Author: Fiona Craig

Tristel plc (LSE:TSTL) reported a 10% increase in annual revenue to £51.1 million, alongside a 15% rise in adjusted pre-tax profit to £11.7 million, supported by higher sales across its principal markets, including an increased contribution from the United States.

The AIM-listed infection prevention specialist maintained a gross profit margin of 82% during the financial year and increased its full-year dividend by 5%.

Tristel ended the reporting period with £16.0 million in cash and short-term investments and no outstanding debt.

The company also completed its transition to in-house wipe manufacturing, introduced new cleaning and digital compliance products, and appointed Chris Lee as chief executive officer.

Revenue Growth Across UK, European and US Markets

Tristel reported increased sales in the United Kingdom and Europe, alongside a larger revenue contribution from its US operations.

The company attributed part of its US growth to increased adoption of its Tristel ULT and Tristel OPH products, which form part of its medical device decontamination portfolio.

Tristel also highlighted the expansion of US clinical guidelines supporting the use of chlorine dioxide technology, the chemical basis of its disinfectant products.

The group develops and supplies infection prevention products for healthcare settings, including solutions used in the manual decontamination of medical devices and sporicidal surface disinfection.

Its operations extend across more than 40 countries through a network of 16 subsidiaries and distribution arrangements.

The increased contribution from the United States forms part of Tristel’s ongoing international expansion strategy.

Adjusted Pre-Tax Profit Increases 15% to £11.7 Million

Tristel reported adjusted pre-tax profit of £11.7 million, representing a 15% increase from the previous financial year.

Revenue rose by 10% to £51.1 million, while the gross profit margin remained at 82%.

The company maintained its focus on profitability alongside revenue expansion, supported by its established disinfectant product portfolio and international operations.

Tristel has a stated objective of achieving double-digit annual revenue growth while maintaining an adjusted EBITDA margin of at least 25%.

The company did not provide an adjusted EBITDA figure for the reporting period in the supplied update.

In-House Wipe Manufacturing Transition Completed

During the financial year, Tristel completed its transition to manufacturing wipes internally.

The move represents a change in the group’s production arrangements, bringing wipe manufacturing operations within the business rather than relying on external production.

The company also introduced VISICLEAN, a cleaning technology developed as part of its infection prevention product offering.

These developments form part of Tristel’s ongoing investment in manufacturing capabilities and product development.

The supplied update does not quantify the financial contribution from VISICLEAN or the impact of the manufacturing transition on operating costs.

3T Pro Introduced as First Paid Digital Compliance Platform

Tristel expanded its digital product offering with the launch of 3T Pro, its first paid digital compliance platform.

The product is intended to support healthcare customers with compliance-related processes associated with infection prevention and decontamination activities.

The launch introduces a paid digital service alongside Tristel’s existing disinfectant and cleaning product portfolio.

The company has identified digital services as an area for future development, with the aim of expanding its revenue sources beyond physical infection prevention products.

No revenue contribution or subscriber figures for 3T Pro were disclosed in the supplied update.

Chris Lee Appointed Chief Executive Officer

Tristel appointed Chris Lee as chief executive officer during the period.

The company identified international expansion and the development of digital revenue as priorities under the new leadership.

Lee brings previous industry experience to the role and will oversee the group’s continued development across its established and emerging markets.

Tristel operates from its headquarters near Cambridge and employs approximately 280 people across its international business.

Full-Year Dividend Increased by 5%

Tristel increased its full-year dividend by 5%, continuing its policy of progressive shareholder distributions.

The company ended the financial year with £16.0 million in cash and short-term investments and no debt.

Its financial position reflects the group’s reported profitability and cash holdings at the end of the period.

The company continues to pursue its stated financial objectives of double-digit annual revenue growth and an adjusted EBITDA margin of at least 25%.

Tristel’s operational priorities include expanding its US business, developing its digital compliance offering and integrating its in-house manufacturing activities.

The company enters its next financial year following revenue growth across its principal markets, the introduction of additional products and changes to its manufacturing and management structure.

City of London Investment Group PLC (LSE:CLIG) reported a decline in funds under management (FuM) to $11.5 billion for the quarter ended 30 September 2026, reflecting net client outflows and adverse market movements across its investment portfolios.

The asset management group recorded net outflows of $667 million during the three-month period, while market movements reduced assets by a further $127 million.

The company attributed much of the outflow activity to portfolio rebalancing by clients following investment performance, particularly within its emerging markets and international equity strategies.

Both of the group’s principal investment management businesses, City of London Investment Management (CLIM) and Karpus Investment Management (KIM), reported reductions in funds under management during the quarter.

Separately, the group has proposed increasing its total dividend for the 2026 financial year to 34 pence per share.

Client Withdrawals and Market Movements Reduce Assets

City of London Investment Group reported combined net client outflows of $667 million during the quarter, alongside a $127 million reduction attributable to market movements.

The company said client portfolio adjustments were a principal factor behind the withdrawals, with investors rebalancing allocations following previous investment performance.

The activity was particularly evident in emerging markets and international equity portfolios, which form part of the group’s investment management offering.

The combined impact of client withdrawals and market movements reduced total funds under management to $11.5 billion at 30 September 2026.

The group manages investments across equity, fixed income and balanced portfolio strategies for institutional and wealth management clients.

CLIM Funds Under Management Decline to $7.4 Billion

City of London Investment Management, the group’s investment management division, reported a reduction in funds under management from $8.1 billion to $7.4 billion during the quarter.

The decline reflected client withdrawals and market-related changes, with emerging markets and international equity strategies particularly affected by portfolio rebalancing.

CLIM provides investment management services across a range of equity strategies, including emerging markets and international portfolios.

The company said client allocation decisions following investment performance contributed to the reduction in assets.

The division continues to operate within the group’s broader investment management structure, which serves institutional investors and other professional clients.

Karpus Investment Management Assets Fall to $4.1 Billion

Karpus Investment Management, the group’s US-based investment management business, reported funds under management of $4.1 billion at the end of September, compared with $4.3 billion at the beginning of the quarter.

The reduction reflected changes in client allocations within balanced investment mandates, together with modestly negative market movements.

KIM provides investment management services that include balanced portfolios and tax-sensitive fixed income strategies.

The division’s quarterly asset movements contributed to the overall reduction in group funds under management.

Group Plans Additional Sales and Marketing Activity

City of London Investment Group said it is increasing sales, marketing and investment research-related communications to support awareness of its investment capabilities.

The initiatives are intended to increase recognition of the group’s fixed income and equity strategies among existing and prospective clients.

The company continues to offer investment products across emerging markets, international equities, balanced portfolios and fixed income.

Management also highlighted the group’s long-term investment performance record and the range of strategies available through CLIM and KIM.

The planned commercial activity forms part of its efforts to develop client relationships and attract additional investment allocations.

Proposed FY2026 Dividend Increased to 34 Pence Per Share

Despite the reduction in funds under management during the September quarter, City of London Investment Group has proposed a total dividend of 34 pence per share for the 2026 financial year.

The proposed distribution represents an increase in the group’s annual dividend, although the supplied update does not specify the previous year’s total payment.

The dividend proposal comes alongside the group’s quarterly funds under management update and its plans to expand marketing and client development activities.

City of London Investment Group ended September 2026 with $11.5 billion in funds under management across its two investment management businesses.

Future asset levels will depend on client subscriptions and withdrawals, investment portfolio valuations and market movements, while the group continues implementing its sales and marketing initiatives.

Sunda Energy Plc (LSE:SNDA) has received a 12-month extension to the current phase of its TL-SO-19-16 production sharing contract (PSC) in Timor-Leste, which contains the Chuditch gas field.

The extension was granted by Timor-Leste’s upstream petroleum regulator, Autoridade Nacional do Petróleo (ANP), following an earlier notice of possible termination after the joint venture failed to drill the planned Chuditch-2 appraisal well by the June 2026 deadline.

The regulatory decision provides additional time for Sunda and its joint venture partner, state-owned TIMOR GAP, to progress discussions concerning the project’s ownership structure, potential third-party investment and future operatorship arrangements.

Under the revised terms, drilling-cost recovery uplifts will remain suspended until operations on the Chuditch-2 well commence.

PSC Extension Follows Missed June 2026 Drilling Deadline

The TL-SO-19-16 production sharing contract covers the Chuditch gas field offshore Timor-Leste, where Sunda is pursuing an appraisal programme through its wholly owned subsidiary, SundaGas Banda Unipessoal, Lda.

The joint venture had been required to drill the Chuditch-2 appraisal well by June 2026 but did not meet that deadline.

Following the missed commitment, ANP issued a notice indicating that the production sharing contract could be terminated.

The regulator has now granted a 12-month extension to the current contract phase, allowing the joint venture additional time to progress the appraisal programme.

The extension maintains the contractual framework for the project during the revised period, although the drilling commitment remains outstanding.

The company has not announced a confirmed commencement date for Chuditch-2 drilling.

Farm-In and Operatorship Discussions Continue

Sunda and TIMOR GAP are continuing discussions regarding potential changes to the commercial and operational structure of the Chuditch project.

The matters under consideration include a possible farm-in transaction, increased participation by the Timor-Leste state and the transfer of operatorship.

A farm-in arrangement would involve another party acquiring an interest in the project under terms to be agreed between the relevant participants.

The proposed changes remain under discussion, and Sunda has not confirmed that binding agreements have been reached.

The company said the additional time provided by the PSC extension will allow these negotiations to continue alongside preparations for the Chuditch-2 appraisal well.

Drilling-Cost Recovery Uplifts Suspended Until Operations Begin

As part of the revised contractual arrangements, drilling-cost recovery uplifts will be suspended until operations commence on Chuditch-2.

The suspension affects the treatment of eligible drilling expenditure under the production sharing contract during the period before the appraisal well begins.

The company has not provided a quantified financial impact from the suspension in the supplied update.

The arrangement forms part of the terms associated with the extension granted by ANP.

Sunda Coordinates Potential Drilling Schedule With Finder Energy

Sunda is also working with Finder Energy to assess opportunities for coordinating the Chuditch-2 drilling programme with other exploration and appraisal activity in Timor-Leste.

Finder Energy has secured a drilling rig with optional slots that could potentially be used to accommodate the Chuditch-2 well.

The companies are examining whether aligning their drilling programmes could provide operational and cost efficiencies through shared scheduling and related arrangements.

Any coordination remains dependent on the availability of suitable rig slots and agreement on the relevant operational requirements.

Sunda has not confirmed a rig contract or final drilling timetable for Chuditch-2.

Chuditch Appraisal Remains Central to Sunda’s Development Plans

Sunda Energy is an AIM-listed gas exploration and appraisal company focused on opportunities in the Asia-Pacific region.

Its activities in Timor-Leste are conducted through SundaGas Banda Unipessoal, Lda., in partnership with TIMOR GAP.

The Chuditch-2 well is intended to provide additional subsurface information to support the evaluation of the Chuditch gas field.

The 12-month PSC extension allows Sunda to continue progressing the project while discussions on potential investment, state participation and operatorship remain ongoing.

The company’s next steps include advancing those negotiations, coordinating potential drilling arrangements with Finder Energy and establishing a revised schedule for Chuditch-2.

The appraisal well has not yet commenced, and the proposed changes to the joint venture structure remain subject to further agreement.

Nuformix plc (LSE:NFX) has reported further preclinical findings for NXP002, its investigational inhaled treatment for idiopathic pulmonary fibrosis (IPF), progressive pulmonary fibrosis and related interstitial lung diseases.

The company’s latest pilot inhaled target engagement study found statistically significant changes in the TGF-β/SMAD signalling pathway, which is involved in the development and progression of pulmonary fibrosis.

Nuformix said the study showed suppression of the phosphorylated SMAD-to-total SMAD (pSMAD/SMAD) ratio, including at the lowest dose tested. Significant reductions were observed across multiple doses and timepoints.

The results add to earlier α-smooth muscle actin (α-SMA) biomarker findings and form part of the company’s ongoing investigation into the biological activity of NXP002.

The findings are preclinical and do not establish clinical efficacy or safety in patients.

Study Examines NXP002’s Effect on Fibrosis-Related Signalling

The pilot study evaluated whether inhaled NXP002 could affect activity in the TGF-β/SMAD signalling pathway.

Nuformix reported statistically significant suppression of the pSMAD/SMAD ratio at several dose levels and measurement points, including at the lowest dose tested.

The company is investigating this pathway because of its involvement in fibrotic processes in the lungs.

The latest results complement earlier α-SMA biomarker data, which also formed part of the programme’s assessment of fibrosis-related biological activity.

Nuformix said the combined findings, alongside previously reported exposure data, are being used to inform the selection of biologically relevant dose ranges for further development.

The supplied update does not disclose the study’s sample size, numerical effect sizes or detailed statistical results.

NXP002 Development Moves Towards IND-Enabling Studies

Nuformix is convening an expert advisory board to help guide the next stage of NXP002’s development.

The company intends to advance the programme towards investigational new drug (IND)-enabling studies, which would support preparation for potential clinical testing.

NXP002 is an inhaled formulation of tranilast, being developed for IPF, progressive pulmonary fibrosis and other progressive fibrosing interstitial lung diseases.

The programme is intended to investigate whether delivering tranilast through inhalation can provide lung-targeted exposure for the treatment of fibrotic lung conditions.

Nuformix has also begun work with a target discovery platform to investigate additional molecular targets that may contribute to NXP002’s anti-fibrotic activity.

The research is intended to broaden the company’s understanding of the candidate’s mechanisms of action and assess whether it affects multiple pathways associated with fibrosis.

Partnering Discussions Continue Following Respiratory Congress Meetings

Nuformix said it held meetings with prospective development and licensing partners at the European Respiratory Society Congress.

The company described the discussions as encouraging and said the additional preclinical findings would contribute to its ongoing partnering activities.

The programme’s development rationale is based on its preclinical exposure, biomarker and pathway data, together with further work to investigate its biological effects.

Nuformix said it has sufficient capital to complete its current programme of work.

The company has not announced a licensing agreement or disclosed financial terms for any potential partnership.

Further Research Required to Establish Clinical Potential

NXP002 remains at the preclinical development stage. The latest study provides evidence of modulation of a fibrosis-related signalling pathway, but further research will be needed to assess the candidate’s safety, efficacy and suitability for clinical development.

Nuformix plans to use the new findings, previous exposure data and input from its expert advisory board to inform the next phase of the programme.

The company’s ongoing work includes investigating additional molecular targets, refining dose selection and progressing towards IND-enabling studies.

80 Mile Plc (LSE:80M) has signed non-binding heads of terms with Canadian-listed Badlands Resources Inc. for the proposed sale of its Hammaslahti copper-zinc and Outokumpu copper-VMS exploration projects in Finland.

The proposed transaction includes CAD$1 million in staged cash payments, a 19.99% equity interest in Badlands Resources and up to CAD$4 million in additional payments linked to specified project development milestones.

The agreement covers the proposed acquisition of 100% of the Finnish projects by Badlands, subject to due diligence, regulatory approvals, shareholder approvals and the completion of definitive transaction documentation.

80 Mile said the proposed disposal forms part of its strategy to reduce commitments to non-core Finnish exploration assets while directing resources towards its operations in Greenland and Italy.

Proposed Transaction Includes CAD$1 Million in Cash and 19.99% Equity Stake

Under the non-binding heads of terms, Badlands Resources would acquire full ownership of the Hammaslahti and Outokumpu licence package.

The proposed consideration comprises staged cash payments totalling CAD$1 million and the issuance of shares representing 19.99% of Badlands’ share capital to 80 Mile or its subsidiary, FinnAust Mining Finland Oy.

The agreement also provides for contingent payments of up to CAD$4 million, dependent on the achievement of specified technical and development milestones.

These milestones relate to mineral resource estimates prepared in accordance with Canada’s NI 43-101 reporting standards and pre-feasibility study requirements at the two projects.

The additional payments are conditional and would only become payable if the relevant milestones are achieved under the terms of a definitive agreement.

The proposed transaction includes an exclusivity arrangement between the parties while they progress the necessary due diligence and transaction documentation.

No completed sale has been announced, and the terms remain non-binding at this stage.

Finnish Projects Recorded Losses Exceeding £2.3 Million in 2025

The assets included in the proposed disposal are located in established mining districts in Finland and comprise the Hammaslahti copper-zinc project and the Outokumpu copper volcanogenic massive sulphide (VMS) exploration licences.

Both projects have been subject to historical exploration activities, including geological mapping, geophysical surveys and drilling.

80 Mile holds the Finnish exploration interests through FinnAust Mining Finland Oy, which has operated in the country since 2010.

The company reported that the Finnish projects have a current book value of nil and generated losses exceeding £2.3 million during 2025.

The proposed disposal would transfer ownership of the projects to Badlands while allowing 80 Mile to retain financial exposure through its proposed equity interest and contingent milestone payments.

80 Mile said the transaction is intended to reduce its future development and funding commitments associated with the Finnish assets.

Greenland and Italian Operations Remain Strategic Priorities

80 Mile is pursuing a strategy focused on hydrocarbons and critical minerals in Greenland, alongside industrial gas and biofuels operations in Italy.

The company has identified these activities as priorities for capital allocation and operational development.

In Greenland, its portfolio includes the Jameson Project in East Greenland, covering approximately 8,429 square kilometres across three licences.

An independent assessment completed in 2025 estimated P10 recoverable oil resources of 13.03 billion barrels across the basin, with 80 Mile’s retained interest corresponding to approximately 3.9 billion barrels.

These figures represent resource estimates rather than confirmed production or commercially recoverable reserves.

The company also has a funding agreement with Greenland Energy Company covering two planned exploration wells, each targeting a depth of approximately 3,500 metres.

Alongside its Greenland interests, 80 Mile is developing its Italian industrial gas and biofuels activities as part of its wider energy portfolio.

The proposed Finnish asset sale would allow the company to concentrate its direct development activities on these operations while retaining an interest in the copper exploration projects through Badlands.

Completion Subject to Due Diligence and Regulatory Approvals

The proposed acquisition remains at the heads-of-terms stage and is subject to several conditions before it can proceed.

These include satisfactory due diligence, the negotiation and execution of definitive agreements, and any required regulatory and shareholder approvals.

If completed on the proposed terms, 80 Mile or FinnAust would receive CAD$1 million in staged cash consideration and a 19.99% shareholding in Badlands Resources, with the possibility of additional milestone-linked payments of up to CAD$4 million.

The equity component would provide continued exposure to the Finnish exploration assets through Badlands rather than direct ownership and operation.

80 Mile has not provided a confirmed completion date for the transaction.

Further announcements will be required to establish whether definitive terms are agreed and the conditions for completion are satisfied.

Clean Power Hydrogen plc (LSE:CPH2) has provided an update on its investigation into an incident involving its 1MW MFE220 membrane-free electrolyser during factory acceptance testing on 28 May 2026, identifying several potential contributing factors and outlining remedial engineering work.

The AIM-listed hydrogen technology developer said its internal investigation, which remains subject to external verification, identified gas velocity near valve V705, component specifications, system cleanliness and compliance with industrial gas guidance as the most likely factors associated with the incident.

According to the company’s preliminary findings, the incident was not attributed to a failure of its proprietary electrolyser stacks or separator vessels.

Clean Power Hydrogen has initiated additional research, redesign and testing activities to address the identified issues before incorporating changes into its technology and manufacturing processes.

Separately, the company announced changes to its proposed financing and commercial arrangements with Hidrigin, including the cancellation of a planned secured convertible loan note and discussions regarding an expanded technology licensing agreement.

Investigation Identifies Potential Factors Behind May Testing Incident

The incident occurred on 28 May 2026 during factory acceptance testing of Clean Power Hydrogen’s 1MW MFE220 membrane-free electrolyser system.

Following the event, the company conducted an internal technical investigation to assess the circumstances and identify potential contributing factors.

The investigation identified a combination of issues involving gas velocity in the vicinity of valve V705, component specifications, system cleanliness and the application of relevant industrial gas guidance.

Clean Power Hydrogen said these factors were considered the most likely contributors to the incident, although external verification of the investigation findings remains ongoing.

The company’s assessment did not identify a failure of the proprietary electrolyser stacks or separator vessels as the cause.

The findings remain subject to the outcome of the external verification process.

Engineering Redesign and Additional Testing Under Way

Clean Power Hydrogen has commenced remedial research, engineering redesign and testing activities following the investigation.

The work covers component design, system cleanliness procedures, manufacturing controls and operational monitoring arrangements.

The company intends to incorporate the results into a revised technical design package, which will be made available to existing technology licensees and prospective manufacturing partners.

The engineering programme is intended to address the factors identified during the investigation and establish updated specifications and procedures for future systems.

Clean Power Hydrogen has not provided a completion date for the redesign and testing activities in the supplied update.

The company continues to develop its membrane-free electrolysis technology, which is designed to produce hydrogen and oxygen without the membranes used in conventional electrolyser systems.

Hidrigin Convertible Loan Note Proposal Discontinued

In a separate commercial development, Clean Power Hydrogen and Hidrigin have agreed not to proceed with a previously proposed secured convertible loan note arrangement.

The companies have also addressed an interim payment associated with an existing sales contract, with the payment having been repaid.

Instead of pursuing the proposed financing arrangement, the parties are discussing an extended technology licence and a broader strategic partnership.

The revised commercial arrangements under consideration include rights for Hidrigin to use Clean Power Hydrogen’s technology for its own purposes in the United States.

The proposed changes represent a shift from the earlier financing structure towards a technology licensing and commercial relationship.

The company has not disclosed final terms for the proposed extended licence or confirmed that a definitive agreement has been completed.

Technology Licensing Remains Central to Business Strategy

Clean Power Hydrogen is continuing its transition towards a capital-light operating model focused on technology development and licensing rather than manufacturing electrolyser systems entirely in-house.

The company has developed proprietary membrane-free hydrogen and oxygen production technology over approximately a decade, supported by a portfolio of patents.

Its commercial strategy involves working with manufacturing and technology partners to develop and deploy electrolyser systems for hydrogen production applications.

The revised discussions with Hidrigin form part of this licensing-focused approach, while the engineering work following the May incident is intended to inform future system designs and manufacturing requirements.

Clean Power Hydrogen’s next operational steps include completing the external verification of its investigation findings, progressing the remedial engineering programme and developing the revised design package for licensees and prospective partners.

Further details of the proposed Hidrigin licensing arrangements remain subject to the outcome of discussions between the companies.

Gamma Communications plc (LSE:GAMA) has postponed shareholder meetings relating to its proposed acquisition by Bradbury Bidco Limited, a company backed by funds managed by Epiris GP III, following lower-than-required shareholder voting participation.

The recommended cash acquisition values Gamma shares at 1,120 pence each and is structured as a court-sanctioned scheme of arrangement.

Gamma said the court meeting and general meeting have been adjourned to 2 November 2026 to provide shareholders with additional time to submit their votes.

The company attributed the decision partly to changes in its shareholder register, including the recent acquisition of shareholdings by merger arbitrage funds.

Gamma’s board continues to unanimously recommend the transaction, while Bidco has confirmed that its offer of 1,120 pence per share represents its final terms.

Shareholder Meetings Rescheduled Following Low Voting Participation

Gamma’s board agreed to adjourn the court meeting and general meeting after identifying insufficient shareholder participation in the voting process.

The company said the level of participation had been affected in part by merger arbitrage investors that had recently established positions in Gamma shares.

The meetings have been rescheduled for 2 November 2026, allowing additional time for shareholders to vote on the proposed acquisition.

Shareholders who have not submitted proxy voting instructions are being encouraged by the board to do so before the revised deadlines. Those who have already submitted instructions may amend them in accordance with the updated voting arrangements.

The proposed transaction remains subject to shareholder approval and completion of the applicable scheme of arrangement process.

Bradbury Bidco Confirms Final Cash Offer of 1,120 Pence Per Share

Bradbury Bidco Limited, an acquisition vehicle for funds managed by Epiris GP III, has confirmed that its cash offer of 1,120 pence per Gamma share represents its final terms.

The acquisition is intended to proceed through a court-sanctioned scheme of arrangement, under which eligible Gamma shareholders would receive the agreed cash consideration if the transaction becomes effective.

Gamma’s directors have maintained their unanimous recommendation that shareholders approve the scheme.

The board’s recommendation remains unchanged following the adjournment of the shareholder meetings.

German Merger Clearance Obtained as Regulatory Process Continues

Gamma and Bidco have confirmed that German merger clearance has been secured in connection with the proposed acquisition.

The parties have also submitted all required regulatory filings, although the transaction remains subject to the outstanding approvals and conditions necessary for completion.

Following progress with the regulatory process, Gamma and Bidco now expect the acquisition to become effective during the first quarter of 2027.

The revised timetable reflects the ongoing approval process and the rescheduling of the shareholder meetings.

Completion remains conditional on the relevant requirements being satisfied, including shareholder approval and court sanction of the scheme.

Gamma Board Maintains Recommendation Ahead of November Vote

Gamma’s board continues to support the proposed acquisition and is encouraging shareholders to participate in the rescheduled meetings.

The company provides voice, data, connectivity and unified communications services to business customers through enterprise and reseller channels across Europe.

The proposed transaction would result in Gamma being acquired by Bradbury Bidco Limited if the scheme receives the necessary approvals and becomes effective.

The next scheduled stage in the shareholder approval process is 2 November 2026, when the adjourned court meeting and general meeting are due to take place.

Gamma and Bidco currently anticipate completion in the first quarter of 2027, subject to the remaining transaction conditions.

Cora Gold Limited (LSE:CORA) has reported additional drilling results from its 2026 mineral resource growth programme at the Sanankoro Gold Project in southern Mali, identifying gold mineralisation beyond the boundaries of the existing resource model at the Selin deposit.

The latest results cover 21 reverse circulation (RC) drill holes targeting extensions to the main mineralised zone and a separate western zone. The company reported multiple gold intercepts across both areas, with drilling indicating continuity of mineralisation outside the currently modelled resource.

Cora said the results suggest that gold mineralisation remains open at depth, providing additional targets for resource evaluation as the company continues its exploration programme.

The Sanankoro project currently has a reported mineral resource of 1.044 million ounces of gold and a projected mine life of 10.2 years.

Drilling Identifies Extensions to Selin Gold Mineralisation

The latest drilling programme focused on extending the known mineralised areas at Selin, one of the deposits within the wider Sanankoro Gold Project.

Cora completed 21 RC drill holes, with results identifying mineralisation in both the main Selin zone and an underexplored western area described as a blind zone.

The western zone contains mineralisation that had not previously been incorporated into the existing resource model, while drilling in the main zone identified additional mineralised intervals at greater depths.

According to the company, the results indicate continuity of gold mineralisation and suggest that further extensions may be present below the currently defined resource boundaries.

The newly identified intervals will be assessed as part of the company’s ongoing geological modelling and mineral resource evaluation.

Additional Mineralisation May Contribute to Resource Update

Cora expects the results from the Selin drilling programme to contribute to potential additions to the project’s inferred mineral resources following further modelling.

The company is evaluating mineralisation in the western zone alongside deeper extensions to the main Selin deposit to determine their potential inclusion in future resource estimates.

Any additional resources could be considered in subsequent open-pit optimisation studies, although the impact on mine design, project economics and mine life has not yet been established.

The latest results follow previously reported high-grade gold intercepts from Zone B, another target within the Sanankoro project.

Assay results from several additional exploration zones remain outstanding and are expected to provide further information for the company’s resource growth programme.

Sanankoro Resource Currently Stands at 1.044 Million Ounces

The Sanankoro Gold Project has a reported mineral resource of 1.044 million ounces of gold, with a projected mine life of 10.2 years based on existing development plans.

Cora’s 2026 drilling programme is designed to investigate extensions to established deposits and assess additional exploration targets near the existing resource areas.

The company is seeking to increase the defined mineral resource through drilling, geological interpretation and subsequent resource modelling.

The Selin results form part of this work, with mineralisation identified beyond the current model requiring further assessment before any additional ounces can be incorporated into an updated resource estimate.

Further Assay Results and Resource Modelling Planned

Cora is continuing its assessment of the 2026 exploration results, including the newly identified mineralisation at Selin and previously reported drilling from Zone B.

Outstanding assay results from other exploration zones will also be considered as the company evaluates potential additions to the Sanankoro resource base.

The programme is focused on defining the extent of gold mineralisation within and around existing deposits, with particular attention to extensions that could be incorporated into future mine planning.

Cora has not provided a quantified estimate of additional gold resources arising from the latest 21 drill holes.

Further geological modelling and resource estimation work will be required to determine whether the newly identified mineralised zones can contribute to an updated resource statement or changes to the project’s existing 10.2-year mine life.

Beeks Financial Cloud Group plc (LSE:BKS) reported an 11% increase in revenue to £40.0 million for the financial year ended 30 June 2026, alongside an 18% rise in underlying EBITDA to £16.1 million, as the cloud infrastructure provider expanded its services to financial institutions and exchanges.

Gross profit increased by 10% during the period, while the underlying EBITDA margin reached approximately 40%. The company also reported a 15% increase in annualised committed monthly recurring revenue (ACMRR) to £34.0 million.

Net cash declined to £0.6 million, reflecting upfront hardware expenditure associated with contracts secured during the fourth quarter. Beeks said these contracts are expected to generate £17.7 million in future billings.

The company attributed its revenue growth to activity across its Exchange Cloud, Proximity Cloud and Private Cloud services, alongside the commercial development of its AI-powered Market Edge Intelligence analytics product.

Cloud Services and AI Analytics Contribute to Revenue Growth

Beeks reported increased business activity across its cloud infrastructure services, which provide computing, connectivity and analytics capabilities to banks, exchanges and other financial market participants.

The company’s Exchange Cloud, Proximity Cloud and Private Cloud offerings contributed to financial performance during the year, supported by new contracts and expansion into additional geographic markets.

Market Edge Intelligence, the company’s AI-powered analytics platform, secured contracts worth more than $10 million and placements with Tier 1 financial institutions.

The product forms part of Beeks’ expansion into analytics services alongside its established cloud infrastructure and connectivity operations.

During the reporting period, Beeks secured new business with exchanges in Canada, Latin America and Thailand, as well as major banking institutions in South Africa and Canada.

These agreements expanded the company’s customer relationships across international financial markets.

Recurring Revenue Rises 15% to £34 Million

Annualised committed monthly recurring revenue increased by 15% to £34.0 million at the end of June 2026.

The measure reflects the annualised value of committed recurring customer revenue and forms part of Beeks’ reporting on contracted business activity.

Beeks also reported that its revenue-sharing agreements with cryptocurrency exchange Kraken and Australian Securities Exchange operator ASX became profitable on a monthly basis during the year.

These arrangements represent an alternative commercial structure within the company’s business model, alongside its established cloud infrastructure contracts.

The company continued investing in hardware to support new customer agreements, including contracts secured in the final quarter of the financial year.

This expenditure contributed to the reduction in net cash to £0.6 million, although Beeks said the associated contracts are expected to produce £17.7 million in future customer billings.

FY27 Revenue Guidance Set at £43 Million to £48 Million

Beeks has provided revenue guidance of between £43 million and £48 million for the financial year ending 30 June 2027.

The forecast represents anticipated year-on-year revenue growth of approximately 7.5% to 20%, compared with the £40.0 million reported for FY26.

The company also expects an underlying EBITDA margin of between 38% and 42% for FY27, compared with approximately 40% in the previous financial year.

Its financial expectations are supported by the £34.0 million ACMRR position reported at the end of FY26 and anticipated activity across its cloud and analytics services.

The forecasts remain subject to trading performance and the timing of contract delivery during the financial year.

Beeks Global Network Launch Planned

Beeks is preparing to launch the Beeks Global Network, which will introduce additional connectivity products for financial market participants.

The planned offering forms part of the company’s strategy to expand its infrastructure services and provide connectivity solutions alongside its existing cloud computing and analytics products.

Management identified the size of the potential market and what it described as limited competition as factors supporting its expansion plans.

The company continues to focus on financial services customers, including banks, exchanges and trading firms requiring low-latency computing infrastructure and connectivity to trading venues and public cloud environments.

Beeks enters FY27 with £34.0 million in annualised committed monthly recurring revenue, a pipeline of contracted future billings and planned product launches, while maintaining its revenue and margin guidance for the year.

MindGym plc (LSE:MIND) reported a 15% year-on-year decline in revenue to £11.5 million for the first half of its 2027 financial year, reflecting reduced corporate spending on human resources and challenging trading conditions.

The AIM-listed behavioural science and business improvement company recorded an adjusted EBITDA loss of £2.6 million for the period, as lower revenue and a greater proportion of face-to-face service delivery affected profitability.

The company said the shift towards in-person delivery contributed to lower margins, while the reduction in revenue outweighed the impact of £9.4 million in operating cost savings implemented over the previous 18 months.

MindGym has revised its full-year expectations, forecasting revenue of approximately £25 million and an underlying EBITDA loss of between £1.2 million and £1.5 million.

Revenue Decline and Cost Reductions Affect First-Half Performance

MindGym attributed the reduction in first-half revenue to lower spending by corporate clients on human resources and related services.

The company has been implementing operational changes aimed at reducing its cost base while adjusting its service offering to reflect changing customer requirements.

Operating cost savings totalled £9.4 million over the past 18 months. However, the company reported an adjusted EBITDA loss of £2.6 million for the first half, compared with the lower revenue base and a shift towards delivery methods carrying reduced margins.

MindGym said the conversion of prospective business opportunities into contracted revenue had been slower than anticipated, contributing to its revised full-year financial guidance.

Subscription Revenue and New Services Form Part of Strategic Changes

MindGym is continuing its transition from individual training engagements towards longer-term behavioural change services for corporate customers.

The company reported growth in recurring licence revenue during the first half, alongside expansion of its MindGym Membership subscription offering.

It also launched a diagnostics and analytics service designed to support corporate clients in assessing and managing behavioural change initiatives.

These developments form part of MindGym’s strategy to increase recurring revenue and expand its relationships with clients across human capital management, business transformation and learning and development.

The company operates internationally, with offices in London, New York and Singapore, providing behavioural science-based products and services to corporate customers.

Full-Year Revenue Forecast at Approximately £25 Million

Management expects trading to improve during the second half of the financial year and anticipates that the business will generate cash during the period.

However, slower conversion of its prospective sales pipeline has resulted in a revised outlook for the full year.

MindGym now expects:

• Full-year revenue of approximately £25 million.
• An underlying EBITDA loss of between £1.2 million and £1.5 million.
• Improved second-half trading and positive cash generation.

These expectations reflect management’s current assessment of trading conditions and anticipated customer activity during the remainder of the financial year.

Cash Collections Reach £16 Million as Strategic Review Continues

MindGym reported cash collections of approximately £16 million during the first half, reflecting its ongoing focus on working capital management.

The company ended September 2026 with net debt of £1.6 million and said it maintained adequate liquidity.

Separately, MindGym’s board is conducting a private strategic review that could result in an offer for the company.

The review remains ongoing, and the supplied update does not confirm that an offer has been made or that a transaction will take place.

MindGym is scheduled to publish its half-year financial results in December 2026, when further details of its trading performance, financial position and operational progress are expected.