Flash Notes

Sulnox continues to grow rapidly, generating record revenue in the quarter to June of £984k, up 19% QoQ and up 45% YoY. For the first six months revenue increased 48% YoY to £1,809k. Towards the end of the quarter, Sulnox announced a new four-year supply contract with Spring Marine adding to the record new four-year supply deal announced with Eastern Pacific Shipping at the end of 1QFY27. Together with underlying growth in the rest of the business, these contracts should see an acceleration in volume and revenue growth across the balance of the year, propelling the company to a near trebling in revenue YoY for FY27, based on our unchanged forecasts. 

AltynGold reported record results for the half to June with net profit up 58.4% YoY to US$42.7m and adjusted EBITDA up 55.4% to US$68.5m, driven by higher gold prices and sales. Production and sales should be stronger still in 2H26, following completion of the bridging work across lower grade transitional zones completed in 2Q26. AltynGold remains extremely lowly rated versus peers with EV/gold Reserves of just US$77/oz versus the peer average of US$539/oz, on attractive multiples, and around the net present value of current net cash flow based on flat production through 2030 alone, prior to implementation of the planned doubling of production at the Sekisovskoye mine.

TheraCryf has announced results for the year to March 2026 in line with management’s expectations. Closing net cash was £1.5m, ahead of the post-period-end equity raise of £1.05m, leaving the company funded through FY27. More importantly, TheraCryf advanced the programme for its Ox-1 lead clinical asset flawlessly and is approaching more value inflection points ahead of first in-human trials. The target market for Ox-1 is currently worth US$42bn and growing rapidly. The company is completing the remaining clinic-enabling activities and continues to engage with potential commercial partners to maximise shareholder value in a hot area of interest for the pharma industry. Given that context, we believe TheraCryf’s valuation is nugatory.

Sulnox has signed a new four-year contract with existing client, Spring Marine almost doubling current sales of its Sulnox Eco fuel conditioner to Spring Marine. This agreement expands the use of Sulnox Eco for use across at least 34 vessels with an increase in the average size of vessel and hence per vessel consumption of Sulnox Eco. In addition, Spring Marine will make a strategic investment of up to £1.1m in Sulnox through a subscription for up to 2.75m shares at today’s market price. This deal accelerates uptake of Sulnox Eco and firms up our current forecast for sales whilst further validating the benefits of Sulnox Eco in generating fuel savings and other engine performance benefits while bringing in Spring Marine as a strategic investor at the current share price.

While Craneware reported top line results for the year to June in line with previously updated guidance, the impact of the disruption in the operation of the 340B drug programme in the US has proven much more severe than previously anticipated and the full impact of the cyber security incident has yet to be quantified. Consequently, Management are now guiding to revenue of cUS$185m for FY27, in line with Craneware’s Annual Recurring Revenue (ARR). Further to guidance, we have reduced our revenue estimate for FY27 by 17% or US$39m with a knock-on impact across our forecasts. Multiple legislative efforts are underway to clarify the operation of the 340B programme, and it is highly likely that the loss in revenue will recover, potentially very rapidly. However, given the lack of visibility we only model adjusted earnings to approach FY26 levels by FY29. Given the fall in the share price, Craneware is trading below historic multiple ratings even on our revised forecasts while the share price is well below our revised discounted cash flow valuation of 1,979p.

Galliford Try reported its sixth consecutive year of growth with its results to June. An increase of 3.0% YoY in revenue to £1,931.1m translated into a 24.2% jump in adjusted profit before tax to £55.9m, exceeding expectations. The full-year dividend was increased by 23.7% to 23.5p and the company announced a further share buyback programme of £15m to be completed in FY27. The strong profit performance reflected a 53bps increase in the divisional adjusted operating margin to 3.5% implying a significant improvement in 2H26. Galliford Try is guiding for similar revenue growth in FY27 with further profitability and margin expansion which will likely drive another round of increases in consensus profit forecasts. The company is well on its way to meeting its 2030 targets and continues to deliver strong cash conversion paving the way for accretive acquisition or further share buybacks, potentially accelerating growth in EPS ahead of that implied by the 2030 plan, together with the earnings linked dividend.

Personal Group’s results for the half to June reflect the positive trading statement including group revenue up 10% to £25.7m YoY and adjusted EBITDA up 22% to £6.7m delivered on the back of a strong operating performance. That translated into profit before tax up 21% to £4.6m, demonstrating operational leverage with EPS up 28% to 12.3p benefitting further from a favourable tax charge. The group generated a return on tangible equity of 29.6%, putting it in the top quartile of performance relative to other listed UK financial service peers. The interim dividend was increased by 10% to 9.0p consistent with the group’s stated dividend policy of an approximate 100% payout, assuming a c1/3-2/3 interim-final split.

Sulnox reported results for the year to March 2026, confirming strong revenue growth of 134% YoY to £2.6m. Gross profit trebled to £0.7m on an improved margin but came in below our forecast due to volume discounting and higher cost of sales, largely due to the disruption in the Gulf. The results were also impacted by higher non-cash administration charges resulting in an underlying net loss for the year of £4.2m (FY25 net loss of £3.3m). We have taken a more conservative stance on pricing and the outlook for gross margins which pushes our estimate for the first year of profitability to FY29 with FY28 now forecast around breakeven. Sulnox remains funded through to profitability on our revised estimates with the potential for very rapid escalation thereafter given its strong sales performance in marine markets and increasing penetration in the far larger market for land-based applications.

TheraCryf has announced an equity raise of £1.05m, gross by way of a placing and subscription focusing on completing the clinic-enabling programme for the company’s Ox-1 lead clinical asset with the aim of securing a partnering/out-licensing deal to support the future costs of the programme. This is coupled with the potential to undertake the next stage Phase 1 clinical trial in Australia which offers an accelerated and potentially more cost-effective route to generating Phase 1 clinical trial data that would be generally acceptable to potential partners and to regulators in the US and Europe. The raise is priced at a tight 5% discount to the close against the backdrop of significant partnering and strong industry interest in Ox-1 specifically and neuropsychiatric drugs more generally. Progression to clinical trial readiness of Ox-1 is running ahead of plan, bolstered by a process patent filing that could extend commercial protection through 2046.

AltynGold’s results for 2Q26 reflect a strong recovery in production QoQ following a return to normal mining conditions during the quarter. The balance of the year should be stronger still. We continue to expect ore processed to approach 1Mtepa and make no changes to our forecasts which are based on an average realised gold price of US$4,000/oz. AltynGold remains extremely lowly rated versus peers with EV/gold Reserves of just US$81/oz versus the peer average of US$545/oz, on attractive multiples, and below the net present value of current net cash flow based on flat production through 2030 alone, prior to implementation of the planned doubling of production at Sekisovskoye.