Category: Market News

Volvere (LSE:VLE) reported revenue of £22.20 million and profit before tax of £0.69 million for the six months ended 30 June 2026, both below the comparable period in 2025, reflecting lower volumes and increased costs at its Shire Foods subsidiary.

Group net assets increased to £48.01 million, while net assets per share rose to £20.13. Cash and liquid investments stood at £30.31 million at the end of the reporting period.

The decline in first-half performance was primarily attributable to Shire Foods, which experienced lower sales volumes and the loss of certain low-margin and value product lines.

Profitability was also affected by higher input, labour and distribution costs, alongside the introduction of a charge for food waste disposal.

Management said it had avoided implementing short-term measures that could adversely affect Shire’s longer-term operations. The company continues to invest in inventory as part of its approach to managing costs and protecting margins.

Despite the reduction in first-half earnings, Volvere maintained a positive outlook for the winter trading period and 2027, reflecting management’s expectations for Shire’s seasonal business.

The group also reiterated its approach to potential acquisitions, stating that it remains cautious when assessing new investment opportunities but is prepared to pursue distressed or underperforming businesses where suitable opportunities arise.

Volvere’s cash and liquid investments of £30.31 million provide resources for potential acquisitions, working capital requirements and other capital allocation activities.

The board also confirmed its willingness to undertake further share buybacks where it considers them to be in shareholders’ interests. This could include purchasing substantial shareholdings from investors seeking to exit their positions.

Volvere is an AIM-listed investment company focused on acquiring and developing businesses requiring operational or financial improvement.

Its principal operating investment is an 80% holding in Shire Foods, a UK food manufacturer supplying value and premium products to retail and foodservice customers.

Shire’s operations have exposure to seasonal demand, particularly during the winter trading period, which remains an important consideration for the group’s outlook.

CT Automotive (LSE:CTA) reported a 14% increase in revenue to $61.7 million for the first half of 2026, while adjusted profit before tax declined 57% to $1.6 million as margins came under pressure from higher operating costs and production inefficiencies.

Revenue growth was supported by increased demand and new programme launches at the group’s manufacturing facility in Mexico. However, gross margin declined during the period, reflecting higher administrative expenses associated with Mexican operations and inefficiencies linked to working capital.

The company also recorded a $313,000 VAT write-off, which contributed to the reduction in profitability.

CT Automotive secured six new contracts during the first half, representing approximately $6 million in annualised revenue.

The group reported a dispute with a major customer that has entered Chapter 11 bankruptcy proceedings. The customer has challenged contractual price escalation provisions relating to foreign exchange movements and inflation.

As a result, CT Automotive reduced its previously reported first-half revenue by $0.4 million to reflect the disputed pricing adjustments.

The company said negotiations with the customer remain ongoing, with the outcome potentially having a material impact on profitability.

Following these developments, the board revised its full-year 2026 adjusted profit before tax guidance to a range of $4.9 million to $9.4 million.

The range reflects uncertainty surrounding the resolution of the customer pricing dispute and its potential financial implications.

CT Automotive maintained its revenue outlook but said profitability remains dependent on the outcome of the negotiations.

The company also expects net debt to increase, citing delays in VAT recovery and customer payments as factors affecting working capital.

CT Automotive designs and manufactures automotive interior components and kinematic assemblies for original equipment manufacturers and Tier One suppliers.

The group operates manufacturing facilities in China, Mexico and Türkiye, with additional distribution and assembly operations across Europe, Asia and the United States.

Its components are used across more than 64 vehicle models supplied by 21 automotive manufacturers, including Nissan, Ford, General Motors, Volkswagen Audi Group, Bentley and Lamborghini. The company also supplies components for plug-in hybrid and battery electric vehicles.

Empire Metals (LSE:EEE) has joined the Australian Government-backed Critical Metals for Critical Industries Cooperative Research Centre (CRC) to investigate alternative titanium refining technologies using material from its Pitfield Titanium Project in Western Australia.

The company will participate in a research programme with Murdoch University focused on molten salt electrolysis and related metal conversion processes. The work will assess the potential to produce titanium metal directly from titanium dioxide (TiO₂) sourced from Pitfield using renewable electricity.

The research aims to evaluate an alternative to the conventional Kroll process, which is widely used in titanium metal production. Empire Metals said the proposed technology could reduce the environmental impact of refining and improve processing efficiency if successfully developed and commercialised.

Participation in the CRC will connect Empire Metals with an Australian industry-led research initiative focused on developing domestic critical metals processing capabilities and associated technologies.

The programme is intended to support Australia’s capacity to refine critical minerals domestically and develop additional supply chain infrastructure.

Empire Metals’ Pitfield project hosts a reported mineral resource of 8.16 billion tonnes grading 4.3% TiO₂, which the company describes as the world’s largest titanium resource reported to JORC or equivalent standards.

The company has previously produced titanium dioxide with a purity of 99.25% from Pitfield material. According to Empire Metals, the product is suitable for use as feedstock in pigment manufacturing and titanium sponge metal production.

Titanium mineralisation at Pitfield begins at surface and exhibits grade continuity along strike and down dip. The project also benefits from access to established regional infrastructure and transport connections.

The new research programme will examine whether Pitfield’s titanium dioxide can be converted directly into titanium metal through electrochemical processing.

The technology remains subject to research and development, and its technical performance and commercial viability have yet to be established.

Empire Metals is an AIM- and OTCQX-listed exploration and resource development company focused on advancing the Pitfield Titanium Project. Its development strategy includes evaluating processing routes for titanium products and potential participation in downstream titanium metal production.

Avacta (LSE:AVCT) has reported clinical proof of mechanism for AVA6103, its investigational peptide-drug conjugate, following initial results from the ongoing Phase 1 FOCUS-01 trial in patients with solid tumours.

Early Phase 1a data from the first three dose levels showed limited haematological and gastrointestinal toxicity. The company reported that the administered payload dose reached approximately 50% above the maximum tolerated dose of conventional exatecan.

AVA6103 uses Avacta’s proprietary pre|CISION® platform, which is designed to enable controlled release of chemotherapy within tumours while limiting exposure elsewhere in the body.

Pharmacokinetic findings from the trial were consistent with the company’s preclinical models. The results showed rapid clearance of the conjugate from plasma, followed by prolonged, low-level release of exatecan and peptide.

According to Avacta, these findings support the proposed mechanism through which AVA6103 creates a drug reservoir within tumour tissue, allowing continued release of the chemotherapy payload.

The company also reported results from a preclinical study comparing AVA6103 with Enhertu®, a marketed HER2-targeting antibody-drug conjugate.

In a HER2-positive, FAP-positive gastric cancer model, AVA6103 demonstrated greater antitumour activity than Enhertu. The findings were obtained in a preclinical setting and do not establish comparative efficacy in patients.

Avacta said the results support further investigation of AVA6103’s potential for dose-dense treatment regimens and provide additional data for its ongoing discussions with prospective development partners.

The FOCUS-01 trial remains at an early clinical stage, with the initial findings covering the first three dose levels. Further clinical evaluation will be required to establish the drug’s safety, tolerability and efficacy.

Avacta is developing targeted oncology treatments using its pre|CISION® platform, which is designed to release chemotherapy payloads in tumour tissue through the activity of fibroblast activation protein (FAP).

The company’s development programme includes potential applications in colorectal, pancreatic, gastric, cervical and small cell lung cancers.

AVA6103 forms part of Avacta’s pipeline of peptide-drug conjugates intended to improve the delivery of chemotherapy agents, including exatecan, to solid tumours.

Pan African Resources (LSE:PAF) reported a 153.8% increase in profit to US$356.9 million for the year ended 30 June 2026, supported by higher gold production and prices, while the group moved from a net debt position to net cash.

Gold production increased 38.6% to 272,310 ounces, while revenue more than doubled to US$1.16 billion. The company attributed the increase to higher production volumes and a rise in the realised gold price.

Net cash generated from operating activities reached US$557 million. The group’s balance sheet moved from net debt of US$150.5 million to net cash of US$185.8 million at the financial year-end.

The board proposed a total dividend of ZAR 1.86 billion for the year, while the company is also pursuing a share buyback programme.

All-in sustaining costs increased 16.7% to US$1,867 per ounce during the period.

Production growth was supported by contributions from Elikhulu, Mogale, Barberton and Evander, alongside the consolidation of Tennant Mines in Australia.

Pan African is progressing several development projects across its South African and Australian operations as part of its strategy to increase production and extend mine lives.

At Barberton, the company is advancing the Royal Sheba project, while development activities at Tennant Creek include the White Devil open pit and the phased Juno and Golden Forty projects.

In South Africa, the group is also progressing the Soweto Cluster tailings retreatment project and the Poplar shallow underground resource at Evander.

These developments are intended to support medium- to long-term production growth, with targets of approximately 100,000 ounces annually at key assets.

The company is increasing exploration activity across its portfolio and pursuing operational cost reductions through greater use of solar power and lower consumption of third-party water.

Safety results showed reductions in lost-time and reportable injury frequency rates. The group’s surface remining operations recorded no lost-time injuries during the year. However, one fatality occurred at an underground operation.

Pan African was also added to the FTSE 250 Index, the JSE Top40 Index and the VanEck GDXJ Gold Miners ETF during the period.

The company operates gold mining and tailings retreatment assets in South Africa and Australia, including Barberton Mines, Evander Mines, Elikhulu, Mogale and Tennant Mines.

Its development strategy focuses on expanding production, extending the operating lives of existing assets and advancing new projects through exploration and capital investment.

Quadrise Plc (LSE:QED) has reported progress on its collaboration with Valkor Technologies at the Asphalt Ridge project in Utah, with drilling underway at two new pilot wells and the remaining US$950,000 site licence payment expected by the end of October 2026.

The drilling programme follows a core study that validated an enhanced oil recovery approach for the project. Valkor plans to drill eight wells later this year, targeting production of approximately 1,000 barrels of oil per day in 2027.

Installation work is also progressing on a 500-barrel-per-day oil sands pilot plant, which is scheduled to begin production in the first quarter of 2027.

Following the achievement of project milestones during the third quarter, Valkor expects to pay the outstanding US$950,000 site licence fee by the end of October. Receipt of the payment will trigger shipment of Quadrise’s 600-barrel-per-day Multifuel Manufacturing Unit to the Utah site.

The unit is intended to support the production of Quadrise’s proprietary emulsion fuels using oil produced at Asphalt Ridge.

A sample of heavy sweet oil from the project has already been delivered to Quadrise’s research facility. The company plans to undertake formulation work during the fourth quarter of 2026 to assess its suitability for producing MSAR® and bioMSAR™ fuels.

Quadrise and Valkor have also begun joint marketing activities for the fuels in Utah as part of their collaboration.

The project combines Valkor’s planned oil sands production operations with Quadrise’s fuel manufacturing technology. Further progress will depend on the completion of the planned drilling and plant installation activities, alongside the outstanding licence payment and subsequent equipment shipment.

Quadrise develops and supplies MSAR® and bioMSAR™ emulsion fuel technologies for applications including shipping, power generation, industrial operations and refining. The company aims to provide alternatives to conventional fuels with lower production costs and emissions.

Supermarket Income REIT (LSE:SUPR) reported an increase in its property portfolio value to £2.0 billion for the year ended 30 June 2026, up from £1.6 billion a year earlier, following £454 million of acquisitions across the UK and France.

The grocery-focused property investor also introduced a minimum annual dividend growth target of 2% from the 2027 financial year, following a 1% increase in dividend per share for FY26.

The company expanded its joint venture with Blue Owl Capital to £855 million during the year, while extending its investment activities into convenience stores and additional European markets.

EPRA earnings declined slightly, reflecting the timing of refinancing activities and capital redeployment. The company’s EPRA cost ratio stood at 9.2%, which it described as the lowest in its sector.

Supermarket Income REIT completed a £250 million inaugural unsecured bond issue and a £445 million refinancing during the period. The transactions extended debt maturities and supported access to investment-grade funding.

The group’s loan-to-value ratio increased to 43.9% at the financial year-end.

Following the reporting period, the company raised £100 million in equity in July 2026. Together with additional borrowing, the proceeds funded £222 million of property acquisitions at an average yield of 6.6%.

Supermarket Income REIT is targeting further portfolio expansion to £4 billion and beyond. It reported a pipeline of potential acquisitions exceeding £500 million, although completion of these transactions remains subject to future investment decisions.

The company cited developments in the grocery market as part of its investment strategy. UK grocery expenditure reached £256 billion in 2025, while online grocery penetration stood at 12.6%. The group focuses on properties that support both in-store shopping and online fulfilment.

Its portfolio consists primarily of supermarkets and related grocery properties leased to major operators under long-term agreements, including leases with inflation-linked rental provisions.

The company also reported progress in its environmental, social and governance activities, including Living Wage accreditation and a Prime rating from ISS STOXX.

Management was internalised ahead of the 2026 financial year, a change the company said has improved operational efficiency and created capacity for further portfolio expansion.

Supermarket Income REIT is a FTSE 250-listed property investment company with shares traded on the London Stock Exchange and the Johannesburg Stock Exchange. Its investment strategy focuses on grocery properties across the UK and Europe, with rental income supporting its dividend policy.

Oxford Nanopore Technologies (LSE:ONT) has obtained a preliminary injunction against MGI Tech GmbH from the Munich Local Division of the Unified Patent Court, restricting the manufacture and sale of MGI’s CycloneSEQ sequencing systems and associated flow cells across several European markets.

The court found sufficient grounds at the preliminary stage to support Oxford Nanopore’s claims that the Cyclone Sequencing Systems infringe two of its European patents.

The injunction covers Denmark, France, Germany, the Netherlands, Liechtenstein, Switzerland and the United Kingdom, with limited restrictions also applying in Ireland.

The order is immediately enforceable and includes penalty payments for non-compliance. It restricts MGI Tech’s ability to manufacture or sell the affected sequencing platforms and related flow cells in the specified jurisdictions.

The ruling is preliminary and does not represent a final determination of the underlying patent infringement claims.

Oxford Nanopore intends to seek a permanent injunction through further legal proceedings, with a trial scheduled for October 2027.

The company said the action forms part of its efforts to protect its intellectual property portfolio, which underpins its sequencing technology and commercial operations.

Oxford Nanopore develops nanopore-based molecular sensing technology used for real-time DNA and RNA analysis. Its sequencing platforms are deployed in more than 125 countries across healthcare, scientific research, food and agriculture, and environmental applications.

The company’s technology supports research into cancer, infectious diseases and other biological systems.

The preliminary injunction will remain a significant element of the dispute as Oxford Nanopore pursues a permanent order, with the substantive patent claims scheduled for consideration at the October 2027 trial.

ATOME PLC (LSE:ATOM) is working to publish its delayed 2025 audited accounts and 2026 interim financial results by 30 September 2026, with the release expected to allow the suspension of its shares to be lifted and trading to resume.

The company also provided updates on its renewable energy and green fertiliser development activities in Paraguay and Brazil.

In Paraguay, ATOME is continuing preparatory work on a proposed 300MWp solar photovoltaic project near its Villeta development. The company has secured options over more than 4,000 hectares of land for the initiative.

A separate announcement addressing outstanding power purchase agreement matters is expected.

ATOME has also initiated pre-feasibility studies for a potential green fertiliser project in Brazil. The proposed development would draw on the design, partnerships and technical expertise established through its Villeta project, including its relationship with engineering, procurement and construction partner Casale S.A.

The company is holding preliminary discussions with major Brazilian electricity providers regarding access to competitively priced renewable power, which would support the proposed fertiliser production operations.

ATOME identified Brazil’s agricultural market and the country’s Profert legislation as factors supporting its assessment of the potential development opportunity. However, the company emphasised that the project remains at an early stage and there is no certainty it will proceed.

The Brazilian initiative would complement ATOME’s existing development activities in Paraguay, where the group is pursuing renewable energy and green fertiliser production projects.

ATOME is an AIM-listed company focused on developing renewable energy and related industrial projects, with an emphasis on using renewable electricity to support lower-carbon fertiliser production for Latin American agricultural markets.

Great Western Mining (LSE:GWMO) has reported initial metallurgical results from its Defender Tungsten Project in Nevada, with bench-scale flotation tests recovering 92.98% of tungsten into a rougher concentrate grading 7.21% tungsten trioxide (WO₃).

The test programme, conducted by Eriez Flotation Division, used a 750 kg bulk sample of representative run-of-mine material with a head grade of 0.35% WO₃.

Processing followed a sequential sulphide and scheelite flotation route. The initial sulphide flotation stage removed contaminants into a separate stream accounting for 3.97% of the total sample mass.

The subsequent flotation process produced a tungsten rougher concentrate with a recovery rate of 92.98% and a grade of 7.21% WO₃, providing initial data for further processing optimisation.

Great Western Mining said the concentrate contained low levels of potentially deleterious elements, including molybdenum. The company expects this composition to assist subsequent purification work and potentially support the production of concentrate meeting market specifications.

Eriez will now undertake additional metallurgical testing aimed at increasing concentrate grade through cleaner flotation circuits. The programme will also assess whether a mild regrinding stage could improve mineral liberation while avoiding excessive grinding of scheelite.

The results represent an initial stage of metallurgical evaluation, with further work required to determine the final concentrate specifications and assess the project’s potential commercial viability.

Great Western Mining is an exploration and development company with projects targeting tungsten, copper, gold and silver in Mineral County, Nevada. Its portfolio includes the Defender Tungsten Project and the Huntoon Copper Project, which hosts a JORC-compliant resource.

The company is also pursuing tailings reprocessing opportunities and evaluating potential farm-out and joint venture arrangements across its portfolio.