News blog

AIM 50 Digest 17 January 2025

  • BY: Andrew Hore |
  • POSTED: 19/01/2025 |

Alliance Pharma (APH) is recommending a bid of 62.5p/share by Aegros Bidco, which is owned by DBAY Affiliates and the ERES IV Fund. That values the healthcare brands owner at £349.7m. There is an alternative of one rollover share in the bid vehicle for each Alliance Pharma share. DBAY has been building up a stake in Alliance Pharma for more than two years and currently owns 27.9%. DBAY believes that it will be easier to make operational changes without the distraction of being quoted. There will also be additional backing to make further acquisitions.
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Communications services provider Gamma Communications (GAMA) is buying SFT Technologies Holding, trading as STARFACE, for around £165m. This puts Gamma Communications in a strong market position in the smaller companies cloud PBX market in Germany. There are also operations in Austria and Switzerland. Regulatory approval is expected within two months. The deal should be earnings enhancing in 2025. Trading in 2024 was in line with expectations. Revenues will be within the consensus range of £124m to £127m. Underlying 2024 earnings will be at the upper end of the range of 80.3p/share to 88.4p/share. Even before the completion of the STARFACE acquisition, the 2025 earnings forecast is 92.2p/share.
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Wealth management services provider Brooks Macdonald (BRK) maintained funds under management at £17.9bn in the second quarter to December 2024. Brooks Macdonald intends to move from AIM to the Main Market during March. Even excluding the international business that is currently being sold, funds under management was flat at £15.7bn.  There have been outflows offset by positive performance. Management believes that net inflows should return in the second half. Singer has trimmed its 2024-25 earnings forecast by 1% to 142.7p/shares, down from 161p/share. Brooks Macdonald was on of the broker’s key picks for 2025. Aberforth Partners has taken a 5.44% stake. Three directors have bought shares at 1660p each.
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There were two bid approaches for domain name and online marketing company Team Internet Group (TIG). TowerBrook Capital decided against making an offer. That still leaves Verdane Fund Manager AB as a potential bidder. It is proposing an offer of 125p/share. Previous approaches were rejected for being too low.
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In the year to September 2024, Victorian Plumbing (VIC) revenues improved from £285.1m to £295.7m, while pre-tax profit rose from £20.3m to £23.1m. The dividend was increased from 1.4p/share to 1.6p/share. Canaccord Genuity has reduced its forecast revenues for 2024-25 but maintained pre-tax profit expectations at £26.4m.
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Hotel, catering and workwear linen hire services provider Johnson Service Group (JSG) says organic growth was 4% in 2024. Margins also improved. Total revenues were 10% ahead at £513m with the new Crawley facility starting up late in the year. Net debt was £70m. Trading is in line with expectations.
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Central Asia Metals (CAML) produced 13,439 tonnes of copper at its Kounrad mine, which was within guidance, but lower than in 2023. It did miss guidance for zinc and lead production at Sasa, although capital investment should improve production this year. Zinc concentrate production was 18,572 tonnes and lead concentrate production was 26,167 tonnes. This year, zinc production guidance is 19,000 to 21,000 tonnes and lead guidance is 27,000 to 29,000 tonnes. The new Dry Stack Tailings plant should be operational later in the first quarter. Kounrad 2025 copper guidance is 13,000 to 14.000 tonnes. Aberdeen Minerals completed its 2024 drilling programme. Net cash is £67.6m.
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M and C Saatchi (SAA) increased 2024 like-for-like revenues by 3.5% in 2024 and it has made £10m of annualised savings. Net cash has risen to £16m. Pre-tax profit is forecast to improve from £28.7m to £31.5m. Panmure Liberum expects organic growth of 4% and higher margins in 2025. The 2025 pre-tax profit forecast is £36.6m.
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Soft drinks maker Nichols (NICL) says 2024 revenues were 1% higher at £172.1m, which reflects improved growth in the second half, helped by Middle East sales. More sales of packaged products and the benefits of cost cutting in the business have improved margins. Pre-tax profit could be £30m, up from £27.2m. Net cash is expected to be £53.7m.
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Woundcare company Advanced Medical Solutions (AMS) says there has been strong growth across the product portfolio and recent acquisitions are being integrated. The 2024 pre-tax profit is expected to be in the range of £29.2m to £29.7m.
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Impax Asset Management (IPX) reports assets under management falling 8% to £34.1bn in the quarter to December 2024. The ending of the smaller mandate with St James’s Place was a factor and the larger mandate will hit the current quarter. There was also a negative market performance. The rate of outflows elsewhere is slowing.
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Polar Capital (POLR) increased its assets under management by 9% to £23.8bn in the quarter to December 2024. There was a fund inflow even after a fund closure, while most of the gain was through performance. Net performance fees reached £8.3m in the nine months to December 2024.
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Power and transmission products supplier Volex (VLX) says Turkey-based acquisition Murat Ticaret has exceeded its profit targets for the first 12 months since its purchase. The deferred consideration payment is €10m in cash and 2.88 million Volex shares. Non-executive director John Wilson bought an initial 10,000 shares at 272p each.
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Serica Energy (SQZ) has resumed initial production into the Triton FPSO and gas exports have commenced. The 2024 average production was 34,600 barrels of oil equivalent/day net. At the beginning of January, production was 46,400 barrels of oil equivalent/day net to Serica Energy, and this should rise as Triton continues its phased restart. The EC1 well on the Guillemot North West field should start production by the end of March.
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AB Dynamics (ABDP) announced at its AGM that trading in the first four months of the financial year has shown growth and is in line with expectations. Net cash was £23.2m at the end of 2024.
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Niox Group (NIOX) performed slightly better than expected in 2024. Revenues were 14% ahead at £41.8m with research revenues one-third higher. Net cash was £10.9m after returning £21m to shareholders via a tender offer. 
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Christmas and New Year trading at Young’s (YNGA) was 30% ahead and like-for-like growth was nearly 12%. Like-for-like managed pubs growth was 5.5% in just over nine months to 13 January 2025.
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Cohort (CHRT) subsidiary ELAC has won a contract worth around £15m to deliver another sonar system for a new build submarine for the Italian navy. This is in addition to the original contract taking the number submarines using the sonic system to four.
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IDOX (IDOX) has been awarded a five-year extension for the provision of election services in Malta.
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SigmaRoc (SRC) chairman David Barrett bought 85,000 shares at 70.6p each.

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