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  • Gamma Communications Shares Fall as Waterland Rules Out Rival Takeover Bid

    Gamma Communications Shares Fall as Waterland Rules Out Rival Takeover Bid

    Gamma Communications (LSE:GAMA) shares fell more than 2% on Thursday after Dutch private equity firm Waterland confirmed it would not make an offer for the UK telecommunications services provider.

    The decision removes the prospect of a competing offer from Waterland as Gamma progresses with its agreed £1.02 billion takeover by private equity firm Epiris.

    Gamma shareholders are due to vote on the Epiris transaction on October 20.

    Waterland Withdraws From Potential Offer

    Waterland had previously been working with UK telecommunications provider Giacom Group on a possible counter-offer for Gamma.

    The two companies ended their cooperation on September 11, after which Waterland remained able to consider making an independent proposal.

    The UK Takeover Panel had set an October 13 deadline for Waterland to either announce a firm intention to make an offer or confirm that it did not intend to bid.

    Waterland confirmed its decision not to proceed ahead of that deadline.

    Epiris Takeover Heads to Shareholder Vote

    With Waterland no longer considering an offer, Gamma’s agreed £1.02 billion transaction with Epiris remains scheduled to be put to shareholders later this month.

    The proposed acquisition remains subject to the shareholder vote on October 20.

  • Filtronic Secures $68.1 Million Follow-On Order From SpaceX

    Filtronic Secures $68.1 Million Follow-On Order From SpaceX

    Filtronic (LSE:FTC) has received a $68.1 million (£51.3 million) follow-on order from SpaceX for its Cerus E-band gallium nitride solid-state power amplifier units.

    The order is the largest contract Filtronic has received from SpaceX to date and follows a $62.5 million order placed by the U.S. launch and satellite operator in 2025.

    Filtronic expects the latest order to be delivered predominantly during its 2028 financial year.

    Order Supports Filtronic’s FY2028 Expectations

    The company said the contract supports its existing expectations for the 2028 financial year and extends its commercial relationship with SpaceX.

    The order covers Filtronic’s Cerus E-band solid-state power amplifier units, which use the company’s gallium nitride, or GaN, technology.

    According to Filtronic, its GaN technology provides higher power, increased efficiency and improved thermal performance compared with traditional gallium arsenide-based solutions.

    The equipment is used in high-frequency communications applications, including low Earth orbit satellite communications systems.

    Filtronic Supplies High-Frequency RF Technology

    Filtronic designs and manufactures high-frequency radio frequency products for the space, aerospace, defence and telecommunications infrastructure markets.

    The UK-based company supplies RF technologies for applications including satellite communications, defence systems and telecommunications networks.

  • Primary Health Properties Secures £5.8 Million Rental Increase as Assura Integration Completes

    Primary Health Properties Secures £5.8 Million Rental Increase as Assura Integration Completes

    Primary Health Properties PLC (LSE:PHP) reported £5.8 million of additional rental income from 480 rent reviews during the first nine months, as the healthcare property group completed its integration of Assura.

    The rent reviews produced an annualised increase of approximately 3.1%, with rental income growth running slightly ahead of the company’s guidance.

    PHP reported rental growth across its UK primary care, private hospital and Irish portfolios, which include properties leased to public healthcare bodies and private healthcare operators.

    PHP Progresses Healthcare Property Developments

    The company is continuing asset management and development activities across its portfolio, including projects to expand clinical space in Wakefield and Yeovil.

    PHP is also progressing a £6.5 million extension at Tees Valley Hospital.

    Five new-build projects are under development across the UK and Ireland, with the company reporting that the projects remain on schedule and within budget.

    Joint Venture Proceeds Targeted at Debt Reduction

    PHP is also progressing joint venture transactions as part of its capital management plans. The company intends to use proceeds from these transactions to reduce leverage.

    The group is targeting lower debt metrics following its combination with Assura and continues to integrate the acquired business into its operations.

    PHP also maintains a stated objective of continuing its record of progressive dividend growth, which has extended for 30 years.

    Primary Health Properties Portfolio

    Primary Health Properties is a real estate investment trust focused on healthcare properties in the UK and Ireland.

    Following its combination with Assura, the group owns a portfolio valued at approximately £6 billion, comprising assets including GP surgeries, NHS- and HSE-backed healthcare facilities and private hospitals.

  • ATOME Issues Arbitration Notice in Paraguay Power Agreement Dispute

    ATOME Issues Arbitration Notice in Paraguay Power Agreement Dispute

    ATOME PLC (LSE:ATOM) has issued a Notice of Dispute and Intent to Submit a Claim for Arbitration in connection with its Villeta Project in Paraguay.

    The notice has been served under the bilateral investment treaty between the UK and Paraguay and relates to a dispute concerning the power arrangements for the project.

    ATOME alleges that Paraguay breached its obligations by revoking presidential decrees that provided for long-term fixed-price electricity and by withdrawing from a revised power purchase agreement that the company considers necessary for financing the Villeta Project.

    ATOME Moves to Terminate 2022 Power Purchase Agreement

    ATOME said it had been unable to reach an agreement with Paraguayan state-owned utility ANDE on a standstill arrangement covering its existing power purchase agreement.

    The company has consequently moved to terminate the 2022 power purchase agreement, with termination due to take effect at the end of 2026.

    ATOME said the decision is intended to avoid potential liabilities under the existing agreement while discussions concerning future power arrangements continue.

    Discussions Over New Power Agreement Continue

    Despite initiating the dispute process, ATOME said it remains in discussions aimed at securing a new long-term power agreement for the Villeta Project.

    The company considers an appropriate long-term electricity supply agreement necessary for the project to proceed and for its financing arrangements.

    The arbitration notice represents the formal initiation of a dispute process under the UK-Paraguay Bilateral Investment Treaty. The company has not stated that an arbitration claim has resulted in any finding or determination against Paraguay.

    ATOME’s Villeta Project

    ATOME is a green energy development company focused on large-scale renewable energy projects, including its Villeta Project in Paraguay.

    The company’s development model involves securing long-term power supply arrangements to support the financing and operation of its projects.

  • RentGuarantor Raises 2026 Guidance After Nine-Month Revenue Reaches £13 Million

    RentGuarantor Raises 2026 Guidance After Nine-Month Revenue Reaches £13 Million

    RentGuarantor (LSE:RGG) has raised its full-year 2026 guidance after reporting revenue of £13 million for the nine months ended 30 September, an increase of 656% from the same period a year earlier.

    Applications increased 208% year-on-year, while the number of contracts rose 395%, with the company reporting increased activity during the student letting season.

    Average contract values increased 53% compared with the corresponding period last year.

    Adjusted EBITDA Reaches £5.85 Million

    RentGuarantor reported adjusted EBITDA of £5.85 million for the nine-month period, compared with a loss in the prior-year period.

    Net profit was £5.93 million, while the company said its claims ratio remained within its risk policy.

    The company attributed the change in profitability to higher transaction volumes and increased operating leverage from its digital platform.

    Full-Year Net Profit Expected to Exceed £9 Million

    Following the nine-month performance, RentGuarantor’s board has increased its expectations for the full 2026 financial year.

    The company now expects full-year revenue to exceed £19 million and net profit to be more than £9 million. Both forecasts are above its previous guidance.

    RentGuarantor said it plans to continue investing in technology, employees and infrastructure to support its operations.

    RentGuarantor Provides Services to UK Rental Market

    RentGuarantor Holdings operates an online platform providing rent guarantee and property protection services to tenants and landlords in the UK private rental market, excluding Northern Ireland.

    Its digital platform processes applications online, with the company targeting same-day completion of approvals.

  • Serica Energy Completes £33 Million Southern North Sea Acquisition

    Serica Energy Completes £33 Million Southern North Sea Acquisition

    Serica Energy (LSE:SQZ) has completed the acquisition of a portfolio of Southern North Sea gas assets from Spirit Energy for net consideration of £33 million after adjustments for interim cash flows.

    The acquired portfolio includes a 15% interest in the Cygnus gas field and a 25% interest in Clipper South, alongside operated interests in assets within the Greater Markham Area.

    Serica plans to group the acquired properties into a Southern North Sea hub within its existing UK portfolio.

    Acquired Assets Add Around 10,000 Boepd

    The assets currently contribute approximately 10,000 barrels of oil equivalent per day to Serica’s production and add 18.7 million barrels of oil equivalent of proved and probable, or 2P, reserves.

    Serica forecasts that the acquired portfolio will generate more than $200 million of free cash flow by the end of 2028.

    Spirit Energy will retain more than three-quarters of the decommissioning liabilities associated with the acquired assets.

    Serica Expands Southern North Sea Portfolio

    The transaction increases Serica’s exposure to natural gas production on the UK Continental Shelf and adds a further operating hub to its portfolio.

    Serica Energy is an independent British oil and gas producer with assets across the UK Continental Shelf. Its portfolio includes operations in the Northern and Central North Sea, the Southern North Sea gas basin and West of Shetland.

    The company’s activities combine production from existing assets, investment in its portfolio and acquisitions.

  • Topps Tiles Expects Full-Year Profit in Line With Market Forecasts

    Topps Tiles Expects Full-Year Profit in Line With Market Forecasts

    Topps Tiles (LSE:TPT) expects full-year adjusted pre-tax profit to be in line with market forecasts after reporting group revenue of approximately £292 million for the year.

    Group revenue declined 1.3%, reflecting the annualisation of CTD and Topps store closures. Excluding CTD, revenue increased 0.7%, while like-for-like sales were broadly unchanged.

    The company said its sales performance compared with a decline in the wider home improvement market during the period.

    Pro Tiler Tools and Online Sales Grow

    Topps Tiles reported growth at its Pro Tiler Tools business and increased sales through its online channels during the year.

    The group also completed its cost-saving and store optimisation programme and continued to expand its product offering into additional hard-surface categories.

    Topps Tiles recently completed the acquisition of premium retailer Fired Earth, which the company expects to be accretive to profit.

    Topps Tiles Expands Hard-Surface Offering

    Topps Tiles sells tiles and related hard-surface products to retail and trade customers through physical stores and digital channels in the UK.

    Alongside the Topps Tiles business, the group operates Pro Tiler Tools and CTD and has expanded its portfolio through the acquisition of Fired Earth.

  • Amaroq Completes 4,729-Metre Drilling Programme at Nanoq Gold Project

    Amaroq Completes 4,729-Metre Drilling Programme at Nanoq Gold Project

    Amaroq Ltd. (LSE:AMRQ) has completed its 2026 resource drilling programme at the Nanoq gold project in South Greenland and reported initial results from metallurgical testing of material from the project.

    The drilling campaign comprised 4,728.9 metres of core drilling across 33 holes, with the majority of the programme focused on infill drilling within the Central Zone.

    The work is intended to provide data for a planned maiden mineral resource estimate for Nanoq. Drilling also tested southern extensions of the mineralised system and the West 1 target.

    Visible Gold and Copper Sulphides Observed in Drilling

    Amaroq said visual observations identified visible gold and copper sulphides in approximately 88% of the holes drilled during the programme.

    Visual observations do not constitute assay results, and the company is continuing its assessment of the drilling data as it works towards the planned resource estimate.

    Amaroq is evaluating Nanoq as a potential future source of higher-grade material for processing at its existing Nalunaq gold facility in South Greenland.

    Metallurgical Tests Report 97% to 99% Gold Recoveries

    Initial metallurgical testing conducted by SGS Lakefield indicated gold recoveries of between 97% and 99% using the existing Nalunaq processing flowsheet.

    The results are being used to assess the potential compatibility of Nanoq material with the Nalunaq processing facility.

    Amaroq has also begun developing infrastructure at Nanoq to support planned bulk sampling and additional drilling.

    Amaroq’s Greenland Portfolio

    Amaroq is a mine development and exploration company focused on gold and strategic metals in Greenland.

    Its principal asset is the 100%-owned Nalunaq gold mine in South Greenland. The company also holds an exploration portfolio covering commodities including gold, copper, nickel, rare earth elements and other base metals.

  • Light Science Technologies Lowers 2026 Revenue Outlook Following Project Delays

    Light Science Technologies Lowers 2026 Revenue Outlook Following Project Delays

    Light Science Technologies Holdings (LSE:LST) expects full-year 2026 revenue of between £9.0 million and £9.5 million, below its previous expectations following delays in its passive fire protection division.

    The revised forecast would still represent an increase from revenue of £8.6 million reported for the previous year.

    The company attributed the reduction in its revenue expectations to delays in obtaining approvals for projects within the passive fire protection business. Two installation contracts that had been expected to contribute during the current financial year have consequently been pushed into a later period.

    Second-Half Revenue Expected to Increase

    Light Science Technologies expects second-half revenue to be approximately 50% higher than in the first half and is forecasting a broadly breakeven result for the six-month period.

    For the full year, the group expects an adjusted pre-tax loss of between £0.8 million and £1.0 million, broadly in line with the previous year.

    The company said several projects affected by delays are expected to progress during 2027.

    Passive Fire Protection Pipeline Expands

    Light Science Technologies reported continued demand for its Injectaclad-based passive fire protection services, with its pipeline covering projects across high-rise residential buildings, hotels, schools and social housing.

    Elsewhere, the company said its contract electronics manufacturing division is performing ahead of expectations, while its AgTech business is trading steadily.

    The group operates across passive fire protection, contract electronics manufacturing and agricultural technology, providing products and services including Injectaclad fire barrier systems, printed circuit board-based electronics and controlled-environment farming technology.

  • SSE Reports Higher Investment and Renewable Output, Maintains Earnings Guidance

    SSE Reports Higher Investment and Renewable Output, Maintains Earnings Guidance

    SSE (LSE:SSE) reported increased investment across its regulated electricity networks business and said renewable generation output is expected to be around 20% higher year-on-year.

    Adjusted investment in the regulated networks business increased by approximately 70% compared with the same period last year, driven primarily by progress across 11 major transmission projects.

    The group expects total capital investment of around £2.5 billion for the half-year.

    Renewable Generation Output Expected to Rise 20%

    SSE said renewable generation output is expected to be approximately 20% above the comparable prior-year period, reflecting weather conditions and additional generation capacity.

    Construction is also continuing at the Dogger Bank offshore wind farm, where turbine installation on the B phase has passed the halfway point.

    SSE Reaffirms Full-Year Earnings Guidance

    SSE expects to report interim adjusted earnings per share of between 64 pence and 68 pence.

    The company said the expected result reflects reduced seasonality in group earnings as regulated electricity networks account for a larger proportion of profits.

    Full-year guidance remains unchanged, with SSE forecasting adjusted earnings per share of between 168 pence and 193 pence for the 2026/27 financial year.

    The group is also maintaining its target of adjusted earnings per share of between 225 pence and 250 pence by 2029/30.

    SSE expects adjusted net debt and hybrid capital to stand at approximately £11.5 billion.

    SSE Energy Operations

    SSE is a UK-based energy company with operations focused on regulated electricity networks and renewable power generation.

    Its activities include investment in electricity transmission infrastructure and the development and operation of renewable generation assets across the UK and Ireland.