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Applied Nutrition (LSE:APN) expects to deliver full-year revenue and adjusted EBITDA ahead of market forecasts after strong demand across its geographic markets and sales channels drove substantial growth during FY26.

For the year ended 31 July 2026, revenue is expected to reach approximately £160 million, representing growth of around 50%. Adjusted EBITDA is forecast to increase by about 40% to £43.3 million, with both figures exceeding previous market expectations.

The sports nutrition group ended the financial year with net cash of £15.9 million despite completing the Nutrablend asset acquisition and investing further in production capacity. The position reflects continued strong cash generation while the business expands its manufacturing capabilities.

FY27 forecasts point to further double-digit growth

Applied Nutrition expects its growth trajectory to continue into FY27, forecasting revenue of approximately £205 million and adjusted EBITDA of around £49 million.

The projections imply further double-digit increases in both measures and are ahead of current market consensus, providing additional evidence of management’s confidence in the group’s international expansion strategy.

Growth in the US is expected to make an increasingly important contribution as Applied Nutrition expands its presence and capacity in the market.

Higher whey costs expected to put pressure on margins

Despite the stronger growth outlook, management expects adjusted EBITDA margins to moderate slightly during FY27.

One factor will be the increasing contribution from US sales, while higher whey protein costs are also expected to affect profitability. The group’s product mix is becoming more heavily weighted towards whey-based products following the successful relaunch of Critical Whey.

Applied Nutrition will therefore be balancing rapid international growth and rising volumes against input-cost pressures as it seeks to maintain attractive profitability.

The company’s wider outlook remains supported by strong revenue growth, solid margins, low leverage and healthy free cash flow. Increased guidance, additional US capacity and a significant licensing partnership also provide potential corporate catalysts.

These strengths are partly offset by weaker near-term share-price momentum and a relatively elevated price-to-earnings multiple, while no dividend yield is currently provided.

More about Applied Nutrition PLC

Applied Nutrition plc is a UK-headquartered sports nutrition, health and wellness company that develops and manufactures products for professional athletes, gym users and health-conscious consumers.

The company primarily operates through a global business-to-business distribution model and offers more than 120 products across four principal ranges. Its products are sold in more than 85 countries, supported by a vertically integrated operating model covering product formulation, manufacturing and international distribution.

Kendrick Resources (LSE:KEN) has started metallurgical test work on mineralisation from its Teufelskuppe rare earth project in Namibia as it advances technical studies aimed at determining the project’s development potential.

The company has appointed German specialist consultancy Anzaplan to undertake Mineral Liberation Analysis on bulk samples from the Bonya project. The programme will assess the potential recovery of light rare earth oxides and provide information needed to develop and optimise a suitable processing flowsheet.

The metallurgical programme is being supported by detailed petrological studies, with results expected to contribute to further technical work as Kendrick progresses Teufelskuppe, or TK, according to its existing development schedule.

Teufelskuppe targets neodymium and praseodymium resources

The TK carbonatite complex contains predominantly light rare earth elements, including neodymium and praseodymium, which are important materials for permanent magnets used across electric vehicles, renewable energy systems and advanced technologies.

According to recent industry research cited by the company, the grades identified at the project place its rare earth endowment within the upper quartile globally when compared with major producing operations.

Kendrick is continuing drilling designed to support JORC 2012 certification of an initial 14 million-tonne surface mineral resource.

Exploration results have also indicated that mineralisation could continue at depth, suggesting the initial surface estimate may represent only part of the project’s overall resource potential.

Resource certification and metallurgy advance in parallel

By progressing metallurgical testing alongside resource drilling, Kendrick is seeking to establish both the scale of the Teufelskuppe deposit and a technically viable route for recovering its rare earth minerals.

Successful completion of these programmes would provide important information for subsequent development studies and help determine the project’s potential as a future commercial source of rare earth elements.

The work comes as industrialised economies seek to diversify critical mineral supply chains, particularly for materials required by renewable energy, electric vehicles, defence systems and other high-technology industries.

If successfully developed, Teufelskuppe could strengthen Kendrick’s position in the rare earth sector while potentially establishing Namibia as an important source of newly developed rare earth supply.

Exploration catalysts offset financial pressures

Kendrick’s ongoing drilling, metallurgical work and progress towards resource certification provide potential catalysts as the company advances Teufelskuppe.

However, its broader outlook remains constrained by weak financial fundamentals, including the absence of revenue, continuing losses and negative cash flow. Negative equity and a significant contraction in assets also weigh on the balance-sheet position.

Technical indicators are more supportive, with the shares trading above major moving averages and displaying positive momentum. Recent exploration developments and funding progress provide additional support, although negative earnings and the absence of a dividend limit the usefulness of conventional valuation measures.

More about Kendrick Resources PLC

Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing resource projects through exploration, technical studies and development.

Its strategy includes progressing assets towards production through joint ventures, other development arrangements or potential disposals. The company’s board has extensive experience in southern Africa, where Kendrick’s portfolio includes the Bonya rare earth project in Namibia and the Blue Fox licence in northwest Zambia.

The Teufelskuppe project targets rare earth-bearing carbonatite mineralisation and currently has a provisional 14 million-tonne surface mineral resource estimate being advanced towards JORC 2012 compliance.

Early drilling and channel sampling indicate both lateral and vertical continuity of rare earth mineralisation, providing scope for the project’s resource base to extend beyond the currently identified surface mineralisation.

H-Power plc (LSE:HPOW) has secured an Attestation of Conformity from German testing and certification organisation TÜV SÜD for its LC30 fuel cell generator, clearing an important regulatory milestone ahead of wider commercial deployment.

The certification confirms that the LC30 meets the relevant safety and performance requirements needed for CE marking, allowing the product to be commercially supplied across European markets.

Recognition of the certification also extends to the UK and other international markets, broadening the potential commercial reach of H-Power’s fuel cell technology.

Certification supports Speedy Hire order

H-Power received the attestation in accordance with its planned timetable and has now satisfied the CE certification requirement associated with a 15-unit replenishment order from Speedy Hire.

The generators are intended for Speedy Hydrogen Solutions, the joint venture established to provide hydrogen-powered equipment as an alternative to conventional diesel generation.

Securing the certification provides customers and commercial partners with independent assurance that the LC30 meets applicable regulatory standards and removes a significant hurdle to the deployment of additional units.

The milestone also supports H-Power’s wider strategy of expanding its low-carbon, off-grid power offering across construction sites and other locations where diesel generators have traditionally been used.

Commercial rollout remains central to H-Power strategy

H-Power is seeking to increase commercial deployment of its fuel cell generators and convert its broader opportunity pipeline into recurring orders.

While the latest certification represents progress towards that objective, the company’s financial outlook remains constrained by weak operating performance. Revenue has fallen significantly, margins remain negative and continued cash consumption means external financing remains an important consideration.

Share-price technical indicators also remain under pressure, with the stock trading below key moving averages and MACD in negative territory. However, H-Power’s relatively low level of debt provides some balance-sheet support.

With earnings remaining negative and no dividend yield available, conventional valuation measures provide limited insight, leaving commercial execution and revenue growth as important factors in the company’s investment case.

More about H-Power plc

H-Power plc, formerly AFC Energy Plc, is a UK-headquartered developer of low-carbon hydrogen production and hydrogen-to-power technologies.

Its portfolio includes modular ammonia cracker systems and fuel cell generators designed to provide decentralised, off-grid clean power as an alternative to diesel generation across construction, infrastructure, transport and other difficult-to-decarbonise industries.

The AIM-listed company is focused on commercialising its 30 kW and 200 kW fuel cell generators alongside ammonia cracker technology capable of producing up to four tonnes of hydrogen per day. H-Power aims to generate sustained revenue growth by converting its commercial pipeline into contracts while developing cost-competitive decarbonisation solutions that do not depend on government subsidies.

Cora Gold (LSE:CORA) has provided an update on funding arrangements for its Sanankoro Gold Project in southern Mali as the company continues discussions over introducing senior debt alongside its existing US$120 million gold stream.

The company previously agreed the gold streaming arrangement with Eagle Eye Asset Holdings to finance Sanankoro through development and into production. Under the agreement, Eagle Eye is entitled to receive a proportion of the mine’s life-of-mine gold production at a discount to prevailing spot prices.

Cora retains the option to replace as much as half of the streaming facility with conventional senior debt, potentially changing the overall funding structure for the project.

Cora targets around US$60 million of senior debt

Following agreement of the streaming term sheet, Cora appointed Hannam & Partners as its financial adviser to explore alternative financing arrangements.

The company is now in active discussions with banks in West Africa regarding approximately US$60 million of senior debt. To provide additional time for these negotiations, the window allowing Cora to restructure the balance between debt and streaming finance has been extended.

Management believes combining traditional senior debt with the existing gold stream could improve the economics of the Sanankoro development and provide a more efficient overall financing structure.

Sanankoro permitting continues to advance

Financing discussions are progressing alongside work to secure the necessary permits for mine development.

Cora reported constructive engagement with the Malian authorities and has secured the interim renewal of the Sanankoro II exploration permit. The company considers this an important step towards obtaining the mining rights required before construction can proceed.

Continued progress on both permitting and financing will therefore be central to moving Sanankoro towards its planned development phase.

The Eagle Eye financing is classified as a related party transaction under AIM rules because Eagle Eye is Cora’s largest shareholder. Cora’s board, excluding Eagle Eye’s representative, has concluded that the terms of the arrangement are fair and reasonable for shareholders.

Financing and permitting remain key catalysts

The potential introduction of senior debt provides Cora with greater flexibility as it works towards developing Sanankoro. A blended funding structure could reduce reliance on the gold stream while allowing the company to retain sufficient capital to advance construction.

However, Cora remains a pre-revenue developer and continues to record losses and cash outflows, limiting support from conventional earnings-based valuation measures.

Technical indicators provide a more constructive signal, with the shares trading above major moving averages and MACD remaining positive. Nevertheless, progress on financing, permitting and ultimately mine development remains central to the company’s longer-term investment case.

More about Cora Gold

Cora Gold Limited is a West African gold exploration and development company with projects in Mali and Senegal across two established gold belts.

Its flagship asset is the Sanankoro Gold Project in the Yanfolila Gold Belt of southern Mali, where the company plans to develop an open-pit oxide operation. The project is supported by a Probable Reserve of 531,000 ounces of gold and feasibility work outlining its potential economics.

Cora has secured a US$120 million gold streaming facility to fund Sanankoro towards production while retaining the ability to introduce senior debt into the financing structure. The company is also exploring additional mineralisation opportunities at its Madina Foulbé permit in eastern Senegal.

AEW UK REIT (LSE:AEWU) reported continued income growth during the quarter ended 30 June 2026, supported by new lettings, lease renewals and a modest increase in the underlying value of its property portfolio.

The real estate investment trust recorded an unaudited net asset value of £171.05 million, equivalent to 107.80 pence per share. This represented a slight quarter-on-quarter decline despite a 0.11% like-for-like increase in portfolio valuations.

NAV total return for the period was 1.31%, while shareholder total return reached 7.47%. EPRA earnings were 1.89 pence per share.

AEW UK REIT maintained its interim dividend at 2.00 pence per share, representing a dividend yield of approximately 7.7%. Dividend cover for the quarter stood at 94.5%.

Lettings and renewals strengthen rental income

Asset management activity continued to support income across the portfolio, with AEW UK REIT completing several new lettings and lease renewals during the period.

At Queens Square in Bristol, leasing activity brought the office accommodation to full occupancy. The company also achieved significant rental increases through transactions involving industrial properties in St Helens and Runcorn.

These agreements contributed to the trust’s strategy of actively managing individual properties to improve income and capture rental growth.

AEW UK REIT also completed the disposal of Circuit, a nightclub property in Cardiff, at a price approximately 42% above its March valuation, demonstrating the potential to realise gains from selected assets where market pricing exceeds carrying values.

Gearing remains modest as trust considers new investment opportunities

The trust maintained relatively conservative leverage, with its loan-to-gross asset value ratio standing at 25.33%.

Its debt cost remains fixed at 2.959% until July 2027, providing near-term visibility over financing expenses at a time when borrowing costs remain an important consideration for the commercial property sector.

AEW UK REIT is also evaluating potential capital-raising opportunities. Management believes current conditions in the UK commercial property market are creating attractive acquisition opportunities that could support further portfolio growth.

The company’s investment outlook is underpinned by stable leverage, positive cash generation and an income-focused valuation profile supported by its relatively high dividend yield.

However, near-term technical indicators remain mixed, with a negative MACD reading and the share price below its 20-day moving average. Volatility in earnings and revenue also remains a consideration when assessing shorter-term momentum.

More about AEW UK REIT

AEW UK REIT plc is a London-listed real estate investment trust with a value-focused portfolio of 34 commercial properties across the UK.

Its investments span industrial assets, offices, retail warehouses, high street retail and other commercial property sectors. Through active asset management and selective acquisitions and disposals, the trust seeks to generate sustainable rental income and deliver an attractive, covered dividend to shareholders.

Mila Resources (LSE:MILA) has announced a significant increase in the JORC-compliant Mineral Resource Estimate for the Coffey Gold Deposit at its Kathleen Valley Gold Project in Western Australia.

The updated Inferred Mineral Resource contains 599,000 tonnes grading 2.1 grams per tonne of gold for approximately 41,300 ounces of contained gold. Compared with the previous 2020 estimate, both tonnage and contained gold have roughly doubled following additional drilling across the deposit.

The revised resource also contains notable silver and zinc grades, adding further potential value to the mineralised system at Coffey.

Updated estimate strengthens Kathleen Valley potential

The expanded resource provides additional support for the development potential of both the Coffey deposit and Mila’s wider Kathleen Valley position within Western Australia’s Wiluna-Norseman Belt.

Exploration upside remains beyond the currently defined resource, with several gold targets yet to be fully tested. The project area also contains mapped lithium-bearing pegmatites, providing another potential exploration opportunity alongside its established precious and base metal mineralisation.

There is also scope for the mineralised system to extend towards neighbouring properties, offering the possibility of further resource growth if geological continuity can be demonstrated through future exploration.

Strategic review to assess options for Kathleen Valley

Following the resource upgrade, Mila is undertaking a strategic review to determine the most effective way to generate value from its Kathleen Valley interest.

The company currently holds rights to 30% of the project and has an option that could increase its ownership to 80%. The review comes as Mila simultaneously advances its portfolio of exploration assets in Queensland.

While the Coffey resource increase represents an important project milestone, Mila’s broader outlook remains constrained by its financial position. The company currently generates no revenue and continues to record losses and negative free cash flow.

Share-price technical indicators also remain under pressure, with the stock trading below major moving averages and MACD remaining negative. Conventional valuation measures provide limited support while earnings are negative and no dividend yield is available.

More about Mila Resources

Mila Resources Plc is a London-listed post-discovery gold and copper resource development company focused on Australian mineral projects.

Its portfolio includes the Kathleen Valley Gold Project in Western Australia, where Mila holds rights to a 30% interest with an option to increase its ownership to 80%. The company is also progressing a portfolio of exploration projects in Queensland as it seeks to build exposure to gold, copper and other prospective mineral resources.

S&U plc (LSE:SUS) delivered a strong second quarter as its lending portfolio expanded to a record level, supported by growth across its motor and property finance operations and continued solid credit quality.

Group capital receivables increased 20% year on year to £616 million, while borrowings stood at £285 million, remaining within the company’s existing funding facilities.

S&U is also approaching completion of a significant securitisation and refinancing programme intended to provide additional capacity for future expansion. Details of the new funding arrangements are expected to be announced alongside the group’s half-year results in late September.

Advantage Finance accelerates lending despite weaker market

Advantage Finance continued to outperform the wider UK motor finance market, with year-to-date deal volumes increasing by 50%.

Advances reached £105 million during the first half, despite the broader UK car finance market contracting by approximately 3%. Collections also improved, while bad debts were reduced by almost 20%.

Operational improvements are contributing to greater efficiency across the division. S&U reported a 50% increase in productivity within customer relations following the targeted introduction of artificial intelligence, alongside continued cost controls.

Management expects the financial benefits from these efficiency measures to become more visible during the second half of the year and into 2027/28.

Aspen Bridging grows loan book in subdued property market

Aspen Bridging experienced slower near-term profit growth as conditions in the UK property market remained subdued and regulatory pressures continued to affect the rental sector.

Despite these challenges, capital receivables increased to £208 million, representing growth of almost one-third compared with the previous year.

The business has adjusted its lending mix towards longer-duration loans for more experienced customers. While this approach results in slower repayment cycles, S&U said it helps maintain the quality of the lending book.

Late and beyond-term customers remained broadly stable at approximately 7% of Aspen’s portfolio.

Refinancing expected to support next stage of growth

Chairman Anthony Coombs pointed to S&U’s ability to perform consistently through differing economic environments. He also noted increasing interest from strategic and US investors in smaller UK financial businesses despite relatively subdued domestic sentiment.

The forthcoming securitisation and refinancing arrangements are expected to mark an important stage in the group’s development, providing a more flexible funding platform to support further expansion.

S&U’s investment outlook continues to benefit from strong reported profitability, an attractive earnings multiple and a relatively high dividend yield. However, inconsistent cash-flow generation and increased leverage remain potential constraints, while share-price technical indicators are broadly neutral.

More about S&U plc

S&U plc is a UK specialist lender operating primarily through Advantage Finance and Aspen Bridging.

Advantage Finance provides motor finance to consumers and has continued to expand deal volumes despite contraction in the wider UK car finance market. Aspen Bridging specialises in property-backed lending and has adapted its product offering to changing conditions in the housing and rental markets while maintaining a focus on credit quality.

The group currently has record capital receivables of £616 million and borrowings of £285 million against £330 million of available facilities. Its securitisation and refinancing strategy is designed to provide more flexible and competitively priced funding to support continued growth across its specialist lending businesses.

Gelion (LSE:GELN) has successfully completed an Advanced Propulsion Centre UK-funded programme evaluating its Nano-Encapsulated Sulfur cathode technology in lithium-sulfur pouch cells designed for demanding drone applications.

The battery materials company conducted the programme alongside defence and aerospace specialist QinetiQ, which independently manufactured and tested cells incorporating Gelion’s technology. The cells use sulfur in place of cathode materials dependent on critical minerals while targeting the high energy density and power required for unmanned aerial systems.

Cells complete demanding drone mission profiles

Testing subjected the lithium-sulfur cells to operating conditions designed to replicate drone missions, including repeated high-power requirements during take-off and landing.

The cells demonstrated stable cycling for more than 200 cycles at a 1C rate. They also delivered strong performance at higher 3C and 6C discharge rates, with limited degradation recorded during testing.

According to Gelion, the results provide further evidence that its Nano-Encapsulated Sulfur, or NES™, technology can address important challenges traditionally associated with lithium-sulfur batteries, including the polysulfide shuttle effect.

Successful independent testing also strengthens the company’s efforts to position NES™ for applications where battery weight, energy density and high-power delivery are particularly important.

Results support defence and aerospace commercial strategy

Gelion sees potential applications for the technology across defence, aerospace, unmanned systems and other lightweight mobility markets.

Completion of the QinetiQ programme provides additional technical validation as Gelion continues discussions with prospective commercial and development partners.

The company’s wider investment outlook nevertheless remains affected by continuing losses and cash consumption, while negative earnings limit support from conventional valuation measures.

These financial challenges are partly balanced by more constructive share-price technical indicators, including trading above key moving averages and a positive MACD signal. Recent company updates have also pointed to progress against technical and commercial milestones and an improvement in EBITDA losses, although execution and commercialisation timelines remain important risks.

More about Gelion PLC

Gelion plc is an advanced battery materials company developing next-generation cathode technologies for lithium-ion and lithium-sulfur batteries.

Its proprietary Nano-Encapsulated Sulfur (NES™) cathode technology is designed to replace cathodes reliant on critical minerals with more abundant sulfur while retaining compatibility with established battery manufacturing infrastructure.

Gelion’s commercialisation strategy centres on partnerships with industrial companies and battery manufacturers serving automotive, defence, electronics and other high-performance applications. Its collaborations include TDK and Mitsui Kinzoku in Japan, QinetiQ and Nissan in the UK, the National Laboratory of the Rockies in the US and Germany’s Max Planck Institute of Colloids and Interfaces.

Shuka Minerals (LSE:SKA) has completed the eleventh and final drill hole of its initial exploration campaign at the Kabwe project in Zambia, identifying a new near-surface zinc orebody to the south of the Speaks and Mine Club zones.

Drill hole KBDD11 encountered two high-grade mineralised intervals, including a 27.1-metre section grading 19.6% zinc. Peak readings approached 70% zinc, while the drilling also returned notable concentrations of lead, copper and vanadium.

The results provide further evidence of significant mineralisation outside the previously established Kabwe zones and could expand the project’s overall mineralised footprint.

Discovery could represent extension of historic orebodies

Shuka believes the newly identified mineralisation may be geologically associated with Kabwe’s major No. 1 and No. 2 orebodies.

Initial interpretation suggests the discovery could form part of a steeply dipping, pipe-like mineralised structure. If confirmed by further drilling, this could materially increase the scale of the mineralised system currently being evaluated at Kabwe.

Management highlighted the potential importance of locating exceptionally high-grade zinc close to surface. Mineralisation that is both high grade and readily accessible could provide opportunities for earlier-stage development while improving the broader economic potential of the project.

The company plans to undertake a second phase of drilling once laboratory assays have been received to confirm the results generated using portable XRF equipment.

Kabwe catalysts offset financial challenges

Exploration progress at Kabwe and financing-related developments provide positive corporate catalysts for Shuka, while improving near-term technical momentum offers additional support.

However, the company’s broader outlook continues to be constrained by weak financial performance, including persistent losses, negative gross profit and recurring cash consumption alongside volatile revenue.

Traditional valuation measures also provide limited support while earnings remain negative and the company does not pay a dividend. As a result, progress at Kabwe and confirmation of the latest drilling results remain important factors for the investment case.

More about Shuka Minerals Plc

Shuka Minerals Plc is an Africa-focused mine operator and developer with a primary listing on London’s AIM market and a secondary listing on the JSE’s AltX market.

The company is advancing the Kabwe Zinc-Lead-Copper Project in Zambia, where it is targeting near-surface and deeper mineralisation containing zinc, lead, copper, silver and vanadium.

Kabwe includes the Speaks and Mine Club orebodies, which were previously covered by an NI 43-101 report containing multimillion-tonne indicated and inferred resources. Shuka’s current exploration programme is extending modern drilling into southern areas of the project to improve its geological models, establish mineralisation continuity and potentially expand the existing resource inventory.

Empresaria (LSE:EMR) returned to growth during the first half of 2026, recording higher net fee income and a sharp improvement in adjusted operating profit as performance strengthened across several of its divisions.

Net fee income increased by 5%, while adjusted operating profit climbed 135%. The improvement was led by strong contributions from the group’s global workforce solutions and operational outsourcing businesses.

Specialist recruitment also made progress after previously weighing on group earnings. Cost reductions and restructuring measures helped the division return to profitability, contributing to higher adjusted profit before tax and greater stability in net debt.

Following the stronger first-half performance, management has increased its expectations for full-year profit.

Skillhouse disposal supports balance sheet

Empresaria completed the disposal of its Skillhouse business in April, generating a profit from the transaction and releasing cash that could be used to reduce borrowings and provide additional working capital.

The transaction forms part of management’s broader approach to capital allocation and cost control, with the group continuing to address businesses that are failing to generate acceptable returns.

Management is also targeting improved employee productivity as it seeks to establish profitable growth across each of Empresaria’s operating divisions.

Despite the progress made during the first half, geopolitical uncertainty and difficult market conditions continue to affect the global recruitment industry and remain potential obstacles to further growth.

Financial challenges remain despite operational progress

The improvement in adjusted profitability provides a more positive operational backdrop, although Empresaria’s overall investment outlook remains constrained by continuing net losses and a more leveraged balance sheet.

Share-price technical indicators offer some support, with the stock trading above major moving averages. However, valuation support remains limited while reported earnings are negative and the shares do not currently provide a dividend yield.

More about Empresaria

Empresaria Group plc is an international specialist staffing and recruitment business listed on AIM. The group provides global workforce solutions, operational outsourcing and specialist recruitment services across its portfolio.

Its strategy centres on improving productivity, controlling costs and increasing profitability across its different service lines while navigating challenging conditions in global labour markets.