Construction and industrials led the corporate news flow this morning, with Balfour Beatty raising full-year guidance on the back of a sharp first-half profit jump, while a wave of operational updates ran across the small-cap resources and energy space, from a copper miner's shareholder exit to fresh drilling and production milestones in Trinidad, South Africa and Western Australia.
Balfour Beatty lifts full-year guidance on H1 profit surge
Balfour Beatty (LSE:BBY) raised its full-year guidance after underlying profit from operations at its earnings-based businesses climbed 42% to £153 million in the first half, up from £108 million a year earlier. The infrastructure and construction group now expects low double-digit percentage growth in earnings-based business profit for 2026, an upgrade from its previous guidance of high single-digit growth for the year ending 31 December.
The improvement was broad-based. Group underlying profit from operations rose to £119 million from £77 million, with US Construction swinging to a £22 million profit from an £11 million loss on stronger Buildings growth and reduced Civils losses, while Support Services profit climbed to £66 million from £46 million on power transmission growth. UK Construction margins slipped to 3.4% from 3.6%, though the prior year had included a £10 million one-off insurance credit, stripping that out, profit actually grew 17%. Average net cash rose to £1,616 million from £1,212 million, prompting the company to lift its average net cash guidance by £200 million to a range of £1.5 to £1.7 billion. The interim dividend rose 12% to 4.7p per share, alongside £102 million of share buybacks completed in the period.
"Balfour Beatty enters the second half with real momentum," said Philip Hoare, Chief Executive.
The upgrade cements Balfour Beatty's turnaround narrative, particularly in US Construction, where a swing from an £11 million loss to a £22 million profit marks a meaningful inflection for a division that has weighed on group performance for years. With a £22.9 billion order book, expanded cash headroom and net finance income guidance lifted to £35-40 million, the group has both the balance sheet strength and earnings visibility to sustain buybacks and dividend growth without straining its financial position, a combination that reinforces confidence in the deliverability of its upgraded targets rather than merely restating them.
Trafigura exits Atalaya Mining in £154 million share sale
Urion Investment Holdings, a member of the Trafigura group, has sold its entire holding in Atalaya Mining (LSE:ATYM) Copper, offloading 16.82 million shares at 915p each in a secondary placing that raised approximately £154 million. The sale marks a complete and orderly exit from the copper miner's register.
Atalaya itself receives none of the proceeds, as the shares were sold by Trafigura rather than newly issued by the company, this is a shareholder liquidation, not a capital raise. J.P. Morgan acted as sole global coordinator and joint bookrunner on the transaction, with BMO Capital Markets as joint bookrunner.
The transaction removes a long-standing strategic holder from Atalaya's shareholder base without altering the company's own cash position or operational plans. For the market, the clean settlement of such a large block via a placing, rather than a disorderly market sale, signals sufficient institutional demand to absorb the stake, even though the move carries no direct financial benefit to Atalaya.
Kazera targets 30,000 tonnes monthly HMC output at Walviskop
Kazera Global (AIM:KZG) said its wholly owned subsidiary Whale Head Minerals has prepared an interim operational plan covering plant and equipment needs for South Africa AT Investments' heavy mineral sands operations at the Walviskop site in Alexander Bay, Northern Cape. The plan targets a progressive ramp-up to roughly 30,000 tonnes per month of heavy mineral concentrate, with production due to start in early 2027.
Plant and equipment mobilisation is already under way, with arrival in South Africa expected during November. The interim plan sits ahead of a more comprehensive Mine Plan covering production and grade targets, which remains subject to further input and finalisation with SAI, building on the first phase of their programme announced on July 9. Kazera estimated a Free on Truck sales price for the HMC of approximately $165 to $170 per tonne, under which the seller loads product onto the buyer's truck and the buyer covers onward transport.
"Based upon current FOT prices, and of course subject to achieving the monthly production rates, the future cash flow profile of our WHM subsidiary will be totally transformed," said Richard Jennings, chief executive. The scale of the targeted ramp-up, and the pricing clarity now attached to it, gives Kazera a concrete framework to model future cash generation ahead of the 2027 production start, though the plan's progression still hinges on finalising the broader Mine Plan with its South African partner.
Predator awards Snowcap-3 civil works contract
Predator Oil & Gas Holdings (LSE:PRD), which holds producing and exploration assets in Trinidad and Morocco, has awarded the civil engineering contract for its Snowcap-3 well site, with site works to prepare the drilling location and production facility area for Star Valley Rig 205 starting immediately.
The well will be drilled vertically to approximately 5,450 feet measured depth, a process expected to take roughly 20 days, followed by an extensive testing programme once wireline logs are evaluated. The drilling plan has been submitted for regulatory approval, with the casing strategy revised to set and protect the primary target, the Herrera #8 Sand, before proceeding to the secondary target, the Herrera #1 Sand, which pre-drill forecasts suggest may be over-pressured. The Herrera #8 Sand flowed light oil at up to 1,574 barrels of oil per day when tested by the Snowcap-1 well in 2011 on the same structure, and Snowcap-3 is targeting a significantly thicker interval.
"We are the only company onshore Trinidad and Morocco with potentially low to moderate risk, high impact, drilling programmes this year," said Paul Griffiths, chief executive. The historical flow rate from the same structure gives Snowcap-3 a tangible benchmark, and with civil works now moving and regulatory submission already filed, the well is progressing toward spud without the delays that have often dogged smaller onshore operators.
Titon warns margins hit by delayed ventilation projects
Titon Holdings (TON) flagged that a number of mechanical ventilation system projects have been delayed, weighing on near-term margins for the ventilation and window hardware manufacturer.
"The delay to a number of MVS projects is disappointing, but we are encouraged by recent strength in our order book and a healthy pipeline supporting FY27," said Tom Carpenter, chief executive, a comment that frames the setback as timing rather than demand loss, with order book strength cited as the offsetting factor for the year ahead.
Evoke says it offset half of UK duty hit in H1
Evoke (EVOK) reported stable first-half revenue and softer profit as higher UK gaming duties weighed on the gambling group, though it said mitigating actions offset roughly half of the duty impact.
The update comes with the company's recommended takeover by Bally's Intralot still on track for completion, giving shareholders a clear resolution path even as underlying trading absorbs the tax headwind.
Georgina Energy advances pre-drill works at Hussar prospect
Georgina Energy (GEX) confirmed pre-drill site works are progressing at its Hussar prospect, with mobilisation of the Ensign 970 drill rig under way ahead of a planned September spud.
"The progress being made on site is an important step mobilisation of the Ensign 970 drill rig and we remain on track for the planned September spud date of this exciting prospect," said chief executive officer Anthony Hamilton, underscoring that the project remains on schedule heading into next month's drilling.
Sterling Digital's generators produce power at Texas mining site
Sterling Digital (ASIC) confirmed its generators are now producing power at a Texas mining site, describing the build as a full power plant rather than a simple generator installation.
"We are not simply delivering two generators, connecting them and switching them on, the ambition was greater than that. We have built a complete power plant from the ground up," said Stefan Michaelides, positioning the project as a template for future power-infrastructure builds at digital mining sites.
GreenTech starts heritage survey at Alien-linked Munni Munni
GreenTech Metals has begun a heritage survey over new drill targets at Munni Munni, where Alien Metals (UFO) holds a carried 30% interest alongside a near-10% equity stake in GreenTech.
The survey clears a regulatory step needed before drilling can proceed on the newly identified targets, giving Alien Metals exposure to fresh exploration upside at Munni Munni without funding the work itself.
