Author: Fiona Craig

Forgent plc (LSE:FORG) has outlined a revised strategy focused on successfully commissioning and stabilising its flagship gasification projects in Greece and at the North Fork facility in California. Management views reliable plant performance as critical to demonstrating the repeatability and bankability of EQTEC’s waste-to-energy technology.

The company is currently working closely with customer Agrigas to support operations at the Greek reference plant, while also providing extensive technical assistance at the North Fork project. At the same time, Forgent is addressing a legacy legal dispute with former tax-credit investor SCV North Fork LLC, with the matter now progressing through mediation.

Alongside efforts to stabilise its existing assets, Forgent is exploring new opportunities linked to sustainable aviation fuel production and decentralised energy systems. Potential projects are being evaluated in markets including Hawaii, where demand for off-grid and island energy solutions could create favourable conditions for the company’s technology.

Forgent is also in advanced discussions to secure technology performance insurance, which could help improve confidence among lenders and project developers. Meanwhile, the group is rebuilding its commercial project pipeline and reviewing its international joint ventures and subsidiaries, aiming to streamline operations around a smaller number of higher-quality projects and a more resilient long-term revenue base.

Despite these strategic initiatives, the company’s outlook remains constrained by weak financial performance, including ongoing losses, leverage and negative cash flow. Technical indicators also point to continued downward momentum in the share price, while valuation metrics offer limited support given the negative price-to-earnings ratio and the absence of dividend data.

More about EQTEC

Forgent plc operates under the EQTEC brand as a technology-focused energy transition company specialising in advanced gasification systems. Its proprietary technology converts waste and biomass into syngas, which can be used to generate power, heat or advanced fuels. The company targets markets including waste-to-energy, sustainable aviation fuel and decentralised energy systems, particularly in remote locations or island power grids.

Georgina Energy plc (LSE:GEX) has reported progress in preparations for drilling at its Hussar subsalt prospect within licence EP513 in Western Australia, where the company holds a 100% working interest. The prospect is considered prospective for helium, hydrogen and hydrocarbons.

The company is currently negotiating with Ensign Energy Services regarding the use of its 970 automated drilling rig, while also reviewing alternative rig options as part of the planning process. At the same time, Georgina is finalising logistical arrangements for water well drilling and infrastructure upgrades, including improvements to access roads and an airstrip to enable efficient mobilisation of equipment and personnel.

Civil engineering work and site preparation are scheduled to begin in the second quarter of 2026, with drilling of the Hussar prospect targeted for the third quarter of the year. The project is being advanced under an off-take framework with Harlequin Energy, which is expected to fund the Hussar well and support potential future field development.

Georgina has also begun issuing requests for quotations for key well construction services, marking further progress towards drilling what it believes could be one of the largest onshore subsalt gas prospects in Australia.

The company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, widening losses, sustained cash burn and negative equity alongside rising debt levels. However, technical indicators provide some partial support, with the share price showing moderate positive momentum and trading above key longer-term moving averages. Valuation metrics cannot currently be assessed due to the lack of meaningful earnings or dividend data.

More about Georgina Energy

Georgina Energy plc is an emerging energy company focused on developing helium and hydrogen resources to address growing global demand for these strategic gases. Through its Australian subsidiary Westmarket O&G, the company holds or is pursuing full interests in several onshore prospects, including the Hussar permit in Western Australia, EPA155 Mt Winter and potential re-entry projects at Mt Kitty and Dukas in the Northern Territory.

These assets are located within the Officer and Amadeus basins, where previous drilling has identified significant concentrations of helium, hydrogen and hydrocarbons in subsalt formations. Georgina aims to leverage its technical partnerships and management expertise to develop these resources and position itself as a supplier to industries reliant on helium and hydrogen.

Halma plc (LSE:HLMA) said it remains on course to deliver its 23rd straight year of record adjusted profit, supported by broad-based growth across its businesses despite ongoing economic and geopolitical uncertainty. For the year ending 31 March 2026, the group expects mid-teens organic revenue growth at constant currency and an adjusted EBIT margin of around 22%, excluding a one-off gain. Cash conversion is also forecast to remain close to the company’s 90% target, although the stronger pound is expected to weigh on reported revenue and profit.

Order intake has continued to exceed both current revenue levels and the prior year’s performance, reflecting strong demand across the portfolio. Particularly robust activity in photonics within the Environmental & Analysis division has been a key contributor to this momentum.

Halma has also significantly increased its acquisition activity. The group has invested a record £451 million in five acquisitions across its three core sectors so far this year and reports a healthy pipeline of further opportunities. Management said this continued investment supports Halma’s long-term strategy of sustainable growth and strengthens its position in safety, environmental and healthcare technology markets.

The company’s outlook remains supported by strong financial performance and positive sentiment from recent earnings commentary, alongside its active acquisition strategy. However, the shares trade on a relatively high valuation multiple, and the modest dividend yield slightly moderates the overall investment case.

More about Halma

Halma plc is a global group of technology companies focused on life-saving products and services across safety, environmental and healthcare markets. Its solutions are designed to protect people, assets and critical resources. The company, a constituent of the FTSE 100 Index, employs more than 9,000 people across over 20 countries, with major operations in the UK, mainland Europe, the United States and the Asia-Pacific region.

Neo Energy Metals plc (LSE:NEO) has provided an update on the progress of its planned acquisition of the New Beisa Mine (Beatrix 4 Shaft) and associated processing infrastructure from Sibanye-Stillwater. The company confirmed that the remaining regulatory approval required under South Africa’s Mineral and Petroleum Resources Development Act is advancing in line with the agreed timetable.

As part of the transaction, Sibanye-Stillwater must obtain Section 102 and Section 11 approvals to allow the transfer of the Beatrix 4 mining right. Completion is expected within 24 months of the deal’s signing in December 2024, after which Neo’s majority-owned subsidiary will assume control of the mining right and move the project forward.

The company also reaffirmed that the Beisa Mine project is targeting the second half of 2027 for the start of operations. Development will follow a three-phase plan that includes implementation assessment, establishing the project’s funding structure and preparing the site for development over the next 18 to 24 months.

Management noted that recent fundraising has provided sufficient working capital to support the company while the regulatory approval process is finalised. The Beisa development forms a key part of Neo’s broader strategy to accelerate uranium project development and strengthen its presence within Africa’s uranium mining sector.

More about Neo Energy Metals

Neo Energy Metals is a uranium development and mining company listed on the London Stock Exchange and South Africa’s A2X Markets. Through its South African subsidiaries, the group is building a portfolio of uranium and gold projects in the Witwatersrand Basin and Northern Cape. Its assets include the Beisa projects, the Beatrix 4 mine complex and the Henkries uranium projects, supported by extensive historic exploration data.

Restore plc (LSE:RST) delivered a strong performance in 2025, with revenue rising 27% to £304.7 million and adjusted operating profit increasing 18% to £55.5 million. The results pushed the company’s adjusted operating margin above its medium-term target of 20%.

Growth was largely driven by acquisitions, including the purchase of Synertec and six additional bolt-on deals completed during the year. Adjusted earnings per share rose 23%, enabling the board to increase the dividend by 19%.

The company also announced a £20 million share buyback programme to be executed over the next 12 months. The move is supported by free cash flow of £42.9 million and leverage of 1.9 times, which remains within the group’s target range despite higher net debt following its acquisition activity.

Strategically, Restore made several changes to its portfolio and operations during the year. These included the disposal of Harrow Green, further integration of its digital and physical storage capabilities and progress on a property consolidation programme. The group also restructured its technology lifecycle services and shredding divisions. Management said these initiatives position the business to maintain operating margins above 20% while continuing to pursue growth opportunities.

Looking ahead, Restore’s outlook is supported by solid financial performance, strong cash generation and operational improvements. However, technical indicators point to the possibility of overbought market conditions, while the relatively high price-to-earnings ratio may raise valuation concerns. Limited data from earnings calls or recent corporate events provides fewer additional signals for investors.

More about Restore

Restore plc is a UK-based provider of secure and sustainable business services focused on managing data, information, communications and assets. The company operates across digital and physical information management, document shredding and technology lifecycle services. Following recent acquisitions, it has also expanded its presence in inbound and outbound communications services.

Secure Trust Bank plc (LSE:STB) reported resilient results for 2025, with continuing profit before tax broadly unchanged at £59.3 million. Net lending increased 8.1% to £3.3 billion, while customer deposits rose 8.2% to £3.5 billion. The bank also improved its cost-to-income ratio to 45.2% and maintained a stable net interest margin of 4.7%.

Capital strength improved during the year, with the CET1 ratio rising to 12.9%. The sale of the Consumer Vehicle Finance business helped lift tangible book value and supported enhanced shareholder returns, including a total dividend of 35.5p per share and the launch of a £10 million share buyback programme.

Operationally, the group completed its cost-efficiency initiative known as Project Fusion, delivering approximately £8 million in annualised savings. The restructuring also simplified the business by exiting new vehicle finance lending and disposing of the Consumer Vehicle Finance division. Meanwhile, Retail Finance expanded its market share to 15.5%, and the bank continued investing in digital capabilities. Provisions for potential consumer redress related to motor finance were increased to £21.5 million in response to evolving expectations from the Financial Conduct Authority.

Strategically, Secure Trust Bank has shifted towards a streamlined operating model centred on Retail Finance and Business Finance, with its Savings division acting as the primary funding platform. Management has set new medium-term targets of around 10% annual growth in net lending and a return on average equity exceeding 16%. These ambitions are expected to be supported by expansion into adjacent product areas, scalable digital services and strict capital and cost management. The bank also aims to gradually reduce its cost-to-income ratio to between 35% and 40%.

The company’s outlook reflects mixed factors. Financial performance remains moderate, with some profitability pressure and weaker cash flow, although the balance sheet remains relatively stable. Technical indicators are currently strong, with the share price trading well above key moving averages and a positive MACD signal. However, momentum indicators such as RSI and stochastic readings are elevated, suggesting the stock may be approaching overbought territory. Valuation remains supportive, with a modest price-to-earnings ratio and a dividend yield of around 2.12%.

More about Secure Trust Bank

Secure Trust Bank is a UK-based specialist lender focused on retail and business finance, supported by a deposit-funded savings platform. Its operations include point-of-sale lending through a wide retail partner network and business finance solutions such as real estate and commercial lending, funded primarily through a growing base of customer deposits.

Volution Group plc (LSE:FAN) delivered strong results for the first half of its 2026 financial year, with revenue increasing 21.7% to £228.7 million and adjusted operating profit rising 21.1%. Growth was supported by volume-driven organic expansion of 4.2% at constant currency alongside contributions from recent acquisitions.

The company increased its interim dividend by 17.6% and continued to generate solid cash flow, with leverage remaining at 1.3 times. Low-carbon products accounted for a growing share of sales, representing 72.1% of total revenue during the period.

All three of Volution’s regional markets—the UK, Continental Europe and Australasia—reported organic growth in both revenue and profit. Margins benefited from a favourable product mix, sourcing improvements and operational efficiency initiatives. Recent acquisitions have also contributed to expansion into new sectors and geographies.

The purchase of Fantech, along with the completed acquisition of AC Industries in Australia, strengthens the group’s presence in specialist ventilation markets. These deals are expected to expand Volution’s exposure to high-growth applications such as ventilation systems used in underground gold and copper mining operations. Management believes these initiatives will help offset ongoing pressures in construction markets and broader geopolitical uncertainty.

Volution’s overall outlook is supported by strong financial performance and positive management commentary around growth prospects. Technical indicators currently point to a more neutral share price trend, while valuation metrics reflect a relatively high price-to-earnings ratio that may suggest some degree of market optimism. Nevertheless, the company’s strong cash generation and strategic expansion initiatives underpin its longer-term stability and growth potential.

More about Volution

Volution Group plc is a London-listed designer and manufacturer of energy-efficient indoor air quality solutions. Operating through around 30 brands across the UK, Continental Europe and Australasia, the company focuses on ventilation, heat recovery and low-carbon continuous running systems used in residential, commercial and industrial buildings.