ARBB

ICG Enterprise Trust

NB Private Equity Partners Ltd.

Real Estate Credit Investments Ltd

Volta Finance Ld

Feature article: Tech sector outlook - focus on recovery plays

UK technology stocks are showing signs of recovery after a prolonged five-year bear market, with large-cap software and services stocks rebounding strongly in recent months. In this month's feature article, Hardman & Co analyst Richard Jeans examines the latest trading trends across the UK technology sector, the evolving impact of AI and large language models, and the prospects for further recovery. He also highlights the importance of focusing on attractively valued recovery opportunities while avoiding over-hyped stocks.

Download the report to read the article and the September Monthly.

Hardman & Co Monthly: September 2026

PLUS

We expect memory shortages to be a headwind to revenue and earnings growth in F2027, but market demand for PLUS's services remains strong. 
With longer lead times, the demand PLUS is seeing is not currently translating to revenue, but the company is building a sizable backlog that will become a significant tailwind as memory constraints ease.
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 - Demand For PLUS's Services Remains Strong, But Memory Shortages Are Delaying Product Shipments, Weighing On Revenue Growth In F2027; Order Backlog Growing; Maintain $111 Target

McBride Plc

McBride has announced a transformational business win, with a strategic contract manufacturing partnership for laundry liquids with Vestacy, the global home care company behind brands including Calgon, Woolite, Air Wick, Cillit Bang and Mortein.

Two long-term (5-8 years) contracts have been signed that are anticipated to generate for McBride £170m revenues at maturity, driving a c.16% increase in our FY29E revenues, Adj. PBT and Adj. EPS.

It has agreed to acquire two dedicated manufacturing facilities in Spain and Portugal for a nominal consideration and will also manufacture a variety of household products for Vestacy from its existing sites across Belgium, Italy, Poland, the UK and France.

This partnership is highly earnings accretive and, along with the recent strategic acquisition of Eurotab, highlight McBride’s multiple levers for profitable growth. We raise our Fair Value / share from 245p to 265p, the latter equivalent to c.10x cal 2027 PER.

Equity Development - McBride plc: strategic partnership drives c.16% FY29E PBT uplift

Watkin Jones

Watkin Jones highlights its continued diversification strategy in the face of rental sector challenges in today’s update for the year to 30 September 2026. As stated in its Q3 update, a small number of transactions had the potential to complete in Q4, but the Board now concludes it is unlikely that all of them will be finalised by the year-end, with the FY26E adjusted operating profit likely to match the first half. However, net cash should exceed the £61m at the half year and the group remains ‘well positioned to capitalise on the attractive long-term fundamentals’ of private rental.

PROGRESSIVE: Watkin Jones- FY outlook dependent on transaction timing

Hardide Plc

Edison - Heidelberger Druckmaschinen:Backlog supports recovery after a soft Q1

Genedrive

Edison - Genedrive:Point-of-care diagnostics driving rapid care decisions

Alkane’s FY26 financial results showed both pro forma and statutory revenue exactly in line with our prior expectations and a record net profit within A$1.2m of our forecasts, representing a variance of just 1.7% for the quarter and 0.5% for the full year. This followed Alkane’s Q426 quarterly acti

Edison - Alkane Resources:Results in line; forecast upgrade

S&U Plc

S&U has issued a Q227 trading update confirming the long-term growth trajectory of the business and providing support for H2 profit growth. Group capital receivables increased 20% to £616m, which is a record for the company. The motor finance business, Advantage, continues to prudently increase

Edison - S&U:Strong Q227 reinforces long-term view

Trinity Delta view: Oxford BioDynamic’s £9m raise alleviates the overhang caused by the known funding constraints and provides breathing space to allow management to pursue key strategic goals. The priorities are: commercial execution, converting the strong science into revenue-generating operations; disciplined resource allocation, capital is directed to programmes with the highest near-term value; greater customer adoption, as real-world utility demonstrates worth; and strategic partnerships, as deals are the only way to achieve a global reach. The EpiSwitch Orion cloud-based 3D genomics platform remains a primary focus and, together with growing EpiSwitch test volumes, should create shareholder value. Longer-term, in our view, sustainable volume growth will require substantial ongoing commercial investment. Hence, the importance of striking attractive deals with third-party partners should not be underestimated.

Trinity Delta Lighthouse: Oxford BioDynamics

Vertu Motors

The trading update released today provides encouraging news. Both new and used vehicles are performing well and ‘Value Cars by Vertu’ has been launched successfully. The portfolio exposure to leading Chinese brands is building; the focus on costs is a constant. Management welcomes the government consultation on the ZEV mandate, albeit with a note of caution. Orders for the July-September quarter ahead of the September plate change give management the confidence to anticipate FY27 results ahead of market expectations, and we raise our FY27 adjusted PBT estimate accordingly.

PROGRESSIVE: Vertu Motors- Strong trading drives forecast upgrade

RocketDNA Limited (ASX:RKT) is an autonomous drone-based data-infrastructure platform focused on enterprise customers, particularly tier-1 mining operations. Its permanently installed xBot systems combine autonomous hardware, remote operations and the SkyLink/SiteTube software stack to convert episodic drone work into an on-demand site utility. RKT is now at a commercial inflection point: rising utilisation of the installed fleet is translating into recurring revenue and positive operating cash flow, while the same infrastructure can support additional users, missions and higher-margin software/data services.

RaaS Research Group - Taking flight with autonomous data capture

Allied Minds Plc

Alma Metals Limited (ASX:ALM) is a junior resource company that is progressing its flagship Briggs Copper Project (Briggs). Briggs is a copper porphyry deposit located in Queensland that hosts 2.0mt of contained copper alongside molybdenum and silver credits. ALM is the majority owner (51% earning to 70%) and operator of the project which is managed under a joint venture. Following a positive Scoping Study, ALM is currently progressing the project through a Pre-Feasibility Study (PFS), which is expected to specifically detail the economics of the project. Post a capital raising of $4.0m in May 2026, ALM has $3.6m in cash in addition to liquid investments of $3.2m as of 30 June 2026, thus we think ALM has sufficient funding to continue to progress Briggs.

RaaS Research Group - Advancing Queensland’s largest undeveloped porphyry

Trinity Capital Plc

TRC also benefited from the Dedeaux land sale, which also launches a new JV & TRC recently began construction on Building 1B through the JV. TRC also believes opening of Hard Rock Casino Tejon contributes to elevated leasing at Terra Vista & other benefits & has had a positive impact in terms of boosting traffic past the Tejon Ranch Commerce Center (TRCC) and contributing to fuel and food revenue increases at the TRCC TA Petro Travel Center and retail sales at the Outlets at Tejon. As Tejon Ranch moves ahead with its industrial and residential development plans, we believe, California's acute housing shortage is arguably a positive tailwind.

Zacks Small Cap Research - TRC: 2Q26 Arguably Reflects Benefits of Cost Containments, Growth & Optimization Measures

MNTN

Edison - The Schiehallion Fund – equity proposition

INPP

International Public Partnerships (INPP) has announced the agreed sale of its stakes in nine UK private-public partnership (PPP) projects for £58m, implying a premium to the last published valuation. The transaction provides a further example of the company’s disciplined capital recycling programme

Edison - International Public Partnerships:Disciplined capital allocation

Canadian General Investments Ltd.

Edison - Canadian General Investments – equity proposition

Aberforth Smaller Companies Trust

Ashoka India Equity Investment Trust plc

FEML

Fidelity China Special Situations

Fidelity Special Values

JPMorgan American Investment Trust Plc

JPMorgan European Grw & Inc

NAIT

Schroder Japan Growth Fund Plc

Fund flows can tell us quite a lot about what’s going on.

Kepler | Trust Intelligence - Follow the money

Murray Income Trust Plc

MUT enters its next chapter with a heavy weight management trio that have delivered exceptional total returns for investors.

Kepler | Trust Intelligence - Murray Income

JPMorgan Claverhouse Investment Trust Plc

JCH has outperformed its benchmark since the new manager trio took the reins.

Kepler | Trust Intelligence - JPMorgan Claverhouse

Gelion PLC

Gelion has hit a key milestone with the successful completion of realistic drone mission testing using cells containing its NESTM cathode material. The results provide independent validation of high power and high cycling performance needed in a demanding defence and aerospace use case potentially putting Gelion’s solution ahead of other solutions in the market today.

Longspur Clean Energy - Gelion - Key Drone Milestone Passed

Datatec Ltd. (DI)

As part of the refinancing of the Westcon division announced in June, the company had committed to paying out the proceeds of the transaction as a special dividend. It has now confirmed that it will pay out ZAR7.053bn/$435m, which is equivalent to 2900 ZAR cents/181 US cents per share. In addition

Edison - Datatec:Special dividend details announced

Helios Underwriting Plc

Edison - Helios Underwriting:Surfing the wave

Pathos Communications PLC

Edison - Pathos Communications – executive interview

VinaCapital Vietnam Opportunity Fund Ltd.

Edison - Uncovering Trusts – VinaCapital Vietnam Opportunity Fund (VOF): A year of transformation

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