Transport technology group Tracsis has moved into the German public transport market with the acquisition of Vesputi GmbH, a digital ticketing technology provider based in Germany.

The deal centres on Mobilitybox, Vesputi’s ticketing platform launched in 2022, which connects public transport operators with consumers via third-party apps and websites.

The business generates revenue through transaction fees tied to ticket volume, a model that aligns neatly with Tracsis’ existing push to grow recurring and consumer-driven revenue.

Tracsis is paying gross initial consideration of €5.8m, funded from existing cash. A further €2.4m is contingent on performance targets through to the end of 2027, with up to €0.5m of that settled in newly issued shares.

The acquisition is described as immediately earnings-enhancing. Vesputi’s six-strong team will stay on following completion.

Strategically, the deal gives Tracsis its first operational foothold in Germany while bolstering its digital ticketing credentials beyond the UK rail market.

Vesputi will sit within the Group’s Rail Technology & Services Division, slotting in alongside its existing ticketing capabilities without requiring a new management layer.

“This is a quality bolt-on acquisition in a core strategic focus area for Tracsis,” said David Frost, CEO of Tracsis.

“Ticketing is being digitised to enable simpler, more flexible journeys, and the value is increasingly created in the software that makes distribution easy for operators and effortless for passengers.”

Filtronic has landed a fresh contract with a major European defense prime, extending its relationship with the customer into an entirely new business unit.

The initial contract is worth £0.4 million and is scheduled for delivery in FY2027, covering the design, development, and supply of a new wide-bandwidth solution.

Filtronic said the deal is a sign that confidence in the company’s RF technology is growing within some of Europe’s largest defense organisations.

While the headline contract value is modest, there are signs of potential follow-on business from the deal.

The work will be produced at Filtronic’s newly opened facility in Sedgefield, a purpose-built, secure and automated microelectronics site designed specifically for high-volume manufacture of complex RF modules for demanding defense applications.

“This latest award from an existing major European defence customer demonstrates continued confidence in our technology and ability to deliver high-quality programmes,” said Nat Edington, Chief Executive Officer.

“The Company is increasingly well positioned to address long-term demand for complex, high-performance wideband solutions, reinforcing Filtronic’s strategic position in the expanding defence sector.”

Filtronic recently announced an $8 m deal with a US firm for its Amplifier technology as the flow of new orders continues.

Berkeley Group has issued a strategy and trading update, warning that recent global instability has snuffed out the early signs of a market recovery it had begun to see at the start of the year.

The builder is starting to feel the pressure of a housing market slowdown and has provided an update on plans to address the changing face of the UK property market.

But the FTSE 100 housebuilder still expects to deliver pre-tax profit of £450 million for the year ending April 2026, in line with guidance set two years ago, which makes the 16% drop in shares on Wednesday seem a little harsh.

The group has also taken a medium-term approach to guidance and is now targeting cumulative pre-tax profit of £1.4 billion over the four years to FY30.

From a strategic perspective, Berkeley is leaning hard into its existing landbank rather than chasing new sites. With over 50,000 homes already in its portfolio across London and the South-East, the company believes it can add £2 billion in value through planning optimization alone, without acquiring a single new plot.

The group’s build-to-rent arm, Berkeley Living, continues to progress. Its first six buildings are on track for completion in FY28, representing around £400 million of investment at cost. Early lettings at Foundry Yard, its debut BTR building at Alexander Gate, are reportedly ahead of expectations.

Berkeley is also pushing down costs, having already trimmed operating expenses by 25% in real terms from £178 million to £150 million, while cutting land creditors from £900 million to around £470 million.

On shareholder returns, £336 million of the £2 billion Berkeley 2035 target has been distributed. With the share price trading below net asset value per share the board is prioritising buybacks as the most efficient way to return capital.

RC Fornax has had a tough start to life as a publicly traded company, with poor sales and management issues driving shares down by 75% since its IPO in early 2025. But today’s update shows the firm may be heading in the right direction.

The defence engineering consultancy has reported a sharp pickup in order intake, with the company now guiding for more than £5.1 million in sales under purchase order or subject to contract for the current financial year.

This compares to around £4 million in revenue in 2025.

The AIM-quoted company said it secured around £1.9 million in orders during its second quarter, covering December through February, despite the usual seasonal lull over the Christmas period.

March has continued in the same vein, with roughly £1.4 million in new orders in the month alone, including three new purchase orders, two new public-sector opportunities, and six extensions to existing contracts.

That follows what the company described as its strongest ever quarter in the opening three months of FY26. Management points to a combination of improved market conditions and internal operational changes as the drivers, noting that it has already secured more recurring purchase orders this year through extensions and new wins than it did throughout FY25.

“The progress we are seeing represents a clear step change in the scale and consistency of our commercial performance. We are now delivering materially higher levels of orders on a recurring basis, with this improved run rate providing a stronger foundation for revenue visibility. Importantly, this momentum is not only supporting our expectations for the current year but is also establishing a more meaningful platform as we look ahead,” said Paul Reeves, Chief Executive Officer of RC Fornax.

“We are particularly encouraged by the strength of performance in the recent period, which delivered a robust level of order intake despite seasonal factors, and by the strong momentum we are seeing at the start of the current period.”