News blog

AIM 50 Digest 21 November 2025

BY: Andrew Hore |
POSTED: 23/11/2025 |

Critical power and data transmission products manufacturer Volex (VLX) did better than expected in six months to September 2025 with revenues improving from $518.2m to $583.9m and underlying organic growth of 13%. Underlying pre-tax profit rose from $37.5m to $48.5m. Demand for data centres grew rapidly and this is an area where investment is continuing due to AI. Electric vehicles and off-highway divisions both grew strongly, and this offset lower revenue from medical and consumer. The geographic spread of manufacturing facilities is helping to offset some of the effect of tariffs, although the medical division was hampered by them. The appointment of Dave Webster as chairman will help Volex increase off-highway business in the US. Acquisitions are being considered.
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Airline and tour operator Jet2 (JET2) improved interim pre-tax profit by 1% to £780m. Market share is growing, and the number of passengers was 6% higher. More passengers are flight only. Last year’s margin was unusually high, and it is likely to fall back to around 7.2% this year. Full year revenues are expected to rise from £7.17bn to £7.58bn, while pre-tax profit is forecast to fall from £577.7m to £542.3m, which is a slight reduction from the previous forecast. Jet2 is moving into Gatwick in March 2026. There are 15 million potential customers within one hour of Gatwick, which will be the fourteenth airport that Jet2 will fly from. Canaccord Genuity believes that this is a significant long-term opportunity. There will be initial pre-start-up costs in 2025-26 and there could be a loss of up to £60m in 2026-27 as business is built up. There should be a four to five year payback. Jet2 will be flying to existing holiday destinations. The share buyback continues.
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Tatton Asset Management (TAM) continues to grow its assets under management at an impressive rate. In the six months to September 2025, they rose 18% to £25.8bn. Zeus expects monthly inflows of £225m in the second half and that could continue next year. However, the company will lose assets related to Perspective in January. That is currently £3.5bn, although they only generated income of £800,000 in the first half. Perspective’s individual IFAs are free to sign up directly with Tatton Asset Management. By March 2026, assets under management are expected to be £23.2bn, up from £20.9bn one year earlier. The full year dividend is expected to rise from 19p/share to 24p/share.
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Polar Capital (POLR) grew assets under management by 25% to £26.7bn in the six months to September 2025. There was a small outflow, and the improvement came from investment performance, which exceeded the global markets. Interim net income rose 1% to £91.4m, but that does not include performance fees which should be much higher this year. Cash was £82.5m at the end of September 2025. The interim dividend is unchanged at 14p/share. Full year pre-tax profit is forecast to increase from £51.6m to £76.9m.
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Palm oil producer MP Evans (MPE) has been upgraded for the fourth time this year because of the strong palm kernel price. Cavendish raised its earnings per share forecast by 4% to 210.9 cents. Net cash could b $88m at the end of 2025.
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Team Internet Group (TIG) has launched a strategic review of divisions. The domains, identity and software division is believed to be worth more than the current market capitalisation of the group. However, the search division is doing worse than expected and management’s confidence that trading levels can be rebuilt following Google changes. Zeus has cut its 2025 pre-tax profit forecast from $49.4m to $29.7m after reducing expectations for search and comparison divisions. The latter has been hit by lower volumes. Net debt is expected to be $99.6m at the end of 2025. Zeus has a sum of the parts valuation of 91.1p/share.
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Legal services provider Knights Group Holdings (KGH) increased interim revenues by 30% to £103.2m. Acquisitions helped, but organic growth was 3%. Knights says that interim pre-tax profit will be 12% ahead at £16.4m, despite higher employee costs. Net debt is expected to be £75.2m at the end of October 2025. The £100m bank facility has been extended to November 2028.
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Automotive testing company AB Dynamics (ABDP) improved full year revenues by 3% to £114.7m, despite a delay to a simulation order. Pre-tax profit rose from £20m to £22.9m. Net cash increased to £41.4m at the end of August 2025. The dividend is one-fifth higher at 9.16p/share.
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Serica Energy (SQZ) says NEO NEXT has taken up its right of pre-emption over BP’s stake in the P111 and P2544 licences. Serica Energy had conditionally agreed to acquire the 32% stake in these two North Sea licences from BP for $232m.
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Young and Company (YNGA) has launched a £10m share buyback programme following the interims. They showed a 5% increase in revenues to £263.6m and underlying pre-tax profit 10% higher at £31.1m. The second half has started well. Non-exec John Dunsmore bought 7,850 shares at 630p each and chief executive Simon Dodd acquired 3,398 shares at 647p each.
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CVS Group (CVSG) says like-for-like sales were 2.5% higher in the first four months of the financial year. Two acquisitions have been made in Australia. No cash will be aisd when the shares move to the Main Market early next year. Finance director Robin Alfonso has bought 870 shares at 1146.99p each.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) is continuing well clean-up operations at the Dubhe-1 well. Only one-fifth of the injected water has been recovered with steady gas production and intermittent light oil. It will be a few weeks before a representative rate can be determined.
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ITM Power (ITM) has been selected as the partner to supply 710MW of its electrolysers to Stablegrid in Germany. The system will help to stabilise the German electricity system because of variable output from renewable energy. Final investment decision will be in 2028.
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Video games developer Everplay (EVPL) has appointed Mikkel Weider as chief executive. He was the founder of Nordisk Games and has been on the boards of other games companies.
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Begbies Traynor (BEG) has increased revenues by 7% in the first half. That is all organic. Pre-tax profit should be 5% ahead. This means that the business recovery company is on course for an interim pre-tax profit of £12m despite the NI elated dip in margins. Property advisory is also growing well.
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Franchise Brands (FRAN) has traded in line with expectations in the third quarter. Pirtek and water and waste ae trading well and Filta in North America is growing. The consumer franchises are performing steadily. The strategy to bring all the brands under one central administration system is progressing. This will improve efficiency. Allenby has maintained its 2025 forecast revenues of £427.3m and pre-tax profit of £23.5m.
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Light fittings supplier FW Thorpe (TFW) says results are currently in line with expectations and orders are improving every month in the second quarter. Greater integration of activities of subsidiaries should help the company to grow.
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Richard Griffiths has raised his stake in Advanced Medical Solutions (AMS) from 3.66% to 4.18% and he has also increased his interest in RWS (RWS) from 8.29% to 8.72%.
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Dotdigital (DOTD) executive chairman John Conoley bought 13,000 shares at 69.7283p each. Frontier Developments (FDEV) non-exec David Walsh has bought 5,500 shares at 540.55p each. James Halstead (JHD) chief executive Gordon Oliver has bought 8,500 shares at 135.51p each and a person close to finance director David Drillingcourt acquired 14,753 shares at 135.52p each.

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