European Green Transition PLC

Building a Critical Infrastructure & Renewable Services Platform

IntelliAM AI Plc

Edison - IntelliAM AI – executive interview

Worldwide Healthcare Trust

Edison - Webinar: Worldwide Healthcare Trust – portfolio update and outlook

Pantheon International Plc

PIN’s strategy to improve returns is taking effect.

Kepler | Trust Intelligence - Pantheon International

P2 Gold Inc.

Edison - P2 Gold's Joe Ovsenek on the Gabbs gold-copper project in Nevada and the path to production

In 9 months to 30 Sep 2026, FX and payment volumes grew to a record £32.5bn (+4% y-o-y), with Emerging Market (EM) volumes (CAB’s main focus) up 23% to £12.1bn. Q3 volumes in EM and G10 markets exceeded the average of Q1 and Q2 by some distance. 12 new active clients were added, with total active clients up from 601 to 613 over Q3.

Total Income over the 9m was c. £102m, +22% y-o-y. Full-year total income for FY25 was £119m. Total income excluding deposit net interest income 

Equity Development - CAB Payments: Income +22% y-o-y, driven by core EM volume growth

CAB Payments Holdings Plc

In 9 months to 30 Sep 2026, FX and payment volumes grew to a record £32.5bn (+4% y-o-y), with Emerging Market (EM) volumes (CAB’s main focus) up 23% to £12.1bn. Q3 volumes in EM and G10 markets exceeded the average of Q1 and Q2 by some distance. 12 new active clients were added, with total active clients up from 601 to 613 over Q3.

Total Income over the 9m was c. £102m, +22% y-o-y. Full-year total income for FY25 was £119m. Total income excluding deposit net interest income (NII) was c. £79m, +32% y-o-y. Q3 total income was c. £34m (p2, bottom right chart), roughly the same as Q2, but income excluding NII grew from £26.1m in Q2 to c.£27m in Q3. This growth was lower than volume growth due to a reduction in EM take-rates, as CAB flagged with H1 results. 
 
CAB has reiterated its previous guidance of expecting total Income (excluding NII) growth of high-teens to low-20s percentage CAGR over the course of 2026, 2027 and 2028.

Peruvian Metals Corp.

Percheron Therapeutics’ September quarter update and new preclinical collaboration with Invion reinforce its capital-efficient, combination-led development strategy for HMBD-002, its anti-VISTA antibody. The partners will evaluate HMBD-002 alongside INV043, Invion’s lead Photosoft photodynamic ther

Edison - Percheron Therapeutics:Stronger cash position, broader opportunities

Keller Group Plc

Edison - Keller Group:CMD establishes medium-term ambitions

Secure Trust Bank Plc

STB’s Q326 trading update confirms that it is on track to meet both FY26 PBT consensus and FY28 medium-term targets of c.10% loan growth per annum, and a Return on Average Equity (ROAE) of above 16%. The second tranche of the £10m buyback programme has been completed. STB’s strong capital position and prospective capital generation provides options for growth. Loan growth of 6.4% YTD (9.5% year-on-year) was achieved despite a softening in the asset-backed lending business. Cu

PROGRESSIVE: Secure Trust Bank- On track to meet FY26 PBT consensus and FY28 targets.

STB’s Q326 trading update confirms that it is on track to meet both FY26 PBT consensus and FY28 medium-term targets of c.10% loan growth per annum, and a Return on Average Equity (ROAE) of above 16%. The second tranche of the £10m buyback programme has been completed. STB’s strong capital position and prospective capital generation provides options for growth. Loan growth of 6.4% YTD (9.5% year-on-year) was achieved despite a softening in the asset-backed lending business. Customer deposits remained stable and credit performance has remained robust.

Tissue Regenix Group

TRX Gold Corporation is a junior gold producer operating the Buckreef Gold Mine in Tanzania under a joint venture with the state mining development company.   Again, high gold prices and operational improvements helped deliver record results for Q4 2026. Operations continue to deliver on their plan. The Company made equipment orders for the next plant expansion. Exploration and resource drilling programs are underway. We expect the market to recognize these ongoing positive results. No changes to our valuation estimates.

Zacks Small Cap Research - TRX: Preliminary Q4 2026 Results – Another record quarter for production and strong gold prices

Railtown Capital Corp

While the loss of RAIL's 1,285 tank car retrofit order reduces earnings visibility, we forecast improved financial performance over the next two years, supported by a recovery in industry railcar deliveries and recent cost reduction efforts.
We lower our 2026 and 2027 estimates to reflect the loss of the tank car retrofit order. For 2026, we estimate 3,200 deliveries (guidance is 3,100-3,300 units), $386.3 million in revenue ($370-$410 million), and about $17 million in adjusted EBITDA ($15-$19 million). 
Improving industry fundamentals will support a recovery in 2027, in our view, with industry deliveries expected to rebound from 25,000 units in 2026 back toward normalized replacement level demand of 35,000-40,000 units annually.
We estimate RAIL will deliver about 4,000 freight cars in 2027 and 4,500 units in 2028, reflecting a stable 13% market share. We believe RAIL is well positioned to participate in the industry's recovery. 
RAIL's high-margin Aftermarket business (about 30% gross margin) is a key growth driver that will help buffer cyclical, and sometimes volatile, new railcar sales. The company announced another Aftermarket acquisition yesterday.
With the anticipated freight rebound and RAIL's cost reductions, we think the recent pullback in the stock price represents an attractive entry point for investors.
We expect RAIL will continue to repay debt and pursue acquisitions in the Aftermarkets segment. Repayment of the expensive but manageable debt (a 2028 Term loan) will reduce interest expense and enable a future refinancing (2H:27).
We lower our price target to $10 (from $13), based on a 17x multiple applied to our newly introduced 2028 EPS estimate of $0.56 (was 17x our previous 2027 EPS estimate of $0.75). Our moderate risk rating balances RAIL's leaner operating footprint with key customer relationships and economic sensitivity.

Sidoti & Company - Reduce Price Target To $10 (From $13); Lower Estimates On Customer-Specific Setback; Improving Industry Fundamentals Support Recovery In 2027; See Buying Opportunity On Recent Pullback

Heavitree Brewery

As referenced in today's Residential Furniture Industry update note, last week, we met with Haverty's senior management team at the High Point Market in High Point, NC.
Following the 7.1% year over year same-store sales gain registered in 3Q:25, we estimate that 3Q:26 same-store sales increased 5.9%, mostly due to our expectation of a higher average ticket driven by more in-home design sales.
Assuming one net new store addition, we estimate total September quarter revenue advanced 6.7% to $207.5 million.
As detailed in Exhibit 1 below, we think a modestly higher gross margin and favorable SG&A expense leverage resulted in a much improved operating margin and EPS of $0.47 compared to $0.28 a year earlier. 
In our view, HVT will benefit from its continued strategic opening of about five stores per year, an increased focus on driving more revenue from in-home design services (now representing about 36% of sales but only around 17% of its customers), while also looking to grow its e-commerce sales over time.
Assuming additional same-store sales gains, new store openings and operating margin expansion, we estimate EPS of $1.77 in 2026 and $3.00 in 2027, up from $1.19 in 2025.
We maintain our $36 price target, which is based on 12x our 2027 EPS estimate of $3.00.
Our moderate risk rating reflects our assumption for a profit recovery in 2026 and 2027, supported by HVT's solid balance sheet and ample free cash flow generation (estimated at $1.32 per share in 2026 and $2.24 per share in 2027).

Sidoti & Company - Expect Sales, Margin Gains Drove Higher 3Q:26 EPS; See Further Upside From Growing Design Service Penetration, Expanding Store Base, Positive Expense Leverage; Maintain $36 Price Target

MTI Wireless Edge Ltd.

MTI Wireless Edge Limited has announced the acquisition of Interspec, a Mottech distributor in Texas, for a maximum consideration of approximately US$2.6 million, along with US$1.2 million in funding for business expansion. Interspec generated unaudited revenue of US$2.9 million and profit before tax of US$0.4 million for the 12 months ending December 31, 2025, with net assets of US$0.55 million. An additional earn-out of US$1.25 million to US$2.25 million is contingent on performance. This acquisition is expected to be earnings enhancing and establishes a direct platform for MTI's growth in the US market.

Turner Pope - Acquisition of Mottech distributor in Texas

MTI Wireless Edge Limited has announced the acquisition of Interspec, a Mottech distributor in Texas, for a maximum consideration of approximately US$2.6 million, along with US$1.2 million in funding for business expansion. Interspec generated unaudited revenue of US$2.9 million and profit before tax of US$0.4 million for the 12 months ending December 31, 2025, with net assets of US$0.55 million. An additional earn-out of US$1.25 million to US$2.25 million is contingent on pe

Turner Pope Investments - Acquisition of Mottech distributor in Texas

Aberforth Smaller Companies Trust

Fidelity Special Values

Rockwood Strategic Plc

We highlight how well some UK small cap trusts have done despite all the negativity.

Kepler | Trust Intelligence - The out of favour trusts beating the S&P 500

Gelion

Gelion’s results show strong operational progress in moving its sulfur cathode battery technology forward. The company has built strong partnerships with major potential customers and has validated its technology in key applications. With the successful transfer to new CEO Matt Wood while retaining John Wood as a consultant, we see Gelion as having transitioned from a technology developer through validation to commerciality with modest commercial revenue now expected in FY 27. Our central valuation rises to 164p from 153p.

Longspur Clean Energy - Gelion - Building Partnerships for Progress

Halo Minerals PLC

Since listing on AIM in March, Halo has been busy progressing its Playa Verde copper tailings project at Chañaral Bay, on the coast of Chile. The initial plan is to dredge part of the beach tailings and recover copper cathode and copper concentrate which also contains by-product gold. Halo recently increased ore reserves and completed an updated Competent Person’s Report (CPR).

In the updated CPR ore reserves rose by 1.74mt or 5.4%, to 33.94mt grading 0.25% Cu and containing 83,626t Cu. The CPR uses increased copper prices (US$6.20/lb vs US$5.30/lb), but lower gold prices (US$3,700/oz vs US$4,300/oz).

Halo’s Base Case model for Playa Verde, which is based on ore reserves alone, has an after-tax NPV10 of US$174.3m and IRR of 45.6% while NPV8 comes in at US$195.9m. The RNS notes the potential to increase ore reserves near-term by 25-30%, to save between US$6-10m in capex and to boost NPV by a further US$4.4m through optimising the dredging starting point.

Based on our modelling, guided by the recent RNS and the Admission Document CPR, and assuming the extraction of 34.8mt of tailings and an 8% discount rate we calculate a fair value of 47p/share (up from 46p at initiation).

Equity Development - Updated Competent Person's Report shows promise

Yesterday, RAIL announced that it had removed its large tank car retrofit order from the backlog, as management no longer believes the customer will meet its obligation. The multiyear order was to upgrade 1,285 existing DOT-111 tank cars to DOT-117R tank cars; we had forecasted about 350/900 relatively higher-margin units delivered in 2H:26/1H:27.
Following the removal and 662 deliveries reported for 3Q:26, the backlog at September 30 was 2,660 units, valued at $284.5 million, versus 3,972 units valued at $344 million at the end of 2Q:26. No other orders in the backlog are affected, according to RAIL.
The company also reported preliminary 3Q:26 results that trailed our original expectations. We have updated our 3Q:26 estimates.   
RAIL lowered its 2026 guidance, with expected railcar deliveries reduced to 3,100-3,300 units (from 3,500-3,900), revenue reduced to $370-$410 million (from $410-$460 million), and adjusted EBITDA reduced to $15-$19 million (from $36-$44 million), representing midpoint declines of 14%, 10%, and 58%, respectively.
Though there is meaningfully lowering earnings visibility with the removal of the tank car retrofit order, the broader railcar manufacturing backdrop continues to signal a recovery in new railcar orders, supporting a stronger 2027 operating environment. 
RAIL reiterated its commitment to the tank car retrofit program. We continue to see potential tank car production as a core catalyst in 2027/2028.
We plan to update our model after speaking with the management.
Our $13 price target applies a 17x multiple to our 2027 EPS estimate of $0.75. Our moderate risk rating balances RAIL's leaner operating footprint with key customer relationships and economic sensitivity.

Sidoti & Company - RAIL Removes A 1,285 Tank Car Retrofit Order From Backlog, Reducing Earnings Visibility; 2026 Guidance Lowered; Preliminary 3Q:26 Results Trailed Estimates; Maintain $13 Price Target

Americas Gold and Silver Corporation

Edison - Bull, Bear & Beyond – Baillie Gifford US Growth Trust in 60 Seconds

Edison - Baillie Gifford US Growth Trust in 60 Seconds

JPMorgan European Discovery Trust Plc

JPMorgan European Discovery Trust (JEDT) had a change of managers at the beginning of March 2024, which has been beneficial for the trust’s performance. As JEDT’s name suggests, managers Jon Ingram, Jack Featherby and Jules Bloch screen the large European small-cap universe of around 1,500 names, l

Edison - JPMorgan European Discovery Trust:Managers building on their positive record

Datatec Ltd. (DI)

Datatec’s H127 trading update confirmed that Westcon and Logicalis International delivered very strong financial performances in H127, while Logicalis Latin America saw weaker trading. H127 underlying EPS is expected to be in the range of 52.9% to 60.6% higher than H126. The special dividend relati

Edison - Datatec:H127 underlying EPS up at least 52% y-o-y

Gear4music (Holdings)

Trading continues to be in line with Board expectations. Lapping last year’s demanding H1 comparative of 31% revenue growth, G4M has delivered H1 revenue growth of 6% (and over 38% on a two-year basis) to £85.4m (FY26: £80.7m). This was achieved despite some moderation in Q2, driven by the prolonged period of extremely hot weather over the summer months. Gross profit has also advanced, with EBITDA expected to be £5.7m (FY26: £6.5m) reflecting set up costs of the new automated UK warehouse.

PROGRESSIVE: Gear4music- Resilient H1 revenue performance

Africa Opportunity Fund Ltd.

ATOSS releases preliminary Q3 on Friday: we expect sales of € 53.3m (+12.9% yoy) and EBIT of € 18.4m (34.5% margin). An EBIT guidance upgrade remains a real option. Reiterate BUY, PT € 134.

NuWays - Steady quarter ahead, margin upside in reach

Primary Health Properties Plc

Primary Health Properties (PHP) has reached a conditional agreement with a leading global institutional investor, the Singaporean GIC, for the establishment of a 50:50 strategic joint venture (JV), to invest in private hospital infrastructure. The JV will be seeded with private hospitals from PHP’s

Edison - Primary Health Properties:JV agreed: Focus on growth

Dear Recipient,I am writing to urgently notify you that the email sent today (16 October 2026) at [Time] with the subject line " New Research on Invinity Energy Systems (IES LN) from Longspur’ " was sent to you in error.This email contains confidential and/or price-sensitive information that was not intended for you.Pursuant to your legal and regulatory obligations regarding such confidential material:1.           Do not read, copy, save, forward, or disclose the contents of the email or any attachments to any other person. The information may constitute inside information and sharing, utilising, or trading on it can violate insider trading laws such as the UK Market Abuse Regulations and/or equivalent financial regulations.2.           Permanently delete and destroy the email and all copies (including drafts, printed versions, or downloaded attachments) from your inbox, trash, and sent/archive folders immediately.3.           Confirm in writing to me as soon as possible that you have deleted the message and have not shared its contents.I sincerely apologise for the error and any inconvenience caused. Please reply directly to this message to confirm receipt and deletion.Yours sincerely,Adam Forsyth

Longspur Clean Energy - Invinity Energy Systems - Accelerating Development - EMAIL RECALL PLEASE DELETE

Dear Recipient,I am writing to urgently notify you that the email sent today 19 October 2026 at 08.35 with the subject line " New Research on Invinity Energy Systems (IES LN) from Longspur’ " was sent to you in error.This email contains confidential and/or price-sensitive information that was not intended for you.Pursuant to your legal and regulatory obligations regarding such confidential material:I sincerely apologise for the error and any inconvenience caused. Please reply directly to this message to confirm receipt and deletion.Yours sincerely,Adam Forsyth

A new equity raise at Invinity comes as the company moves to a more commercial phase driven by improved product costs and project economics, proven technology with 11GWh of dispatch behind it and wider market dynamics that are driving growth in the segments of the market where Invinity operates. We see this funding as providing Invinity with the financial means to deliver against key commercial and corporate milestones as it transitions from technology innovator to a commercially-scaling energy storage business.

Longspur Clean Energy - Invinity Energy Systems - Accelerating Development

Gelion’s preliminary results from the work with the National Laboratory of the Rockies (NLR) provides an independent validation of the company’s own testing, complementing the additional independent testing carried out by QinetiQ and TDK. With the NLR results aligning, we are seeing a growing validation of the technology supporting the potential of NESTM for applications that require rapid charging, high power and repeated cycling. This includes next generation electric vehicles, drones, aerospace and other defence applications.

Longspur Clean Energy - Gelion - New Results Validate Earlier Testing

Beeks Financial Cloud Group

Beeks has delivered a strong FY26, in line with the mid-July trading update, our expectations and consensus. H2 26 was a record period - recurring revenue is growing at around 15% per annum, gross profit rebounded to 40% for the full year, and the investment made in capacity is considerable. The group has also announced $4m of Exchange Cloud extensions in this morning's trading update. The stock trades at an EV/EBITDA of around 7x, suggesting significant upside potential as the business delivers on its promise.

PROGRESSIVE: Beeks Financial Cloud Group- FY26 delivered – well set for FY27

Europa Metals Ltd

EUZ's c. 7x FY26e EV/EBITDA valuation gives little credit to its expected earnings recovery and growth potential as an independent radiopharma supplier (eNuW).

NuWays - Q3 preview: earnings to regain momentum

Gold Springs Resource Corp.

Following the sizable 2Q:22 Fill-Rite acquisition, debt repayment is a priority. The company finished 2Q:26 with net debt of $231.4 million ($8.76 per share). We look for net debt of $206.7 million ($7.85 per share) by the end of 2026. 
Our $78 price target is based on 25x our 2027 EPS estimate of $3.11. GRC merits a moderate risk rating due to its manageable balance sheet and favorable market trends.

Sidoti & Company - We Think Gorman-Rupp's 3Q:26 Results Benefitted From An Elevated Backlog And Favorable Market Trends; Maintain $78 Price Target

Stagecoach Group Plc

For 3Q:26, we expect sales grew 3% from 3Q:25 to $148 million but that EPS fell $0.01 to $0.17, due to increased material costs and a higher tax rate.
The company is benefiting from slowly improving customer sentiment and rebounding demand from its branded products, healthcare apparel, and contact center customers, in our opinion 
For 2026, we expect sales to advance 3% to $585 million and EPS to jump 9% to $0.50 (including a $2.6 million ($0.13 per share) non-cash charge related to a trade name impairment) on improved pricing and operating efficiency 
For 2027 and 2028, we expect mid-single-digit revenue growth will again outpace increases in operating expenses, supporting our estimates for EPS of $0.89 and $1.16, respectively.
At the end of June, SGC had $23 million in cash and $82 million in total debt. 
We estimate free cash flow of $15 million ($1.01 per share) in 2026, $22 million ($1.45 per share) in 2027, and $23 million ($1.52 per share) in 2028. We think SGC could use the funds for acquisitions, which could lead to upside to our estimates and fund a $0.56 per share dividend.
We maintain our moderate risk rating and $20 price target, based on 17x our 2028 EPS estimate of $1.16.

Sidoti & Company - Expect Low To Mid Single-Digit Revenue Growth And Faster EPS Growth The Next Three Years, Due To A Diversified Business Model And Improved Operating Efficiency; Maintain $20 Target

Smiths News Plc

Smiths News has announced that it has secured a new long-term exclusive contract with Telegraph Media Group Holdings Limited (TMG), publishers of the Daily Telegraph and Sunday Telegraph. Like the previous recent contract wins, this agreement is for national distribution and is on enhanced commerci

Edison - Smiths News:Telegraphing another contract win

Discoverie Group

discoverIE confirmed that the positive order momentum it has seen since Q426 continued through H127. The group saw 30% y-o-y growth in orders in H127 (22% organic) and sees FY27 adjusted earnings running ahead of board expectations. We have upgraded our forecasts to reflect the strong revenue and o

Edison - discoverIE Group:Upgrading on strong H127 trading

Supermarket Income Reit

Edison - Supermarket Income REIT Plc (LON: SUPR) — CEO Robert Abraham: FY Results

Rockfire Resources Plc

This morning, Gibraltar announced it has agreed to sell its Infrastructure business to Saint-Gobain (foreign) for $208 million in cash, with the sale expected to close in 4Q:26. 
The Infrastructure segment posted TTM sales and TTM adjusted (for stock comp) EBITDA of $90 million and $22 million, respectively, equating to a TTM margin of 24.6%. 
As we see it, the Infrastructure sale continues a multiyear simplification of the portfolio and will leave ROCK as a two-segment company: Residential and Agtech.  
ROCK held net debt of $1.2 billion as of 2Q:26; the sale of Infrastructure would further bolster the balance sheet, taking pro forma net leverage down to about 2.9x by year-end 2026 (from 3.4x prior) and pro forma net debt to $853 million (from $1.061 billion prior). 
We plan to adjust our estimates once the sale closes and management updates its 2026 outlook (expected on the 3Q:26 earnings call). 
We maintain our $76 price target based on 15x our 2027 EPS estimate of $5.09.

Sidoti & Company - Portfolio Simplification Continues; ROCK To Sell Infrastructure Business For $208 Million In Cash, Leaving Two Segments; Maintain $76 Price Target

Baillie Gifford US Growth Trust (USA) gives investors exposure to exceptional US growth businesses across both public and private markets. Recent performance has been strong: in the 12 months to 30 September 2026, the trust delivered an NAV total return of 32.4% and a share price return of 41.6%, a

Edison - Baillie Gifford US Growth Trust:Vote to save winning public/private US strategy

Edison - Supermarket Income REIT — FY Results for the year ended 30 June 2026

Plus500 Ltd (DI)

We estimate 2Q:F27 revenue grew 5% year over year to $639.3 million and EPS (including stock compensation expense) declined nearly 5% to $1.38.  
PLUS is facing a tough comparison with 2Q:F26 and, with longer lead times, the demand PLUS is seeing is not currently translating to revenue. However, the company is building a sizable backlog that will become a significant tailwind as memory constraints ease.
Despite the supply headwinds, we still think PLUS is well positioned for growth as AI is driving increased enterprise spending on the cloud, data centers, networking and security, all areas of expertise for PLUS.
ePlus ended 1Q:F27 with no debt and cash of $449 million ($17.22 per share), giving the company ample flexibility to invest organically, pursue additional tuck-in acquisitions, more actively buy back stock, and continue to increase its dividend.
We maintain our $111 price target based on about 18x our F2028 EPS estimate of $6.09. Given the company's track record of profits and a debt-free balance sheet, we assign the stock a Moderate risk rating.

Sidoti & Company - Supply Constraints Are Limiting Revenue Growth But Backlog Is Growing As Enterprises Continue To Spend On Networking, The Cloud, And Cybersecurity; Maintain $111 Price Target

Stirling Industries plc

We attended STRL's E-Infrastructure project tour and management dinner in Georgia on October 13 and 14, our second visit to Plateau after June 2025 (see note dated June 9, 2025).
Don't miss the forest for the trees: Mission critical is the larger and less cyclical secular growth theme, with data centers serving as a springboard.  
Mission-critical campuses continue to grow larger and add phases, which STRL embraces for project manager operating leverage and for phase-based pricing and risk-management strategy.  
STRL's disclosed visibility to future work materially understates its true visibility and the durability of mission-critical demand, in our view, and there is no easy fix to solve this communication challenge. 
STRL continues to add capacity through its owned fleet, internal talent pipeline, technology, and M&A.  
Sterling held a net cash position of $181 million at the end of 2Q:26, and its underappreciated cash flow positions it to fund a capacity-driven roll up, and supports our moderate risk rating.   
Our unchanged $968 price target continues to be based on 37x our 2027 adjusted EPS of $26.16.

Sidoti & Company - Second Plateau Site Tour Takeaways: Mission Critical, Not Just Data Centers, Is The Secular Driver; Disclosed Backlog Understates Visibility; Maintain $968 Price Target

Invesco Asia Dragon Trust Plc

Edison - Uncovering Trusts – Invesco Asia Dragon Trust (IAD): Looking beyond the obvious AI winners

Norcros Plc

Norcros continues to navigate uncertain market conditions well, making good y-o-y progress backed by strong cash generation in H127. Full year expectations are unchanged, and valuation metrics continue to look attractive.

Norcros has flagged H127 revenue growth of +19% (reported) and +1.5% (constant currency, LFL, excluding Fibo), generating c. £220m group revenue for the period. Fibo (acquired in October 2025) is now fully integrated into the Group, trading to plan, and some investment in business development has been undertaken.

Period end net debt (pre-IFRS16) of £55m is a notable achievement, representing a £10m reduction from the beginning of the year. Given that the H1 net debt position already matches our FY27 projection, we will review cash projections fully with the H127 results. 

Norcros’ markets are set to remain subdued in H2 though estimates appear robust. With a share price in the lower half of its 12m trading range, valuation multiples look attractive, and we reiterate our fair value estimate of 400p per share.

Equity Development - Norcros - strong execution and generating cash

Sulnox Group PLC

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.

Research Archive

Building a Critical Infrastructure & Renewable Services Platform

Edison - IntelliAM AI – executive interview

Edison - Webinar: Worldwide Healthcare Trust – portfolio update and outlook

Edison - Webinar: Worldwide Healthcare Trust – portfolio update and outlook

Kepler | Trust Intelligence - Pantheon International

Kepler | Trust Intelligence - Pantheon International

Edison - P2 Gold's Joe Ovsenek on the Gabbs gold-copper project in Nevada and the path to production

Equity Development - CAB Payments: Income +22% y-o-y, driven by core EM volume growth

Equity Development - CAB Payments: Income +22% y-o-y, driven by core EM volume growth

Edison - Percheron Therapeutics:Stronger cash position, broader opportunities

Edison - Keller Group:CMD establishes medium-term ambitions

Edison - Keller Group:CMD establishes medium-term ambitions

PROGRESSIVE: Secure Trust Bank- On track to meet FY26 PBT consensus and FY28 targets.

PROGRESSIVE: Secure Trust Bank- On track to meet FY26 PBT consensus and FY28 targets.

Zacks Small Cap Research - TRX: Preliminary Q4 2026 Results – Another record quarter for production and strong gold prices

Sidoti & Company - Reduce Price Target To $10 (From $13); Lower Estimates On Customer-Specific Setback; Improving Industry Fundamentals Support Recovery In 2027; See Buying Opportunity On Recent Pullback

Sidoti & Company - Expect Sales, Margin Gains Drove Higher 3Q:26 EPS; See Further Upside From Growing Design Service Penetration, Expanding Store Base, Positive Expense Leverage; Maintain $36 Price Target

Turner Pope - Acquisition of Mottech distributor in Texas

Turner Pope Investments - Acquisition of Mottech distributor in Texas

Kepler | Trust Intelligence - The out of favour trusts beating the S&P 500