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Avingtrans (LSE:AVG) reported record revenue of £163.3 million for the year ended 31 May 2026, up 4.4%, as its energy division expanded and its medical operations increased revenue.

Gross margin increased to 32.8%, while adjusted EBITDA from continuing operations reached £20.7 million, ahead of upgraded market expectations cited by the company.

Adjusted profit before tax rose to £12.5 million and earnings per share increased to 31.3 pence. Net debt declined slightly during the year.

The board proposed a total dividend of 5.1 pence per share, representing a small increase from the previous year.

Energy Division Secures Nuclear Contracts

Avingtrans reported growth in its energy division, led by Hayward Tyler, with activity supported by investment across data centre infrastructure, transport electrification and nuclear power markets.

Hayward Tyler secured nuclear contracts in South Korea during the year and continued work associated with TerraPower.

Other group businesses, including Ormandy, Metalcraft and Booth, also secured new contracts during the period.

Avingtrans said U.S. tariffs affected operations at Slack and Parr.

Medical Revenue Rises as Losses Narrow

The group’s medical division increased revenue during the year and reduced its losses.

Adaptix secured regulatory approvals and added distributors for its medical imaging technology, while Magnetica continued development of its magnetic resonance imaging product pipeline.

SciMag also recorded increased demand associated with quantum computing applications.

£20 Million Placing Completed After Year-End

Following the end of the financial year, Avingtrans completed an oversubscribed £20 million share placing.

The company said the proceeds are intended to support expansion at Hayward Tyler and its wider strategy of making targeted acquisitions while maintaining conservative levels of leverage.

Avingtrans operates a portfolio of engineering businesses serving energy, medical and industrial markets. Its businesses include Hayward Tyler, Slack and Parr, Energy Steel, Stainless Metalcraft, Booth Industries, Ormandy Group and Composite Products.

Avacta (LSE:AVCT) reported clinical and preclinical developments across its pre|CISION oncology pipeline in its unaudited interim results for the first half of 2026, alongside financing activity to support further development programmes.

The clinical-stage life sciences company highlighted progress with AVA6103 and AVA6000, while also outlining upcoming milestones for its AVA6207 programme.

Avacta has raised approximately £19 million during 2026 to date and said it is launching a further capital raise to fund planned clinical and development activities.

AVA6103 Phase 1 Study Progresses

Avacta reported early Phase 1 data from AVA6103, with the company describing the treatment’s safety profile as favourable to date.

Pharmacokinetic data from the study were also reported to be consistent with the company’s modelling.

In preclinical studies, Avacta said AVA6103 demonstrated greater antitumour activity than marketed antibody-drug conjugates used as comparators. These findings are preclinical and do not establish equivalent outcomes in patients.

The company expects to report efficacy data from the AVA6103 programme during the first half of 2027.

AVA6000 Regulatory Path Discussed With FDA

Avacta also reported tumour responses from its AVA6000 clinical programme and said discussions with the U.S. Food and Drug Administration have provided further clarity on the regulatory development path for the candidate.

The company is pursuing potential partnering opportunities for AVA6000 as it continues development of its wider pre|CISION platform.

Avacta’s pre|CISION technology is designed to use fibroblast activation protein activity within the tumour microenvironment to release therapeutic payloads at the targeted site.

AVA6207 Payload Selection Expected in Fourth Quarter

Development is also continuing on AVA6207, Avacta’s dual-payload programme.

The company expects to select payloads for the programme during the fourth quarter of 2026.

Avacta said proceeds from its financing activities will support upcoming clinical and development milestones across its pipeline.

Avacta Raises Approximately £19 Million in 2026

Avacta has raised approximately £19 million during the year to date and is seeking additional capital through a further fundraising.

The company has also made several senior board appointments during the period as it progresses its oncology programmes.

Avacta, which trades as Avacta Therapeutics, is a clinical-stage life sciences company developing targeted oncology treatments based on its proprietary pre|CISION platform.

Liontrust Asset Management (LSE:LIO) has agreed to acquire the fund management and model portfolio services operations of Hawksmoor Fund Management and Hawksmoor Investment Services in a cash transaction worth up to £10 million.

The assets are being acquired from Hawksmoor Investment Management Limited, a subsidiary of Shackleton Advisers, and comprise approximately £1.9 billion of assets under management and advice.

The acquired operations include multi-asset funds, segregated mandates and model portfolio services. Liontrust said the transaction will be funded entirely from its existing cash resources.

Hawksmoor Investment Team to Join Liontrust

As part of the transaction, Hawksmoor investment professionals led by Ben Conway and Richard Philbin will join Liontrust’s Multi-Asset business.

The Hawksmoor team uses a valuation-led, bottom-up investment process across its outcome-based funds. Its products include exposure to investment trusts and listed alternative investments.

Liontrust said the Hawksmoor range will complement its existing target-risk funds and broaden the investment products it provides to financial advisers.

Selected Hawksmoor employees will also transfer to Liontrust as part of the transaction.

Acquired Business Generates £4.8 Million in Run-Rate Revenue

The Hawksmoor operations being acquired generate approximately £4.8 million in run-rate revenue.

Liontrust expects the acquisition to be earnings enhancing before taking account of potential synergies. The company expects to incur approximately £1.9 million of exceptional transaction and reorganisation costs associated with the deal.

The acquisition will also add financial adviser relationships and strategic partners that currently use Hawksmoor’s model portfolio services to Liontrust’s client base.

Liontrust said it intends to use its existing sales and marketing operations to support distribution of the acquired investment products.

Completion Expected by End of 2026

Completion remains subject to customary closing conditions and is expected by 31 December 2026.

Following completion, Liontrust plans to integrate the acquired operations into its existing Multi-Asset business.

The company said the acquisition forms part of its strategy to expand its presence in the UK financial adviser market, including demand from advisers outsourcing portfolio construction and investment management.

Liontrust’s Multi-Asset Business

Liontrust Asset Management is an independent active asset manager offering investment funds and portfolio services, including multi-asset products and model portfolios for financial advisers.

The group has been expanding its Multi-Asset capabilities and distribution operations, with the Hawksmoor transaction adding investment products, personnel and assets under management and advice to its existing business.

Power Metal Resources (LSE:POW) reported an unaudited loss of £0.31 million for the six months ended 30 June 2026 as the company continued exploration and investment activities across its portfolio.

Total assets and net assets remained broadly stable during the period. The company also completed a share capital reduction while continuing to allocate capital to exploration projects and strategic investments.

Power Metal’s portfolio includes interests in uranium, gold, copper, nickel, rare earths and other critical minerals across several jurisdictions.

Power Arabia Increases Balthaga Interest

In Saudi Arabia, subsidiary Power Arabia increased its interest in the Balthaga rare earth and critical elements project to 20%.

Work has also started on a process that would increase Power Arabia’s interest in the project to 30%.

Power Metal additionally holds a strategic investment in Greyridge Exploration, providing exposure to copper and gold exploration activities in Saudi Arabia.

Tati Gold Project Moves Towards Drilling

At the 100%-owned Tati Gold Project in Botswana, the company reported progress on permitting and access arrangements ahead of planned drilling.

Power Metal said the drilling programme is being managed at no cost to the company.

Following the end of the reporting period, rotary air blast drilling commenced at Tati. The programme is intended to provide information for a feasibility study.

Drilling also started post-period at the Molopo Farms nickel project in Botswana.

Fermi Uranium Joint Venture Advances Canadian Projects

The Fermi uranium joint venture progressed work across several properties in Canada during the period.

Activities included the identification of priority drilling targets and the completion of drilling campaigns at certain properties.

Following the reporting period, Power Metal agreed a transaction that would increase its interest in the Fermi joint venture from 30% to 45%.

Strategic Investments Add Copper and Gold Exposure

Power Metal also reported strategic investments in Greyridge Exploration and Chile-based Next Minerals.

The Next Minerals investment provides the company with exposure to a copper operation in Chile described in the supplied material as mine-ready.

Power Metal operates as a natural resources exploration company and project incubator, using structures including joint ventures, farm-ins and strategic investments across its portfolio.

SDCL Energy Efficiency Income Trust Plc (LSE:SEIT) reported progress in implementing its shareholder-approved wind-down strategy, including changes to financing arrangements, governance and foreign exchange hedging.

Shareholders approved a revised investment objective and an orderly realisation of the company’s portfolio in July 2026. Under the strategy, SEIT intends to dispose of its assets over time and return capital to shareholders.

The company said proceeds from asset disposals will initially be used primarily to reduce borrowings under its approximately £188 million revolving credit facility before cash is returned to shareholders.

Credit Facility Amended as Asset Sale Process Continues

SEIT has amended its revolving credit facility as part of preparations for the portfolio realisation process.

The company said it is prioritising liquidity and compliance with financial covenants under the capped facility while continuing to engage with potential buyers for portfolio assets.

During the wind-down, investment manager Sustainable Development Capital LLP will continue to oversee the portfolio, including operational, development, optimisation and restructuring activities at individual investments.

SEIT said its portfolio continues to generate cash while the company works to reduce leverage.

Board Changes Proposed

The company has published a circular proposing the appointment of Boaz Weinstein and Richard Pavry as non-executive directors.

According to SEIT, the proposed appointments have the support of its two largest shareholders and form part of changes to board oversight during the realisation process.

The company’s Investment Management Agreement with Sustainable Development Capital LLP is also under review.

SEIT Reduces Foreign Exchange Hedging

SEIT is also materially reducing its foreign exchange hedging programme as its investment strategy shifts from long-term portfolio ownership to asset realisation.

The board determined that the costs and liquidity requirements associated with maintaining longer-term protection of net asset value against currency movements no longer provide sufficient benefits under the wind-down strategy.

The change means the company’s net asset value will have greater exposure to movements in foreign exchange rates as hedging is reduced.

Portfolio to Be Realised Under Revised Investment Strategy

SEIT’s portfolio includes energy efficiency and decentralised energy assets across North America, the UK and Europe.

Its investments include cogeneration assets in Spain, commercial and industrial solar and storage projects in the U.S., a regulated gas distribution network in Sweden, energy recycling infrastructure serving a U.S. steel blast furnace and a U.S. district energy system.

The trust is managed by Sustainable Development Capital LLP. Under the revised investment objective, SEIT is seeking to realise its portfolio and distribute available capital to shareholders while managing the timing and terms of individual asset disposals.

Ariana Resources (LSE:AAU) reported progress on feasibility work at its Dokwe Gold Project in Zimbabwe, with recent drilling being incorporated into an updated independent mineral resource estimate.

Approximately 11,000 metres of drilling has been completed as part of the programme. The company is also working towards a revised ore reserve statement that is expected to include Dokwe Central for the first time following geotechnical and metallurgical studies.

The work forms part of Ariana’s feasibility study for the 100%-owned Dokwe project, which has an estimated gold resource of 1.6 million ounces.

Water Drilling Programme Encounters Target Aquifer

Ariana is carrying out a 2,200-metre water bore drilling programme to the north of Dokwe as it assesses potential water supplies for future project operations.

The company said drilling has encountered flows from the targeted aquifer. The programme is continuing as part of the infrastructure and processing studies included in the feasibility work.

Metallurgical testwork is also underway, with programmes being conducted by Xinhai in China and IMO in Australia. The results are intended to inform the project’s processing design.

Dokwe Central Geotechnical Drilling Completed

Geotechnical drilling at Dokwe Central has been completed, providing information for planned pit design work.

Ariana is also preparing a reverse circulation drilling programme for infrastructure sterilisation. This work is intended to determine whether areas being considered for project infrastructure contain mineralisation that could affect the location of proposed facilities.

Further planned exploration includes aeromagnetic and LiDAR surveys covering an additional 10 kilometres of prospective shear zones around the project.

Ariana Continues Feasibility and Exploration Work

The Dokwe programme includes mineral resource and ore reserve estimation, metallurgical testing, geotechnical analysis, water exploration and infrastructure planning.

Ariana said it is also engaging with local communities as feasibility and development studies progress.

The company is listed on AIM and the ASX and is focused on advancing Dokwe through feasibility studies while continuing to assess additional exploration targets in the surrounding area.

Lords Group Trading (LSE:LORD) reported broadly unchanged revenue for the first half as contributions from new merchanting branches, its CMO online business and plumbing and heating spares offset lower like-for-like sales.

Revenue for the period was £232.1 million, while like-for-like sales declined 6.8%.

Adjusted EBITDA fell to £8.4 million, and the building materials distributor reported a statutory loss for the period. Net debt increased to £26.5 million.

The company did not declare an interim dividend.

Merchanting and CMO Contribute to Revenue

Lords Group said trading trends in its merchanting operations improved during the period, while CMO and its plumbing and heating spares activities recorded growth.

New merchanting branches also contributed to group revenue, offsetting some of the impact from lower underlying demand.

The company supplies building materials to the construction, repair, maintenance and improvement markets, alongside products for the plumbing and heating sector.

Plumbing and Heating Depot Changes Target £1.5 Million Saving

Lords Group is rationalising its plumbing and heating depot network as part of measures to reduce operating costs.

Management expects the changes to lower annual expenses by approximately £1.5 million.

The board said its current priorities include increasing market share, maintaining margin discipline, managing working capital and reducing debt.

Lords Group Operations

Lords Group Trading operates building materials merchanting branches alongside its CMO online business and plumbing and heating operations.

The group serves trade and retail customers across construction, repair, maintenance and improvement and plumbing and heating markets.

Catenai PLC (LSE:CTAI) reported a narrower loss for the first half of 2026 as revenue increased compared with the same period a year earlier.

The technology services company recorded a loss of £78,494 for the six months ended 30 June 2026, compared with a loss of £221,308 in the prior-year period.

Revenue increased to £146,709 from £7,600 a year earlier.

At the end of the period, Catenai reported net assets of £2.38 million and cash balances of £468,000. Management said it believes the company’s existing resources are sufficient to meet its requirements for at least the next 12 months.

Catenai Focuses on Klarian and Alludium Investments

Catenai said its current strategy is focused on its interests in technology businesses Klarian and Alludium.

The company’s Bitcoin treasury strategy remained unused during the period, while Catenai continues to review potential acquisition opportunities.

Klarian, which develops digital and artificial intelligence technology for critical infrastructure, has progressed commercial programmes involving ROSEN, BPA and a major space agency, according to Catenai.

The company also reported activity for Klarian within the UK water infrastructure sector.

Alludium Expands VC Design-Partner Programme

Alludium, which develops technology for institutional venture capital investment processes, has increased its design-partner base to four institutional venture capital firms.

According to Catenai, Alludium is refining its platform for investment institutions with multiple users as part of its product development and commercial strategy.

Catenai said the approach is intended to improve customer acquisition efficiency and support longer-term revenue generation.

Catenai’s Technology Operations

Catenai is an AIM-quoted provider of digital media and technology services, with systems deployed across corporate, government and educational organisations as well as customers in the sports sector.

Alongside its existing technology operations, the company holds interests in Klarian and Alludium and maintains a Bitcoin-focused treasury function.

Everplay Group (LSE:EVPL) raised its full-year 2026 expectations after reporting that trading since its interim results has remained ahead of its previous assumptions, supported by sales of Wardogs and Hell Let Loose: Vietnam.

The games developer and publisher said both flagship titles have performed ahead of expectations, while sales from its back catalogue have remained resilient.

As a result, the board now expects full-year revenue and adjusted EBITDA to be materially above current market forecasts.

Hell Let Loose: Vietnam Sales Exceed One Million Copies

Everplay said Hell Let Loose: Vietnam has sold more than one million copies across PC and console platforms.

Wardogs, meanwhile, has reached approximately three million copies sold through PC Early Access.

The company also reported continued sales from its existing catalogue of games, which includes titles and franchises across its Team17 and Astragon operations.

Everplay noted that the upcoming quarter includes a number of high-profile game releases from major studios but maintained its upgraded expectations for the full year.

Revenue and Adjusted EBITDA Forecasts Raised

Following the recent trading performance, Everplay’s board expects both revenue and adjusted EBITDA for 2026 to be materially above current market forecasts.

The company did not provide revised numerical revenue or adjusted EBITDA guidance in the supplied update.

The change in expectations follows the commercial performance of its recently released titles alongside continued contributions from its back catalogue.

Everplay’s Games Portfolio

Everplay Group is an independent games developer and publisher operating through its Team17, Astragon and StoryToys divisions.

Team17 develops and publishes games including the Hell Let Loose and Worms franchises and works with independent developers. Astragon focuses primarily on simulation titles, including Construction Simulator, while StoryToys develops children’s educational applications.

The group’s portfolio spans premium PC and console games, simulation titles and children’s mobile applications.

Creo Medical (LSE:CREO) reported a 45% increase in revenue for the first half of 2026 as underlying operating costs declined and the company’s underlying operating loss narrowed.

The medical device company recorded revenue of £3.2 million for the six months ended 30 June 2026. Underlying operating costs fell 15% to £7.9 million, while the underlying operating loss decreased by more than a quarter to £4.9 million.

During the period, Creo completed a £5.5 million equity placing and secured a £2.0 million loan from the Development Bank of Wales. The company is also taking steps to simplify its group structure and reduce its operating cost base.

Speedboat Procedures Exceed 10,000

Creo said its Speedboat device has now been used in more than 10,000 procedures, while clinical use of its SpydrBlade Flex and MicroBlate products has also increased.

The company reported a growing amount of external clinical data relating to the safety and technical success of its devices in colorectal cancer and peroral endoscopic myotomy, or POEM, procedures.

Creo specialises in minimally invasive electrosurgical devices used in endoscopic procedures, including products designed for resection, dissection, coagulation, haemostasis and ablation.

Manufacturing Changes Target Further Cost Reductions

The company is outsourcing manufacturing operations at its Chepstow facility as part of its cost-reduction programme.

Management expects the change to reduce annual operating costs by approximately 15% compared with FY25 levels.

Creo said trading is expected to be weighted towards the second half of the year and cited its order book and continued clinical validation of its products as factors supporting its full-year expectations.

The board maintained guidance for full-year revenue growth of between 50% and 60%.

Creo Plans Sale of Remaining Spanish Business Stake

Creo is also progressing the proposed sale of its remaining 49% interest in Creo Medical S.L.

The company expects to enter into binding terms for the transaction during the fourth quarter of 2026. According to Creo, the proposed disposal would simplify the group’s operations and provide additional cash resources.

Creo Medical’s Endoscopy Portfolio

Creo Medical develops and commercialises electrosurgical devices for minimally invasive endoscopic treatment, including procedures involving pre-cancerous and cancerous tissue.

Its product portfolio includes Speedboat, SpydrBlade and MicroBlate devices. The company’s CROMA platform uses its Kamaptive technology to provide bipolar radiofrequency and microwave energy for a range of endoscopic procedures.