News blog

AIM 50 Digest 22 May 2026

BY: Andrew Hore |
POSTED: 25/05/2026 |

Commodity export controls announced in Indonesia led to a sharp slump in the share price of palm oil producer MP Evans (LON: MPE), but there was a partial rebound. The company’s palm oil will have to be sold through state-owned enterprises. This is to boost the country’s tax revenues. MP Evans is not a direct exporter, but it will be affected, but the initial reaction appears overdone. Statements by the government suggest that the focus is companies that use transfer pricing to avoid tax and not companies like MP Evans. Demand for palm oil remains strong, particularly for biodiesel. The current palm oil price is higher than the one used in forecasts for 2026. Singer suggests the maximum earnings risk is 10%.
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Motor dealer Vertu Motors (VTU) grew full year revenues by 1.5% to £4.83bn, but pre-tax profit fell from £29.3m to £24.5m due to pressure on margins, particularly on electric vehicles. That includes £3.4m of business interruption insurance. Fleet and aftersales revenues were strong. Net debt was £61.3m at the end of February 2026. Tangible net assets are 75.9p/share. Executive director David Crane sold 14,040 shares at 64.73p each, 223,084 shares at 63.2p each, leaving him with 52,593 shares. He had previously sold the 1.04 million shares, acquired via options ranging from nil to 0.496p each, at 64.95p each.
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Victorian Plumbing (VIC) increased interim revenues by 10.5% to £168.8m with MFI contributing £500,000. Pre-tax profit fell from £11.8m to £9.4m. The best performer was tiles and flooring.
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Video games company Frontier Developments (FDEV) is upgrading guidance for the year to May 2026 thanks to the success of Jurassic World Evolution 3, which has done better than its predecessor. This is despite delays in issuing new content for the game. Revenues of £103m are expected. Underlying operating profit should be £16m. Cash was £44.9m at the end of April 2026, following share buybacks. An end-year trading update will be released on 10 June.
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Afentra (AET) has completed its strategic review and decided to stay independent. The higher oil price has put the business in a strong position. A new $125m pre-payment facility lasting until 2030 has been secured. Net debt was $21.8m at the end of 2025. Pre-tax profit is forecast to jump from $25.6m to $149.8m. Cavendish has a core NAV estimate of 114p/share.
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Engineering services provider Renew (RNWH) has bought PWR-X ltd, a provider of cable jointing services to the power sector, for £1.1m. The initial cash payment is £750,000. Renew is also acquiring Electricity Distribution Engineering Services, which provides high voltage engineering design services to the energy distribution sector, for up to £9m. This enhances the services offered by Renew in the high voltage power market. Interim revenues are 3.5% ahead at £589m, while pre-tax profit improved from £23.5m to £25.5m. The interim dividend is 5% higher at 7p/share. Net cash was £10.6m at the end of March 2026.
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Legal services firm Knights Group Holdings (KGH) says full year revenues are 28% ahead and there was double digit organic growth in the second half. Full year pre-tax profit is expected to increase 18% to £32.9m. Net debt is forecast to be flat at around £65.4m, despite £17m of payments for acquisitions. Discussions continue with Moore Barlow about acquiring the firm.
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Medical device company Niox (NIOX) had cash of £22.3m at the end of April 2026. Niox has signed a ten-year exclusive supply agreement with its FeNO sensor supplier.
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US private equity firm TA Associates has decided not to bid for wound care provider Advanced Medical Solutions (AMS). It was suggested that the offer could be around 280p/share. HB Fuller is in talks concerning an all-cash proposal.
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Rockhopper Exploration (RKH) says Navitas Petroleum, the operator of the Sea Lion project, offshore Falkland Islands, should have production capacity of 55,000 barrels of oil per day (19,250 barrels is Rockhopper’s share). The floating platform will be upgraded in Asia rather than the Middle East and that will add $45m to development cost. Rockhopper will have to provide an additional $5.25m. Further potential investment will increase this to 125,000 barrels of oil per day (43,750 barrels is Rockhopper’s share). First oil could be produced in the first half of 2028.
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Audio visual products distributor Midwich Group (MIDW) is adding to market share, and the challenging market conditions appear to be easing in some markets, including the UK. Business has been hit in the Middle East. There will be a trading statement on 21 July. Rorema Beheer BV has increased its stake from 5.04% to 7.16%. Liontrust has cut its holding from 11.7% to 9.24%.
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Impax Asset Management (IPX) published interim pre-tax profit falling 45% to £11.3m on revenues that were 23% lower at £58.8m. The interim dividend is 2p/share. A weaker second half is expected. Costs are being cut and there will be redundancies. It is hoped that improved performance will help to generate fund inflows.
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BTG Consulting (BTG), formerly Begbies Traynor, had a strong fourth quarter and full year revenues are higher than expected at £169m, 10% ahead on the year. Organic growth was 8%. Pre-tax profit improved from £23.5m to around £25m. Not bad considering higher NI charges. Net debt is around £11m.
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Camellia (CAM) subsidiary Goodricke Group (74% owned) has sold the Chalouni Tea Estate for £1.47m.
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AFC Energy has changed its name to H-Power (HPOW). Interim results will be announced on 10 June.
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Caledonia Investments has reduced its stake in Polar Capital (POLR) from 3.99% to 2.99%. Richard Griffiths has edged up its shareholding in Next 15 Group (NFG) from 10.8% to 11.05%. Director Mark Astaire bought 9,000 shares at 274.06p each.

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