Blog

Blackbird plc (LSE:BIRD) reported an 8% decline in group revenue to £0.53 million for the first half of 2026, while reducing operating costs and progressing development of its elevate.io browser-based video editing platform.

Operating expenses fell to £1.43 million, while the company’s EBITDA loss narrowed to £0.99 million. Blackbird reported a net loss of £1.50 million for the period.

Cash burn declined 14% to £1.29 million. At the half-year end, Blackbird held £1.90 million in cash and short-term investments and reported no debt.

elevate.io Subscribers Reach 914

Blackbird continued to develop elevate.io during the period, with its commercial strategy increasingly focused on in-house corporate and marketing teams.

Management said these customers have demonstrated higher conversion and retention rates and a greater willingness to pay than individual creators.

Following the end of the reporting period, elevate.io subscribers increased to 914. The platform’s estimated annualised recurring revenue rose from £40,000 at the end of June to £91,000 by the end of September.

Annual recurring revenue from Blackbird’s legacy platform declined following previously reported contract losses.

Blackbird Expands elevate.io Features

During the first half, Blackbird added a range of functionality to elevate.io, including AI-based voice isolation, additional browser support, expanded font options and recovery points.

The company also introduced integrations covering features such as subtitles and a stock music library.

Blackbird is seeking to develop a scalable commercial model for elevate.io, with subscriber conversion and recurring revenue among the measures being used to assess the platform’s progress.

Equity Subscription Supports Cash Position

Blackbird completed a £0.50 million equity subscription in January.

The company said its cost reductions and available cash resources are intended to support continued development and commercialisation of elevate.io.

Alongside the newer platform, Blackbird continued its technology licensing and original equipment manufacturer activities. Its Blackbird platform was again used by EVS SA at a major global winter sporting event during the period.

The company also participated in trade missions and accelerator collaborations as part of its efforts to expand its market reach.

About Blackbird

Blackbird is a UK-based software company operating across video editing, media and content creation markets.

The company develops and licenses cloud-native video editing technology through its Blackbird platform and its elevate.io collaborative content creation service. It also licenses its underlying technology to third-party video companies through its Powered by Blackbird model.

Tullow Oil (LSE:TLW) reported group working interest production of 43.7 kboepd for the first half of 2026 and raised its full-year free cash flow expectations following production performance from its Ghana operations.

Revenue reached $496 million, based on realised oil prices of $95 per barrel before hedging, while gross profit was $276 million.

The company generated modestly positive free cash flow during the period. Tullow nevertheless reported a net loss, which included one-off fees associated with its refinancing activities.

Ghana Production Supports Full-Year Guidance

Tullow reported high operational uptime in Ghana, with production from the Jubilee and TEN fields exceeding its previous expectations.

The company now expects 2026 production to be at the upper end of its existing guidance range.

Tullow also increased its full-year free cash flow forecast to between $170 million and $250 million.

The group is preparing a drilling programme covering 2027 and 2028 and is progressing plans to acquire the TEN FPSO.

2P Reserves Increase to 121.7 Million Barrels of Oil Equivalent

Tullow reported an increase in 2P reserves to 121.7 million barrels of oil equivalent, with a reserves replacement ratio of more than 380%.

The company attributed the increase to factors including drilling results, licence extensions and well performance.

Licence extensions covering the company’s Ghana operations have been ratified through 2040.

Tullow is also progressing subsea pump projects, development drilling, well interventions and gas monetisation initiatives as it seeks to convert additional resources at Jubilee and TEN into reserves.

Net Debt Reduced to $1.4 Billion

Tullow reported net debt of $1.4 billion, while gearing declined to 1.9 times net debt to EBITDAX.

The company also recovered historical gas receivables from the Government of Ghana during the period.

Management said the debt reduction and receipt of the outstanding gas payments increased the group’s liquidity headroom as it continues investment across its Ghana operations.

About Tullow Oil

Tullow Oil is an independent oil and gas exploration and production company focused primarily on offshore assets in West Africa.

Its portfolio includes the Jubilee and TEN fields in Ghana, with activities spanning oil production, development drilling, gas monetisation and infrastructure-led exploration around its existing operations.

Serica Energy (LSE:SQZ) has announced its intention to transfer the admission of its shares from AIM to the Main Market of the London Stock Exchange, with the move expected to be completed by the end of October 2026.

The UK-focused oil and gas producer plans to complete the transfer through an introduction of its existing ordinary shares. No new capital will be raised as part of the process.

Admission to the Main Market remains subject to the required regulatory approvals, and Serica’s AIM admission will be cancelled as part of the transition.

Serica Targets Broader Investor Base

Management said the proposed move reflects changes in the scale and development of the company and is intended to provide access to a broader investor base.

Serica also expects a Main Market listing to increase the company’s visibility and potentially improve liquidity in its shares. These remain company expectations rather than established outcomes.

The group said it intends to continue funding its growth plans from free cash flow generated by its existing operations, alongside its strategy of organic investment and mergers and acquisitions.

Spirit Energy Acquisition Set to Expand Portfolio

The planned listing change comes as Serica works towards completing its acquisition of additional operated and non-operated assets from Spirit Energy.

The assets include interests in the Cygnus, Clipper South and Greater Markham Area fields.

Serica said completion of the acquisition would make it the sixth-largest producer on the UK Continental Shelf, with production split between oil and gas.

Serica Maintains UK North Sea Focus

The company’s existing portfolio includes the Bruce, Keith and Rhum fields in the Northern North Sea and assets connected to the Triton FPSO in the Central North Sea.

Serica also holds a 40% operated interest in the Greater Laggan Area west of Shetland.

According to the company, its operations account for approximately 10% of UK gas production. Serica also said it has invested more than £1 billion in the UK supply chain since 2020.

About Serica Energy

Serica Energy is a British independent upstream oil and gas exploration and production company focused on the UK Continental Shelf.

Its strategy combines production from existing assets with organic investment and mergers and acquisitions. The company’s shares currently trade on AIM under the ticker SQZ, ahead of the proposed move to the London Stock Exchange’s Main Market.

Likewise Group (LSE:LIKE) reported a 15.4% increase in first-half 2026 revenue to £89.9 million and raised its full-year profit expectations following higher sales during the third quarter.

The flooring distributor reported a gross margin of 32.1%, while underlying profit before tax increased 79.5% to £1.32 million.

The company reported raw material cost pressures and supply disruption related to the Middle East during the period.

Full-Year Underlying Profit Expected at No Less Than £5 Million

Likewise said sales since July have increased 29.1%, leading the board to expect full-year underlying profit before tax to be materially ahead of previous expectations.

The company now expects underlying profit before tax of at least £5 million for the full year.

Likewise also increased its interim dividend by 20%.

£32.5 Million Fundraising Supports Distribution Expansion

The company completed a £32.5 million equity fundraising to provide additional capital for the expansion of its distribution network.

Likewise said the fundraising was significantly oversubscribed and included participation from new investors and management.

The company is expanding its logistics infrastructure through new or enlarged distribution hubs in Leeds, Newport, Derby and Corby, with an additional facility planned for Manchester.

The investment is intended to increase distribution capacity as Likewise works towards a longer-term revenue target of £300 million.

Likewise Targets Higher Capacity and Operating Margins

Likewise expects the expanded logistics network to provide capacity for additional sales volumes across its UK flooring distribution operations.

The company said increasing volumes through its distribution infrastructure is expected to support improvements in operating margins and its plans to increase its share of the UK flooring distribution market.

These objectives remain company targets and expectations rather than established outcomes.

About Likewise Group

Likewise Group is a UK distributor of floor coverings serving independent flooring retailers and contractors.

The company supplies a range of flooring products supported by point-of-sale displays and operates a distribution network that includes logistics hubs and cutting facilities across the UK.

Zephyr Energy (LSE:ZPHR) reported progress at its operated Paradox project in Utah during the six months ended 30 June 2026, while production from its non-operated assets exceeded management forecasts.

The company advanced operational and regulatory work required for initial gas exports from Paradox and increased its operated land position during the period. It also continued discussions relating to a potential farm-out and gas offtake arrangements.

Zephyr said its approach to developing the project remains focused on capital discipline, operational safety, risk management and stakeholder engagement.

Pipeline Inspection Supports Paradox Gas Export Plans

During the period, an inline inspection was successfully completed on the Enbridge-operated pipeline intended to transport gas from the Paradox project.

The inspection confirmed the integrity of the pipeline, allowing regulatory work to continue towards increasing its permitted operating pressure.

Zephyr said the results gave its board confidence that the proposed pressure uprating should not result in further operational hurdles and that the regulatory process being led by Enbridge will conclude satisfactorily. These remain company expectations rather than completed regulatory outcomes.

Following the inspection, Zephyr approved initial expenditure from its existing cash resources for additional gas-processing engineering and well-related work.

Zephyr Targets Up to 15 MMscf/d Processing Capacity

The additional engineering work is targeting initial gas-processing capacity of up to 15 MMscf/d, compared with the previous base case of 5 MMscf/d.

Zephyr expects initial Paradox gas production to come from the State 36-2R and Federal 28-11 wells. Additional wells could subsequently be brought into production, subject to available cash flow and required approvals.

The company is also in the late stages of selecting a marketing partner for the project.

Atlas LOI Could Provide Up to US$15 Million

Zephyr has signed a non-binding letter of intent with Atlas Oil Company covering a potential commodity purchase agreement.

If completed, the proposed arrangement could provide up to US$15 million of non-dilutive pre-production financing.

Zephyr said the potential funding could be used for infrastructure, well workovers and expanded gas-processing facilities. The agreement remains non-binding and subject to completion of definitive arrangements.

Non-Operated Production Exceeds Management Forecasts

Production from Zephyr’s non-operated portfolio exceeded management forecasts during the first half.

The company also continued changes to the portfolio through disposals of non-core acreage and the addition of drilling opportunities to its strategic partnership.

Management expects further developments as it works towards initial commercial production from the Paradox project.

About Zephyr Energy

Zephyr Energy is an oil and gas company focused on assets in the Rocky Mountain region of the United States.

Its operated portfolio includes the approximately 70,000-acre Paradox project in Utah, including reserves and resources within the White Sands Unit. The company also owns non-operated production interests across the Williston and other Rocky Mountain basins and has a US$100 million strategic investment partnership.

Character Group (LSE:CCT) said it expects full-year profit before tax and highlighted items to be approximately 20% above current market expectations following improved trading towards the end of its financial year.

The toy and games company reported higher sales during July and August, which offset weaker trading earlier in the year. As a result, revenue for the financial year ended 31 August 2026 is expected to be broadly in line with the previous year.

Character said the improvement in gross margins reported during the first half was maintained through the remainder of the financial year.

Warehouse Sale Takes Cash Above £20 Million

During the period, Character completed the £9.8 million sale of its warehouse in Middleton, Lancashire.

Following the transaction, the company’s cash reserves increased to more than £20 million.

The board is reviewing the group’s capital requirements and said the assessment will include consideration of whether excess cash should be returned to shareholders. No decision on a potential capital return has been announced.

Character Reports Positive Trading Ahead of Christmas

Character said trading remains positive as it enters the period leading up to the Christmas season, despite broader economic conditions.

The board said it remains optimistic about the financial year ahead, citing the group’s product portfolio and balance sheet.

Character plans to provide a further update when it publishes its audited annual report in December 2026.

About Character Group

The Character Group is a UK-based designer, developer and international distributor of toys, games and giftware, listed on AIM under the ticker CCT.

The company operates across the UK, Scandinavia and other international markets, including the US, with branded products distributed through retail and online channels.

Chrysalis Investments Limited (LSE:CHRY) has completed the sale of its remaining holding in Klarna Group for approximately £34 million and announced plans to return around £25 million to shareholders through a compulsory capital redemption.

The disposal follows a £6 million sale of Klarna shares in July 2026 and completes Chrysalis’s exit from the investment.

Under the capital return, approximately 4.1% of the company’s issued ordinary shares will be redeemed at 127.0 pence per share.

Redemption to Apply Pro Rata to Shareholders

The compulsory redemption will apply pro rata across Chrysalis shareholders, with no action required from investors.

The redemption price is based on the company’s last reported net asset value, adjusted only to reflect the sale of the remaining Klarna investment. Chrysalis said valuations for its other portfolio assets remain unchanged for the purposes of the calculation.

Following the £25 million capital return, the company expects to retain approximately £9 million of the proceeds from its latest Klarna disposal.

Cash Position Expected at Around £19 Million

Chrysalis expects to hold approximately £19 million in cash and cash equivalents following completion of the redemption.

The company said the remaining liquidity will provide an operating buffer and capital for potential follow-on investments in existing portfolio companies.

Chrysalis intends to continue returning excess capital to shareholders as further portfolio investments are realised, while considering its liquidity requirements and solvency obligations when determining the timing and size of any future distributions.

New ISIN for Remaining Shares

As part of the compulsory redemption process, Chrysalis will introduce a new ISIN for the ordinary shares remaining after the capital return.

The change forms part of the mechanics of the redemption and the resulting adjustment to the company’s issued share capital.

About Chrysalis Investments

Chrysalis Investments is a listed investment company focused on growth-stage businesses, including private and pre-IPO companies.

Its capital allocation policy includes returning surplus capital to shareholders following portfolio realisations while retaining funds for operating requirements and investments in its existing portfolio.

Gem Resources (LSE:GEMR) reported a loss before tax of £614,000 for the six months ended 30 June 2026, while outlining changes to its financing and natural resources portfolio.

The first-half result included a fair value loss relating to the company’s Bitcoin treasury holding as well as higher finance costs.

Following the end of the reporting period, £1.79 million of director loans and fees were converted into equity. The transaction reduced the company’s debt obligations and preserved cash that would otherwise have been required to settle those amounts.

Gem Resources Agrees £750,000 CREC Acquisition

Gem Resources has conditionally agreed to acquire Colombia-based gold processor CREC Material Co S.A.S. in an all-share transaction valued at £750,000.

CREC operates the El Yarumo gold processing plant in Colombia. Gem Resources said the proposed acquisition forms part of its strategy to increase its exposure to operating and revenue-generating natural resource assets.

Completion of the acquisition remains subject to the applicable conditions.

Gravelotte Operations Scaled Back

The company is reducing activity at its Gravelotte emerald mine in South Africa amid weaker conditions in gemstone markets.

Gem Resources is also considering a potential sale of the Gravelotte operation as it reviews the composition of its asset portfolio.

In Australia, the company is assessing a phased restart of operations at the Curlew Emerald Mine.

The developments form part of Gem Resources’ plans to diversify its activities beyond emerald mining and increase its exposure to operating natural resource and mineral-processing assets.

About Gem Resources

Gem Resources is a London-listed natural resources company with mining interests in South Africa and Australia.

The company has historically focused on emerald assets but is seeking to develop a broader portfolio of mining and mineral-processing operations. Its treasury holdings also include limited exposure to Bitcoin.