Kooth PLC’s H1 2026 investor update highlights strong operational progress, improving profitability and significant growth opportunities across the US and UK digital mental health markets. Revenue was £30.8 million, with reported ARR reaching £62.9 million, while gross profit increased to £23 million and gross margins strengthened to more than 74%. Profit after tax improved to £2.0 million, compared with a £1.3 million loss in H1 2025, while cash increased to approximately £23 million, leaving Kooth debt-free with a strong balance sheet. Strategic progress included the successful launch of Saluna in the UK, with more than 7,000 new registered users in its first two weeks, nearly double the level recorded in the same period last year. In the US, Kooth expanded its footprint through a new Michigan contract and continues to progress its California contract renewal, supported by growing adoption of Saluna and strong clinical evidence. Management sees substantial market potential from the $18 billion US social media settlement, which is creating new funding opportunities for evidence-based, population-scale digital behavioural health services. Kooth is targeting further growth through accelerated US pipeline conversion, expanded payer relationships, UK policy opportunities, selective partnerships and continued investment in its proprietary AI capabilities. With 100% recurring revenue, 74%+ gross margins, zero debt, £23 million of net cash and 25 years of clinical experience, Kooth is positioned to pursue long-term, high-margin growth across its core markets.

Digitalbox PLC’s H1 2026 investor update highlights a resilient performance despite significant audience and platform headwinds, with management focused on strengthening revenue diversification and positioning the business for growth. Group revenue declined 7% as changes to Meta’s algorithms reduced audience reach, while overall audience was down 28% year on year. Despite this, advertising performance remained strong, with average session values increasing 20%, supported by Digitalbox’s established brands, content expertise and exposure to attractive UK and US digital advertising markets. Adjusted EBITDA was a loss of £43,000, compared with £129,000 in H1 2025, while restructuring and an impairment charge reflected the impact of changing market conditions. Cash generation remained robust, with 65% aggregate cash conversion and approximately £2 million of cash reserves at the half year. Digitalbox’s growth strategy centres on expanding its portfolio, scaling original short-form video, growing its social reach and developing new revenue streams through creator networks, branded content and direct sales. More than 200 creators are already engaged, with plans for over 500 original video pieces and 30 entertainment creators generating around 20 million monthly video views during Q4. The company is also deploying AI through its Signal Forge platform, reducing editorial research time by around 75% and increasing published story volumes. With a strong brand portfolio, growing creator ecosystem, disciplined cost management and selective acquisition strategy, Digitalbox aims to build a more diversified digital media model and sustain momentum into 2027.

Aurrigo International PLC’s H1 2026 investor update highlights strong momentum across its automotive, autonomous and emerging defence operations, supported by recovering automotive revenues, continued commercial validation of its autonomous technology and a strengthened operational platform. Group revenue increased 19% year on year, while the automotive division delivered its strongest first-half performance since the company’s IPO, following a recovery from previous tariff disruption and the Jaguar Land Rover cyber incident. Aurrigo also secured its largest-ever contract, including a £4.3 million framework agreement with a next-generation supercar manufacturer, and won its first defence contract, successfully delivering the programme in full and on time. The autonomous business continues to develop its AutoSIM simulation platform, AutoStack autonomous driving software and AutoConnect fleet-management and cybersecurity platform, alongside a growing portfolio of airport vehicles including Auto-DollyTug, Auto-Cargo and Auto-Shuttle. The company has completed its move to a new 6.3-acre Coventry facility, providing approximately 131,000 square feet of space and capacity for up to 500 vehicles annually, supporting future manufacturing scale-up and its global hub strategy. Aurrigo remains engaged with its established aviation customers, with no customer losses reported, while targeting a global market of more than 700 airports with potential applications for autonomous technology. With £8.4 million of cash at the half-year end, a growing international footprint and significant opportunities across aviation, automotive and defence, management is focused on scaling its technology, expanding global deployments and converting its pipeline into future revenue growth.

Ceres Power Holdings PLC delivered strong strategic and financial progress in the first half of 2026, advancing its growth strategy around new manufacturing licences, partner scale-up and the commercialisation of its Endura solid oxide technology platform. The company achieved around half of its £45 million contracted full-year revenue guidance during H1, supported by high-margin licensing income, while a streamlined cost base reduced losses and R&D expenditure. Ceres also strengthened its balance sheet through an oversubscribed equity raise of more than £100 million, providing capital to support partners as production moves towards commercial scale. Existing manufacturing partners continue to advance, with Doosan securing its first export stack order, Delta progressing production in Taiwan and planning a new Guanyin manufacturing facility, and Weichai targeting initial production and significant capacity growth. Management highlighted accelerating demand for distributed and behind-the-meter power generation, particularly for data centres and energy-intensive industries, and sees an approximately 22GW power opportunity by 2030. Ceres remains confident in signing a new manufacturing licence agreement during 2026, supported by a growing global pipeline, while royalty revenue is expected to become an increasingly important part of the revenue mix as partners scale towards gigawatt-level production later this decade.

THE MISSION GROUP PLC reported a stronger H1 2026 performance, with management highlighting progress from its strategic reset focused on simplicity, prioritisation and growth. Despite a 3% year-on-year decline in revenue, headline profit before tax increased 43%, operating profit rose 15% and earnings per share advanced by around one-third, supported by £1.5 million of operating expenditure savings and improved margins. The Group also strengthened its balance sheet, reducing debt by £4.4 million year on year, with bank debt falling from £13.7 million to £11.0 million and acquisition-related earnout liabilities declining to £0.8 million. Management expects leverage to fall below 1x EBITDA by year-end and remains on track to meet FY2026 operating profit and margin expectations. Growth strategy priorities include further investment in Mongoose, expansion into the US sports and events market, development of AI-enabled services, selective value-accretive acquisitions and new products and services, which management aims to contribute at least 20% of gross profit over the next three years. The company is targeting further margin expansion over time, with management indicating sustainable operating margins should ultimately exceed 15%, while maintaining disciplined capital allocation and reviewing the potential return of dividends in 2027.

Invinity Energy Systems PLC delivered an encouraging interim results update, highlighting accelerating commercial momentum, continued product cost reductions and a growing global pipeline for its vanadium flow battery technology. Customer orders increased around threefold year-on-year to more than 30MWh, while the wider commercial pipeline stands at just under 13GWh, supported by opportunities across North America, Europe and the rapidly expanding AI data centre market. The company reported £1.7m of project and grant income for the first half and a reduced gross loss, while continued R&D investment is targeting a 66% product cost reduction by early 2027, with further reductions anticipated towards 2030. Invinity’s growth strategy is increasingly focused on large-scale energy storage, commercial and industrial applications and AI infrastructure, where unlimited cycling, low degradation and a 30-year asset life provide potential advantages over conventional lithium-ion solutions. The 1.5GWh FlexBase data centre project remains a major strategic opportunity, with engineering work progressing through development milestones ahead of the fulfilment phase. Management also highlighted plans to establish US manufacturing capacity, supported by attractive local incentives, while continuing to develop its UK operations. With improving margins, declining product costs, a substantial order pipeline and increasing demand for flexible long-duration energy storage, Invinity is focused on converting its technology leadership into scalable revenue growth and stronger commercial performance.

Transense Technologies PLC presented its FY2026 financial results and investor update, highlighting continued progress across its SAWsense and Translogik businesses despite lower Group revenue following the reduced Bridgestone iTrack royalty rate. Total revenue declined to £4.63 million from £5.55 million, while gross margins remained strong at approximately 88%. Adjusted EBITDA was £0.66 million, operating cash generation reached approximately £0.88 million, and year-end cash stood at £1.5 million, providing capacity for continued investment. SAWsense revenue grew 20%, supported by strong aerospace activity with customers including GE Aerospace and Airbus, 39% growth in e-drive and significant expansion in robotics, while investment in the pilot production line strengthens the route towards higher-volume applications. Translogik revenue was broadly flat as weaker sales to major tyre manufacturers were offset by growth through fleets, software partners, distributors and subscription-based channels. Management highlighted the new Continental programme, alongside partnerships with Bartec and Haltec/Hamilton channels, new tyre inspection and inflation products and an expanding recurring-revenue model as key growth drivers. The Bridgestone iTrack royalty remains a significant contributor, with FY2027 revenue expected at approximately £2.1–£2.2 million and management estimating a further £7.5 million of royalty income over the remaining four years. Looking ahead, current trading is in line with plans, with management targeting revenue growth across SAWsense and Translogik and positioning both businesses to become financially self-sufficient before the iTrack royalty expires around 2030.

ACG Metals Limited’s H1 2026 investor update highlights significant operational and financial progress at its Gediktepe copper-gold project in Türkiye, alongside a substantial increase in production potential and asset value. Following the acquisition of Gediktepe in 2024, ACG has invested approximately $200 million to develop and expand the operation, with updated technical studies increasing the project NPV to approximately $1.2 billion at consensus pricing and $1.4 billion at spot prices. Expected average production over the next five years has increased from around 20,000 to more than 36,000 tonnes of copper equivalent, supported by three processing facilities covering sulphide, SART and oxide ore. H1 2026 financial results delivered approximately $90 million of revenue, $50 million of EBITDA and $30 million of cash flow, with around $60 million of cash on the balance sheet at the period end. The company is progressing the SART plant, targeted for production in Q3 2027, while a newly acquired licence is expected to extend oxide production by six to seven years and provide additional exploration upside. ACG has also developed patented processing technology that has increased recoveries from below 75% to above 85% while reducing cyanide consumption and operating costs. With strong cash generation, disciplined cost control, an expanded resource base, an 11-year initial mine life and further exploration potential, ACG’s growth strategy combines organic production expansion with selective M&A, while planned bond refinancing is expected to reduce financing costs.

Meridian Mining PLC’s latest investor update outlines the results of its definitive feasibility study (DFS) for the Cabaçal copper-gold project in Brazil, highlighting strong project economics and a clear pathway towards construction and production. The DFS delivers a post-tax NPV of more than US$2 billion and an IRR above 108%, with a rapid 0.9-year payback and an NPV-to-capex ratio of 6.5x. The project has a 13.9-year mine life, an initial 18-month construction period and planned throughput expansion to 4.5 million tonnes per annum. Mineral reserves have increased to 56 million tonnes, while the resource has grown to 70 million tonnes, providing further potential for reserve growth and mine-life extension. The operation is expected to produce a high-quality copper concentrate with approximately 29% copper, supported by recoveries of 92.8% for copper and 89% for gold, with no reported impurities. Meridian is now focused on project execution, detailed engineering, permitting and project financing, with long-lead equipment already ordered and off-site infrastructure contracts signed. The company also holds a substantial exploration portfolio across Brazil, offering opportunities for resource replacement, expansion and additional production hubs. With more than US$90 million in cash, advanced permitting and a strong balance sheet, Meridian’s strategy combines near-term construction and production at Cabaçal with longer-term exploration-led growth and potential cash flow generation.

Octopus Renewables Infrastructure Trust PLC reported resilient financial and operational performance for the six months to 30 June 2026, with portfolio revenue 3% ahead of budget and EBITDA 6% ahead despite generation being approximately 1% below expectations. Solar output was 3% above budget and offshore wind 5% ahead, offsetting weaker onshore wind performance. Dividend cover improved to 1.38x after scheduled debt amortisation, supporting the Company’s FY2026 target dividend of 6.23p per share. Net asset value fell to £454.7m, or 86.18p per share, with a -5% NAV total return primarily reflecting revised long-term onshore wind generation assumptions, lower power price forecasts and higher discount rates. The diversified renewable energy portfolio comprises 39 assets and 740MW of capacity across five countries and five technologies, with 86% of forecast revenue over the next two years fixed or contracted, providing strong cash flow visibility. Looking ahead, management remains focused on its 2030 growth strategy, targeting 9–11% medium-to-long-term total returns through construction-stage investments, active asset recycling and capital growth. Asset sale proceeds are expected to support debt reduction towards the Company’s approximately 40% gearing target, while maintaining a fully covered and progressive dividend.