ADVFN UK Market News

Author: Fiona Craig

  • FTSE 100 rises as investors await Warsh speech at Jackson Hole

    FTSE 100 rises as investors await Warsh speech at Jackson Hole

    UK stocks moved higher on Friday, with the FTSE 100 gaining 0.4% as investors awaited a speech from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium later in the day.

    Despite the advance, the benchmark was on course to finish a volatile week broadly unchanged. Friday’s move followed a 0.8% decline in the previous session.

    Gains among industrial mining companies and domestically focused mid-cap stocks provided support, while energy majors Shell and BP remained relatively subdued.

    Investors await Federal Reserve signals

    Trading remained relatively restrained ahead of Warsh’s address, with investors looking for further indications on the outlook for U.S. monetary policy.

    The upcoming speech limited significant positioning across sectors as markets awaited the Federal Reserve chair’s comments.

    Meanwhile, UK economic data provided a more positive domestic signal. A Lloyds Bank survey released on Friday showed business confidence increased four percentage points in August to +53%, its highest level since March.

    The reading was above the 12-month average of 47%, with the survey pointing to stronger consumer spending power, improved trading prospects and a more favourable assessment of the UK economic outlook.

    Shell ends talks over German refinery stake

    Shell PLC (LSE:SHEL) has ended negotiations to sell its 37.5% interest in Germany’s PCK Schwedt refinery to Polish energy company Unimot, according to Bloomberg News.

    The refinery has links to Russia, and the source material does not provide further details on why the negotiations ended or Shell’s plans for the stake.

    Shell shares were around 0.4% higher during Friday’s session.

    BP seeks mediation in Whiting refinery labour dispute

    BP PLC (LSE:BP.) called on the leadership of United Steelworkers Local 7-1 to agree to federal mediation and resume formal contract negotiations concerning a months-long labour dispute at its Whiting refinery in Indiana.

    The facility has a processing capacity of 440,000 barrels per day.

    BP shares were also around 0.4% higher on Friday.

    Brent crude heads for weekly decline

    Global crude oil prices declined on Friday, leaving Brent crude on course to end a two-week run of weekly gains.

    The decline followed a higher settlement on Thursday after reports that the U.S. administration remained unwilling to return to previous agreement terms with Iran.

    Movements in oil prices continued to provide a backdrop for trading in the FTSE 100’s major energy companies.

  • Watkin Jones expects FY26 profit broadly in line with first half as transactions are delayed

    Watkin Jones expects FY26 profit broadly in line with first half as transactions are delayed

    Watkin Jones (LSE:WJG) expects adjusted operating profit for FY26 to be broadly in line with the level reported in the first half after indicating that some anticipated transactions are now likely to complete beyond the financial year-end.

    The residential developer said it has continued to focus on cash management and operational delivery during the year against a backdrop of geopolitical uncertainty and reduced transactional liquidity.

    Despite the expected timing shift for some transactions, Watkin Jones forecasts that year-end net cash will exceed the £61 million reported at the half-year stage.

    Build-to-rent projects deliver 1,345 homes

    Watkin Jones recently completed two build-to-rent developments in Belfast and Cardiff, delivering a combined 1,345 rental units.

    The company said aggregate margins from the two schemes were in line with its previous guidance.

    Investor engagement concerning a small number of additional transactions remains ongoing, although the Board now expects some of these deals to move beyond the FY26 year-end.

    As a result, adjusted operating profit for the full year is expected to be at a similar level to that achieved during the first half.

    Building safety work remains a priority

    Building safety rectification continues to form part of the group’s operational programme, with four projects currently on site.

    Watkin Jones expects work on two buildings to be completed during FY26.

    The company said its provisions will continue to be reviewed as investigations progress and discussions with building owners and supply-chain partners continue.

    Year-end net cash expected above £61 million

    Watkin Jones expects to finish FY26 with net cash above the £61 million position reported at the half-year, despite the delay to certain transactions.

    The group continues to develop its business model with the aim of diversifying revenue across its activities.

    Management said it believes the company’s balance sheet leaves it positioned to respond to opportunities in its target rental housing markets as conditions develop, while citing the long-term fundamentals of those sectors.

    Watkin Jones focuses on residential rental developments

    Watkin Jones plc is a UK-based developer and manager of residential properties, with activities including large-scale build-to-rent schemes in urban locations.

    The group is seeking to diversify its sources of revenue across development and management activities while maintaining a focus on cash and cost management.

    Its operations also include building safety remediation work associated with residential properties in the UK.

  • Goodwin reports £77.5 million trading profit and begins sale process for mechanical engineering businesses

    Goodwin reports £77.5 million trading profit and begins sale process for mechanical engineering businesses

    Goodwin PLC (LSE:GDWN) reported trading profit of £77.5 million for the year ended 30 April 2026, an increase of 118% from the previous year, on revenue of £280 million.

    The engineering and manufacturing group also proposed an 18% increase in its ordinary dividend.

    The company attributed the annual performance to demand across its mechanical engineering and refractory operations, higher margins and previous investment in specialist engineering markets.

    Goodwin starts sale process for mechanical engineering businesses

    Goodwin’s board has initiated a sale process covering a substantial part of its Mechanical Engineering division and has appointed Rothschild & Co to manage the process.

    The businesses included in the proposed transaction are Steel Castings, International, Noreva, Easat Group and Pumps.

    The board said a substantial proportion of any proceeds generated from a transaction is expected to be returned to shareholders.

    Goodwin said the businesses will continue operating during the sale process. The company has also revised its reporting structure to include a new Technological division as the board reviews capital allocation and its dividend policy.

    Defence and LNG activity contributes to mechanical engineering performance

    Goodwin reported activity from UK and U.S. naval ship and submarine programmes within its mechanical engineering operations during the year.

    The division also benefited from improved performance at Easat Radar Systems, LNG-related demand at Noreva and developments within the group’s pump operations in South Africa and India.

    Goodwin’s mechanical engineering activities include the production of precision-machined castings and valves for applications including defence, nuclear and LNG markets.

    Refractory trading profit rises 15%

    Trading profit within Goodwin’s refractory division increased 15% during the year.

    The company said the division faced pressure from elevated gold and silver prices but benefited from increased demand for high-volume, lower-cost jewellery products and brass casting applications.

    Goodwin plans to open a fourth investment powder manufacturing plant in China.

    The company also reported early signs of a recovery in precious-metal jewellery usage as prices declined, although any resulting impact on future profit remains dependent on market conditions.

    Goodwin reports adoption of X-SIL product in U.S.

    Goodwin said internally developed technology has reduced the cost of producing certain investment casting powders, providing the company with flexibility over pricing and margins.

    The group also reported commercial adoption of its patented X-SIL silica-hazard-free investment casting powder by the largest jewellery caster in the U.S.

    Goodwin has developed X-SIL as an alternative investment casting powder for jewellery manufacturing and is seeking to expand its use within the U.S. market.

    Goodwin operates engineering and refractory businesses

    Goodwin PLC is an engineering and manufacturing group with operations spanning mechanical engineering, refractory products and related technologies.

    Its mechanical engineering activities supply castings, valves and other engineered products for sectors including defence, nuclear and LNG, while its refractory operations manufacture products including investment casting powders, injection waxes and moulding rubbers.

    The group operates internationally through businesses and brands including Easat Radar Systems, Noreva and GRS.

  • Power Metal begins drilling at Tati Gold Project under Tuscan option agreement

    Power Metal begins drilling at Tati Gold Project under Tuscan option agreement

    Power Metal Resources (LSE:POW) has started on-site operations at its wholly owned Tati Gold Project in Botswana following receipt of environmental approval and completion of land access agreements.

    The project, located within the Tati Greenstone Belt near Francistown, is being advanced under a share option agreement with Tuscan Holding.

    Under the arrangement, Tuscan is responsible for funding and managing exploration, evaluation and feasibility activities relating to licence PL049/2022.

    Initial drilling targets mineralisation below oxidised zone

    The initial programme will use rotary air blast drilling to test mineralisation beneath the oxidised zone and collect representative geological data.

    Subsequent drilling is planned down dip and along strike to assess the geometry and lateral extent of the mineralised body.

    Data generated from the programme is intended to contribute to a desktop feasibility study assessing the potential for small-scale mining at the Cherished Hope target.

    Drone-based environmental and terrain surveys are also planned to provide information for preliminary mine design work.

    Tuscan can earn 75% interest in licence

    Under the option agreement, Tuscan will fully fund and manage the exploration, evaluation and feasibility work associated with PL049/2022.

    Tuscan may earn a 75% interest in the licence if it funds construction of the processing plant and associated mine infrastructure.

    If those conditions are met, Power Metal would retain a 25% carried interest through to production.

    The arrangement limits Power Metal’s direct funding requirements for the work programme covered by the agreement.

    Power Metal retains other Tati licences

    Power Metal continues to hold 100% ownership of the remaining licences within its Tati portfolio that are not covered by the Tuscan arrangement.

    The company would retain exposure to potential future cash flows and dividends from any production arising from its carried interest in PL049/2022, subject to the project reaching production and the terms of the agreement being fulfilled.

    The current programme is intended to provide information for evaluating whether the Cherished Hope target could support a small-scale mining operation.

    Power Metal operates project incubation model

    Power Metal Resources PLC is a London-listed metals exploration company with projects covering precious, base and strategic metals.

    Its portfolio includes projects in North America, Africa, Saudi Arabia, Oman and Australia.

    The company’s project model includes internally funded exploration and strategic joint ventures, with assets potentially advanced towards disposal, separate listings or production-related interests.

  • Forgent increases Peak Hill ownership to 99% and starts Phase 2 drilling programme

    Forgent increases Peak Hill ownership to 99% and starts Phase 2 drilling programme

    Forgent plc (LSE:FORG) has increased its ownership of the Peak Hill Gold-Copper Project in Australia to 99% from 51% and announced the start of a Phase 2 drilling programme at the property.

    The increased interest gives Forgent a larger ownership position in Peak Hill as it continues exploration for gold and copper mineralisation at the project.

    The transaction is being funded in part through a £0.8 million equity placing, with proceeds also allocated to the next phase of exploration and working capital.

    Phase 2 programme targets around 8,700 metres of drilling

    Forgent’s Phase 2 exploration programme is expected to comprise approximately 8,700 metres of shallow drilling across around 130 holes.

    The campaign is scheduled to take place over approximately 60 days and will include further work at the Curley’s prospect following gold and copper results from the Phase 1 programme.

    The new campaign will also provide the first systematic drilling test of the Cathedral corridor, which has not previously been drilled.

    Forgent intends to use the results to refine its geological model and identify targets for potential subsequent drilling programmes.

    £0.8 million placing supports Peak Hill programme

    Forgent is raising £0.8 million through an equity placing conducted at a discount to the prevailing market price and accompanied by warrants.

    The proceeds are intended to fund the cash consideration associated with the Peak Hill option, the Phase 2 drilling campaign and several months of working capital.

    The company also plans to issue consideration, fee and creditor shares in connection with the transactions.

    New shares expected to begin AIM trading in September

    Admission of the placing shares and the associated consideration, fee and creditor shares to trading on AIM is expected in early September.

    The issuance will increase Forgent’s total number of shares in issue, resulting in dilution for existing shareholders.

    The financing provides capital for the company’s increased interest in Peak Hill and its planned exploration activities.

    Forgent focuses on Australian gold and copper exploration

    Forgent plc is an AIM-listed exploration company focused on critical and precious minerals in Australia, including gold and copper.

    Its exploration strategy uses drilling, geophysical surveys and geochemical analysis to assess mineralisation and develop geological models that can inform subsequent exploration and development decisions.

    Peak Hill is a principal focus of the company’s current exploration programme following the increase in Forgent’s ownership to 99%.

  • Somero Enterprises doubles 2026 share buyback to US$12 million after shareholder consultation

    Somero Enterprises doubles 2026 share buyback to US$12 million after shareholder consultation

    Somero Enterprises (LSE:SOM) has increased its planned 2026 share buyback programme to US$12.0 million from US$6.0 million following a consultation with shareholders on the company’s governance and legal framework.

    The company said purchases under the expanded programme will begin following publication of its interim results on 8 September 2026.

    All shares acquired through the programme will be cancelled.

    Board proposes changes to director election process

    Following feedback received during the shareholder consultation, Somero’s Board intends to propose changes to the company’s director election arrangements.

    The proposals include introducing majority voting for uncontested director elections and moving to staggered two-year re-election terms.

    According to the company, the changes are intended to bring its governance practices more closely into line with UK market practices and the QCA Corporate Governance Code while maintaining continuity on the Board.

    The proposed constitutional changes will require shareholder approval at a forthcoming special meeting.

    Howard Hohmann to step down from Board

    Somero also announced that long-serving executive Howard Hohmann will leave the Board and take the role of Chief Commercial Officer.

    Hohmann will therefore continue in an executive commercial role while no longer serving as a director.

    The company is also conducting a search for an additional independent non-executive director and said the process is nearing completion.

    Board retains position on failed AGM resolutions

    Somero’s Board considered matters covered by several resolutions that did not receive sufficient support at the company’s 2026 annual general meeting.

    Following the shareholder consultation, the Board decided not to make changes to the matters covered by those resolutions.

    The Board said it considers the newly proposed governance measures to be a more appropriate way of addressing the shareholder feedback received while maintaining the company’s strategic and regulatory priorities.

    Somero operates in construction equipment market

    Somero Enterprises, Inc. is an AIM-listed construction equipment company specialising in concrete screeding technologies and related products.

    The company’s equipment is used by concrete contractors in the installation of large concrete floors across its international markets.

  • Borders & Southern reports progress in Falklands farm-out discussions

    Borders & Southern reports progress in Falklands farm-out discussions

    Borders & Southern Petroleum (LSE:BOR) said it has made progress in farm-out discussions with multiple parties concerning its interests in the South Falkland Basin.

    The AIM-listed oil and gas explorer holds 100% interests in its Falkland Islands acreage, including the Darwin discovery, which has an estimated P50 recoverable liquid hydrocarbons resource of 462 million barrels.

    The company operates three production licences covering nearly 10,000 square kilometres in the South Falkland Basin.

    Company notes Sea Lion development updates

    Borders & Southern also commented on recent developments at the Sea Lion project, which is being advanced by Navitas and Rockhopper in the North Falkland Basin.

    The company said the capital commitments associated with Sea Lion and plans for a second floating production, storage and offloading vessel indicate confidence in the Falkland Islands hydrocarbon basin and its fiscal framework.

    Borders & Southern also reported renewed investor interest in the region following progress at Sea Lion.

    Farm-out discussions continue with multiple parties

    Against this backdrop, Borders & Southern said discussions concerning a potential farm-out of its assets are continuing with multiple parties.

    The company reported that significant progress has been made in these discussions, although the source material does not provide details on potential counterparties, transaction terms or a timetable for any agreement.

    Any potential transaction therefore remains subject to the outcome of the ongoing discussions.

    Borders & Southern holds 100% of South Falkland Basin acreage

    Borders & Southern Petroleum is an independent oil and gas exploration company focused on offshore assets in the South Falkland Basin.

    Its acreage includes the Darwin gas condensate discovery and is supported by 3D seismic data and results from two exploration wells.

    The company currently retains 100% interests across its three production licences.

  • Jadestone Energy director Gunter Waldner resigns with immediate effect

    Jadestone Energy director Gunter Waldner resigns with immediate effect

    Jadestone Energy (LSE:JSE) has announced that non-executive director Gunter Waldner has resigned from the company’s board with immediate effect.

    Waldner served on the board as the nominated representative of Tyrus Capital under an existing relationship agreement between Tyrus and Jadestone.

    The source material does not provide a reason for Waldner’s resignation or indicate whether a replacement representative will be appointed.

    Board change ends Waldner’s tenure as Tyrus representative

    Waldner’s departure brings his tenure as Tyrus Capital’s nominated board representative to an end.

    Jadestone did not announce any changes to its operational strategy or regional development plans in connection with the board change.

    The company continues to operate its portfolio of production and development assets across the Asia-Pacific region.

    Jadestone operates across four Asia-Pacific markets

    Jadestone Energy is an independent upstream oil and gas company with assets in Australia, Malaysia, Indonesia and Vietnam.

    The Singapore-headquartered company is listed on London’s AIM market and pursues growth through organic development and acquisitions in the Asia-Pacific region.

    Its strategy includes improving operating efficiencies at its oil and gas assets, reducing costs and investing to increase production.

    Jadestone is also seeking to increase the contribution of natural gas within its operations and has committed to achieving net-zero Scope 1 and Scope 2 emissions from its operated assets by 2040.

  • McBride agrees Vestacy partnership with £170 million annualised revenue expected by FY28

    McBride agrees Vestacy partnership with £170 million annualised revenue expected by FY28

    McBride (LSE:MCB) has entered into a strategic partnership with home care group Vestacy that includes long-term contract manufacturing agreements covering a range of household products, primarily in the laundry category.

    As part of the agreement, McBride will acquire two Vestacy manufacturing facilities in Spain and Portugal for a nominal consideration.

    The two sites will join McBride’s existing manufacturing network, which includes facilities in Belgium, Italy, Poland, the UK and France. The company plans to use the expanded network to allocate production volumes across locations and serve European markets.

    Agreement expected to increase group revenue by around 15%

    McBride expects the additional contract manufacturing business to increase group revenue by approximately 15%.

    The company forecasts annualised revenue of around £170 million from the new business by the second half of FY28, with profit margins expected to be in line with its current levels.

    The agreement will also increase contract manufacturing’s contribution to McBride’s business beyond the group’s existing 25% target.

    Vestacy to fund around £34 million of equipment

    Under the agreement, Vestacy will fund approximately £34 million of equipment over a two-year period.

    McBride expects to invest around £17 million in transition costs, project expenditure and specific capital expenditure associated with the partnership.

    The company expects the investment and capacity expansion to result in a modest increase in net debt.

    Factory transfers expected to complete in early 2027

    Implementation of the partnership will take place in multiple phases.

    McBride expects the transfer of the Spanish and Portuguese manufacturing facilities to be completed in early 2027, with the expanded operations scheduled to reach full capacity by early 2028.

    The contract manufacturing arrangements will include quarterly pricing mechanisms, which the company said are typical for this type of agreement.

    McBride expands European contract manufacturing operations

    Management said the Vestacy agreement supports McBride’s strategic and financial objectives and expands its contract manufacturing activities with brand owners.

    McBride plc manufactures private-label and contract-manufactured products for domestic household, professional cleaning and hygiene markets across Europe.

    The group primarily operates in household and laundry categories, supplying retailers and brand owners through its European manufacturing network.

  • Andrada Mining reports £4.7 million operating cash inflow as tin production rises

    Andrada Mining reports £4.7 million operating cash inflow as tin production rises

    Andrada Mining (LSE:ATM) reported higher production and revenue for the year ended 28 February 2026, alongside a shift to positive operating cash flow.

    Ore processed increased 8% year on year, while tin concentrate production rose 15% to 1,740 tonnes. Contained tin production increased 13% to 1,036 tonnes, with tin recovery remaining at 72%.

    The figures reflect operations at the company’s Uis mine in Namibia, which forms the producing asset within Andrada’s wider critical minerals portfolio.

    Revenue increases 34% to £30.1 million

    Revenue for the year rose 34% to £30.1 million, supported by a 20% increase in realised tin prices.

    Gross profit reached £7.7 million, while EBITDA was £3.3 million. The company’s operating loss narrowed to £2.6 million.

    Operating cash flow moved to an inflow of £4.7 million, compared with an outflow of £4.0 million in the previous year.

    Andrada extends Thaisarco offtake arrangement

    During the period, Andrada expanded its long-term tin offtake relationship with Thaisarco.

    Under the arrangement, Thaisarco secured exclusive rights to all tin concentrate produced at Uis and provided Andrada with an unsecured advance payment of US$3 million.

    The company is also progressing exploration at Lithium Ridge with its partner SQM. According to Andrada, exploration has confirmed high-grade lithium alongside tin and tantalum mineralisation.

    At Brandberg West, Andrada entered into a staged earn-in agreement with BWCAM covering development of the project, including its tailings recovery potential.

    EIB agreement provides up to €2 million in technical assistance

    Andrada also secured a cooperation agreement with the European Investment Bank providing for up to €2 million in non-dilutive technical assistance.

    The support is intended to help advance the planned Uis lithium expansion towards a bankable feasibility stage.

    The company’s financing activities during the year included the conversion of US$3.1 million of shareholder debt into equity.

    Andrada also raised £5 million, including a £4.5 million strategic equity subscription from Talent10 Resources as an anchor investor.

    Andrada develops wider critical minerals portfolio

    Management described FY2026 as a period in which Andrada continued its transition from a single-asset tin producer towards a broader critical minerals business.

    Alongside producing tin at Uis, the company is advancing Lithium Ridge and Brandberg West as part of a portfolio that includes exposure to lithium, tantalum, tungsten and copper.

    Andrada’s strategy includes developing mining assets within Namibia, conducting further geological and processing work and using partnerships, offtake arrangements and external financing to support individual projects.

    AGM scheduled for 30 September

    Andrada has published its Annual Report and notice of Annual General Meeting on its website.

    The AGM is scheduled to take place in Guernsey on 30 September 2026.

    The company said its board governance arrangements continue to follow the latest QCA Corporate Governance Code, including changes to committee leadership.

    Andrada Mining maintains listings on AIM and the OTCQB.