Author: Fiona Craig

Angling Direct (LSE:ANG) reported a 5.1% increase in group revenue to £56.4 million for the six months ended 31 July 2026, supported by growth across its UK retail stores and online operations.

The fishing tackle and equipment retailer recorded an 11.9% increase in adjusted EBITDA to £4.3 million, while UK revenue rose 6.9% during the period.

The company said its domestic performance reflected contributions from its store network and e-commerce channels, alongside an increased focus on higher-margin own-brand products and operating cost management.

Angling Direct also reported improvements in cash generation, with net cash increasing to £14.5 million at the end of the reporting period.

Adjusted return on capital employed (ROCE) improved to 10.3%, reflecting changes in operating profitability relative to the capital invested in the business.

The group has been expanding its range of own-brand fishing products, including its Advanta and Discover labels, as part of its strategy to develop product margins and customer offerings.

Management said these products contributed to the group’s margin performance during the first half, alongside cost controls and changes to its product mix.

Angling Direct continued investing in its UK retail estate, opening three new stores during the six-month period.

The additions expanded its physical retail network and formed part of the company’s strategy to increase its geographical coverage and serve customers through both stores and digital channels.

The group also reported an increase in customer engagement through its MyAD Fishing Club membership programme.

Membership rose 16% to approximately 696,000, reflecting continued growth in the retailer’s customer loyalty and digital engagement activities.

Angling Direct said the number of customers using its combined store and online channels also increased during the period, although the supplied update did not provide a specific figure for this growth.

The company operates an omni-channel retail model, allowing customers to purchase products through its physical stores, websites and associated digital services.

Its MyAD Fishing Club platform forms part of this approach, providing a means of maintaining customer relationships and supporting engagement across different sales channels.

Management also highlighted customer gains from competing retailers, attributing part of its UK performance to changes in the competitive environment.

The company has been seeking to increase its share of the UK specialist fishing tackle market through store openings, digital investment and the expansion of its product range.

Alongside its operational activities, Angling Direct continued its share repurchase programme.

The group said buybacks completed since late 2024 represented approximately 12% of its equity, reflecting the scale of shares repurchased over that period.

The company has been returning capital to shareholders while maintaining investment in its retail operations and digital infrastructure.

Following the end of the first half, Angling Direct reported continued sales activity during August and September, with management highlighting trading performance across its UK business.

The board confirmed that the group’s performance remained in line with full-year market expectations.

The company did not provide revised numerical guidance for annual revenue or profitability in the supplied update.

Angling Direct continues to develop its European online operations through local-language websites and its distribution infrastructure in the Netherlands.

These activities form part of its longer-term strategy to expand sales outside the UK while maintaining its domestic retail and e-commerce operations.

The company’s current priorities include developing its UK store network, increasing customer participation in its digital platforms, expanding own-brand sales and managing operating costs.

With first-half revenue of £56.4 million and adjusted EBITDA of £4.3 million, Angling Direct enters the second half of FY27 with management maintaining its existing full-year expectations.

About Angling Direct Plc

Angling Direct Plc is a UK-based specialist retailer of fishing tackle, equipment and related accessories, operating through physical stores and online sales channels.

Headquartered in Norfolk, the company offers more than 25,000 product lines, including products from established fishing equipment manufacturers and its own Advanta and Discover brands.

Its UK operations combine a nationwide retail store network with an e-commerce platform and the MyAD Fishing Club customer membership programme.

The group also serves customers in selected European markets through local-language websites and a distribution facility in the Netherlands.

Angling Direct employs more than 500 people and provides products for different types of recreational fishing, including coarse, carp, sea and game fishing.

The company’s activities include specialist retailing, product development, digital customer services and community engagement initiatives intended to encourage participation in angling.

Its business strategy focuses on developing its UK retail presence, expanding online operations and increasing sales through its own-brand product portfolio.

Cavendish plc (LSE:CAV) expects to report group revenue of approximately £22.8 million for the six months ended 30 September 2026, as the UK investment bank continues to operate across public and private capital markets amid macroeconomic uncertainty.

The company said revenue during the first half was distributed across its principal business activities, including public and private mergers and acquisitions (M&A), equity capital markets advisory services and trading.

Cavendish reported continued activity across these areas despite a more challenging economic environment, with management highlighting an increase in new mandates within its private M&A and private growth capital businesses.

The group attributed the increase in mandate activity partly to previous investment in its transaction origination capabilities and efforts to expand its operations beyond London.

Cavendish has been developing its presence in regional markets, seeking additional advisory opportunities among privately owned businesses and companies requiring growth capital.

Management said these initiatives have contributed to an increase in new private market engagements, although the financial contribution from individual mandates will depend on transaction progress and completion.

The company also reported continued involvement in public equity markets, including advisory services for companies listed on the AIM market of the London Stock Exchange.

Cavendish maintains a substantial portfolio of retained AIM clients and continues to provide corporate finance, capital raising and related advisory services to publicly traded businesses.

The group has also been active in the London Stock Exchange’s new Private Securities Market, extending its participation in transactions involving privately held companies.

This activity complements its existing advisory services in public and private M&A, equity capital markets and trading.

Cavendish said its revenue mix remained balanced across these business lines during the reporting period, providing exposure to different types of corporate transactions and capital market activity.

The company has previously advised on transactions involving businesses including Veremark, Moneybox, Wayve and Oxford Science Enterprises, reflecting its involvement in growth capital and corporate advisory markets.

Management also highlighted an increase in the average market capitalisation of the group’s retained client base as part of its broader development of corporate relationships.

Looking ahead, Cavendish reported a pipeline of prospective public and private transactions, including potential initial public offerings (IPOs).

The company said its pipeline includes opportunities across M&A advisory, equity fundraising and private growth capital transactions.

However, management cautioned that the timing of transaction completions remains difficult to forecast, particularly given the influence of economic conditions and capital market activity on corporate decision-making.

The group also highlighted the limited visibility of future revenue associated with transaction-based advisory work, where income can depend on the successful completion of individual mandates.

As a result, Cavendish intends to maintain cost controls while continuing to pursue new advisory opportunities and develop its transaction pipeline.

The company has been investing in origination capabilities to increase the number of potential transactions entering its advisory pipeline, including opportunities generated through its expanding regional presence.

Management expects these activities to support future mandate generation, although the conversion of opportunities into completed transactions remains subject to market conditions and client decisions.

Cavendish’s expected first-half revenue of approximately £22.8 million reflects activity across its public and private market businesses, with the company continuing to monitor expenditure and transaction timing.

The group has not provided specific forecasts for second-half revenue or profitability in the supplied update.

Its near-term priorities include progressing existing mandates, developing its private M&A and growth capital activities, maintaining relationships with listed corporate clients and managing costs amid continued market uncertainty.

About Cavendish plc

Cavendish plc is a UK investment bank providing corporate advisory, equity capital markets and trading services to publicly listed and privately owned companies.

The group specialises in mergers and acquisitions, equity fundraising, corporate finance and capital market transactions, with a focus on growth businesses and mid-market companies.

Cavendish maintains an established presence in the AIM market, providing advisory and related services to companies listed on the London Stock Exchange.

Its activities also extend to private M&A, private growth capital and transactions involving businesses seeking investment or strategic corporate opportunities.

The company has participated in transactions involving Veremark, Moneybox, Wayve and Oxford Science Enterprises.

Cavendish has been expanding its transaction origination capabilities and geographical coverage beyond London, alongside developing relationships with privately owned businesses and institutional investors.

The group also participates in the London Stock Exchange’s Private Securities Market, complementing its existing public market advisory activities.

Its operations are focused on supporting corporate transactions, capital raising and trading activity across the UK public and private markets.

Greencore Group (LSE:GNC) has increased its adjusted operating profit guidance for the 2026 financial year following revenue growth, improved operating margins and initial cost savings from the integration of Bakkavor.

The UK convenience food manufacturer now expects adjusted operating profit of approximately £248 million from its continuing UK operations, supported by higher production volumes, operational efficiency measures and integration benefits.

Greencore reported fourth-quarter pro forma revenue of £1.04 billion, representing an increase of 4.5% compared with the corresponding period last year.

For the full financial year, pro forma revenue rose 3.6% to £3.38 billion, reflecting increased sales volumes across the enlarged group’s food manufacturing operations.

The company said its manufactured volumes increased 2.1% during the fourth quarter and 1.1% over the full year, with growth exceeding that of the wider UK grocery market.

Demand across chilled food categories contributed to the increase, including products such as prepared salads, sandwiches, ready meals and other convenience foods supplied to major UK retailers.

Greencore also reported the introduction of 167 new products during the period, reflecting ongoing product development activities across its manufacturing operations.

The company said efficiency programmes continued to contribute to operating margin improvements, alongside the initial financial benefits arising from its acquisition of Bakkavor.

Integration activities have focused on combining selected central functions, procurement operations and distribution arrangements across the enlarged business.

Greencore reported that these initiatives are generating early cost savings, with further integration work continuing across the group’s operations.

The acquisition has expanded Greencore’s product range and manufacturing capabilities, providing additional opportunities to supply existing customers with products previously offered by the separate businesses.

The company reported new cross-selling contracts covering salads, ready meals, dips, breads and desserts, representing approximately £30 million in annualised revenue.

These contracts form part of the group’s commercial integration activities, which are intended to increase sales across its expanded customer base.

Greencore also reported an improvement in cash generation during the period, contributing to a reduction in net debt to approximately £600 million.

The reported debt position represents around 1.8 times adjusted EBITDA, reflecting the group’s current leverage following the Bakkavor acquisition and subsequent cash generation.

Management continues to target a medium-term net debt-to-adjusted EBITDA ratio of between 1.0 and 1.5 times under its financing arrangements.

The company has identified debt reduction as a financial priority as it integrates Bakkavor and manages the capital requirements of the enlarged manufacturing business.

Greencore’s revised FY26 profit guidance reflects the combined contribution from revenue growth, production efficiency measures and initial integration savings.

The group expects adjusted operating profit of approximately £248 million for its continuing UK operations, although the supplied update did not specify the previous guidance figure.

Management also reported positive trading conditions during the early part of FY27, with demand continuing across the group’s convenience food categories.

The company is progressing the integration of Bakkavor while developing additional commercial opportunities through its broader manufacturing network and customer relationships.

Greencore’s US business is being treated as a discontinued operation as the group continues its planned exit from that market.

The company’s operations are therefore increasingly concentrated on UK food manufacturing, where it supplies a range of chilled and prepared products to major grocery retailers.

Greencore’s priorities for FY27 include further integration of Bakkavor, continued operational efficiency improvements, the development of cross-selling opportunities and the reduction of net debt.

About Greencore Group

Greencore Group plc is a UK-focused convenience food manufacturer supplying chilled and prepared food products to major grocery retailers.

The company produces a range of food categories, including sandwiches, salads, ready meals, dips, quiches, breads and desserts.

Following its acquisition of Bakkavor, Greencore operates an enlarged food manufacturing business with an expanded product portfolio and customer base.

Its activities include food production, product development, procurement and distribution, with operations primarily concentrated in the United Kingdom.

The group works with retail customers to develop and manufacture convenience food products, including new product ranges and existing private-label offerings.

Greencore is integrating Bakkavor’s operations into its existing business, with a focus on central functions, supply chain activities, procurement and commercial opportunities.

The company is also progressing its exit from the US market, with those operations classified as discontinued.

Its financial priorities include cash generation, debt reduction and maintaining leverage within its medium-term target range of 1.0 to 1.5 times net debt to adjusted EBITDA.

Impax Asset Management Group (LSE:IPX) reported assets under management (AUM) of £20.0 billion as of 30 September 2026, compared with £23.3 billion at the end of June and £26.1 billion a year earlier.

The AIM-listed investment manager recorded net outflows of £2.4 billion during the quarter, alongside a £0.9 billion reduction attributable to market movements and foreign exchange effects.

The combined impact reduced AUM by £3.3 billion over the three-month period, representing a decline of approximately 14.2% from the June 2026 level. Compared with September 2025, assets under management decreased by approximately 23.4%.

Impax said the majority of client withdrawals during the quarter were concentrated in its actively managed listed equity strategies, which form part of the group’s environmental and sustainability-focused investment offering.

Chief executive Ian Simm attributed the continued redemptions to the delayed response of investors to investment performance recorded between 2023 and 2025.

According to Simm, the concentration of equity market returns in a relatively narrow group of technology companies during that period affected the relative performance of Impax’s thematic equity strategies.

The company said some clients have continued to adjust their allocations in response to those earlier performance trends, despite more recent changes in market conditions.

Management reported that environmental investment themes have experienced a recovery during 2026, with several Impax strategies delivering returns above their respective benchmarks and peer groups.

The company also identified an improvement in industry investment flows towards sustainability-related strategies, although the supplied update did not quantify the change in broader market flows.

Impax’s investment activities cover environmental and sustainability themes, including resource efficiency, energy security and electrification.

Its actively managed listed equity strategies invest in companies associated with these areas, while the group also operates fixed income, systematic equity and private markets investment businesses.

Management highlighted the investment performance records of its fixed income and systematic equity strategies, alongside continued development of its private markets activities.

These businesses provide additional investment products beyond the group’s actively managed thematic equity portfolios, where the majority of quarterly redemptions were recorded.

Impax has been expanding its private markets activities as part of its broader investment management operations, providing exposure to assets and investment opportunities outside publicly listed securities.

The company said its investment outlook continues to reflect opportunities associated with environmental markets and the development of infrastructure and technologies linked to resource efficiency and energy systems.

However, the latest quarterly figures show that client withdrawals and adverse market and currency movements continued to reduce total assets under management through the end of September.

The £2.4 billion of net outflows accounted for approximately 73% of the quarterly reduction in AUM, with the remaining £0.9 billion resulting from market and foreign exchange effects.

Despite the decline in managed assets, Impax confirmed that management guidance for the financial year remains unchanged.

The company did not provide revised financial forecasts or additional quantitative guidance in the supplied update.

Future changes in AUM will depend on client subscriptions and redemptions, investment performance, market valuations and currency movements.

Impax continues to manage assets across listed equities, fixed income, systematic strategies and private markets, with its investment approach focused on environmental and sustainability-related themes.

About Impax Asset Management Group

Impax Asset Management Group plc is a UK-based specialist investment manager listed on the AIM market of the London Stock Exchange.

The company provides investment management services focused on environmental markets, sustainability and resource efficiency.

Its investment strategies cover actively managed listed equities, fixed income, systematic equities and private markets, serving clients seeking exposure to companies and assets associated with environmental and economic transitions.

Impax’s thematic investment activities include areas such as energy security, electrification, resource efficiency and technologies supporting changes in industrial and energy systems.

The group manages portfolios across different asset classes and investment approaches, combining fundamental research with systematic investment strategies and private market activities.

Its assets under management are influenced by investment performance, client capital flows, financial market conditions and foreign exchange movements.

Physiomics (LSE:PYC) reported a 26.5% increase in total income to a record £1.06 million for the financial year ended 30 June 2026, supported by its Modelling & Simulation business and initial revenue contributions from its newly established Biometrics division.

The AIM-listed mathematical modelling and biostatistics specialist said the annual income figure was its highest since inception. However, the company recorded an operating loss of £687,254, reflecting increased costs associated with corporate changes, fundraising activities and the use of external consultants.

Physiomics attributed part of the increase in expenditure to one-off costs arising from a shareholder requisition concerning the board, changes in senior leadership and a fundraising completed during the financial year.

Additional consultancy expenditure also contributed to the wider operating loss, while shareholders’ funds declined during the reporting period.

The company’s Modelling & Simulation activities continued to generate revenue from pharmaceutical and biotechnology customers, with projects covering multiple therapeutic areas.

Physiomics also recorded its first revenue from Biometrics, a service line established to expand the group’s offering beyond mathematical modelling into clinical data analysis and related statistical services.

The Biometrics business provides capabilities intended to support pharmaceutical research and clinical development programmes, complementing the company’s existing modelling and simulation operations.

During FY26, Physiomics secured 24 new contracts across several therapeutic areas, including projects involving drug development and clinical research.

The company ended the financial year with what it described as a record contract pipeline, alongside approximately £618,000 of contracted revenue that had not yet been recognised in its financial results.

This contracted but unrecognised revenue represents work secured by the company for which revenue recognition remains dependent on the delivery of services under the relevant agreements.

Physiomics also completed a £600,000 fundraising in March 2026 to provide additional capital for its operations and planned development activities.

The fundraising took place during a period of changes to the company’s board and management structure, including the departure of its long-serving chief executive officer.

New board appointments and senior operational hires were made during the year as the company expanded its management and technical resources.

Physiomics also introduced a quality management system intended to support its operational processes and the delivery of services to pharmaceutical and biotechnology customers.

The company has been investing in scientific and technical capabilities to support both its established Modelling & Simulation business and its newer Biometrics operations.

Another development during the year involved the integration of Physiomics’ personalised dosing software into the DoseMeRx platform.

The integration is intended to make the company’s dosing technology available through an established clinical software platform, supporting applications involving personalised treatment and dose optimisation.

Physiomics develops mathematical models and software designed to analyse biological and clinical data, with applications including drug development, treatment optimisation and clinical study design.

Its proprietary technologies include the Virtual Tumour platform, which is used in modelling work related to oncology drug development.

The company also provides services across other therapeutic areas, including immunology, infectious diseases and renal conditions.

Management is seeking to expand the range of projects undertaken by the business through its Biometrics offering, including work associated with later-stage clinical development programmes.

The company’s strategy includes combining modelling, data science and statistical analysis services to support customers across different stages of pharmaceutical research and development.

While total income increased during FY26, the wider operating loss reflected the impact of additional expenditure during the year, including costs associated with management changes and external consultancy support.

Physiomics enters the new financial year with approximately £618,000 of contracted but unrecognised revenue, an expanded service portfolio and additional management and technical resources.

The timing of future revenue recognition will depend on the delivery of contracted projects, while the financial contribution from the Biometrics division will depend on the development of its customer and contract base.

About Physiomics plc

Physiomics plc is a UK-based mathematical modelling, data science and biostatistics company providing specialist services to pharmaceutical and biotechnology businesses.

The company supports drug discovery, preclinical research and clinical development through mathematical modelling, simulation, biometrics, bioinformatics and statistical analysis.

Its Modelling & Simulation business uses computational methods to analyse biological and clinical information, including applications in oncology, immunology, infectious diseases and renal disease.

Physiomics’ proprietary technologies include its Virtual Tumour modelling platform and personalised dosing software designed to support treatment optimisation.

The company has worked with pharmaceutical and biotechnology organisations including Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics and Cancer Research UK.

Through its Biometrics service line, Physiomics is expanding its capabilities in clinical data analysis and statistical services, alongside its existing modelling activities.

The group’s services are intended to support pharmaceutical companies in evaluating drug candidates, designing studies and analysing data throughout the development process.

Haydale (LSE:HAYD) reported revenue of approximately £5.0 million for the financial year ended 2026, below management’s previous expectations, as operational capacity constraints and delays in product deployment affected performance.

The AIM-listed advanced materials and clean technology company also reported an adjusted EBITDA loss of approximately £2.69 million, larger than previously anticipated, although gross margins improved to around 44% during the period.

Haydale attributed the revenue shortfall primarily to limitations in its ability to deliver projects through its SaveMoneyCutCarbon (SMCC) business, alongside delays in increasing deployment of its JustHeat product.

According to the company, demand for SaveMoneyCutCarbon’s services exceeded the delivery capacity available during the financial year, restricting the volume of projects that could be completed and recognised as revenue.

The company said the shortfall reflected operational delivery constraints rather than a reduction in customer demand or deterioration in the economics of individual projects.

Despite the lower-than-expected revenue and increased adjusted EBITDA loss, Haydale ended FY26 with cash balances ahead of management’s expectations. The supplied update did not disclose the year-end cash figure.

Gross margins of approximately 44% reflected an improvement in the proportion of revenue retained after direct costs, although the increase was insufficient to offset the impact of lower revenue on the group’s adjusted operating performance.

In response to the operational constraints, Haydale is changing the delivery structure of SaveMoneyCutCarbon, moving towards a model that relies more extensively on external installation and service partners.

The revised approach includes a new joint venture with Quidos Protect, which will provide access to an established nationwide supply chain for energy efficiency and clean technology installations.

Under the proposed structure, SaveMoneyCutCarbon will focus on customer relationships, project origination, programme management and consultancy services, while the joint venture will support the delivery of installation work through its partner network.

The delivery arrangements will cover solar energy systems, battery storage, electric vehicle charging infrastructure and other energy efficiency measures.

Haydale expects the new model to reduce the amount of fixed operational infrastructure required to support project delivery, allowing the business to use external capacity rather than expanding its own installation resources at the same rate as customer activity.

The company estimates that the annualised revenue required to reach operating breakeven will fall from approximately £17 million under its previous structure to around £10 million following implementation of the revised model.

This represents a reduction of approximately £7 million, or 41%, in the annualised revenue threshold needed to cover operating costs.

Management continues to target operating breakeven for the group’s current trading business during the first half of FY27.

The target remains dependent on the implementation of the revised delivery arrangements, the conversion of customer demand into completed projects and the resulting revenue and cost performance.

SaveMoneyCutCarbon provides energy and water efficiency services to commercial customers, including businesses and property-sector organisations seeking to implement energy-saving technologies and infrastructure improvements.

Its activities include consultancy, project planning, programme management and the supply of technologies intended to reduce energy and water consumption.

The company has been developing relationships with commercial partners to generate projects and expand its delivery network across the United Kingdom.

The joint venture with Quidos Protect is intended to address the installation capacity limitations identified during FY26 while allowing SaveMoneyCutCarbon to concentrate on project development and customer management.

Haydale expects the revised structure to reduce the working capital and fixed-cost requirements associated with delivering projects directly, although the financial impact will depend on operational performance following implementation.

The company is also continuing work on its JustHeat product following the delays experienced during FY26, which contributed to the difference between reported revenue and earlier expectations.

Haydale’s near-term priorities include implementing the new national delivery model, progressing its existing commercial pipeline and working towards its H1 FY27 operating breakeven target.

About Haydale plc

Haydale plc is an AIM-listed advanced materials and clean technology group with activities focused on energy efficiency, water efficiency and related technologies.

The company operates through its SaveMoneyCutCarbon business, which provides consultancy, technology procurement and project management services to commercial and property-sector customers.

SaveMoneyCutCarbon supports the development and implementation of energy and water efficiency projects, including solar installations, battery storage, electric vehicle charging systems and building retrofit measures.

Its commercial activities include project origination, programme design, customer advisory services and the coordination of installation and delivery partners.

Haydale is transitioning SaveMoneyCutCarbon towards a national delivery model supported by external installation providers, including its joint venture arrangements with Quidos Protect.

The company aims to expand its project delivery capabilities while reducing the fixed infrastructure required to support additional customer contracts.

Tap Global Group plc (LSE:TAP) has expanded its Digital Asset Income Strategy (DAIS) with the acquisition of 50 Ethereum (ETH) tokens, marking the company’s first investment in the cryptocurrency as part of its treasury management programme.

The crypto-fintech company purchased the tokens at an average price of £1,888.76 each, representing a total investment of approximately £94,438.

According to Tap Global, the acquisition price was around 50% below Ethereum’s previous all-time high, reflecting the market price at which the transaction was completed.

The newly acquired Ethereum has been allocated to Tap Earn, the group’s digital asset yield programme, which was launched in May 2026.

The purchase expands Tap Global’s DAIS reserve to three cryptocurrencies, comprising Bitcoin, Solana and Ethereum, alongside stablecoin holdings used within the programme.

The company said the reserve is maintained separately from funds used for its day-to-day operations, distinguishing its treasury investments from operational capital.

Under the DAIS framework, Tap Global allocates selected digital assets to income-generating activities through Tap Earn rather than holding them exclusively as non-yielding treasury assets.

The strategy is intended to generate returns from the company’s cryptocurrency holdings while maintaining exposure to the underlying digital assets.

Tap Global also provided an operational update on Tap Earn, reporting that customer assets held through the programme have exceeded US$9 million.

Since its launch in May 2026, Tap Earn has generated approximately US$157,000 in gross yield, according to the company.

The reported yield represents income generated through the programme before any applicable deductions or other adjustments. The supplied update did not provide a breakdown of the yield attributable to individual cryptocurrencies or distinguish the contributions from customer assets and company-held reserves.

Tap Earn forms part of the group’s wider cryptocurrency services, allowing eligible users to allocate supported digital assets to yield-generating arrangements.

The company is also using the platform to manage its own digital asset reserve, creating a treasury strategy that operates alongside its customer-facing services.

Management said the DAIS programme is designed to generate income from assets held on the company’s balance sheet, with the Ethereum purchase extending the range of cryptocurrencies included in the reserve.

The strategy differs from a passive cryptocurrency holding approach because selected assets are deployed through arrangements intended to produce yield.

However, cryptocurrency holdings remain exposed to market price fluctuations, while yield-generating arrangements can involve additional risks associated with counterparties, liquidity and the mechanisms used to generate returns.

The value of the company’s digital asset reserve may therefore change independently of any income generated through Tap Earn.

Tap Global has not provided a target return for the newly acquired Ethereum holdings or a timetable for additional purchases in the supplied announcement.

The latest acquisition follows the company’s existing allocations to Bitcoin and Solana as it continues implementing its Digital Asset Income Strategy.

With more than US$9 million in customer assets held through Tap Earn, the group is operating the programme for both customer participation and its own treasury holdings.

The company continues to develop its cryptocurrency trading, payments and digital asset services while maintaining separate arrangements for its operational funds and DAIS reserve.

About Tap Global Group plc

Tap Global Group plc is a London-listed cryptocurrency financial technology company providing digital asset trading, payments and related financial services through its Tap platform.

The company serves more than 400,000 customers across over 25 countries, offering access to more than 70 cryptocurrencies through its mobile application.

Its services include cryptocurrency trading, digital asset management, payment functionality and access to yield-generating products through Tap Earn.

The Tap platform also enables customers to make payments at merchants accepting Mastercard, providing a connection between digital asset holdings and everyday transactions.

Tap Global operates under Gibraltar’s Distributed Ledger Technology (DLT) regulatory framework and has outlined plans to seek cryptoasset authorisation in the United Kingdom.

The group’s Digital Asset Income Strategy involves holding selected cryptocurrencies and deploying them through its Tap Earn programme, with company-owned reserves maintained separately from operational funds.

Its activities span cryptocurrency trading, digital payments and digital asset yield services for retail customers.

EnergyPathways plc (LSE:EPP) has raised £1.75 million through a share placing with a single institutional investor to support the development of its MESH long-duration energy storage project and provide additional working capital.

The UK energy transition company issued the new shares at 5.75 pence each, with the proceeds intended to fund further project development activities, including the potential acquisition of land, pipelines and technical data associated with MESH.

The placing involves the issue of 30,434,782 new ordinary shares, which are expected to be admitted to trading on AIM on 15 October 2026.

Following admission, EnergyPathways will have 282,134,998 ordinary shares in issue, with the newly issued shares representing approximately 10.8% of the enlarged share capital.

The company also confirmed the closure of its Capital Access Window following completion of the fundraising process. Trading in its existing ordinary shares is scheduled to resume on 13 October 2026.

EnergyPathways said the additional funding will allow it to progress work on MESH, a proposed integrated energy storage development designed to combine compressed air, natural gas and hydrogen storage infrastructure.

The company intends to use part of the proceeds to acquire assets and technical information considered necessary for advancing the project through its development stages.

These acquisitions are intended to reduce project development risks and support future discussions with institutional investors and strategic partners regarding potential financing arrangements.

MESH has been designated as a project of national significance by the UK Government, according to the company.

The proposed development is designed to store surplus electricity generated by wind farms and make energy available when required, using a combination of long-duration storage technologies and associated gas infrastructure.

EnergyPathways is targeting a power capacity of approximately 300 megawatts and an energy storage capacity of 55 gigawatt-hours, with the proposed system designed to provide more than 100 hours of storage.

The company believes the project could contribute to reducing the amount of wind-generated electricity that is curtailed when supply exceeds demand or transmission capacity.

Management also expects the proposed infrastructure to provide additional flexibility to the UK electricity system by enabling stored energy to be dispatched during periods of lower renewable generation.

The project includes plans for natural gas and hydrogen storage facilities, alongside infrastructure intended to support future hydrogen production and energy supply.

EnergyPathways has indicated that hydrogen production could begin around 2029 to 2030, with long-duration energy storage operations potentially commencing during 2031 to 2032.

These timelines remain subject to the completion of development activities, regulatory approvals, government policy arrangements and the availability of project financing.

The company has also outlined the potential for MESH to provide gas storage capacity equivalent to approximately six days of UK national demand.

According to EnergyPathways, the proposed capacity could more than double the UK’s existing gas storage capability, although this remains dependent on the project’s development and eventual implementation.

The company considers the project a potential contributor to UK energy security through additional gas storage capacity and greater flexibility in balancing renewable electricity generation with demand.

The latest fundraising provides capital for the next phase of project development rather than full construction financing, with EnergyPathways continuing to pursue institutional and strategic investment opportunities.

The company will now focus on progressing asset acquisitions, technical work and other development requirements associated with MESH as it prepares for subsequent project stages.

About EnergyPathways plc

EnergyPathways plc is a UK-listed energy transition company focused on developing long-duration energy storage infrastructure and associated natural gas and hydrogen projects.

Its principal development is MESH, an integrated energy storage project intended to combine compressed air energy storage with natural gas and hydrogen infrastructure.

The project is designed to support electricity system flexibility by storing surplus renewable energy and providing dispatchable power during periods when generation from renewable sources is lower.

EnergyPathways is targeting a proposed capacity of 300 MW and 55 GWh, with more than 100 hours of energy storage capability.

The company’s development plans also include hydrogen production and gas storage infrastructure, with future operations dependent on technical development, regulatory approvals and financing.

EnergyPathways is pursuing a phased development strategy involving asset acquisition, engineering studies and engagement with potential institutional and strategic partners.