Edison - International Airlines Group:Resilience through a more challenging quarter

Rockwood Strategic

Edison - Vantage: Rockwood Strategic – UK small-cap value and active engagement

Edison - Netcall:FY26 trading statement

Edison - British American Tobacco:Transformation gathering pace

Feature article: How the world of small business funding has changed

Over the past 25 years, the fundraising journey for growing businesses has evolved significantly. While the early stages still often rely on family, friends and, occasionally, a supportive bank manager, and the end goal remains largely unchanged, the path in between looks very different. With private equity playing a far greater role, companies staying private for longer and the funding landscape continuing

Hardman & Co Monthly: August 2026

Drax’s interim results show a company building a more diverse platform with a potential 85% increase in generation by 2029. While pricing and outages impact the reported H1 figures, strong trading and early performance from the first OCGT suggest a better second half in our view. Looking further ahead to 2029, the company has increased its target adjusted EBITDA range to £650m to £800m.

Longspur Clean Energy - Drax Group - Building for Growth

Edison - Hargreaves Services:Repositioned for the infrastructure decade

Edison - Kooth:Soluna embeds as renewal risk recedes

Primary Health Properties (PHP) has reported H126 results showing strong earnings growth, supported by the successful combination with Assura and underlying portfolio progress. Adjusted EPS increased 9% to 3.8p, comfortably covering DPS of 3.65p (+3%). PHP is now well into its 30th consecutive year

Edison - Primary Health Properties:Strong earnings growth and strategic progress

In a trading update for Q3, to 30 June, Watkin Jones has signalled £60m of new contract wins, further validating the UK’s leading developer and manager of residential for rent’s diversified growth strategy against the recent backdrop of slower investment in some of its core new-build activities. However, the appointment of recognised pro-development members to PM Andy Burnham’s new Cabinet and returning Housing Secretary Angela Rayner’s ruling out of rent controls bode well, 

PROGRESSIVE: Watkin Jones - Contract wins validate refreshed strategy

ABG’s results may be considered across two, distinct, time dimensions. The long-term value, created by franchise growth, picked up in 1H’26. Key growth was well spread and seen in deposits, specialist lending and wealth management. The “Future State” target of £10bn client balances was achieved two years early, and the customer base is growing. Short term, there remains sensitivity to the interest rate environment (avg. base rates down 73bp 1H’26 vs. 1H’25). A higher-for-long

Hardman & Co - Arbuthnot Banking Group: 1H26 accelerating franchise growth

Once again, there is a clear message in Greggs’ H126 results of outperformance in a challenging market, with menu innovation, its value proposition and growing distribution as key drivers in growing share. There was a general improvement in trading in company-managed stores through H126, albeit vol

Edison - Greggs:Share gains continue with strong profit growth

Edison - Bodycote:Aerospace momentum and self-help drive margins

Seplat has reported a strong set of results for 1H26 reflecting a rebound in production QoQ and benefitting from strong liquids realisations including a notable premium to Brent. The quarterly dividend has been hiked to 12 cents and a full year dividend intention set at 45 cents In addition, the company has announced agreement to transfer 10% of its current 40% interest in SEPNU to NNPC, as previously indicated, for a headline transaction value of $281.6m representing approxi

Capital Access Group - Seplat Energy | 2Q26 results – Strong performance; SEPNU transaction

Severfield has made a positive start to 2027 despite an unchanged market backdrop with FY27 guidance for underlying PBT of £12–15m unchanged from the FY26 results on 23 June 2026. Order books have increased across all three geographies (UK and Europe, and India) providing improved revenue visibilit

Edison - Severfield:Stronger foundations in a transitional year

BUT offers diversification beyond the AI theme.

Kepler | Trust Intelligence - Brunner

NBPE’s co-investment model allows it to invest more and return capital faster.

Kepler | Trust Intelligence - Neuberger Private Equity Partners

The Law Debenture Corporation (LWDB) has published results for the first six months of 2026 (H126), building once more on its long-term record of outperformance versus the broad equity market benchmark. The H126 fair value NAV total return of 11.4% was 4.2pp ahead of the benchmark total return of 7

Edison - The Law Debenture Corporation:Consistent delivery

Edison - ME Group:Recovery on track after April's setback

Team Internet’s H1 trading update indicates that performance remains in line with the improving trends previously communicated. Domains, Identity and Software (DIS) and Comparison are delivering strong EBITDA growth and margin expansion, while Search has completed its transition to Related Search o

Edison - Team Internet Group:Improving trends continue

Edison - TheWorks.co.uk:Turning recovery into growth

Metir plc has received a Project Confirmation Letter from Avanceon regarding its Continuous Toxicity Monitoring (CTM) project in Qatar, confirming a long-term commitment from Qatar General Electricity & Water Corporation (Kahramaa) and Avanceon. The project is expected to transition to recurring, high-margin consumables revenues of approximately £30,000 per month after the Phase 1 handover in October 2026, with potential expansion to 44 CTM systems in Phase 2, which could exc

Turner Pope Investments - Metir Secures Qatar Project Confirmation Update

Edison - Utilico Emerging Markets Trust – equity proposition

Trinity Delta view: We have argued that the strength of SCOPE data and costs of the proposed iSCIB1+ registration trial are such that in-house development should remain a primary consideration. Our June 2026 Update highlighted how securing funding to initiate the iSCIB1+ Phase III study would de-risk Scancell’s investment case and result in c £120m/$150m uplift in our rNPV valuation. Ahead of further confirmatory announcements connected with this transaction, we suspend our v

Trinity Delta Lighthouse: Scancell

Funding for growth. Mercia has secured a new three-year funding agreement with Metro Bank worth up to £38m, comprising a £13m term loan facility and a £25m revolving credit facility, strengthening balance sheet flexibility.

Mercia-27 strategy. The facility supports delivery of the Mercia-27 plan, which targets growth in funds under management to £3.0bn, with strategic acquisitions expected to play an important role.

Valuation unchanged. Following management’s comments that 

Equity Development - Mercia Asset Management: New £38m finance facility readies Mercia for M&A

Personal Group has released a positive update for the half to June. Group revenue increased by 10% YoY to £25.7m (1H25 £23.3m) demonstrating robust revenue growth across all areas of the business. The adjusted EBITDA performance was even better, increasing 22% to £6.7m (1H25 £5.5m. The balance sheet remains strong with cash and net cash at £29.4m at 30 June (£29.0m at YEFY25). The company noted that trading remains in line with market expectations for the full year. We make n

Capital Access Group - Personal Group | 1H26 trading update – delivering on the promise

Orosur Mining Inc. has completed its joint venture obligations for the El Pantano Project in Argentina, now owning 100% after investing US$3 million, including US$1 million in phase one and US$2 million in phase two which concluded ahead of schedule. The company's initial drilling program of 24 holes totaling 5533 meters has identified a major epithermal gold/silver system, with results detailed in a newly filed NI 43-101 Technical Report. While the western areas show gold-be

Turner Pope Investments - El Pantano Project Developing

Diversified European core equity trust with an attractive dividend policy.

Kepler | Trust Intelligence - JPMorgan European Growth & Income

This morning Smiths News (SNWS) announced that it has won new long-term contracts for national distribution with the UK’s largest magazine distributor, Frontline Limited, and Seymour Distribution Limited, part of the Frontline Group and the UK’s largest independent magazine distributor. The agreeme

Edison - Smiths News:Now we can Seymour revenue in 2030

In Q3 of Impax’s FY26 (1 Apr 26 – 30 Jun 26), AUM grew by £1.0bn (+4.4%) to £23.3bn. Investment performance was very strong, contributing +£2.7bn to AUM growth (+12% of opening AUM). The net flow outlook is improving, with £994m of net outflows in Q3 (excluding the impact of Impax Environmental Markets plc).

Impax has flagged an improving flow trend from its largest distribution partner (BNP Paribas) with increased interest in its thematic equities range, and positive net fl

Equity Development - AUM +4% in Q3 on strong returns, improving flows

Edison - Sareum – executive interview

Clean Power Hydrogen

Clean Power Hydrogen has completed its equity raise package bringing in a total of £7.3m. This gives the company the financial headroom to move forward with its new capital light strategy and to unlock the strategic manufacturing agreement with Hidrigin. CPH2 has moved quickly following the incident that resulted in a failure of its MFE220 electrolyser and this raise will allow the company to move to maximise value from the situation.

Longspur Clean Energy - Clean Power Hydrogen - Equity Raise Brings in £7.3m

Strong FY26 delivery, ahead of expectations. Revenue increased 10%YoY to £87.5m (11.5% at constant currency), ahead of revised market expectations, while adjusted EBITDA rose 5% to £8.5m, with margin improving to 9.8% (FY25: 9.2%). Gross margin strengthened to 48.6%, reflecting growth in higher-margin markets.

North America drives growth, cash position remains robust. North American revenue grew 22%YoY to £26.1m and now represents 30% of Group revenue. Despite currency headw

Equity Development - ECO Animal Health - FY26 results ahead of expectations

Hunting has confirmed a strong Q2 performance and reiterated existing guidance for profitability and year end cash for 2026.

The Subsea and Perforating Systems Product Groups both made good progress in H1. Subsea’s favourable order book development, (and a maiden H1 contribution from FES) together with further improvements from share gains at Perforating Systems, are understood to be behind this sequential uplift.

Year-on-year, this H1 EBITDA performance is just over 10% be

Equity Development - Subsea boosts profitability in a positive Q2

For the year to 30 April, 2026 Cohort reported revenue of £306.4m, +13%YoY (our est. £303.0m) and (adj.) EBIT of £36.3m (our est. £36.0m), +32%YoY, with improved margin 11.8% (FY25: 10.2%). Order intake of £314.2m rose 10%YoY, i.e. above revenue, with an order book of £618.8m – stretching out to 2037 – confirming another record year.  

The war in Iran, ongoing conflict in Ukraine and continued Asia-Pacific tension, mean that defence challenges have multiplied and accelerated

Equity Development - FY26 results: another record year & positive outlook

Discounts have come in for equity trusts, but alternatives are still in the doldrums - we see value in the sector.

Kepler | Trust Intelligence - Playing catchup

Fidelity Emerging Markets

FEML offers a differentiated strategy to invest in emerging markets.

Kepler | Trust Intelligence - Fidelity Emerging Markets

Galliford Try has released another positive trading update with adjusted profit before tax for the year to June expected to be at the top end of the £51.4m-£53.4m, consensus range, implying a near 20% YoY improvement. Revenue growth YoY is expected to be around 3%, suggesting a further increase in the divisional adjusted operating margin over the 3.2% achieved in 1H26 and confirming good progress towards the 4% target by 2030 (FY25 3.0%). The order book grew to £4.3bn (YEFY25

Capital Access Group - Galliford Try | FY26 trading update – yet another strong year

With a significant discount to NAV persisting at NESF despite the strategic initiative announced earlier in the year, the Board today has announced a ‘Formal Sale Process’ (FSP) to explore options aimed at maximising shareholder value. At this stage, the Company confirms it has not received any offers and is not in active discussions with any potential acquirer.

Longspur Clean Energy - NextEnergy Solar Fund - Formal Sale Process Announced

The FY trading update informs us that with a 40% FY26 Adj. EBITDA margin, Beeks once again distances itself from its international IaaS peers and the wider UK tech group, which average 33.9% and 22.1%, respectively. As CEO Gordon McArthur reminds, Beeks ‘now has four differentiated offerings’ and enjoys ‘a strong pipeline across each’. FY27 has begun well, a point telegraphed by record £34m ACMRR. Beeks’ financial model matured in FY26: Proximity Cloud, Exchange Cloud, Public

PROGRESSIVE: Beeks Financial Cloud Group - Positive FY update: Having cake, eating IT

Orosur Mining Inc. has announced significant gold intersections at its APTA prospect in Colombia, with the second drill hole (MAP107) reporting 135.5 meters at 1.91 g/t gold, including a higher-grade interval of 49 meters at 4.06 g/t gold, with the hole ending in mineralization. This result supports the interpretation that deeper, higher-grade zones are more extensive than previously estimated, potentially forming the basis for a future Mineral Resource Estimate at APTA. The 

Turner Pope Investments - APTA Continues to Deliver

This is the first Longspur Clean Energy Directory. We provide in-depth investment research on companies across the clean energy space and to do that, need to have an awareness of the others. This directory lists and has a brief summary of the main listed players in all areas of clean energy including renewables, storage, efficiency, bioenergy and hydrogen.

Longspur Clean Energy - Clean Energy Directory - Clean Energy Resurrection

Following a strong 1HFY26 performance, Craneware has released a trading statement for the year to 30 June identifying an unexpected slowdown in 340B transactions revenue. While customer demand and cash generation have remained strong throughout the year, revenue is now expected to be US$205-US$208m with Adjusted EBITDA of US$65-US$67m, broadly in line with FY25 but materially below market expectations for FY26. We reduce our forecasts in line with revised guidance, essentiall

Capital Access Group - Craneware Group | FY26 update – impacted by weak 340B transactions

INPP was born in response to a policy-driven investment opportunity, but rather than tailing off as its initial public-private partnership (PPP) projects approached maturity, it has grown into a diversified and increasingly future-proofed portfolio of government-backed, regulated and operating assets offering sustainable, growing and inflation-linked income for the next 25 years even if no new investments are made, alongside some capital growth potential. The structuring of i

Capital Access Group - International Public Partnerships (INPP) | Securing the future through reinvestment

Clean Power Hydrogen plc announced a fundraising initiative aiming to raise up to £7.5 million at 1.5 pence per share, comprising a firm placing of £2.54 million, a conditional placing of £0.46 million, a directors' subscription of £10,000, a conditional subscription of up to £4.0 million, and a retail offer targeting a minimum of £0.5 million. The company is transitioning to a capital-light business model focused on licensing its proprietary membrane-free electrolyser techno

Turner Pope Investments - Proposed Fundraising

Topps Tiles’ Q326 trading update shows the uncertain macroeconomic environment has led to increased demand for lower priced, and therefore lower margin, products, which provides a headwind to profit growth. This has been compounded by the recent extreme temperatures affecting demand from profession

Edison - Topps Tiles:Macroeconomic uncertainty, extreme weather

Braemar published a short statement to accompany its AGM today, including a trading update where the company states that positive momentum into the new financial year has continued, building on the strong second half of FY26, which ended in February. The company reiterated that it remains confident

Edison - Braemar:Continued positive momentum

PCI Pal has confirmed that its contract with HM Revenue and Customs (HMRC) has been retained for a minimum of eight years following a competitive re-tender process. PCI Pal has worked with HMRC for more than seven years; the current relationship with HMRC is direct whereas the new contract has been

Edison - PCI-PAL:HMRC retained for another eight years

As we approach the second half of 2026, the economic outlook remains challenging and political uncertainty persists. However, our July Insight explores why there are growing signs of optimism. As valuations become more attractive and companies look to participate in transactions, the investment community is becoming increasingly active. While this may not yet be reflected in UK IPO activity or quoted company share prices, funding appears to be available for the right opportun

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