News blog

AIM 50 Digest 14 March 2025

BY: Andrew Hore |
POSTED: 16/03/2025 |

Alliance Pharma (APH) is recommending an increased bid of 64.75p/share by Aegros Bidco, which is owned by DBAY Affiliates and the ERES IV Fund. That values the healthcare brands owner at £362m. The original bid was 62.5p/share. The new bid has been passed by the shareholders at the adjourned general meeting. There is still an alternative of one rollover share in the bid vehicle for each Alliance Pharma share.
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Vimto soft drinks maker Nichols (NICL) beat expectations for 2024. There is more to come this year from efficiency gains. Overall revenues rose by 1% to £172.8m, while pre-tax profit improved from £56.4m to £64m. Ongoing dividends increased 13% to 32p/share and earlier in the year there was also a special dividend of 54.8p/share. That still left net cash of £53.7m at the end of 2024. Growth in UK packaged and international revenues offset the decline in the out of home division, which has been restructured and is making a higher profit contribution. Nichols has entered the Malaysia market. Singer forecasts a 2025 pre-tax profit of £67.6m and the cash pile will build up again, unless there are acquisitions.
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An acceleration by Google of the move from Adsense for Domains (AFD), set for 19 March, is going to hit revenues of Team Internet Group (TIG). The uncertainty has also led to the Verdane deciding not to make an offer for the company. AFD is an important contributor to the search business and the company guides a reduction in EBITDA from $57m to $20m-$25m in 2025 as it adjusts to the switch to Related Search on Content (RSOC). Management believes that it can rebuild profitability as clients switch and it learns how to optimise results. The rest of the business continues to grow so the 2025 EBITDA guidance is a fall from $92m to $60m-$65m. Net debt will continue to reduce from the current level of $97m, but at a slower pace than previously expected.
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North Sea oil and gas producer Serica Energy (SQZ) is in talks about a potential merger with EnQuest. This will increase the scale of the business and enable cost savings. EnQuest would acquire Serica Energy, whose shareholders would receive a cash distribution as part of the transaction. This is an alternative to Serica Energy moving to the Main Market.
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Johnson Service Group (JSG) reported slightly better than expected full year results with underlying 2024 pre-tax profit of £54.8m with Investec expecting an improvement to £66.2m this year. The growth is coming from the hotel and catering market with volumes improving and the new Crawley facility coming on stream. Workwear revenues are flat, and profit contribution was slightly lower despite good customer retention. New contracts should improve the results of the division. The positive outlook enabled a 43% increase in total dividend to 4p/share and a £30m share buyback. Net debt is £68.6m. Johnson Service Group is considering a move to the Main Market.
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Groceries and catering distributor Kitwave Group (KITW) grew 2023-24 revenues by 10% to £663.7m, while pre-tax profit edged up to £27.8m. Progress was held back by a poor summer. Net debt is £64m, following the acquisition of Creed in September. Creed is being integrated and there are unlikely to be other acquisitions until the end of 2025. The total dividend is 11.3p/share. Kitwave says the new financial year has started well. A 2024-25 pre-tax profit of £35.5m is forecast. Four directors or related persons bought shares after the results announcement.
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Airline and tour operator Jet2 (JET2) has repurchased £301.5m of convertible bonds 2026. That leaves £2.9m outstanding. The purchase price is £103,577.29 for each £100,000 of convertibles. Canaccord Genuity believes that this should reduce the annual interest bill by up to £2m and fully diluted earnings will improve.
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Interim figures from FW Thorpe (TFW) show a 1% improvement in revenues to £83.8m, while pre-tax profit rose 5% to £11.2m. There was £15m of cash generated from operations. Net cash was £37.1m at the end of 2024. The interim dividend is 1.76p/share. The UK lighting businesses are trading well, but the Netherlands business is finding it difficult to match the corresponding period’s strong performance. The German recession hampered the LED business in that country.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) plans to start flow testing for the Megrez-1 well by the end of March. Flow data will be released at the conclusion of testing for each horizon.
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Brooks Macdonald (BRK) will make its move to the Main Market on 28 March.
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Semiconductor wafer manufacturer IQE (IQE) has raised £18m from a convertible loan financing.
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Impax Asset Management (IPX) chief executive Ian Simm bought 23,047n shares at 173.5567p each. At the end of February 2025, assets under management fell to £28.5m following the loss of the St James’s mandate.
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Zeus believes that Tatton Asset Management (TAM) should beat its forecast assets under management of £20.6bn at the end of March 2025.
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Saqib Karim raised his stake floorcoverings manufacturer Victoria (VCP) from 6.12% to 7%. Public Investment Corporation has increased its stake in Pan African Resources (PAF) from 9.98% to 12.4%. Gumshoe Capital Management raised its shareholding in FD Technologies (FDP) from 6.54% to 7.09%. ITM Power (ITM) finance director Amy Grey bought 102,455 shares at an average share price of 29.268p. Vertu Motors (VTU) operations director Leonard Caruso sold 236,220 shares at 51.8292p each leaving him with 12,651 shares.

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