Energy Storage Milestone Brightens Amid Mixed Corporate Results

📈 Today's Key Themes

Pre-market announcements paint a mixed picture across sectors, with renewable energy emerging as a bright spot. Gresham House Energy Storage (#GRID) reached a significant 1GW operational capacity milestone, showcasing progress in the energy transition. However, challenges persist in other sectors, with Pennant International (#PEN) warning of lower revenues, and both Stelrad Group (#SRAD) and VAALCO Energy (#EGY) reporting disappointing financial results. The mining sector sees a potential positive development with Petra Diamonds (#PDL) proposing refinancing, indicating efforts to navigate challenging market conditions.

💡 Company Updates

Half-Year Results

Stelrad Group (#SRAD) reported a challenging first half of 2025, with revenue down 4.6% to £136.5 million. The radiator manufacturer faced a statutory loss of £3.4 million, impacted by £12.0 million in non-cash exceptional items. Despite these headwinds, adjusted operating profit increased by 1.1% to £15.9 million, and adjusted EPS rose from 6.34p to 6.41p. The company maintained its market share at 19.9% amidst challenging conditions, implementing cost discipline measures and expecting modest improvement in H2. VAALCO Energy (#EGY) faced significant challenges in Q2 2025, with net income plummeting 70% year-over-year to $8.4 million. Total commodity sales decreased 17% to $96.9 million compared to Q2 2024. The oil and gas producer reported an unrestricted cash balance of $67.9 million, with $60 million drawn from credit facilities. Despite these setbacks, the company managed to decrease production expenses per BOE and maintained its full-year guidance, including reduced capital expenditures.

🎯 Leading Developments

Renewable Energy Milestone

Gresham House Energy Storage (#GRID) has achieved a significant milestone by reaching 1GW of operational battery energy storage system (BESS) capacity. The company completed construction of its 1,072MW / 1,701MWh portfolio of utility-scale BESS projects in the UK. This achievement underscores the company's strong execution capabilities and positions it well for continued growth in the renewable energy infrastructure sector. The focus now shifts to building the next phase of augmentations and new pipeline projects, potentially driving further value creation for investors.

This milestone demonstrates Gresham House Energy Storage's commitment to advancing the UK's energy transition and highlights the growing importance of energy storage in supporting renewable power integration.

Mining Sector Refinancing

Petra Diamonds (#PDL) has announced a proposed refinancing of its debt, aimed at improving financial flexibility. The plan includes extending debt maturities to 2029 and 2030 for its senior secured bank debt and senior secured second lien notes, respectively. A $25 million rights issue, underwritten by certain existing shareholders, forms part of the refinancing strategy. The company has secured a lock-up agreement with noteholders and a backstop agreement with shareholders, indicating strong support from key stakeholders. This refinancing, subject to shareholder approval, could provide Petra Diamonds with a more stable financial footing to navigate the challenging diamond market. Read more

Technology Sector Setback

Pennant International (#PEN) has issued a trading update warning of lower than expected 2025 revenues due to a delay in a key contract award. The company now anticipates H1 2025 revenues of £4.5 million, down from £7.4 million in H1 2024, with a gross margin of 45%, compared to 48% in the previous year. The adjusted loss before tax is expected to be £1.7 million, a significant increase from the £0.4 million loss in H1 2024. The delay in the GenFly contract award from the MOD has pushed expected revenues into 2026 and beyond, with contracted revenues for 2025 currently standing at approximately £9 million.

This setback highlights the risks associated with contract-dependent businesses and may lead to increased investor caution in the technology sector.

📅 Week Ahead

11 August 2025: Plus500 Ltd. (#PLUS) Announcement of H1 2025 results
11 August 2025: Maven Renovar VCT Ord (#MRV) Deadline for shareholders to vote
11 August 2025: Capital Metals plc (#CMET) Ambeon Option exercise deadline
12 August 2025: Entain Plc (#ENT) 2025 Interim results
12 August 2025: Bellway p.l.c. (#BWY) Next scheduled trading update, covering the financial year ending 31 July 2025
12 August 2025: Genuit Group plc (#GEN) Interim Results
13 August 2025: Hill & Smith PLC (#HILS) Interim results announcement
13 August 2025: Maven Renovar VCT Ord (#MRV) Date of the Requisitioned General Meeting and Articles General Meeting
14 August 2025: Aviva plc (#AV.) Half Year 2025 Results
14 August 2025: JPMorgan American Ord (#JAM) Announcement of half-year results
14 August 2025: Savills plc (#SVS) Announcement of Half Year Results
14 August 2025: Benchmark Holdings plc (#BMK) Expected last day of dealings in Ordinary Shares on AIM and Euronext Growth Oslo
14 August 2025: CPPGroup Plc (#CPP) General Meeting to approve the proposed disposal of CPP India
15 August 2025: Derwent London Plc (#DLN) 2025 Interim Results
15 August 2025: abrdn European Logistics Income PLC (#ASLI) Second capital distribution to shareholders
15 August 2025: Riverstone Energy Limited (#RSE) Deadline to obtain shareholder approval for the Managed Wind-Down
15 August 2025: Premier African Minerals Limited (#PREM) Final decision on secondary spodumene float section
15 August 2025: Celadon Pharmaceuticals Plc (#CEL) Expected date of Re-registration

View full calendar

Market Summary