Category: Top Story

  • Victrex raises FY26 profit guidance to £45 million-£47 million

    Victrex raises FY26 profit guidance to £45 million-£47 million

    Victrex (LSE:VCT) has raised its full-year 2026 underlying profit before tax guidance to between £45 million and £47 million, from its previous range of £42 million to £44 million, following improved trading into the fourth quarter.

    The high-performance polymers group reported year-on-year revenue growth across aerospace, value-added resellers and electronics, with the company highlighting demand in the Asia-Pacific region.

    Victrex said its previously announced 10% reduction in headcount has been completed and is contributing to profit performance.

    The company has also appointed Chris Gilbert as interim chief financial officer. Victrex said Gilbert has experience in finance transformation.

    Separately, Victrex has completed the disposal of its US-based Kleiss Gears business. The transaction will result in an exceptional loss of approximately £3 million.

    The company said the disposal follows its work to develop the market for PEEK gears and forms part of a strategy to focus resources on its core polymer operations.

    Victrex is scheduled to hold a capital markets event later this month.

    More about Victrex

    Victrex plc is a UK-listed manufacturer of high-performance polymer materials and products.

    The company supplies polymers, semi-finished products and finished components for markets including automotive, aerospace, energy and industrial, electronics and medical applications.

    Victrex has more than 40 years of experience in high-performance polymers and operates across multiple international markets.

  • Pebble Beach Systems H1 revenue rises 10% as recurring revenue increases

    Pebble Beach Systems H1 revenue rises 10% as recurring revenue increases

    Pebble Beach Systems (LSE:PEB) reported revenue of £6.5 million for the six months ended 30 June 2026, an increase of 10% from the prior-year period, while adjusted EBITDA rose 25% to £2.5 million.

    The broadcast and streaming software provider reported a 260% increase in statutory profit before tax to £1.8 million.

    Project revenue increased 19% to £3.1 million, while recurring support and maintenance revenue rose 6% to £3.4 million. Annualised recurring revenue increased 20% to £8.1 million, supported by service-level agreement renewals, contract expansions and new customers.

    Net debt excluding leases declined 76% to £0.8 million during the period. Management expects the company to move into a net cash position by the end of 2026.

    Pebble added four major customers during the first half, including streaming businesses in the US and Romania and Tier 1 broadcasters in Singapore and Australia. It also secured a contract in the Middle East and completed installations for broadcasters in North America, Dubai and Europe.

    The company reported £6.3 million of new orders and said it continued to invest in employees and technology during the period.

    Pebble said second-half margins are expected to normalise as higher-margin software licence sales are anticipated to account for a smaller proportion of the revenue mix.

    The company also plans to update its capital allocation policy in the new financial year.

    More about Pebble Beach Systems

    Pebble Beach Systems Group, trading as Pebble, provides software for broadcast and streaming operations.

    Its products include playout automation and integrated channel technology and are used to control more than 1,000 channels for broadcasters across more than 60 countries.

    The company’s revenue includes software projects alongside recurring support and maintenance income generated through service-level agreements.

  • Frontier Developments FY26 revenue rises 16% as operating profit reaches £25 million

    Frontier Developments FY26 revenue rises 16% as operating profit reaches £25 million

    Frontier Developments (LSE:FDEV) reported revenue of £104.8 million for FY26, an increase of 16%, while operating profit rose to £25.0 million from approximately half that level in the previous year.

    Adjusted operating profit increased 62% to £21.4 million. The video game developer ended the financial year with cash of £44.0 million after conducting share buybacks during the period.

    Frontier said its cash balance subsequently increased to £51.4 million by August and announced a £5.0 million special dividend.

    The company attributed FY26 performance to Jurassic World Evolution 3 and continued contributions from its Planet Coaster and Planet Zoo franchises.

    Frontier also outlined its upcoming game release schedule. Planet Zoo 2 and Warhammer 40,000: Chaos Gate – Deathwatch are planned for FY27, while a new Planet creative management simulation title based on Frontier’s own intellectual property is scheduled for FY28.

    The company is targeting the release of one new creative management simulation game each year as part of its longer-term development strategy. Its future pipeline also includes projects associated with a new licensing agreement with Disney.

    Frontier announced leadership changes alongside its results, with Jo Cooke becoming chief executive officer and founder David Braben moving to a non-executive role.

    More about Frontier Developments

    Frontier Developments plc is a Cambridge-based developer and publisher of video games.

    The company develops creative management simulation titles, with franchises including Planet Coaster, Planet Zoo and Jurassic World Evolution. Its games are developed using Frontier’s proprietary COBRA technology.

    Frontier’s business model includes new game releases, additional content and sales from its existing catalogue of titles.

  • Mortgage Advice Bureau lowers 2026 profit guidance to around £38 million

    Mortgage Advice Bureau lowers 2026 profit guidance to around £38 million

    Mortgage Advice Bureau (Holdings) plc (LSE:MAB1) has lowered its full-year 2026 adjusted profit before tax guidance to approximately £38 million, below current market consensus, citing softer housing market conditions and delays in lead flows at its Fluent subsidiary.

    The group also marginally increased its estimate for first-half adjusted profit before tax to approximately £14.8 million.

    Mortgage Advice Bureau now expects full-year profit growth of around 5% compared with 2025. Management said refinancing activity and operational efficiencies from centralisation and automation are expected to contribute to the year’s performance.

    The company said it does not expect a meaningful recovery in mortgage purchase activity in the near term, reflecting conditions in the UK housing market.

    At Fluent, delays affecting expected lead flows have resulted in the anticipated increase in profit contribution being deferred. Mortgage Advice Bureau now expects the associated profit uplift to occur in 2027 rather than 2026.

    More about Mortgage Advice Bureau (Holdings)

    Mortgage Advice Bureau (Holdings) plc is a UK property finance intermediary providing mortgage, specialist lending, protection and general insurance advice through a network of partner firms.

    The group has a network of more than 2,100 advisers and provides its Appointed Representative firms with services including recruitment, lead generation, training, compliance support and digital marketing.

    Mortgage Advice Bureau also operates proprietary technology and digital services connecting customers, advisers, lenders and insurers across the mortgage and homeownership market.

  • Made Tech appointed to three lots on Met Office delivery framework

    Made Tech appointed to three lots on Met Office delivery framework

    Made Tech (LSE:MTEC) has been appointed as a supplier to three lots under the Met Office’s new four-year Delivery Partnerships Framework 2, covering data, secure services and applications.

    The three lots have a combined potential value of £68 million across all suppliers appointed to them. The framework does not guarantee revenue for Made Tech, and no contracts have been awarded to the company under the framework at this stage.

    Made Tech will be eligible to compete for future work involving the Met Office’s strategic data platforms and application development requirements.

    The company has also been appointed to Lot 3, Secure Services, which covers projects involving higher-security and defence-related requirements. Made Tech said its inclusion provides an opportunity to compete for a broader range of government work in these areas.

    The appointments build on Made Tech’s existing relationship with the Met Office, including work associated with the National Weather App. Management said the new framework supports its strategy of expanding work with existing clients and increasing its activities in the defence and public safety sectors.

    The Delivery Partnerships Framework 2 has a four-year term.

    More about Made Tech Group PLC

    Made Tech Group PLC is a UK-based provider of digital, data, artificial intelligence and technology services, primarily serving public-sector organisations and regulated industries.

    The company, which is listed on AIM under the ticker MTEC, provides services including the modernisation of legacy technology systems, data and AI capabilities and cyber resilience.

  • U.S. Stock Futures Retreat as Oil Rally Revives Inflation Concerns: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. Stock Futures Retreat as Oil Rally Revives Inflation Concerns: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. equity futures moved lower on Tuesday as investors returned from the Labor Day holiday facing another surge in oil prices, escalating tensions in the Middle East and renewed uncertainty over the Federal Reserve’s next interest-rate decision.

    Crude prices provided a major source of pressure, with U.S. oil futures climbing nearly 2% following another escalation between Washington and Tehran.

    The United States struck three Iranian crude oil carriers over the weekend after Iran fired ballistic missiles towards two U.S. Navy warships operating in regional waters.

    Iran subsequently warned that further attacks on its assets would trigger retaliation. Saudi-led coalition forces also pledged a firm response following a wave of attacks by Houthi forces.

    At the same time, Tehran said an agreement with Oman concerning shipping arrangements through the Strait of Hormuz was imminent. Investors nevertheless remained concerned about the possibility of further disruption along the strategically important energy corridor.

    Strong Jobs Report Revives Fed Rate-Hike Expectations

    The weaker futures performance also followed Friday’s unexpectedly strong U.S. employment figures, which prompted investors to increase expectations for another Federal Reserve rate rise.

    Nonfarm payrolls increased by 162,000 in August, comfortably exceeding forecasts for 55,000 new jobs. July’s employment figure was revised to a gain of 21,000 from the initially reported loss of 23,000.

    The stronger labour market data pushed Treasury yields higher as traders considered whether the Fed could have more room to tighten monetary policy while attempting to bring persistent inflation under control.

    The CME Group FedWatch Tool showed the probability of a quarter-point rate increase at 58.4%, after the implied likelihood had fallen below 50% on Thursday.

    Charlie Ripley, Senior Investment Strategist at Allianz Investment Management, said: “While today’s labor report shifted September hike expectations sharply, the outcome is not a sure bet and additional signals that confirm inflation has peaked will make the Fed’s decision to hike even tougher at the September meeting.”

    Inflation Reports Could Shape September Fed Decision

    Attention is now shifting towards U.S. consumer and producer inflation reports due later in the week.

    The figures could prove important for expectations ahead of the Fed’s next monetary policy meeting, particularly after the employment report revived speculation about another increase in borrowing costs.

    Higher oil prices could further complicate the outlook by adding to energy-driven inflation pressures just as policymakers assess whether underlying price growth is cooling sufficiently.

    Wall Street Pulled Back on Friday

    U.S. stocks finished lower on Friday after gaining strongly over the previous two sessions.

    The Dow Jones Industrial Average declined 271.86 points, or 0.5%, to 53,414.25. The Nasdaq Composite fell 77.07 points, or 0.3%, to 26,506.99, while the S&P 500 dropped 29.11 points, or 0.4%, to 7,718.60.

    Weekly performance was more resilient. The Dow declined 0.3%, but the S&P 500 edged 0.1% higher and the Nasdaq gained 0.4%.

    Semiconductor Strength Helps Offset Sector Weakness

    Friday’s session produced sharp differences between individual sectors.

    Software stocks reversed some of their previous session’s gains, sending the Dow Jones U.S. Software Index down 2.2%.

    Gold-related shares also weakened as bullion prices declined, with the NYSE Arca Gold Bugs Index falling 1.8%. Pharmaceutical and biotechnology shares were among the other notable laggards.

    Semiconductors were a major exception. The Philadelphia Semiconductor Index surged 3.4%, while computer hardware and airline shares also recorded strong gains and helped contain the broader market decline.

    With Middle East tensions supporting oil prices and important inflation figures approaching, the interaction between energy costs, Treasury yields and Federal Reserve expectations is likely to remain a key driver for Wall Street.

  • European Stocks Fall as Oil Prices and German Political Uncertainty Weigh: DAX, CAC, FTSE100

    European Stocks Fall as Oil Prices and German Political Uncertainty Weigh: DAX, CAC, FTSE100

    European equities moved lower on Tuesday as elevated energy prices, political uncertainty in Germany and caution ahead of key U.S. inflation data weighed on investor sentiment.

    Markets were also looking ahead to Thursday’s European Central Bank meeting, where an interest-rate increase is expected.

    The pan-European STOXX 600 fell 0.4% to 647.12 after finishing broadly unchanged on Monday. Germany’s DAX declined 0.6%, France’s CAC 40 lost 0.5% and the UK’s FTSE 100 slipped 0.3%.

    German Political Developments Pressure Sentiment

    Political uncertainty in Germany increased after the far-right AfD secured a historic victory in a state election, adding another source of caution for investors.

    German Chancellor Friedrich Merz said he was “deeply shocked” by the result.

    “Not only did something change in Saxony-Anhalt yesterday but throughout all Germany. It will have repercussions, including on the international stage,” Merz said.

    The political developments came alongside fresh economic data showing weaker German trade activity.

    Exports declined 0.8% month-on-month in July, reversing a 0.9% increase in June, according to Destatis. It marked the first monthly decline in exports since January.

    Imports fell more sharply, dropping 5.7% after increasing 4.5% in June. As a result, Germany’s trade surplus widened by more than expected despite the decline in exports.

    ECB Decision and U.S. Inflation Data in Focus

    Investors remained cautious ahead of the ECB’s policy decision on Thursday, with markets expecting policymakers to raise interest rates.

    Attention is also turning toward upcoming U.S. consumer price inflation data, which could influence expectations for Federal Reserve monetary policy and global bond yields.

    Elevated energy prices are adding another layer of uncertainty for European markets by increasing concerns that inflation could remain persistent and put additional pressure on corporate costs.

    Dunelm Slides While Sandoz Advances

    Among individual stocks, James Fisher and Sons shares fell 1.5% after the British marine services company reported modest first-half revenue growth.

    Dunelm Group (LSE:DNLM) dropped 12% after the homewares retailer said unusually hot weather and weak consumer confidence had affected trading at the beginning of its new financial year.

    Sandoz (LSE:0SAN), meanwhile, gained 3% after the Swiss pharmaceutical company announced plans to invest around $300 million in a new biosimilar manufacturing facility in Ljubljana, Slovenia.

    The combination of political uncertainty, higher energy costs and upcoming monetary policy and inflation events kept investors defensive across European markets.

  • Coyote Copper Builds Exploration Momentum at Copper Springs as Drilling Targets Potentially Large Porphyry System

    Coyote Copper Builds Exploration Momentum at Copper Springs as Drilling Targets Potentially Large Porphyry System

    Coyote Copper Mines (TSXV:CCMM) is advancing an ambitious exploration programme at its Copper Springs property, with recent geophysical work, surface mineralisation and a newly identified zone pointing towards the potential for a much larger copper system at depth.

    For copper explorers, one of the most important questions is whether a known historic resource represents the full extent of mineralisation, or simply the beginning of something considerably larger.

    At Coyote Copper Mines, the company believes Copper Springs could offer that kind of potential.

    The exploration opportunity has also attracted attention from Optimo Research, which has highlighted the combination of Copper Springs’ historic copper resource, the newly identified zone and the large geophysical anomalies across the property. The research points to the potential significance of the upcoming exploration programme, particularly as drilling begins to test whether the mineralisation identified at surface forms part of a much larger porphyry copper system at depth.

    Read the full Optimo Research report here

    With extensive geophysical surveys completed across the property and an active field programme underway, the company is now preparing for drilling designed to test both shallow mineralisation and deeper targets that could reveal the scale of the underlying system.

    Speaking about the project, Dan Weir, CEO of Coyote Copper Mines, highlighted the significant amount of exploration work already being undertaken at Copper Springs, including magnetotelluric (MT) and spectral induced polarisation (SIP) surveys.

    “We’re currently having every single day about 11 geologists and labourers out working on the property,” Weir explained, underlining the level of activity currently taking place on the ground.

    Geophysics points to significant exploration potential

    The company’s exploration programme has generated a number of large geophysical anomalies across the property, providing targets for the next phase of drilling.

    According to Weir, the results have increased the company’s interest in the potential for a substantial porphyry copper system beneath Copper Springs.

    The upcoming drilling programme is therefore expected to play an important role in testing the company’s geological model, with a combination of shallow and deeper holes planned.

    The objective is to establish whether the mineralisation identified at surface continues into a larger system at depth.

    For investors, this represents an important potential catalyst: successful drilling could provide the geological evidence needed to demonstrate that Copper Springs extends well beyond its historic resource footprint.

    Newly identified zone adds another layer of upside

    Adding to the exploration story is a newly identified zone containing surface copper-molybdenum sulphides and magmatic breccias.

    The presence of these features is particularly interesting because they may represent part of a broader mineralised system extending below surface.

    Rather than being confined to a shallow mineralised occurrence, the company believes the surface indications could potentially be associated with a much larger sulphide system at depth.

    This is where the forthcoming deep drilling programme becomes particularly significant.

    The first deep holes will provide an opportunity to test the company’s interpretation of the geophysical data and determine whether the anomalies correspond to substantial copper mineralisation.

    Location provides an important geological reference point

    Coyote Copper’s exploration thesis is also supported by the property’s proximity to one of the world’s most significant undeveloped copper projects.

    Copper Springs is adjacent to the Resolution Copper project in Arizona, a major development being advanced by Rio Tinto and BHP.

    Resolution is a very large, deep-seated copper deposit, providing an important geological reference point for the region.

    Weir pointed to the depth and scale of Resolution when discussing the potential significance of Coyote Copper’s geophysical results, noting that some of the company’s work indicates the possibility of a similarly substantial system at depth.

    While exploration results at Copper Springs will ultimately determine the property’s potential, the geological setting provides an intriguing backdrop for the company’s current programme.

    Copper at surface could be a major advantage

    One of the aspects of Copper Springs that particularly stands out is the presence of sulphide mineralisation at surface.

    Weir contrasted this with the considerable depth at which mineralisation occurs at Resolution.

    For Coyote Copper, the combination of surface mineralisation and deep geophysical anomalies creates an exploration model that the company believes warrants systematic testing.

    The key question now is whether the surface expressions, newly identified zone and geophysical anomalies are all connected to a larger porphyry copper system.

    Drilling will be critical in answering that question.

    Drilling could define the next phase of the story

    With field teams active on the property and geophysical work helping to identify priority targets, Coyote Copper is moving towards a potentially important exploration phase.

    The company intends to use both shallow and deeper drilling to test the Copper Springs system from multiple angles.

    For investors following the company, the forthcoming drill results could therefore provide a series of important milestones, from confirming the continuity of known mineralisation to potentially demonstrating the presence of a much larger copper system at depth.

    The combination of a historic copper resource, newly identified surface mineralisation, extensive geophysical anomalies and a strategically interesting geological setting gives Copper Springs a compelling exploration proposition.

    As Coyote Copper moves from target generation towards drilling, the focus will increasingly turn to what lies beneath the surface, and whether the company’s exploration model can unlock a significantly larger copper opportunity.

    With exploration activity accelerating, Copper Springs is entering an important stage in its development, with drilling now set to test the scale and continuity of the mineralised system and potentially reshape the company’s growth story.

  • FTSE 100 opens flat as Gulf tensions persist, while Dunelm launches a growth strategy, Journeo revenue rises and copper advances

    FTSE 100 opens flat as Gulf tensions persist, while Dunelm launches a growth strategy, Journeo revenue rises and copper advances

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,822.26, up 0.001 per cent from its previous close, as disrupted Strait of Hormuz shipping and renewed threats to Gulf energy infrastructure kept investors cautious. The Euronext 100 slipped 0.01 per cent to 1,916.81, while Germany’s DAX was down 0.26 per cent at 25,939.98. In the US, the markets were closed for Labor Day.

    Commodity markets were mixed, with copper higher while gold, Brent crude and natural gas moved lower in the provided market data, despite continuing concerns over Middle East energy supplies. Bitcoin fell against sterling. The pound strengthened marginally against the US dollar but weakened slightly against the Swiss franc, euro, Japanese yen and Australian dollar, as markets monitored geopolitical risks and upcoming economic and central bank developments.


    Market Numbers

    FTSE 100: Up (+0.001%), 10,822.26
    Euronext 100: Down (-0.01%), 1,916.81
    DAX: Down (-0.26%), 25,939.98
    NASDAQ: Closed
    S&P 500: Closed


    In the Headlines

    Growth strategy – Dunelm Group (LSE:DNLM)
    The homewares retailer reported FY26 sales up 3.1% to £1.83 billion, while profit before tax was unchanged at £211 million. Dunelm also launched its Winning Hearts & Homes growth strategy, although unusually hot weather contributed to softer trading at the start of FY27.

    Revenue growth – Journeo (LSE:JNEO)
    The transport technology group reported a 53% rise in first-half revenue to £37.6 million, supported by organic growth and acquisitions. Its sales pipeline has reached £200 million, providing visibility over potential future opportunities as the group continues integrating acquired businesses.


    Currencies (vs GBP)

    USD: Down (-0.00%), $1.3547
    CHF: Up (+0.01%), Fr.1.0958
    EUR: Up (+0.00%), €1.165
    JPY: Up (+0.04%), ¥208.3665
    AUD: Up (+0.00%), $1.8759
    Bitcoin (BTC/GBP): Down, £58,016.20


    Commodities

    Copper: Up
    Gold: Down
    Brent Crude: Down
    Natural Gas: Down

  • Oil Approaches $100 as Iran Tensions and Rate Outlook Shape Markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

    Oil Approaches $100 as Iran Tensions and Rate Outlook Shape Markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

    U.S. stock futures traded in different directions on Tuesday as markets reopened after the Labor Day holiday, with investors monitoring crude oil prices, Treasury yields, economic data and expectations for the Federal Reserve’s September meeting.

    Middle East developments remained another focus for markets, alongside the implications of a stronger-than-expected U.S. employment report for the path of interest rates.

    Dow and S&P 500 Futures Decline

    Dow Jones Futures were down 0.8% at 53,013 points, while S&P 500 Futures declined 0.3% to 7,691.3 points. Nasdaq 100 Futures were unchanged at 29,593 points.

    The moves followed August employment figures that exceeded expectations, prompting markets to reassess the outlook for U.S. monetary policy.

    Oil prices have also risen, adding another consideration for investors assessing inflation and the Federal Reserve’s potential policy response.

    Labour Data and Treasury Auction Awaited

    Markets are awaiting the weekly ADP Employment Change report, which uses a four-week moving average of private-sector employment to provide an additional measure of labour-market conditions.

    The U.S. Treasury is also due to sell three-year notes. Investor demand at the auction will provide an indication of appetite for U.S. government securities following recent selling in global bond markets.

    Bond prices move inversely to yields, meaning lower prices result in higher borrowing costs for issuers.

    U.S. national debt has exceeded $40 trillion, with the government regularly issuing Treasury securities to fund spending and refinance existing obligations. Higher yields increase the cost associated with that borrowing.

    Treasury yields also influence mortgage rates, corporate financing costs and equity valuations, making developments in government bond markets relevant across a range of financial assets.

    Trump Calls for Bombardier U.S. Sales to End

    President Donald Trump on Monday called for Bombardier (TSX:BBD.B) to stop selling aircraft in the United States.

    Bombardier, which also trades in the U.S. under the symbol BDRAF, generates more than half of its revenue from the U.S. market, according to the supplied information.

    The Canadian aircraft manufacturer is expected to generate approximately $10.2 billion in revenue during 2026. Based on the geographic exposure provided, U.S.-related sales would account for approximately $5 billion or more of that amount.

    No specific policy action implementing Trump’s statement was identified in the supplied material. The financial consequences for Bombardier would therefore depend on whether restrictions are introduced and their eventual terms.

    Iran Warns of Persian Gulf Maritime Exclusion Zone

    Iran has threatened to establish a maritime exclusion zone across the Persian Gulf in response to what it described as U.S. “economic warfare.”

    Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Iran’s latest missile attacks represented a warning and that further economic pressure would result in an exclusion zone extending across the Gulf towards the perimeter of the U.S. blockade.

    Rezaei also said Iran’s posture towards U.S. warships and military bases had been “fundamentally recalibrated.”

    Separately, attacks by Iranian-backed Houthi forces on Saudi Arabia have increased attention on the security of regional energy facilities and shipping routes.

    Any disruption to Persian Gulf energy shipments could affect global oil supplies and prices. The eventual impact would depend on the nature, scale and duration of any disruption.

    Brent Extends Rally Towards $100

    Brent crude rose 1.4% on Tuesday to its highest level in six weeks, extending its advance to a third consecutive session.

    The international benchmark has recently traded around $99 a barrel amid U.S.-Iran tensions and concerns about possible disruption to energy supplies in the region.

    Higher crude prices can feed into transportation and production costs and affect inflation. However, their eventual influence on Federal Reserve policy would depend on how long prices remain elevated, broader inflation trends and other economic data.

    Investors are consequently monitoring whether Brent reaches the $100-a-barrel level alongside developments in U.S. bond markets, economic data and the Middle East.