News blog

AIM 50 Digest 23 May 2025

BY: Andrew Hore |
POSTED: 26/05/2025 |

Central Asis Metals (CAML) has agreed to acquire New World Resources for A$0.05/share in cash, which is a total cost of £119m. Existing cash and a £120m bank facility will fund the purchase. This deal will add the Antler copper project in Arizona. A pre-feasibility study calculated a NPV7 of $498m. An average of 30,000 tonnes of copper could be produced annually over the 12-year mine life. The mineral resource estimate is 14.2 million tonnes at 3.8%. Antler would double the company’s copper production. Pre-production capex is estimated to be $298m. Permitting is underway, and funding options will be assessed.
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Pawnbroker H and T (HAT) is recommending a 650p/share cash bid from FirstCash and shareholders will also receive the previously announced 11p/share final dividend. This values H&T at £297m. FirstCash operates pawnbrokers in the US and Latin America and this deal will take it into the UK. The additional backing could accelerate expansion. H&T rejected the first approach and started talks after the fourth proposal.
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The latest interims from Renew Holdings (RNWH) are the first that do not include the construction business. Restated figures show a 13% increase in revenues to £569.3m. Pre-tax profit edged up from £29.5m to £31m. Management reiterated the underlying strength of the business and pointed out that overall spending plans for rail have not changed. They did admit that demand for rail services is unlikely to improve in the second half, but they believe that by the time of the announcement of the full year results there should be a better indication of rail spending plans.
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As anticipated, Impax Asset Management (IPX) was hit by a near-one-third decline in assets under management to £25.3bn at the end of March 2025. Revenues fell by 11% to £76.5m, but some of the fund mandate losses were later in the period. Net cash is £65m. Full year revenues are expected to decline from £170.1m to £141.4m. Lower profit is likely to lead to a halving of the dividend from 27.6p/share last year.
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Victorian Plumbing (VIC) increased interim revenues 6% to £152.7m and pre-tax profit was 3% higher at £11.8m. There are plans to move into the UK homewares market via the MFI brand acquired with Victoria Plum. The move into homewares will increase costs ahead of building up revenues. Canaccord Genuity expects a fall in full year pre-tax profit to £21.4m with little improvement next year. Finance director Daniel Barton bought 12,194 shares at 82p each following the publication of interim results.
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Electronic monitoring technology developer Big Technologies (BIG) reported a fall in revenues from £55.2m to £50.3m in 2024 and pre-tax profit slumped from £30.8m to £24.4m. Net cash was £93.9m at the end of 2024. There were exceptional costs for litigation against the former chief executive, and more are expected this year. There should be a partial recovery in revenues and profit this year.
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Steve Bell is stepping down as chief executive of video games company Everplay (EVPL). Trading is in line with upgraded expectations.
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There was significant disappointing news from Pantheon Resources (PANR). First, an initial unstimulated flow test from Megrez-1 in Alaska showed production dominated by water, which was consistent with the previous test in the area. Management will assess the data, but it currently says no recoverable oil resource should be associated with the Lower Prince Creek interval. Second, the flow testing of the Lower Sag 3 reservoir level in the Megrez-1 well was also disappointing. The well is suspended. The focus will switch to Ahpun West, and the Dubhe-1 well will drill this year. Final investment decision on Ahpun West should be in 2027.
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Arbuthnot Banking Group (ARBB) stated at the AGM that trading was in line with expectations in the first four months of the year. Activity is showing signs of picking up. There were loan and lease assts of £2.36bn at the end of April 2025. Deposits rose 3% to £4.26bn. There was an annualised 17% increase in assets under management in the wealth management division. Shore Capital forecasts a dip in full year pre-tax profit from £35.1m to £28.5m. That assumes a further 0.25 of a percentage point cut in interest rates.
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Serica Energy (SQZ) says maintenance work on the Triton hub means that production should restart by the end of June. There are further wells that can be attached and take the net production figure to Serica Energy from the Triton hub to more than 25,000 barrels of oil equivalent/day. Total net production averaged 26,500 barrels of oil equivalent/day in the first four months of the year. Full year productions guidance is 33,000-37,000 barrels of oil equivalent/day. Cash was $129m at the end of April 2025, following the acquisition of assets from Parkmead, while net debt was $102m. A $71m tax rebate is expected. Further acquisitions are being assessed. A move to the Main Market is anticipated before the end of the year.
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IDOX (IDOX) has acquired social care software provider Trojan Consultants for an initial £7.65m and this should be an earnings enhancing deal. The regulatory compliance software fits well with existing group software products in the sector.
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M and C Saatchi (SAA) says trading was good in the first quarter, which is a seasonally weak quarter. Trading was strong in Europe and the Middle East. The market remains volatile, but £3m of annual cost savings will help to ensure that full year pre-tax profit expectations of £34.4m are met.
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Subsea services provider Ashtead Technology (AT.) says trading is in line with expectations and the order book is promising. A move to the Main Market is planned before the end of the year.
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Audio visual products Midwich Group (MIDW) says tough trading conditions have continued into 2025 and there has been a mid-single digit fall in organic revenues. There has been growth in the UK, but sales in North America and Europe are lower. Gross margins are slightly better, but there has been a sharp decline operating profit. This means that full year profit will be well below previous expectations. There will be a trading statement on 21 July.
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Mortgage Advice Bureau (MAB1) says increased mortgage activity continued into 2025 helped by the reduced cost of borrowing. First quarter activity was boosted by changes to Stamp Duty Land Tax at the end of March. Even so, there should be further outperformance when compared with 2024. Refinancing of fixed mortgages will boost demand later in the year. The number of advisers has reached 2,003.
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Fintel (FNTL) confirmed at its AGM that it is trading in line with expectations. The provider of services to financial businesses has completed the acquisition of RSMR and gained six new customers after the launch of Matrix360 in the general insurance market.
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ITM Power (ITM) has been selected to supply 300MW of electrolysers to produce green hydrogen for a power plant in Asia Pacific. This project is subject to final investment decision.
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Richard Griffiths has reduced his stake in Niox (NIOX) from 8.91% to 5.96%. Sales increased by 21% on a constant currency basis in the first four months of 2025. Net cash was £14.5m at the end of April 2025.

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