Author: Fiona Craig

CMC Markets (LSE:CMCX) reported a record financial performance for the year ended 31 March 2026, with net operating income increasing 15% to £392.6 million and profit before tax rising 20% to £101.3 million. Reflecting the strength of the results, the board also approved a 21% increase in the full-year dividend.

The group’s performance was supported by strong growth across several business lines, particularly its expanding institutional and business-to-business operations. Record results from the Australian stockbroking division and gains from treasury activities also contributed significantly, highlighting the company’s ongoing success in diversifying earnings away from its traditional retail trading business.

Management noted that the increasing contribution from institutional partnerships and non-trading revenue streams is helping create a more balanced and resilient business model. This strategic shift has become a central component of CMC Markets’ long-term growth strategy.

During the year, the company accelerated the development and rollout of its multi-asset trading platform and its integrated “Super App,” designed to provide customers with access to a broader range of financial products and services through a single interface. CMC also continued to strengthen its technology infrastructure, including further development of digital asset and Web3 capabilities.

The group deepened its collaboration with banking and fintech partners through its neobank API offering, positioning itself to benefit from increasing demand for embedded financial services. Management believes these initiatives place the company at the intersection of traditional financial services and emerging digital finance markets.

Looking ahead, CMC Markets expects the next year to be particularly important as several major strategic partnerships move into operational deployment. These include agreements with Westpac, ASB Bank and an additional Tier 1 financial institution. The company believes these partnerships have the potential to become significant contributors to future growth as customer activity scales across the platform.

Supported by these initiatives, management is targeting net operating income growth of at least 17% in FY2027 while maintaining a disciplined approach to cost management and operational efficiency.

The company’s outlook remains underpinned by strong profitability, robust cash generation and a conservative balance sheet with relatively low leverage. Valuation metrics also appear supportive, with the shares trading on a modest earnings multiple while offering an attractive dividend yield. Although technical indicators remain positive overall, some measures suggest the shares may be approaching overbought levels following recent gains, which could moderate near-term momentum.

More About CMC Markets

CMC Markets is a UK-listed online trading and investing company that has expanded beyond its origins as a retail CFD provider into a diversified financial services platform. The group now offers a broad range of products and services including stockbroking, institutional trading solutions, treasury services, capital markets activities and digital asset infrastructure.

With growing operations in Australia and the UK, alongside partnerships with banks, neobanks and financial institutions globally, CMC Markets is focused on building a multi-asset ecosystem that serves retail, institutional and business-to-business clients across both traditional and emerging financial markets.

Helium One Global (LSE:HE1) has taken an important step toward commercial production after announcing that its Galactica-Pegasus project partner, Blue Star Helium, has secured the project’s first helium offtake agreement.

The agreement covers all helium production from the Pinon Canyon Plant, which will process gas from the Galactica Project in Colorado. The short-term contract has been signed with a major U.S. industrial gases purchaser and is based on a fixed-price structure aligned with current strength in the domestic helium market.

Management believes the arrangement provides early validation of commercial demand for U.S.-sourced helium at a time when global supply chains continue to experience disruptions. The agreement is expected to support initial production ramp-up activities and establish near-term cash flow while discussions continue regarding longer-term helium and carbon dioxide sales contracts.

Helium One holds a 50% interest in the Galactica-Pegasus project, which is operated by Blue Star Helium. The project forms a key part of the company’s strategy to become a significant supplier of helium into a market characterised by constrained supply and growing industrial demand.

Alongside its U.S. operations, Helium One continues to advance its flagship Rukwa Project in Tanzania. The project has progressed into the appraisal and development stage following the successful demonstration of commercial helium flows and the award of a large-scale mining licence. Management views Rukwa as a cornerstone asset with the potential to become a major source of helium production in East Africa.

The latest commercial milestone at Galactica strengthens the company’s broader development strategy by demonstrating a clear route to market for future helium production. The agreement also highlights increasing demand for secure domestic helium supply, particularly in sectors where the gas is critical for industrial, scientific and technological applications.

Despite these operational advances, Helium One remains a development-stage company and continues to face financial challenges. Revenue generation remains limited, while ongoing losses and cash outflows indicate that additional funding may be required as projects advance toward full-scale production. Technical indicators provide a more balanced picture, suggesting modest longer-term strength but largely neutral short-term momentum. Valuation metrics also remain constrained by the absence of earnings and dividend support.

More About Helium One Global Limited

Helium One Global is a helium exploration and development company with assets in Tanzania and the United States. The company holds a 50% working interest in the Galactica-Pegasus project in Colorado, operated by Blue Star Helium, and is focused on developing commercially viable helium resources to meet growing global demand.

Its flagship Rukwa Project in Tanzania represents one of the most significant undeveloped helium opportunities globally. Following a successful 2023–24 drilling campaign that confirmed a helium discovery, the company was awarded a 480-square-kilometre mining licence in 2025. Through its portfolio across two continents, Helium One aims to establish itself as a strategic supplier to the international helium market.

Defence Holdings (LSE:ALRT) has signed a 24-month strategic partnership agreement with Intelligence Management Support Services Limited (IMSL), marking the first formal delivery partnership within the company’s accelerator programme for emerging defence and national security technology businesses.

The partnership is designed to provide accelerator participants with access to critical infrastructure and expertise required to navigate the complex defence procurement landscape. Through IMSL, companies within the programme will gain support across procurement frameworks, accredited operational environments, security compliance requirements and specialist advisory services aimed at accelerating deployment opportunities.

Management believes the collaboration represents an important step in strengthening the accelerator’s operating model. By combining innovative early-stage technologies with established defence-sector infrastructure and operational capabilities, the programme aims to improve the pathway from product development to real-world deployment within defence and national security environments.

The agreement also incorporates a revenue participation structure intended to align the commercial interests of both organisations. Defence Holdings expects the partnership to create additional opportunities for participating companies while supporting the long-term scalability of the accelerator platform.

The company indicated that IMSL is expected to be the first of several strategic partners added to the programme over time. A broader network of delivery partners would enhance the ecosystem’s ability to support procurement processes, operational implementation and commercial scaling, helping portfolio companies address some of the key barriers to adoption within the defence sector.

From a financial perspective, Defence Holdings continues to face significant challenges, including negative equity and ongoing cash flow pressures. Technical indicators also suggest weak market momentum. However, management believes recent strategic developments, including the expansion of the accelerator programme and the addition of industry partners, provide a positive foundation for future growth and operational progress.

The absence of conventional valuation measures and the company’s early-stage nature continue to create uncertainty around market valuation. As a result, investors are likely to focus on the execution of the accelerator strategy and the company’s ability to convert partnerships into tangible commercial opportunities.

More About Defence Holdings

Defence Holdings PLC is a London-listed, software-led defence technology company focused on supporting sovereign digital capabilities across defence, national security and resilience markets. Through its accelerator programme, the company works with early-stage defence and security technology businesses, helping them navigate procurement processes, achieve operational readiness and transition innovative solutions into deployable defence applications. Its strategy is centred on bridging the gap between emerging technologies and the requirements of real-world defence environments.

Afentra plc (LSE:AET) has secured US$40 million in gross proceeds through an oversubscribed equity placing, reinforcing its financial position as it pursues further growth opportunities across Africa’s upstream oil and gas sector.

The fundraising involved the issue of approximately 44.3 million new ordinary shares at a price of 67 pence per share. The new shares represent around 19.6% of the company’s existing issued share capital and were placed at a modest discount to the prevailing market price. The transaction comprised both a firm placing and a conditional placing, attracting strong demand from institutional investors.

Management stated that the additional capital will strengthen the company’s balance sheet and provide greater flexibility to execute its acquisition-led strategy, which is focused on acquiring and developing producing energy assets across established African hydrocarbon basins.

In addition to the institutional placing, Afentra plans to launch a Retail Offer through the Winterflood platform at the same issue price, allowing UK private investors to participate on equivalent terms. The move broadens shareholder access to the fundraising and reflects the company’s efforts to engage both retail and institutional investors.

Following the initial admission of the new shares to trading on AIM, Afentra’s total voting share capital is expected to increase to approximately 248.8 million shares. The participation of company directors in the placing was highlighted as a demonstration of confidence in the group’s long-term strategy and alignment with shareholder interests as it enters its next phase of growth.

While the fundraising provides additional financial resources, the company continues to face some operational and financial challenges. Recent results have reflected lower revenue during 2025, a return to net losses and significantly negative free cash flow. Nevertheless, Afentra maintains a relatively healthy balance-sheet position, which management believes provides a solid foundation for future expansion.

From a market perspective, technical indicators remain broadly neutral, although momentum signals have been slightly negative. Valuation metrics also remain difficult to assess given the absence of positive earnings and limited dividend visibility. Investors are therefore likely to remain focused on the company’s ability to deploy capital effectively and generate returns from future acquisitions.

More About Afentra plc

Afentra plc is an AIM-listed upstream oil and gas company focused on acquiring, developing and managing energy assets across Africa. The company’s strategy centres on identifying opportunities within mature producing fields and development projects located in established hydrocarbon regions. By building a portfolio of cash-generative assets, Afentra aims to create long-term value through operational improvements, production optimisation and disciplined capital allocation.

Gateley (LSE:GTLY) delivered revenue growth ahead of market forecasts for the year ended 30 April 2026, with estimated revenue increasing approximately 7% to £193 million. Underlying operating profit is expected to be between £21 million and £22 million, broadly in line with analyst expectations, although operating margins came under pressure during the year.

Adjusted operating margin is anticipated to be 11.1%, reflecting a shift in the group’s revenue mix and the impact of delayed transactional activity. Corporate transactions and property-related mandates were affected by broader economic uncertainty, contributing to longer deal completion timelines and a more cautious approach among clients.

Net debt increased significantly to £25.3 million from £6.6 million a year earlier. The rise was primarily driven by cash consideration paid for the acquisition of Groom Wilkes & Wright (GWW), alongside higher working capital requirements. Despite the increase in borrowings, management noted that the acquisition has performed ahead of expectations and is making a positive contribution to the business.

Trading conditions throughout the year were mixed. Transactional activity slowed noticeably during the second quarter before recovering to some extent during the latter half of the financial year. However, geopolitical tensions in the Middle East, uncertainty surrounding UK fiscal policy and concerns over interest rates continued to affect client confidence, resulting in some corporate and property transactions being postponed beyond FY26.

In contrast, the group’s contentious legal and advisory practices delivered strong growth. Management highlighted the accumulation of significant contingent unbilled work, which has the potential to generate higher-margin earnings if successfully converted into revenue. This area of the business remains an important contributor to Gateley’s diversification strategy and earnings resilience.

Looking ahead, the company remains focused on improving efficiency and profitability through disciplined cost management, selective recruitment and greater use of technology. Investments in artificial intelligence, including the development of its Jylo AI platform, are intended to streamline operations, enhance productivity and support future margin improvement. Combined with a healthy pipeline of opportunities and solid activity levels across the group, these initiatives are expected to underpin future growth.

The company’s outlook remains tempered by softer profitability trends, weaker cash-flow performance and negative technical market indicators. However, these challenges are partially balanced by an attractive valuation profile, supported by a relatively low price-to-earnings ratio and a strong dividend yield.

More About Gateley (Holdings) Plc

Gateley (Holdings) Plc is a UK-based professional services group offering legal and advisory services across corporate, property and contentious disciplines. The company serves a broad range of corporate, institutional and public-sector clients through a diversified platform that combines transactional expertise with litigation, consultancy and specialist advisory capabilities. Gateley has pursued a strategy of selective acquisitions to expand its service offering and strengthen its presence in higher-value and higher-margin segments of the professional services market.

Neo Energy Metals (LSE:NEO) has agreed with Sibanye-Stillwater to extend key regulatory deadlines associated with the acquisition of the New Beisa Node project in South Africa. The revised timetable grants regulators an additional six months, moving the deadline for approval of the carve-out of the Beatrix 4 Shaft mining right to 6 December 2026.

The carve-out approval represents the first major regulatory step required for Neo Energy’s acquisition of the asset. As a consequence of the extension, the deadline for the subsequent transfer of the mining right to Neo Energy has also been revised, with completion now targeted by 6 June 2027. The changes follow the fact that the Minister of Mineral and Petroleum Resources has not yet granted the initial approvals required under the transaction structure.

Despite the delay, both Neo Energy and Sibanye-Stillwater have expressed confidence that the approvals process will conclude successfully. The companies cited ongoing constructive engagement with South African regulators and noted that no material objections have emerged during the review process.

Importantly, Neo Energy stated that operational planning for the New Beisa Node remains unaffected. The company continues to target first gold production in December 2027, with uranium production expected to follow thereafter. Management believes the revised regulatory timetable does not currently alter the broader development schedule or the project’s strategic objectives.

The New Beisa Node project benefits from extensive existing infrastructure, including a processing plant capable of handling 120,000 tonnes per month and established underground mining access. The project hosts measured and indicated resources containing 26.8 million pounds of uranium and 1.2 million ounces of gold. Based on current development plans, the operation is expected to support a mine life of approximately 17 years, with forecast all-in sustaining costs below US$30 per pound of uranium equivalent.

Neo Energy’s longer-term growth strategy is further supported by its Henkries Node project in South Africa’s Northern Cape. The project is expected to produce around 580,000 pounds of uranium annually at an estimated cash cost of approximately US$33 per pound. A feasibility study completed in 2024 outlined attractive project economics, supporting management’s ambition to establish Neo Energy as a significant uranium producer.

The combination of two advanced uranium projects, substantial existing infrastructure and defined mineral resources provides the company with a platform for future production growth while strengthening its position within the uranium sector at a time of increasing global interest in nuclear energy.

More About Neo Energy Metals

Neo Energy Metals is a uranium and gold development company focused on South African mining assets. The company is listed on the London Stock Exchange’s Main Market and on A2X, with a planned Johannesburg Stock Exchange listing targeted for 2026. Across its portfolio, Neo Energy controls JORC- and SAMREC-compliant resources totalling 31.5 million pounds of uranium and 1.2 million ounces of gold.

Its flagship New Beisa Node project, located in the Free State Goldfields, is a brownfield uranium-gold development situated on the former Beatrix 4 Shaft property. The asset benefits from more than US$500 million of historic investment and extensive surface and underground infrastructure. Neo Energy’s second key asset, the Henkries Node project in the Northern Cape, hosts a near-surface palaeochannel uranium deposit supported by successful pilot-scale processing work and a feasibility study demonstrating low-capital, high-margin development potential.

Springfield Properties (LSE:SPR) has strengthened its financial position by eliminating all bank debt, ending FY2026 with an estimated net bank cash balance of approximately £1 million. The result significantly exceeded market expectations, which had anticipated net bank debt of around £10 million at year end, and marks a substantial turnaround from the group’s peak net bank debt position of £93.4 million recorded in November 2023.

The achievement reflects a combination of disciplined cost management, effective working capital control and a continued focus on balance-sheet improvement. With debt no longer a constraint, Springfield believes it is well positioned to pursue growth and investment opportunities during FY2027 and FY2028 while maintaining financial flexibility.

For FY2026, the company expects to report revenue of approximately £245 million, with adjusted profit before tax in line with market forecasts. Performance has been supported by continued growth across both its private housing and affordable housing divisions, demonstrating resilience in core markets despite broader economic uncertainties.

A central element of Springfield’s strategy is its increasing focus on the North of Scotland, where demand for housing is being driven by large-scale energy infrastructure and renewable energy developments. The company recently reached an initial agreement with SSEN Transmission relating to the delivery of nearly 300 homes connected to electricity grid upgrade projects. At the same time, Springfield continues to expand its regional land portfolio to capitalise on long-term housing demand supported by government policy and economic investment.

Management believes its partnership with SSEN Transmission, together with planning reforms introduced through Highland Council’s Masterplan Consent Areas, will enhance the company’s ability to deliver housing required to support major energy and renewables projects. Strong regional demand and the prospect of house price growth are also expected to help offset potential cost inflation arising from geopolitical pressures, including tensions in the Middle East.

The company views Scotland’s ongoing housing shortage as a significant long-term opportunity, particularly given supportive government initiatives such as affordable housing funding programmes and shared equity schemes aimed at helping first-time buyers enter the market.

With a strengthened balance sheet, growing activity across its core housing businesses and increasing exposure to energy-driven development opportunities in northern Scotland, Springfield believes it is well placed to strengthen its competitive position and create long-term value for shareholders.

The company’s outlook remains positive, supported by strong financial execution, favourable valuation metrics and encouraging technical indicators. While a slowdown in free cash flow growth remains an area to monitor, Springfield’s strategic positioning and recent operational progress provide a solid foundation for future expansion.

More About Springfield Properties PLC

Springfield Properties plc is one of Scotland’s leading housebuilders, developing both private and affordable homes across the country. The company maintains a substantial land bank, with a particular focus on the North of Scotland, where growing demand is being driven by major energy security, infrastructure and renewable energy projects. Through its regional expertise and long-term development pipeline, Springfield is positioned to play an important role in addressing Scotland’s housing needs while benefiting from structural growth opportunities in high-demand markets.

Aeorema Communications’ (LSE:AEO) brand experience agency, Cheerful Twentyfirst, has secured its highest-ever level of contracted revenue associated with the Cannes Lions festival, supported by 17 confirmed brand activations and a 92% retention rate among returning projects.

The record performance reflects strong ongoing demand from existing clients, with several major mandates renewed for 2026. These include large-scale activations such as SPORT BEACH, alongside projects for The Wall Street Journal and leading global SaaS businesses. The agency has also added five new activations to its Cannes programme this year, further expanding its presence at one of the world’s most prominent marketing and advertising events.

Because a substantial portion of the Cannes-related revenue will be recognised during the first half of Aeorema’s newly aligned calendar-year reporting period, management believes the business enters 2026 with a high degree of earnings visibility. The contracted work provides a strong foundation for first-half trading and supports confidence in performance across the remainder of the financial year.

Management also noted that the growing contribution from repeat and multi-year client relationships is helping to reduce historical revenue seasonality. Greater levels of recurring business are improving forecasting visibility, supporting margins and creating opportunities to extend client partnerships beyond Cannes into other major international events, including POSSIBLE and SXSW Austin.

The company believes this expanding network of long-term relationships strengthens its competitive position within the brand experience sector, enabling it to compete effectively against larger global agency groups while maintaining a specialist, client-focused offering.

From a financial perspective, Aeorema’s outlook remains balanced. Profitability has remained relatively stable, although revenue growth and cash generation have presented challenges. Recent corporate developments and a moderate valuation profile provide support for the investment case, while technical indicators suggest cautious optimism. Limited public guidance from management means visibility on longer-term forecasts remains somewhat constrained.

More About Aeorema Communications

Aeorema Communications is a London-headquartered strategic communications group specialising in corporate events, brand experiences and film production for international clients. Through its agencies, Cheerful Twentyfirst and Eventful Limited, the company delivers live, virtual and hybrid events for global brands and organisations. In addition to its UK operations, Aeorema maintains offices in New York and Amsterdam, supporting clients across multiple international markets.