Category: Market News

Premier African Minerals (LSE:PREM) has secured approximately £550,000 before expenses through a direct subscription of 4 billion new ordinary shares priced at 0.01375 pence each. The capital will primarily be used to strengthen working capital and support ongoing activities at the Zulu Lithium and Tantalum Project in Zimbabwe, including mining operations, stockpiling, payments to key creditors and general corporate requirements.

The company said the fundraising is designed to ensure operational continuity at both Premier and the Zulu project while discussions continue with offtake partner Canmax Technologies regarding an extension to the existing Long Stop Date. The new shares are expected to be admitted to trading on AIM on or around 3 August 2026, increasing the company’s total issued share capital to just over 50 billion shares. As a result, shareholders may see changes to their voting interests and disclosure obligations under FCA regulations.

Management reiterated that its priority remains progressing the Zulu project towards stable commercial production. The additional funding is expected to support preparations for the next production and optimisation phase once an updated operating schedule has been agreed. Premier also confirmed that it will provide further updates once negotiations with Canmax have concluded or if any significant developments occur, highlighting the importance of the Zulu project to the company’s long-term strategy.

Premier’s investment outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses and continued cash outflows, although its relatively modest debt levels provide some support. Technical indicators suggest limited short-term stabilisation but continue to point to a broader long-term downward trend, with the share price remaining below its 200-day moving average. Valuation also remains challenging as the company is loss-making and does not currently offer a dividend.

About Premier African Minerals

Premier African Minerals Limited is a multi-commodity mining and natural resources company focused on developing projects across Southern Africa. Its portfolio includes the RHA Tungsten Mine and the Zulu Lithium and Tantalum Project in Zimbabwe, alongside interests in rare earth elements, gold and other strategic minerals in Zimbabwe and Mozambique. The company manages a mix of advanced development projects and earlier-stage exploration assets.

Listed on AIM under the ticker PREM, Premier African Minerals is focused on supplying critical minerals that play an important role in battery technologies and industrial applications. The Zulu Lithium and Tantalum Project represents the company’s principal development asset and is expected to play a central role in its future commercial production and long-term growth strategy.

Nichols (LSE:NICL) reported continued growth during the first half of 2026, with group revenue rising 4.7% to £89.5 million and adjusted operating profit increasing 3.7% to £14.1 million. Revenue growth was delivered across all business divisions, while statutory operating profit jumped more than 35% as exceptional ERP-related costs recorded in the previous year did not recur. Strong gross margins and record operating cash flow also helped lift cash and cash equivalents to £66.2 million.

The UK Packaged division generated value growth through wider distribution, product innovation and stronger sales in the energy drinks and carbonates categories. International Packaged recorded double-digit revenue growth, supported by robust demand across Africa and a successful Ramadan trading period in the Middle East. Meanwhile, the Out of Home business achieved modest revenue growth through profitable customer wins in premium food venues and cinemas. The company also began benefiting from efficiency improvements linked to its ERP system rollout and the consolidation of its UK distribution network.

Reflecting its strong cash generation, Nichols increased its interim dividend by 34.7% to 20.2p per share after introducing a revised dividend policy that reduces dividend cover to 1.5 times adjusted earnings. The company also expanded its presence in the fast-growing functional beverages market through the launch of Myprotein Clear Whey Protein Water in partnership with THG, reinforcing its focus on innovation and adjacent growth opportunities.

Management said the business remains well positioned for sustainable long-term growth, supported by improving international margins as concentrate production shifts closer to customers in Africa and by a strong balance sheet that provides flexibility for future investment. The board left full-year guidance unchanged and reiterated confidence in delivering its medium-term financial objectives despite ongoing geopolitical and macroeconomic uncertainty.

Nichols’ outlook continues to be supported by strong profitability, healthy margins and a balance sheet with minimal debt. While technical indicators remain weaker, reflecting a broader downward share price trend and negative momentum, the company’s attractive valuation, solid dividend yield and recent operational progress provide positive support for the investment case.

About Nichols

Nichols plc is a diversified soft drinks company founded in 1908 and best known for its flagship Vimto brand. The group operates across three core divisions—UK Packaged, International Packaged and Out of Home—offering a broad portfolio of carbonated soft drinks, energy beverages, dispense solutions and functional drinks. Its products are sold across a wide range of international markets, with particularly strong positions in Africa and the Middle East.

The company continues to focus on expanding its branded drinks portfolio through innovation, strategic partnerships and wider distribution while increasing its exposure to faster-growing categories such as health, wellness and functional beverages. Supported by strong cash generation and a robust balance sheet, Nichols aims to deliver sustainable long-term growth while continuing to invest in its brands and enhance shareholder returns.

SDI Group (LSE:SDI) reported strong results for the year ended 30 April 2026, with revenue increasing 12.6% to £74.5 million, driven by a combination of organic growth and contributions from recently acquired businesses. Adjusted operating profit rose 16.1% to £11.6 million, while operating margins improved as the company benefited from healthy demand across its core markets and increasing collaboration between businesses within the group.

During the year, SDI continued to expand through acquisitions, completing the purchases of Severn Thermal Solutions and PRP Optoelectronics as part of its long-term buy-and-build strategy. The company also renewed its £25 million revolving credit facility, which includes a £15 million accordion option, providing additional financial flexibility to pursue future acquisition opportunities. Management said the group enters the new financial year with strong momentum, supported by a broader market presence, a growing pipeline of opportunities and a strategy designed to deliver sustainable long-term shareholder value.

While SDI’s financial performance and growth strategy remain key strengths, the company noted that technical market indicators continue to be less supportive and valuation appears more balanced. Continued revenue growth, successful acquisitions and positive operational performance provide a solid foundation for future expansion, although competitive market conditions and higher borrowing levels following acquisitions remain factors to monitor.

About SDI Group

SDI Group plc owns and operates a portfolio of specialist industrial and scientific technology businesses focused on laboratory equipment, sensing technologies and other niche instrumentation products. Its subsidiaries supply customers across a wide range of industries, including aerospace, defence, semiconductor manufacturing, precision engineering, life sciences, healthcare and astronomy.

The group’s strategy centres on acquiring profitable, specialist technology companies with established positions in their respective markets while allowing them to retain operational independence. SDI supports its businesses with financial resources, strategic guidance and opportunities for collaboration across the wider group, aiming to generate long-term growth through a combination of organic expansion and carefully selected acquisitions.

Mobico Group (LSE:MCG) reported audited results for the extended 15-month period ended 31 March 2026, with adjusted revenue increasing 5.9% year over year to £3.42 billion and adjusted operating profit rising to £231 million. The improvement was driven by strong trading at Alsa and the return of full rail services in Germany, although tougher competition in the UK coach market continued to pressure passenger volumes and ticket yields.

Statutory operating profit declined to £12 million after the business recognised a range of one-off non-cash items, including asset impairments and higher provisions. The group also reported a statutory loss before tax of £89.2 million. Despite these charges, Mobico maintained a stable covenant leverage ratio of 2.9x and ended the period with liquidity of £0.8 billion, supported by £242 million in net cash and an undrawn £600 million revolving credit facility.

Management said it had made further progress in simplifying the business, completing the disposal of NASB and National Express Transport Solutions while securing revised agreements with German public transport authorities that are expected to improve future EBITDA. The company is also continuing to monetise selected UK Bus assets ahead of franchising changes. During the reporting period, Mobico won 28 new contracts with annualised revenue of £109 million and a combined contract value of £682 million, highlighting continued momentum in new business.

Reflecting improved trading, Mobico increased its adjusted operating profit guidance for calendar year 2026 to between £215 million and £230 million. The company also reaffirmed its target of delivering £100 million in annualised operating cost savings while reducing capital expenditure to below £120 million by 2027. Although debt reduction remains a key priority, legacy liabilities continue to slow deleveraging efforts, prompting the group to work with advisers on strategic and financial initiatives aimed at accelerating balance sheet improvement. Further updates are expected later this year.

Mobico’s outlook remains influenced by ongoing financial challenges, including statutory losses, negative equity and inconsistent free cash flow generation. However, these concerns are partly balanced by improving operational performance, a more constructive earnings outlook driven by cost-saving initiatives and debt reduction plans, and gradually strengthening technical indicators. Valuation remains constrained while earnings remain negative.

About Mobico Group

Mobico Group is an international public transport operator providing bus, coach and rail services across the UK, the United States, continental Europe, North Africa and the Middle East. The company operates a combination of contracted and commercial passenger transport services through businesses including Alsa, UK Bus and Coach, German rail operations and a range of mobility services in the U.S.

Its portfolio includes urban and regional bus networks, long-distance coach services and rail operations, serving both public-sector transport authorities and commercial passengers. Mobico focuses on delivering reliable, efficient and sustainable transport solutions while competing across regulated and deregulated markets through operational expertise, broad network coverage and long-term transport partnerships.

Hargreaves Services (LSE:HSP) reported strong results for the year ended 31 May 2026, with revenue increasing 32.9% to £351.4 million and underlying profit before tax rising to £34.0 million, almost double the previous year’s figure. Statutory profit before tax reached £40.3 million, marking the company’s highest level in twelve years, while basic underlying earnings per share climbed 75% to 79.1p. The performance was supported by growth across the Services division, Hargreaves Land and its German joint venture.

The Services business recorded its fifth consecutive year of double-digit growth, benefiting from increased activity on major UK infrastructure projects and an expanding portfolio of more than 75 term and framework agreements. These contracts provide visibility over more than 70% of the division’s anticipated revenue for the coming financial year. Hargreaves Land also achieved a significant milestone by completing its first sales of renewable energy development sites, generating proceeds of £15.6 million and supporting a £20 million capital return to shareholders through a tender offer. Meanwhile, the German joint venture delivered stronger profits and cash generation, enabling the board to recommend a higher final dividend of 20.5p while maintaining the group’s debt-free balance sheet.

Hargreaves’ outlook continues to be supported by strong financial performance, healthy cash generation and a conservative balance sheet with no debt. Technical indicators also remain favourable, with the shares trading above key moving averages and momentum remaining positive. The company’s valuation is further strengthened by a relatively low price-to-earnings ratio and an attractive dividend yield. Management’s commitment to shareholder returns and continued operational momentum provides additional confidence, although progress at renewable energy developments and the zinc project remains subject to execution and timing risks.

About Hargreaves Services

Hargreaves Services plc is a diversified UK-based group operating across the environmental, infrastructure and property sectors, with activities spanning the United Kingdom, South East Asia and a joint venture in Germany. Its operations are organised into three core divisions: Services, which provides materials handling, engineering, logistics and earthworks for infrastructure, environmental and clean energy projects; Hargreaves Land, which develops brownfield land for residential, commercial and renewable energy uses; and HRMS in Germany, which specialises in commodity trading and steel recycling through its interest in DK Recycling und Roheisen.

The group has established a strong presence on major UK infrastructure projects, including HS2 and Sizewell C, and has recently secured additional work linked to the Lower Thames Crossing and engineering projects at Drax Power Station. Alongside its infrastructure activities, Hargreaves is expanding the value of its land portfolio through renewable energy developments while benefiting from improving profitability and cash generation at its German joint venture, supporting its long-term strategy of delivering sustainable growth and shareholder value.

Kooth (LSE:KOO) expects to report revenue of £30.8 million for the six months ended 30 June 2026, compared with £32.1 million in the same period last year. The modest decline reflects the planned reduction in California product development income and the impact of unfavourable foreign exchange movements. Despite lower revenue, adjusted EBITDA is forecast to increase significantly to between £5.0 million and £5.4 million, up from £1.6 million a year earlier, driven by strong engagement with its California programmes and the benefits of previous investment. Unaudited net cash also strengthened to £23.1 million.

The company reported continued progress during the fourth year of its California contract, where its Soluna platform has now reached 187,000 registrations. Kooth said the programme has received independent recognition from California state authorities and academic research and has also been included in Governor Gavin Newsom’s Children and Youth Behavioral Health Initiative. In the UK, the company is expanding its reach through a new integrated employment and mental health pathfinder programme in the West Midlands while also extending the rollout of Soluna to students. These initiatives support Kooth’s strategy of driving long-term growth through its State Alliance model and deeper partnerships with public health and education organisations.

Improved profitability and a stronger cash position, together with increasing recognition of its digital mental health platforms within government-backed programmes, further strengthen Kooth’s position in the sector. The company believes growing adoption by public-sector organisations provides a solid platform for future expansion ahead of the release of its full half-year results in September 2026.

Kooth’s outlook continues to be supported by strong financial quality, including a debt-free balance sheet and improving profitability, alongside an attractive valuation based on earnings. These strengths are partially offset by softer revenue and cash flow compared with 2024, while technical indicators suggest the shares may be approaching overbought levels despite maintaining a positive longer-term trend.

About Kooth

Kooth Plc is an AIM-listed provider of digital mental health services specialising in support for children, teenagers and young adults. The company delivers accessible online mental health platforms across the UK and several U.S. states, including California, Michigan and New Jersey, while continuing to expand services such as its Soluna platform into education and employment-focused programmes.

Operating within the growing digital healthcare sector, Kooth works with government agencies, healthcare providers, schools and community organisations to deliver preventative and accessible mental health support. Its strong financial position enables continued investment in product innovation, platform development and international growth.

Celebrating its 25th anniversary, Kooth continues to strengthen its role in publicly funded behavioural health initiatives. As its services become more deeply embedded within government-supported programmes, the company is expanding its presence as a long-term partner in improving youth mental health and supporting participation in education and employment.

Abingdon Health PLC (LSE:ABDX), a specialist in the development and manufacture of rapid diagnostic tests, has continued to strengthen its integrated contract development and manufacturing organisation (CDMO) and regulatory services business, providing customers with support from early-stage product development through to commercial manufacturing. Operating from facilities in York and Doncaster in the UK, alongside its U.S. site in Madison, Wisconsin, the company combines expertise in lateral flow diagnostics with regulatory and analytical services to help medical technology and in vitro diagnostics companies bring products to global markets.

For the 2026 financial year, Abingdon expects revenue to increase by 31% to £11.3 million, supported by a particularly strong second half in which revenue rose 63% compared with the first half. Growth was driven by higher contract development and research and development income. The company also reported adjusted EBITDA profitability during the second half, increased its cash balance to £2.9 million, and continued investing in both its Abingdon Analytical division and U.S. manufacturing operations. Management believes the business is well positioned for further progress in FY27, supported by previously secured CDMO contracts and the continued expansion of its international operations.

Although revenue momentum has improved significantly, the company’s outlook continues to be influenced by weaker financial quality, including ongoing losses, declining gross margins and negative operating cash flow. Technical indicators remain supportive, with the share price trading above key moving averages and momentum remaining positive, although a relatively high RSI suggests the shares may be approaching overbought territory in the near term. Valuation also remains constrained by negative earnings and the absence of a dividend yield.

About Abingdon Health PLC

Abingdon Health PLC is a UK-based medical technology services company specialising in the development, manufacture and regulatory support of rapid diagnostic tests and lateral flow assays for customers worldwide. Through its CDMO business, regulatory consulting divisions Compliance Solutions and IVDeology, and its Abingdon Analytical subsidiary, the group provides a comprehensive range of services covering assay development, analytical testing, regulatory compliance and commercial manufacturing. Its customers operate across sectors including infectious disease diagnostics, companion diagnostics, animal health and environmental testing.

Founded in 2008 and headquartered in York, England, Abingdon Health also operates laboratories in Doncaster and commercial and laboratory facilities in Madison, Wisconsin, expanding its presence in the U.S. diagnostics market. Its integrated service offering enables in vitro diagnostics and medical device companies to navigate regulatory approval processes across major markets, including the UK, Europe and the United States, with expertise spanning quality management systems, technical documentation, auditing, training and product performance evaluation.

Rockfire Resources (LSE:ROCK) has announced additional high-grade zinc and germanium drill results from its wholly owned Molaoi project in Greece as the company advances work to upgrade the deposit’s resource classification from Inferred to Indicated. Drill hole HMO-019 returned several significant mineralised intervals, including a standout germanium grade of 84.1g/t, while also extending zinc, silver and germanium mineralisation both down-dip and at greater depth.

According to management, the stronger grades recorded in HMO-019 compared with the previous drill hole could point to improving mineralisation at depth. If confirmed through further drilling, this has the potential to increase the size of the planned Indicated Resource and support the forthcoming feasibility study for an underground mining operation targeting zinc, silver, germanium and lead. Alongside the drilling programme, Rockfire is accelerating technical studies covering comminution, geotechnical analysis and ore-sorting, while awaiting assay results from HMO-020 and preparing for the arrival of a new drill rig in Athens later this year.

Despite encouraging exploration progress, the company’s outlook continues to be weighed down by weak financial fundamentals, including the absence of revenue, ongoing losses and sustained negative free cash flow. Technical indicators also remain unfavourable, with the shares trading below key moving averages and momentum remaining negative, although a near-oversold relative strength index offers some limited support. Valuation also remains challenging due to the company’s negative earnings.

About Rockfire Resources PLC

Rockfire Resources Plc is a London-listed mineral exploration company focused on gold, base metals and critical minerals. Its flagship asset is the high-grade Molaoi deposit in Greece, which contains zinc, lead, silver and germanium mineralisation. The company also owns exploration projects in Queensland, Australia, including the Plateau and Marengo prospects, where it is exploring for gold, copper and silver through farm-in agreements with ASX-listed partners.

The Molaoi project currently hosts a JORC Inferred Mineral Resource of 15.0 million tonnes grading 7.26% zinc, 1.75% lead and 39.50g/t silver, representing approximately 1.5 million tonnes of zinc-equivalent metal. In Australia, the Plateau project contains an inferred resource of 131,000 ounces of gold and 800,000 ounces of silver, while the Marengo prospect is located within a historic goldfield known for high-grade gold, silver and copper mineralisation.

Ecora Royalties PLC (LSE:ECOR) reported a strong second quarter for 2026, highlighting the earnings power of its producing critical minerals portfolio and reinforcing its strategy of increasing exposure to copper and other commodities linked to global electrification. Total portfolio contribution reached $19.0 million, representing an increase of around 60% from the same period last year and 54% compared with the first quarter. Net debt also declined significantly to $74.9 million from $124.6 million a year earlier, strengthening the company’s financial position and providing greater capacity for future royalty acquisitions.

The base metals portfolio remained the primary growth driver, generating $14.1 million and accounting for approximately 74% of total portfolio contribution. Performance was led by a record quarter from the Voisey’s Bay cobalt stream, where attributable cobalt volumes more than doubled and contribution climbed 270% as higher production coincided with stronger commodity prices. Copper streams from Mantos Blancos and Mimbula also delivered improved results, supported by expansion projects and commissioning activities. Elsewhere, specialty metals and uranium assets, including Maracás Menchen and Four Mile, recorded modest gains, while mining operations at the Kestrel steelmaking coal asset returned to Ecora’s private royalty area, providing an additional source of cash flow and further diversifying the company’s royalty portfolio.

Ecora’s investment outlook continues to be supported by strong financial fundamentals, including solid profitability, healthy cash generation and a conservatively managed balance sheet. Positive technical indicators, including the share price trading above key moving averages and favourable momentum signals, also support the outlook. While valuation appears balanced and the dividend yield remains relatively modest, management continues to highlight long-term opportunities in critical minerals, supported by ongoing deleveraging and portfolio growth despite near-term commodity price fluctuations and operational risks.

About Ecora Royalties PLC

Ecora Royalties PLC is a royalty and streaming company focused on critical minerals, with shares listed in London, Toronto and on the OTCQX market. Its portfolio is centred on copper and other commodities that are expected to benefit from long-term trends including electrification, renewable energy, infrastructure investment, digitalisation, robotics and energy security. The company concentrates on acquiring royalties and streams over mining assets operated by established producers in stable mining jurisdictions.

Ecora’s portfolio generates cash flow from a diversified mix of producing royalties and streams while offering additional organic growth through project expansion and development. The company follows a disciplined capital allocation strategy, aiming to strengthen shareholder returns while maintaining a robust balance sheet and expanding its exposure across base metals, specialty minerals and bulk commodities.

Breedon (LSE:BREE) delivered a 5% increase in first-half 2026 revenue to £857.9 million, supported by organic growth and acquisitions in Ireland and the United States, which helped offset continued weakness in Great Britain’s residential construction market. Underlying EBITDA remained broadly unchanged at £115.5 million, with strong trading in the U.S. and Ireland balancing margin pressure and lower ready-mixed concrete volumes in the GB business.

During the period, the group invested £110 million in strategic acquisitions, including Falling Springs in the United States and Booth in Ireland, expanding its aggregates operations in two key growth regions. Breedon reaffirmed its full-year 2026 guidance, reduced covenant leverage slightly to 2.1x despite an increase in net debt, and raised its interim dividend by 5%, reflecting management’s confidence in the company’s cash generation and long-term growth strategy despite varying demand across its markets.

The company also introduced its “Back British Cement” campaign, calling for fairer competitive conditions and stronger carbon border measures to support UK cement manufacturers. Management expects favourable trading conditions to continue in Ireland and the U.S., driven by infrastructure investment and growing demand from data centre developments. In contrast, Great Britain’s construction sector is forecast to experience a fifth straight year of declining volumes, reinforcing the company’s focus on operational efficiency and internal improvement initiatives.

Breedon’s investment case continues to be supported by stable financial performance, including consistent revenue growth and healthy operating cash flow, although higher leverage and mixed free cash flow conversion remain areas to monitor. Its valuation remains attractive, helped by a relatively low price-to-earnings ratio and a strong dividend yield, while technical indicators remain weaker as the share price trades below key moving averages and momentum indicators remain negative.

About Breedon

Breedon Group PLC is a vertically integrated supplier of construction materials, producing aggregates, asphalt, cement and ready-mixed concrete across Great Britain, Ireland and the United States. The company serves infrastructure and construction markets through an extensive network of quarries, production facilities and distribution operations, supported by substantial mineral reserves and ongoing investment in production capacity.

The group continues to expand its presence in Ireland and the United States, where long-term infrastructure spending and construction activity provide attractive growth opportunities. Its integrated business model enables Breedon to supply a broad range of essential building materials while maintaining a diversified geographic footprint across several resilient end markets.