News blog

AIM 50 Digest 28 February 2025

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

Airline and tour operator Jet2 (JET2) says that the winter 2024-25 load fact dipped 2.2 percentage points in the year to March 2025, although the majority of that declined is down to the later Easter this year. There was also a 14% increase in capacity. Canaccord Genuity still expects pre-tax profit to improve from £520m to more than £563m even though margins are lower. There could be an additional gain on the sale of aircraft. Bookings are being made later. Although bookings for the summer are 7% ahead that is similar to the rise in capacity. Higher labour-related costs and other inflationary pressures, combined with investment in new bases at Luton and Bournemouth will hold back profit growth this year. The 2025-26 pre-tax profit forecast has been trimmed from £574.4m to £573.2m.
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Alliance Pharma (APH) adjourned the meeting on 28 February, which was meant to gain shareholder approval for the bid backed by Dbay. It will be held on 13 March. The board has reaffirmed its recommendation of the 62.5p/share cash bid.
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CVS Group (CVSG) continues to acquire Australian vet practices as it awaits further clarity on the UK market when the Competition and Markets Authority (CMA) investigation completes later this year. The latest purchase is six vet practices in Melbourne. In the six months to December 2024, revenues were 7% ahead at £341.8m, but that masks a 1% like-for-like decline. Growth has come from acquisitions in Australia. Pre-tax profit dipped from £45.3m to £39.2m. That is before £1.1m of CMA-related charges and restructuring costs of £400,000. The dividend was raised from 7.5p/share to 8p/share. Net debt has increased from £129.2m to £182.9m due to acquisitions spending and it will be higher at year-end.
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Victorian Plumbing (VIC) says that improved service levels have helped revenues to grow 5% so far in this financial year. Tiles and décor have grown particularly strong. Own brand sales are helping gross margins to improve. Victoria Plumb has been closed. Interim results will be published on 14 May.
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Max Easley has been appointed chief executive of Pantheon Resources (PANR) and a convertible bond is being issued to Sun Hung Kai. The bonds have a coupon of 5% and last until March 2028. The initial plan was to issue bonds worth $30.5m and this has been increased to $35m.
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Wealth management adviser Brooks Macdonald (BRK) reported interim figures in line with expectations and it has already made progress in its new strategy. Funds under management rose nearly 4% to £15.7bn, but revenues dipped from £53.3m to £51.9m. Underlying pre-tax profit slipped from £15.8m to £15.5m. The interim dividend is 30p/share. The sale of the international business has been completed and three financial planning businesses acquired. Cost savings are likely from integrating the acquisitions. There is potential to provide additional services to clients. Brooks Macdonald plans to move from AIM to the Main Market. A share buyback programme of up to £10m has commenced.
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Integrating Fresh Relevance and adding new products is helping marketing automation services provider Dotdigital (DOTD) to grow. In the six months to December 2024, revenues were 10% higher at £42.4m. Organic growth was 9%. Recurring and repeat revenues were 95% of the total. Contract recurring revenues were 80%. Pre-tax profit rose 12% to £10m. Average revenues per customer, which is based on billing in December, increased 12% to £1,916/month. Dotdigital is winning larger clients, and the loss of smaller clients is slowing. The launch of WhatApp services will help growth to continue. Net cash is £45.7m or 15p/share. Canaccord Genuity forecasts a full improvement in pre-tax profit from £16.8m to £18m.
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Serica Energy (SQZ) says that problems caused by storm Eowyn have led to the shutting down of production from the 46%-owned Triton FPSO in the North Sea. The operator Daba identified damage to equipment. Repairs are underway and production should restart before the end of March. Serica Energy is likely to downgrade its full year production guidance from the current level of 4,000boe/day. The OFAC licence for the Rhum field has been renewed until the end of February 2027.
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Fevertree Drinks (FEVR) has commenced its share buyback of up to £71m and it will last until September.
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Richard Griffiths has cut his stake in Niox Group (NIOX) from 11.9% to 9.83%. Rettig Oy Ab reduced its stake in SigmaRoc (SRC) from 4.5% to 3.97%. Dave Wilson, executive chair of LBG Media (LBG), bought 45,192 shares at 110.3p each and chief executive Solly Solomou acquired 22,209 shares at 112p each.

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