Flash Notes

Despite some headwinds, Seplat reported a strong set of results for the period to September and is on track for a stellar year. Production continues to increase quarter-on-quarter with production guidance narrowed up to 145-155kboed, at the upper end of the previous guidance range (135-155kboed). Despite a substantial underlift and negative working capital, net debt was reduced to US$234.9m and le...

Sulnox continues to grow rapidly, generating record revenue in the quarter to June of £984k, up 19% QoQ and up 45% YoY. For the first six months revenue increased 48% YoY to £1,809k. Towards the end of the quarter, Sulnox announced a new four-year supply contract with Spring Marine adding to the record new four-year supply deal announced with Eastern Pacific Shipping at the end of 1QFY27. Together...

AltynGold reported record results for the half to June with net profit up 58.4% YoY to US$42.7m and adjusted EBITDA up 55.4% to US$68.5m, driven by higher gold prices and sales. Production and sales should be stronger still in 2H26, following completion of the bridging work across lower grade transitional zones completed in 2Q26. AltynGold remains extremely lowly rated versus peers with EV/gold Re...

TheraCryf has announced results for the year to March 2026 in line with management’s expectations. Closing net cash was £1.5m, ahead of the post-period-end equity raise of £1.05m, leaving the company funded through FY27. More importantly, TheraCryf advanced the programme for its Ox-1 lead clinical asset flawlessly and is approaching more value inflection points ahead of first in-human trials. The...

Sulnox has signed a new four-year contract with existing client, Spring Marine almost doubling current sales of its Sulnox Eco fuel conditioner to Spring Marine. This agreement expands the use of Sulnox Eco for use across at least 34 vessels with an increase in the average size of vessel and hence per vessel consumption of Sulnox Eco. In addition, Spring Marine will make a strategic investment of...

While Craneware reported top line results for the year to June in line with previously updated guidance, the impact of the disruption in the operation of the 340B drug programme in the US has proven much more severe than previously anticipated and the full impact of the cyber security incident has yet to be quantified. Consequently, Management are now guiding to revenue of cUS$185m for FY27, in li...

Galliford Try reported its sixth consecutive year of growth with its results to June. An increase of 3.0% YoY in revenue to £1,931.1m translated into a 24.2% jump in adjusted profit before tax to £55.9m, exceeding expectations. The full-year dividend was increased by 23.7% to 23.5p and the company announced a further share buyback programme of £15m to be completed in FY27. The strong profit perfor...

Personal Group’s results for the half to June reflect the positive trading statement including group revenue up 10% to £25.7m YoY and adjusted EBITDA up 22% to £6.7m delivered on the back of a strong operating performance. That translated into profit before tax up 21% to £4.6m, demonstrating operational leverage with EPS up 28% to 12.3p benefitting further from a favourable tax charge. The group g...

Sulnox reported results for the year to March 2026, confirming strong revenue growth of 134% YoY to £2.6m. Gross profit trebled to £0.7m on an improved margin but came in below our forecast due to volume discounting and higher cost of sales, largely due to the disruption in the Gulf. The results were also impacted by higher non-cash administration charges resulting in an underlying net loss for th...

TheraCryf has announced an equity raise of £1.05m, gross by way of a placing and subscription focusing on completing the clinic-enabling programme for the company’s Ox-1 lead clinical asset with the aim of securing a partnering/out-licensing deal to support the future costs of the programme. This is coupled with the potential to undertake the next stage Phase 1 clinical trial in Australia which of...

AltynGold’s results for 2Q26 reflect a strong recovery in production QoQ following a return to normal mining conditions during the quarter. The balance of the year should be stronger still. We continue to expect ore processed to approach 1Mtepa and make no changes to our forecasts which are based on an average realised gold price of US$4,000/oz. AltynGold remains extremely lowly rated versus peers...

Sulnox continues to deliver high rates of revenue growth from its drop-in fuel conditioners with sales up 54% YoY to £0.8m. Besides the continuing rapid growth in revenue, this was a busy quarter for the company including the signature of its largest commercial agreement to date, further deepening its relationship with Eastern Pacific Shipping, a £2m subscription, bolstering the balance sheet, and...

Seplat has reported a strong set of results for 1H26 reflecting a rebound in production QoQ and benefitting from strong liquids realisations including a notable premium to Brent. The quarterly dividend has been hiked to 12 cents and a full year dividend intention set at 45 cents In addition, the company has announced agreement to transfer 10% of its current 40% interest in SEPNU to NNPC, as previo...

Personal Group has released a positive update for the half to June. Group revenue increased by 10% YoY to £25.7m (1H25 £23.3m) demonstrating robust revenue growth across all areas of the business. The adjusted EBITDA performance was even better, increasing 22% to £6.7m (1H25 £5.5m. The balance sheet remains strong with cash and net cash at £29.4m at 30 June (£29.0m at YEFY25). The company noted th...

Galliford Try has released another positive trading update with adjusted profit before tax for the year to June expected to be at the top end of the £51.4m-£53.4m, consensus range, implying a near 20% YoY improvement. Revenue growth YoY is expected to be around 3%, suggesting a further increase in the divisional adjusted operating margin over the 3.2% achieved in 1H26 and confirming good progress...

There has been no shortage of events to keep investors on their toes in recent months and years, from wars in Ukraine, Gaza and Iran to political uncertainty at home and abroad, as well as question marks over the path of global economic growth and the trajectory of inflation and interest rates. While a surging gold price in 2025 propelled commodity funds to the top of the performance charts, techn...

While the sector may be highly cyclical and has at times had its ‘wilderness years’, a diversified allocation to commodities has consistently proved its strong performance potential, making it a solid choice to tuck away for long-term, inflation-beating returns. With a track record of more than 30 years, BRWM is the granddaddy of the AIC’s Commodities & Natural Resources sector, producing NAV...

INPP was born in response to a policy-driven investment opportunity, but rather than tailing off as its initial public-private partnership (PPP) projects approached maturity, it has grown into a diversified and increasingly future-proofed portfolio of government-backed, regulated and operating assets offering sustainable, growing and inflation-linked income for the next 25 years even if no new inv...

Following a strong 1HFY26 performance, Craneware has released a trading statement for the year to 30 June identifying an unexpected slowdown in 340B transactions revenue. While customer demand and cash generation have remained strong throughout the year, revenue is now expected to be US$205-US$208m with Adjusted EBITDA of US$65-US$67m, broadly in line with FY25 but materially below market expectat...

BlackRock Energy and Resources Income Trust (BERI) is reaping the benefits of its threefold focus on conventional energy, mining and energy transition, with share price and NAV total returns of c 70% and c 60% respectively over the past 12 months (to 19 June 2026). Portfolio managers Tom Holl, Mark Hume and new addition Charlie Brew took advantage of lower relative valuations early in the year to...

Sulnox has signed a very large new supply contract with Eastern Pacific Shipping (EPS) for quintuple the volumes and more than double the tenure of the first deal announced in January 2025. The new contract will extend the use of Sulnox Eco fuel conditioner to more than 50 vessels in the EPS fleet and follows the initial 30 vessel, 18-month contract together with additional technical validation in...

We recently attended a scheduled update for analysts hosted by Seplat CFO, Eleanor Adaralegbe which addressed the recently announced Board succession plans as well as providing a more general update of operations and strategy implementation. Current 2026 targets and the 2030 strategy targets were reiterated. While the company remains highly disciplined in its management of operations and cash, the...

Index concentration has accelerated and the US now makes up 63% of the MSCI ACWI, while China, Taiwan and South Korea together account for the same share of the MSCI Emerging Markets Index. These markets are themselves dominated by a few very large companies, so investors seeking genuine diversification must look more widely. BlackRock Frontiers Investment Trust (BRFI) offers exactly that, with c...

AltynGold delivered a strong revenue performance in 1Q26 despite operational issues impacting QoQ production and gold grade. Near record quarterly revenue of US$56m was up 122% YoY and off 3% QoQ with the YoY performance benefitting from gold sales up 29% to 11,532oz and the realised price increasing by 70% to US$4,809/oz. Production and processing fell QoQ, impacted by the planned mining of upper...

Galliford Try recently hosted an investor and analyst visit to some of the projects it is undertaking in Hampshire for Southern Water. A wide range of the company’s senior leadership team were also present, including the CEO and CFO. The headline takeaway at the group level was that all divisions are performing very well with little risk seen to funding despite the broader macro pressure on govern...