Likewise has £250m revenue in its sights

UK Investor Magazine
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Likewise has £250m revenue in its sights

Likewise Group has delivered another upbeat trading update, with sales growth accelerating and a flurry of infrastructure investments keeping the flooring distributor on track to comfortably exceed its £250m revenue target.

The group recently reported a 9% increase in 2025 revenues to £163m.

Like-for-like total group revenue is up 16.5% in the year to 31 May 2026, with May alone climbing 19.1% against the same month last year.

The AIM-listed group said order intake remains positive as it continues to take significant market share in the UK flooring distribution sector. This should encourage investors who may be slightly concerned about

Much of the momentum is being driven by capacity expansion. A second distribution hub in Leeds is now operational, the Newport extension is on schedule to come online in July, adding storage and cutting capacity, and the Valley business has stepped up cutting capacity in Derby.

Beyond that, legal due diligence is progressing on the freehold acquisition of a 60,000 sq ft high bay distribution hub in the East Midlands, in addition to the recently acquired Leeds freehold. The delivery fleet will also grow to more than 160 trucks during 2026.

Management said that with the existing infrastructure built up over the past five years, combined with the latest tranche of investment all due to complete by the end of 2026, the group will have the capacity to materially exceed £250m in sales.

Tony Brewer, Chief Executive of Likewise, said: “We are very proud of the excellent Management and Teams of people we have around the UK, who with the support of our Suppliers and Customers are building a really strong business.”

“We have a clear focus and strategy on what to achieve over the next five years and beyond. We very much appreciate the commitment and support of all stakeholders.”

FTSE 100 stumbles as Middle East peace efforts disappoint

UK Investor Magazine
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FTSE 100 stumbles as Middle East peace efforts disappoint

The FTSE 100 was slightly lower on Tuesday after talks between the US and Iran faltered amid reports that each side had launched attacks against the other.

Concerns about higher oil prices weighed, and London’s markets didn’t enjoy the AI-related boost that Asia and the US did on Monday. The FTSE 100 fell 0.2% in mid-morning trade despite S&P 500 futures pointing to a 0.3% gain on the open.

“It’s Groundhog Day for the markets as the Iran-US ceasefire is tested, while conflicting noises are made about the prospects for a peace deal,” said Dan Coatsworth, head of markets at AJ Bell.

“Understandably, markets are in a non-committal mood as they wait to see if this is the week when we finally see some form of resolution to the crisis. The FTSE 100 slipped 0.3%, while oil prices ticked higher but remain some way off the $100 per barrel alarm-bell territory.”

Most stocks were trading in the red at the time of writing, but losses were contained. Babcock and BAE Systems were the top fallers, both down between 2%- 2.5%.

Sage was the FTSE 100’s top riser, jumping off a level of support around 840p. Entain and JD Sports were also among the best performers.

FTSE 100 housebuilders were mixed after Nationwide released its latest house price index, revealing that UK property prices fell 0.6% month-on-month in May.

“Global turmoil is taking a toll on the property market. House prices fell between April and May and are up just 1.7% in a year. It’s a valuable reminder that property investments aren’t always safe as houses,” said Sarah Coles, head of personal finance at AJ Bell.

“The Nationwide House Price Index only provides a partial picture of the market, but it’s particularly timely, because it looks at prices at the point of mortgage approvals – months ahead of the completion data we get from the Office for National Statistics.

“We can see the market is starting to struggle in the face of some tough headwinds. Falling consumer confidence, rising unemployment, higher mortgage rates and fears of rising prices are denting buyer enthusiasm. The fact there are fewer buyers around is encouraging people to negotiate hard, so average prices are falling.”

Persimmon fell 0.3%, and Barratt Redrow added 0.5%. Housebuilders have fallen so far since Israel and the US attacked Iran that there’s a strong argument that the bad news about house prices has already been priced in.

AIM movers: Bumper May for RentGuarantor and waiver extension for Litigation Capital Management

Andrew Hore
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AIM movers: Bumper May for RentGuarantor and waiver extension for Litigation Capital Management

Dr Ian Pike is stepping down as chief scientific officer of Proteome Sciences (LON: PRM) but will remain as a non-executive director of the proteomics services provider and provide consultancy services. The share price jumped 32.5% to 1.855p.

In the first five months of 2026, RentGuarantor (LON: RGG) increased revenues 155% to around £2m. The number of rent guarantee contracts more than doubled. The Renters Rights Act came into force on 1 May and the income for May was £700,000 enabling positive EBITDA. Investment in AI continues. Allenby has increased its forecast 2026 revenues by 29% to £5.95m and a pre-tax profit of £711,000 is expected. The share price gained 14% to 32.5p.

Brave Bison (LON: BBSN) has set out details of the long-term incentive plan for Oliver Green and Teodore Green. They will receive B shares. The baseline share price is 80p, subject to annual increases of 8%, and the share price has to reach at least 150p before there is any value. The two men will receive ordinary shares equivalent to 12% of the market value above the baseline price – based on the 90-day volume-weighted average price at the time of redeeming the B shares. If the share price reaches 217p, the dilution to shareholders could be the maximum of 6%. The share price rose 7.32% to 88p.

Chemotherapy drug delivery developer CRISM Therapeutics (LON: CRTX) has been a warded a non-dilutive research and development grant by InvestNI, which is equivalent to 61% of eligible project spending on the docetaxel-ChemoSeed programme for the treatment of prostate cancer. This is for work that is set to last until March 2027. The share price improved 6.98% to 11.5p.

Forgent (LON: FORG) has received drilling approvals for the maiden drilling campaign at the Peak Hills gold copper project in Western Australia. Phase 1 of the drilling campaign will start shortly. The share price increased 3.575 to 0.0145p.

FALLERS

Litigation Capital Management (LON: LIT) says that the debt covenant waiver by Northleaf has been extended to the end of June. The interest charge remains two percentage points higher during the waiver. Two cases with A$9m invested have had negative developments and this will lead to write-downs. The strategic review continues. The share price dipped 18.4% to 3.395p.

Oil and gas explorer Sunda Energy (LON: SNDA) had cash of £330,000 at the end of 2025 after reporting a loss of £2.84m. A convertible loan note could raise up to $9m with $1.5m drawn down so far. The acquisition of Matahio Energy NZ is generating cash for Sunda Energy and further funds were raised to finance this. An environmental licence enables drilling of the Chuditch-2 well, south of Timor-Leste. The share price slipped 10.9% to 1.425p.

Caledonian Holdings (LON: CHP) has completed the acquisition of Aspire Commerce for an enterprise value of £9.33m. Aspire Commerce is a payments and trade finance business and the deal required FCA approval. The share price declined 5.51% to 2.4p.

Great Western Mining (LON: GWMO) says initial exploration work has been completed on the 3km corridor between the Defender-Pine Crow tungsten project and the M2 copper resource. Locations have been selected for drilling due to start in July. The share price fell 5.43% to 4.35p.

Metro Bank Holdings: delivering continued profit growth against dynamic market backdrop

Mark Watson-Mitchell
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Metro Bank Holdings: delivering continued profit growth against dynamic market backdrop

Last week RBC Capital Markets suggested that the shares of Metro Bank Holdings (LON:MTRO) will Outperform, while setting a 195p Target Price. 
The £1.16bn-capitalised group’s shares, which have put on over 25% in value within the last month alone, closed at 172.60p. 
At the beginning of March, I featured this banking company at 122p, so the subsequent 41% price gain must be more than pleasing for its investors. 
That market-beating performance could well indicate that substantial&...

Easyjet shares fly as Castlelake signal takeover interest

UK Investor Magazine
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Easyjet shares fly as Castlelake signal takeover interest

Easyjet shares flew on Monday after Castlelake confirmed its interest in the budget airline group following media reports over the weekend.

Eastjet shares were 11% higher at the time of writing despite no formal talks between the two parties.

The interest was labelled ‘opportunist’ by the Easyjet board, who pointed to a depressed share price resulting from the conflict in the Middle East.

“easyJet is at the centre of a storm of speculation over a takeover, with the rumours lifting shares sharply in anticipation of a potential deal,” said Susannah Streeter, Chief Investment Strategist, Wealth Club.

“The airline has been hit by a severe bout of turbulence sparked by the war in Iran and now private equity firm Castlelake appears ready to pounce. The airline has been battling headwinds from escalating tensions in the Middle East, which have rattled consumer confidence, driven up fuel costs and cast a shadow over the outlook for European travel demand.”

Easyjet shares are down 22% over the past year and 43% over five years.

Lord Michael Spencer with David Buik and Michael Wilson

UK Investor Magazine
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Lord Michael Spencer with David Buik and Michael Wilson

UK Investor Magazine is joined by Lord Michael Spencer, one of the City’s most successful entrepreneurs of the past 25 years, as he sits down with David Buik and Michael Wilson. In this discussion, Lord Spencer shares his views on financial markets, the economy, and the business landscape, drawing on decades of experience at the forefront of global finance.

UK house prices fall as mortgage rates rise

UK Investor Magazine
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UK house prices fall as mortgage rates rise

UK house price growth faltered in May, with the annual rate slipping to 1.7% from 3.0% the month before, according to the latest Nationwide House Price Index.

Prices fell 0.6% on the month once seasonal effects are stripped out, the first monthly drop of the year, leaving the average home worth £278,024, down slightly from £278,880 in April.

The conflict in the Middle East is being blamed on economists.

Robert Gardner, Nationwide’s chief economist, pinned the slowdown on the fallout from the conflict in the Middle East, which has pushed up energy prices and market mortgage rates. “Some loss of momentum was to be expected,” he said, pointing to a noticeable knock to consumer confidence since the conflict began. GfK’s confidence gauge tumbled to its weakest level since late 2023 in April and barely recovered in May.

Estate agents are also pointing to soft activity. The Royal Institution of Chartered Surveyors recorded a steep fall in new buyer enquiries in March, the worst reading since 2023, with the measure still firmly in negative territory in April.

EnSilica secures $75m automotive contract

UK Investor Magazine
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EnSilica secures $75m automotive contract

EnSilica has secured a seven-year manufacturing and supply contract with a German automotive components maker, in a deal expected to generate around $75m in revenue over its lifetime.

Today’s deal follows other major wins for the company in the space industry.

The AIM-listed fabless chipmaker won the contract announced today through a competitive tender to produce an ARM-based sensing chip, which is already in production. Because the chip is already in production, no design or tape-out work is required, meaning EnSilica steps straight into the manufacturing and supply role.

Around $4m of revenue is expected to flow through in the financial year ending 31 May 2027, with the gross margin reflecting the manufacturing-only nature of the work.

Ian Lankshear, CEO of EnSilica, said: “We are pleased to have secured this Contract, which will not only generate material future revenues but is expected to also deliver significant strategic benefits for EnSilica.

The Contract opens up a connection to a Tier 1 German automotive supply chain, increases wafer volume shipments through our partner foundries – reinforcing our position as a key customer – and it secures the VDA-aligned automotive quality standard required to operate within the German automotive sector.

It also places EnSilica in a stronger position to secure future higher-margin ASIC design opportunities in this important market.”

Drax swoops on Bluefield Solar in £548m renewable energy push

UK Investor Magazine
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Drax swoops on Bluefield Solar in £548m renewable energy push

Drax has agreed a recommended all-cash takeover of Bluefield Solar Income Fund (BSIF), valuing the listed renewables investment company at around £548m and marking a significant step up in the energy group’s UK clean power ambitions.

Once known for its iconic power station, Drax now has a diverse range of renewable power generation and storage facilities that span biomass, pumped hydro, and gas.

Today’s deal will boost the firms’ solar and wind capabilities.

Under the terms of the deal, BSIF shareholders will receive 92.574p in cash per share, with qualifying holders also retaining a 2.25p second interim dividend due on or around 15 June, bringing the total to 94.824p per share.

Including the dividend, the offer represents a 31% premium to BSIF’s closing price of 72.20p on 4 November 2025, the day before the offer period began, and a 21% premium to the one-month volume weighted average price.

It does, however, come at a 9% discount to BSIF’s net asset value of 104.52p at the end of March. This may have implications for the wider sector, which has long faced questions about the valuations of underlying assets.

The deal will give Drax direct access to a roughly 0.9GW portfolio of operating and under-construction solar and wind assets, plus a development pipeline of more than 1GW (2.9GW gross) to be built out over the next decade.

That sits alongside Drax’s existing 2.2GW of FlexGen assets and 2.6GW of biomass, broadening its UK generation base and helping to optimise its overall energy mix.

In the year to 30 June 2025, BSIF generated underlying earnings of around £95m, EBITDA of £130m and operating free cash flow of £118m, with 57% of revenue underpinned by long-term government-backed schemes and the remaining 43% from power purchase agreements.

AIM movers: Sound Energy sells Moroccan assets

Andrew Hore
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AIM movers: Sound Energy sells Moroccan assets

Tern (LON: TERN) invested £48,000 in cash and converted £87,000 owed into £270,000 of unsecured convertible loan notes in Talking Medicines. They have a 10% interest rate and if conversion is triggered the share price will be at a 20% discount to a fundraising or exit price. If not triggered, then the convertibles mature on 21 November 2029. The Tern share price gained 44.4% to 1.3p.

Geo Exploration (LON: GEO) has started the work programme on the Gorge project in Western Australia. The airborne LiDAR has been completed ahead of schedule and the magnetic and radiometric survey has started. The share price increased 39.4% to 0.115p.

Bradda Head Lithium (LON: BHL) has secured a key drilling permit for the Whitejacket lithium project in Arizona. A drilling programme will meet earn-in commitments and go towards a mineral resource estimate. The share price improved by one-third to 3.8p.

Copper explorer Arc Minerals (LON: ARCM) has settled with Handa Resources Ltd, Unico Minerals Ltd and Kopara Investments Ltd and Zambia Mineral Exchange Corporation Ltd, Lunda Resources Ltd and Mumena Mushinge in Zambia. This will enable development of the Kabompo West project in Zambia.Karl-Erik von Bahr owns 3.27% of the company. The share price rose 30.7% to 0.49p.

FALLERS

Sound Energy (LON: SOU) is selling its development assets in Morocco for $57m in cash and relinquishing nearby exploration assets. This will leave the company with $11m in cash after debt repayment. There are also solar and hydrogen joint ventures. Annual overheads are $2.9m. New oil and gas assets outside Morocco are being considered. The share price slumped by three-fifths to 1.88p.

Union Jack Oil (LON: UJO) has published further information about AGM resolutions 7 and 10. Non-executive director John Americanos, who is the largest shareholder with 6.78%, disagrees with the other directors on the resolutions. Resolution seven is for the appointment of Craig Howie as a director. The board, other than John Americanos, is against Craig Howie being reappointed to the board following his removal as an executive director in January, prior to the appointment of John Americanos. The argument was that he did not have the knowledge for his job and breaches of confidentiality. A nominee shareholder requested that resolution 7 was included at the AGM, as well as resolutions for the re-election of directors. Resolution 10 would reduce the nominal value of shares from 5p, which is above the market price, to 0.05p, so that shares can be issued. Net production of 0.16m barrels of oil equivalent/day was achieved by Union Jack Oil in 2025 and that generated revenues of £2.5m. Cash was £1.6m at the end of 2025. In 2026, revenues are forecast at £3.1m, and net cash is expected to be £1.3m at the year end. The total risked NAV estimate is 35p/share. The share price declined 22.1% to 3.7p.

Jangada Mines (LON: JAN) says high grade intersections confirm that the Molly gold project in Brazil is a multi-target polymetallic discovery. Gold, silver and copper mineralisation has been found. Results have been delayed because of a lab backlog and the full results have still to be assessed. The share price fell 21.7% to 1.175p.

Low sodium salt developer MircoSalt (LON: SALT) reported a jump in revenues from $800,000 to $2.1m in 2025 and they could more than double again this year as new contracts come through. However, the 2026 revenues forecast has been downgraded from $7m to $4.6m because of a delay in production at customer 3. Zeus says that this delay pushes revenues out by five months and 2027 guidance remains that revenues could be $15m. Net debt could be $1.9m by the end of 2026 with 2027 set to be cash generative. The share price dipped 18.2% to 40.5p.

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