News blog

AIM 50 Digest 28 March 2025

BY: Andrew Hore |
POSTED: 30/03/2025 |

Advanced Medical Solutions (AMS) has received a bid approach from Montagu Private Equity, but there is no firm offer yet. AMS reported a 41% increase in 2024 revenues to £177.5m, including like-for-like growth of 10%. Pre-tax profit was 14% ahead at £29.4m. Net debt is £55.8m. The dividend was raised from 2.36p/share to 2.6p/share. Forecast 2025 earnings are 12.5p/share.
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Mortgage network and broker Mortgage Advice Bureau (MAB1) is seeing an initial improvement in the mortgage market and later this year there will be a boost from fixed-interest mortgages taken out at around the time of the Liz Truss Budget coming to an end. Longer-term, the plan is to improve margins, while doubling revenues and market share, which is currently 8.4%. In 2024, revenues were 11% ahead at £266.5m, while pre-tax profit recovered from £23.2m to £32m. Net debt was £9.7m at the end of the year. The total dividend edged up from 28.1p/share to 28.2p/share. The number of advisers has risen since the end of 2024. Mortgage Advice Bureau is considering a move to the Main Market.
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Oil palm plantations operator MP Evans (MPE) continued its strong first half performance into the second half as a higher crude palm oil price and improved gross margins meant that profit jumped in 2024 from $73.5m to $111.7m. Revenues increased from $307.4m to $352.8m, while pre-tax profit jumped from $73.5m to $111.7m. The dividend was raised from 45p/share to 52.5p/share. There was a 13% increase is crude palm oil sales prices to $823/tonne, and they are currently $870/tonne. The company’s own production rose, but crop processed was slightly lower at 1.61 million tonnes because less third-party crop was bought in and processed at the six mills. That change in mix helped gross margin to rise. A 2025 pre-tax profit of $93.3m is forecast, rising to $97.3m in 2027. Net cash could increase from $46.3m to $77.7m the end of 2025.
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Online marketing and domain name services provider Team Internet (TIG) has released unaudited figures for 2024. The new auditor has not completed its audit, but there should not be any changes in the numbers. In 2024, revenues fell from $837m to $803m with growth in comparison and domains divisions more than offset by the initial decline in the search division due to changes at Google. EBITDA fell from $96.4m to $91.9m. Search EBITDA declined from $74.3m to $56.4m. There was an exceptional charge of $36m, mainly down to Shinez, which was acquired last year. The book value of the Shinez acquisition has been written off. Team Internet believes it was misled by the sellers and litigation is planned. There is no final dividend.
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Central Asia Metals (CAML) continues to be strongly cash generative business paying an unchanged total dividend of 18p/share, which accounts for 63% of free cash flow. The policy is 30%-50% of free cash flow, but Central Asia Metals can afford to pay the enhanced amount and still increase cash from $57.2m to $67.6m. Central Asia Metals is seeking a new project that is near to generating cash and a decision on the dividend level will be made when any new project is secured. In 2024, revenues increased from $203.5m to $214.4m. Copper production at Kounrad was 13,459 tonnes, while Sasa production was 26,617 tonnes of lead concentrate and 18,572 tonnes of zinc concentrate. Kounrad production should be similar this year and Sasa production could be slightly higher.
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Berenberg reduced its recommendation for Big Technologies (BIG) from buy to hold following the suspension of chief executive Sara Murray due to concerns about the litigation concerning Buddi. The board says that it is aware of information that means it cannot rely on the statement signed by Sara Murray relating to her relationship with four companies holding 17.7% of Big Technologies when it floated in July 2021. The investigations continue. Neudi Capital has a 10.5% stake.
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There was a stronger second half for mixer drinks supplier Fevertree Drinks (FEVR) enabling group revenues to improve 1% to £368.5m in 2024, after a decline in the UK and non-Fevertree brand revenues. The US and the rest of the world generated the growth. Pre-exceptional profit recovered from £23.9m to £43.8m. Many European markets are mature, but there are other growth markets and there is the new distribution agreement with Molson Coors in the US.
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Ashtead Technology (AT.) is the latest company to consider a move to the Main Market. In 2024, revenues were 52% higher and pre-tax profit jumped 31% to £36.1m. The subsea technology market continues to grow.
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Floorcoverings supplier James Halstead (JHD) interims show improved gross margins as costs lowered and manufacturing efficiency improved. Growth came from southern Europe and the US. Group revenues rose from £130.1m to £136.5m. Pre-tax profit improved from £27.4m to £28.5m.
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IFA services provider Fintel (FNTL) reported 2024 core revenues of £68.9m. That excludes the conveyancing business that will eventually be sold. This year core revenues are expected to improve to £76m and earnings from 13.1p/share to 13.9p/share.
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M and C Saatchi (SAA) improved its full year pre-tax profit from £28.7m to £30.5m. Like-for-like revenues, following the South African disposal, were 4%. Further profit growth will come from focusing on higher margin activities.
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Gamma Communications (GAMA) increased 2024 revenues by 11% to £579.4m, while pre-tax profit rose from £97.9m to £111.9m. These could be the final results as an AIM company.
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Video games developer Everplay (EVPL) reported a 51% recovery in underlying 2024 pre-tax profit to £43.4m. The cash pile increased to £62.9m. The video games market has been tough recently, but Everplay has been helped by strong sales of its back catalogue, offsetting disappointing income from some newer games. There is a final dividend of 2.7p/share. There are at least ten new games and apps to be launched in 2025. This year’s profit performance should be marginally ahead of expectations of £42.7m.
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Building materials supplier SigmaRoc (SRC) increased full year revenues 72% to £997.6m, while pre-tax profit jumped from £71.2m to £117.6m. There was a small dip in organic revenues. Diluted earnings were flat at 7.8p/share, but the full benefits of the recent acquisitions will show through this year. Net debt is £509.5m. This year has started well, although construction markets are weak. The annual costs savings have been increased by €5m to €40m by 2027. Refinancing of loans has saved interest charges of €3m. Rettig Oy reduced its shareholding from 3.97% to 2.94%.
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Healthcare company Niox (NIOX) has received a revised proposal from Keensight Capital which involves a possible off er of 81p/share. There was previously an offer of 78p/share. The revised proposal appears to be realistic and Keensight is being given access to due diligence.
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Audio visual products distributor Midwich Group (MIDW) improved 2024 revenues by 2% to £1.32bn. North America was the strongest market. There was a small improvement in gross margin, but underlying pre-tax profit fell from £50m to £38.3m. The dividend was reduced from 16.5p/share to 13p/share. annualised cost savings of £5m have been made.
Software provider FD Technologies (FDP) increased annualised recurring revenues by 13% to £81.8m in the year to February 2025. Trading was at the top end of guidance and the loss was lower than expected. Net cash was £56m at the end of February 2024. There are new opportunities in capital markets, defence and industrial IoT and management believes that annualised recurring revenues could grow by one-fifth this year.
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AB Dynamics (ABDP) improved interim revenues 11% to £58m. Asia Pacific and North America ae strong markets. There should be further progress in the second half. Net cash was £27.2m at the end of February 2025.
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Serica Energy (SQZ) says production from the Triton FPSO is not expected to recommence until May and not in late March.
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Alaska-focused oil and gas explorer Pantheon Resources (PANR) reported a cash outflow of $16.7m after drilling and exploration costs during 2024. The $35m convertible bond issue has closed. Non-executive directors Jeremy Best and Linda Havard bought 1.08 million shares at 69.18p each and 21,000 share at 70.4p each respectively.
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ITM Power (ITM) has announced a plant engineering integration contact for EDF’s Tees Green hydrogen project. There had already been a reservation of four Neptune 2 electrolyser units and this contract will involve the integration of these units into the overall project.
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Tembo Capital has sold its 58.8 million shares in Pan African Resources (PAF) at 39p/share. This is 2.5% of the company.
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RBC raised its recommendation for vet practices operator CVS Group (CVSG) from perform to outperform with the price target increasing from 940p/share to 1,500p/share.
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Brooks Macdonald (BRK) has moved to the Main Market.

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