Troubled Totally has issued a warning to investors that shareholders may recover nothing from their investment as the company desperately attempts to sell off subsidiaries to prevent financial collapse.

The healthcare outsourcing company launched a strategic review three weeks ago to strength its balance sheet through asset sales. After appointing Ernst & Young to advise on the disposals, Totally said it has now received multiple offers for various business units but directors have painted a grim picture of the likely outcomes.

In a brief statement released today, the board made clear that asset disposals represent “the only realistic route” for meeting the group’s obligations.

Unfortunately for investors, the solution to meeting these obligations will leave little or no value in the company’s shares which fell over 30% on Friday. Totally shares have lost 95% of their value since the beginning of the year.

What began as a strategic review has evolved into what appears to be a fire sale of assets, with the company racing to raise cash.

The major issue for Totally is that even if the company successfully completes the disposal programme, the expected proceeds will fall well short of covering all future liabilities.

The group’s trading statement released in early May highlighted they were trading profitably on a monthly basis. This will be of little consequence if these income generating assets are sold to cover debts.

Totally may well be one of the next firms to leave London’s AIM.

Games Workshop Group has delivered a trading statement for the FY2025 highlights further progress in revenue growth with the company’s core revenue reaching an estimated £560 million, representing a 13% increase from the previous year’s £494.7 million.

Games Workshop typically release short trading statements. Nonetheless, there is a lot to unpack in the latest installment.

The Nottingham-based manufacturer of table top gaming products has demonstrated increasing demand for its Warhammer games, producing growth across its key revenue streams, with licensing income proving particularly robust.

Licensing revenue surged to approximately £50 million, marking a significant 61% increase from the £31.0 million recorded in 2023/24. However, the company did say it didn’t expect surging growth to be repeated in the year ahead.

The outlook for licesning fees may be behind the 3% decline in shares in early trade on Friday.

Higher revenues are translating through to increase profits. Core operating profit is estimated to be a minimum of £210 million, up from £174.8 million in the previous financial year. Licensing operations contributed approximately £45 million to operating profit, representing a substantial 67% increase from the £27.0 million achieved in 2023/24.

Games Workshop’s profit before taxation is estimated to reach at least £255 million, compared to £203.0 million in the prior year.

Record Licensing Performance

The company has achieved record-breaking licensing revenue during the period, underlining the growing commercial appeal of the Warhammer intellectual property across various media and product categories. However, Games Workshop has cautioned that this exceptional licensing performance is not expected to be replicated in the 2025/26 financial year.

Despite this caveat, the company has emphasised that licensing remains a significant strategic focus, suggesting continued investment in expanding the reach and commercial application of its intellectual property portfolio.

Employee Recognition and Shareholder Returns

In recognition of staff contributions to these outstanding results, Games Workshop distributed approximately £20 million in Group Profit Share payments, up from £18 million in the previous year. These payments are distributed equally amongst all staff members in cash.

Shareholders have also benefited substantially from the company’s performance, with total dividends declared and paid during the year reaching £171.4 million, equivalent to 520 pence per share. This represents a notable increase from the £138.3 million (420 pence per share) distributed in 2023/24.

Games Workshop plans to publish its 2025 Annual Report on 29 July 2025, which will provide comprehensive details of the company’s performance and strategic direction.

Johnson Matthey has agreed to sell its Catalyst Technologies business to Honeywell International for £1.8bn, with the majority of proceeds set to be returned directly to shareholders.

Johnson Matthey shares were 31% higher at the time of writing.

The FTSE 100 chemicals group announced it will return £1.4bn to shareholders following completion of the transaction, equivalent to approximately £8 per share and representing 88% of expected net sale proceeds of £1.6bn.

The disposal, valued at an enterprise value of £1.8bn on a cash and debt-free basis, represents a transaction multiple of 13.3 times EBITDA. Completion is anticipated by the first half of 2026, subject to customary closing adjustments.

Following the sale, Johnson Matthey will be repositioned as a streamlined operation focused on its Clean Air and Precious Metals Services (PGMS) divisions. The company expects this strategic shift to drive sustained cash generation and support ongoing returns to shareholders.

“On behalf of the Board, we are pleased to announce the sale of CT which, together with the refreshed strategy of the Group, represents a strategically and financially compelling proposition for shareholders,” said Patrick Thomas, Chair of Johnson Matthey.

“Today’s transaction realises significant value for shareholders, creating a Group with the core strengths, focus and discipline to deliver strong returns for shareholders into the future.”

The group now anticipates generating at least £250m in free cash flow by the 2027-28 financial year, supported by enhanced operating efficiencies and reduced capital expenditure. Johnson Matthey has committed to annual cash returns of at least £130m for 2025-26, rising to £200m from 2026-27 onwards. The company has become an interesting source of income for investors.

Johnson Matthey also announced full-year results on Thursday. Revenue fell 9% but shareholders will be pleased to see operating profit up 116%.

The FTSE 100 fell on Thursday as European stocks tracked a sell-off in US shares sparked by rising concerns about US debt.

London’s leading index was down 0.7% at the time of writing.

“The growing mountain of US debt is causing ripples of worry across financial markets, with signs investors are baulking at financing the Trump administration,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“These concerns have hit sentiment in Europe, given the repercussions that financial difficulties in the world’s largest economy would have on the global economy.”

After a record-breaking run of consecutive up days as the FTSE 100 recovered from Trump’s Liberation Day, the pace of London’s gains has slowed this week as the market pauses for breath and concerns about long-standing risks such as the US debt mountain serve as a reality check.

Nonetheless, we are in an infinitely better position than we were in the days following the announcement of Trump’s trade policies, with many market participants remaining bullish on global stocks, despite a number of risk events in the near term.

“Peak trade uncertainty remains in the rear view mirror, incoming data remains resilient for the time being, with incoming earnings also not as bad as had been feared,” said Michael Brown, Senior Research Strategist at Pepperstone.

“That said, I’d imagine that the risk of Nvidia (NVDA) earnings next Wednesday is starting to play on a few minds, and wouldn’t rule out the chance of a bit more de-risking into that report.”

De-risking was rife in London on Thursday, with 86 of the FTSE 100’s constituents trading negatively at the time of writing.

“The FTSE 100 was dragged down by energy stocks and a negative reaction to BT’s results. Marks & Spencer extended yesterday’s small advance as investors saw a path out of the cyber-attack disruption,” explained Russ Mould, investment director at AJ Bell.

BT shares were down 3% as investors booked short-term profits after the group released a mixed set of full-year results.

“A clear sign a company is lacking in focus is when they attempt to do too much and BT is a classic example. Typically, it is the job of new management to come in and streamline operations and bring their attention back to what they are good at,” Russ Mould said.

Housebuilders were among those firmly in the red with Taylor Wimpey, Persimmon and Barratt Redrow all down around 2%.

JD Sports was the FTSE 100 top riser as the sports retailer recovered some of the losses suffered yesterday after issuing a disappointing set of results.

Morningstar’s Michael Field has highlighted ‘three standout European stocks that present significant potential for investors seeking growth’.

The selection is made against Morningstar’s view that there is around 6% upside in European equity markets currently. All three of Morningstar’s standout stocks have fair value estimates that would suggest upside that far outstrips the wider market.

Michael Field, chief equity strategist at Morningstar, outlines the investment case for each of the three stocks in his own words:

Remy Cointreau

Morningstar views Remy Cointreau, French alcoholic beverage group, as 60% undervalued compared to the market price. Morningstar’s Fair Value Estimate for this stock is EUR 119.

“The tariffs placed directly on spirits as part of Trump’s trade war, alongside a weak economy impacting consumer spending, have collectively hurt luxury alcohol brands like Remy Cointreau. Although sales have been impacted by lower high-end consumer spending, this is only temporary, and we believe these shares could more than double in the longer term. For patient investors we believe this will recover in 2026, creating a real opportunity for investors looking to snag a cheap deal,” Michael Field noted.

Mercedes Benz

Morningstar sees value within Mercedes Benz, German automotive company, outlining the stock as 40% undervalued compared to the market price. Morningstar’s Fair Value Estimate for this stock is EUR 90.

“Despite Mercedes Benz being an already established and popular brand, we believe this stock is undervalued, in contrast to other market views. Although automakers have had a rough time recently with lower consumer spending and Trump’s targeted tariffs on the sector, we believe shares could almost double. Mercedes Benz is working on upgrading its S-class models and expanding its offerings of electric vehicles which should boost its sales in 2026,” Michael Field commented.

Rheinmetall

Morningstar see opportunity in Rheinmetall, German automotive and arms manufacturer, with 20% upside compared to the current market valuation. Morningstar’s Fair Value Estimate for Rheinmetall is EUR 2,220.

“Despite the sector rallying since the Russia/Ukraine war broke out, we believe the structural growth story has further to go. Over the next five years we see European defence budgets rising by 35%, which will massively benefit incumbent defence players like Rheinmetall. Countries, like Germany, who have supplied arms to Ukraine will need to replenish stock, which often takes a seven-year cycle, further adding legs to the longevity of this investment opportunity,” Michael Field said.