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James Latham (LSE:LTHM) delivered resilient results for the year ended 31 March 2026, with revenue increasing 7.2% to £393.0 million and profit before tax edging up to £25.1 million despite a modest decline in gross margins. Higher timber sales volumes, particularly through the company’s lower-margin but operationally efficient LDT pack timber model, together with an improved mix of panel products, helped offset competitive market conditions and benefited from more stable product pricing.

Strong balance sheet supports strategic investment

Net assets rose to £232.3 million during the year, while inventories and trade receivables increased in line with higher trading activity. The group also maintained a strong cash position of £51.2 million, providing financial flexibility to continue investing in its National Distribution Centre, which is expected to become fully operational by the end of 2027.

Reflecting confidence in the company’s financial position, the board increased the total annual dividend to 36.70p per share. James Latham is also continuing the rollout of a new warehouse management system across its depot network while preparing for potential supply chain disruption and cost pressures linked to tensions in the Middle East and the risk of higher oil-related production costs.

Operational momentum continues into the new financial year

Management said trading has remained positive, with improved daily sales volumes and stronger margins supported by high service levels across its 24/5 depot network. These operational strengths are helping the company win new customers and strengthen its competitive position.

The recent administration of a major industry competitor has created some near-term pricing pressure but is also expected to generate longer-term opportunities to expand market share. James Latham believes continued investment in infrastructure and operational efficiency will further reinforce its position within the timber distribution market.

While the company’s investment case continues to benefit from a strong balance sheet and an attractive valuation, weaker technical indicators and ongoing profitability and cash flow challenges remain considerations for investors.

More about James Latham

James Latham plc is a UK-based distributor of timber, panels and decorative surface materials, supplying the construction, joinery and manufacturing sectors through a nationwide network of depots. The company combines extensive product availability with efficient logistics, including its LDT pack timber operation and 24/5 depot service model, to support reliable nationwide distribution.

A key element of its long-term strategy is the development of a new National Distribution Centre alongside continued investment in warehouse technology and supply chain efficiency. These initiatives are designed to improve customer service, increase operational capacity and support sustainable growth across its timber and panel product portfolio.

3i Infrastructure plc (LSE:3IN) has begun its new financial year on a solid footing, with the majority of its portfolio companies performing in line with or ahead of expectations and generating £52 million of income during the first quarter. Across the portfolio, businesses including Infinis and Tampnet continue to progress growth initiatives, such as expanding solar generation capacity and securing new connectivity contracts, while SRL and Ionisos have both welcomed new leadership teams.

TCR disposal delivers strong returns and boosts liquidity

The company has completed the sale of airport ground support equipment specialist TCR, receiving proceeds of €1.1 billion. The investment generated an approximate 3.5x money multiple and a gross annual internal rate of return (IRR) of around 19%.

Proceeds from the transaction have been used to fully repay 3i Infrastructure’s Revolving Credit Facility and cancel £300 million of accordion commitments, significantly strengthening the group’s liquidity and financial flexibility.

Lefdal investment expands digital infrastructure portfolio

3i Infrastructure is also progressing its investment in Norway’s Lefdal Mine Datacenter campus, where it expects to invest approximately €300 million to acquire a majority stake.

Additional funding from co-investors will leave the company with control of around 90% of the equity and responsibility for determining the timing of any future exit. Meanwhile, a successful refinancing at Tampnet and a pro-forma cash position of £107 million following the Lefdal investment and dividend payment provide further support for the group’s capital position.

Management remains on track to deliver its targeted 6.3% dividend growth for the 2027 financial year.

Portfolio performance supports long-term strategy

3i Infrastructure continues to benefit from a diversified portfolio of essential infrastructure assets backed by strong profitability and a healthy balance sheet. While recent revenue performance and uneven cash flow remain areas to monitor, the company’s attractive valuation, supported by a relatively low earnings multiple and a solid dividend yield, continues to underpin its investment case. Technical indicators remain broadly neutral.

More about 3i Infrastructure

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company listed on the London Stock Exchange and structured as an approved UK investment trust. The company invests in infrastructure businesses across sectors including energy, communications and essential services, with the objective of generating sustainable long-term returns for shareholders.

Its portfolio is managed by 3i Investments plc, a subsidiary of 3i Group plc authorised by the UK Financial Conduct Authority. Through disciplined capital allocation and active ownership, 3i Infrastructure focuses on developing high-quality infrastructure assets while maintaining a strong balance sheet and supporting long-term value creation.

ActiveOps (LSE:AOM) delivered a year of strong growth for the 12 months ended 31 March 2026, with annual recurring revenue (ARR) climbing 46% to £41.5 million and total revenue increasing 48% to £45.0 million. The performance was driven by continued organic momentum alongside the contribution from the acquisition of Enlighten.

Software and subscription revenue rose 42% during the year, while training and implementation income almost doubled as approximately 15,000 new users joined the company’s platform. Net revenue retention reached 119%, highlighting continued customer expansion, although exceptional costs related to the Enlighten acquisition resulted in a statutory post-tax loss despite adjusted EBITDA increasing by 72%.

Enlighten integration broadens international presence

The acquisition of Enlighten has significantly strengthened ActiveOps’ presence across North America and the Asia-Pacific region while expanding its expertise in organisational transformation and workforce optimisation.

The enlarged business is positioned to benefit from growing enterprise demand for AI-powered decision intelligence as organisations increasingly shift beyond process automation towards autonomous AI agents. Management believes the broader product offering and international footprint provide a stronger platform for long-term growth.

Investment plans support medium-term ambitions

Supported by strong cash generation, ActiveOps ended the financial year with £23.8 million in cash, further strengthened by proceeds from the sale of its WorkiQ trademarks.

The company plans to continue investing in sales resources, platform development and customer success initiatives as it works towards its medium-term objective of reaching £100 million in annual recurring revenue. ActiveOps also aims to expand its role in helping enterprises transform large-scale operational performance through AI-enabled workforce optimisation.

While the company continues to benefit from strong financial momentum and positive corporate developments, investors may remain mindful of elevated valuation levels and more cautious technical indicators. The absence of earnings call commentary also limits additional insight into management’s near-term outlook.

More about ActiveOps plc

ActiveOps plc is a UK-based Software-as-a-Service (SaaS) company that develops AI-powered decision intelligence solutions for large service organisations. Its technology helps businesses improve workforce planning, operational productivity and service delivery by providing data-driven insights into day-to-day operations.

Built on more than 20 years of operational data and a proprietary methodology, the company’s platform serves major organisations across banking, insurance, healthcare administration and business process outsourcing. ActiveOps has an international presence spanning the UK, North America, Asia-Pacific and Africa, supporting enterprise customers seeking to improve operational efficiency through intelligent workforce management.

James Cropper plc (LSE:CRPR) has completed a refinancing of its borrowing facilities, putting in place a more flexible funding structure to support its medium-term strategic objectives. The revised arrangements are intended to strengthen cash flow management, improve balance sheet flexibility and provide additional support for both ongoing operations and future growth investments.

New funding facilities enhance liquidity

A key element of the refinancing is the introduction of a committed invoice discounting facility worth up to £15 million for a minimum of three years. The facility is expected to provide greater flexibility in managing working capital while improving liquidity.

Alongside the new funding line, the company will use existing cash resources together with the facility to make a £7.1 million partial repayment of its UK bank loan. The remaining balance will now be repaid through smaller quarterly instalments extending to March 2030.

Debt maturity extended and pension commitments reshaped

James Cropper has also secured a 12-month extension to the maturity of its U.S. bank loan, pushing the final repayment of $3.2 million back to December 2027. The extension increases the group’s available liquidity over the next two years.

At the same time, the company has agreed to make a one-off £0.6 million payment into its defined benefit pension schemes while reducing scheduled pension contributions by £0.35 million through to September 2027. It also plans to bring forward the next triennial actuarial valuation of the schemes to March 2027, reflecting a proactive approach to managing its long-term pension obligations.

Management said net debt stood at less than one times adjusted EBITDA as of 28 March 2026 and expects the revised financing arrangements to improve capital efficiency while lowering cash financing costs.

Refinancing supports long-term growth strategy

By extending loan maturities, securing committed working capital funding and restructuring pension contributions, James Cropper has significantly improved its financial flexibility. The stronger funding platform is expected to support investment across its advanced materials and sustainable paper and packaging businesses while reinforcing confidence in the group’s liquidity position and balance sheet strength.

Although the company’s outlook continues to benefit from positive corporate developments and encouraging technical momentum, ongoing profitability challenges and valuation concerns linked to negative earnings remain factors for investors to monitor.

More about James Cropper

James Cropper plc is a UK-based manufacturer of advanced materials and specialist paper products, operating through its Advanced Materials and Paper & Packaging divisions. The company serves industries including aerospace, defence and clean energy, while also supplying premium creative papers and moulded fibre packaging designed to support the shift towards a circular economy.

Headquartered in Burneside, the group also operates manufacturing facilities in Crewe, Launceston and Schenectady in the United States. Drawing on more than 180 years of materials science expertise, James Cropper develops customised, high-performance products for customers with demanding technical and design requirements.

Its Advanced Materials division specialises in nonwoven materials and electrochemical coatings for high-performance industrial applications, while the Paper & Packaging business focuses on recycled fibre technologies and premium sustainable packaging solutions. This combination positions the company in attractive niche markets where innovation and value-added manufacturing remain key competitive strengths.

Eco Animal Health (LSE:EAH) has introduced ECOVAXXIN MS across the European Union, marking the commercial debut of the first vaccine developed through the company’s own research and development programme. The vaccine is designed to protect future layer and breeder chickens from four weeks of age against Mycoplasma synoviae, helping to reduce air-sac and foot-pad lesions while limiting egg production losses that can range from 5% to 10% in affected flocks.

Commercial rollout backed by established distribution network

The company is leveraging the sales infrastructure created for its flagship Aivlosin brand, together with strategic distribution partners, to support the rollout across key European poultry markets representing more than 220 million layer birds each year. Eco Animal Health believes the launch will provide significant health benefits for poultry producers while expanding its presence in the growing vaccine market. The group is also seeking regulatory approvals in the United States, Latin America and Asia as part of its international expansion strategy.

Proprietary R&D pipeline reaches commercial milestone

The launch of ECOVAXXIN MS represents an important milestone for Eco Animal Health, demonstrating its ability to bring internally developed innovations from the research stage to commercial markets. The addition of a proprietary vaccine broadens the company’s portfolio beyond its established antibiotic products, supporting greater revenue diversification while addressing increasing demand for effective disease prevention solutions in commercial livestock production.

Although the company continues to build momentum through product development and positive corporate progress, its relatively high valuation and uneven financial performance suggest investors will be looking for continued execution to justify future growth expectations.

More about Eco Animal Health

Eco Animal Health Group is a UK-based animal health company specialising in the development and commercialisation of veterinary pharmaceuticals for the poultry and pig industries. Operating in more than 70 countries and employing over 200 people, the company is best known for its patented antibiotic Aivlosin, which is used to treat respiratory and intestinal diseases in livestock.

Alongside its established medicines portfolio, Eco Animal Health has continued to invest in a proprietary research and development pipeline focused on vaccines and other animal health technologies. The business combines in-house innovation with an established commercial network and strategic distribution partnerships to bring new products to market.

The company’s growth strategy centres on expanding its presence in major livestock markets across Europe while pursuing approvals for new products in the United States, Latin America and Asia. Through this approach, Eco Animal Health aims to strengthen its position as a specialist provider of disease management solutions for commercial livestock producers.

As global energy demand continues to rise, investors are increasingly focused on companies capable of unlocking meaningful value through targeted, high-impact exploration. For Corcel PLC (LSE:CRCL), one asset stands out in this regard: the KON-16 licence in Angola’s onshore Kwanza Basin.

Speaking on The Watchlist, Corcel PLC Chief Executive Officer Scott Gilbert outlined why KON-16 is becoming a key part of the company’s portfolio and why it could represent a significant catalyst for future growth.

A High-Impact Opportunity in a Proven Basin

A key advantage of KON-16 is that Corcel operates the asset directly, giving the company full control over operational timing and development strategy.

The company recently completed a major 2D seismic programme, acquiring 326 line kilometres of data. This work has helped identify a series of prospects across the block and is guiding preparations for an upcoming exploration well.

The planned well is described as a high-impact exploration target, designed to evaluate both post-salt and pre-salt formations—geological settings that can carry significant hydrocarbon potential.

Gilbert highlighted the economic appeal of the project, noting that the cost of drilling an onshore well in KON-16 could potentially unlock reserves comparable to those typically associated with far more expensive offshore developments.

Momentum Built on Execution

Since its early development phase, Corcel has focused on building value through disciplined execution and steady milestone delivery.

When the company began developing its portfolio, its assets required significant groundwork. Through seismic acquisition and ongoing technical evaluation, Corcel has advanced KON-16 from early-stage potential into a defined exploration opportunity.

This progression has contributed to the company’s broader growth, with Corcel now establishing itself as a more visible player in the market.

Should the upcoming well deliver successful results, management believes KON-16 could become a transformational asset for the company.

Revitalising Angola’s Onshore Kwanza Basin

Beyond its individual potential, KON-16 is located in the historic onshore Kwanza Basin—an area of major significance in Angola’s oil history, where hydrocarbons were first discovered.

Although the basin has seen limited exploration activity in recent decades, Corcel is playing a role in revitalising interest in this frontier region.

With modern seismic data, underexplored geology, and operator control, KON-16 represents part of a broader effort to re-establish the basin as a meaningful exploration province.

Multiple Catalysts Ahead

While KON-16 is a central focus, Corcel’s strategy extends beyond a single asset.

The company is also actively pursuing the acquisition of producing assets in its areas of operation, including opportunities in Latin America. These potential deals could provide near-term production and cash flow while complementing its exploration-led growth strategy.

As a result, investors can expect a series of potential catalysts in the months ahead, including progress toward drilling at KON-16 and updates on acquisition activity.

A Strategy Focused on Growth

With a clear exploration plan, advancing technical work, and multiple strategic pathways for expansion, Corcel PLC is positioning itself for a potentially pivotal phase of growth.

KON-16 stands at the centre of this strategy, offering high-impact exploration upside with relatively efficient onshore development economics.

As the company moves toward drilling and continues pursuing broader portfolio expansion, KON-16 remains a key asset to watch in Corcel’s evolving energy story.

For more information visit – https://www.corcelplc.com/

Precious metals pause after historic quarterly decline

Gold prices traded in a narrow range on Wednesday after posting their weakest quarterly performance in 13 years, as investors weighed persistent interest rate concerns ahead of comments from Federal Reserve Chair Kevin Warsh.

Market participants are hoping Warsh’s speech later in the day will provide additional insight into the outlook for U.S. inflation, monetary policy and future interest rate decisions.

The precious metal has struggled in recent weeks as stronger expectations for further Federal Reserve tightening boosted demand for the U.S. dollar. The currency has also benefited from confidence that the United States, as one of the world’s largest energy exporters, is less exposed to the economic fallout from the conflict involving Iran.

Spot gold rose 0.4% to $4,023.23 an ounce by 08:08 ET (12:08 GMT), while gold futures held broadly steady at $4,036.95 an ounce. During early trading, spot prices briefly dipped below the psychologically important $4,000 level.

“Gold took another punch to the guts overnight […],” said David Morrison, Senior Market Analyst at Trade Nation.

“The rebound in the U.S. dollar after a week-long consolidation didn’t help gold’s cause. And as things stand, it will take something quite big to take the wind out of the sails of the dollar’s rally.”

Hawkish Fed expectations weigh on bullion

Gold lost roughly 14% during the second quarter, marking its weakest quarterly showing since 2013.

Although prices initially weakened after fighting broke out between the United States, Israel and Iran, selling accelerated during June as inflation concerns resurfaced and investors adjusted to a more hawkish Federal Reserve outlook.

Minutes from the Fed’s June meeting revealed growing support among policymakers for at least one additional interest rate increase this year. That marked a sharp departure from expectations earlier in 2026, when markets anticipated the beginning of an easing cycle.

Higher oil prices following the outbreak of the conflict—partly driven by disruptions around the Strait of Hormuz, a vital shipping route for global crude oil and liquefied natural gas—also reinforced inflation concerns. Since Washington and Tehran signed a temporary peace agreement last month, crude prices have retreated toward levels seen before the conflict.

Despite the decline in oil prices, CME FedWatch data continue to indicate that investors expect at least one Federal Reserve rate hike before year-end.

Higher borrowing costs generally reduce the attractiveness of gold because the metal does not generate interest income.

Silver and platinum post mixed moves

Performance across the broader precious metals complex remained mixed following steep quarterly losses.

Spot silver slipped 0.5% to $58.2900 per ounce, while spot platinum edged 0.2% higher to $1,556.49 per ounce.

Markets await Warsh’s debut on the global stage

Investors will also focus on Kevin Warsh’s appearance at the European Central Bank’s annual forum in Sintra, Portugal.

The event marks his first major public engagement since leading his inaugural Federal Reserve policy meeting in June.

Although Warsh is not expected to provide explicit guidance on future policy decisions after advocating for more limited central bank communication, investors will closely examine his remarks for clues about inflation, economic growth and the path of interest rates.

“[T]wo weeks ago, Mr Warsh made it clear that the Federal Reserve was focused on tackling inflation and driving it back down to the Fed’s 2% target. That looks likely to require a rate hike or two,” Morrison said.

Attention will also turn to the release of U.S. private-sector payroll figures later on Wednesday, ahead of Thursday’s closely watched June employment report.

Crude gains amid diplomatic uncertainty

Oil prices moved higher on Wednesday as investors weighed the possibility that stalled negotiations between Iran and the United States could delay a lasting peace agreement and prolong uncertainty over energy supplies from the Middle East.

Brent crude added 14 cents, or 0.19%, to $73.09 a barrel by 06:44 GMT, while US West Texas Intermediate (WTI) crude rose 11 cents, or 0.16%, to $69.61 a barrel.

Hormuz developments remain crucial

Vandana Hari, founder of Vanda Insights, said conditions in the Strait of Hormuz continue to improve but remain inconsistent.

“Hormuz continues to reopen but it’s patchy, unpredictable, and not fully transparent,” she said.

“Unless there is a fresh understanding between Washington and Tehran, the market may wait and watch for sustained peace and quiet before crude resumes bearish momentum.”

Diplomatic efforts continued in Doha after White House envoy Steve Witkoff and Jared Kushner, son-in-law of US President Donald Trump, arrived for what officials described as “high level” discussions.

However, Iran and Qatar confirmed that Iranian representatives would only meet with international mediators rather than directly with US officials.

Oil market watches inventories and supply outlook

The oil market continues to recover after a volatile second quarter, when Brent recorded its steepest quarterly decline since 2008 and WTI posted its largest quarterly loss since 2020.

A Reuters survey showed analysts lowered their 2026 oil price forecasts for the first time since the Iran conflict began, reflecting improving shipping conditions through the Strait of Hormuz.

US Vice President JD Vance also sought to reassure markets, saying Iran would not be allowed to impose charges on ships using the strategic waterway.

“This is not going to end in a place where the Iranians are collecting tolls on ships going through the Strait of Hormuz,” Vance said.

Meanwhile, industry data indicated US crude inventories declined by 6.1 million barrels last week, while gasoline inventories also fell. Investors are now awaiting official inventory figures from the Energy Information Administration.

Lower price targets reflect weaker market sentiment

Citigroup has sharply reduced its 12-month outlook for bitcoin (COIN:BTCUSD) and ether (COIN:ETHUSD), pointing to declining investor demand, persistent ETF outflows and slower-than-expected progress on US cryptocurrency regulation.

The bank cut its bitcoin price target to $82,000 from $112,000, while lowering its ether forecast to $2,240 from $3,175.

Crypto prices remain under pressure

Bitcoin recently traded at $58,864.27, marking its lowest level since September 2024 after retreating roughly 50% from its record high of $126,223.18 reached last October.

Ether also continued to weaken, falling to $1,585.63, its lowest price since April 2025.

According to Citi, cryptocurrencies have struggled throughout the year as investors shifted capital elsewhere amid volatile markets, sustained ETF withdrawals and heightened interest in major IPOs.

Both bitcoin and ether remain below their long-term moving averages, reinforcing the current bearish technical picture.

ETF flows and regulation cloud the outlook

Citi’s downside scenario assumes recessionary conditions and continued ETF outflows, leading to projected prices of $53,000 for bitcoin and $1,094 for ether over the next year.

The brokerage said it has reduced its assumption for net ETF inflows over the next 12 months from $10 billion to zero.

“ETF flows, an important driver of prices, have turned negative recently,” Citi said, noting that bitcoin ETFs have recorded approximately $3.3 billion in net outflows so far this year.

The bank added that slow legislative progress in Washington and concerns that digital asset treasury companies could increase bitcoin sales have further weakened sentiment, while investors continue rotating into artificial intelligence-related assets.