Category: Market News

AG Barr (LSE:BAG) reported annual profits ahead of market expectations on Tuesday and signalled stronger revenue growth in the year ahead, supported by expansion in the energy and health drinks segments that helped absorb slightly higher costs linked to the Middle East conflict.

The Scottish beverage producer, known for Irn-Bru, posted adjusted pretax profit of £65.8 million for the financial year ended January 31. That represents a 12.5% increase from the previous year and slightly exceeds the £65.4 million consensus forecast compiled by LSEG.

Group revenue increased 4% to £437.3 million, while adjusted earnings per share reached 44.24 pence.

AG Barr also reported an adjusted return on capital employed of 20.4% and an adjusted operating margin of 14.8%.

“This was a year of significant strategic progress in which we also delivered on our targeted financial metrics,” CEO Euan Sutherland said. “We have strengthened the foundations of the business and stepped up our investment in brand development, commercial capability and our operations to ensure we can consistently sustain high levels of performance.”

The results highlight the company’s ongoing shift toward faster-growing beverage categories. Over the past year, AG Barr sold its Strathmore water brand and redirected the proceeds toward energy and wellness products. As part of that strategy, the company acquired Frobishers Juices, adding a fruit juice label to a portfolio that already includes Boost energy drinks and the Rubicon juice brand.

Looking ahead, Sutherland said AG Barr expects revenue to grow by a low double-digit percentage in the 2026/2027 financial year, marking a clear acceleration from the 4% increase recorded in the most recent year.

The company added that it aims to “consistently deliver” annual revenue growth of at least 4%, maintain operating margins between 14% and 16%, and achieve a return on capital employed in the range of 19% to 21% over the long term.

Regarding the broader economic backdrop, AG Barr said the ongoing Middle East conflict has had only a limited direct impact on its operations, mainly through higher energy costs. The company noted that it has no direct revenue exposure to the region.

Pantheon Infrastructure PLC (LSE:PINT) delivered solid results for the 2025 financial year, with net asset value rising to £611m, equivalent to 130.4p per share. The company generated a NAV total return of 14.4%, supported by underlying portfolio growth of 15.5% on invested capital.

The investment trust also increased its total dividend to 4.346p per share and improved cash dividend cover to 1.1x. Strong share price performance helped narrow the discount to NAV, with market capitalisation rising to £508m following a 26.8% total shareholder return during the year.

During the period, the company continued executing its strategy of capital recycling and value realisation. It agreed a conditional sale of its stake in U.S. power producer Calpine, marking the trust’s first realisation since its initial public offering. Pantheon Infrastructure also completed a new investment and partial realisation in Intersect Power, committing £30m to the renewable energy platform.

The trust now has £620m invested or committed across a diversified portfolio of infrastructure assets. In addition, it retains approximately £120m of available liquidity, supported by an extended revolving credit facility running through to 2029. Management believes this financial flexibility positions the company to benefit from structural demand across digital and energy infrastructure sectors while maintaining a progressive dividend policy and a defensive profile amid macroeconomic volatility.

Despite the strong reported profits and portfolio performance, the company’s outlook is somewhat constrained by persistently negative operating and free cash flow. However, technical indicators remain supportive, with the share price showing an upward trend across key moving averages. Valuation also appears attractive, with a relatively low price-to-earnings ratio and a dividend yield of around 3.9%, further supported by the recent uplift in NAV.

More about Pantheon Infrastructure PLC

Pantheon Infrastructure PLC is a London-listed closed-ended investment trust providing investors with access to a global portfolio of infrastructure assets through direct co-investments. Its portfolio spans sectors such as digital infrastructure, power and utilities, renewable energy, energy efficiency, and transport and logistics. The trust focuses on assets with long-term contracted cash flows, inflation-linked revenues and conservative leverage. It is managed by Pantheon, a private markets specialist known for its diversified and defensive investment approach in infrastructure.

Anpario (LSE:ANP) delivered a strong performance in 2025, reporting revenue growth of 24% to £47.2m while profit before tax rose 54% to £8.0m. The results were supported by improved gross margins and solid cash generation across the business.

Growth during the year was driven in part by the first full-year contribution from U.S.-based Bio-Vet, alongside 12% like-for-like sales growth across Anpario’s existing operations. The company also benefited from strong demand for its higher-margin natural feed additives across key markets in the Americas, Europe and Asia.

The improved financial performance allowed the group to increase its total dividend by 11%, reflecting confidence in the strength of its cash flow and long-term growth strategy. Management highlighted that the results reinforce Anpario’s shift toward premium, sustainable animal nutrition products, even as the business navigates ongoing geopolitical and logistical challenges affecting global supply chains.

From an investment perspective, Anpario’s outlook is supported by strong financial performance and positive corporate developments. Technical indicators also suggest a favourable trend, while the company’s valuation appears reasonable relative to its growth profile. The absence of additional earnings call details does not materially affect the overall positive outlook.

More about Anpario

Anpario plc is an independent producer of natural and sustainable feed additives designed to improve animal health, nutrition and biosecurity in global agricultural markets. The company’s product portfolio includes higher value-added solutions such as Orego-Stim and Optomega Algae, which target improved animal performance and welfare. Anpario has also expanded its presence in the United States and broadened its species coverage through the acquisition of Bio-Vet Inc.

Jubilee Metals (LSE:JLP) reported a strong first half for FY2026, with copper production increasing 8.7% to 1,543 tonnes as operational improvements and expansion projects supported higher output. The company also reported a significantly improved safety performance during the period.

The improved results were driven in part by the Roan concentrator upgrade, which is now fully operational, while expansion work at the Molefe Mine progressed despite weather-related interruptions. Financial performance strengthened considerably, with copper revenue rising 70.5% to $14.1m and gross profit climbing to $3.1m. Group EBITDA returned to positive territory with a profit of $2.0m.

Jubilee invested $11.8m in capital expenditure across its Zambian copper operations during the period. The group also reported a net cash position of $11.5m, supported by proceeds from the disposal of its South African assets. Those disposals helped reduce debt and provided funding to support the company’s strategic shift toward expanding its Zambian copper platform.

Following the reporting period, the company continued advancing its Large Waste Project acquisition and secured additional supplies of higher-grade copper ore. Construction of new concentrate dewatering facilities at Roan is also nearing completion, a development expected to increase copper cathode production at the Sable refinery by more than 100 tonnes per month.

Jubilee said its full-year copper production guidance of 4,500 to 5,100 tonnes is currently under review due to heavy rainfall, changes to the mine plan at Molefe and a short delay in commissioning the new dewatering infrastructure. Despite these near-term challenges, management highlighted that the streamlined asset base, unencumbered processing plants and deferred consideration still to be received from the South African asset sale provide financial flexibility as the company builds an integrated copper platform in Zambia.

However, the company’s broader outlook remains constrained by underlying financial pressures. Recent financial performance has deteriorated significantly, with falling revenues, negative profitability and continued negative free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD signal, although oversold conditions may provide some short-term support. Valuation metrics offer limited reassurance as the company remains loss-making and does not currently provide a dividend yield.

More about Jubilee Metals Group

Jubilee Metals Group is an integrated copper producer and resource development company focused on Zambia following the sale of its South African chrome and platinum group metals operations. The group operates the Roan concentrator, the Sable refinery and the Molefe Mine, and is transitioning from a processing-led model toward a resource-backed mining strategy centred on scalable, low-cost copper production.

Severfield (LSE:SFR) said it expects underlying profit before tax of around £10.2m for the 2026 financial year, broadly in line with current market expectations. The company also anticipates net debt of approximately £28m by year-end, which would come in significantly better than consensus forecasts and leave roughly £39m of headroom within its financing facilities.

The group reported a UK and Europe order book of £438m, while its Indian operations have reached a record order book of £331m. Expansion work at its Gujarat facility remains on schedule. However, softer market conditions and increasing pricing pressure—particularly across the UK and European markets—have pushed the start of several major projects into the latter part of FY27.

Looking ahead, Severfield now expects underlying profit before tax for FY27 to fall within the range of £12m to £15m. The guidance reflects a cautious outlook as the company navigates macroeconomic and geopolitical uncertainty, delayed project mobilisation and ongoing pricing challenges across key markets.

New management has begun implementing a strategic review aimed at strengthening the business and improving long-term performance. As part of this process, the group has already taken steps to exit its non-core Modular Solutions division. Meanwhile, remediation work on bridge projects is continuing, with substantial insurance recoveries expected to offset associated costs.

Management believes these measures will help safeguard margins, maintain operational utilisation and support longer-term growth, particularly in the Indian market where demand for structural steel solutions remains strong.

Despite these strategic efforts, Severfield’s outlook remains constrained by declining revenues and weaker profitability. While some technical indicators and corporate developments offer limited positives, valuation metrics and liquidity pressures continue to weigh on investor sentiment. The company’s relatively high dividend yield and alignment of management incentives with shareholder interests nevertheless provide some potential support for future improvement.

More about Severfield

Severfield is the UK’s leading structural steel specialist, providing design, fabrication and construction services across a wide range of sectors including industrial, commercial, stadia, leisure, data centres, retail, healthcare, education, nuclear, power and transport. The company operates six production facilities with an annual capacity of around 150,000 tonnes and employs approximately 1,800 people. In India, Severfield participates in the growing structural steel market through a joint venture with JSW Steel.

Avacta (LSE:AVCT) has dosed the first patient in its Phase 1 FOCUS-01 clinical trial evaluating FAP-Exd (AVA6103), a Gen Two pre|CISION-based exatecan peptide drug conjugate designed to treat selected advanced solid tumours. The trial is being conducted at three specialist oncology centres in the United States.

The study follows a recent £10 million fundraising that extended the company’s cash runway into early 2027. FOCUS-01 is expected to enrol around 144 patients and will employ AI-assisted tumour selection together with a Bayesian dose-escalation framework. The trial aims to deliver initial safety, pharmacokinetic and early efficacy data later this year, marking an important milestone in the development of Avacta’s targeted oncology pipeline and further validation of its tumour-activated drug platform.

The trial will focus on cancers including pancreatic, cervical and vulvar, gastric and gastroesophageal junction, and small cell lung cancer. Patient selection is supported by gene-expression analysis from Tempus AI, which is being used to identify tumours where fibroblast activation protein (FAP) expression aligns with potential sensitivity to topoisomerase I inhibition.

The study will also test two different dosing schedules while evaluating a sustained-release mechanism designed to increase drug concentration within tumours while limiting exposure to healthy tissue. If successful, AVA6103 could expand the clinical and commercial potential of Avacta’s pre|CISION platform beyond its lead candidate AVA6000 and strengthen the company’s position in the emerging class of exatecan-based targeted therapies.

Despite the clinical progress, Avacta’s outlook remains constrained by financial pressures. The company continues to report losses and lacks significant commercial partnerships, which increases funding risk as its pipeline advances. Technical indicators for the stock also remain weak, and valuation metrics are challenged by negative earnings and the absence of dividend income.

More about Avacta Group plc

Avacta Group plc is a clinical-stage biotechnology and life sciences company focused on developing innovative cancer treatments. Its proprietary pre|CISION platform is designed to activate potent peptide drug conjugates within the tumour microenvironment using fibroblast activation protein (FAP). This approach aims to deliver highly effective therapeutic payloads directly to solid tumours while minimising systemic toxicity and improving dosing flexibility for patients.

Quantum Data Energy PLC (LSE:QDE) said its wholly owned 8.1 MW Pyebridge flexible generation facility delivered strong operational results in the first quarter of 2026, producing approximately 3.3 GWh of electricity. This represented a 61% increase compared with the same period a year earlier, reflecting growing demand for flexible generation capacity as renewable energy supply remains intermittent.

Over the 12 months to March 2026, the Pyebridge site generated around 12 GWh of electricity. The asset achieved average annual revenues of roughly £285,000 per MW, with electricity sold at an average price of £126 per MWh. The facility operated for approximately 12 hours per day on average, highlighting strong utilisation levels and significant performance above prevailing wholesale power market prices.

The company also confirmed that the ongoing conflict involving Iran has not materially affected its operations. Management noted that the UK has limited gas supply exposure to the region and that electricity forward markets have adjusted to higher gas costs. According to the company, this environment resembles conditions during the Ukraine war, which previously supported strong trading conditions for gas-fired flexible generation assets.

Quantum Data Energy believes these dynamics reinforce the resilience of its business model and support its strategy of scaling its portfolio toward an initial target of 300 MW of flexible generation capacity. The company is also positioning its assets to support rising electricity demand from AI data centres and other power-intensive infrastructure.

Despite strong operational performance at Pyebridge, the company’s outlook remains constrained by underlying financial challenges. Quantum Data Energy continues to report operating losses and negative operating and free cash flow, while leverage has increased. Technical indicators also suggest a sustained downward trend in the share price, with only mild signs of oversold conditions. Valuation offers limited support, as the company’s losses make traditional P/E metrics less meaningful and no dividend yield is available.

More about Quantum Data Energy PLC

Quantum Data Energy PLC is a UK-based developer, owner and operator of flexible generation power assets. The company specialises in modular gas-fired generation solutions designed to provide responsive power to the UK grid and energy-intensive applications such as AI data centres. Leveraging expertise in infrastructure planning, grid connectivity and gas access, the company aims to expand its flexible generation portfolio and establish itself as a leading AI-focused energy infrastructure platform on the London Stock Exchange.