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Severfield: Progressive

Severfield: Progressive

2 days ago

Severfield has reaffirmed its guidance in today’s AGM statement, with trading in the current financial year as expected, including: a well-diversified order book in the UK and Europe; strong growth in the Indian JV; and the bridge remediation progressing in line with expectations. The new CEO, Paul McNerney, joins in the autumn and the group’s long-term prospects are underpinned by structural growth sectors including datacentres and energy.

Aptamer Group: Turner Pope

Aptamer Group: Turner Pope

13 days ago

Aptamer has provided an update on its enzyme modulation projects and a development project with a top five pharmaceutical company. These together represent further important advancements in the Group’s licensing and development. With multiple non-exclusive licensing opportunities for its first enzyme-modulating Optimer® already in place, Aptamer has now received initial sales forecasts from its first partner for the first commercial enzyme inhibitor in one specific application area. This alone has the potential to cover c.15% of the Group’s annual overheads through passive income. With discussions also continuing to rapidly advance with a second partner plus a third having signed a Material Transfer Agreement (‘MTA’), a high level of interest in Optimer® binders to provide new solutions in this field is clearly being demonstrated. These present opportunity for relatively quick conversion into additional medium-to-longer term royalty streams, either of which could become substantially larger than the one already indicated. The Group’s second enzyme-modulating Optimer® project has now also reached its final development stage, while a top five pharmaceutical customer has placed repeat orders for Optimer® binders to support its expanded internal testing and evaluation of ELISA (enzyme-linked immunosorbent assay) technology. These different milestones further validate the performance of Aptamer’s Optimer® platform, underscoring its commercial potential for provision of innovative antibody-alternative solutions, along with broader applications/strategic licensing potential in diagnostics and therapeutics. Retaining IP ownership provides Aptamer with opportunities for future licensing revenues, therein aligning its strategy to build long-term value through repeat business and commercialisation pathways.

Sanderson Design Group’s: Progressive

Sanderson Design Group’s: Progressive

28 days ago

Sanderson Design Group’s (SDG) H1 FY26 trading update to 31 July continues to be led by the performance of its Licensing and North America operations, with reported trading up 6% and 1%, respectively. Complemented by steady revenue in third-party manufacturing, a better Brand product revenue performance in the final nine weeks and a new cost-savings initiative to reduce overheads by an annualised £1m, the group remains on track to achieve the board’s expectations for the year.

SDI Group: Progressive

SDI Group: Progressive

1 month ago

SDI’s FY25 results for the year ended 30 April 2025 were in line with market expectations, despite wider global economic challenges. The robust performance reflects management’s clear focus on both organic and inorganic growth, fostering greater collaboration and synergies across the portfolio of quality, cash-generative businesses. SDI has a robust order book with good momentum going into FY26, and we maintain our current estimates. We remain confident long term given SDI’s successful ‘buy and build’ model, particularly given the recent delivery on the acquisition strategy. The focus on organic growth is driving operational synergies, margin enhancement and strong cashflow generation, which has been a consistent feature of the group. The ‘supernormal’ profit and cash generated throughout Covid disrupted the growth track record, making year-on-year comparators more difficult. However, the strong management team under CEO Stephen Brown has delivered on the strategy refresh, providing a new baseline, delivering profitable growth and resuming the acquisition strategy despite the evolving economic environment.

STV Group: Progressive

STV Group: Progressive

1 month ago

A recent severe deterioration in both advertising and commissioning markets in the UK leads us to reduce our near-term estimates materially, following an unscheduled trading update from the group. Timing is clearly disappointing coming after the strategy update on 21 May, but the group strategy and key financial targets for 2030 are unchanged.

Van Elle: Progressive

Van Elle: Progressive

1 month ago

Van Elle delivered a ‘resilient’ performance for the year to 30 April 2025 in the face of ‘challenging’ conditions and previously highlighted regulatory disruptions. Adjusted PBT on a continuing basis, excluding the discontinuing Canadian business, declined 21% but was 1.5% ahead of our estimate. The ground engineering contractor ‘remains confident in achieving market expectations’ for FY26; we have trimmed our adjusted PBT, which is ahead of consensus, but continue to expect accelerating growth driven by markets including energy, bolstered by the new VolkerWessels partnership.

ECO Animal Health: Equity Development

ECO Animal Health: Equity Development

1 month ago

For the year to 31 March 2025 Eco Animal Health reported results in line with the outlook of the April Trading Update: revenue of £79.6m (FY24: £89.4m) and (adj.) EBITDA of £7.3m (FY24: £8.0m). The Group benefitted from a strong second half which was underpinned by sound cost control and pricing discipline. Gross profitability was 45.1% (FY24: 42.1%) with H2 at 48.6% compared to 43.1% a year earlier. The year-end cash position was, as expected, £25.0m. We have reviewed our Fair Value, which now indicates 136p/share.

Cohort: Equity Development

Cohort: Equity Development

2 months ago

For the year to 30 April 2025 Cohort reported record revenue of £270.0m, +33%YoY, record (adj.) EBIT of £27.5m, 10.2% margin, and a new high closing order book of £616.4m. Underlying order intake (i.e. excluding acquisition-related) grew 11%YoY, with the closing order book underpinning 79% of FY26 revenue. .

Aptamer Group: Turner Pope

2 months ago

Aptamer’s ongoing strategic asset development partnership with fast moving consumer goods (‘FMCG’) giant, Unilever plc (LSE: ULVR), has taken yet another important step forward, with a new paid work package that supports further development of deodorant Optimers. This latest extension for expanded stability testing is a critical advancement toward on-person trials and validates the superior performance the Group’s formulations have achieved to date. Partnering with Unilever, one of the world’s largest and most global FMCG companies, not only accelerates the technology's path to market but also opens doors to broader applications in personal care and beyond. Given that Unilever commanded >30% of 2024’s global US$27 billon deodorant market, this drives potential for Aptamer to collect significant long-term licencing revenues from topical, cosmetic applications that could potentially commercialise within the coming two or so years. With its recent £2m fundraising due to complete later this week plus an expanding fee-for service (‘FFS’) pipeline, the Group is expected have a cash runway sufficient to carry it through to 2027, by which time both this and various of its other strategically-partnered/inhouse developments can be expected to have reached critical value inflection points.

Avacta: Turner Pope

2 months ago

Avacta has undertaken a conditional placing (‘the Placing’) of 10.83m new shares raising £3.25m (gross) at 30p each (being a discount of c.7.7% the closing price on 16 July 2025) from long term, high net worth investors. Admission of the new shares is expected to take place on or around 24 July 2025.

Alien Metals: Turner Pope

2 months ago

Alien has released two significant news announcements in as many weeks. On 3rd July it delivered on two of the near-term catalysts it identified back in May 2025, when undertaking a £1m (gross) equity placing (‘the Placing’) in anticipation of accelerating development of its Hancock Iron Ore Project (‘the Project’).

International Public Partnerships: Edison

2 months ago

International Public Partnerships’ (INPP’s) recent portfolio update showed its portfolio is continuing to perform well, with further progress on accretive capital recycling. INPP shares offer an attractive prospective dividend yield of 7.0% with an unbroken record of dividend growth and visibility for at least another 20 years. Active measures to narrow the discount to NAV are having a positive impact, but it remains at c 15%, which in our view offers an attractive opportunity. At this level, the implied total return to an investor, based on projected future portfolio cash flows, is an attractive 10.1% per year, which is c 465bp above the UK 30-year gilt yield.

Zinc Media: Edison

2 months ago

Zinc Media continues to win significant new commissions from a wide range of channels and streamers and to build its profile in the market. FY25 market estimates are underpinned by revenues secured and due to be recognised of £35m, with £5m more under advanced discussions. Medium-term (FY28e) ambitions are focused on adding £10m of revenue and £3m of EBITDA through three growth pillars: expanding in the important Middle Eastern market; growing an entertainment portfolio; and building a reserve of intellectual property (IP) and format-led revenue. The group’s current valuation remains well below values for content production capability being highlighted elsewhere in the sector.

Polar Capital Holdings: Equity Development

2 months ago

AUM was up £1.8bn (+8.2%) over Q1 of FY26, from £21.4bn on 31 Mar 25 to £23.2bn on 30 Jun. Investment returns were the driver, contributing +£2.7bn (+12.5%). This was impressive compared to generic benchmarks such as the MSCI ACWI (GBP), which returned +5.1%. Net flows were -£632m and a return of capital to investors in the Polar Capital Global Financials Trust reduced AUM by -£280m. Our forecasts and valuation of 550p per share are unchanged.

Impax Asset Management: Equity Development

2 months ago

AUM increased 3% over Q3 of FY25 (year-end 30 Sep 25) from £25.3bn on 31 Mar 25 to £26.1bn on 30 Jun 25. Investment performance boosted AUM by +£1.0bn or 4% of opening AUM. The Sky Harbor acquisition in the fixed income space closed on 1 Apr 25, adding £1.1bn. Net flows were negative at -£1.3bn, but positive in the month of June, a vast improvement on recent quarters. Impax has said that the improving net flow situation “reflected strong institutional client commitments and fresh momentum in our wholesale channels in Europe.

Hunting: Equity Development

2 months ago

Hunting is hitting its marks strategically whilst also continuing to improve near term profitability. H1’25 contained operational progress, M&A execution and an updated capital allocation programme to include faster dividend growth and prospective share buybacks.

Springfield Properties: Progressive

2 months ago

Springfield confirms in today’s trading update that it expects adjusted PBT for the year to 31 May 2025 will be in line with market expectations and that year-end net bank debt has been reduced in excess of market expectations. We trim our slightly higher than consensus FY25E PBT by 2.3% but cut our projected year-end net bank debt from £33.3m to £21.0m.

Aptamer Group: Turner Pope

2 months ago

Following a number of positive updates, Aptamer has undertaken a placing (‘the Placing’ or ‘the Fundraise’) to raise up to £2.0 million (gross) through the issue of up to 666.67m new ordinary shares at 0.3p each to new and existing shareholders. Priced at a discount of c.21.1% to the closing on 3 July 2025, the Fundraise comprises a firm placing of c.400.42m new shares (the ‘First Admission’) for which dealings are expected to commence on or around 9 July 2025 and; a conditional placing of c.266.25m new shares (the ‘Second Admission’) which will require approval at a General Meeting on or around 24 July 2025, subject to which dealings are expected to commence in or around 28 July 2025. Pursuant to the Second Admission the Fundraise will, in aggregate, represent c.25.1% of the post-transaction ordinary shares in issue. Director Adam Hargreaves has agreed to participate in the Placing in aggregate for new shares to the value of £0.1m.

Topps Tiles: Edison

2 months ago

At its H125 results, Topps Tiles’ (TPT’s) management excluded CTD Tiles’ results from its adjusted results, as it did not take full control of the business until after the period end due to the prolonged investigation by the Competition and Markets Authority (CMA). Management also indicated it would apply the same treatment to CTD’s results for the full year.

Moonpig Group: Edison

2 months ago

Despite signs of a turnaround at Greetz and hopes of stability in the Experiences business, it is the core UK Moonpig brand that continues to drive the group. Here, total orders and gift attach rates continued to rise in FY25, boosting its margins and generating the cash flow necessary to invest in all three brands. CEO Nickyl Raithatha has announced his departure in the next 12 months, leaving the group in a strong financial and operational position

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