Flash Notes

Sulnox delivered a year of accelerated commercial traction, reporting FY26 revenue to the end of March up 134% YoY to £2,623k, and ahead of our estimate. Revenue jumped 89% QoQ in part reflecting delivery of the committed pipeline at the start of the quarter.  While Marine remains the primary driver of growth, Sulnox also broadened its reach across land-based sectors. Momentum has continued into 1...

Seplat reported a robust quarter financially despite operational issues as it benefitted from exceptionally strong realisations, achieving an 11% premium to Brent. Production has already recovered and is set to grow further. Management demonstrated their confidence in the outlook declaring a USc9 dividend for the quarter, a 96% increase YoY, including a special dividend of USc4.0, and reiterating...

For AltynGold, 2025 was a transformational year.  The company reported record results for the year to December 2025 benefitting from the increase in the gold price and completion of the processing capacity expansion at its Sekisovskoye gold mine. The company is well set to deliver further expansion at Sekisovskoye and move into the preliminary development stage at Teren-Sai as well as being positi...