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VietNam Holding: Edison

VietNam Holding: Edison

4 hours ago

Vietnam Holding delivered solid net asset value (NAV) per share growth of 16.5% in 2024, ahead of the Vietnam All-Share Index (VNAS), which rose 10.2%.

IP Group: Edison

IP Group: Edison

4 hours ago

IP Group made good progress in crystallising its portfolio values through exits, with proceeds of £183m collected in FY24, most notably from the realisations of Featurespace and Garrison Technology.

Jersey Electricity: Edison

Jersey Electricity: Edison

4 hours ago

Jersey Electricity is bringing forward capital spending to boost resilience and improve the security of its supply.

Futura Medical: Trinity Delta

Futura Medical: Trinity Delta

6 hours ago

2024 was a year of strategic delivery. Launch of Eroxon, an over the counter (OTC) erectile dysfunction (ED) gel, by its commercial partners in several new territories (including in the US by Haleon) enabled Futura Medical to post a maiden profit.

CAB Payments Holdings: Equity Development

CAB Payments Holdings: Equity Development

6 days ago

CAB specialises in B2B cross-border FX and payments, facilitating flows (both ways) between developed markets (DMs) and hard-to-reach emerging markets (EMs). Clients are sophisticated institutions such as commercial banks, central banks, payment Fintechs, and international development agencies. Transaction size averages c. US$100k.

Metro Bank: Edison

Metro Bank: Edison

6 days ago

Metro Bank’s FY24 results provided strong evidence of the effectiveness of its strategy. With momentum building through the year, it has a firm base for further progress in the current year and beyond.

Gear4music: Progressive

Gear4music: Progressive

6 days ago

G4M has published a positive trading update for both its UK and European operations with recent double-digit like-for like (LFL) sales growth. With two significant price discounters in the UK and wider European markets going into insolvency recently, this should not only result in a more benign pricing environment but also other commercial upsides, including market share and gross margin gains, and opportunistic asset purchases.

tinyBuild: Progressive

tinyBuild: Progressive

6 days ago

tinyBuild’s FY24 results are in line with expectations, being slightly lower at revenue but a beat on EBITDA and cash. The outlook commentary is positive with guidance being that FY25 is in line with expectations. tinyBuild, like the entire video games industry, is showing signs of revival following two challenging years. Recovery is now predicated on game releases and in tinyBuild’s case these are already proving hugely popular with Kingmakers and Sand (#15 and #40 on Steam respectively) having the potential to be new global franchises. tinyBuild is delivering on its investor promises to retain emphasis on IP, expand reach and monetise its back-catalogue. The continued drum beat of new titles and monetising the back-catalogue means investor attention can comfortably pivot to tinyBuild’s strong valuation support (EV/Sales 0.7x vs sector 3.1x). These, alongside a material addressable market, give potential for a rating.

Epwin Group: Edison

6 days ago

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic trends. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A.

Next 15 Group: Edison

6 days ago

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech sector and the loss of the Mach49 contract.

RiverFort Global Opportunities: Equity Development

6 days ago

In this report we analyse the portfolio of assets that RGO is proposing to acquire from S-Ventures. Operating in the structurally growing healthier food sector, Juvela, the leading gluten-free brand, and Pulsin, a leading manufacturer of protein bars and powders, together with Market Rocket’s digital selling expertise, are well placed to grow sales to c.£20m and EBITDA towards c.£3m in 2026E. We value these assets at an enterprise value of c.£30m, equivalent to 1.5x 2026E EV/Sales and c.11x 2026 EV/EBITDA.

Tatton Asset Management: Equity Development

7 days ago

This time last year, we wrote: “our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers.” That view has only been reinforced with Tatton’s most recent trading update covering FY25 (Apr 24 – Mar 25). It recorded another year of record net inflows, as it did in FY24 (£3.7bn in FY25; £2.3bn in FY24) – a hugely impressive achievement given market weakness and investor nervousness, especially in calendar-2025.

Polar Capital: Equity Development

7 days ago

AUM fell by £2.4bn (10%) in Q4 of FY25 (to 31 Mar 25), from £23.8bn to £21.4bn. Market movements, investment performance and currency fluctuations accounted for nearly all of the decline (£2.3bn). This was unsurprising considering the heavy falls in technology sector stocks (Dow Jones Global Technology Index: -11%), and Polar’s reporting currency, GBP, strengthening 3% over the US$, depressing the £-value of US$-denominated assets.

Vp: Equity Development

7 days ago

Vp’s full year trading update confirms another dependably resilient performance, in line with market expectations. As in previous years, the results are underpinned by the Group’s specialist offering and the diversity of end markets served. Infrastructure is the Group’s largest end market and remains supportive as strength in Water and Transmission has offset short term softness in Rail.

Pantheon Resources: Oak Securities

7 days ago

Pantheon Resources announced yesterday that the first and lowermost of six horizons to be production tested at the Megrez-1 well, namely, the TS1 horizon, is uncommercial with production flow consisting essentially of water. While this result is disappointing it has limited read-across for the higher zones, in our opinion.

Norcros: Equity Development

11 days ago

A year-end update from Norcros confirmed modest LFL revenue growth in both divisions (including a slightly better H2 outturn) as well as a firmer group operating margin. Net debt was in line with the prior year, representing c.1x EBITDA. There should be no headwinds from current global tariff machinations, and ongoing business collaboration and active portfolio management should be recurring themes going into FY26.

Ocean Wilsons Holdings: Edison

11 days ago

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons.

Sareum Holdings: Edison

12 days ago

Sareum Holdings’ H125 results (to 31 December 2024) summarised a period of operational progress and an improved capital position, with successful fund-raising. Since the completion of the Phase I trial for lead asset SDC-1801 in June 2024, the focus has been on formulation optimisation and drug product manufacturing for the toxicology study, which we believe will now commence in May 2025, with completion likely in Q4 CY25 (Q2 CY25 previously).

Cordel Group: Edison

12 days ago

Cordel’s progress update on its Positive Train Control (PTC) development gives a good indication that the business is on track to open up a significant new revenue opportunity in the North American railroad market.

Beeks: Progressive

14 days ago

Despite volatile global markets Beeks reminds us that it is business as usual. Today’s news of the latest US$2m four-year term Proximity contract continues the momentum from interim results (17 March) and underpins our H2 FY25 expectations. Once again CEO Gordon McArthur flags the “substantial pipeline” and that the company is confident in its “ability to capitalise on the growth opportunity ahead”. Our view is unchanged: Beeks is gaining from industry tailwinds (cloud adoption, compliance, data sovereignty, cybersecurity, sustainability, analytics, payment modernisation, AI in risk management), which have enabled it to carve out a moat as market leader in cloud infrastructure for financial markets and payments. In volatile markets investors are best advised to lean into those companies with a track record of cash generation. We remind that Beeks is a long-term secular growth investment play and its ‘best of breed’ financial model gives resilience in these difficult times.

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