This presentation, hosted by Dynam Capital, the fund manager of VNH, offers insights into the Company’s recent performance and future outlook.
AIM movers: James Cropper profit recovery and TheraCryf turns down approach for main asset
Advanced materials and paper manufacturer James Cropper (LON: CRPR) had a strong end to the financial year. Both parts of the business traded better than expected and the operational gearing means that profit was well ahead. Paper and packaging returned to profit in the second half. Full year revenues are set to rise from £99.3m to £103m, whereas it had been forecast to be lower, and pre-tax profit is upgraded by 30% to £4.7m. Net debt could fall to £8.3m. The share price jumped 26.8% to 355p.
TheraCryf (LON: TCF) received a conditional approach to acquire the Orexin-1 and dopamine-transporter programmes. This is an area where there is increased commercial interest from pharma companies. The board felt this undervalued the assets. The Orexin-1 addiction programmed is fully funded for a phase 1 trial by the fourth quarter of 2026. If this is successful, the value of the assets will be much higher. The share price gained 15.4% to 0.225p.
Orosur Mining (LON: OMI) has discovered a new significant mineralised gold zone near 100 metres west of Pepas on the Anza project in Colombia. The material is visually similar to the Pepas prospect. Drilling has started at the APTA prospect. The share price is 15.5% higher at 0.225p.
In the first quarter of 2026, data automation and analysis services provider Cirata (LON: CRTA) was cash flow positive for the first quarter ever. The target for the full year is cash flow breakeven. Cash was $4.7m at the end of March 2026. The pipeline of potential work has grown by two-fifths since January. At the end of the first quarter, annualised contract value was $4.9m with billings of $2.3m. Remaining contract billings are $5.8m with $3.4m expected to be billed in the next 12 months. The share price improved 10.8% to 16.4p.
Block Energy (LON: BLOE) has signed a binding framework agreement with Zhijiang Sanning Energy Co for the farm-out of Project III in Georgia. The Chinese company will acquire 51% of Project III and Block Energy will have a carry of up to $75m for oil and gas appraisal drilling and initial construction on its 49% stake. The 2C gross success case for Project III is a NPV10 of $2.2bn. The share price rose 3.77% to 1.375p.
FALLERS
Forgent (LON: FORG) is acquiring a 51% interest in the Peak Hills gold copper for $1.18m in cash and shares and raising £1.3m in a placing at 0.015p/share. There is an option over another 48% of the Peak Hills interest. Negotiations are ongoing over an option on a controlling stake in a nickel copper gold project in Western Australia. The share price dived 28.3% to 0.0165p.
Foreign currency services provider Finseta (LON: FIN) is raising £860,000 at 8.5p/share with up to £100,000 more to come from a retail offer. This will finance regulatory applications in Europe and enable increased transaction capacity for larger business-to-business transactions. There is an increasing focus on business clients, where trading will build up over time, and the Dubai business is growing strongly, although some property transactions and related payments transactions may be delayed. The share price fell 17.5% to 8.25p, which is below the offer price.
Engineer Amcomri (LON: AMCO) full year results exceeded expectations, but the share price declined 4.06% to 153.5p, although the share price is still 14.6% higher over the past week. Revenues were 22% ahead at £70.9m, helped by acquisitions, and pre-tax profit improved from £3.9m to £5.3m. Net debt was £11.2m at the end of 2025. Pre-tax profit is forecast to reach £6.4m in 2026.
FTSE 100 miners rise amid cautious optimism
The FTSE 100 rose on Tuesday as investors took a glass-half-full approach to the latest developments in the US-Iran negotiations, which saw a US blockade imposed yesterday afternoon.
With it unclear whether the blockade should be viewed as a negotiating tactic or an escalatory move, equity investors looked to oil markets and a 2% drop in Brent as a cue to move back into stocks in the hope a lasting deal can be struck later this week.
The FTSE 100 was clinging on to gains, trading 0.1% higher at the time of writing, amid a European rally that didn’t seem amazingly convincing.
“European equity markets pushed higher on talk that US and Iranian negotiation teams would continue peace talks later this week,” said Dan Coatsworth, head of markets at AJ Bell.
“Investors are embracing any nugget of good news as they grow tired of uncertainty caused by the Iran crisis.”
Cyclical stocks were back among the gainers with miners Antofagasta, Anglo American, Fresnillo and Melten enjoying buying pressure. For all the volatility caused by the war in the Middle East, miners have had a surprisingly good year so far. Glencore is one of the FTSE 100’s best performers of 2026, rising 40%.
BP’s share price was weaker after it released an upbeat trading statement, which was overshadowed by falling oil prices.
“UK oil giant BP released a short trading update, noting that on the whole, first-quarter total production volumes should be slightly lower than in the prior quarter. But its oil-trading arm looks set to deliver an ‘exceptional’ performance, benefiting from current volatility in oil prices,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.
Intertek was the FTSE 100’s top performer after signalling it was preparing to break the group up to ‘unlock’ value in its Intertek Energy & Infrastructure and Intertek Testing & Assurance.
“It’s potentially break-up time for testing group Intertek. The FTSE 100 company is exploring a sale or demerger of its energy and infrastructure arm. It’s a classic move by a large corporate whose sum of the parts could be worth more than the whole,” Dan Coatsworth explained.
“Intertek is involved in multiple industries where it tests whether goods are safe, compliant and reliable. This ranges from verifying the quality of crude oil shipments to checking that electrical goods aren’t going to catch fire.
“Hiving off the energy and infrastructure arm would allow Intertek to have a tighter focus on fewer industries. Having a sprawling empire might sound grand, but the modern world has taught businesses that sometimes less is more.”
James Cropper beats expectations as EBITDA jumps more than 30%
James Cropper shares jumped on Tuesday after announcing full-year performance comfortably ahead of market expectations, with adjusted EBITDA of £8.8 million for the year to 28 March 2026
Adjusted EBITDA was roughly 10% above consensus and more than 30% ahead of the prior year’s £6.67 million.
James Cropper shares reacted positively to the news, rising 17% in early trade.
Group revenue rose approximately 4% to £103 million, with Advanced Materials the standout performer, delivering low double-digit revenue growth and high single-digit EBITDA growth even as the division increased investment in operational costs to support medium-term expansion.
Paper & Packaging held revenue broadly flat despite the previously reported loss of a significant merchant customer, while EBITDA losses narrowed significantly across the year. Notably, the division moved into EBITDA profit in the second half.
Strong underlying performance helped strengthen the balance sheet, with Net debt falling to £8.3 million from £12.9 million, well ahead of expectations, bringing the net debt-to-EBITDA ratio below 1x, down from 1.9x a year earlier.
Encouragingly for investors, trading momentum has carried into the new financial year, with the board’s operational improvement programme tracking to plan.
David Stirling, Chief Executive Officer, said: “I am pleased to report a good performance in what remains a cautious and uncertain market environment. We have made structured progress in stabilising the business, which is reflected in the robust EBITDA and cash generated in the year. We remain confident in the medium-term outlook and are focused on maintaining a balanced approach, positioning the Group to benefit as conditions improve.”
On the outlook, the company reaffirmed its medium-term expectation of underlying double-digit growth in Advanced Materials, though near-term performance will depend on customer demand patterns and broader market conditions.
Imperial Brands reiterates full-year guidance as next generation momentum builds
Imperial Brands is fast becoming a group focused on tobacco-free products as smoking rates fall, but the group is still managing to carve out revenue growth in its combustibles division.
The firm has issued a trading update confirming it remains on track to deliver its full-year targets, with the tobacco group pointing to robust pricing, next-generation product (NGP) growth and continued progress on its 2030 transformation strategy.
The company expects low-single-digit growth in tobacco and NGP net revenue for the first half, with tobacco performance underpinned by pricing and only modest volume decline in combustibles. The strength of the combustibles is notable given the rise of vaping, especially in developed countries.
NGP net revenue is growing at a mid-to-high single-digit rate, rising to double digits in both Europe and the AAACE regions, driven by heated tobacco gains with Pulze 3.0 in Italy and Greece, continued traction for the blu vape range, and new product launches in modern oral brands Skruf and Zone across the Nordics and UK.
Group adjusted operating profit is expected to be slightly ahead year-on-year in the first half, with a stronger second half to come. The company reiterated full-year guidance for low-single-digit tobacco and double-digit NGP net revenue growth, three to five per cent adjusted operating profit growth and at least high-single-digit earnings per share growth, all at constant currency. Free cash flow guidance of at least £2.2 billion for the year was also maintained.
In the US, the Zone modern oral brand is holding volume share, though NGP net revenue is expected to be lower in the first half due to heightened promotional activity. Imperial expects US performance to accelerate in the second half, supported by combustible price increases, the March launch of its new Malibu cigarette brand and recent flavour launches for Zone.
“The smoking habit faces increasing pressure from tightening consumer spending, rising taxation, and social change, and the long-term fate of the cigarette seems irreversible,” said Freetrade’s Duncan Ferris.
“The question for investors is how Imperial can continue to manage declining demand for its key product.
“In the face of this challenge, the company’s plan appears threefold. Extracting maximum value from cigarette markets, wooing investors with share buybacks and dividends, and ramping up plans for the future with its Next Generation Products.
“Today’s reiteration of full-year guidance demonstrates the company’s ability to deliver on the first of these goals, with tobacco price increases driving steady revenue growth despite volume decline.
“A caveat is mixed market-share performance as Imperial admitted some reductions across key markets due to focus on profitability and its long-term value-focused approach.”
The group has completed £0.7 billion of its £1.45 billion share buyback programme for the year, representing around 3.2 per cent of issued share capital, as part of its ongoing “evergreen” return programme running to 2030.
Physiomics secures new modelling contract with Numab Therapeutics
Physiomics (AIM: PYC) has been awarded a new contract by its long-standing client, Numab Therapeutics, to develop a mechanistic pharmacokinetic-pharmacodynamic (PK/PD) modelling framework to support proof-of-concept work for a new oncology programme.
Numab Therapeutics is a biopharmaceutical company focused on next-generation multispecific antibody-based therapeutics for inflammation and oncology. Under the contract, Physiomics will apply quantitative modelling approaches to interpret emerging data, optimise experimental design and development strategy, and inform key go/no-go decisions across the programme.
The project is expected to commence this month and be completed in the third quarter of 2026.
Dr Peter Sargent, CEO of Physiomics, said: “We are thrilled to extend our collaboration with Numab Therapeutics to provide insights that can support robust proof-of-concept decision-making for this early oncology programme.”
The new deal comes as Physiomics prepares to fight a requisitioned general meeting that seeks to remove and replace the current management.
The vote will take place later in April.
hVIVO lands influenza challenge trial contract with Traws Pharma
hVIVO (AIM: HVO) has signed a clinical trial agreement with Nasdaq-listed Traws Pharma to conduct a human challenge trial testing a novel influenza antiviral, in a deal that underscores continued commercial momentum for the Canary Wharf-based specialist.
TXM is an investigational oral, single-dose antiviral being developed to treat seasonal influenza and bird flu. The randomised, double-blinded, placebo-controlled trial will assess the drug’s safety, tolerability and effectiveness in reducing the incidence and severity of influenza in healthy adults.
The study will take place at hVIVO’s specialist quarantine facilities in Canary Wharf, with approximately 150 participants recruited through the company’s FluCamp arm. All associated laboratory work will be conducted by hVIVO’s in-house virology laboratory.
The trial is expected to commence in the first half of 2026, with the majority of revenue recognised this year.
Iain D. Dukes, Chief Executive Officer of Traws Pharma, said: “This agreement represents an important step forward for Traws as we advance our programme and seek to generate high‑quality, efficacy clinical data efficiently. Partnering with hVIVO enables us to leverage a proven human challenge platform to support our development strategy and accelerate progress towards our next value‑inflection point.”
Seasonal influenza is responsible for an estimated one billion cases annually, with 3–5 million severe cases and up to 650,000 deaths worldwide each year.
hVIVO has inoculated more than 5,000 participants across 2,477 influenza, RSV and other viral human challenge trials to date.
The company also announced a corporate rebranding on Tuesday, which will see all operating companies trade under the hVivo brand.
AIM movers: Mothercare suffering and Trellus Health renews Pfizer licence
Mercantile Ports and Logistics (LON: MPL) shares continue to rise while investors await a decision from the meeting of a consortium of banks to consider Mercantile’s debt proposal on Friday 10 April. The share price added 71% to 2.65p, which is a 715% rise over the past four days.
Trellus Health (LON: TRLS), which developed the Trellus Elevate platform to manage complex chronic conditions, has renewed its licence agreement with Pfizer Inc. Pfizer will continue to use the technology in its inflammatory bowel disease digital application. Trellus Health has reduced monthly cash burn to $300,000 and cash will last into May. The share price increased by one-quarter to 0.25p.
IT services provider SysGroup (LON: SYS) traded strongly in the second half, helped by the acquisition of Saxis. Full year revenues were 7% higher at £22.1m – they were previously expected to be flat. Pre-tax profit is set to be one-third higher at £400,000. Net cash was £2.7m. Pre-tax profit is forecast to rise to £900,000 in 2026-27. The share price rose 18.5% to 16p.
MTI Wireless Edge (LON: MWE) has won a further $2m order for antennas. This follows $6m of orders for the group last week. The share price improved 14.4% to 70.5p.
Eco (Atlantic) Oil and Gas (LON: ECO) has agreed to farm down a 60% participating interest in its three Namibian licences to BP, which will take on operatorship. There will be a one-off cash payment of $2.7m. BP will carry Eco through the current exploration phase. Eco will retain 25% and if the licence is renewed it can sell a further 10% interest to BP for a full carry for each well on each of the licences, with a cap of $21m for each well. The share price gained 8.91% to 59.9p, having been around 61.5pearlier in the morning.
Telecoms test equipment supplier Calnex Solutions (LON: CLX) says full year trading was slightly better than expected. More business is coming from datacentres and defence, rather than the original telecoms customer base. A new partnership with VIAVI Solutions will help to broaden the client base. Cavendish increased forecast 2025-26 pre-tax profit by 59% to £1.2m. Cash is £9.3m. The share price is 10.3% higher at 53.5p.
FALLERS
Retailer Mothercare (LON: MTC) says trading conditions are still difficult with no sign of a recovery. The problems are exacerbated by exposure to the Middle East. System sales in the year to March 2026 fell 22% to £180m last year. The forecast loss has been increased to £2.4m and a loss of £2.8m is expected next year. Net bank debt is estimated to be £5.7m. Pension contributions have been deferred for a further year. The share price slumped 21.4% to 1.105p.
Embedded computing products supplier Concurrent Technologies (LON: CNC) increased full year revenues 145 to £45.9m and pre-tax profit by one-quarter to £6.5m, which was slightly better than forecast. The new US facility came on stream in December. Pre-tax profit is expected to rise to £8m in 2026. The share price dropped 7.71% to 191.5p.
Barclays has cut its target share price for Jet2 (LON: JET2) from £17 to £16, but the recommendation remains overweight. The share price declined 3.59% to £11.69.