Shares round-up: big day for this top-performing pair

Critical minerals-focused Ecora Royalties (LSE:ECOR) and the “underappreciated” TT Electronics (LSE:TTG) today continued their run of form after results left the pair among the best of the FTSE All-Share.

Ecora, whose portfolio spans copper, cobalt, nickel, uranium and rare earths, rose 9p to 176.8p and has now rallied by 250% since falling to a multi-year low of 50p in April 2025.

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Chief executive Marc Bishop Lafleche said the first half-year results highlighted the scalability of the company’s royalty model, after revenues growth of 102% to $32 million (£24 million) converted to a 509% increase in adjusted earnings to $19.5 million.

Strong cash generation is expected to continue to drive deleveraging in the second half, with the additional benefit of commodity price tailwinds should the price of copper, and other key commodity exposures, remain at or above current levels.

Critical minerals now account for more than 65% of portfolio contribution, supported by assets including the Voisey’s Bay cobalt stream in Canada and the Mimbula copper stream in Zambia.

Looking forward, Ecora said a number of its operating partners were targeting near-term milestones with the potential to advance the next wave of organic growth in the portfolio.

Ecora’s royalty model provides investors with upstream commodity exposure without the operating and capital cost risks associated with a mining operation, which is a particular benefit during inflationary periods.

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The royalty company provides the mine operator with an upfront payment and in return receives a percentage of revenue generated from production. A stream is similar as the royalty company has the right to buy a percentage of production at an agreed, discounted price.

Copper is at the core of Ecora’s portfolio, which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation.

City firm Berenberg, which has a price target of 190p, said today: “We continue to like the Ecora Royalties story, and expect the balance sheet to de-lever further and its existing portfolio to see additional growth, while also offering growth through new streams and royalties.”

Peel Hunt believes that shares look up with events unless investors are willing to price in, with a high degree of certainty, full value to much of the growth portfolio that could be operational over the next three to five years.

Ecora today declared an interim dividend of 1.90 US cents per share, which equates to about 25% of free cash flow and compares with the award of 0.60 cent per share a year earlier. Net debt decreased to $74.9 million from $124.6 million the year before.

TT Electronics rose 18p to 153p at the top of the FTSE All-Share after its half-year results highlighted further progress in its turnaround.

The group, which provides electronics for performance-critical applications across industries including aerospace, defence and the medical sector, lifted its 2026 guidance amid materially improved profitability, margin expansion and stronger commercial momentum.

TT paused dividend payments in 2025 after the company was hit by soft demand in North American components and operational issues at sites in Kansas City and Cleveland.

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With the business now on a stronger operational footing, chief executive Eric Lakin said the focus has moved firmly to execution and delivery.

Lakin, who took the helm last year after previous spells as chief financial officer of Ceres Power and Smiths Interconnect, added that order intake has been strong across all three divisions. This included several material contract awards with blue-chip customers.

He added: “TT is a stronger and more resilient business than it was 12 months ago. We have a clear strategy, a refreshed leadership team and a solid platform from which to deliver sustainable growth and create long-term value for our shareholders.”

Half-year revenue of £228.1 million rose 4% on an underlying basis, while adjusted operating profit lifted 37% to £18.5 million. Cash generation is expected to strengthen significantly in the second half, but the dividend is still on hold while TT prioritises the reduction of net debt alongside selective investments to drive superior organic growth.

The shares have risen 47% since mid-March but Berenberg sees further upside to 200p.

The stock trades on 10.9 times forecast earnings, which the City bank said “significantly undervalues the operational momentum that TT Electronics has built in the past 12 months, the characteristics of which are underappreciated by the market”.