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hVIVO (LSE:HVO) has expanded its clinical research capabilities into dermatology and women’s health through the acquisition of CRS Clinical Research Services Berlin, strengthening the group’s presence in Germany and broadening its exposure to new therapeutic markets.

CRS Berlin operates a specialist Phase I/II clinical research unit with particular expertise in dermatology and women’s health. The business has completed more than 350 studies and generated revenue of €10 million during 2025, bringing an established operational platform and pharmaceutical client relationships into the hVIVO group.

The acquisition has been structured with a nominal upfront consideration alongside a three-year earnout linked to future revenue performance. This structure provides hVIVO with an opportunity to expand its capabilities while aligning additional consideration with the performance of the acquired business.

CRS Berlin will be integrated into hVIVO’s existing German network, giving the group greater access to specialist patient populations and increasing its capacity to undertake larger and more complex early-phase clinical trials across multiple sites.

Management expects the transaction to be immediately earnings accretive and to make a positive contribution to both revenue and EBITDA from FY26. CRS Berlin also brings an orderbook of approximately €10 million, providing visibility over its initial contribution to the enlarged group.

Strategically, the acquisition extends hVIVO into the growing dermatology and women’s health clinical research markets while further diversifying the group’s therapeutic exposure. The additional capabilities complement its established activities across infectious diseases, respiratory, cardiometabolic, immunology and other primary care indications.

Combining CRS Berlin with hVIVO’s wider operations also creates opportunities to offer clients a broader range of integrated services and potentially cross-sell capabilities across its clinical trials, laboratory, consulting and human challenge businesses.

The transaction further strengthens hVIVO’s multi-site operating model across the UK and Germany, providing additional scale and specialist expertise as the company continues to develop its position as an international early-phase clinical development partner.

More about hVIVO plc

hVIVO plc is a purpose-built, full-service international clinical development partner specialising in early-phase research for pharmaceutical and biotechnology companies.

The company is a global leader in human challenge trials and also provides conventional clinical trial services, laboratory capabilities and consulting.

Its therapeutic expertise spans infectious diseases, respiratory conditions, cardiometabolic diseases, immunology and primary care indications, with the acquisition of CRS Berlin adding specialist capabilities in dermatology and women’s health.

KEFI Gold and Copper (LSE:KEFI) has approved detailed planning for an underground mine at its Tulu Kapi gold project in Ethiopia following positive results from a standalone Preliminary Economic Assessment, adding another potential source of production alongside the open pit development already under way.

The proposed underground operation is designed to utilise existing mineral resources and largely share the processing infrastructure being developed for the open pit, with only minor plant modifications required. Once both operations reach steady state, KEFI is targeting combined production of approximately 180,000 ounces of gold per year from the integrated Tulu Kapi complex.

The updated PEA identifies an underground mining inventory of 2.38 million tonnes grading 3.30 grams per tonne of gold. This is projected to deliver approximately 237,000 ounces of recovered gold, complementing around 985,000 ounces expected from the open pit over an eight-year period.

On a standalone basis, the underground development has an estimated post-tax net present value at a 5% discount rate of approximately US$274 million and an internal rate of return of 220%, based on an assumed gold price of US$2,350 per ounce.

Pre-production capital for the underground mine is estimated at just over US$8 million. KEFI expects this expenditure to be funded from cash flow generated by the open pit operation, potentially allowing the company to expand Tulu Kapi without requiring substantial additional external development capital.

Under the current schedule, construction of the underground decline would begin as the open pit moves through commissioning in mid-2028. Trial underground production is planned during the first year, followed by a ramp-up towards steady-state stoping around 2029.

The underground infrastructure would also provide platforms for additional drilling aimed at testing the deposit’s potential at depth. Successful exploration could support future resource updates and potentially extend the operating life of the wider Tulu Kapi project.

KEFI estimates that the combined open pit and underground operation could achieve all-in sustaining costs of approximately US$1,100 to US$1,300 per ounce at higher gold prices, providing the potential for attractive operating margins.

The company has emphasised that the PEA remains preliminary and that the underground mining inventory has not yet been classified as an Ore Reserve. As a result, the production forecasts and economic assumptions remain subject to further technical work and development milestones.

Advancing the underground plan nevertheless represents an important step in KEFI’s strategy to increase production, extend Tulu Kapi’s economic life and maximise the value of infrastructure already being developed at the project. Further resource growth at depth could provide additional expansion potential as the company progresses towards becoming a larger regional gold producer.

More about KEFI Gold and Copper plc

KEFI Gold and Copper plc is a mineral exploration and development company focused on gold and copper opportunities within the Arabian-Nubian Shield, with principal projects in Ethiopia and Saudi Arabia.

Its flagship Tulu Kapi project in Ethiopia comprises an open pit gold mine and processing facility, with the proposed underground operation offering the potential to increase long-term production while leveraging shared infrastructure.

KEFI’s development strategy focuses on advancing high-value mineral deposits while managing capital requirements through phased investment and, where possible, funding expansion from operating cash flow.

By combining open pit and underground production at Tulu Kapi, the company aims to improve project economics, extend mine life and strengthen its position within the regional gold industry.

Rockhopper Exploration (LS:RKH) is seeking to raise up to US$200 million in new equity as it moves to secure funding for the next phase of development at its flagship Sea Lion project in the Falkland Islands.

The company plans to raise approximately US$180 million through a placing of new ordinary shares, alongside an open offer that could generate a further US$20 million. The shares are being offered at 70 pence each, representing a modest discount to the recent 30-day average share price.

The fundraising has received support from major institutional shareholders and is being structured through a non-pre-emptive cashbox placing accompanied by the open offer. While the issuance will increase Rockhopper’s share capital, the additional funding is intended to provide greater financial certainty as Sea Lion advances towards production.

Net proceeds are expected to fund Rockhopper’s share of expenditure on the Sea Lion central development area and the OSX-1 acquisition through to mid-2028. Capital will also support exploration activity and well deepening under NDA Phase 1.

Part of the proceeds will provide coverage for contingent liabilities associated with potential early project failure, while additional funds will be retained as contingency for the company’s wider Falkland Islands activities.

Rockhopper is targeting first oil from Sea Lion in the first quarter of 2028, making the proposed capital raise an important step in maintaining momentum towards that objective.

The financing follows a recent independent NSAI assessment that indicated a significant increase in the net present value associated with Rockhopper’s interest in Sea Lion. The updated valuation provides additional support for the company’s strategy of progressing the field while retaining exposure to further exploration and development upside.

With funding intended to cover key commitments through mid-2028, the proposed equity raise could place Rockhopper in a stronger position to deliver upcoming development milestones and capture potential longer-term value from Sea Lion and its wider North Falkland Basin portfolio.

More about Rockhopper Exploration

Rockhopper Exploration is an oil and gas company focused primarily on the North Falkland Basin, where its principal asset is the Sea Lion oil field and associated central development area.

The company’s strategy centres on progressing Sea Lion towards phased offshore production while maintaining exposure to additional exploration opportunities across its Falkland Islands portfolio.

Through continued development and exploration activity, Rockhopper aims to build long-term value from its resource base while benefiting from the potential production and cash flow generated by Sea Lion.

Vertu Motors (LSE:VTU) expects its FY27 results to exceed current market expectations following strong trading during the first five months of the financial year and continued progress with its evolving dealership portfolio.

For the five months to 31 July 2026, the automotive retailer recorded like-for-like growth across revenue as well as new and used vehicle volumes. Its higher-margin aftersales operations also performed strongly, while disciplined cost management helped maintain stable gross margins.

Vertu continued to manage working capital carefully during the period, resulting in a modest reduction in net debt. The group has also maintained its share repurchase strategy, with buybacks having removed almost 22% of its share capital since 2018.

Alongside its improving trading performance, Vertu is accelerating the transformation of its dealership network to capture changing trends in the UK automotive market.

The group is expanding its representation of Chinese automotive manufacturers, including Omoda, Jaecoo, Leapmotor, BYD and MG. It is also adding Alpine, Renault and Dacia franchises as it broadens its brand portfolio and targets emerging areas of customer demand.

At the same time, Vertu is continuing to optimise its existing estate by closing or reconfiguring underperforming Mazda locations, helping improve the overall efficiency and quality of its dealership network.

Order intake remains robust ahead of the important September vehicle registration plate change, providing further confidence heading into a key trading period. The group also highlighted the potential support from the government’s consultation around the Zero Emission Vehicle Mandate as the automotive sector adapts to the transition towards electric vehicles.

Against this backdrop, the board now expects Vertu’s full-year FY27 performance to come in ahead of current market expectations, reflecting positive trading momentum, disciplined execution and the benefits of its increasingly diversified franchise portfolio.

More about Vertu Motors

Vertu Motors is one of the UK’s largest automotive retailers, operating 194 sales and aftersales outlets across the country.

Established in 2006, the group has pursued a strategy combining acquisitions with organic growth and operational efficiencies across its scaled dealership network.

Vertu represents a broad and increasingly diversified portfolio of automotive manufacturers, while providing new and used vehicle sales alongside servicing, maintenance and other aftersales activities.

The group’s strategy is centred on expanding its market position, optimising its dealership portfolio and delivering a high-quality customer motoring experience built around honesty and trust.

Macfarlane Group (LSE:MACF) reported higher first-half revenue for 2026 and announced a new £6 million share buyback programme as management focuses on restoring profit growth and maintaining shareholder returns.

Revenue for the six months ended 30 June increased 2% to £148.9 million, while adjusted operating profit eased 3% to £9.5 million. The decline in profitability partly reflected weaker performance from the Pitreavie business, where management is implementing measures aimed at delivering a recovery.

Packaging Distribution achieved organic profit growth and maintained stable margins despite a challenging economic environment and additional cost pressures associated with events in the Middle East. Manufacturing Operations also increased revenue during the period, although profit was lower.

Macfarlane ended the half with net bank debt of £17.9 million, with the increase partly reflecting a deliberate build-up of inventory designed to strengthen supply security and support customer service.

The board maintained the interim dividend at 0.96 pence per share. With the group’s existing £4 million share repurchase programme close to completion, Macfarlane has also approved a further £6 million buyback scheduled to begin in October 2026.

The additional capital return reflects the board’s confidence in the group’s prospects as management works to improve profitability. Macfarlane expects full-year trading to remain in line with market expectations, supported by new business wins, tighter cost management and an anticipated return to profitability at Pitreavie.

The group has also taken steps to reduce its longer-term financial exposure through its pension arrangements. Macfarlane completed a pension scheme buy-in with a £5.3 million surplus and is targeting a full buy-out within the next two years.

With continued organic progress in Packaging Distribution, new business momentum and measures underway to improve underperforming operations, Macfarlane remains focused on strengthening earnings while continuing to return capital to shareholders.

More about Macfarlane

Macfarlane Group PLC is a UK-based specialist in protective packaging, operating through its Packaging Distribution and Manufacturing Operations divisions.

Headquartered in Glasgow and listed on the London Stock Exchange, the group serves more than 20,000 predominantly UK and European customers through a network of 42 sites.

Macfarlane supplies protective packaging solutions across industries including logistics, electronics, defence, medical, automotive, aerospace, e-commerce and food. Its offering is focused on protecting high-value and fragile products while helping customers improve the efficiency and cost-effectiveness of their supply chains.

Headlam Group plc (LSE:HEAD) has completed the disposal of its Netherlands operations as part of its strategy to simplify the group and concentrate resources on its core UK floor coverings distribution business.

The transaction covers Headlam Holdings B.V., Headlam B.V. and Dersimo B.V., which have been sold to SIL 2025 Limited, a company managed by Rcapital Partners LLP.

The disposal follows Headlam’s strategic review and represents another step in the group’s withdrawal from non-core overseas activities. Following completion, Headlam’s operations will be focused entirely on the UK, allowing management to dedicate greater attention and resources to domestic customers, operational performance and its position in the British flooring market.

SIL 2025 Limited has agreed gross consideration of €850,000 for the Netherlands businesses. After transaction costs, Headlam expects to receive net proceeds of approximately €170,000, which will be used for general working capital purposes.

While the financial contribution from the sale is relatively modest, the transaction represents a meaningful strategic milestone for Headlam as it creates a more streamlined operating structure and concentrates investment on its principal market.

The disposal also provides greater clarity around the group’s future direction, with management now able to focus on improving efficiency, customer service and operational execution across its UK distribution network.

More about Headlam

Headlam Group plc is a leading UK distributor of floor coverings, supplying a broad range of residential and commercial flooring products to trade and retail customers.

The company operates an extensive distribution and logistics network designed to provide customers across the UK with access to flooring products and associated services.

Listed on the London Stock Exchange under the ticker HEAD, Headlam has been implementing a strategy to simplify its organisational structure, improve efficiency and concentrate resources on its core domestic business.

The disposal of its Netherlands operations completes an important element of that strategy, leaving Headlam focused on strengthening its position and pursuing opportunities within the UK floor coverings market.

Blencowe Resources (LSE:BRES) has reported further positive testing results for graphite from its Orom-Cross project in Uganda, highlighting its potential for use across advanced battery, energy storage and defence applications.

Testing undertaken with US specialists Apollo Energy Systems and American Energy Technologies demonstrated high purity, strong conductivity and flexibility across multiple applications, supporting Blencowe’s strategy of targeting higher-value markets for Orom-Cross graphite.

The partners are now developing a high-performance 4HN military battery prototype designed to meet US Defence Logistics Agency specifications. Plans also include establishing a US pilot production line with an initial target capacity of 100 cells per month.

A potentially significant opportunity has also emerged for material generated during Blencowe’s planned graphite beneficiation process. Spheroidisation rejects from the proposed Ugandan facility can be upgraded into high surface area graphite for use as a performance-enhancing battery additive.

Blencowe estimates this material could account for approximately 30% of the beneficiation plant’s output. Converting what would otherwise be a lower-value by-product into a specialised graphite product could improve overall plant utilisation while creating an additional higher-value revenue stream.

Testing has indicated that Orom-Cross graphite can improve dynamic charge acceptance, cycling performance and high-rate partial state-of-charge behaviour in advanced valve regulated lead-acid batteries.

These characteristics could open opportunities across several sizeable markets, including grid-scale energy storage, data centres, telecommunications infrastructure and off-grid power systems. The relevant battery sector consumes tens of thousands of tonnes of graphite annually, providing Blencowe with another potential route to market alongside its existing battery-material ambitions.

The latest results follow previous technical programmes in which Orom-Cross graphite achieved purity levels of 99.99% and delivered strong performance results. Together, the findings reinforce the project’s potential to supply graphite products for multiple next-generation battery and specialist industrial applications.

Blencowe is seeking to develop higher-value niche offtake opportunities while strengthening relationships with US industry partners. This approach could help differentiate Orom-Cross and increase the project’s exposure to Western graphite supply chains as it progresses towards first production.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed natural resources company focused on developing the Orom-Cross graphite project in Uganda.

The project is being advanced as a potential source of high-purity graphite for energy storage, defence and specialist industrial applications. Blencowe is also pursuing an uncoated spheronised purified graphite beneficiation facility in Uganda designed to produce several graphite products and by-products.

The company’s strategy centres on maximising the utilisation and value of Orom-Cross concentrate while targeting higher-value Western markets outside the established Chinese supply chain.

Independent technical programmes have demonstrated that Orom-Cross graphite can achieve ultra-high purity and perform strongly across advanced battery and defence-related applications, supporting Blencowe’s objective of establishing the project as a competitive next-generation graphite source.

Alien Metals (LSE:UFO) has reported encouraging exploration progress at the Elizabeth Hill Silver Project after joint venture partner West Coast Silver returned exceptionally high-grade diamond drilling results, including bonanza-grade silver intersections.

The latest drilling was completed using a new west-to-east orientation and has extended mineralisation beyond the boundaries of the project’s existing resource model. Results confirmed additional near-surface mineralisation as well as extensions hosted within granite, alongside high-grade silver intercepts within and beneath the current mineral resource estimate.

The findings provide further evidence of the exploration potential surrounding the established Elizabeth Hill deposit and are expected to contribute to an updated JORC 2012 mineral resource estimate targeted for the fourth quarter of 2026.

The resource update could potentially increase both the volume of defined mineralisation and the overall silver grades represented within the model, providing an important step in assessing the project’s longer-term development potential.

Additional diamond drilling is planned during the second half of 2026. The programme will seek to improve confidence in the resource by upgrading selected areas to Indicated status while providing greater definition of the project’s higher-grade silver zones.

Alien Metals retains significant exposure to further progress at Elizabeth Hill through its 30% free-carried joint venture interest as well as its shareholding in West Coast Silver. Continued exploration success therefore offers the company both direct project exposure and participation in the potential increase in value of its joint venture partner.

With further drilling and a resource update planned, the latest high-grade results provide positive momentum as the partners work to expand and improve the geological understanding of Elizabeth Hill.

More about Alien Metals Ltd

Alien Metals Ltd is an AIM-quoted minerals exploration and development company focused on precious and base metals opportunities in Australia.

Its portfolio includes the Georgina Basin IOCG Project in the Northern Territory and assets in Western Australia’s Pilbara region, including exposure to the Munni Munni PGM system and the Elizabeth Hill Silver Project.

At Elizabeth Hill, Alien holds a 30% free-carried joint venture interest as well as equity exposure to partner companies. Its wider strategy combines technical advancement and project development with joint ventures, selective transactions and acquisitions aimed at creating shareholder value.

Through its interests in West Coast Silver and GreenTech Metals, Alien maintains both direct exposure to exploration projects and equity participation in their potential future development.

Arrow Exploration Corp. (LSE:AXL) delivered a record second-quarter performance in 2026, supported by rising production from its Colombian operations, stronger realised oil prices and continued development activity across its portfolio.

Total oil and natural gas revenue, net of royalties, increased 116% year on year to $34.2 million, while average production advanced 30% to 4,902 barrels of oil equivalent per day.

The stronger operating performance translated into adjusted EBITDA of $25.1 million. Arrow also recorded net income of $10.4 million, reversing a loss in the corresponding period last year, while benefiting from improved operating netbacks and higher realised crude prices.

The company’s financial position remained robust at the end of the quarter, with cash of $28.5 million and no debt, providing additional flexibility to fund its ongoing exploration and development programme.

Operational growth was driven by additional volumes from Mateguafa Attic and the recently developed Icaco field on the Tapir block in Colombia. Arrow completed one exploration well and multiple development wells at Icaco during the period, alongside recompletion work at Carrizales Norte.

Activity has continued following the quarter end. Arrow expanded its Canadian portfolio through the acquisition of the Thorsby field in Alberta, adding another producing asset to its operations outside Colombia.

The company is also progressing discussions regarding an extension of the Tapir block licence. Further drilling and recompletion activity is planned as Arrow looks to build reserves, increase production and strengthen future cash generation.

With a debt-free balance sheet, growing production base and an active development programme, Arrow continues to pursue expansion across both Colombia and Canada as it seeks to maintain its growth momentum.

More about Arrow Exploration Corp.

Arrow Exploration Corp. is an oil and gas exploration and production company with a portfolio of hydrocarbon assets in Colombia and Canada.

Its Colombian operations include producing and development assets such as Mateguafa Attic and Icaco within the Tapir block, where the company continues to pursue exploration, development drilling and recompletion opportunities.

Arrow also maintains operations in Alberta, Canada, including its recently acquired Thorsby field. The company’s strategy is focused on expanding production, reserves and cash flow through disciplined development of its existing portfolio and selective acquisitions.