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Pan African Resources (PAF) has well and truly capitalised on the gold bull run by increasing its first-half production by 51 per cent, to almost 130,000 ounces (oz). The higher output came from increases at existing mines and the contribution of a new tailings retreatment asset in South Africa and a new project in Australia, called Tennant Mines. The miner’s shares rose 4 per cent on the announcement, taking its 12-month rise to almost 300 per cent.

Pan African has guided for FY2026 production of 275,000oz to 292,000oz, compared to the 200,000oz level seen in previous years. Analysts see sales and profits soaring as a result of the added gold and record prices, with the former climbing from $540mn (£395mn) to over $1bn. Pan African has already announced its first interim dividend of 0.74 US cents. The miner has previously paid a single annual dividend.

Its interim results are out on 18 February.

Shares in S4 Capital (SFOR) jumped as much as 40 per cent this morning after Martin Sorrell’s digital marketing agency said full-year trading would come in ahead of market expectations. 

Net revenue is set to be ahead of the firm’s revised guidance issued in November and above the current consensus of £664mn. Operational earnings before interest, tax and depreciation (Ebitda) are also expected to beat expectations of £75mn. 

On a like-for-like basis, net revenue is anticipated to be down around 8.5 per cent year on year, with an operational Ebitda margin of roughly 12 per cent. 

The company has also made progress in shoring up its finances, paving the way for the board to recommend another 1p final dividend. Net debt will be below the previously guided range of between £100mn-140mn after a change of treasury and working capital management.

As a result, net debt stood at 1.1 times operational Ebitda at the end of 2025, compared to current consensus of 1.8 times and well below the target of 1.5 times. Full-year results are due on 25 March, along with more detailed targets for 2026.

Shares in private healthcare provider Spire Healthcare (SPI) were up by 15 per cent this morning after the company revealed it was in early stage talks with private equity houses Bridgepoint Advisors and Triton Investment Advisors. 

Management described this as being in “the context of its strategic review”. The company emphasised that there was no certainty that an offer would emerge from the talks.

In September, Spire initiated a strategic review of the business, which includes looking at a possible sale, after a difficult year where rising costs and tightened NHS commissioning budgets have affected profits significantly.

Shares in Costain (COST) jumped as much as 9 per cent this morning after the infrastructure contractor unveiled a restructuring of its pension obligations that will allow it to return more cash to shareholders.

The company previously had to match any distributions with an equal contribution into its defined benefit pension fund, but after removing this arrangement the fund is comfortably in surplus.

Chief executive Alex Vaughan told Investors’ Chronicle that the move will give the board greater ability to make decisions on capital allocation. The company is now targeting a dividend cover of three times, which would almost double dividend cash payments in 2026.

Broker Investec has increased its FY2025 dividend estimate to 3.8p as a result, equivalent to a 2.3 per cent yield. It also set out plans to launch a £20mn buyback this year, equivalent to 4.4 per cent of current market capitalisation.

For 2025, management expects adjusted operating profit to be in line with current consensus of £46.4mn and the margin to exceed the 4.5 per cent run-rate target. Revenues are forecast to undershoot expectations by 7 per cent (£1.05bn versus £1.13bn).