Author: Fiona Craig

Jangada Mines plc (LSE:JAN) has raised £1.2 million via an oversubscribed placing and director subscription priced at 1.4 pence per share. The fundraising resulted in the issue of 85,714,281 new shares, each accompanied by a two-year warrant exercisable at 2.25 pence.

The proceeds will be directed toward drilling, geophysical surveys and geological analysis at the high-grade Molly Gold Project, alongside continued exploration at the Paranaíta Gold Project in Brazil. A portion of the funds will also support general working capital requirements.

At Molly, Jangada plans to undertake a 2,000-metre drilling campaign aimed at confirming and expanding the existing 130,000-ounce JORC-compliant resource. The programme will also test western extensions of the deposit, with the objective of delineating a potential multi-pit development scenario.

At Paranaíta, where the current exploration target stands at 210,000 ounces, management is seeking to grow the resource base toward approximately 350,000 ounces. Pending assay results are expected to inform additional drilling and resource modelling, supporting the development of a shallow open-pit opportunity. Together, the two projects form part of Jangada’s strategy to build scale within its Brazilian gold portfolio and enhance its future production potential.

From an investment standpoint, the company remains pre-revenue and continues to report recurring losses and cash outflows, despite operating without debt. Technical indicators are relatively supportive, with the share price trading above key moving averages and showing moderate positive momentum. However, valuation metrics remain constrained by negative earnings and the absence of dividend support.

More about Jangada Mines plc

Jangada Mines is an AIM-quoted natural resources developer focused on gold assets in Brazil. The group targets shallow, high-grade and data-rich projects in established gold districts, pursuing low upfront acquisition costs and a staged funding model linked to exploration milestones. Its broader aim is to assemble a scalable, multi-asset gold portfolio.

Renalytix plc (LSE:RENX) reported unaudited revenue of $1.6 million for the first half of fiscal 2026 and is guiding to full-year revenue of approximately $4 million, representing year-on-year growth of around 33%. The uplift is being driven by faster integration of its kidneyintelX.dkd test into electronic medical record (EMR) systems across U.S. healthcare networks.

The company is preparing a large-scale EMR integration with a major regional health system, which could extend access to more than 40,000 chronic kidney disease patients. Alongside commercial expansion, Renalytix is relocating its laboratory operations to lower its cost base, advancing a real-world evidence programme and progressing its collaboration with Tempus AI, Inc..

Management is also preparing additional clinical data intended to support broader physician adoption and improved reimbursement coverage from payers. These initiatives form part of a strategy to deepen penetration within U.S. healthcare systems and strengthen the long-term commercial case for its technology.

Despite the operational momentum, the company’s outlook remains constrained by continued losses, negative equity and ongoing cash burn. Technical indicators also suggest a weak trend, with the share price trading below key moving averages and momentum signals remaining negative. While recent corporate updates and oversold conditions offer some counterbalance, financial and trend risks continue to weigh on the investment profile.

More about Renalytix

Renalytix is a London- and New York-based developer of artificial intelligence-driven in vitro diagnostics aimed at improving kidney disease management. Its flagship product, kidneyintelX.dkd, is the only FDA-approved and Medicare-reimbursed prognostic test for early-stage risk assessment in chronic diabetic kidney disease, and is being deployed across major healthcare systems in the United States.

Gattaca plc (LSE:GATC) delivered a stronger-than-expected first half in FY2026, with total net fee income (NFI) projected to rise to £21.2 million from £18.9 million a year earlier. On a like-for-like basis, NFI increased 7%, reflecting solid demand for contract talent across its core markets.

Contract NFI advanced 13% year on year on a comparable basis, while permanent placement income held steady. Statement-of-work revenue declined, primarily due to delays in client programmes. During the period, the group reduced its sales headcount by 6% as part of efficiency measures, while continuing to focus investment on priority growth areas.

Gattaca is forecasting adjusted profit before tax of £4.5 million for the full year and plans to expand its sales workforce by around 10% over the remainder of FY2026, signalling confidence in sustainable growth. Net cash stood at £13.0 million, down from prior levels following working capital outflows, the acquisition of InfoSec People Limited and dividend distributions.

Management highlighted the successful integration of InfoSec, which has strengthened the group’s cyber recruitment offering and supported contract-driven growth. The company intends to reinstate interim dividends, underlining its positive outlook and commitment to shareholder returns.

From an investment perspective, supportive technical signals and favourable corporate developments underpin the near-term view. Although financial performance remains mixed in certain areas, a reasonable valuation and an attractive dividend yield add to the stock’s appeal.

More about Gattaca

Gattaca is a UK-based provider of specialist staffing solutions, offering contract, permanent and statement-of-work recruitment services. The group focuses on high-growth sectors, particularly technology and cyber security, and has reinforced its position in cyber recruitment through the acquisition and integration of InfoSec People Limited.

Renishaw plc (LSE:RSW) reported record revenue of £365.6 million for the first half of FY2026, representing a 7.1% increase year on year. Growth was broad-based across Industrial Metrology, Position Measurement and Specialised Technologies, with particularly strong demand in the Americas and Asia-Pacific regions.

Adjusted operating margin improved to 15.7%, while adjusted profit before tax rose 11.5%. Statutory profit, however, was reduced by £18 million of restructuring-related redundancy and impairment costs, reflecting investment in productivity improvements and additional capacity to support an expanding order book.

The company highlighted robust momentum in defence and semiconductor markets, as well as in newer product categories including additive manufacturing systems, coordinate measuring and gauging solutions, and enclosed optical encoders. Although general industrial markets remain mixed and currency and tariff pressures persist, management reiterated confidence in delivering strong full-year growth.

For FY2026, Renishaw is guiding to revenue in the range of £740 million to £780 million and adjusted profit before tax of £132 million to £157 million. The interim dividend has been maintained, with the group emphasising its solid balance sheet and improved return on invested capital.

From an investment perspective, Renishaw benefits from strong financial resilience and supportive technical signals. However, its valuation remains elevated and sector-specific headwinds, including cost pressures, require continued operational discipline to sustain margins.

More about Renishaw

Renishaw is a worldwide provider of high-precision measurement and manufacturing systems. Its sensor-driven and software-enabled technologies deliver accurate, traceable data for industrial clients across sectors such as semiconductors, defence and electrification.

The group conducts significant research and development in the UK, with manufacturing operations spanning the UK, Ireland and India.

IG Design Group plc (LSE:IGR) has refocused its business following the disposal of DG Americas, with operations now centred on its continuing European and international activities. Reflecting the streamlined structure, the group will switch its reporting currency to sterling, aligning financial presentation with its primary operating base.

For the year ending 31 March 2026, IG Design expects revenue in the region of $280 million to $285 million and an adjusted operating margin of roughly 4%. Both metrics sit at the upper end of prior guidance and ahead of market forecasts. Robust cash generation — supported by disciplined working capital management and the planned sale of a UK warehouse — is projected to lift net cash to between $55 million and $60 million, significantly exceeding earlier expectations.

Looking further ahead, the group is maintaining guidance for modest annual revenue growth of 0–5%, adjusted operating margins of 4–5%, and sustainable cash generation of $6 million to $8 million per year. Management continues to focus on long-term growth initiatives designed to enhance returns beyond core trading performance, reinforcing its post-disposal strategic repositioning.

Shareholders have approved a capital reduction to establish distributable reserves, paving the way for potential shareholder returns once a formal capital allocation policy is outlined in June. Meanwhile, the search for a permanent chief executive remains ongoing, with Interim Executive Chair Stewart Gilliland providing leadership continuity during the transition.

Despite the improved cash outlook, the company’s investment profile remains weighed down by recent loss-making margins and pressured free cash flow. Technical indicators are currently negative, with the share price trading below key moving averages, while valuation metrics reflect the absence of earnings and dividend support.

More about IG Design

IG Design Group designs and manufactures products across celebration and creative categories, supplying retailers and consumer markets with items such as gift wrap and related goods. Following the sale of its DG Americas division in 2025, the group now concentrates on its remaining operations, primarily in the UK and other international markets, and will report its results in GBP going forward.

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

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

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

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

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

More about MJ Gleeson plc

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

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

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

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

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

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

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

More about Red Rock Resources

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

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

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

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

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

More about GCM Resources

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

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

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

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

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

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

More about Digital 9 Infrastructure plc

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

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

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

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

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

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

More about RTC Group plc

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