News blog

AIM 50 Digest 9 May 2025

BY: Andrew Hore |
POSTED: 12/05/2025 |

Software company FD Technologies (FDP) is recommending a bid worth £570m. Entities part of the TA Fund XV are offering 2450p/share. The share price has not been at that level for three years. There is an alternative offer of 2,450 rollover shares for each FD Technologies share. This is available for up to 27% of the share capital. Net cash was £56m at the end of February 2025. That follows a £120m tender offer at 1950p/share. That followed the disposal of the original consultancy business First Derivatives for an enterprise value of £230m. The company is focusing on the KX software business. Annualised recurring revenues increased by 13% to £81.8m in the year to February 2025.
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Airline and tour operator Jet2 (JET2) announced a £250m share buyback alongside its year end trading statement. The pre-tax profit guidance of £565m-£570m includes £10m gain on disposal of assets. Own cash was £1.1bn at the end of March 2025. Canaccord Genuity has raised its 2025-26 pre-tax profit estimate from £574.6m to £578.2m and the buyback helps to increase earnings per share from 208.5p to 223.9p.
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Hotel, catering and workwear linen hire services provider Johnson Service Group (JSG) is trading in line with expectations. The latest AGM statement shows first quarter revenues 6% ahead at £121.4m with organic growth of 2%. Both hotel and catering, which has been affected by a later Easter, and workwear divisions grew at a similar rate. Customer retention is recovering at workwear. Johnson Service Group has still to gain the full benefit from the capital investment of recent years. The Crawley site started processing linen in March. One-third of customers earmarked for this site have already been moved by the end of April. There is an investor visit to the new Crawley site on 11 June, which is when an announcement about the Main Market switch will be made.
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Redcentric (RCN) has appointed Michelle Senecal de Fonseca has been appointed as chief executive. Trading in the year to March 2025, was slightly lower than forecast with revenues of £170m and EBITDA of £37m. Recurring revenues are £155m.
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Electronic monitoring technology developer Big Technologies (BIG) is appointing Ian Johnson as chief executive and Mike Johns as finance director, replacing Daren Morris who has been stood down as a director and put on gardening leave. Ian Johnson is moving from executive to non-executive chairman of Niox (NIOX) on 14 May. First quarter revenues were 11% ahead at £12.9m if the Colombia contract is excluded.
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Grocery and catering wholesaler Kitwave Group (KITW) says hospitality demand was weak in the early part of the interim period. However, trading improved in recent weeks. Overall trading is in line with expectations. There was like-for-like growth in the retail and wholesale division. The new foodservice distribution centre in the South West is up and running. The integration of Creed is progressing, and the initial benefits will show through in the second half. House broker Canaccord Genuity is maintaining its forecast pre-tax profit of £35.5m in the year to October 2025, up from £27.8m last year. Net debt should fall to £58m. The interims will be published in July.
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Ticketing technology company accesso Technology (ACSO) has acquired the technology of 1RISK, which provides cloud-based online liability waiver and incident risk management data technology with a focus on the ski sector.
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Young and Co Brewery (YNGA) had a strong finish to 2025. Managed pubs revenues grew like-for-like sales by 5.7% in the year to March 2025. The figure was 7.7% in the fourth quarter.
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Fully listed EnQuest has decided not to bid for fellow oil and gas producer Serica Energy (SQZ). EnQuest blames market volatility for its inability to agree terms with the North Sea-focused bid target. The deal was going to be an alternative to Serica Energy making its own move to the full list, which is still likely to happen.
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Social entertainment company LBG Media (LBG) increased interim revenues 13% to £43.9m and EBITDA is 16% higher at £12.2m. Net cash was £32.9m at the end of March 2025. Management still expects full year growth in revenues of around 10%.
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Data and analytics information provider GlobalData (DATA), which is in the process of moving to the Main Market, has received bid approaches from two private equity investors. This led to the suspension of a £50m share buyback.
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Lime and building materials supplier SigmaRoc (SRC) increased revenues and EBITDA in the first quarter of 2025. Revenues were 18% ahead at £252m, although pro forma revenues were only slightly higher. That suggests that the markets may be improving as like-for-like revenues fell last year. This means that it is on course to achieve the 2025 pre-tax profit estimate of £146m. Debt continues to be reduced through cash generation.
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Cohort (CHRT) has won a five year contract with Thales UK to provide waterfront support maintenance and inspections at Royal Navy dockyards.
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RWS (RWS) chair Julie Southern has bought 74,611 shares at 67.01p each.

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