Category: Top Story

MedPal AI is scaling at remarkable speed, with September trading showing further acceleration and the Group now running at more than £35 million of annualised revenue just eleven months after starting from zero.

The latest trading update from MedPal AI plc (LSE:MPAL) provides another clear indication of the pace at which the AI-native digital health and pharmacy group is building its business.

The headline number is striking: based on trading between 1 and 19 September, MedPal’s annualised revenue run rate has climbed to more than £35 million, up from approximately £28 million in August and £8.6 million in July. The company is careful to point out that these are annualised figures based on monthly trading rather than forecasts.

For investors, however, the direction of travel is difficult to ignore.

New Health continues to drive the acceleration

The key growth engine is New Health, MedPal’s dedicated GLP-1 weight-management clinic.

New Health generated more than £1.5 million of revenue in the first 19 days of September, from more than 12,000 orders. That represents a daily trading rate approximately 35% higher than August, while August itself delivered revenue growth of more than 800% compared with July.

The customer numbers are expanding just as quickly.

New Health has now acquired more than 25,000 customers since marketing began in July, compared with more than 16,000 reported just two weeks earlier.

That rapid customer acquisition is already translating into significant operational scale.

On 15 September, New Health recorded its biggest trading day to date, dispensing 2,000 orders and generating approximately £300,000 of revenue in a single day.

For a business that only began trading in June, the progression is significant.

The repeat-order opportunity

Perhaps one of the more interesting elements of the update is what could happen as the rapidly acquired customer base matures.

MedPal says 27% of first-time customers have already placed a second order, despite the majority of New Health customers having joined during the second half of August or in September and therefore still being on their first month’s medication.

That gives the company an increasingly valuable second layer of potential growth: new customer acquisition alongside repeat purchasing from the existing customer base.

Importantly, repeat orders do not carry the same customer acquisition cost as the initial sale, meaning the company expects margins to widen as the customer base matures.

This is potentially an important part of the investment story as MedPal moves from rapid customer acquisition towards building a recurring customer relationship.

£5m raise to fund the growth

MedPal has also announced a £5 million placing at 5p per share, predominantly supported by existing shareholders alongside institutional and other investors.

The key point is where that capital is going.

Approximately £4 million of the £4.7 million net proceeds will be used to fund medication stock and working capital, allowing the Group to purchase medication ahead of receiving NHS payments, supplier rebates and VAT reclaims.

A further approximately £700,000 will be invested in expanding the GLP-1 pick-and-pack operation at the company’s Sarus Court facility.

That investment is expected to increase capacity to 14,000 orders per day, equivalent to approximately £2 million of orders per day, with the expanded line expected to be operational by the end of October.

In other words, MedPal is putting capital behind infrastructure designed to accommodate further growth.

A business beginning to scale

There is another potentially important development in the background.

MedPal has opened discussions with UK clearing banks regarding a working-capital facility secured against its receivables. The discussions remain at an early stage, but if successful, the company expects such a facility could reduce the need for further equity to fund its working-capital cycle as the business expands.

That would represent an important evolution for a company currently growing so rapidly that working capital itself has become a constraint.

CEO and founder Jason Drummond summed up the situation by saying that growth at this pace needs to be funded and that the placing allows MedPal to accelerate rather than pace its growth according to available cash.

The bigger picture

MedPal’s story is increasingly about more than a single fast-growing digital pharmacy.

The Group’s annualised revenue now comprises approximately £29 million from New Health, £5.6 million from NHS prescriptions and £0.8 million from eMARx, according to the latest update.

That combination gives MedPal exposure to digital pharmacy, healthcare services, NHS prescriptions, GLP-1 weight management and its developing health technology platform.

The numbers also demonstrate just how quickly the business has moved.

From zero to an annualised revenue run rate above £35 million in eleven months is a dramatic rate of expansion. The next question for investors is whether MedPal can convert that rapid top-line growth into a progressively more profitable and cash-generative business as customer numbers mature, repeat orders increase and operational capacity expands.

For now, the latest update suggests that MedPal is still accelerating rather than slowing down.

With more than 25,000 New Health customers, record daily order volumes, early evidence of repeat purchasing, a £5 million injection of growth capital and capacity expansion underway, the company enters the final quarter of 2026 with its operating platform being built around a business that is scaling at pace.

For investors watching the rapidly evolving UK digital-health market, MedPal’s latest figures put the company firmly on the radar.

Anglo Asian Mining PLC (LSE:AAZ) reported revenue of $141.2 million for the six months ended 30 June 2026, compared with $40.9 million a year earlier, as copper production reached a record half-year level of 8,840 tonnes.

The Azerbaijan-focused copper, gold and silver producer reported profit before tax of $68.5 million and operating cash flow of $78.5 million. Its net cash position increased to $57.7 million at the period-end.

Following the results, the board declared an interim dividend of six US cents per share.

The increase in revenue was supported by higher copper production, increased silver output and higher market metal prices. Copper has become the company’s principal product as it expands its production portfolio.

During the first half, Anglo Asian continued ramping up operations at the Demirli mine, which is expected to reach steady-state production in the fourth quarter of 2026.

The company also progressed production at Gilar and expanded its processing infrastructure at Gedabek.

Infrastructure developments included the commissioning of nine new Imhoflot flotation cells, completion of a tailings dam raise at Gedabek and construction of a private haul road connecting Gilar with the processing facilities.

The new road is intended to increase ore transportation capacity between the mine and processing plants.

Anglo Asian maintained its full-year production guidance for copper and silver but reduced its gold output forecast following lower-than-expected recoveries from ore mined at Gilar.

The company also lowered its all-in sustaining cost guidance for copper production, citing operational efficiencies and higher market metal prices. Revenue is currently running ahead of budget, according to management.

Alongside its existing operations, Anglo Asian is advancing feasibility studies for the Xarxar and Garadag copper projects.

The company appointed Worley Europe as a consultant for the studies, while internal technical work includes mineralogical assessments and pilot facilities for heap leaching and solvent extraction-electrowinning (SX/EW) processing.

Anglo Asian is targeting production from Xarxar and Garadag in 2028 and 2029, respectively, as part of its broader development programme.

Its strategy also includes the Zafar project, with the company planning to bring additional assets into production between 2027 and 2030.

The group aims to become a multi-asset, mid-tier copper-focused producer by 2030, targeting annual copper production of approximately 50,000 to 55,000 tonnes.

Exploration activities are continuing alongside the development programme, including drilling intended to support resource evaluation and future mine planning.

In environmental and social management, Anglo Asian is implementing an integrated Environmental and Social Management System and introducing new environmental standards across the group.

The company has received an initial Digbee ESG rating and has committed to adopting the Global Industry Standard on Tailings Management by the end of 2026.

It also plans to develop a biodiversity management standard as part of its environmental management programme.

Anglo Asian’s near-term operational priorities include completing the production ramp-up at Demirli, progressing feasibility work at Xarxar and Garadag, and implementing its revised production and cost guidance for the remainder of 2026.

Iofina plc (LSE:IOF) reported a 7% increase in revenue to a record $31.3 million for the first half of 2026, with adjusted EBITDA more than doubling to $6.6 million as iodine production increased and cost of sales declined.

The iodine producer and specialty chemicals manufacturer reported an 8% reduction in cost of sales, contributing to a 62% increase in gross profit to $10.2 million.

Operating profit rose 178% to $4.9 million, while the group reported a net cash position of $7.2 million at the period-end.

Iofina produced 393.3 metric tonnes of crystalline iodine during the six months, representing a 29% increase year on year and exceeding its revised production target.

The company said iodine prices remained firm during the period, while increased sales of crystalline iodine and iodine derivatives contributed to its financial performance.

Capital expenditure totalled $5.8 million in the first half as Iofina continued investing in additional production capacity.

The expansion programme includes IO#12, the company’s largest iodine extraction plant, located in the Permian Basin, alongside the development of IO#13 and IO#14 in central Oklahoma.

Management is directing operating cash flow towards these projects as part of its strategy to increase iodine production.

Iofina is targeting record annual iodine output in 2026 and continues to pursue its longer-term objective of reaching 2,000 metric tonnes of annual production capacity.

The company currently operates eight IOsorb iodine extraction plants in Oklahoma and describes itself as the second-largest iodine producer in North America.

Its operations use proprietary WET IOsorb technology to recover iodine from brine produced during oil and gas extraction in the United States.

The group operates through Iofina Resources, which focuses on iodine extraction, and Iofina Chemical, which manufactures iodine derivatives and other specialty chemicals.

Iofina’s immediate priorities include progressing construction of its additional extraction plants and increasing production as it works towards its annual output and longer-term capacity targets.

Craneware plc (LSE:CRW) reported broadly unchanged revenue of $206 million for the 2026 financial year, with adjusted EBITDA increasing 3%, as the healthcare software provider revised its revenue expectations for FY27 following a post-year-end cybersecurity incident and ongoing challenges in the US 340B market.

Annual recurring revenue (ARR) remained stable at $185 million, supported by customer retention and recurring software subscriptions. The company also reported high operating cash conversion during the year.

Craneware maintained its dividend and completed a $25 million share buyback during the period.

The group continued developing its Trisus cloud platform, integrating its datasets and expanding the deployment of Trisus Assist, an artificial intelligence-powered tool designed to support financial analysis and decision-making across multiple product areas.

Craneware also introduced Trisus OneLink – Medication, a product developed to address changes in the US 340B drug pricing programme and pharmacy reimbursement arrangements.

The company expanded its relationship with Microsoft and secured additional contracts through the Azure Marketplace.

Following the financial year-end, Craneware identified a cybersecurity incident. The company said the incident did not disrupt customer services or its core operations.

An independent investigation subsequently confirmed that its systems were secure and fully operational, according to the company. Remediation activities and regulatory reporting remain ongoing.

In response to the incident and current trading conditions, Craneware’s board has revised its FY27 revenue expectations to align with existing ARR levels of approximately $185 million.

The revised outlook also reflects the continuing impact of conditions in the 340B market, which have constrained revenue.

Management has initiated a comprehensive review of the group’s cost base, with the objective of maintaining adjusted EBITDA margins while supporting ongoing product development and commercial activities.

Craneware expects conditions in the 340B market to become more supportive during the second half of FY27, potentially increasing demand for its software and services. However, the company has not included any anticipated improvement in its current forecasts.

The group is targeting a return to revenue growth in FY28 and subsequent financial years, supported by its existing customer relationships, recurring revenue base and recently introduced products.

Craneware provides financial performance and operational software to healthcare organisations in the United States. Its Trisus platform combines healthcare data, revenue management, margin analysis and other financial tools.

The company’s product portfolio includes software and services addressing hospital reimbursement, charge capture, pharmacy operations and the 340B drug pricing programme.

Its immediate priorities include completing the remaining cybersecurity remediation and reporting work, reviewing operating costs and implementing its revised FY27 financial plan.

Cora Gold Limited (LSE:CORA) has reported progress on front-end engineering design (FEED) and pre-construction activities at its Sanankoro Gold Project in southern Mali, with engineering work scheduled for completion in the fourth quarter of 2026.

The company said engineering contractor SENET has completed all fieldwork and three-dimensional plant modelling for the project. Equipment suppliers have also contributed to the design of the crushing, milling and gold recovery circuits.

The engineering programme is intended to support decisions on long-lead equipment once the required mining permit has been granted.

Pre-construction activities are progressing alongside the engineering work. Cora has completed land compensation arrangements for the planned tailings storage facility and undertaken geotechnical drilling at the proposed processing plant and power station sites.

The geotechnical results will be used to refine foundation designs for the planned infrastructure.

The company has also upgraded its exploration camp, including improvements to security, accommodation and utilities, as part of preparations for the construction phase.

Cora said the engineering and early works programmes are intended to reduce the time required to move into construction and ultimately achieve first gold production, subject to obtaining the necessary permits.

The FEED programme remains on schedule for completion in the fourth quarter of 2026.

Separately, the company is undertaking resource expansion drilling aimed at increasing Sanankoro’s existing JORC-compliant mineral resource of more than one million ounces of gold.

Cora continues to engage with the Government of Mali regarding the exploitation permit and the consolidation of permits associated with the project.

Sanankoro is being developed as an open-pit oxide gold operation in Mali’s Yanfolila Gold Belt. The project has a Probable Reserve of 531,000 ounces.

A feasibility study completed in 2025 indicated a post-tax internal rate of return of 98% and a post-tax net present value of US$365 million, based on an assumed gold price of US$3,500 per ounce.

In April 2026, Cora secured a binding US$120 million gold streaming agreement, which the company said would fully fund Sanankoro’s development through to production alongside existing equity.

The agreement was amended in August 2026 to permit up to half of the streaming facility to be replaced with conventional senior debt, providing an alternative financing structure for the project.

Cora’s immediate development priorities remain the completion of engineering, continued pre-construction activities and securing the necessary permits before proceeding with full construction.

The company also holds exploration interests in Senegal and continues to evaluate opportunities to expand its mineral resources.

For investors looking for exposure to the infrastructure that underpins the modern economy, 3i Infrastructure (LSE:3IN) offers a strategy built around essential businesses, long-term structural trends and active ownership.

In a recent Capital Compass interview, James Dawes, Chief Financial Officer of 3i Infrastructure, outlined how the company seeks to identify attractive infrastructure businesses, grow them through active management and ultimately realise value for shareholders.

The approach is centred on investing in mature businesses with hard-to-replicate assets that provide essential services. Rather than simply owning projects or concessions, 3i Infrastructure looks for established companies with employees, management teams and identifiable opportunities for further growth.

As Dawes explains, the objective is straightforward: buy businesses, grow them and ultimately sell them on.

Investing behind long-term structural trends

A key attraction of the strategy is its focus on what 3i Infrastructure describes as “mega trends”, developments that can extend well beyond the normal economic cycle.

Digitalisation, the energy transition and the renewal of essential infrastructure are creating investment opportunities that could continue for decades.

The portfolio already provides exposure to several of these themes. Within energy transition, for example, Infinis operates in renewable and low-carbon power generation, while the group’s digitalisation exposure includes fibre businesses and its recently announced investment in a major data centre platform in Norway.

For investors, the attraction is not simply identifying a short-term trend, but finding businesses that can benefit from structural demand over many years.

Active ownership at the heart of the model

Another important part of 3i Infrastructure’s strategy is active ownership and control.

The company will often take majority or 100% ownership positions in portfolio companies and play an active role at board level. This can include appointing experienced non-executive directors, strengthening management teams and working alongside those teams to develop and execute a growth strategy.

That approach gives 3i Infrastructure significant influence over how its investments develop.

Capital can then be directed towards expanding the underlying asset base, while management teams are supported in delivering the agreed strategy.

For shareholders, this creates a model where value creation is intended to come not only from owning infrastructure assets, but from actively developing the businesses behind them.

Norway data centre highlights digital infrastructure opportunity

One of the most interesting examples discussed by James Dawes is the group’s recent investment of approximately €263 million in a data centre platform in Norway.

The facility is located within a disused mine on Norway’s west coast, providing a naturally cool environment. Cooling can also be supported by water from a nearby fjord, while the electricity supply is entirely renewable and predominantly hydroelectric.

The site currently has 80MW of power allocated, with that capacity already fully contracted. Importantly, there is also potential for further expansion, with the platform consisting of six levels within the mine and only one currently being used.

3i Infrastructure is also in the queue for an additional 120MW of grid power.

That combination of renewable energy, cooling efficiency, existing contracted capacity and expansion potential illustrates why data centres have become such an important part of the digital infrastructure investment landscape.

TCR demonstrates the value of the approach

The strategy is also demonstrated by 3i Infrastructure’s experience with TCR, its airport ground support equipment business.

When 3i Infrastructure invested around a decade ago, TCR operated across approximately 100 airports. By the time of the exit, that figure had grown to 237 airports worldwide, transforming the company into a significantly larger global platform.

The eventual sale generated a material uplift, with Dawes highlighting that TCR was sold at a valuation 50% above its valuation at the start of the year.

The example illustrates the wider investment philosophy: identify a smaller business, use active ownership to build its scale and capabilities, establish a clear growth pathway and ultimately position it for a larger investor.

Recycling capital to create further opportunities

For 3i Infrastructure, selling successful investments is not simply about taking profits. It is also an important part of the portfolio management strategy.

Dawes explained that the portfolio is designed to deliver target returns of 8–10% per annum, including the dividend, while outperformance can come from growing businesses beyond their original investment cases and achieving attractive valuations when assets are sold.

Because 3i Infrastructure maintains control over many of its investments, it can also have greater flexibility around the timing of exits — seeking to sell when both the company and the wider market conditions are appropriate.

That creates a potentially powerful cycle: invest, develop, grow, realise value and recycle capital into the next opportunity.

Infrastructure with a focus on value creation

The Capital Compass discussion with James Dawes provides an insight into a business model that goes beyond simply owning infrastructure.

From digitalisation and data centres to energy transition and essential services, 3i Infrastructure is targeting areas where long-term demand can provide a supportive backdrop for portfolio companies.

At the same time, its active ownership model is designed to give the company an active role in developing those businesses and creating additional value.

The combination of essential infrastructure, structural growth trends, active ownership and disciplined capital recycling forms the core of 3i Infrastructure’s investment approach — with the Norway data centre and TCR providing two clear examples of how that strategy is being applied in practice.

For investors assessing the infrastructure opportunity, the key message from James Dawes is that 3i Infrastructure is not simply looking to own assets for the long term. It is looking to build better businesses, grow them and ultimately crystallise the value created.