Shore Capital view: Creo Medical (‘CREO’) is at a commercial inflection point. In FY25, sales of its surgical endoscopy tools grew substantially (+50%) despite a tightening cost base (-20%), establishing that the model is starting to scale as clinical adoption compounds. With US reimbursement secured for Speedboat and a new suite of products expected to launch in the next 12 months, we see growth continuing to accelerate and believe the framework now exists for CREO to grow to a place of self-sufficiency and reach EBITDA breakeven in FY28F. Further progress with its MicroBlate lung cancer programme, which is being advanced in collaboration with robotics behemoth Intuitive Surgical, is also expected in this timeframe and could crystalise significant unrecognised value. We initiate coverage and see FV at 40p/share.
Comment: Just because I love Shore Cap. And CREO’s ok too.
Predator Oil & Gas Holdings Plc (PRD), the Jersey based Oil and Gas Company with producing hydrocarbon operations focussed on Trinidad and Morocco, announced progress on a Pre-drill Independent Technical Report update for the proposed Snowcap-3 (“SC-3″) appraisal well and transaction activity, together with an update on the Bonasse field drilling programme. PRD said “”We are making good progress on many fronts including infield development drilling; production growth, preparing and contracting for high-reward appraisal drilling; and potentially concluding a transaction that will begin to appraise, confirm and monetise the Moroccan gas discoveries in 2026. At the same time, we must not neglect evaluating new prospectivity such as additional oil reservoirs encountered whilst drilling in Bonasse and the emerging Cretaceous prospectivity. We seek to prioritise those projects that can generate the highest near-term return for shareholders whilst maintaining flexibility to respond to new drilling results, simultaneously with managing the everyday corporate administrative function.”
Comment: PRD actually serves up a positive RNS, with no dusters, or “we’ll try better next time” announcements. That said, with the company’s treat ‘em mean, keep ‘em keen PR, and a CEO that likes to portray himself as Mr Nasty, it is not surprising that the shares have actually gone down this morning.
Anglesey Mining plc (AYM), the UK minerals exploration and development company, announced the completion of the previously announced debt restructuring transaction, which has now successfully eliminated liabilities totalling approximately £4 million from the Company’s balance sheet. Anglesey no longer has any outstanding debt, other than approximately £100,000 secured against a residential property at Parys Mountain. AYM said “We have turned a corner at Anglesey by eliminating the debt long overhanging our balance sheet. We are now well positioned to focus entirely on our core asset, the Parys Mountain copper-zinc-lead-gold project and to deliver an exploration and development strategy for our shareholders.”
Comment: This should be a major fundamental turning point for AYM given the way that it has cleared the decks and the debt, in order to move forward. The main question now is perhaps whether the company has the scale and substance in terms of its assets. Is there really enough gold in that there Parys Mountain?
Tracsis (TRCS), a leading transport technology provider, provided the following trading update for the six months ended 31 January 2026. Trading in line with market expectations for the full-year. H1 FY26 revenue expected to be c.£39m (H1 FY25: £36.3m) and adjusted EBITDA expected to be c.£5.0m (H1 FY25: £3.8m). The Group has signed a new multi-year contract with a shortline freight railroad in North America to deploy its Train Dispatch software product. Building on the previously announced first implementation of the product with a US commuter rail operator, this contract provides further validation of the competitiveness of our Train Dispatch offering in North America.
Comment: One of the themes we have seen in the RNS Hotlist in the past few months continues to be that of small cap UK companies doing well Stateside. Today’s contract news at TRCS adds to the excellent metrics the company has boasted over the past 6 months.
Image Scan (IGE) announced an AGM Statement: Trading in the early part of FY26 has been significantly ahead of the same period last year, supported by several notable contract wins already announced. As a result, the Company now expects to record a small loss at the half-year, reflecting stronger demand and an increased volume of activity across multiple markets compared with H1 last year. Market activity levels are considerably higher than at the same time last year, with the sales team engaged across a wider range of tenders, demonstrations, and partner-led opportunities. Our channel network continues to strengthen and the introduction of the ThreatScan‑AS2, along with enhancements to the ThreatScan- AS1, has broadened our competitive positioning in higher specification tenders.
Comment: Small loss aside, it would appear that IGE if not on its way, is certainly a company to keep and eye on. This is especially the case from current share price levels near the low of the range, as well as the measly £2m market cap.
EARNZ plc (EARN) announced two new significant contracts awarded to the Group, which closely align to our strategic aim of building long term partnerships with new and established Tier 1 clients in the public and private sectors, responsible for residential and non-residential property portfolios. EARN said “We are delighted to have secured such significant new contracts which endorses our market position as a leading energy services provider in the UK and demonstrates further progress on our strategic aims. Working for Fortem and Sanctuary Housing, and with Social Housing Providers in Yorkshire we will importantly be helping residents to make their homes more energy efficient, reducing costs and creating warmer places to live.”.
Comment: I am happy to say that the RNS Hotlist is the only platform that covers EARN on a regular basis, although one presumes Bob Holt et al pay people who are more engaging to get the message out. The conveyor belt of contracts continues, and one can see that the company will just keep on gathering momentum in a very friendly environment to its business model.
European Green Transition plc (EGT) announced that in line with its strategy set out at IPO, EGT has entered into a share purchase agreement to acquire an established, EBITDA profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business in the UK and Ireland. The O&M Business is being acquired from the court-appointed liquidators of Arena Capital Partners (in liquidation) for a consideration of £3.5 million in cash. The Consideration is being satisfied through existing cash resources and short-term bridging facilities. Further information on the Acquisition and bridging facilities is set out in this announcement.
Comment: From memory EGT started off being a company in metals associated with the green transition, something which although annoyingly woke, would have stood it in good stead in the current environment. But perhaps today’s bargain basement deal in infrastructure will finally be the thing to move the dial for the share price?
AdvancedAdvT Limited (ADVT), the international software group, provided the following pre-close trading update for the year ending 28 February 2026. Revenue of approximately £53 million (FY25: £43.3 million). Adjusted EBITDA of not less than £14.4 million (FY25: £11.3 million). Adjusted EBITDA margins of over 27%. Recurring revenue of approximately 80% of total revenues. Cash expected to be in line with market expectations of approximately £96 million as at 28 February 2026.
Comment: ADVT keeps on making progress, and keeps on getting an underwhelming reaction from the stock market. Part of the reason may be the annoying company name, which should be no more complicated than say, AdvancedT, or even its EPIC code ADVT. Sort it out please.
St. James’s Place (STJ) announced its Final Results. STJ said “I am pleased to report a year of significant progress for St. James’s Place. We delivered growth in new business, growth in funds under management, and growth in the Underlying cash result, while at the same time delivering strong returns for our growing number of clients. We have also executed against our key priorities as we position for the future. This included successfully implementing our new simple, comparable charging structure, progressing our historic ongoing service evidence review, and advancing our cost and efficiency programme.”
Comment: The company has clearly put any legacy issues behind it, meaning that we all now love what it does, and love the people who work for it even more, don’t we?
Capital (CAPD), a leading mining services company, announced several material contract developments across its drilling, mining and laboratory operations. CAPD said “We are pleased to announce today that we continue to capitalise on the highly favourable demand environment and are starting to deploy the funds recently raised to support our growth strategy. We are seeing this increasing demand across all parts of the business, with contract wins highlighted below spanning mining, drilling and MSALABS. In mining, we have recommenced waste stripping mining at the Sukari Gold Mine, utilising our remaining fleet at site. Our drilling business has secured a multi-year grade control drilling contract with Montage Gold in Côte d’Ivoire. MSALABS has secured a multi-year contract with Equinox Gold, underpinning the decision to construct a commercial laboratory in Newfoundland and deploy another PhotonAssayTM unit.”
Comment: Shares of CAPD are relatively under the radar for such a buzzing company, which is quite literally making the picks and shovels for the mining gold rush currently in progress. The stock was up 40% last year, and already looks ready to overtake that percentage this year before the end of Q1.
Kosmos Energy (KOS) has entered into an agreement to sell its 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea to Panoro Energy for $180 million, plus future contingent payments of up to $39.5 million.
Comment: The explanation for the recent sharp rally in KOS shares looks to have been anticipation of today’s news. That said, there would appear to be an ongoing re-rate for the now near £1bn market cap company.
Shuka Minerals Plc (SKA), an African focused mine operator and developer, announced encouraging results from sampling during the recent visit to the Kabwe Zinc Mine site. The Company’s geological consultants GeoQuest Limited and an international drilling contractor looking to tender for the Kabwe drilling contact were also in attendance. A total of nine samples were taken from outcrop and artisanal workings, which were tested with a handheld, fully calibrated, XRF machine. The results demonstrate consistently high zinc and lead grades at surface, with zinc values reaching up to 36.13% Zn and lead values up to 9.63% Pb, alongside tungsten mineralisation.
Comment: These days, given how hot the lay of the land is for explorer / developers, they only have to find a bogey’s worth of metal and the shares are off to the races. Indeed, even SKA seems to have seen a few percentage points on the upside in the wake of today’s news.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
