News blog

AIM 50 Digest 16 January 2026

BY: Andrew Hore |
POSTED: 18/01/2026 |

Soft drinks maker Nichols (NICL) traded in line with expectations in 2025. Nichols is growing internationally as well as in the UK. The 2025 underlying pre-tax profit is currently expected to be £33.1m. Revenues were 1% ahead at £175m. This in part reflects a change in model in Africa to the sale of concentrate. Like-for-like growth in Africa was 10%. Out of home division revenues were flat due to the exit from the low margin Starslush business. There was cash of £55.8m at the end of 2025. The company confirmed its progressive dividend policy and the distribution of excess cash to shareholders. Matt Rothwell is joining the board as finance director in April.
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Legal services provider Knights Group Holdings (KGH) reported interim revenues 30% ahead at £103.2m with organic growth of 3%. Underlying pre-tax profit was 12.5% higher at £16.4m due to increased staff costs and investment in technology. Net debt was £75.2m at the end of October 2025. The interim dividend was raised 1.94p/share. The £100m bank facility has been extended to November 2028. Equity Development forecasts a full year pre-tax profit of £32.6m, rising to £35.9m next year.
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Data analysis and consultancy provider GlobalData (DATA) has confirmed that it will move to the Main Market on 5 March. Forward bookings are growing. In 2025, revenues improved 13% to £322m and like-for-like growth was 1% higher. The EBITDA guidance is £110m, which is slightly below the forecast of Panmure Liberum. The margin was 34% and the company is targeting a figure of 40%. Share buybacks cost £110m and acquisitions a further £40m, leaving net debt of £110m at the end of 2025. Panmure Liberum has trimmed its 2026 forecast revenues by 2.5% to £346.2m. The pre-tax profit figure has been cut from £121.9 to £117.4m.
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Leisure and ticketing technology developer accesso Technology (ACSO) says a major customer is not renewing a contact after January, while another, which had not been expected to continue, has signed for another year on revised terms. In 2025 trading was in line with expectations. Management hopes that improved efficiency will offset the lower revenues. Executive director Lee Cowie bought 880 shares at 283p/share.
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Video games publisher and developer Frontier Developments (FDEV) has appointed Johanna Cooke as chief executive. Frontier Developments increased its interim revenues by one-quarter to £59.6m, while adjusted operating profit jumped 76% to £9.7m. The Jurassic World Evolution 3 had strong responses. Cash was £40.1m at the end of November 2025. Full year revenues guidance is around £100m and with expected adjusted operating profit of around £11m.
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Central Asia Metals (CAML) achieved 2025 production in line with guidance. Copper, lead concentrate and zinc concentrate production was slightly lower than in 2024. Production guidance for 2026 is a fall in copper production from 13,311 tonnes to 12,00-13,000 tonnes, zinc concentrate production is expected to rise from 17,881 tonnes to 18,000-20,000 tonnes and lead concentrate production should improve from 25,156 tonnes to 26,000-28,000 tonnes. Efficiency improvements will be made at the Sasa zinc and lead mine. A further investment of £850,000 has been made in Aberdeen Minerals to fund drilling at the Arthrath nickel-copper-cobalt project. There will also be drilling on in initial exploration drilling on prospects in Kazakhstan.
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Pantheon Resources (PANR) is raising $10m at 7p/share, which will finance the flow testing of the Dubhe-1 appraisal well and seismic for the Kodiak prospect. Cash was $27.2m in the middle of December 2025. Zeus has reduced its risked NAV from 53p/share to 49p/share.
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Automotive design and testing business AB Dynamics (ABDP) generated orders of £46m in the four months to December 2025. Orders cover 50% of forecast 2025-26 revenues. Three-fifths of revenues are anticipated to be in the second half, whereas last year the first half was stronger. Net cash was £35.5m at the end of December 2025 and cash generation will also be stronger in the second half.
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Polar Capital (POLR) increased assets under management by 6% to £28.3m in the quarter to December 2025. The increase was due to performance. This has helped performance fee estimates to rise to £16m. Full year pre-tax profit is expected to decline from £54.7m to £51.6m. A £15m share repurchase programme has been launched.
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Impax Asset Management (IFX) reported a 7% dip in assets under management to £24.2bn in the first quarter. There was a small negative performance impact and £1.6bn of outflows. Net flows should improve in the second half.
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Oil and gas explorer Rockhopper Exploration (RKH) says there was a 773% take-up of the open offer at 53p/share. After scaling back, £6.9m was raised. Noked Capital has purchased a 9.32% stake and Exodus Management Israel a 5.15% shareholding in Rockhopper Exploration.
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Long Path Opportunities Fund has sent out the offer document relating to the 71.5p/share cash bid for Idox (IDOX). This follows the adjournment of the general meeting to gain shareholder approval for the scheme of arrangement. There is instead an outright bid, which only requires acceptances of more than 50% to succeed.
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Advanced Medical Solutions (AMS) expects 2025 revenues to rise from £177.5m to £228.5m, while EBITDA will be up to £50m, compared with £40.2m in 2024. There was a recovery in woundcare offsetting destocking in the Peters Surgical business to business operation. Operational synergies will come through in 2027. The 2025 results will be published on 18 March.
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Vertu Motors (VTU) is benefiting from Chinese car manufacturer BYD increasing its UK sales to 51,000 in 2025. That is a market share of 2.5%.
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Fintel (FNTL) has appointed Peel Hunt as joint broker.
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Brangwin Trust has taken a 3.96% stake in FW Thorpe (TFW). BGF Investment Management cut its stake in SigmaRoc (SRC) from 3.91% to 2.59%. Richard Griffiths has increased his shareholding in RWS Holdings (RWS) from 8.72% to 10.02%, which is because of a 1.3% rise in the shareholding through financial instruments. Oxy Capital has a 3.07% shareholding in Franchise Brands (FRAN).
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CVS Group (CVSG) non-executive director bought 2,000 shares at 1276.96p each.

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