Cohort has announced that its Australian subsidiary EM Solutions has secured an AU$21.7m (circa £11.5m) contract to supply satellite communications terminals to the Portuguese Navy.

The deal covers delivery of EM Solutions’ Cobra and King Cobra terminals for the mid-life upgrade of Portugal’s Vasco da Gama-class frigates alongside a number of new-build programmes, with deliveries running through to 2030.

The contract falls under the M-Frigate Users Group, a multinational cooperative framework, with the Netherlands acting as contracting authority on Portugal’s behalf, a structure that underlines the growing international traction for EM Solutions’ satcoms technology within allied naval programmes.

Andy Thomis, Cohort Chief Executive, said: “This important order affirms EM Solutions’ reputation as a world-leading provider of satellite communication systems. Their cutting-edge technology is trusted by navies across the world for resilient high-speed, long range digital communications. Together with other recent wins across the Group, this contract further underpins our order book and enhances the visibility of future revenues.”

Cohort reported revenues of £128.8m for the six months ending October 2025, an increase of 9% on the same period a year prior.

Applied Nutrition shares fell on Monday after confirming a bumper first half, with revenue up 57% to £74.5m and adjusted EBITDA rising 56% to £21.5m, but signalled that the second half will be materially softer as it navigates a more front-loaded trading pattern and disruption in the Middle East.

As a result, the FTSE 250 sports nutrition group maintained its full-year revenue guidance at approximately £140m, implying second-half revenue of around £65.5m, a notable step down from H1 and well below the growth rate seen in the first six months.

Applied Nutrition shares were down 14% at the time of writing.

Management attributed the skew to a better-than-expected peak health and fitness trading period in January and accelerated demand for several new product launches, both of which pulled sales forward.

The group also flagged current disruption to shipping routes and purchasing activity in the Middle East, warning it expects some reduction in volumes into the region during H2.

It says the impact is not enough to alter full-year guidance, but given the group’s plans to push into new geographies across Asia, Latin America, and the Middle East, keeping guidance flat will seem like a downgrade to some investors.

The first-half performance itself was strong across the board. UK like-for-like growth was driven by expanded listings with grocers, health retailers, and discounters, headlined by a first out-licensing deal with Morrisons for a high-protein food range. Latin American sales surged 110% year-on-year, and the reformulated Critical Whey protein posted sales 128% ahead of the prior year period.

Free cash flow conversion did drop sharply, however, falling to 51.3% from 84.0%, with free cash flow declining to £7.9m from £8.9m despite the jump in profitability. Construction has since begun on a new global distribution centre and factory expansion that will lift capacity to support around £300m of annual revenue.

Thomas Ryder, CEO of Applied Nutrition, said: “We have continued to execute against our strategic priorities in the period, with deeper engagement and expanded shelf space with existing customers, new customer wins and entry into new channels, continued international rollout into new geographies, while further progressing the build-out of our D2C offering.”

Metals One has outlined progress in its push to build a vertically integrated gold business in South Africa through Lions Bay Resources (LBR), the joint venture vehicle it shares with TSX-V-listed Lions Bay Capital and the Salamander Mining management team.

The company has advanced the full US$1.8m in convertible loan notes to LBR, which it intends to convert into a 30% stake once LBR completes its acquisition of a cogeneration plant in Newcastle, KwaZulu-Natal.

The plant, independently valued at US$39.6m on a replacement basis, is expected to be settled imminently for just US$1.36m and would require roughly US$4.5m to restart steam and power production.

Crucially, the plant may also be reconfigured to include a gold concentrate roasting complex. Such a move could help reduce shipping concentrate to Asian smelters, which has a big impact on South African producers’ margins.

On the mining side, LBR has agreed a plan in principle with the Business Rescue Practitioner overseeing Vantage Goldfields, which has sat in business rescue since the Lily mine crown pillar collapse in 2016.

Vantage holds mining leases across the Barberton greenstone belt, which includes a historical resource inventory of 4.5 million ounces of gold, a central metallurgical complex, and extensive underground workings.

“With our key partners, the Company’s vertically integrated South African gold business development strategy is now being implemented. LBR has secured the cogeneration plant in Newcastle which could play a key role in unlocking value in our targeted mining assets, including Vantage, as a source of cheap power initially, and as a gold roaster in the longer term,” said Daniel Maling, Managing Director of Metals One.

“Thanks to the tireless efforts of the team at LBR, we now have a plan agreed to acquire the Vantage assets through the Business Rescue process.

“We believe these assets will be potentially transformational for LBR, and to Metals One as a 30% owner, and look forward to providing further updates as the Plant acquisition and Vantage plan progress.

“Metal One’s significant cash and liquid investments held on its balance sheet have enabled it to position itself, and LBR, as front runners in the Vantage Business Rescue process.

“LBR is now in the position of considering several offers for project level financing for the balance of cash required to complete the Vantage asset acquisition and mine startup capital.”

Karelian Diamond Resources (LON: KDR) raised £290,000 via convertible loans. The conversion price is 1.5p. The share price jumped 87.5% to 0.75p. The cash will finance drilling at Anomaly 5 in Finland and exploration on potential nickel copper platinum group element prospects in Northern Ireland.

Strategic Minerals (LON: SML) is raising £4.7m at 3.5p/share and despite the discount the share price gained 43.4% to 4.7p. A prominent international investor approached the company. The cash will be spent on the Redmoor Tungsten-Tin-Copper project in Cornwall. Following the fundraising, there was news concerning improvements in tungsten and silver recovery. Tungsten recovery is 85.8% and silver recovery is 58.7%. This will boost the forthcoming mineral resource estimate.

Sancus Lending (LON: LEND) has agreed an extension of the redemption date for preference shares from 23 November 2026 to 11 February 2031. They will no longer be at a fixed interest rate of 15% and instead there will be a floating rate. Some will be redesignated as Euro preference. The preference shares holder will also subscribe for £750,000 of bonds. Sancus Lending reported a 2025 pre-tax profit of £1.2m, including gains of £2.6m on buying back some zero dividend preference shares. The share price increased 37.5% to 1.1p.

River Global (LON: RVRG) plans to sell the asset management business it has built up to fully listed Liontrust Asset Management (LON: LIO). The initial consideration will be £7.6m in Liontrust shares, followed by up to £2.1m shares depending on certain revenues being achieved. The deal will also release capital from the business. The Liontrust shares will be distributed to A share holders. The B shares are unaffected. The remaining interest will be a structured 30% interest in Parmenion, which is a high growth investment platform. Shareholders and the FCA have to approve the deal. The A shares jumped 37% to 4.625p, while the B shares improved 5.88% to 36p after director Christopher Mills 325,000 B shares at 34.7077p. Liontrust shares dipped 2.04% to 240p.

FALLERS

Investors were disappointed with drilling news from Wishbone Gold (LON: WSBN), which is also quoted on Aquis, concerning Red Setter project in Western Australia, which is near to the Telfer mine. The share price slumped 54.2% to 30p.

SkinBioTherapeutics (LON: SBTX) says interim results will be delayed so trading in the shares will be suspended on 1 April. This is because the board investigation is continuing. Cash was £2.44m on 19 March. The share price dived 40.5% to 6.25p, which is just above the recent low.

Sound Energy (LON: SOU) has raised £500,000 at 5p/share and secured a €1.3m term loan facility agreement, which has an interest rate of 205 each 120 days. The loan drawn down and interest is payable by the end of 2026. The Tendrara phase 1 Micro-LNG development has fully tested and commissioned the Tendrara gas gathering system. Commercial gas sales could start in the third quarter because of delays in the delivery of equipment for the plant. A joint venture will develop solar power plants in Morocco. The share price slid 32.3% to 5.25p.

CPPGroup (LON: CPP) says it has been told that it will not receive any of the potential $5m deferred consideration for its former business in India. CPPGroup is considering its options, but if it does not receive any cash it will have to raise funding within 12 months. The share price declined 29.1% to 52.5p.