ADVFN UK Market News

Author: Fiona Craig

  • Vistry shares tumble as insurer reportedly reduces supplier credit protection

    Vistry shares tumble as insurer reportedly reduces supplier credit protection

    Vistry (LSE:VTY) shares dropped sharply at the start of Monday’s session following a Financial Times report that Allianz Trade is reducing the level of credit insurance available to suppliers dealing with the UK housebuilder, potentially adding further pressure to the company’s cash flow.

    According to the FT, citing people familiar with the situation, Allianz Trade has informed suppliers in recent weeks that it is revising credit limits relating to Vistry. The changes could result in coverage being reduced by as much as 70%, although the ultimate level of protection will depend on Vistry’s financial performance over the coming weeks.

    Vistry shares were down around 7% in London trading by 07:27 GMT.

    Credit insurance is commonly used by businesses to protect themselves against the possibility that customers fail to pay for products or services. A reduction in insurance coverage can therefore prompt suppliers to seek payment upfront or impose tighter terms. However, because suppliers can obtain protection from multiple insurers, some may continue trading with Vistry even if their coverage is reduced. The FT said the changes to Vistry’s credit limits apply only to new trading arrangements and will not affect agreements retrospectively.

    Questions surrounding Vistry’s credit insurance position emerged last Tuesday after Travis Perkins finance chief Duncan Cooper told analysts during an earnings call that insurance cover had been withdrawn from a “fairly significant national housebuilder.” Discussing pressures affecting the wider construction industry, Cooper said stress could be seen “up and down both parts of the supply chain.”

    Those comments contributed to a sharp decline in Vistry’s share price, with the stock ending the session almost 10% lower in London. The FT subsequently reported, citing sources familiar with the matter, that Cooper had been referring to Vistry.

    The housebuilder’s shares have now lost nearly 60% of their value over the past year. Its difficulties date back to 2024, when the company disclosed that it had underestimated construction costs, leading to a series of profit warnings. Vistry has since responded by restructuring its management team and implementing measures aimed at reducing costs.

  • Serica Energy stands by final offer terms for Pharos Energy

    Serica Energy stands by final offer terms for Pharos Energy

    Serica Energy (LSE:SQZ) has confirmed that it will not increase the financial terms of its recommended cash offer for Pharos Energy (LSE:PHAR), maintaining the total value at 32.6683 pence per share despite the emergence of a higher competing proposal from Ratio Petroleum.

    Serica’s offer consists of 28.6683 pence in cash for each Pharos share alongside a 4.0 pence special dividend, giving shareholders a combined value of 32.6683 pence per share. The company has declared these financial terms final and said they will not be increased, except in the limited circumstances permitted under UK takeover rules.

    The decision reflects Serica’s emphasis on maintaining financial discipline when pursuing acquisitions rather than entering an escalating bidding contest. The competitive situation has intensified after Ratio secured irrevocable undertakings covering approximately 41.76% of Pharos Energy’s issued share capital.

    While Serica continues to pursue its recommended offer, management has highlighted a broader pipeline of potential growth opportunities in the UK North Sea and other markets. This provides the company with alternative options for deploying capital should its proposed acquisition of Pharos ultimately prove unsuccessful.

    Serica’s wider outlook reflects a combination of challenges and supportive factors. Financial performance has been mixed following a significant downturn during 2025 and uneven free cash flow generation. However, management has reiterated its production and cash guidance while highlighting improved liquidity, providing greater financial flexibility for future investment and potential acquisitions. Technical indicators remain moderately weak, while a high dividend yield provides valuation support despite a negative price-to-earnings ratio resulting from reported losses.

    More about Serica Energy

    Serica Energy is a UK-listed oil and gas company engaged in exploration, development and production, with its operations primarily focused on the UK North Sea. The group combines investment in its existing upstream portfolio with a disciplined mergers and acquisitions strategy designed to expand its asset base while maintaining financial prudence and operational focus.

  • Marshalls increases first-half profit and dividend despite subdued construction markets

    Marshalls increases first-half profit and dividend despite subdued construction markets

    Marshalls plc (LSE:MSLH) delivered a resilient performance during the first half of 2026 despite challenging conditions across UK construction markets. Revenue was broadly unchanged at £317.8 million, while adjusted operating profit increased 8.1% to £30.7 million and adjusted earnings per share rose 14.4% to 7.6 pence.

    The group also maintained a strong focus on cash generation and balance sheet management. Pre-IFRS 16 net debt declined to £136.8 million, while operating cash conversion reached 98%. Reflecting the improvement in earnings and financial discipline, Marshalls increased its interim dividend by 13.6%.

    Performance benefited from operational improvements and self-help measures being implemented through the group’s Transform & Grow strategy. Landscaping Products recorded an improvement in profitability, supported by a cost-reduction programme that is targeting £11 million of annualised savings by the end of 2026.

    Roofing Products remained resilient during the period. Marley Roofing continued to gain market share, while Viridian Solar benefited from demand linked to changing regulatory requirements. Trading within Building Products was more mixed, reflecting continued weakness in the new-build housing market and subdued conditions across parts of the wider construction sector.

    Despite the difficult market environment, the board maintained its full-year profit expectations. The outlook assumes there will be no material recovery in underlying markets during the second half, leaving execution of the company’s internal improvement initiatives as an important driver of performance.

    Marshalls’ broader outlook benefits from an improving balance sheet and positive share price trend, with the stock trading above key moving averages. However, weaker cash generation during 2025 and relatively thin and variable profitability remain considerations, while overbought technical signals could limit near-term momentum. Valuation also represents a potential headwind due to a high price-to-earnings multiple, although the dividend yield provides some support.

    More about Marshalls

    Marshalls plc is a UK-based manufacturer of building products and sustainable solutions for the built environment. The group operates through Landscaping Products, Building Products and Roofing Products and maintains a nationwide network of manufacturing and distribution facilities. Its strategy combines product development, technical and design expertise and sustainability initiatives as it seeks to strengthen its position as a leading supplier to the UK built-environment market.

  • Plus500 delivers record first-half results and increases shareholder returns

    Plus500 delivers record first-half results and increases shareholder returns

    Plus500 (LSE:PLUS) reported record interim results for the first half of 2026, supported by growth in customer activity and continued expansion of its diversified trading operations. Revenue increased 12% year-on-year to $462.9 million, while Customer Income reached its highest level in five years as the number of active customers rose 10%.

    The group maintained disciplined customer acquisition spending during the period while continuing to broaden its operations beyond its traditional OTC business. Revenue from non-OTC activities increased by approximately 30% and now accounts for around 15% of total group revenue. This segment includes the company’s CFTC-regulated prediction markets and futures operations, which have become an increasingly important part of its growth strategy.

    Plus500 also continued to develop its OTC offering, expanding its geographic reach and enhancing its 24/5 trading capabilities. The company is increasingly positioning itself as a diversified global trading platform rather than a business dependent on a single product or market.

    Shareholder distributions remain a major component of the group’s capital allocation strategy. Plus500 announced $182.5 million of additional returns through a combination of share buybacks and dividends, taking cumulative distributions since its 2013 IPO to approximately $3.1 billion.

    Further growth opportunities are being pursued through business-to-business partnerships in North and Latin America, while a recent acquisition in India is expected to broaden the company’s geographic footprint. Management believes these initiatives can support sustainable revenue growth and expects full-year 2026 performance to remain in line with current market expectations.

    The wider outlook is supported by strong margins, robust cash conversion and low leverage, alongside management’s confidence in the group’s strategic progress. A moderate price-to-earnings multiple and solid dividend yield provide additional support from a valuation perspective. However, technical indicators remain weaker, with the shares trading below key moving averages and momentum signals continuing to be negative.

    More about Plus500

    Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms across OTC and non-OTC markets. Its activities include CFDs, futures and prediction markets, serving both retail and institutional customers. The company has an expanding presence in the US and offers products including single-stock futures, sports-based prediction contracts and 24/5 trading in stocks and ETFs as it develops a more diversified global financial services platform.

  • ECR Minerals raises £636,000 to accelerate Maddens Gold Project development

    ECR Minerals raises £636,000 to accelerate Maddens Gold Project development

    ECR Minerals (LSE:ECR) has raised approximately £636,250 through a placing of 363.6 million new shares on AIM as it looks to accelerate development of the Maddens Gold Project in Northern Queensland. Investors participating in the fundraising will also receive warrants, while the new capital will primarily be directed towards advancing Maddens towards potential production during 2026.

    Proceeds from the placing are expected to support several development activities, including underground mine preparation, the creation of ore stockpiles, trial alluvial mining and additional exploration. The funding also provides ECR with flexibility to pursue opportunities elsewhere within its portfolio of Australian gold assets.

    Management believes the historic grades and visible gold identified at the Maddens Underground Mine demonstrate the project’s potential to become a significant asset for the company. If production is successfully established, ECR expects cash generation from Maddens could make a meaningful contribution towards covering corporate overheads and reducing its reliance on external financing.

    Recent operational work has provided further encouragement, including a LiDAR survey that the company believes indicates additional exploration and development potential. ECR’s broader strategy is to establish multiple gold production streams that can be supported from a single operating hub, potentially improving capital efficiency as the project develops.

    The placing will result in dilution for existing shareholders, but management considers the fundraising necessary to capitalise on recent progress and move Maddens towards production. The company nevertheless remains exposed to financial constraints, including the absence of revenue, continued losses and ongoing cash consumption, which could create further funding requirements. Technical indicators are also weak, with the shares trading below major moving averages. A debt-free balance sheet and improvements in losses and cash outflows compared with earlier periods provide some financial support.

    More about ECR Minerals

    ECR Minerals PLC is a UK-listed gold exploration and development company focused primarily on projects in Australia. Its portfolio includes the Maddens Gold Project in Northern Queensland, which the company regards as its leading near-term production opportunity, alongside a broader collection of Australian exploration interests. ECR’s strategy is focused on advancing prospective gold assets through exploration and development with the objective of establishing future production.

  • ValiRx strengthens Cytolytix cancer IP with European patent progress and new filing

    ValiRx strengthens Cytolytix cancer IP with European patent progress and new filing

    ValiRx plc (LSE:VAL) has expanded the intellectual property portfolio of its majority-owned subsidiary Cytolytix after the European Patent Office indicated its intention to grant a second European patent covering polyleucine-based anti-cancer peptides licensed from King’s College London. The development adds further protection around Cytolytix’s early-stage oncology technology.

    The anticipated patent grant complements an existing European patent covering nanoparticle formulations of anti-cancer peptides. Together, the patents broaden the intellectual property surrounding Cytolytix’s therapeutic platform and could strengthen its position when pursuing future licensing agreements, strategic partnerships or external investment.

    Cytolytix has also filed a new patent application covering second-generation lipid-based delivery formulations for an oncolytic peptide. The filing is supported by experimental data indicating that the formulations can induce immunogenic cell death in triple negative breast cancer cells, potentially providing an additional mechanism through which the technology could stimulate an anti-tumour immune response.

    Management believes the combination of proprietary delivery formulations and immune-activating characteristics could support the development of differentiated oncology products. The technology is being considered for both human and veterinary applications, aligning with ValiRx’s comparative oncology strategy and potentially broadening the commercial opportunities available for the platform.

    Strengthening the intellectual property estate could improve Cytolytix’s ability to protect its technology as development progresses while increasing its attractiveness to prospective commercial partners. However, ValiRx’s broader outlook remains constrained by minimal revenue, continuing losses and ongoing cash consumption, which is putting pressure on shareholder equity despite relatively low debt. Technical indicators also remain weak, with the shares below major moving averages and MACD in negative territory, while conventional valuation metrics provide limited support given negative earnings and the absence of a dividend yield.

    More about ValiRx plc

    ValiRx plc is a UK-based life sciences company focused on early-stage cancer therapeutics and women’s health. The company provides scientific, financial and commercial support to help translate innovative research into potential clinical-stage medicines. Listed on AIM under the ticker VAL, ValiRx develops and incubates drug candidates through pre-clinical stages before seeking to out-license or partner promising assets through its subsidiary companies for further clinical and commercial development.

  • Tertiary Minerals completes Phase 4 drilling at Mushima North in Zambia

    Tertiary Minerals completes Phase 4 drilling at Mushima North in Zambia

    Tertiary Minerals (LSE:TYM) has completed its Phase 4 reverse circulation drilling programme at the A1 target within the Mushima North Project in Zambia. The campaign comprised 39 drill holes for a combined 3,639 metres and represents another step towards defining the scale and characteristics of the project’s near-surface polymetallic mineralisation.

    Preliminary results obtained using portable X-ray fluorescence analysis continue to support the previously identified silver-copper-zinc exploration target. The latest drilling has also provided further evidence of a higher-grade silver-copper zone within the broader mineralised system, adding to the company’s understanding of the A1 target.

    Among the latest results was an intersection of 15 metres grading 0.53% copper from a depth of 100 metres. Drilling also encountered wider intervals of lower-grade mineralisation, providing further indications of continuity across the deposit and supporting the geological model developed from earlier exploration campaigns.

    Samples from the programme have now been submitted for certified laboratory analysis, which will provide more definitive measurements of the mineralisation encountered during Phase 4. These assay results will be important in determining the next stages of technical work and refining the potential size and grade distribution of the deposit.

    Tertiary also intends to begin metallurgical testwork and progress towards the preparation of a JORC-compliant Mineral Resource estimate. Establishing a formal resource would represent an important development milestone for Mushima North, providing greater definition of the asset and potentially reducing geological and technical uncertainty as the project advances.

    The company’s wider outlook remains constrained by persistent losses and continued cash consumption. Technical indicators provide some support, with the shares trading above key moving averages, although conventional valuation measures remain difficult to justify while earnings are negative and the company does not pay a dividend.

    More about Tertiary Minerals

    Tertiary Minerals plc is an AIM-listed mineral exploration company focused on discovering and advancing polymetallic deposits. Its current portfolio has a particular emphasis on silver, copper and zinc opportunities in Zambia’s Iron-Oxide-Copper-Gold belt. The Mushima North Project, situated close to the historic Kalengwa mine, is being explored for near-surface mineralisation with the potential to support a sizeable polymetallic resource.

  • Xtract Resources moves Amghas antimony project closer to plant commissioning

    Xtract Resources moves Amghas antimony project closer to plant commissioning

    Xtract Resources (LSE:XTR) has made further progress at its Amghas antimony project in north-west Morocco, appointing local mining and civil engineering contractors to undertake site preparation, improve mine access and develop supporting infrastructure. The appointments mark a transition from planning and test work towards physical development activities as the company prepares the project for initial production.

    Development is centred on a proposed gravity processing plant with capacity of approximately 70,000 tonnes per year. Current workstreams cover mine preparation and production readiness, construction of the gravity plant and metallurgical flotation testing aimed at refining the project’s processing strategy and potential recoveries.

    On-site activity has already included improvements to haul roads, while underground working areas have been cleaned, inspected and made safe ahead of future mining operations. These measures are intended to establish the infrastructure and operating conditions required to begin extracting and processing material once the development programme reaches the commissioning stage.

    Amghas already holds a mining licence, while the environmental permitting process required for plant operations remains under way. Xtract is continuing construction activities in parallel so that the processing facility can move rapidly towards commissioning once the necessary environmental approval has been secured.

    The project provides Xtract with exposure to antimony, a strategically important mineral used across a range of industrial and technology applications. Progressing Amghas towards production could allow the company to establish a position within developing critical mineral supply chains while generating value from its Moroccan asset portfolio.

    Xtract’s broader outlook remains constrained by weak operating performance and deteriorating cash flow, although its relatively low level of debt provides some balance sheet support. Technical indicators are more constructive, with the shares trading above key moving averages and MACD remaining positive. Conventional valuation measures are less supportive while the company remains loss-making, resulting in a negative price-to-earnings ratio, with no dividend yield available.

    More about Xtract Resources

    Xtract Resources is a mining and exploration company focused on advancing mineral assets through exploration, development and towards production. Its portfolio includes projects in Morocco and other jurisdictions, with increasing exposure to strategically important commodities such as antimony. The company aims to develop commercially viable resources while positioning its assets within growing global critical mineral supply chains.

  • Nichols expands health drinks portfolio with €75 million VITHIT acquisition

    Nichols expands health drinks portfolio with €75 million VITHIT acquisition

    Nichols plc (LSE:NICL) has acquired Dublin-based functional drinks company VITHIT for €75 million in cash, strengthening its exposure to the growing health and wellness drinks market. The transaction gives Nichols full ownership of the business on a debt-free, cash-free basis and adds an established low-calorie, low-sugar functional beverage brand to its existing portfolio.

    VITHIT has developed strong positions in the UK and Ireland with its range of vitamin-fortified drinks. The business generated revenue of €26.5 million in 2025 and recorded an operating margin of 15.8%. Its Dublin office will remain in place following the acquisition, while the existing management team will continue to support the business during a transition period as founder Gary Lavin steps down.

    Nichols expects the acquisition to be immediately earnings enhancing and is targeting annual synergies of more than €1 million. The group intends to use its established distribution network, customer relationships and international infrastructure to broaden VITHIT’s reach and accelerate the brand’s expansion into additional markets.

    The €75 million purchase price is being funded entirely from Nichols’ existing cash resources. Despite the investment, the group expects to retain a net cash position and has also established a new revolving credit facility to provide additional financial flexibility. Management expects the transaction to generate returns comfortably above the company’s cost of capital.

    The acquisition is projected to contribute positively to earnings per share and dividends from 2027, supporting Nichols’ wider capital allocation strategy and its focus on building a portfolio of differentiated soft drink brands. The company enters the transaction with strong financial foundations, including improved margins during 2025 and an essentially debt-free balance sheet, although weaker free cash flow conversion remains a consideration. Positive share price momentum and a reasonable valuation, alongside its dividend yield, provide further support to the broader outlook.

    More about Nichols

    Nichols plc is a UK-based diversified soft drinks group operating an asset-light business model across UK Packaged, International Packaged and Out of Home channels. Its portfolio is led by the Vimto brand and spans squash, flavoured carbonates, fruit drinks, energy beverages and flavoured water. Nichols also works with licensed brands including MyProtein, Levi Roots, ICEE and Sunkist, with its products sold across more than 60 countries and significant exposure to markets in the Middle East and Africa.

  • Thruvision secures £3 million airport security contract in South-East Asia

    Thruvision secures £3 million airport security contract in South-East Asia

    Thruvision Group (LSE:THRU) has secured a contract valued at more than £3 million through its principal Asian partner for the deployment of high-throughput people-screening technology at several major airports in South-East Asia. The agreement represents the company’s largest deployment in the Asian market to date.

    The systems will primarily be used to screen aviation workers and strengthen measures designed to address insider threats while maintaining efficient movement through airport security operations. Thruvision’s technology is designed to identify concealed items without creating the bottlenecks associated with more conventional screening processes, making it suitable for locations handling large numbers of people.

    The latest award is Thruvision’s third Asian contract worth more than £1 million within the past 14 months, highlighting increasing commercial activity in the region. Delivery is scheduled for the second half of the company’s financial year ending 31 March 2027.

    Management views the contract as further evidence of increasing demand for technology capable of addressing insider-security risks within aviation and other sensitive environments. The award also supports Thruvision’s partner-led commercial strategy in Asia, where local relationships are being used to expand the company’s presence and compete for larger security programmes.

    The company nevertheless continues to face financial challenges, including persistent losses, significant pressure on gross margins and consistently negative operating and free cash flow. Low leverage provides some balance sheet support, but technical indicators remain weak, with the shares below key moving averages, MACD in negative territory and RSI at depressed levels. Traditional valuation measures offer limited support while earnings remain negative and no dividend yield is available.

    More about Thruvision Group plc

    Thruvision Group plc is a UK-based developer and manufacturer of walk-through security screening technology used by government and commercial customers in more than 30 countries. Its patented systems combine advanced imaging technology with AI-based detection algorithms to identify concealed metallic and non-metallic objects in real time. The technology is designed for high-throughput environments including airports, logistics facilities, events and other critical infrastructure locations.