Company Broker Research

SigmaRoc: Edison

At its capital markets day on 7 May, SigmaRoc set out its ambitions to build ’Europe’s leading choice mineral platform’ with a focus on lime and limestone.

Pantheon Resources: Oak Securities

14 hours ago

We are increasing our fair value estimate for Pantheon Resources to 52.3p from 48.6p to reflect the extraordinarily strong support coming from the US Administration to rapidly progress an Alaskan natural gas pipeline and associated LNG export facility, which stands to be transformationally positive for Pantheon Resources.

Georgia Capital: Edison

3 days ago

Georgia Capital delivered a solid NAV total return of 11.2% in Q125 in local currency terms (9.8% in GBP), continuing its strong 15.1% growth per annum since end-2018. Q125 NAV growth was driven primarily by Lion Finance Group’s stock performance (BGEO, formerly Bank of Georgia), which contributed 6.9pp to NAV performance.

Filtronic: Edison

4 days ago

Filtronic has been awarded a contract to develop and supply filter and diplexer assemblies to Airbus for use in Eutelsat OneWeb low Earth orbit (LEO) satellites, with delivery expected in CY26.

SDI Group: Progressive

4 days ago

SDI Group’s trading update for the year ended 30 April 2025 is in line with guidance, with a strong H2 offsetting the slow start to the year. This reflects management’s clear focus on driving organic growth over H2 and addressing short-term issues that had led to underperformance in some businesses.

accesso Technology Group: Hardman and Co.

6 days ago

FY24 results, released last month, were in line with its January trading update. Revenues grew by 5.3%, when excluding discontinued components, while cash EBITDA eased by 3.4% to $22.8m to reflect a margin of 15.0%. Management is cautious on the near-term outlook due to uncertainties over the impact of trade wars on consumer sentiment.

Aptamer: Turner Pope

7 days ago

Aptamer has today issued two separate news releases. One of them covers new data that was released at the 2025 American Society for Gene and Cell Therapy (‘ASGCT’) Annual Meeting (13 - 17 May 2025) confirming Aptamer’s Optimer® delivery vehicle, which was originally developed for liver fibrosis, has also been found to be capable of targeting other similarly diseased organs, including the kidney, skin and heart.

Nexus: Progressive

7 days ago

Nexus delivered improved revenue in the first half, for its core Tamdown unit and recently acquired Coleman Construction & Utilities infrastructure business. ‘Encouraging’ progress was made against the group’s objectives ‘despite the challenging market backdrop across the housebuilding sector’. The gross margin improved, as did orders and net cash, but we now no longer anticipate a return to an operating profit in the second half, with a likely improvement from housing and water investment in FY26.

Secure Trust Bank: Progressive

7 days ago

Secure Trust Bank’s (STB’s) Q1 25 Trading Update demonstrates convincing progress towards its medium-term targets (MTT), combined with the start of derisking the Vehicle Finance loan book through the sale of £25.8m of defaulted loans. Impressive year-on-year growth in net loans (10.5%) was driven by a strong performance in Business Finance. STB remains on track to deliver £8m of annual costs savings, previously announced. Our forecasts are unchanged but reinforced by today’s trading update.

Restore: Equity Development

8 days ago

Restore’s trading update yesterday confirmed a positive start to the year, with revenue growth in the first four months underpinned by the performance of the core storage business. The period has also seen three acquisitions, confirming management’s ambitions to bolster organic growth with selective M&A. Restore is a high-quality business with strong margins and a high level of contracted and recurring revenues. Whilst the shares are showing early signs of a recovery in momentum, the valuation remains, in our view, compelling. We reiterate our 400p Fair Value estimate.

N4 Pharma: Turner Pope

10 days ago

N4 Pharma (‘N4P’ ) has released positive results from the first in vivo study of its dual-loaded Nuvec® proof-of-concept (‘POC’) programme, N4 101, an orally delivered treatment for Inflammatory Bowel Disease (‘IBD’). Data indicates a sustained anti-inflammatory effect in a validated model through targeted treatment of nucleic acid therapeutics.

IntelliAM AI: Edison

10 days ago

We concur with Tom Clayton, IntelliAM’s CEO, that the group’s preliminary FY25 results clearly validate the group’s consulting/AI solution business model.

Carr's Group: Edison

13 days ago

Carr’s Group is now a focused specialist agricultural group. The benefits of the reinvigorated management’s actions are being seen in the UK, providing confidence in the strategy as a specialist branded product animal supplements business. Challenges remain, such as softness in the drought-affected southern US market.

Gresham House Energy Storage Fund: Edison

14 days ago

Gresham House Energy Storage Fund (GRID) is the largest owner and operator of battery energy storage systems (BESS) in Great Britain, with the operational portfolio representing 17% of the market in MW terms, more than twice the market share of its nearest competitor.

1Spatial: Edison

14 days ago

1Spatial’s FY25 results were in line with the March trading update, with continued robust growth in recurring software revenues offset by weakness in services.

Zoo Digital: Progressive

14 days ago

ZOO’s full-year trading update (to 31 March) confirms that while the order book is improving, workflow patterns and mix are taking longer than anticipated to adapt to the changing market environment. ZOO also notes that the assets required to commence several high-value projects were not delivered in Q4 25, but are in the process of being delivered in H1 26. This will move some revenue into FY26, and we adjust our FY25 estimates. There has been a marked increase in discussions with several of ZOO’s clients, giving a strong signal that workflow patterns are recovering. However, ZOO anticipates greater challenges in forecasting due to customers licensing proportionally more content, resulting in non-repeating projects for ZOO. We also note the recent announcement from the US government about potential tariffs on films made outside the US. We adjust FY26 estimates to reflect both the current challenging market and near-term uncertainty.

Van Elle: Progressive

14 days ago

Van Elle has announced a five-year partnership with WS Specialist Logistics (WSSL), which will involve it consolidating Van Elle’s heavy haulage operations. This will increase Van Elle’s net cash, helping the UK’s largest ground engineering contractor to invest in areas of greater return as it ‘enters a long-awaited period of anticipated growth’ in its core markets.

Severfield: Edison

15 days ago

Severfield has confirmed that FY25 PBT is anticipated to be in line with management’s expectations and that year-end net debt was modestly better.

Smiths News: Edison

15 days ago

H125 EPS grew 10% despite some revenue pressure on the core business as non-core revenue streams increased, cost savings were generated and finance costs declined. Furthermore, the company has appointed a new MD for Smiths News Recycle, which is a strong endorsement for its final-mile growth prospects. The addressable non-core ‘early morning’ market is sizeable and has a profit opportunity of c £160m, which implies t

Zephyr Energy: Turner Pope

15 days ago

Zephyr has reported quite exceptional initial results from its flagship State 36-2 LNW-CC-R well (the ‘Well’) in the under-explored Paradox Basin, Utah. The single well produced a peak rate of 2,848 barrels of oil equivalent per day (‘boepd’), in the form of 11.9 million standard cubic feet per day (‘mmscfd’) and 856 barrels of oil per day (‘bopd).

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