Category: Top Story

BT Group (LSE:BT.A) and Verizon (NYSE:VZ) have agreed to combine their international enterprise businesses into a new 50:50 joint venture expected to generate around $4 billion in annual revenue. The venture will serve more than 3,000 multinational customers across over 180 countries by bringing together BT International’s expertise in secure communications with Verizon’s international wireline operations to create a next-generation platform designed for AI, cloud and advanced connectivity services.

Under the agreement, both companies will retain equal voting rights, with Verizon making a $625 million equalisation payment to BT. The transaction allows each business to sharpen its focus on domestic operations while benefiting from greater scale and efficiency across their global enterprise networks. Martijn Blanken has been appointed CEO-designate of the new company, which aims to accelerate the deployment of secure, compliance-focused connectivity solutions and expand sovereign-ready services for multinational organisations. Subject to regulatory approvals, the transaction is expected to complete in 2027.

BT’s investment outlook remains supported by resilient underlying financial performance, including solid operating cash flow and EBITDA generation. However, revenue growth has remained subdued, leverage remains elevated and free cash flow has come under pressure. Progress on the company’s transformation programme and management’s strategic guidance provide positive support, although valuation remains relatively demanding based on its price-to-earnings multiple, while technical indicators are broadly neutral to slightly negative.

More about BT Group plc

BT Group plc is one of the UK’s largest telecommunications companies, providing fixed-line, mobile, broadband and enterprise network services to consumers, businesses and public sector organisations. Through BT International, the group delivers secure global connectivity and communications services to multinational enterprises.

Verizon Communications Inc. is a leading US telecommunications and technology company offering wireless, wireline and enterprise connectivity solutions. Its international business provides secure networking, cloud connectivity and digital infrastructure services to corporate customers operating across global markets.

Smiths News (LSE:SNWS) has signed a new long-term distribution agreement with Associated Newspapers Limited, the publisher of the Daily Mail, The Mail on Sunday and The i Paper. The contract, which will run until July 2037, expands the company’s exclusive distribution territories to effectively cover the whole of Great Britain from January 2028. Smiths News expects the enlarged agreement to generate approximately £105 million in additional annual revenue and includes a commitment to freeze retailer delivery service charges throughout the life of the contract.

The latest agreement follows the recently announced News UK contract and means Smiths News has now secured around 36% of the national newspapers and magazines distribution market from 2028. The company plans to expand its national distribution network to support the additional workload, further strengthening its position within the UK’s print media supply chain. Management said further details on the financial impact of the new contracts will be provided alongside its preliminary results later in 2026, reinforcing confidence in the group’s long-term growth prospects.

Smiths News’ investment outlook is supported by attractive valuation metrics and positive technical indicators. A relatively low price-to-earnings ratio and a high dividend yield enhance the investment case, while recent chart signals point to improving market momentum. Although the company continues to generate solid cash flow and maintain operational efficiency, investors will continue to monitor its relatively high debt levels and negative equity position.

More about Smiths News PLC

Smiths News PLC is the UK’s largest newspaper and magazine wholesaler, providing early-morning distribution and end-to-end supply chain services for national and regional publishers. With more than 200 years of operating history, the company serves over 22,000 retail customers across England and Wales. In addition to print distribution, Smiths News has expanded into warehousing, reverse logistics, waste recycling and final-mile delivery services across a range of product categories.

Amaroq Ltd. (LSE:AMRQ) has commenced its first drilling programme at the Ilua Pegmatite rare earth element prospect in South Greenland, marking the start of the company’s 2026 exploration campaign. Located within the Nunarsuit licence area, the project sits in the highly prospective Gardar Alkaline Province, a region regarded as increasingly important for expanding Western supplies of critical minerals and reducing dependence on traditional rare earth producers.

The initial scout drilling programme will evaluate three priority targets across a pegmatite system extending for at least 5km. The campaign follows encouraging surface sampling completed in 2025, which returned total rare earth oxide grades of up to 2.3%, including approximately 27% heavy rare earth elements, while also recording low radionuclide levels. Previous mapping, channel sampling and mineralogical studies have identified commercially attractive minerals such as monazite and britholite. The drilling is designed to provide the first assessment of the project’s subsurface scale, continuity and economic potential, potentially offering a simpler development route than many of Greenland’s more technically challenging rare earth deposits.

The programme represents another step in Amaroq’s strategy of expanding its portfolio of strategic mineral assets alongside its established gold operations. Success at Ilua could strengthen the company’s exposure to the growing demand for secure, non-Chinese supplies of rare earth elements used across advanced manufacturing, renewable energy and defence industries.

More about Amaroq Ltd.

Amaroq Ltd. is an independent mine development company focused on the exploration and development of gold and strategic mineral assets across South Greenland. Its flagship asset is the wholly owned Nalunaq gold mine, supported by a broader portfolio of projects targeting copper, nickel, rare earth elements and other critical minerals across two recognised gold belts, as well as advanced prospects including Stendalen and the Sava Copper Belt.

The company is incorporated under the Business Corporations Act of Ontario and wholly owns Nalunaq A/S under the Greenland Companies Act, positioning it as a significant participant in Greenland’s growing mining industry and the development of Western critical mineral supply chains.

Cavendish (LSE:CAV) delivered modest revenue growth for the year ended 31 March 2026, with revenue increasing to £56.9 million as the investment bank continued to benefit from resilient activity across its public and private market operations. The group reported core profit before tax of £3.5 million and maintained a strong financial position, ending the year debt-free with cash reserves of £19.2 million while holding its dividend steady at 0.8 pence per share.

Performance was supported by stronger securities income, growth in the average market capitalisation of its client base and stable transaction activity. While retainer and transaction revenues softened during the year, management noted that overall results remained resilient despite a more challenging fee environment and changing deal mix.

The company continues to invest in expanding its platform, including the recruitment of senior professionals, regional growth initiatives and the wider deployment of data analytics and artificial intelligence technologies across the business. These investments are intended to improve operational efficiency, strengthen client engagement and increase the conversion of relationships into advisory and capital markets mandates.

Cavendish also reported growth in its quoted client base despite a contracting UK listed company universe, while activity in private markets remained relatively robust even as larger transactions became less frequent. Management believes the group is well positioned to benefit from any recovery in UK small and mid-cap capital markets activity due to its diversified business model and strong balance sheet.

Looking ahead, the company plans to continue enhancing client quality, deepen collaboration between its public and private markets teams, strengthen its equity distribution capabilities and further integrate AI-driven tools throughout the client lifecycle. Management believes these initiatives will improve scalability, support long-term growth and enhance shareholder value.

While acknowledging ongoing economic and political uncertainty, Cavendish remains focused on selective investment in origination, distribution and technology, alongside taking advantage of regulatory and policy measures aimed at improving the competitiveness of UK capital markets.

More about Cavendish

Cavendish plc is a UK-based investment banking and corporate advisory group specialising in services for ambitious small and mid-cap companies. The firm provides a broad range of capabilities including corporate broking, mergers and acquisitions advisory, capital raising, equity research, sales and trading. Increasingly, the company is incorporating data analytics and artificial intelligence tools into its operations to enhance client insight, business development and transaction execution across both public and private markets.

Empire Metals (LSE:EEE) has completed the sale of its 75% interest in the Eclipse Mining Lease, a non-core gold asset located near Kalgoorlie in Western Australia, for total cash proceeds of A$750,000. The transaction was completed through the company’s Australian subsidiary following the fulfilment of all conditions contained within the previously announced sale agreement.

The disposal forms part of Empire’s broader strategy to streamline its asset portfolio and direct resources toward projects considered central to its long-term growth plans. Management intends to use the proceeds and management focus generated by the sale to accelerate development activities at the Pitfield Titanium Project, which has become the company’s primary strategic priority.

By exiting Eclipse and continuing to assess additional non-core assets, Empire is concentrating capital allocation and operational efforts on advancing Pitfield, which it believes has the potential to become a globally significant titanium development project. The company sees increasing demand for critical minerals as a major opportunity and views Pitfield as a key asset capable of benefiting from these long-term market trends.

Management believes the transaction strengthens the company’s strategic focus while simplifying its project portfolio, allowing greater attention to be directed towards resource expansion, technical studies and future development planning at Pitfield.

More about Empire Metals

Empire Metals is an AIM-quoted and OTCQX-traded resource exploration and development company with a primary focus on Western Australia. Its flagship Pitfield Titanium Project hosts a globally significant titanium resource estimated at 2.2 billion tonnes grading 5.1% TiO₂. Test work has demonstrated the potential to produce high-purity titanium products suitable for both titanium metal and pigment markets.

The mineralisation at Pitfield begins at surface, exhibits strong continuity and currently occupies only a portion of the known mineralised system. Supported by established infrastructure and favourable logistics, the project is positioned to capitalise on growing global demand for titanium and other critical minerals, forming the cornerstone of Empire’s long-term development strategy.

Berkeley Group (LSE:BKG) delivered a solid financial performance during the year despite challenging market conditions, reporting pre-tax profit of £451.4 million and increasing its net cash position to £363 million. Net asset value per share climbed 9% to £39.17, while ongoing share buy-back activity continued to return capital to shareholders. However, operating margin eased to 18.7% and forward sales declined, prompting management to place greater emphasis on cash preservation, operational efficiency and maximising value from its existing land portfolio rather than pursuing significant new land acquisitions.

The housebuilder completed 4,203 homes during the period, with around 90% constructed on brownfield regeneration sites. Berkeley also contributed £530 million towards affordable housing, infrastructure and community investment, underlining its long-standing focus on urban regeneration and sustainable development.

Management expressed concern over the state of London’s housing market, arguing that a combination of elevated taxation, increasing regulation and lengthy planning and building-safety approval processes is severely restricting new housing supply. The company noted that housing delivery in the capital is currently running at less than 10% of official targets.

To address these challenges, Berkeley called for measures including reductions in Stamp Duty Land Tax (SDLT), full implementation of the Homes for London programme, faster planning decisions and additional resources for regulatory bodies. The group believes such reforms would help unlock investment, increase housing delivery and support long-term growth across London’s residential property sector.

Despite near-term market headwinds, management remains focused on maintaining financial discipline while positioning the business to benefit from any improvement in planning conditions and housing supply policies.

More about Berkeley Group

The Berkeley Group Holdings plc is one of the UK’s leading residential property developers, with a primary focus on London and the South East of England. The company specialises in large-scale urban regeneration projects and the redevelopment of brownfield land, creating mixed-use communities that incorporate housing, commercial space, infrastructure and public amenities. Berkeley is recognised for its emphasis on sustainable development and its significant contribution to affordable housing delivery in some of the UK’s most supply-constrained markets.