Author: Fiona Craig

Intertek (LSE:ITRK) has rejected a revised unsolicited, indicative and conditional takeover proposal from EQT that valued the company at £58 per share, with the board concluding that the offer materially undervalues the business and presents considerable execution risk. After consulting with shareholders, the board said it remains committed to delivering value independently and believes the proposal fails to reflect Intertek’s long-term growth potential.

Intertek Pushes Ahead With Strategic Break-Up Review

Intertek is continuing with its strategic review aimed at separating its Testing & Assurance and Energy & Infrastructure divisions, potentially through either a sale or demerger process. The company said a sales-led process for the Energy & Infrastructure arm has already attracted interest from potential buyers.

Management believes establishing two more focused ATIC businesses would unlock shareholder value through improved capital allocation, quicker execution and greater investment flexibility. The proposed separation is targeted for completion by mid-2027 and is expected to support stronger growth, margin expansion and enhanced shareholder returns.

Strong Business Fundamentals Offset by Technical Weakness

Intertek’s outlook continues to benefit from solid underlying operational performance, including stable growth, healthy margins and positive free cash flow generation. Valuation metrics also remain supportive, with the shares trading on a relatively low price-to-earnings ratio alongside a dividend yield of around 4%.

However, these positives are balanced against weaker technical indicators, with the stock trading below key moving averages and the MACD remaining negative. Investors are also monitoring increasing balance sheet and cash flow risk signals emerging during 2025, despite constructive guidance for 2026.

More about Intertek

Intertek Group plc is a global provider of Assurance, Testing, Inspection and Certification (ATIC) services. The company serves customers across sectors including consumer products, corporate assurance, health and safety, energy, infrastructure, minerals and transportation. Intertek focuses on science-based quality assurance solutions and operates through a decentralised model aligned to end markets, supported by a broad international presence.

Quantum Blockchain Technologies (LSE:QBT) has restarted its quantum computing research initiative focused on Bitcoin mining, bringing back the same research team from the University of Milan following a pause in development caused by limitations in available quantum hardware. The company said the renewed effort is intended to build on previous work and accelerate progress in an area it considers strategically important for the future efficiency of cryptocurrency mining.

Focus Remains on Quantum Hardware and SHA-256 Development

The programme will concentrate on monitoring advances in quantum computing hardware and algorithm development while utilising QBT’s proprietary quantum implementation of the SHA-256 hashing algorithm.

The company believes this technology will serve as a valuable benchmarking tool for assessing emerging quantum platforms. Management expects the capability could position QBT to respond rapidly to any technological breakthrough that makes quantum computing commercially practical for Bitcoin mining, potentially providing a long-term competitive edge.

Weak Financial Performance Continues to Weigh on Outlook

Quantum Blockchain Technologies’ outlook remains constrained by weak underlying financial performance, including limited revenue generation, persistent losses, negative equity and continued cash burn over multiple years. Technical indicators also remain negative, with the shares trading below major moving averages and the MACD signalling ongoing weakness.

Valuation support remains limited as the company continues to report negative earnings and does not currently offer a dividend yield.

More about Quantum Blockchain Technologies PLC

Quantum Blockchain Technologies Plc is an AIM-listed research, development and investment company focused on blockchain technologies, cryptocurrency mining and advanced blockchain-related applications. The company’s primary goal is to develop technology-driven Bitcoin mining methods and tools that it believes can significantly outperform conventional market approaches.

Forgent plc (LSE:FORG) has finished its maiden exploration field programme at the Green Rock Copper Gold Project in Western Australia, completing an initial site inspection alongside a systematic rock chip sampling campaign across the licence area.

During the programme, the company collected 111 rock chip samples, which have now been submitted to ALS Laboratories in Perth for multi-element testing, including copper and gold assays.

Assay Results Expected Within Weeks

Forgent said laboratory results are anticipated in around four weeks, after which the company plans to provide a market update once the findings have been analysed and interpreted.

The results from this first exploration campaign are expected to play an important role in determining the next phase of work at the project and may influence how the company prioritises future development activities tied to metals critical to the global energy transition.

Financial Weakness and Bearish Technicals Continue to Weigh on Outlook

The company’s outlook remains pressured by weak financial fundamentals, including ongoing losses, leverage concerns and negative cash flow generation. Technical indicators also continue to point to a sustained downtrend in the shares.

Valuation metrics offer limited support at present due to negative earnings and the absence of dividend-related data.

More about Forgent plc

Forgent plc is an AIM-listed technology-led energy transition business focused on advancing resource projects linked to lower-carbon energy systems. The company is developing assets including the Green Rock Copper Gold Project in Western Australia, targeting metals considered essential for electrification and modern energy infrastructure development.

Colefax Group PLC (LSE:CFX) said trading within its core Fabric Division has continued to outperform expectations since the release of its interim results, supported by particularly strong demand in the U.S. market. Like-for-like sales in the division increased 7.0% during the three months ended 30 April 2026 compared with an already strong comparative period a year earlier.

Improved Trading Momentum Drives Profit Upgrade

Following the stronger-than-expected trading performance, the group now anticipates profit before tax for the year ended 30 April 2026 will be at least £10.5 million.

The upgraded outlook highlights sustained demand for Colefax’s premium fabric products and provides greater visibility over earnings performance. Management believes the momentum could strengthen investor confidence and reinforce the company’s standing within the high-end interiors and furnishings market.

Technical Strength and Valuation Support Positive Outlook

Colefax Group’s broader outlook is supported by favourable technical indicators and positive corporate developments, both of which are viewed as supportive of shareholder value. Financial performance remains solid overall, although investors are continuing to monitor potential volatility in cash flow generation.

Valuation measures also suggest the shares may be undervalued, pointing to possible upside potential if current trading momentum continues.

More about Colefax

Colefax Group PLC operates primarily through its Fabric Division, supplying premium fabrics to the interior design and home furnishings sector. The company maintains a significant presence in the U.S. market, where recent trading has been especially strong, supporting its position within the luxury home décor and textiles industry.

Angus Energy (LSE:ANGS) announced that shareholders approved all resolutions proposed at its latest Annual General Meeting, including the adoption of the company’s report and accounts, the reappointment of auditors, and the re-election of three directors. Investors also voted in favour of granting the board authority to allot shares and disapply pre-emption rights, with the measures receiving strong backing and reflecting broad shareholder support for the company’s governance framework and financing flexibility.

AGM Outcome Strengthens Board’s Position for Future Growth Plans

The decisive shareholder approval reinforces the board’s mandate as Angus Energy continues pursuing the expansion of its onshore gas and oil activities.

By securing approval for additional share issuance powers and reduced pre-emption restrictions, the company has positioned itself to respond more rapidly to potential financing requirements. Management believes this flexibility will support the execution of its growth strategy within the competitive UK onshore energy sector.

Financial Challenges Continue Despite Positive Operational Developments

Angus Energy’s outlook remains affected by ongoing financial pressures, including declining revenue and weaker profitability. Technical indicators currently suggest neutral market momentum, while valuation metrics remain unattractive due to negative earnings.

At the same time, recent corporate developments, strategic initiatives and operational improvements provide some encouragement regarding the company’s future growth prospects.

More about Angus Energy

Angus Energy plc is an AIM-listed independent oil and gas producer and the UK’s leading onshore gas producer. The company fully owns the Saltfleetby Gas Field and holds majority-operated interests in the Brockham and Lidsey conventional oil fields, alongside a 25% stake in the Balcombe licence. Angus Energy operates all fields in which it has an interest while seeking to expand onshore production and diversify internationally.

Vertu Motors (LSE:VTU) has announced that it will host a live investor presentation covering its FY26 full-year financial results through the Engage Investor platform on 18 May 2026. The event will be led by CEO Robert Forrester and CFO Karen Anderson and follows the company’s scheduled market release of results on 13 March. Investors attending the session will have the opportunity to participate in an interactive Q&A and may submit questions either ahead of the presentation or during the live event.

Company Expands Investor Engagement Efforts

The online presentation reflects Vertu Motors’ continued focus on communication with both retail and institutional shareholders as the company expands its dealership presence across the UK.

Through the use of a dedicated investor hub and free registration access, the group aims to improve transparency around its operational performance and strategic priorities. Management believes this approach could help reinforce investor confidence while supporting the company’s long-term consolidation-driven growth strategy.

Stable Financial Position Supports Outlook Despite Operational Risks

Vertu Motors’ outlook continues to benefit from a stable financial base, supported by steady revenue growth, favourable technical indicators and what is viewed as a reasonable valuation. The company’s ongoing share buyback programme also contributes positively to shareholder returns.

However, profitability pressures and operational challenges, including the impact of a cyber-attack, remain key risks that could weigh on performance.

More about Vertu Motors

Vertu Motors is the UK’s fourth-largest automotive retailer, operating 191 sales and aftersales locations nationwide. Established in 2006 with a consolidation-focused strategy, the company has expanded through acquisitions of motor retail businesses alongside organic growth initiatives, with an emphasis on building a large-scale dealership network and delivering a strong customer motoring experience.

Imaging Biometrics Limited (LSE:IBAI) subsidiary Kirkstall has been named as an industry collaborator in a Nottingham Trent University-led research programme focused on developing a living glioblastoma “tumour on a chip” model using the company’s Quasi Vivo organ-on-a-chip platform. The initiative is designed to replicate both the blood-brain barrier and the tumour microenvironment within a microfluidic system, with the aim of improving the accuracy of preclinical brain cancer drug testing while reducing dependence on animal-based studies.

Project Backed by BBSRC and NC3Rs Funding

The programme is being supported through a joint funding initiative from the BBSRC and NC3Rs. Researchers plan to integrate advanced imaging techniques with human-derived cells to study how potential therapies cross the blood-brain barrier and influence tumour development.

Management believes the grant represents an early endorsement of the Kirkstall acquisition and marks an important step toward combining organ-on-a-chip technologies with MRI analytics capabilities. The company sees the collaboration as strengthening its position within high-value oncology and central nervous system drug development markets, while also enhancing relationships with regulators and academic organisations promoting human-relevant, animal-free testing approaches.

Financial Performance and Market Outlook Remain Under Pressure

The company’s near-term outlook continues to be shaped by weak financial performance, including ongoing losses and continued cash burn. Technical indicators also remain negative, with the shares trading significantly below major moving averages.

While low leverage levels help limit balance sheet risk, valuation metrics remain constrained by negative earnings and the absence of dividend yield data.

More about Imaging Biometrics Limited

Imaging Biometrics Limited is an LSE-listed healthcare technology group specialising in quantitative neuroimaging software and organ-on-a-chip solutions. Its subsidiary, Imaging Biometrics LLC, develops advanced MRI analysis software used globally for brain tumour evaluation, while Kirkstall Limited produces the Quasi Vivo organ-on-a-chip platform for pharmaceutical research, toxicology applications, and disease modelling.

Workspace Group plc (LSE:WKP), the UK-based real estate investment trust focused on flexible office and workspace assets for small and medium-sized businesses, has reiterated confidence in the strength of its portfolio and the long-term demand outlook across its target markets.

Led by recently appointed CEO Charlie Green, the company is advancing a strategy aimed at repositioning and upgrading its properties to support sustainable earnings expansion and deliver stronger shareholder returns over time.

Saba Capital Seeks Major Board Changes Ahead of 2026 AGM

Workspace disclosed that it has received a requisition notice from activist investor Saba Capital, which owns approximately 18.21% of the business. The notice calls for the removal of five non-executive directors and the appointment of four replacement candidates at the company’s July 2026 annual general meeting.

The board said it had previously rejected Saba’s proposal for a 12 month managed wind down, arguing that such a plan would neither be practical nor generate maximum value for shareholders. Workspace added that it is currently reviewing the requisition with its advisers and encouraged investors to take no action at this stage while discussions with the activist shareholder continue.

Financial Outlook Reflects Stable Cash Flow but Ongoing Challenges

Workspace’s broader outlook points to resilient financial performance supported by solid cash generation, although profitability remains under pressure. Technical indicators continue to suggest a bearish trend in the shares, while valuation metrics present a mixed picture due to a relatively high dividend yield alongside negative earnings.

Recent earnings updates and corporate developments have provided some encouraging signs, but the company still faces headwinds tied to occupancy levels and property valuations.

More about Workspace Group plc R.E.I.T.

Workspace Group plc operates as a UK REIT specialising in the ownership, management, and development of flexible office and workspace properties. The company primarily serves SMEs across London and other major urban centres, aiming to benefit from sustained structural demand for adaptable, high-quality office accommodation through active asset management and redevelopment initiatives.