Category: Market News

Angling Direct plc (LSE:ANG) delivered further growth during the first half of its financial year despite challenging consumer conditions and weather-related disruption, as the fishing tackle retailer continued to expand its UK store network and strengthen its digital proposition.

Revenue for the six months ended 31 July 2026 increased 5.1% to £56.4 million, supported by a 6.9% rise in UK sales. Like-for-like UK revenue grew 2.9%, demonstrating continued underlying demand despite pressures affecting the wider retail environment.

Performance in Europe remained more challenging, with sales declining as Angling Direct maintained its focus on generating profitable business rather than pursuing revenue growth at the expense of margins. The group continues to take a disciplined approach to its European operations as it works towards improving their longer-term contribution.

Cash generation remained strong during the period, helping lift net cash to £14.5 million. The healthy cash position has allowed Angling Direct to continue its share buyback programme while retaining financial flexibility to support investment in future growth. Trading remains in line with market expectations, with management maintaining confidence in the group’s medium-term targets and longer-term market opportunity.

Expansion of the physical store network also continued, with new locations opening in Crawley, Kettering and Gloucester. These additions increased Angling Direct’s estate to 60 stores across England and Wales and further extended its reach within the domestic fishing tackle market.

Customer engagement through the MyAD loyalty programme also strengthened, with membership exceeding 696,000 subscribers. The growing customer base complements the retailer’s stores, e-commerce operations and mobile apps, reinforcing its omni-channel strategy and providing additional opportunities to build market share.

Angling Direct’s wider investment outlook is supported by improving revenue and profitability alongside controlled leverage. Free cash flow has been less consistent, however, while technical indicators remain a notable weakness, with the shares trading below major moving averages and momentum signals remaining subdued. Valuation appears broadly neutral based on its price-to-earnings multiple, with no dividend data providing additional support.

More About Angling Direct plc

Angling Direct plc is a UK omni-channel specialist fishing tackle retailer offering more than 25,000 products from established third-party brands as well as its own Advanta and Discover ranges.

Headquartered in Norfolk, the company operates 60 stores across England and Wales alongside its e-commerce platform and dedicated mobile applications. It also has a developing European operation supported by a distribution facility in the Netherlands.

Angling Direct serves both experienced anglers and people taking up fishing for the first time. Its strategy combines physical retail expansion with digital development, customer loyalty initiatives and sustainability programmes designed to strengthen engagement and support long-term growth in the recreational angling market.

Tap Global Group plc (LSE:TAP) has applied for its existing ordinary shares to be cross-traded on the OTCID Basic Market operated by OTC Markets in the United States, as the digital finance company looks to increase its visibility and accessibility among North American investors.

The proposed OTCID quotation would complement Tap Global’s primary listing on London’s AIM market rather than involve the issuance of a new class of shares. If approved, the arrangement could make it easier for U.S.-based investors to trade the company’s shares while potentially widening its shareholder base and improving secondary-market liquidity.

Management sees the move as an opportunity to strengthen Tap Global’s profile in the U.S., a major global centre for digital assets and cryptocurrency investment. Greater exposure to North American capital markets could also support the company’s broader international ambitions as it expands its regulated digital finance operations and develops its payments and crypto services.

Admission to the OTCID Basic Market remains subject to the necessary regulatory and market approvals, meaning there is currently no certainty that the application will result in a quotation.

Tap Global operates at the intersection of conventional financial services and digital assets, with more than 400,000 registered customers and a Mastercard-supported card that enables users to convert cryptocurrency into fiat currency for everyday spending.

More About Tap Global Group plc

Tap Global Group plc is a digital finance business offering traditional payment and cryptocurrency services through its Tap app for individual and business customers. Its platform provides access to more than 70 cryptocurrencies and connects with several major exchanges.

The company uses proprietary AI-powered middleware to identify pricing and execution opportunities across connected trading venues, with the aim of providing users with competitive real-time cryptocurrency transactions.

Tap Global Limited, the group’s European operation, became the first cryptocurrency fintech to secure Mastercard approval in Europe, allowing customers to convert digital assets into fiat currency and use the Tap card at millions of merchants worldwide.

The group operates under distributed ledger technology regulation in Gibraltar and also holds virtual asset service provider registration in Bulgaria as it positions its European operations within the evolving regulatory framework for digital assets, including the EU’s MiCA regime.

Ariana Resources plc (LSE:AAU) has updated the registered office address for the company and its UK group entities, moving its formal corporate address to new premises in central London.

The company’s registered office is now located on the fifth floor of 16 Great Queen Street, Covent Garden, London WC2B 5DG. The change represents an administrative update to Ariana Resources’ UK corporate presence rather than a change to its underlying exploration or development strategy.

As a result, the relocation is not expected to have any immediate impact on the company’s mineral exploration activities or its portfolio of gold projects across Africa and Europe. The move is primarily a corporate housekeeping matter that updates the official address used by Ariana and its UK entities.

From an investment perspective, Ariana’s outlook remains constrained by its financial performance, with the company generating no revenue while continuing to report operating losses and negative free cash flow. Technical indicators also remain weak, with the share price below key moving averages and MACD signalling negative momentum. A relatively modest level of leverage and oversold momentum readings provide some counterbalance, although valuation remains difficult to support while earnings are negative and there is no reported dividend yield.

More About Ariana Resources

Ariana Resources plc is a mineral exploration and development company with a portfolio of gold-focused interests across Africa and Europe.

The company is traded on London’s AIM market under the ticker AAU and is also listed on the Australian Securities Exchange under the ticker AA2. Its dual-market presence provides exposure to international investors interested in junior mining, mineral exploration and precious metals development.

Ariana’s strategy centres on identifying, advancing and developing mineral assets with the potential to create long-term value, with gold remaining a key focus across its international project portfolio.

Supreme PLC (LSE:SUP) has appointed Shore Capital as its Sole Broker with effect from 19 August 2026, consolidating its capital markets advisory relationships under a single firm.

Shore Capital will also continue to act as Supreme’s Nominated Adviser. Bringing the two roles together could provide a more streamlined approach to investor engagement, regulatory advice and capital markets support as Supreme continues to develop its fast-moving consumer goods operations.

The appointment comes as the group pursues growth across a diversified portfolio spanning vaping, beverages, wellness products and household goods. A unified advisory and broking relationship could support Supreme as it communicates its strategy to investors and evaluates future opportunities in the public markets.

Supreme’s wider outlook is supported by improving balance sheet strength, healthy cash generation and an attractive valuation, including a relatively low price-to-earnings multiple and a dividend yield of around 3.5%. These positives are partly offset by weaker technical indicators, with the shares trading below important moving averages. Margin compression during 2026 also remains a key fundamental issue for investors to monitor.

More About Supreme PLC

Supreme PLC is a UK-listed manufacturer, innovator and distributor of fast-moving consumer goods, with operations organised across Vaping, Drinks & Wellness, and Electricals & Household.

Its vertically integrated business model covers product development, manufacturing and distribution, with products supplied to approximately 55,000 retail outlets and more than 3,000 business accounts. Its customer base includes major national retailers as well as online commerce platforms.

Supreme distributes internationally recognised brands including Duracell, Energizer and Panasonic and supplies licensed lighting products carrying brands such as Energizer, Eveready, Black & Decker and JCB across 45 countries. The group has also developed proprietary brands including 88Vape and sports nutrition label Sci-MX.

Recent acquisitions have broadened Supreme’s presence beyond its traditional categories, adding exposure to soft drinks, hot beverages and weight-management products through businesses and brands including Typhoo Tea, Clearly Drinks and SlimFast.

Henry Boot (LSE:BOOT) has reported a series of significant industrial and logistics lettings through Origin, the joint venture between its property development business HBD and Feldberg Capital. The agreements cover 404,100 sq ft of space and mean that 66% of Origin’s 711,000 sq ft portfolio is now either let or under offer.

The leasing activity spans several strategically located developments across the UK. Phase one of SPARK in Walsall has become fully occupied, while Virgin Wines has agreed to take new premises at the APTUS development in Preston. Elsewhere, a manufacturing company has pre-let a unit at Markham Vale in Derbyshire.

According to Henry Boot, the agreements have established headline rents in their respective markets, providing further evidence of demand for high-quality industrial and logistics properties in well-connected locations. Sustainability credentials are also an important part of the portfolio’s appeal as occupiers increasingly consider energy efficiency and environmental performance when selecting new premises.

The progress provides further momentum for Origin and supports expectations for both rental income and longer-term capital appreciation across the portfolio. For Henry Boot, the lettings strengthen HBD’s exposure to the industrial and logistics market while advancing its strategy of creating value through development and institutional partnerships.

Henry Boot’s wider outlook nevertheless faces some financial pressures. Negative operating and free cash flow during 2025, alongside a substantial decline in revenue, weakened overall financial quality, although the group continues to benefit from a conservative balance sheet. Technical indicators remain subdued, pointing to a downward trend and weak momentum. Valuation offers a more supportive picture, with a relatively low price-to-earnings multiple and an attractive dividend yield providing potential offsets to these risks.

More About Henry Boot

Henry Boot PLC is a UK land, property development and homebuilding group with activities spanning residential development, industrial and logistics property, strategic land and urban regeneration.

Its operations include Hallam Land, HBD, Stonebridge Homes and Banner Plant, giving the group exposure to multiple stages of the property and development cycle. Henry Boot manages an extensive pipeline of land and development opportunities while working with institutional and joint-venture partners on major projects across the UK.

Sustainability also forms part of the group’s long-term strategy, with Henry Boot targeting net zero carbon across its operations by 2030 while continuing to develop modern residential and commercial properties.

Avation PLC (LSE:AVAP) has delivered the first of two ATR 72-600 turboprop aircraft to Finnair under a six-year leasing agreement, establishing a new relationship between the London-listed aircraft lessor and Finland’s flag carrier.

The first aircraft has now entered the lease, while delivery of the second ATR 72-600 is expected in September 2026. Finnair is also a member of the oneworld Alliance, adding another established international airline to Avation’s customer portfolio.

The two-aircraft agreement supports Avation’s strategy of diversifying its lessee base while securing long-term placements for aircraft across its portfolio. It also points to continued demand for regional turboprops in Europe, where airlines use smaller aircraft to provide capacity on short-haul and lower-density routes.

Securing a six-year commitment from an established European carrier could further strengthen Avation’s position in the regional aircraft leasing market. The transaction also demonstrates the company’s ability to place aircraft with full-service airlines while helping customers such as Finnair manage regional capacity without directly purchasing additional aircraft.

Avation’s broader investment outlook remains constrained by net losses and relatively high leverage, although operating efficiency and resilient cash generation provide some support. Technical indicators are broadly neutral, with limited evidence of strong momentum. Valuation signals are also mixed, given the negative price-to-earnings ratio and low dividend yield, while recent share buybacks and operational developments offer a modest counterbalance.

More About Avation

Avation PLC is a Singapore-headquartered commercial passenger aircraft leasing company listed on the London Stock Exchange. It owns and manages a global fleet that is leased to airlines across multiple markets, with a particular focus on regional and narrow-body aircraft.

The company seeks to maintain a diversified portfolio across airline customers, geographic markets and aircraft types. This approach is intended to limit concentration risk while providing greater flexibility when aircraft reach the end of existing leases or need to be transferred between operators.

Avation actively markets returned aircraft to prospective airline customers with the aim of securing suitable long-term placements. Its leasing model allows carriers to add or adjust fleet capacity while giving Avation opportunities to generate recurring lease income from its aircraft portfolio.

Riverstone Energy Limited (LSE:RSE) reported a significant reduction in its asset base for the first half of 2026 as the investment company continued to implement its managed wind-down. Net asset value stood at $77.3 million at 30 June 2026, while its market capitalisation was approximately £27 million. The remaining portfolio is now centred on three private decarbonisation investments, reflecting Riverstone Energy’s transition away from listed conventional energy holdings and towards businesses linked to the energy transition.

A key development during the period was the disposal of Riverstone Energy’s entire stake in Onyx Power for $50 million. The transaction lifted total proceeds generated from the investment to approximately $171 million and provided the company with the resources to carry out a second compulsory share redemption, returning £30 million to shareholders.

Following the Onyx disposal and capital distribution, Riverstone Energy held around $23.6 million in cash. The company intends to use this liquidity to support its remaining portfolio companies and cover operating requirements as the wind-down continues. Management remains focused on protecting the value of the residual portfolio while pursuing opportunities to realise investments and return further proceeds to shareholders.

The investment outlook remains influenced by uneven financial performance and volatile cash generation, despite the company carrying relatively low leverage and recording a notable improvement in operating cash flow during 2025. Technical indicators provide a more supportive signal, with the shares displaying an established upward trend and positive momentum. Valuation signals remain mixed, however, with a dividend yield of around 5.45% offset by loss-making earnings and a negative price-to-earnings ratio.

More About Riverstone Energy

Riverstone Energy Limited is a London-listed investment company focused on the energy industry. Its remaining portfolio is concentrated on private decarbonisation businesses including Infinitum Electric, GoodLeap and Group14 Technologies.

The company is carrying out a shareholder-approved managed wind-down, under which investments are being monetised and capital returned to shareholders rather than redeployed into new opportunities. The process has substantially reduced Riverstone Energy’s exposure to conventional energy assets while leaving it with a smaller portfolio focused on clean-energy and decarbonisation technologies.

These remaining investments provide exposure to longer-term themes including energy efficiency, electrification and lower-carbon technologies. Riverstone Energy’s priority is now to maximise the value realised from these holdings through an orderly disposal process and distribute available proceeds to shareholders as the wind-down progresses.