News blog

AIM 50 Digest 10 October 2025

BY: Andrew Hore |
POSTED: 12/10/2025 |

Veterinary practices operator CVS Group (CVSG) had a stronger fourth quarter and this is continuing into the new financial year. Both the UK and Australian markets remain tough, but further acquisitions in Australia have increased the scale of the business. In the year to June 2025, revenues were 5% higher at £673.2m, while pre-tax profit was flat at £78.9m. The final dividend is 6% higher at 8.5p/share. The CMA provisional decision on the vet market is due this month, but the uncertainty is likely to continue to be the background to the UK business in this financial year.
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The JLR cyber attack will hit the second half sales of Vertu Motors (VTU). The motor dealer estimates that it lost £2m of profit in September and up to £5.5m in the second half. There is insurance, but Vertu Motors cannot be sure what it will receive from a claim. In the first half the company gained market share, particularly in electric vehicles. Revenues were 1% higher at £2.5bn. Net tangible assets are 76.1p/share. Full year underlying pre-tax profit of £27.4m is forecast.
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Commercial flooring manufacturer James Halstead (JHD) reported full year revenues of £262m and pre-tax profit dipped from £56m to £55.1m. UK and North America were strong markets, while Europe and Asia Pacific are weak. Improving gross margin should help to improve profit this year.
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Victorian Plumbing (VIC) says its figures are the top of the full year guidance range. Underlying pre-tax profit is £21.8m. There was strong growth in tiles and décor. The initial launch of MFI has gone well. The full launch will be early next year.
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Marketing services provider Next 15 (NFG) interim revenues dipped 4% to £230.8m and pre-tax profit was 1% lower at £30.9m. The interim dividend is unchanged at 4.75p/share. The full year is likely to be in line with expectations. Cost reductions ae being made.
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Central Asia Metals (CAML) is maintaining its full year production guidance of 13,000-14,000 tonnes of copper, 17,000-19,000 tonnes of zinc-in-concentrate and 25,000-27,000 tonnes of lead-in-concentrate. Decisions will be made on further drilling.
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M and C Saatchi (SAA) has acquired media rights consultancy The Women’s Sports Group, which will expand the sports and entertainment operations.
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Lighting products supplier FW Thorpe (TFW) reported a small decline in revenues, but pre-tax profit improved from £29.9m to £31.6m. The total dividend is 7.12p/share. Cash is £61.8m.
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Medical devices developer Niox (NIOX) grew interim revenues by one-fifth to £25.2m. Cash generated from operations was £7m. Cash was £13.2m at the end of August 2025.
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Engineering services provider Renew Holdings (RNWH) says it is on course for record full year operating profit and trading is in line with expectations. There was a modest level of net cash at the end of September 2025. There is a record order book. The results will be published on 25 November.
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Impax Asset Management (IPX) had flat assets under management at the end of the fourth quarter. The figure of £26.1bn was higher than some forecasts. Positive investment performance offset fund outflows. The large funds outflows had already happened in previous quarters. Assets under management are still well down on the September 2024 level of £37.2bn after the fund removals.
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In the three months to September 2025, Polar Capital Holdings (POLR) increased assets under management from £19.9bn to £26.7bn. The growth came from market performance with a small net outflow of funds. Net performance fee profits are £15m in the six months to September 2025.
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Oil and gas producer Serica Energy (SQZ) has had further disruption at the Triton FPSO. A problem with the flare system temporarily halted production. This means that production will be lower than previous guidance of 29,000-32,000 boepd. Serica Energy is buying Prax Upstream, which is the operator of the Lancaster field and holds other interests in the North Sea, for $25.6m and it will also receive post-tax cash flows of around $100m to cover the period between the deal I announced and completion. There should be $50m of additional cash generated from these assets in 2026. Additional tax losses are being acquired. The Lancaster field is expected to cease production in the first half of 2026. Plugging of two wells could cost $60m.
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Rockhopper Exploration (RKH) lost $51m in the six months to June 2025. A placing has raised cash to fund phase 1 development for Sea Lion in the North Falkland Basin. An open offer could raise additional cash.
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Sangita Shah has become chair of Big Technologies (BIG). The company has offered mediation to former chief executive Sara Murray. Annual recurring revenues are £48.9m and net cash was £94.9m at the end of June 2025.
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Cohort (CHRT) has won a £15.7m contract for provision of airborne countermeasures and associated services to a UK defence prime contractor.
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ITM Power (ITM) has signed a Front-End Engineering Design (FEED) contract for a project that it is shortlisted for. It is based on multiple NEPTUNE V 5MW units.
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Pantheon Resources (PANR) has completed the hydraulic fracture stimulation on the Dubhe-1 well in Alaska. Preparations for testing are underway.
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Artemis Investment Management has raised its stake in social entertainment firm LBG Media (LBG) from 3.3% to 4.06%. Gresham House Asset Management has nearly doubled its stake in Everplay (EVPL) to 10.1%.
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Chairman Stephen Hemsley bought 50,000 shares in Franchise Brands (FRAN) at 120.58p each. Pan African Resources (PAF) director Marileen Kok bought 20,000 shares at Rand21.25 each. GlobalData (DATA) director Graham Lilley bought 23,961 shares at 125p each.

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