Daily Stock Market Report (Thur 27 Mar 2025) - NXT, CAPD, SAA, FRAN, SOM, TRB, BBSN, SAAS, EMR, AIEA, NAR

27th Mar by Graham Neary

41 comments 4982 reads

Good morning! The Agenda is now complete (we think!).

Companies Reporting

Name (Mkt Cap)	RNS	Summary	Our view (Author)
Next (LON:NXT) (£11.7bn)	Full Year Results	Sales in the first 8 weeks of FY Jan 2026 are ahead of exps. Upgrades guidance.	GREEN (Graham holds) Upgrading this to GREEN despite a cautious growth forecast for H2 and a higher-than-average valuation. However, its competitive position has never been stronger and this is shaping up to be another fine year for the company. Consistent with its classification as a "High Flyer", I can take an outright positive stance.
Playtech (LON:PTEC) (£2.2bn)	Full Year Results	Adj. EBITDA slightly ahead. New medium-term financial targets, including adj. EBITDA €250-300m.
International Public Partnerships (LON:INPP) (£2.0bn)	Full Year Results	NAV per share falls from 152.6p to 144.7p. Primarily due to increase in discount rates.
James Halstead (LON:JHD) (£638m)	Interim Results	Rev -5%, PBT +4% (£28.5m). H2 started well. Govt spending is expected to increase during 2025.
Chesnara (LON:CSN) (£421m)	Full Year Results	Cash generation £60m (LY: £52m). PBT £21m. Outlook for M&A remains positive.
Franchise Brands (LON:FRAN) (£264m)	Full Year Results	System sales +20%. Adj. PBT +8% (£21.3m). Full-year adjusted EBITDA in line (£35m). Outlook: “Optimistic” that in line performance is “achievable”. Deleveraging to 1.5x a strategic priority by Dec 2025. Currently 1.9x, down from 2.5x last year. Forecasts for this year are unchanged, e.g. from Dowgate 2025 revenue £145.2m, adj. PBT £27.7m.	AMBER (Graham) [no section below] These accounts are heavily adjusted with over £10m of amortisation and £1.5m of share-based charges. But operating cash flow is very good at £33.7m, with minimal capex and software spending. However the balance sheet provides no tangible support and is deeply in the red on a tangible basis, underlining the need to deleverage. I’m a fan of the franchising business model and management are highly credible. It’s tempting to give it an upgrade here on valuation grounds. Stockopedia classifies it as a Falling Star.
Enquest (LON:ENQ) (£247m)	Full Year Results	Production efficiency c. 90%. Profit after tax $93.8m. 2025: expected to average 40 - 45k boepd.
M&C Saatchi (LON:SAA) (£207m)	Full Year Results	2024 in line. LfL revenue +0.4%, PBT +4.2% (£30.5m). Outlook in line.	AMBER (Megan) Encouraging signs of a positive strategy starting to deliver the turnaround. But the market remains unmoved for now.
Arbuthnot Banking (LON:ARBB) (£149m)	Full Year Results	EPS…

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drobs

27th Mar

Good results from Robinson (LON:RBN)

Financial highlights

· Underlying operating profit* increased to £3.2m (2023: £2.2m)

· Revenue up 14% to £56.4m (2023: £49.7m)

· Gross margin increased to 20% (2023: 19%)

· Non-underlying (other) items of £6.3m (2023: £2.1m) including: £3.7m of non-Company pension closure costs; £0.6m amortisation of intangible assets; and £1.7m impairment of goodwill and intangible assets related to the Denmark operation

· Loss before tax of £3.8m (2023: £0.7m)

· Net debt of £5.9m (2023: £6.3m)

· Final dividend increased to 3.5p (2023: 3.0p) per share. Total dividend of 6.0p (2023: 5.5p)

The removal of the pension drag plus the potential of cash from property sales, coupled with what was a very good business performance, bodes well.

Outlook

Our close partnerships with major customers have generated a significantly improved sales pipeline for 2025, and, as our customers respond to new market opportunities, we see additional growth potential in future years.

As we grow revenue and underlying volumes, we will continue to drive improved efficiency and profitability across our operations.

The disposal of surplus properties, with some sales expected to complete within 2025, will improve our financial leverage and ability to support attractive growth projects.

Graham Neary

I'll try, Richard!

Burnt Onions

My favourite stock on the UK market today for all the reasons you just listed iwright7

iwright7

Yes its currently my UK favorite stock too, because I also think that it is signifigantly underpriced on a PEG of 0.5. All power to the lady CEO and CFO; they are in their element and doing a cracking job.

eParo

Market likes the strategy update Naked Wines (LON:WINE). Targetting £75m cash (incl. customer deposits) and £10m EBITDA. Mkt cap last close only £46m. I feel rerating only just beginning and has a long way to go.

RupertEvans12

Personally I think the customer deposits point is a bit overdone at Naked Wines (LON:WINE) - it's not a savings product or the type of product where a natural disaster might lead to widespread cancellations etc like at a travel operator. Customers know from the outset what their money is used for and they expect to get wine at better prices in return. The idea that there would be some mass withdrawal just seems silly - IMO it's working capital and should be treated as such. So a liability but not 'debt'

bohenie

It's Thursday - Exdivi day and can be a major source of frustration. My portfolio on Stocko is showing negative mainly because I hold M&G (LON:MNG) / Melrose Industries (LON:MRO) and Taylor Wimpey (LON:TW.) Guess I just have to live with it ?

Yes it does look highly investable. However my only concern is that with a Mkt Cap of just £75m and near 75% of the shares in the hands of major holders they cannot be very liquid ? However, looking on HL the spread is only about 3% which is better than I expected.

I just tried a dummy Personal group (LON:PGH) buy/sell on AJ Bell and the spread is only 6p.

Rusty2

CML Microsystems (LON:CML) trading update at 12.42, seems broadly inline but shares are down 9%.

Revs8

Capital (LON:CAPD) thanks for the review Mark. I used to hold because I believe the MSALABS part of the business is a growth area with a moat. However, I sold out at a loss on the warning a few months ago. Bad news comes in 3’s etc.
I’ll keep watching for signs of a turnaround but it feels like it’s going to be 2026 at the earliest.

ken mitchell

The 58% ADVFN (LON:AFN) share price fall today, and their decision to delist from AIM, seems to have gone unnoticed. I’ve never been remotely tempted to buy ADVFN but have just renewed my subscription for their live share prices etc offering. For ADVFN of all Companies to delist from AIM sounds of desperation.

Here’s the relevant section from their very gloomy Results update today:-

“Accordingly, the Board has unanimously decided to pursue the delisting of the company from AIM and a circular will be sent to shareholders in due course. Over the past months, we have carefully evaluated all possible options and the steps necessary for this transition and I want to assure you that this decision has been made with a clear focus on the company's best interests and goals.

Recognising the concerns and uncertainties that may arise from this transition, I want to assure our shareholders that we are taking deliberate steps to facilitate liquidity and maintain open, transparent communication. To support ongoing shareholder engagement, we intend to transition to the JPJ Bargain Match Engine, ensuring that some liquidity potentially remains available despite the shift to a private structure.

In addition, we will launch a dedicated shareholder portal, accessible via email login, to serve as a central hub for updates, FAQs, and a direct channel for addressing any concerns promptly. This shareholder portal will also host important reports, announcements, and periodic events to keep shareholders informed and engaged.”

Stop Loss

Yes, I hold M&G (LON:MNG) too, and have seen the dramatic drop due to it going Ex-Dividend today. As a newbie, I have a question: Is the drop due to Investors selling today (mistake, surely, as Investors need to be on the Register on Record day, tomorrow), or is it due to the platforms reducing the price to avoid `dividend scalpers`? Any thoughts appreciated.

snowdrop

Advanced Medical Solutions (LON:AMS) I sold just now on the offer. BnB I love you,!

Stop Loss.

M&G (LON:MNG) has gone ex a 13.5p dividend today. (The share price is down 12.5p so it would be up 1p but for the dividend being taken out of the share price).

On ex dividend day, those selling still get the next 13.5p dividend. But anyone buying today does not get the dividend as they are buying on ex (excluding) the dividend day. The Record day is tomorrow. Platforms don’t set share prices btw.

Ex dividend days are almost always Thursday.

Use this link for info on ex dividend days and also the date that dividend will be paid:-

https://www.dividenddata.co.uk...

Just key in MNG and then any other share you want to check in the search box there.

jonno

James Halstead (LON:JHD)

Have just opened a position my ISA, modest for the time being.

Reason: A quality family controlled company currently offering a 6% yield and managing to increase PBT and EPS in difficult markets. The interim dividend is increased by 10% and it has cash of £63.7m, more or less 10% of market cap

The company has a global footprint somewhat surprisingly for an AIM listed UK small cap. Its North American exposure is restricted to Canada, with no exposure to the USA and Donald's shotgun approach to tariffs. Trading in the second half has started well consistent with It expectation for an improved performance as 2025 unfolds. The UK represent 43% of turnover and it makes a some pertinent observations regarding future infrastructure spend, which I have highlighted in the outlook statement reproduced below.

It has subsidiaries in Germany and should in due course be a beneficiary of the 500 billion euros infrastructure fund recently announced by the Germany government.

The purchase has been funded by the reluctant sale of my remaining shares in Volex (LON:VLX) realising a decent profit. It may well be that I have sold at the bottom, but with the shares continuing to fall not helped by Donald's latest tantrum of imposing a 25% tariff on all cars imported into the USA, it seemed prudent to take my profit and recycle it into companies where there is greater near term clarity.

As always just my thoughts.

"Current trading and outlook

In this trading period we have seen evidence of restricted government spending in many economies. For example, the UK, Central Europe (Germany and France in particular) and within the APAC region Australia and New Zealand. In the UK hospitals, schools, prisons and other government buildings all are in need of significant rebuilding or major refurbishment and investment which, to date, seems to have not flowed into the appropriate budgets. This will change, we believe, over the course of 2025 and we would expect to see a stimulation to sales. Additionally, the UK housing sector has continued to be subdued but the reform of planning and mandatory targets should pave the way to push through the acute housing crisis again giving us confidence in improved demand.

We are pleased to see that H2 has started well and in January 2025 UK sales, which are the bedrock of the Group, were 9% ahead of the comparative.

The worldwide breadth of projects such as The Palace Balneo & Spa Hotel in Bulgaria

and the Wiloo Salud Dental Infantil in Barcelona are just two examples of the scope of ongoing goodwill that three generations of exporting flooring has provided James Halstead.

The fundamentals of our product ranges and routes to market are well established and the markets in which we operate continue to provide the demand that, despite short term impediments, gives us confidence in the future and another year of progress."

Pat W

Thanks for the https://www.dividenddata.co.uk... link. Very Useful !

Charles Mitchell

Northamber (LON:NAR) I think there are changes being made that maybe you need to be in the trade to spot. I sell some AV products, use Tempura which NAR acquired . I see the MD of Tempura has joined the Board, Matthew Light. He build up Tempura from nothing, knows the AV space and am sure more acquisitions will occur in this good margin business- selling hardware is only a part of the business. Software used for video conferencing etc is lucrative. They are certainly reducing costs, the basingstoke warehouse of Tempura has just closed and goods are moving to Northamber's Swindon office- I know this because an order of mine is waiting to be shipped whilst the stock is booked in ! I hold and looks an interesting small company play, It seems to be no longer just a family concern with no plans for growth.

Many thanks for the explanation, Ken, it is much appreciated.

BnB

Advanced Medical Solutions (LON:AMS) I sold just now on the offer. BnB I love you,

Nice to feel the love, thank you. This is a very opportunistic (ie low) point to make an offer, but it makes sense to cash in and recycle with so many shares at (hopefully) rock bottom prices.

Daily Stock Market Report (Thur 27 Mar 2025) - NXT, CAPD, SAA, FRAN, SOM, TRB, BBSN, SAAS, EMR, AIEA, NAR

Companies Reporting

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Graham Neary

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