Financials: Positioned to benefit from a new economic cycle 

Polar Capital
-
3
Financials: Positioned to benefit from a new economic cycle 

Written by Nick Brind, George Barrow & Tom Dorner, co-managers of the Polar Capital Global Financials Trust.  

The global economy is entering a more complex phase. Interest rates are no longer anchored near zero. Governments are deploying fiscal policy more actively. Capital investment – in infrastructure, energy security, defence and digital capacity – is rising in strategic importance. 

Financial companies sit at the centre of these shifts. They intermediate savings, allocate capital, underwrite risk and facilitate transactions. When the economic regime changes, the transmission mechanism runs directly through the financial system. 

After a prolonged period defined by ultra-low interest rates and cautious balance sheet management, the financials sector today is operating in an environment in which capital generation and productivity gains may become more important drivers of returns. 

The war in the Middle East is a reminder that this evolving economic backdrop is unlikely to be linear. It has contributed to higher energy prices and increased market volatility, reinforcing the importance of resilient balance sheets and disciplined capital allocation across the financial system. 

We are liable to continue to see periods of uncertainty such as this and the impact it has on nearer-term growth and inflation. However, our focus is very much on the longer-term structural drivers, discussed below, that remain intact. 

Normalised rates and capital discipline 

For much of the previous decade, interest rates in developed markets were exceptionally low. That contributed to compressed margins in parts of the banking system and distorted the pricing of risk across asset classes. 

A more normalised interest rate backdrop changes the equation. Banks are better able to earn appropriate spreads on deposits and loans. Insurers can reinvest premiums at more attractive yields. Savers once again receive compensation for capital. Risk is more explicitly priced. 

This does not eliminate risk. Higher rates can expose weaker borrowers and create credit stress if growth slows. However, from a structural perspective, the financial system is operating in a more economically rational framework than during the zero-rate era. 

At the same time, fiscal policy is becoming more active. Public investment initiatives require financing and private sector capital expenditure is responding to shifting geopolitical and supply chain realities. A well-capitalised and functioning financial system is essential to supporting that activity. 

Regulatory recalibration 

The financial system is entering this phase from a position of strength. Over the past decade, capital levels have risen materially and supervisory oversight has remained rigorous. Balance sheets are much more conservative and liquidity buffers higher than in previous cycles. 

More recently, policymakers in parts of the US and Europe have begun to discuss whether elements of the regulatory framework can be simplified without compromising stability. In the US, proposals under discussion would allow large banks greater flexibility in returning capital to shareholders, supporting loan growth and improving capital efficiency. In Europe, there is growing focus on simplification and consolidation to enhance competitiveness. 

This is not a wholesale loosening of safeguards. Rather, it reflects recognition that regulatory regimes can accumulate complexity over time. For investors, improved capital efficiency – if delivered prudently – can support stronger returns on equity while preserving resilience. 

A broad and differentiated sector 

Financials are the second largest sector within global equity markets and encompass a wide range of business models. 

Source: MSCI, 30 January 2026. 

Banks are one component, but insurers, exchanges, trading platforms, asset managers and specialist lenders each have distinct earnings drivers. Life insurers benefit from demographic and savings trends. Exchanges and platforms can benefit from elevated market activity. Asset managers are leveraged to flows and equity markets. Emerging market lenders operate in economies where financial penetration continues to deepen. 

These subsectors respond differently to interest rates, growth, inflation and volatility. The diversity of drivers within financials allows for differentiated sources of return across the cycle. 

In certain regions, particularly Europe, valuations remain at discounts relative to broader equity markets despite improved profitability. While valuation alone is not a catalyst, it can provide a degree of support if earnings remain disciplined and capital allocation rational. 

Productivity and technology 

Technological advancement is another important structural factor. Artificial intelligence and advanced data analytics are reshaping many industries. Earlier this year, concerns about disruption contributed to volatility across parts of the financial sector. 

However, financial services are inherently data-rich and process-intensive. Credit assessment, fraud detection, compliance monitoring and customer servicing are areas where automation can enhance efficiency and accuracy. Several institutions have cited tangible productivity gains and medium-term return targets supported by technology adoption. 

External research suggests that banking and insurance are among the sectors most exposed to productivity improvements from AI deployment. For well-capitalised incumbents, scale and data depth can be competitive advantages. 

Rather than displacing established institutions, technology may reinforce the operating leverage of those able to implement it effectively. 

Capital allocation and income 

Financial companies are significant generators of cashflow. When capital buffers are comfortably above regulatory minimums, this can support dividends and, where appropriate, share buybacks. 

The Polar Capital Global Financials Trust operates an enhanced dividend policy targeting a 4% annual distribution, paid quarterly. While dividends are not guaranteed and may be reduced in adverse market conditions, capital discipline remains central to our approach. 

The Trust invests across the global financials universe, including banks, insurers, payment companies, exchanges and asset managers. Approximately 40% of the portfolio is currently invested in US and European banks, reflecting our view that many of these institutions combine strong balance sheets with improving capital efficiency and exposure to evolving macro conditions. 

Active management is essential in a sector shaped by economic cycles, regulatory change and subsector rotation. Within the portfolio, we balance exposure to US banks benefiting from regulatory recalibration, European banks trading at valuation discounts, insurers positioned for long-term savings growth and platforms that can benefit from elevated market activity. This diversified positioning reflects our view that different parts of the sector will lead at different stages of the cycle. 

Positioned for the next phase 

The defining features of the previous era – ultra-low rates, subdued credit growth and continual regulatory tightening – are evolving. Today our investment world is characterised by stronger balance sheets, normalised interest rates, more active fiscal policy and regulatory recalibration. 

Financials will not deliver returns in a straight line. Cyclical setbacks are inevitable, and periods of volatility should be expected. However, the sector’s central role in capital formation – combined with improved resilience, disciplined underwriting and more efficient capital allocation – suggests it is positioned differently for the phase ahead. 

The graph below shows that financial companies are becoming more profitable, with their return on equity – a measure of how efficiently companies generate profits – has improved significantly. 

Financials delivering stronger returns (%) 

Source: Polar Capital, Bloomberg, 31 December 2025. Note: Return on Equity shown for the benchmark; MSCI All Country World Index Financials Index. 

For the Trust, this aligns closely with how the portfolio is constructed. We focus on well-capitalised institutions with durable franchises, prudent risk cultures and the ability to generate attractive returns across the cycle. Our exposure to US and European banks reflects our view that capital efficiency and regulatory evolution can support sustainable profitability, while our holdings across insurers, exchanges and asset managers provide differentiated earnings drivers within the broader financial ecosystem. 

In our view, the sector today combines three features that rarely coincide: structural resilience, improving capital dynamics and supportive macroeconomic conditions. That does not eliminate risk, but it does create a more constructive foundation than has existed for much of the past decade. The sector’s return on equity has improved materially over recent years, reflecting both stronger balance sheets and more disciplined capital allocation. For long-term investors willing to accept cyclical variability, we believe financials – and active exposure to them through a specialist strategy – offer a compelling opportunity as the economic regime continues to evolve. 

Discover the Polar Capital Global Financials Trust  

The Company is an investment company with investment trust status and its shares are excluded from the Financial Conduct Authority’s (“FCA”) restrictions on the promotion of non-mainstream investment products. The Company conducts its affairs, and intends to continue to conduct its affairs, so that the exemption will apply.  

The Company is an Alternative Investment Fund under the EU’s Alternative Investment Fund Managers Directive 2011/61/EU as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. 

The Investment Manager 

Polar Capital LLP is the investment manager of the Company (the “Investment Manager”). The Investment Manager is authorised and regulated by the FCA and is a registered investment adviser with the United States’ Securities and Exchange Commission.  

Key Risks 

  • Investors’ capital is at risk and there is no guarantee the Company will achieve its objective. 
  • Past performance is not a reliable guide to future performance.  
  • The value of investments may go down as well as up.  
  • Investors might get back less than they originally invested.  
  • The value of an investment’s assets may be affected by a variety of uncertainties such as (but not limited to): (i) international political developments; (ii) market sentiment; and (iii) economic conditions.  
  • The shares of the Company may trade at a discount or a premium to Net Asset Value.   
  • The Company may use derivatives which carry the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions. 
  • The Company invests in assets denominated in currencies other than the Company’s base currency and changes in exchange rates may have a negative impact on the value of the Company’s investments.  
  • The Company invests in a concentrated number of companies based in one sector. This focused strategy can lead to significant losses. The Company may be less diversified than other investment companies. 
  • The Company may invest in emerging markets where there is a greater risk of volatility than developed economies, for example due to political and economic uncertainties and restrictions on foreign investment. Emerging markets are typically less liquid than developed economies which may result in large price movements to the Company.  

Important Information 

Not an offer to buy or sell: 

This document is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, and under no circumstances is it to be construed as a prospectus or an advertisement. This document does not constitute, and may not be used for the purposes of, an offer of the securities of, or any interests in, the Company by any person in any jurisdiction in which such offer or invitation is not authorised.  

Information subject to change: 

Any opinions expressed in this document may change.  

Not Investment Advice: 

This document does not contain information material to the investment objectives or financial needs of the recipient. This document is not advice on legal, taxation or investment matters. Prospective investors must rely on their own examination of the consequences of an investment in the Company. Investors are advised to consult their own professional advisors concerning the investment.  

No reliance: 

No reliance should be placed upon the contents of this document by any person for any purposes whatsoever. None of the Company, the Investment Manager or any of their respective affiliates accepts any responsibility for providing any investor with access to additional information, for revising or for correcting any inaccuracy in this document. 

Performance and Holdings: 

All data is as at the document date unless indicated otherwise. Company holdings and performance are likely to have changed since the report date. Company information is provided by the Investment Manager. 

Benchmark  

The Company is actively managed and uses the MSCI ACWI Financials Net TR Index as a performance target.. The benchmark has been chosen as it is generally considered to be representative of the investment universe in which the Company invests. The performance of the Company is likely to differ from the performance of the benchmark as the holdings, weightings and asset allocation will be different. Investors should carefully consider these differences when making comparisons. Further information about the benchmark can be found here.  

Third-party Data 

Some information contained in this document has been obtained from third party sources and has not been independently verified. Neither the Company nor any other party involved in compiling, computing or creating the data makes any warranties or representations with respect to such data, and all such parties expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any data contained within this document.   

Country Specific Disclaimers 

United States 

The information contained within this document does not constitute or form a part of any offer to sell or issue, or the solicitation of any offer to purchase, subscribe for or otherwise acquire, any securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. The Company has not been and will not be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”) and, as such, the holders of its shares will not be entitled to the benefits of the Investment Company Act. In addition, the offer and sale of the Securities have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). No Securities may be offered or sold or otherwise transacted within the United States or to, or for the account or benefit of U.S. Persons (as defined in Regulation S of the Securities Act). In connection with the transaction referred to in this document the shares of the Company will be offered and sold only outside the United States to, and for the account or benefit of non-U.S. Persons in “offshore- transactions” within the meaning of, and in reliance on the exemption from registration provided by Regulation S under the Securities Act. No money, securities or other consideration is being solicited and, if sent in response to the information contained in this document, will not be accepted. Any failure to comply with the above restrictions may constitute a violation of such securities laws. 

Further Information about the Company 

Investment in the Company is an investment in the shares of the Company and not in the underlying investments of the Company. Further information about the Company and any risks can be found in the Company’s Key Information Document, the Annual Report and Financial Statements and the Investor Disclosure Document which are available on the Company’s website, found at:  https://www.polarcapitalglobalfinancialstrust.com  

BRCK rejects takeover approach from Atlas Holdings, believes 65p bid undervalues company

UK Investor Magazine
-
0
BRCK rejects takeover approach from Atlas Holdings, believes 65p bid undervalues company

BRCK Group has rebuffed a takeover approach from US private equity firm Atlas Holdings, saying the indicative 65 pence per share cash proposal put to the board in March fundamentally undervalues the business.

Atlas made its first unsolicited, non-binding approach in February, prompting BRCK’s board to engage under NDA to assess whether a recommendable offer might materialise. It didn’t.

When Atlas tabled its 65p proposal on 17 March, the board unanimously rejected it eight days later. BRCK is doing its best to fight off pressure from the US group, which clearly sees more value in building a products and services group than the UK market does.

BRCK has nonetheless left the door slightly ajar, agreeing to share limited further information with Atlas to see whether it is willing to improve its price.

The board has made clear, however, that it won’t be drawn into a full due diligence process unless Atlas comes back with something it would actually be prepared to recommend to shareholders.

GenIP keeps up rapid commercial pace as Asia emerges as its biggest market

UK Investor Magazine
-
0
GenIP keeps up rapid commercial pace as Asia emerges as its biggest market

GenIP has issued a bullish commercial update, pointing to continued order flow across the US, Asia and other key markets as it heads into 2026 on the back of around 330% revenue growth in FY25.

Asia has been a major strength for the group, growing by roughly 3,500% year on year and now accounting for the largest share of the company’s revenue.

Europe and Latin America also contributed meaningfully, up around 111% and 51% respectively, though from smaller bases.

There were no revenue figures in today’s update, but the announcement pointed towards growth in key offerings.

The technology commercialisation platform says client demand is shifting towards larger, multi-year engagements at the portfolio level rather than one-off technology evaluations. The company believes this trend should support both revenue visibility and deal sizes going forward.

Renewal conversations with FY25 clients are said to be progressing well, with several looking to expand their scope, consistent with the company’s reported 90% retention rate. This should see revenues grow again in the current financial year.

On the product side, GenIP said Invention Prioritizer is now in active use with several clients, including Brazil’s National Nuclear Energy Commission, while Invention Validator is completing its first deployment at a South African research university, carrying an expected 60% gross margin.

GenIP has also been building out its commercial team, bringing in a global enterprise sales lead to tap its previously largely unexplored corporate market, alongside a Latin America specialist with WIPO advisory credentials and a further Asia hire in the pipeline.

With its largest market still accelerating and a growing institutional pipeline at advanced stages across multiple regions, GenIP appears poised to build momentum as we move through 2026.

“GenIP is delivering strong progress across all of our strategic priorities. Asia’s exceptional growth, Europe’s accelerating momentum and the long-term potential we see in Latin America demonstrate the global demand for our platform and products,” said Melissa Cruz, Chief Executive Officer of GenIP.

“Clients are deepening their engagement with us, adopting our broader product suite and increasingly seeking portfolio-level insight. With a growing pipeline, strong renewal activity and a clear strategic focus, GenIP is well positioned for its next phase of growth.”

GenIP shares were hit last after the company conducted a heavily discounted placing. Since then, shares have built a base around 9p – 10p and now have a market cap of less than £2m.

FTSE 100 commodity shares drive outperformance as Middle East tensions persist

UK Investor Magazine
-
8
FTSE 100 commodity shares drive outperformance as Middle East tensions persist

The FTSE 100’s commodity sectors helped drive outperformance on Monday as Donald Trump threatened to seize Iran’s key oil hub on Kharg Island.

London’s leading index was 0.9% higher, at 10,062, at the time of writing, as oil traded above $115 and metal prices rose. The German DAX was just 0.3% higher.

“Market nervousness around the situation in the Middle East continues to ratchet up as the Iran conflict enters a fifth week,” says AJ Bell head of financial analysis Danni Hewson.

“Comments from President Trump about seizing Iranian oil and the country’s Kharg Island export hub, a build-up of US troops and the involvement of Tehran-backed Houthis in the war all create the impression of a conflict that is escalating rather than drawing to a close.”

The FTSE 100 managed to shake off souring sentiment on Monday due to its heavy weighting in commodity companies. But it was not oil majors driving the index higher, rather metals companies such as Rio Tinto, Melten Energy & Metals, and Glencore.

Mining shares rose on Monday after strikes at aluminium facilities in the UAE and Bahrain threatened already-constrained supply and drove prices higher.

Rio Tinto was the top riser, adding 3.6%.

Oil prices at $115 per barrel served as another buying signal for the FTSE 100 oil majors, which have been trading steadily higher amid the war in the Middle East. Shell added 1.4%, and BP rose 1.6%. The pairs gains were measured, but their weighting within the FTSE 100 went a long way to lifting the index.

A 1.6% rally in AstraZeneca, the FTSE 100’s largest constituent by market cap, played a part in index-level gains on Monday.

Financials St James’s Place, Prudential, and M&G were among the worst performers on the session.

Since falling sharply after the US and Israel launched attacks on Iran at the beginning of March, the FTSE 100 has formed a range between 9,850 and 10,100 as the index trades headline to headline.

Traders will be aware that it will likely take a major escalation or de-escalation in the conflict for the FTSE 100 to break out. A break could be fast and dramatic.

Halo Minerals shares sink after raising £4m in AIM debut to advance Chilean copper tailings project

UK Investor Magazine
-
0
Halo Minerals shares sink after raising £4m in AIM debut to advance Chilean copper tailings project

Halo Minerals shares sank on its AIM debut today, after raising £4 million at 18p per share to advance a copper extraction project targeting legacy mining waste in northern Chile.

The company began trading under the ticker HALO with a market cap of around £20 million before shares sank around 26% to trade at 13.25p,

The company’s core asset is the Playa Verde Project in the Atacama Region, comprising six mining concessions covering 13.57 square kilometres of copper-bearing tailings near the coastal town of Chañaral.

The project carries a JORC-compliant mineral resource of 53 million tonnes at 0.24% copper, with ore reserves of 32.2 million tonnes at 0.25% copper, containing around 79,000 tonnes of fine copper.

Based on those reserves, and using a copper price of $5.30 per pound, the project carries a post-tax NPV of $154 million and an IRR of 50.9%. These are attractive numbers, but not ones that have inspired confidence in the company as trading began on Monday.

The IPO is intended to take Playa Verde to a final investment decision or to a point at which alternative project funding can be secured.

Beyond Chile, Halo says it will also pursue additional growth opportunities in other jurisdictions. Investors in the IPO will hope the £4 million war chest can be put to work to progress these before long after the poor start to life on AIM.

Cairn Financial Advisers is acting as nominated adviser with Global Investment Strategy UK as broker.

AIM movers: Abingdon Health wins US contracts and Mirriad Advertising running out of cash

Andrew Hore
-
3
AIM movers: Abingdon Health wins US contracts and Mirriad Advertising running out of cash

Pulsar Helium (LON: PLSR) executive chair Neil Herbert exercised nearly 1.6 million options at C$0.45 each, raising C$719,000 for the company. The share price increased 17.5% to 121p.

Abingdon Health (LON: ABDX) has won a series of contracts worth £4.8m with a US client. This covers the development of multiplex quantitative lateral flow assay systems for human testing which will be delivered over 27 months. This supports the decision to expand capacity in the US. There could be a subsequent manufacturing contract. The company is set to move to around breakeven in 2026-27. The share price gained 10.3% to 8p.

Monoclonal antibodies developer Bioventix (LON: BVXP) reported interim revenues 9% lower at £6.2m. China was a tough market and some products are maturing. Pre-tax profit was slightly lower at £4.9m. Cash was £5.1m at the end of 2025. The customer base is being broadened and there is longer-term potential for royalties from the company’s antibodies that are included in products. Full year pre-tax profit is set to fall from £10.2m to £9.6m. The full year dividend is set to be unchanged at 150p/share even though it is not going to be covered by earnings. The share price recovered 9.09% to £15.

Security printing and authentication services provider Spectra Systems (LON: SPSY) more than doubled pre-tax profit to $25.2m on revenues 31% ahead at $64.3m in 2025. This was boosted by a major contract. The dividend is 17% higher at 13.6p/share. Net cash is $11.1m. The closure of the business in France has been delayed. Zeus has upgraded its 2026 pre-tax profit forecast by 12.5% to $11.1m. The share price rose 8.73% to 137p.

FALLERS

In-game advertising technology developer Mirriad Advertising (LON: MIRI) says that the expected upturn in February and March did not happen because of the Middle East conflict. It did sign a services agreement with a UK media conglomerate. There is £675,000 in the bank, but more cash will be required before the 2025 accounts are published. The share price dived 63.6% to 0.002p.

Pri0r1ty Intelligence (LON: PR1) says auditors still have not completed the audit for the year to September 2025 and trading in the shares will be suspended on 1 April. The AI business undertook two acquisitions, including a reversal, last year which complicates the accounts. There is also an impairment review on intangible assets. The share price slipped by one-fifth to 1.6p.

Wound healing technology developer AOTI Inc (LON: AOTI) says 2025 revenues were $66.5m, up 15% on 2024. Underlying pre-tax profit was $3.1m, compared with a loss last year. Net debt reached $6.5m. There is a $1.7m provision on money owed by Arizona. Revenues could still rise this year even though AOTI is pulling out of Arizona due to difficulty in getting paid, but profit could decline to $1.2m before starting to grow again. Outstanding debt from Arizona may eventually be reclaimed. A CMS local coverage determination is still expected in the near-term and that will provide some positivity. The share price declined 13.65 to 28.5p.

Graphene technology developer Directa Plus (LON: DCTA) is in discussions with an institution that could provide funding of up to £2.5m. This would require shareholder approval. Talks with Nant Capital ended without agreement on a non-dilutive loan. Directa Plus has enough cash until May but needs more funds to continue trading after that. The sale of a property could raise €500,000 and the Sectar subsidiary could also be sold. The share price fell 11.8% to 7.5p.

Greatland Gold more than doubles Telfer resource to 8 million ounces

UK Investor Magazine
-
6
Greatland Gold more than doubles Telfer resource to 8 million ounces

Greatland Resources has delivered a major upgrade to its Telfer gold-copper project in Western Australia, with the mineral resource growing 150% to 8.0 million ounces, adding 4.8 million ounces.

The update, based on around 134,000 metres of drilling completed during 2025, also saw the higher-confidence Measured and Indicated category surge 163% to 3.8 million ounces, a critical milestone as Greatland targets an updated Ore Reserve Estimate in the June 2026 quarter.

Much of the attention has been on Greatland’s Havieron project, but today’s resource upgrade puts Telfer on par with Havieron in terms of resource.

Combined with the unchanged Havieron resource, Greatland’s total gold-copper resource base now stands at 14.9 million ounces of gold and 645,000 tonnes of copper.

The West Dome Open Pit drove much of the growth, adding 2.8 million ounces to reach 4.9 million ounces, while the Main Dome Underground more than tripled to 2.2 million ounces.

A maiden resource of 0.6 million ounces was also declared for the West Dome Underground at an average grade of 2.30g/t, roughly three times the open-pit grade, highlighting the upside of greater underground utilisation.

Greatland has more than 100,000 metres of further drilling planned for the second half of its record FY26 programme, with a substantial campaign also lined up for FY27. The company said its focus is now shifting towards higher-grade opportunities, including the West Dome Underground and the Main Dome sub-level cave area.

The resource estimate uses conservative metal price assumptions of A$4,200 per ounce for gold and A$6.50 per pound for copper, against spot prices of roughly A$6,500 and A$8.00, respectively.

Greatland Gold shares were 6% higher at the time of writing in London.

“Telfer and Havieron’s combined resource of 550Mt @ 0.84g/t Au & 0.12% Cu for 14.9Moz Au & 645Kt Cu has the potential to underpin a multi-decade, world class mining hub. Our investment in significantly increased drilling has delivered substantial organic growth, with the overall Telfer resource growing by 150% to 8.0Moz, and the higher confidence Measured and Indicated component by 163% to 3.8Moz,” said Greatland Managing Director, Shaun Day.

“The growth includes a high-grade maiden resource at the West Dome Underground project, which shows significant potential for a new mining front at Telfer and remains the focus of ongoing drilling.

“This strong resource update has been delivered by Greatland’s dedicated technical team who have executed an accelerated and extensive Telfer drilling program since taking ownership in December 2024.

“The significant growth in Measured and Indicated Resources, particularly at the West Dome Open Pit, is very pleasing with this material being of adequate geological confidence to be evaluated as part of our upcoming Ore Reserve estimate, which remains targeted for the June 2026 quarter.

“The scale of Telfer’s resource demonstrates clear potential to fully utilise our low cost 20 million tonne per annum processing infrastructure well into the future. The technical team’s focus is now to advance our higher grade opportunities including the West Dome Underground and the potential to restart Main Dome Underground’s sub-level cave, which could augment our development of Havieron.”

Afentra to spud Angola exploration well as part of organic strategy

UK Investor Magazine
-
0
Afentra to spud Angola exploration well as part of organic strategy

Afentra is on the verge of spudding its first well offshore Angola after securing access to a rig under contract to state oil company Sonangol, accelerating its planned 2026 drilling programme on Block 3/05.

The AIM-listed company has signed a commercial agreement with Sonangol to use the Borr Grid jackup rig, with the Pacassa SW exploration well expected to spud within days.

It marks a meaningful step change for Afentra as it pursues an organic growth strategy, after having been focused on acquiring mature African assets rather than drilling them.

“The ability to accelerate our drilling programme is a pivotal moment for Afentra, marking a clear transition to the execution phase of our organic growth strategy,” said Paul McDade, Chief Executive Officer of Afentra.

“This opportunity is a direct result of the strong, collaborative partnership we have with Sonangol and the Joint Venture. The funding structure agreed with Sonangol allows us to fast-track the unlocking of significant potential value from both the Pacassa SW area and the Impala field without impacting our 2026 cash capex. This programme is designed to efficiently convert resources into production, growing volumes through our existing infrastructure and delivering tangible value for our shareholders. Crucially, it will also provide invaluable data to de-risk and define future prospectivity across the wider Block 3/05 area, optimising our long-term development plan.”

The two-well programme targets a potential gross production uplift of around 9,000 barrels of oil per day. Pacassa SW is an undrilled fault block adjacent to the existing Pacassa field, with up to 210 million barrels of oil in place and recoverable resources estimated at up to 70 million barrels. The second well will either be a Pacassa SW injection well or the Impala-2 development well, depending on how the first comes in.

Boohoo exceeds previous guidance with £53m EBITDA as turnaround gains pace

UK Investor Magazine
-
0
Boohoo exceeds previous guidance with £53m EBITDA as turnaround gains pace

Boohoo group, which is rebranding around the Debenhams name, has delivered adjusted EBITDA of £53 million for the year to 28 February 2026, comfortably ahead of the £50 million it had previously guided and up 36% on the prior year.

The improvement was driven largely by the second half, where adjusted EBITDA surged 76% year-on-year, as the group’s cost-cutting programme and pivot towards a stock-lite marketplace model began to bear fruit.

CEO Dan Finley said the business had reset its cost base, completed warehouse consolidation, delivered a tech re-platform, and rightsized its stock.

Dan Finley said in a statement: “Our multi-year turnaround strategy continues at pace. We are pleased with the 76% increase in H2 Adjusted EBITDA and £53m full year Adjusted EBITDA. Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working.

“The cost base has been reset, the warehouse consolidation completed, the tech re-platform delivered, the stock base rightsized, most of the onerous costs exited and the brand management teams strengthened. This is significant progress, ahead of our plan, but there is still more to be delivered and we now focus on growth.”

Fixed costs have been cut to an exit rate of £119 million, £11 million better than the £130 million guided as recently as February, and the group is targeting £100 million in FY27. All brands are trading profitably on an adjusted EBITDA basis.

Net debt stood at £90 million at the end of February, under 2x adjusted EBITDA, helped by a £40 million fundraise during the month. The board expects that ratio to fall below 1x by the end of FY27.

In terms of the outlook, the group is guiding to double-digit adjusted EBITDA growth in the year to February 2027, with capex expected to halve to around £8 million and depreciation set to fall sharply from £59 million to around £20 million as the asset base shrinks post-transformation.

“Boohoo delivered positive news to investors’ doorsteps this morning as it continues to make headway in its turnaround strategy,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“In a short trading update, the fast-fashion company revealed that full-year underlying cash profits (EBITDA) are set to jump by 36% to £53mn, edging past previous guidance of £50mn, thanks to a very strong second half.”

Director deals: Adam Kaye buys Everyman shares after Omniplex stake purchase

Andrew Hore
-
1
Director deals: Adam Kaye buys Everyman shares after Omniplex stake purchase

Everyman Media Group (LON: EMAN) executive director Adam Kaye bought 500,000 shares at 25.5p each via 50% owned Kropifko Properties on 26 March. This was the same day that it was announced that Ireland-based cinema operator Omniplex has taken a 5.35% stake in cinemas operator Everyman.
Two weeks before, Adam Kaye bought 500,000 shares at 25.5p each via Kropifko Properties. His total shareholding including related interests is 9.27%.
BGF reduced its shareholding from 3.29% to 1.97%. The largest shareholding remains 29.2%, with Gresham House Asset Management holding 9.56% and Samuel Kaye 6.93%.
...

1...232425...1,832Page 24 of 1,832