Good morning! It's finally here!
We'll be following today's Budget news with a dedicated section inside this report, as it happens.
Spreadsheet accompanying this report: link (last updated to: 10th November).
Companies Reporting
| Name (Mkt Cap) | RNS | Summary | Our View (Author) |
|---|---|---|---|
Intertek (LON:ITRK) (£7.1bn | SR71) | Acquired PTL, a “leading flooring products testing company” in North America. PTL has 26 employees and generated £4.3m of revenue in 2024. | ||
Energean (LON:ENOG) (£1.69bn | SR42) | Q3 pre-tax profit -30% to $268.2m. Q3 prod 151 kboepd (85% gas), slightly below 156 kboepd in the prior year, but in line with FY guidance of 145-155 kboepd. FY outlook unchanged except net debt now exp $3.1-$3.2bn (prev. $2.9-$3.1bn). | ||
Pets at Home (LON:PETS) (£937m | SR81) | Rev -1.3%, pre-tax profit -29% to £36.2m. Interim divi held at 4.7p. Vet revenue +6.7%, retail revenue -2.3%. FY outlook unchanged for adj PBT of £90-100m. | ||
Elementis (LON:ELM) (£893m | SR59) | Acquires Alchemy Ingredients for c.$22m. This business develops rheology modifier ingredients for cosmetics and skin care products and is expected to generate $6m of sales this year. | ||
Workspace (LON:WKP) (£702m | SR40) | Sold three properties in London for £41.7m, in line with Sept 25 valuation and at a net initial yield of 7.9%. All were identified as “low conviction buildings” in a recent review. Asset sales now total £94.1m so far this year. | ||
Auction Technology (LON:ATG) (£349m | SR64) | Rev +9%, adj EBITDA -4% to $76.8m. Reported operating loss of $(134.2)m due to impairment. FY26 performance to be in line with market exps, with revenue growth of 4%-5%. | ||
Judges Scientific (LON:JDG) (£309m | SR29) | CEO David Cicurel steps up to non-exec chair. Group Business Development Director becomes CEO. Existing chair becomes deputy chair. | ||
Helical (LON:HLCL) (£244m | SR43) | EPRA NAV per share 349p (H1 25: 348p). Total EPRA Accounting Return 1.0%. LTV 28.2% (March 25: 20.9%. EPRA EPS 2.4p, interim dividend 1.5p. | ||
Begbies Traynor (LON:BEG) (£172m | SR86) | Real estate consultancy Kirkby Diamond acquired for £8.25m. In FY25, Kirkby Diamond generated £6.2m of revenue and adj PBT of £1.1m. Will integrate with BEG’s Eddisons business. | ||
Mobico (LON:MCG) (£133m | SR8) | YTD revenue +5.4%, “large scale cost reduction programme underway”. Outlook: adj op profit towards lower end of £180-195m range. | ||
Speedy Hire (LON:SDY) (£117m | SR71) | Revenue +0.8%, adj PBT loss of £(7.2)m. “Subdued market conditions”. Outlook: FY26 expectations remain unchanged with H2 weighting to revenue and profit. | ||
Cake Box Holdings (LON:CBOX) (£92m | SR57) | Rev +53.5%, adj EBITDA +33%, due to maiden contribution from Ambala Foods. Adj pre-tax profit -4.5% to £2.7m due to increased finance costs following acquisition. FY outlook: in line with exps, with seasonal H2 weighting. | ||
Avation (LON:AVAP) (£87m | SR54) | "Demand for passenger air travel remains strong… This encouraging backdrop supports our ability to place the remaining aircraft from our orderbook on lease at attractive terms and successfully transition aircraft between airlines as and when leases conclude.” | ||
Strix (LON:KETL) (£82m | SR72) | Revenue £64.6m, net debt £70.3m, leverage 2.5x, for 6-month period ended 30 September 2025. Group is trading broadly in line with market expectations for FY26. | ||
Spectra Systems (LON:SPSY) (£61m | SR66) | Five-year service agreement with a customer for the maintenance of existing sensors as well as the new generation sensors which are replacing them. Service revenue approx. $6.7m revenue from 2026-2030. | ||
Arrow Exploration (LON:AXL) (£32m | SR50) | Update on operational activity at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia. Testing results of M-6 Well indicate it is capable of higher rates; ultimate flow rate will be determined in the first few weeks of production. | ||
FIH (LON:FIH) (£31m | SR66) | Revenue +4%. Net cash before leases £16.1m. Challenges in the FIC (Falkland Islands Company), expected to continue to significantly impact the performance of the division for the remainder of the year. | ||
iomart (LON:IOM) (£29m | SR45) | H1 results in line with the October trading update. Revenue +25%, organic revenue down. Net debt £109.6m. Outlook within the range of current market expectations. | ||
Tungsten West (LON:TUN) (£21m | SR20) | Has signed heads of terms with Duo Group for the Engineering Procurement and Construction works package for the New Build Crushing, Screening and Ore Sorter Facility at Hemerdon. | ||
RTC (LON:RTC) (£12m | SR90) | “Despite a challenging UK economy which has impacted recruitment generally, and the significant additional cost burdens imposed by the government's decision to increase employers' national insurance contributions in the Autumn Budget 2024, the Group's expects to deliver [results] that are broadly in line with last year." | ||
Genedrive (LON:GDR) (£10m | SR4) | Notes the recent media coverage of its Genedrive® MT-RNR1 ID Kit, which reduces the risk of deafness in newborn babies. Introduced initially by NHS Greater Glasgow and Clyde. |
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