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Thursday, 17 September 2026

Markets Brief

News, business, world affairs and market coverage

World

Capricorn Energy agrees to revised DNO takeover terms

Capricorn Energy agrees to revised DNO takeover terms

NEXT (NXT): Raised full-year profit guidance to £1,255m

NEXT reported group sales including subsidiaries up 9.0% and profit before tax up 10.5% to £569m. The company increased full-year profit guidance by £12m to £1,255m, citing a small upgrade in sales expectations and additional cost savings, mainly in warehousing.

DRAX (DRX): Completed £561 million BSIF acquisition and raised EBITDA outlook

Drax completed the £561 million acquisition of Bluefield Solar Income Fund on 31 July 2026, with an enterprise value of £1,082 million. BSIF’s operational portfolio consists of about 0.8GW of solar and 0.1GW of onshore wind across more than 250 assets. Inclusive of BSIF from 1 August and a strong performance in July and August, the company now expects 2026 full-year Adjusted EBITDA to be around the top of the consensus estimates range.

Capricorn Energy (CNE): Revised all-cash offer values Capricorn at approximately US$396m

Capricorn Energy said its boards revised the acquisition terms, with shareholders entitled to US$5.214 in cash for each share. The revised price implied a value of approximately US$396 million for the entire issued and to be issued ordinary share capital on a fully diluted basis, equivalent to £294 million. The Capricorn directors intended to recommend unanimously that shareholders vote in favour of the scheme and related resolutions. The company continued to expect the scheme to become effective during Q4 2026 or Q1 2027, subject to conditions.

Beauty Tech (TBTG): Revenue rose 44.3% to £79.7m as EBITDA guidance was raised

Beauty Tech said first-half revenue increased 44.3% to £79.7m, while Adjusted EBITDA grew 53.0% to £21.3m and margin improved to 26.7%. The board remained confident in full-year revenue of no less than £170.0m, in line with upgraded guidance announced on 7 July 2026, and raised Adjusted EBITDA guidance to no less than £48.5m.

Galliford Try (GFRD): Adjusted profit rises 24.2% to £55.9m

Galliford Try increased adjusted profit before tax 24.2% to £55.9m, while revenue rose 3.0% to £1,931.1m. It announced a new £15m share buyback programme and said the final dividend increased 25.9% to 17.0p, taking the full-year dividend to 23.5p. The board said it was confident of further progress in FY2027, supported by a £4.3bn order book, with 90% of current-year and 62% of FY28 projected revenue secured.

Bytes Technology (BYIT): Gross profit growth forecast raised to low to mid-teens

Bytes Technology traded ahead of expectations in the first half of FY27, with Gross Invoiced Income estimated to rise about 19% year-on-year, Gross Profit 18% and Operating Profit 6%. The board now expects full-year Gross Profit growth in the low to mid-teens, with low to mid single-digit Operating Profit growth. Net cash was about £68m at the end of H1 FY27 after £41.3m was returned to shareholders through the final dividend and share buybacks.

Mid Wynd International Inv Trust (MWY): Bought back 32.2% of issued share capital for £99 million

Mid Wynd International Inv Trust bought back 13,000,500 ordinary shares, representing 32.2% of issued share capital at the start of the year, for £99 million during the year ended 30 June 2026. NAV per share returned 2.0% on a total-return basis, compared with 27.7% from the MSCI All Country World Index, while the net gain was 15.23 pence per share. The board expects revenue growth at a similar rate over the next few years, so the current use of reserves to cover the dividend should not continue for a prolonged period.

Victoria (VCP): Targets £70m net proceeds and £300m debt reduction

Victoria targeted £70 million in net proceeds in FY27, with approximately £26 million already completed. The company said the proceeds would reduce senior secured debt and Preferred Shares liabilities by at least £300 million, benefiting ordinary equity holders and cutting annual finance costs, including the Preferred Shares PIK dividend, by approximately £34 million. Organic revenue growth was approximately 4% year to date to the end of August, or approximately 6% excluding Rugs. The board remained focused on further EBITDA improvement and cash generation.

ACG Metals (ACG): Asset NPV rises to US$1.2bn as Gediktepe output outlook increases

ACG Metals said its 2026 CPR put total asset post-tax NPV8 at approximately US$1.2 billion, compared with $265 million in the 2024 CPR. The company said Gediktepe’s average annual production was expected to increase by about 60% to approximately 36 kt CuEq between 2027 and 2031, versus the original 20-25 kt CuEq target. FY2026 production guidance was revised to approximately 12-14 kt CuEq after a three-month rephasing of sulphide production into FY2027.

Bike24 (0AAT): Raises 2026 revenue forecast to EUR 345 million-EUR 360 million

Bike24 raised its 2026 revenue forecast to EUR 345 million to EUR 360 million, from the previously communicated EUR 316 million to EUR 332 million range, based on business performance to date. The company continued to expect adjusted EBITDA within the existing EUR 16.0 million to EUR 20.0 million forecast range, with current estimates pointing to EUR 16.0 million to EUR 18.0 million.

Time To ACT (TTA): New Thermal Processing division set £8.0m FY28 sales target

Time To ACT created a Thermal Processing division combining Diffusion Alloys and Metal Treatment & Engineering, and set it a FY28 sales target of £8.0m at a 40% gross profit margin. The core group was profitable during June, July and August.

WIZZ AIR (WIZZ): Raised second-quarter revenue guidance to flat year-on-year

Wizz Air said stronger-than-expected summer revenue led it to guide second-quarter RASK flat year-on-year, from previously down low single digits. It kept ASK and first-half ex-fuel CASK guidance unchanged, while trimming planned second-half capacity by 5%.

Strategic Minerals (SML): Infill drilling surpasses 5,000 metres across nine holes

Strategic Minerals said its resource infill drilling programme surpassed 5,000 metres across nine drillholes, with drilling across three pads. The programme remained on time and within budget, and the company said sustained pricing could provide upside to previously evaluated project economics.

Kelso (KLSO): £3 million placing and subscription conditionally raised

Kelso conditionally raised gross proceeds of £3 million through a placing and subscription of new ordinary shares at an issue price of 3.3 pence each. The new shares represented 19.8 per cent of existing issued share capital.

Harworth (HWG): Increased cash offer set at 177.5 pence per share

BidCo announced an increased cash offer on 16 September 2026 to acquire Harworth at 177.5 pence per share. It owned or had valid acceptances for approximately 29.99% of Harworth’s issued share capital, but the Acceptance Condition had not yet been satisfied.

Boohoo (DEBS): First-half GMV growth accelerated to 2.9% in the second quarter

Boohoo said first-half GMV grew 1.8% year on year to 31 August, accelerating from 0.5% growth in the first quarter to 2.9% in the second. Adjusted EBITDA increased 13.9% to £24m, while the board expects full-year guidance to be delivered.

Sunrise Resources (SRES): Conditionally raises £320,000 through placing

Sunrise Resources conditionally raised £320,000 before expenses through the issue of 2,133,333,330 new shares at 0.015 pence each. Each placing share carried one warrant exercisable at 0.0175 pence within 12 months. Trading on AIM was due to resume at 7:30 a.m. on 17 September 2026.

Manx Financial (MFX): Three UK finance subsidiaries begin merger under Triskel Finance

Manx Financial said its subsidiary Manx Ventures had commenced the merger of three UK finance subsidiaries into an enlarged entity operating under the Triskel Finance brand. The company said Triskel Finance’s profit before tax was expected to reach £1.1 million in 2028.

Supreme (SUP): Revenue reached a record £270.2 million in FY26

Supreme said revenue rose 17% to a record £270.2 million in the year ended 31 March 2026. The company said it continued to trade in line with expectations for FY27.

Schroder European Real Estate Investment Trust (SERE): NAV fell to €143.6 million as wind-down began

Schroder European Real Estate Investment Trust reported unaudited NAV of €143.6 million at 30 June 2026, or 109.3 euro cents per share. Shareholders approved the wind-down strategy on 3 September, with proceeds from asset realisations to repay borrowings and return capital.

Ab Dynamics (ABDP): FY2026 revenue expected to reach £91.6m

Ab Dynamics said FY2026 revenue from continuing operations was expected to be £91.6m, with adjusted operating margin in line with its 20% medium-term target. Trading in the final quarter was as anticipated, and the board said performance remained in line with guidance and market expectations.

Unite (UTG): 95% of beds reserved for 2026/27 academic year

Unite said 95% of its beds were reserved for the 2026/27 academic year, supporting expected like-for-like income growth of 0.5-1.0%. The company reiterated adjusted EPS guidance of 41.5-43.0p for FY2026.

Alkemy Capital (ALK): Offer in principle secured for up to £18.3m lithium grant

Alkemy Capital Investments said its Tees Valley Lithium unit received an offer in principle for up to £18.3 million of non-dilutive capital grant funding towards Phase 1 of its merchant lithium refinery at Teesside. The company said its focus was delivering first battery-grade production in the UK.

Guardian Metal Resources (GMET): Pilot Mountain PFS shows US$660.3 million after-tax NPV

Guardian Metal Resources completed the Pilot Mountain PFS, demonstrating an after-tax NPV of US$660.3 million. The company said the study marked an important milestone towards the potential redevelopment of domestic mined tungsten production in the US.

Atlantic Lithium (ALL): Huayou acquisition secures Australian foreign investment approval

Atlantic Lithium said Australian foreign investment approval was obtained for Zhejiang Huayou Cobalt’s proposed acquisition, satisfying the FIRB condition precedent under the scheme implementation deed. The scheme remains subject to other conditions, including regulatory approvals, shareholder approval and Supreme Court of Western Australia approval.

Ceps (CEPS): ICA disposal produced £11.058m exceptional profit

Ceps said the ICA Group disposal produced an exceptional profit of £11.058m, while profit after tax for the period was £10.857m.

iFOREX Financial Trading (IFRX): H1 adjusted EBITDA expected below previous guidance

iFOREX Financial Trading expects H1 2026 adjusted EBITDA of c.$1.4 million, below previous guidance, while FY 2026 guidance remained unchanged at $0.5 million to $2.5 million.

EnergyPathways (EPP): Collaboration signed to evaluate hydrogen and graphite technology

EnergyPathways signed a collaboration agreement with Hycamite to evaluate hydrogen and graphite technology, with potential annual revenues of £90 million-£120 million.

Eco Animal Health (EAH): US safety data supports ECOVAXXIN MS licensure

Eco Animal Health said USDA-CVB confirmed its US safety trial data for ECOVAXXIN MS supported licensure, following a trial involving more than 170,000 pullets; approval was expected by year-end.

Tertiary Minerals (TYM): Highest-grade silver-copper intersection reported at Discovery Zone

Tertiary Minerals reported 82m at 89 g/t Ag, 0.20% Cu and 0.38% Zn, with further laboratory results expected in the coming weeks.

Sound Energy (SOU): Completed $57 million disposal and repaid outstanding debt

Sound Energy completed the disposal of Sound Energy Meridja Limited for $57.0 million and used a substantial part of the proceeds to repay all outstanding debt.

Strip Tinning (STG): Revenue rose 18% to £5.4m in first-half results

Strip Tinning said first-half revenue increased 18% to £5.4 million, while the board expected second-half growth to ramp up and remained confident of meeting full-year market expectations.

OptiBiotix Health (OPTI): Revenue rose 21.9% to £679k in first half

OptiBiotix Health reported first-half revenue rose 21.9% to £679k, while gross profit increased 25.4% to £380k and operating costs fell 12.2%.

Majestic (MCJ): Revenue doubled to US$37m in first-half results

Majestic reported first-half revenue of US$37m for the six months ended 30 June 2026, while profit before tax rose to US$3.3m.

Serval Resources (SRVL): Geophysics surveys progressed at Somelo and Sweet Thorn Pan

Serval Resources completed 225.45 line-km of surveys at Somelo and began a 630 line-km drone magnetic survey at Sweet Thorn Pan.

atome (ATOM): Notice of dispute to be served over Paraguay project

ATOME said it will serve a notice of dispute over its US$665 million Villeta Project, alleging Paraguay violated the BIT; other projects remain unaffected.

Fadel Partners (FADL): First-half revenue rose 4% to $4.8 million

Fadel Partners reported first-half revenue of $4.8 million, up 4%; management expects full-year revenue, adjusted EBITDA loss and cash to be in line with market expectations.

SysGroup (SYS): Approved supplier on G-Cloud 15 with first contract secured

SysGroup joined the UK Government’s G-Cloud 15 framework and secured its first public-sector contract, while the board remained confident of meeting market expectations.

Arrow Exploration (AXL): 3P reserves increased 71% to 34.4 MMboe

Arrow Exploration increased 3P reserves 71% to 34.4 MMboe, with before-tax NPV-10 of $731 million.

Frasers (FRAS): £80m share buyback programme arranged

Frasers entered into an arrangement with Panmure Liberum for a share buyback programme of up to £80,000,000, with purchased shares placed into treasury.

Anglesey Mining (AYM): Reported £2.08 million profit after tax

Anglesey Mining reported a £2.08 million profit after tax for the year ended 31 March 2026, compared with a £0.66 million loss.

Savannah Resources (SAV): Completed 14 hydrogeological holes for Barroso Lithium Project

Savannah Resources completed 14 hydrogeological holes totalling 696m and expected the field programme to finish in the coming weeks.

Mindflair (MFAI): Generated €600,000 from partial CameraMatics realisation

Mindflair generated €600,000 from partially realising its CameraMatics investment as part of a new investor’s €49 million investment in the company.

THE Mission (TMG): Final stages of agency portfolio simplification completed

MISSIONGroup completed its agency portfolio simplification; the combined business will deliver over 250 experiences annually across more than 30 countries.

Landore Resources (LND): Received final C$1.3125 million instalment under property option agreement

Landore received the final C$1.3125 million cash instalment under the option agreement, satisfying the remaining payment commitment.

Greenroc Strategic Materials (GROC): Amitsoq CSPG footprint estimated at 1.60 kg CO₂e/kg

GreenRoc said its independent assessment estimated Amitsoq’s cradle-to-gate CSPG footprint at 1.60 kg CO₂e per kg.

Unicorn Mineral Resources (UMR): £1.25 million loan facility fully drawn

Unicorn Mineral Resources said it had fully drawn a £1.25 million loan facility.

Valereum (VLRM): Received first quarterly instalment of 13,975 VGOLD-CORE+ tokens

Valereum received the first quarterly instalment of 13,975 VGOLD-CORE+ tokens after its Definitive Agreement with QGP became unconditional on 27 August 2026.