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UK private sector activity expanded for a third consecutive month in September, although the pace of growth slowed as output growth moderated across both services and manufacturing, according to preliminary PMI survey data.

The S&P Global Flash UK Composite Output Index fell to 51.7 in September from 52.5 in August, its lowest reading for three months.

The Flash UK Services PMI Business Activity Index also declined to 51.7 from 52.5, while the Flash UK Manufacturing Output Index fell to 51.4 from 52.1, reaching a six-month low.

The headline Flash UK Manufacturing PMI, however, increased to 52.0 from 51.7 in August, its highest level for three months.

New Business Declines in September

Total new work across the UK private sector declined slightly in September, reversing the marginal increases recorded in July and August.

The reduction primarily reflected a renewed decline in new business at services companies.

Survey respondents cited lower business and consumer confidence, including pressure on discretionary spending, as factors affecting demand.

Export sales also declined, with the rate of contraction the fastest since June. Manufacturing companies recorded their first reduction in export orders since December 2025, with some respondents citing lower sales to customers in the European Union.

Input Price Inflation Accelerates

Input price inflation increased for a second consecutive month and reached its highest level since June.

Businesses participating in the survey reported increases in energy, fuel and raw material costs.

Prices charged by private sector companies also increased, with the rate of output price inflation reaching its highest level since June.

Employment Falls for 24th Consecutive Month

Private sector employment declined again in September, extending the period of continuous job losses to two years.

The reduction in employment was marginal and less pronounced than the average recorded during the first half of 2026.

Survey respondents cited higher operating costs, efficiency improvements and limited pressure on existing business capacity among the reasons for restrained hiring.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said: “September is seeing a worrying combination of disappointingly sluggish economic growth and intensifying inflationary pressures, with subdued business confidence and high costs meanwhile continuing to discourage hiring.”

Williamson added: “Output growth across the manufacturing and services PMI surveys has slowed to a pace consistent with the economy growing at a mere 0.1% quarterly rate.”

Business Optimism Holds at Six-Month High

Overall business optimism was unchanged from August, when it reached a six-month high.

Confidence among manufacturers increased to its highest level since February, with survey participants citing planned project starts and increased investment spending on production capacity.

The flash PMI data were collected between 10 and 21 September.

Kooth (LSE:KOO) reported unaudited revenue of £30.8 million for the first half of 2026, slightly below the prior-year period, while adjusted EBITDA increased 102% to £5.3 million.

The digital mental health services provider recorded a post-tax profit of £2.0 million, compared with a loss in the prior-year period.

Gross margin increased by 11.3 percentage points to 74.1%, while annual recurring revenue reached £62.9 million.

Kooth ended the period with net cash of £23.1 million. Management said it plans to increase investment during the second half and expects full-year performance to be broadly in line with expectations.

Soluna Reaches 187,000 Registrations in California

Kooth expanded its US operations to three states during the period.

Its Soluna platform in California reached 187,000 registrations and has been integrated into the state’s behavioural health infrastructure.

The company said its US strategy includes pursuing contracts in additional states and developing arrangements involving multiple payers.

Kooth Soft-Launches Soluna in UK

Kooth also soft-launched the Soluna platform in the UK during the period.

The company progressed contracts focused on young people who are not in education, employment or training and continued work on potential extensions to its digital products using artificial intelligence.

Kooth also made changes to its board during the period.

Kooth Provides Digital Mental Health Services

Kooth provides digital mental and behavioural health services in the UK and US, with a focus on younger users.

Its platforms include Kooth, Qwell and Soluna, which provide services including self-help resources, moderated peer communities and clinician-led therapy.

The company’s services hold accreditations including APA Labs, URAC and BACP.

SDI Group plc (LSE:SDI) has reaffirmed its outlook for the 2027 financial year, saying it expects full-year results to be in line with current market expectations.

In a trading update issued ahead of its annual general meeting, the laboratory equipment and industrial and scientific products group reported organic growth alongside contributions from businesses acquired by the group.

SDI operates a buy-and-build strategy combining acquisitions with organic development across its existing portfolio.

Acquired Businesses Contribute to FY27 Trading

SDI said recently acquired businesses have contributed to trading during the early part of the financial year.

The company also reported organic growth across its operations as it entered FY27.

Based on trading to date, the group maintained its expectation that results for the full financial year will be in line with current market forecasts.

SDI Continues Buy-and-Build Strategy

SDI acquires and develops small and medium-sized businesses that manufacture specialist laboratory equipment, sensors and other industrial and scientific products.

The group operates a decentralised structure under which its portfolio companies retain operational autonomy while receiving financial and strategic support at group level.

SDI said it continues to consider potential acquisitions of complementary technology businesses, including companies with international operations.

Group Serves Industrial, Scientific and Medical Markets

SDI’s portfolio supplies products to a range of industrial, scientific and medical markets.

Its industrial end markets include aerospace, defence, semiconductors and precision manufacturing, while its scientific and medical operations serve areas including life sciences, healthcare and astronomy.

The group’s strategy combines the acquisition of specialist businesses with organic growth within its existing portfolio.

Aminex (LSE:AEX) has agreed with operator ARA Petroleum Tanzania on a revised 2026 work programme and provisional 2027 programme for the Ntorya gas development in Tanzania, covering gross planned expenditure of up to $75 million.

The programme includes testing and the planned start of production from the Ntorya-2 well from December 2026, alongside wellhead work at Ntorya-1.

Plans also include drilling Ntorya-Central as the Ntorya-3 well, with potential additional wells as development of the field progresses.

Ntorya-2 Production Planned From December

Under the revised programme, testing of Ntorya-2 is expected to precede the start of production from the well, which is currently scheduled for December 2026.

Work is also planned on the Ntorya-1 wellhead, while Ntorya-3 is intended to target the Ntorya-Central area.

Further wells may subsequently be drilled as part of the development programme.

Ntorya-Madimba Pipeline Scheduled for December Completion

The pipeline connecting Ntorya with the Madimba Gas Processing Plant is scheduled for completion in December 2026.

According to Tanzania’s national petroleum company, approximately 95% of pipelaying and infilling work has been completed.

Completion of the pipeline is intended to provide the infrastructure required to transport gas from Ntorya to the Madimba processing facility.

The current schedule therefore provides for the commencement of gas production from Ntorya in December 2026, subject to completion of the planned development and infrastructure work.

Development Programme Extends Into 2027

The agreed programme covers revised activities during 2026 and provisional spending and development plans for 2027.

Gross expenditure of up to $75 million is planned across the period as ARA Petroleum Tanzania and Aminex progress wells and associated development work at Ntorya.

Aminex is an oil and gas company focused on natural gas exploration and development in Tanzania. Through its wholly owned subsidiary Ndovu Resources, the company holds an interest in the Ntorya gas field under the Ruvuma Production Sharing Agreement.

Renishaw (LSE:RSW) reported revenue of £815.8 million for the financial year ended 30 June 2026, an increase of 14%, while adjusted profit before tax rose 32%.

The precision measurement and manufacturing technology group said demand from the semiconductor and aerospace and defence markets contributed to the increase in revenue during the year.

Adjusted operating margin increased to 18.7%, while return on invested capital reached 17.5%.

Renishaw ended the financial year with cash of £291.0 million and proposed increases to both its ordinary dividend and a special dividend.

All Three Segments Report Operating Profit Growth

Renishaw said each of its three business segments recorded growth in operating profit during the year.

Position Measurement and Specialised Technologies reported increases in their operating margins, with the company citing semiconductor demand and higher sales of additive manufacturing systems among the factors affecting performance.

Renishaw also reported increased demand for products used in semiconductor manufacturing associated with artificial intelligence applications.

Additive Manufacturing Sales Increase

The company recorded higher sales of additive manufacturing systems during the financial year.

Renishaw said newer product areas, including additive manufacturing and advanced metrology systems and software, also contributed to trading during the period.

The group reported its highest quarterly performance of the year during the fourth quarter and said its order book had increased.

Cash Reaches £291 Million

Renishaw finished the year with £291.0 million in cash despite an increase in working capital.

The company continued to invest in research and development and manufacturing operations during the period. Most of its research and development and manufacturing activities are based in the UK, with additional operations in Ireland and India.

Renishaw supplies precision measurement and manufacturing technologies across APAC, EMEA and the Americas. Its products include industrial metrology systems, position measurement equipment, encoders and additive manufacturing systems.

BTG Consulting plc (LSE:BTG) has acquired Hornbeam CPAM Limited, a Milton Keynes-based property and asset management business, for total consideration of up to £4.0 million.

Hornbeam, which employs 13 people, will become part of BTG Eddisons, the group’s real estate advisory division.

The acquired business generates annual revenue of £1.9 million and pre-tax profit of £0.6 million. Its activities include property and asset management, with a focus on industrial properties and institutional clients.

BTG to Pay £2 Million Initial Consideration

The acquisition includes initial consideration of £2.0 million, comprising a combination of cash and newly issued BTG shares.

A further consideration of up to £2.0 million may become payable under performance-based earn-out arrangements. BTG said the additional consideration would be funded from its existing resources.

Management expects the acquisition to be immediately earnings-enhancing.

BTG also expects the transaction to expand its relationships with institutional property investors and provide opportunities to offer additional BTG Eddisons services to Hornbeam’s existing clients.

BTG Issues 313,059 New Shares

As part of the transaction, BTG is issuing 313,059 new ordinary shares.

Admission of the new shares to trading on AIM is expected on 28 September 2026.

Following admission, BTG will have 161,800,700 ordinary shares in issue, with total voting rights of 161,687,735.

Hornbeam to Join BTG Eddisons

Hornbeam’s property management operations and contracted revenues will be incorporated into BTG Eddisons.

BTG Consulting provides financial and real estate advisory services, with BTG Eddisons serving institutional investors, fund managers and other property clients.

The group pursues growth through a combination of organic development and acquisitions across its advisory operations.

Great Western Mining (LSE:GWMO) has completed a 23-hole reverse circulation drilling programme totalling approximately 8,500 feet at its Defender Tungsten Project in Nevada.

The programme targeted scheelite-bearing, skarn-hosted tungsten mineralisation between the historic Defender and Pine Crow mines across a strike length of approximately one kilometre.

Great Western said geological logging and shortwave ultraviolet inspections identified multiple broad intercepts of scheelite-bearing skarn at the Defender Hill, Dough God and Pine Crow target areas.

Laboratory assays are pending and will be required to determine the grades associated with the observed mineralisation.

Drilling Targets One-Kilometre Strike Area

The drilling programme was designed to investigate tungsten mineralisation between the historic mine workings and follows earlier surface channel sampling conducted at the project.

According to Great Western, observations from the latest drilling are consistent with its geological model for mineralisation extending from surface to depth.

The company has not yet reported assay results from the 23-hole campaign.

Samples Sent for Laboratory Analysis

All samples from the drilling programme have been dispatched to an accredited laboratory for analysis.

Great Western intends to use the assay results as part of work towards a maiden Mineral Resource Estimate for the Defender project.

Addison Mining Services has been appointed to prepare the Mineral Resource Estimate.

The results will provide additional information on the grade, distribution and extent of tungsten mineralisation encountered during the drilling programme.

Great Western Focuses on Nevada Mineral Projects

Great Western Mining Corporation is a mineral exploration and development company listed on AIM, Euronext Growth and OTCQB.

The group is focused on mineral projects in the US, with current exploration activity including tungsten-bearing skarn targets in Mineral County, Nevada.

Its Defender Tungsten Project covers an area between historic tungsten mine workings at Defender and Pine Crow.