ADVFN UK Market News

Category: Market News

  • Standard Life H1 Operating Profit Rises 25% as Group Pursues £2 Billion Aegon UK Deal

    Standard Life H1 Operating Profit Rises 25% as Group Pursues £2 Billion Aegon UK Deal

    Standard Life plc (LSE:SDLF) reported a 25% increase in IFRS adjusted operating profit to £563 million for the first half of 2026, alongside higher cash generation and assets under administration.

    Operating cash generation increased 6% to £745 million, while total cash generation rose 15% to £900 million. Assets under administration increased 5% to £333 billion.

    The company also reported improved margins in its pensions business and cumulative run-rate cost savings of £210 million. Standard Life said these results leave the group on track to meet its 2026 financial targets.

    The group nevertheless recorded an IFRS loss after tax during the period and reported a reduction in its Solvency II surplus.

    Standard Life is also pursuing a proposed £2 billion acquisition of Aegon UK. The company said the transaction would make it the largest participant in the UK pensions and savings market on a pro forma basis.

    Separately, Standard Life has established a new partnership to expand its UK pension risk transfer operations, with up to £2 billion of initial capital available. The arrangement is intended to increase its capacity to participate in larger pension scheme de-risking transactions.

    The company expects the Aegon UK transaction to increase its fee-based earnings, while the pension risk transfer partnership is designed to expand its Retirement Solutions capacity.

    Standard Life expects excess cash generation to increase after 2026, with capital available for potential growth opportunities and shareholder returns.

    More about Standard Life plc

    Standard Life plc (LSE:SDLF) is a UK retirement savings and income provider with £333 billion of assets under administration.

    The group operates fee-based Pensions and Savings businesses alongside its capital-utilising Retirement Solutions operation. Its activities include workplace and retail pensions, savings and annuity products, as well as pension risk transfer transactions involving defined benefit schemes.

    Standard Life’s strategy includes cost reductions, balance sheet management and investment in its pensions and retirement businesses.

  • KEFI Suspends Tulu Kapi Development After Fatal Security Incident

    KEFI Suspends Tulu Kapi Development After Fatal Security Incident

    KEFI Gold and Copper (LSE:KEFI) has suspended development activities at its Tulu Kapi Gold Project in Ethiopia following a security incident on 4 September 2026 that resulted in multiple fatalities.

    According to the company, those killed included security personnel, members of the local community and one KEFI employee.

    Prior to the incident, development work at Tulu Kapi had been progressing across several areas, including construction of a new access road, power connection works and equipment procurement. The company was also carrying out phased community resettlement and compensation activities aligned with IFC Performance Standards.

    The project had been scheduled to achieve first gold production in mid-2028.

    Following the incident, KEFI suspended all project development activities and said it is engaging with community representatives as well as Ethiopian and regional authorities regarding the conditions required for work to restart safely.

    The company said development activities will not resume until adequate security measures are in place.

    KEFI is also deferring further project financing drawdowns during the suspension. The company said it has sufficient capital reserves and standby facilities to cover its anticipated requirements while activities remain halted.

    The impact of the suspension on the Tulu Kapi development schedule has not yet been determined.

    More about KEFI Gold and Copper plc

    KEFI Gold and Copper plc is an exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield, with assets in Ethiopia and Saudi Arabia.

    Its principal Ethiopian asset is the Tulu Kapi Gold Project, where development activities have included mine infrastructure, power connections, equipment procurement and community resettlement.

  • Concurrent Technologies H1 Revenue Rises 10% as Order Intake More Than Doubles

    Concurrent Technologies H1 Revenue Rises 10% as Order Intake More Than Doubles

    Concurrent Technologies (LSE:CNC) reported revenue of £23.2 million for the six months ended 30 June 2026, up 10% year-on-year, while profit before tax increased 19% to £3.2 million.

    The company said growth was recorded across both its Products and Systems operations during the first half.

    Order intake more than doubled to £46.9 million. This included a contract worth approximately £17 million with a European customer, which Concurrent Technologies described as the largest contract in its history.

    Year-to-date orders have subsequently exceeded £68 million, increasing the company’s order backlog and providing additional visibility over future revenue.

    Concurrent Technologies is expanding manufacturing capacity at its Colchester operations. The company also reported improving margins within its Systems business as previously secured design wins progress into production.

    The group said it is managing supply chain risks by securing key components, including DRAM, as it works to meet its order commitments.

    Concurrent Technologies has also expanded its Systems capabilities following the acquisition of Phillips Aerospace.

    Based on its year-to-date order intake and current pipeline, the board now expects full-year 2026 revenue and profit to be ahead of current market expectations. The company noted that macroeconomic and industry-related challenges remain.

    More about Concurrent Technologies

    Concurrent Technologies Plc designs and manufactures embedded computer cards and systems for long-life, high-performance applications.

    Its Intel-based products are used in telecommunications, defence, security, telemetry, scientific and aerospace markets, including applications requiring operation in harsh environments. The company designs its products to comply with industry specifications and embedded operating systems.

  • Gulf Marine Services H1 Loss Reaches $14.8 Million After Gulf Conflict Disruptions

    Gulf Marine Services H1 Loss Reaches $14.8 Million After Gulf Conflict Disruptions

    Gulf Marine Services (LSE:GMS) reported a net loss of $14.8 million for the six months ended 30 June 2026, compared with a profit of $3.9 million a year earlier, after conflict in the Gulf disrupted vessel operations during the period.

    The company said four vessels were temporarily evacuated as a result of the conflict, contributing to fleet utilisation of 75%. Adjusted revenue declined 3% year-on-year to $84.1 million, while adjusted EBITDA fell 14% to $43.8 million.

    GMS recorded impairment charges of $22.7 million relating to property and equipment, while gross profit declined to $2 million. Adjusted net profit was approximately half the level reported in the corresponding period of 2025.

    The company’s shareholder distribution policy remains on hold.

    Average day rates increased 7% during the period. GMS also acquired a new mid-class vessel, increasing its operated fleet to 15 vessels.

    Net leverage increased to 1.75x, remaining below the company’s target of 2.0x.

    GMS is pursuing additional business in Latin America and has entered into a vessel management agreement in Africa. The company reported a secured backlog of $659 million by mid-August.

    The group maintained its full-year 2026 adjusted EBITDA guidance of between $105 million and $115 million. The guidance is conditional on there being no renewed escalation of military conflict in the Gulf.

    More about Gulf Marine Services

    Gulf Marine Services PLC is a London-listed provider of self-propelled, self-elevating support vessels for the offshore energy industry.

    Founded in Abu Dhabi in 1977, the group operates a fleet of 15 vessels and has offices in the United Arab Emirates, Saudi Arabia, Qatar and the United Kingdom. It is also expanding its activities into Latin America and Africa.

    The company’s vessels support offshore oil, gas and energy projects, with revenue generated through fleet utilisation, day rates and charter contracts. GMS also provides third-party vessel management services.

  • Tertiary Minerals Extends Mineralisation at Mushima North Discovery Zone

    Tertiary Minerals Extends Mineralisation at Mushima North Discovery Zone

    Tertiary Minerals (LSE:TYM) has reported analytical results from seven Phase 4 infill drill holes at the Discovery Zone of its Mushima North Project, with all seven holes intersecting near-surface silver-copper-zinc mineralisation.

    The results include an intersection of 82 metres grading 53 g/t silver equivalent and a higher-grade interval of 22 metres grading 105 g/t silver equivalent.

    According to the company, the latest drilling extends the known mineralisation at depth and provides additional information within the existing near-surface Exploration Target.

    Several of the drill holes ended in mineralisation, with intersections extending below the current Exploration Target envelope. Tertiary Minerals said this indicates that the mineralised system remains open at depth.

    The company is also evaluating the potential transition from oxide to sulphide mineralisation below the areas tested to date. This deeper potential remains untested.

    Drilling also intersected bismuth, antimony and cobalt in addition to the principal silver, copper and zinc mineralisation. The supplied results do not establish whether these accessory metals can be economically recovered.

    Further laboratory results from the drilling programme are expected in the coming weeks.

    More about Tertiary Minerals

    Tertiary Minerals plc is an AIM-listed mineral exploration company focused on silver, copper and zinc projects.

    Its portfolio includes the Mushima North Project in Zambia, where the company is exploring for polymetallic mineralisation in an Iron-Oxide-Copper-Gold region near the historic Kalengwa copper-silver mine.

    The company is carrying out exploration at the Discovery Zone with the objective of defining mineral resources compliant with JORC reporting standards.

  • SigmaRoc H1 EBITDA Rises 11% as Net Debt and Leverage Decline

    SigmaRoc H1 EBITDA Rises 11% as Net Debt and Leverage Decline

    SigmaRoc (LSE:SRC) reported revenue of £523.1 million for the first half of 2026, an increase of 2.5%, while underlying EBITDA rose more than 11% to £131.2 million.

    The European lime and minerals group recorded a 200-basis-point increase in its underlying EBITDA margin. Underlying earnings per share increased 12.2% compared with the prior-year period.

    Net debt declined 7.2%, while covenant leverage improved to 1.66x. Return on invested capital increased to 11.8%.

    Operationally, core volumes rose 1% during the period, while the company said pricing remained firm. SigmaRoc attributed its margin performance to commercial and operational measures alongside cost controls.

    The group also secured permits covering an additional 64 million tonnes of high-grade limestone resources in Sweden. SigmaRoc reported an AAA ESG rating during the period.

    On financing, the company put in place a new investment-grade facility and accordion, increasing the funding available for potential acquisitions.

    SigmaRoc said trading remained resilient despite geopolitical tensions in the Middle East, citing its range of end markets and flexible cost structure.

    The company reported that trading in the seasonally stronger second half was running ahead of the comparable period last year. The board reiterated its expectation that full-year 2026 results will be in line with market expectations.

    Management identified energy transition, defence and data infrastructure as areas contributing to demand across markets served by the group.

    More about SigmaRoc

    SigmaRoc is a quoted European lime and minerals group producing lime and limestone-based products for a range of industrial and construction applications.

    Its products are used in areas including construction, environmental remediation, battery production and other industrial projects. The group operates a portfolio of mineral assets and pursues growth through acquisitions alongside operational and cost-efficiency measures.

  • XP Factory Revenue Rises 3% in FY26 as Adjusted EBITDA Falls to £5.5 Million

    XP Factory Revenue Rises 3% in FY26 as Adjusted EBITDA Falls to £5.5 Million

    XP Factory PLC (LSE:XPF) reported underlying group revenue of £59.6 million for the year ended 29 March 2026, up 3%, while pre-IFRS 16 adjusted EBITDA declined to £5.5 million amid higher labour costs and lower demand in the competitive socialising market.

    Net debt increased to £5.9 million. During the period, the group secured a new £20 million revolving credit facility with HSBC to support its funding and capital allocation requirements.

    The owner-operated Escape Hunt business recorded an 11% increase in revenue to £15.8 million, with UK like-for-like sales rising 4.6%. Site-level EBITDA margins were 42%. The division added locations in Canterbury and Sheffield as part of its estate expansion.

    Owner-operated revenue at Boom Battle Bar increased 2% to £42.8 million. UK like-for-like sales declined 8%, while site-level EBITDA margins decreased to 17%. The company said the performance was recorded against a declining experiential leisure market.

    Trading following the year-end was affected by unusually warm and dry weather, which the company said reduced demand for indoor venues. XP Factory said trading conditions have subsequently normalised.

    The group reported that December business-to-business bookings were running 15% ahead of the prior year, providing an early indication of demand for the Christmas trading period.

    XP Factory has implemented £1 million of reductions in head-office costs and identified more than £2 million of annualised savings at site level.

    The company is continuing to expand the Escape Hunt estate, with several new locations planned during 2026. Its longer-term objective is to operate 100 owner-operated sites across the UK and Ireland.

    Chairman James van den Bergh described FY26 as a year of resilience rather than progress. The board remains cautious about the timing of a recovery in consumer demand as the group enters FY27 with a reduced cost base and continues to assess opportunities within the experiential leisure market.

    More about XP Factory PLC

    XP Factory PLC is a UK-based experiential leisure group operating the Escape Hunt and Boom Battle Bar brands.

    Escape Hunt provides escape-room experiences through owner-operated UK locations, international franchises and digital games, serving consumer and corporate customers.

    Boom Battle Bar operates owner-operated and franchised competitive socialising venues offering activities including augmented reality darts, axe throwing and crazier golf, alongside food and drinks.

  • Ashmore AuM Rises 13% to $54 Billion as Profit Before Tax Increases 17%

    Ashmore AuM Rises 13% to $54 Billion as Profit Before Tax Increases 17%

    Ashmore Group (LSE:ASHM) reported a 13% increase in assets under management to US$54.0 billion for the year ended 30 June 2026, supported by net inflows and investment performance across emerging markets.

    The asset manager recorded net inflows of US$2.7 billion during the year. Equities represented 19% of total assets under management, while assets in alternative strategies increased 25%. Ashmore said 16% of group assets are now managed through its local offices.

    The company reported that a majority of assets under management in its active strategies outperformed their respective benchmarks over one-, three- and five-year periods. Flows were recorded across fixed income, equities and alternatives.

    Profit before tax increased 17% to £126.9 million despite lower performance fees, while diluted earnings per share rose 28%. The results included £82.5 million of gains from seed capital investments.

    Ashmore maintained its dividend for the year.

    The company also entered into a strategic partnership with Japan Post Insurance, which includes a US$1 billion commitment. Ashmore said the arrangement forms part of its efforts to develop its business and client relationships in Japan.

    Management said emerging markets continue to be supported by factors including economic fundamentals and moderating inflation, while noting ongoing geopolitical tensions.

    More about Ashmore Group PLC

    Ashmore Group plc is a London-based specialist emerging markets asset manager offering active investment strategies across fixed income, equities and alternatives.

    The company serves institutional and retail clients globally and operates in local markets including Colombia, Indonesia and India. It also has an established presence serving clients in Japan.

  • Grainger Reiterates 35% Earnings Growth Target as Occupancy Remains Above 96%

    Grainger Reiterates 35% Earnings Growth Target as Occupancy Remains Above 96%

    Grainger (LSE:GRI) reiterated its target of delivering 35% earnings growth between FY25 and FY29 after reporting portfolio occupancy above 96% for the 11 months to the end of August 2026.

    The private rental housing provider reported like-for-like Build to Rent rental growth of 3%, in line with its guidance, alongside continued demand across its portfolio.

    Grainger said leasing at recently launched developments, including Glasshouse Square in Bristol, was running ahead of its underwriting assumptions.

    The company also said it has adapted its operations to the new Renters’ Rights Act and has not recorded an increase in tenant departures or rent challenges following the changes.

    Grainger’s earnings growth target is supported by three committed Build to Rent developments and its wider secured development pipeline. The company has received planning permission for a 425-home development at Cambridge North.

    Alongside its development programme, Grainger is pursuing an accelerated disposal programme covering approximately £850 million of non-core assets.

    The group is targeting a £300 million to £350 million reduction in net debt by FY29 and is also seeking additional cost savings. These measures are intended to offset the impact of higher interest costs as the company works towards its FY29 earnings target.

    More about Grainger

    Grainger plc is a U.K.-listed provider of private rental housing and operates in the Build to Rent sector. Its portfolio comprises more than 11,000 rental homes.

    The company develops and manages rental communities and works with infrastructure and transport organisations, including Network Rail and Transport for London, on developments in urban locations.

  • PetroTal Year-to-Date Production Runs 3% Above Budget as Peru Royalty Terms Revised

    PetroTal Year-to-Date Production Runs 3% Above Budget as Peru Royalty Terms Revised

    PetroTal (LSE:TAL) reported average group production of 13,181 barrels per day for the year to date, approximately 3% above budget, while also securing revised royalty terms for incremental production at its Los Angeles field in Peru.

    Group production averaged 11,709 barrels per day in August, with output primarily coming from the Bretana field.

    At Bretana, PetroTal completed a pulling campaign and workovers involving five wells. The programme included replacing pumps and tubing and increasing water injection capacity.

    The company plans to resume development drilling in October, with the Estrella drilling rig already at the site.

    In Block 131, PetroTal secured a revised price-linked royalty structure covering incremental production from the Los Angeles field. Royalty rates for production from deeper formations will be capped at 5%.

    As part of the revised arrangements, PetroTal will increase its contributions to the social fund and has committed to drilling two wells within two years.

    Separately, the company is retendering its erosion control project at Bretana after ending its arrangement with the previous contractor. PetroTal is continuing interim remediation work while preparing to restart construction under a new contract.

    The company has also updated its corporate presentation ahead of investor meetings in London.

    More about PetroTal Corp

    PetroTal Corp. is a Calgary-domiciled oil and gas development and production company with listings including LSE:TAL. Its operations are focused on onshore crude oil assets in Peru.

    The company’s principal producing asset is the Bretana Norte oil field in Block 95. PetroTal also operates the Los Angeles field in Block 131.