Category: Top Story

  • DFS Furniture maintains full-year outlook despite softer store traffic

    DFS Furniture maintains full-year outlook despite softer store traffic

    DFS Furniture plc (LSE:DFS) reaffirmed its full-year profit forecast of £43–50 million, even as it reported a recent slowdown in customer visits to its stores following periods of adverse weather after the half-year reporting date.

    The furniture retailer recorded first-half revenue of £547.7 million, representing an 8.6% increase compared with the same period a year earlier. Pre-tax profit rose sharply to £31 million, up 82% year on year and broadly consistent with the trading update released in January.

    Order intake during the half grew by 2.3%, while gross margin improved by 110 basis points to reach 57.8%. Net financial debt was reduced to £61 million, significantly lower than the £117 million reported in the first half of the previous financial year.

    DFS also announced an interim dividend of 1.0 pence per share, compared with no interim payout in the corresponding period last year.

    The company said consumer confidence remains fragile and warned that recent geopolitical developments could potentially disrupt supply chains. However, management noted that operations have not yet been affected.

    Current guidance for the full year is based on the assumption that supply chains remain broadly stable and do not experience significant disruption.

  • Central Asia Metals Reports Loss After Sasa Impairment but Maintains Dividend and Growth Strategy

    Central Asia Metals Reports Loss After Sasa Impairment but Maintains Dividend and Growth Strategy

    Central Asia Metals (LSE:CAML) reported revenue of $229.9 million and EBITDA of $101.8 million for 2025, broadly unchanged from the previous year. However, the company recorded a net loss of $75.2 million following a $117.8 million non-cash impairment charge related to its Sasa mine. Despite the impairment, the group ended the year with a strong cash position of $80.1 million and completed a $10 million share buyback programme. Production of copper, zinc and lead remained broadly stable, enabling the board to declare a reduced but policy-aligned full-year dividend of 12 pence per share. Management also highlighted the strong cost performance of the Kounrad copper operation and reported free cash flow of $56 million.

    Looking ahead to 2026, the company expects copper production to be slightly lower, while zinc and lead output should remain stable or increase. Capital expenditure guidance has been reduced to between $14.5 million and $17.5 million. The group plans to improve productivity and extend the operational life of the Sasa mine through efficiency initiatives, exploration work and the introduction of ore sorting technologies.

    Central Asia Metals also outlined plans to support future growth through exploration programmes in Kazakhstan and continued investment in Aberdeen Minerals’ drilling activities in Scotland. The company said its flexible balance sheet and new hedging arrangements designed to protect Sasa’s margins will support these initiatives, positioning 2026 as a year focused on strengthening resilience and preparing for longer-term expansion.

    The company’s outlook is supported by strong financial fundamentals, including high margins, low leverage and healthy cash generation. Valuation metrics are also favourable, with a moderate price-to-earnings ratio and a relatively high dividend yield. Technical indicators point to a generally positive trend in the share price, although signs of overbought conditions could lead to short-term volatility.

    More about Central Asia Metals

    Central Asia Metals is a London-based mining company listed on the AIM market that produces copper, zinc and lead from operations in Kazakhstan and North Macedonia.

    Its primary assets include the Kounrad SX-EW copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company also pursues early-stage exploration through its majority-owned CAML Exploration business in Kazakhstan and holds a 32.6% stake in Aberdeen Minerals, which focuses on base metals exploration projects in northeast Scotland.

  • Atalaya Mining Reports Strong 2025 Performance and Advances Spanish Copper Expansion

    Atalaya Mining Reports Strong 2025 Performance and Advances Spanish Copper Expansion

    Atalaya Mining (LSE:ATYM) delivered a strong set of results for 2025, producing 51,139 tonnes of copper—at the upper end of its guidance range. The performance was supported by record processing plant throughput and lower cash costs of $2.40 per pound, reflecting higher output, improved metal recoveries and stronger by-product credits. Financially, the company reported revenue of €482.9 million, while EBITDA almost tripled to €179.8 million. Free cash flow reached €107.4 million and net cash rose to €122.0 million, enabling a higher full-year dividend and supporting investment in the company’s Spanish growth projects.

    The company continues to invest in expanding operations at the Riotinto mine while advancing development of the Masa Valverde and Proyecto Touro projects. Ongoing exploration success has also helped expand the company’s longer-term project pipeline. Management acknowledged a rise in the lost-time injury rate during the year and said targeted safety measures are being implemented to address the issue.

    Following an equity raise completed in January 2026, Atalaya said its strengthened balance sheet and favourable copper market fundamentals position the company well to pursue its production targets for 2026. Although adverse weather disrupted operations early in the year, management remains confident about maintaining momentum and reinforcing the company’s role in European copper supply.

    Atalaya’s outlook is supported by strong profitability, improving free cash flow and low leverage. However, technical indicators suggest the shares may currently be in overbought territory, which could introduce short-term volatility. Valuation metrics remain moderate, with a relatively modest dividend yield.

    More about Atalaya Mining

    Atalaya Mining Copper, S.A. is a copper producer focused on operations in Spain and listed on the London Stock Exchange. Its main asset is the Riotinto mine, one of Europe’s largest open-pit copper operations.

    The company is also progressing additional development projects, including Masa Valverde and Proyecto Touro. Atalaya primarily produces copper concentrates with silver by-products and focuses on disciplined cost management and operational efficiency as it expands its presence in the European base metals sector.

  • IG Group Reports Record Revenue and Launches Strategic Review to Drive Future Growth

    IG Group Reports Record Revenue and Launches Strategic Review to Drive Future Growth

    IG Group Holdings (LSE:IGG) delivered record results for the 12 months to 31 December 2025, with total revenue rising 7% to £1.12 billion and net trading revenue increasing 10%. EBITDA edged up 1% to £531.1 million, while adjusted earnings per share grew 5%, supported by strong customer growth and ongoing share buybacks. The number of active clients climbed to 742,100, boosted in part by the acquisition of retail investment platform Freetrade. The board also announced a new £125 million share buyback programme alongside a final dividend for the shortened seven-month statutory financial period.

    The company has initiated a strategic review aimed at enhancing shareholder value. The review will examine several potential options, including acquisitions, possible changes to the group’s domicile or listing structure, and the potential reorganisation or combination of certain business units. Management expects the outcome of the review to be announced in autumn 2026.

    Recent strategic initiatives include the integration of Freetrade, the acquisition of Australian crypto exchange Independent Reserve, and the launch of new zero-commission products as well as a spot cryptocurrency offering. These developments are designed to expand IG’s product ecosystem and support sustained EBITDA margins in the mid-40% range, alongside organic revenue growth toward the upper end of its target range. The company has guided that EBITDA for 2026 should align with market consensus and expects revenue growth to continue, supported by elevated market volatility and rising assets under administration.

    IG Group’s outlook is supported by strong technical indicators and an attractive valuation profile. The company’s solid financial performance contributes to stability despite some pressure on revenue and cash flow growth. The ongoing share buyback programme further strengthens shareholder returns and reflects management’s focus on value creation.

    More about IG Group Holdings

    IG Group Holdings is a UK-based operator of online trading and investment platforms offering derivatives, multi-asset trading and retail investing services.

    The group targets large and rapidly expanding global markets, benefiting from structural trends such as digital innovation and the growing convergence of trading, investing and gaming-style experiences. Recent acquisitions—including Freetrade and Australian crypto exchange Independent Reserve—have expanded its offering across equities, funds, pensions and digital assets. IG’s platform-led model supports scalability and strong margins while enabling the company to broaden its global retail trading ecosystem.

  • Altona Rare Earths Expands U.S. Market Access With OTCQB Listing as Monte Muambe Advances

    Altona Rare Earths Expands U.S. Market Access With OTCQB Listing as Monte Muambe Advances

    Altona Rare Earths (LSE:REE), a London-listed exploration company focused on African critical minerals—including rare earth elements, fluorspar, gallium, copper and silver—is progressing development of its multi-commodity Monte Muambe project in Mozambique. The project holds a 25-year mining licence and is currently benefiting from U.S.-supported prefeasibility studies. Alongside this work, the company is pursuing commercial-scale fluorspar production and assessing the potential to recover gallium as a by-product, while also exploring copper-silver prospects in Botswana and reviewing additional project opportunities.

    The company has also obtained a secondary quotation on the OTCQB Venture Market in the United States under ticker ANRCF, a step intended to broaden its exposure to North American investors and connect more closely with the U.S. critical minerals supply chain. The move follows the award of a grant from the U.S. Trade and Development Agency and comes at a time when prices for rare earth elements and gallium remain strong. The dual listing supports Altona’s strategy to develop partnerships in the U.S. and integrate more closely with Western supply chains, while continuing resource definition and metallurgical testing at Monte Muambe to reduce project risk and enhance value.

    Altona is further evaluating downstream opportunities, ranging from mineral processing and separation to potential involvement in magnet manufacturing and other value-added activities linked to rare earths and gallium. Ongoing metallurgical studies and recent assay results from Monte Muambe are helping refine extraction methods for both fluorspar and gallium, with the potential to improve project economics. These efforts strengthen the company’s positioning within the growing global demand for secure critical mineral supply.

    Despite these operational developments, the company’s financial profile remains weak, with no revenue generation, continuing losses, persistent cash outflows and increasing leverage. However, technical indicators show positive momentum, with the share price trading well above key moving averages and supported by a positive MACD signal. Valuation metrics offer little support at present due to negative earnings and the absence of dividend data.

    More about Altona Rare Earths

    Altona Rare Earths is listed on the London Main Market and focuses on exploration and development of critical raw materials projects across Africa, including rare earth elements, fluorspar, gallium, copper and silver. Its flagship Monte Muambe project in Mozambique hosts multiple critical minerals and is backed by a 25-year mining licence, an initial JORC-compliant resource estimate and U.S. funding to support prefeasibility studies.

    In addition to rare earths, the company is advancing high-grade fluorspar targets at Monte Muambe, with plans to produce significant volumes of acid-grade material over a projected mine life of at least 12 years to serve clean energy and industrial sectors. Altona also owns the Sesana Copper-Silver Project in Botswana, located near existing mining operations, and continues to assess additional critical minerals opportunities aligned with its long-term growth strategy.

  • One of Africa’s most prolific gold districts — the Lake Victoria Gold Fields

    One of Africa’s most prolific gold districts — the Lake Victoria Gold Fields

    This is The Capital Compass. Today we’re heading to one of Africa’s most prolific gold districts — the Lake Victoria Gold Fields — to take a closer look at Cameo Resources (CSE:MEO) and its Katoro Project.

    This is a region that has attracted some of the world’s largest gold producers, and Cameo has assembled a significant land package right in the middle of that activity. After completing extensive preliminary work, the company has identified 80 high-priority drill targets — and is now preparing to test 10 to 15 of those in its upcoming drill program.

    Joining me now to walk us through the project, the targets, and what investors can expect next is Brian Thurston, Professional Geologist for Cameo Resources. Welcome to the Capital Compass.

    Brian: Hi Ricki, thanks for having me.

    Host: Brian, let’s start with the big picture. The Katoro Project is located in the Lake Victoria Gold Fields — a region that’s well known in the gold space. What makes this jurisdiction so important, and why is it such a compelling place to be exploring right now?

    Brian: Tanzania is Africa’s 3rd largest gold producer, producing nearly 50 TONS annually, with multiple Tier 1 producers as well as over 1m small scale artisanal miners. With a mining friendly government, the industry contributing to over 50% of the country’s total exports, it’s the ideal place to explore and potentially discover new Tier 1 deposits.

    Host: This area is home to several major gold producers. How important is it to be operating alongside established players, and what does that tell you about the geological potential of your ground?

    Brian: Being in the mist of mining titans, such as Anglo’s Geita Mine, Barricks Bulyanhulu and North Mara mines, Perseus’ new Nyangaza mine, TRX’s Buckreef mine, amongst others, shows the potential for very large deposits and potential for new discoveries. We are along the same major fault line as Buckreef on our Eastern boundary and also another significant fault to our West, making our Kataro Project a very prospective area.

    Host: You’ve assembled a sizeable land package in the district and recently completed technical work that generated 80 high-priority drill targets. Can you walk us through what that work involved and what stands out to you about those targets?

    Brian: Our exploration team first started with an air-borne magnetic survey over the entire project, which identified numerous anomalous areas. Our Team then narrowed down 5 priority blocks, making up only 15% of the project, and completed Pole-Dipole Induced Polarity. The results identified conductivity zones as high as 250 mV/V, this is very exciting as it indicates the potential of semi-massive to massive sulphides over large areas. With this geophysical data, we were able to identify 80 high priority drill targets.

    Host: You’re now moving toward drilling 10 to 15 of the highest priority targets. What will this initial drill campaign focus on, and what would success look like in this first phase?

    Brian: Our first round of drilling will target these high conductivity zones first. We believe this area to have the potential to be similar to samples taken from a nearby active small scale mining operation, that came in as high as 238 g/t.

    (Location Katoro Gold Project of the Lake Victoria GoldField greenstone belts in north-western Tanzania. Source: Cameo Resources Inc.)

    Host: Finally, investors always want to know about timing. When do you expect drilling to begin, and when might we see the first results from this program?

    Brian: We just successfully completed our local discussions with the Village counsel and negotiations with the respective landowners for access and to ensure a smooth start to our drilling campaign, which we expect to commence at the end of March, with our first assays  in early April, at which point new results will be coming in on a weekly basis.

    Host: Brian, thank you for joining us and walking us through the Cameo Resources story.

    Brian: Thanks for having me and sharing our exciting story.

    For more information, visit cameoresourcesinc.com.

  • European equities trade mixed ahead of Federal Reserve rate announcement: DAX, CAC, FTSE100

    European equities trade mixed ahead of Federal Reserve rate announcement: DAX, CAC, FTSE100

    European stock markets showed mixed movements on Wednesday as investors remained cautious ahead of the U.S. Federal Reserve’s interest rate decision expected later in the day.

    Market sentiment received some support from declining oil prices despite ongoing geopolitical tensions, including confirmation by Iran’s supreme national security council of the death of its security chief, Ali Larijani.

    In early trading, the U.K.’s FTSE 100 Index slipped 0.1 percent, while Germany’s DAX Index edged up 0.1 percent and France’s CAC 40 Index gained 0.5 percent.

    Shares of British insurer Prudential (LSE:PRU) dropped 2.2 percent even after the company reported a 12 percent increase in annual new business profit, raised its dividend and unveiled plans to return $1.3 billion in capital to shareholders in 2027.

    Oil and gas producer Ithaca Energy (LSE:ITH) declined nearly 6 percent after one-off charges weighed on its adjusted profit for 2025.

    Diploma (LSE:DPLM), which distributes industrial controls, seals and life sciences products, surged 17 percent after raising its guidance for fiscal year 2026.

    Barclays (LSE:BARC) shares advanced about 2 percent following the announcement of a new strategic partnership with software company Sage Group.

    In France, vaccine developer Valneva (EU:VLA) traded lower after reporting a wider net loss for fiscal year 2025.

    Technip Energies (EU:TE) rose 1.4 percent after the energy technology and engineering company announced a share buyback program worth up to 150 million euros.

    German hydrogen technology company Thyssenkrupp Nucera (TG:NCH2) fell 8 percent after cutting its full-year outlook.

    Meanwhile, meal kit provider HelloFresh (TG:HFG) plunged 7 percent after posting weaker-than-expected fourth-quarter core earnings and issuing a lower profit forecast for 2026.

  • Markets steady ahead of Fed decision as Iran conflict persists; Micron results due – key drivers today: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Markets steady ahead of Fed decision as Iran conflict persists; Micron results due – key drivers today: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. equity futures were modestly higher early Wednesday as investors awaited the Federal Reserve’s latest interest rate decision while continuing to track developments in the conflict involving Iran. Oil prices eased slightly but remained above the $100-per-barrel mark, keeping concerns alive that renewed inflation pressures could delay any potential Fed rate cuts later this year. In corporate news, memory-chip maker Micron is scheduled to release earnings after the close, while athleisure retailer Lululemon issued weaker-than-expected annual guidance.

    Futures move higher

    Futures tied to the main U.S. stock indices advanced on Wednesday morning as traders positioned themselves ahead of the Fed’s policy announcement and monitored geopolitical developments.

    As of 04:18 ET, Dow futures were up 258 points, or 0.5%. S&P 500 futures rose 34 points, also 0.5%, while Nasdaq 100 futures gained 159 points, or 0.6%.

    Wall Street’s major averages ended the previous session in positive territory. Analysts at Vital Knowledge said reports that two senior Iranian figures had been killed, along with the resignation of a Trump administration official in protest over U.S. strikes in Iran, had raised hopes that a ceasefire could eventually materialize.

    Nonetheless, the Strait of Hormuz—one of the world’s most critical oil shipping routes, carrying roughly 20% of global supply—remains effectively closed due to threats of Iranian attacks on commercial vessels. President Donald Trump’s efforts to rally international backing to reopen the strait have largely failed.

    Uncertainty also surrounds how long U.S. military operations will continue. Trump reiterated on Tuesday that the conflict could end soon, though similar comments since the start of the joint U.S.-Israeli campaign against Iran in late February have yet to lead to a ceasefire.

    Oil retreats but remains elevated

    Pressure on Trump to find a diplomatic exit appears to be increasing, including criticism from within his own Republican Party. However, there have been few signs that the U.S. intends to scale back its military campaign.

    On Tuesday, U.S. forces struck Iran’s coastline near the Strait of Hormuz using 5,000-pound bombs, targeting cruise missile facilities capable of threatening ships passing through the waterway, according to the U.S. Central Command.

    Brent crude futures, the global benchmark, fell 1.3% to $102.10 per barrel, while U.S. West Texas Intermediate crude futures declined 2.3% to $93.25 per barrel. The drop came after crude shipments resumed through a pipeline linking Iraq’s Kirkuk oil fields with Turkey’s Ceyhan port, providing some relief to markets worried about supply disruptions.

    Even so, Brent remains far above its levels before the conflict began, pushing U.S. gasoline prices to their highest point since October 2023. Rising fuel costs could become a key issue ahead of the November midterm elections and may also contribute to broader inflationary pressures.

    Fed policy decision ahead

    Against this backdrop of geopolitical tensions and rising energy prices, the Federal Reserve is expected to announce its latest interest rate decision later Wednesday.

    Financial markets widely anticipate that the central bank will keep rates unchanged following its two-day policy meeting as officials assess the outlook for inflation and recent economic indicators suggesting the U.S. labor market could be weakening.

    Investors will be particularly focused on the press conference following the decision, led by Fed Chair Jerome Powell, who is expected to step down from the role in May. Powell may provide one of the earliest indications of how the Fed views the economic impact of the Iran conflict and the surge in oil prices.

    Before the war began, investors had been expecting a possible rate cut later in the year, perhaps in the second half. However, analysts at ING said the ongoing conflict could lead the Fed to postpone any move toward monetary easing.

    Micron earnings awaited

    Investors will also be watching results from Micron (NASDAQ:MU), which is scheduled to report earnings after the market closes on Wednesday.

    The company previously issued an optimistic adjusted profit outlook for its second quarter in December, driven by elevated memory chip prices amid persistent supply constraints.

    As large technology companies continue to expand investments in artificial intelligence, demand for advanced data centers and the high-performance memory chips they require has also increased.

    That trend could benefit Micron, whose chips are widely used in data center servers. The company projected fiscal second-quarter adjusted earnings of $8.42 per share, plus or minus $0.20—nearly double the analyst consensus cited by Reuters.

    Chief Executive Sanjay Mehrotra told investors last year that tight supply in the memory chip market is likely to persist beyond 2026. He also said Micron may only be able to meet between half and two-thirds of demand from some key customers.

    Lululemon forecast disappoints

    Shares of Lululemon Athletica (NASDAQ:LULU) fell in premarket trading Wednesday after the athletic apparel retailer issued revenue and earnings guidance for 2026 that came in below analyst expectations.

    The company also appointed a former Levi Strauss executive to its board of directors as speculation grows around a potential proxy contest.

    Although Lululemon said “almost all” of the costs related to U.S. import tariffs would be offset through a strategy aimed at increasing full-price sales, the company continues to face multiple headwinds.

    These include an extended search for a new chief executive, slowing consumer demand, and intensifying competition in the sportswear market.

    Lululemon expects annual revenue of between $11.35 billion and $11.50 billion, compared with analyst forecasts of $11.52 billion, according to LSEG data cited by Reuters. The company also projected annual earnings of $12.10 to $12.30 per share, below Wall Street estimates.

  • BHP Names Brandon Craig as CEO, Signals Americas Focus in Mining’s Next Phase

    BHP Names Brandon Craig as CEO, Signals Americas Focus in Mining’s Next Phase

    BHP Group (LSE:BHP) has appointed long-serving executive Brandon Craig as its next chief executive, positioning the company for what management sees as a new era in global mining driven by rising demand for copper and other critical minerals.

    Craig, who has spent more than 25 years with the company, will take over from current CEO Mike Henry, who has led the miner for six years. Speaking after the announcement, Craig said his focus would be on executing and advancing the development opportunities already underway across the group. He said he would be “bringing to life” the development options bequeathed to him.

    The incoming chief executive highlighted the Americas—particularly the United States, Chile and Argentina—as central to BHP’s future growth prospects.

    Although the role followed an international search process, BHP has historically promoted from within its ranks. Until recently, the company’s Australian operations head, Geraldine Slattery, had been widely considered a leading candidate to become BHP’s first female CEO. Craig, now 53, has risen quickly within the organisation but has yet to oversee multiple divisions across the group.

    His reputation within the company has grown rapidly, however, after leading BHP’s Americas division and previously managing its Western Australia iron ore operations for three years.

    “He’s run the iron ore business, and the Americas is probably the most important business for BHP in the years ahead,” said Andy Forster of Sydney-based Argo Investments. “I reckon he’s super impressive.”

    M&A Opportunities Must Be Highly Compelling

    Craig told reporters that he intends to maintain BHP’s diversified mining model and prioritise organic growth across its four core commodities: copper, iron ore, potash and coal. While mergers and acquisitions remain a possibility, he stressed that any potential deal would need to offer significant strategic value.

    Any M&A opportunities “would have to be incredibly compelling to compete with that set of options that we have,” he said.

    Craig credited former CEO Andrew Mackenzie with narrowing BHP’s portfolio to its strongest assets, while Henry focused on developing them. According to Craig, his role will now be to maximise the potential of those assets as the mining sector enters a new phase shaped by geopolitical pressures and demand for critical minerals.

    The industry is increasingly receiving support from Western governments seeking to secure supply chains for minerals essential to clean energy technologies and defence applications.

    “The importance of mining to the economic ambition of security of nations around the world has never been more important or so well understood,” he said.

    As an example, Craig pointed to U.S. government backing for the Resolution Copper project in Arizona, where BHP is a minority partner alongside majority owner Rio Tinto. The companies recently gained control of land required to advance the development, a project expected to become a major domestic copper source in the United States but one that has faced opposition from Native American groups for more than two decades.

    Leadership Changes Across the Mining Industry

    Craig also emphasised the need to strengthen relationships with both governments and customers. BHP has recently been involved in a pricing dispute with one of its largest customers, China’s Mineral Resources Group, which temporarily barred its steel mills from purchasing several BHP products during negotiations over supply contracts.

    “I do think it’s really, really important that we continue to strengthen the relationships with our customers, particularly in China,” he said, adding that senior executives plan to visit the country in the coming weeks.

    Craig will formally assume the CEO role on July 1, at a time when leadership across the mining industry is undergoing significant change. Over the past six months, Barrick Mining and Newmont Corporation have both appointed new chief executives, as has BHP spin-off South32. Meanwhile, Rio Tinto’s CEO Simon Trott has been in the position for less than a year.

    In the energy sector, Australia’s largest oil and gas producer, Woodside Energy, also confirmed a leadership change on Wednesday, appointing interim CEO Liz Westcott to the role permanently.

    Assessing Mike Henry’s Tenure

    During Mike Henry’s leadership, BHP strengthened its position as the world’s largest copper producer—an increasingly important metal due to its central role in electrification and the global energy transition. Copper contributed the majority of the company’s profits for the first time in its latest half-year results.

    “He leaves behind now a vision for copper South Australia, a whole new copper precinct in Argentina and a pathway back to a million tons a year at Escondida,” said analyst Glyn Lawcock of Barrenjoey in Sydney, referring to the world’s largest copper mine in Chile.

    Henry also oversaw major strategic changes, including BHP’s exit from the petroleum sector, the removal of its secondary listing in the UK, and a stronger focus on potash. His tenure also included several unsuccessful attempts to acquire Anglo American in a bid to expand BHP’s long-term copper exposure.

    Despite these moves, BHP’s annualised total returns during Henry’s leadership averaged about 17%, slightly below the 19% delivered by peers Rio Tinto and Glencore, and trailing Fortescue’s 29%.

    Following the announcement of Craig’s appointment, shares in BHP rose 0.9% in Wednesday afternoon trading.

  • Ithaca Energy Increases Production and Cash Flow While Advancing West of Shetland Projects

    Ithaca Energy Increases Production and Cash Flow While Advancing West of Shetland Projects

    Ithaca Energy (LSE:ITH) reported strong operational and financial performance for 2025, increasing average production to 119,000 barrels of oil equivalent per day (boe/d) and exiting the year at approximately 148,000 boe/d. The company also reduced unit operating costs and delivered adjusted EBITDAX of $2.0 billion.

    Although Ithaca reported a statutory loss for the year due to a non-cash tax charge linked to the extended UK Energy Profits Levy, the business generated higher operating cash flow and expanded its available liquidity to $1.5 billion. The group also enhanced shareholder returns by updating its dividend policy and distributing $500 million to investors during the year.

    Operationally, the company made significant progress on its West of Shetland development portfolio. The Rosebank project has entered its final development phase, with first production expected in 2026 or 2027. Meanwhile, the Cambo and Tornado projects advanced through key regulatory and technical milestones and are targeting final investment decisions within the next year.

    Ithaca also strengthened its position on the UK Continental Shelf by increasing its interests in the Seagull field and the Cygnus gas field. Alongside this expansion, the company maintained high levels of activity across its core producing assets, supporting its target of sustaining production above 120,000 boe/d over the medium term and reinforcing its role as a significant operator and infrastructure partner in the North Sea.

    The company’s outlook reflects a combination of operational strength and financial challenges. While production growth and efficiency improvements support the business, profitability remains pressured due to tax impacts and earnings volatility. Technical indicators currently suggest bearish share price momentum, although the company’s relatively high dividend yield provides some valuation appeal despite ongoing concerns around negative earnings.

    More about Ithaca Energy

    Ithaca Energy PLC is a UK-based independent oil and gas company focused on the UK Continental Shelf. Its portfolio includes producing assets and development projects such as Captain, Cygnus, Seagull, Rosebank, Cambo and Tornado. The company’s strategy combines organic investment in existing fields with consolidation opportunities in the UKCS and selective international expansion, aiming to grow production, reserves and long-term shareholder returns.