Blog

Capital Limited (LSE:CAPD) has increased its full-year 2026 revenue guidance to between $435 million and $455 million after reporting third-quarter revenue of $115.7 million, representing a 23.2% increase compared with the corresponding period last year.

The mining services group reported revenue of $334.7 million for the first nine months of 2026, an increase of 32.2% year-on-year, supported by higher mining activity and growth in its laboratory services business.

Capital said revenue from its mining operations increased more than threefold during the third quarter, while its MSALABS geochemical analysis division recorded another quarterly revenue record.

Drilling revenue declined during the period as the company redeployed equipment to contracts offering higher returns and prepared rigs for recently secured work.

The revised annual revenue forecast reflects the group’s latest trading performance and expectations for activity across its drilling, mining and laboratory services operations during the remainder of 2026.

Mining and Laboratory Operations Contribute to Revenue Growth

Capital reported increased activity across its mining services operations during the third quarter, with revenue from the division more than tripling compared with the previous year.

The company provides mining services including load-and-haul operations, alongside drilling and maintenance activities for mineral producers.

MSALABS, Capital’s geochemical laboratory business, also reported another record quarter as the group continued expanding its analytical capacity.

The division provides laboratory testing and mineral analysis services to exploration companies and operating mines.

Capital said its laboratory expansion programme is progressing, with additional capacity intended to support customer demand across its operating regions.

Meanwhile, drilling revenue was lower during the quarter, reflecting the movement of rigs between contracts and the preparation of equipment for new assignments.

The company said these redeployments were directed towards contracts with higher expected returns.

Australian Acquisition and Fortescue Contract Expansion

During the quarter, Capital completed the acquisition of Metres Down Under, an Australian underground drilling contractor.

The acquisition expands the group’s underground drilling capabilities and increases its presence in the Australian mining services market.

Capital also secured an expanded two-year drilling mandate at Fortescue’s Belinga iron ore project.

The contract extension provides additional work for the group’s drilling operations and forms part of its existing relationship with the project.

The company did not disclose the financial terms of the acquisition or the expanded drilling mandate in the supplied update.

Capital continues to pursue contract opportunities across its international operations, including exploration, production and underground drilling assignments.

Operational Performance and Management Appointment

Capital reported improvements in its safety performance indicators during the third quarter, alongside continued investment in operational capacity.

The company also announced the appointment of Tim Donnelly as Chief Operating Officer for drilling and mining.

In the role, Donnelly will oversee the group’s drilling and mining operations as Capital manages its existing contracts and expands its service activities.

The company additionally reported that its investment portfolio had outperformed relevant mining sector benchmarks during the period.

No specific portfolio return figures or benchmark comparisons were provided in the supplied update.

Full-Year Revenue Outlook Increased

Following the third-quarter results, Capital revised its 2026 revenue guidance upwards to a range of $435 million to $455 million.

The revised forecast follows nine-month revenue of $334.7 million and reflects the group’s expectations for the final quarter of the financial year.

The company continues to focus on contract execution, equipment deployment and the expansion of its laboratory operations.

Its recent acquisition in Australia and expanded drilling mandate at Belinga form part of its efforts to increase activity across its mining services portfolio.

Capital’s performance for the remainder of 2026 will depend on contract activity, equipment utilisation and the timing of work across its operating divisions.

About Capital Limited

Capital Limited (LSE:CAPD) is a UK-headquartered mining services company providing drilling, mining, maintenance and geochemical laboratory services to the international minerals industry.

The group’s operations include exploration and production drilling, underground drilling, load-and-haul mining services and laboratory analysis through its MSALABS business.

Capital operates across Africa, Australia, North America, Europe and Asia, serving mining and exploration customers in jurisdictions including Armenia, Australia, Canada, Côte d’Ivoire, Egypt, Gabon, Pakistan, Saudi Arabia and Tanzania.

Its customer base includes gold and iron ore producers, with services provided across different stages of mineral exploration, mine development and production.

The company continues to expand its operations through equipment investment, contract awards, laboratory development and acquisitions.

THG PLC (LSE:THG) has upgraded its full-year 2026 adjusted EBITDA guidance to £103 million, above market consensus, following third-quarter revenue growth and improved profitability across its continuing operations.

The Manchester-based e-commerce group reported third-quarter revenue of £408.8 million, representing a 1.5% increase year-on-year on a constant-currency continuing operations basis.

Revenue from the group’s core brands and markets, which account for approximately 87% of total sales, increased by 6.1% compared with the corresponding period last year.

THG also reported that adjusted EBITDA for the last twelve months increased by 50% year-on-year to £100.6 million.

The company now expects to generate positive free cash flow of between £25 million and £35 million for the full year, which would represent its first year of positive free cash flow since its initial public offering.

THG Nutrition Reports 5.3% Revenue Growth

THG Nutrition recorded a 5.3% increase in third-quarter revenue, supported by higher sales volumes across its Myprotein business and continued expansion through retail and foodservice partnerships.

Myprotein branded volumes increased by 36.2% year-on-year, reflecting growth in product distribution and customer demand across the brand’s markets.

The division continued developing its omnichannel distribution strategy through commercial relationships with Five Guys, Krispy Kreme, Gold’s Gym, Caffè Nero, Pladis and Iceland.

These arrangements form part of THG’s efforts to expand Myprotein’s distribution beyond its direct-to-consumer operations into foodservice, retail and fitness channels.

THG also reported progress in securing long-term raw material supply contracts, alongside a reduction in whey prices.

The company expects lower whey input costs and its supply arrangements to contribute to Nutrition’s profit margins into 2027.

THG Beauty Revenue Declines 0.6% to £256.4 Million

THG Beauty reported third-quarter revenue of £256.4 million, a decline of 0.6% compared with the corresponding period in 2025.

The division recorded modest growth across its core brands and markets, although overall revenue was affected by the timing of certain customer orders.

THG said dispatch delays resulted in some advent calendar revenue being deferred into October, rather than recognised during the third quarter.

Advent calendar sales remain an important contributor to the division’s profitability, particularly during the seasonal trading period.

The company also continued investing in digital services and customer loyalty initiatives across its beauty platforms.

Its artificial intelligence-powered Beauty Advisor is currently handling approximately 250,000 customer conversations each month, according to THG.

The group is also preparing to participate in YouTube’s Shopping Affiliate Programme, expanding its use of digital channels for product discovery and sales.

Meanwhile, THG Beauty’s loyalty membership exceeded 3.9 million, reflecting the scale of its customer engagement programmes across its online retail operations.

Cash Flow Guidance and Fourth-Quarter Outlook

THG said working capital management and operational measures have contributed to its financial performance during 2026.

The company is also implementing changes intended to mitigate the effects of European Union duty and tariff arrangements, with the programme expected to be fully implemented by the middle of 2027.

Management expects revenue growth across the group’s continuing operations to accelerate during the fourth quarter, which is traditionally its largest seasonal trading period.

The revised full-year adjusted EBITDA forecast of £103 million reflects the group’s updated expectations for profitability across THG Nutrition and THG Beauty.

THG’s free cash flow guidance of £25 million to £35 million remains a forecast and is dependent on financial performance and working capital movements during the remainder of the year.

The company continues to focus on expanding its consumer brands, developing distribution partnerships and investing in digital capabilities across its beauty and nutrition operations.

About THG PLC

THG PLC (LSE:THG) is a Manchester-based e-commerce and consumer brands group operating internationally through its THG Beauty and THG Nutrition divisions.

THG Beauty operates online retail platforms including Lookfantastic, Dermstore and Cult Beauty, offering products from more than 1,000 third-party brands alongside its own beauty portfolio.

THG Nutrition focuses on sports nutrition, health and wellness products, with Myprotein among its principal consumer brands.

The group distributes products through direct-to-consumer websites, retail partnerships and other commercial channels across markets including the United Kingdom, Europe, the United States and Asia.

THG’s operating strategy includes expanding its distribution network, developing brand partnerships and investing in digital technology, customer loyalty programmes and data-driven retail services.

Seraphim Space Investment Trust plc (LSE:SSIT) has reported a 102.9% increase in net asset value (NAV) per ordinary share to 240.49p for the financial year ended 30 June 2026, with its total investment portfolio valuation rising to £605.5 million.

The London-listed SpaceTech investment trust attributed the increase in portfolio value to fair value adjustments across its holdings, including valuation changes following financing rounds at portfolio companies such as ICEYE.

The total portfolio valuation more than doubled during the reporting period, reflecting changes in the assessed value of the trust’s investments, which are predominantly held in privately owned businesses.

Seraphim said demand for space-based defence, intelligence and communications technologies contributed to commercial and financing activity across its investment portfolio.

The trust also completed a C share issuance in May 2026, raising £136.5 million in additional capital.

Following the fundraising, Seraphim reported liquid resources of £152.9 million at the financial year-end, providing capital for investment activities and other funding requirements.

The portfolio’s aggregate valuation at 30 June 2026 represented 385.8% of its original investment cost, reflecting cumulative valuation gains across its holdings.

According to the company, several of its principal investments recorded revenue growth during the year, while some continued progressing towards earnings before interest, tax, depreciation and amortisation (EBITDA) profitability.

Seraphim also reported that companies within its investment portfolio raised more than US$4.8 billion in financing during the period.

The funding activity included capital raised through private investment rounds and public market transactions, providing additional resources for portfolio companies’ operations and development programmes.

Among the reported developments was HawkEye 360’s initial public offering on the New York Stock Exchange, which the trust described as oversubscribed.

Seraphim also highlighted commercial agreements and defence-related contracts secured by portfolio companies during the year, alongside operational milestones across its space technology investments.

The trust’s investment activities remain concentrated on companies developing satellite systems, space-based intelligence capabilities, communications infrastructure and data services.

Its portfolio includes businesses serving government, defence and commercial customers, with valuations influenced by financing transactions, operating performance and developments in their respective markets.

The reported NAV increase reflects fair value gains across the investment portfolio, rather than solely realised investment proceeds. As the portfolio consists predominantly of private companies, these valuations remain subject to changes in subsequent financing rounds and other valuation assessments.

Seraphim enters its new financial year with a portfolio valued at £605.5 million and liquid resources of £152.9 million, following the capital raised through its May share issuance.

About Seraphim Space Investment Trust plc

Seraphim Space Investment Trust plc (LSE:SSIT) is a London-listed investment trust specialising in companies operating within the global space technology sector.

The trust invests in private and publicly traded businesses developing technologies and services for satellite communications, defence, intelligence, Earth observation and space-based data applications.

Its portfolio includes companies providing infrastructure, software, analytical capabilities and related services to commercial organisations and government customers.

Seraphim focuses on investment opportunities across the SpaceTech industry, with returns dependent on changes in portfolio valuations, investment realisations and the financial performance of its underlying holdings.

XPS Pensions Group plc (LSE:XPS) has reported a 12% increase in group revenue for the six months ended 30 September 2026, including organic growth of 11%, and expects its full-year financial performance to be slightly ahead of previous expectations.

The UK pensions consulting and administration group reported revenue growth across its principal business divisions, supported by demand for advisory, administration and insurance-related services.

Advisory revenue increased by 14% during the period, while administration revenue rose by 10%. Revenue from the group’s SIP business increased by 7%.

XPS said its first-half performance reflected continued demand for pension scheme advice and administration services, including work associated with regulatory developments and pension risk transfer transactions.

The company identified increased activity among defined benefit pension schemes considering options for managing their financial positions, including surplus extraction arrangements and transfers of pension liabilities to insurance providers.

Demand for advisory services is also being influenced by preparations for changes under the Pensions Act 2025, with the surplus release regime scheduled to take effect in April 2027.

The legislative changes are expected to affect the arrangements under which pension schemes can release surplus assets, creating additional requirements for trustees and corporate sponsors assessing their available options.

XPS also reported continued activity in the pension risk transfer market, where schemes seek advice on transactions involving insurers, including pension buyouts.

Alongside its existing operations, the group is integrating Austin Professional Resourcing, a recently acquired business that expands its insurance consulting capabilities.

According to XPS, the integration is progressing as planned, with the acquisition increasing the group’s capacity to provide specialist consulting services to insurance sector clients.

The company expects the additional resources to support its work with insurers and pension schemes, particularly in areas requiring actuarial and other specialist expertise.

Following the first-half trading performance, the board indicated that full-year results are now expected to be slightly ahead of its previous forecasts.

The updated outlook reflects revenue growth across the group’s operating divisions, demand for pensions advisory services and the expansion of its insurance consulting activities.

XPS continues to focus on pension scheme advisory and administration services while developing its insurance-related operations through acquisitions and the deployment of specialist resources.

About XPS Pensions Group plc

XPS Pensions Group plc (LSE:XPS) is a UK-based pensions consulting and administration company providing services to pension schemes, corporate sponsors and insurance businesses.

The group serves more than 1,300 pension schemes and corporate sponsors and administers pension benefits for approximately 1.2 million members.

Its client portfolio includes 81 pension schemes with assets exceeding £1 billion.

XPS provides actuarial consulting, pension administration, advisory and specialist insurance consulting services, with activities covering defined benefit pension schemes and pension risk transfer transactions.

The company combines consulting expertise, technology and administration capabilities to support pension scheme management, regulatory compliance and insurance-related activities.

Journeo plc (LSE:JNEO) has renewed its technology framework agreement with Transport UK London Bus, with the five-year arrangement expected to generate approximately £6 million in revenue through October 2031.

The agreement covers the provision of vehicle security, communications and data management technology across Transport UK London Bus’s fleet, which comprises approximately 1,000 buses operating on more than 65 Transport for London services.

Under the renewed framework, Journeo will supply CCTV systems, vehicle gateway technology and associated equipment for both existing vehicles and new additions to the operator’s fleet, including ancillary vehicles.

The agreement also provides for vehicles to be connected to the company’s Journeo Portal, a secure software-as-a-service (SaaS) platform designed to support the collection, management and retrieval of operational information.

Through the platform, Transport UK London Bus will be able to access vehicle data and compile evidence packages relating to operational incidents. The system also enables information to be shared securely with authorised third parties, including the Metropolitan Police.

The framework renewal continues an established commercial relationship between the two companies. Transport UK London Bus was among the early adopters of Journeo’s on-board technology and its cloud-based portal system.

The renewed arrangement provides a framework for the continued supply and integration of Journeo’s technology across the operator’s London bus services over the next five years.

Journeo’s systems combine on-vehicle hardware with centralised software capabilities, allowing transport operators to retrieve recorded information and manage operational data through a common platform.

The company said the agreement supports its activities in the London bus market and contributes to its revenue base through the provision of technology, associated services and software.

The expected £6 million contract value covers the period through October 2031, although the supplied announcement does not specify an annual revenue schedule or the proportion attributable to recurring software services.

The agreement forms part of Journeo’s wider business supplying integrated technology solutions to public transport operators and infrastructure customers in the United Kingdom.

About Journeo plc

Journeo plc (LSE:JNEO) is a UK-based technology company providing intelligent transport systems and infrastructure technology solutions.

The group operates through six businesses, supplying products and services including vehicle CCTV, telematics, communications systems, passenger information technology and infrastructure protection equipment.

Its customers include bus and rail operators, local authorities and organisations responsible for utilities, defence facilities and other infrastructure.

Journeo develops systems using Internet of Things (IoT) connectivity and open technology standards, enabling integration with existing equipment and future system upgrades.

The company has invested more than £10 million in research and development over the past five years, supporting its development of transport and infrastructure technology.

Its software products include the Journeo Portal, a SaaS platform providing secure access to operational data, video recordings and information management tools.