Insider: bosses slash stakes in AIM’s biggest company

A board member of AIM's biggest stock Greatland Resources Ltd (LSE:GGP) has raised £3.7 million by selling the Australian gold miner's shares at a price double the level seen last November.

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The 700p-a-share dealings by senior non-executive director Alex Borrelli followed the release of annual results, when Greatland highlighted a successful first year as owner of the giant Telfer gold-copper complex in the East Pilbara region of Western Australia.

Boosted by higher commodity prices, revenues more than doubled to 2.26 billion Australian dollars (£1.2 billion) and net profit rose 156% to 862 million dollars (£456 million).

Telfer is located 45km west of Greatland's Havieron project, which is one of Australia's largest high-grade gold discoveries of the last 20 years and on target to deliver first gold in 2029.

The project was advanced as a joint venture between Greatland and Newcrest Mining and then Newmont Corporation. A transformational deal in 2024 saw Greatland acquire ownership of Newmont’s Telfer mine, which has produced more than 15 million ounces (Moz) of gold since 1977.

In 2025/26, Greatland output amounted to 328,987 ounces of gold and 14,594 tonnes of copper, generating 1.2 billion Australian dollars in operating cash flow.

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Borrelli, who joined the Greatland board in April 2025 and is also a director of UK-listed Bradda Head Lithium, Red Rock Resources and Kendrick Resources, continues to hold Greatland shares worth about £7.5 million.

The shares were 623p on Friday following a fall in gold price, having peaked at 794.5p in May.

Greatland added that non-executive deputy chair Elizabeth Gaines raised 3.7 million Australian dollars (£2 million) in a move that reduced her Sydney-listed shareholding to about £3 million.

Locking in high yield

Dealings by the chair of Eurocell (LSE:ECEL) have locked in a 5.5% yield after the maker of window and door PVC products said its “ambitious” sales and profit targets were still within reach.

Former Informa chair Derek Mapp tied £20,000 to the company's self-help strategy by making a post-interim results investment at a price of 122p a share.

Subdued new build and repair market conditions meant the FTSE All-Share company, which joined the stock market in 2015, had traded as low as 101p earlier this year.

However, broker Berenberg noted some encouraging signs of progress in last week's results as it backed the shares with an unchanged target price of 240p.

Counterparts at Peel Hunt lifted their valuation by 10p to 180p, adding that a current multiple of less than six times 2027's “depressed” earnings forecast was far too low.

It added: “The group's self-help measures are continuing to offset the end-market softness, with more benefits expected next year.”

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The interim results showed improved momentum in the second quarter, while a strong initial contribution from recent acquisition Alunet helped overall sales to lift by 6% to £205.2 million.

Cost controls offset pressure on selling prices and the impact of rising labour and other overheads to leave adjusted operating profit up by 10% to £11.1 million. A dividend of 2.5p worth a total of £2.5 million is due to be paid on 9 October, representing a 9% rise on last year.

Total returns through dividends and share buybacks amounted to £11.4 million in 2025 and £21.2 million in 2024, equivalent to overall yields of 8% and 14% when measured against the average market capitalisation in those years.

Based on Berenberg and Peel Hunt forecasts, the shares are projected to yield dividend income of about 5.5% in the current financial year and 6% in 2028.

Will Truman, who became chief executive in February, described the company's first-half performance as robust and said that he expects further progress across the year.

He added: “The medium and long-term prospects for the UK construction market remain attractive, and we are well positioned to drive sustainable growth in shareholder value."

About 80% of Eurocell's revenues come from repair, maintenance and improvement markets, with 15% from new build and the rest from the commercial sector.

Eurocell's Profiles division supplies a network of window and door fabricators, who in turn supply end products to installers, retail outlets and house builders.

The branch network division sells through more than 200 outlets, while the 2025 acquisition of Alunet expanded the group's offering in the fast-growing aluminium market.

Eurocell is also a leading recycler of PVC windows, saving the equivalent of about three million frames from landfill each year. The use of recycled materials in its production is about 28%.

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A strategy launched in early 2024 identified a pathway to £500 million of revenues and operating profit of £50 million by December 2028, which compares with equivalent figures in March's annual results of £403.5 million and £24.1 million.

While the company said it has made progress with its strategic initiatives, weak trading conditions mean the performance has so far been short of the original projections.

However, Truman believes that opportunities to grow market share and increase sales volumes of own-manufactured products offer scope to accelerate the pace.

He said: “We are therefore confident that, whilst ambitious, these financial targets remain achievable, with the Alunet acquisition providing a significant offset to continued market weakness.

“However, the timing of market recovery and the pace at which demand picks-up will continue to be a factor in determining when we achieve our goals.”