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Big Yellow Group (LSE:BYG) delivered steady first-quarter trading for the period ended 30 June 2026, reporting total revenue of £53.2 million, up 3% from a year earlier. Like-for-like store revenue increased by 2%, while occupancy across the company’s 113-store portfolio grew by 161,000 square feet, lifting like-for-like closing occupancy to 79.2%. Average achieved net rent per square foot also rose 3%, reflecting continued pricing strength across the estate.

The company is continuing to improve operational efficiency through investment in automation, solar energy and other energy-saving initiatives, alongside more targeted marketing aimed at managing rising operating costs, including higher business rates. Big Yellow is also expanding its UK footprint with a development pipeline of 12 new stores, supported by the recent acquisition of a site in Acton. Part of this expansion is being funded through the £38.4 million disposal of its Harrow industrial estate. Once completed, the development pipeline is expected to generate around £35 million in additional net operating income and further strengthen the company’s position in the UK self-storage market.

Big Yellow continues to benefit from a solid financial profile, supported by revenue growth, conservative leverage and an attractive dividend yield. However, these strengths are offset by weaker technical indicators, negative share price momentum and more inconsistent cash generation, including a recent decline in free cash flow.

More about Big Yellow Group

Big Yellow Group PLC is the UK’s largest self-storage operator, with a network of 113 stores offering a maximum lettable area of approximately 6.7 million square feet. The majority of its properties are owned on a freehold or long leasehold basis, with around three-quarters of revenue generated from London and the surrounding commuter belt, alongside major regional cities across the UK.

The company focuses on highly visible and accessible locations, supported by advanced digital systems for customer service, security and operational management. Alongside its expansion programme, Big Yellow continues to invest in sustainability initiatives and expects its pipeline of 12 additional stores to increase total capacity to around 7.6 million square feet.

Prologis (NYSE:PLD) has submitted a third revised proposal to acquire SEGRO (LSE:SGRO), valuing the UK logistics property company at approximately £13.5 billion. The latest proposal consists of 0.0890 newly issued Prologis shares for each SEGRO share, alongside a partial cash alternative of up to £2.7 billion at 1,000 pence per share. SEGRO’s board has rejected the proposal once again. If the transaction were completed, existing SEGRO shareholders would own around 9.2% of the enlarged Prologis group. The offer represents a premium of about 10% to SEGRO’s adjusted net asset value and more than 30% above the company’s share price before the approach became public.

Prologis believes its revised proposal delivers greater immediate value and flexibility than SEGRO’s standalone strategy, arguing that the company’s long-term plans depend on ambitious property valuations and the successful execution of an extended development pipeline. The U.S.-based real estate group also highlighted its strong second-quarter performance and continued expansion in its data centre and power infrastructure businesses as evidence of its growth prospects. Prologis is encouraging SEGRO shareholders to urge the board to enter discussions regarding a potential transaction, while also considering a secondary listing in London. However, the company reiterated that there is no certainty a formal takeover offer will ultimately be made.

More about Prologis

Prologis, Inc. is one of the world’s largest industrial real estate companies, specialising in logistics facilities and warehouse properties across major global markets. In recent years, the business has expanded into digital infrastructure, building a growing portfolio of data centres and power-related assets to support increasing demand from technology and logistics customers.

The company combines a large-scale property development platform with long-term asset management, focusing on generating sustainable rental growth, expanding funds from operations and delivering value for shareholders through its global logistics real estate portfolio.

Plexus Holdings (LSE:POS) has secured a two-year engineering agreement with Cactus Wellhead LLC to design, develop and qualify a new generation of wellhead products for offshore energy projects. The work will draw on Plexus’s engineering expertise and testing facilities in Aberdeen, further strengthening its position as a specialist provider of advanced wellhead technology.

As part of the agreement, Plexus will receive an initial £1 million commitment payment, secured by a debenture over the company’s assets. The contract is also expected to generate up to an additional £1.5 million in revenue over its duration, with the potential for further income if the scope of work expands. All engineering and development activities will be undertaken by Plexus’s in-house team, providing greater revenue visibility while supporting skilled employment and technical capabilities at its Aberdeen operations.

The partnership reinforces Plexus’s role within the offshore energy supply chain and highlights continued demand for its specialist engineering services. The contract provides a committed revenue stream, creates opportunities for additional project work and strengthens the company’s relationship with a leading international wellhead provider.

Despite the positive contract win, Plexus continues to face financial challenges following weaker trading performance and negative cash flow in 2025. The company’s technical indicators also remain subdued, with the share price trading below key moving averages and momentum remaining weak. Valuation support is limited by ongoing losses and the absence of a dividend.

More about Plexus Holdings

Plexus Holdings is an Aberdeen-based engineering company specialising in proprietary wellhead technology for the offshore energy industry. Its products are used in jack-up rig exploration and appraisal drilling, plug and abandonment projects, and emerging sectors including carbon capture and storage, hydrogen and geothermal energy.

The company is recognised for its POS-GRIP technology and HG metal-to-metal sealing systems, which are designed to improve well integrity, reduce the risk of blowouts, minimise methane emissions and lower maintenance requirements. Plexus also provides engineering services, specialist equipment and adjustable wellhead systems to customers worldwide, and has been recognised with the London Stock Exchange’s Green Economy Mark for its contribution to cleaner and safer offshore energy infrastructure.

Caledonia Mining (LSE:CMCL) produced 17,360 ounces of gold from its Blanket Mine in Zimbabwe during the second quarter of 2026, representing an 18% increase compared with the first quarter. The improvement was driven by better access to higher-grade mining areas and an increase in average plant grades. Although production was below the record level achieved in the second quarter of 2025, the company reaffirmed its full-year production guidance of between 72,000 and 76,500 ounces, with output expected to be weighted towards the second half of the year.

Management said initiatives to improve access to higher-grade ore are delivering encouraging results, with mined grades now averaging around 3g/t. Production is forecast to strengthen further during the remainder of 2026, supported by improved mine development, the completion of an upgrade to the elution plant that will enable processing of stockpiled fine-grain loaded carbon, and the introduction of a seven-day operating schedule. The extended working week is expected to increase ore throughput by approximately 200 tonnes per day.

More about Caledonia Mining

Caledonia Mining Corporation Plc is a gold producer listed on the NYSE American, AIM and the Victoria Falls Stock Exchange. Its principal asset is the Blanket Mine in Zimbabwe, where the company focuses on underground gold mining and operational improvements designed to increase production efficiency and enhance ore grades.

The Blanket Mine remains the cornerstone of Caledonia’s business and plays an important role in Zimbabwe’s gold mining industry. The company continues to invest in processing upgrades, mine development and operational enhancements to improve throughput while maintaining consistent production and supporting long-term growth.

Residential Secure Income plc (LSE:RESI) has taken another major step in its managed wind-down following the completion of the Retirement Disposal of its retirement housing portfolio. Through its subsidiary, ReSI Portfolio Holdings Limited, the company received consideration comprising £62.3 million in newly issued Living REIT plc shares and £45 million in cash. The 66,103,233 new Living REIT ordinary shares were admitted to trading on the London Stock Exchange’s Main Market on 16 July 2026.

The Living REIT shares will be distributed directly to eligible RESI shareholders through an in specie distribution. Shareholders on the register as of 22 July 2026 will receive approximately 0.3570 Living REIT shares for every RESI share held, with fractional entitlements rounded down. The cash proceeds are expected to be returned during the third quarter of 2026 through a bonus issue and redemption of B shares, subject to the company retaining sufficient funds to meet transaction costs, working capital requirements, tax obligations and expenses associated with its planned exit from the UK REIT regime.

The combination of share and cash distributions represents a key milestone in the company’s orderly wind-down strategy. Shareholders will receive immediate value through the planned capital return while retaining exposure to the retirement housing sector via their direct ownership of Living REIT shares.

The company’s financial outlook remains mixed. While leverage has been significantly reduced and recurring cash generation remains relatively strong, declining revenue, ongoing net losses and falling property valuations continue to present challenges. Technical indicators also remain weak, although the company’s dividend yield continues to provide some valuation support during the wind-down process.

More about Residential Secure Income

Residential Secure Income plc is a UK-listed real estate investment trust specialising in residential property, including retirement housing assets held through its subsidiary, ReSI Portfolio Holdings Limited. The company is implementing a managed wind-down strategy that includes asset disposals, capital returns and an orderly withdrawal from the UK REIT regime.

Living REIT plc, which forms part of the consideration for the Retirement Disposal, is listed in the closed-ended funds segment of the Official List and trades on the London Stock Exchange’s Main Market. The transaction allows RESI shareholders to maintain an investment in the retirement living sector while the company continues returning capital.

RESI has stated that future cash distributions under its planned B Share Scheme will depend on retaining adequate funds to cover outstanding liabilities, transaction expenses, working capital needs, property income distribution requirements and the costs of completing its exit from the UK REIT regime.

Oracle Power PLC (LSE:ORCP) has moved closer to the development of its Northern Zone Gold Project after advancing several key permitting and regulatory activities at its Kalgoorlie Gold Project in Western Australia. The company expects to submit both its Site Clearance and Native Vegetation Clearing Permit applications this month, supported by near-complete flora, vegetation and fauna assessments.

Work is also progressing on the Mine Development and Closure Proposal, with a heritage work area clearance survey now completed and technical studies covering hydrogeology, geotechnical conditions, geology and soils approaching their final reporting stage. Oracle Power said the coordinated progress across these workstreams brings the Northern Zone project closer to the start of mining operations and represents an important milestone in transitioning the asset from development planning towards production.

While operational progress continues, Oracle Power remains a pre-revenue business and continues to report losses as it invests in project development. Ongoing cash outflows and the likelihood of future funding requirements continue to weigh on the company’s financial outlook. Technical indicators remain broadly neutral, while valuation is constrained by negative earnings and the absence of a dividend.

More about Oracle Power PLC

Oracle Power PLC is an AIM-listed project developer focused on advancing natural resource projects, with a particular emphasis on gold assets in Western Australia. Its flagship Kalgoorlie Gold Project includes the Northern Zone Gold Project on mining lease M25/389, located close to the established Kalgoorlie mining district and its extensive infrastructure.

The company is working to move the Northern Zone project through the regulatory approval process and into the development phase. By completing permitting, environmental assessments and technical studies, Oracle Power aims to position the project for future production and strengthen its presence in Australia’s gold mining sector.

Sareum Holdings (LSE:SAR) has reached an important development milestone after completing dosing in the Phase 2-enabling toxicology programme for its lead drug candidate, SDC-1801. The selective oral TYK2/JAK1 inhibitor is being developed to treat autoimmune diseases, with psoriasis identified as the initial target indication. The company is now evaluating the toxicology results while continuing chemistry, manufacturing, controls and formulation activities. Sareum expects to complete the full Phase 2-enabling regulatory package during the fourth quarter of 2026 using its existing cash resources, paving the way for planned Phase 2 clinical studies and supporting the advancement of its broader pipeline in autoimmune and oncology therapies.

Despite this operational progress, Sareum remains in the clinical development stage and has yet to generate revenue. The business continues to report operating losses and cash outflows as it funds research and development, meaning future financing may be required. While technical indicators point to a positive share price trend, momentum appears elevated, suggesting the stock may be approaching overbought territory. Valuation also remains limited by negative earnings and the absence of dividend income.

More about Sareum Holdings

Sareum Holdings plc is a Cambridge-based clinical-stage biotechnology company listed on AIM under the ticker SAR. The business specialises in developing next-generation small-molecule kinase inhibitors that target the JAK signalling pathway.

Its lead programme, SDC-1801, is focused on autoimmune diseases including psoriasis, while its wider pipeline includes SDC-1802 and the licensed oncology asset SRA737. Through these programmes, Sareum aims to develop new treatments for autoimmune disorders, cancer and neuroinflammatory diseases.

South32 (LSE:S32) delivered a strong operational performance in fiscal 2026, surpassing its overall production guidance while increasing quarterly sales volumes by 15%. The higher sales helped unlock working capital and improve cash generation across the business. Production exceeded expectations across several operations, including aluminium, manganese, copper and zinc, with Sierra Gorda, Cannington and South Africa Manganese among the strongest contributors.

The company also took a significant step in reshaping its portfolio by agreeing to sell the majority of its aluminium value chain to Alcoa in a transaction with an implied enterprise value of up to $5.6 billion, in addition to rehabilitation obligations. Once the deal is completed, approximately 85% of South32’s pro forma earnings are expected to come from base and precious metals, while approved development projects are forecast to increase production by around 55%.

South32 continued to advance its long-term growth pipeline during the year. The company approved the construction of a fourth grinding line at the Sierra Gorda copper joint venture, a project expected to increase copper-equivalent production by roughly 30% from fiscal 2031. At the Hermosa development in Arizona, South32 invested approximately $710 million during fiscal 2026, progressed construction of the Taylor zinc-lead-silver mine and secured the Final Record of Decision, completing the project’s federal environmental permitting process.

Cash generation from equity-accounted investments remained strong, with the company receiving $503 million in net distributions during the year. South32 also continued returning capital to shareholders through dividends and share buybacks, distributing a combined $327 million. Although the transition of Mozal Aluminium into care and maintenance will result in one-off charges, these will be classified as significant items and excluded from underlying earnings as the company continues to prioritise operational performance and disciplined investment.

For fiscal 2026, South32 expects its underlying effective tax rate to be approximately 33%, reflecting the jurisdictions in which it operates and the associated royalty structures. The company also continued investing across its portfolio through capital expenditure, additional lease commitments and exploration activities at Hermosa, Ambler Metals and other development projects designed to support future growth in base metals.

More about South32

South32 is a diversified global mining and metals producer with an expanding focus on base and precious metals. Its portfolio includes copper, zinc, lead, silver and manganese assets alongside alumina and aluminium operations, with projects located across Chile, the United States, Australia, South Africa and Brazil.

The company is steadily repositioning its business towards long-life, higher-margin base metals assets, with the goal of generating the majority of future earnings from these commodities. This strategy is supported by ongoing investment in major development projects while maintaining shareholder returns through dividends and share buybacks alongside a disciplined balance sheet.

Following its leadership transition on 1 July 2026, South32 continues to strengthen its position as a leading upstream base metals producer. Key growth initiatives include the Sierra Gorda copper expansion, the Hermosa zinc-lead-silver and battery-grade manganese projects in Arizona, and established manganese operations in Australia and South Africa that underpin its global production footprint.