Author: Fiona Craig

Finseta (LSE:FIN) reported revenue of £12.4 million for 2025, representing a 9% increase from the previous year, as the foreign exchange and payments specialist continued to expand its corporate client base and strengthen its international presence. The growth was achieved despite softer activity levels among high-net-worth individuals and pressure on margins during the period.

The company continued to invest heavily in a range of strategic growth initiatives, including the establishment of a full-service office in Dubai, the development of UK agency banking capabilities and the launch of operations in Canada. While these investments affected adjusted EBITDA in the short term, management believes they will provide a foundation for stronger growth over the medium term.

A key driver of performance was the rapid expansion of the corporate division. Revenue generated from corporate customers increased by 54% during the year and now accounts for the majority of group turnover. Growth was supported by the introduction of new platform functionality and a broader focus on business-to-business payment services.

Finseta also reported strong trading momentum in Dubai, continued growth in its customer base and progress toward securing broader regulatory permissions across Europe. These developments are expected to enhance the company’s ability to serve clients operating in specialist and underserved markets, further strengthening its position as a cross-border payments provider.

Following the year end, the company completed a fundraising that has improved its balance sheet and provided additional resources to support future expansion plans. Management believes the strengthened financial position will help accelerate growth initiatives across existing and new markets.

The company’s outlook is supported by increasing confidence in its corporate-focused strategy and ongoing financial progress. Strategic investments, international expansion efforts and recent director share purchases provide encouraging signals for investors. However, technical indicators remain weak and suggest some caution in the near term, while valuation metrics continue to appear balanced rather than compelling.

More About Finseta plc

Finseta plc is a London-based foreign exchange and payments company offering multi-currency account services and international payment solutions to both businesses and individual clients. Through its proprietary technology platform and relationship-driven approach, the company facilitates complex cross-border transactions in more than 150 currencies across over 165 countries. Finseta operates under multiple regulatory frameworks, including those in the United Kingdom, Canada and Dubai, enabling it to support a growing international customer base.

Premier Miton Group (LSE:PMI) reported a difficult first half for the six months ended 31 March 2026, as weaker market conditions and continued caution among UK retail investors contributed to lower assets under management and reduced profitability. Assets under management declined to £9.0 billion during the period, while adjusted pre-tax profit fell to £3.0 million.

The group recorded net outflows of £1.3 billion, with the majority originating from a limited number of underperforming international equity strategies. Despite these challenges, several areas of the business continued to attract investor interest. Fixed income, multi-asset and income-focused products generated positive net inflows, highlighting the benefits of maintaining a diversified product range across multiple asset classes.

In response to ongoing pressures, management has accelerated a restructuring programme designed to improve investment performance and operational efficiency. Measures implemented include changes to leadership within the global equities division, a simplification of team structures and enhanced investment oversight processes aimed at strengthening governance and improving short-term outcomes.

The company has also expanded its cost-reduction initiatives, with total annualised savings now expected to reach £7.5 million. These actions have significantly lowered the group’s operating cost base while preserving key investment and client-service capabilities. Premier Miton continues to maintain a strong financial position, ending the period debt-free and holding cash balances of £24.6 million.

Management reported early indications that business conditions may be beginning to stabilise. An increasing number of funds are outperforming their benchmarks, while the company’s distribution platform is helping direct investor flows toward products experiencing stronger demand and performance.

The newly appointed chair acknowledged that the wider asset management sector continues to face challenges, including subdued investor risk appetite and structural weaknesses within the UK savings market that have weighed on active fund managers. However, the board believes Premier Miton is well placed to benefit should regulatory reforms and improving investor sentiment encourage renewed investment activity.

By refining its strategic priorities, maintaining investment expertise and leveraging its established distribution network, the group aims to stabilise assets under management and position itself for future growth as market conditions improve.

The company’s outlook remains constrained by a multi-year decline in revenue, pressure on margins and returns on equity, and weak technical market indicators reflecting negative momentum. Offsetting these concerns are a robust balance sheet with no debt, continued positive cash generation and an attractive dividend yield, although valuation metrics remain mixed. Management also notes that while outflow pressures persist, certain areas of the business continue to experience healthy client demand.

More About Premier Miton Group

Premier Miton Group is an AIM-listed UK investment management company focused on providing actively managed investment solutions to retail and institutional investors. The firm manages a broad range of strategies across equities, fixed income, multi-asset and absolute return mandates, supported by a well-established UK distribution platform. Its approach centres on delivering differentiated active investment products designed to meet evolving investor needs and market opportunities.

Flowtech Fluidpower (LSE:FLO) has completed the acquisition of the business and assets of Helipebs Controls, a Gloucester-based specialist manufacturer of hydraulic cylinders and hydraulic systems. With a heritage spanning more than 150 years, Helipebs has established a strong reputation for delivering high-performance engineering solutions to customers operating in sectors including energy, aerospace and defence, nuclear, and industrial manufacturing.

The acquisition enhances Flowtech’s technical capabilities and broadens its exposure to specialist engineering markets. The addition of Helipebs brings in-house UK manufacturing expertise, international engineering experience and expanded service capabilities. As part of the transaction, Helipebs’ senior management team, including Managing Director Victoria Hayward, will join the wider Flowtech leadership structure to support future growth initiatives.

The deal was completed for £0.4 million and funded entirely from Flowtech’s existing cash resources. Management expects the acquisition cost to be recovered through customer receipts by the end of the 2026 financial year. The transaction is also anticipated to result in a bargain purchase gain, which will be recognised as an exceptional accounting item.

Financially, Flowtech expects Helipebs to contribute approximately £1.5 million of revenue and deliver modest positive EBITDA during the remainder of FY26. Looking ahead to FY27, revenue contributions are forecast to increase to around £4 million, with EBITDA expected to reach approximately £0.5 million. These projections are supported by a healthy order pipeline and multi-year agreements with a number of blue-chip customers.

The acquisition represents another step in Flowtech’s ongoing consolidation strategy, following a series of acquisitions completed during 2024 and 2025. Management believes the transaction will strengthen the group’s position in technically demanding end markets while creating opportunities for operational synergies and long-term growth.

Despite these strategic developments, the company’s outlook remains constrained by weak technical market indicators, with the share price trading below key moving averages and a negative MACD signal. Flowtech has also reported losses in recent years, reflected in negative earnings and a negative price-to-earnings ratio. However, these challenges are partially balanced by improving operating performance during 2025 and relatively strong cash generation trends.

More About Flowtech Fluidpower

Flowtech Fluidpower is an international distributor and engineering solutions provider focused on power, motion and control technologies. The company supplies hydraulic and pneumatic components, systems and technical services to a broad range of industrial customers. Through a combination of organic growth and targeted acquisitions, Flowtech continues to expand its engineering expertise, manufacturing capabilities and presence across specialist industrial markets.

GCP Infrastructure Investments Limited (LSE:GCP) delivered a solid performance during the six months ended 31 March 2026, demonstrating resilience despite continuing challenges across the UK alternative income investment sector. The FTSE 250-listed infrastructure debt fund remains invested across a diversified portfolio that includes renewable energy projects, PPP/PFI assets and supported living investments, with many holdings qualifying for the London Stock Exchange’s Green Economy Mark. A portion of the portfolio also benefits from inflation-linked income characteristics designed to support long-term returns.

The company maintained its interim dividend at 3.5 pence per share, keeping it on track to meet its full-year dividend target of 7.0 pence per share. During the reporting period, shareholders benefited from a total return of 5.0%, while net asset value (NAV) generated a total return of 2.4%.

Interim profit increased significantly to £17.0 million, compared with £0.4 million in the corresponding period last year. The improvement was largely attributed to a reduction in unrealised valuation losses across the portfolio. Net assets stood at £828.9 million at the period end, reflecting management’s ongoing focus on loan repayments, asset realisations and refinancing activity, alongside a £7.6 million share buyback programme aimed at narrowing the discount to NAV and lowering company-level debt.

The investment portfolio was independently valued at £850.6 million, against a principal portfolio value of £903.4 million. During the half year, the company received £17.6 million in loan repayments, with additional repayments completed after the reporting date, further strengthening liquidity and capital flexibility.

Management noted that the broader UK alternative income sector continues to face pressure from an oversupply of listed investment vehicles and relatively subdued investor demand. Nevertheless, GCP Infra’s share price performance has remained comparatively stable. Based on current market levels, the shares offer an implied yield of approximately 9.6%, reinforcing the fund’s appeal to investors seeking dependable income while the board continues to take a disciplined approach to capital allocation.

The company’s outlook is supported by a conservative balance-sheet position, improving cash generation and generally constructive technical indicators. These strengths are balanced against inconsistent revenue trends and a relatively demanding earnings valuation. Continued dividend stability and share buybacks remain important elements of the company’s strategy to enhance shareholder value.

More About GCP Infrastructure Investments Limited

GCP Infrastructure Investments Limited is a FTSE 250-listed closed-ended investment company incorporated in Jersey and focused on infrastructure debt and related assets. The company invests in a diversified portfolio spanning UK renewable energy projects, social housing, supported living developments and PPP/PFI infrastructure schemes, with the objective of generating sustainable long-term income while preserving shareholder capital.

Its portfolio includes exposure to solar, wind, biomass and anaerobic digestion assets, as well as healthcare, education, justice and housing-related infrastructure projects. With a principal portfolio value of approximately £903 million, a weighted average annualised yield of 8.0% and an average remaining life of around 11 years, GCP Infra seeks to provide investors with stable income derived from essential infrastructure assets that support both environmental and social outcomes.

Guardian Metal Resources (LSE:GMET) (AMEX:GMTL) (USOTC:GMTLF) has reported the discovery of a new tungsten-bearing skarn zone, named the Tremor Zone, within its wholly owned Pilot Mountain project in Nevada. The mineralised area was identified during condemnation drilling carried out to support infrastructure planning for the project’s pre-feasibility study (PFS).

The first drill hole to test the area, PMR26-077, intersected multiple zones of tungsten mineralisation, including 13.68 metres grading 0.31% WO3 from a shallow depth. The result highlights the potential for additional mineral resources beyond those already defined at Pilot Mountain.

Subsequent drilling using additional rigs has visually confirmed the presence of tungsten-bearing skarn across several holes. Exploration work completed to date suggests the Tremor Zone extends over approximately 400 metres of strike length, with mineralisation remaining open along strike and at depth in multiple directions.

Although the discovery comes too late to be incorporated into the near-complete pre-feasibility study, management believes the scale and location of the new zone demonstrate the broader exploration upside at Pilot Mountain. The Tremor Zone is situated within a royalty-free area of the project, adding to its potential economic significance. The discovery further supports Guardian Metal’s ambition to become a major domestic supplier of tungsten to U.S. defence, industrial and strategic supply chains.

From a financial perspective, the company continues to face challenges associated with limited revenue generation, widening losses and deteriorating free cash flow. However, these factors are partly offset by a debt-free balance sheet. Technical indicators present a mixed outlook, with the share price remaining above key moving averages despite a negative MACD signal. Valuation metrics remain constrained by ongoing losses and the absence of dividend payments.

More About Guardian Metal Resources plc

Guardian Metal Resources plc is a strategic minerals exploration and development company focused on restoring domestic tungsten production in the United States and strengthening supply-chain security for critical defence metals. The company is listed on NYSE American, the London market and OTCQB, and is advancing two flagship tungsten assets in Nevada: Pilot Mountain, one of the largest undeveloped tungsten deposits in the United States, and Tempiute, a historically significant tungsten-producing district. Development efforts have been supported by previous funding under the U.S. Defense Production Act.

Tertiary Minerals (LSE:TYM) has secured approximately £985,000 before expenses through a placing of 1.97 billion new ordinary shares at 0.05 pence each. The placing price represents a 17% discount to the company’s previous closing bid price. The new shares account for roughly 28% of the enlarged share capital, with admission to AIM expected on or around 9 June 2026.

In addition, certain directors have indicated their intention to invest a further £15,000 once the company is no longer subject to a close period. Proceeds from the fundraising will be directed primarily toward advancing exploration activities at the Mushima North Target A1 silver oxide discovery in Zambia. Planned work includes drilling programmes and technical assessments aimed at delivering a maiden JORC-compliant mineral resource estimate before the end of 2026. Remaining funds will be used for general corporate purposes and working capital requirements.

Upon completion of the placing, Tertiary’s total issued share capital will increase to 7,124,355,727 ordinary shares. The enlarged share count will establish the new reference point for shareholder voting-right calculations under FCA disclosure and transparency regulations.

The fundraising highlights continued backing from institutional investors and high-net-worth individuals for the company’s flagship silver oxide project in Zambia. Management’s focus is now shifting toward converting exploration success into a defined mineral resource, a milestone that could strengthen the project’s strategic value as demand for metals linked to the energy transition continues to grow.

While the company benefits from a debt-free balance sheet, its financial profile remains challenged by ongoing losses and continued cash outflows. Market indicators present a mixed picture, with signs of longer-term trend improvement offset by weaker short-term momentum. Valuation metrics also remain under pressure due to negative earnings and the absence of dividend payments.

More About Tertiary Minerals

Tertiary Minerals plc is an AIM-listed mineral exploration and development company focused on commodities associated with the global energy transition. Its principal activities are centred on the exploration and development of copper and precious metal projects in Zambia and Nevada, United States. Operating in established mining jurisdictions, the company aims to capitalise on increasing long-term demand for metals required for electrification and renewable energy technologies.

CRISM Therapeutics (LSE:CRTX) has been awarded an £896,088 non-dilutive grant through Innovate UK’s Biomedical Catalyst programme, providing funding for 70% of the costs associated with Part 1 of its open-label, Phase 2 registration-grade trial of irinotecan-ChemoSeed in patients undergoing surgical resection for glioblastoma.

The grant, which was awarded through a highly competitive process, complements the company’s recent equity fundraising efforts and provides further validation of both its technology platform and clinical development strategy. The funding strengthens CRISM’s financial position as it advances treatments in an area of oncology where therapeutic options remain limited.

The 12-month programme will be conducted at several leading neuro-oncology centres across the UK. The study aims to generate key safety, dosing and preliminary efficacy data that could support future regulatory submissions and potential adoption of irinotecan-ChemoSeed within the NHS.

Should the trial deliver positive outcomes, CRISM could benefit from faster clinical acceptance of the treatment in recurrent glioblastoma while also improving opportunities for strategic partnerships, licensing agreements and wider commercial deployment of the ChemoSeed platform across additional cancer indications.

Despite this development, the company continues to face financial challenges. Revenue remains limited, while losses and negative free cash flow persist, although recent trends indicate improvements in cash burn and operating losses. CRISM also maintains a debt-free balance sheet. From a market perspective, technical indicators remain constructive, though a high Relative Strength Index (RSI) suggests the shares may be approaching overbought territory in the near term. Valuation metrics remain difficult to assess given the absence of earnings and dividend support.

More About CRISM Therapeutics Corporation

CRISM Therapeutics Corporation is a UK-based clinical-stage drug delivery company focused on developing technologies that enable localised, sustained chemotherapy delivery for the treatment of solid tumours. Its flagship product, ChemoSeed, is a biodegradable implant designed to deliver concentrated chemotherapy directly to tumours or surgical resection sites. The technology is being developed for use in glioblastoma and other cancers, helping overcome challenges such as the blood-brain barrier that can limit the effectiveness of conventional treatments.

GEO Exploration Limited (LSE:GEO) has taken another step forward in the development of its Gorge Project in Western Australia after completing an initial field reconnaissance programme as part of its 2026 exploration strategy. The campaign followed recently completed airborne geophysical and LiDAR surveys and was overseen by Exploration Manager Tom Harris.

The reconnaissance work successfully verified historical geochemical anomalies, confirmed the locations of previous exploration activities and drill sites, and tested soil geochemical sampling techniques across areas of known surface gold mineralisation. Findings from the programme are expected to assist in shaping a larger-scale geochemical survey planned for the project.

According to management, the field visit delivered strong results, with all key objectives achieved and important geological information gathered. The company said the data collected will support the planning of future geochemical programmes and GEO’s first drilling campaign at the Gorge Project.

Previous exploration at Gorge has identified extensive gold mineralisation across an approximately 5-kilometre strike length. Historical results include high-grade gold values from rock and soil sampling, as well as notable recoveries of near-surface gold nuggets, highlighting the project’s exploration potential and significance within GEO’s asset portfolio.

More About GEO Exploration Limited

GEO Exploration Limited is an AIM-listed mineral exploration company focused on discovering and developing gold assets in Western Australia. Through its wholly owned subsidiary, Gorge Gold Pty Ltd, the company recently secured ownership of the Gorge Project licence, located within the Proterozoic Capricorn Orogen. The region is regarded as highly prospective for both large-scale orogenic gold deposits and Carlin-style gold systems.

U.S. equity futures traded modestly lower on Wednesday, signaling a softer start for Wall Street as investors weighed geopolitical risks and rising energy prices following several days of record-setting gains.

Market sentiment remained cautious amid ongoing uncertainty surrounding the conflict between the United States and Iran, with diplomatic negotiations continuing but producing little visible progress.

Escalating Tensions Support Oil Prices

According to U.S. Central Command, American forces intercepted multiple Iranian missiles and drones before carrying out what were described as “self-defense” strikes on Iran’s Qeshm Island after attempted attacks by Tehran on Tuesday.

The latest military developments helped propel crude oil prices sharply higher, with U.S. oil futures climbing nearly 3%.

The rise in energy prices has renewed concerns about inflation and added another layer of uncertainty for investors already navigating questions about the future path of interest rates.

Investors Balance Geopolitical Risks Against Strong Fundamentals

Despite heightened tensions in the Middle East, equities have shown remarkable resilience in recent weeks, supported by robust corporate earnings and confidence in the durability of economic growth.

“For now, risk appetite remains supported, but with stretched valuations and shifting monetary policy expectations, markets appear increasingly sensitive to any signs that the earnings and growth story may begin to soften,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

Her comments reflect growing awareness that while fundamentals remain supportive, markets may be vulnerable to negative surprises.

Record Highs Extend on Wall Street

Tuesday’s session saw U.S. stocks recover from an early decline and finish higher, extending a string of record closes.

The Dow Jones Industrial Average gained 228.91 points, or 0.5%, ending the day at 51,307.79.

The Nasdaq Composite added 7.09 points to close at 27,093.90, while the S&P 500 advanced 9.82 points, or 0.1%, to finish at 7,609.82.

All three benchmarks have continued to benefit from investor confidence in earnings growth and the technology sector.

Hopes for Diplomacy Face New Challenges

Recent market strength had partly been fueled by optimism that the conflict involving the United States and Iran might move toward a diplomatic resolution.

However, differing public statements from U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu have raised doubts about how close the parties are to a breakthrough.

At the same time, oil prices surged after delays emerged surrounding a proposed U.S.-Iran Memorandum of Understanding, while global energy organizations warned that crude inventories are being depleted at an accelerating pace.

These developments have complicated the market outlook and contributed to a more cautious tone among investors.

AI Theme Continues to Drive Market Optimism

Although geopolitical uncertainty remains elevated, enthusiasm surrounding artificial intelligence continues to underpin sentiment across financial markets.

The AI-driven investment theme has remained a major source of support for equities, helping offset concerns tied to higher oil prices and global political instability.

For now, investors appear willing to focus on strong earnings trends and technology-led growth, although market sensitivity to geopolitical headlines remains high as developments in the Middle East continue to unfold.