Investor Meet Company - Audio Archive

Investor Meet Company will be hosting CAMBRIDGE COGNITION HOLDINGS PLC - Interim Results for the six months to 30 June 2026, at 16th Sep 2026 at 4:30pm BST.

Investor Meet Company will be hosting SYLVANIA PLATINUM LIMITED - Final Results for the year ended 30 June 2026, at 16th Sep 2026 at 4:00pm BST.

ALUMASC GROUP PLC delivered a resilient FY 2026 performance despite challenging UK construction markets, with revenue declining 6% to £107 million and underlying profit before tax falling to £10 million from £14.2 million. Excluding the prior-year Chek Lap Kok Airport contract, revenue was broadly stable, while non-Chek Lap Kok export sales grew 36%. House Building Products was the standout performer, with revenue up 16% despite a 12% decline in UK private housing starts, while Building Envelope maintained revenue at the prior year’s record level. Water Management remained the key area for improvement, with revenue down 16% overall, although its August order book was 68% ahead year-on-year. Group gross margin declined 150 basis points to 36.4%, with operating margin at 10.5%, while operating cash conversion remained above 100%. The Group continues to target a medium-term operating margin of 15–20%, supported by operational efficiencies, volume recovery and supply chain rationalisation. Encouragingly, the order book at August 2026 was 56% higher year-on-year and revenue for the first two months of FY 2027 increased 5%, with all divisions ahead. Growth opportunities include the £2 million Changi Airport contract, potential subsequent phases worth £10–15 million, expanding international sales and continued investment in sustainable building products. ALUMASC GROUP PLC remains focused on organic growth, margin improvement, disciplined acquisitions and leveraging structural demand for environmentally sustainable building solutions.

Investor Meet Company will be hosting CT AUTOMOTIVE GROUP PLC - Results for the six months ended 30 June 2026, at 16th Sep 2026 at 3:00pm BST.

Touchstone’s H1 2026 investor update highlights improving financial performance, stronger cash flow and significant growth potential from its Trinidad and Tobago oil and gas portfolio. Petroleum and natural gas sales reached almost $30 million, generating approximately $9 million in funds flow from operations, with around $7 million delivered in Q2. The quarter benefited from higher natural gas prices, increased exposure to LNG markets and reduced operating costs, driving operating netbacks up almost 77% to just under $25 and moving the business from a loss into positive earnings. Production remained broadly stable at approximately 4,500–5,000 BOE per day, while the newly installed Cascadura booster compressor is expected to support improved uptime and production growth. Touchstone also advanced its capital programme, bringing a Central Block well online, drilling two WDA8 oil wells, completing the Cascadura compression project and delivering a successful Baraka East recompletion. The company has approximately 75,000 BOE per day of existing processing capacity, a substantial development inventory and 137,000 net exploration acres, allowing future production to be added without major new infrastructure investment. A key element of the growth strategy is the transition to higher-priced LNG contracts from May 2027, alongside the renegotiation of the domestic gas contract in October 2027. Management is also focused on deleveraging, cost efficiency and improving liquidity, supported by a $10.2 million equity raise and the conversion of debentures into equity. With strategic market access, premium pricing upside and an expanding drilling inventory, Touchstone remains focused on production growth, cash generation and long-term shareholder value.

EUROPEAN GREEN TRANSITION PLC presented its H1 2026 financial results and growth strategy, highlighting progress in building a high-growth, profitable critical infrastructure services platform. Following the transformational acquisition of its wind services business in February 2026, the Group reported statutory revenue of £6.8 million for the four months since completion, while the wind services operation generated £8.6 million across the six-month period, up 13% year-on-year. Gross profit reached £1.76 million, representing a 26% gross margin, while adjusted EBITDA recorded a £0.58 million loss as management continues to target operational efficiencies and stronger H2 trading. Cash and cash equivalents stood at £5.8 million at 30 June 2026, supported by the £7.5 million oversubscribed fundraise completed in March. The company is targeting £17–18 million of wind services revenue for FY2026, supported by recurring operations and maintenance contracts and a substantial repowering opportunity. Its pipeline includes 280 qualified repowering prospects representing approximately £126 million of potential revenue, with 65 heads of terms signed. EGT is also expanding Animos Analytics, its condition-monitoring platform, while pursuing disciplined bolt-on M&A across UK and Irish critical infrastructure markets. Management's medium-term ambition is to reach £50 million in revenue and double-digit EBITDA margins through organic growth, service expansion, repowering, operational improvements and strategic acquisitions, alongside a progressive dividend policy expected to commence next year.

Norman Broadbent PLC’s H1 2026 investor update highlights renewed trading momentum, continued investment in growth and a strengthened platform for long-term expansion across executive search, interim management and leadership advisory services. Following record FY2025 results and a slower start to the year, net fee income recovered from £2.2 million in Q1 to £3.1 million in Q2, with retainer income increasing 28% quarter on quarter and momentum continuing into Q3. Underlying EBITDA was a loss of £0.2 million, reflecting planned investment in headcount, acquisition costs and challenging market conditions, while loss before tax was £0.5 million. The Group maintained a disciplined cost base and expects improved trading to support stronger cash generation in H2. Norman Broadbent’s growth strategy centres on expanding its core UK executive search offering, developing complementary leadership advisory services, increasing international capacity and scaling high-potential market verticals. The acquisition of Society has added a new civil society, education and public sector practice, while a UK Government framework award provides a minimum three-year opportunity. International expansion continued with new fee-earner appointments in the Middle East and Houston, alongside further investment in private equity, consumer markets and specialist sectors. With 71% of H1 revenue generated from repeat clients, the business retains a strong relationship-led platform. Management remains confident in delivering a strong second half, supported by a healthy work-in-progress balance, improved pipeline visibility and continued organic growth initiatives.

RANK GROUP PLC delivered a strong FY26 performance, with like-for-like net gaming revenue increasing 6% to £834 million and underlying operating profit rising 21% to £78.6 million, supported by growth across all businesses and disciplined cost management. Operating margin improved from 8.1% to 9.4%, while net free cash flow reached £25.5 million and year-end net cash stood at £56.8 million. The Group proposed a full-year dividend of 3.5p per share, up 35% year-on-year. Management highlighted continued momentum in Grosvenor Casinos, where revenue grew 5% and the gaming machine estate expanded by 65%, alongside 8% full-year digital revenue growth despite the increase in UK Remote Gaming Duty to 40%. Rank’s growth strategy remains focused on casino-led and bingo-led gaming, improving margins, cash generation and returns through estate optimisation, electronic gaming, digital customer engagement and disciplined capital investment. International expansion is also a strategic priority, with the Group building its Yo brand in Portugal and targeting greater geographic diversification. Current trading remained positive, with revenue up 8% in the first six weeks of FY27, including 15% growth from Grosvenor gaming machines and 10% digital growth. Rank continues to target more than £100 million of operating profit over the medium term, supported by a strong balance sheet and further growth opportunities across its venues, digital operations and international markets.

M. Winkworth PLC’s 2026 interim results highlight resilient trading, continued network development and a clear strategy for sustainable growth across its estate agency franchise model. Network revenue was broadly stable at £31.6 million, with sales revenue down 5% to £16.1 million, offset by 3% growth in lettings revenue to £15.5 million. Winkworth’s reported revenue declined 10% to £4.7 million, reflecting the sale of the Crystal Palace office and the wind-down of its development and commercial investments business. However, operating profit before exceptional items increased 9% to £0.84 million, supported by cost savings, while cash generated from operating activities rose 39% year on year. The Group maintained its interim dividend and ended the period debt-free, with cash of £3.73 million. Winkworth continues to strengthen its franchise network through new office openings, assisted acquisitions and the recruitment of high-quality operators, including the acquisition of four offices in the Cotswolds, Warwickshire and surrounding areas. Its growth strategy also focuses on improving market share, expanding lettings and property management income, and maintaining a balanced mix of sales and recurring rental revenue. Digital investment remains central, with a new website platform being developed to improve lead generation, support AI-enabled property searches and enhance franchisee efficiency. Despite ongoing legal and advisory costs affecting reported full-year profit expectations, management remains focused on strengthening governance, improving network quality and delivering long-term shareholder value through disciplined investment and regular dividends.

hVIVO’s 2026 interim results highlight a period of near-term contract deferrals alongside strong commercial momentum, a record order book and continued expansion of its early-stage clinical development platform. Revenue for the first half was £16.3 million, with an EBITDA loss of £4.5 million and cash of £13 million at the end of June. Management has guided to full-year revenue of approximately £47 million, reflecting the postponement rather than cancellation of several contracts into 2027 and 2028. New proposals increased 45% year on year, while proposal value rose 26%, supporting an underlying order book of £65 million, increasing to £72 million following the acquisition of CRS Berlin. Second-half revenue is expected to reach approximately £31 million, almost double the first-half performance, with EBITDA forecast to turn positive in the second half and in 2027. hVIVO’s growth strategy centres on becoming a diversified, end-to-end provider of early clinical development services, covering consultancy, clinical trial units, human challenge trials and standalone laboratory services. Human challenge trials remain a key differentiator, supported by specialist expertise, dedicated recruitment infrastructure and a 150-bed unit, while expanding capabilities in laboratory services, respiratory, cardio-metabolic, dermatology and women’s health are widening the Group’s addressable market. The CRS Berlin acquisition adds clinical capacity, new therapeutic expertise and access to a significant patient population, while being earnings-accretive and self-funding through an earnout structure. With improving biotech funding, increased pharmaceutical M&A activity and strong contracted demand, hVIVO enters 2027 with a record order book, broader service offering and expectations of significant year-on-year growth.

EKF Diagnostics Holdings PLC’s H1 2026 investor update highlights resilient financial performance, improved margins and continued progress against its five-year growth strategy. Group revenue was broadly stable at £25 million, while gross margin increased by 2.8 percentage points to 53%, adjusted EBITDA rose 2.4% to £5.9 million and basic EPS increased 26%. The Group ended the period with £16 million of cash and has returned more than £5 million to shareholders through its share buyback programme. Point-of-care revenue declined 3% to £15 million, primarily due to tender and production timing, with management emphasising that deferred orders are supported by a strong H2 order book. Life Sciences revenue grew 8% to £10 million, supported by 20% growth in contract manufacturing and fermentation. EKF continues to invest in commercial capacity, production infrastructure and product development, including a planned 30% expansion of its haemoglobin control production line and a new sensor production line. Strategic progress includes the Blood Centres of America agreement, three US blood banks now live with DiaSpect and further sites expected in H2, alongside 106% growth in BHB revenue during the first half. The acquisition of Beat Insight strengthens the sports performance portfolio through mobile and AI-enabled lactate threshold testing, while the Nexus Bioworks rebrand is designed to sharpen the positioning of the Life Sciences offering. With a target of revenues above £80 million and adjusted EBITDA above £20 million by 2029, management remains confident in a return to point-of-care growth, double-digit BHB growth and delivery of full-year 2026 expectations.

MPAC Group PLC’s H1 2026 investor update highlights strong order intake, a resilient service business and continued strategic progress despite tariff uncertainty, geopolitical pressures and significant margin challenges. On a continuing-operations basis, order intake increased 43% year on year to £78 million, while revenue was broadly stable at £71 million and the period-end order book reached £80.5 million, providing 78% coverage of expected H2 revenue. Underlying PBT was £2.1 million, with gross margins declining to 30% from 37% due to pricing pressure and lower factory utilisation. Management responded with disciplined cost control, delivering more than £2 million of administration cost savings in H1. Services continued to strengthen, representing approximately 23% of revenue compared with 21% previously, supporting the Group’s medium-term target of 30%. The sale of the non-core Lambert business completed in July for £16 million, improving liquidity and reducing the working capital burden, with net debt reported at £43 million at the end of August. MPAC continues to focus on scalable packaging machinery solutions across food and beverage, healthcare and consumer packaged goods, supported by automation, robotics, engineering and global service capabilities. Strategic initiatives include expanded production capacity in Romania, new product launches, digital service subscriptions, ERP implementation and customer-focused innovation such as the Affinity operator interface. With a growing project pipeline, stable order book and full-year outlook maintained, management remains focused on operational excellence, customer service, innovation and long-term profitable growth.

WORLD CHESS PLC presented its growth strategy and expanding role within the rapidly developing global chess market, highlighting its position as an official FIDE chess platform where players can obtain recognised ratings and titles online. The company has surpassed one million registered users and is now increasingly focused on monetisation following significant investment in its technology and infrastructure, including a FIDE-approved anti-cheating system. Management outlined multiple revenue opportunities across paid subscriptions, advertising, merchandise, events and media projects, with paid membership providing users with a FIDE ID, official profile and online rating. World Chess sees substantial growth potential from initiatives designed to connect online and offline ratings, potentially widening access to competitive chess in markets where officially rated tournaments remain limited. The company is also pursuing the proposed .chess domain in partnership with FIDE, which could further strengthen its position within the wider chess ecosystem. Management estimates the global chess sector at just under $4 billion, growing at approximately 6–7% annually and potentially reaching around $7 billion by 2034, while remaining relatively under-commercialised. With user numbers and traffic increasing, World Chess believes it has reached a stage where its established technology platform can support greater monetisation and scalable revenue growth, while continued product development, official FIDE integration and the broader expansion of chess provide the foundations for its long-term growth strategy.

Keystone Law Group PLC’s 2026 interim results highlight another period of strong company performance, with revenue increasing 22.5% to £66.3 million and adjusted profit before tax rising 31.3% to £9.6 million. The innovative, consultant-led law firm model continues to support scalable growth, strong cash generation and attractive margins, with adjusted PBIT increasing 31.6% to £8.1 million and the adjusted PBIT margin improving to 12.3%. Revenue per principal rose 14.5% to £133,800, supported by broad-based client demand, particularly across corporate and corporate restructuring, alongside continued recruitment of high-calibre lawyers. Keystone added 23 principals during the period, taking total principals to 501 and total lawyers to 682. The Group’s efficient paid-when-paid model delivered cash conversion of 95.6% and a net cash position of £10.5 million, with no debt and debtor days maintained at 33. Shareholder returns remained a key focus, with a £1.5 million share buyback, a 9.6 pence interim dividend and a 15 pence special dividend. Alongside financial results, Keystone continues to invest in its technology, infrastructure and brand, including the ongoing rollout of Thomson Reuters’ CoCounsel AI tool to enhance lawyer productivity and competitiveness. Management remains confident in the outlook, expecting to be comfortably ahead of the previous year on revenue and materially ahead on profits during the second half. With a strong reputation, flexible operating model, expanding lawyer base and continued investment in AI, Keystone is well positioned to deliver sustainable long-term growth.

Investor Meet Company will be hosting THE GLOBAL SMALLER COMPANIES TRUST PLC - Annual General Meeting, at 15th Sep 2026 at 12:00pm BST.

MP Evans Group PLC’s 2026 interim results highlight record financial performance, strong operational progress and continued confidence in its sustainable Indonesian palm oil growth strategy. Own-crop harvesting increased 14% to 705,400 tonnes, while crude palm oil production rose 11% to 192,300 tonnes and oil extraction rates improved significantly to 24.2%. Revenue increased 9%, supported by higher production volumes, improved extraction and stronger palm kernel pricing, while gross profit rose 25% to just under $79 million, representing a 40% gross margin. Earnings per share increased 21% to 86.5 cents, and the interim dividend was raised 39% to 25 pence per share. Operational efficiency remained a key driver, with own-product unit costs falling 8% to $409 per tonne and total production costs declining 7% to $514 per tonne. The Group generated almost $92 million in operating cash flow during the first half and maintained a debt-free balance sheet, ending the period with $113.5 million in cash. MP Evans is continuing to increase the proportion of internally managed crop processed through its mills, supporting higher sustainable output, stronger margins and greater operational control. Its growth strategy includes rehabilitating existing estates and expanding near its Kottabangan operations, with potential for more than 3,000 additional planted hectares and over $20 million of future investment. With crop harvested up 16% in the first eight months and pricing remaining resilient, management enters the second half with confidence, supported by improving yields, disciplined cost control, strategic acquisitions and long-term sustainable palm oil demand.

FUSION ANTIBODIES PLC reported FY26 revenue growth of 7% to £2.11 million, supported by a one-off £250,000 IP transaction, while underlying operational revenue declined by approximately 4% amid continued pressure on biotech funding and longer customer decision-making cycles. Gross margin improved significantly to 58% from 22%, or approximately 43–44% excluding the IP transaction, reflecting improved operational efficiency, revenue mix and grant-supported activity. The EBITDA loss narrowed by more than £500,000 to just over £1 million despite R&D investment rising substantially to approximately £861,000, as the company continued development and commercialisation of its proprietary antibody technologies. Year-end cash increased to approximately £1.04 million following the January 2026 equity raise, although the business remains cash-consuming. Operational improvements have strengthened Fusion’s competitive proposition, with transient gene expression timelines reduced from up to nine weeks to around three weeks and cell line development shortened from eight-to-nine months to approximately four months. Management highlighted the patent-protected OptiMAL platform, DR5 programme and AI/ML antibody opportunities as key elements of its growth strategy. The DR5 asset is undergoing animal-model evaluation and could become a licensable early-stage asset if results are positive, while ongoing NCI work continues to generate encouraging antibody data. Despite persistent market challenges, Fusion believes its improved margins, faster services, proprietary technology and stronger commercial offering leave the company better positioned to convert its pipeline into future revenue growth as biotech market conditions recover.

IP Group PLC’s H1 2026 investor update highlights continued progress across net asset value growth, cash realisations and portfolio development, reinforcing the strength of its long-term science and technology investment strategy. NAV per share increased 3.2% to 114 pence at 30 June 2026 and subsequently reached approximately 117 pence, while the Group generated £69 million in cash proceeds during the period and £154 million since the start of 2025, keeping it on track to achieve its £250 million realisation target by the end of 2027. The portfolio delivered broad-based progress, including a £27 million increase in the value of its Pfizer obesity royalty interest to approximately £153 million following clinical and development milestones. Oxford Nanopore reported 12% constant-currency revenue growth to $117 million, a 400-basis-point improvement in gross margins to 62% and a more than 50% reduction in adjusted EBITDA losses, supporting its path towards EBIT break-even in 2027 and positive free cash flow in 2028. Across the wider portfolio, companies attracted more than half a billion pounds of third-party capital and delivered progress across therapeutics, quantum computing, autonomy, climate technology and AI-enabling infrastructure. IP Group ended the period with approximately £239 million of gross cash and deposits, while new third-party capital mandates with Aberdeen and the Australian Climate Catalyst Fund expanded future growth opportunities. With a diversified portfolio, disciplined capital allocation and a focus on accelerating realisations, IP Group remains positioned to convert scientific and technological innovation into sustainable shareholder value.

STEPPE CEMENT LTD delivered a strong investor update for the first half of 2026, reporting record sales volumes and a significant improvement in financial results. Cement sales volumes increased 15%, while higher pricing and the appreciation of the Kazakh tenge helped drive revenue to approximately US$61 million, up 49%, with gross profit rising to around US$20 million from US$8.6 million a year earlier. The company ended the period with US$18.8 million in cash and no debt, supporting continued investment and shareholder returns. STEPPE CEMENT is progressing its approximately US$30 million Line 6 expansion project, which aims to increase clinker capacity from 3,000–3,200 tonnes per day to 4,500 tonnes per day and lift annual cement production capacity to around 2.5 million tonnes, while reducing production costs by approximately US$2 per tonne. Management is also assessing opportunities to expand capacity further to 3 million tonnes. The Kazakhstan cement market remains strong, supported by infrastructure investment, housing demand, urbanisation and industrial development, although competition and imports remain significant. STEPPE CEMENT plans a three-month Line 6 shutdown from April to June 2027 to complete key upgrades, while targeting approximately 2 million tonnes of production and sales for the year. The company also intends to pay a dividend in late October 2026 and remains focused on disciplined capital allocation, lower production costs and sustainable long-term growth.

Investor Meet Company will be hosting SOLID STATE PLC - Annual General Meeting, at 15th Sep 2026 at 9:00am BST.

PANTHEON RESOURCES PLC presented its corporate update and interim results for the six months ended 30 June 2026, highlighting significantly increased technical confidence in its flagship Kodiak asset following completion of phase one seismic reprocessing. The new 3D seismic provides improved imaging of the Kodiak reservoir, with AVO analysis indicating hydrocarbons across the updip area and supporting management’s expectation of at least a 25% increase to the existing 2C recoverable resource estimate. Management reiterated that Kodiak is now the priority for future drilling and development, while Ahpun, Alkaid and other potential satellite opportunities remain part of the wider portfolio. Pantheon also provided an update on its farm-out process, with 10 companies shortlisted in the data room spanning majors, mid-caps, independents, existing Alaska operators and potential new entrants. An earlier offer was rejected as the Board believed it undervalued the asset, with management prioritising securing the right partner and terms rather than accelerating a transaction. Financial results reflected continued cost discipline, with operating losses reduced by $1.8 million, while cash stood at $10.2 million at 30 June and $5.5 million subsequently, providing an expected runway through year-end. Pantheon expects to raise approximately $10–15 million to strengthen liquidity while farm-out discussions progress, with future Kodiak drilling dependent on securing an appropriately funded partnership.

BROOKS MACDONALD GROUP PLC delivered strong strategic and financial progress in FY26, returning to positive net flows and achieving record funds under management and advice (FUMA) of £21.7 billion, up 14%. Net inflows reached £226 million, representing an improvement of more than £600 million year-on-year, while revenue increased 6% and underlying costs fell 3% on a like-for-like basis. Underlying profit before tax was £29 million, with underlying EPS up 6%, while the total dividend increased 2.5% to 83p per share. Platform MPS was a standout performer, with funds up 35% and more than £900 million of net inflows, while BPS funds grew 9%. Brooks Financial also continued to strengthen, delivering 10% like-for-like revenue growth, £1.3 million of integration synergies and now representing 25% of Group revenue. The company’s growth strategy remains focused on expanding distribution across the UK IFA market, targeting nationals and networks, strategic partnerships and new-model advisers, alongside continued investment in AI, digital capabilities and automation. With the bulk of its transformation investment now complete, management expects greater operating leverage and remains focused on its medium-term targets of 5% annualised net inflows and BAU cost growth below 5%. Strong investment performance, an increasingly scalable operating model and continued momentum across BPS, MPS and financial planning underpin management’s expectation that FY27 performance will be marginally ahead of current consensus.

Regional REIT Limited’s H1 2026 investor update highlights continued progress in portfolio repositioning, debt reduction and income growth despite challenging UK economic conditions and a subdued regional office leasing market. The UK-focused commercial property investor completed 26 new lettings, generating £1.9 million in annualised rental income and £700,000 in annualised void cost savings. Strategic asset disposals totalled £21.5 million during the period, supporting debt repayment and reducing loan-to-value (LTV) to 30.5%. The Group delivered a fully covered interim dividend of 4 pence per share, remaining on track for its 8 pence full-year target. Portfolio value stood at £526.7 million, with rent collection at 99.7% and actual occupancy improving by over 2%. Management remains focused on strengthening the core portfolio, targeting rental growth and unlocking value through selective asset disposals and change-of-use opportunities. With constrained supply and resilient demand supporting regional office rental growth, Regional REIT expects continued opportunities to improve income and property values. The company is also advancing its ESG strategy, with 61% of the portfolio now meeting EPC A or B standards, alongside energy-saving initiatives and solar installations. Further sales and refinancing preparations remain central to the growth strategy, with management targeting a reduction in LTV to approximately 35% by year end. Despite ongoing market uncertainty, the Group remains focused on delivering sustainable income, improving portfolio quality and creating long-term shareholder value.

CT GLOBAL MANAGED PORTFOLIO TRUST PLC delivered a strong year of performance and significant portfolio repositioning, with its Growth Portfolio returning 25.1% and Income Portfolio 23.3% over the financial year. The actively managed fund-of-funds strategy has shifted towards a higher-conviction, more globally diversified approach, with increased exposure to Asia and emerging markets and reduced UK allocations. Around 50% of both portfolios changed during the year, while the Growth Portfolio reduced holdings from 39 to 30 and increased its top 10 weighting from 37% to 59%; the Income Portfolio reduced holdings from 38 to 31, with its top 10 weighting rising to 48%. Technology and emerging markets were notable contributors, supported by strong corporate earnings and AI-related investment opportunities, while private equity and UK small caps proved more challenging. Management remains constructive on global growth and corporate profitability, with Asia and emerging markets continuing to represent a favoured investment area. The Income Portfolio currently offers a yield of around 6%, with the Board targeting dividend growth of at least inflation over rolling three-year periods and planning to introduce monthly dividends from May 2027. Following substantial strategic changes, management believes the portfolios are well positioned to capture global investment opportunities while maintaining diversification and focusing capital on its highest-conviction ideas.

Anpario PLC’s interim results for H1 2026 highlight continued revenue growth, improved profitability and long-term opportunities across its global animal health and nutrition business. Revenue increased 7% to £24.3 million, while adjusted EBITDA rose 22% and diluted adjusted EPS increased 30%. Premium, higher-margin product brands, including Agas, Simforce, Optamiga, Masscue and the BIT range, grew 17% and now represent 80% of the sales mix. Regional performance was mixed, with India, the Middle East and Africa delivering exceptional 56% growth, alongside positive momentum in the Americas, particularly the US. Asia declined due to weakness in toxin binders, although underlying sales excluding toxin binders grew 7%. Gross margins remained broadly stable, with the Group targeting a sustainable level above 50%, while administrative costs declined 3% excluding non-recurring professional fees. Anpario’s growth strategy includes expanding direct sales channels in Latin America and Turkey, developing premium animal nutrition products and pursuing innovation in gut health, feed efficiency and sustainable animal production. New product opportunities include Amplify, Quadrical, Orego-Stim, Red Lite and heat-stress solutions for livestock and aquaculture. Despite a softer start to H2 and challenging macroeconomic conditions, management remains optimistic about the long-term outlook, supported by geographic diversification, new product development and a focus on creating sustainable shareholder value.

Concurrent Technologies PLC delivered a record first-half performance in 2026, with revenue rising to £23.2 million and profit before tax reaching £3.2 million. Order intake was particularly strong at £46.9 million, broadly matching the full-year record achieved in 2025, while year-to-date order intake had reached £68 million by 1 September. Approximately two-thirds of first-half orders related to previously secured design wins, including a milestone-based £17 million contract, highlighting the growing conversion of the company’s embedded computing design pipeline into production revenue. The company’s design wins now represent an estimated programme value of £129 million, providing significant long-term growth visibility. Concurrent Technologies’ Systems division also moved into profitability, with gross margin improving from 13.3% to 26.3% as higher-value production work increased. The group has doubled manufacturing capacity at its Colchester facility and invested in new equipment, engineering capability and product development to support a strong second half and future expansion. Despite ongoing electronics supply-chain pressures, the company maintained gross profit and ended the period with a strong cash position and no debt. Its diversified portfolio of embedded computer boards, systems, graphics, storage and related technologies remains well positioned to benefit from global defence electronics spending. With a growing order book, book-to-bill above one, multi-year revenue visibility and further acquisition opportunities under consideration, management remains confident in exceeding current-year expectations and achieving continued growth through 2027 and 2028.

CleanTech Lithium PLC provided an investor update highlighting progress towards developing its flagship Laguna Verde lithium project in Chile, with management describing the company as approaching a key transition from exploration to development. The company remains confident that its Special Lithium Operating Contract (CEOL) will be ratified during 2026, supported by ongoing engagement with Chile’s Mining Ministry, while environmental baseline work is expected to begin before 21 December ahead of a targeted EIA submission in Q3 2027. CleanTech Lithium is also progressing its proposed ASX dual listing, expected during 2026, alongside discussions with potential strategic partners across Asia, Europe and the US, with a partner targeted to help fund the DFS, environmental studies, additional exploration and reinjection pilot testing through to FID. Operationally, the company has produced 330kg of high-purity lithium carbonate from Laguna Verde brine, achieving purity of 99.6%–99.9%, while further DLE optimisation, adsorbent testing and spent-brine reinjection studies are underway. Management also highlighted an amended Laguna Verde vendor settlement that reduced the agreement cost by 60% and aligned future payments with project milestones, with the company now controlling 99% of licences within the CEOL area. With the CEOL ratification, strategic partner process, ASX listing and environmental permitting advancing concurrently, CleanTech Lithium believes it is approaching a significant inflection point in its growth strategy and the development of Laguna Verde.

Refuels delivered a strong Q1 2027 financial performance, with adjusted EBITDA at CNG Fuels more than tripling year-on-year to £4.9 million, supported by higher bioCNG volumes, improved station profitability, strong certificate margins and increasing network scale benefits. Revenue rose 62% to £47.9 million, while gross profit increased 74% to £9.4 million. The station business generated positive standalone EBITDA for the second consecutive quarter, highlighting the growing contribution from improving utilisation across the UK network. Refuels reiterated its FY2027 adjusted EBITDA guidance of £16 million to £20 million and expects dispensed biomethane volumes to grow by approximately 15% to 20% during the year. The company continues to benefit from strong demand for lower-carbon, cost-effective heavy goods vehicle fuel, with bioCNG offering estimated greenhouse gas emissions reductions of 80% to 90% versus diesel and an attractive vehicle payback period. Customer adoption remains encouraging, with more than 900 new HGV deliveries expected over the next 12 to 18 months and existing customers targeting more than 8,000 CNG trucks by the end of 2030. Three new stations are under construction in Magor, Swindon and Carlisle, taking the network to 19 stations once operational. With positive policy momentum towards a multi-fuel transport strategy, strong certificate earnings visibility and continued investment in network capacity, Refuels remains well positioned for long-term growth in the UK low-carbon transport market.

International Public Partnerships (INPP) has delivered another period of resilient operational and financial performance, with NAV per share increasing 1.3% to 153.4p at 30 June 2026 and an annualised total NAV return of 8.2%. The infrastructure investment trust has reconfirmed its 2026 dividend target of 8.79p per share, representing 2.5% annual growth, with dividends covered 1.3 times by operating cash during the period. INPP’s investment case remains underpinned by 135 essential infrastructure investments across nine countries, with 99% of portfolio revenues secured through long-term contracts or regulated arrangements. Its capital recycling strategy remains central to the growth strategy, with more than £440 million of mature assets realised at or above published valuations and over £480 million reinvested or committed at projected returns exceeding 11%. This represents an uplift of more than 200 basis points compared with the portfolio’s 9.1% discount rate. Capital allocation has strengthened portfolio quality, extending the weighted average asset life from 37 to 41 years, increasing inflation protection to 0.8% and extending the projected dividend growth horizon to at least 25 years. Portfolio assets continued to perform broadly in line with expectations, supported by strong availability across regulated investments and public-private partnerships. The company also highlighted progress in sustainability, decarbonisation and community outcomes. Despite market volatility and challenges in the UK alternative fibre market, management remains confident in INPP’s long-term strategy, secure income generation and ability to compound shareholder value through disciplined capital allocation and inflation-protected cash flows.

Distribution Finance Capital Holdings PLC (DF Capital) delivered record financial results for the six months ended 30 June 2026, supported by strong loan origination, resilient margins, disciplined cost management and robust credit quality. New lending reached almost £1.1 billion, up 31% year-on-year, driving a 27% increase in the loan book to £932 million. Profit before tax rose almost 50% to a record £13.4 million, while return on tangible equity increased to 15.4%. Net interest margin remained strong at 7.5%, despite beginning to normalise towards the Group’s long-term target of around 7%, while the cost-to-income ratio improved from 58.1% to 53% and cost of risk declined to 0.49%. DF Capital’s growth strategy continues to focus on diversification beyond inventory finance, with structured finance and asset finance providing additional growth opportunities. Asset finance achieved £28 million of new lending during H1 and reached a £40 million loan book, with management targeting £100 million over the coming months and preparing to launch a direct-to-consumer proposition in Q4 2026. Looking ahead, management expects the year-end loan book to reach £920–950 million and remains focused on achieving a £1.5 billion loan book and approximately 20% return on equity by 2030, supported by operational leverage, organic capital generation and continued product diversification.

Investor Meet Company will be hosting PROCOOK GROUP PLC - AGM Proceedings, at 10th Sep 2026 at 11:00am BST.

Acuity RM Group PLC’s latest investor update highlights a significant financial turnaround, improving profitability and a growing recurring revenue base as the company positions itself for accelerated growth in cybersecurity risk management. Following substantial cost reductions and restructuring in 2025, the Group reduced its operating loss to approximately £0.2 million and has been profitable every quarter since Q4 2025, with the first half of 2026 effectively breaking even. Recent contract wins have added more than £300,000 of new annual recurring revenue, while forward contracted revenue has increased 15% since the start of the financial year to £2.27 million. Recurring revenue accounted for 86% of H1 2026 revenue, reflecting the sticky nature of Acuity’s subscription-based software model and its strong customer base across the public sector, defence contractors, utilities, healthcare and other highly regulated industries. The company’s growth strategy centres on protecting its established Stream Classic customer base while expanding into the mid-market through Stream Cloud, which targets organisations seeking accessible solutions for cyber risk management, DORA compliance and third-party risk. Acuity is also preparing to launch Risk OS, an AI-enabled cyber GRC platform designed to help organisations respond to threats at the speed of AI and automate cyber defence within defined guardrails. Supported by increased UK and European cybersecurity spending, an expanding defence-related pipeline and renewed investment in direct sales and channel partnerships, management believes the business is now positioned to scale revenue, improve operating profitability and generate sustainable cash flow.

Journeo PLC’s latest investor update highlights a strong first-half performance, significant revenue growth and an expanding pipeline of opportunities across transport, transit networks and critical national infrastructure. Group revenue increased 53% year on year to £37.6 million, with organic revenue growth of 13%, while gross profit rose 57% to £14.5 million as gross margins improved by 1 percentage point. Adjusted profit before tax increased 10% to £3.0 million, supported by strong trading and continued investment in research and development. The Group remains operationally cash generative, with underlying cash increasing by £5.3 million year on year after adjusting for the £10.7 million acquisition of Crime & Fire. Journeo now has around 35,000 connected assets and supports approximately 2 million passenger journeys per day, expected to rise to 3 million following the Boston Mass Transit Authority contract win. Its three strategic divisions—Integrated Systems, Information Systems and Infrastructure Protection—provide a platform for organic growth and targeted M&A. Information Systems delivered particularly strong revenue growth of 40%, while Infrastructure Protection contributed £10.6 million of revenue following the Crime & Fire acquisition. Management is targeting approximately £80 million of revenue in FY2027 and has set a medium-term ambition to exceed £150 million of revenue with double-digit operating margins. Growth is expected to come through organic expansion, recurring software and maintenance revenues, AI-enabled solutions, consolidation and carefully targeted acquisitions across a substantial serviceable addressable market. With strong market drivers, an increasing sales pipeline and further contract opportunities across transport, airports, rail, utilities and defence, Journeo remains focused on scaling its technology platform and delivering sustainable long-term growth.

Corero Network Security PLC delivered strong H1 2026 financial results, with revenue increasing 42% year-on-year to $15.5 million and annual recurring revenue (ARR) reaching $24.1 million, up 12%. The cybersecurity specialist also achieved a 93% gross margin and maintained a 96% customer renewal rate, with revenue growth driving significant operating leverage following an EBITDA loss in H1 2025. Commercial momentum remained strong, including major contract wins with service providers in Brazil, the US and UK, alongside expansion into the rapidly growing AI data centre and neocloud markets. Post-period wins included an initial $1.4 million contract with a major US telecoms provider and a five-year $3.4 million agreement with a Tier 1 UK operator. Corero’s growth strategy is increasingly focused on evolving from a DDoS protection specialist into a broader cyber resiliency platform, supported by an expanded product portfolio spanning traffic observability, API protection, performance monitoring and zero trust. Management expects to exceed market expectations for FY2026 revenue of approximately $29.2 million and significantly exceed EBITDA expectations of around $3.3 million, supported by a strengthened sales pipeline, new product traction and geographic expansion. With growing demand from AI infrastructure, regulatory resilience requirements and increasingly sophisticated cyber threats, Corero believes its differentiated technology and expanding Tier 1 customer base position the business for continued revenue, ARR and cash flow growth into 2027.

Nexteq PLC reported a challenging H1 2026, with Group revenue declining 34% year-on-year to $26.7 million and an adjusted loss before tax of $4.0 million, primarily reflecting weaker demand from North American land-based gaming customers, tariff pressures and rising component costs. Quixant revenue fell 53% to $12.7 million as gaming platform volumes declined, while Densitron delivered a more resilient performance, with revenue increasing 1% to $13.9 million and maintaining a strong 38% gross margin. Despite near-term headwinds, Nexteq continued to advance its diversification and growth strategy, securing new customers across Launchpad, Tactilla and advanced display solutions while progressing its shift towards higher-value, integrated technology solutions. Densitron converted $12.7 million of sales pipeline opportunities during H1, while the Group’s total opportunity pipeline reached $505 million, up 5% since December 2025. Management expects stronger revenue and margins in H2, supported by good order book coverage, new client wins and continued cost management. Strategic priorities include recurring software revenue from Launchpad, expansion of Densitron’s HMI and IP-led solutions, new gaming hardware and cabinet products, and opportunities in Brazil and additional vertical markets. Nexteq remains focused on reducing its historical dependence on North American gaming and positioning the business for sustainable growth through 2027 and beyond.

FISHER (JAMES) & SONS PLC delivered a solid first-half 2026 performance, with revenue increasing 2.1% year-on-year to just under £196 million and underlying operating profit rising 27.9% to £14.2 million, lifting the operating margin to 7.2%. Strong growth in Defence and Maritime Transport offset challenging conditions in Energy. Defence revenue increased 43% to £53.8 million, while operating profit rose to £5.3 million, supported by submarine rescue, tactical delivery vehicles and military diving, alongside a strengthened order book providing good revenue visibility. Maritime Transport also performed strongly, with operating profit increasing 48% to £10.2 million, driven by strong tanker utilisation, improved spot rates and increased ship-to-ship transfer activity. Energy revenue declined 20.6% amid project delays, reduced oil and gas customer spending and weaker offshore wind construction activity. Net debt stood at £65.7 million, with net debt to EBITDA of 1.5x remaining within the target range, while return on capital employed improved by 210 basis points to 8.2%. FISHER (JAMES) & SONS PLC continues to invest in innovation, new products, geographic expansion and operational efficiencies as part of its growth strategy, targeting a 10% underlying operating margin and 15% return on capital employed. Full-year expectations remain unchanged, subject to no material deterioration in Energy markets.

Xeros Technology Group PLC’s half year results for the period ended 30 June 2026 highlighted accelerating commercial progress across all three of its core technology platforms: domestic laundry care, denim finishing and microfiber filtration. Revenue in the first half included contributions from each division for the first time, while costs remained broadly in line with the prior year. Management highlighted a significant strategic development in domestic laundry, with Xeros pursuing an additional “Washing Machine 2.0” route to market that gives the Group greater control over product development, launch timelines and economics, with potential margins estimated at two to four times those available under its traditional licensing model. Alongside this, its North American washing machine partner has reached an initial development milestone, while two additional global top-10 OEMs remain in active technology verification. In filtration, Xeros has achieved a key commercial milestone with its microfiber filtration device now available through MediaMarkt, with further distribution expected through Russell Hobbs and prospective partners across the Nordics, US and global markets. Denim finishing machine placements have exceeded plan across Pakistan, Turkey, Egypt and Bangladesh, with further installations planned in India and Sri Lanka and a first major brand collaboration nearing completion. Looking ahead, management sees growing revenue visibility, continued commercial conversion and potential regulatory tailwinds from expected microfiber filtration standards in 2027. With approximately £2.0m of year-end 2026 cash forecast by its broker, Xeros remains focused on expanding distribution, increasing licensing and royalty revenue, and building the foundations for scalable long-term growth.

Cambridge Nutritional Sciences PLC’s latest investor update highlights the challenges faced during FY2026 alongside progress in operational efficiency, sales development and the company’s long-term growth strategy. Revenue declined 16.3% amid weaker international demand, distributor changes and challenging global economic conditions, although the UK and India markets continued to show growth. UK testing volumes increased 11%, while India remained a standout market with strong partner uptake and further opportunities for expansion. Despite lower revenue, gross margin improved by 2.5 percentage points to 67.8%, reflecting better production efficiency, reduced scrap and improved purchasing. Adjusted EBITDA was a £0.4 million loss, while the company undertook a significant restructuring programme designed to reduce its cost base and improve productivity. Manufacturing yield improved substantially from 52.3% to 64.7%, while investment in a new CNS Lab website and cloud-based laboratory information management system is supporting digital growth and customer connectivity. A key strategic priority is the development of the company’s next-generation IVDR-compliant FoodPrint test, with the number of foods targeted to increase from 222 to 290 and submission to the notified body targeted by the end of 2026. Management believes this enhanced product could strengthen CNS’s competitive position and secure access to European and other regulated markets beyond 2029. While near-term trading conditions remain challenging, the company expects continued growth in the UK and India, stable gross margins and sufficient cash to fund the IVDR programme and ongoing operations, with a continued focus on cost reduction, operational efficiency and revenue growth.

SigmaRoc PLC delivered a strong first half of 2026, with EBITDA increasing 11.3%, EPS rising 12.2% and EBITDA margins expanding by around 200 basis points to 25.1%, despite continued weakness in European residential construction. The group strengthened its balance sheet, reducing leverage to 1.66x, while return on invested capital approached 12%. Revenue increased from £510m to £523m, supported by pricing, operational efficiencies and resilient demand across industrial and environmental markets, while the synergy programme delivered a further €5m of EBITDA improvements in H1. Strategic progress included additional mineral reserves in Sweden, a new 2 million-tonne aggregates plant in Belgium and the €110m acquisition of Lithuania’s Dolomitas Group. The acquisition adds approximately €70m of annual revenue, €18m of EBITDA, 3.5 million tonnes of annual production and a 25.7% EBITDA margin, while providing exposure to growing demand for dolomitic limestone and dolime, particularly from electric arc furnace-based green steel production. With H2 trading starting ahead of the prior year, further synergies available and a strong M&A pipeline, management remains confident SigmaRoc is on track for another solid full-year performance, supported by European reindustrialisation, infrastructure investment and continued operational improvement.

Camellia PLC’s latest investor update highlights a significant improvement in first-half 2026 financial performance, continued progress on its Value Enhancement Plan and a clear focus on operational efficiency, risk reduction and long-term growth. Revenue from continuing operations was £104.6 million, while the seasonal trading loss narrowed to £5.0 million from £9.6 million, driving a substantial improvement in adjusted loss before tax to £3.3 million from £12.9 million. EBITDA also improved from a £6.2 million loss to a £19.3 million profit. Stronger yields, pricing and cost control supported improved performance across several tea operations, particularly in India, Bangladesh and Kenya, although weaker avocado sales, macadamia pricing and higher input and logistics costs remain headwinds. Camellia also strengthened liquidity through its non-core asset disposal programme, generating £30.7 million of group disposal proceeds and £18.9 million of profit in the first half, with total liquidity of £133.2 million at June 2026. The company is progressing four growth projects spanning citrus, avocados, blueberries and arable production, while pursuing mechanisation, drone technology, solar generation and more efficient fertiliser use to improve operating efficiency. With the disposal programme substantially complete, Camellia is now focused on deploying capital selectively, reducing portfolio risk and building sustainable profitability. Management remains cautious on the full-year outlook given agricultural seasonality, commodity prices, input costs, logistics and potential weather impacts, but remains confident in the longer-term value enhancement strategy.

Team Internet Group PLC reported H1 2026 trading in line with market expectations, highlighting improved earnings quality and progress across its strategic priorities. Gross revenue was $179m, while net revenue reached $61m and gross margin increased to 34% from 28%. Adjusted EBITDA was $19.5m and operating profit returned to $3m, marking the Group’s first half-year operating profit since H1 2024.  The Comparison division strengthened its position as a second earnings pillar, delivering 38% net revenue growth and 56% profit growth, supported by deeper monetisation, international expansion and new customer acquisition channels.  Search completed its transition away from AdSense for Domains and returned to monthly profitability in June, with next-generation monetisation products now accounting for 90% of segment revenue. Net debt stood at $117.6m at 30 June, reflecting tax and other non-recurring cash outflows, with management targeting a reduction towards $100m by year-end as cash generation improves in H2.  The strategic review of the Domains, Identity and Software division is at an advanced stage, with multiple interested parties and the Board reaffirming its expectation that the division’s value would materially exceed $160m. Management expects structurally stronger H2 earnings, supported by Comparison growth, Search profitability, international expansion and continued deleveraging. 

Pantheon International PLC’s latest investor update highlights resilient portfolio performance, strategic progress and a renewed focus on long-term value creation across global private equity markets. PI delivered 4.3% NAV per share growth during the year, while its share price increased 37.5%, supported by a narrowing discount. The diversified portfolio continues to combine fund and direct investments, with a focus on high-quality small and mid-market businesses, particularly across North America, technology, healthcare and consumer sectors. Portfolio distributions increased to 16% of opening NAV, with £1.6 billion of net cash flow generated over the year and exits delivering a healthy 2.9x return on invested capital. PI also returned significant capital to shareholders through share buybacks, investing £118 million during the year and bringing total buybacks since FY2022 to approximately £580 million. The company has refined its growth strategy by concentrating its primary manager relationships on around 25 high-conviction managers, increasing its focus on operational value creation, improving portfolio liquidity and maintaining disciplined capital allocation between new investments and buybacks. Cost efficiencies have also been achieved through a simplified management fee structure and improved financing terms. With a balanced, diversified private equity portfolio and continued focus on operational performance, active portfolio management and shareholder returns, PI remains positioned to benefit from a recovery in private equity markets while targeting attractive long-term returns.

CT Private Equity Trust PLC delivered a resilient first-half 2026 performance, with improving realisation activity and continued strong growth across its diversified private equity portfolio. First-half realisations reached almost £64m, the highest level since H1 2021 and more than double the prior year, with exits achieving an average 32% uplift to carrying value.  Portfolio companies recorded revenue growth of 16% and EBITDA growth of 23% over the 12 months to June 2026, while the portfolio remained conservatively valued at 9.8x EV/EBITDA with prudent net debt of 2.7x EBITDA.  The Trust continues to pursue its proven growth strategy across lower mid-market businesses in the UK, Europe and North America, combining new fund commitments with direct co-investments in sectors including healthcare, energy transition, technology and consumer services. A strong pipeline of mature investments, with around two-thirds of the portfolio more than three years old, provides potential for further exits as M&A markets recover. The Trust also remains focused on shareholder returns, maintaining a quarterly dividend that has increased for 13 consecutive years and currently offers a 5.7% yield, alongside selective share buybacks.  Management believes increasing exit activity, attractive new investment opportunities and continued portfolio growth position CT Private Equity Trust to deliver further NAV growth, capital appreciation and income for shareholders.

Eurocell PLC delivered a resilient performance in the first half of 2026 despite challenging market conditions, with Group revenue increasing 6% to £205m and adjusted operating profit rising 10% to £11.1m. Organic volumes grew 1%, supported by improving sales momentum in Q2 that has continued into the second half, while the branch network recorded 5% sales growth and strategic initiatives gained traction, including a 29% increase in windows and doors and 49% growth in e-commerce sales. Alunet continued to perform strongly following its acquisition, contributing £28.4m of revenue and £4.0m of adjusted operating profit.  Eurocell remains focused on its growth strategy while improving margins and operational efficiency, with restructuring programmes expected to deliver more than £5m of annual cost savings and £2m of benefits in 2026. The Group also acquired ATT to support its extended living strategy and capture additional end-to-end margin from garden room sales.  With strong cash generation, leverage of 0.8x EBITDA, good headroom under its £75m debt facility and a 9% increase in the interim dividend, Eurocell enters the second half with a robust balance sheet and continued focus on cost control, market share gains, digital transformation and profitable long-term growth. 

Anglesey Mining PLC’s September 2026 investor update outlined a renewed strategy to advance its 100%-owned Parys Mountain polymetallic project in North Wales following a significant corporate restructuring. The company has eliminated approximately £4m of legacy debt, established a new leadership team and raised more than £1m since December to progress one of the UK’s largest polymetallic resources. Parys Mountain hosts approximately 16.1Mt of mineralised material containing around 1% copper and 1.3% zinc, alongside lead, silver and gold, with management highlighting substantial exploration upside across the Northern Copper Zone and wider district. The growth strategy centres on three priorities: develop the mine, grow the resource and discover the district, supported by targeted drilling, updated resource modelling, metallurgical work and mine planning. Management is also progressing environmental and planning engagement, with an objective of securing consent within approximately two years, while building a pre-feasibility or feasibility-level body of technical work over the next 18 months. An internal review of the 2021 PEA indicated approximately threefold potential upside under updated commodity price assumptions, although further engineering and technical work is required to validate the investment case. With exposure to copper, zinc, lead, silver and gold, Anglesey Mining believes Parys Mountain is strategically positioned to support the UK’s critical minerals strategy while creating a commercially viable domestic mining operation and long-term shareholder value.

AEW UK REIT PLC’s latest investor update highlights resilient company performance, consistent 2 pence quarterly dividends and strong NAV total returns that continue to outperform the MSCI benchmark. The portfolio, valued at £215.7 million across 34 assets at 30 June 2026, offers attractive income, low book values and significant rental growth potential, with a 7.28% net initial yield and 8.87% reversionary yield. Strong asset management delivered a 42% rent increase and 10 year lease renewal at St Helens, alongside new lettings at Runcorn and the successful full letting of 40 Queen Square in Bristol. The company identifies around £200 million of potential acquisitions yielding 8.5% or more across industrial, retail and leisure sectors, supporting its growth strategy. With industrial assets offering an estimated 18.2% cumulative rental growth through 2030, AEW UK REIT remains focused on income generation, active asset management, value investing and capital growth.

TT Electronics PLC’s 2026 half year investor update highlights a significant improvement in company performance, with adjusted operating profit rising 37% to £18.5 million and operating margin expanding 230 basis points to 8.1%. Revenue declined 2.7% year on year due to previously identified one off factors, but underlying sales grew around 4%, with organic growth expected in the second half. The group reported a strong order book exceeding £550 million, up 20% year on year, supporting improved revenue visibility and commercial momentum across Power, EMS and Components. EBITDA reached £24 million, while leverage remained manageable at 1.1 times, with further deleveraging expected. The growth strategy focuses on operational excellence, cost reduction, sales transformation and portfolio optimisation, including potential divestment of Components. New and expanded customer agreements, including Rolls Royce and MBDA, strengthen the long term pipeline, particularly across aerospace and defence. Management now expects full year adjusted operating profit to be ahead of current market expectations, supported by stronger margins, cost savings and improving cash generation.

Montanaro European Smaller Companies Trust highlighted an increasingly attractive investment opportunity across European small and mid-cap equities, supported by compelling valuations, strong portfolio fundamentals and improving performance. The Trust focuses on high-quality, profitable growth companies with recurring revenues, pricing power, strong balance sheets and sustainable long-term growth, targeting overlooked market leaders including Technoprobe, Kitron, Pfisterer and Dynavox.  European smaller companies currently trade at an 8% valuation discount to the broader market, compared with a long-term average premium of around 15%, while 33 of 40 portfolio holdings with reliable data trade below their five-year average P/E multiples.  Portfolio companies have historically delivered approximately 12% annual earnings growth, more than twice the wider European small-cap index, alongside a 23% return on equity and limited financial leverage.  The Trust has generated around 10% annualised NAV returns since launch, with 22 current holdings achieving multi-bagger status, demonstrating the long-term benefits of its quality-growth investment strategy.  With the shares trading at an approximately 8.5% discount to NAV, disciplined share buybacks and significant ownership by the board and investment manager, Montanaro believes current valuations provide an attractive entry point for investors seeking differentiated exposure to European smaller companies and structural growth themes.

Gore Street Energy Storage Fund PLC provides an investor update on its company performance, strategic review and plans to enhance shareholder value amid challenging battery energy storage market conditions. The board outlines a disciplined growth strategy focused on timely asset disposals, value enhancing augmentations and shareholder distributions, while opposing Saba Capital’s resolutions to accelerate the company’s realisation. Recent progress includes the completed sale of two Republic of Ireland assets at a premium to NAV, further disposals under way and augmentation projects designed to increase asset revenues and long term value. The board has committed to a 7% annual distribution, funded partly through orderly asset sales, with additional capital allocated to selected augmentations and potentially share buybacks where these offer superior returns. Management also addresses the company’s share price discount, revenue outlook, German asset disposal, management arrangements and portfolio strategy. With experienced infrastructure and investment company directors overseeing execution, Gore Street Energy Storage Fund aims to improve NAV performance, reduce the discount and deliver stronger shareholder returns over time.

Pennant International Group’s 2026 Interim Results highlighted strong progress in its transformation towards a higher-margin, recurring software and services model. First-half revenue increased 30% year-on-year to £5.8m, while adjusted EBITDA improved significantly from a £1.1m loss to a £0.5m profit, supported by stronger gross margins, disciplined cost control and growth across the training systems segment.  Auxilium, Pennant’s integrated software platform, continued to gain momentum, with annual recurring revenue (ARR) reaching £2.9m post-period end and remaining on track to exceed the £3m FY26 target.  The company also secured a long-term Canadian Department of National Defence services agreement, while its Siemens partnership delivered its first two US defence sales, providing an important new route to market. Training systems revenue more than tripled to £1.9m, with a £9.6m deliverable order book providing strong visibility.  With more than 95% revenue coverage for FY26 expectations and over 80% coverage for FY27, management remains confident in the outlook, targeting continued revenue growth, improving margins, stronger cash generation and an increasing contribution from recurring and repeatable revenues.