Litigation funder Burford Capital Ltd (LON: BUR) says that the proposed tax provisions relating to litigation finance are not eligible to be included in the budget reconciliation bill. The court for the Southern District of New York has ordered Argentina to transfer its 51% stake in YPF to a global custody account within 14 days so these shares can be transferred to Petersen and Eton Park. This relates to a judgement last year. There could be further judicial proceedings, though. The share price increased 18% to 1008p.
Plant-based polymers supplier Itaconix (LON: ITX) has launched BIO* Asterix*, which is a product range for use in paints, coatings and adhesives. This range of products can replace fossil-based ingredients. They will be marketed through www.bioasterix.com. Initially, customers will be academics and developers of sustainable polymers. The share price improved 15.7% to 129p.
Mkango Resources Ltd (LON: MKA) says that its subsidiary Lancaster Exploration has extended the exclusivity period relating to the intention to merge with Crown PropTech Acquisitions. This is to enable the completion of documentation. The share price rose 7.89% to 15.375p.
Mercia Asset Management (LON: MERC) did better than expected in the year to March 2025. Assets under management increased to £1.82m as capital inflows were larger than expected. Revenues were 16% higher at £35.2m and the company returned to profit, although that was down to the fair value reductions in the previous period. Cash was £40.1m at the end of March 2025. The dividend is 6% higher at 0.95p/share, while there is a new annual buyback policy of up to £3m. NAV is 43.6p/share. The share price moved up 7.94% to 34p.
FALLERS
Capital equipment supplier Mpac (LON: MPAC) has suffered from uncertainty surrounding tariffs in the US and that has stemmed the flow of orders coming through. The first half held up because of the order book at the start of the year, but there will be a slump in the second half because of a lack of new orders coming through. Outside of the US, trading is not as bad. Panmure Liberum has cut its 2025 pre-tax profit forecast from £17.9m to £13.5m with significant reductions in the following two years – which appears cautious. There will be one-off costs of restructuring the North American operations. A pension scheme buy in has been agreed with Aviva, although it will take two years to complete. The pension scheme will come out of the balance sheet at the end of June 2025. There will still be a cash outflow to the pension scheme in the short-term, but eventually up to £5m could be returned to Mpac. The share price slumped 26.2% to 317.5p.
Grocery and catering wholesaler Kitwave Group (LON: KITW) reported growth in interim revenues of 27% to £376.2m. Most of the growth came from the Creed acquisition, but there was organic growth. Pre-tax profit was flat at £8.5m. The grocery retail side is still going steadily, but the catering and leisure business has been hit by the weak economy and that will be a greater factor in the second half. Business has been retained when retendered, but at lower margins. Normally, the hot summer weather would have helped sales, but this has not been happening with people less willing to spend on food and drink when they go out. Canaccord Genuity has cut its 2024-25 pre-tax profit forecast from £35.5m to £29.1m. The share price dived 23.1% to 247p.
Trafalgar Property Group (LON: TRAF) is buying a 10% stake in Hilton House, an office property in Stockport, for £350,000. This will be paid for by 366.7 million shares (29.4% of the enlarged share capital) and £240,000 in unsecured convertibles with a conversion price of 0.03p/share. The property could be converted to residential. The seller is Trafalgar Property director Paul Elliott. The share price dipped 16.7% to 0.0375p.
Wind power efficiency technology provider Windar Photonics (LON: WPHO) reported a 4% dip in 2024 revenues to €4.6m and there was a €800,000 loss. A €1.25m shipment was delayed. This year’s revenues are expected to nearly double to €9.1m and pre-tax profit could be €1.8m, although forecast revenues were previously €16.2m). A move to larger premises in Copenhagen is planned. The share price fell 10.1% to 49p.