Author: Fiona Craig

MJ Gleeson plc (LSE:GLE) reported a solid first-half performance against a challenging UK housing backdrop, with group revenue increasing 9.6% to £173.1 million. Growth was supported by higher volumes and pricing at its Homes division, alongside improved activity within its Land arm.

Despite the top-line progress, profitability came under pressure. Operating profit declined 17.6% to £4.2 million, while pre-exceptional profit before tax fell 44.4% to £2.0 million. Margins were affected by rising build costs, sales incentives, softer pricing on bulk transactions and wider regulatory and tax headwinds.

Within the Homes division, completions rose to 848 units and average selling prices edged up 2.5%. The forward order book expanded significantly, climbing 64% to 978 plots. The company has also implemented a major operational restructure, which is expected to result in up to £4.5 million of exceptional charges in the second half.

The Land division completed three site disposals during the period, secured planning consent on five sites earmarked for sale in FY2026 and lodged applications on 15 additional sites, creating what management described as a record pipeline. However, the group emphasised that meeting full-year expectations will depend heavily on the strength of the spring selling season, as buyer confidence and market demand remain sensitive.

From an investment standpoint, technical indicators and recent corporate developments lend support to the outlook. Nevertheless, ongoing pressures on profitability and cash flow temper the overall assessment.

More about MJ Gleeson plc

MJ Gleeson operates through two core divisions. Gleeson Homes focuses on traditional brick-built affordable housing across the Midlands and North of England, targeting customers for whom home ownership is typically more affordable than renting. Gleeson Land promotes land for residential development across southern, western and central England.

The group combines commercial delivery with a strong social purpose and sustainability focus, aligning its strategy with multiple UN Sustainable Development Goals.

Red Rock Resources plc (LSE:RRR) has stepped up efforts to secure copper-cobalt and gold opportunities in the Democratic Republic of Congo through its Koto Red Rock joint venture. The group has signed a non-disclosure agreement and begun due diligence on a privately owned copper-cobalt project in the Kambove area of Katanga.

Management said the licence under review appears to meet its investment benchmarks, including scale, grade, credible counterparties and the potential for relatively near-term production. Meanwhile, the company is still awaiting a court ruling in its ongoing dispute with VUP, which remains a separate but material matter for the business.

In parallel with its DRC focus, Red Rock is reshaping its Australian portfolio. The company has renewed two exploration licences in Victoria, partially relinquished one tenement and fully surrendered a smaller, isolated licence. It is also reducing overheads by sharing office space with another firm and has commissioned an independent review of its Australian assets, alongside discussions with potential regional partners to sharpen its development strategy.

In Kenya, the group is advancing talks to renew its gold licences, aiming to restart on-the-ground activity that could ultimately lead to applications for production licences.

Despite the operational repositioning, Red Rock’s investment case remains constrained by continued losses, persistent cash outflows and rising leverage. Technical indicators show some improvement in short-term price momentum, but the longer-term trend remains under pressure. Valuation metrics are also limited by negative earnings and the absence of dividend support.

More about Red Rock Resources

Red Rock Resources is an exploration and development group targeting gold, base metals, battery metals and hydrocarbons, with primary interests in Africa and Australia. Through subsidiaries including Red Rock Australasia, it manages exploration licences and pursues joint ventures and regional partnerships aimed at progressing prospective mining assets toward development.

GCM Resources plc (LSE:GCM) has conditionally raised approximately £1.25 million through the issue of 15,244,000 new ordinary shares at 8.2 pence each. The placing price represents an 18% discount to the latest closing price and equates to around 4.14% of the company’s enlarged share capital. The fundraising was arranged by Clear Capital Markets Limited, acting as sole bookrunner.

Proceeds will be directed toward general working capital requirements, including corporate overheads, advisory and legal costs, and other administrative expenses.

The additional funding is aimed at supporting continued advancement of the Phulbari Coal and Power Project, which remains dependent on securing necessary approvals from the Government of Bangladesh. Management has highlighted what it sees as a shifting policy backdrop in Bangladesh, with increased emphasis on utilising domestic natural resources. Upcoming national elections are also viewed as a potential catalyst, should the regulatory and political environment evolve in a way that favours project progression.

From an investment perspective, the company’s profile remains constrained by limited financial traction, including an absence of revenue, ongoing losses and sustained negative operating and free cash flow. Technical indicators, however, have shown relative strength, with positive price momentum compared to key moving averages, although overbought signals may cap near-term upside. Valuation metrics continue to reflect the lack of earnings and dividend support.

More about GCM Resources

GCM Resources is an AIM-listed exploration and development company focused on the Phulbari Coal and Power Project in north-west Bangladesh. The project hosts a JORC-compliant coal resource of 572 million tonnes. The company’s strategy centres on deploying high-efficiency power generation technology to deliver competitively priced coal-fired electricity, working alongside the Bangladeshi government and potential strategic partners.

Digital 9 Infrastructure plc (LSE:DGI9) has indicated that the value of its equity interest in UK broadcast and communications operator Arqiva Group Limited may now sit below the level of its associated vendor loan note. If confirmed, this would result in a nil valuation for the stake in the trust’s 31 December 2025 net asset value.

The anticipated reduction reflects weaker long-term planning assumptions at Arqiva, alongside comparable third-party transaction evidence. In particular, a recent disposal by Macquarie Group Limited implied a valuation beneath the outstanding loan note, reinforcing pressure on the carrying value of Digital 9’s position.

The board emphasised that the final assessment remains subject to completion of an independent valuation exercise, external audit procedures and formal approval. It also noted that potential upside could still emerge depending on Arqiva’s operational delivery, future contract renewals, regulatory developments and any optimisation of its capital structure.

Even so, the update underlines the binary nature of D9’s exposure to Arqiva and the impact that regulatory or market-driven outcomes can have on portfolio value. A write-down to zero would represent a significant reduction in NAV as the trust progresses with its managed wind-down strategy for shareholders.

From a performance standpoint, the investment case is weighed down by weak recent financial metrics, including substantial losses, negative revenue and declining equity levels, alongside volatile cash flows. Technical indicators also suggest downside momentum, with the share price trading below key moving averages and momentum signals remaining negative. Valuation appears neutral given the absence of meaningful earnings or dividend data.

More about Digital 9 Infrastructure plc

Digital 9 Infrastructure is a London-listed investment trust and constituent of the FTSE All-Share, focused on digital infrastructure assets. The company is currently undertaking a managed wind-down designed to realise value from its existing portfolio in an orderly manner.

InfraRed Capital Partners, which oversees approximately US$13 billion of equity capital, acts as the trust’s alternative investment fund manager and adviser throughout the wind-down process.

RTC Group plc (LSE:RTC) has announced that its subsidiary, Ganymede Solutions, has landed a series of new and renewed framework agreements with leading UK infrastructure and energy clients. The contracts strengthen the group’s position as a workforce partner to critical national infrastructure projects, supporting its aim of developing more predictable, longer-duration revenue streams. However, the framework arrangements do not guarantee specific work volumes or income levels.

Among the key wins is an eight-year agreement to provide safety-critical and contingent labour to the Southern Renewals Enterprise, part of a £9 billion collaborative programme led by Network Rail in the Southern region. The contract further embeds Ganymede within the UK rail upgrade and maintenance ecosystem.

In the energy sector, Ganymede has secured a 12-month extension to its smart meter engineering services contract with E.ON UK plc, reflecting ongoing client demand for its skilled engineering workforce and reinforcing its cross-sector capabilities.

From an investment standpoint, RTC Group’s profile is supported by favourable technical signals and comparatively attractive valuation measures. Strategic contract momentum and recent corporate developments enhance its growth narrative, though moderate financial performance and pressures on cash flow indicate scope for operational improvement.

More about RTC Group plc

RTC Group is an AIM-listed recruitment and staffing provider delivering both temporary and permanent labour solutions in the UK and internationally. Through its brands — Ganymede, ATA Recruitment and GSS — the group serves sectors including rail, energy and utilities, manufacturing and engineering, construction, highways, transportation, water and environmental services, as well as complex overseas engineering projects.

Eco Buildings Group plc (LSE:ECOB) is widening its overseas reach through the creation of Eco Buildings Indonesia LLC, a new subsidiary established alongside local partner Messrs Cooper & Accors. The initiative is designed to tap into Indonesia’s significant demand for modular housing, as the group looks to roll out its GFRG-based building systems in markets grappling with housing shortages and escalating construction costs.

Under a binding memorandum of understanding, Messrs Cooper & Accors will commit $5 million in exchange for a 49% stake in the Indonesian entity. The investment will cover the installation of a new production line as well as all local operational expenses and working capital requirements. This structure enables Eco Buildings to expand without placing additional financial strain on the wider group.

The new facility is targeted to become operational by the end of 2026 and is expected to support major residential development initiatives, including Indonesia’s programme to deliver millions of affordable homes. By funding the expansion at subsidiary level, the arrangement could enhance group revenue visibility and cash flow potential while limiting capital outlay at the parent company.

From an investment perspective, the outlook is shaped by strategically positive corporate developments that suggest meaningful growth prospects. However, these are balanced against ongoing financial and valuation challenges. Technical indicators point to a mixed picture, with longer-term trends appearing constructive but shorter-term movements reflecting some uncertainty.

More about Eco Buildings Group

Eco Buildings Group is a UK-listed modular construction specialist focused on environmentally sustainable prefabricated housing. The company utilises glass fibre reinforced gypsum (GFRG) panel technology to deliver factory-built homes aimed at both affordable and premium segments. Its model emphasises cost control, faster build times and lower environmental impact in response to growing global demand for off-site construction solutions.

Kazera Global plc (LSE:KZG) has started expanding output at its Whale Head Minerals heavy mineral sands operation, introducing a 1.5-shift working pattern from 9 February. The revised schedule is expected to lift production beyond 4,000 tonnes per month as the company works to scale activity at the site.

Operational enhancements are also under way, including an upgrade to the project’s trommel screen aimed at improving processing throughput and increasing titanium dioxide grades. In parallel, Kazera and its state-owned partner Alexkor SOC Ltd are preparing to move toward a full double-shift structure, which could provide an additional boost to capacity.

Higher mining rates at Whale Head are generating increased volumes of diamondiferous gravel for the group’s Deep Blue Minerals venture. A newly identified inland block, recognised for its strong grades, has now reached the target gravel horizon and is set to begin processing in the near term.

The company is strengthening its South African technical team while allocating funds raised in late 2025 to expand both mining and processing activities. These steps are intended to enhance operational resilience and prepare the business for a potential 2A Mining Right, marking what management views as a new stage of development across its mineral sands and diamond assets.

Despite the operational progress, Kazera’s investment case remains pressured by weak financial metrics, including an absence of revenue, substantial losses and continued cash burn. Technical indicators also point to a negative trend, with the shares trading below key moving averages and momentum signals remaining subdued. While recent corporate developments offer some encouragement, valuation is constrained by ongoing losses and the lack of dividend support.

More about Kazera Global plc

Kazera Global is an AIM-listed resource investment company focused on heavy mineral sands and diamond production in South Africa’s Northern Cape. Through its Whale Head Minerals and Deep Blue Minerals operations, the group seeks to drive value through increased production while assessing further resource opportunities to broaden its development pipeline and support long-term investor returns.

Iomart Group plc (LSE:IOM) has confirmed that Chief Financial Officer Scott Cunningham will leave the business after more than seven years to take up a position in a privately owned company outside the IT industry. He will stay on through the March 2026 year-end reporting process to support a smooth handover, with his board exit anticipated in June. The company has initiated a search for a successor.

The leadership update comes as the group reported softer trading conditions in December and January. Performance was affected by increased customer churn in certain higher-margin segments and growth that fell short of expectations, despite continued progress in Azure, security offerings and Microsoft 365 services.

While iomart continues to generate positive net order bookings and has implemented more than £5 million in annualised cost efficiencies, it now expects full-year revenue to be broadly in line with current market forecasts. EBITDA, however, is projected to come in slightly below the lower end of consensus expectations. The company said it remains focused on disciplined cash management within its existing banking facilities.

From an investment perspective, the outlook is constrained by financial pressures, including a move into loss-making territory, elevated leverage and weaker free cash flow. Technical indicators present a mixed picture, with some short-term support offset by negative momentum signals and the share price trading below its 200-day moving average. Valuation metrics are also mixed: a negative price-to-earnings ratio reflects current losses, while a notably high dividend yield may point to elevated risk.

More about Iomart Group plc

Iomart Group is a UK-based specialist in secure cloud managed services, deriving the majority of its revenue domestically. With more than 600 employees, the company supports organisations managing complex IT environments through cloud infrastructure, modern workplace solutions and managed security services.

Its capabilities are underpinned by partnerships with major technology providers, enabling delivery of hybrid cloud, data protection and cyber-resilience solutions tailored to enterprise and mid-market customers.

Metals One Plc (LSE:MET1) intends to commit up to A$1 million to a renounceable entitlement offer launched by Evolution Energy Minerals Ltd, which is seeking to raise approximately A$4 million at A$0.015 per share. The funds are earmarked for the advancement of copper and graphite assets, including the Chikundo Copper and Chilalo Graphite projects.

Although the transaction qualifies as a related-party deal, Metals One’s independent directors have determined that the terms are fair and reasonable for shareholders. The investment is expected to bolster Evolution’s financial position and support development progress across its key battery metal projects, potentially expanding Metals One’s exposure to commodities central to the energy transition.

Evolution’s capital raise features renounceable and tradeable entitlements, free attaching options and partial underwriting. This structure is designed to encourage broad investor participation while increasing the likelihood that the full subscription target is achieved.

For Metals One investors, the proposed subscription may lift the company’s equity stake in Evolution and reinforce its strategic footprint in critical minerals. However, this increased exposure comes as Evolution remains in a pre-revenue phase and continues to operate at a loss.

More about Metals One PLC

Metals One is a developer and investor in critical and precious metals projects, with listings on AIM and OTCQB. The company focuses on exploration and development-stage assets, particularly in copper and graphite. It currently holds a 16.9% interest in Evolution Energy Minerals, aligning its portfolio with early-stage resource opportunities linked to electrification and battery supply chains.