Corporate dealmaking and a wave of full-year results dominate this morning's news flow, led by hVIVO's third German clinical-trials acquisition in six months and a bumper earnings season for the miners. South32 and Greatland Resources both posted sharply higher annual profits on the back of stronger commodity prices, while Headlam completed its exit from the Netherlands and Halfords upgraded profit guidance after a strong summer. Elsewhere, contract wins and clinical trial data supplied the catalysts across smaller caps and pharma.
hVIVO buys CRS Berlin in earnings-accretive deal
hVIVO (AIM:HVO), the world leader in human challenge trials, has acquired CRS Clinical Research Services Berlin, a specialist Phase I/II clinical research unit with 350 completed studies and an established pharma client base. The deal extends hVIVO's German network following its January 2025 purchase of CRS Mannheim and CRS Kiel, and brings in specialist expertise in dermatology and women's health that complements the existing platform.
The transaction structure is designed to minimise upfront risk: hVIVO is paying just €0.025 million upfront, with the remainder structured as an earnout equal to 18% of CRS Berlin's annual revenue over three years, subject to minimum revenue thresholds. Management expects gross earnout payments of approximately €6 million, reduced to around €4 million net after deducting an acquired pension liability of around €2 million. CRS Berlin generated unaudited EBITDA of €0.3 million on revenue of €10 million in 2025, and carries a contracted orderbook of approximately €10 million as at 30 June, giving visibility into 2027. The unit operates 32 beds, including 18 intensive monitoring beds, and around half of its proposal submissions are already made jointly with hVIVO's Mannheim site.
"The transaction terms reflect our disciplined approach to capital allocation, with the acquisition expected to be self-funding," said Yamin'Mo'Khan, chief executive of hVIVO.
The deal's structure, near-zero upfront cost, earnout capped and largely self-funded from the target's own cash generation, reflects a disciplined playbook hVIVO has now run three times in Germany inside six months. With the acquisition set to be immediately earnings accretive to both revenue and EBITDA this financial year, it signals management's confidence in bolting on specialist capabilities without straining the balance sheet, while the joint Mannheim-Berlin proposal pipeline points to real commercial synergy rather than simple consolidation.
South32 profit jumps 55% as base metals surge
South32 (LSE:S32) reported underlying earnings of $1 billion for the year ended 30 June, up 55% on the prior year, as its base metals business captured higher commodity prices across copper, zinc, silver, alumina and aluminium operations spanning the Americas, Australia and Southern Africa. Group underlying EBITDA rose 28% to $2.5 billion.
Cash flow from operations increased by $352 million to $610 million, even after the company invested $711 million at its Hermosa project in Arizona to expand future base metals production. South32 ended the year with net cash of $283 million and returned $327 million to shareholders during the period, while the board declared a fully-franked final dividend of 5.4 US cents per share, equivalent to $242 million, and extended its capital management programme to September 2027.
"Strong operating performance coupled with commodity price tailwinds underpinned one of the best financial results in our history," said chief executive Matt Daley, who added that the outlook remains positive as the group focuses on growing base metals production into structurally attractive markets. The scale of the Hermosa investment alongside continued shareholder returns underlines a business generating enough cash to fund growth and distributions simultaneously.
Greatland Resources posts $862 million profit in first full Telfer year
Greatland Resources (AIM:GGP) reported net profit after tax of $862 million for the year ended 30 June, with EBITDA of $1.332 billion, in its first complete financial year of ownership of the Telfer mine in Western Australia since acquiring it in December 2024. Revenue reached $2.259 billion, driven by sales of 326,859 ounces of gold at an average price of $6,223 per ounce and 14,730 tonnes of copper at $14,895 per tonne.
The miner generated free cash flow of $737 million and built cash by $714 million, closing the year with $1.289 billion in cash and total available liquidity of $1.764 billion including undrawn debt facilities. Production totalled 328,987 ounces of gold and 14,594 tonnes of copper at an all-in sustaining cost of $2,179 per ounce.
"FY26 was another transformative year for Greatland," said Managing Director Shaun Day, pointing to net profit of around $1.28 per share and free cash flow of approximately $1.10 per share. The scale of cash generation from a single asset acquired barely 18 months ago gives Greatland substantial optionality on further investment or capital returns as it moves into its next phase of ownership.
Headlam completes sale of Netherlands operations for €850,000
Headlam Group (LSE:HEAD), the UK's leading floor coverings distributor, has completed the sale of its Netherlands operations to SIL 2025, a company managed by Rcapital Partners The deal covers three Dutch entities, Headlam Holdings B.V., Headlam B.V. and Dersimo B.V., for gross consideration of €850,000, with net proceeds of around €680,000 after costs of approximately €170,000 earmarked for general working capital.
The disposal follows Headlam's previously announced intention to exit the Netherlands and forms part of the group's wider strategic review to simplify its operating structure around its core UK business. Chief executive Rob Barclay said the deal marks another step toward "creating a simpler, more focused Headlam, centred solely on the UK market," adding that the outcome gives the Netherlands businesses "a focused ownership structure and the support of an experienced investor."
Headlam said the move frees up management attention to concentrate on UK customers. Though the consideration is modest, the disposal removes a non-core distraction and completes another step in the group's stated plan to narrow its geographic footprint.
Thruvision wins first Canadian Government contract
Thruvision Group (THRU) has secured its first Canadian Government customer, deploying its walk-through security screening technology at a municipal building for the first time in Canada's entrance security market.
The contract marks an entry point into a new geography for the group's screening technology, which is used to detect concealed threats without requiring individuals to stop or be touched. Establishing a government reference site in Canada gives Thruvision a foothold to pursue further public sector opportunities in the market.
Prudential lifts dividend as new business profit grows 8%
Prudential (LSE:PRU) expanded margins and lifted its interim dividend after first-half new business profit grew 8%, with capital generation also climbing over the period.
The insurer also boosted its share buyback programme, underlining confidence in the underlying growth trajectory of its Asian and African life insurance operations. The combination of dividend growth and expanded buybacks points to a business generating capital faster than it can profitably redeploy into new business alone.
Macfarlane Group holds outlook as buyback grows
Macfarlane Group (LSE:MACF) kept full-year guidance intact and launched a fresh £6 million share buyback despite a dip in adjusted profit at its Pitreavie manufacturing unit.
The protective packaging group's decision to expand shareholder returns even as one manufacturing unit underperforms suggests management retains confidence in the group's broader distribution business to deliver on full-year expectations.
Halfords upgrades profit guidance
Halfords Group now expects full-year underlying pre-tax profit of £55 million to £65 million, ahead of consensus, after a strong summer trading period across its motoring and cycling businesses.
The upgrade points to resilient demand across both core categories going into the second half, giving management scope to reinvest in the business while still beating prior market expectations for the full year.
Light Science Technologies flags fire safety framework opportunity
Light Science Technologies Holdings (LST) has flagged a new public sector procurement framework worth up to £800 million that will support its passive fire protection growth strategy, as remediation demand continues to build across the UK.
AstraZeneca's Tezspire hits primary endpoints in esophagitis trial
AstraZeneca (LSE:AZN) reported that its Phase III CROSSING trial for Tezspire showed statistically significant and sustained improvements in eosinophilic esophagitis, meeting the study's primary endpoints and positioning the drug for a third disease indication alongside partner Amgen.
AOTI wins unanimous support at Medicare coverage hearing
AOTI (AOTI) received unanimous backing from every commenter at a public Medicare coverage hearing on its proposed reimbursement terms for its topical oxygen therapy, moving the pathway to formal coverage closer to finalisation.
EDX Medical starts second phase of Scottish prostate testing
EDX Medical Group (EDX) has begun testing a further 12,500 men as lead delivery partner in the Scottish Prostate Cancer Initiative, targeting 25,000 men in total under the programme.
