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  • FTSE 100 Rises as Oil Prices Decline Amid Middle East Developments

    FTSE 100 Rises as Oil Prices Decline Amid Middle East Developments

    The FTSE 100 moved higher on Monday as oil prices declined, while investors assessed developments in the Middle East following attacks on airports in Saudi Arabia and statements concerning negotiations over the Strait of Hormuz.

    London’s benchmark index gained 0.49% as of 07:20 GMT, broadly matching advances across major European markets. Germany’s DAX rose 0.49%, while France’s CAC 40 increased 0.50%. Sterling strengthened 0.08% against the US dollar to $1.3243.

    Oil prices moved lower despite continued uncertainty surrounding regional security. Brent crude futures declined 0.50% to $104.21 per barrel, while US West Texas Intermediate crude fell 0.65% to $91.25.

    Iranian security chief Mohsen Rezaei said the United States had accepted some of Tehran’s seven conditions for reopening the Strait of Hormuz, although other conditions remained unresolved.

    Speaking to state-owned Press TV, Rezaei described the US response as inadequate and warned that data centres and communications cables in the Gulf could become targets if hostilities resumed.

    His comments followed attacks attributed to Houthi forces against airports in Saudi Arabia over the weekend.

    An attack on Riyadh’s King Khalid International Airport on Saturday reportedly killed 13 people and injured more than 300. A second attack on Sunday left one person dead and 11 injured.

    Australia and New Zealand joined the United States, United Kingdom, Canada, Japan and South Korea in issuing travel warnings concerning Saudi Arabia.

    US President Donald Trump indicated that Washington could participate in Saudi military operations against the Houthis, although no decision was confirmed.

    Separately, Trump announced an agreement under which Russia would supply approximately 13.5 million barrels of diesel, alongside a temporary easing of US sanctions on Russian diesel.

    He also announced an energy-related ceasefire between Russia and Ukraine.

    ING said confirmation of the ceasefire was still required from both countries. Ukrainian President Volodymyr Zelenskiy indicated that Ukraine was prepared to participate if Russia stopped its attacks.

    Market analysts also commented on the diplomatic developments. Jefferies strategist Mohit Kumar suggested that a ceasefire would serve the interests of both Iran and the United States.

    Stephen Innes of SPI Asset Management indicated that financial markets were assigning less of a geopolitical risk premium to individual developments than previously.

    Beyond geopolitical developments, investors are awaiting US inflation figures scheduled for release later this week.

    The data follows a rise in US Treasury yields, with the benchmark 10-year yield exceeding 5.36% last week, reaching its highest level since 2002.

    The Securities Industry and Financial Markets Association has recommended that the US Treasury market close for Columbus Day, while US equity markets are scheduled to operate normally.

    Precious metals also traded lower during the session. Gold futures declined 0.20% to $4,208.26 per ounce, while spot gold fell 0.24% to $4,184.33.

    UK Corporate News

    Hays (LSE:HAS) reported a 3% decline in first-quarter net fees on a like-for-like basis, reflecting reduced permanent recruitment activity alongside relatively stable demand for temporary and contracting services.

    The recruitment group said it expects market conditions to remain broadly stable in the near term.

  • AdvancedAdvT Expects First-Half Revenue of at Least £28.5 Million and Adjusted EBITDA of £8 Million

    AdvancedAdvT Expects First-Half Revenue of at Least £28.5 Million and Adjusted EBITDA of £8 Million

    AdvancedAdvT Limited (LSE:ADVT) has reported double-digit growth in revenue and adjusted EBITDA for the six months ended 31 August 2026, supported by organic expansion and acquisitions. The software solutions group expects revenue of at least £28.5 million and adjusted EBITDA of no less than £8.0 million, with trading remaining in line with management expectations.

    The company attributed its first-half performance to growth across its software operations, which provide business management, healthcare compliance and human capital management solutions.

    AdvancedAdvT continues to invest in its software platforms, including artificial intelligence, automation and Software as a Service (SaaS) capabilities. The group said AI-enabled functionality has already been deployed in customer environments, with further development focused on operational efficiency and the expansion of its product offering.

    At 31 August 2026, the company held net cash and investments totalling £113.2 million, following expenditure of £9.2 million on share repurchases during the first half.

    In September, AdvancedAdvT initiated a further £10 million share buyback programme, continuing its capital return activities alongside investment in its existing businesses.

    The group also maintains a strategic investment in M&C Saatchi plc as part of its wider investment portfolio.

    AdvancedAdvT said it continues to evaluate potential acquisitions that would complement its existing software operations and provide opportunities to expand into additional markets, geographical regions and technology segments.

    Management intends to pursue a combination of organic development and acquisitions, with investment priorities including AI integration, automation and scalable SaaS infrastructure.

    The company identified the development of software applications incorporating data analytics and business intelligence as an ongoing area of investment, particularly across its business solutions and compliance markets.

    AdvancedAdvT expects to publish its detailed half-year financial results on 2 November 2026, when it will provide further information on its financial performance and operational developments.

    About AdvancedAdvT Limited

    AdvancedAdvT Limited is an international software solutions provider operating across business solutions, healthcare compliance and human capital management markets.

    The group develops and supplies software platforms incorporating data analytics, business intelligence, artificial intelligence and automation to support business processes and regulatory requirements.

    AdvancedAdvT pursues growth through organic product development and acquisitions, with a focus on expanding its software portfolio, entering adjacent markets and developing subscription-based technology services.

  • Big Technologies Faces Libel Claim from Former CEO Sara Murray Over 2025 Announcement

    Big Technologies Faces Libel Claim from Former CEO Sara Murray Over 2025 Announcement

    Big Technologies plc (LSE:BIG) has disclosed that its former chief executive officer, Sara Murray, has served a Claim Form against the company seeking damages for alleged libel and other relief in connection with a regulatory announcement published on 12 September 2025.

    The legal claim relates to a litigation update issued by the AIM-listed electronic monitoring technology company. Big Technologies confirmed that the Claim Form does not currently specify the amount of damages being sought.

    Further details of the allegations are expected to become available once the particulars of claim have been served. The company has not provided a timetable for that stage of the proceedings.

    Big Technologies said the September 2025 announcement was issued in accordance with its regulatory disclosure obligations as an AIM-quoted company, including requirements under the UK Market Abuse Regulation and AIM Rules.

    The company also stated that it had obtained extensive legal advice before publishing the announcement, with the objective of minimising potential defamation risks associated with the disclosure.

    The proceedings concern allegations of libel arising from the earlier announcement. No judicial determination regarding the claim has been reported in the information disclosed.

    The company has not indicated the potential financial exposure associated with the proceedings, as the damages sought remain unspecified.

    Big Technologies has also not provided details of any further procedural steps beyond the anticipated service of the particulars of claim.

    The dispute adds to the company’s ongoing legal matters, with further information expected as the proceedings develop and additional disclosures become available.

    About Big Technologies plc

    Big Technologies plc is an AIM-listed technology company specialising in electronic monitoring systems for the criminal justice sector.

    Operating under the Buddi brand, the company provides integrated hardware and software solutions used by justice authorities and other organisations to monitor individuals through electronic tagging technology.

    Its platform combines monitoring devices with subscription-based software services, supporting deployments across different jurisdictions and operational requirements. The company’s business model includes recurring revenues from technology services and longer-term customer contracts.

  • Tern Settles SVV2 Fund Liabilities for £73,740, Ending Further Financial Obligations

    Tern Settles SVV2 Fund Liabilities for £73,740, Ending Further Financial Obligations

    Tern Plc (LSE:TERN) has reached a settlement agreement with the General Partner of Sure Valley Ventures Enterprise Capital Fund LP (SVV2), resolving outstanding claims and potential financial liabilities associated with its former investment in the fund.

    The AIM-listed technology investment company confirmed that it has paid £73,740 under the agreement, bringing an end to its financial obligations relating to SVV2.

    The settlement removes a previously disclosed contingent liability that Tern had estimated could reach approximately £200,000. The company confirmed that no further payments or commitments to the fund are required following completion of the agreement.

    Tern had previously sought relief from its funding commitments to SVV2, subsequently being classified as a defaulting investor under the fund’s arrangements.

    As a consequence, the company’s partnership interest in SVV2 was subject to forfeiture or transfer, with Tern expecting to receive minimal consideration for its former holding.

    The settlement resolves the outstanding matters associated with that process, including any remaining claims arising from the company’s participation in the fund.

    According to Tern, the agreement provides certainty regarding its financial exposure to SVV2 and allows management to concentrate on its existing investment portfolio.

    The board intends to prioritise the allocation of capital and management resources towards Tern’s directly held Internet of Things (IoT) technology businesses, rather than maintaining commitments to the external venture capital fund.

    Management believes its direct portfolio companies offer opportunities for long-term value creation, particularly where Tern can exercise greater influence over operational and strategic development.

    The company said the settlement is consistent with its strategy of focusing resources on existing portfolio investments and supporting their development.

    Following the £73,740 payment, Tern has confirmed that it holds no remaining obligations to SVV2.

    About Tern Plc

    Tern Plc is an AIM-listed investment company focused on businesses developing Internet of Things technology and related digital solutions.

    The company invests in and supports technology businesses through its portfolio holdings, with a strategy centred on developing the value of its existing investments.

    Tern prioritises direct investments in portfolio companies where it can participate in their strategic development and allocate capital according to its investment objectives.

  • ITM Power’s Hydropulse Signs Heads of Terms for 150 MW Green Hydrogen Project at European Refinery

    ITM Power’s Hydropulse Signs Heads of Terms for 150 MW Green Hydrogen Project at European Refinery

    ITM Power (LSE:ITM) has announced that its Hydropulse subsidiary has signed Heads of Terms with a European oil refinery for a proposed 150 MW green hydrogen production facility, with the project expected to operate under a 10-year agreement.

    The proposed development will use ITM Power’s Alpha electrolyser technology and follow Hydropulse’s build-own-operate (BOO) business model. Under the arrangement, Hydropulse would be responsible for constructing, owning and operating the hydrogen production facility, supplying hydrogen to the refinery under a long-term commercial agreement.

    The project is targeting a final investment decision in 2027, with hydrogen production expected to begin in 2029, subject to the necessary development and investment approvals.

    According to ITM Power, the refinery will provide electricity and utilities required for hydrogen production. This arrangement is intended to reduce Hydropulse’s exposure to fluctuations in electricity prices while supporting contracted revenue generation over the proposed operating period.

    Management described the agreement as the company’s largest potential commercial commitment to date, based on the planned capacity of the facility and the proposed contractual arrangements.

    The signing of Heads of Terms represents an initial stage in the project’s commercial development, with final agreements and investment decisions still to be completed.

    ITM Power said joint front-end engineering and design (FEED) activities are already progressing with the refinery customer. These studies will support the technical development of the proposed facility ahead of the targeted final investment decision.

    Hydropulse is also holding discussions with banks regarding potential project-level financing. The company is evaluating funding arrangements intended to support construction and operation of the facility under its BOO model.

    The proposed 150 MW development forms part of ITM Power’s strategy to expand its involvement in hydrogen production and supply, alongside its existing electrolyser manufacturing business.

    Through Hydropulse, the group aims to establish long-term hydrogen supply agreements with industrial customers seeking to reduce emissions from their operations.

    The refinery project remains subject to further development, financing arrangements and a final investment decision before construction and commercial hydrogen production can proceed.

    About ITM Power plc

    ITM Power plc is a UK-headquartered developer and manufacturer of proton exchange membrane (PEM) electrolyser technology used to produce green hydrogen from electricity and water.

    The AIM-listed company supplies industrial-scale hydrogen production equipment to customers in the energy and industrial sectors, including its standardised Alpha electrolyser platform.

    Through its Hydropulse subsidiary, ITM Power also operates a build-own-operate business model under which it develops, owns and manages hydrogen production facilities and supplies hydrogen directly to industrial customers.

  • Mila Resources Extends Gold Mineralisation to 170 Metres Depth at Yarrol Project

    Mila Resources Extends Gold Mineralisation to 170 Metres Depth at Yarrol Project

    Mila Resources (LSE:MILA) has reported additional gold assay results from its third-quarter reverse circulation drilling programme at the Yarrol Gold Project in Queensland, Australia, extending the known mineralised zone at Yarrol North to approximately 170 metres below surface.

    The latest results cover four of the nine holes drilled during the programme, with each returning multiple stacked gold intercepts. The drilling has identified mineralisation beyond the historical depth limits of approximately 60 to 70 metres, providing further information about the extent and geological structure of the deposit.

    Two drill holes, MYARC0224 and MYARC0225, intersected gold mineralisation at depth, including broader mineralised intervals containing narrower zones of higher-grade material. According to Mila, the results demonstrate vertical continuity within the gold-bearing system and support its geological interpretation of an east-dipping, structurally controlled deposit.

    The company said the findings indicate that the historical resource area forms part of a wider mineralised corridor associated with the Yarrol Fault. Gold mineralisation remains open at depth and along the fault structure, with further drilling required to establish its full extent.

    Mila’s geological model identifies multiple higher-grade gold shoots within a broader sheeted-vein system. Management said the latest drilling has increased its confidence in the interpretation of these structures and provided additional information for planning future exploration.

    The company is continuing to evaluate the relationship between the higher-grade intercepts and the wider mineralised envelope as it works towards defining the project’s resource potential.

    Assay results from the remaining five holes completed during the third-quarter programme are still pending. Mila expects the outstanding results to help determine the location and scope of subsequent drilling aimed at testing extensions to the known mineralisation.

    The company is targeting completion of an initial mineral resource estimate for Yarrol during the fourth quarter of 2026, using the results of its ongoing exploration and geological assessment work.

    The latest drilling forms part of Mila’s programme to reassess the historical Yarrol resource area and investigate additional mineralisation along the fault corridor. Further exploration will be required to establish the size and continuity of the mineralised system beyond the areas tested to date.

    About Mila Resources Plc

    Mila Resources Plc is a London-listed natural resources company focused on gold and copper exploration and resource development in Australia.

    Its principal asset is the 100%-owned Yarrol Gold Project in Queensland, located within the North New England Fold Belt. The project contains an intrusion-related gold system associated with the Yarrol Fault corridor, including historical workings and previously identified mineralisation.

    The company is using systematic drilling, geological modelling and machine-learning-assisted exploration targeting to reassess the historical resource area and identify potential extensions to the mineralised system.

  • Hays Reports 3% Decline in First-Quarter Net Fees as Restructuring Savings Reach £125 Million

    Hays Reports 3% Decline in First-Quarter Net Fees as Restructuring Savings Reach £125 Million

    Hays (LSE:HAS) reported a 3% decline in group net fees on a like-for-like basis for the first quarter of its 2027 financial year, with the recruitment company expecting market conditions to remain broadly stable in the near term. The group also reported further cost reductions under its Momentum restructuring programme.

    For the three months ended 30 September 2026, net fees declined 5% on an actual basis, partly reflecting country disposals completed earlier in the year. The rate of decline moderated during the quarter, with September net fees falling 2%.

    Temporary and contracting recruitment continued to outperform permanent placements. Net fees from temporary and contracting operations decreased 1% on a like-for-like basis, with volumes remaining sequentially stable. Permanent recruitment net fees fell 7%, reflecting a 12% reduction in placement volumes.

    Regional performance varied across the group’s markets. Germany recorded a 6% decline in net fees, while the United Kingdom and Ireland reported a 5% reduction. Australia and New Zealand experienced a 3% decrease, while the Rest of World division recorded flat net fees, supported by growth in the Americas and Asia.

    Chief executive Mark Dearnley attributed the moderation in the group’s net fee decline to growth in temporary and contracting recruitment across several countries. He also reported a return to growth in permanent placement activity in North America.

    Consultant net fee productivity increased 8% during the quarter, marking the twelfth consecutive quarter of improvement on a seasonally adjusted basis. Productivity rose 11% in Germany and 10% in the UK and Ireland.

    Hays continued implementing its Momentum restructuring strategy, which targets approximately £50 million in annual structural cost savings during the current financial year.

    The company achieved around £10 million of additional annualised savings during the first quarter, bringing cumulative structural cost savings to approximately £125 million per annum since the beginning of FY2024.

    The group’s net debt position stood at approximately £45 million at 30 September 2026, compared with net cash of £20.1 million at 30 June 2026. Hays attributed the change to seasonal cash flow movements and share purchases associated with its all-colleague share award.

    Looking ahead, Hays expects recruitment market conditions to remain broadly stable in the near term, with temporary and contracting activity continuing to demonstrate greater resilience than permanent hiring.

    The company also said it does not anticipate any material impact from differences in working days during the second quarter.

    About Hays plc

    Hays plc is a global specialist recruitment company providing permanent, temporary and contracting recruitment services across multiple industries and professional sectors.

    The group operates internationally, connecting employers with qualified professionals through its recruitment network. Its activities cover major markets including Germany, the United Kingdom, Ireland, Australia, New Zealand and other territories across Europe, the Americas and Asia.

  • KEFI Gold and Copper Resumes Tulu Kapi Development Following Fatal Incident and Safety Review

    KEFI Gold and Copper Resumes Tulu Kapi Development Following Fatal Incident and Safety Review

    KEFI Gold and Copper (LSE:KEFI) has resumed development activities at its Tulu Kapi Gold Project in Ethiopia following a suspension associated with the fatal Genji Incident. The decision follows safety reviews and consultations with local communities and government authorities at multiple levels.

    The company has outlined a phased approach to restarting work, beginning with electricity connections and access road development. The next stage will involve community resettlement, followed by construction activities within the mining licence area, including security infrastructure, bulk earthworks and accommodation facilities for workers.

    KEFI said the revised development programme incorporates findings from the reviews conducted after the incident. The company is also prioritising the use of experienced local contractors as part of its approach to sourcing labour and services within Ethiopia.

    According to KEFI, project lenders remain supportive as the company updates its development schedule and associated funding drawdown arrangements to reflect the revised sequence of activities.

    The company also reported continued engagement with Ethiopian stakeholders, including government representatives and local communities. Management reiterated its commitment to workplace safety, environmental and social standards, and community participation as development progresses.

    KEFI has invested more than US$150 million in Tulu Kapi to date. Once operational, the mine is expected to provide direct employment for approximately 1,000 local workers.

    The project also includes plans for infrastructure improvements, including roads and electricity connections, alongside education and healthcare facilities. KEFI expects the development to create opportunities for local businesses supplying goods and services to the mining operation.

    The resumption of activities marks the next stage in the company’s development programme at Tulu Kapi, with initial work focused on infrastructure and community arrangements before construction progresses within the mining licence area.

    About KEFI Gold and Copper

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

    Its principal development asset is the Tulu Kapi Gold Project in Ethiopia, where the company is working towards establishing a producing gold mine. KEFI’s development plans include local employment, infrastructure investment and community engagement, alongside environmental and social management measures.

  • ActiveOps Reports 21% First-Half Revenue Growth but Expects FY28 Results Below Forecasts

    ActiveOps Reports 21% First-Half Revenue Growth but Expects FY28 Results Below Forecasts

    ActiveOps (LSE:AOM) reported a 21% increase in revenue to £25.3 million for the first half of its 2027 financial year, alongside growth in annual recurring revenue (ARR) and adjusted EBITDA. However, the software company expects revenue and adjusted EBITDA for FY28 to fall significantly below current market forecasts following the planned departure of a major customer and lower levels of new business activity.

    For the six months ended 30 September 2026, organic Software as a Service (SaaS) revenue increased 19%, while adjusted EBITDA recorded double-digit growth. The company reported increased sales across Canada, Africa and the Asia-Pacific region, with cash balances rising to £19.6 million and ARR reaching £42.2 million.

    Despite the overall revenue increase, ActiveOps reported lower underlying revenue from training and implementation services, reflecting fewer new customer contracts and implementations compared with the corresponding period last year.

    The company confirmed that trading remains broadly in line with market expectations for FY27 and maintained its existing full-year guidance.

    However, ActiveOps disclosed that a major customer intends not to renew a contract representing £3.8 million in annual recurring revenue when it expires in March 2027. The anticipated contract loss, combined with reduced new business activity, is expected to result in FY28 revenue and adjusted EBITDA being significantly below current forecasts.

    The Board nevertheless intends to maintain investment in growth initiatives, supported by the company’s cash generation and balance sheet position. ActiveOps also identified increasing customer interest in software capable of measuring productivity improvements associated with artificial intelligence.

    The company continues to focus on generating additional revenue from existing enterprise customers, supported by its net revenue retention levels and recent acquisitions. Management expects these activities to contribute to its medium-term development plans.

    ActiveOps said the expected loss of the major customer contract has not changed its assessment of the longer-term international market opportunities for its Decision Intelligence products.

    The company is scheduled to publish its detailed interim financial results for the six months ended 30 September 2026 on 24 November 2026.

    About ActiveOps plc

    ActiveOps plc is a UK-based Software as a Service provider specialising in Decision Intelligence technology for service operations. Its software is used by organisations in banking, insurance, healthcare administration and business process outsourcing to manage workloads, allocate resources and monitor operational productivity.

    The company’s AI-enabled platform draws on more than two decades of operational data and is designed to help enterprise customers manage backlogs, improve processing times and assess productivity improvements. ActiveOps employs approximately 290 people across offices in Europe, North America, Asia-Pacific and Africa.

  • Afentra Revises Angola Drilling Programme as Impala-2 First Oil Targeted for January 2027

    Afentra Revises Angola Drilling Programme as Impala-2 First Oil Targeted for January 2027

    Afentra (LSE:AET) has revised its drilling programme at Block 3/05 offshore Angola, prioritising development of the Impala-2 well ahead of further work at the Pacassa SW discovery. The company now expects first oil from Impala-2 in January 2027, with initial gross production estimated at approximately 4,000 barrels per day.

    Under the revised programme, the Borr Grid drilling rig will move directly to Impala-2, with joint venture partners providing direct funding for the development well. The project will operate under a reduced cost cap of $60 million, an arrangement designed to limit Afentra’s exposure to cost overruns while allowing the company to benefit from early production revenues and the full capital expenditure uplift.

    Following completion of Impala-2, the rig is scheduled to return to the Pacassa SW discovery to undertake sidetrack drilling and well completion activities. First oil from Pacassa SW is expected during the first quarter of 2027, using existing production infrastructure.

    Afentra also anticipates revisions to resource estimates associated with both Impala and Pacassa SW as development work progresses. According to the company, Pacassa SW could potentially contribute approximately 70 million barrels of additional resources.

    The revised drilling sequence places Impala-2 ahead of Pacassa SW in the development schedule, with both projects targeting initial production during the first quarter of 2027. The company expects the developments to contribute to production volumes and cash flow as the wells are brought online.

    Afentra’s activities form part of its ongoing redevelopment programme in Angola, where the company is focused on increasing production from existing assets and progressing additional development opportunities within its portfolio.

    About Afentra plc

    Afentra plc is an upstream oil and gas company focused on production and development assets in Africa. The company holds interests in offshore and onshore oil and gas blocks in Angola, including producing Block 3/05 and additional exploration and development acreage in the Lower Congo and Kwanza basins. Its strategy includes acquiring and redeveloping existing energy assets in partnership with international oil companies and host governments.