Category: Market News

TruFin (LSE:TRU) has entered into an agreement to sell its 84.5% holding in mobile games publisher Playstack to VantageCo, a subsidiary of Integrated Media Company, in a transaction valuing the business at £125 million on an enterprise value basis. The disposal is expected to generate around £112.4 million in net cash proceeds for TruFin, including the repayment of an outstanding intercompany loan.

The proposed transaction represents a fundamental change of business under AIM regulations and will require shareholder approval at a general meeting scheduled for June. TruFin said investors representing more than 44% of the company’s share register have already indicated support for the deal.

Following completion of the sale, the group intends to return £70 million to shareholders, with the distribution expected to take place through a tender offer priced at 140p per share. TruFin will continue to retain majority ownership of its fintech businesses, Oxygen and Satago, after the transaction closes.

Management said the disposal delivers a substantial return on invested capital while significantly strengthening the company’s balance sheet and increasing flexibility for future acquisitions and growth initiatives. The transaction could also result in major shareholder Watrium AS increasing its holding above 50%, subject to approval from independent shareholders through a waiver process under the Takeover Code.

The company’s outlook continues to be supported by improving financial performance, including accelerating revenue growth, a move towards profitability and minimal debt levels. Valuation metrics remain relatively supportive, although technical indicators are more neutral, with limited momentum in the share price and trading levels close to shorter-term averages.

More about TruFin

TruFin plc is a London-listed holding company focused on building and scaling technology-driven businesses in niche financial and digital markets. The group operates across early payment provision, invoice finance and mobile games publishing through its portfolio companies and pursues growth through a combination of organic expansion and targeted acquisitions. TruFin joined London’s AIM market in 2018 under the ticker TRU.

Close Brothers (LSE:CBG) delivered a solid performance in the third quarter of its 2026 financial year, with profitability across its lending operations remaining resilient despite continued pressure from a softer property market and the planned reduction of certain premium finance portfolios. The specialist banking group reported a year-to-date net interest margin of 7.0%, while its loan book increased 1% to £9.3 billion.

The company said it is continuing to accelerate its transformation and efficiency programme, with annualised cost savings now expected to exceed £25 million. Adjusted operating expenses are also forecast to come in below previous guidance. Asset quality remained stable during the period, supported by a bad debt ratio of 0.8%, while capital levels stayed strong with a CET1 ratio of 14.3% and total capital ratio of 19.5%.

During the quarter, Close Brothers increased its provision related to the FCA’s motor finance consumer redress scheme to £320 million, including an additional £30 million charge recognised in the period. Despite the higher provision, management said the group’s capital position remains sufficiently robust to absorb the impact while continuing to invest in future growth initiatives.

The bank reiterated that it remains on track to meet full-year guidance during what it described as a transitional year for the business. Management emphasised the importance of balancing the financial impact of regulatory motor finance issues with maintaining strategic momentum and preserving balance sheet strength.

The company’s broader outlook continues to be affected by weaker recent financial performance, including declining revenue, reported losses and higher leverage levels, although these pressures have been partly offset by a recovery in operating and free cash flow. Technical indicators remain moderately supportive, with the share price trading above major moving averages and momentum measures remaining positive. However, valuation metrics continue to be constrained by negative earnings and the lack of dividend payments.

More about Close Brothers Group

Close Brothers Group is a UK-based specialist banking group focused on lending and deposit-taking services across the United Kingdom and Ireland. The company operates through a range of niche finance divisions, including motor finance, invoice finance, property finance and premium finance, and positions itself as a provider of disciplined, high-margin lending solutions that support businesses and consumers across the UK economy.

Investec (LSE:INVP) reported resilient unaudited combined results for the year ended 31 March 2026, delivering growth across key financial metrics despite a more challenging economic environment. Revenue increased 4.2% to £2.28 billion, while adjusted earnings per share rose 4.8% to 82.9p.

The specialist bank and wealth manager also recorded strong balance sheet growth, with net core loans climbing 9.6% to £35.5 billion and customer deposits increasing 8.7% to £44.7 billion. In Southern Africa, wealth funds under management advanced 15.4% to £27.0 billion. Investec said returns on equity remained within its target range, although operating costs edged higher during the year.

Management highlighted continued strategic investment across the business, particularly within its private client operations, as the group seeks to strengthen client relationships, improve operating leverage and expand capital-light revenue streams. Investec said these initiatives are designed to support long-term growth while enhancing the scalability of its wealth and banking franchises.

The group also increased shareholder distributions, declaring a higher total dividend of 38.5p per share and completing a £110 million share buyback programme. Capital levels remained robust, with CET1 ratios holding at around 13%.

Alongside its financial performance, Investec continued to advance its sustainability strategy, facilitating £3.1 billion in sustainable finance activity during the year and introducing additional sector-specific decarbonisation targets. Management reiterated its ambition to increase return on equity and return on tangible equity to approximately 16% and 18% respectively by 2030, with current investment spending expected to peak around FY2027.

The company’s broader outlook remains affected by weak operating and free cash flow generation despite solid profitability and an improved leverage profile. However, supportive valuation metrics, including a relatively low price-to-earnings ratio and strong dividend yield, combined with positive share price momentum and continued capital returns, provide offsetting support. Management noted that macroeconomic uncertainty and pressure on profitability remain ongoing considerations.

More about Investec

Investec is a specialist banking and wealth management group listed in both the UK and South Africa. The company provides lending, private banking, wealth management and investment services, with major operations in Southern Africa and the UK. Investec’s strategy focuses on growing capital-light, fee-based activities while maintaining strong capital ratios and expanding its private client and wealth management platforms.

Invinity Energy Systems (LSE:IES) has been appointed by Switzerland’s FlexBase Group to design a large-scale vanadium flow battery system for a new AI-focused datacentre and technology campus located in Laufenburg, on the border between Switzerland and Germany. The planned installation is expected to have a capacity of up to 1.5 GWh, with the potential to expand to 2.1 GWh, making it one of the largest flow battery projects ever proposed globally.

The battery system is intended to support renewable energy integration at the site while also providing grid balancing and stabilisation services. Construction on the wider FlexBase development began in 2025 and is already underway.

The project has now entered a multi-year engineering phase scheduled to run through 2026 and 2027. During this period, Invinity is expected to earn engineering-related revenues tied to milestone achievements, with a larger follow-on order for equipment anticipated after completion of the design stage.

The agreement further strengthens Invinity’s position in the long-duration energy storage market and builds on its experience delivering large-scale vanadium flow battery systems, including the UK’s largest installation of its kind. The company said the project highlights growing demand for safe, modular and long-life storage technologies capable of supporting energy-intensive digital infrastructure and renewable power networks.

Invinity’s broader outlook remains influenced by ongoing financial challenges, including substantial losses and negative cash flow generation. Technical indicators and valuation measures also remain weak, although recent strategic developments and project wins have provided more positive momentum. Management said successful execution of its commercial pipeline and improvement in financial performance will be key factors shaping the company’s longer-term prospects.

More about Invinity Energy Systems

Invinity Energy Systems is a London-listed energy storage technology company specialising in utility-scale vanadium flow batteries. With manufacturing operations in the UK and Canada, the company develops long-duration, non-flammable energy storage systems designed for grid-scale applications, renewable energy integration and infrastructure projects where operational safety, durability and lifecycle efficiency are critical.

Ibstock (LSE:IBST) said challenging conditions in the UK residential construction market, combined with weather-related disruption, resulted in an estimated 10% decline in like-for-like revenue during the first four months of 2026. Despite the weaker backdrop, the company maintained its share of the UK brick market and reported that brick volumes increased by a high single-digit percentage in April compared with the previous year, with positive momentum continuing into May.

Management noted that higher energy and fuel costs continued to place pressure on operating expenses, although the impact was partly offset through hedging measures and disciplined management of production levels, inventory and overhead costs. The group said ongoing uncertainty surrounding the Middle East conflict and the timing of a broader market recovery remains a factor, but current trading trends still support expectations for full-year results to come in broadly in line with market forecasts.

Ibstock also expressed confidence that performance within its concrete division should strengthen later in the year as infrastructure spending programmes gather pace, despite a relatively subdued opening to 2026. Alongside this, the company continues to progress several strategic projects aimed at supporting long-term growth and improving manufacturing efficiency.

These initiatives include the commissioning of its Nostell Horizon factory and collaboration with a preferred partner on a commercial calcined clay agreement. The company said the projects align with its strategy to expand sustainable manufacturing capabilities and improve responsiveness when construction demand in the UK market recovers.

The group’s broader outlook continues to be weighed down by weaker financial performance over recent years, including declining revenues, lower profitability and negative free cash flow in 2025. Technical indicators also remain weak, with the share price trading below key moving averages and negative momentum signals persisting. However, management pointed to expectations for a second-half recovery in 2026 and lower capital expenditure as supportive factors, although margin pressure, return on capital employed and working-capital challenges remain areas of focus.

More about Ibstock

Ibstock Plc is one of the UK’s leading manufacturers of building materials and construction solutions. The business operates through its Ibstock Clay and Ibstock Concrete divisions, producing products including clay bricks, walling systems, flooring, fencing, lintels and infrastructure components. Through its Ibstock Futures division, launched in 2021, the company is also focused on sustainable construction technologies and modern building methods, supported by ESG targets that include a 40% reduction in carbon emissions by 2030 and achieving net zero by 2040.

Sabre Insurance Group (LSE:SBRE) delivered solid premium growth during the opening months of 2026, with total gross written premiums increasing more than 15% to £76.3 million over the first four months of the year. Growth was led by the motor insurance division, where premiums rose 18%, while motorcycle premiums climbed almost 48%, supported in part by the continued rollout of the company’s Sabre Direct offering. Taxi insurance premiums declined as management continued to avoid segments of the market considered commercially unattractive.

The insurer said its competitive position strengthened after it updated claims inflation assumptions toward the end of 2025, helping maintain written margins within its target range of 18% to 22%. Management added that market conditions remain competitive but are showing signs of stabilisation.

Sabre reiterated its full-year expectations, forecasting continued premium expansion and profits slightly ahead of 2025 levels. The company said its outlook is supported by disciplined pricing, a strong solvency position following dividend payments and claims inflation trends that remain in the mid-single-digit range.

The group also noted it remains prepared to adjust pricing if geopolitical developments lead to increased claims costs or wider inflationary pressures. Meanwhile, progress continues under its Ambition 2030 strategy, which includes enhancements to pricing capabilities and the expansion of Sabre Direct. Management expects the programme to begin delivering more meaningful benefits from 2027 onwards.

Sabre said its outlook continues to be supported by a strong balance sheet with minimal leverage, improved earnings momentum and attractive valuation metrics, including a low price-to-earnings ratio and supportive dividend yield. Technical indicators remain broadly constructive, although the shares’ elevated RSI level suggests some potential for near-term overbought conditions.

More about Sabre Insurance Group plc

Sabre Insurance Group plc is a UK-based motor insurance underwriter specialising in motor vehicle, motorcycle and taxi insurance products. The company focuses on disciplined underwriting and profitability within competitive personal lines markets, supported by strong capital reserves and ongoing investment in pricing sophistication through its Ambition 2030 strategy.

Haydale (LSE:HAYD) has confirmed it is engaged in discussions regarding a proposed commercial distribution agreement linked to SaveMoneyCutCarbon (SMCC), its embedded B2B go-to-market platform, following an announcement made by Sabien Technology Group. The company said Sabien’s statement reinforces confidence in SMCC’s ability to support nationwide deployment and aligns with Haydale’s wider strategy to scale decarbonisation technologies across the built environment.

Negotiations between Haydale, Sabien and additional parties remain ongoing, with no legally binding agreements finalised at this point. The group indicated that any future arrangement could help broaden the distribution footprint for its energy- and water-efficiency solutions, although the eventual financial and operational implications cannot yet be determined until detailed commercial terms are agreed and formally disclosed.

Haydale’s broader outlook continues to be shaped by weak underlying financial performance, including a sharp decline in revenue, substantial losses, continued cash outflows and a thinner equity base alongside increased leverage. Market sentiment has also been affected by negative technical indicators, with the shares remaining under pressure amid persistent downtrends and weak momentum. In addition, valuation metrics remain constrained due to negative earnings and the absence of dividend support.

More about Haydale Graphene

Haydale plc is an advanced materials and clean-technology business focused on deploying energy- and water-efficient technologies at scale. Through its proprietary HDPlas graphene platform, the company develops patented graphene-enhanced products designed to improve energy efficiency, reduce water consumption and lower carbon emissions. Its commercial activities are supported by the SaveMoneyCutCarbon platform and partnerships with UK banks and utility providers.

Metals One (LSE:MET1) has reported further progress at NovaCore Uranium Inc., the U.S.-based uranium developer in which it currently holds a 35% interest. NovaCore is focused on the Red Basin Uranium Project in New Mexico, where both historical exploration data and more recent surveys have pointed to the potential for sizeable U₃O₈ resources.

NovaCore has now launched a minimum US$1.25 million pre-IPO fundraising at US$1.00 per share, valuing the business at approximately US$6.7 million on a pre-money basis. The valuation represents a notable increase from Metals One’s original investment entry point and, following completion of the financing, the AIM-listed company is expected to retain an interest of around 29.5%.

The capital raise, which is being supported by specialist investors focused on the resource sector, will finance pre-drilling activities through 2026. Planned work includes permitting, field mapping, assay analysis and advanced radiometric surveying ahead of a proposed stock market listing targeted for the third quarter of 2026. NovaCore also intends to begin its maiden drilling campaign shortly after the anticipated listing.

Executives at both companies described the Red Basin asset as a potentially significant uranium development opportunity located within a favourable U.S. mining jurisdiction. Metals One said the investment offers shareholders exposure to the strengthening uranium market, supported by growing global nuclear energy ambitions and increasing demand for reliable low-carbon baseload electricity generation.

More about Metals One PLC

Metals One Plc is a metals exploration and project development company with a portfolio of operated assets and minority investments across several jurisdictions. The group is focused primarily on uranium projects in North America and gold opportunities in South Africa. Its shares are listed on London’s AIM market under the ticker MET1 and also trade on the U.S. OTCQB market as MTOPF.