Category: Top Story

Goodwin PLC (LSE:GDWN) reported higher profits across parts of its continuing operations for the four months ended 31 August 2026 as the company prepares for the proposed disposal of a substantial portion of its Mechanical Engineering Division.

Profit from Goodwin’s overseas refractory operations increased 19% to £3.1 million during the period, despite maintenance-related interruptions and lower demand in some markets associated with precious metals.

AVD Fire and Dupré Minerals generated combined profit of £1.0 million, representing an increase of 30%.

Duvelco Reports £1.7 Million Loss

Goodwin said production at its Duvelco operation remains constrained by an issue at the drying stage of its manufacturing process.

As a result, throughput is currently running at approximately 20% of plant capacity. Duvelco recorded a £1.7 million loss during the four-month period.

The company is relocating polyimide presses to the UK and assessing equipment solutions intended to address the production constraint and increase plant utilisation.

Goodwin said Duvelco’s polyimide product is technically competitive with the product offered by the global market leader.

Mechanical Engineering Disposal Valued at Up to £1.1 Billion

Goodwin is progressing the previously agreed disposal of a substantial part of its Mechanical Engineering Division to an affiliate of Cerberus.

The transaction is expected to generate cash consideration of up to approximately £1.1 billion, subject to its terms.

Completion is expected in early 2027 and remains subject to the required approvals.

Goodwin expects that no UK corporation tax will be payable on the gain arising from the disposal.

Goodwin Considers Return of Disposal Proceeds

The company is considering options to return a significant proportion of the net proceeds from the transaction to shareholders.

Goodwin’s engineering training school will transfer to the buyer as part of the business being sold.

The proposed transaction will leave Goodwin with a smaller group focused on its remaining refractory and technology-related operations.

Board Reviews Management Structure

In preparation for the proposed disposal, Goodwin’s board is reviewing the leadership structure, corporate governance and remuneration arrangements for the continuing group.

The company has begun recruiting a chief executive officer and finance director for the remaining operations.

Following completion of the transaction, Goodwin’s continuing businesses will include its refractory operations alongside AVD Fire, which develops lithium-ion battery fire protection products, and Duvelco, which develops high-performance polyimide materials.

Tullow Oil (LSE:TLW) has received a ruling from an International Chamber of Commerce arbitration tribunal concerning a $196.5 million corporate income tax assessment in Ghana relating to business interruption insurance proceeds.

The assessment concerns insurance proceeds received by Tullow between 2016 and 2019 and associated penalties imposed by the Ghanaian authorities.

The tribunal determined that the corporate income tax assessment does not breach Tullow’s Petroleum Agreements in Ghana.

Tribunal Rules on Tax Assessment and Penalties

Tullow had challenged the tax treatment of the business interruption insurance proceeds and the related penalties through arbitration.

According to the ruling, the $196.5 million corporate income tax assessment is not inconsistent with the contractual protections contained in Tullow’s Petroleum Agreements.

The tribunal also determined that the 100% penalties assessed in connection with the tax matter fall outside the scope of the contractual protections provided by those agreements.

Tullow to Engage With Ghanaian Government

Tullow said it was disappointed with the outcome of the arbitration.

The company plans to engage further with the Government of Ghana before determining its next steps following the tribunal’s decision.

No further course of action was specified in the supplied update.

Ghana Remains Core Market for Tullow

Tullow Oil is an independent energy company focused on oil and gas production, with Ghana representing its principal operating market.

The company holds interests in producing assets in Ghana and is listed on both the London and Ghanaian stock exchanges under the symbol TLW.

Its operations are primarily focused on West African hydrocarbons, with its Ghanaian producing fields contributing to the group’s operations and revenue.

Saga plc (LSE:SAGA) raised its full-year profit guidance after reporting higher revenue and earnings for the six months ended 31 July 2026, supported by its cruise, holidays, insurance and financial services operations.

Underlying revenue increased 14% to £366.3 million, while trading EBITDA rose 35% to £90.9 million.

Underlying profit before tax increased to £46.6 million, almost double the level reported for the comparable period.

Net debt decreased by £70.4 million during the period, reducing the group’s leverage ratio to 2.7 times.

Full-Year Profit Guidance Raised to £65-70 Million

Following the first-half performance, Saga upgraded its expectations for the full financial year.

The company now expects underlying profit before tax of between £65 million and £70 million.

Management also said it expects to achieve its medium-term targets for higher profitability and lower leverage earlier than its original January 2030 timetable.

Cruise and Holidays Support First-Half Performance

Saga reported continued demand across its cruise and holidays businesses during the first half, contributing to the increase in group revenue and earnings.

The company is continuing to restructure its operations around a business model that makes greater use of partnerships in areas including insurance and financial services.

The transition of new motor and home insurance business to Ageas has now been completed.

Saga Adds Allianz UK Pet Insurance Partnership

Saga also entered into a new pet insurance arrangement with Allianz UK as it continues to develop its partnership-based insurance operations.

In financial services, the company reported customer uptake of savings products offered through its relationship with NatWest.

Saga is also expanding its use of media content, including podcasts, as part of its engagement with customers.

Saga Continues Business Transformation

Saga provides products and services primarily for people aged over 50 across cruises, holidays, insurance, personal finance and publishing.

Its travel operations include ocean and river cruises alongside holidays, while its insurance and financial services activities increasingly operate through partnerships with third-party providers.

The company said its current strategy is focused on simplifying its operations, reducing risk and lowering leverage while developing its products and services for its customer base.

Prime Minister Andy Burnham is addressing the Labour Party conference in Liverpool. Among the issues he has addressed are homelessness, electoral reform and public control of water. But the biggest announcement is around social care and pensions.

Burnham proposes setting up a National Care Service, and he says it will not be funded by borrowing. Instead, he plans to abandon the pensions triple lock after the next election.

The triple lock means that pensions go up each year based on three numbers: inflation, average wage growth, or a flat 2.5%. Whichever percentage is highest become the rate used to increase the state pension for the forthcoming year.

The PM says this will stay for this parliament, but then pensions will go up in line with prices, or by 2.5% each year.

Defending the plan, Burnham said, “This change will generate significant savings, which we will use to build up our National Care Service. Some may not realise it, but older people with nothing more than the state pension or only a little more, can find themselves paying care charges today. Under my plan, this will no longer happen.”

Summing up his care and pension plans, Burnham said, “Pension that rises every year, no care charges and a high quality National Care Service to give peace of mind in later life.”

For mining investors, the most compelling opportunities often emerge where strong economics, strategic commodities, and responsible development intersect.

Falco Resources Ltd. (USOTC:FPRGF) (TSXV:FPC) is rapidly positioning itself within that category through its flagship Horne 5 Project in Rouyn-Noranda, Québec, a project that combines significant gold production potential with an increasingly advanced path toward development approval.

This article is disseminated in partnership with Falco Resources Ltd. It is intended to inform investors and should not be taken as a recommendation or financial advice. 

As global demand for gold remains robust and investors continue seeking exposure to future production assets, Falco is advancing one of Canada’s most significant undeveloped gold projects while simultaneously demonstrating a commitment to environmental stewardship and community engagement.

A major gold asset nearing a critical milestone

At the center of Falco’s investment thesis is the Horne 5 Project, a large-scale gold development project located in one of the world’s most respected mining jurisdictions.

The company’s updated feasibility study from earlier this year highlights the scale of the opportunity. The study outlines:

• An initial planned investment of approximately C$1.75 billion
• A mine life of at least 15 years
• Creation of approximately 500 permanent jobs
• More than C$4.4 billion in taxes, duties, and mining fees generated over the life of the project

These figures underscore the economic significance of Horne 5, both for investors and for the broader Abitibi-Témiscamingue region. The filing of the updated NI 43-101 Feasibility Study Report further strengthens the project’s technical credibility and demonstrates Falco’s continued progress toward construction readiness.

For investors, resource projects that reach this stage often represent an important transition. Years of geological work, engineering studies, environmental assessments, and stakeholder engagement begin to shift toward potential development and production. The Horne 5 Project appears increasingly positioned for that transition.

Why does gold matter more now?

Falco’s opportunity must also be viewed through the lens of the broader gold market.

According to recent industry forecasts, investment demand is expected to remain the principal driver of gold demand growth throughout the remainder of 2026. Several major forces continue supporting the metal:

• Persistent geopolitical uncertainty
• Ongoing inflation concerns
• Strong Asian investment demand
• Continued central bank gold purchases
• Limited alternative safe-haven assets

Central banks around the world continue accumulating gold as a portfolio diversification and risk-management asset. At the same time, investors increasingly view gold as a hedge against inflation, currency volatility, and geopolitical disruptions.

Importantly, while higher gold prices have reduced some jewelry demand, supply growth remains relatively constrained. Mine production is expected to increase only modestly due to operational limitations, permitting requirements, and lengthy project development timelines.

This supply-demand dynamic creates an attractive backdrop for advanced development projects such as Horne 5. New, large-scale gold mines are increasingly difficult to discover, permit, and construct. Assets that have already advanced through technical and environmental review processes become especially valuable in such an environment.

More than gold: Strategic metals for modern economies

While gold naturally captures investor attention, projects such as Horne 5 also contribute to broader resource security objectives.

The modern global economy continues to depend on metals for infrastructure, electrification, energy systems, advanced manufacturing, and technology innovation. From data centers supporting artificial intelligence applications to renewable energy networks and transportation infrastructure, the demand for mined materials remains essential.

Québec has emerged as a critical jurisdiction for supplying responsibly developed mineral resources to North American and global markets. The province’s well-established regulatory framework, skilled workforce, and extensive mining history provide developers such as Falco with advantages that many international projects simply cannot match.

For investors looking at long-term commodity trends, ownership of advanced-stage projects in stable jurisdictions remains a key differentiator.

Environmental review progress continues

Another important catalyst for Falco is the advancement of the project’s environmental assessment.

Preparatory work for Horne 5 has been underway for more than a decade, and the Government of Québec’s environmental review process is now in a very advanced stage. Completion of the assessment is expected during the fall of 2026.

Since publication of the BAPE report in January 2025, Falco has continued working with provincial authorities by responding to extensive rounds of questions regarding potential impacts on:

• Healthcare services
• Childcare and education
• Housing availability
• Emergency services
• Regional workforce requirements

The company has also supported comprehensive socioeconomic studies designed to analyze regional impacts and opportunities associated with project development.

Additionally, concerns regarding potential vibration impacts on the Regional Radiation Oncology Centre have undergone extensive independent review. Expert assessments concluded that mining activities, along with proposed mitigation measures, can be conducted safely and in a manner compatible with the facility’s ongoing operations.

The anticipated government decree authorizing the project would represent one of the most significant milestones in Falco’s history, providing a pathway toward the next phase of development.

Building community trust through action

Perhaps one of the most noteworthy recent developments is Falco’s newly announced partnership with Collectif Territoire, an organization focused on the rehabilitation of Lake Osisko and strengthening community involvement around one of Rouyn-Noranda’s most recognizable environmental landmarks.

Under the three-year agreement, Falco will contribute C$30,000 annually, representing a total commitment of C$90,000.

While modest relative to the scale of the Horne 5 Project, the partnership sends an important message. Modern mining development is no longer judged solely on resource size or economic returns. Investors increasingly evaluate whether companies can earn social acceptance and develop meaningful local relationships.

Falco’s support of Lake Osisko restoration initiatives aligns directly with the organization’s focus on:

• Environmental rehabilitation
• Territorial innovation
• Community participation
• Long-term sustainability

The company has made it clear that its vision for Horne 5 extends beyond mine development alone. By engaging citizens and supporting projects that enhance quality of life in Rouyn-Noranda, Falco is attempting to establish the type of community relationship that can contribute to long-term project success.

“The lac Osisko Project exemplifies the kind of initiative we want to support in Rouyn-Noranda: a collaborative and place-based approach that brings residents together around sustainable environmental and community projects,” Falco’s Vice-President, Environment, Sustainable Development and Community Relations, Hélène Cartier, stated in a media release. “Our partnership with the Collectif Territoire is a concrete expression of the relationship that Falco seeks to build with the community.”

Investor’s corner

Falco Resources presents investors with a combination of characteristics that are increasingly difficult to find in the mining sector:

• A large-scale, advanced-stage gold project
• Updated feasibility economics supporting long-term value creation
• Location within a premier Canadian mining jurisdiction
• Exposure to strong global gold demand fundamentals
• Significant environmental review progress
• A demonstrated commitment to community engagement and environmental responsibility

As the Horne 5 Project moves closer to a government decision and potential development phase, the coming months could prove transformational for the company.

Falco Resources stock (USOTC:FPRGF) (TSXV:FPC) has risen more than 20% since 2026 began and has climbed more than 45% since this time last year.

For investors seeking exposure to a potentially significant future gold producer at a pivotal stage in its development journey, Falco Resources is a company worth watching closely. The combination of a world-class asset, favourable gold market fundamentals, and a proactive approach to community partnership could make Horne 5 one of Québec’s most important mining developments of the next decade.

For more details on Falco and the Horne 5 Project, please consult the company’s monthly investor presentation.

Sponsored Article: InvestorsHub.com Inc. dba The Market Link has been compensated [CASH: $6,000 by [Falco Resources Ltd.] (USOTC:FPRGF) for the publication and distribution of this content. This is not independent editorial content. For full compensation disclosure visit investorshub.advfn.com/boards/disclaimer.aspx

Supermarket Income REIT (LSE:SUPR) is entering its next phase of growth with a portfolio now established at over £2 billion, a strong financial performance and ambitions to more than double the scale of the business over the coming years.

The company delivered a 7.5% total accounting return for the year, while continued acquisition activity has helped expand earnings and strengthen the platform for future dividend growth.

Speaking to ADVFN’s Watch List, Rob Abraham, CEO of Supermarket Income REIT, highlighted the role of acquisitions and the company’s growing scale in driving performance.

Acquisitions driving earnings growth

According to Abraham, the company’s strong performance has been underpinned by an active approach to acquisitions and the development of a more efficient investment platform.

A key step has been the establishment of a joint venture with Blue Owl Capital, which has now been scaled to £855 million.

The structure has enabled Supermarket Income REIT to recycle capital and reinvest proceeds into further earnings-enhancing acquisitions, creating additional capacity for growth.

The objective is not simply to expand the property portfolio, but to build the earnings base needed to support sustainable dividend growth.

Supermarket Income REIT has also set a target of at least 2% annual dividend growth from FY2027, with the growing scale of the platform helping to support that ambition.

Abraham also pointed to the benefits of scale, with the company continuing to build an efficient operating platform and improve its cost ratio as the portfolio grows.

A £4bn opportunity

With the portfolio now over £2 billion, Supermarket Income REIT has set its sights considerably higher, targeting £4 billion and beyond.

The opportunity extends across the wider grocery property market, where the company believes its sector specialism gives it the ability to identify and underwrite opportunities across a broad range of assets.

That includes traditional large-format supermarkets, which remain an important part of the strategy, alongside smaller-format and convenience stores.

The company is also looking further along the grocery supply chain, including grocery logistics properties and distribution warehouses that support store networks.

There is also potential to expand the strategy into European markets.

Maintaining quality as the portfolio grows

Importantly, the strategy is not simply about increasing the size of the portfolio.

Supermarket Income REIT intends to maintain a strong quality profile as it scales, using a combination of lease length, tenant quality and investment-grade characteristics when assessing opportunities.

Abraham outlined a target portfolio structure of approximately:

• 90% grocery income
• Around 12 years average lease length
• Around 80% inflation-linked income
• Around 70% investment-grade income

This provides a clear framework for how the company intends to grow while maintaining the defensive characteristics of its existing portfolio.

The focus remains on properties operated by leading grocery businesses, with Supermarket Income REIT targeting some of the most important and mission-critical assets within their networks.

Building on a strong platform

With a £2 billion portfolio already established, an £855 million joint venture vehicle and a clear ambition to reach £4 billion and beyond, Supermarket Income REIT is positioning itself for another stage of expansion.

The combination of acquisition-led earnings growth, increasing scale and a focus on long-duration, inflation-linked grocery income provides the foundation for the company’s next phase.

For investors following the UK real estate sector, Supermarket Income REIT’s progress will be closely linked to its ability to continue deploying capital into attractive grocery property opportunities while maintaining the quality and resilience of its income base.

As Rob Abraham explains, the strategy is ultimately about using scale to grow earnings, support dividends and build a larger portfolio while retaining the attractive fundamentals that have defined Supermarket Income REIT to date.

For more information visit Supermarket Income REIT

British American Tobacco (LSE:BATS) shares fell 1.7% on Tuesday after the company said it expects fiscal 2026 revenue and adjusted profit from operations growth to be towards the lower end of its existing guidance ranges.

BAT said it remains on track for revenue growth towards the lower end of its 3% to 5% range and adjusted profit from operations growth towards the lower end of its 4% to 6% range, both measured at constant exchange rates.

Adjusted diluted earnings per share growth is expected to be towards the middle of the company’s existing 5% to 8% range at constant rates.

The guidance was provided during BAT’s Capital Markets Day in Winston-Salem, North Carolina.

BAT Sets New Category Targets Through 2030

Chief Executive Tadeu Marroco and the management team also outlined the company’s Horizon 2030 objectives during the event.

BAT is targeting mid-teens revenue growth for its New Categories business through 2030.

The company expects the New Category contribution margin to reach at least 30% by 2030. BAT said its plans include a focus on premium products, changes in product mix, increased scale and more targeted allocation of resources.

The targets represent the company’s longer-term objectives and remain dependent on future business and market conditions.

Leverage Expected Within Target Range by Year-End

BAT said it expects leverage to be within its target range of 2.0 to 2.5 times by the end of the year.

The company also said it intends to continue returning cash to shareholders.

Based on current spot exchange rates, BAT expects foreign currency translation to reduce fiscal 2026 adjusted diluted EPS growth by approximately 2% to 2.5%.

The currency impact relates to the translation of results and is separate from the company’s constant-currency earnings guidance.

BAT Outlines Multi-Category Strategy

During the Capital Markets Day, BAT presented its strategy for its global multi-category portfolio.

The company highlighted consumer insights, scientific research and innovation, global distribution and retail networks, regulatory expertise and digital capabilities as areas supporting its strategy.

BAT’s Horizon 2030 plans include further development of its New Categories business alongside its broader portfolio, with the company setting targets for revenue growth and contribution margins through the end of the decade.