Author: Fiona Craig

Airbus SE (EU:AIR) reported a 2% year-on-year decline in third-quarter revenue to €17.47 billion, below market expectations of €18.05 billion, as commercial aircraft deliveries slowed. The European aerospace manufacturer maintained its full-year financial and production guidance.

Airbus shares advanced 1.51% on Thursday morning, while its American depositary receipts declined approximately 0.2% in premarket trading.

Third-Quarter Earnings Rise Despite Lower Revenue

Airbus reported third-quarter earnings per share of €1.70, compared with €1.41 in the corresponding period last year. The result was slightly above the consensus forecast of €1.68.

Adjusted earnings before interest and taxes (EBIT) declined 9% to €1.77 billion.

The company attributed the reduction to fewer commercial aircraft deliveries, a less favourable product mix within its Commercial Aircraft and Helicopters divisions, and the integration of work packages previously operated by Spirit AeroSystems.

Nine-Month Revenue Increases 7% to €50.6 Billion

For the first nine months of 2026, Airbus reported revenue of €50.6 billion, representing an increase of 7% compared with the previous year.

Adjusted EBIT rose 8% to €4.5 billion during the same period.

The manufacturer delivered 547 commercial aircraft in the first nine months, compared with 507 in the corresponding period of 2025.

Chief Executive Guillaume Faury commented:

“These nine-month results reflect the upward trajectory of our civil and military ramp-up, supported by strong demand for our products across the entire portfolio,” CEO Guillaume Faury said.

Free cash flow before customer financing was negative €1.27 billion, which Airbus attributed to increased inventory associated with a delivery schedule weighted towards the latter part of the year.

Aircraft Orders More Than Double as Backlog Reaches 9,310

Airbus reported net orders of 1,105 commercial aircraft during the first nine months, more than double the number recorded in the comparable period last year.

The company’s commercial aircraft order backlog increased to 9,310 aircraft.

Within Airbus Defence and Space, order intake rose to €11.5 billion from €6.8 billion a year earlier.

Commenting on the company’s operational priorities, Faury added:

“Against a complex geopolitical and operating environment, we are focused on delivery while maintaining a steadfast focus on quality,” Faury added.

Airbus Maintains 2026 Aircraft Delivery and Financial Targets

Airbus reaffirmed its objective of delivering approximately 870 commercial aircraft during 2026.

With 547 aircraft delivered in the first nine months, achieving the annual target would require approximately 323 deliveries during the fourth quarter.

The company also maintained its full-year financial forecasts, including adjusted EBIT of approximately €7.5 billion and free cash flow before customer financing of approximately €4.5 billion.

These targets remain unchanged despite the year-on-year decline in third-quarter revenue and adjusted operating earnings.

Analyst Notes Unchanged Aircraft Production Plans

Following the earnings announcement, TD Cowen analyst Tim James commented on Airbus’s aircraft production schedules, noting that the manufacturer’s previously announced targets remained in place.

James said:

“Airbus production plans unchanged (significant Magellan exposure, exceptA220): A220 target of 13/month in 2028 (13% 2024-2028 CAGR), unchanged.A320 target of 70-75/month by end of 2027 (6-8% 2023-2027 CAGR) and stabilizing at 75, unchanged. A330 targeting 5/ month in 2029 (6% 2025-2029CAGR), unchanged. Target for ramping A350 to 12/month in 2028 (19% 2024-2028 CAGR), unchanged.”

The production plans include a target of 13 A220 aircraft per month in 2028 and an A320 production rate of between 70 and 75 aircraft per month by the end of 2027, subsequently stabilising at 75.

Airbus also continues to target monthly production of five A330 aircraft in 2029 and 12 A350 aircraft in 2028.

More About Airbus

Airbus SE (EU:AIR) is a European aerospace and defence manufacturer operating across commercial aircraft, helicopters, defence and space activities.

The company’s financial and operational performance is measured through aircraft deliveries, order intake, backlog, revenue, adjusted EBIT and free cash flow.

Haleon (LSE:HLN) lowered its full-year organic revenue growth forecast on Thursday following third-quarter trading that fell below company expectations, while announcing an additional £500 million share repurchase programme. Shares in the consumer healthcare group declined approximately 12.5%, reaching a three-week low.

The decline contrasted with a 0.5% rise in the FTSE 100 during the session, as the company reported reduced demand for cough, cold and flu products alongside growth in its Oral Health business.

Haleon Revises Full-Year Revenue Outlook

Haleon now expects organic revenue growth of approximately 2.5% for 2026, reflecting its latest assessment of trading conditions.

The company maintained its forecast for high-single-digit adjusted operating profit growth at constant exchange rates and expects net interest costs of £255 million for the year.

Chief Executive Brian McNamara said third-quarter performance was below expectations, with lower consumption of cough, cold and flu products affecting revenue.

McNamara also identified Oral Health performance and progress in the company’s North American turnaround as developments during the quarter. He said management remained focused on increasing volume growth and returning to consistent delivery against its medium-term growth guidance.

Oral Health Revenue Increases 8.8%

Haleon’s Oral Health division reported organic revenue growth of 8.8%, the highest rate among its product categories.

The increase was supported by double-digit revenue growth at Sensodyne and product innovation across the parodontax brand.

International revenue increased 6.9%, including high-teens growth in India, while the Asia-Pacific region recorded growth of 3.9%.

These results contrasted with declines in other product categories, particularly Respiratory Health and Vitamins, Minerals and Supplements.

Respiratory Health Revenue Declines 2%

Respiratory Health revenue decreased 2% during the quarter, reflecting lower seasonal demand for cough, cold and flu products.

According to Haleon, reduced consumption resulted in lower orders across North America and Europe.

Revenue in the Vitamins, Minerals and Supplements category declined 0.5%.

The company said the performance partly reflected disruption affecting Centrum over-the-counter products in China. A change in raw-material classification resulted in imports of the affected products being suspended until further notice.

Brazil Distribution Changes Expected to Affect Fourth-Quarter Revenue

Haleon also outlined plans to accelerate changes to its go-to-market operations in Brazil during the fourth quarter.

The company expects these adjustments to reduce group revenue by between £15 million and £20 million.

The anticipated impact forms part of Haleon’s updated trading expectations for the remainder of 2026.

Additional £500 Million Share Buyback Announced

Alongside the revised revenue outlook, Haleon announced that it had allocated a further £500 million to share repurchases.

The company expects to complete the additional buyback by the publication of its full-year financial results in February 2027.

The announcement follows a quarter in which growth across Oral Health and international markets was accompanied by lower revenue in Respiratory Health and Vitamins, Minerals and Supplements.

More About Haleon

Haleon (LSE:HLN) is a consumer healthcare company operating across Oral Health, Respiratory Health, and Vitamins, Minerals and Supplements. Its portfolio includes brands such as Sensodyne, parodontax and Centrum, with operations spanning North America, Europe, Asia-Pacific and other international markets.

St James’s Place (LSE:STJ) reported a decline in third-quarter net inflows on Thursday, despite funds under management reaching a record £242.44 billion. Shares in the UK wealth management company fell as much as 5.6% during trading and were last down 3.8% following the announcement.

Third-Quarter Net Inflows Decline Year Over Year

Net inflows for the three months ended September 30 totalled £570 million, compared with £1.76 billion in the corresponding period last year, representing a decline of approximately 68%.

The company attributed the year-on-year comparison partly to elevated activity during the prior-year quarter.

Gross inflows reached £5.15 billion, down from £5.70 billion a year earlier, representing a decrease of approximately 9.6%.

Chief executive Mark FitzPatrick described the previous year’s quarter as an “exceptionally strong comparative period last year,” citing increased client activity associated with the introduction of St James’s Place’s revised charging structure.

Gross inflows for the first nine months of the year totalled £15.6 billion.

Funds Under Management Rise to Record Level

Despite the reduction in quarterly net inflows, St James’s Place reported that funds under management increased to £242.44 billion at September 30, compared with £212.36 billion a year earlier.

The increase of approximately 14.2% reflected a combination of positive client investment returns and additional net inflows, according to the company.

The reported total represents a new high for the wealth manager’s assets under administration.

Annualised Net Inflow Rate Falls to 2%

For the year to date, net inflows represented 2% of opening funds under management on an annualised basis, compared with 3.9% in the equivalent period last year.

Client retention remained broadly unchanged, with the year-to-date rate reaching 95.1%, compared with 95.2% in the previous year.

FitzPatrick said client outflows remained broadly stable when measured relative to total funds under management.

Client Advisory Activity and Market Conditions

According to FitzPatrick, the company’s financial advisers spent the third quarter assisting clients in navigating market volatility and providing guidance ahead of the UK Autumn Budget.

The chief executive also linked the comparison in gross inflows to the previous year’s introduction of the company’s new charging structure, which had contributed to higher levels of client activity during that period.

The latest trading update therefore showed lower quarterly gross and net inflows alongside an increase in total funds under management and a largely unchanged client retention rate.

More About St James’s Place

St James’s Place (LSE:STJ) is a UK wealth management company providing financial advice and investment management services to clients. Its reported performance measures include gross and net client inflows, funds under management and client retention.

Reabold Resources plc (LSE:RBD) has welcomed the UK Government’s announcement of a new British data centre covenant, saying the policy supports its proposed integrated gas-to-compute development at the West Newton gas field.

The AIM-listed investment company, which focuses on strategic gas projects supporting European energy security, believes the initiative could strengthen the commercial case for using domestically produced natural gas to generate electricity directly for data centres.

Announced in the UK Budget on 28 October 2026, the covenant is intended to accelerate the development of critical data centre infrastructure while supporting domestic computing capacity and data sovereignty.

Reabold said the measures align with its plans to develop a data centre alongside the West Newton gas project, using locally produced gas for on-site electricity generation rather than relying on supplies purchased through the national gas grid.

A feasibility study examining the proposed development is already underway, with results expected in the near future.

UK Government Introduces British Data Centre Covenant

The UK Government’s new British data centre covenant is designed to support the development of critical digital infrastructure while encouraging investment in local communities.

Under the proposed framework, qualifying data centres that meet specified requirements relating to community investment, employment creation and protection of local water supplies will receive the necessary electricity grid connections.

Where required, eligible developments will also be permitted to establish on-site electricity generation while awaiting grid connections.

The measures recognise the growing importance of reliable power supplies to the expansion of the UK’s data centre industry.

They also reflect the Government’s emphasis on data sovereignty and the development of domestic digital infrastructure.

For projects facing constraints associated with electricity grid access, the ability to establish temporary on-site generation could provide an alternative route to development.

Reabold believes the policy provides support for the approach being considered at West Newton, although the company has not confirmed whether its proposed development would qualify under the covenant.

West Newton Project Could Supply Gas Directly to Data Centre

Reabold is evaluating the development of an integrated gas-to-compute project at West Newton.

The proposed scheme would combine natural gas production, electricity generation and data centre operations at the same location.

Under the concept, gas produced from the West Newton field would be used to fuel on-site power generation equipment supplying electricity directly to a co-located data centre.

This arrangement would differ from conventional data centre developments that purchase natural gas through the national gas network or rely entirely on electricity supplied through the grid.

Reabold believes that sourcing gas directly from West Newton could provide a significant cost advantage over purchasing gas from the UK gas grid.

Lower fuel procurement costs could improve the economics of electricity generation and potentially enhance the commercial attractiveness of the proposed data centre.

The company has not disclosed projected power generation capacity, data centre size or estimated development costs.

These considerations form part of the ongoing assessment of the project’s feasibility.

Direct Gas Supply Could Improve Project Economics

A central feature of Reabold’s proposed development is the ability to use locally produced gas without first transporting it through the national gas grid.

The company believes this model could provide competitively priced fuel for electricity generation, supporting the substantial energy requirements associated with data centre operations.

Electricity availability and operating costs are important considerations for data centre developments, particularly as demand for computing infrastructure increases.

By combining gas production and electricity generation with data centre facilities, Reabold aims to assess whether West Newton could support an integrated energy and digital infrastructure project.

The company also believes the arrangement could contribute to domestic computing capacity without increasing demand on the UK’s existing gas supply network.

However, the potential cost advantages remain subject to the outcome of the feasibility study.

No definitive commercial arrangements or investment decisions have been announced.

Feasibility Study Underway at West Newton

Reabold confirmed that a feasibility study announced on 9 September 2026 remains in progress.

The study is examining the potential co-location of power generation facilities and data centre assets at West Newton.

The objective is to assess whether gas produced from the field could be used to support a commercially viable computing infrastructure development.

The proposed project represents a potential alternative route to generating value from West Newton’s gas resources.

Rather than supplying all produced gas into conventional energy markets, the concept would involve using part or all of the relevant production to generate electricity for an associated data centre.

Reabold believes the arrangement could create additional commercial opportunities from the field.

The company has not provided detailed findings from the feasibility study or confirmed a development timetable.

Results are expected to be communicated in the near future.

Any decision to proceed would depend on the technical and commercial conclusions of the assessment and the necessary development arrangements.

Government Policy Supports Alternative Power Generation

Reabold considers the new data centre covenant relevant because it recognises the potential role of on-site electricity generation in accelerating digital infrastructure development.

The Government’s approach allows qualifying critical data centres to develop their own generation facilities while awaiting access to electricity grid connections.

This could be particularly relevant to projects where grid capacity or connection schedules present obstacles to development.

Reabold’s West Newton concept is based on a more integrated approach, with natural gas production and electricity generation located alongside the proposed computing facilities.

The company believes this direct supply model could offer advantages in terms of fuel costs and access to reliable power.

However, the announcement does not establish that West Newton has received planning approval, grid connection commitments or permission to construct a data centre.

The proposed development remains at the feasibility assessment stage.

Reabold Sees Opportunity to Unlock Additional Value From West Newton

West Newton forms part of Reabold Resources’ strategy of developing domestic gas resources with potential to contribute to energy security.

The proposed gas-to-compute project would seek to establish an additional commercial application for the field’s natural gas.

Reabold believes the concept could benefit from increasing demand for UK-based digital infrastructure and the importance of securing reliable electricity supplies.

The new covenant provides a potentially supportive policy environment for projects incorporating on-site power generation.

Nevertheless, the company has not yet quantified the potential financial benefits of the proposed development.

The feasibility study will be an important next step in determining whether the project can progress towards a more detailed development proposal.

Co-Chief Executive Highlights Potential Benefits of Government Policy

Reabold Resources Co-Chief Executive Officer Stephen Williams welcomed the Government’s announcement and said it reinforced the company’s rationale for evaluating the West Newton project.

“We welcome this update from the Government, which is a significant endorsement of the rationale behind our proposed integrated gas to compute project at West Newton, and underlines the importance of access to reliable, competitively priced power as demand for digital infrastructure accelerates.

“We believe that our direct supply model at West Newton is unique in the UK and could support the development of domestic computing capacity without adding to demand on an already constrained gas supply system.

“We look forward to sharing the results of our feasibility study in the near future as we progress this opportunity to unlock further value from West Newton.”

The comments underline Reabold’s view that direct access to domestic gas resources could provide a competitive advantage for energy-intensive digital infrastructure projects.

Reabold Resources Outlook

Reabold Resources will continue evaluating the potential development of an integrated gas-to-compute project at West Newton, following the announcement of the British data centre covenant.

The company believes the Government’s support for on-site electricity generation strengthens the rationale for combining natural gas production with data centre infrastructure.

The proposed development could allow gas from West Newton to be used directly for electricity generation, potentially reducing fuel costs compared with gas purchased through the national network.

However, the project remains subject to the outcome of the feasibility study, which was announced in September 2026.

Reabold expects to provide the results of that assessment in the near future.

The findings will be important in determining whether the concept offers a commercially viable route to generating additional value from West Newton.

Further progress will depend on the technical and economic assessment of the project, alongside any applicable regulatory and development requirements.

IMI plc (LSE:IMI) has increased its full-year 2026 adjusted earnings per share guidance to between 137p and 143p, supported by continued trading momentum, stronger performance in its Transport business and an additional contribution from Truflo Marine ahead of its planned disposal.

The FTSE 100 engineering group, which specialises in fluid and motion control technologies, reported a 2% increase in organic revenue during the third quarter, despite facing a demanding comparison with the same period in 2025, when organic growth reached 12%.

Organic revenue increased 4% during the first nine months of 2026, leaving the company on course to deliver its sixth consecutive year of mid-single-digit organic revenue growth.

IMI highlighted strong order intake in Process Automation, double-digit growth in Climate Control and improving demand in the global heavy-duty truck market.

The company also confirmed that its acquisition of iSMA CONTROLLI, announced earlier in October, will strengthen its position in smart-connected building technologies.

IMI Increases 2026 Adjusted Earnings Guidance

IMI now expects adjusted basic earnings per share of between 137p and 143p for the financial year ending 31 December 2026.

This represents an increase of 1p at both ends of the company’s previous guidance range of 136p to 142p.

The revised outlook principally reflects an additional earnings contribution from Truflo Marine, following a change in the expected completion date of its disposal.

The transaction is now anticipated to complete during the fourth quarter of 2026, rather than the third quarter as previously expected.

Stronger growth in the Transport business has also contributed to the improvement in full-year expectations.

IMI continues to anticipate mid-single-digit organic revenue growth for 2026, maintaining its record of consistent annual expansion.

The company said its operating performance remains supported by the One IMI business model, which focuses on operational efficiency, innovation and commercial execution.

Third-Quarter Organic Revenue Rises 2%

IMI reported organic revenue growth of 2% during the three months ended 30 September 2026.

The increase was achieved against a particularly strong prior-year comparison, with organic revenue having risen 12% in the third quarter of 2025.

For the first nine months of 2026, organic revenue was 4% higher than in the corresponding period last year.

Statutory revenue increased 3% during the third quarter, reflecting the impact of foreign currency movements.

Performance varied across the company’s businesses, with growth in Life Technology offsetting weaker quarterly revenue in Automation.

The company said its strategic exposure to energy, automation and healthcare markets continues to support demand for its products and services.

Automation Revenue Declines 3% Despite Strong Order Intake

IMI’s Automation division, which accounted for approximately 65% of group sales in 2025, reported a 3% decline in organic revenue during the third quarter.

However, organic revenue remained 2% higher for the first nine months of 2026.

The division includes Process Automation and Industrial Automation, which serve industrial, energy and infrastructure customers.

Process Automation experienced a decline in quarterly revenue because of the timing of shipments, although order intake remained strong.

Industrial Automation continued to deliver positive organic growth despite facing a demanding prior-year comparison.

Process Automation Orders Increase 19%

Process Automation, representing approximately 44% of IMI’s 2025 sales, reported a 19% increase in organic order intake during the third quarter, excluding Truflo Marine.

Order intake increased 14% during the first nine months of 2026 on the same basis.

New Construction orders rose 27% year-to-date, while higher-margin Aftermarket orders increased 7%.

The growth in orders indicates continued demand across the division’s industrial and energy-related markets.

However, third-quarter organic revenue declined 6%, reflecting the timing of customer shipments.

The decline followed particularly strong organic revenue growth of 26% in the corresponding quarter of 2025.

Despite the quarterly reduction, Process Automation organic revenue remained 1% higher year-to-date.

The combination of stronger orders and slower revenue recognition highlights the importance of shipment timing to the division’s near-term performance.

Industrial Automation Delivers 2% Organic Growth

IMI’s Industrial Automation business reported organic revenue growth of 2% during the third quarter.

The business accounted for approximately 21% of group sales in 2025.

The quarterly increase came against a strong prior-year comparison that had benefited from the recovery of previously delayed shipments.

For the first nine months of 2026, Industrial Automation organic revenue increased 4%.

The performance contributed to the Automation division’s positive year-to-date growth despite the temporary weakness in Process Automation revenue.

Life Technology Revenue Increases 11%

IMI’s Life Technology division delivered organic revenue growth of 11% during the third quarter.

The division, which represented approximately 35% of group sales in 2025, recorded organic revenue growth of 7% during the first nine months of the year.

Growth was supported by strong demand for energy-efficient climate control products and a recovery in the heavy-duty truck market.

Climate Control delivered double-digit growth, while Transport recorded a particularly strong increase in quarterly revenue.

Life Science and Fluid Control also maintained positive growth despite a demanding comparison with the previous year.

Climate Control Revenue Rises 13% as Data Centre Orders Accelerate

IMI’s Climate Control business reported a 13% increase in organic revenue during the third quarter.

Organic revenue was 7% higher during the first nine months of 2026.

The business, which accounted for approximately 18% of group sales in 2025, benefited from continued demand for energy-efficient building technologies.

Revenue growth also reflected the timing of data centre shipments from the existing order book.

IMI reported data centre orders of £25 million during the first nine months of 2026, compared with £9 million during the corresponding period last year.

This represents an increase of approximately 178%, highlighting the growing contribution of data centre infrastructure to the company’s order intake.

The business supplies technologies designed to improve heating, cooling and energy management performance in commercial and industrial environments.

The company expects demand for energy-efficient solutions to remain an important driver of its longer-term growth.

IMI Agrees Acquisition of iSMA CONTROLLI

IMI also highlighted its recently announced agreement to acquire iSMA CONTROLLI.

The acquisition is intended to strengthen the company’s smart-connected building technology offering.

IMI said the business will expand its ability to provide energy-efficient solutions for small and medium-sized commercial buildings, a market it considers underserved.

The transaction forms part of IMI’s disciplined approach to capital allocation, with acquisitions focused on businesses that complement its existing operations and strategic priorities.

The company expects the addition of iSMA CONTROLLI to support its position in connected building controls and energy management technologies.

No financial terms for the acquisition were provided in the trading update.

Life Science and Fluid Control Revenue Grows 2%

IMI’s Life Science and Fluid Control business reported organic revenue growth of 2% during the third quarter.

The business accounted for approximately 10% of group sales in 2025.

The quarterly performance was measured against a prior-year period that included catch-up shipments, creating a more demanding comparison.

Organic revenue increased 4% during the first nine months of 2026.

The business forms part of IMI’s wider exposure to healthcare and specialist fluid control applications.

Transport Revenue Jumps 19% as Heavy-Duty Truck Market Recovers

IMI’s Transport business recorded a 19% increase in organic revenue during the third quarter.

The business, which accounted for approximately 7% of group sales in 2025, benefited from the continued recovery in the global heavy-duty truck market.

Organic revenue increased 10% during the first nine months of 2026.

Following the stronger performance, IMI raised its full-year organic revenue growth expectation for Transport to high-single-digit growth.

The company had previously anticipated mid-single-digit growth for the business.

The improvement in Transport’s outlook contributed to the group’s decision to increase its full-year earnings guidance.

IMI also confirmed that its strategic review of the Transport business remains ongoing.

No decision or timetable for completing the review was announced in the latest update.

Truflo Marine Disposal Expected to Complete in Fourth Quarter

IMI confirmed that the planned disposal of Truflo Marine is now expected to complete during the fourth quarter of 2026.

The transaction had previously been expected to conclude in the third quarter.

The revised completion timetable means Truflo Marine will contribute to IMI’s financial performance for longer than originally anticipated.

This additional contribution is the principal factor behind the increase in full-year adjusted earnings per share guidance.

The company continues to exclude Truflo Marine from the organic order intake figures reported for Process Automation.

The disposal remains part of IMI’s ongoing portfolio management strategy.

Middle East Shipments Remain in Line With Expectations

IMI said shipments to the Middle East during the first nine months of 2026 remained consistent with the assumptions outlined in its first-quarter trading update.

The company continues to expect that operating conditions will allow planned deliveries to be completed before the end of the financial year.

This assumption remains incorporated into its full-year guidance.

The company did not announce any additional changes to its Middle East shipment expectations.

Delivery conditions in the region therefore remain relevant to the achievement of the group’s full-year financial targets.

Foreign Exchange Expected to Have Limited Full-Year Impact

IMI said that if exchange rates recorded on 23 October 2026 remain unchanged for the remainder of the year, foreign currency movements would have no material impact on full-year revenue or adjusted operating profit compared with 2025.

The exchange rates used in this assessment were US$1.34 and €1.19 against sterling.

The company continues to assume a net interest charge of £20 million for 2026.

Its adjusted effective tax rate is expected to be approximately 26.3%.

The full-year earnings guidance also incorporates a weighted average share count of approximately 239 million following completion of IMI’s £500 million share buyback programme.

IMI Provides Initial Financial Assumptions for 2027

IMI also outlined preliminary financial assumptions for 2027 ahead of its full-year results announcement.

The company currently expects a net interest charge of approximately £23 million next year.

Its adjusted effective tax rate is anticipated to remain broadly consistent with the 26.3% expected for 2026.

The weighted average number of shares is forecast to decline to approximately 231 million, reflecting the full-year impact of the completed £500 million share buyback programme.

These assumptions exclude any effects from further acquisitions or additional share repurchases.

IMI said it will provide full financial guidance for 2027 when it publishes its annual results on 9 March 2027.

Chief Executive Highlights Growth and Strategic Progress

IMI Chief Executive Officer Roy Twite said the company’s third-quarter performance reflected continued execution of its operating strategy and strong demand across key markets.

“We delivered a good third quarter performance, against a very strong prior year comparator, with strong order intake in Process Automation and double-digit organic growth in Climate Control. We have increased our full year earnings guidance, principally reflecting the additional contribution from Truflo Marine ahead of its disposal. We remain on track to deliver our sixth consecutive year of mid-single-digit organic revenue growth. Consistent execution of the One IMI operating model underpins this performance, and I would like to thank all our people for their contribution.

“Earlier this month, we were delighted to announce the agreed acquisition of iSMA CONTROLLI, a targeted bolt-on that is an excellent example of our disciplined approach to capital allocation. It strengthens our smart-connected offering, helping customers improve energy efficiency in underserved small and medium-sized commercial buildings, and we are excited about what we can achieve together.

“Our strategic focus on the megatrends of Energy, Automation and Healthcare continues to create sustained demand across our markets. With a unique, market-led approach to innovation, significant recurring aftermarket revenue and strong pricing power, IMI is well placed to deliver continued growth.”

IMI Outlook

IMI expects adjusted basic earnings per share of between 137p and 143p for 2026, compared with its previous guidance range of 136p to 142p.

The increase reflects the additional contribution from Truflo Marine before its anticipated fourth-quarter disposal and stronger growth expectations for Transport.

The company remains on track to deliver its sixth consecutive year of mid-single-digit organic revenue growth, supported by positive year-to-date trading and continued demand across its key markets.

Process Automation’s strong order intake provides support for future activity, while Climate Control continues to benefit from demand for energy-efficient technologies and data centre infrastructure.

Transport is now expected to achieve high-single-digit organic revenue growth in 2026, although the strategic review of the business remains ongoing.

The company continues to assume that planned Middle East shipments can be completed before the end of the financial year.

Looking ahead to 2027, IMI expects the completed £500 million share buyback programme to reduce its weighted average share count, while its acquisition of iSMA CONTROLLI is intended to strengthen its position in smart-connected building technologies.

IMI will publish its full-year 2026 results on 9 March 2027, when it will also provide detailed guidance for the following financial year.

Union Jack Oil plc (LSE:UJO) has appointed three independent Non-Executive Directors and announced an almost 50% reduction in annualised general and administrative costs as part of a restructuring programme introduced by its new Board in August 2026.

The UK-focused energy company confirmed the immediate appointments of Simon Flatt, Peter Brailey and Stuart Watson, strengthening its corporate governance arrangements and introducing additional operational, engineering and financial expertise.

The appointments follow a series of cost-cutting measures implemented since the Board’s restructuring in late August, including reductions in directors’ remuneration, consultancy expenditure and external advisory arrangements.

Union Jack also confirmed that a comprehensive review of its asset portfolio remains on schedule for completion during the fourth quarter of 2026, with future investment decisions to be guided by their potential to generate shareholder value.

The company intends to introduce quarterly corporate updates from January 2027 to improve transparency and communication with investors.

Three Independent Non-Executive Directors Join Union Jack Board

Union Jack Oil has appointed Simon Flatt, Peter Brailey and Stuart Watson as independent Non-Executive Directors with immediate effect.

The company said the appointments fulfil a commitment made by its new Board to strengthen corporate governance and introduce greater independent oversight.

Each director brings experience in areas relevant to Union Jack’s operations and corporate strategy, including upstream energy project management, engineering, financial services and business governance.

The appointments also establish new leadership for the company’s senior independent director, remuneration committee and audit committee positions.

Simon Flatt Appointed Senior Independent Director

Simon Flatt has joined Union Jack’s Board as Senior Independent Director.

He brings experience in operational risk management and project delivery across international upstream energy operations, including projects in challenging operating environments.

Flatt previously spent seven years at ExxonMobil and has held senior executive positions in the energy and logistics sectors.

He also served as Chief Executive Officer of Rahmat Siddiqi Transportation & Logistics Group, an Afghanistan-based transportation and logistics business.

More recently, Flatt participated in the mobilisation team for a greenfield drilling project in Kurdistan with WesternZagros.

He is currently involved in evaluating brownfield acquisition and development opportunities in Libya and Northern Iraq.

Union Jack expects his operational and project management experience to contribute to Board oversight as the company reviews its existing assets and potential future investments.

Peter Brailey Takes Responsibility for Remuneration Committee

Peter Brailey has been appointed as an independent Non-Executive Director and Chairman of Union Jack’s Remuneration Committee.

He has more than 40 years of experience as a consulting engineer working on energy and infrastructure projects in the UK and internationally.

Before establishing his own consulting practice, Brailey was a partner at Hoare Lea, a consulting engineering firm.

His earlier career included positions with Enterprise Oil and Bechtel.

Brailey has also provided expert witness evidence and technical engineering opinions in commercial disputes, planning matters and judicial proceedings.

He is a Chartered Engineer, a member of the Energy Institute and the Institute of Acoustics, and holds a postgraduate qualification in expert witness evidence.

His appointment comes as Union Jack continues implementing changes to executive remuneration and corporate expenditure.

Stuart Watson Named Audit Committee Chairman

Stuart Watson has joined the Board as an independent Non-Executive Director and Chairman of the Audit Committee.

Watson has 35 years of experience in financial services, during which he established and subsequently sold two financial advisory businesses.

His professional background includes independent financial advice to companies, business owners and private clients.

Areas of expertise include wealth management, tax-efficient value extraction, succession planning and business development.

Watson also serves as company secretary of a privately held commercial property business, where he participates in operational management and Board processes.

He is a member of the Chartered Insurance Institute.

The appointment is intended to strengthen financial oversight and corporate governance as Union Jack implements its restructuring and reviews capital allocation priorities.

Annualised Administrative Costs Reduced by Almost 50%

Union Jack Oil reported that its initial restructuring measures have reduced annualised general and administrative expenditure by almost 50% compared with the levels reported for the financial year ended 31 December 2025.

The reduction follows the new Board’s commitment in August to address the company’s central cost base as a matter of urgency.

Union Jack said the savings had been achieved primarily through lower directors’ remuneration, a reduction in consultancy headcount and the termination of certain external advisory relationships.

The Board concluded that some of the previous advisory arrangements had not delivered sufficient value for shareholders.

The company described the reduction in central overheads as a significant early outcome of its corporate restructuring programme.

Although Union Jack has confirmed the approximate percentage reduction in annualised expenditure, it has not disclosed the corresponding monetary savings in this announcement.

The lower cost base is intended to improve financial discipline and allow a greater proportion of available resources to be directed towards commercially attractive opportunities.

Settlements Agreed With Former Executive Directors

Union Jack also provided an update on the departure of its former directors.

David Bramhill, Joseph O’Farrell and Dr Zac Phillips were removed from the Board on 24 August 2026.

The company confirmed that none of the three individuals retains any involvement with Union Jack.

Settlements have subsequently been agreed with the former executive directors.

According to the new Board, the agreements were reached on terms considered favourable to the company and its shareholders.

Union Jack did not disclose the financial details of the settlements.

The conclusion of these arrangements forms part of the wider changes introduced following the Board’s restructuring in August.

Reabold Resources Takeover Offer Has Lapsed

Union Jack confirmed that Reabold Resources’ proposed all-share takeover offer has now lapsed under the UK Takeover Code.

With the proposed transaction no longer proceeding, the company’s new Board is continuing to implement its independent corporate strategy.

The strategy focuses on reducing costs, strengthening governance, improving communication with shareholders and reviewing the commercial merits of the existing asset portfolio.

Union Jack said its Board remains committed to restoring and growing shareholder value through disciplined investment decisions.

The company has not announced any replacement transaction or alternative corporate proposal in its latest update.

Asset Portfolio Review Expected to Conclude in Fourth Quarter

Union Jack is undertaking a detailed review of its entire asset portfolio to assess the commercial attractiveness of existing interests and potential future projects.

The review is expected to be completed during the fourth quarter of 2026.

The Board has established a strategy of allocating capital only to projects that can demonstrate a credible potential to increase shareholder value.

This approach is intended to ensure that future expenditure is supported by a clear commercial rationale and realistic prospects of success.

Union Jack confirmed that discussions with partners regarding certain assets are ongoing.

These discussions could result in changes to the composition of the company’s portfolio.

However, no specific disposals, acquisitions or changes to ownership interests have been announced.

The company said it would provide further information if developments warrant a market announcement.

The outcome of the portfolio review is expected to influence Union Jack’s investment priorities and future operational strategy.

Quarterly Corporate Updates to Begin in January 2027

Union Jack has announced plans to introduce a regular quarterly corporate reporting programme.

The first update is scheduled for January 2027, with subsequent announcements intended to provide shareholders with greater visibility into corporate and operational developments.

The company said the updates would supplement its existing financial reporting obligations rather than replace them.

The initiative forms part of the new Board’s commitment to improving investor communication following the restructuring.

The updates are expected to cover progress against corporate objectives and developments affecting the company’s operations and asset portfolio.

Union Jack believes more frequent communication will support greater transparency as it works to implement its revised strategy.

Executive Chairman Outlines Corporate Recovery Priorities

Union Jack Oil Executive Chairman Craig Howie said the new Board had moved quickly to address the company’s cost structure, governance arrangements and investment priorities.

“Since taking office in late August, Union Jack’s new Board has responded vigorously to the inherited challenges, focusing on administrative costs, corporate governance and the asset portfolio. We will be disciplined in where we allocate capital and only invest in projects with a clear commercial rationale and realistic prospect of success. We look forward to the completion of our ongoing review of current and potential new projects and, as material shareholders ourselves, are committed to improving investor communication, now that the most urgent corporate recovery steps have been taken. Union Jack warmly welcomes its incoming Non-Executive Directors, who we fully expect to provide critical but extremely valuable oversight and guidance.”

The comments underline the Board’s intention to maintain financial discipline while evaluating opportunities for future growth.

Union Jack Oil Outlook

Union Jack Oil enters the final quarter of 2026 with a substantially reduced annualised cost base and three newly appointed independent Non-Executive Directors.

The company has achieved an almost 50% reduction in annualised general and administrative expenditure compared with its 2025 financial year, following changes to remuneration, consultancy arrangements and external advisory relationships.

The immediate governance changes have also established independent leadership for the Board’s remuneration and audit committees.

Union Jack’s next major corporate milestone is the completion of its asset portfolio review, which remains scheduled for the fourth quarter.

The review will assess existing investments and potential new projects against the Board’s requirement that capital expenditure should offer demonstrable prospects of increasing shareholder value.

Discussions with asset partners remain ongoing, although no portfolio transactions have been confirmed.

The company also intends to begin issuing quarterly corporate updates in January 2027 as part of its commitment to greater investor transparency.

With the Reabold Resources takeover proposal no longer active, Union Jack’s near-term focus remains on completing its restructuring, assessing its asset portfolio and establishing a disciplined approach to future investment.

ASA International Group plc (LSE:ASAI) reported a 20% year-on-year increase in its gross outstanding loan portfolio across continuing markets to $630.6 million in the third quarter of 2026, supported by sustained demand for microfinance lending across Asia and Africa.

The international microfinance institution said its loan portfolio, excluding India, increased 5% during the three months ended 30 September 2026, equivalent to 6% growth at constant currency.

The company’s active client base in continuing markets increased 9% year-on-year to approximately 2.8 million, reflecting continued expansion in Pakistan, Kenya, Nigeria and Tanzania.

However, portfolio quality weakened during the quarter, with the group’s portfolio at risk for loans more than 30 days overdue (PAR>30) increasing to 2.9%, primarily because of operational and economic challenges in Uganda.

ASA International also reported substantial progress in winding down its Indian operations, with the process expected to be completed by the end of 2026.

Gross Loan Portfolio Increases 20% to $630.6 Million

ASA International’s gross outstanding loan portfolio across continuing markets reached $630.6 million at 30 September 2026, compared with $525.3 million a year earlier.

This represented reported growth of 20%, or 24% at constant currency.

On a quarterly basis, the portfolio increased from $599.6 million at the end of June, representing growth of 5%, or 6% at constant currency.

The company attributed the expansion to resilient customer demand and its strategy of adjusting loan sizes to better reflect clients’ working capital requirements.

Pakistan, Ghana, Kenya and Myanmar were among the principal contributors to portfolio growth during the quarter.

Including India, where operations are being discontinued, the group’s gross outstanding loan portfolio reached $634.1 million.

This represented an increase of 14% from $553.9 million at the end of September 2025 and 5% from $603.9 million at the end of June 2026.

At constant currency, the total group portfolio increased 18% year-on-year.

Client Base Expands 9% to 2.8 Million

ASA International reported continued growth in its customer base across continuing markets.

Excluding India, the number of clients reached 2.782 million at the end of September 2026, compared with 2.562 million a year earlier.

This represented an increase of 9% year-on-year and 2% from the 2.725 million clients recorded at the end of June.

The company identified Pakistan, Kenya, Nigeria and Tanzania as the main contributors to customer growth during the third quarter.

Its continuing operations comprised 2,134 branches at the end of September, compared with 2,075 a year earlier.

Including India, the group’s total client base stood at 2.791 million, an increase of 4% year-on-year.

The total branch network comprised 2,150 locations, down 4% from September 2025, reflecting the reduction in Indian operations.

South Asia Loan Portfolio Rises 43%

South Asia delivered the strongest reported year-on-year loan portfolio growth among ASA International’s regional operations.

Gross outstanding loans reached $159.3 million at the end of September, compared with $111.2 million a year earlier.

This represented growth of 43% in US dollar terms and 41% at constant currency.

The portfolio also increased 12% during the third quarter, supported by continued expansion in Pakistan.

The region’s client base rose 18% year-on-year to approximately 877,000, compared with 744,000 in September 2025.

Client numbers increased 4% during the quarter.

The regional branch network expanded to 491 locations, representing an increase of 5% year-on-year.

Portfolio quality remained relatively stable, with PAR>30 increasing slightly to 0.7% from 0.6% at the end of June.

The relatively low level of overdue loans indicates that South Asia maintained comparatively strong portfolio quality while expanding lending activity.

West Africa Portfolio Grows 30% to $174.4 Million

ASA International’s West African operations reported gross outstanding loans of $174.4 million at the end of September.

This represented an increase of 30% from $134.5 million a year earlier.

At constant currency, portfolio growth was 22%.

During the third quarter, gross outstanding loans increased 7% in US dollar terms and 9% at constant currency.

Ghana was among the major contributors to the region’s lending growth.

The West African client base increased 3% year-on-year to approximately 477,000, compared with 463,000 in September 2025.

Client numbers rose 4% during the quarter.

The branch network stood at 486 locations, up 3% year-on-year.

Portfolio quality improved slightly during the quarter, with PAR>30 declining to 1.9% from 2.0% at the end of June.

However, the measure remained above the 1.0% recorded in September 2025.

East Africa Client Numbers Rise Despite Portfolio Quality Pressures

East Africa remained ASA International’s largest region by client numbers, with approximately 927,000 customers at the end of September 2026.

This represented an increase of 8% from 858,000 a year earlier.

The region’s gross outstanding loan portfolio reached $206.6 million, up 14% year-on-year in reported US dollar terms and 20% at constant currency.

However, the portfolio declined 1% during the third quarter in reported currency, although it increased 1% at constant currency.

The region’s branch network expanded to 670 locations, representing growth of 6% year-on-year.

Despite the increase in customers, East Africa experienced a deterioration in portfolio quality.

PAR>30 rose to 4.6% at the end of September, compared with 2.9% at the end of June and 1.4% a year earlier.

The company attributed much of the deterioration to challenges affecting its operations in Uganda.

Uganda Challenges Push Group PAR>30 to 2.9%

ASA International reported an increase in the proportion of loans more than 30 days overdue during the third quarter.

Group PAR>30 reached 2.9% at 30 September 2026, compared with 2.4% at the end of June and 2.0% in September 2025.

The company said the increase was primarily attributable to difficulties in Uganda, where customers have been affected by new trade regulations introduced earlier in the year.

Economic and operational conditions were also affected by an Ebola outbreak and drought.

ASA International has introduced remedial measures intended to stabilise portfolio quality and improve collections.

These include a temporary reduction in lending exposure, strengthening the group lending model and improving branch-level leadership.

The company is also implementing local management changes to reinforce accountability, operational discipline and internal controls.

Management expects these measures to support improvements in overdue loan levels over the coming months.

Excluding the recent deterioration in Uganda, group PAR>30 remained at 2.4%, unchanged from June.

The company’s continuing markets, excluding India, recorded PAR>30 of 3.0% at the end of September, compared with 2.4% three months earlier.

Southeast Asia Portfolio Reaches $90.3 Million

ASA International’s Southeast Asian operations reported gross outstanding loans of $90.3 million at the end of September 2026.

The portfolio declined 8% from $98.1 million a year earlier in reported US dollar terms.

However, at constant currency, the portfolio increased 16% year-on-year.

During the third quarter, gross outstanding loans rose 6% in reported currency and 5% at constant currency.

Myanmar was among the principal contributors to quarterly portfolio growth.

The region’s client base stood at approximately 501,000, compared with 498,000 a year earlier.

Client numbers were broadly unchanged during the quarter.

The branch network comprised 487 locations, down 4% year-on-year.

PAR>30 increased to 5.2% at the end of September from 4.9% at the end of June and 5.0% a year earlier.

The region therefore continued to experience relatively elevated overdue loan levels compared with South Asia and West Africa.

India Wind-Down Nears Completion Following Licence Surrender

ASA International reported further progress in its strategic withdrawal from India.

The company reduced its Indian client base to approximately 9,000 at the end of September, compared with 121,000 a year earlier.

Gross outstanding loans in India declined to $3.4 million from $28.6 million in September 2025.

This represented a reduction of 88% year-on-year.

The Indian portfolio also decreased 21% during the third quarter.

The company confirmed that its operating branch network in India had been reduced to zero.

A further 16 business correspondent branches remained to be transferred, with completion expected by the end of October.

On 31 August 2026, the Reserve Bank of India approved the voluntary surrender of ASA India’s non-banking financial company–microfinance institution licence.

The approval represented a further milestone in the withdrawal process.

ASA International expects to complete the removal of its exposure to India by the end of 2026.

The company said the decision would allow management to concentrate resources on markets offering stronger opportunities for sustainable and profitable growth.

Chief Executive Highlights Continued Growth and Risk Management

ASA International Chief Executive Officer Rob Keijsers said the company’s performance reflected resilient demand for microfinance products across its continuing markets.

“ASA International delivered another quarter of strong underlying growth, with Gross OLP increasing 20% year-on-year and 5% quarter-on-quarter in our markets with our client base expanding to 2.8 million customers. This performance reflects the resilience of demand across our markets and the strength of our operating model, with particularly strong contributions from Pakistan, Ghana, Kenya and Myanmar. We continue to balance growth with disciplined risk management, maintaining overall portfolio quality.”

Keijsers acknowledged the increase in overdue loans but said management had taken action to address the challenges in Uganda.

“While PAR>30 increased during the quarter, this was primarily driven by temporary challenges in Uganda. Remedial actions are already under way and are expected to become visible in the PAR levels in Uganda in the coming months. Excluding Uganda, Group PAR>30 remained broadly stable, highlighting the continuing overall quality of our portfolio. We also made substantial progress in completing the strategic wind-down of our India operations, including the surrender of our licence, allowing us to focus our resources on markets where we see significant opportunities for sustainable, profitable growth. We are encouraged by the momentum in our business, remain confident in the outlook and opportunities for the Group and expect our portfolio to maintain solid growth throughout the remainder of the year.”

ASA International Outlook

ASA International expects its gross outstanding loan portfolio to maintain solid growth during the remainder of 2026, supported by continued demand for microfinance lending across its continuing markets.

The company will focus on expanding lending activity while maintaining disciplined credit risk management.

Pakistan, Ghana, Kenya and Myanmar remain important contributors to portfolio growth, while additional client expansion is expected to support the group’s wider operations.

Improving portfolio quality in Uganda will be a key near-term priority following the increase in overdue loans during the third quarter.

Management expects its remedial measures, including changes to lending practices, collections procedures and local leadership, to become reflected in portfolio risk indicators over the coming months.

The company also intends to complete the remaining stages of its withdrawal from India before the end of 2026.

With its Indian operations substantially wound down, ASA International plans to concentrate resources on markets where it sees opportunities for sustainable and profitable expansion.

Although the company remains confident in its growth prospects, the pace of future lending expansion and improvements in portfolio quality will depend on operating conditions across its markets.

First Development Resources plc (LSE:FDR) has completed the second stage of its Phase I reverse circulation drilling programme at the Lander West Gold Project in Australia’s Northern Territory, following the earlier confirmation of gold mineralisation in bedrock.

The exploration company completed 16 drill holes totalling 1,605 metres, targeting potential extensions to previously identified gold mineralisation and additional magnetic anomalies within the Red Handed prospect area.

The programme was designed to investigate whether mineralisation identified during the initial drilling campaign continues along strike and at depth, with particular emphasis on identifying higher gold grades, thicker mineralised intervals and geological continuity.

Drilling finished one day ahead of schedule due to approaching severe weather. Samples are now being prepared for laboratory analysis in Adelaide, with assay results expected to be announced in due course.

Stage II Drilling Completes 16 Holes Across Priority Gold Targets

First Development Resources confirmed that its Phase I, Stage II drilling campaign at Lander West has been completed, with 16 reverse circulation holes drilled for a combined 1,605 metres.

The programme followed the company’s initial exploration campaign, which successfully identified gold mineralisation within bedrock.

Stage II drilling concentrated on extending the geological understanding of the priority targets established during Stage I.

The new holes were positioned to investigate mineralisation along strike and down dip, helping assess whether the previously identified gold-bearing structures extend beyond the original intersections.

The company also tested additional magnetic targets within the Red Handed area.

These targets were selected to investigate geological features that could potentially be associated with further gold mineralisation.

The results will help First Development Resources evaluate the extent and characteristics of the mineralised system and determine where future exploration should be concentrated.

Earlier Drilling Confirmed Gold Mineralisation in Bedrock

The Stage II campaign follows encouraging results from the initial drilling programme at Lander West.

During Stage I, First Development Resources confirmed the presence of gold mineralisation in bedrock, establishing an initial basis for further exploration.

One of the reported intersections came from drill hole 26LWR08, which returned 7 metres grading 0.40 grams per tonne gold from a downhole depth of 50 metres.

This interval included a higher-grade section of 2 metres at 0.98 grams per tonne gold.

The results demonstrated the presence of gold within the underlying bedrock and provided targets for follow-up drilling.

However, the earlier intersections did not establish the full extent, continuity or potential economic significance of the mineralisation.

The second-stage programme was therefore designed to investigate whether the gold-bearing intervals extend into surrounding areas and whether higher-grade or thicker sections can be identified.

Red Handed Magnetic Targets Included in Exploration Programme

In addition to following up the confirmed bedrock gold mineralisation, the Stage II programme investigated further magnetic features within the Red Handed target area.

The inclusion of these targets broadened the scope of the drilling campaign beyond the original gold intersections.

Magnetic anomalies can help exploration companies identify variations in underlying geology and select areas for further investigation.

At Lander West, the additional drilling was intended to improve understanding of the geological structures associated with the Red Handed prospect.

The programme will provide new information on whether the magnetic features coincide with gold mineralisation.

Laboratory assay results will be required before the company can determine whether the newly tested areas contain significant gold-bearing intervals.

No assay results from the Stage II programme have yet been reported.

Drilling Completed Ahead of Approaching Severe Weather

First Development Resources said the drilling campaign concluded one day earlier than originally planned because severe weather was approaching the project area.

Despite the early conclusion, the company completed 16 holes and a total of 1,605 metres of drilling.

The programme was carried out by drilling contractor Bullion Drilling.

The company acknowledged the contractor’s contribution to completing the exploration work and maintaining operational standards throughout the campaign.

With drilling now finished, attention has shifted to preparing samples for laboratory analysis.

The samples are being readied for delivery to Adelaide, where they will undergo assaying to determine their gold content.

First Development Resources has not provided a specific date for receiving the results.

Assay Results to Determine Next Exploration Priorities

The forthcoming laboratory results will be important in assessing the outcome of the Stage II drilling campaign.

The principal objectives are to establish whether the gold mineralisation identified during Stage I extends along strike or down dip and whether the latest drilling has encountered higher grades or greater mineralised thicknesses.

The company will also assess whether the new results demonstrate continuity between mineralised intersections.

Such information would help determine the geological characteristics of the Lander West prospect and guide decisions about further exploration.

Results from the additional magnetic targets at Red Handed will provide information on the potential for mineralisation outside the previously confirmed areas.

At this stage, First Development Resources has not reported any new gold grades or intersections from Stage II.

The significance of the completed drilling will therefore depend on the laboratory findings and subsequent geological interpretation.

Chief Executive Highlights Progress at Lander West

First Development Resources Chief Executive Officer Tristan Pottas welcomed the completion of the drilling campaign and highlighted its role in advancing the company’s understanding of the project.

“We are pleased to have completed our Stage II drilling programme at Lander West. Following the confirmation of gold in bedrock during Stage I, this programme has allowed us to test extensions to our priority targets and investigate additional magnetic features at Red Handed.

“Having spent time on site alongside the team, I would like to thank Bullion Drilling for their excellent work throughout the programme. The crew’s professionalism, positive attitude and the way they worked together were a credit to the company.

“With samples now being prepared for delivery to Adelaide, we look forward to reviewing the assay results and updating shareholders as we continue to develop our understanding of Lander West.”

The company expects the assay results to provide further insight into the gold mineralisation encountered across the project.

First Development Resources Maintains Australian Exploration Focus

First Development Resources is an AIM-listed exploration company focused on mineral exploration opportunities in Australia.

Its portfolio includes gold, copper, uranium and rare-earth element targets across the Northern Territory.

The company also holds the Wallal Project in Western Australia.

The Lander West Gold Project forms part of its broader exploration portfolio, with recent drilling focused on establishing the extent and characteristics of gold mineralisation within the Red Handed target area.

The completion of Stage II represents another exploration milestone following the confirmation of bedrock gold during the initial campaign.

The next phase of work will depend on the results of the latest drilling and the company’s assessment of the project’s geological potential.

First Development Resources Outlook

First Development Resources has completed its Phase I, Stage II reverse circulation drilling programme at Lander West, delivering 1,605 metres of drilling across 16 holes.

The campaign investigated extensions to previously confirmed bedrock gold mineralisation and tested additional magnetic targets within the Red Handed area.

The company is now preparing samples for shipment to Adelaide for laboratory analysis.

The forthcoming assay results will determine whether the latest drilling has identified further gold mineralisation, higher-grade intersections or evidence of continuity beyond the original discovery.

First Development Resources has not announced a timetable for additional drilling or provided a specific date for publication of the laboratory results.

The company’s immediate priority is to evaluate the Stage II findings and use the results to refine its understanding of Lander West and guide potential future exploration activities.

Blue Star Capital plc (LSE:BLU) has announced that its investee company SatoshiPay Ltd has secured certification for German research and development tax credit claims exceeding €900,000, alongside progress in its Vortex payments platform and a potential new blockchain-related investment.

The investment company, which focuses on blockchain and payment technologies, said SatoshiPay’s Pendulum and Vortex research projects had received certification under Germany’s Forschungszulage research and development tax incentive programme.

SatoshiPay has submitted the claims to the German tax authorities and currently expects to receive the proceeds in early 2027, subject to the completion of the relevant tax assessments.

Blue Star has also agreed to provide SatoshiPay with an unsecured convertible bridge loan facility of up to €50,000 to support short-term working capital requirements while the company awaits the anticipated tax credit payments.

SatoshiPay Secures Certification for More Than €900,000 in German R&D Tax Credits

SatoshiPay has received certification for its Pendulum and Vortex research projects under Germany’s Forschungszulage programme.

The certification supports research and development tax credit claims totalling more than €900,000.

The claims have been submitted to the German tax authorities, with SatoshiPay anticipating receipt of the proceeds in early 2027.

However, the final amount payable and the timing of any payment remain dependent on the tax assessment process.

SatoshiPay and its advisers have expressed confidence in the claims, although the company emphasised that there is no guarantee regarding the amount or timing of any proceeds.

Based on its current operating plan, SatoshiPay estimates that receipt of the anticipated funds would provide more than 12 months of operational funding from the date of payment.

The potential proceeds would support continued development and commercialisation of its payments and foreign exchange infrastructure.

Blue Star Provides €50,000 Convertible Bridge Loan

To address SatoshiPay’s immediate working capital requirements, Blue Star Capital has agreed to provide an unsecured convertible loan facility of up to €50,000.

The arrangement is intended to bridge the period before the anticipated receipt of the German research and development tax credit proceeds.

The facility carries a non-compounding coupon of 5% for each 30-day period on amounts drawn.

Coupon payments become payable only upon receipt of the German tax credit proceeds.

The loan is repayable from those proceeds and must, in any event, be repaid by 28 February 2027.

If any principal remains unpaid after the maturity date, Blue Star may make a one-time election to exchange the entire outstanding funded principal for a new Simple Agreement for Future Equity, or SAFE.

Such an exchange would not immediately result in the issue of shares.

Instead, the new SAFE could convert into equity at a subsequent qualifying event under its terms.

Any accrued coupon would remain separate from the exchange and would not form part of the SAFE principal.

Blue Star confirmed that the new facility does not amend SatoshiPay’s existing SAFE arrangements.

Vortex Signs International Payments Provider as New Client

SatoshiPay has reported commercial progress at Vortex, its payments and foreign exchange infrastructure platform.

Vortex has signed an international payments provider as a new customer.

According to SatoshiPay, the potential transaction flows associated with the client could reach tens of millions of US dollars per month.

However, processing has not yet commenced.

Activation remains subject to outstanding compliance and onboarding requirements involving banking partners.

The company cautioned that neither the start of payment processing nor the anticipated transaction volumes are guaranteed.

If successfully activated, the relationship could represent an expansion of Vortex’s commercial activities and transaction-processing capabilities.

The agreement reflects SatoshiPay’s efforts to establish Vortex as infrastructure for international payments and digital asset transactions.

Brazilian Real Integration Targets Larger Stablecoin Transactions

Vortex is also progressing the activation of a Brazilian real account with access to Brazil’s Pix payment system.

The proposed integration is intended to improve liquidity within Pendulum’s decentralised foreign exchange infrastructure.

It is also designed to support larger transactions between Brazilian real and stablecoins.

SatoshiPay is undertaking additional technical development to reduce foreign exchange conversion costs and improve transaction pricing for business customers operating in Brazil.

The work includes enhancements to liquidity management and exchange rate functionality.

These developments form part of Vortex’s strategy to improve access between traditional currencies and blockchain-based payment systems.

The company has not provided a timetable for full activation of the Brazilian real account.

Vortex Introduces 30 Product Updates and More Than 160 Software Changes

SatoshiPay reported substantial product development activity at Vortex since June 2026.

During this period, the platform implemented 30 product updates covering more than 160 individual software changes.

Among the principal developments was the launch of a business dashboard that allows customers to register, complete verification procedures and request or execute stablecoin transactions.

The platform has also introduced improved partner integrations and customer account functionality.

Additional changes include partner-specific pricing, a self-service developer testing environment and updated technical documentation.

SatoshiPay has also introduced market-referenced exchange rates for Brazilian real and Colombian peso transactions.

Other enhancements include the restoration of stablecoin on-ramping through Ethereum, improved automated handling of delayed cross-chain transfers and additional customer verification procedures in Brazil.

The company said the updates are intended to improve the platform’s functionality, accessibility and operational efficiency as it develops its commercial customer base.

Pendulum Begins Testing PEN Token Migration to Base

Within the Pendulum ecosystem, testing has commenced for the migration of the PEN token to the Base blockchain network.

The development follows the earlier migration of Pendulum’s decentralised foreign exchange exchange, or FX DEX, to Base.

The testing programme represents a further stage in the technical development of the Pendulum ecosystem.

SatoshiPay has not announced a completion date for the token migration.

Separately, the company is evaluating potential artificial intelligence-assisted financial administration services for small and medium-sized businesses in Germany.

The proposed services remain at an exploratory stage.

Any further development will depend on SatoshiPay’s assessment of customer demand and commercial viability.

No commercial launch timetable has been disclosed.

Blue Star Capital in Advanced Talks Over Decentralised Browser Investment

Blue Star Capital also confirmed that it is in advanced discussions regarding a potential minority investment in a business developing a decentralised web browser.

The proposed investment target is developing an open-source, cryptocurrency-native browser incorporating a built-in digital wallet and native support for decentralised protocols.

Blue Star believes the investment could provide opportunities for collaboration with companies already held within its portfolio.

One potential opportunity involves integrating Vortex’s fiat-to-cryptocurrency infrastructure into the browser ecosystem.

Such an integration could provide additional distribution opportunities for Vortex’s payments technology.

The proposed investment would be funded entirely from Blue Star’s existing cash resources.

However, discussions remain ongoing, and the company cautioned that there is no certainty a transaction will be completed.

Blue Star has not disclosed the identity of the potential investee business, the proposed investment amount or an expected completion date.

SatoshiPay Focuses on Commercial Development and Funding

The latest update highlights two principal priorities for SatoshiPay: progressing the commercial adoption of Vortex and securing funding to support continued operations.

The anticipated German research and development tax credits represent a potential source of funding for the company’s development activities.

If the claims are approved and paid at the anticipated level, SatoshiPay expects the proceeds to provide more than 12 months of operational funding based on its current business plan.

In the meantime, the €50,000 bridge loan from Blue Star is intended to address shorter-term working capital requirements.

Commercial progress at Vortex includes the newly signed international payments customer, continued development of Brazilian real payment infrastructure and a series of product enhancements.

However, the potential payment volumes associated with the new customer remain conditional on the completion of compliance and onboarding requirements.

The company will need to demonstrate successful activation and transaction processing before the commercial contribution of the relationship can be assessed.

Blue Star Capital Outlook

Blue Star Capital’s near-term priorities include monitoring the outcome of SatoshiPay’s German research and development tax credit claims and supporting the continued commercial development of Vortex.

SatoshiPay currently anticipates receiving the tax credit proceeds in early 2027, although the timing and amount remain subject to approval by the German authorities.

The bridge loan facility provides up to €50,000 in interim funding, with repayment due by 28 February 2027.

Operationally, SatoshiPay will focus on activating its newly signed international payments customer, advancing Brazilian real payment infrastructure and continuing technical improvements across Vortex and Pendulum.

Blue Star is also evaluating a potential minority investment in a decentralised browser business, which could create opportunities for collaboration with its existing blockchain and payments investments.

No agreement has yet been confirmed for the proposed investment.

The company said further announcements would be made as appropriate.