Author: Fiona Craig

Chariot (LSE:CHAR) reported progress in repositioning its portfolio towards upstream oil and gas operations during the first half of 2026, including two financing transactions providing economic exposure to producing offshore assets in Angola.

The AIM-listed energy company is working alongside Etu Energias, BW Energy and Shell Trading in connection with interests in Angola’s Blocks 14 and 14K.

Chariot said the arrangements are expected to provide cash flows linked to approximately 8,000 barrels per day of current oil production.

The company estimates an indicative net asset value of more than $200 million for its economic exposure to the assets based on an oil price of $60 per barrel. This figure represents a company estimate rather than a realised valuation.

Chariot Raises $24.3 Million

Chariot raised $24.3 million to support its strategy and the transactions associated with the Angolan assets.

The company is increasing its focus on upstream operations that are expected to generate cash while continuing work across other parts of its African energy portfolio.

Chariot also appointed a new chief operating officer as part of changes to its operational leadership during the period.

Renewables Business Sale Progresses

The company is progressing the proposed sale of its renewable energy business as it changes the composition of its portfolio.

Meanwhile, Etana Energy is continuing to develop its electricity trading platform in South Africa alongside related power generation projects.

Chariot also retains activities in green hydrogen and solar energy projects in Africa.

Moroccan Gas Activities Continue

Alongside its expansion in Angola, Chariot continues to progress its gas interests in Morocco.

The company holds offshore licences in the country as part of its upstream portfolio.

Chariot is an Africa-focused energy company with activities spanning upstream oil and gas, electricity trading and renewable and green hydrogen projects. Its current strategy is increasingly focused on upstream operations, including its new economic exposure to producing oil assets in Angola.

Eco Buildings Group (LSE:ECOB) reported unaudited revenue of €1.2 million for the six months ended 30 June 2026, down from €1.8 million a year earlier, as the construction technology company continued investment in manufacturing capacity and international projects.

The group recorded a loss of €0.94 million, which widened from the prior-year period. Eco Buildings attributed the change to the timing of revenue recognition and higher finance costs.

The company said its order book and project pipeline continued to expand during the period.

Eco Buildings Invests £2.35 Million in Durrës Production Line

Eco Buildings is investing £2.35 million in a second-generation manufacturing line in Durrës, Albania, incorporating artificial intelligence technology.

The company intends to use the facility as a model for manufacturing lines that could subsequently be replicated in other international markets.

Eco Buildings is also progressing its Rolling Hills apartment development in Albania. The project covers at least six residential blocks and has a potential value of up to €13.2 million.

Indonesia and Senegal Ventures Advance

The group also reported progress on expansion initiatives in Southeast Asia and West Africa.

In Indonesia, Eco Buildings is participating in a manufacturing venture supported by US$5 million of funding from its partner.

In Senegal, the company is progressing a joint venture backed by €1.75 million. A demonstration hospital project has also been used to demonstrate the company’s modular construction system for social infrastructure applications.

Gambia Agreement Covers Minimum 10,000 Homes

Following the end of the reporting period, Eco Buildings signed a Strategic Investment Framework Agreement with The Gambia and Lumen Holdings.

The agreement covers a programme for a minimum of 10,000 homes and plans to establish a West African headquarters and an AI-powered Centre of Excellence.

Separately, the company reported delays to an initiative in Sudan amid political risks affecting the project.

Eco Buildings Expands Modular Construction Operations

Eco Buildings develops prefabricated glass fibre reinforced gypsum, or GFRG, modular wall systems for residential and infrastructure construction.

The AIM-listed company is headquartered in Albania and is developing manufacturing and project partnerships in markets including West Africa and Southeast Asia.

Its expansion model includes joint ventures and locally based manufacturing operations, with partners providing funding for certain projects.

Novacyt (LSE:NCYT) reported an 18% increase in unaudited group revenue to £11.6 million for the first half of 2026, supported by growth across its regions and a contribution from its acquisition of Southern Cross Diagnostics.

Underlying revenue, excluding the acquisition contribution, increased by approximately 9%. The molecular diagnostics group reported growth across all geographic regions, with demand for instrumentation and clinical reproductive health products contributing to the performance.

Southern Cross Diagnostics, the Australian distributor acquired by Novacyt, contributed £1.8 million of revenue during the period.

Southern Cross Acquisition Affects Gross Margin

Novacyt said the addition of Southern Cross Diagnostics reduced the group’s overall gross margin because of the distributor’s different margin profile.

The company completed the integration of Southern Cross during the period, expanding its operations in the Asia-Pacific region.

Novacyt also reduced operating expenses through cost-saving measures, contributing to a narrower EBITDA loss.

Cash declined to £8.9 million, and the company undertook a small rights issue during the period.

Restructuring Targets £4 Million in Annual Savings

Novacyt is implementing a restructuring programme targeting approximately £4 million of annual cost savings.

The company said initiatives representing up to £3.4 million of those targeted savings have already been identified.

The programme forms part of measures to reduce the group’s operating cost base alongside its product development and geographic expansion activities.

Novacyt Launches DPYD Assay and Signs Illumina Collaboration

During the first half, Novacyt launched its IVDR-certified Yourgene Insight DPYD assay in Europe, expanding its precision oncology product range.

The group also entered into a five-year collaboration with Illumina.

Novacyt develops and commercialises molecular diagnostics products, including assays, instrumentation and diagnostic workflows. Its activities cover clinical diagnostics, instrumentation and research-use-only products across areas including reproductive health, precision medicine and infectious diseases.

Water Intelligence (LSE:WATR) reported a 7% increase in revenue for the first half of 2026 and launched a preventive maintenance business combining water monitoring technology with its existing leak detection and repair services.

Revenue increased to $48.2 million for the period, while adjusted EBITDA rose 6% to $9.8 million.

The company said growth was supported by corporate and franchise-related sales, with international corporate revenue increasing 40%.

Statutory profit before tax declined 22%, reflecting higher investment and costs during the period, while margins decreased slightly.

Net Debt to Adjusted EBITDA Stands at 1.29

Water Intelligence reported a net debt to adjusted EBITDA ratio of 1.29 and said its balance sheet provides capacity to continue pursuing acquisitions.

The group also continued its share buyback programme during the period.

Water Intelligence operates through a combination of corporate-owned operations and franchises, with its American Leak Detection business providing leak detection and remediation services across the U.S.

Preventive Maintenance Business Launched

Alongside its interim results, Water Intelligence formally launched a preventive maintenance operation based on its technology-enabled services platform.

The new business follows paid pilot programmes with large customers and combines wireless water monitoring devices with data-based subscription aftercare services.

The offering also incorporates Water Intelligence’s installation, leak detection and response capabilities to provide monitoring and repair services through a single platform.

Insurance Channels Form Part of New Service Model

Water Intelligence plans to use its existing U.S. insurance relationships and direct workforce to support the rollout of its preventive maintenance services.

The company said the model is designed to provide customers with water monitoring, leak identification and subsequent repair services.

Water Intelligence provides leak detection and remediation services for potable and non-potable water systems, serving residential, commercial and municipal customers.

Its operations include American Leak Detection in the U.S. alongside its international activities.

Avingtrans (LSE:AVG) reported record revenue of £163.3 million for the year ended 31 May 2026, up 4.4%, as its energy division expanded and its medical operations increased revenue.

Gross margin increased to 32.8%, while adjusted EBITDA from continuing operations reached £20.7 million, ahead of upgraded market expectations cited by the company.

Adjusted profit before tax rose to £12.5 million and earnings per share increased to 31.3 pence. Net debt declined slightly during the year.

The board proposed a total dividend of 5.1 pence per share, representing a small increase from the previous year.

Energy Division Secures Nuclear Contracts

Avingtrans reported growth in its energy division, led by Hayward Tyler, with activity supported by investment across data centre infrastructure, transport electrification and nuclear power markets.

Hayward Tyler secured nuclear contracts in South Korea during the year and continued work associated with TerraPower.

Other group businesses, including Ormandy, Metalcraft and Booth, also secured new contracts during the period.

Avingtrans said U.S. tariffs affected operations at Slack and Parr.

Medical Revenue Rises as Losses Narrow

The group’s medical division increased revenue during the year and reduced its losses.

Adaptix secured regulatory approvals and added distributors for its medical imaging technology, while Magnetica continued development of its magnetic resonance imaging product pipeline.

SciMag also recorded increased demand associated with quantum computing applications.

£20 Million Placing Completed After Year-End

Following the end of the financial year, Avingtrans completed an oversubscribed £20 million share placing.

The company said the proceeds are intended to support expansion at Hayward Tyler and its wider strategy of making targeted acquisitions while maintaining conservative levels of leverage.

Avingtrans operates a portfolio of engineering businesses serving energy, medical and industrial markets. Its businesses include Hayward Tyler, Slack and Parr, Energy Steel, Stainless Metalcraft, Booth Industries, Ormandy Group and Composite Products.

Avacta (LSE:AVCT) reported clinical and preclinical developments across its pre|CISION oncology pipeline in its unaudited interim results for the first half of 2026, alongside financing activity to support further development programmes.

The clinical-stage life sciences company highlighted progress with AVA6103 and AVA6000, while also outlining upcoming milestones for its AVA6207 programme.

Avacta has raised approximately £19 million during 2026 to date and said it is launching a further capital raise to fund planned clinical and development activities.

AVA6103 Phase 1 Study Progresses

Avacta reported early Phase 1 data from AVA6103, with the company describing the treatment’s safety profile as favourable to date.

Pharmacokinetic data from the study were also reported to be consistent with the company’s modelling.

In preclinical studies, Avacta said AVA6103 demonstrated greater antitumour activity than marketed antibody-drug conjugates used as comparators. These findings are preclinical and do not establish equivalent outcomes in patients.

The company expects to report efficacy data from the AVA6103 programme during the first half of 2027.

AVA6000 Regulatory Path Discussed With FDA

Avacta also reported tumour responses from its AVA6000 clinical programme and said discussions with the U.S. Food and Drug Administration have provided further clarity on the regulatory development path for the candidate.

The company is pursuing potential partnering opportunities for AVA6000 as it continues development of its wider pre|CISION platform.

Avacta’s pre|CISION technology is designed to use fibroblast activation protein activity within the tumour microenvironment to release therapeutic payloads at the targeted site.

AVA6207 Payload Selection Expected in Fourth Quarter

Development is also continuing on AVA6207, Avacta’s dual-payload programme.

The company expects to select payloads for the programme during the fourth quarter of 2026.

Avacta said proceeds from its financing activities will support upcoming clinical and development milestones across its pipeline.

Avacta Raises Approximately £19 Million in 2026

Avacta has raised approximately £19 million during the year to date and is seeking additional capital through a further fundraising.

The company has also made several senior board appointments during the period as it progresses its oncology programmes.

Avacta, which trades as Avacta Therapeutics, is a clinical-stage life sciences company developing targeted oncology treatments based on its proprietary pre|CISION platform.

Liontrust Asset Management (LSE:LIO) has agreed to acquire the fund management and model portfolio services operations of Hawksmoor Fund Management and Hawksmoor Investment Services in a cash transaction worth up to £10 million.

The assets are being acquired from Hawksmoor Investment Management Limited, a subsidiary of Shackleton Advisers, and comprise approximately £1.9 billion of assets under management and advice.

The acquired operations include multi-asset funds, segregated mandates and model portfolio services. Liontrust said the transaction will be funded entirely from its existing cash resources.

Hawksmoor Investment Team to Join Liontrust

As part of the transaction, Hawksmoor investment professionals led by Ben Conway and Richard Philbin will join Liontrust’s Multi-Asset business.

The Hawksmoor team uses a valuation-led, bottom-up investment process across its outcome-based funds. Its products include exposure to investment trusts and listed alternative investments.

Liontrust said the Hawksmoor range will complement its existing target-risk funds and broaden the investment products it provides to financial advisers.

Selected Hawksmoor employees will also transfer to Liontrust as part of the transaction.

Acquired Business Generates £4.8 Million in Run-Rate Revenue

The Hawksmoor operations being acquired generate approximately £4.8 million in run-rate revenue.

Liontrust expects the acquisition to be earnings enhancing before taking account of potential synergies. The company expects to incur approximately £1.9 million of exceptional transaction and reorganisation costs associated with the deal.

The acquisition will also add financial adviser relationships and strategic partners that currently use Hawksmoor’s model portfolio services to Liontrust’s client base.

Liontrust said it intends to use its existing sales and marketing operations to support distribution of the acquired investment products.

Completion Expected by End of 2026

Completion remains subject to customary closing conditions and is expected by 31 December 2026.

Following completion, Liontrust plans to integrate the acquired operations into its existing Multi-Asset business.

The company said the acquisition forms part of its strategy to expand its presence in the UK financial adviser market, including demand from advisers outsourcing portfolio construction and investment management.

Liontrust’s Multi-Asset Business

Liontrust Asset Management is an independent active asset manager offering investment funds and portfolio services, including multi-asset products and model portfolios for financial advisers.

The group has been expanding its Multi-Asset capabilities and distribution operations, with the Hawksmoor transaction adding investment products, personnel and assets under management and advice to its existing business.

Power Metal Resources (LSE:POW) reported an unaudited loss of £0.31 million for the six months ended 30 June 2026 as the company continued exploration and investment activities across its portfolio.

Total assets and net assets remained broadly stable during the period. The company also completed a share capital reduction while continuing to allocate capital to exploration projects and strategic investments.

Power Metal’s portfolio includes interests in uranium, gold, copper, nickel, rare earths and other critical minerals across several jurisdictions.

Power Arabia Increases Balthaga Interest

In Saudi Arabia, subsidiary Power Arabia increased its interest in the Balthaga rare earth and critical elements project to 20%.

Work has also started on a process that would increase Power Arabia’s interest in the project to 30%.

Power Metal additionally holds a strategic investment in Greyridge Exploration, providing exposure to copper and gold exploration activities in Saudi Arabia.

Tati Gold Project Moves Towards Drilling

At the 100%-owned Tati Gold Project in Botswana, the company reported progress on permitting and access arrangements ahead of planned drilling.

Power Metal said the drilling programme is being managed at no cost to the company.

Following the end of the reporting period, rotary air blast drilling commenced at Tati. The programme is intended to provide information for a feasibility study.

Drilling also started post-period at the Molopo Farms nickel project in Botswana.

Fermi Uranium Joint Venture Advances Canadian Projects

The Fermi uranium joint venture progressed work across several properties in Canada during the period.

Activities included the identification of priority drilling targets and the completion of drilling campaigns at certain properties.

Following the reporting period, Power Metal agreed a transaction that would increase its interest in the Fermi joint venture from 30% to 45%.

Strategic Investments Add Copper and Gold Exposure

Power Metal also reported strategic investments in Greyridge Exploration and Chile-based Next Minerals.

The Next Minerals investment provides the company with exposure to a copper operation in Chile described in the supplied material as mine-ready.

Power Metal operates as a natural resources exploration company and project incubator, using structures including joint ventures, farm-ins and strategic investments across its portfolio.

SDCL Energy Efficiency Income Trust Plc (LSE:SEIT) reported progress in implementing its shareholder-approved wind-down strategy, including changes to financing arrangements, governance and foreign exchange hedging.

Shareholders approved a revised investment objective and an orderly realisation of the company’s portfolio in July 2026. Under the strategy, SEIT intends to dispose of its assets over time and return capital to shareholders.

The company said proceeds from asset disposals will initially be used primarily to reduce borrowings under its approximately £188 million revolving credit facility before cash is returned to shareholders.

Credit Facility Amended as Asset Sale Process Continues

SEIT has amended its revolving credit facility as part of preparations for the portfolio realisation process.

The company said it is prioritising liquidity and compliance with financial covenants under the capped facility while continuing to engage with potential buyers for portfolio assets.

During the wind-down, investment manager Sustainable Development Capital LLP will continue to oversee the portfolio, including operational, development, optimisation and restructuring activities at individual investments.

SEIT said its portfolio continues to generate cash while the company works to reduce leverage.

Board Changes Proposed

The company has published a circular proposing the appointment of Boaz Weinstein and Richard Pavry as non-executive directors.

According to SEIT, the proposed appointments have the support of its two largest shareholders and form part of changes to board oversight during the realisation process.

The company’s Investment Management Agreement with Sustainable Development Capital LLP is also under review.

SEIT Reduces Foreign Exchange Hedging

SEIT is also materially reducing its foreign exchange hedging programme as its investment strategy shifts from long-term portfolio ownership to asset realisation.

The board determined that the costs and liquidity requirements associated with maintaining longer-term protection of net asset value against currency movements no longer provide sufficient benefits under the wind-down strategy.

The change means the company’s net asset value will have greater exposure to movements in foreign exchange rates as hedging is reduced.

Portfolio to Be Realised Under Revised Investment Strategy

SEIT’s portfolio includes energy efficiency and decentralised energy assets across North America, the UK and Europe.

Its investments include cogeneration assets in Spain, commercial and industrial solar and storage projects in the U.S., a regulated gas distribution network in Sweden, energy recycling infrastructure serving a U.S. steel blast furnace and a U.S. district energy system.

The trust is managed by Sustainable Development Capital LLP. Under the revised investment objective, SEIT is seeking to realise its portfolio and distribute available capital to shareholders while managing the timing and terms of individual asset disposals.

Ariana Resources (LSE:AAU) reported progress on feasibility work at its Dokwe Gold Project in Zimbabwe, with recent drilling being incorporated into an updated independent mineral resource estimate.

Approximately 11,000 metres of drilling has been completed as part of the programme. The company is also working towards a revised ore reserve statement that is expected to include Dokwe Central for the first time following geotechnical and metallurgical studies.

The work forms part of Ariana’s feasibility study for the 100%-owned Dokwe project, which has an estimated gold resource of 1.6 million ounces.

Water Drilling Programme Encounters Target Aquifer

Ariana is carrying out a 2,200-metre water bore drilling programme to the north of Dokwe as it assesses potential water supplies for future project operations.

The company said drilling has encountered flows from the targeted aquifer. The programme is continuing as part of the infrastructure and processing studies included in the feasibility work.

Metallurgical testwork is also underway, with programmes being conducted by Xinhai in China and IMO in Australia. The results are intended to inform the project’s processing design.

Dokwe Central Geotechnical Drilling Completed

Geotechnical drilling at Dokwe Central has been completed, providing information for planned pit design work.

Ariana is also preparing a reverse circulation drilling programme for infrastructure sterilisation. This work is intended to determine whether areas being considered for project infrastructure contain mineralisation that could affect the location of proposed facilities.

Further planned exploration includes aeromagnetic and LiDAR surveys covering an additional 10 kilometres of prospective shear zones around the project.

Ariana Continues Feasibility and Exploration Work

The Dokwe programme includes mineral resource and ore reserve estimation, metallurgical testing, geotechnical analysis, water exploration and infrastructure planning.

Ariana said it is also engaging with local communities as feasibility and development studies progress.

The company is listed on AIM and the ASX and is focused on advancing Dokwe through feasibility studies while continuing to assess additional exploration targets in the surrounding area.