# DirectorsTalk Interviews

DirectorsTalk Interviews provides stock market listed PLC company and fund news, interviews and broker ratings for investors.

- Site: https://www.directorstalkinterviews.com/

## Gattaca CEO Matthew Wragg discusses 85% profit growth and FY27 outlook

- Link: https://www.directorstalkinterviews.com/gattaca-ceo-matthew-wragg-discusses-85-profit-growth-and-fy27-outlook/4121269655
- Published: 2026-11-13T07:12:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2023/08/Gattaca-plc.
jpg)

**Gattaca plc** (LON:GATC) Chief Executive Officer Matthew Wragg caught up with 
DirectorsTalk to discuss financial performance, sector growth, strategic priorities,
operational improvements, and future opportunities.

**Q1: Matthew, could you just talk us through the highlights of the year?**

**A1**: It’s been a really solid year, which is pleasing. We’ve returned to NFI 
growth, which is great, we’ve seen 11% growth on our NFI line, up to £43.3 million.

Within that, our biggest service line is contracting. That’s grown 16% last year,
which is fantastic and that has resulted in an 85% increase in PBT to just over 
£6 million. So, well above our original balance for the year.

We continue to have a great balance sheet, over £15 million in cash in the bank,
which is great, and doubled our dividend this year to 6p per share. So, some nice
results.

On top of that, it always makes me happy that staff engagement is still really strong,
which is fantastic. We also got voted one of The Sunday Times’ top 10 big businesses
to work for. We’ve also completed the acquisition and integration of InfoSec People,
a cybersecurity specialist business based out of Cheltenham.

So, some really good highlights this year.

**Q2: Net fee income, as you say, grew 11.4% and underlying profit before tax was
up 85% and as you mentioned, the full-year dividend has now doubled. So, what is
it that’s driven performance?**

**A2**: We’ve made probably thousands of decisions over the last four years, which
are compounding into building some positive momentum.

I think this year, or last financial year, we saw pretty much every service line
or sector line growing, which is the first time in many, many years, as we’ve really
narrowed our focus and obsessed about those markets.

We’ve grown our contractor base by over 10%, which is really good, growing nearly
every single month during the year, which really helps.

We’ve also been obsessing around how do we help everyone in the business be even
more successful and that has been resulting, along with good cost control, in really
good improvement around operating profit as well.

So, NFI per sales head is up 20% in the year, which, combined with that cost control,
means that £4 million or £5 million NFI has flowed through to a really decent increase
in profits as well.

So, lots and lots of things over the years building up, but good focus and just 
obsessing about being the best we can be.

**Q3: Which sectors then would you say performed the best and why would that be?**

**A3**: It’s a nice question to have when nearly everything has been growing. But
there have been some standout ones.

The defence sector actually is a market which, despite some of the kind of global
macro challenges out there, hasn’t necessarily been going gangbusters yet, but the
team have performed really well, and we’ve grown 17% in the year in defence, which
is great.

Similarly, actually, the market in digital tech still isn’t very good. It’s been
quite subdued globally, but they’ve grown over 10% as well.

Our single biggest sector of infrastructure has grown by 5%. And that clearly, major
programmes around both water, highways and also in the real world and energy is 
up 4%.

So, they’re all pretty good. We’ve obviously really increased our cyber capability
with the acquisition and integration of InfoSec People as well. So, on the whole,
all really positive.

Our only one negative is our Statement of Work service line, which continued to 
have some challenging times. It’s a smaller business unit and hopefully exposed 
to a smaller number of customers, which are on a little bit of a go-slow at the 
moment, but we’ve managed that well.

So, on the whole, good momentum.

**Q4: Now, you’ve continued to focus on your four strategic priorities. Could you
just remind us about what they are and how they drive growth?**

**A4**: I think they’ve served us really well over the last four years in the turnaround
of the business but equally give us the right platform to continue to build really
positive momentum.

Our number one is external focus. That’s been obsessing about fewer jobs, fewer 
markets, but really knowing all of the customers in there, all the economic cycles
and where that demand is going to be. I think that’s really helping us make sure
we prioritise and helps direct our sales teams in the right direction.

We’ve also, during this financial year, consolidated most of our staffing brands
into Matchtech. The aim of that is to make it easier for our colleagues and easier
for our customers to understand what we do and to navigate that and to access all
of the experts we’ve got in the organisation. So, that’s gone pretty well.

This new financial year as well, we’ve hired our first Chief Commercial Officer,
aimed at, again, further intensifying the amount of activity we’re doing out in 
the market.

I’m really pleased to see the progress we’ve been making on that over the years,
but especially last year. So, that’s number one.

We will always obsess about culture. We’re a people business that helps people to
work with people, and culture is critical. Our staff engagement is still absolutely
wicked and continues to grow. It surprises me, only every quarter it continues to
go up, which is fantastic to see.

Really importantly this year, the accolade of being voted in The Sunday Times’ top
10 big businesses to work for is a really good sign that what we’re doing is recognised
and appreciated. So, that’s great, culture is number two.

Number three is operational efficiency and just helping everybody to be more successful.
We’ve made some significant steps forward in our processes and our systems to enable
people to be more successful or to improve their customer journey. Again, something
we continue to obsess about.

Then really cost optimisation, just making sure we’re being really conscious of 
where we’re investing, how we’re investing and continuing to improve that profit
conversion, which is up to 14% now, which I’m guessing it should be probably one
of the best of the listed staffing businesses out there.

So, those four, external focus, culture, operational efficiency, and cost are our
four pillars and will serve us well for the years ahead.

**Q5: Finally, how do you see the outlook for FY27? Why should investors choose 
Gattaca over other listed companies or recruiters?**

**A5**: I think we’ve got great momentum at the moment. I think the industry is 
really tough. I think we have shown ourselves over the last four years. Pretty much
every time I’ve done one of these with you, it’s been a week after some kind of 
major budget announcement or presidential election or something else happening.

Despite all of that volatility, we’ve managed to grow and overdeliver on our promises
each year. This should be the first time, actually, it’s not the week after some
massive changes. So, I think we have good momentum.

I think the skills we focus on in engineering, construction, manufacturing, technology
and professional, they are all skills that are in high demand and major programmes
and committed budgets for major projects to be delivered. I think with contracting
being such a big part of our business, we’ve got really good visibility; 78% of 
our business we can see. That means that we are able to plan ahead and make the 
right investments.

We think there’s loads more potential. We’ve absolutely turned around the business
in the last four years, but we’ve by no means peaked. There’s a long way that we
can continue to go. So, I just think we’ve got great momentum to take that on.

Equally, we’ve got a great balance sheet. It gives us an opportunity to continue
to grow the contract book and be able to fund that properly, but also to be looking
at possible bolt-on acquisitions, which we’ve been taking in our stride at the moment.

Ultimately, I think we’ve proven ourselves a really good, resilient business and
we’ve got great momentum right now, whilst the market is in quite a difficult place,
which gives us a unique opportunity to make sure we go and grab market share.

## Landsec raises FY28 earnings growth outlook following £611m retail acquisitions

- Link: https://www.directorstalkinterviews.com/landsec-raises-fy28-earnings-growth-outlook-following-611m-retail-acquisitions/4121269682
- Published: 2026-11-13T07:10:14+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/09/Landsec.webp)

**Land Securities Group plc** (LON:LAND), Landsec, has announced its results for
the half year ended 30 September 2026

_Delivering on strategic objectives. Even stronger foundations for future EPS growth._

> **Mark Allan, Chief Executive of Landsec, commented:**
> _“We have continued to deliver on our strategic objectives over the past six months,
> strengthening our positioning for a higher inflation, higher rate environment.
> As a result, we have further improved our near-term EPS growth outlook, our medium-
> term income growth potential, and our strong capital base._
> _“In a more uncertain world, the characteristics of our earnings matter. We own
> scarce, prime real assets where customer demand is concentrating. Those assets
> are already generating strong rental growth, with significant further income growth
> embedded in our portfolio. Combined with our long-dated financing, efficient cost
> base, and substantially completed development capex, that gives us both resilience
> today and visibility on an acceleration in EPS growth ahead. Our progress over
> the past six months further reinforces our potential to deliver c. 5% CAGR in 
> EPRA EPS to FY30.”_

**Financial highlights**

     EPRA earnings^((1)(2)) stable at £192m (HY25: £192m), as 6.2% LFL income growth
and 9% reduction in overhead costs offset £10m earnings impact from sale of QAM 
during second half of prior year

     EPRA EPS^((1)(2)) of 25.9 pence (HY25: 25.8 pence) despite -5.0% impact from
sale of QAM, in line with guidance for the full year

     Interim dividend up 2.1% to 19.4 pence (HY25: 19.0 pence)

     IFRS profit before tax up to £243m (HY25: £98m) due to £88m valuation surplus(
HY25: £(6)m), with basic IFRS EPS up to 33.0 pence (HY25: 13.0 pence)

     Raised £500m new equity post period-end to fund £611m acquisitions of Metrocentre
and a further stake in Bluewater, increasing near-term EPS growth and medium-term
income growth potential

     IFRS net debt of £4,361m (FY26: £4,234m), with ND/EBITDA^((1)(2)) down to 
7.7x (FY26: 8.4x) and LTV^((1)(2)) down to 37.1% (FY26: 38.7%) pro-forma^((3)) for
transactions and equity issue post half year

     EPRA NTA per share^((1)(2)) up to 893 pence (FY26: 882 pence), or 863 pence
pro-forma for equity issue

**Guidance**

     FY27 EPRA EPS expected to be stable vs FY26, in line with previous guidance

     FY28 EPRA EPS expected to see improved high-single-digit percentage growth,
as recent retail acquisitions add to upside from development leasing and like-for-
like income growth

     Improved visibility on potential for FY30 EPRA EPS to grow to c. 62 pence,
implying c. 5% CAGR in EPS over FY27-FY30, as c. 90% of this is now driven by current
portfolio and platform (FY26: c. 80%)

****     Expect net debt/EBITDA to reduce to comfortably below 7x as income grows
and committed development exposure comes down to less than 2% of portfolio value

**Operational highlights **

     Consistent concentration of customer demand on very best space, combined with
high constraints on new supply means rents across our scarce, high quality portfolio
continue to grow

     LFL net rental income growth up to 6.2% (FY26: 4.6%) as rental uplifts on 
relettings/renewals rise to 16% (FY26: 15%), with LFL growth for full year now expected
to be at upper end of c. 3-5% guidance

     2.9% ERV growth over six months, creating additional room for future income
growth

     Further increased operating efficiency, with a 1.2ppt improvement in gross-
to-net rent margin and 9% reduction in overhead costs, reducing overhead to the 
lowest level in 20+ years

     Delivered £1.0bn of accretive acquisition/disposal activity YTD, enhancing
income and income growth

Office-led LFL income up 5.4%, as portfolio reversion increases to 20%

     LFL net rental income growth ahead of expectation at 5.4%, with strong upside
from rent reviews, £9m lettings signed or in solicitors’ hands 7% above ERV, and
relettings/renewals 11% above previous rent

     EPRA occupancy of 97.7% down 90bps, mostly due to lease expiries at our sole
asset in Paddington towards the end of the period, yet deals agreed since the period-
end increase occupancy to 98.0%

     ERVs up 3.4% over six months, tracking ahead of guidance for the full year

     Reversionary potential up to 20%, equating to £50m future upside in rental
income, underpinning slightly higher like-for-like income growth over next few years
than previously envisaged

     Recently completed developments at Timber Square, Myo Kings Cross and Oval
88% let or under offer (May: 54%), with £13m of new rent signed/under offer driving
continued growth in ERV

Retail-led LFL income up 6.3%, as rental uplifts rise to 17% and sales continue 
to outperform

     LFL net rental income growth accelerated to 6.3%, with £29m of lettings signed
or in solicitors’ hands 12% above ERV, and rental uplifts on relettings/renewals
increasing to a new high of 17%

     EPRA occupancy up 10bps to 97.8%, the highest level in over 20 years

     ERVs up 2.3% over six months, in line with guidance for the full year

     Retail sales up 3.7% vs -1.4% for UK national average, driving further growth
in turnover income and taking sales growth across our portfolio since March 2022
to 26% vs just 2% for the UK market

     Footfall up 1.6% vs 0.1% national average, as our best-in-class assets continue
to gain market share

     On track vs target to deliver c. 4.5-7% CAGR in income from existing portfolio
by FY30 via capturing growing reversion, turnover income, commercialisation and 
small capex projects

Strong balance sheet and capital discipline underpin resilience of EPS growth outlook

     Long 8.1-year average debt maturity, twice the UK REIT sector average

     Sector-leading AA credit ratings, with ND/EBITDA and LTV down to 7.7x and 
37.1% respectively pro-forma for disposals, acquisitions and £500m equity issue 
post the period-end

     Invested £611m in two top-10 retail acquisitions post period-end at average
net rental income yield of 7.9%, with expected future income growth in line with
c. 4.5-7% target for existing retail portfolio

     Sold or exchanged contracts to sell £338m of assets which generated no income
or limited income growth, incl. £259m post period-end, mostly reflecting an older
office and development site in London

     £133m committed development capex left, with no meaningful new commitments
planned in near term

     Secured revised planning consent at Finchley Road and continued positive engagement
with public sector partners at Mayfield to improve development viability, with limited
capex in short term

      Decided not to pursue Lewisham residential development as risk/return prospects
are insufficient

 1. An alternative performance measure. The Group uses a number of financial measures
    to assess and explain its performance, some of which are considered to be alternative
    performance measures as they are not defined under IFRS. For further details, see
    the Financial review and table 13 in the Business analysis section.
 2. Including our proportionate share of subsidiaries and joint ventures, as explained
    in the Financial review. The condensed consolidated preliminary financial information
    is prepared under UK adopted international accounting standards (IFRSs and IFRICs)
    where the Group’s interests in joint ventures are shown collectively in the income
    statement and balance sheet, and all subsidiaries are consolidated at 100%. Internally,
    management reviews the Group’s results on a basis that adjusts for these forms 
    of ownership to present a proportionate share. These metrics, including the Combined
    Portfolio, are examples of this approach, reflecting our economic interest in our
    properties regardless of our ownership structure. For further details, see table
    13 in the Business analysis section.
 3. Pro-forma figures throughout this announcement reflect the impacts of committed
    acquisitions (£611m), disposals (£259m), and net equity raise (£489m) since the
    period-end.

## Rentokil Initial appoints Duncan Palmer as Non-Executive Director

- Link: https://www.directorstalkinterviews.com/rentokil-initial-appoints-duncan-palmer-as-non-executive-director/4121269687
- Published: 2026-11-13T07:07:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/01/Rentokil-
Initial-plc.jpg)

**Rentokil Initial plc** (LON:RTO, NYSE: RTO) has announced the appointment of Duncan
Palmer as a Non-executive Director, with immediate effect.

Duncan is a former Chief Financial Officer and current non-executive director, with
significant international experience across major companies. He most recently served
as Chief Financial Officer of Cushman & Wakefield (NYSE: CWK), the global real estate
commercial services company, where he was a leader in their consolidation and integration
strategy and led their US public offering. He was previously CFO at RELX plc (FTSE:
RELX) and Owens Corning (NYSE: OC), and held a series of finance leadership roles
at Shell. He has deep expertise in finance and governance and a proven track record
in implementing back-office rationalisation, cost-reduction, and M&A integration.
He currently holds non-executive directorships at Oshkosh Corporation (NYSE: OSK),
where he is Chair of the Audit Committee, and also at Aleanna (ANNA) and Verde Clean
Fuels (VGAS).

Duncan is a UK Chartered Management Accountant and holds an MBA from the Stanford
Graduate School of Business and an MA from St John’s College, Cambridge.

The Company also announces that David Frear will be stepping down from the Board,
effective 30 November 2026.

> **Thérèse Esperdy, Chair, said:**
> ‘I am delighted to welcome Duncan to the Board as a Non-executive Director. His
> financial skills and transformation experience will greatly benefit the Board 
> and support our management team as we execute our strategic plans, particularly
> in North America. I would also like to thank David for his commitment and valuable
> contributions to the Board, Remuneration and Nomination Committees over the last
> four years.’

Duncan will also become a member of the Audit Committee and the Nomination Committee.

## Aviva raises 2026 earnings outlook as insurance premiums grow 19%

- Link: https://www.directorstalkinterviews.com/aviva-raises-2026-earnings-outlook-as-insurance-premiums-grow-19/4121269684
- Published: 2026-11-13T07:02:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/05/Aviva-Plc.
jpg)

**Aviva plc** (LON:AV) has announced its Q3 Trading Update for the nine-month period
ended 30 September 2026

> **Amanda Blanc, Group Chief Executive Officer, said:** “Aviva is in great shape.
> Our performance has been excellent in the first nine months of 2026, demonstrating
> once again the benefits of scale across our diversified business. We continue 
> to deliver strong, profitable growth, particularly in the capital-light areas 
> of General Insurance and Wealth.
> “We grew General Insurance premiums by 19% and, at the same time, improved profitability.
> In the UK, premiums are up 28%, boosted by our home insurance partnership with
> Nationwide and the great progress we are making with Direct Line. We see many 
> opportunities to continue our profitable growth in General Insurance, including
> growing Direct Line motor and home policies on price comparison websites, the 
> launch of Aviva pet insurance this year, and through our market leading businesses
> in Canada and Ireland. We are also continuing to deliver for our customers. Last
> month we started rolling out our AI virtual assistant for customers and our new
> multi-vehicle cover is now live, so a family with several cars can now insure 
> them all under one policy.
> “In Wealth, we are the number one UK player and have grown assets under management
> by 19% to £267 billion. Our strong momentum continues with flows up 31% to £10.9
> billion and we now have over six million Wealth customers. We see significant 
> opportunities for Aviva to expand further – across our Workplace, Adviser and 
> Direct businesses – giving us confidence that we will achieve at least £280 million
> of operating profit in Wealth by 2027 and greater than £500 million by 2032.
> “We are confident about the remainder of 2026 and expect earnings per share to
> grow broadly in line with our target of 11% this year. Aviva’s continued strong
> trading, our strengths in artificial intelligence, and our leading market position,
> reinforce our confidence that we will meet our three-year financial targets and
> grow earnings over the longer term.”

[aviva-plc-q3-2026-trading-update-official-announcement](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/aviva-plc-q3-2026-trading-update-official-announcement.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/aviva-plc-q3-2026-trading-update-official-announcement.pdf)

## Genflow Biosciences reports early findings from SIRT6 gene therapy study

- Link: https://www.directorstalkinterviews.com/genflow-biosciences-reports-early-findings-from-sirt6-gene-therapy-study/4121269651
- Published: 2026-11-12T16:58:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/04/Genflow-Biosciences-
Plc.png)

Genflow Biosciences has reported preliminary results from a study investigating 
its SIRT6 gene therapy in older dogs, with early findings relating to muscle condition
and biological ageing.

The study assessed the safety of the treatment and its potential effects on age-
related changes. It involved 24 dogs aged over 10 years, divided into four groups
receiving either control treatments or different doses of the gene therapy.

Genflow reported no treatment-related inflammatory response or negative impact on
quality of life in the treated dogs. The company also observed changes in DNA methylation
measurements, with the low-dose group showing a reduction equivalent to approximately
one year in methylation clock age and the high-dose group showing a reduction of
around six months.

Muscle assessments also indicated potential benefits. Ultrasound measurements showed
improvements in muscle mass in treated dogs, while biopsy results indicated larger
muscle fibres and lower levels of fibrosis compared with the saline control group.

The company cautioned that the findings are preliminary. The study was designed 
as a proof of concept and involved a relatively small number of animals, meaning
the results do not establish statistical significance or confirm treatment effectiveness.

Genflow plans to continue monitoring the dogs for two years, with further analysis
of biological ageing measurements and gene expression. A larger study involving 
multiple dog breeds is being considered as the next stage of development.

The research also supports Genflow’s wider work on SIRT6-based treatments for human
health conditions, including sarcopenia and liver disease. The company is investigating
how the findings could contribute to the development of its human programmes, although
different gene delivery methods will be required.

_**Genflow Biosciences plc** (LON:GENF, OTCQB:GENFF, FRA:WQ5) is a UK-based biotech
firm with R&D facilities in Belgium focused on developing novel therapeutic approaches
that potentially halt or slow the aging process in humans and dogs supporting longer,
healthier lives_

## Ilika CEO to discuss battery gigafactory development at Barcelona industry forum

- Link: https://www.directorstalkinterviews.com/ilika-ceo-to-discuss-battery-gigafactory-development-at-barcelona-industry-forum/4121269649
- Published: 2026-11-12T16:15:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/Ilika-Plc.
png)

Ilika Chief Executive Officer Graeme Purdy will participate in the 4th Excellence
in Construction, Design and Engineering of Battery Gigafactories Forum in Barcelona
on 3 and 4 December 2026.

The event will bring together battery manufacturers, engineering companies, construction
specialists and technology providers to discuss the development and delivery of 
large-scale battery manufacturing facilities.

Graeme Purdy is among the industry speakers scheduled to attend, providing Ilika
with an opportunity to contribute its experience in solid-state battery development
and manufacturing scale-up.

The forum will focus on the construction, design and engineering requirements of
battery gigafactories, including factory planning, production infrastructure, equipment
installation, cleanroom facilities and manufacturing efficiency.

Ilika’s participation comes as the company progresses development of its Goliath
solid-state battery technology for electric vehicles. The programme has included
the production of 50Ah battery prototypes and work with the UK Battery Industrialisation
Centre to demonstrate manufacturing processes using industrial-scale equipment.

The company is also developing its manufacturing capabilities and pursuing opportunities
to advance Goliath towards commercial production. Its longer-term strategy includes
working with industrial partners to support production scale-up and potential gigafactory
manufacturing.

_**Ilika plc** (LON:IKA) is a pioneer in solid state battery technology enabling
solutions for applications in Industrial IoT, MedTech, Electric Vehicles and Consumer
Electronics._

## Investors demand clear returns as AI spending comes under scrutiny

- Link: https://www.directorstalkinterviews.com/investors-demand-clear-returns-as-ai-spending-comes-under-scrutiny/4121269647
- Published: 2026-11-12T15:39:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/Arbuthnot-
Banking-Group-plc.jpg)

Investors are increasingly demanding evidence that artificial intelligence (AI) 
investment is generating revenue and profits, as rising technology spending and 
questions over returns put pressure on major technology companies.

Global markets performed better than expected in October, supported by resilient
economic growth and strong corporate earnings. However, technology shares faced 
renewed pressure as investors reassessed the scale of AI investment and the time
required to deliver commercial returns.

The focus is shifting from how much companies are spending on AI to whether that
investment can generate sustainable profits and cash flow.

Anthropic’s latest disclosures highlighted the scale of the challenge. Demand for
its Claude AI models has grown rapidly, particularly among business customers, but
the computing power, data centre capacity and energy required to develop and operate
advanced AI systems also carry substantial costs.

Major technology companies have continued to report demand for cloud and AI services.
Microsoft and Google reported strength in cloud activity, while Meta delivered revenue
growth alongside significant investment commitments. However, investors are paying
closer attention to capital expenditure and the returns expected from these investments.

Technology shares came under further pressure in early November, with the Nasdaq
falling more than 5% on 5 November as semiconductor stocks weakened. Concerns surrounding
potential restrictions on new data centre developments in the United States added
to uncertainty, particularly in Texas, which accounts for a significant proportion
of expected future capacity.

Although much of the planned 2027 data centre construction pipeline is already underway,
tighter planning and regulatory requirements could affect capacity expansion from
2028 onwards.

Corporate earnings have remained relatively strong, with most US companies reporting
profits ahead of expectations. However, earnings growth is beginning to moderate
following stronger increases earlier in the year, with technology and energy businesses
continuing to make significant contributions.

Economic conditions have also remained resilient. Business surveys indicate continued
global expansion, while the US economy has demonstrated strength and the eurozone
recorded economic growth during the third quarter.

_**Arbuthnot Banking Group PLC** (LON:ARBB), operating as Arbuthnot Latham, offers
private and commercial banking products and services in the United Kingdom. Established
in 1833, Arbuthnot Banking is headquartered in London, United Kingdom._

## Novo Nordisk deal puts focus on next generation of oral GLP-1 treatments

- Link: https://www.directorstalkinterviews.com/novo-nordisk-deal-puts-focus-on-next-generation-of-oral-glp-1-treatments/4121269645
- Published: 2026-11-12T15:00:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/Tern-plc.
jpg)

The development of once-weekly oral GLP-1 treatments is creating new opportunities
in the obesity and diabetes markets, with Novo Nordisk securing rights to HRS-1596
from China’s Hengrui Pharma in a potential $2.6bn agreement.

HRS-1596 is an investigational dual GLP-1/GIP receptor agonist designed to support
weight reduction and improve blood glucose control. Its proposed once-weekly oral
administration could offer an alternative to existing daily oral treatments and 
injectable therapies.

The agreement, announced on 29 September 2026, gives Novo Nordisk exclusive rights
to develop, manufacture and commercialise HRS-1596 globally, excluding mainland 
China, Hong Kong, Macau and Taiwan.

The deal includes an upfront payment of $300m, with a further $2.3bn potentially
payable through development, regulatory and commercial milestones, alongside sales
royalties.

HRS-1596 combines activity at two receptors involved in metabolic regulation. Its
intended effects include appetite suppression, stimulation of insulin secretion 
and improved insulin sensitivity, supporting potential applications in obesity, 
type 2 diabetes and other metabolic conditions.

However, the treatment remains at an early stage of development. Hengrui has received
approval in China to initiate Phase I clinical trials, but human safety, tolerability
and efficacy data are not yet available.

The potential for once-weekly oral dosing is a key part of the drug’s development
proposition. Existing oral GLP-1 options include daily administration, while several
injectable treatments are given weekly. Combining oral administration with a weekly
dosing schedule could provide an additional treatment option if clinical development
confirms that the approach is effective and safe.

_**Tern plc **(LON:TERN) backs exciting, high growth IoT innovators in Europe. They
provide support and create a genuinely collaborative environment for talented, well-
motivated teams._

## itim Group targets retail AI market with new platform launch

- Link: https://www.directorstalkinterviews.com/itim-group-targets-retail-ai-market-with-new-platform-launch/4121269643
- Published: 2026-11-12T14:32:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2022/02/itim-Group-
plc.jpg)

itim Group is targeting growing demand for artificial intelligence in retail with
the launch of itimAIQ, a new platform designed to help retailers automate everyday
operations, improve efficiency and manage supply chain challenges.

The software company provides technology solutions for store-based retailers, helping
businesses manage operations and improve financial performance through its integrated
retail software platform.

The launch of itimAIQ represents an expansion of the Group’s product offering as
retailers look for ways to use AI to improve productivity, manage costs and respond
to changing customer requirements.

The platform is designed to help retailers deploy intelligent AI agents to perform
tasks and support operational decision-making. It also addresses concerns around
data ownership and customer relationships, allowing retailers to use AI technology
while retaining control of their business information.

ITIM’s existing software offering provides retailers with solutions covering multiple
aspects of their operations, including sales, stock management, pricing, promotions
and supply chain processes.

The Group has continued investing in its technology and international expansion,
while also taking steps to reduce operating costs. During the 2025 financial year,
ITIM reported a loss before tax of approximately £0.5m, compared with a profit of
£0.2m in the previous year.

_**itim Group plc** (LON:ITIM) is a SaaS-based technology company that enables store-
based retailers to optimise their businesses to improve financial performance and
effectively compete with online competitors. Itim adds retail value by helping multi-
channel retailers optimise their business and their stores to improve financial 
performance and compete more effectively with the “Amazons”._

## Drax sets date for 2026 Capital Markets Day and trading update

- Link: https://www.directorstalkinterviews.com/drax-sets-date-for-2026-capital-markets-day-and-trading-update/4121269653
- Published: 2026-11-12T14:23:05+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/01/Drax-BESS.
png)

**Drax Group plc** (LON:DRX) has confirmed that it will be hosting a Capital Markets
Day for investors and analysts on Monday 23 November 2026, as well as releasing 
a Trading Update.

Information regarding the Capital Markets Day webcast is detailed below.

**Webcast Arrangements**

Management will host a presentation for analysts and investors at 2:00pm (UK time),
Monday 23 November 2026.

The presentation can be accessed remotely via a live webcast link, as detailed below.
After the presentation, the recording will be available using the same link as the
live event.

A copy of the presentation will be made available on Monday 23 November 2026 for
download at: https://www.drax.com/results-reports-presentations/

| Event Title: | Drax Group plc: Capital Markets Day 2026 | 
| Event Date: | Monday 23 November 2026 | 
|   | 2:00pm (UK time) | 
|   |   | 
| Webcast Live Event Link: | [Drax Group Capital Markets Day | SparkLive | LSEG](https://sparklive.lseg.com/DraxGroup/events/b088077d-93f5-4b22-9178-fe0484e9be52/drax-group-capital-markets-day)  | 
|   |   |

## Hardide CVD coatings deliver improved erosion protection for oil and gas frac tools

- Link: https://www.directorstalkinterviews.com/hardide-cvd-coatings-deliver-improved-erosion-protection-for-oil-and-gas-frac-tools/4121269641
- Published: 2026-11-12T13:56:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/05/Hardide-plc.
webp)

Hardide’s tungsten carbide coatings offer improved erosion resistance and durability
for oil and gas fracturing equipment, helping extend the service life of frac sleeves
and reduce the risk of premature equipment failure.

The company’s Hardide-T coating is designed to protect critical components, including
ball seats, ports and internal bore transitions, which are exposed to repeated high-
velocity proppant impact during hydraulic fracturing operations.

Unlike conventional surface treatments, chemical vapour deposition (CVD) applies
a uniform, pore-free coating across complex internal geometries. This allows components
to receive protection in areas that can be difficult to reach using traditional 
thermal spray processes.

Independent ASTM G76-95 erosion testing found that Hardide’s CVD tungsten carbide
coating delivered seven times lower erosion than the HVOF thermal spray coating 
it replaced on a previously eroded valve sleeve. The treated components have since
been deployed permanently downhole in three land wells.

Laboratory testing recorded coating hardness of between 1,100 and 1,600 HV, alongside
strain to fracture above 0.3%, providing resistance to repeated impact without the
cracking and delamination associated with some harder coatings.

Further testing found that CVD tungsten carbide delivered three times better erosion
resistance than steel and more than twice the performance of cemented carbide. Comparative
data also indicated up to 12 times the abrasion resistance of hard chrome plating
and approximately six times the wear resistance of HVOF coatings.

The technology addresses limitations associated with existing treatments. Gas nitriding
improves surface hardness but creates a relatively thin hardened layer, which can
expose softer underlying material once breached. Thermal spray coatings, including
HVOF, are restricted by line-of-sight application and can struggle to provide consistent
coverage across internal bores and ports.

_**Hardide plc** (LON:HDD) is a pioneer in advanced tungsten/tungsten carbide CVD
coatings. They showcase unmatched capabilities to greatly extend the life of complex
geometry components facing extreme wear, erosion and corrosion._

## Cora Gold Shareholders Set to Gain a Second Gold Opportunity as Sanankoro Moves Towards Construction (video)

- Link: https://www.directorstalkinterviews.com/cora-gold-shareholders-set-to-gain-a-second-gold-opportunity-as-sanankoro-moves-towards-construction-video/4121269630
- Published: 2026-11-12T13:28:24+00:00
- Author: Giles

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/Cora-Golds-
Interview.png)

**Cora Gold Limited** (LON: CORA) CEO Bert Monro explains why the company is separating
its Senegalese exploration assets into Madina Minerals, giving existing shareholders
exposure to a second gold opportunity while Cora concentrates on developing its 
Sanankoro Gold Project in Mali. He outlines the proposed one-for-ten share distribution,
why Cora is retaining a 2% net smelter return royalty, and the potential of Madina
Foulbé, where previous drilling returned 10 metres at 4.5 grams of gold per tonne.
With Sanankoro progressing through financing, permitting and engineering, Monro 
explains how the demerger could unlock exploration activity in Senegal without diverting
attention from Cora’s first mine.

**Key Moments**

 * 00:00 – Bert Monro introduces Cora Gold’s latest move
 * 00:08 – Why Cora is splitting its Senegalese assets
 * 01:06 – Why the demerger makes sense now
 * 01:49 – Sanankoro’s progress towards construction
 * 02:44 – What shareholders receive in the demerger
 * 03:25 – How Cora retains an economic interest in Madina
 * 03:52 – The 2% royalty and US$105,000 acquisition
 * 04:13 – US$750,000 funding and potential equity exposure
 * 04:44 – Why Cora wants to retain the royalty
 * 05:37 – Madina Foulbé’s gold exploration potential
 * 05:54 – Drilling results and unfinished exploration potential
 * 06:25 – Plans to restart drilling in Senegal
 * 06:40 – Government approval and what happens next
 * 07:00 – Share distribution and forthcoming announcements

## About Cora Gold

Cora Gold Limited is a West African gold development company focused on bringing
its flagship Sanankoro Gold Project in southern Mali into production as an open-
pit oxide gold mine. The company is advancing financing, permitting and engineering
work towards construction, while proposing to separate its Senegalese exploration
assets into Madina Minerals Limited, allowing the Madina Foulbé gold project to 
progress independently.

## Cerillion adds four AI agents to telecoms software suite

- Link: https://www.directorstalkinterviews.com/cerillion-adds-four-ai-agents-to-telecoms-software-suite/4121269639
- Published: 2026-11-12T13:24:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2021/01/Cerillion-
plc.jpg)

Cerillion has launched version 26.2 of its BSS/OSS Suite, introducing four agentic
AI capabilities and increasing its TM Forum Open API certifications to 47.

The new AI agents are designed to automate customer service, service configuration,
product development and customer retention for telecoms operators.

The Customer Care Agent supports customer enquiries and service resolution, while
the Service Configuration Agent automates technical configurations and network integrations.

Cerillion has also added competitor-aware package design to its Enterprise Product
Catalogue, helping operators develop products and pricing based on competing market
offers. Its Predictive Churn capability uses machine learning to identify customers
at risk of leaving and support targeted retention campaigns.

The latest release also introduces a native Nchf interface for 5G standalone charging,
allowing REST-based and Diameter charging to operate within a single deployment.

Further enhancements include a Dynamic Catalogue Workspace, providing product teams
with tools to compare and update products, packages and pricing structures.

Cerillion now holds 47 TM Forum Real World Open API certifications, including 15
added since version 26.1. Its Enterprise Product Catalogue has also received TM 
Forum Open Digital Architecture Component Certification for Product Catalogue Management.

_**Cerillion plc **(LON:CER) is a leading provider of billing, charging and customer
management systems with more than 20 years’ experience delivering its solutions 
across a broad range of industries including the telecommunications, finance, utilities
and transportation sectors._

## Chesnara Plc: Fourth acquisition in two years

- Link: https://www.directorstalkinterviews.com/chesnara-plc-fourth-acquisition-in-two-years/4121269623
- Published: 2026-11-12T12:50:54+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2020/02/HardmanCo-
Logo-Wide-2.jpg)

**Chesnara plc** (LON:CSN) has announced its fourth acquisition in the past two 
years with the purchase of a book of variable annuity policies from MetLife UK. 
This adds 18,000 policies and £1.7bn of AuA, pushing the pro forma total to over
£24bn. The expected lifetime cashflow is ca.£90m, of which approximately half is
expected to be released over the first five years after completion. There is no 
significant consideration payable, which helps with a meaningful benefit to both
SII Own Funds and the Contractual Service margin; both of which increase by ca.£
45m on a post-tax basis, with a broadly neutral impact on the Solvency II ratio.

 * **Further news:** Chesnara confirmed that the integration of Chesnara Life UK(
   formerly HSBC Life UK) is on target for completion around the end of the year.
   Similarly, completion of the Scottish Widows Europe acquisition should also take
   place around the end of the year.
 * **Estimates:** Completion should take place in 2Q’27, so only our 2027 estimates
   are changed by the deal. Our OCG estimate for FY’27 increases by 7% to £120.6m,
   including some one-off transaction benefits. The FY’27E net SII Own Funds per
   share increases from 332p to 355p.
 * **Valuation:** With a price at 1.1x of its forecast net SII Own Funds, Chesnara
   is trading a little above its asset value. However, a prospective dividend yield
   of 6.5%, with good prospects of continued growth, will be attractive to many 
   investors, in our view.
 * **Risks:** Ultimately, the company remains tied to movements in financial markets
   and adverse developments in operational areas. Making a large acquisition also
   brings some execution risk, but Chesnara has good experience in managing smaller
   deals successfully.
 * **Investment summary:** Chesnara has three pillars for delivering value, under
   a responsible risk-based management. A close analysis reveals that Chesnara is
   making good progress in delivering these pillars. In our opinion, the yield appears
   high for a dividend that is both secure and growing.

[261112-Hardman-Chesnara-plc-CSN-Fourth-acquisition-in-two-years](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/261112-Hardman-Chesnara-plc-CSN-Fourth-acquisition-in-two-years.pdf)
[Download](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/261112-Hardman-Chesnara-plc-CSN-Fourth-acquisition-in-two-years.pdf)

## Ruffer sees opportunity as bond yields shift | Ruffer Investment Company

- Link: https://www.directorstalkinterviews.com/ruffer-sees-opportunity-as-bond-yields-shift-ruffer-investment-company/4121269620
- Published: 2026-11-12T12:47:31+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/10/Ruffer-Investment-
Company.png)

Gemma Cairns-Smith, Investment Specialist at Ruffer Plc, believes financial markets
could be approaching a change in regime, with rising bond yields and increased interest
rate volatility creating a more uncertain investment environment.

In her latest Green Line commentary, titled “Out of the woods?”, Cairns-Smith examines
how market conditions have changed following several years of relative stability
and considers the potential implications for equities, government bonds and other
asset classes.

![RICA (RICA)](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/
RICA.png "Ruffer sees opportunity as bond yields shift | Ruffer Investment Company(
RICA)")

She explains that markets experienced a period of relatively calm conditions and
buoyant asset prices during much of 2023 and 2024. However, since the end of 2024,
markets have moved between different regimes with increasing frequency, suggesting
a less stable underlying environment.

Cairns-Smith points to developments in September 2026, when the US 10-year Treasury
yield increased rapidly from 5.0% to 5.3% during the final ten days of the month.
This movement indicated that pressure in the bond market was beginning to affect
other asset classes, with credit spreads also widening.

According to Cairns-Smith, the most likely near-term scenario is that markets remain
in a rates shock regime. However, she identifies two possible alternative outcomes:
a return to calmer conditions as yields stabilise, or a broader crisis involving
declines across equity and credit markets.

Ruffer has positioned its portfolio to account for both possibilities. Cairns-Smith
explains that the firm increased its exposure to interest rate sensitivity, doubling
portfolio duration from approximately two years to four years as higher yields created
more attractive opportunities in government bonds.

This adjustment has already contributed positively as yields declined during October.
Cairns-Smith notes that a one percentage point fall in yields could now add approximately
4% to portfolio returns, compared with around 2% before the increase in duration.

She also highlights the potential defensive role of government bonds if a deflationary
downturn develops, while explaining that Ruffer retains other forms of protection
should inflationary pressures cause equities and bonds to fall together.

Cairns-Smith’s assessment is that the direction of markets remains uncertain, making
portfolio positioning across different potential outcomes an important consideration.
Rather than relying on a single market forecast, Ruffer combines quantitative analysis
with investment judgement to prepare for changing conditions.

_Chart source: Ruffer, November 2026_

## Growing demand for helium creates opportunities for producers

- Link: https://www.directorstalkinterviews.com/growing-demand-for-helium-creates-opportunities-for-producers/4121269617
- Published: 2026-11-12T12:32:29+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2025/04/Innov8-Gases-
Corp.jpg)

Growing demand for helium is creating opportunities for companies involved in its
exploration, extraction and production, as industries increasingly depend on the
resource for semiconductor manufacturing, medical technology, electronics and scientific
research.

Helium is an essential industrial gas with specialised applications that make it
difficult to replace. Its unique properties are particularly important in processes
requiring extremely low temperatures, including MRI scanners and advanced research
equipment. It is also widely used in semiconductor manufacturing, where it supports
several stages of chip production.

The growing importance of these applications is increasing the focus on securing
reliable helium supplies and developing additional production capacity. For companies
involved in helium exploration and extraction, the combination of established industrial
demand and expanding technology markets provides a potential opportunity to increase
their role in the global supply chain.

The semiconductor industry is a significant source of helium consumption, accounting
for approximately 10% of global demand. The gas is used across hundreds of stages
in some manufacturing processes, helping maintain stable production environments
and reduce defects during silicon wafer manufacturing.

Demand for semiconductors continues to be supported by artificial intelligence infrastructure,
data centres, automotive electronics and electrification. As manufacturers expand
production capacity to meet these requirements, the need for reliable supplies of
essential industrial materials, including helium, is also expected to grow.

This creates an opportunity for helium producers capable of supplying established
manufacturers and supporting future industrial requirements. Companies with access
to commercially viable deposits and the infrastructure needed to bring production
online could benefit from increasing interest in supply diversification.

The medical and scientific research sectors also provide an important source of 
demand. Helium is required to maintain the extremely low temperatures used in specialist
equipment, including nuclear magnetic resonance machines. These systems support 
research into cancer treatments, immunotherapies and neurological conditions.

The importance of consistent helium availability is encouraging end users to consider
alternative suppliers and longer-term supply arrangements. For producers, establishing
relationships with industrial customers could provide opportunities to secure demand
from businesses seeking greater certainty over future deliveries.

The global helium market is concentrated among a relatively small number of major
producers, with production dependent on a limited number of facilities. This creates
an opportunity for new projects to contribute additional supply and provide customers
with greater choice.

The United States remains one of the world’s major helium-producing countries and
has increased exports to support international demand.

_**INNOV8 Gases Corp.** is a U.S.-based energy company focused on the production
of helium and green hydrogen, essential for powering AI data centers, semiconductor
fabs, rocketry, and clean energy technologies._

## Triton explains electric shower installation costs and requirements

- Link: https://www.directorstalkinterviews.com/triton-explains-electric-shower-installation-costs-and-requirements/4121269637
- Published: 2026-11-12T12:29:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2024/01/Norcros-Plc.
jpg)

Installing an electric shower involves more than fitting a new unit, with water 
pressure, electrical capacity and existing connections all affecting the work and
overall cost.

Electric showers heat water on demand using a cold water supply, without relying
on a property’s hot water system. This makes them an option for bathrooms where 
an independent source of hot water is required.

However, installation involves both plumbing and electrical work, meaning the existing
infrastructure must be checked before fitting begins. Triton recommends using a 
suitably qualified electrician for the electrical installation, with a qualified
plumber where necessary.

A professional installation typically involves checking the water supply and pressure,
assessing the electrical circuit, positioning the shower, connecting the supplies
and testing the finished installation.

The electrical assessment will consider the shower’s power rating, cable size, circuit
breaker and residual current device (RCD) protection. Upgrading from an 8.5kW shower
to a 10.5kW model, for example, may require changes to the existing electrical installation.

Installation costs vary depending on the work required. Professional fitting labour
can cost approximately £150 to £300, while a standard installation including the
shower unit can cost around £400. First-time installations and upgrades requiring
additional wiring or plumbing can cost considerably more.

Replacing an existing electric shower is generally more straightforward if the current
water and electrical connections are compatible. However, homeowners should check
the replacement unit’s power rating, dimensions, cable and water entry points, and
minimum water pressure requirements before purchasing.

A straightforward replacement can often be completed within two to four hours, although
new installations involving additional pipework, wiring or bathroom alterations 
will take longer.

Choosing the correct shower also depends on the home’s water pressure and electrical
capacity. Higher-powered models can generally provide greater water flow, provided
the existing electrical installation can support the additional demand.

_**Norcros plc** (LON:NXR) is a leading B2B producer of branded bathroom and kitchen
products for its UK, South African and selected export markets. The portfolio is
characterised by strong individual brands, together providing product breadth and
channel diversity from a strong supply chain base._

## James Cropper CEO David Stirling on 90% EBITDA Growth, Dividend Return and Upgraded Outlook (video)

- Link: https://www.directorstalkinterviews.com/james-cropper-ceo-david-stirling-on-90-ebitda-growth-dividend-return-and-upgraded-outlook-video/4121269591
- Published: 2026-11-12T11:41:26+00:00
- Author: Giles

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/11/James-Cropper-
CEO-Interview-Thumbnail.png)

**James Cropper plc** (LON:CRPR) Chief Executive Officer David Stirling discusses
the Group’s strong interim results, with revenue increasing 18% to £61.2 million
and adjusted EBITDA rising 90% to £7.8 million. With net debt reduced to £2.7 million
and a 5p interim dividend reinstated, Stirling explains how improved financial performance
and balance sheet repair have strengthened the business.

He also examines the return to profitability in Paper & Packaging, where sales grew
almost 30%, the resilience of Advanced Materials despite weaker hydrogen coatings
demand, and the outlook following an upgrade to full-year adjusted EBITDA guidance
of £10.3 million to £11.3 million.

Looking ahead, Stirling discusses expectations for the second half, the factors 
influencing performance across the Group’s divisions and the intention to adopt 
a progressive dividend policy.

**KEY MOMENTS**

00:00 – Introduction to David Stirling and James Cropper’s interim results, which
exceeded the Board’s expectations.

00:17 – Revenue increases 18% to £61.2 million, while adjusted EBITDA rises 90% 
to £7.8 million and diluted earnings per share increases 80% to 38.8p.

00:45 – Strong cash generation reduces net debt to £2.7 million, equivalent to just
0.2 times trailing 12-month EBITDA.

01:01 – James Cropper reinstates its interim dividend at 5p per share following 
a period without shareholder distributions.

01:23 – Stirling explains how balance sheet repair, refinancing and improved profitability
have enabled the Board to resume dividend payments.

01:49 – Paper & Packaging returns to profitability ahead of schedule, supported 
by operational improvements and a more effective cost base.

02:21 – Sales growth of almost 30% in Paper & Packaging helps transform the division
from a loss-making position into a strong EBITDA contributor.

03:09 – Advanced Materials maintains relatively stable revenue despite the anticipated
slowdown in hydrogen coatings.

03:22 – Established markets, including medical, marine composites and construction,
provide support alongside opportunities in carbon capture, hydrogen electrolysis
and fuel cells.

04:41 – James Cropper upgrades full-year adjusted EBITDA guidance to £10.3 million
to £11.3 million, representing expected growth of approximately 15% to 25%.

05:14 – Management anticipates a more subdued second half for Paper & Packaging,
reflecting customer inventory movements and seasonal factors.

05:48 – Stirling outlines expectations for full-year adjusted EBITDA growth and 
confirms the intention to pay a full-year dividend under a progressive dividend 
policy.

**ABOUT JAMES CROPPER**

James Cropper plc (AIM: CRPR) is a UK-based manufacturer of specialist paper, packaging
and advanced materials, with a history dating back to 1845. Headquartered in Burneside,
Cumbria, the Group operates through two principal divisions, Paper & Packaging and
Advanced Materials, supplying products to customers in more than 50 countries.

The Paper & Packaging division develops and manufactures specialist coloured papers,
luxury packaging and moulded fibre products, including recycled fibre solutions 
designed to reduce reliance on single-use plastics. Advanced Materials produces 
specialist nonwoven materials and electrochemical coatings for applications including
aerospace, medical technology, construction, marine composites, hydrogen production
and fuel cells.

With manufacturing operations in the UK and United States, James Cropper combines
its established papermaking capabilities with materials technology serving industrial
and energy transition markets.

## Drax Focuses on Rising UK Electricity Demand and Grid Investment

- Link: https://www.directorstalkinterviews.com/drax-focuses-on-rising-uk-electricity-demand-and-grid-investment/4121269635
- Published: 2026-11-12T11:41:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2024/06/Drax-Group-
plc.jpg)

Drax Group has highlighted rising electricity demand in Britain, with AI and data
centres expected to increase pressure on power generation, storage and transmission
infrastructure.

Data centres already account for 6% of electricity consumption in the UK and US 
combined, while AI and data centres could represent up to 16% of Britain’s electricity
demand within a decade. UK electricity demand could double by 2050.

Drax Power Station recently became Britain’s single largest electricity generator
at points during Storm Austen and Storm Boelo, providing dispatchable power and 
essential grid support when strong winds generated more renewable electricity than
the network could transport or store.

The company believes greater investment in transmission, energy storage and flexible
generation will be needed to support rising demand and make better use of renewable
electricity.

Drax Chief Commercial Officer Paul Sheffield has also highlighted the changing power
requirements of AI and data centres, arguing that flexibility will be as important
as additional generation. A combination of renewable energy, dispatchable power,
storage and smart energy management will be needed to balance electricity supply
and demand.

Drax Chief Operating Officer Lee Dawes has called for stronger transmission networks
and improved grid connections, particularly as electricity generation increasingly
shifts towards Scotland and northern England while demand remains concentrated elsewhere.

Alongside its energy activities, Drax Group US achieved its first Great Place to
Work Certification, based on employee feedback. The company also brought together
senior leaders at its Global Leadership Conference to discuss organisational culture
and business priorities.

In Selby, Drax and Up For Yorkshire have helped establish a 12-month community action
plan focused on employability, high street activity, health and wellbeing.

_**Drax Group plc** (LON:DRX), trading as Drax, is a power generation business. 
The principal downstream enterprises are based in the UK and include Drax Power 
Limited, which runs the biomass fuelled Drax power station, near Selby in North 
Yorkshire._

## Pension trustees urged to strengthen AI oversight as adoption grows

- Link: https://www.directorstalkinterviews.com/pension-trustees-urged-to-strengthen-ai-oversight-as-adoption-grows/4121269633
- Published: 2026-11-12T11:05:00+00:00
- Author: Amilia Stone

![](https://www.directorstalkinterviews.com/wp-content/uploads/2026/06/Law-Debenture.
jpg)

Artificial intelligence is becoming increasingly common across the pensions industry,
prompting calls for trustees to strengthen governance, protect member data and maintain
human oversight as adoption expands.

An April 2026 industry survey found that all respondents were using AI, compared
with 87% in 2025. Pension savers are also using the technology, including when preparing
complaints through the Internal Dispute Resolution Procedure (IDRP).

AI offers opportunities to improve pension administration, streamline processes 
and support more efficient service delivery. However, trustees must ensure that 
its use is appropriate, properly monitored and supported by effective controls.

The Pensions Regulator (TPR) has taken a cautiously positive approach, encouraging
trustees to identify specific problems that AI can solve rather than adopting technology
without a clear purpose. AI should remain a supporting tool rather than replacing
human decision-making, with trustees retaining responsibility even when administrators
or advisers use the technology on their behalf.

Governance arrangements should be established before or alongside implementation,
ensuring that risks are understood and appropriate safeguards are in place. TPR 
is expected to publish principles-based guidance for trustees during 2026.

Six key areas have been identified for pension administrators and advisers to address
when using AI. These include understanding where AI is being used within a pension
scheme, establishing who checks its outputs and whether those checks are effective.

Trustees should also understand how member data is handled, what procedures apply
when AI produces incorrect results, whether systems can operate autonomously and
whether providers’ insurance policies cover errors involving AI.

Written evidence and clear explanations should be obtained from service providers,
with the level of scrutiny reflecting the nature and extent of AI use within each
scheme.

The growing adoption of AI creates opportunities to improve pension administration,
but it also increases the need for accountability and effective risk management.
Trustees do not need to become technology specialists, but they must understand 
how AI affects their schemes and challenge providers where assurances are unclear.

_**Law Debenture Corporation plc** (LON:LWDB) provides a wider range of services
including corporate and pension trusts, process agent services, treasury management,
corporate services including for special purpose vehicles, structured finance administration
and whistleblowing services._