EnergyPathways (LON: EPP) says that it remains focused on delivering the MESH hybrid compressed air storage project in the North Sea. Progress is being made towards final investment decision while outstanding approvals are awaited. The Secretary of State considers the proposals to be nationally significant and therefore it is a development for which consent is required.

Future Metals NL (LON: FME) reported a reduction in loss from $3.94m to $2.44m. The net cash outflow from operating activities was $2m.

Oracle Power (LON: ORCP) partner on the Northern Zone gold project in Australia, Riversgold, has requested a trading halt on the ASX. This is prior to a fundraising and there are discussions between the two companies and another firm to make progress with the project.

Ascent Resources (LON: AST) says the arbitration tribunal for its Energy Charter Treaty claim against the Republic of Slovenia has no further questions and it has to announce its award decision by the end of the first quarter of 2026.

FALLERS

WH Ireland (LON: WHI) has agreed the conditional disposal of its wealth management business to Aquis-quoted Oberon Investments (LON: OBE) for £1m, plus the assumption of contract liabilities. The business is loss making and there have been talks with other potential buyers. Assets under management declined to £1m. The group lost £1.9m on revenues of £13.2m last year. That is before an impairment charge of £6.1m and £900,000 of restructuring costs. WH Ireland will not have an operating business and plans to leave AIM if approved by shareholders. Cash was £3.3m at the end of August 2025. The company will be wound down.

Cyber security business Smarttech247 (LON: S247) is proposing to shareholders that it should leave AIM because it believes that will bring more flexibility in strategy. Full year revenues were ahead of expectations at €14.2m, three-quarters of which was recurring. Margins were lower than expected and there will be a loss in the year to July 2025.

Pharmacogenetic testing company Genedrive (LON: GDR) has raised £3.2m at 0.2p/share and there could be an additional £100,000 forthcoming. A retail offer of up to £300,000 has been launched and closes on 26 September. Each share comes with one warrant exercisable at 0.4p each. The cash will fund commercialisation of the company’s tests and a FDA 510(k) submission for a test that identifies stroke and cardiovascular patients unlikely to respond to medication early next year.  

Proteome Sciences (LON: PRM) reported a reduction in interim revenues from £2.22m to £1.86m due to lower reagent sales and royalties. Uncertainty in the US life sciences market has hit demand and this will continue into the second half.

The FTSE 100 was firmly higher on Friday, sidestepping Donald Trump’s latest volley of trade tariffs aimed at pharmaceuticals and furniture.

London’s leading index was 0.4% higher at the time of writing.

The FTSE 100’s reaction to the latest tariffs will come as a relief for investors, who may have feared material impacts on London-listed GSK and AstraZeneca, which make up a significant portion of the index.

“In a Truth Social post, the US President announced a 100% import tax on branded or patented medicines, effective October 1^st,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“But there’s a big but. Firms that build drug manufacturing plants in the US are to be exempted, meaning that companies such as GSK and AstraZeneca who have laid out ambitious US investment plans are well placed to escape this heavy-handed measure.”

GSK and AstraZeneca shares were little changed at the time of writing.

The FTSE 100 has remained in a relatively tight range for around a month as investors await a catalyst for the index to break out. There was little sign that the catalyst would appear on Friday.

Few stocks changed by more than 2% and most moved by less than 1%.

InterContinental Hotels was the top riser, adding 2.4%, as brokers shifted to a positive stance on the hotels group.

“On the FTSE 100, InterContinental Hotels took the top risers’ spot after getting the much-sought-after double upgrade,” said Russ Mould, investment director at AJ Bell.

“JPMorgan has gone from ‘underweight’ to ‘overweight’ on the stock. Brokers typically move one notch up or down the ladder with upgrades or downgrades among the buy, hold and sell ratings or their equivalents. It is rare brokers do a complete about-turn and go from hating to loving a stock in a single swoop. Therefore, when it happens, investors sit up and take notice and that can drive a buying spree in a stock.”

Rio Tinto was the top faller, driven by minor profit-taking after a strong run.

Ceres Power shares sank on Friday after the clean energy group reported a 26% drop in half-year revenue to £21.1 million, down from £28.5 million in the same period last year.

The decline was largely expected. Management had warned that 2024’s figures were boosted by significant one-off licence revenue from its Delta partnership agreement—a windfall that wouldn’t repeat this year. Sadly, these sales fell away from the top line in the first half.

Despite the revenue drop, Ceres’ balance sheet looked strong with cash and short-term investments of £104.1 million. The company even managed a positive cash inflow of £1.6 million during the period, thanks to tighter working capital management.

Gross profit fell 27% to £16.6 million, though margins remained healthy at 79%, underlining the asset-light nature of Ceres’ licensing model.

Commercial momentum builds

Investors should be most interested in Ceres’ commercial progress. July marked a watershed moment when South Korean partner Doosan became the first to enter mass production using Ceres’ solid oxide fuel cell technology. Applications span AI-driven data centre power and marine auxiliary systems—with royalty streams set to flow once commercial sales begin.

Meanwhile, Shell’s megawatt-scale electrolyser went live at its Bangalore facility, achieving industry-leading efficiency of 37kWh per kilogram of hydrogen produced.

Delta, another key partner, has committed roughly £170 million to manufacturing assets for large-scale hydrogen energy solutions. Thermax has opened its HydroGenx Hub in India, whilst Denso continues hitting technology transfer milestones.

Outlook cautious but optimistic

Looking ahead, Ceres expects full-year revenue of around £32 million—though late-stage negotiations on a new manufacturing licence could boost this figure if successful.

“We are seeing an unprecedented change in the market with an acute need for power to service the demand of AI-data centres and increased electrification of society which represents a major market opportunity for the business,” said Phil Caldwell, Chief Executive Officer of Ceres.

“The emergence of this market has coincided with Doosan’s start of mass manufacture of Ceres-based products and marks a key inflection point as we transition from being an R&D-led organisation to a commercially focused business.”