Author: Fiona Craig

Capricorn Energy (LSE:CNE) expects full-year production to exceed the midpoint of its guidance range of 18,000 to 22,000 barrels of oil equivalent per day, supported by output from its operations in Egypt.

The company reported average working interest production of 19,337 barrels of oil equivalent per day during the first half.

Capricorn said production levels continued through July and August, with new wells contributing to output.

First-Half Operating Profit Reaches $56.3 Million

Capricorn reported an operating profit of $56.3 million for the first half, compared with an operating loss of $2 million in the corresponding period a year earlier.

Revenue from the company’s Egyptian operations totalled $100 million for the six months ended 30 June.

Capricorn achieved an average realised oil price of $89.5 per barrel during the period, up from $73.6 per barrel a year earlier.

DNO and Genel Offers Remain Active

Capricorn remains the subject of competing takeover proposals from DNO (OSE:DNO) and Genel Energy (LON:GENL).

Earlier in September, Capricorn accepted a $396 million offer from DNO after the Norwegian oil company submitted a higher proposal than the competing offer from Genel Energy.

According to Capricorn, both takeover offers remain active.

The competing proposals remain subject to their respective terms and applicable takeover processes.

CVS Group (LSE:CVSG) reported a 5.9% increase in full-year revenue to £712.8 million for the year ended 30 June 2026, supported by growth in Australia and an improvement in like-for-like sales.

Like-for-like sales increased 2.1%, compared with growth of 0.2% in the previous financial year.

The veterinary group said consumer confidence and extreme heat during May and June affected customer footfall in the fourth quarter.

Adjusted EBITDA Increases 5.1%

Adjusted EBITDA rose 5.1% to £141.5 million, while the adjusted EBITDA margin remained unchanged at 19.9%.

The company recorded the increase despite higher employer National Insurance contributions and wage inflation.

Adjusted earnings per share increased 6.9% to 85.6 pence.

Statutory profit before tax, however, declined to £32 million from £32.6 million. CVS attributed this to factors including higher depreciation following investment, costs associated with the Competition and Markets Authority investigation and expenses related to the group’s move from AIM to the London Stock Exchange’s Main Market in January.

CVS Resumes UK Acquisition Activity

The Competition and Markets Authority published its final remedies order on 22 September, enabling CVS to resume acquisition activity in the UK.

CVS said it has exchanged contracts to acquire a two-site veterinary practice for an initial consideration of £15 million and has identified further potential acquisition opportunities.

In Australia, revenue increased to £79.1 million from £52.1 million.

The number of Australian practices increased to 57 from 43, with the country accounting for approximately 11% of group revenue.

Net Bank Borrowings Rise to £199.6 Million

Net bank borrowings increased to £199.6 million from £131.4 million, while leverage rose to 1.63 times from 1.18 times.

The increase followed expenditure on acquisitions, capital investment and share buybacks.

CVS completed a £20 million share buyback in January 2026 and launched a further £50 million programme in May, which remained in progress at the reporting date.

Final Dividend Increased to 9 Pence

The board recommended a final dividend of 9 pence per share, compared with 8.5 pence for the previous year.

Subject to the applicable approval process, the dividend is due to be paid on 4 December.

CVS is also progressing its search for a successor to chief executive Richard Fairman, who announced in March that he planned to retire. The company said the search process was well underway.

Living REIT (LSE:LIVE) reported a 2.3% increase in net rental income to £20.2 million for the six months ended 30 June 2026, while adjusted earnings per share rose 2.2% to 3.42 pence.

The company said its performance was supported by inflation-linked rent reviews and a stabilised property portfolio.

Dividend cover for the period was 1.20 times, while Living REIT increased its annual dividend target by 3%. EPRA net tangible assets were broadly unchanged at 95.36 pence per share.

Senior Living Acquisition Adds 2,163 Homes

Following the end of the reporting period, Living REIT broadened its investment mandate and completed the acquisition of a senior living portfolio comprising 2,163 homes.

The transaction increased the group’s pro-forma gross asset value to approximately £825 million.

The company said the acquisition also reduced its exposure to individual counterparties by expanding and diversifying its portfolio.

Living REIT expects the acquired portfolio to deliver high single-digit earnings accretion. This remains a company expectation rather than an achieved financial result.

Debt Costs Average 3.16%

Living REIT reported a weighted average cost of debt of 3.16%, with its borrowings predominantly fixed-rate and long-dated.

The company also made changes to its sustainability governance during the period and reported improvements in external ESG assessments, alongside being shortlisted for several industry awards.

About Living REIT

Living REIT is a UK-listed real estate investment trust focused on residential property assets.

Its portfolio includes specialised supported housing, senior living and care homes, with rental arrangements designed to generate long-term income, including inflation-linked rents.

80 Mile plc (LSE:80M) has amended the joint venture arrangements covering its Jameson liquid hydrocarbon project in Greenland, extending deadlines for the first two exploration wells to 31 December 2028.

Under an extension letter, March GL Company will transfer its rights and obligations under the joint venture to Greenland Energy Company as part of an internal reorganisation.

Greenland Energy Company will assume responsibility for obtaining and maintaining the permits required for the Jameson projects and will bear the associated costs.

80 Mile to Receive £500,000 Cash Payment

As part of the revised arrangements, 80 Mile will receive a £500,000 cash payment upon signing the extension letter.

The deadlines for drilling both the first and second exploration wells have been moved to 31 December 2028.

The revised terms provide additional time for the joint venture to progress permitting and other work associated with the Jameson project.

Company Cites Greenland Strategic Developments

80 Mile also referred to a new trilateral security and defence agreement involving Greenland, Denmark and the United States.

The company said it believes increased international cooperation could support investor confidence and investment in Greenland’s energy and critical mineral sectors.

However, decisions regarding permits for the Jameson project remain with the relevant Greenlandic authorities and are subject to applicable environmental and community requirements.

About 80 Mile

80 Mile is an exploration and development company with mining and liquid hydrocarbon projects in Greenland.

Through its Jameson joint venture, the company is pursuing exploration activities in East Greenland. Its wider portfolio includes projects targeting energy and mineral resources in the country.

On the Beach Group (LSE:OTB) said adjusted pre-tax profit for the 2026 financial year is expected to be between £22 million and £23 million, placing the result in the upper half of its previous guidance range.

The online package holiday provider reported its fifth consecutive year of record total transaction value, with bookings increasing 9% to £1.3 billion.

The group ended the financial year debt-free and with approximately £60 million in cash.

Shareholder Returns Total Around £67 Million Over Two Years

On the Beach said it returned approximately £67 million to shareholders through dividends and share buybacks over the past two years.

The company reported continued booking growth during Summer 2026 and into the beginning of the 2027 financial year.

Bookings during the most recent eight-week period increased 17%, while bookings from repeat customers rose 18%.

The company attributed the performance to factors including investment in technology, expansion of its product range and its brand activities.

FY27 Profit Guidance Set at £28-35 Million

On the Beach expects adjusted pre-tax profit of between £28 million and £35 million for FY27.

The guidance represents an increase from the £22 million to £23 million expected for FY26, although the FY27 figure remains a company forecast and is subject to future trading conditions.

The group continues to expand its operations across beach and city holidays, the Republic of Ireland and cruise products.

On the Beach also identified macroeconomic conditions and geopolitical developments in travel destinations as factors affecting the operating environment.

About On the Beach Group

On the Beach Group is an online package holiday provider serving customers in the UK and Republic of Ireland.

The company offers beach, city and cruise holidays and operates through an asset-light business model supported by its proprietary technology platform and relationships with travel suppliers.

Poolbeg Pharma (LSE:POLB) has reported interim safety data from its ongoing TOPICAL clinical trial of POLB 001, with an independent review recommending that the study continue without changes.

The trial is evaluating POLB 001 as a preventative treatment for Cytokine Release Syndrome in patients with relapsed or refractory multiple myeloma receiving the bispecific antibody teclistamab.

Following the safety review, patient recruitment will continue at participating UK clinical sites, while Poolbeg plans to activate additional centres.

Independent Review Recommends Trial Continue Without Changes

The interim review assessed safety data generated during the ongoing TOPICAL study.

Based on the data reviewed, the independent assessment recommended that the trial proceed without modifications.

The update relates to safety and does not establish the efficacy of POLB 001 in preventing Cytokine Release Syndrome. The clinical trial remains ongoing.

Poolbeg Continues POLB 001 Development

POLB 001 is being developed to prevent Cytokine Release Syndrome, a complication that can occur with certain cancer immunotherapies.

Poolbeg is evaluating whether preventing the condition could support the use of treatments such as bispecific antibodies in a broader range of clinical settings.

The company said it intends to share emerging data from the programme with prospective partners as development progresses.

Poolbeg Pharma Pipeline

Poolbeg Pharma is a clinical-stage biopharmaceutical company developing treatments in cancer immunotherapy and other therapeutic areas.

POLB 001 is its lead clinical asset and is being evaluated for the prevention of Cytokine Release Syndrome associated with cancer immunotherapies.

The company’s development pipeline also includes an oral GLP-1 programme targeting obesity.