Author: Fiona Craig

Hardide (LSE:HDD) has won £2.4 million of new orders from a major customer operating in the North American energy sector, covering the remainder of the company’s financial year ending 30 September 2026. The contract value exceeds previous board expectations and has led management to improve its revenue and performance outlook for FY26.

The majority of the work will be delivered through Hardide’s Martinsville facility in the United States, alongside production from its UK operations. The company said recent operational improvements have enhanced its ability to support higher demand, while pricing surcharges introduced to offset raw material cost inflation are also contributing to performance. Hardide added that gas supply arrangements have now been secured through the remainder of FY26 and into the first half of FY27, supporting operational continuity as it strengthens its relationship with the customer and develops a more structured order pipeline for the following financial year.

The company’s outlook is primarily supported by improving financial performance, including a return to profitability and positive free cash flow generation, alongside constructive technical momentum with the share price trading above key moving averages. However, these positives are partly balanced by higher leverage levels, relatively thin operating margins and technically overbought trading conditions. Valuation remains supportive due to the company’s comparatively low price-to-earnings ratio.

More about Hardide

Hardide plc (LSE:HDD) is a UK-based specialist in advanced surface coating technology, developing and applying patented tungsten carbide and tungsten metal matrix coatings to engineering components. Its coatings are designed to extend component lifespan and improve performance in highly demanding environments. The company serves customers across sectors including energy, valve and pump manufacturing, industrial gas turbines, precision engineering and aerospace.

Nanoco Group (LSE:NANO) has announced plans to cancel the listing of its ordinary shares from the London Stock Exchange’s Main Market and re-register as a private limited company, subject to approval from at least 75% of shareholders at a general meeting scheduled for June. Management said the move is expected to generate annual cost savings of approximately £0.7 million, extending the company’s £10.1 million cash runway, supporting its path toward medium-term break-even and allowing greater focus on high-potential development projects.

The board stated that maintaining a public listing has exposed the company to significant regulatory expenses, limited trading liquidity and elevated share price volatility. Nanoco also argued that UK equity markets continue to undervalue smaller early-stage technology businesses, particularly those with concentrated customer exposure. As a privately held company, management believes Nanoco will gain greater strategic flexibility, including increased freedom to explore potential future sale opportunities. However, shareholders will no longer have access to a formal public trading market and will instead rely on a matched bargain facility to facilitate limited off-market share transactions.

The company’s outlook remains constrained by weak financial fundamentals, including ongoing losses, weak operating cash flow and negative shareholder equity. Technical indicators offer some support, with positive MACD momentum and the share price trading above key short-term moving averages, while valuation appears superficially inexpensive on a price-to-earnings basis. Nevertheless, these factors remain secondary to the company’s balance sheet and profitability challenges.

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Nanoco Group plc (LSE:NANO) is a UK-based nanomaterials technology company specialising in cadmium-free quantum dots and related nanotechnology materials used in display, imaging and sensing applications. The company’s business model is centred on intellectual property development, licensing agreements and joint development partnerships with major Asian electronics and chemical companies, primarily at the pre-commercialisation stage.

Tekcapital (LSE:TEK) reported a sharp decline in net assets to US$55.1 million for 2025, primarily due to unrealised valuation losses linked to a weaker share price performance at portfolio company Microsalt. The revaluation impact pushed the group to a post-tax loss of US$17.1 million, compared with a profit in the previous year. Despite the decline in portfolio value, Tekcapital reduced operating expenses for a third consecutive year and highlighted strong underlying growth across several of its key portfolio businesses, including Innovative Eyewear, Microsalt, GenIP and Guident.

Operationally, Guident expanded its customer base for autonomous vehicle monitoring services and continued preparations for a potential U.S. initial public offering. Microsalt secured new contracts with major food industry customers and raised additional funding to scale production of its low-sodium salt technology. Innovative Eyewear broadened its retail distribution partnerships in the United States while launching its Lucyd Armor smart safety eyewear products. Meanwhile, GenIP accelerated sales growth in AI-driven analytics services. These developments helped offset the impact of the Belluscura investment write-down following the bankruptcy of its U.S. subsidiary and subsequent AIM delisting, although Tekcapital noted the investment still generated an overall positive return over its holding period.

The company’s outlook remains constrained by weak financial performance, particularly persistent negative operating and free cash flow alongside highly volatile and relatively small revenue levels, despite maintaining a debt-free balance sheet. Technical indicators are moderately supportive, with the share price trading above key moving averages, while valuation metrics appear relatively inexpensive on a price-to-earnings basis. However, these positives continue to be offset by operational instability and ongoing cash burn.

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Tekcapital (LSE:TEK) is a UK-based intellectual property investment company focused on commercialising university-developed technologies through the creation and scaling of portfolio businesses. The group invests in innovations aimed at improving quality of life across sectors including food technology, smart eyewear, AI-powered analytics and autonomous vehicle monitoring. Tekcapital’s strategy centres on increasing portfolio value, supporting public market listings and generating shareholder returns through successful exits and capital recycling into new high-potential intellectual property opportunities.

Kendrick Resources (LSE:KEN) has completed an internal assessment of historic and recent exploration work across its flagship Teufelskuppe and Kieshöhe rare earth projects in southwest Namibia, where the company is earning a 70% interest through Bonya Exploration. The review produced an unaudited in-house net present value estimate of approximately US$400 million for the verified in-situ light rare earth oxide-bearing carbonatites at Teufelskuppe alone. The estimate is based on a current resource tonnage of 14 million tonnes at an average head grade of 3.12%, with evidence suggesting mineralisation continues at depth and could support a materially larger resource base.

Management said high-grade zones containing up to 4.5% total rare earth oxides are concentrated within the central area of the Teufelskuppe project. The company also noted that neodymium and praseodymium — two key magnet rare earth elements — account for around 70% of the project’s light rare earth economic value. Kendrick believes this positions the asset favourably within a global market expected to expand significantly by 2034 and still heavily dominated by Chinese supply chains.

Supported by recent fundraising activity, the company is advancing a Tier 1 “mine to magnet” strategy focused on accelerating development of the projects. Kendrick aims to deliver a maiden resource estimate by the end of the third quarter of 2026 while also finalising an optimised metallurgical flowsheet. Management said the programme is designed to reduce project risk and improve the assets’ attractiveness to downstream rare earth industry participants and potential investors.

The company’s outlook remains constrained by very weak financial fundamentals, including the absence of revenue, ongoing losses, negative cash flow and a significantly weakened balance sheet with negative equity. However, technical indicators remain strongly positive and continue to support market sentiment. Valuation metrics remain difficult to assess given negative earnings and the lack of dividend support.

More about Kendrick Resources PLC

Kendrick Resources Plc (LSE:KEN) is a mineral exploration and development company focused on identifying and advancing resource projects through exploration, technical evaluation and resource development activities. The company aims to move projects toward production through joint ventures, strategic partnerships or asset sales. Kendrick has increasingly concentrated its portfolio on critical minerals opportunities in southern Africa, particularly the Bonya rare earth project in Namibia and the Blue Fox licence area in northwest Zambia.

Arrow Exploration (LSE:AXL) reported strong first-quarter 2026 financial and operational results, with average production increasing 15% year-on-year to 4,715 barrels of oil equivalent per day. Growth was primarily driven by new production from the Mateguafa Attic field within the company’s Tapir block in Colombia. Revenue rose 21% to US$23.5 million, while adjusted EBITDA climbed 22% to US$14.1 million. Net income almost doubled to US$5.2 million, supported by stronger realised oil prices and improved corporate operating netbacks of US$41.05 per boe.

The company also highlighted a cash balance of US$24 million as of 1 May 2026, which management said provides sufficient flexibility to fund its ongoing drilling programme through internally generated cash flow while continuing planned capital investment. Following the end of the quarter, Arrow announced an oil discovery at its Icaco-1 exploration well, commenced drilling at the Icaco-2 appraisal well and advanced additional development drilling at the Mateguafa Attic field. Management believes these activities could significantly increase future production levels and further strengthen the company’s position within Colombia as it seeks an extension to the Tapir block licence.

More about Arrow Exploration Corp

Arrow Exploration Corp. (LSE:AXL) is a Calgary-based oil and gas producer focused on high-growth hydrocarbon operations in Colombia, alongside a smaller portfolio of assets in Alberta, Canada. The company’s operations are centred on crude oil developments within the Tapir block, including the Carrizales Norte, Mateguafa Attic, Alberta Llanos and Icaco areas, with a strategy focused on light oil production and self-funded operational growth.

Physiomics plc (LSE:PYC) has announced a series of new contract wins during May valued at more than £345,000, including both new and repeat business with UK and international biotechnology and oncology-focused organisations. Among the agreements is work for a NASDAQ-listed clinical-stage biotechnology company. The contracts draw on Physiomics’ capabilities in modelling, simulation and data science to support Phase 1 and Phase 2 clinical analysis, first-in-human dose selection and wider clinical development programmes.

The projects are expected to generate revenue through to the end of 2027 while strengthening the company’s order book, client relationships and standing within the biotechnology and pharmaceutical industries. Management said the latest contract awards further demonstrate demand for Physiomics’ specialist expertise across oncology and drug development services.

The company’s outlook continues to be weighed down by weak financial performance, including ongoing net losses and recurring negative operating and free cash flow, despite maintaining a relatively low-debt balance sheet. Technical indicators are more supportive, with the share price trading above key moving averages and showing positive MACD momentum. Valuation remains mixed due to the company’s negative price-to-earnings ratio and the absence of a dividend yield.

More about Physiomics

Physiomics plc (LSE:PYC) is a UK-based specialist in mathematical modelling, data science and biostatistics focused on supporting biotechnology and pharmaceutical companies in drug development and personalised medicine. The company uses modelling and simulation, biometrics, bioinformatics and its proprietary Virtual Tumour platform to optimise discovery, pre-clinical and clinical programmes, working with a range of major pharmaceutical and oncology-focused biotechnology clients.

Afentra (LSE:AET) has received formal approval for a Risk Service Contract granting the company a 35% operated interest in the onshore KON4 block in Angola’s Kwanza Basin, alongside local Angolan partners. The award strengthens Afentra’s strategic position in the basin and expands its portfolio of operated and non-operated assets across Angola’s onshore and offshore energy sector.

The KON4 block contains several historic oil fields, including the sizeable Quenguela Norte discovery, offering both redevelopment opportunities and near-field exploration potential. Existing infrastructure and the block’s proximity to the Luanda refinery are expected to support future project economics. Afentra and its partners have already initiated technical and subsurface evaluation work focused on restarting production at Quenguela Norte while also assessing broader exploration targets across the licence area. The company views the block as an important contributor to future growth and value creation within its Angolan portfolio.

Afentra’s outlook continues to be constrained by volatile recent financial performance, including lower revenue in 2025, a return to net losses and significantly negative free cash flow, despite maintaining a relatively solid balance sheet. Technical indicators remain broadly neutral, although momentum signals have weakened slightly, including a negative MACD trend. Valuation metrics also remain challenging due to negative earnings and the absence of dividend yield support.

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Afentra plc (LSE:AET) is an upstream oil and gas company focused on acquiring and developing production and exploration assets across Africa while supporting a responsible energy transition strategy on the continent. The company holds a combination of operated and non-operated interests in both offshore and onshore Angolan assets, including producing fields in the Lower Congo Basin and redevelopment and exploration licences within the Kwanza Basin.

Steppe Cement (LSE:STCM) reported a strong recovery in 2025 as Kazakhstan’s cement market grew by more than 20% to exceed 14 million tonnes, supported by renewed momentum in residential building and infrastructure development. The company retained a 14.4% share of the domestic market while increasing sales volumes by 21% to approximately 2.07 million tonnes, helped by improved operational reliability and higher clinker production.

Group revenue increased 20% to USD 101.5 million, while gross profit reached USD 28.4 million and EBITDA improved to USD 11.8 million. Net profit more than tripled to USD 3.2 million as operational efficiencies and tighter cost controls enhanced profitability. Supported by a cash balance of USD 10.5 million, the board approved a USD 30 million expansion programme designed to increase clinker production capacity from 3,000 to 4,500 tonnes per day and raise annual cement capacity to roughly 2.5 million tonnes by summer 2027.

Operational improvements on Line 6 contributed to an 11% increase in clinker output to 1.63 million tonnes. The new capital investment programme includes upgrades to the cooler, raw mill, riser duct, cyclones and kiln systems, with the aim of reducing coal and electricity consumption per tonne produced without significantly increasing fixed operating costs. Management said the investments are expected to strengthen the company’s market position as Kazakhstan continues to benefit from population growth, urbanisation and sustained construction demand.

The group is also advancing several environmental initiatives. Steppe Cement has already closed energy-intensive wet production lines, upgraded filtration systems and improved heat recovery processes to keep energy consumption and emissions broadly aligned with international industry standards. The company is currently negotiating a framework agreement with the Kazakh government to meet Best Available Technologies standards by 2035 and has committed USD 5 million over the next two years to complete a transition to bag filters. Management expects the move to reduce its annual emissions tax bill of approximately USD 1.4 million while further improving the company’s environmental performance.

On the governance side, long-serving chief executive Javier del Ser Pérez has transitioned to the role of executive chairman, while Petr Durnev has assumed day-to-day leadership responsibilities as chief executive officer during the group’s expansion phase. Steppe Cement will hold its annual general meeting in Kuala Lumpur on 26 June 2026, with the 2025 annual report and AGM notice to be published on the company’s website ahead of the meeting.

Steppe Cement’s outlook is supported by strong cash generation, low leverage, positive corporate developments and an attractive dividend yield. However, the company’s relatively high price-to-earnings ratio and technically overbought share price conditions could present near-term risks.

More about Steppe Cement

Steppe Cement (LSE:STCM) is an AIM-listed cement producer focused on the Kazakhstan construction market, supplying clinker and cement to domestic infrastructure and building projects. The company operates close to major industrial and population centres including Astana, Karaganda and Temirtau, with access to essential raw materials such as limestone, clay, coal, iron ore and slag that support its cost efficiency and competitive positioning.