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Blencowe Resources (LSE:BRES) has released final assay results from 40 shallow drill holes at the Beehive deposit within its Orom-Cross Graphite Project, confirming extensive near-surface graphite mineralisation. The results show grades broadly consistent with assumptions used in the project’s definitive feasibility study.

The drilling program has outlined the Beehive zone across approximately 1,200 metres of strike and 480 metres in width, with mineralisation still open in multiple directions and at depth. These findings will support the upcoming maiden JORC resource estimate for Beehive, as well as an updated overall resource for Orom-Cross.

Resource growth strengthens project scale and funding case

The addition of Beehive is expected to materially enhance the overall scale of the Orom-Cross project. Its near-surface nature could support low-cost open-pit mining, while also strengthening the company’s position in ongoing strategic discussions and funding negotiations.

Blencowe Resources aims to position Orom-Cross as a significant graphite development project capable of supplying growing demand from battery and industrial markets.

Financial and technical pressures remain

Despite operational progress, the company’s outlook continues to be weighed down by weak financial performance, including the absence of revenue, ongoing losses, and negative operating and free cash flow, which deteriorated further in 2025.

Technical indicators also point to a softer trend, with the share price trading below key short-term averages and momentum remaining subdued. Valuation remains difficult to assess given the negative price-to-earnings ratio.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed natural resources company focused on advancing the Orom-Cross Graphite Project in Uganda. The project is centered on large-scale, near-surface graphite deposits, with the goal of producing high-quality graphite concentrates and purified products for use in battery technologies and industrial applications.

Synthomer (LSE:SYNT) reported 2025 results broadly in line with expectations, with revenue declining 10% due to weaker demand across key end markets. Despite this, the company delivered further margin expansion driven by cost savings and a more favorable product mix, with EBITDA holding resilient at £136.5 million.

Free cash flow turned positive at £56.6 million, supporting a reduction in net debt to £575 million and keeping leverage within covenant limits. Performance was led by strength in the Adhesive Solutions division, which helped offset softer conditions in Coatings & Construction and Health & Protection.

Balance sheet strengthened and portfolio reshaped

The Synthomer reinforced its financial position by refinancing its banking facilities through to 2029, including updated covenant terms. At the same time, it continued to reshape its portfolio toward higher-return specialty polymers, completing three divestments of non-core assets, rationalising sites, and launching 43 new, more sustainable products.

Management highlighted improving trading momentum heading into 2026, with first-quarter performance ahead of the prior year and expectations for a strong second quarter. The company also sees meaningful medium-term earnings upside from ongoing cost initiatives, portfolio optimisation, and a recovery in underlying demand, though geopolitical uncertainty remains a factor.

Mixed outlook as financial challenges persist

Synthomer’s outlook reflects a combination of progress and ongoing challenges. While operational improvements and cash flow generation are encouraging, profitability remains under pressure and leverage is still elevated.

Technical indicators present a mixed picture, with some short-term positive momentum offset by longer-term bearish trends. Valuation also remains constrained, given the company’s negative price-to-earnings ratio.

However, recent corporate developments — including insider share purchases and strategic leadership appointments — provide some optimism regarding the company’s future trajectory.

More about Synthomer

Synthomer plc is a UK-based manufacturer of high-performance specialty polymers and ingredients used in coatings, construction, adhesives, and health-related applications. Listed in London since 1971, the company operates across three main divisions, serving more than 6,000 customers globally through 29 manufacturing sites and five innovation centers focused on sustainable product development.

Its products are used in a wide range of applications, including architectural coatings, construction materials, packaging, hygiene products, tyres, and medical gloves. Approximately 20% of its sales volumes come from new or patent-protected products, with growth aligned to long-term trends such as urbanisation, climate transition, and demographic shifts.

NCC Group (LSE:NCC) said trading for the first half of 2026 met expectations, with revenue rising around 5% on a constant currency basis to £151.3 million. The company also reported improved gross margins across both its Cyber and Escode divisions.

Adjusted EBITDA is expected to increase by nearly 28% to £23.5 million, driven largely by a strong rebound in profitability within the Cyber segment. Net debt stood at approximately £10.2 million ahead of the anticipated sale of the Escode business.

Escode sale and capital returns remain on track

The planned disposal of Escode is progressing as expected, subject to final regulatory approvals, and is set to generate net proceeds of about £262.4 million. In addition, NCC Group recently completed a £40 million share buyback program.

The company also confirmed it is continuing to evaluate strategic options for its Cyber division under the UK Takeover Code, while reiterating that full-year adjusted EBITDA should align with board expectations as operational improvements and transformation initiatives continue.

Financial stability offsets valuation concerns

NCC Group’s outlook is supported by effective cash flow management and a relatively stable balance sheet, despite ongoing challenges in revenue growth and profitability.

From a technical standpoint, momentum indicators remain neutral. However, valuation metrics suggest the stock may be trading at elevated levels, which could limit upside potential.

More about NCC Group plc

NCC Group plc is a global provider of cyber security and software escrow services, helping organizations strengthen digital resilience across public and private sectors. Operating across Europe, North America, and Asia-Pacific, the company employs around 2,000 people and focuses on delivering technology-driven solutions to address evolving cyber security threats.

Ferro-Alloy Resources (LSE:FAR) reported its 2025 final results, underscoring progress on the Phase 1 feasibility study for its Balasausqandiq vanadium project. The study indicates the potential for the project to become one of the largest and lowest-cost vanadium operations globally.

Updated project economics, incorporating an indicative EPC cost from China National Chemical Engineering Sixth Construction, point to a post-tax net present value of approximately US$932 million and an internal rate of return of 31%. The company also expects funding requirements to be significantly reduced to around US$312 million to reach production.

R&D operations continue to support future growth

The company’s existing processing plant remained primarily focused on research and development, generating limited revenue while advancing several key technologies. These include vanadium electrolyte production, carbon black substitutes, and ferro-nickel and ferro-tungsten processes, all of which are expected to contribute to future commercial output.

For 2025, Ferro-Alloy Resources reported revenue of US$4.53 million and a reduced net loss of US$8.42 million. The group also completed multiple equity raises during the year to fund its activities and appointed Northcott Capital and Oval Advisory as lead advisers to support project financing efforts. These steps aim to position the company to benefit from rising demand linked to vanadium redox flow batteries.

Financial weakness and valuation remain key constraints

Despite progress on the project side, the company’s outlook continues to be weighed down by weak financial metrics, including ongoing losses, negative cash flow, and negative equity.

From a technical perspective, the stock shows some positive momentum, trading above key moving averages. However, overbought signals suggest elevated short-term risk. Valuation remains limited, given the company’s loss-making status and absence of a dividend.

More about Ferro-Alloy Resources Ltd.

Ferro-Alloy Resources Limited is a vanadium producer and project developer focused on the large Balasausqandiq deposit in southern Kazakhstan. Vanadium is its primary product, alongside a carbon black substitute and various by-products. The project benefits from relatively low capital and operating costs due to the characteristics of the ore, and the company operates an on-site processing plant and laboratory to support technology development and future large-scale production.

Predator Oil & Gas (LSE:PRD) reported net petroleum sales revenue of GBP 938,835 for 2025, alongside an operating loss of GBP 2.99 million, largely driven by higher non-cash share-based payment expenses. The company ended the year debt-free with GBP 1.52 million in cash, having reduced administrative, technical, legal, and director-related costs.

During the year, Predator also raised additional equity capital, resulting in modest shareholder dilution. Management said the company is sufficiently funded to support its planned 2026 drilling activities in Trinidad and Morocco, aligning its capital structure with a growth strategy focused on acquisitions, early-stage production, and preserving tax losses.

Operational progress in Trinidad and Morocco

Operationally, Predator expanded its footprint in Trinidad by acquiring three producing oil fields. The company increased output through well workovers and new shallow drilling, while also preparing infrastructure and well design for the Snowcap-3 appraisal and development well, targeting 14.31 million barrels of 2P/2C resources.

In Morocco, rigless operations at the MOU-3 well enhanced understanding of formation damage, helping refine future drilling strategies. At the same time, internal studies have identified the TGB-6 Submarine Fan Sand — containing 61.95 BCF of net 2C gas resources in structural closure — as the leading candidate for an initial compressed natural gas pilot project.

Financial challenges persist despite cleaner balance sheet

The company’s outlook remains constrained by weak financial performance, including limited revenue generation, ongoing losses, and continued cash burn. However, its low-debt balance sheet provides some financial flexibility, and there were signs of improvement compared with the prior year.

From a technical perspective, indicators offer moderate support, with a positive MACD and the share price trading above key longer-term averages. That said, momentum is approaching overbought territory, suggesting potential near-term pressure.

More about Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based exploration and production company focused on hydrocarbon assets in Trinidad and development opportunities in Morocco. Its portfolio includes onshore oil fields and biogenic gas resources, with a strategy centered on maintaining full ownership and operational control during early project stages to maximise future growth and divestment opportunities.

Chesterfield Special Cylinders Holdings plc (LSE:CSC), a specialist in high-pressure gas storage and transport systems serving defence and hydrogen markets, said its full-year 2026 performance is expected to be broadly in line with the prior year after project delays pushed some activity into FY27. The company also provides lifecycle integrity services, including inspection, testing, and recertification, focusing on safety-critical applications where reliability and regulatory compliance are essential.

First-half growth offset by timing delays

In its FY26 trading update, the company reported first-half revenue of £6.4 million, up from £5.4 million a year earlier. Adjusted EBITDA remained negative but improved to a loss of £0.8 million after central costs.

Management pointed to a stronger international defence order book, including its first Integrity Management contract for overseas naval submarines. However, delays to UK naval docking schedules and slower progress in UK Hydrogen Allocation Round projects are expected to defer some anticipated work into FY27. As a result, hydrogen-related contributions to FY26 will be limited, and the company now expects full-year revenue and adjusted EBITDA to come in broadly flat year over year and slightly below market forecasts.

Financial profile and technical signals present mixed picture

The company’s outlook continues to be constrained by uneven cash generation and ongoing net losses, reflected in a negative price-to-earnings ratio. That said, it maintains a strong balance sheet and has shown signs of improving profitability trends.

From a technical standpoint, the stock has been supported by an upward trend and positive momentum, although overbought signals suggest potential near-term volatility.

More about Pressure Technologies

Chesterfield Special Cylinders Holdings plc is part of Pressure Technologies and is recognized as a global leader in the design and manufacture of high-pressure gas storage and transportation systems. Its solutions are primarily used in defence and hydrogen energy applications, supported by a full suite of inspection, testing, and recertification services across the product lifecycle.

Evoke (LSE:EVOK) delivered a second straight year of adjusted profit growth in 2025, with revenue increasing 2% to £1.78 billion and adjusted EBITDA climbing 14% to £356.2 million. The improvement was driven by stronger online gaming performance, more disciplined marketing spend, and cost efficiencies, even as online and retail revenues in the UK and Ireland edged slightly lower.

However, the group recorded £440.3 million in non-cash impairments linked to higher UK gambling duties and ongoing weakness in high street operations, resulting in a statutory loss of £549.1 million. As part of its restructuring efforts, the company plans to shut around 270 betting shops across the UK while continuing deleveraging initiatives and a strategic review. This review includes ongoing takeover discussions with Bally’s Intralot S.A. at an առաջարկed price of 50p per share, amid a challenging regulatory and competitive environment.

Early 2026 trading steady as regional trends diverge

The company said trading in the first quarter of 2026 is in line with expectations. Growth in UK online operations — led by William Hill — alongside continued strength in Italy and Denmark, helped offset weaker performance in Spain, Romania, and other markets.

Management remains focused on driving profitable growth, improving cash generation, and strengthening the balance sheet. Formal guidance has been withdrawn while the strategic review remains ongoing. The company also noted that higher UK gambling duties are expected to keep leverage elevated for longer, although it aims to offset at least 50% of the tax impact through cost controls and operational adjustments.

Financial pressures and technical signals weigh on outlook

While revenue trends remain positive, Evoke continues to face challenges around profitability and financial stability due to regulatory headwinds and restructuring costs. Technical indicators point to a bearish trend, and valuation metrics remain under pressure given ongoing losses.

More about Evoke plc

Evoke plc is a London-listed betting and gaming operator with brands including William Hill, 888, and Mr Green. The company runs online and retail sportsbooks and casino platforms across the UK, Europe, and selected international markets, with a growing emphasis on gaming-led revenues and in-house, data-driven technology to enhance efficiency and customer engagement.