Author: Fiona Craig

Kooth (LSE:KOO) reported unaudited revenue of £30.8 million for the first half of 2026, slightly below the prior-year period, while adjusted EBITDA increased 102% to £5.3 million.

The digital mental health services provider recorded a post-tax profit of £2.0 million, compared with a loss in the prior-year period.

Gross margin increased by 11.3 percentage points to 74.1%, while annual recurring revenue reached £62.9 million.

Kooth ended the period with net cash of £23.1 million. Management said it plans to increase investment during the second half and expects full-year performance to be broadly in line with expectations.

Soluna Reaches 187,000 Registrations in California

Kooth expanded its US operations to three states during the period.

Its Soluna platform in California reached 187,000 registrations and has been integrated into the state’s behavioural health infrastructure.

The company said its US strategy includes pursuing contracts in additional states and developing arrangements involving multiple payers.

Kooth Soft-Launches Soluna in UK

Kooth also soft-launched the Soluna platform in the UK during the period.

The company progressed contracts focused on young people who are not in education, employment or training and continued work on potential extensions to its digital products using artificial intelligence.

Kooth also made changes to its board during the period.

Kooth Provides Digital Mental Health Services

Kooth provides digital mental and behavioural health services in the UK and US, with a focus on younger users.

Its platforms include Kooth, Qwell and Soluna, which provide services including self-help resources, moderated peer communities and clinician-led therapy.

The company’s services hold accreditations including APA Labs, URAC and BACP.

SDI Group plc (LSE:SDI) has reaffirmed its outlook for the 2027 financial year, saying it expects full-year results to be in line with current market expectations.

In a trading update issued ahead of its annual general meeting, the laboratory equipment and industrial and scientific products group reported organic growth alongside contributions from businesses acquired by the group.

SDI operates a buy-and-build strategy combining acquisitions with organic development across its existing portfolio.

Acquired Businesses Contribute to FY27 Trading

SDI said recently acquired businesses have contributed to trading during the early part of the financial year.

The company also reported organic growth across its operations as it entered FY27.

Based on trading to date, the group maintained its expectation that results for the full financial year will be in line with current market forecasts.

SDI Continues Buy-and-Build Strategy

SDI acquires and develops small and medium-sized businesses that manufacture specialist laboratory equipment, sensors and other industrial and scientific products.

The group operates a decentralised structure under which its portfolio companies retain operational autonomy while receiving financial and strategic support at group level.

SDI said it continues to consider potential acquisitions of complementary technology businesses, including companies with international operations.

Group Serves Industrial, Scientific and Medical Markets

SDI’s portfolio supplies products to a range of industrial, scientific and medical markets.

Its industrial end markets include aerospace, defence, semiconductors and precision manufacturing, while its scientific and medical operations serve areas including life sciences, healthcare and astronomy.

The group’s strategy combines the acquisition of specialist businesses with organic growth within its existing portfolio.

Aminex (LSE:AEX) has agreed with operator ARA Petroleum Tanzania on a revised 2026 work programme and provisional 2027 programme for the Ntorya gas development in Tanzania, covering gross planned expenditure of up to $75 million.

The programme includes testing and the planned start of production from the Ntorya-2 well from December 2026, alongside wellhead work at Ntorya-1.

Plans also include drilling Ntorya-Central as the Ntorya-3 well, with potential additional wells as development of the field progresses.

Ntorya-2 Production Planned From December

Under the revised programme, testing of Ntorya-2 is expected to precede the start of production from the well, which is currently scheduled for December 2026.

Work is also planned on the Ntorya-1 wellhead, while Ntorya-3 is intended to target the Ntorya-Central area.

Further wells may subsequently be drilled as part of the development programme.

Ntorya-Madimba Pipeline Scheduled for December Completion

The pipeline connecting Ntorya with the Madimba Gas Processing Plant is scheduled for completion in December 2026.

According to Tanzania’s national petroleum company, approximately 95% of pipelaying and infilling work has been completed.

Completion of the pipeline is intended to provide the infrastructure required to transport gas from Ntorya to the Madimba processing facility.

The current schedule therefore provides for the commencement of gas production from Ntorya in December 2026, subject to completion of the planned development and infrastructure work.

Development Programme Extends Into 2027

The agreed programme covers revised activities during 2026 and provisional spending and development plans for 2027.

Gross expenditure of up to $75 million is planned across the period as ARA Petroleum Tanzania and Aminex progress wells and associated development work at Ntorya.

Aminex is an oil and gas company focused on natural gas exploration and development in Tanzania. Through its wholly owned subsidiary Ndovu Resources, the company holds an interest in the Ntorya gas field under the Ruvuma Production Sharing Agreement.

Renishaw (LSE:RSW) reported revenue of £815.8 million for the financial year ended 30 June 2026, an increase of 14%, while adjusted profit before tax rose 32%.

The precision measurement and manufacturing technology group said demand from the semiconductor and aerospace and defence markets contributed to the increase in revenue during the year.

Adjusted operating margin increased to 18.7%, while return on invested capital reached 17.5%.

Renishaw ended the financial year with cash of £291.0 million and proposed increases to both its ordinary dividend and a special dividend.

All Three Segments Report Operating Profit Growth

Renishaw said each of its three business segments recorded growth in operating profit during the year.

Position Measurement and Specialised Technologies reported increases in their operating margins, with the company citing semiconductor demand and higher sales of additive manufacturing systems among the factors affecting performance.

Renishaw also reported increased demand for products used in semiconductor manufacturing associated with artificial intelligence applications.

Additive Manufacturing Sales Increase

The company recorded higher sales of additive manufacturing systems during the financial year.

Renishaw said newer product areas, including additive manufacturing and advanced metrology systems and software, also contributed to trading during the period.

The group reported its highest quarterly performance of the year during the fourth quarter and said its order book had increased.

Cash Reaches £291 Million

Renishaw finished the year with £291.0 million in cash despite an increase in working capital.

The company continued to invest in research and development and manufacturing operations during the period. Most of its research and development and manufacturing activities are based in the UK, with additional operations in Ireland and India.

Renishaw supplies precision measurement and manufacturing technologies across APAC, EMEA and the Americas. Its products include industrial metrology systems, position measurement equipment, encoders and additive manufacturing systems.

BTG Consulting plc (LSE:BTG) has acquired Hornbeam CPAM Limited, a Milton Keynes-based property and asset management business, for total consideration of up to £4.0 million.

Hornbeam, which employs 13 people, will become part of BTG Eddisons, the group’s real estate advisory division.

The acquired business generates annual revenue of £1.9 million and pre-tax profit of £0.6 million. Its activities include property and asset management, with a focus on industrial properties and institutional clients.

BTG to Pay £2 Million Initial Consideration

The acquisition includes initial consideration of £2.0 million, comprising a combination of cash and newly issued BTG shares.

A further consideration of up to £2.0 million may become payable under performance-based earn-out arrangements. BTG said the additional consideration would be funded from its existing resources.

Management expects the acquisition to be immediately earnings-enhancing.

BTG also expects the transaction to expand its relationships with institutional property investors and provide opportunities to offer additional BTG Eddisons services to Hornbeam’s existing clients.

BTG Issues 313,059 New Shares

As part of the transaction, BTG is issuing 313,059 new ordinary shares.

Admission of the new shares to trading on AIM is expected on 28 September 2026.

Following admission, BTG will have 161,800,700 ordinary shares in issue, with total voting rights of 161,687,735.

Hornbeam to Join BTG Eddisons

Hornbeam’s property management operations and contracted revenues will be incorporated into BTG Eddisons.

BTG Consulting provides financial and real estate advisory services, with BTG Eddisons serving institutional investors, fund managers and other property clients.

The group pursues growth through a combination of organic development and acquisitions across its advisory operations.

Great Western Mining (LSE:GWMO) has completed a 23-hole reverse circulation drilling programme totalling approximately 8,500 feet at its Defender Tungsten Project in Nevada.

The programme targeted scheelite-bearing, skarn-hosted tungsten mineralisation between the historic Defender and Pine Crow mines across a strike length of approximately one kilometre.

Great Western said geological logging and shortwave ultraviolet inspections identified multiple broad intercepts of scheelite-bearing skarn at the Defender Hill, Dough God and Pine Crow target areas.

Laboratory assays are pending and will be required to determine the grades associated with the observed mineralisation.

Drilling Targets One-Kilometre Strike Area

The drilling programme was designed to investigate tungsten mineralisation between the historic mine workings and follows earlier surface channel sampling conducted at the project.

According to Great Western, observations from the latest drilling are consistent with its geological model for mineralisation extending from surface to depth.

The company has not yet reported assay results from the 23-hole campaign.

Samples Sent for Laboratory Analysis

All samples from the drilling programme have been dispatched to an accredited laboratory for analysis.

Great Western intends to use the assay results as part of work towards a maiden Mineral Resource Estimate for the Defender project.

Addison Mining Services has been appointed to prepare the Mineral Resource Estimate.

The results will provide additional information on the grade, distribution and extent of tungsten mineralisation encountered during the drilling programme.

Great Western Focuses on Nevada Mineral Projects

Great Western Mining Corporation is a mineral exploration and development company listed on AIM, Euronext Growth and OTCQB.

The group is focused on mineral projects in the US, with current exploration activity including tungsten-bearing skarn targets in Mineral County, Nevada.

Its Defender Tungsten Project covers an area between historic tungsten mine workings at Defender and Pine Crow.

Portmeirion (LSE:PMP) reported a 1.9% decline in first-half revenue to £36.4 million, while its headline loss before tax widened to £4.5 million as the homewares group continued to invest in its Elevated transformation programme and the onshoring of production to Stoke-on-Trent.

Performance varied across the group’s markets during the period. Portmeirion reported revenue growth in the US, Malaysia and other international markets, while revenue declined in the UK, South Korea and its non-core Wax Lyrical business.

The company is continuing to restructure its operations and invest in its brands as part of the Elevated programme.

Portmeirion Raises £17.2 Million in Equity

During the period, Portmeirion completed a £17.2 million equity fundraising and reduced net debt to £6.2 million.

The group also secured a new £36 million asset-based lending facility.

Management described the resulting financial position as a “fortress” balance sheet and said the funding would support operational restructuring and investment in the group’s brands.

Group Changes Manufacturing Model

Portmeirion is moving towards what it describes as a demand-led factory model as part of changes to its manufacturing operations.

The company is also continuing the onshoring of production to Stoke-on-Trent and has expanded into Türkiye.

Changes to the group’s management team have also been made as Portmeirion implements its transformation programme.

Management Targets Return to Growth in 2027

Portmeirion said its current priorities include investment in the business rather than dividend payments.

Management aims to stabilise trading during 2026 and is targeting a return to growth in 2027. The company noted that its outlook remains subject to macroeconomic and political uncertainty.

Portmeirion is also progressing a corporate rebrand to Spode Group PLC.

The group owns homewares brands including Spode, Portmeirion, Royal Worcester and Wax Lyrical and sells tableware and related products across the UK, US, Asia and other international markets.

Critical Mineral Resources (LSE:CMRS) has reported assay results from 21 diamond drill holes at its Agadir Melloul copper-silver-gold project in central Morocco, including an intercept grading 10.24% copper and 5,390 grams per tonne silver.

The result was recorded in drill hole BH 174 over an interval of 0.2 metres.

According to the company, the latest drilling has extended near-surface stratiform copper-silver mineralisation eastwards within Zone 1 and towards Zone 2.

Critical Mineral Resources is carrying out delineation and infill drilling as part of work intended to support a Mineral Resource Estimate for the project.

BH 174 Returns 10.24% Copper and 5,390 g/t Silver

Among the results reported from the 21 holes, BH 174 intersected 0.2 metres grading 10.24% copper and 5,390 g/t silver.

Critical Mineral Resources said results from holes 174 and 175 may indicate the presence of a separate fault-controlled silver-bearing structure associated with a north-northwest trending fault.

The company is treating the possible structure as an additional exploration target alongside the sediment-hosted copper mineralisation at Agadir Melloul.

Further exploration will be required to establish the extent and characteristics of the structure.

Drilling Supports Mineral Resource Work

Recent drilling at Agadir Melloul has focused on delineation and infill work as Critical Mineral Resources progresses towards a Mineral Resource Estimate.

Thousands of samples are currently undergoing laboratory analysis, according to the company.

Additional assay results from drilling targeting sediment-hosted copper mineralisation are expected in the coming weeks. The company intends to use the drilling and assay data to further define the mineralisation and inform future planning for the project.

Critical Mineral Resources Focuses on Morocco

Critical Mineral Resources PLC is a mineral exploration company focused on copper, silver and gold.

Its Agadir Melloul project is located in the Western Anti-Atlas region of central Morocco and covers a licence area of approximately 65 square kilometres.

Exploration at the project is targeting mineralisation associated with early Cambrian and Infracambrian marine sedimentary units.

Ingenta (LSE:ING) reported revenue of £5.1 million for the first half of 2026, slightly below the prior-year period, as growth in its Commercial division was offset by lower Content revenue and foreign exchange movements.

Gross margin declined to 48%, while adjusted EBITDA was £0.7 million.

The publishing software and services provider ended the period with cash balances of £4.6 million and no debt. Recurring revenue represented 92% of total revenue during the first half.

Ingenta maintained its interim dividend at 1.75 pence per share and said it remains on track to meet its full-year adjusted EBITDA expectations.

Ingenta Secures More Than £2 Million of Multi-Year Contracts

During the first half, Ingenta secured more than £2 million of new multi-year contracts across its product lines.

The contract wins included agreements with a US record label and a US university publisher.

The company said it continues to have a sales pipeline heading into the second half of the year.

FirstAida Acquisition Expands AI Activities

Ingenta is also developing artificial intelligence capabilities through internal initiatives and the acquisition of FirstAida, which was completed after the end of the reporting period.

The acquisition expands Ingenta’s activities into legal and rights management markets and adds to its existing publishing-focused operations.

The company is developing AI-related tools alongside its existing software and managed services products for publishers and other rights holders.

Ingenta Provides Publishing Software and Services

Ingenta is a UK-based provider of software and services to the publishing industry.

The group operates through two principal revenue streams. Ingenta Commercial provides publishing management and intellectual property systems for print and digital publishing as well as markets including music, television and film.

Ingenta Content provides technology that enables publishers to manage, distribute and monetise digital content online.

The group’s services include managed services, intellectual property management and software tools for publishers and related rights holders.

NeoTerra Group (LSE:TERA) has agreed an extension of its debt facility with Catalyse Capital Limited to 30 October 2027, while retaining the facility’s fixed interest rate of 15%.

Under the revised terms, NeoTerra will pay a £50,000 reprofiling fee. Catalyse Capital’s existing right to convert the debt into shares has also been cancelled and replaced with 25 million warrants exercisable over a two-year period.

The extension provides the company with an additional year before the facility’s revised maturity date.

Conversion Right Replaced With 25 Million Warrants

As part of the amended financing arrangement, Catalyse Capital will no longer have the right to convert the debt facility into NeoTerra shares.

Instead, the lender will receive 25 million warrants, which can be exercised during a two-year period.

The facility will continue to carry a fixed annual interest rate of 15%, alongside the £50,000 fee associated with the reprofiling.

NeoTerra Advances Monte Muambe Programme

NeoTerra said it is using existing cash resources to advance its fluorspar programme at the Monte Muambe project in Mozambique.

The company is also progressing its rare earths activities with support from the U.S. Trade and Development Agency.

NeoTerra’s portfolio covers several critical raw materials, including rare earths, fluorspar, gallium and copper-silver.

NeoTerra Holds Projects in Mozambique and Botswana

NeoTerra Group is a London Main Market-listed exploration and development company focused on critical raw materials projects in Africa.

Its Monte Muambe project in Mozambique contains rare earths, fluorspar and gallium and is covered by a 25-year mining licence. Work on the project is also supported by a U.S. Trade and Development Agency grant.

The company’s portfolio additionally includes the Sesana copper-silver project in Botswana.