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Made Tech (LSE:MTEC) reported unaudited results for FY26 showing revenue of £58.9 million, an increase of 27% year on year and ahead of market expectations. Adjusted EBITDA climbed 69% to £5.9 million, with margins improving to around 10%. The company also ended the financial year debt-free with net cash of £14.5 million, providing additional financial flexibility and supporting expectations that full-year performance will exceed recently upgraded market forecasts.

Government contracts strengthen growth outlook

The group continued to build commercial momentum through strong sales bookings, including a £19 million contract with the Government Digital Service. A healthy contracted order backlog also provides greater revenue visibility for FY27 and future years. Management believes the long-term adoption of artificial intelligence across the UK public sector represents a significant growth opportunity, with Made Tech well positioned to benefit through its strengthened balance sheet, predictable earnings profile and established expertise in delivering digital transformation projects for government organisations.

Outlook

Made Tech’s outlook is supported by improving profitability, stronger cash generation and a low-leverage balance sheet, alongside favourable technical market indicators. These strengths are partly offset by a relatively high price-to-earnings valuation and the company’s history of earnings and cash flow volatility. Recent contract wins and trading updates, however, provide further confidence in the group’s growth trajectory.

More about Made Tech Group PLC

Made Tech Group PLC is a UK-based provider of digital, data and technology services to the public sector. Listed on AIM under the ticker MTEC, the company delivers digital transformation programmes, technology platforms and data services for government departments and public sector organisations, positioning itself as a trusted partner in the modernisation of public services.

Zephyr Energy (LSE:ZPHR) reported audited full-year 2025 results highlighting strong operational progress as it moves the Paradox Basin project in Utah closer to first commercial production while continuing to expand its income-generating non-operated portfolio across the Rocky Mountain region. The company also maintained its focus on operational safety, reporting zero lost-time injuries during the year and reaffirming its commitment to responsible resource development and regulatory compliance.

Paradox well performance supports reserves growth

A major achievement during the year was the performance of the State 36-2R well at the Paradox project, which reached peak production of 2,848 barrels of oil equivalent per day without hydraulic fracture stimulation. The well is considered one of the highest-performing gas wells in the Lower 48 states and contributed to an upgrade in the company’s independently assessed reserves.

Zephyr also strengthened its non-operated portfolio by completing a US$7.3 million acquisition of producing assets, increasing both reserves and earnings. In addition, the company generated approximately US$7.0 million through the sale of non-core acreage with only a limited impact on production. Management has also begun deploying its US$100 million strategic financing partnership to support further acquisitions, accelerate development and enhance long-term cash flow.

Outlook

Zephyr’s outlook is supported by continued strategic progress, including new financing arrangements and the expansion of its asset base, which help offset current financial and valuation challenges. The company’s ability to secure additional capital while advancing both operated and non-operated assets provides a stronger platform for future growth despite ongoing market risks.

More about Zephyr Energy

Zephyr Energy plc is a technology-focused oil and gas company specialising in responsible resource development across the Rocky Mountain region of the United States. Its principal operated asset is the approximately 70,000-acre Paradox project in Utah, where an independent 2025 reserves report confirmed significant 2P reserves and recoverable resources within the 20,000-acre White Sands Unit. The company also owns a portfolio of non-operated producing assets across the Williston Basin and other Rocky Mountain regions, supported by a US$100 million strategic financing partnership.

Zephyr follows a dual strategy of generating cash flow through its non-operated production portfolio while progressing the Paradox project towards commercial production. The company places a strong emphasis on health, safety and environmental performance, maintaining a zero-harm culture as operations continue to expand. Its shares are listed on both AIM and the OTCQB market.

Metals One PLC (LSE:MET1) has entered into revised heads of terms that would see Lions Bay Capital acquire the entire issued share capital of Lions Bay Resources through an all-share transaction. The proposed deal would consolidate the South African Barbrook and Vantage gold assets, together with their associated cogeneration energy infrastructure, within a single corporate structure. As part of the agreement, Metals One would exchange its 30% interest and option in Lions Bay Resources for shares in Lions Bay, resulting in an expected 54.3% ownership stake. Based on unaudited figures, the holding would imply an equity value of approximately C$27.83 million and represent a substantial unrealised gain for the company.

Restructuring strengthens gold and energy portfolio

The proposed restructuring also includes plans for Lions Bay to transfer all parent-company debt into Lions Bay Resources. Metals One will settle part of its remaining debt through the transfer of shares in Fidelity Minerals, increasing its ownership interest in Fidelity to 40.5%. The transaction will be treated as a reverse takeover under TSX Venture Exchange rules and remains conditional on shareholder approval, TSX Venture Exchange acceptance and the satisfaction of other customary conditions. Meanwhile, development work continues on the restart of the Barbrook gold mine in South Africa and the advancement of the Las Huaquillas gold, copper and silver project in northern Peru.

More about Metals One PLC

Metals One PLC is a critical and precious metals project developer and investor with a portfolio focused on gold and uranium assets. Listed on AIM and the OTCQB market, the company has exposure to mining and energy projects, including interests in South African gold operations and the Las Huaquillas gold, copper and silver project in Peru.

ECR Minerals (LSE:ECR) reported unaudited interim results for the six months ended 31 March 2026, marking continued progress in its strategy to evolve from a junior exploration company into a diversified Australian gold producer. During the period, the company completed a £1.5 million fundraising and finished with net assets of £7.1 million. ECR also retained significant unused tax losses, which management expects will help offset future tax liabilities as production increases.

Acquisitions strengthen production pipeline

The company expanded its portfolio through the acquisition of the Raglan alluvial gold project, providing its first producing asset. Following the reporting period, ECR also acquired Paleogold, adding the Maddens Flat Group of Mines, Salt Bush and Tuckanarra projects to its growing portfolio. These acquisitions, together with new licence awards and ongoing joint venture progress at Creswick, increase the company’s exposure to both near-term production opportunities and longer-term exploration potential.

Key projects move closer to production

The Maddens Flat project in Queensland is emerging as a key development asset after underground surveys and LiDAR analysis identified extensive high-grade vein systems across a largely underexplored 50-square-kilometre district. Meanwhile, the Lolworth project, which covers almost 1,000 square kilometres within a prospective gold region, continues to demonstrate district-scale potential following maiden drilling that confirmed a gold-silver mineral system.

Management is targeting production from Raglan, Maddens Flat, Blue Mountain and Salt Bush by the middle of next year, creating a portfolio of four cash-generating gold operations. Achieving this objective would represent a significant transformation in ECR’s business model and strengthen its position within Australia’s gold mining sector.

Outlook

ECR’s outlook continues to be influenced by the absence of revenue, ongoing losses and continued cash outflows, although these are partly offset by a debt-free balance sheet and gradual improvements in financial performance. Technical indicators remain mixed, with negative MACD readings and the share price trading below shorter-term moving averages. Valuation also remains constrained while the company continues to report losses and does not pay a dividend.

More about ECR Minerals

ECR Minerals plc is an AIM-listed gold exploration and development company focused exclusively on Australia. The company is building a portfolio of producing and near-producing gold assets across Queensland, South Australia, Western Australia and Victoria, with projects including Raglan, Maddens Flat, Lolworth and Blue Mountain forming the foundation of its strategy to become a diversified Australian gold producer.

Cake Box Holdings (LSE:CBOX) reported a strong full-year performance, with group revenue increasing 39.5% to £59.69 million and underlying EBITDA rising 41.6%. The results were supported by continued organic growth and the first full-year contribution from the Ambala acquisition. During the year, the company opened 37 new stores, increased system sales to £111.27 million and raised its dividend, reflecting confidence in both its expansion strategy and financial position.

Franchise growth and digital sales gather momentum

The group expanded its franchise network to 310 stores while increasing the number of co-located Cake Box and Ambala outlets. Product innovation remained a key focus, with new seasonal and trend-led ranges introduced throughout the year. Digital channels continued to perform strongly, with online sales climbing 19.7%, higher website order volumes and continued growth in the company’s loyalty programme, supporting further expansion despite a challenging consumer environment.

Outlook

Cake Box’s outlook is supported by strong revenue growth and positive technical indicators, highlighting continued momentum across the business. However, declining net profit margins and higher leverage present financial challenges that investors will continue to monitor. The company’s attractive dividend yield provides additional support, helping to balance valuation concerns while leaving scope for continued long-term growth.

More about Cake Box Holdings

Cake Box Holdings is the UK’s largest retailer of fresh cream celebration cakes, operating predominantly through a franchise model complemented by a small number of company-owned stores. The business has broadened its product offering through the acquisition of the Ambala brand and continues to expand its multi-channel strategy, with increasing emphasis on online ordering, loyalty programmes and third-party delivery platforms.

Helix Exploration (LSE:HEX) has reached a significant milestone by moving from exploration into commercial production, commencing helium output at its Rudyard Project in Montana during February 2026 and becoming the state’s first helium producer. During the six months ended 31 March 2026, the company continued well testing, evaluated the hydrogen potential of the Rudyard field and expanded its operating infrastructure, including the lease of a dedicated high-pressure jumbo tube trailer to support helium transportation.

First helium sales and drilling acquisition strengthen growth plans

Following the reporting period, Helix signed its first helium supply agreement through a spot sales contract with a major industrial gases company at pricing above the assumptions used at the time of its initial public offering. The company also agreed to acquire Treasure State Drilling, bringing the Cardwell KB-150 drilling rig into its operations. The acquisition is expected to lower future drilling costs, reduce reliance on third-party contractors and provide greater flexibility as Helix expands production in a market where drilling rigs remain in limited supply.

Investment supports production growth

Helix reported net assets of £17.3 million at the end of the reporting period, reflecting continued investment in intangible assets as well as property, plant and equipment associated with the development of the Rudyard Project. Although the company recorded an interim loss of £774,000 and remains pre-revenue, higher operating costs largely reflected the transition into production. Management believes Helix is now better funded, with established production infrastructure and improved visibility over future growth as it seeks to capitalise on tight global helium supply.

Outlook

Helix’s outlook continues to be constrained by the absence of revenue, ongoing losses and increasing cash outflows, despite maintaining a debt-free balance sheet. These financial challenges are partly offset by strong technical indicators, including a positive share price trend and improving market momentum. Valuation remains difficult to assess while the company remains loss-making and does not pay a dividend.

More about Helix Exploration PLC

Helix Exploration PLC, listed on AIM under the ticker HEX, is a US-focused helium producer developing domestic helium supply from its Rudyard Project in Montana, where it has become the state’s first commercial helium producer. The company is also evaluating the longer-term hydrogen potential of the field.

Helix aims to supply helium to industrial and technology markets that continue to experience structural supply constraints. By investing in its own production infrastructure, transportation assets and drilling capability, the company is seeking to establish a low-cost, vertically integrated position within the US helium market.

RUA Life Sciences (LSE:RUA) reported interim results for the six months ended 31 March 2026 showing significantly improved financial performance as the company continued its transition towards profitable contract manufacturing and higher-margin biomaterials licensing. Revenue increased 6.1% to £2.75 million, gross margins remained robust at around 75% and adjusted EBITDA turned positive at £76,000. Lower administrative expenses also contributed to the improvement, with management expecting the group’s core operations to return to profitability during the second half of the financial year.

Structural Heart spin-out supports IP strategy

Alongside improvements in its core business, RUA continued to develop its intellectual property portfolio through the post-period spin-out of RUA Structural Heart, supported by third-party investment and a £10 million valuation floor. The new company is focused on commercialising the AurTex heart valve platform. Meanwhile, RUA is repositioning its Abiss subsidiary from a predominantly contract manufacturing business into a specialist European urogynaecology company, with management targeting a further doubling of revenue over the next two years.

Hybrid business model targets long-term value

RUA’s strategy combines a profitable medical device manufacturing operation with the development of proprietary medical technologies. By separating earlier-stage research and development projects into independently funded businesses, the company aims to reduce earnings volatility while retaining exposure to the potential upside of its intellectual property. This approach allows the core business to generate recurring profits while creating additional long-term value through platform technologies and future spin-out opportunities.

Outlook

RUA’s outlook continues to be influenced by ongoing operating losses and negative operating and free cash flow, despite solid revenue growth and a conservatively leveraged balance sheet. Technical indicators remain supportive, with positive price trends and a favourable MACD, although overbought conditions suggest some near-term trading risk. Valuation appears attractive based on the company’s relatively low price-to-earnings ratio.

More about RUA Life Sciences

RUA Life Sciences plc is a UK-based medical technology group focused on contract manufacturing, biomaterials licensing and medical device development using its proprietary Elast-Eon biostable polymer technology. Its operations include medical devices and components, royalty-generating biomaterials and urogynaecology products through its Abiss business, alongside intellectual property-led ventures such as RUA Structural Heart.

The company’s long-term strategy is to build a profitable medical device manufacturing business while expanding higher-margin licensing revenues and developing proprietary technologies through independently funded platform companies. This combination of manufacturing expertise and intellectual property development is designed to diversify revenue streams and support sustainable long-term growth.

Mears Group PLC (LSE:MER) continued to strengthen its position in the UK housing maintenance and management sector, supporting long-term, government-backed housing programmes through a broad range of property maintenance and housing services. The company remains focused on addressing affordable housing needs while delivering sustainable returns through its expanding public sector contract portfolio.

Major contract wins drive first-half growth

In a trading update, Mears reported strong momentum during the first half of the year, securing £1.5 billion of new local authority contracts and moving into an active contract mobilisation phase. The group also won a 10-year maintenance and compliance contract with Rooftop Housing Group valued at £150 million. Management expects full-year revenue and adjusted profit to meet market expectations and highlighted the successful integration of Pennington, which has strengthened the company’s compliance expertise and long-term asset management capabilities.

Public sector opportunities continue to grow

The company said recent contract renewals and new business wins, including agreements with Birmingham City Council and Rooftop Housing Group, are supporting continued expansion in its core housing maintenance operations. Mears also believes it is well placed to secure additional work from central government, reinforcing its strategy of broadening its role in delivering housing and accommodation services across the UK ahead of its interim results in August.

Outlook

Mears’ outlook is supported by improving profitability and an attractive valuation, with a relatively low price-to-earnings ratio and a strong dividend yield. However, operating margins remain modest, leverage has increased and free cash flow weakened during 2025. Technical indicators also remain subdued, with the shares trading below key moving averages and the MACD remaining negative.

More about Mears Group PLC

Mears Group PLC is one of the UK’s leading providers of housing maintenance and management services, maintaining and managing around 450,000 homes nationwide. The company works primarily with central and local government through long-term contracts, delivering property maintenance, asset management and wider housing services designed to address affordable housing challenges and support vulnerable communities.

Employing more than 5,000 people across every region of the UK, Mears focuses on generating long-term social, economic and environmental benefits while delivering sustainable shareholder returns. The company continues to expand its housing solutions offering, including accommodation and support services, strengthening its role as a key partner to public sector housing providers.