reports
- Colin Smith
Sulnox | 3Q/9M26 update – revenue +161% YoY
Sulnox reported revenue for the nine months to December of £1,694k, up 161% YoY, continuing the blistering rate of sales growth the company is now delivering. Trading has remained strong into 4QFY26 with £335k of sales already secured together with a robust committed pipeline for delivery during the quarter. The cash position benefited from £0.4m raised through warrant exercise in December with cash and net cash of £1.1m at the end of 3QFY26. We make no changes to our forecasts which could prove...
- Colin Smith
AltynGold | 4Q25 update – record quarter, record year
AltynGold has published its 4Q25 update confirming that the company had a record year for production, processing, gold sales, and revenue. That reflected the combination of the processing capacity expansion at the Sekisovskoye mine completed at the end of 2024, the leap in the price of gold and a strong operational performance, including a fifth year of zero-incidents. Revenue for 2025 of US$175m was almost exactly in line with our forecast. Gold production guidance for 2026 is 52-55koz which lo...
- Colin Smith
Galliford Try | 1HFY26 trading statement – ahead of expectations, agai...
Galliford Try has released a trading update for the half-year to December 2025. While the pace of growth YoY has slowed, as anticipated, it has still exceeded the expectations of the Board and the market. The company is guiding for FY26 revenue towards the upper end of current market forecasts and slightly above the top end of forecasts for adjusted PBT, currently standing at £1,922m and £47.7m, respectively. Business performance has been strong across the group with the transition from the AMP7...
- Colin Smith
Craneware Group | 1HFY26 trading update – strong performance
Craneware has released a positive update on its results for the half-year through end December. The company reported strong YoY growth of 6% in revenue, and 10.2% in adjusted EBITDA, despite disruption connected with the stay of implementation of the HRSA Rebate Model Pilot. Annual Recurring Revenue increased 4% and Net Revenue Retention exceeded 100%. The EBITDA margin was 31.5% continuing Craneware's long track record of reliably delivering a 30% plus margin even as it continues to invest in p...
- Colin Smith
Craneware Group | 1HFY26 trading update – strong performance
Craneware has released a positive update on its results for the half-year through end December. The company reported strong YoY growth of 6% in revenue, and 10.2% in adjusted EBITDA, despite disruption connected with the stay of implementation of the HRSA Rebate Model Pilot. Annual Recurring Revenue increased 4% and Net Revenue Retention exceeded 100%. The EBITDA margin was 31.5% continuing Craneware's long track record of reliably delivering a 30% plus margin even as it continues to invest in p...
- Sarah Godfrey
Tritax Big Box REIT (BBOX) | Logistics specialists continue to deliver
In a period of major upheaval and consolidation in the investment company REIT space, the survivors have tended to be those that offer differentiated propositions within strong niches. BBOX is both the first mover and the last man standing in the specialist UK logistics subsector, and has built an impressive asset base with a strong tenant line-up and significant reversionary potential that can be captured through proactive management of lease events. Supply chain fulfilment remains at the core ...
- Sarah Godfrey
BlackRock American Income (BRAI) | An information advantage for the in...
The US equity market has proved notoriously difficult for active fund managers to outperform, a phenomenon often attributed to the ‘efficiency' of the market – in essence, the idea that it is hard to gain an edge when all investors in theory have access to the same information. BRAI's new strategy offers an interesting twist to this argument: in an age awash with information, it makes use of machine learning and computing power to analyse every relevant earnings call, analyst report, news item, ...
- Sarah Godfrey
JPMorgan European Growth & Income (JEGI) | Pragmatic approach and 4% p...
JEGI's managers describe the trust as offering ‘income without compromise', given its capital growth focus and NAV-based distribution policy. Nonetheless, the value tilt of the investment approach helps to ensure a decent underlying dividend yield, while the quality bias means the team is confident in avoiding value traps. The ‘go anywhere' nature of the portfolio means it can hold low-yielding growth stocks such as semiconductor equipment maker ASML (dividend yield of 0.7%) alongside the likes ...
- Colin Smith
Seplat Energy | Updating forecasts
We are updating our estimates to incorporate the strong 9M25 results, the guidance given at the Capital Markets Day (CMD) and the positive impact of conversion of the onshore production to Petroleum Industry Act terms from 2026, partly offset by lowered oil price assumptions. That results in significant increases to our prior forecasts for net profit and dividend, notwithstanding an average cUS$5/bbl reduction in our Brent price forecast through 2027. Seplat continues to trade well below peer av...
- Sarah Godfrey
BlackRock Frontiers Investment Trust (BRFI) | Historic valuation dislo...
The managers of BlackRock Frontiers Investment Trust (BRFI) currently see a historic valuation dislocation between their investment universe and the broad global market, with a P/E discount of c 40% potentially offering a multi-year re-rating opportunity. BRFI is a unique proposition for emerging markets investors, avoiding the largest markets – which between them account for around 90% of global EM investment – in favour of overlooked and often faster-growing countries at an earlier stage of de...
- Sarah Godfrey
BlackRock Energy & Resources Income | Power is knowledge in the AI rev...
BlackRock Energy and Resources Income Trust (BERI) is well placed to benefit from strong growth in global power demand, including from (but not limited to) AI and datacentres, which has ramifications for all three of its market segments – mining, traditional energy and energy transition – given the resource intensity of building future-fit infrastructure. In this note, we take a deep dive into the AI theme from a resource perspective, as well as looking more broadly at the factors underlying a f...
- Colin Smith
TheraCryf | Ox-1 10kg toxicology study quantity achieved
TheraCryf has announced the successful manufacture of the 10kg quantity of its Ox-1 compound, sufficient to complete the critical 28-day regulatory toxicology studies in animals. These studies are expected to commence in 1Q26/2Q26 following the completion of dosing studies which are currently underway to identify the Maximum Tolerated Dose and Dose Range Finding Studies of the compound. TheraCryf is on track to complete all animal studies in 3Q26 and be ready to commence clinical trials in human...
- Colin Smith
Sulnox | 1H26 results - revenue +173% YoY
Sulnox has reported interim results to September including a 173% YoY increase in revenue to £1.2m, exceeding total revenue for FY25 and confirming the very rapid growth trajectory the company is now delivering. The company has just announced further funding of £0.4m from the exercise of warrants in addition to the £1.0m raise announced in June, further improving confidence that it is now funded through to profitability which we forecast from FY28 with the potential for very rapid escalation the...
- Colin Smith
TheraCryf | DAT asset potential value highlighted
TheraCryf notes a recent article in Nature covering the issue of mental fatigue which is indicative of the commercial opportunity provided by the company's dopamine transporter (DAT) inhibitor, its second preclinical programme. The market for chronic fatigue treatment is estimated at US$1.2bn in 2024, rising to cUS$2.3bn by 2033, significantly higher than previously intimated. TheraCryf's DAT inhibitor has been demonstrated to be efficacious in treating animal models of fatigue dosed with the co...
- Colin Smith
TheraCryf | 1H26 - Good progress on Ox-1; results as expected
TheraCryf's 1HFY26 results to September, confirm that the company is making strong progress towards clinical readiness for its Ox-1 lead clinical asset and the results were in line with expectations. There was a modest cash burn in the half of £0.7m, with cash and net cash ending the period at £3.5m. TheraCryf reiterated that it is funded through to the end of calendar 2026 when Ox-1 should be ready for clinical trials in humans, a key value inflection point. TheraCryf's valuation remains nugato...
- Colin Smith
Sulnox | Initiation – Rapidly gaining traction
Sulnox markets patent protected zero capex, drop-in fuel conditioners which cut emissions and generate high customer returns through reduced fuel consumption from improved combustion. Sales are now accelerating into a vast potential total market – FY25 revenues doubled YoY. Moreover, Sulnox has signed key partnerships this year most notably with Eastern Pacific Shipping and it has just announced a global distribution agreement with Drew Marine. We forecast the company to achieve cash flow neutr...
- Colin Smith
Tullow Oil | Trading statement – guidance updates
In its November trading statement, Tullow reiterated 2025 guidance and provides initial guidance for 2026, including production of 34-42kboed, reflecting the previously disclosed production issues at the Jubilee field. This guidance is highly sensitive to the performance of the J73-P production well which is due onstream around year end together with the results of an extensive five well Jubilee drilling programme planned for 2026, which will benefit from the previously completed 4D seismic prog...
- Sarah Godfrey
The Income Imperative | Strategic themes for real returns
With interest rates on a downward trajectory and the amount that can be saved in a cash ISA widely expected to be cut in next week's Budget, investors in search of income may need to widen their net in order to achieve meaningful returns. The investment trust universe offers many income- orientated strategies, whether focusing on equities at home or abroad, or alternative assets such as property and infrastructure. In this note we will explore some less traditional approaches to income generatio...
- Colin Smith
Polarean Imaging | Proposed delisting from AIM market
Further to the strategic review announced on 22 October, Polarean has now formally proposed to delist from AIM and take the company private. The reasons cited by Polarean are: stronger access to capital, listing and compliance costs, public market undervaluation, and the current funding environment. Polarean reiterated its cash runway guidance through 2Q26 and its anticipated US$20m funding requirement. Cancellation from AIM is subject to a special resolution requiring a 75% vote in favour of th...
- Colin Smith
Seplat Energy | 3Q25 results – strong quarter, special dividend
Results for 3Q25 bounced back QoQ and the results for the year to September further highlight the transformative impact of the SEPNU offshore acquisition, coupled with a strong performance from the legacy onshore operations. For 9M25, production jumped 185% YoY to 135.6kboed driving a 169% increase in net profit to US$95.1m, despite a 13% reduction in the realised oil price. Very strong cash generation saw net debt reduced to US$385.9m with leverage down to just 0.27x. That performance saw the c...
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