reports
- 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...
- Colin Smith
AltynGold | 3Q25 update, growth strategy
AltynGold has released its 3Q25 operational update which confirms that the company is fully on track to produce at least its 50Koz gold production guidance for 2025. Coupled with the rising gold price, revenue increased 89% YoY for the quarter and by 85% YoY for the first three quarters. Moreover, the company has clarified its plans for growth, focusing on expansion of its Sekisovskoye mine with capacity slated to increase to 2.0-2.5Mte pa from the current 1Mte pa and achieving AltynGold's visio...
- Colin Smith
Polarean Imaging | Updates: NIH & UVA Health sales, Ascend expansion
Since the interim results, Polarean has made three further announcements including the sale of a complete Xenon MRI system to the National Institutes of Health Clinical Center, a significant follow on sale to the University of Virginia and, most recently, an expansion of the Representative Agreement it signed with Ascend Imaging (Ascend) in June. Collectively, we believe the new sales secure Polarean's current revenue guidance of US$2.5m-US$3.5m for 2025 and bode well for future sales announceme...
- Colin Smith
AltynGold | Initiation – A golden opportunity
AltynGold is a gold miner in Kazakhstan where a recent 50% hike in processing capacity at its Sekisovskoye mine coupled with leverage to the rising gold price are transforming the company's financial outlook. Despite an exceptional share price performance, the valuation remains low on all measures suggesting very substantial upside remains. AltynGold has a large resource base with more than enough potential to reach its longer-term production target of 100Koz, 80% up on the newly established run...
- Colin Smith
Tullow Oil | Updates – reserves, Kenya disposal, CEO
Tullow has announced a number of key updates including the appointment of Ian Perks as CEO, completion of its Kenya disposal, and, most recently, a reserves update. As indicated at the interim results, Ghanaian reserves were revised down but we believe the negative adjustment of 7.3mmboe to Proven and Probable (2P) Reserves is likely less than the market feared and should be more than offset by conversion of 18.2mmboe of Contingent Resource into 2P Reserves once the Ghanaian licence extensions t...
- Colin Smith
Polarean Imaging | 1H25 results – Tough half but robust pipeline
Polarean had a tough first half to June as disruption to US healthcare funding resulted in no additional sales of the company's Xenon MRI systems during the half, notwithstanding a 650% YoY increase in the sales pipeline. The weakness in capital sales was only partially mitigated by a 36% increase in consumables revenue. Cash and net cash ended the half at US$7.3m and the company reiterated its cash runway through 2Q26. Full year revenue guidance was reduced to US$2.5m-US$3.5m (from US$5m-US$6m)...
- Sarah Godfrey
BlackRock Energy & Resources Income | Remaining flexible amid a challe...
BlackRock Energy and Resources Income Trust (BERI) is already bouncing back from a challenging first half of FY25 (to 31 May), with NAV and share price total returns of c 19% in H225 to date. Portfolio managers Tom Holl (a mining expert) and Mark Hume (an energy specialist) have taken advantage of share price weakness in the energy transition space (largely sparked by fears over the anti-environmentalist agenda of the new US administration) to move to an overweight position in the segment for th...
- Sarah Godfrey
Social Housing REIT (SOHO) | Initiation: Under New Management
Social Housing REIT (SOHO) has seen its share price advance by c 18% since the appointment of new manager Atrato Partners at the start of 2025. The favourable market reaction has been underpinned by Atrato's efforts to tackle legacy issues with housing providers, ensuring the provision of quality, specially adapted homes, reducing costs and working with the Regulator of Social Housing (RSH) to improve practices and sustainability in the lease-based Specialised Supported Housing (SSH) sector.
- Colin Smith
Seplat Energy | Positive CMD for the enlarged group
Seplat held a hugely positive Capital Markets Day event yesterday for the enlarged group. For the first time, the company provided five-year guidance (2026-30) including a 50% increase in production to c200kboed by 2030 and the release of headline results of a new Competent Persons Report that saw a near doubling in Group reserves and resources. The company also announced a new dividend policy including a minimum annual dividend of US$120m with an increase in the dividend from 3Q25 to USc5/share...
- Colin Smith
Galliford Try | FY25 results – Strong performance, confident outlook
Galliford Try delivered a fifth year of sequential growth with results ahead of consensus expectations which were increased following the positive trading statement in July and will likely have to be raised again. Management's confidence in the outlook was underscored with a 23% hike in the full-year dividend to 19.0p and the announcement of a further £10m share buyback programme. The company reiterated its 2030 targets of >£2.2bn in revenue and a 4% adjusted divisional operating margin, having ...
- Colin Smith
Craneware Group | FY25 results – delivering on the promise
Craneware's FY25 results for the year to June confirmed the strength heralded with the July trading update. Net profit came in even stronger than our forecast, and the company announced a 16% increase in the final dividend to 18.5p, also ahead of our forecast. In our view, these results confirm that Craneware is delivering on the benefits promised by its historic investment in the Trisus platform including unlocking the full value of the Sentry acquisition. We make minimal changes to our profit ...
- Colin Smith
Tullow Oil | Revising Brent forecast
We are revising our Brent price forecast to US$70/bbl for 2025 and to US$72.5/bbl for 2026 with US$75/bbl flat thereafter, from US$75/bbl held flat from 2025. Despite fears of oversupply there is little evidence of a glut emerging and evident pressure on US drilling signals the need for higher prices to maintain activity. We have also reduced our production forecast by c4% to reflect recent Jubilee underperformance. In combination, that leads to material reductions in our forecasts for 2025/26, ...
- Sarah Godfrey
BlackRock Frontiers Investment Trust (BRFI) | Big opportunities in the...
BlackRock Frontiers Investment Trust (BRFI) offers a unique proposition for emerging markets investors, avoiding the largest markets – which between them account for the vast majority of global EM investment – in favour of less researched and often faster-growing countries at an earlier stage of development. Co-managers Sam Vecht and Emily Fletcher, backed by BlackRock's deep and broad research resources, blend top-down and bottom-up considerations to find investment opportunities in smaller eme...
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