Trifast PLC (LSE:TRI) delivered a resilient interim performance despite a challenging macroeconomic backdrop, with the company reaffirming full-year expectations and its medium-term ambition of achieving double-digit margins. The investor update highlighted solid gross margin expansion of 150bps and an improved EBIT margin of 6.2% (7.2% underlying), supported by disciplined margin management, pricing actions, and operational efficiency gains. While revenue softened across regions due to tariff uncertainty, automotive market weakness, and external disruptions—including a major OEM cyberattack—growth sectors such as smart infrastructure and medical equipment delivered strong, double-digit gains. The company emphasized its focused growth strategy, including a new government-approved investment in Saudi Arabia to support long-term smart infrastructure demand, and ongoing wins in high-margin, higher-growth end markets. Trifast also reinforced its commitment to self-help initiatives, leveraging digitalization, supply-chain technology, ERP rollout, and shared-service efficiencies to improve working capital, strengthen the order book, and enhance EBITDA quality. The balance sheet remains robust, with leverage at 0.9x, strong liquidity headroom, and increased capital investment in digitization projects to drive future scalability. With continued cost discipline, regional margin improvements, and portfolio diversification away from lower-margin sectors, Trifast positions itself for sustainable revenue growth and margin expansion as market conditions stabilize.

Thor Explorations LTD (AIM:THX) delivered a strong Q3 2025 performance, underscoring sustained operational momentum and robust financial results across its West African gold portfolio. The company reported solid production from its flagship Segilola Gold Mine in Nigeria and remains on track to close the year at the top end of its 90,000–95,000 ounce production guidance, supported by disciplined cost control with AISC narrowed to $900–$1,000/oz. Q3 highlights included $70 million in revenue, $51.8 million in EBITDA, and $43.1 million in net profit, alongside a strengthened balance sheet with $81 million in net cash and a working-capital surplus of $96.6 million. Thor’s expanding order book of exploration catalysts includes ongoing underground drilling at Segilola aimed at extending mine life, updated resources expected in Q1 2026, and active satellite pit development. In Senegal, the company advanced its Douta Project to the final stages of its preliminary feasibility study, increased ownership to 100% of the main licence, and confirmed promising drill results at the Baraka 3 discovery. In Côte d’Ivoire, Thor accelerated drilling across its three licences, progressing toward a maiden resource at the Gbeui Project while identifying multiple high-grade targets at Marahui. Supported by strong cash flow, rising gold prices, and expanding exploration programmes across all jurisdictions, Thor Explorations enters Q4 positioned for margin growth, enhanced liquidity, and multiple near-term value catalysts—reinforcing a compelling growth strategy for investors seeking exposure to West African gold production and development.

Nativo Resources Plc (AIM:NTVO) delivered a comprehensive investor update highlighting strong operational momentum in Peru as the company advances its integrated gold-production strategy. Management detailed substantial progress since mid-2024, including the start of mining at the high-grade Bonanza shaft, the acquisition of the neighbouring Moracotta mine, full consolidation of its Peruvian joint-venture interests, and the restructuring of legacy debt to strengthen liquidity. The company reaffirmed its focus on early cash flow generation through artisanal-scale mining at the Tesoro Gold concession - where recent grades averaged 15 g/t - alongside accelerated development of the La Patona gold ore processing plant, designed to produce dore bars and capture an additional 30% margin versus tolling while scaling from 1.5-1.67 kg/day to over 3 kg/day. Fieldwork, camp expansion, and mine-access rehabilitation are underway to support near-term production, complemented by Peru’s extended Reinfo framework that supports artisanal mining legality. Nativo also advanced its third growth pillar: monetising tailings, including the 1.8-million-tonne Tomalomano deposit targeted for feasibility work into 2026. Recent funding - £2 million from Yorkville Advisors structured as a fixed-premium convertible with a 5% coupon and no variable pricing features - provides capital to build revenue-generating capacity without introducing death-spiral risk. Overall, the company emphasised growing revenue visibility, expansion of its order book, improved EBITDA potential, scalable margins, and a clear path to sustained cash generation as mining and processing operations ramp up through 2025.

3i Infrastructure PLC’s (LSE:3IN) half-year investor update highlights a strong performance driven by resilient portfolio companies, disciplined active management, and exposure to long-term growth megatrends. The company reported a 7.4% total return for the period, nearly meeting its full-year target within six months, supported by a rising net asset value and robust dividend coverage. With a diversified £4.1bn portfolio focused on energy transition, digitalisation, essential infrastructure, and demographic change, 3i Infrastructure continues to generate stable income and long-term value. Key contributors included TCR - now undergoing a strategic review and expected to attract significant interest - alongside high-performing assets such as Flag’s global subsea fibre network, SVAC’s pivot from oil and gas to offshore wind, Infinnis’ expanding renewable energy platform, and Tampnet’s mission-critical offshore connectivity solutions. The company’s active ownership strategy - de-risking assets, driving EBITDA growth through targeted capex, and timing portfolio realisations - has strengthened margins, expanded order books, and unlocked new revenue streams across its holdings. Management emphasised ongoing investment capacity, a healthy pipeline of potential acquisitions, and opportunities to recycle capital into higher-return assets. With continued progress in fibre rollouts, electrification, infrastructure leasing, and energy-as-a-service models, 3i Infrastructure remains positioned to exceed its medium-term total return target of 8–10% per annum.

Argo Blockchain PLC (LSE:ARB) delivered a detailed investor update outlining its proposed restructuring plan aimed at restoring financial stability and supporting long-term company performance following prolonged crypto-market weakness, rising power costs, and significant balance sheet pressures. Management emphasized that the restructuring plan - developed after an extensive strategic review and marketing process - offers the best possible outcome compared with the relevant alternative of administration or liquidation. Under the proposal, secured lender Growler will convert its facility into equity, inject an additional $3.5 million, and contribute mining assets, resulting in an enlarged capital structure in which Growler will hold 87.5% of the company, note holders 10%, and existing shareholders 2.5%. The plan also equitizes Argo’s senior unsecured notes, supports continued operations, and preserves value that would otherwise be lost in insolvency. Key components include restoring liquidity, reducing debt, and establishing a framework for improved EBITDA generation and margin recovery as crypto-market conditions normalize. The company also outlined measures to maintain NASDAQ compliance via an ADS ratio change and confirmed its intention to delist from the London Stock Exchange while providing a matched bargain facility for retail investors. Management stressed that without the restructuring, Argo would run out of cash and cease trading, leaving no recovery for shareholders or note holders in a liquidation scenario. The court will assess fairness and benefit allocation at a sanction hearing on 8 December. Overall, the restructuring plan is positioned as a critical step to stabilize operations, protect stakeholder value, strengthen the order book of mining assets, and position Argo for long-term growth as market fundamentals improve.

Plus500 LTD’s (LSE:PLUS) latest investor update highlights strong financial results, accelerating business momentum, and continued strategic progress across its global multi-asset fintech platform, with the company delivering record customer deposits of $3.1 billion, expanding its 32 million-strong customer base across 60+ countries, and generating nearly 90% of revenue from long-tenured, high-quality clients. The group’s diversification strategy continues to gain traction, with its fast-growing US futures business now representing over 13% of total revenue and customer segregated funds rising to $1.2 billion, supported by new ICE Clear US and Europe memberships. Plus500 also strengthened its global regulatory footprint to 15+ licences while expanding into Japan, Canada, India and key markets in Asia and Latin America, underpinned by its proprietary technology stack, advanced data analytics, and localized customer retention initiatives. The company reaffirmed its disciplined capital allocation strategy, announcing $365 million in dividends and share buybacks in 2025 - equivalent to almost 18% of market cap - while maintaining significant surplus capital. Since IPO, Plus500 has generated $3.7 billion in cash from operations and returned $2.7 billion to shareholders, achieving a total shareholder return of nearly 8,000% and ranking among the FTSE All-Share’s top performers. With structural market tailwinds, expanding product lines, and a resilient balance sheet, management expects ongoing revenue diversification, sustained EBITDA growth, and long-term compounding value creation as Plus500 advances its strategic roadmap and cements its position as a trusted, technology-driven global trading platform.

Touchstone Exploration INC (TXP:AIM) delivered a comprehensive investor update covering VAT recovery, debt covenant expectations, capital discipline and operational progress across its portfolio, highlighting confidence in ultimately collecting an estimated $8.5–$10 million VAT receivable from late 2023–2025, with timing remaining the key liquidity constraint and driver of going-concern considerations. Management clarified that the 2025 covenant waivers are linked to trailing EBITDA mechanics following the Central Block acquisition, with full compliance anticipated in 2026 once a complete year of revenue is incorporated. Executives outlined robust cost-reduction measures—spanning staff optimisation, executive compensation review, office consolidation, travel control and project prioritisation—and provided detailed operational commentary on key wells: CAS4 remains under evaluation for the most cost-effective completion strategy; CAS3 requires pump troubleshooting after mechanical issues; and CAS5 is producing stabilised but lower-than-forecast rates while revealing a promising new oil interval. The upcoming CR3 drilling programme, budgeted at ~$5.5 million plus ~$1 million for tie-in, was reaffirmed as a central 2025 value catalyst, with spud targeted imminently and first revenue expected in Q1. Management also addressed exploration licence commitments, frack stimulation options in Central Block and Cascadura (estimated at $0.5–1 million per well), and confirmed full funding for the $5.4 million Cascadura compressor project. Acknowledging historical forecasting challenges, leadership emphasised enhanced visibility derived from extensive Central Block datasets, strengthened financial discipline and a phased capital strategy aligned to cash generation, VAT timing and operational performance.

Manolete Partners PLC delivered a comprehensive investor update showcasing resilient financial performance, strong operational momentum, and a robust growth strategy despite a challenging litigation environment. Interim financial results highlighted total revenue of £12.7m, realised revenue of £14m, gross profit of £4m and a stable 31% gross margin, supported by disciplined cost control and a flat overhead base. While EBIT was impacted by a £1.9m non-cash cartel portfolio revaluation, adjusted EBIT rose to £2m, underscoring improving profitability, stronger margins, and the scalability of the company’s unique model. As the UK’s leading insolvency litigation financing specialist, Mandalay reiterated the strength of its differentiated strategy—purchasing claims rather than funding them—providing full control of litigation, enhanced recovery rates and consistent, high-return outcomes. The company has financed over 1,700 claims, completed 1,335 cases and generated £175m in aggregate value with a long-term IRR of 130% and ROI of 111%. Market conditions remain favourable, with rising UK insolvencies, increased compulsory liquidations, and growing volumes of high-value claims, particularly those linked to HMRC petitions. KPIs demonstrated continuing momentum: record new case inquiries, higher average settlement values, strong case signings, and accelerating cash realisations. The balance sheet remains stable with £40m invested in live cases, £30m in receivables and improving net debt, while the company continues to generate sufficient operating cash to fund overheads and new case investments. Management highlighted a strong start to the second half, continued growth in the order book, and an expanding pipeline of higher-value opportunities. Mandalay reaffirmed its core growth strategy focused on UK insolvency claims, disciplined capital allocation and maintaining a balanced portfolio across small, mid-market and large-scale cases. With proven market leadership, high-quality recoveries and strong cash generation, the company remains well-positioned to deliver sustained revenue growth and enhanced shareholder value.

HICL Infrastructure PLC (HICL:LSE) delivered a robust set of interim results, highlighting strong operating performance, disciplined portfolio rotation, and sustained cash generation that reinforces its progressive dividend policy and long-term growth strategy. Over the six months to 30 September, the Group recorded a 2.9p uplift in NAV per share to 156p, driven by a 7% EBITDA increase across growth assets and solid cash generation from yield assets, contributing to a 10.3% annualised portfolio return. Strategic disposals remained a key value creator, with £225m of UK PPP asset sales completed at March valuation levels—exceeding the FY26 target ahead of schedule and bringing total realisations to over £730m in two years at an average 7% premium to NAV. This recycling approach continues to enhance portfolio resilience, reduce lifecycle exposure, and fund accretive reinvestment including share buybacks and growth capex. Dividend cash cover improved to 1.1x (or above 1.5x when adjusting for growth reinvestment), supporting reaffirmed dividend guidance of 8.35p for FY26 and 8.5p for FY27. The diversified portfolio—spanning regulated utilities, digital infrastructure, energy transmission, transport concessions, and PPP assets—remains positioned at the low end of the risk spectrum, with 84% of debt fully amortising and limited refinancing risk. Core assets such as Affinity Water, TNT transmission, 40 South towers and Altitude fibre reported strong operational progress and EBITDA growth, while HS1 and A63 continued steady demand recovery. Management reiterated the strategic benefits of the proposed TRIG combination, including enhanced scale, a stronger platform for long-term NAV growth, increased cash cover, and the potential for a share re-rating as the market converges around core and energy-transition infrastructure.

Calnex Solutions PLC (CLX:AIM) delivers a steady investor update highlighting resilient company performance, disciplined cost control, and continued progress across its test-and-measurement portfolio serving telecoms, cloud, data centre, and government markets. Management reported first-half FY26 revenue of £8m, up from £7.3m, supported by strong product demand in the US government and defence sector, growing traction in cloud and data-centre applications, and ongoing momentum from its market-leading 800G Paragon Neo platform. Despite subdued telecoms spending, the company notes rising customer engagement and early signs of improvement, while also advancing its next-generation 1.6Tbps product roadmap to sustain long-term growth. Gross margins strengthened to 76%, EBITDA and loss before tax both improved, and cash remained healthy at over £10m, with positive working-capital movements and expected H2 cash generation. Calnex continues to build its global sales infrastructure, transitioning from its historic Syant channel to a diversified partner network, adding US federal-market specialists, and expanding strategic partnerships including its newly formalised collaboration with Viavi. The company reiterated confidence in its growth strategy, supported by robust demand across LabSync, Network Sync, and network-assurance solutions, an expanding order pipeline, disciplined R&D investment, and strong positioning within key growth markets such as AI-driven cloud infrastructure, hyperscale data centres, and timing-critical network applications.