivering foundation engineering, ground improvement and related geotechnical solutions for construction projects around the globe. The company supports a wide range of sectors, including transportation, industrial, commercial, residential and infrastructure development.

With a workforce of approximately 10,000 employees operating across five continents, Keller undertakes around 5,500 projects each year and generates annual revenues of roughly £3 billion. Its expertise in complex ground engineering and large-scale infrastructure projects has established the company as a leading provider of specialist geotechnical services worldwide.