Shell (LON:SHEL) (£226bn | SR99)
Income attributable to Shell plc shareholders $12,057m (Q2 $10,821m). Adjusted earnings $10,814m (Q2 $9,836m). “Higher Refining margins, higher realised LNG prices and higher Integrated Gas volumes.”
AMBER/GREEN ↑ (Mark)
Today’s results are strong with positive surprises on earnings, cash flow and the scale of the ongoing buyback. In light of this, we should view the company positively. Something the 99 Stock Ranks backs up.
However, I think commodity plays should always come with an element of caution. After all, the commodity gods can often take away what they have only recently given. For that reason, I take a slightly more restrained stance than a pure quant assessment would suggest.
Glencore (LON:GLEN) (£63.5bn | SR76)
Third Quarter Production Report
“Full year 2026 production guidance for our key commodities has been maintained, with zinc and energy coal expected towards the upper end of their respective ranges, copper and steelmaking coal towards the lower end and nickel around the middle.”
Lloyds Banking (LON:LLOY) (£59.5bn | SR59)
Q3 Interim Management Statement
On track to deliver its full year guidance: Underlying net interest income of greater than £14.9 billion, return on tangible equity of greater than 16%.
HALEON (LON:HLN) (£32.9bn | SR52)
Q3 organic revenue growth 2.6%. FY26 organic revenue growth guidance: now expected to be around 2.5% (previously 3% to 5%). Adjusted operating profit: continue to expect high-single digit growth at constant currency.
REVENUE WARNING (no change to profit guidance)
Bunzl Public (LON:BNZL) (£8.94bn | SR93)
Buys Wessex Cleaning Equipment and Janitorial Supplies (revenue £11m in FY March 2026).
IMI (LON:IMI) (£6.87bn | SR67)
Now expects full year adjusted basic earnings per share to be between 137p and 143p (previously between 136p and 142p). Reflects additional contribution from Truflo Marine, the disposal of which is now expected to complete in Q4 (previously Q3), as well as stronger growth in Transport.
St James’s Place (LON:STJ) (£5.64bn | SR60)
Net inflows £0.57 billion. Funds under management at record high £242 billion.
Seplat Energy (LON:SEPL) (£4.97bn | SR92)
9M 2026 free cash flow of $749 million. Production guidance narrowed to the upper end at 145-155 kboepd (from 135-155 kboepd), reflecting strong YTD performance. Capex guidance lowered to $280-$340 million (from $360-440 million), primarily due to phasing, given the late arrival of the offshore rig.
Whitbread (LON:WTB) (£4.59bn | SR68)
In England, business rates will be frozen for two years so that no property in the hospitality sector faces an above inflation increase… “we expect that these changes will have a significant positive impact on the Group’s financial performance”. By FY29, business rates payments will be between £45m and £60m lower than previously expected.
WPP (LON:WPP) (£4.14bn | SR81)
Q3 revenue +0.5% LfL. Revenue less pass-through costs down 2.1% LfL. Q3 performance in line with expectations. Reiterating 2026 guidance.
Resolute Mining (LON:RSG) (£1.32bn | SR63)
Gold production -2% QoQ to 44,398oz. Costs similar, giving an AISC +1% to $2,506/oz. EBITDA -50% QoQ to $64m. Net Cash $276.1m (Q2: $317.4m).
PPHE Hotel (LON:PPH) (£636m | SR54)
Total revenue +5.8% (+6.3% LFL) to £164.9m, driven by a strong performance from the London and Croatian properties.
Expects to deliver results for the financial year in line with market expectations.
(Revenue £474.6 – £479.8m, EBITDA £140.0 – £143.4m.)
Rank (LON:RNK) (£413m | SR73)
Notes the increase in Machine Games Duty. Anticipated that the annualised impact of this move will be an additional cost of £9m (current year £2m), prior to mitigating actions. Remains confident of delivering Group LFL operating profit in line with expectations for the current year.
ACG Metals (LON:ACG) (£398m | SR33)
Q3 YTD oxide production 22,717 oz AuEq, exceeding the original full-year target. FY2026 oxide production guidance has been upgraded by 43% to 25,000 oz AuEq. Net debt 30 Sep $185m.
ASA International (LON:ASAI) (£258m | SR81)
Gross OLP +20% YoY in continuing markets to $631m (+14% total). Client base +9% YoY in continuing markets (+4% total). Wind-down of India operations substantially completed.
GREEN= (Graham – I hold)
The market reaction today is fair: any uptick in PAR>30 ought to be treated with some caution. Personally, I’m satisfied with the explanation that this is a country-specific issue. One of ASAI’s attractions for me is its geographic diversifation; however, the downside of this is that there will usually be a problem in at least one of its locations. The potential value on offer here remains exceptional, to my eyes, and so I retain our fully positive stance.
Wilmington (LON:WIL) (£247m | SR75)
Notified by Guy Millward, Chief Financial Officer, that he intends to retire. The Board has commenced a process to identify a successor.
Vanquis Banking (LON:VANQ) (£187m | SR45)
Recognised increased IFRS 9 expected credit loss provisions, resulting in a small loss in the quarter. Outlook: Gross customer interest-earning balances now expected to be c.£3.3bn at the end of this year and grow more modestly to c.£3.4bn by the end of 2027. RAM is now expected to be c.8.0% for FY26 and c.7.5% for FY27, reflecting recent credit performance.
[Panmure Liberum reduce FY26/27/28 PBT by 86%/69%/34%]
PROFIT WARNING (FY26 & FY27 Guidance cut) /AMBER/RED ↓ (Mark)
Having called the outlook credibility issues correctly when the company last reduced its guidance following H1 results, I clearly wasn’t negative enough in our view, as the share price is now half what it was back then.
The now-large discount to TBV gives some hope to very long-term holders. However, with the desired recovery repeatedly pushed further out and capital ratios potentially restricting shareholder returns and raising risk if further losses ensue, I will correct last time’s oversight and take a more negative stance today.
EnSilica (LON:ENSI) (£106m | SR36)
New Contract Win & Completed Tape-out of ASIC
New ASIC development and supply contract with a US healthcare technology company, worth approximately US$2.4 million in development revenues. Development programme will be over an expected 18-month period.
H-Power (LON:HPOW) (£95.7m | SR4)
HoT agreed to supply HY5 ammonia cracker
Entered into Heads of Terms with Protium Green Solutions for the supply of a HY5 ammonia cracker. Initial two-year contract is expected to commence in the second half of 2027.
Touchstone Exploration (LON:TXP) (£50.9m | SR58)
CR-3 Karamat completed, flow testing commenced Oct 19, with the well producing 5.0 MMcf/d and 6.8 MMcf/d at different choke settings during extended testing.
WD-4 reached total depth on Oct 4. Completed and placed onstream at an initial field-estimated flush production rate of approximately 387 bbls/d for 24hrs. Production is expected to decline as the well is produced.
Production: Q3 sales volumes averaged 4,485 boe/d, with 19.4 MMcf/d of natural gas and 1,259 bbls/d of liquids.
Kr1 (LON:KR1) (£37.3m | SR26)
Launch of Bittensor Infrastructure Operations
Launch of Technology Infrastructure operations on Bittensor, enabled by recent acquisitions of TAO, the network’s native digital asset.