Author: Fiona Craig

IXICO (LSE:IXI) expects to report revenue of £8.3 million for the financial year ended 30 September 2026, representing a 28% increase compared with the previous year and exceeding its previously upgraded guidance.

The neuroscience imaging and biomarker analytics specialist said its performance benefited from an increase in analysis orders towards the end of the financial year.

The company also reported a year-end order book of £16.0 million, providing visibility over contracted work as it enters the 2027 financial year.

IXICO expects its earnings before interest, tax, depreciation and amortisation (EBITDA) loss for FY26 to be lower than current market expectations, despite increased investment in its growth strategy.

The company did not provide a specific EBITDA loss estimate in the trading update.

Its year-end cash balance stood at £10.4 million, following a capital raise completed in April 2026.

The additional funding supports IXICO’s Innovate, Lead, Scale strategy, including investment in its IXI platform and the development of its technology-driven neuroscience services.

IXICO provides imaging analysis and biomarker services for clinical trials involving neurological conditions, including Alzheimer’s, Huntington’s and Parkinson’s diseases.

Its technology is designed to process medical imaging data and measure biomarkers associated with neurological disease identification and progression.

The company works with pharmaceutical and biotechnology businesses, research organisations and other groups conducting clinical studies.

Management is pursuing an expansion of IXICO’s technology platform and analytical capabilities as part of its broader TechBio strategy.

For investors, the trading update provides three principal financial indicators: revenue growth above guidance, a £16.0 million order book and a £10.4 million cash position.

The order book provides a measure of contracted future activity, although the timing of revenue recognition will depend on the delivery of the underlying services.

The expected reduction in the EBITDA loss relative to market forecasts also indicates that the company anticipates a better financial result than previously expected, while continuing to invest in its operations.

Looking ahead, investors will be monitoring the conversion of the order book into recognised revenue, the company’s expenditure on platform development and its progress towards improved profitability.

Galliford Try (LSE:GFRD) has been appointed to Pagabo’s £5 billion National Framework for Major Works, gaining access to public sector construction opportunities across several UK regions over the next four years.

The construction group has secured positions on two sections of the framework, covering projects of different sizes and geographical locations.

Under Lot 4, Galliford Try will be eligible to compete for building projects valued between £30 million and £60 million in London, the South East and the South West of England.

The company has also been appointed to Lot 5 in Scotland, covering major construction projects valued above £60 million.

The framework is designed to support the procurement and delivery of public sector buildings, providing local authorities and other public bodies with access to approved construction contractors.

Galliford Try’s appointment follows its recent inclusion on Pagabo’s infrastructure framework, extending its participation in the organisation’s public sector procurement arrangements.

The latest agreement provides the group with opportunities to tender for additional construction projects in its selected regions. However, the £5 billion figure represents the overall value of the framework rather than a contract award or guaranteed revenue for Galliford Try.

The company has not disclosed any individual project awards, expected revenue contribution or specific contract values arising from its appointment.

Galliford Try operates across the UK through its Galliford Try and Morrison Construction businesses, delivering building and infrastructure projects for public, private and regulated sector customers.

The new framework positions are consistent with the group’s existing focus on public sector construction and framework-based procurement.

For investors, the announcement expands Galliford Try’s access to potential major works contracts, particularly in London, southern England and Scotland.

The financial contribution will depend on the company’s success in securing individual projects through the framework over its four-year duration.

Future developments to monitor include project awards under Lots 4 and 5, the value of contracts secured and their contribution to Galliford Try’s order book.

United Oil & Gas (LSE:UOG) has reported the completion of a drilling rig and long-lead equipment availability study for its Walton Morant offshore exploration licence in Jamaica, providing additional technical and logistical information to support its ongoing farm-out process.

The study, conducted by NRG Well Management, assessed the availability of suitable drilling rigs, equipment procurement requirements and logistical arrangements for a potential offshore exploration campaign.

According to United Oil & Gas, the review identified a range of rigs capable of supporting drilling operations at Walton Morant, alongside options for using existing Jamaican port facilities and support infrastructure.

The findings also outline procurement timelines for equipment with extended delivery periods, providing a framework for planning future drilling activities.

The study examined potential drilling campaigns targeting the Colibri prospect and Thunderball lead, which have combined unrisked mean prospective resources of approximately 1,009 million barrels.

Colibri is located in water depths of around 750 metres, while Thunderball lies in approximately 1,900 metres of water.

Both targets form part of the wider Walton Morant licence, which contains 40 identified leads and prospects with an aggregate unrisked mean prospective resource estimate exceeding 7.2 billion barrels.

These figures represent estimated quantities of potentially recoverable hydrocarbons in undrilled prospects rather than confirmed discoveries or reserves.

United Oil & Gas is seeking a farm-out partner to help advance exploration at Walton Morant. The company expects the study to provide prospective partners with further information on drilling requirements, equipment availability and operational planning.

The assessment indicates that multiple rig options may be available for a future campaign, although the company has not announced a rig contract, drilling commitment or confirmed exploration timetable.

The completion of the study represents a further preparatory step in the licence’s development, with future drilling dependent on commercial arrangements and subsequent operational decisions.

For investors, the principal development is the additional planning information now available to support farm-out discussions.

The next milestones will include progress in securing a farm-in partner, establishing funding arrangements and determining whether a drilling programme will proceed.

The Walton Morant licence remains at the exploration stage, and the prospective resource estimates are subject to geological and commercial uncertainty until drilling establishes whether recoverable hydrocarbons are present.

Wishbone Gold (LSE:WSBN) has reported new assay results from its Red Setter exploration project in Western Australia, identifying gold and copper mineralisation across several relatively shallow intervals.

The latest drilling results include gold grades of up to 2.0 grams per tonne (g/t) and copper grades reaching 0.51%. The company said the results compare favourably with grades processed at the nearby Telfer gold-copper mine.

Wishbone has completed 40 drill holes totalling 12,606 metres during 2026, exceeding its original drilling programme of 9,000 metres. The programme was expanded following the discovery of shallow gold mineralisation at Red Setter.

The company has dispatched samples representing more than 11,317 metres of drilling for laboratory analysis. However, assay reporting has been affected by laboratory backlogs and the multi-stage testing procedures used to evaluate the samples.

A substantial number of assay results remain outstanding, with further laboratory findings expected to provide additional information about the distribution and continuity of mineralisation across the project.

Red Setter forms part of Wishbone’s broader Western Australian exploration portfolio, which covers approximately 628 square kilometres of tenements and includes the Havieron South-East application area.

The company’s exploration assets are located within an approximately 45-kilometre radius of the Telfer gold-copper mine.

Management believes the drilling results support the potential for a substantial gold-copper mineralised system at Red Setter. However, further exploration and assay analysis will be required to establish the extent and characteristics of the mineralisation.

For investors, the principal development is the identification of additional gold and copper mineralisation alongside an expanded drilling programme.

The remaining assay results will be important in assessing the project’s geological continuity and determining the next stages of exploration.

Although the reported grades provide information about the mineralisation encountered, the announcement does not establish a mineral resource estimate or the economic viability of a future mining operation.

B.P. Marsh & Partners (LSE:BPM) reported an increase in net asset value (NAV) for the six months ended 31 July 2026, alongside a record dividend payment and continued investment activity across its financial services portfolio.

The specialist private equity investor reported NAV of £372.2 million at the period end and a total shareholder return of 7.0%. The group paid £13 million in dividends during the half year, its highest reported distribution.

B.P. Marsh generated £30.8 million from equity disposals and loan repayments, reflecting its strategy of recycling capital from existing investments into new opportunities.

During the period, the company invested £9.8 million in new and follow-on equity positions and provided £18.1 million in portfolio lending.

The group ended July with £37.4 million in available liquidity and no outstanding debt, providing resources for further investment activity and shareholder distributions.

B.P. Marsh typically acquires minority interests of between 20% and 40% in early-stage and small to medium-sized financial services intermediaries, particularly insurance brokers, underwriting agencies and related businesses.

Its investment approach combines long-term equity ownership with portfolio lending and preferred-return arrangements, generating income alongside changes in the valuation of its holdings.

The company maintains investments across the UK, Europe, North America and other international markets, with a focus on financial services businesses.

Following its first-half performance, B.P. Marsh reiterated plans to distribute at least £28 million in dividends over three financial years, alongside a share buy-back programme.

For investors, the results highlight the group’s capital allocation activity, including proceeds from investment realisations, new deployments and shareholder distributions.

Future developments will include the timing and scale of further portfolio exits, changes in NAV and the implementation of the planned dividends and share buy-backs.

James Cropper (LSE:CRPR) has raised its full-year earnings outlook following a better-than-expected performance in the first half of its 2027 financial year, supported by revenue growth and cost management in its Paper & Packaging division.

The AIM-listed advanced materials and specialist paper manufacturer now expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for FY27 to exceed current market forecasts by approximately 10% to 20%.

The revised guidance implies full-year adjusted EBITDA of between £10.3 million and £11.3 million.

According to the company, the improved outlook primarily reflects revenue growth in its Paper & Packaging business, alongside cost controls and operational improvements.

The division produces specialist papers and moulded fibre packaging for customers requiring premium materials and recycled-fibre solutions.

James Cropper also operates an Advanced Materials division, supplying specialist nonwoven materials and electrochemical coatings for applications across aerospace, clean energy, defence and other industrial markets.

The group is headquartered in Burneside, Cumbria, with additional manufacturing facilities in the UK and United States.

The guidance upgrade indicates that management expects the first-half performance and operational improvements to contribute to earnings for the full financial year.

However, the company has not provided revised revenue guidance or separate earnings forecasts for its two operating divisions.

James Cropper is scheduled to publish its interim results in November 2026, when further details of first-half trading and financial performance are expected.

For investors, the principal development is the increase in expected adjusted EBITDA relative to existing market forecasts. The forthcoming interim results will provide additional information on divisional performance, margins and the factors supporting the revised full-year outlook.

US equity futures moved higher on Monday, suggesting that Wall Street could recover some of the losses recorded at the end of the previous week, as technology stocks attracted renewed interest and crude oil prices declined.

Nasdaq 100 futures rose 1.3% ahead of the opening bell, following a session in which technology shares accounted for a substantial portion of the broader market’s losses.

The expected recovery followed Friday’s decline, which pushed the Nasdaq Composite to its lowest closing level in a month.

Market participants were reassessing technology shares after recent selling linked to concerns about borrowing to finance artificial intelligence infrastructure and the potential returns from those investments.

A retreat in crude oil futures also provided a different backdrop for trading after prices had increased over several sessions.

The decline followed an executive order signed by President Donald Trump waiving key provisions of newly introduced sanctions against Russia. Trump said the decision was justified by US national interests.

Oil markets had previously responded to renewed Iranian attacks in the Strait of Hormuz and indications that a reported energy ceasefire between Russia and Ukraine was no longer holding.

US crude oil futures had risen above $100 a barrel for the first time in a month before retreating on Monday.

Technology Sector Losses Push Nasdaq to One-Month Low

US stocks ended Friday’s session lower, reversing the predominantly positive finish recorded on Thursday.

The Nasdaq Composite declined 572.99 points, or 2.1%, to 26,140.03, while the S&P 500 fell 84.62 points, or 1.1%, to 7,659.44.

The Dow Jones Industrial Average recorded a smaller decline, losing 175.28 points, or 0.3%, to close at 52,002.41.

Over the full trading week, the Nasdaq dropped 4.5% and the S&P 500 declined 2%. The Dow gained 0.7%, reflecting differences in performance between the major indices.

Technology shares were particularly affected by concerns surrounding capital expenditure on artificial intelligence infrastructure, including the use of debt to finance development.

Computer hardware stocks recorded some of the largest losses, with the NYSE Arca Computer Hardware Index falling 5.4% to its lowest closing level in two months.

Shares in semiconductor manufacturers, networking equipment providers and software companies also declined.

The losses across these industries contributed to the Nasdaq’s weekly decline and provided the context for Monday’s anticipated recovery.

Oil Price Movements Affect Airlines and Energy Stocks

The increase in crude oil prices during the previous week affected several sectors of the US equity market.

Airline shares declined as investors assessed the potential effect of higher fuel prices on operating costs.

The NYSE Arca Airline Index fell 3.2% on Friday.

Brokerage and biotechnology stocks also moved lower, while energy shares advanced alongside crude oil futures.

Oil prices had risen amid uncertainty surrounding international supply routes and geopolitical developments.

Renewed attacks by Iran in the Strait of Hormuz, an important passage for global energy shipments, added to concerns about potential supply disruptions.

Uncertainty surrounding a reported energy ceasefire between Russia and Ukraine also contributed to fluctuations in crude prices.

Monday’s decline in oil futures followed the US decision to waive certain sanctions provisions affecting Russia.

The change in energy prices was among the factors influencing equity futures before the start of regular trading.

Federal Reserve Reports 0.7% Increase in Industrial Production

Investors also considered US economic data showing that industrial production increased more than expected in September.

According to the Federal Reserve, industrial output rose 0.7% during the month, compared with economists’ forecasts for a 0.4% increase.

The August reading was revised to a gain of 0.1%, replacing the previously reported unchanged figure.

The September increase therefore represented an acceleration from the previous month’s revised growth rate.

Industrial production provides an indication of activity across manufacturing, mining and utilities and is one of the measures used to assess economic conditions.

The figures added to the information available to investors as they evaluated the outlook for US growth and monetary policy.

Investors Monitor Technology Shares and Energy Markets

Monday’s higher index futures suggested a possible change in direction following the previous week’s losses, particularly among technology companies.

Nasdaq 100 futures were up 1.3%, while lower crude oil prices provided a contrast to the energy market conditions that had affected equities on Friday.

The previous session’s losses had left the Nasdaq down 4.5% for the week, compared with a 2% decline in the S&P 500 and a 0.7% gain in the Dow.

The Federal Reserve’s industrial production figures also showed faster-than-expected growth in September.

Investors continued to monitor technology sector valuations, energy prices and geopolitical developments ahead of the opening of regular US trading.