A refinancing by floorcoverings company Victoria (LON: VCP) has reduced debt and cut annual financing costs by £34m. Koch and consenting holders of 2028 loan notes have agreed the terms of a refinancing of the loan notes and Koch agreed to the refinancing of the preferred shares. New loan notes that mature in 2031 will be issued and there will also be ordinary shares swapped at a premium for part of the loan note debt and the majority of the preferred shares. This will reduce liabilities by at least £300m. Trading in 2025-26 was in line with guidance and this year there has been like-for-like growth. The share price rebounded 24.1% to 72p.
Jet2 (LON: JET2) full year pre-tax profit was in line with expectations at £544.6m, down from £577.7m. The airline and tour operator had net debt of £2bn at the end of March 2026. Canaccord Genuity has edged down its forecast revenues but raised its pre-tax profit estimate from £300m to £323.3m. Net debt could fall to £1.7bn. Next year, Gatwick should make a bigger contribution. The share price gained 8.92% to £14.77.
Futura Medical (LON: FUM) has recovered some of yesterday afternoon’s share price fall after the European Patent Office opposition division confirmed its decision to revoke the Eroxon patent. An appeal has been launched but this could take up to two years. The patent remains in force until the appeal is heard and a decision made. The share price recovered 7.5% to 0.43p, but it is still lower for the week.
IT managed services provider SysGroup (LON: SYS) reported full year results in line with forecasts and expectations for 2026-27 have been upgraded. SysGroup increased full year revenues by 8% to £22.1m, following a fall in the first half. Flat overheads offset a higher depreciation charge, so underlying pre-tax profit improved from £300,000 to £400,000. Zeus has edged up its forecast revenues from £24.3m to £24.5m, but pre-tax profit has been upgraded from £1m to £1.5m to reflect the stronger second half margins. Net cash is expected to reach £4m. The share price rose 7.5% to 21.5p.
FALLERS
Payments technology company Boku Inc (LON: BOKU) grew interim revenues by 11% in the first half to $66.5m, even though a major client moved to dual sourcing hit business with Boku. However, full year expectations for revenues have been downgraded to $135m-$142m from more than $155m. Adjusted EBITDA edged up to $19.3m in the first half, despite a decline in margins, but the full year outcome is likely to be flat or be below the 2025 level – it had been expected to be more than one-quarter higher. An extension into the client’s other markets was delayed and this business is building up. There have been delays in connecting new clients and two direct carrier billing connections were lost in a market that Boku is no longer exposed to. The share buyback programme has been extended and a further eight million shares could be acquired, plus 1.8 million shares still not acquired in the previous tranche. The share price slumped 32.3% to 94.5p.
Cleaner fuels developer Quadrise (LON: QED) has raised £12m at 1p/share and a retail offer could raise a further £1.2m. The cash help to increase the scale of MSC/Cargill marine trials, complete other trials, secure supply agreements with refineries and pursue other opportunities. If the full amount is raised in the retail offer there should be enough working capital to get to cash flow positive in 2028-29. The share price declined 27.7% to 0.99p.
Rio Tinto has told Sovereign Metals (LON: SVML) that it has decided not to become operator of the Kasiya Rutile graphite project in Malawi due to a change in corporate strategy. Rio Tinto, which invested A$60m in the project, will no longer have the right to market 40% of annual production and pre-emption rights over stake sales. Offtake discussions are ongoing with potential US partners. The share price fell 11.3% to 27.5p.
Clean Power Hydrogen (LON: CPH2) shares continue to decline following their return from suspension on Tuesday after the finalisation of a fundraising. The hydrogen technology company has raised £3.04m from a placing and offer at 1.5p/share and a further £4.47m has been raised conditionally. The price has fallen 8.33% more to 1.375p, which is a new all time low. The cash will finance the change in strategy to a capital light one involving strategic partnerships, licensing and manufacturing agreements. The cash should last at least until June 2027.
Roisin Magee has resigned as chair of Galantas Gold (LON: GAL) and is moving into private equity. David Cather will take over on an interim basis. The share price slipped 10% to 22.5p.