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Category: Market News

  • Sylvania Platinum FY26 PGM Output Reaches Record 95,885 Ounces as Revenue More Than Doubles

    Sylvania Platinum FY26 PGM Output Reaches Record 95,885 Ounces as Revenue More Than Doubles

    Sylvania Platinum (LSE:SLP) reported record 4E platinum group metals production of 95,885 ounces for FY2026, supported by output from its dump operations and the ramp-up of the Thaba Joint Venture.

    The Thaba JV also produced 50,317 tonnes of attributable chrome concentrate during the financial year.

    Sylvania commissioned a centralised PGM filtration plant and new tailings facilities during the period. The company also progressed its Aurora Project, including a 4,000-metre drilling programme.

    Revenue Rises to $226.3 Million

    Net revenue more than doubled year on year to $226.3 million, while EBITDA increased to $114.2 million.

    Net profit reached $66.4 million, with the company attributing the year-on-year improvement in financial performance partly to a higher PGM basket price.

    Sylvania ended the period with cash of $67.2 million and no debt.

    The group declared a total dividend of six pence per share for the financial year and also carried out share buybacks.

    Sylvania Targets Up to 95,000 PGM Ounces in FY27

    For FY2027, Sylvania is targeting PGM production of up to 95,000 ounces and chrome production of up to 140,000 tonnes.

    These figures represent the company’s current production targets and remain subject to operational performance during the financial year.

    Sylvania Platinum Operations

    Sylvania Platinum is an AIM-listed producer of platinum group metals and chrome in South Africa.

    Its operations include the Sylvania Dump Operations and the Thaba Joint Venture, with activities covering tailings retreatment and concentrate production. Its portfolio also includes the Aurora exploration project.

    The company continues to invest in infrastructure including tailings facilities and filtration capacity alongside its exploration and development activities.

  • Alumasc FY26 Revenue Falls 6% as Order Book Rises 56% in Early FY27

    Alumasc FY26 Revenue Falls 6% as Order Book Rises 56% in Early FY27

    Alumasc (LSE:ALU) reported a 6% decline in revenue to £107.1 million for the year ended 30 June 2026, as lower commercial construction demand and project delays affected trading.

    Underlying profit before tax declined to £10.0 million, while the group’s margin was 10.5%.

    Performance varied across Alumasc’s three divisions. Housebuilding Products revenue increased 16%, while Building Envelope maintained revenue at the prior year’s record level.

    Water Management revenue declined, reflecting the absence of a major airport contract that contributed to the previous year’s results.

    Alumasc Maintains Dividend and Renews Bank Facilities

    Alumasc maintained its dividend at the prior year’s record level and reported low leverage during the period.

    The group also renewed its banking facilities on what it described as improved terms. Alumasc said the financing provides capacity for investment in production, international expansion and measures intended to increase supply-chain resilience.

    Early FY27 Revenue Rises 5%

    Trading during the early part of FY27 showed a 5% year-on-year increase in revenue, while Alumasc’s order book was 56% higher than at the comparable point a year earlier.

    The company attributed the order-book increase partly to new airport projects. Cost savings from restructuring within Water Management are also expected to contribute to margins.

    The board expects margins to improve, although management remains cautious about near-term levels of UK construction activity.

    Alumasc Reports Leadership Changes

    The group also underwent management changes during the year. Paul Hooper retired as chief executive in March after a long tenure with the company.

    His successor, Pamela Bingham, left Alumasc in August. Vijay Thakrar is serving as interim executive chair, supported by the group’s executive directors.

    Alumasc Group Operations

    Alumasc supplies building products, systems and related solutions through its Water Management, Building Envelope and Housebuilding Products divisions.

    The company’s products address areas including water management, energy efficiency and other building requirements. More than 80% of sales are linked to building regulations and specifications, according to the company.

    Alumasc has also expanded the number of products carrying Environmental Product Declarations, with these products accounting for approximately one-third of group revenue.

  • Everplay H1 Revenue Falls 8% as Company Raises Full-Year Outlook

    Everplay H1 Revenue Falls 8% as Company Raises Full-Year Outlook

    Everplay (LSE:EVPL) reported an 8% year-on-year decline in revenue to £66.9 million for the first half of 2026, while adjusted EBITDA also fell as the games developer and publisher prepared for a larger second-half release schedule.

    The company attributed the first-half performance to the absence of major new releases and increased investment ahead of planned launches during the remainder of the year.

    Back-catalogue sales were supported by a portfolio of more than 150 titles, while operating cash conversion increased to 128%. Everplay ended the period with cash of £57.1 million.

    The company said its cash position provides capacity for continued organic investment and potential acquisitions.

    New Releases Support Second-Half Trading

    Everplay reported increased activity following the end of the first half, including the releases of Hell Let Loose: Vietnam and Wardogs. The company said the titles have generated record sales and player numbers, although specific comparative figures were not provided in the supplied information.

    StoryToys, Everplay’s children’s edutainment business, recorded a 43% increase in revenue, supported by higher subscriber and download metrics.

    The group also increased its investment in Super Media Group and appointed a Chief Growth Officer as part of changes to its leadership team.

    Everplay declared an interim dividend for the period.

    Everplay Raises 2026 Expectations

    Following its second-half releases and subsequent trading, Everplay said it now expects full-year 2026 revenue and adjusted EBITDA to be materially ahead of current market expectations.

    The revised guidance represents management’s current expectation and remains subject to trading during the remainder of the financial year.

    Everplay Group Operations

    Everplay operates through its Team17, Astragon and StoryToys divisions.

    Team17 develops and publishes video games and works with independent developers, while Astragon focuses on simulation games. StoryToys develops children’s educational and entertainment applications.

    The group’s portfolio includes titles and franchises such as Hell Let Loose, Worms, Wardogs, Overcooked!, Construction Simulator and Police Simulator, alongside children’s applications including LEGO Bluey and Disney Coloring World.

  • MJ Gleeson FY26 Revenue Rises 12.1% as Adjusted Profit Declines

    MJ Gleeson FY26 Revenue Rises 12.1% as Adjusted Profit Declines

    MJ Gleeson plc (LSE:GLE) reported a 12.1% increase in group revenue to £410.0 million for the year ended 30 June 2026, while adjusted profit before tax fell by approximately half.

    The housebuilder completed 1,968 homes during the financial year. The group recorded a statutory loss for the period, with results affected by lower margins and reduced activity in its Gleeson Land division.

    MJ Gleeson also reduced its total dividend for the year as part of measures intended to preserve balance sheet capacity.

    The company said its Project Transform programme delivered operational improvements during the period, while it also tightened its land pipeline.

    Gleeson Homes Starts FY27 With 848-Plot Order Book

    Gleeson Homes entered the new financial year with a forward order book of 848 plots, slightly higher than at the same point a year earlier.

    Average selling prices increased 3.8% during FY26, while the company reported higher reservation rates, partly supported by partnership agreements.

    Management said subdued housing market conditions, planning constraints and cost inflation are expected to affect the pace of margin recovery. The group nevertheless expects its FY27 results to be in line with current market expectations.

    Gleeson Land Reports Operating Loss

    Gleeson Land completed fewer transactions during the financial year as developers remained cautious and planning uncertainty continued. The division reported an operating loss for the period.

    Its portfolio increased to 82 sites with the potential to provide 22,749 residential plots.

    Gleeson Land acquires and promotes land through the planning process before seeking to sell consented sites to residential developers.

    MJ Gleeson Operations

    MJ Gleeson operates through Gleeson Homes and Gleeson Land.

    Gleeson Homes develops residential properties across the Midlands and North of England, with a focus on lower-priced housing. Its developments include properties ranging from one-bedroom apartments to five-bedroom houses.

    The company aims to price a proportion of its homes at levels affordable to households earning the National Living Wage.

  • Wickes H1 Revenue Rises 2.1% as Design & Installation Sales Increase 5.7%

    Wickes H1 Revenue Rises 2.1% as Design & Installation Sales Increase 5.7%

    Wickes Group (LSE:WIX) reported a 2.1% increase in revenue to £865.3 million for the 26 weeks ended 27 June 2026, while adjusted profit before tax rose 1.1% to £27.6 million.

    The home improvement retailer reported the increases despite product price deflation and higher costs during the period.

    Retail revenue increased 0.8%, supported by higher volumes, while Design & Installation revenue rose 5.7% as project activity increased.

    Wickes ended the period with net cash of £151.6 million. The company increased its interim dividend by 2.8%.

    TradePro Sales Rise 5%

    Wickes said its retail market share increased during the first half, while Design & Installation recorded its fifth consecutive quarter of revenue growth.

    The number of active TradePro members reached 671,000, with sales through the programme increasing 5% during the period.

    The company also continued its store refit programme and plans for additional locations as it works towards its longer-term target of 300 stores. Wickes currently operates 229 stores.

    Investment in the group’s digital operations also continued during the period. The company has additionally undertaken a campaign focused on tool theft affecting trade customers.

    Wickes Reports Faster Retail Growth in Early Q3

    Wickes said its trading trend improved during the early part of the third quarter, with retail like-for-like revenue growth increasing to the mid-single-digit percentage range.

    The company also plans to implement a productivity programme during the second half and expects to benefit from lower business rates.

    Management expects its customer proposition across the DIY and trade markets to support its aim of outperforming the wider market, although the company noted continued uncertainty in the consumer environment.

    Wickes Group Operations

    Wickes is a UK home improvement retailer serving DIY customers and independent tradespeople through its store network and digital channels.

    Its operations include retail products for building and decorating, the TradePro programme for tradespeople and Design & Installation services covering areas including kitchens, bathrooms and home energy efficiency.

  • Afentra H1 Revenue Reaches $91 Million as Net Cash Stands at $28.4 Million

    Afentra H1 Revenue Reaches $91 Million as Net Cash Stands at $28.4 Million

    Afentra (LSE:AET) reported revenue of $91 million for the first half of 2026 after crude oil liftings of approximately one million barrels, while net average production was 5,777 barrels of oil per day.

    Following the end of the reporting period, the company completed a further lifting in July valued at approximately $38 million.

    Afentra ended June with cash of $97.4 million and net cash of $28.4 million. The company has hedged approximately half of its remaining forecast oil sales for 2026 as well as a portion of expected 2027 volumes.

    Afentra Secures $125 Million Prepayment Facility

    During the period, Afentra secured a $125 million prepayment facility with Gunvor, of which $70 million has been drawn. The company said the facility reduced its cost of debt.

    Afentra also completed a $40 million equity placing, which was described as heavily oversubscribed, alongside a £2 million retail offer.

    The financing is intended to support the company’s drilling and redevelopment activities across its Angolan portfolio.

    Afentra Advances Blocks 3/05 and 3/05A Programme

    Operational activity continued on Afentra’s multi-year redevelopment programme covering offshore Blocks 3/05 and 3/05A. Work included infrastructure upgrades, increased water injection and well interventions.

    At Pacassa SW, the company reported an oil discovery with substantial net oil pay. Afentra said the well will require a sidetrack completion.

    The Impala-1 well was returned to production, while preparations continued for Impala-2, which is targeting production of approximately 4,000 barrels per day. Hydraulic workovers are also planned for early 2027 as part of efforts to increase recovery.

    Afentra Progresses Etu Acquisition and Kwanza Exploration

    Afentra continued work towards completing its acquisition of Etu, which is expected to increase its equity interests in Blocks 3/05 and 3/05A.

    The company also received the formal award of the KON4 licence in Angola’s onshore Kwanza basin.

    In Kwanza, Afentra completed an eFTG geophysical survey, began seismic work and identified multiple exploration leads, including prospects near the Quenguela Norte field.

    Afentra is an AIM-listed upstream oil and gas company with production and development interests in offshore Angola and exploration interests in the onshore Kwanza basin.

  • Mpac Group H1 Order Intake Rises 42.8% as Operating Profit Declines

    Mpac Group H1 Order Intake Rises 42.8% as Operating Profit Declines

    Mpac Group (LSE:MPAC) reported a 42.8% year-on-year increase in order intake to £77.8 million for the first half of 2026, while revenue from original equipment and services declined slightly to £71.0 million.

    The engineering and packaging automation group ended the period with an order book of £80.5 million.

    Underlying operating profit declined during the first half, which the company attributed to margin pressure from price competition and delays in customer investment decisions.

    Services revenue increased 7.1% during the period, with the company reporting that margins in the segment remained at higher levels than those experienced elsewhere in the business.

    Lambert Sale Generates £16 Million

    Following the end of the reporting period, Mpac completed the sale of its Lambert business for gross proceeds of £16 million.

    Net debt stood at £54.0 million at the half-year end and had declined to £43.5 million by August, following the disposal proceeds and subsequent cash movements.

    The company has also terminated the lease on a US facility as part of measures intended to reduce costs.

    Mpac said its project pipeline was larger and developing at a faster rate than at the same stage last year. The group subsequently reported an order book of £82.5 million, which management said provides revenue coverage for the second half.

    Mpac Maintains Full-Year Outlook

    Mpac said trading since it lowered its expectations in June has been in line with the board’s forecasts, and its full-year outlook remains unchanged.

    The company said customer decision-making globally remained slow, while competitive pricing continued to affect margins. Mpac also identified uncertainty surrounding the effect of new US tariffs on Canadian goods as a factor affecting visibility over the timing of a wider market recovery.

    The group remained within its debt covenants and said it continues to focus on working capital management.

    Mpac Group Operations

    Mpac designs, manufactures and supports automation and packaging machinery for customers in the food and beverage and healthcare sectors.

    The group operates through brands including BCA, Langen, Switchback and CSi and provides original equipment and aftermarket services covering areas such as assembly, case packing and palletising. Its operations serve customers across approximately 80 countries.

  • Kistos H1 Pro-Forma EBITDA Reaches $205 Million as Production Rises to 20,800 Boepd

    Kistos H1 Pro-Forma EBITDA Reaches $205 Million as Production Rises to 20,800 Boepd

    Kistos (LSE:KIST) reported first-half 2026 pro-forma EBITDA of approximately $205 million, with production reaching 20,800 barrels of oil equivalent per day.

    The energy company attributed its financial performance in part to commodity prices and higher production. Kistos operated on a fully unhedged basis during the period.

    Cash and near-cash resources increased to $259 million, while adjusted net debt declined to $23 million ahead of the completion of the group’s acquisitions in Oman.

    Kistos Maintains Full-Year Production Guidance

    Kistos reported stable production across its portfolio during the period and maintained its full-year pro-forma production guidance of between 19,000 and 21,000 barrels of oil equivalent per day.

    In Norway, the group sanctioned the Balder Next New Wells project. Kistos also reported a reserves replacement ratio of 120% following development activity across its portfolio.

    The company completed its acquisition of Oman Blocks 3&4 and expects to complete its Block 9 transaction. It has also undertaken refinancing of bonds at the holding-company level.

    The Oman transactions form part of Kistos’ plans to expand its upstream portfolio.

    Kistos Operations

    Kistos is a London-listed independent energy company with upstream oil and gas interests in Norway, the UK, the Netherlands and Oman.

    The group also operates a gas storage business and has activities spanning upstream production and midstream infrastructure.

  • Eagle Eye Solutions ARR Rises 31% as Net Cash Reaches £16.1 Million

    Eagle Eye Solutions ARR Rises 31% as Net Cash Reaches £16.1 Million

    Eagle Eye Solutions (LSE:EYE) reported a 31% increase in annual recurring revenue excluding the NRS contract to £44.5 million for the year ended 30 June 2026, according to its audited full-year results.

    SaaS revenue excluding NRS also increased 31%, with recurring SaaS revenue accounting for 85% of group revenue. The company had previously lost the NRS contract.

    Year-end net cash increased 31% to £16.1 million.

    Eagle Eye Secures 13 Major Customer Wins

    Eagle Eye reported 13 major customer wins across three continents during the financial year, including new airline and global brand customers.

    New annual recurring revenue generated in the US increased six-fold to £2.7 million. The company’s global OEM partnership also moved into commercial deployment during the period.

    Revenue from EagleAI, the group’s AI-based offering, increased 35% to £7.8 million.

    Eagle Eye said margins improved during the second half of the financial year. Management expects the company to return to double-digit revenue and EBITDA growth in FY27.

    The group is also targeting medium-term revenue of £100 million and an EBITDA margin of 30%. These figures remain management targets rather than forecasts of achieved performance.

    Eagle Eye Solutions Operations

    Eagle Eye provides cloud-based loyalty and promotions technology for customers across sectors including retail, grocery, hospitality and travel.

    Its API-based platform is used to deliver personalised offers and manage loyalty programmes. According to the company, its technology currently executes more than 1.8 billion offers each week and manages over 810 million loyalty wallets.

    The group’s products include loyalty and promotions capabilities alongside EagleAI, which applies artificial intelligence to customer personalisation.

  • IP Group H1 NAV Rises 3.2% as Pfizer Obesity Royalty Asset Reaches £152 Million

    IP Group H1 NAV Rises 3.2% as Pfizer Obesity Royalty Asset Reaches £152 Million

    IP Group (LSE:IPO) reported a 3.2% increase in net asset value per share to 113.9 pence for the first half of 2026, with total NAV reaching £1 billion.

    The investment group ended the period with £239 million in cash and generated £68.7 million from exits, exceeding the amount realised during the whole of 2025. It invested £30 million during the first half.

    IP Group also appointed former 3i chief executive Michael Queen as chair during the period.

    Pfizer Obesity Royalty Asset Valued at £152 Million

    Changes in the valuation of IP Group’s royalty interest linked to Pfizer’s berobenatide obesity programme contributed to the increase in NAV.

    The company valued the royalty asset at £152 million following clinical developments in the programme. These included reported positive clinical data and the progression of a berobenatide and amylin combination into Phase 2b development.

    Pfizer is also undertaking a ten-study Phase 3 programme and is targeting a potential launch in 2028, according to the information provided by IP Group.

    Across IP Group’s wider portfolio, companies raised £543 million from third-party investors during the period. Portfolio companies also reported developments across areas including quantum computing, autonomous mobility, cystic fibrosis and other therapeutic programmes.

    IP Group maintained its target of achieving £250 million in exit realisations by 2027.

    IP Group Expands Third-Party Capital Activities

    The group continued developing its third-party capital operations during the first half, including progress on a managed-account relationship with Aberdeen.

    It also launched an A$50 million Climate Catalyst Fund backed by Australia’s Clean Energy Finance Corporation and reported additional capital raised through Parkwalk.

    Following the end of the reporting period, IP Group said NAV per share had increased to approximately 117 pence. The fair value of its Oxford Nanopore holding increased by £26.4 million, while year-to-date cash proceeds reached £85.8 million.

    IP Group Portfolio

    IP Group is a UK-listed investment company focused on science and technology businesses across HealthTech, DeepTech and CleanTech.

    The group invests directly from its balance sheet and manages third-party capital through partnerships and investment vehicles, including Parkwalk and climate-focused funds. Its portfolio includes equity and royalty interests in companies and technologies at different stages of development.