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Slater increased his stake to exactly 28% yesterday, or 35.85m shares, having bought another 450,000 shares:

Https://uk.advfn.com/stock-market/london/venture-life-VLG/share-news/Venture-Life-Group-PLC-Holdings-in-Company/96666327

Another major new framework appointment not posted here before- this from last month, with Carnell securing a position on National Highways' Specialist and Technical Services 3 framework:

Https://www.arcadis.com/en-gb/news/europe/united-kingdom/2025/7/arcadis-led-consortium-secures-position-on-nh-scheme

"The SPaTS3 framework offers comprehensive access to multi-disciplinary services for National Highways across England, enabling projects that range from minor assignments to significant and strategic initiatives. This prestigious framework encompasses consultancy services across 26 core competencies, including asset operation, maintenance, assurance and performance, statistics and transport modelling, pavement engineering, road user behaviour, strategic transport planning and policy, and sustainability, among others."

Worth also noting that Carnell have just poached an extremely senior hire from National Highways:

Jttps://constructionwave.co.uk/2025/07/28/national-highways-director-joins-infrastructure-maintenance-specialist-carnell/

Hybridan have released today's Friday Takeaway note, where they delve a little deeper into small caps. Today they've looked at REAT. It's mostly a reiteration of the facts, but here's their conclusion:

"REACT Group 50p £12.05m (REAT.L)

Financial Calendar:

Year End September, reported 29 January 2025, Interims March, Reported 27 May 2025

Three Main Shareholders:

Octopus Investments Nominees Ltd 19.36%, Dowgate Wealth 11.95%, Harwood Capital LLP 11.0%

Key Investment Points:

Acquisitive & Organic growth, Momentum Building, Strategy on track"

"Repeat or recurring revenue now accounts for more than 85% of total revenue. Operating cashflow remains strongly positive, while free cash flow was still being generated at the interims even after exceptional items mainly relating to the acquisition. The September 2025 year earnings forecast is for an EBITDA of £2.74m compared to £2.1m, on an 18% increase in revenue to £24.5m. The PBT is anticipated at £2m and an EPS of 6.48p, giving a prospective P/E of 7.7x and an EBITDA/EV of 5x.

Hybridan Comment: The returning business momentum and transformative acquisition should flow to earnings growth and justify a higher rating."

The H1 results are out and are as previewed.

The notable take is the extremely bullish outlook and increased forecasts for H2 and beyond for all of mining, drilling and MSALabs.

Great also to see net debt decrease by 35% due to lower cap ex and improved working capital - the City should lap that up.

The mediocre H1 was rescued in pure numbers terms by the outstanding performance of the investment portfolio, which is now worth almost $50m (and likely a fair bit more since 30th June). But in terms of ongoing prospects the core business looks pretty rosy going into H2:

Https://uk.advfn.com/stock-market/london/capital-CAPD/share-news/Capital-Limited-H1-2025-Results-Unaudited/96631979

More good news - Envolve secures a place on National Grid's Project Civils Framework for UK electricity infrastructure for up to the next 8 years.

Which should secure some sizeable revenues going forward:

Https://envolve-infrastructure.co.uk/updates/envolve-infrastructure-awarded-wessex-water-framework-2-2/

"Envolve Infrastructure Secures Position on National Grid’s Project Civils Framework

Date Posted: 04.08.2025

Envolve Infrastructure is proud to announce it has been awarded a position on the prestigious National Grid Project Civils Framework for a period of up to 8 years. This significant achievement marks a major milestone for Envolve Infrastructure as it re-secures its position as a valued delivery partner to National Grid and continues to expand its presence in the UK’s critical energy sector.

The Project Civils Framework forms part of National Grid’s strategy to reinforce and maintain its electricity infrastructure to meet the growing demands of a low-carbon future. As a delivery partner on the framework, Envolve Infrastructure will deliver a range of essential civil engineering services supporting National Grid’s projects across Wales, the Midlands, the South West and the South East.

etc"

The new issue of SCSW is now out, so it's worth noting that there was a big tip for BBSN in last month's issue.

This was just before the share consolidation of course, so the newly increased EPS forecast is now 6.2p EPS. On a pro forma basis for a full year this would now be 6.8p EPS.

A few interesting extracts:

"Brave Bison (BBSN; 3.1p) has had a remarkable turnaround for a company that for most of its early quoted life lacked a clear strategy. That changed in 2021 when brothers Oli and Theo Green - whose father built Carlton Communications into a billion-pound TV giant - acquired a stake and took control. They cut costs, shifted towards scalable services and content, and they began building a marketing and technology business spanning owned social channels, influencer marketing and ecommerce.

This was enough to attract the attention of Tory donor Lord Ashcroft who took a 23% holding, overtaking the Greens with 18%. Ashcroft is known for growing service businesses via M&A such as ADT, Impellam and Marlowe and I presume his influence has rubbed off because Brave Bison has sprung into a ferment of activity. Up until this month, brokers were looking for sales of perhaps £22m for the year, which would have marked the fourth year of improvement. But four deals in FY25 have leapfrogged this and a full year contribution from all deals would see sales top £37m."

"And just when its hands might have looked full consolidating those three acquisitions, BBSN has pulled off the £19m acquisition of MiniMBA from Centaur Media (CAU; 33p), which becomes the cornerstone for a new training division. As Theo Green explained to me, it’s not “the low end how to do online marketing course, you might get from the Institute of Marketing.” This is much higher MBA-level training in marketing, brand and general management for CMOs and marketing directors. Courses run over an online platform and offer virtual teaching for over 6,000 delegates every year. The £2000 courses run online twice a year (Sept and April).

MiniMBA was founded by Professor Mark Ritson, one of the most well-known MBA marketing pundits globally. MiniMBA is expected to deliver sales of £11m and an EBITDA margin of 33% in FY25 after a royalty to Ritson. It equates to an exit PE of 5.5 and MiniMBA could indeed grow fast. As Green says, it’s not about cross-selling to other parts of the group - that would water down the course - but unshackled from Centaur, which owns Marketing Week, MiniMBA is free to seek new publisher partnerships overseas, initially in Sweden and Holland. The deal sees Ritson invest £2m in the placing and a further £2m within 24 months so is incentivised to keep the business performing.

...With a 4-month contribution from MiniMBA, Cavendish upgraded forecast sales by 14% to £29.2m, pretax profit by 26% to £5m and EPS by 9% to 0.31p. More upgrades are likely. ....I’m watching it for possible GP3 inclusion. Buy."

Full Circle appear to be very busy, as they've opened a new central warehouse six times larger than their previous one! And they're hiring more staff:

Https://www.fullcirclewindservices.com/full-circle-wind-services-opens-new-central-warehouse-in-livingston-to-strengthen-uk-operations/

Extracts:

"Full Circle Wind Services Opens New Central Warehouse in Livingston to Strengthen UK Operations

August 12, 2025

"Full Circle opens a central warehouse in Livingston, Scotland—six times larger than its previous UK facility—to enhance turbine maintenance logistics and technician support.

Key stock includes maintenance supplies, electrical control units, and components critical to turbine uptime.

The facility features hot-desking areas, meeting rooms, and a technician training centre that is currently under development

It supports Full Circle’s mission to refurbish turbine components locally, reducing waste and fostering a more circular, sustainable supply chain."

"The new warehouse has enabled next-day delivery across the UK through improved logistics, leading to faster repairs, reduced downtime, and stronger service performance.

It also serves as a hub for Full Circle’s growing local refurbishment strategy, aimed at reducing waste and enabling a more circular supply chain. Rather than sending defective turbine components to Europe for assessment, the Livingston facility allows parts to be inspected in-house and sent to refurbishment partners within the UK."

Yet another contract win for QRO.

£0.4m over 5 years isn't material in itself (that's why it's an RNSNON), but this contract win is significant in that:

- there's likely to be larger purchases of "additional or replacement ANPR camera systems from QRO during the contract period"

- this adds to PEG's growing recurring revenue streams for support and maintenance (the City alwys loves recurring revenues)

- it adds another such win to a string of such recent wins

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Contract-Win/96611380

For RNWH's subsidiary J Browne:

Https://www.linkedin.com/posts/browne-group_were-proud-to-confirm-that-browne-has-secured-activity-7358803478384648193-BdUG?utm_source=social_share_video_v2&utm_medium=android_app&rcm=ACoAAEQ7v1ABrdB2s_ymutL-VtbNTRP84ri-2BE&utm_campaign=whatsapp

"We’re proud to confirm that Browne has secured a place on the £440m FA2172 Mains Rehabilitation Framework, Lot 1 (Design and Build), supporting one of the UK’s leading water companies, Thames Water , in delivering essential pipeline upgrades during AMP8 and AMP 9."

Https://www.investorschronicle.co.uk/content/e32fd0ff-7eb0-4384-8de7-9c840554d19a

"A growth stock flying below the radar

Simon Thompson: Shares trade on a single-digit multiple even though the group’s brands are delivering strong sales growth

Published on July 30, 2025

• First-half revenue grows 38 per cent to £15.3mn

• Strong second half forecast

• New management appointments

• Net cash equates to half market capitalisation

• 8.3 times 2025 operating profit to enterprise valuation

Aim-traded Venture Life (VLG: 58p), a developer of self-care products, has announced a robust first half trading update and completed the disposal of its lower-margin, capital-intensive operations. The group is transitioning into a pure-play consumer healthcare platform focused on products that support proactive, healthy longevity (‘A game-changing new strategy will boost this healthcare stock’, 1 July 2025).

Last autumn’s complementary acquisition of Cardiff-based Health & Her/Him (H&H), a brand that primarily provides supplements and support for female hormonal health, was the key driver behind the £4.2mn rise in first-half revenue to £15.3mn. In the six months, H&H delivered 21 per cent growth on a pro forma basis and contributed £3.4mn of revenue.

etc"

News of expansion into the materials handling sector:

Https://www.mhwmagazine.co.uk/news/time-finance-targets-materials-handling-sector-with-strategic-appointment_101993.html

"Time Finance targets materials handling sector with strategic appointment

25 Jul 2025

Independent SME lender Time Finance has announced its expansion into the materials handling sector, marking a significant move in its long-term growth strategy.

The company has appointed Phil Blea as Regional Sales Manager to lead this new division within its Asset Finance arm.

This strategic shift will see Time Finance extend its asset finance solutions to cover heavy machinery and specialist equipment used in manufacturing, warehousing, and material storage – industries where equipment investment is vital to operations.

The move follows the lender’s appointment of Phil Blea, who brings a strong track record in asset-based lending and vendor finance, having held senior roles at firms such as Close Brothers and Linde.

Phil’s remit focuses on developing Time Finance’s presence in the materials handling market, establishing funding options for clients across a wide credit spectrum – including businesses with more complex credit profiles.

“I am very excited to be joining Time Finance at such a crucial time,” said Phil. “I’m thrilled to be playing a part in the company’s move into the materials handling sector and the role it will play as the business embarks on its new 3-year growth strategy, and I’m looking forward to helping build our presence in the market.”

This expansion forms a key element of Time Finance’s ambition to grow its own-book lending to over £300 million by 2028. The company has already made significant progress towards this goal, recently reporting a record £217 million in own-book lending for the year ending 31 May 2025.

“Establishing our specialist materials handling team forms an integral part of our wider growth strategy,” said Steve Nichols, Managing Director of Asset Finance at Time Finance.

“By developing innovative sector funding, we are tailoring our asset finance and multi-product solutions for key sectors and supporting businesses as they grow. Phil will play a pivotal role in helping us to build our presence and I’m delighted he has decided to join the team.”

Time Finance offers a range of funding solutions to UK SMEs, including Asset Finance, Invoice Finance, Business Loans, and Asset Based Lending – all designed to help businesses access the working capital and investment they need to thrive."

Dowgate Capital say Buy with a 120p target price.

They retain their forecasts of 6.4p EPS to this September, rising to 9.1p EPS next year including a full year of the acquired Aquaflow.

They summarise:

"Forecasts.

We view these encouraging contract wins as underpinning our FY25 estimates for revenues of £24.5m and EBITDA of £2.8m. This flows through to PBT/EPS of £2.1m/6.4p placing the shares on an undemanding p/e multiple of 7x and we remain buyers against a 120p price target."

Https://www.investorschronicle.co.uk/content/600fce5f-3c12-4d0c-b947-0fa189bd7779

"Front run this underrated company’s trading update

Simon Thompson: A decent share price rally is a distinct possibility for the defence technology stock

Published on August 6, 2025

by Simon Thompson

• Multiple contract wins in recent months

• Current year cash-adjusted PE ratio of 10

• Prospective dividend yield of 5.5 per cent

Israel-based technology group MTI Wireless Edge (MWE: 46.5p) has announced a raft of contract awards since reporting first-quarter results in mid-May.

However, despite the strengthening contract momentum and expectations of high single-digit growth in annual pre-tax profit to $5.2mn, the shares are priced on a current year cash-adjusted price/earnings (PE) of 10. They also offer a free cash flow yield of 11 per cent and an attractive prospective dividend yield of 5.5 per cent. A decent share price rally looks a distinct possibility when MTI releases interim results in the coming weeks, so front-running what should be a positive trading update is a sensible strategy.

etc"

Asara Resources is up to new highs at A$0.06. This is now worth £4.4m to CAPD.

WIA Gold is also up again, to A$0.315. This is worth a further £37.3m.

And announced this morning is an H1 results presentation on 14th August:

Https://uk.advfn.com/stock-market/london/capital-CAPD/share-news/Capital-Limited-London-Stock-Exchange-Presentation/96580889

The tone of today's RNS is extremely positive. And some of the contract wins are pretty notable - NHS Trusts, The Works, BP Forecourts, H&M, Homes England etc etc.

Forecasts are for 6.4p EPS to 30th September, rising to 9.1p EPS next year, so REAT are looking extremely good value given the confidence in meeting expectations:

Https://uk.advfn.com/stock-market/london/react-REAT/share-news/React-Group-PLC-Contract-Wins/96580979

"Shaun Doak, Chief Executive Officer of REACT, said: "We are delighted to report on a positive trading performance, achieved despite ongoing economic headwinds. Importantly, a number of deals that were delayed in the first half have now progressed in the second half of the year, contributing to improved momentum.

"These recent contract wins, secured across all four of our divisions, clearly demonstrate the growing demand for REACT Group's specialist services. They are a strong validation of our strategy, focused on securing high-quality, recurring revenue streams while deepening relationships with both new and existing clients.

"We are particularly encouraged by the increasing ability to cross-sell services across the Group, with our businesses collaborating more effectively than ever. Taken together, these wins give us further confidence in the positive direction of travel for the Group and our ability to deliver market expectations for the year. We look forward to updating shareholders on further progress in due course."

Cavendish have reiterated their 100p target price.

They summarise as follows (extracts):

"1H25 trading update Venture Life has announced the completion of the divestment of its CDMO operations and certain non-core brands, with cash received such that the current net cash position is c£36m.

Aligning with the consumer self-care commercialisation-focused strategy, the company has appointed the co-founders of Health & Her to key commercial roles and appointed Sarah Arthur, with 26 years’ experience with J&J, as Interim Commercial Director. Supporting the M&A strategy, Matt Jeffs has been appointed as Head of M&A. We see these appointments as clearly defining Venture Life’s future direction, focused on developing the marketing of its Power Brands while exploring accretive M&A opportunities.

The board sees trading to date as on-course to meet market expectations, having delivered 1H25 revenues of £15.3m, up c38% reported and c11% on a proforma basis. We remain positive on Venture Life’s newly focused commercial strategy, and believe the valuation is yet to reflect this potential."

"Investment thesis: The sale of Biokosmes and non-core brands has simplified and focused Venture Life while strengthening the balance sheet. Operationally, the company’s capital expenditures will fall, improving cash conversion and allowing the company to progress its organic and M&A strategies. While we acknowledge the share performance, up c70% since the Feb 2025 low, we still see the postsale valuation multiples offering an attractive entry point for investors."

Excellent - sizeable contract wins contributing mainly to this year.

Noteworthy that these have been won by PSK, which was the only division not thriving previously. Now PSK is not only trading ahead of budgets, but also has "good visibility on a pipeline of upcoming tenders" and is "well-placed for sustained growth over the medium to long-term."

"Three Contract Wins

MTI Wireless Edge Ltd (AIM: MWE), the technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, is pleased to announce that its subsidiary, P.S.K Wind Technologies Ltd. ("PSK"), has secured three contracts from existing local customers for the delivery of defence services and equipment, collectively worth approximately US$1.4 million. 75% of the value of these orders will be delivered in 2025 and the remainder over the period from 2026 to 2027.

MTI's CEO, Moni Borovitz, commented: "We are very pleased to have received these orders which mean PSK's revenue in the first half of the year together with existing backlog for 2025 is now ahead of internal budgets for the current year. Furthermore, we have good visibility on a pipeline of upcoming tenders for PSK which will ensure the business is well-placed for sustained growth over the medium to long-term."

Https://uk.advfn.com/stock-market/london/mti-wireless-edge-MWE/share-news/MTI-Wireless-Edge-Limited-Three-Contract-Wins/96570075

Hopefully some positive sector read-across from Digitalbox's RNS this morning:

"In H1 2025, advertising performance, session values and yields have seen significant year on year improvement, and as a result the Company expects revenue to have increased by 11% compared to the same period last year"

Terrific results once again.....

Research update just out from Turner Pope:

Https://mcusercontent.com/d9ebd7c1aa0f3dbc5fab42eca/files/76bef013-9bdd-7ccd-840a-6411d059cac0/OrosurMiningInc._Research_Update_5August2025__FINAL_BG.01.pdf

Extracts:

"Orosur is continuing the infill drilling program at its 100%-owned Pepas gold prospect (‘Pepas’, ‘the Prospect’), with the target of moving to a NI43-101 compliant Mineral Resource Estimate (‘MRE’) by the end of the CY2025.

Assays from the latest three holes all returned exceptional results with thick sequences of high-grade gold mineralisation commencing from surface.

Although its size has yet to be defined, the depiction of Pepas as a highly lucrative mining proposition appears to be rapidly solidifying. So much so in

fact, that the Board intends to shortly commence non-drill related studies (such as metallurgy, mining planning and logistics) to begin the process of

advancing the Prospect toward development. It is targeting December 2025 for completion of the infill drilling program, followed rapidly by publication

of a maiden MRE and onward to feasibility (which is likely to start with a preliminary economic assessment (‘PEA’))."

"Moreover, given the value the current team has created in the nine or so months since regaining 100% control of the Anzá Project from Minera Monte Aguila (‘MMA’), it is a reasonable bet that investors will be willing to back its much larger mining ambitions both there and at El Pantano, either of which could eventually dwarf Pepas’ findings."

With 7p EPS forecast this year the the P/E of only 8 appears extremely good value.

Particularly given:

- 16 consecutive quarters of loan book growth

- credit quality/write-offs consistently low and rock-solid

- margins rising

- funding capacity rising

- loan book quality fast-improving with the increase in secured lending/hard asset finance

EPS has risen in recent years from 2.6p to 3.7p to 4.9p to 6.5p, so over 30% per annum.

There's therefore a strong possibility that this year's 7p EPS forecast will once again be upgraded two or three times, especially given the strong start to this year that we've now had reiterated.