ADVFN UK Market News

Author: Fiona Craig

  • FTSE 100 Rises 0.5% as Markets Assess US-Iran Talks and Hormuz Disruption

    FTSE 100 Rises 0.5% as Markets Assess US-Iran Talks and Hormuz Disruption

    The FTSE 100 rose 0.50% on Friday as investors assessed developments in US-Iran talks alongside reduced shipping traffic through the Strait of Hormuz and further regional security developments.

    As of 07:13 GMT, Germany’s DAX was up 0.66% and France’s CAC 40 had gained 0.40%.

    Sterling was little changed against the US dollar at $1.3223, down 0.01% during the session.

    US and Iran Discuss Phased Framework

    Iranian President Masoud Pezeshkian, speaking to the media on the sidelines of the UN General Assembly in New York, said Tehran wanted Washington to return to the Memorandum of Understanding “before the midterms.”

    In a separate interview with Fox News, Pezeshkian said “the framework was agreed upon” and that Iran “never sought anything more” than its entitlements under international law.

    According to sources cited by Reuters, US and Iranian negotiators have been discussing a phased framework that would involve Tehran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade.

    No final agreement was reported in the supplied information.

    Strait of Hormuz Traffic Declines

    Shipping activity through the Strait of Hormuz remained below recent levels.

    Reuters reported that nine vessels transited the waterway on Thursday, compared with a rolling 10-day average of approximately 18. Some vessels were believed to be operating with their transponders switched off.

    The UAE also suspended flights by Iranian carriers on Thursday, joining Oman, Iraq, Azerbaijan, Georgia and Turkmenistan in implementing new US secondary sanctions relating to Iranian aviation.

    US Senate Rejects War Powers Resolution

    In Washington, the US Senate voted 50-49 against a Democratic resolution that would have restricted President Donald Trump’s authority to continue the conflict with Iran.

    Four Republican senators voted in support of the resolution.

    Separately, Saudi Arabia, Türkiye and Pakistan announced plans for an urgent chiefs-of-staff meeting under the Mecca Joint Defence Agreement following Houthi strikes on Taif, Yanbu and military sites near the Saudi-Yemeni border.

    Qatar described the attacks as “a blatant violation of Saudi sovereignty.”

    Saudi Foreign Minister Prince Faisal bin Farhan also chaired a trilateral ministerial meeting during the UN General Assembly at which ministers affirmed Saudi Arabia’s right to self-defence under Article 51 of the UN Charter.

    UK Foreign Secretary Meets Iranian Counterpart

    UK Foreign Secretary Ed Miliband met Iranian Foreign Minister Abbas Araghchi in New York.

    According to a Foreign Office statement reported by Sky News, Miliband raised the importance of reopening the Strait of Hormuz and referred to the UK’s “unwavering resolve to combat threats from Iranian-linked groups on UK soil.”

    Oil Prices Fall While Gold Advances

    Brent crude declined 0.63% to $105.95 a barrel, while West Texas Intermediate fell 1.4% to $93.32.

    Gold prices moved higher, with futures up 0.32% at $4,311.50 and spot gold gaining 0.06% to $4,276.23.

  • Harworth Shares Rise 4.6% After Peel Pepper Raises Cash Offer to 187p

    Harworth Shares Rise 4.6% After Peel Pepper Raises Cash Offer to 187p

    Harworth (LSE:HWG) shares rose 4.6% to 186.2 pence after Peel Pepper (UK) Limited, a vehicle connected to Peel Holdings, increased its cash takeover proposal to 187 pence per share.

    The revised proposal, which the bidder has described as its best and final offer, values Harworth at approximately £631.7 million.

    Harworth’s board has unanimously recommended the revised proposal, having previously declined to recommend earlier approaches from Peel Pepper.

    Revised Offer Increases to 187p Per Share

    The new proposal represents an 8.4% increase from Peel Pepper’s previous offer of 172.5 pence per share.

    It also represents a 30.2% premium to Harworth’s closing share price of 143.6 pence immediately before the start of the offer period.

    Harworth’s directors said they had considered the certainty provided by the cash consideration alongside the execution risks associated with continuing the company’s standalone strategy before deciding to recommend the revised proposal.

    Peel Pepper Secures Acquisition Financing

    Peel Pepper plans to finance the proposed acquisition using its own resources together with debt facilities provided by HSBC UK Bank and NatWest.

    An interim facilities agreement relating to the financing was dated on the day the revised offer was announced.

    Harworth shares traded as high as 193.2 pence during the session before trading at 186.2 pence, compared with the 187 pence offer price. The company’s 52-week high stands at 195 pence.

    UK Mid-Cap Market Falls

    The share-price increase came after a lower session for the broader UK market.

    The FTSE 100 closed the previous session 0.2% lower at 10,679.99, while the FTSE 250 declined 0.9%.

    Harworth specialises in the regeneration and development of land, with activities concentrated in the North of England and the Midlands.

  • Avacta Presents AVA6103 Preclinical Data and FOCUS-01 Trial Design at AACR Conference

    Avacta Presents AVA6103 Preclinical Data and FOCUS-01 Trial Design at AACR Conference

    Avacta (LSE:AVCT) has presented the design of its FOCUS-01 Phase 1 clinical trial alongside new preclinical data for AVA6103 at the AACR Conference on Pancreatic Cancer.

    AVA6103 is a FAP-enabled pre|CISION peptide-drug conjugate designed to deliver exatecan, a topoisomerase I inhibitor, within the tumour microenvironment.

    The company is evaluating the drug in FAP-positive solid tumours, including pancreatic ductal adenocarcinoma, or PDAC.

    Preclinical Studies Evaluate Two-Week Dosing

    Preclinical studies using PDAC patient-derived xenograft models evaluated AVA6103 under a dose-dense regimen administered every two weeks.

    Avacta reported tumour-targeted delivery of exatecan and complete and partial responses in the models, with responses persisting for several weeks after treatment ended.

    Researchers also observed high FAP expression in the PDAC models and reported that FAP-positive fibroblasts were located close to blood vessels and tumour cells.

    Avacta said these findings are consistent with the intended mechanism of its pre|CISION technology, which is designed to release its drug payload in FAP-rich tumour environments.

    FOCUS-01 Trial Continues Dose Escalation

    Avacta also presented early safety and pharmacokinetic findings from the first three dose levels of the Phase 1 FOCUS-01 trial.

    According to the company, the results demonstrated proof of mechanism and AVA6103 was well tolerated at payload doses approximately 50% above the maximum tolerated dose of conventional exatecan.

    Avacta said the pharmacokinetic profile observed to date was consistent with its preclinical modelling.

    These findings are from an early-stage Phase 1 study, and further clinical data will be required to assess the safety and efficacy of AVA6103 in patients.

    Enrolment Continues in Both Trial Arms

    Patient enrolment is continuing across both arms of FOCUS-01, including a dose-intense every-two-week regimen for patients with PDAC.

    Avacta said current dosing in this arm has reached a payload level exceeding twice the conventional maximum tolerated dose of exatecan and is approaching the payload exposure of Enhertu in breast cancer.

    The trial is continuing to evaluate AVA6103 across increasing dose levels and dosing schedules.

    About Avacta

    Avacta Group plc, trading as Avacta Therapeutics, is a clinical-stage life sciences company developing targeted oncology treatments.

    Its pre|CISION platform uses fibroblast activation protein to enable the release of drug payloads within the tumour microenvironment.

    AVA6103 is an exatecan-based pre|CISION peptide-drug conjugate being developed for FAP-positive solid tumours, including pancreatic, cervical, breast, small cell lung, gastric and colorectal cancers.

  • Bango H1 Revenue Rises 3% as Annual Recurring Revenue Reaches $20.4 Million

    Bango H1 Revenue Rises 3% as Annual Recurring Revenue Reaches $20.4 Million

    Bango (LSE:BGO) reported revenue of $25.9 million for the six months ended 30 June 2026, an increase of 3% from the corresponding period a year earlier.

    Subscriptions revenue increased 13% to $12.3 million, while Payments revenue declined 5% to $13.6 million. Bango said the reduction in Payments revenue reflected its planned restructuring and exit from lower-margin payment routes.

    Group gross margin increased to 87%, reflecting a greater contribution from subscription revenue.

    Annual Recurring Revenue Increases 31%

    Annual Recurring Revenue reached $20.4 million at the end of the period, up 31% year-on-year. Bango said recurring revenue represented 39% of group revenue on a trailing 12-month basis.

    Net Revenue Retention was 119%, while the number of active subscriptions increased 33% to 25.6 million.

    The company added six new Digital Vending Machine® customers during the first half.

    Adjusted EBITDA Rises to $9.0 Million

    Group Adjusted EBITDA increased 34% to $9.0 million.

    Cash EBITDA was $3.7 million, compared with a $0.7 million loss in the first half of 2025. The company said first-half Cash EBITDA was also higher than the amount generated during the whole of the 2025 financial year.

    Within the Payments business, Adjusted EBITDA margin increased to 43% following the removal of non-core, lower-margin payment routes.

    Payments Restructuring Expected to Finish in 2026

    Bango said the restructuring of its non-core Payments activities is progressing ahead of its original plan and is expected to be completed during 2026.

    The company expects the remaining changes to have a low-single-digit impact on reported revenue and a negligible effect on Adjusted EBITDA.

    Bango said subscription activity has continued into the second half, supported by expansion among existing customers and its pipeline of potential new business.

    The board said trading remains in line with full-year market expectations.

    About Bango

    Bango PLC is a Cambridge-based technology company providing subscription bundling and digital payment services.

    Its Digital Vending Machine® platform enables telecom operators, financial services companies and other distribution channels to offer subscription services to customers.

    The group operates through Subscriptions and Payments activities, with the latter including carrier billing and digital wallet services.

  • Capita Secures £30 Million Financing From Shawbrook Bank

    Capita Secures £30 Million Financing From Shawbrook Bank

    Capita plc (LSE:CPI) has secured £30 million of new financing facilities from Shawbrook Bank Limited for general corporate purposes and the refinancing of existing debt.

    The financing comprises a £15 million revolving credit facility and a £15 million term loan. Both facilities have a three-year maturity, running to September 2029.

    New Facilities Include £15 Million RCF and Term Loan

    Capita said the new £15 million revolving credit facility largely mirrors the terms and interest rate of its existing £325 million revolving credit facility.

    The separate £15 million term loan carries an interest rate that is modestly higher than the rate applying to the existing revolving facility.

    The company said the additional financing will be used for general corporate purposes and to refinance existing debt.

    About Capita

    Capita plc is a business services company providing services to public and private-sector organisations, including central and local government and regulated industries.

    The company combines technology, data, artificial intelligence and operational services in the delivery of services for its clients.

  • Strategic Minerals Net Assets More Than Double as Redmoor Resource Increases 49%

    Strategic Minerals Net Assets More Than Double as Redmoor Resource Increases 49%

    Strategic Minerals (LSE:SML) reported first-half 2026 revenue of US$1.59 million, compared with US$2.00 million in the corresponding period a year earlier, while its loss before tax was US$712,000.

    The company said the loss primarily reflected a non-cash share-based payment.

    Cash holdings increased to US$10.0 million following £8.7 million of equity fundraising, while net assets more than doubled during the period.

    Cobre Reports 86% Gross Margin

    Strategic Minerals’ Cobre magnetite operation in New Mexico recorded a gross margin of 86% during the period.

    The company has also extended its access to the Cobre stockpile until 2031. Cobre has been in production since 2012 and generates revenue for the group from magnetite sales.

    Redmoor Inferred Resource Increases 49%

    At the Redmoor tungsten-copper-tin project in Cornwall, the inferred resource increased by 49%.

    Strategic Minerals also reported improved metallurgical recoveries and economic analysis showing a base-case after-tax net present value of US$1.54 billion and an internal rate of return of 40%.

    The company has described Redmoor as Europe’s highest-grade undeveloped tungsten project.

    Strategic Minerals has started an infill drilling campaign at Redmoor and secured funding for pre-feasibility work as it continues to assess the project.

    Leigh Creek Sale Agreed

    The company has agreed to sell its Leigh Creek copper project in South Australia under an arrangement involving cash, equity and royalty consideration.

    The transaction forms part of Strategic Minerals’ increased focus on the development and exploration of Redmoor.

    During the period, the company also appointed an independent non-executive director.

    About Strategic Minerals

    Strategic Minerals plc is an AIM-listed mineral exploration and production company with assets in the UK, US and Australia.

    Its portfolio includes the Redmoor tungsten-copper-tin project in Cornwall, held through wholly owned Cornwall Resources, and the Cobre magnetite operation in New Mexico.

    The group has also agreed the sale of its Leigh Creek copper project in South Australia.

  • Robinson Expects 2026 Profit in Line With Forecasts as £3.3 Million Contract Ends

    Robinson Expects 2026 Profit in Line With Forecasts as £3.3 Million Contract Ends

    Robinson plc (LSE:RBN) said it continues to expect underlying operating profit for 2026 to be in line with current market expectations.

    The custom packaging manufacturer also announced that a customer contract representing approximately £3.3 million of annual revenue will expire at the end of December 2026 and will not be renewed.

    The contract currently contributes approximately £1.0 million in annual gross profit, according to the company.

    Robinson Expects Continued Business With Customer

    Although the contract will end, Robinson said it expects to continue supplying other products to the customer.

    The company is pursuing operational initiatives and new business opportunities intended to mitigate the financial impact of the contract expiry.

    Taking these measures into account, the board currently expects profitability in the 2027 financial year to be broadly in line with 2026.

    Surplus Property Disposal Programme Continues

    Alongside its packaging operations, Robinson is continuing a disposal programme covering surplus properties with development potential.

    The company’s core activities include the manufacture of injection and blow-moulded plastic packaging and rigid paperboard packaging.

    About Robinson

    Robinson plc is a custom packaging manufacturer headquartered in Chesterfield, UK, with operations in the UK, Poland and Denmark.

    The company supplies packaging for the food, homecare, personal care and luxury gift sectors. Its customers include Procter & Gamble, Unilever, Bakkavor, McBride and Persan, among others.

    Robinson employs nearly 400 people and also owns a portfolio of surplus properties that it is seeking to dispose of.

  • Great Western Mining Completes 23-Hole Drilling Programme at Nevada Tungsten Project

    Great Western Mining Completes 23-Hole Drilling Programme at Nevada Tungsten Project

    Great Western Mining (LSE:GWMO) has completed a 23-hole drilling programme at its Defender tungsten project in Nevada as it works towards preparing a maiden Mineral Resource Estimate.

    The drilling was designed to assess the continuity and grade of tungsten mineralisation at Defender, part of the company’s Defender–Pine Crow corridor.

    Great Western has appointed an independent Competent Person from Addison Mining Services to work on the project and prepare the Mineral Resource Estimate.

    Exploration Targets Defender–Pine Crow Corridor

    During the period, Great Western carried out geological mapping, gravity surveys and machine-cut channel sampling across historic tungsten workings in Nevada.

    The company also dispatched a bulk sample for metallurgical flotation testing.

    Post-period exploration results identified tungsten mineralisation across an emerging trend extending for approximately 3 kilometres. According to Great Western, metallurgical testing also produced high recovery rates and identified low levels of penalty elements.

    The company continues to assess the results as part of its exploration and resource-definition programme.

    Great Western Raises £3.25 Million

    Great Western completed a £3.25 million equity placing to fund its exploration activities and other corporate requirements.

    The company also obtained a quotation on the OTCQB market in the United States, alongside its existing AIM and Euronext Growth listings.

    Great Western ended the half-year with €2.77 million in cash and reported an increase in net assets. Its interim loss increased, which the company said was largely attributable to the revaluation of warrants.

    The company said it is funded for its planned 2026 exploration and resource-estimation programme.

    Management Changes and Copper Option Agreement

    During the period, Ed Loye was appointed chief executive officer, while Brian Hall moved to the position of non-executive chair.

    Alongside its tungsten activities, Great Western retains exposure to copper through an option agreement with KGHM Polska Miedz S.A. covering the Eastside–Tango copper porphyry project.

    About Great Western Mining

    Great Western Mining Corporation is a mineral exploration and development company with listings on AIM, Euronext Growth and the OTCQB market.

    Its Nevada portfolio includes the Defender–Pine Crow tungsten corridor and the Eastside–Tango copper project. The company is currently focused on exploration and resource definition across its tungsten assets while maintaining an interest in its copper portfolio.

  • Tandem Group Returns to First-Half Profit as Revenue Rises 6.7%

    Tandem Group Returns to First-Half Profit as Revenue Rises 6.7%

    Tandem Group (LSE:TND) reported a 6.7% increase in revenue to £11.9 million for the first half, while gross profit rose 15% to £4.0 million.

    Gross margin increased to 33.3%, and the group recorded a profit before tax of £70,000, compared with a loss in the corresponding period a year earlier.

    Net debt declined to £2.8 million, while net assets increased to £26.1 million.

    Year-to-Date Sales Rise 9.1%

    Tandem said trading improved during July and August, taking year-to-date sales growth to 9.1%.

    The company reported higher sales in its bikes and home and garden categories during the period.

    The board plans to conduct a review of the group’s operations and capital allocation, with the stated objectives of supporting profitable growth and improving shareholder returns.

    Board Signals Intention to Resume Full-Year Dividend

    Tandem’s board said it intends to resume payment of a full-year dividend if the company meets current market expectations.

    The proposed dividend therefore remains dependent on the group’s financial performance over the remainder of the year.

    About Tandem Group

    Tandem Group plc is an AIM-listed company that designs, develops, distributes and retails sports, leisure and mobility products.

    Its activities include bikes, home and garden products, toys and related consumer categories. The group operates through a portfolio of its own brands and has an 85,000-square-foot freehold warehouse.

  • Aminex Targets Ntorya First Gas and NT-3 Drilling in December 2026

    Aminex Targets Ntorya First Gas and NT-3 Drilling in December 2026

    Aminex PLC (LSE:AEX) said work on the Ntorya–Madimba pipeline in Tanzania was largely complete during the first half of 2026, with connection activities scheduled for the end of the year.

    Topographical surveys have been completed, while a revised work programme targets first gas from the Ntorya-2 well in December 2026.

    The programme also provides for the NT-3 well to be spudded during December, as development of the Ntorya gas field continues.

    Ntorya Work Programme Revised

    The revised timetable follows proposed changes to the development programme by operator ARA Petroleum Tanzania and subsequent agreement with the Tanzanian authorities.

    Under the updated programme, the CH-1 commitment well has been retained, while NT-3 has been added as an additional near-term well.

    The 2026–2027 work programme provides for gross expenditure of up to US$75 million and includes drilling at multiple locations across Ntorya.

    Aminex participates in the project as a non-operating partner and is carried for its share of development costs under the existing arrangements.

    Aminex Reports US$2.71 Million Interim Loss

    For the first half of 2026, Aminex reported a loss of US$2.71 million.

    The company said it continues to operate with operating expenses at historically low levels while overseeing its interest in the Ruvuma production sharing agreement.

    The planned connection of Ntorya to the Madimba Gas Processing Plant forms part of the development programme for bringing gas from the field into Tanzania’s gas infrastructure.

    About Aminex

    Aminex PLC is an oil and gas exploration and production company focused on Tanzania.

    The company holds a non-operated interest in the Ruvuma PSA, which includes the Ntorya gas field. Its interest is subject to a carried-cost arrangement covering its share of development expenditure.