AIM movers: Synectics uncertainty and Victoria sales decline

Andrew Hore
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AIM movers: Synectics uncertainty and Victoria sales decline

Energy as a Service provider eEnergy Group (LON: EAAS) shares recovered more than the initial loss following the news earlier this week that £3m-£4m of expected 2025 revenues will be delayed until 2026. The share price is 10.5% higher at 4.75p.

Bezant Resources (LON: BZT) has completed the acquisition of 90% of the company that owns the NLZM processing plant, which is an important part of developing the Hope & Gorob gold project in Namibia. The share price improved 3.33% to 0.0775p.

Lithium producer Kodal Minerals (LON: KOD), which owns 49% of the Bougouni lithium project in southern Mali, says that the initial payment of $21.3m for spodumene concentrate has been received from the offtake partner. A second shipment is planned in the first quarter of 2026. The processing plant has restarted after a period of maintenance and optimisation of performance. Stockpile levels are being built up to ensure continued supply in 2026. There are positive exploration drilling results. The share price gained 3.23% to 0.32p.

FALLERS

Surveillance and security systems supplier Synectics (LON: SNX) has improved full year revenues from £55.8m to at least £68m, including a one-off contract worth £12m. Pre-tax profit increases from £4.7m to £6m. Cash was £14.1m at the end of November 2025. The total dividend is 11% higher at 5p/share. The order book is worth £26.5m, but there is no large one-off contract. The uncertainty led to a 18.1% share price slump to 237.5p.

Floorcoverings supplier Victoria (LON: VCP) interim revenues fell from £568.8m to £528.7m and the underlying loss increased from £13.6m to £15.4m. The decline in revenues slowed to 2% in the second quarter. Lower volumes were partly offset by price increases. Net debt including lease liabilities rose from £857.1m to £1bn. Management is cautious about the outlook. The share price declined 17.8% to 30.825p.

Avacta (LON: AVCT) has announced preliminary phase 1b in line with the phase 1a data for AVA6000 which shows clinically meaningful tumour shrinkage in salivary gland cancers. There will be further updates next year. The share price slipped 12% to 69.5p.

Toys and character figures supplier Character Group (LON: CCT) has been hampered by tariffs and weak consumer spending and 2024-25 revenues declined 19% to £100.5m, which meant that pre-tax profit slumped from £6.6m to £1.2m. Net cash was £12.6m at the end of August 2025. The dividend was slashed from 19p/share to 6p/share, but it is not covered by earnings. Tariffs for imports from China were reduced from 30% to 20% in November. Pre-tax profit could recover to £2.6m this year. The share price fell 7.6% to 243p.

Serco shares rise on solid trading update

UK Investor Magazine
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Serco shares rise on solid trading update

Serco capped off a strong year for the stock with an encouraging trading update that justifies the 70% rally so far in 2025.

Revenue is expected to rise 3% for 2025, and operating profit is set to come in at £270m.

However, it was guidance for next year that would have caught investors’ attention. Serco has forecast operating profits of £300m for the coming year, which would make its current £2.5bn market cap seem very good value.

Serco shares were 5% higher at the time of writing on Wednesday.

“Serco has delivered another solid, if unspectacular, set of results that underline the resilience of its government focused model. Profit guidance has been edged up and management is now flagging a stronger earnings trajectory into 2026, driven more by margin discipline and cash generation than by rapid top‑line growth,” said Adam Vettese, Market Analyst at eToro.

“On the positive side, Serco is converting a high proportion of profit into cash, carrying a manageable balance sheet and increasingly talking about capital returns, which should appeal to investors. The order book remains healthy and long dated, helped by recent contract wins across justice and defence.

“The flip side is that organic revenue growth is only low single digit, and the business remains exposed to political and contract specific risk, as shown by the goodwill impairment in Asia Pacific last year.

“Overall, the investment case rests on dependable government revenues, improving margins and disciplined capital allocation. Investors will be very happy with how Serco has performed this year, with shares trading at a 10 year high, and will be hoping for more of the same into 2026.”

FTSE 100 surges on lower than expected inflation

UK Investor Magazine
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FTSE 100 surges on lower than expected inflation

The FTSE 100 surged on Wednesday as investors cheered lower-than-expected inflation data that signalled more Bank of England interest rate cuts in early 2026.

UK CPI inflation came in at 3.2% for the year to November – a significant fall from last month’s reading of 3.6% and well below the 3.5% forecast for November by economists.

The reading is a big win for all involved. Equity bulls jumped into UK stocks on the hopes of more interest rate cuts next year, and the Bank of England’s life has been a whole lot easier. A rate cut tomorrow is a near certainty.

But the question investors will now have is how many rate cuts they can expect in early 2026. Although the inflation is still above the BoE’s 2% target, a trend lower should suffice to justify borrowing costs further in 2026.

London’s leading index jumped 1.7% on the news, hitting the highest levels since early November. 10,000 before the end of the year now looks achievable.

“A lower-than-expected reading of inflation has reinforced expectations for a Bank of England rate cut tomorrow and helped the FTSE 100 to post solid gains on Wednesday morning,” says AJ Bell head of markets Dan Coatsworth.

“The inflation data saw a drop in sterling which helps flatter the dominant overseas earnings in the UK’s flagship index.”

As you’d expect, the FTSE 100’s gains were broad on Wednesday with most shares trading higher. 

There were notable gains for cyclical sectors, including banks and miners among the best performers on the session. HSBC was among the top risers, adding more than 4%. 

Housebuilders enjoyed a strong session on hopes of further interest rate cuts next year. Barratt Redrow rose 2.9% while Persimmon added 2.6%.

The sector is in desperate need of a boost, and investors disappointed with the government’s lack of action on construction in the budget may find some solace in lower inflation data. 

Bunzl was the FTSE 100’s top faller after releasing a disappointing trading update. Shares were down over 2%.

Scaling nature restoration into high-integrity carbon credits with Open Forest Protocol

UK Investor Magazine
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Scaling nature restoration into high-integrity carbon credits with Open Forest Protocol

The UK Investor Magazine was delighted to welcome the founding team from Open Forest Protocol to the podcast as the carbon credit and forest management platform begins its crowdfunding round. 

Please find out more about the Open Forest Protocol here. 

Open Forest Protocol is on a mission to boost transparency and digitalise forest restoration by enhancing investors’ access to information. 

The voluntary carbon credit market is set to be worth $100 billion by 2050, and Open Forest Protocol believes enhancing verification channels is key to achieving this.

The company is a World Economic Forum UpLink Top Innovator and already has 300 live projects.

Waymo seeks $15bn in funding at $100bn valuation

UK Investor Magazine
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Waymo seeks $15bn in funding at $100bn valuation

Waymo, Alphabet’s autonomous driving business, is in advanced discussions to raise more than $15bn at a valuation approaching $100bn, according to reports.

The funding round, expected to be completed in early 2025, would be led by parent company Alphabet with participation from external investors. Waymo’s previous round in October 2025 valued the firm at more than $45bn.

Should Waymo secures funds at the new valuation, it would underscore broader adoption of the nascent autonomous vehicle technology. The industry is still in the very early stages, and a land grab is underway to deploy fleets as quickly as possible in as many cities as possible.

Waymo has its nose out in front at this stage.

Waymo operates the only paid driverless ride-hailing service in the United States with no safety drivers or in-vehicle attendants, deploying a fleet exceeding 2,500 vehicles across several American cities. Tesla has a human pilot in its AV taxis but plans to offer rides without a human driver soon.

Carved out from Google’s self-driving car project in 2016, Waymo has emerged as one of the most advanced autonomous vehicle platforms globally.

The proposed fundraise, which could rank among the largest private rounds in the sector’s history, reflects renewed investor appetite for commercialised autonomous driving technology, particularly as enthusiasm for AI-linked assets remains robust.

A number of AV companies have already been listed on US exchanges and have attracted strong investor demand. It’s likely Waymo enjoys similar demand during this round.

FTSE 100 drops as defence stocks fall

UK Investor Magazine
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FTSE 100 drops as defence stocks fall

The FTSE 100 was down on Tuesday, with defence stocks weighing on the index as investors digested a raft of delayed US economic data.

London’s leading index was down 0.5% at 9,703 at the time of writing.

“Having moved within sight of the 10,000 mark a little over a month ago, the FTSE 100 lost momentum again today,” said AJ Bell investment director Russ Mould.

“There appears to be little sign of a Santa Rally as concerns about tech valuations continue to knock sentiment in US and Asian markets.

“The chances of an interest rate cut from the Bank of England this Thursday, already widely priced in by the market, looked to have ticked higher off the back of an increase in the UK unemployment rate.”

What hasn’t been priced in is the raft of US economic data withheld due to the US government shutdown. This backlog of US data started hitting the wires on Tuesday, with NFPs and retail sales data released. November Non-Farm Payrolls rose 64,000 compared to estimates of 50,000, while October saw 105,000 jobs lost, mainly due to government layoffs.

The initial reaction saw S&P futures rise, suggesting markets were preparing for more Fed interest rate cuts.

In the UK, defence stocks were among the top fallers as Ukraine peace talks progressed, curtailing interest in the sector. Babcock fell 4% while BAE Systems lost 2.5%.

BP shares were down 2% after the Financial Times reported Shell was unlikely to pursue a takeover of its peer after Shell’s head of mergers & acquisitions left amid a rift with the CEO.

“Reporting around the departure earlier this year of Shell’s M&A chief Greg Gut suggests he left having failed to convince senior management with a pitch for the company to buy BP,” Russ Mould said.

“If accurate, this would heavily hint that Shell is unlikely to return with a bid after the restrictions on its ability to do so expire on Boxing Day.

“Chief executive Wael Sawan was vocal in dismissing the prospect of a mega-merger between the two companies when rumours first emerged – suggesting he would rather use excess capital for share buybacks.”

JD Sports was the top riser as investors rotated into value stocks. JD Sports has had a tough time in 2025, but investors are gradually returning to the sports retailer.

The same can be said of ConvaTec, which is back among the gainers on Tuesday, up 2%.

Use this pullback as an opportunity to buy Vietnam Holding

UK Investor Magazine
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Use this pullback as an opportunity to buy Vietnam Holding

Shares in the Vietnam Holding Investment Trust have dropped back amid a bout of profit-taking in Vietnamese stocks after a rip-roaring rally from the post-Trump tariff lows.

The VN Index of Vietnamese stocks surged over 50% from lows around 1,200 in April, reaching levels above 1,750 in October and again in December.

Naturally, such a strong run-up in the index has spurred a wave of profit-taking in Vietnamese shares, resulting in a pullback in the Vietnam Holding Investment Trust, which invests exclusively in shares listed in the country.

We would argue that this correction presents an entry opportunity for investors seeking exposure to Vietnam’s longer-term growth story, which is underpinned by sustained economic growth.

Indeed, recent economic data from Vietnam has been strong and supports the trust’s investment case.

Vietnam’s manufacturing sector maintained its expansion in November, though momentum eased slightly from October’s fifteen-month peak.

The S&P Global Vietnam Manufacturing PMI registered 53.8 in November, higher than most countries in the region and outstripping most developed countries.

Output rose for the seventh straight month, supported by expanding new orders.

While severe weather conditions constrained production activity and disrupted supply chains, the broader economy continued to accelerate. GDP expanded 8.23% year-on-year in Q3 2025, the fastest pace since Q3 2022. Growth was broad-based across all sectors: industry and construction advanced 9.46%, services rose 8.56%, and agriculture grew 3.74%.

Trade remained robust despite a 20% US tariff imposed in early August. Q3 goods exports surged 18.4%, whilst imports jumped 20.2%. Final consumption gained 7.79% year-on-year, with fixed investment rising 8.97%.

Prime Minister Pham Minh Chinh projects exports will climb by more than 12% this year, citing optimism about ongoing US trade negotiations.

As noted by the trust in a recent update: “Vietnam’s structural advantages – a young workforce, strategic geography, business-friendly reforms, and sustained FDI inflows – remain intact.”

Beyond the fundamental economics driving returns of Vietnamese stocks, investors should consider Dynam Capital’s stock-picking prowess.

This is demonstrated by how the trust’s managers have adapted to the changing face of the Vietnamese economy and by their careful consideration of individual company valuations.

For example, this year the trust has sold down holdings in its largest holding, FPT, to invest in other areas it sees as better value. VNH investors did very well from its FPT investment, but a sign of a good manager is not being married to a trade and the willingness to seek value elsewhere.

Over a 15-year period, VNH has delivered a CAGR of 9.9% compared to 7.1% for the benchmark.

There is also an opportunity in the NAV discount. At 370p, Vietnam Holding trades at a 7% discount to NAV, with much of the recent decline driven by an expansion of this discount rather than a reduction in overall NAV. The NAV has actually held up well.

Vietnam Holding traded at a premium not too long ago, and the trust is committed to managing the discount through innovative redemption offerings.

From a technical perspective, the 200-day moving average at 369p appears to be a sensible support level for those interested in charting.

AIM movers: Serica Energy buys North Sea Assets and Touchstar warning

Andrew Hore
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AIM movers: Serica Energy buys North Sea Assets and Touchstar warning

Tavistock Investments (LON: TAVI) has updated investors on its litigation with Titan, who acquired Tavistock’s asset management business and funds branded ACUMEN. This was part of a 10-year strategic partnership. Tavistock says that there were many breaches of the agreement. A court hearing determined that Tavistock can add other counterclaims and awarded it interim costs of £250,000. The share price increased 19.7% to 4.25p.

Shares in Wishbone Gold (LON: WSBN) rebounded 13.8% to 62p following an interview with chairman and chief executive Richard Poulden on focusIR.

Sovereign Metals (LON: SVML) has signed a collaboration agreement with International Finance Corporation (IFC) to support development of the Kasiya rutile and graphite project. IFC will have rights to be primary lender and lead investor for Kasiya. The share price rose 8.8% to 27.2p.

Serica Energy (LON: SQZ) is buying North Sea assets from Spirit Energy for $74m with the effective date 1 January 2025. These are predominantly gas assets and production is 13.5mboe/day. Spirit Energy is retaining decommissioning liabilities with a cap of 115% of current estimates. Serica Energy chief executive Chris Cox previously held the same role at Spirit Energy, so he knows the assets. The acquisition will be earnings enhancing with potential upside from further drilling and development. The share price improved 3.26% to 167.7p.

FALLERS

Logistics technology provider Touchstar (LON: TST) will not meet expectations this year and it is expecting modest growth in 2026 because of continuing tough economic conditions. In 2025, revenues will be around £6.7m, compared with the forecast of £8m, and there will be a small pre-tax profit.  There will be exceptional costs of £1.45m for restructuring and software impairment. Cash will be £2m at the end of the year. The restructuring continues and acquisitions will be reviewed. The share price slumped 22.8% to 57.5p.

Geo Exploration (LON: GEO) has raised £1.25m at 0.18p/share. This will fund exploration at the Gorge gold project, advance drilling at the Juno gold project and finance farm-out activities for the PEL 94 oil licence in Namibia. In September, £1.1m was raised at 0.4p/share. The share price slipped 21.9% to 0.1875p.

Shares in Polarean Imaging (LON: POLX) declined 14.3% to 0.09p following shareholder voting in favour of leaving AIM on 23 December. JP Jenkins will provide a matched bargain facility.

Oriole Resources (LON: ORR) has published a preliminary economic assessment for 50%-owned Bibemi open pit gold project in Cameroon. Initial capital expenditure is $60.4m. The NPV8 is $12.8m based on a gold price of $3,200/ounce. Average all-in sustaining cost is $1,234/ounce. Total gold production of 72,000 ounces is estimated over seven years. The mine life can be extended. An exploitation licence could be granted in the first half of 2026. The share price is one-eighth lower at 0.28p.

Genomic diagnostics tests developer Oxford BioDynamics (LON: OBD) improved revenues from £600,000 to £1.1m in the year to September 2025. Marketing costs were refocused on direct selling to US physicians. Cash was £1.4m at the end of September 2025 with £7m goss subsequently added to the cash pile. Monthly sales of the EpiSwitch PSE prostate cancer test reached 250 by November. The target is 500 sales each month within 12 months. The share price dipped 8% to 0.23p.

Finsbury Growth & Income Trust: Backing Britain’s AI revolution

UK Investor Magazine
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Finsbury Growth & Income Trust: Backing Britain’s AI revolution

Fund manager Nick Train explains why UK-listed data businesses offer compelling growth opportunities as artificial intelligence transforms entire industries

After 25 years at the helm of Finsbury Growth and Income Investment Trust, Nick Train has orchestrated a portfolio transformation that now provides investors with balanced exposure to some of the UK’s leading adopters of artificial intelligence.

The veteran fund manager, who has followed UK markets since the early 1980s, has shifted the trust’s focus from traditional consumer brands towards data-driven businesses poised to capitalise on the artificial intelligence boom.

Data and digital businesses now comprise just under 60% of the portfolio, a dramatic pivot from the consumer staples that dominated for the first two decades of this century. It’s a bold repositioning that reflects Train’s conviction that AI-powered companies represent the UK market’s best growth opportunities. And that many of these companies are significantly undervalued.

The concentrated approach

Train’s investment philosophy draws heavily from Warren Buffett’s playbook. “Running a concentrated portfolio increases your chances of delivering different performance,” Nick Train explained in a recent interview with UK Investor Magazine. “But there’s a critical caveat – you must concentrate on exceptional, substantive, durable businesses.”

Train and his team hunt for companies that offer insights or services customers simply cannot do without. The criteria are exacting: proprietary data, powerful network effects, and the ability to generate reliable cash flows whilst remaining capital-light.

“What’s so compelling about these data and platform businesses is that although they must keep investing in their software and technology, it doesn’t cost them much to grow,” Train notes. He points to Sage’s recent results, where earnings per share jumped 18% whilst headcount remained static. The company’s return on capital climbed from an already impressive 26% to 31%.

The AI catalyst

The shift towards data businesses accelerated as Train observed how artificial intelligence was transforming company growth trajectories. RELX provides the clearest example. Until 2020, the company’s revenues grew steadily at 4-5% annually. Since deploying large language models across its proprietary datasets, that growth rate has doubled to 8-9%.

“RELX has been able to overlay new tools on top of data that lawyers, insurance professionals, and scientific researchers simply can’t do their jobs without,” Train explains. “This makes their services even more valuable and stickier.”

The trust’s legal information division, LexisNexis, now reports 9% revenue growth – nearly triple its pre-2020 rate – by offering US legal practices tools that save hours of partners’ billing time.

Portfolio powerhouses

RELX stands as Train’s prime example of UK data excellence. Having climbed from the 68th largest FTSE 100 company in 2000 to ninth place today, Train has half-jokingly challenged CEO Erik Engstrom to compete with Rolls-Royce for the top spot. With the company’s risk division, which focuses on fraud detection and insurance data, now comprising over half the group’s value and growing faster than ever, it’s not entirely fanciful.

Experian represents a more recent addition, bringing exposure to the world’s largest credit bureau. With data on 1.4 billion individuals and 150 million companies globally, Experian possesses information unavailable to competitors or AI agents. Twenty of the top 25 US financial institutions rely on Experian’s Ascend tool for creditworthiness assessments. Train sees Experian as a textbook example of indispensable data services.

London Stock Exchange Group provides the trust with exposure to the world’s biggest vendor of real-time financial market prices, whilst Rightmove demonstrates powerful network effects in the property platform space. Train has an affection for Rightmove, and like most UK institutional shareholders, when Australian firm REA attempted a takeover last year, he wasn’t interested in selling.

Sage presents itself as a value play when compared to US peers with Train noting the contrast between its valuation at five to six times sales compared to 10-15 times for comparable US-listed competitors. Rather than bemoaning the discount, Train mentions that CEO Steve Hare suggested UK investors will be rewarded as growth compounds from a more reasonable starting point.

Perhaps most intriguingly, Train sees AI potential beyond obvious technology plays. Recent investment Clarkson, the shipbroking business, increasingly uses maritime fleet data to create new products and services. “I’m very interested in finding UK-listed companies where AI tools could prove beneficial, not just pure data businesses,” Train says.

The Consumer Stalwarts

Despite the digital pivot, Train remains “an unapologetic advocate for semi-eternal consumer brands.” Diageo represents the largest consumer holding, anchored by brands like Guinness, Johnnie Walker, and Don Julio. “Those incredible brands will likely be consumed in greater volumes in 25 years than today – that’s the basis for both capital preservation and wealth creation,” Train argues, noting the shares have climbed from £5 in 2000 to £17.50 today despite recent setbacks.

Burberry and Fever Tree provide exposure to unique global brands, whilst a modest stake in Manchester United offers what Train calls a “totally unique franchise” likely to endure and appreciate over the coming decade.

The UK opportunity

Train pushes back against pessimism surrounding UK equities. Whilst acknowledging the market’s disappointing recent decade, he notes the fundamental difference between the UK stock market and the UK economy, pointing out that many of Finsbury’s portfolio companies earn revenue globally.

“I still see plenty of reasons not to be pessimistic about either the UK stock market or the UK economy,” he says. The key isn’t a broad market re-rating but rather exceptional companies growing larger and more profitable, lifting the index as they expand.

He draws encouragement from PwC research forecasting substantially stronger GDP growth through 2030 driven by AI adoption across industries. Combined with Goldman Sachs’ predictions of halving gas prices, potentially coinciding with peace in Ukraine and renewed access to Russian energy.

“You could see a combination of falling energy costs, growth driven by new technology, and interest rates peaking out,” Train suggests. “That creates an environment for strong earnings growth.”

Lower energy costs would particularly benefit AI development, addressing concerns about power consumption whilst accelerating the technology’s economic impact.

Patience and conviction

Train’s quarter-century stewardship of Finsbury Growth and Income Trust has reinforced patience and his conviction strategy. As both manager and the trust’s largest individual shareholder, he’s personally invested in the thesis that concentrated portfolios of exceptional businesses compound wealth over time.

The pivot towards AI-enabled data businesses reflects not an abandonment of principles but their application to new opportunities. Whether analysing Diageo or RELX, the framework remains consistent: seeking assets likely to remain relevant and valued by customers for decades to come.

“Be optimistic,” Train urges. “We should be optimistic about our corporate sector.” With UK-listed data businesses trading at discounts to US peers whilst executing AI strategies that double growth rates, the trust appears positioned to capitalise on what Train sees as a structural opportunity rather than a cyclical trade.

For investors seeking exposure to Britain’s AI revolution through proven, cash-generative businesses, Finsbury Growth and Income Trust offers a concentrated bet on Train’s conviction that the UK harbours world-class technology companies.

Serica Energy acquires major North Sea gas assets from Centrica

UK Investor Magazine
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Serica Energy acquires major North Sea gas assets from Centrica

Serica Energy has announced the acquisition of North Sea operations from Centrica’s Spirit Energy Limited worth £57 million.

Serica says the deal strengthens its position in the Southern North Sea and is expected to generate substantial cash flow. Centrica is disposing of the assets as part of its effort to maximise ‘value as it continues to reposition its infrastructure portfolio’.

The acquisition includes a 15% stake in the Cygnus field, one of the UK Continental Shelf’s largest producing gas fields. Serica will also gain interests in Clipper South, the Greater Markham Area, and several other gas fields including Eris, Ceres, and Galleon.

The transaction promises immediate returns for Serica, with the acquired assets expected to generate approximately $100 million in free cash flow by the end of 2028. This cash generation will support Serica’s growth strategy and enhance shareholder returns.

The deal adds 18.7 million barrels of oil equivalent in proven and probable reserves to Serica’s portfolio. This represents a 16% increase in the company’s reserves at a cost of just $3.9 per barrel equivalent.

Production capacity will increase by around 13,500 barrels of oil equivalent per day in the first half of 2025, with 96% of this production consisting of gas.

“This transaction is a further step towards delivering on our strategy and diversifying our asset base through the addition of high-quality assets, adding over 15% to our reserves and significantly boosting production,” said Chris Cox, Serica’s CEO.

“These are also assets I personally know well, and the Cygnus field in particular is an attractive addition to our portfolio given its high uptime, low emissions, and low operating costs. There is also the potential for further infill drilling opportunities across the portfolio, most significantly at Cygnus, where drilling is ongoing.

“The transaction will require only modest cash outflow on completion and is set to generate material cash flows, while also limiting our exposure to future decommissioning costs, enhancing Serica’s ability to create further value for shareholders through investing in growth and delivering attractive cash returns.”  

The acquisition establishes Serica as an operator in the Southern North Sea, allowing the company to deploy its expertise in mature asset management. This diversifies Serica’s presence across the UK Continental Shelf and provides access to multiple hydrocarbon evacuation routes.

The Cygnus field stands out as a particularly attractive asset. With operating costs of approximately $11 per barrel equivalent and 97% operating efficiency, it represents a low-cost operation. The field’s carbon intensity of 7 kilograms of CO2 per barrel equivalent is well below the North Sea average.

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