Category: Market News

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 (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 (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 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 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.

Likewise Group plc (LSE:LIKE) has agreed to acquire the freehold of a new 60,000-square-foot high-bay distribution facility in Corby for £9.57 million, strengthening the infrastructure supporting its expanding UK flooring business. Completion of the acquisition is expected on 21 August 2026, with the new hub scheduled to become operational in January 2027.

The Corby facility will provide additional storage, cutting and trunking capacity across the Likewise Floors Logistics Network. The investment forms part of the group’s wider strategy to increase operational scale, improve distribution capabilities and provide the capacity required to serve a growing customer base across the UK.

The acquisition comes alongside continued positive trading momentum. Likewise reported that sales revenue increased 23.9% year-on-year during July, while like-for-like sales for the year to date were 18.3% ahead of the comparable period. Management also indicated that order intake and invoicing remained strong during the opening days of August.

Likewise said continued backing from shareholders and its principal banking partners is providing the financial flexibility needed to pursue its expansion strategy. Increasing the scale of its logistics infrastructure is expected to strengthen the company’s position within the UK flooring distribution market while supporting its relationships with manufacturing partners, independent retailers and flooring contractors.

The broader outlook is supported by improving cash generation and positive share price momentum, with the stock trading above key moving averages and MACD remaining positive. However, valuation represents a significant constraint due to a particularly high price-to-earnings multiple, while thin operating and net margins and slowing revenue growth remain factors that could limit financial performance.

More about Likewise Group plc

Likewise Group plc is a UK flooring distributor supplying floor coverings and related products through its Likewise Floors Logistics Network. The company primarily serves independent flooring retailers and contractors and works with manufacturing partners to provide nationwide distribution, product availability and customer service. Its growth strategy is focused on expanding logistics capacity, increasing market penetration and developing a larger presence within the UK flooring sector.

H-Power plc (LSE:HPOW) has appointed Canaccord Genuity as a joint corporate broker as the company strengthens its capital markets advisory network. Canaccord Genuity will work alongside existing brokers Peel Hunt and Zeus, providing H-Power with additional support as it develops its engagement with investors on the London Stock Exchange’s AIM Market.

The expanded broking team comes as H-Power works towards the commercial rollout of its ammonia-based hydrogen production and fuel cell generator technologies. Strengthening its advisory relationships could support broader investor communication and access to capital as the company seeks to convert its technology portfolio and commercial pipeline into sustained revenue growth.

H-Power is targeting industries where reducing carbon emissions remains particularly challenging, including industrial operations, transportation and off-grid power generation. Its technology combines decentralised ammonia cracking with hydrogen fuel cell generators, providing a potential alternative to conventional hydrogen supply infrastructure and diesel-powered generation.

The company’s financial position nevertheless remains challenging. Weak revenue performance, persistently negative margins and continued cash consumption indicate an ongoing requirement for external funding as commercialisation progresses. Technical indicators also remain under pressure, with the shares trading below key moving averages and MACD in negative territory. H-Power’s relatively low level of debt provides some balance sheet support, although traditional valuation measures remain difficult to apply while earnings are negative and no dividend yield is available.

More about H-Power plc

H-Power plc, formerly AFC Energy, is a UK-based developer of ammonia-powered low-carbon hydrogen production and hydrogen-to-power technologies. Its decentralised ammonia cracker and fuel cell generator systems are designed to provide scalable hydrogen and clean off-grid power for industrial, transport and power generation applications.

The company’s modular ammonia cracker technology can produce approximately 0.5 to 4 tonnes of hydrogen per day at the point of use, while its 30 kW and 200 kW fuel cell generators are designed as alternatives to diesel generation in temporary and off-grid power applications. Headquartered in Dunsfold, Surrey and listed on AIM, H-Power is focused on commercialising its core technologies and converting its opportunity pipeline into contracted orders and recurring revenue.