ADVFN UK Market News

Author: Fiona Craig

  • Lords Group Reports Flat First-Half Revenue as Adjusted EBITDA Declines

    Lords Group Reports Flat First-Half Revenue as Adjusted EBITDA Declines

    Lords Group Trading (LSE:LORD) reported broadly unchanged revenue for the first half as contributions from new merchanting branches, its CMO online business and plumbing and heating spares offset lower like-for-like sales.

    Revenue for the period was £232.1 million, while like-for-like sales declined 6.8%.

    Adjusted EBITDA fell to £8.4 million, and the building materials distributor reported a statutory loss for the period. Net debt increased to £26.5 million.

    The company did not declare an interim dividend.

    Merchanting and CMO Contribute to Revenue

    Lords Group said trading trends in its merchanting operations improved during the period, while CMO and its plumbing and heating spares activities recorded growth.

    New merchanting branches also contributed to group revenue, offsetting some of the impact from lower underlying demand.

    The company supplies building materials to the construction, repair, maintenance and improvement markets, alongside products for the plumbing and heating sector.

    Plumbing and Heating Depot Changes Target £1.5 Million Saving

    Lords Group is rationalising its plumbing and heating depot network as part of measures to reduce operating costs.

    Management expects the changes to lower annual expenses by approximately £1.5 million.

    The board said its current priorities include increasing market share, maintaining margin discipline, managing working capital and reducing debt.

    Lords Group Operations

    Lords Group Trading operates building materials merchanting branches alongside its CMO online business and plumbing and heating operations.

    The group serves trade and retail customers across construction, repair, maintenance and improvement and plumbing and heating markets.

  • Catenai Narrows First-Half Loss as Revenue Rises to £146,709

    Catenai Narrows First-Half Loss as Revenue Rises to £146,709

    Catenai PLC (LSE:CTAI) reported a narrower loss for the first half of 2026 as revenue increased compared with the same period a year earlier.

    The technology services company recorded a loss of £78,494 for the six months ended 30 June 2026, compared with a loss of £221,308 in the prior-year period.

    Revenue increased to £146,709 from £7,600 a year earlier.

    At the end of the period, Catenai reported net assets of £2.38 million and cash balances of £468,000. Management said it believes the company’s existing resources are sufficient to meet its requirements for at least the next 12 months.

    Catenai Focuses on Klarian and Alludium Investments

    Catenai said its current strategy is focused on its interests in technology businesses Klarian and Alludium.

    The company’s Bitcoin treasury strategy remained unused during the period, while Catenai continues to review potential acquisition opportunities.

    Klarian, which develops digital and artificial intelligence technology for critical infrastructure, has progressed commercial programmes involving ROSEN, BPA and a major space agency, according to Catenai.

    The company also reported activity for Klarian within the UK water infrastructure sector.

    Alludium Expands VC Design-Partner Programme

    Alludium, which develops technology for institutional venture capital investment processes, has increased its design-partner base to four institutional venture capital firms.

    According to Catenai, Alludium is refining its platform for investment institutions with multiple users as part of its product development and commercial strategy.

    Catenai said the approach is intended to improve customer acquisition efficiency and support longer-term revenue generation.

    Catenai’s Technology Operations

    Catenai is an AIM-quoted provider of digital media and technology services, with systems deployed across corporate, government and educational organisations as well as customers in the sports sector.

    Alongside its existing technology operations, the company holds interests in Klarian and Alludium and maintains a Bitcoin-focused treasury function.

  • Everplay Raises 2026 Outlook as Wardogs and Hell Let Loose: Vietnam Sales Grow

    Everplay Raises 2026 Outlook as Wardogs and Hell Let Loose: Vietnam Sales Grow

    Everplay Group (LSE:EVPL) raised its full-year 2026 expectations after reporting that trading since its interim results has remained ahead of its previous assumptions, supported by sales of Wardogs and Hell Let Loose: Vietnam.

    The games developer and publisher said both flagship titles have performed ahead of expectations, while sales from its back catalogue have remained resilient.

    As a result, the board now expects full-year revenue and adjusted EBITDA to be materially above current market forecasts.

    Hell Let Loose: Vietnam Sales Exceed One Million Copies

    Everplay said Hell Let Loose: Vietnam has sold more than one million copies across PC and console platforms.

    Wardogs, meanwhile, has reached approximately three million copies sold through PC Early Access.

    The company also reported continued sales from its existing catalogue of games, which includes titles and franchises across its Team17 and Astragon operations.

    Everplay noted that the upcoming quarter includes a number of high-profile game releases from major studios but maintained its upgraded expectations for the full year.

    Revenue and Adjusted EBITDA Forecasts Raised

    Following the recent trading performance, Everplay’s board expects both revenue and adjusted EBITDA for 2026 to be materially above current market forecasts.

    The company did not provide revised numerical revenue or adjusted EBITDA guidance in the supplied update.

    The change in expectations follows the commercial performance of its recently released titles alongside continued contributions from its back catalogue.

    Everplay’s Games Portfolio

    Everplay Group is an independent games developer and publisher operating through its Team17, Astragon and StoryToys divisions.

    Team17 develops and publishes games including the Hell Let Loose and Worms franchises and works with independent developers. Astragon focuses primarily on simulation titles, including Construction Simulator, while StoryToys develops children’s educational applications.

    The group’s portfolio spans premium PC and console games, simulation titles and children’s mobile applications.

  • Creo Medical Reports 45% Revenue Increase as Operating Costs Decline

    Creo Medical Reports 45% Revenue Increase as Operating Costs Decline

    Creo Medical (LSE:CREO) reported a 45% increase in revenue for the first half of 2026 as underlying operating costs declined and the company’s underlying operating loss narrowed.

    The medical device company recorded revenue of £3.2 million for the six months ended 30 June 2026. Underlying operating costs fell 15% to £7.9 million, while the underlying operating loss decreased by more than a quarter to £4.9 million.

    During the period, Creo completed a £5.5 million equity placing and secured a £2.0 million loan from the Development Bank of Wales. The company is also taking steps to simplify its group structure and reduce its operating cost base.

    Speedboat Procedures Exceed 10,000

    Creo said its Speedboat device has now been used in more than 10,000 procedures, while clinical use of its SpydrBlade Flex and MicroBlate products has also increased.

    The company reported a growing amount of external clinical data relating to the safety and technical success of its devices in colorectal cancer and peroral endoscopic myotomy, or POEM, procedures.

    Creo specialises in minimally invasive electrosurgical devices used in endoscopic procedures, including products designed for resection, dissection, coagulation, haemostasis and ablation.

    Manufacturing Changes Target Further Cost Reductions

    The company is outsourcing manufacturing operations at its Chepstow facility as part of its cost-reduction programme.

    Management expects the change to reduce annual operating costs by approximately 15% compared with FY25 levels.

    Creo said trading is expected to be weighted towards the second half of the year and cited its order book and continued clinical validation of its products as factors supporting its full-year expectations.

    The board maintained guidance for full-year revenue growth of between 50% and 60%.

    Creo Plans Sale of Remaining Spanish Business Stake

    Creo is also progressing the proposed sale of its remaining 49% interest in Creo Medical S.L.

    The company expects to enter into binding terms for the transaction during the fourth quarter of 2026. According to Creo, the proposed disposal would simplify the group’s operations and provide additional cash resources.

    Creo Medical’s Endoscopy Portfolio

    Creo Medical develops and commercialises electrosurgical devices for minimally invasive endoscopic treatment, including procedures involving pre-cancerous and cancerous tissue.

    Its product portfolio includes Speedboat, SpydrBlade and MicroBlate devices. The company’s CROMA platform uses its Kamaptive technology to provide bipolar radiofrequency and microwave energy for a range of endoscopic procedures.

  • Rockhopper Reports Sea Lion Funding Progress and Higher Reserves and Resources

    Rockhopper Reports Sea Lion Funding Progress and Higher Reserves and Resources

    Rockhopper Exploration (LSE:RKH) reported progress on the Sea Lion oil project in the Falkland Islands during the first half, including funding and sanctioning of the first phase of the Northern Development Area.

    The company said the first Northern Development Area phase is targeting initial production in early 2028 using the upgraded Aoka Mizu floating production, storage and offloading vessel. Development drilling is scheduled to begin in 2027.

    Further phases of the Northern Development Area are planned, while the Falkland Islands Government has extended the relevant production licences.

    Navitas Acquires Second FPSO

    Sea Lion operator Navitas has acquired a second FPSO, OSX-1, for planned development of the Central Development Area.

    According to Rockhopper, the additional vessel is intended to accelerate subsequent development phases. The company said combined production from the development could reach approximately 180,000 barrels per day as additional phases are brought forward.

    Rockhopper holds a 35% interest in licences in the North Falkland Basin, where Sea Lion is being developed through a phased programme.

    Independent Report Updates Sea Lion Reserves and Resources

    Rockhopper also reported an updated independent reserves and resources assessment from NSAI, which showed increases in estimated 2P reserves and 2C contingent resources.

    The company said the updated estimates, together with plans for further development phases, have increased its assessment of the project’s net present value.

    The Sea Lion field was discovered in 2010 and remains Rockhopper’s principal asset.

    US$200 Million Capital Raise Supports Development Programme

    Rockhopper reported a US$200 million capital raise, with the proceeds intended to support its share of Northern Development Area expenditure, FPSO-related costs and further exploration activity in the North Falkland Basin.

    The company said the financing is expected to fund these activities through the middle of 2028.

    During the period, Rockhopper also reported changes to its board and progress towards the disposal of an asset in Italy.

    Rockhopper’s Falkland Islands Portfolio

    Rockhopper Exploration is a U.K.-based oil and gas exploration and production company focused primarily on the North Falkland Basin.

    The company holds a 35% interest in its Falkland Islands licences and is working with operator Navitas Petroleum on the phased development of Sea Lion. Current plans include the Northern Development Area followed by additional development phases using FPSO infrastructure.

  • Tertiary Minerals Raises £1 Million for Mushima North Exploration in Zambia

    Tertiary Minerals Raises £1 Million for Mushima North Exploration in Zambia

    Tertiary Minerals (LSE:TYM) has conditionally raised £1 million through a share placing to fund further exploration at its Mushima North silver-copper project in Zambia and provide additional working capital.

    The AIM-listed exploration company placed approximately 1.67 billion new ordinary shares at 0.06 pence per share with institutional and high-net-worth investors. The placing was arranged by joint broker SP Angel.

    The fundraising comes alongside the restoration of normal trading in Tertiary Minerals shares on AIM following a temporary suspension under a Capital Access Window.

    Funds Allocated to Mushima North Programme

    Tertiary Minerals said the proceeds will primarily support work at the A1 target within the Mushima North project.

    Planned activities include deeper drilling, assays for critical minerals and an expansion of metallurgical testwork. Funding will also be used for environmental and community surveys associated with an impact assessment, as well as for general working capital purposes.

    The company is continuing to investigate the depth extent of mineralisation beneath higher-grade zones identified at the project. Further drilling assay results and initial metallurgical results are expected to be reported in due course.

    New Shares Represent About 19% of Enlarged Capital

    The placing shares are expected to represent approximately 19% of Tertiary Minerals’ enlarged issued share capital following completion of the fundraising.

    Admission of the new shares to trading on AIM is expected around 28 October 2026.

    As part of the placing arrangements, SP Angel will receive 83.33 million warrants. The warrants will be exercisable at the placing price of 0.06 pence per share for a period of 12 months.

    Tertiary Minerals’ Exploration Portfolio

    Tertiary Minerals is an AIM-listed mineral exploration and development company with projects targeting copper, silver, precious metals and other critical minerals in Zambia and Nevada, U.S.

    The company’s current work at Mushima North includes deeper drilling and metallurgical testing designed to provide further information on the mineralisation at the A1 target. Its Nevada exploration interests provide additional exposure to mineral exploration projects in the U.S.

  • Burnham confirms he wants to abandon pension triple lock after election to pay for social care

    Burnham confirms he wants to abandon pension triple lock after election to pay for social care

    Prime Minister Andy Burnham is addressing the Labour Party conference in Liverpool. Among the issues he has addressed are homelessness, electoral reform and public control of water. But the biggest announcement is around social care and pensions.

    Burnham proposes setting up a National Care Service, and he says it will not be funded by borrowing. Instead, he plans to abandon the pensions triple lock after the next election.

    The triple lock means that pensions go up each year based on three numbers: inflation, average wage growth, or a flat 2.5%. Whichever percentage is highest become the rate used to increase the state pension for the forthcoming year.

    The PM says this will stay for this parliament, but then pensions will go up in line with prices, or by 2.5% each year.

    Defending the plan, Burnham said, “This change will generate significant savings, which we will use to build up our National Care Service. Some may not realise it, but older people with nothing more than the state pension or only a little more, can find themselves paying care charges today. Under my plan, this will no longer happen.”

    Summing up his care and pension plans, Burnham said, “Pension that rises every year, no care charges and a high quality National Care Service to give peace of mind in later life.”

  • Wall Street Futures Rise Modestly as Crude Oil Retreats More Than 2%: Dow Jones, S&P, Nasdaq

    Wall Street Futures Rise Modestly as Crude Oil Retreats More Than 2%: Dow Jones, S&P, Nasdaq

    US equity futures moved modestly higher on Tuesday as crude oil prices fell more than 2% and Treasury yields retreated from recent highs, following declines across Wall Street in the previous session.

    The decline in US crude futures came despite continued uncertainty surrounding negotiations between the United States and Iran over the Strait of Hormuz.

    Reports indicated that Iranian officials saw limited prospects for an agreement before the US midterm elections in November.

    Lower oil prices were accompanied by a pullback in Treasury yields. The benchmark 10-year Treasury yield moved lower after previously reaching its highest level since June 2007.

    CPI Report in Focus Ahead of October Fed Meeting

    Investors were also awaiting Wednesday’s US consumer price inflation report, which could provide further information on inflation trends ahead of the Federal Reserve’s monetary policy meeting in late October.

    CME Group’s FedWatch Tool showed markets assigning a 70.3% probability to a 25-basis-point interest rate increase at the October meeting.

    Recent moves in energy prices and Treasury yields have increased investor attention on the outlook for inflation and monetary policy.

    Nasdaq, S&P 500 and Dow Decline

    The major US stock indexes finished lower on Monday after trading mostly in negative territory during the session.

    The Nasdaq Composite declined 248.34 points, or 0.9%, to 26,820.38, while the S&P 500 lost 59.72 points, or 0.8%, to close at 7,683.69.

    The Dow Jones Industrial Average fell 347.11 points, or 0.7%, to 51,481.51.

    The declines followed an early increase in crude oil prices, with US crude futures rising as much as 4.5% after falling 2.3% in Friday’s session.

    The oil move followed US President Donald Trump’s rejection of a conditional Iranian proposal concerning the reopening of the Strait of Hormuz.

    The proposal reportedly called for Iran to reopen the strait and resume nuclear negotiations in exchange for the United States lifting its blockade of Iranian ports.

    Separately, The Wall Street Journal reported, citing US officials, that Trump had told aides he expected to resume bombing Iran after the November midterm elections.

    Higher Yields Weigh on Several Market Sectors

    Crude oil subsequently moved back from its session highs on Monday, but Treasury yields continued to increase.

    The benchmark 10-year yield reached its highest level since June 2007 as markets assessed the potential effects of elevated energy prices on inflation and the Federal Reserve’s interest-rate outlook.

    Gold-related equities declined alongside the precious metal, with the NYSE Arca Gold Bugs Index falling 5.2% to its lowest closing level in more than a month.

    Telecommunications shares also moved lower as Treasury yields increased. The NYSE Arca North American Telecom Index declined 1.8%.

    Semiconductor, banking and oil-services stocks were also among the sectors recording losses.

  • European Stocks Rise as Investors Monitor Oil Prices and Bond Yields: DAX, CAC, FTSE100

    European Stocks Rise as Investors Monitor Oil Prices and Bond Yields: DAX, CAC, FTSE100

    Major European stock markets moved higher on Tuesday, with investors weighing elevated oil prices and government bond yields alongside company-specific developments.

    Germany’s DAX gained 0.7%, while the UK’s FTSE 100 and France’s CAC 40 were both up 0.1%.

    Oil markets remained sensitive to developments in negotiations between the United States and Iran over the Strait of Hormuz. Reports indicated that Iranian officials were not optimistic that an agreement would be reached before the US midterm elections in November.

    Front-month Brent crude futures rose as high as $107.87 a barrel earlier in the session before falling to $104.40, more than 1% below the previous close.

    Mining and Pharmaceutical Shares Support FTSE 100

    In London, mining and pharmaceutical stocks were among the main contributors to the FTSE 100’s advance.

    Antofagasta (LSE:ANTO) gained 3.3%, while Anglo American (LSE:AAL) rose 3%. Glencore (LSE:GLEN), Fresnillo (LSE:FRES) and Rio Tinto (LSE:RIO) advanced between 1.7% and 2.2% as precious metals prices remained firm.

    Among pharmaceutical companies, GSK (LSE:GSK) gained 2.5% and AstraZeneca (LSE:AZN) advanced 1.7%.

    Weir Group (LSE:WEIR), Convatec Group (LSE:CTEC), InterContinental Hotels Group (LSE:IHG), Spirax Group (LSE:SPX), Halma (LSE:HLMA), Diploma (LSE:DPLM) and Metlen Energy & Metals (LSE:MTLN) were also among the gainers.

    Energy stocks moved lower, with Ithaca Energy (LSE:ITH) falling 4.2%, BP (LSE:BP.) declining 3% and Shell (LSE:SHEL) losing 1.8%.

    British American Tobacco (LSE:BATS), Sage Group (LSE:SAGE), Admiral Group (LSE:ADM), Unilever (LSE:ULVR) and Barratt Redrow (LSE:BTRW) declined between 0.8% and 1.9%.

    Infineon and Siemens Energy Lead Gains in Germany

    In Frankfurt, Infineon Technologies (TG:IFX) rose 4.8% and Siemens Energy (TG:ENR) gained 4.3%. The moves came alongside a Reuters report concerning Anthropic’s plans to use public-market funding as it pursues growth linked to artificial intelligence.

    Vonovia, Siemens, Heidelberg Materials, MTU Aero Engines, BMW, Deutsche Bank, Volkswagen, Hochtief, Commerzbank and Scout24 also traded higher.

    Fresenius Medical Care fell nearly 2% after Berenberg lowered its price target for the shares and withdrew its buy recommendation.

    Bayer declined 2.5%, while Daimler Truck Holding, Hannover Re, Munich Re and Rheinmetall were also lower.

    Legrand Rises After Raising 2030 Targets

    In Paris, Legrand gained nearly 8% after raising its 2030 targets, citing expected growth in data centres and the energy transition alongside its profitability objectives.

    STMicroelectronics, Schneider Electric, Bureau Veritas, Safran, Accor and Stellantis advanced between 1% and 3.5%.

    TotalEnergies, Eurofins Scientific, Dassault Systèmes, Vinci, Danone and Carrefour declined between 1% and 2.7%.

    UK Shop Price Inflation Slows to 1.4%

    In economic data, the British Retail Consortium reported that UK shop price inflation eased to 1.4% in September from 1.5% in August, with promotions and discounting contributing to the slowdown.

    The September reading remained above the three-month average of 1.3%.

  • Supermarket Income REIT Targets Next Phase of Growth with £2bn Portfolio Established

    Supermarket Income REIT Targets Next Phase of Growth with £2bn Portfolio Established

    Supermarket Income REIT (LSE:SUPR) is entering its next phase of growth with a portfolio now established at over £2 billion, a strong financial performance and ambitions to more than double the scale of the business over the coming years.

    The company delivered a 7.5% total accounting return for the year, while continued acquisition activity has helped expand earnings and strengthen the platform for future dividend growth.

    Speaking to ADVFN’s Watch List, Rob Abraham, CEO of Supermarket Income REIT, highlighted the role of acquisitions and the company’s growing scale in driving performance.

    Acquisitions driving earnings growth

    According to Abraham, the company’s strong performance has been underpinned by an active approach to acquisitions and the development of a more efficient investment platform.

    A key step has been the establishment of a joint venture with Blue Owl Capital, which has now been scaled to £855 million.

    The structure has enabled Supermarket Income REIT to recycle capital and reinvest proceeds into further earnings-enhancing acquisitions, creating additional capacity for growth.

    The objective is not simply to expand the property portfolio, but to build the earnings base needed to support sustainable dividend growth.

    Supermarket Income REIT has also set a target of at least 2% annual dividend growth from FY2027, with the growing scale of the platform helping to support that ambition.

    Abraham also pointed to the benefits of scale, with the company continuing to build an efficient operating platform and improve its cost ratio as the portfolio grows.

    A £4bn opportunity

    With the portfolio now over £2 billion, Supermarket Income REIT has set its sights considerably higher, targeting £4 billion and beyond.

    The opportunity extends across the wider grocery property market, where the company believes its sector specialism gives it the ability to identify and underwrite opportunities across a broad range of assets.

    That includes traditional large-format supermarkets, which remain an important part of the strategy, alongside smaller-format and convenience stores.

    The company is also looking further along the grocery supply chain, including grocery logistics properties and distribution warehouses that support store networks.

    There is also potential to expand the strategy into European markets.

    Maintaining quality as the portfolio grows

    Importantly, the strategy is not simply about increasing the size of the portfolio.

    Supermarket Income REIT intends to maintain a strong quality profile as it scales, using a combination of lease length, tenant quality and investment-grade characteristics when assessing opportunities.

    Abraham outlined a target portfolio structure of approximately:

    • 90% grocery income
    • Around 12 years average lease length
    • Around 80% inflation-linked income
    • Around 70% investment-grade income

    This provides a clear framework for how the company intends to grow while maintaining the defensive characteristics of its existing portfolio.

    The focus remains on properties operated by leading grocery businesses, with Supermarket Income REIT targeting some of the most important and mission-critical assets within their networks.

    Building on a strong platform

    With a £2 billion portfolio already established, an £855 million joint venture vehicle and a clear ambition to reach £4 billion and beyond, Supermarket Income REIT is positioning itself for another stage of expansion.

    The combination of acquisition-led earnings growth, increasing scale and a focus on long-duration, inflation-linked grocery income provides the foundation for the company’s next phase.

    For investors following the UK real estate sector, Supermarket Income REIT’s progress will be closely linked to its ability to continue deploying capital into attractive grocery property opportunities while maintaining the quality and resilience of its income base.

    As Rob Abraham explains, the strategy is ultimately about using scale to grow earnings, support dividends and build a larger portfolio while retaining the attractive fundamentals that have defined Supermarket Income REIT to date.

    For more information visit Supermarket Income REIT