MPAC Group PLC’s H1 2026 investor update highlights strong order intake, a resilient service business and continued strategic progress despite tariff uncertainty, geopolitical pressures and significant margin challenges. On a continuing-operations basis, order intake increased 43% year on year to £78 million, while revenue was broadly stable at £71 million and the period-end order book reached £80.5 million, providing 78% coverage of expected H2 revenue. Underlying PBT was £2.1 million, with gross margins declining to 30% from 37% due to pricing pressure and lower factory utilisation. Management responded with disciplined cost control, delivering more than £2 million of administration cost savings in H1. Services continued to strengthen, representing approximately 23% of revenue compared with 21% previously, supporting the Group’s medium-term target of 30%. The sale of the non-core Lambert business completed in July for £16 million, improving liquidity and reducing the working capital burden, with net debt reported at £43 million at the end of August. MPAC continues to focus on scalable packaging machinery solutions across food and beverage, healthcare and consumer packaged goods, supported by automation, robotics, engineering and global service capabilities. Strategic initiatives include expanded production capacity in Romania, new product launches, digital service subscriptions, ERP implementation and customer-focused innovation such as the Affinity operator interface. With a growing project pipeline, stable order book and full-year outlook maintained, management remains focused on operational excellence, customer service, innovation and long-term profitable growth.

WORLD CHESS PLC presented its growth strategy and expanding role within the rapidly developing global chess market, highlighting its position as an official FIDE chess platform where players can obtain recognised ratings and titles online. The company has surpassed one million registered users and is now increasingly focused on monetisation following significant investment in its technology and infrastructure, including a FIDE-approved anti-cheating system. Management outlined multiple revenue opportunities across paid subscriptions, advertising, merchandise, events and media projects, with paid membership providing users with a FIDE ID, official profile and online rating. World Chess sees substantial growth potential from initiatives designed to connect online and offline ratings, potentially widening access to competitive chess in markets where officially rated tournaments remain limited. The company is also pursuing the proposed .chess domain in partnership with FIDE, which could further strengthen its position within the wider chess ecosystem. Management estimates the global chess sector at just under $4 billion, growing at approximately 6–7% annually and potentially reaching around $7 billion by 2034, while remaining relatively under-commercialised. With user numbers and traffic increasing, World Chess believes it has reached a stage where its established technology platform can support greater monetisation and scalable revenue growth, while continued product development, official FIDE integration and the broader expansion of chess provide the foundations for its long-term growth strategy.

Keystone Law Group PLC’s 2026 interim results highlight another period of strong company performance, with revenue increasing 22.5% to £66.3 million and adjusted profit before tax rising 31.3% to £9.6 million. The innovative, consultant-led law firm model continues to support scalable growth, strong cash generation and attractive margins, with adjusted PBIT increasing 31.6% to £8.1 million and the adjusted PBIT margin improving to 12.3%. Revenue per principal rose 14.5% to £133,800, supported by broad-based client demand, particularly across corporate and corporate restructuring, alongside continued recruitment of high-calibre lawyers. Keystone added 23 principals during the period, taking total principals to 501 and total lawyers to 682. The Group’s efficient paid-when-paid model delivered cash conversion of 95.6% and a net cash position of £10.5 million, with no debt and debtor days maintained at 33. Shareholder returns remained a key focus, with a £1.5 million share buyback, a 9.6 pence interim dividend and a 15 pence special dividend. Alongside financial results, Keystone continues to invest in its technology, infrastructure and brand, including the ongoing rollout of Thomson Reuters’ CoCounsel AI tool to enhance lawyer productivity and competitiveness. Management remains confident in the outlook, expecting to be comfortably ahead of the previous year on revenue and materially ahead on profits during the second half. With a strong reputation, flexible operating model, expanding lawyer base and continued investment in AI, Keystone is well positioned to deliver sustainable long-term growth.

MP Evans Group PLC’s 2026 interim results highlight record financial performance, strong operational progress and continued confidence in its sustainable Indonesian palm oil growth strategy. Own-crop harvesting increased 14% to 705,400 tonnes, while crude palm oil production rose 11% to 192,300 tonnes and oil extraction rates improved significantly to 24.2%. Revenue increased 9%, supported by higher production volumes, improved extraction and stronger palm kernel pricing, while gross profit rose 25% to just under $79 million, representing a 40% gross margin. Earnings per share increased 21% to 86.5 cents, and the interim dividend was raised 39% to 25 pence per share. Operational efficiency remained a key driver, with own-product unit costs falling 8% to $409 per tonne and total production costs declining 7% to $514 per tonne. The Group generated almost $92 million in operating cash flow during the first half and maintained a debt-free balance sheet, ending the period with $113.5 million in cash. MP Evans is continuing to increase the proportion of internally managed crop processed through its mills, supporting higher sustainable output, stronger margins and greater operational control. Its growth strategy includes rehabilitating existing estates and expanding near its Kottabangan operations, with potential for more than 3,000 additional planted hectares and over $20 million of future investment. With crop harvested up 16% in the first eight months and pricing remaining resilient, management enters the second half with confidence, supported by improving yields, disciplined cost control, strategic acquisitions and long-term sustainable palm oil demand.

FUSION ANTIBODIES PLC reported FY26 revenue growth of 7% to £2.11 million, supported by a one-off £250,000 IP transaction, while underlying operational revenue declined by approximately 4% amid continued pressure on biotech funding and longer customer decision-making cycles. Gross margin improved significantly to 58% from 22%, or approximately 43–44% excluding the IP transaction, reflecting improved operational efficiency, revenue mix and grant-supported activity. The EBITDA loss narrowed by more than £500,000 to just over £1 million despite R&D investment rising substantially to approximately £861,000, as the company continued development and commercialisation of its proprietary antibody technologies. Year-end cash increased to approximately £1.04 million following the January 2026 equity raise, although the business remains cash-consuming. Operational improvements have strengthened Fusion’s competitive proposition, with transient gene expression timelines reduced from up to nine weeks to around three weeks and cell line development shortened from eight-to-nine months to approximately four months. Management highlighted the patent-protected OptiMAL platform, DR5 programme and AI/ML antibody opportunities as key elements of its growth strategy. The DR5 asset is undergoing animal-model evaluation and could become a licensable early-stage asset if results are positive, while ongoing NCI work continues to generate encouraging antibody data. Despite persistent market challenges, Fusion believes its improved margins, faster services, proprietary technology and stronger commercial offering leave the company better positioned to convert its pipeline into future revenue growth as biotech market conditions recover.

IP Group PLC’s H1 2026 investor update highlights continued progress across net asset value growth, cash realisations and portfolio development, reinforcing the strength of its long-term science and technology investment strategy. NAV per share increased 3.2% to 114 pence at 30 June 2026 and subsequently reached approximately 117 pence, while the Group generated £69 million in cash proceeds during the period and £154 million since the start of 2025, keeping it on track to achieve its £250 million realisation target by the end of 2027. The portfolio delivered broad-based progress, including a £27 million increase in the value of its Pfizer obesity royalty interest to approximately £153 million following clinical and development milestones. Oxford Nanopore reported 12% constant-currency revenue growth to $117 million, a 400-basis-point improvement in gross margins to 62% and a more than 50% reduction in adjusted EBITDA losses, supporting its path towards EBIT break-even in 2027 and positive free cash flow in 2028. Across the wider portfolio, companies attracted more than half a billion pounds of third-party capital and delivered progress across therapeutics, quantum computing, autonomy, climate technology and AI-enabling infrastructure. IP Group ended the period with approximately £239 million of gross cash and deposits, while new third-party capital mandates with Aberdeen and the Australian Climate Catalyst Fund expanded future growth opportunities. With a diversified portfolio, disciplined capital allocation and a focus on accelerating realisations, IP Group remains positioned to convert scientific and technological innovation into sustainable shareholder value.

STEPPE CEMENT LTD delivered a strong investor update for the first half of 2026, reporting record sales volumes and a significant improvement in financial results. Cement sales volumes increased 15%, while higher pricing and the appreciation of the Kazakh tenge helped drive revenue to approximately US$61 million, up 49%, with gross profit rising to around US$20 million from US$8.6 million a year earlier. The company ended the period with US$18.8 million in cash and no debt, supporting continued investment and shareholder returns. STEPPE CEMENT is progressing its approximately US$30 million Line 6 expansion project, which aims to increase clinker capacity from 3,000–3,200 tonnes per day to 4,500 tonnes per day and lift annual cement production capacity to around 2.5 million tonnes, while reducing production costs by approximately US$2 per tonne. Management is also assessing opportunities to expand capacity further to 3 million tonnes. The Kazakhstan cement market remains strong, supported by infrastructure investment, housing demand, urbanisation and industrial development, although competition and imports remain significant. STEPPE CEMENT plans a three-month Line 6 shutdown from April to June 2027 to complete key upgrades, while targeting approximately 2 million tonnes of production and sales for the year. The company also intends to pay a dividend in late October 2026 and remains focused on disciplined capital allocation, lower production costs and sustainable long-term growth.

PANTHEON RESOURCES PLC presented its corporate update and interim results for the six months ended 30 June 2026, highlighting significantly increased technical confidence in its flagship Kodiak asset following completion of phase one seismic reprocessing. The new 3D seismic provides improved imaging of the Kodiak reservoir, with AVO analysis indicating hydrocarbons across the updip area and supporting management’s expectation of at least a 25% increase to the existing 2C recoverable resource estimate. Management reiterated that Kodiak is now the priority for future drilling and development, while Ahpun, Alkaid and other potential satellite opportunities remain part of the wider portfolio. Pantheon also provided an update on its farm-out process, with 10 companies shortlisted in the data room spanning majors, mid-caps, independents, existing Alaska operators and potential new entrants. An earlier offer was rejected as the Board believed it undervalued the asset, with management prioritising securing the right partner and terms rather than accelerating a transaction. Financial results reflected continued cost discipline, with operating losses reduced by $1.8 million, while cash stood at $10.2 million at 30 June and $5.5 million subsequently, providing an expected runway through year-end. Pantheon expects to raise approximately $10–15 million to strengthen liquidity while farm-out discussions progress, with future Kodiak drilling dependent on securing an appropriately funded partnership.