Author: Fiona Craig

UK retail sales volumes declined in July 2026 as weaker demand across non-food stores and online retailers reversed some of the gains recorded during the previous month, raising concerns that pressure on household finances could weigh on consumer spending in the months ahead.

Overall retail sales volumes fell 0.5% month on month, matching market expectations and marking the first monthly decline since April.

Core retail sales, which exclude automotive fuel, performed more poorly, dropping 0.9% compared with forecasts for a 0.5% decline.

Clothing sales hit by promotions and hot weather

Non-food sales volumes fell 1.3% during July, with clothing retailers among the weakest performers.

Clothing sales dropped 2.7% month on month as promotions encouraged consumers to bring purchases forward into June. Ashley Webb, senior UK economist at Capital Economics, also pointed to unusually hot weather as a factor reducing footfall during July.

Department stores were affected by problems with stock availability, while household goods retailers experienced a slowdown following strong sales during May and June. Furniture demand also weakened after the previous period had benefited from heatwave-related spending.

Food stores performed better, with sales volumes increasing 0.5% during the month as the World Cup and unusually warm weather supported demand. However, this was insufficient to offset the broader weakness in non-food categories.

“Britain’s summer spending spree cooled in July, but the past quarter offered some welcome respite to battered retailers,” said James Bentley, director at Financial Markets Online. “Over the three months to July, sales rose in all retail sectors except fuel. With fuel prices still elevated by the conflict in the Gulf, drivers are cutting back on journeys and deliberately filling up less.”

Three-month retail performance remains stronger

Despite July’s monthly decline, the broader three-month trend remained relatively resilient.

Total retail sales volumes increased 1.1% during the three months to July compared with the three months ending in April. Sales were also 1.6% above their July 2025 level and reached their second-highest point since April 2022.

Bentley said overall sales volumes during the three-month period were 3% higher than a year earlier, describing the performance as “robust.”

Consumer confidence reaches two-year high

Separate consumer confidence figures offered a more encouraging signal, with the GfK index rising to a two-year high of -14 in August from -17 in July.

Capital Economics believes the improvement could contribute to annual retail spending growth accelerating from 1.6% in July to approximately 3% in August.

Webb cautioned, however, that with CPI inflation and unemployment still expected to rise further, any improvement in consumer spending could prove temporary.

Capital Economics continues to forecast growth in overall consumer spending of just 0.7% during 2026.

“The question now is whether the summer surge will fade as quickly as Britons’ suntans,” Bentley said. “Inflation ticked up in July and last month’s dip in spending could presage a wider loss of momentum.”

Online sales retreat after June increase

Online retail sales values fell 3.9% in July compared with June, reversing the previous month’s 2.5% increase.

Despite the monthly decline, online sales remained 6.5% higher than in July 2025.

The proportion of total retail spending conducted online also decreased, falling to 28.3% in July from 29.2% in June.

The figures leave the UK retail sector with a mixed outlook: spending remains stronger over the broader three-month period, but July’s decline and continued inflationary pressure suggest household demand could lose momentum as the year progresses.

Metals Exploration (LSE:MTL) has reported further progress at its La India gold project in Nicaragua, with development remaining on track to deliver first gold production in December 2026.

The company has also secured a US$27 million equipment financing facility from a local bank, with more than US$20 million already drawn. The funding reimburses capital expenditure previously incurred by Metals Exploration and provides a significant boost to the group’s available cash resources as construction advances.

Process plant construction reaches key milestones

Installation of the La India processing plant is approximately halfway complete, with the ball mill now fully installed and the SAG mill prepared for positioning.

Civil engineering works are also well advanced, alongside construction of the project’s tailings storage facilities.

Much of the supporting site infrastructure is approaching completion. Offices, accommodation facilities, water treatment systems and a grid connection are already in place, providing the foundations required for commissioning and eventual production.

Mining activities are progressing alongside construction, supported by an expanding owner-operated fleet of Caterpillar haul trucks and excavators.

Pre-stripping has allowed Metals Exploration to build an ore stockpile of approximately 244,000 tonnes, providing material for the processing plant as commissioning gets under way.

Safety record remains strong during construction

The La India development has accumulated approximately two million working hours without a lost-time injury, maintaining a strong safety performance during a period of intensive construction activity.

Metals Exploration has also energised a 2 MW grid connection and installed backup generation capacity. Completion of the project’s main electrical substation remains targeted for the end of 2026.

Some imported equipment has experienced delays because of international shipping disruption linked to the conflict in Iran. The company is exploring alternative logistics arrangements to reduce the potential impact and preserve the timetable for first production.

Runruno production expected at upper end of guidance

At the group’s producing Runruno gold mine in the Philippines, Metals Exploration expects 2026 output to reach the upper end of its guidance range of 40,000 to 48,000 ounces.

The stronger production outlook is being supported by access to higher-grade ore from the Stage 5 open pit.

Runruno’s near-term cash generation, combined with progress at La India and the additional project financing, supports Metals Exploration’s strategy of expanding gold production across its two operating jurisdictions.

Financial position supports growth strategy

Metals Exploration’s broader outlook benefits from strong financial performance, including revenue growth, healthy margins and a balance sheet that has been substantially de-risked.

A relatively low price-to-earnings multiple also provides valuation support.

Technical indicators are less favourable, however, with a negative MACD and the shares trading below important longer-term moving averages. This creates a more neutral technical backdrop despite the improving operational and financial outlook.

More about Metals Exploration

Metals Exploration Plc is an AIM-listed gold production, development and exploration company with principal assets in the Philippines and Nicaragua.

Its portfolio comprises the producing Runruno gold mine in the Philippines and the La India development project in Nicaragua. Runruno currently provides the group’s production base, while La India is being developed as its next source of gold output.

The company’s dual-asset strategy is designed to increase attributable gold production while diversifying operational exposure across two jurisdictions.

Metals Exploration’s activities span open-pit mining, mineral processing, project development and infrastructure construction, supported by owner-operated mining fleets and local financing arrangements.

eEnergy Group (LSE:EAAS) has strengthened its short-term liquidity position after administrative delays held up approximately £3.2 million of payments relating to its Mace projects, despite all 65 sites now being fully energised.

The company has deployed a combination of Solar PV, LED lighting, battery storage and electric vehicle charging infrastructure across the sites. However, completion documentation, primarily associated with solar installations, has delayed the receipt of amounts due to eEnergy.

Management expects the outstanding administrative work to be resolved over the coming months and has arranged additional financing to bridge the resulting working capital gap.

Harwood loan extended into 2027

eEnergy has agreed to extend the repayment date for the remaining £0.5 million balance of its secured loan from Harwood.

The facility had been due for repayment in late November 2026 but will now mature on 28 February 2027. All other terms of the loan remain unchanged.

The extension provides the group with additional financial flexibility while it waits for the outstanding Mace project payments to be released.

Nigel Burton provides new £0.5 million loan

The company has also secured a new £0.5 million loan from Nigel Burton, a former eEnergy director and current shareholder.

The financing carries interest terms broadly similar to the Harwood facility and provides a further source of working capital during the payment delay.

As Burton is a former director and existing shareholder, the arrangement constitutes a related-party transaction. The board has determined that the terms are fair and reasonable for shareholders.

Together, the two financing arrangements give eEnergy additional time to manage its cash requirements without disrupting the operational progress of the Mace programme.

Payment delays put temporary pressure on working capital

The funding measures highlight the timing challenges associated with eEnergy’s project-based cash flows. While the energy infrastructure has already been installed and commissioned, the company cannot collect all amounts due until the necessary completion paperwork has been finalised.

Management’s actions are therefore aimed at addressing a near-term administrative cash-flow issue rather than delays in delivering or energising the underlying projects.

The additional financing also extends eEnergy’s liquidity flexibility into 2027 while it works to collect the approximately £3.2 million currently outstanding.

Financial risk remains elevated

eEnergy’s wider outlook remains constrained by a sharp contraction in revenue, a reduced equity cushion and elevated debt relative to shareholders’ equity.

Technical indicators are also weak, with the shares trading below major moving averages and the RSI at particularly low levels.

There have been signs of improvement, including stronger operating cash flow and a return to positive EBIT and EBITDA. However, continuing net losses and limited valuation support mean financial risk remains an important consideration.

More about eEnergy Group

eEnergy Group plc is a UK-based provider of energy efficiency and energy generation solutions, including Solar PV, LED lighting, battery storage and electric vehicle charging infrastructure.

The company provides both directly funded and third-party financed solutions designed to reduce customers’ energy costs and exposure to volatile electricity prices.

eEnergy has a significant presence in the education sector and is expanding its activities across healthcare, including the NHS, as well as commercial and industrial customers. Its portfolio is focused on helping organisations reduce energy consumption, generate more of their own electricity and transition towards lower-carbon operations.

Genedrive (LSE:GDR) has appointed Mark Winkler and Mike Fairbourn as independent non-executive directors as the diagnostics company prepares to accelerate the adoption of its pharmacogenetic testing technology in the UK and international markets.

Both appointments will take effect on 1 September 2026 and are intended to add further financial, strategic and healthcare industry expertise to the board as Genedrive moves into its next stage of commercial development.

Winkler brings corporate finance expertise

Mark Winkler is a corporate finance specialist and the founder of Red Earth Advisors. His experience is expected to strengthen Genedrive’s financial oversight and governance as the company pursues its growth strategy.

Following his appointment, Winkler is expected to become chair of both the audit and remuneration committees.

Mike Fairbourn brings more than three decades of commercial and leadership experience across the pharmaceutical and medical technology industries. His career includes senior positions at Becton Dickinson, providing the board with additional expertise in healthcare commercialisation and scaling medical technologies.

Genedrive targets wider clinical adoption

The appointments come as Genedrive focuses on expanding its presence in the UK while developing opportunities for international growth.

Chairman Graham Cole highlighted the importance of strengthening the company’s commercial execution as it seeks to increase adoption of its pharmacogenetic tests and generate sustainable value for shareholders.

The incoming directors have indicated that their priorities will include supporting disciplined expansion, increasing clinical uptake and helping integrate Genedrive’s pharmacogenetic technology more widely into established healthcare pathways.

Long-serving non-executive director Chris Yates has stepped down from the board to pursue other professional commitments.

Financial performance remains a key challenge

Genedrive’s outlook continues to be constrained by its financial position, including substantial ongoing losses, persistent cash consumption and a declining equity base. Relatively low debt provides some balance-sheet support but does not offset the pressures associated with continued negative earnings.

Technical indicators present a somewhat more favourable picture, with the shares trading above major moving averages and momentum measures broadly neutral.

Valuation remains difficult to assess using conventional earnings measures because the company remains loss-making, resulting in a negative price-to-earnings ratio, while there is no dividend yield to provide additional support.

More about Genedrive

Genedrive plc is a UK-based commercial-stage pharmacogenetic diagnostics company developing rapid point-of-care tests designed to help clinicians select safer and more effective drug treatments based on a patient’s genetic profile.

Its portfolio includes the Genedrive CYP2C19 ID Kit, which identifies stroke patients who may be unlikely to respond effectively to standard Clopidogrel treatment, and the Genedrive MT-RNR1 ID Kit, designed to identify newborns at risk of antibiotic-induced hearing loss and support rapid treatment decisions.

Headquartered in Manchester, Genedrive has CE-IVD approved and NICE-recommended technologies deployed within NHS clinical practice. The company is seeking to embed its precision diagnostic tools more widely into routine healthcare pathways while using clinical and real-world evidence to support expansion into international markets.

Amigo Resources PLC (LSE:AMGO) has entered into a Memorandum of Understanding with Tanzania’s State Mining Corporation (STAMICO) to evaluate the potential recovery and beneficiation of graphite from historical mining tailings in the country.

The collaboration will examine opportunities to process graphite-bearing waste material into saleable products, potentially improving resource utilisation while helping address the environmental management of legacy mining residues.

Amigo to fund technical assessment

Under the terms of the MOU, Amigo will take responsibility for leading and financing technical due diligence on the proposed project.

This work will include sampling programmes and metallurgical testing to determine the characteristics of the tailings and assess whether graphite can be recovered and processed on a commercially viable basis.

STAMICO will support the programme by coordinating engagement with relevant stakeholders and facilitating access to project areas, technical information and other necessary data.

Exclusivity granted during assessment period

The agreement gives Amigo exclusivity over negotiations relating to the opportunity while the assessment work is being undertaken.

Subject to satisfactory technical and commercial findings, the parties intend to negotiate definitive terms for the development of the project.

A successful project could create additional revenue opportunities from material that has historically been treated as waste, while potentially generating new income streams for local mining communities.

Project supports Tanzania beneficiation strategy

The initiative is aligned with Tanzania’s efforts to increase domestic mineral beneficiation and capture more value from the country’s natural resources.

Recovering graphite from existing tailings could provide an alternative source of material without relying solely on new mining operations, while also supporting more efficient use of previously extracted resources.

For Amigo, the agreement provides another potential route to expand its exposure to strategic minerals in Africa while working alongside a Tanzanian state-owned mining organisation.

Financial risks remain elevated

Amigo’s wider outlook remains constrained by weak and volatile financial performance, including a substantially reduced revenue base, inconsistent profitability, periods of negative equity and recent cash consumption.

Technical indicators provide some support following a short-term recovery in the shares, but the broader picture remains mixed. The company’s loss-making position results in a negative price-to-earnings ratio, while the absence of an indicated dividend yield offers little additional valuation support.

More about Amigo Resources PLC

Amigo Resources PLC is an Africa-focused mining company listed on the London Stock Exchange, pursuing opportunities across gold, platinum group metals and rare earths, primarily in Tanzania and Mauritania.

The company targets strategic mineral opportunities across different stages of the value chain and seeks to establish partnerships supporting resource development in emerging African mining jurisdictions.

Chrysalis Investments Limited (LSE:CHRY) has formally moved to a self-managed investment structure following the end of the notice period for its former investment adviser, Chrysalis Investment Partners LLP, on 20 August 2026.

The change represents a significant shift in the company’s operating model, bringing investment management and key operational responsibilities in-house rather than relying on an external advisory partnership.

Handover from investment adviser completed

Chrysalis said its board has worked closely with Chrysalis Investment Partners over recent months to transfer the principal responsibilities previously handled by the external adviser.

With the adviser’s notice period now expired, the company has confirmed that the transition process has been completed and the new self-managed structure is fully in place.

The move changes how Chrysalis oversees both its investment portfolio and day-to-day operations, giving the company greater direct responsibility for portfolio management and strategic decision-making.

New structure could reshape governance and costs

Moving investment management in-house could have implications for Chrysalis’s governance framework and operating cost base.

Greater internal control may allow the company to exercise more direct oversight of portfolio decisions while establishing clearer accountability between management, the board and shareholders.

Investors are likely to focus on how effectively the new structure operates and whether the transition produces improvements in costs, investment performance and governance over the longer term.

Financial recovery balanced by cash flow concerns

Chrysalis’s broader financial position presents a mixed picture. Recent profitability has rebounded strongly, while relatively low leverage provides support to the balance sheet.

However, cash generation has remained weak and inconsistent, representing a key area of uncertainty. Technical indicators are also negative, with the shares trading below important moving averages and the MACD remaining in negative territory.

A comparatively low price-to-earnings ratio provides some valuation support, although this does not fully offset concerns surrounding cash flow and the bearish share price trend.

More about Chrysalis Investments Limited

Chrysalis Investments Limited is a listed investment company focused on building and managing a portfolio of growth-oriented assets on behalf of shareholders.

The company has historically used external investment advisory services for important portfolio management and operational functions but has now transitioned to a self-managed model, bringing those responsibilities directly within its own organisational structure.

Corero Network Security (LSE:CNS) has expanded its SmartWall ONE platform with the launch of AI-Augmented Cloud-Assist, introducing cloud-based artificial intelligence analysis, threat intelligence and policy optimisation to its automated distributed denial-of-service protection technology.

The new capability uses forensic data collected by SmartWall ONE to identify emerging attack behaviour more rapidly and develop new protection rules. These rules can then be deployed either manually or automatically within seconds, allowing customers to respond more quickly as DDoS threats evolve.

Cloud and on-premises intelligence combined

AI Cloud-Assist establishes a continuous intelligence loop between Corero’s cloud infrastructure and SmartWall ONE deployments operating on customer premises.

The system combines AI-based analysis of network telemetry with human cybersecurity expertise to continually refine mitigation policies and improve protection against changing attack techniques.

By processing intelligence in the cloud while retaining low-latency mitigation at the network edge, Corero aims to provide customers with faster detection and response without sacrificing the speed required to protect critical services from disruption.

Corero targets data centres and service providers

The enhanced SmartWall ONE offering is aimed at organisations including AI data centres, cloud infrastructure operators, service providers and digital enterprises where continuous network availability is essential.

Corero expects the combination of AI-assisted analysis and automated edge-based mitigation to improve response times, detection accuracy and operational efficiency for customers facing increasingly complex DDoS attacks.

The development also strengthens the company’s positioning around automated and precise DDoS mitigation, with the Cloud-Assist functionality designed to adapt protection policies as new threats emerge.

Financial stability offset by weak technical indicators

Corero’s outlook is supported by a relatively conservative balance sheet with low debt, alongside generally positive operating cash flow in recent periods.

However, technical indicators remain weak, with the share price below key moving averages and the MACD in negative territory. The company’s loss-making financial position also results in a negative price-to-earnings ratio, increasing near-term risk despite its relatively stable balance sheet.

More about Corero Network Security

Corero Network Security is a London-headquartered cybersecurity company specialising in distributed denial-of-service protection, including automated attack detection, real-time mitigation and network analytics.

Listed on AIM and the US OTCQX market, Corero also operates centres in Marlborough, Massachusetts, and Edinburgh. Its technology is used by internet service providers, cloud and infrastructure operators and digital enterprises requiring continuous availability across complex edge and subscriber networks.