Author: Fiona Craig

Investec (LSE:INVP) expects to deliver a resilient performance for the year ending 31 March 2026, forecasting modest increases in adjusted, headline and basic earnings per share. The group also anticipates pre-provision adjusted operating profit to rise by around 3% to 5%. Returns are expected to remain within medium-term targets, with both return on equity and return on tangible equity supported by strong balance sheet metrics and the completion of a R2.5 billion share buyback.

In Southern Africa, the bank is projected to achieve profit growth of at least 4% in local currency terms. This performance is being driven by robust loan and deposit expansion, lower credit losses and an expected return on equity of about 18%. Meanwhile, the UK division—including wealth manager Rathbones—is expected to deliver broadly stable results, with higher credit losses offset by returns that remain within the division’s target range.

Across the group, revenue growth has been supported by higher lending volumes, strong fee income and trading activity, along with solid wealth inflows. Southern Africa in particular has seen strong momentum in wealth management, helping reinforce Investec’s capital position and supporting its strategy of investing in technology, expanding private client services and delivering incremental value for shareholders.

Within the Specialist Banking division, core loans increased at a double-digit annualised rate in reported currency to £36.3 billion, while customer deposits rose to £45.5 billion, reflecting sustained demand from both private and corporate clients across its key markets. Assets under management in the Southern African wealth business climbed nearly 27%, driven by strong discretionary inflows and the addition of a Swiss acquisition. At the same time, Investec’s associate Rathbones also reported growth in managed assets, strengthening the group’s overall presence in wealth and investment management.

The company’s outlook is somewhat constrained by weak cash generation, with negative operating and free cash flow despite solid profitability and improved leverage metrics. On the positive side, valuation remains attractive, supported by a relatively low price-to-earnings ratio and a strong dividend yield. Technical indicators suggest an established upward trend in the share price, while earnings guidance and shareholder returns provide additional support, although broader macroeconomic uncertainty continues to weigh on the outlook.

More about Investec

Investec Group is an international banking and wealth management group focused primarily on Southern Africa and the United Kingdom, with additional operations in Europe, the Channel Islands, Dubai, India, Mauritius, Switzerland and the United States.

The group provides a range of services including private banking, wealth management and corporate and investment banking for private, corporate and institutional clients. With around 8,000 employees worldwide, Investec emphasises tailored financial solutions and a client-focused approach, supported by diversified revenue streams across lending, deposits, advisory and investment services. Its strategy centres on expanding market share in its core regions, strengthening client relationships and advancing digital and transactional banking capabilities to support long-term, capital-efficient growth.

Synthomer (LSE:SYNT) has reiterated its 2025 outlook, projecting continuing revenue of around £1.74 billion and EBITDA in the range of £135 million to £138 million. The company also expects improved margins and positive free cash flow, supported by expanded cost-saving initiatives. Covenant net debt to EBITDA stood at approximately 4.7–4.8 times, remaining comfortably within agreed limits. Trading in early 2026 has been broadly in line with expectations, with volumes gradually strengthening despite softer demand in some markets and higher raw material and energy costs linked to the conflict in Iran.

Management said the company has been able to pass on increased input costs through pricing adjustments. It also noted that operations across its global supply chain and its Middle East joint venture continue to run normally. Looking ahead, the group expects further progress during 2026 largely through operational improvements and internal efficiency measures.

Synthomer is currently engaged in discussions with lenders to amend covenants and extend the maturity of key revolving credit and UK Export Finance facilities that are due in the second half of 2027. The company intends to reduce leverage primarily through an expanded divestment programme rather than issuing new equity. Major shareholder KLK has reaffirmed its support during the process. The publication of Synthomer’s 2025 results has been delayed until late April 2026 while refinancing negotiations continue.

The company’s outlook remains challenged by weak profitability and relatively high leverage. Technical indicators present mixed signals, with short-term momentum appearing positive but longer-term trends still negative. Valuation metrics are also limited due to a negative price-to-earnings ratio. However, positive corporate developments, including insider share purchases and strategic management actions, provide some potential for improvement in the future.

More about Synthomer

Synthomer is a London-based specialty chemicals company and a major global supplier of high-performance polymers and related materials used in coatings, construction, adhesives, and health and protection applications. The company has been listed in the UK since 1971 and operates five innovation centres and 29 manufacturing facilities across Europe, North America, the Middle East and Asia, serving more than 6,000 customers worldwide.

Its portfolio spans three main segments: Coatings & Construction Solutions, Adhesive Solutions, and Health & Protection and Performance Materials. Synthomer holds a leading position in water-based polymers used in medical gloves and is also a major European producer of binders, foams and related materials. Around 20% of its sales volumes come from new or patented products. The company’s decarbonisation targets for 2030 have been approved by the Science Based Targets initiative, supporting its positioning as a sustainability-focused technology provider recognised by the London Stock Exchange’s Green Economy Mark.

Mila Resources (LSE:MILA) is progressing exploration work at its Yarrol Gold Project in Queensland, where ongoing drilling is helping to define the extent of the gold-bearing system. Diamond drilling has confirmed mineralisation extending to around 300 metres in depth, while reverse circulation drilling has reached the halfway point of a planned 1,600-metre programme. The campaign is intended to expand the known mineralised footprint, improve geological interpretation and support future resource estimates, with the company continuing operations despite weather-related disruptions.

Beyond Yarrol, Mila is advancing exploration at the Monal Project, where historical drilling results and recent fieldwork suggest the potential presence of Cannindah-style copper-gold porphyry systems. The company plans to refine these targets through upcoming geophysical surveys. Work is also continuing at the Mt Steadman prospect, which management views as part of a broader mineralised corridor that may link with Yarrol.

Together, these projects form part of Mila’s strategy to build scale across its Queensland portfolio by developing multiple targets within a regional mineralised belt. By expanding exploration across several prospects, the company aims to strengthen its growth prospects and increase the potential for district-scale discoveries.

Despite its operational progress, Mila’s financial outlook remains constrained by the early-stage nature of its business. The company currently generates no revenue and continues to report losses and negative free cash flow. Technical indicators are also weak, with the share price trading below key moving averages and showing a negative MACD signal. However, the company maintains a relatively low-debt balance sheet and a stable equity base, providing some financial resilience even though valuation metrics remain limited due to negative earnings and the absence of dividend income.

More about Mila Resources

Mila Resources Plc is a London-listed exploration company focused on post-discovery gold exploration in Queensland, Australia.

Its main asset is the Yarrol Gold Project, complemented by additional exploration targets including the Monal copper-gold project and the Mt Steadman prospect. Through these assets, the company aims to develop a district-scale exploration portfolio centred on gold and copper-gold mineralisation.

Eco Animal Health (LSE:EAH) reported strong trading for the year ending 31 March 2026, building on momentum from a solid first half. The company now expects full-year revenue to increase by roughly 8% year on year, coming in slightly ahead of market expectations. Sales growth was particularly strong in North America and Latin America, where higher demand offset the impact of currency movements and tariff pressures.

The group also anticipates improved gross margins for the year, driven by stronger product pricing and a reduction in the cost of goods sold. As a result, adjusted EBITDA is expected to rise significantly compared with the previous year and to exceed analyst consensus forecasts. The upgraded outlook highlights the veterinary pharmaceuticals company’s improving profitability ahead of the release of its audited annual results, scheduled for early July.

Eco Animal Health’s outlook reflects strong technical momentum and supportive corporate developments, suggesting confidence in its growth trajectory. However, the shares carry a relatively high valuation and the company’s historical financial performance has been somewhat uneven, which introduces potential risks if growth expectations are not fully delivered.

More about Eco Animal Health

Eco Animal Health Group is a UK-based global animal health company specialising in the development and marketing of branded veterinary pharmaceuticals. Its product portfolio focuses primarily on antibiotics and vaccines for pigs and poultry.

The company’s flagship product, Aivlosin, is a patented treatment used to combat respiratory and intestinal diseases in pigs and poultry. Eco Animal Health markets its products in more than 70 countries worldwide, positioning itself as a specialist provider of solutions for livestock health and productivity.

Titon Holdings plc (LSE:TON) said group revenue for the six months ending 31 March 2026 is expected to come in around 3% higher than the same period last year. The improvement is largely being driven by continued double-digit expansion in the company’s Mechanical Ventilation Systems division, which is benefiting from a growing pipeline of project wins. The business is also expected to deliver margin improvements as regulatory bottlenecks affecting building safety approvals begin to ease and construction projects move forward.

In contrast, the company’s Window and Door Hardware division is experiencing weaker conditions. Lower demand from the UK residential construction and fenestration markets is expected to result in a decline in full-year sales for this segment, although operational initiatives are helping support margins.

Overall, Titon indicated that first-half trading was somewhat below expectations. Nevertheless, the board anticipates a stronger second half and continues to expect full-year revenue and profit for FY26 to meet its forecasts. The outlook suggests relatively stable near-term performance despite challenging market conditions in parts of the construction sector.

The company’s investment profile is supported by strong financial stability, including low leverage and a solid equity base. However, inconsistent profitability and a relatively high price-to-earnings valuation weigh on the outlook. Technical indicators currently show mixed signals, with softer share price momentum despite a positive MACD reading.

More about Titon Holdings

Titon Holdings plc operates in the building products industry, supplying mechanical ventilation systems as well as window and door hardware solutions. The company has a strong presence in UK residential construction and fenestration markets.

Its strategy focuses on expanding the higher-margin Mechanical Ventilation Systems segment while maintaining competitiveness in the more cyclical hardware business. Through this approach, Titon aims to strengthen its position in building ventilation and energy efficiency solutions while managing exposure to fluctuations in construction demand.

Afentra (LSE:AET) has revised the structure of its planned acquisition from Etu Energias covering interests in Angola’s offshore Blocks 3/05 and 3/05A after national oil company Sonangol, the operator of the assets, exercised its pre-emption rights to participate in the transaction. Under the updated sale and purchase agreement, Afentra will acquire a 3.33% stake in Block 3/05 and a 3.66% interest in Block 3/05A. The deal includes an upfront payment of US$15.2 million along with potential contingent payments of up to US$6.74 million. Completion is targeted for the second quarter of 2026, pending approvals from the Angolan government.

The revised agreement strengthens the partnership between Sonangol, Afentra and Maurel & Prom, with Sonangol’s participation seen as a vote of confidence in the joint redevelopment strategy for the offshore assets. Afentra said the updated structure, including performance-linked payments, supports its broader goal of building a portfolio of cash-generating African energy assets. The partners intend to invest further in the blocks to increase production and expand reserves over time. Following completion, the adjusted joint venture structure is expected to give Afentra roughly one-third of Block 3/05 and around a quarter of Block 3/05A.

Afentra’s outlook is supported by solid financial performance and an attractive valuation profile, suggesting favourable long-term investment potential. However, technical indicators currently point to bearish momentum in the shares. At the same time, the company’s strategic transactions and corporate developments continue to strengthen its growth narrative.

More about Afentra

Afentra plc is a London-listed upstream oil and gas company specialising in the acquisition and management of mature producing and development assets across Africa.

The company’s portfolio is centred on Angola’s offshore Lower Congo and Kwanza basins, where it holds a combination of operated and non-operated interests in producing, appraisal and exploration blocks. Afentra positions itself as a partner for international energy companies and host governments seeking to manage asset transitions while maintaining production and supporting energy transition objectives.

Catenai PLC (LSE:CTAI), the AIM-listed digital media and technology services company, has invested in Alludium Ltd, a developer of a no-code AI Agent Operating System designed to make artificial intelligence deployment accessible to users without programming expertise. The group focuses on delivering advanced digital and technology solutions to clients across corporate, government and education sectors, aligning with its strategy to expand in emerging technology markets.

Catenai reported that Alludium has now attracted its first paying customers shortly after the public-commercial launch of its platform on 10 March 2026. The customers joined following an initial seven-day trial period, marking an early milestone for the product’s commercial rollout. The initial uptake suggests growing interest in Alludium’s AI automation platform and may strengthen Catenai’s position within the rapidly expanding AI technology landscape. The company also invited shareholders to attend a live investor presentation to discuss the development and future plans in greater detail.

Despite this early traction, Catenai’s overall outlook remains constrained by ongoing financial challenges, including significant operating losses and continued cash outflows. While revenues have shown improvement and the balance sheet has strengthened—with no debt and positive equity—valuation remains difficult to support due to negative earnings and the absence of dividend income. Technical indicators also point to broadly neutral to weak momentum in the shares.

More about Catenae Innovation Plc

Catenai PLC is an AIM-listed provider of digital media and technology services focused on delivering systems and infrastructure for organisations in corporate, government and educational sectors.

The company operates through an experienced IT team comprising project managers, developers and systems integrators who design and implement customised technology solutions for institutional clients. Its strategy centres on leveraging advanced digital tools and emerging technologies to expand its service offerings and support long-term growth.

LSL Property Services (LSE:LSL) delivered solid results for 2025, with revenue increasing 6% to £182.9 million and underlying operating profit rising 17% to £32.6 million. The performance translated into a record operating margin of 18% and a return on capital of 35%. The group maintained its dividend and completed a £7 million share buyback during the year, while also initiating a new £12 million repurchase programme, reflecting confidence in its balance sheet strength and cash generation.

Operational progress was driven in part by greater adoption of technology across the business. LSL secured its first contract with a major UK lender for an automated valuation model and introduced a new broker platform aimed at improving efficiency. The company also continued to invest in digital and data capabilities to support productivity gains and enhance service delivery.

Growth initiatives extended beyond technology. LSL increased its market share in financial services, recorded strong expansion in its business-to-consumer surveying activities and strengthened its estate agency division through acquisitions in the lettings market. The company also completed the purchase of National Search Service, a deal expected to add to earnings and support further profit growth heading into 2026 despite broader macroeconomic pressures.

Cost management remained a focus during the year, with central expenses reduced and greater collaboration across divisions helping deepen relationships with lenders and partners. These efforts have also supported cross-selling opportunities across the group’s service lines. Management said trading at the start of 2026 has been stable, supported by a healthy pipeline of potential acquisitions and continued emphasis on cost discipline and targeted investment to drive long-term returns.

LSL Property Services benefits from strong financial performance and a series of strategic corporate actions that reinforce its growth outlook. While valuation metrics appear reasonable and recent corporate updates have been positive, technical indicators suggest some caution as the shares may be approaching overbought levels.

More about LSL Property Services

LSL Property Services is a major B2B provider of residential property services in the UK. The group operates across surveying and valuation, financial services and estate agency franchising, delivering services to lenders, mortgage intermediaries and consumers.

Its strategy centres on technology-enabled valuation solutions, mortgage distribution platforms and a network of franchised estate agencies. Through these capabilities, LSL supports key participants across the UK housing and mortgage markets while continuing to expand its digital infrastructure and service offerings.

Mkango Resources (LSE:MKA) has released updated feasibility results for its Songwe Hill rare earths project in Malawi alongside a pre-feasibility study for a proposed separation facility in Puławy, Poland. The studies highlight both developments as significant components of the emerging global supply chain for magnet metals. Songwe Hill is planned as an 18-year operation producing a mixed rare earth carbonate containing high-value elements such as neodymium, praseodymium, dysprosium and terbium. The project already benefits from a mining agreement, a completed environmental and social impact assessment, and designation as a strategic project under the EU Critical Raw Materials Act.

According to the updated studies, initial capital expenditure for Songwe Hill is estimated at around US$325.5 million, while the Puławy processing plant would require approximately US$212 million. The projects show strong financial potential, with post-tax net present values of about US$339 million for Songwe and US$779 million for the Polish facility. Both projects also demonstrate solid internal rates of return, which could improve further if rare earth prices strengthen.

Mkango’s development strategy links upstream mining in Malawi with downstream separation capacity in Europe, creating an integrated supply pathway for critical rare earth elements used in electric vehicles, wind turbines and advanced electronics. The company also emphasises adherence to international environmental, social and governance standards, including modern tailings management practices, as it advances the projects. If successfully developed, the combined operations could generate long-term economic benefits for both investors and host communities while helping diversify global rare earth supply.

More about Mkango Resources

Mkango Resources is a developer focused on rare earth elements, with flagship projects in Malawi and Poland designed to support both mined and recycled rare earth supply. Its primary objective is to produce mixed rare earth carbonate from the Songwe Hill deposit and process it into high-value magnet metals through the planned separation plant in Puławy.

Through this integrated approach, Mkango aims to supply critical materials required for clean energy technologies and other high-growth industries, positioning itself within the expanding global market for rare earth-based components.

Angus Energy (LSE:ANGS) has reached an agreement in principle with its three main creditor groups—Trafigura, ORRI noteholders and Forum Energy Services—to restructure its existing debt obligations. The proposed arrangement, which remains subject to final legal documentation and shareholder approval, is intended to materially improve the company’s balance sheet, enhance liquidity and create a more sustainable long-term capital structure.

The parties are currently progressing toward binding legal agreements, with completion expected within the coming weeks. During this period, the company is continuing to manage working capital closely in cooperation with its lenders. Trading in Angus Energy’s shares on the AIM market will remain suspended until the restructuring process is completed, reflecting the significance of the transaction for the company’s financial position and strategic direction.

The company’s outlook remains shaped by challenging financial performance, including falling revenues and declining profitability. Technical indicators currently suggest neutral market momentum, while valuation metrics appear weak due to negative earnings. Nevertheless, recent corporate developments—including restructuring efforts and operational initiatives—offer potential catalysts that could support longer-term recovery and growth.

More about Angus Energy

Angus Energy is a UK-based independent oil and gas company listed on the AIM market, focusing on onshore production. It is currently the largest onshore gas producer in the UK and owns 100% of the Saltfleetby Gas Field.

In addition to Saltfleetby, the company holds majority interests in the Brockham and Lidsey oil fields and a 25% stake in the Balcombe licence. Angus Energy operates all of the assets in which it has an interest, concentrating on maximising production and operational efficiency across its portfolio.