RunProfits Daily RNS Analysis: 03 July 2025

PART I: EXECUTIVE INTELLIGENCE SUMMARY

Daily Catalyst Monitor

• BULLISH CATALYSTS: CURY, GRID, BCG, QTX, AOM, IGP, CRS, MKA, PEEL
• BEARISH CATALYSTS: WOSG
• NEUTRAL CATALYSTS: GPE
• STRATEGIC CATALYSTS: GRID (De-risking), MKA (Business Combination), AOM (Acquisition), CRS (Portfolio Asset Approval)

Key Catalysts Identified

A clear bifurcation emerged in today's trading updates. On one hand, operational momentum and strategic execution drove strong bullish sentiment for a majority of reporters. Currys (CURY) stands out with a significant profit recovery, strong cash flow, and the reinstatement of its dividend, signalling a successful turnaround. Similarly, tech and data-focused firms like Baltic Classifieds (BCG), Quartix (QTX), and ActiveOps (AOM) all reported robust revenue and user growth, beating expectations and raising guidance. In the energy and resources sector, Gresham House Energy Storage (GRID) announced transformative long-term revenue agreements that significantly de-risk its business model and unlock future financing, while Mkango Resources (MKA) revealed a major business combination aimed at a Nasdaq listing.

Conversely, the luxury consumer space provided the day's key bearish signal. Watches of Switzerland (WOSG) presented a classic case of positive-to-negative temporal divergence: celebrating record historical revenues while simultaneously guiding for flat-to-negative margin pressure in the year ahead due to macroeconomic uncertainty and tariff impacts. This forward-looking caution overshadowed the strong backward-looking results, serving as a critical risk indicator for the sector.

The primary themes are the resilience and growth in specialised technology and data services, significant strategic de-risking and corporate activity in the energy and materials sectors, and a clear warning sign of margin pressure and a cautious outlook for high-end consumer retail.

Performance & Risk Quadrant

Company	EPIC	Announcement Type	Catalyst Score	Trade Direction	Risk Rating	Key Rationale
Currys plc	CURY	Final Results	+9	BULLISH	Low	Significant profit and cashflow growth, dividend reinstated, strong outlook.
Gresham House	GRID	Contract Win	+10	BULLISH	Low	Transformative long-term agreements de-risk revenues and unlock financing for growth.
Watches of Switzerland	WOSG	Final Results	-5	BEARISH	Medium	Temporal Divergence: Record revenue undercut by cautious outlook and margin pressure guidance.
Baltic Classifieds Group	BCG	Final Results	+8	BULLISH	Low	Strong double-digit growth across all key metrics, confident outlook.
Quartix Technologies PLC	QTX	Trading Statement	+9	BULLISH	Low	Beats expectations, accelerates ARR growth, increases dividend, confident outlook.
ActiveOps PLC	AOM	Final Results	+8	BULLISH	Low	Strong revenue growth, record new customers, and a transformative post-period acquisition.
Intercede Group PLC	IGP	Contract Win	+7	BULLISH	Low	Continued contract momentum in high-value US Federal and Defence market.
Crystal Amber Fund Ltd	CRS	Portfolio Update	+9	BULLISH	Medium	Key holding MMI receives major European regulatory approval, unlocking significant market.
Mkango Resources Ltd	MKA	Strategic Update	+8	BULLISH	High	Transformative business combination to create a Nasdaq-listed, vertically integrated platform.
Great Portland Estates	GPE	Trading Update	+1	NEUTRAL	Low	Strong leasing momentum and pre-let success offset by ongoing disposals.
Peel Hunt Limited	PEEL	Trading Update	+6	BULLISH	Medium	Strong start to FY26 driven by M&A, but cautious on broader IPO market recovery.

PART II: GRANULAR COMPANY ANALYSIS

Currys plc (CURY)

RNS Catalyst Assessment: A highly positive set of results indicating a strong operational turnaround, with significant growth in profit and free cash flow leading to the reinstatement of the dividend.

Metric	FY25	FY24	% Change
Revenue	£8,706m	£8,476m	+3%
Adjusted Profit Before Tax	£162m	£118m	+37%
Free Cash Flow	£149m	£82m	+82%
Year-end Net Cash	£184m	£96m	+92%
Proposed Final Dividend	1.5p	N/A	N/A
UK&I LFL Revenue			+4%

Detailed Analysis:

• PILLAR 1: COMMERCIAL & CONTRACTUAL MOMENTUM: Currys demonstrates strong commercial momentum with a 6% rise in UK&I revenue, driven by a 4% like-for-like increase. This is underpinned by gaining 50bps of market share. Key strategic initiatives are firing, evidenced by a 12% growth in recurring services revenue, a 14% increase in credit sales to £1.1bn, and a 26% surge in iD Mobile subscribers to 2.2 million. This shows the strategy to build higher-margin, recurring revenue streams is paying off and creating stickier customer relationships.
• PILLAR 2: STRATEGIC & OPERATIONAL TRAJECTORY: The results are a clear validation of management's strategy to create a stronger, more profitable Currys. The focus on an omnichannel model is working, with online share increasing and services like 'order & collect' growing 15%. The "Customers for Life" strategy is gaining traction, with services like installation, repair, and credit showing high adoption rates and driving loyalty. Investments in the store estate (ESELs, re-engineering) and online platforms are improving efficiency and customer experience, leading to higher conversion rates. The exit from Greece has allowed focus on core, profitable markets.
• PILLAR 3: REGULATORY & POLICY LANDSCAPE: The company flags headwinds from UK government policy, including cost increases from the Autumn 2024 budget, which will add an estimated £32m of annual costs. This highlights the impact of fiscal policy on retailers. However, the company is proactively implementing cost-saving measures to mitigate this. The group also notes the importance of financial services regulation for its growing credit business, a key area of compliance risk and focus.
• PILLAR 4: FINANCIAL & MARKET SENTIMENT: The financial outturn is unambiguously strong. A 37% jump in adjusted PBT to £162m and an 82% surge in free cash flow to £149m demonstrate a significant improvement in profitability and financial discipline. The balance sheet is the strongest in over a decade, with net cash of £184m. The reinstatement of the dividend is a major signal of confidence to the market. The outlook is confident, stating the company is comfortable with market consensus and targeting continued growth. The positive keywords "strengthening performance," "significant profit...growth," and "real momentum" are fully supported by the numbers.

Analyst's Insight: This is a powerful set of results that confirms Currys' turnaround strategy is delivering substantial returns. The impressive growth in both profit and free cash flow, coupled with a fortified balance sheet, has enabled the confident reinstatement of the dividend—a key milestone for investors. The growth in high-margin services and the expanding iD Mobile subscriber base points to a more resilient and profitable business model for the future. With a confident outlook and clear growth levers in computing, new products, and B2B, the market is likely to react very positively to this announcement. The high catalyst score reflects the breadth and depth of the positive news.

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Gresham House Energy Storage Fund plc (GRID)

RNS Catalyst Assessment: A transformative strategic update, announcing long-term agreements that significantly de-risk the revenue model, improve the risk-return profile, and unlock future financing for growth.

Metric	Detail
Capacity Under Floor Agreements	789MW (74% of operational portfolio)
Secured Minimum Annual Revenue	£35mn (plus c.£11mn Capacity Market revenue in 2026)
Counterparties	Statkraft Markets GmbH, Markel Bermuda Limited (Nephila)
Agreement Tenor	Up to 10 years
Target EBITDA (3-Year Plan)	£150mn annually upon conclusion

Detailed Analysis:

• PILLAR 1: COMMERCIAL & CONTRACTUAL MOMENTUM: GRID has executed a pivotal commercial move by securing long-term floor-pricing agreements for 789MW, or 74%, of its operational portfolio. These deals with investment-grade counterparties, Statkraft and Markel (via Nephila), establish a minimum annual contracted revenue of £35 million, supplemented by c.£11 million from existing Capacity Market contracts. Crucially, this structure protects against downside revenue volatility while retaining full exposure to merchant trading upside above the floor. This represents a massive acceleration in contracted revenue and commercial stability.
• PILLAR 2: STRATEGIC & OPERATIONAL TRAJECTORY: This announcement is the keystone of GRID's strategic plan. Management explicitly states these agreements are "key to unlocking advantageous terms for GRID's previously announced new debt facility" and will enable the company's three-year growth plan, which targets £150 million in annual EBITDA. By de-risking revenues, GRID can secure the refinancing needed to fund project augmentations and new pipeline construction, fundamentally repositioning the business for growth.
• PILLAR 3: REGULATORY & POLICY LANDSCAPE: While not a direct regulatory announcement, this move is intrinsically linked to the financial and regulatory landscape of renewable energy. The use of long-term floor agreements is a common, mature financing structure in the broader renewables sector, which GRID is now successfully applying to the BESS industry. This demonstrates a maturation of the BESS market and an alignment with established infrastructure financing models, which will be viewed favourably by lenders and regulators.
• PILLAR 4: FINANCIAL & MARKET SENTIMENT: The financial implications are profound. The agreements fundamentally improve GRID's risk profile, with management estimating c.50% of the portfolio's total revenues will be contracted once the agreements are all in force. This predictability is critical for securing longer-term, less onerous debt terms, with the aim of having future debt servicing fully covered by contracted cash flows. The announcement is laden with high-impact positive keywords: "key milestone," "significantly improve," "unlocking advantageous terms," and "fundamentally reposition GRID". The market will interpret this as a major de-risking event, likely leading to a significant re-rating of the stock.

Analyst's Insight: This is a landmark announcement for GRID and a masterclass in strategic execution. By securing these long-term floor agreements, the company has addressed the key investor concern of merchant revenue volatility, transforming its risk profile into one more akin to a traditional infrastructure asset. This de-risking is the crucial catalyst that unlocks the refinancing necessary to execute its ambitious growth plan. The very high catalyst score is justified by the scale and strategic importance of these agreements, which secure a significant portion of revenue while retaining all the upside. We expect a strongly positive market reaction as this provides a clear, credible path to both a revised dividend policy and substantial NAV growth.

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Watches of Switzerland Group PLC (WOSG)

RNS Catalyst Assessment: A mixed set of results where record headline revenue is significantly undermined by a cautious outlook, margin pressure, and the potential impact of US tariffs, revealing a clear temporal divergence.

Metric	FY25	FY24	% Change (Constant Currency)
Group Revenue	£1,652m	£1,538m	+8%
Adjusted EBIT	£150m	£135m	+12%
US Revenue	£786m	£692m	+16%
UK & Europe Revenue	£866m	£846m	+2%
FY26 Guidance (Revenue)			+6% to +10%
FY26 Guidance (Adj. EBIT Margin)			Flat to -100 bps

Detailed Analysis:

• PILLAR 1: COMMERCIAL & CONTRACTUAL MOMENTUM: The company reports record revenue of £1,652 million, an 8% increase at constant currency, driven by a strong US performance (+16%). The acquisition of Roberto Coin Inc. has significantly boosted the luxury jewellery category (+108%). Demand for key luxury watch brands continues to outstrip supply. While these backward-looking numbers show momentum, the forward guidance tempers this enthusiasm significantly.
• PILLAR 2: STRATEGIC & OPERATIONAL TRAJECTORY: The Group continues to execute its showroom expansion and refurbishment program, with the new flagship Rolex boutique on Old Bond Street trading ahead of expectations. The integrations of Roberto Coin and Hodinkee are said to be progressing to plan, supporting the strategy of diversifying into jewellery and strengthening its online leadership. However, the announced closure of a number of low-profitability UK showrooms signals a need to optimise the estate in a tougher environment. The strategy is progressing, but it is now running into significant external headwinds.
• PILLAR 3: REGULATORY & POLICY LANDSCAPE: The outlook is explicitly clouded by "potential US tariff changes". The company notes that the current 10% tariff has already led some brand partners to increase prices while reducing retailer margins. This is a direct, negative impact from government trade policy that is compressing the company's profitability and is a key risk factor highlighted by management. In the UK, the lack of VAT-free shopping for tourists continues to be a drag on performance.
• PILLAR 4: FINANCIAL & MARKET SENTIMENT: This is where the core issue lies. Despite positive historical keywords like "record revenue" and "excellent progress", the forward-looking statements are definitively negative. Management is "mindful of the uncertain macroeconomic backdrop" and the FY26 guidance is for revenue growth of 6-10% but an Adjusted EBIT margin that is "Flat to -100 bps vs prior year". This creates a clear "Positive-to-Negative Temporal Divergence". The market will likely focus on the margin pressure, a classic profit warning signal, rather than the historical revenue growth. The share buyback is a positive capital return signal but is overshadowed by the margin concerns.

Analyst's Insight: This announcement is a textbook example of a positive-to-negative temporal divergence that should concern investors. While management celebrates record FY25 revenue, the forward-looking guidance points squarely to margin erosion and macroeconomic uncertainty. The explicit mention of US tariffs impacting partner margins is a significant headwind that directly threatens profitability. The market will likely look past the strong historical numbers and price in the future risk, leading to a negative reaction. The negative catalyst score reflects the overriding importance of the weak outlook and margin guidance, which acts as a de facto profit warning despite the positive revenue story.

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Baltic Classifieds Group PLC (BCG)

RNS Catalyst Assessment: A strong set of full-year results demonstrating robust, broad-based growth across all key financial metrics, coupled with a confident outlook for continued performance.

Metric	2025	2024	% Change
Revenue	€82.8m	€72.1m	+15%
EBITDA	€64.4m	€55.3m	+17%
EBITDA Margin	78%	77%	+1% pt
Operating Profit	€53.5m	€38.3m	+40%
Basic EPS (€ cents)	9.3	6.5	+42%
Proposed Final Dividend (€ cent)	2.6	2.1	+24%

Detailed Analysis:

• PILLAR 1: COMMERCIAL & CONTRACTUAL MOMENTUM: BCG has delivered impressive commercial performance, with revenue up 15% to €82.8 million. This growth is broad-based, with Auto, Real Estate, and Jobs & Services segments all growing at double-digit rates (14%, 23%, and 15% respectively). The growth is driven by both an increase in customer numbers and higher yield per advertisement, a result of successful pricing and packaging changes across both B2C and C2C streams. The acquisition of Untu.lt enhances the data-driven services in the key Real Estate vertical.
• PILLAR 2: STRATEGIC & OPERATIONAL TRAJECTORY: The results validate BCG's strategy of leveraging its dominant market leadership to drive monetisation. The company maintains a significant leadership position versus competitors across its major sites. The operational highlights show a business successfully executing on its plans: implementing annual pricing actions, enhancing products with new features like AI-driven tools and car-history reports, and expanding ARPU across all verticals. Despite a tax-related slowdown in the Estonian auto market, the overall strategic trajectory is strongly positive.
• PILLAR 3: REGULATORY & POLICY LANDSCAPE: The primary regulatory impact noted is the new vehicle transaction tax in Estonia, which created a temporary but material slowdown in the auto segment there, reducing group revenue by 3-4% from January to April. This demonstrates sensitivity to policy changes. However, the company's broader positioning within the stable framework of the EU, euro area, and NATO is highlighted by the CEO as a key factor for long-term growth and stability.
• PILLAR 4: FINANCIAL & MARKET SENTIMENT: The financial performance is excellent across the board. EBITDA grew 17% to €64.4m, with a margin expansion to an impressive 78%. Profitability is even stronger further down the P&L, with operating profit up 40% and basic EPS up 42%. The company is highly cash generative (99% cash conversion) and is using this to de-lever rapidly, voluntarily repaying €25m of debt, and return capital to shareholders via dividends (+24%) and buybacks. The outlook is confident, expecting revenue growth "close to last year" and a stable EBITDA margin, signalling continued strength.

Analyst's Insight: BCG has delivered another set of stellar results, showcasing the power of its market-leading positions in the Baltics. The combination of strong top-line growth, impressive margin expansion, and robust cash generation is compelling. Management is executing its monetisation strategy effectively while investing in product innovation to solidify its competitive moat. The confident outlook and commitment to shareholder returns should be very well received by the market. The high catalyst score reflects the high-quality, profitable growth demonstrated across the business.

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Quartix Technologies PLC (QTX)

RNS Catalyst Assessment: A very strong trading statement, indicating results will be ahead of market expectations, with accelerated growth in the key ARR metric and a significant proposed increase in the dividend.

Metric	H1 2025 (est.)	H1 2024	% Change
Revenue	£17.5m	£16.1m	+9%
EBITDA	£3.6m	£2.7m	+33%
Free Cashflow	£2.6m	£1.1m	+136%
Annualised Recurring Revenue (ARR)	£35.0m	£30.9m (at June 24)	+13% (TTM)
Proposed Interim Dividend	2.5p	1.5p	+67%

Detailed Analysis:

• PILLAR 1: COMMERCIAL & CONTRACTUAL MOMENTUM: Quartix is demonstrating powerful commercial acceleration. Annualised Recurring Revenue (ARR), the key forward-looking metric, increased by a record £4.1m over the last twelve months to £35.0m, a 13% TTM growth rate. New customer acquisition is up 13% and new subscriptions are up 7% in H1 compared to the prior year. This growth is geographically broad, with particularly strong TTM ARR growth in Italy (+38%), Spain (+36%), and Germany (+38%).
• PILLAR 2: STRATEGIC & OPERATIONAL TRAJECTORY: The company is successfully executing its strategy focused on its core telematics subscription business. A reorganisation of the software teams in June was designed to enhance the user interface and customer applications, supporting this core focus. This reorganisation is also expected to reduce the overhead run-rate by £0.5m annually, improving operational efficiency. The improvement in Net Revenue Retention (NRR) from 95.7% to 97.3% shows the company is getting better at retaining and growing revenue from its existing customer base.
• PILLAR 3: REGULATORY & POLICY LANDSCAPE: The business operates in a landscape driven by commercial needs for efficiency, safety, and compliance, which are often indirectly influenced by regulations (e.g., duty of care, emissions monitoring). The announcement does not mention any specific new regulatory drivers or headwinds, indicating a stable operating environment.
• PILLAR 4: FINANCIAL & MARKET SENTIMENT: The financial update is unequivocally bullish. Management states it is "confident of achieving market expectations for the year for revenue and EBITDA and of being slightly ahead on free cashflow". The estimated H1 figures show strong growth, with revenue up 9% and EBITDA up an impressive 33% (after reorganisation costs). Free cash flow more than doubled. The proposal to increase the interim dividend by 67% to 2.5p is a very strong signal of the Board's confidence in the financial health and future prospects of the company.

Analyst's Insight: This is an exemplary trading update that hits all the right notes for investors. Quartix is not only meeting expectations but is showing accelerated growth in its most important metric, ARR. The combination of strong top-line momentum, improving profitability, robust cash flow, and a significant dividend hike provides a powerful, bullish catalyst. The strategic reorganisation to improve efficiency while enhancing the product demonstrates proactive management. The high catalyst score is well-deserved, and the market should react very favourably to this comprehensive beat and raise.

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ActiveOps PLC (AOM)

RNS Catalyst Assessment: Strong full-year results showing double-digit revenue growth and record new customer wins, significantly bolstered by a transformative post-period-end acquisition that materially increases scale.

Metric	FY25	FY24	% Change
Revenue	£30.5m	£26.8m	+14%
Annual Recurring Revenue (ARR)	£28.4m	£25.1m	+13%
Adjusted EBITDA	£2.5m	£2.4m	+4%
Profit Before Tax	£1.3m	£1.0m	+30%
Net Cash	£20.6m	£17.6m	+17%
New Customers	9	3	+200%

Detailed Analysis:

• PILLAR 1: COMMERCIAL & CONTRACTUAL MOMENTUM: ActiveOps delivered a strong commercial performance in FY25, with revenue up 14% and the key ARR metric growing 13% (15% in constant currency) to £28.4m. Momentum is clearly building, evidenced by securing nine new customers, a threefold increase from the previous year. Existing customers are also expanding, with a healthy Net Revenue Retention (NRR) of 106%. The post-period acquisition of Enlighten is a game-changer, expected to add c.£8.1m to ARR, a c.28% increase on the FY25 closing position.
• PILLAR 2: STRATEGIC & OPERATIONAL TRAJECTORY: The results validate the strategy of investing in sales and product innovation. The targeted investment in the sales team has paid off with the record number of new logo wins. Product innovation is also driving growth, with strong momentum behind ControliQ Series 3 & 4, which incorporate AI/ML features, and continued growth in the CaseWorkiQ module. The acquisition of Enlighten is a major strategic step, significantly increasing ActiveOps' presence in North America and APAC and deepening its competitive moat.
• PILLAR 3: REGULATORY & POLICY LANDSCAPE: The company operates in a sector driven by the need for operational efficiency, control, and compliance within large, often heavily regulated industries like banking and insurance. While not a direct regulatory catalyst, the increasing complexity of the global business environment (cyber threats, geopolitical disruption) acts as a tailwind, pushing organisations towards decision intelligence software like ActiveOps to manage risk and ensure service delivery.
• PILLAR 4: FINANCIAL & MARKET SENTIMENT: The financial picture is robust. The 14% revenue growth and 30% increase in Profit Before Tax demonstrate profitable expansion. The business model is highly cash generative, with operating cash conversion at 200% and the year-end net cash position strengthening to £20.6m with no debt. While adjusted EBITDA growth was modest at 4%, this was a planned outcome of the successful investment in the sales function. The acquisition of Enlighten, funded from existing cash, is expected to be earnings enhancing and deliver at least 15% EPS accretion in its first full year, a significant value driver for shareholders. The outlook is confident, citing a strong start to FY26.

Analyst's Insight: ActiveOps has delivered a very impressive set of results, demonstrating that its investment in sales and product is yielding strong organic growth. The tripling of new customer wins is a standout metric. However, the story is massively enhanced by the post-period acquisition of Enlighten, which transforms the scale and market position of the group at a stroke. This combination of accelerating organic momentum and a strategically significant, earnings-enhancing acquisition provides a powerful double catalyst. The strong balance sheet and cash generation underscore the quality of the business model. The market should react very positively to both the strong FY25 performance and the significantly enlarged opportunity for FY26 and beyond.

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And the rest of the RNS announcements for today...

Intercede Group PLC (IGP)

RNS Catalyst Assessment: A positive update confirming continued momentum from FY25 into the new year with a series of new orders and renewals in its key US market, totalling c.$1.5m.

Metric	Detail
Total Order Value	c.$1.5m
Key Orders	$0.5m & $0.1m from US Federal Agencies
	$0.4m from existing US Defence manufacturer
Market Focus	US Federal Government, Defence & Aerospace

Detailed Analysis & Analyst's Insight: This is a solid, "in-line" type of update that reinforces the investment case. The key takeaway is the continued traction in the high-value US Federal and Defence sectors, which are core target markets for Intercede's MyID software. The orders, a mix of new top-up licenses and renewals, demonstrate the stickiness of the product and the "land and expand" model working effectively. Keywords like "Momentum being maintained" and "further traction" are supported by the specific contract values announced. While not a major single catalyst, it confirms the positive operational trajectory highlighted in the recent preliminary results and provides evidence that the pipeline is converting as expected. The market should view this as a reassuring confirmation of ongoing progress.

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Crystal Amber Fund Limited (CRS)

RNS Catalyst Assessment: A highly significant and positive development for the fund, as its 98%-owned portfolio company, Morphic Medical Inc (MMI), has received major European regulatory approval for its key product.

Metric	Detail
Holding	98% of Morphic Medical Inc (MMI)
Event	CE Mark certification for RESET® therapy
Indication	First endoscopic, non-surgical treatment for both obesity and Type 2 diabetes in Europe
Market Size	Estimated 93 million patients in Europe with obesity and type 2 diabetes
Fund Investment	Over £25 million in development capital provided by Crystal Amber

Detailed Analysis & Analyst's Insight: This is a huge value-crystallising event for Crystal Amber. Securing the CE Mark for RESET® is the pivotal moment that transforms MMI from a development-stage company into a commercial-stage entity, unlocking a massive European market of 93 million potential patients. The approval validates the fund's long-term, activist approach and its £25m+ investment, which has secured it a 98% stake. The language is exceptionally bullish: "revolutionary", "outperforming", "strong validation". This news significantly de-risks the MMI investment and creates a clear pathway to revenue generation, with an initial launch planned in Germany and UK approval expected shortly. For a fund like Crystal Amber, this is a prime example of its strategy paying off and should have a material positive impact on its Net Asset Value (NAV).

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Mkango Resources Limited (MKA)

RNS Catalyst Assessment: A transformative strategic announcement detailing a definitive business combination agreement that aims to create a Nasdaq-listed, vertically integrated rare earths platform.

Metric	Detail
Transaction	Business Combination Agreement with Crown PropTech Acquisitions (CPTK)
Pro-forma Valuation (Mkango's stake)	US$400 million
Resulting Entity	Mkango Rare Earths Limited ("MKAR"), to apply for Nasdaq listing
Key Assets	Songwe Hill (Malawi) and Pulawy Separation Project (Poland)
Strategic Importance	Both projects designated as strategic under EU Critical Raw Materials Act

Detailed Analysis & Analyst's Insight: This is a major strategic pivot for Mkango, aimed at unlocking significant value and accessing deeper capital pools via a Nasdaq listing. The combination with CPTK and the US$400m pro-forma valuation for Mkango's rare earth assets (excluding recycling) provides a tangible uplift and a clear path forward for financing and development. The strategy to create a "mine-to-magnet" supply chain, with assets in Malawi and Poland, is highly strategic, especially given the projects' designation under the EU's Critical Raw Materials Act, which should expedite permitting and financing. Keywords like "transformative," "pivotal step," and "unlocking substantial shareholder value" accurately reflect the potential of this deal. While subject to approvals, this is a highly positive catalyst that repositions Mkango as a potentially key player in the non-Chinese rare earth supply chain.

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Great Portland Estates PLC (GPE)

RNS Catalyst Assessment: A solid Q1 update showing continued strong leasing momentum, but this positive operational news is balanced by ongoing disposals as the company recycles capital.

Metric	Q1 to 30 June 2025
New Leasing Signed	£20.6 million
Lettings vs March ERV	+6.7%
Significant Pre-let	30 Duke Street, St James's (62,500 sq ft)
Disposals Completed	Challenger House, E1 for £42.0m
Disposals Under Offer	£250 million

Detailed Analysis & Analyst's Insight: GPE's update confirms that demand for high-quality, premium office space in central London remains robust. Securing £20.6m in new leases at a 6.7% premium to ERV is a strong performance, and the pre-let of the entire 30 Duke Street development to CD&R is a standout success. This provides excellent validation for their development pipeline. However, the operational success is paired with a clear capital recycling strategy, evidenced by the sale of Challenger House and a further £250m of disposals under offer. While the leasing news is bullish for London office sentiment, the significant level of disposals makes the overall catalyst a neutral one for GPE itself, as it is executing a stated strategy of crystallising development gains rather than signalling a new phase of expansion.

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Peel Hunt Limited (PEEL)

RNS Catalyst Assessment: A positive AGM trading update indicating a strong start to the financial year, driven by an active M&A market, though with a note of caution on the timing of a broader ECM recovery.

Metric	Q1 FY26 (3m to 30 June 2025)
Revenue Performance	"comfortably ahead of the equivalent prior year period"
Key Driver	"significant contribution from M&A transactions"
Corporate Clients	55 FTSE 350 companies (50 FTSE 250, 5 FTSE 100)
Outlook	Strong M&A pipeline; pick up in equity issuance/IPOs yet to be seen

Detailed Analysis & Analyst's Insight: This update from Peel Hunt provides an encouraging read-across for the UK capital markets. The "strong start" to the year, with revenue "comfortably ahead" of a good prior-year comparative, is a clear positive. The driver is clearly the resurgence in M&A activity, where the firm has a strong pipeline. This confirms what the market has been seeing. The note of caution is important: management is not yet calling a full-blown recovery in equity issuance and IPOs, stating it "remains to be seen" if this will follow. The ongoing expansion of its international distribution network into Abu Dhabi is a sensible strategic move to tap global capital pools. Overall, a bullish update on current trading, tempered with realistic caution on the outlook for the wider market, making it a solid positive catalyst.

PART III: MANDATORY PROTOCOL SUMMARY TABLE

Date & Time	EPIC	Company	Market Segment	Announcement Type	Headline	Keywords Found	Key Financials	Catalyst Score	Risk Rating	Trade Direction	Summary
03/07/2025 07:00	CURY	Currys plc	Consumer Discretionary	Final Results	Strengthening performance drives significant profit and cashflow growth	strengthening, significant growth, profit up, cashflow growth, dividend proposed, market share gains	Adj PBT: £162m (+37%), FCF: £149m (+82%), Net Cash: £184m	+9	Low	BULLISH	Strong results confirm successful turnaround, with profit/cash growth funding dividend restart and confident outlook.
03/07/2025 07:00	WOSG	Watches of Switzerland	Consumer Discretionary	Final Results	Record revenue driven by improved H2 trading performance	record revenue, excellent progress, strong performance, uncertain, margin pressure	Revenue: £1,652m (+8%), Adj EBIT Margin Guidance: Flat to -100bps	-5	Medium	BEARISH	Temporal Divergence: Record past revenue is overshadowed by a cautious outlook and guidance for declining margins.
03/07/2025 07:00	BCG	Baltic Classifieds Group	Technology	Final Results	Full Year Results for the year ended 30 April 2025	strong performance, double digit growth, grew 15%, grew 17%, grew 40%	Revenue: €82.8m (+15%), EBITDA: €64.4m (+17%), EPS: 9.3c (+42%)	+8	Low	BULLISH	Excellent results showing strong, profitable growth across all segments, with a confident outlook.
03/07/2025 07:00	GRID	Gresham House Energy	Utilities	Contract Win	Long-term floor agreements on 789MW of projects	key milestone, significantly improve, unlocks, contracted revenues, reposition	Min. annual contracted revenue: £35m on 789MW of assets	+10	Low	BULLISH	Transformative agreements significantly de-risk revenue streams, enabling refinancing and unlocking growth plans.
03/07/2025 07:00	QTX	Quartix Technologies PLC	Technology	Trading Statement	Trading Statement & Notice of Results	strong progress, record, increased by 31%, confident of achieving, ahead on cashflow	H1 Rev: £17.5m (+9%), H1 EBITDA: £3.6m (+33%), Interim Dividend: 2.5p (+67%)	+9	Low	BULLISH	Strong H1 trading beats expectations, with accelerated ARR growth and a significant dividend increase signalling high confidence.
03/07/2025 07:00	AOM	ActiveOps PLC	Technology	Final Results	Strong revenue momentum and enlarged opportunity through innovation and M&A	Strong growth, record wins, momentum, earnings enhancing, increased scale	Revenue: £30.5m (+14%), ARR: £28.4m (+13%), 9 new customers (+200%)	+8	Low	BULLISH	Strong organic growth and record customer wins, supercharged by a transformative, earnings-enhancing acquisition.
03/07/2025 07:00	IGP	Intercede Group PLC	Technology	Contract Win	Momentum being maintained with New Contract Orders and Renewals	Momentum being maintained, new order, renewal, further traction	Total Orders: c.$1.5m	+7	Low	BULLISH	Confirms continued contract momentum and execution in the key US Federal and Defence markets.
03/07/2025 07:00	CRS	Crystal Amber Fund Ltd	Financials	Portfolio Update	Morphic Medical Inc ("MMI") obtains European regulatory approval for its obesity and diabetes treatment	revolutionary, outperforms, strong validation, receives approval	Key Holding MMI gets CE Mark for key product RESET®	+9	Medium	BULLISH	Major de-risking and value-crystallising event as 98%-owned holding gains EU approval, unlocking huge market.
03/07/2025 07:00	MKA	Mkango Resources Ltd	Basic Materials	Strategic Update	Mkango and Crown PropTech Announce Business Combination Agreement	transformative, pivotal step, unlocking substantial value, Nasdaq listing	Pro-forma valuation of Mkango's stake: US$400m	+8	High	BULLISH	Transformative deal to merge assets into a new entity and seek a Nasdaq listing to fund development.
03/07/2025 07:00	GPE	Great Portland Estates	Real Estate	Trading Update	Q1 business update: momentum continues, strong start to the year	momentum continues, strong start, significant pre-let, ahead of ERV	New leasing: £20.6m (+6.7% vs ERV), Disposals: £42m completed, £250m under offer	+1	Low	NEUTRAL	Positive leasing momentum is balanced by the ongoing capital recycling strategy of significant asset disposals.
03/07/2025 07:00	PEEL	Peel Hunt Limited	Financials	Trading Update	AGM Trading Update	strong start, comfortably ahead, significant contribution, strong pipeline	Q1 FY26 revenue "comfortably ahead" of prior year	+6	Medium	BULLISH	Reports strong current trading driven by M&A, but remains cautious on a broader IPO market recovery.