AIM movers: Hutchmed granted new drug application in China and ex-dividends

Andrew Hore
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AIM movers: Hutchmed granted new drug application in China and ex-dividends

Hutchmed (China) Ltd (LON: HCM) says the New Drug Application for ORPATHYS (savolitinib) has been granted conditional approval by the authorities in China for treating locally advanced or metastatic gastric cancer or gastroesophageal junction (GC/GEJ) adenocarcinoma patients with MET amplification. The share price jumped 11.7% to 179.25p.

Advanced materials and paper producer James Cropper (LON: CRPR) has refinanced its debt, which will provide greater flexibility. This includes a new invoice discounting facility of up to £15m. A one-off pension funding charge of £600,000 has been agreed. The next valuation has been brought forward to March 2027. The share price increased 8.57% to 380p.

US oil and gas producer Zephyr Energy (LON: ZPHR) has leased more land in the Paradox Basin in Utah. The additional 2,294 acres is to the north of the White Sands unit. Zephyr Energy holds more than 72,000 acres. The share price gained 8.19% to 3.7p.

Timber supplier James Latham (LON: LTHM) reported an improvement in full year pre-tax profit from £24.3m to £25.1m. The positive momentum continued into the new financial year with slight improvements in margin and volumes. There could be supply uncertainties due to the Middle East conflict. Cash was £51.2m at the end of March 2026. The total dividend has been raised 35.25p/share to 36.7p/share. The share price rose 7.84% to £11.

Sintana Energy (LON: SEI) is progressing towards drilling of wells in Namibia, Uruguay and Angola. There are up to six drilling results expected over the next 18 months. Activity is about to commence on the PEL 83 licence in Namibia and Sintana Energy is carried for its 4.9% stake. An exploration well should be drilled on PEL 90 in Namibia before the end of the year. There was $16.1m in cash at the end of June 2026 with $6.75m expected from legacy deals. The share price improved 5.56% to 19p.

Huddled Group (LON: HUD) says the retail offer at 0.4p/share was nearly three times subscribed and it has decided to accept £200,000, which was double the amount sought. That takes the total raised to £1.51m. The share price recovered 5.26% to 0.5p.

FALLERS

Mercantile Ports & Logistics (LON: MPL) says the hearing before the National Company Law Tribunal relating to Karanja Terminal & Logistics has been adjourned. There will be a further hearing on 7 August. The share price decreased 12.9% to 1.35p.

Decision intelligence software provider ActiveOps (LON: AOM) grew full year revenues from £26.8m to £38m from a combination of organic growth and a nine month contribution from Enlighten. Net revenues retention was 119%, while annualised recurring revenues are £41.5m. Pre-tax profit increased from £1.3m to £2.4m. Cash was £23.8m at the end of March 2026. The $10m from the sale of the WorkIQ trademark to Microsoft was received after the year end. The share price dipped 9.52% to 237.5p.

Homeware brands owner Ultimate Products (LON: ULTP) founder Simon Showman sold 165,681 shares at 45.9p each. Each of his three adult children bought one-third of these shares. The share price slipped 2.98% to 45.6p.

Ex-dividends

BP Marsh (LON:BPM) is paying a final dividend of 6.98p/share and the share price is unchanged at 687p.

Camellia (LON: CAM) is paying a final dividend of 260p/share and the share price fell 200p to £54.25.

Fletcher King (LON: FLK) is paying a dividend of 20p/share and the share price declined 27p to 40.5p.

Heavitree Brewery (LON: HVT) is paying an interim dividend of 2.75p/share and the share price is unchanged at 270p.

Microlise (LON: SAAS) is paying a final dividend of 1.3p/share and the share price dipped 0.5p to 40.5p.

Next 15 Group (LON: NFG) is paying a final dividend of 10.6p/share and the share price slid 10.75p to 259.75p.

Skillcast Group (LON: SKL) is paying a final dividend of 0.42p/share and the share price is unchanged at 46p.

FTSE 100 shakes off weakness on Wall Street, rises above 10,500

UK Investor Magazine
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FTSE 100 shakes off weakness on Wall Street, rises above 10,500

The FTSE 100 reversed early losses on Thursday as UK markets shook off weakness in Asia and US stocks.

London’s leading index was 0.45% higher at the time of writing after starting the session in the red.

“Asian markets wobbled on renewed fears around excessive AI spending and whether all the good news for the chip supply firms was fully priced in,” said Russ Mould, investment director at AJ Bell.

“European markets managed to keep their cool and push ahead as investors rotated away from tech into more defensive-style sectors. Healthcare and utilities were in demand, with AstraZeneca doing a lot of the heavy lifting for the FTSE 100.”

Compass Group was the FTSE 100’s top riser, rising 3%. Airtel Africa was 2% higher as shares stabilised after a period of selling.

The UK defence spending review continued to provide support for BAE Systems and Babcock, with both rising by over 2%.

The FTSE 100’s AI-related shares were weaker after a bout of selling of tech shares on Wall Street. RELX was the FTSE 100’s top faller, losing 2.3%.

Away from the UK, attention will be on the US jobs numbers, which will be released on Thursday instead of Friday due to a US public holiday.

Today’s jobs report will be particularly interesting because it will be released against a backdrop of slight uncertainity around interest rates as the new Fed Chair settles into his new role.

“That makes today’s US jobs report particularly important,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

“After several months of resilient labour market data, investors will be looking to see whether employment remains strong enough to support the Fed’s higher-for-longer stance. A stronger-than-expected report would reinforce expectations that policy may need to remain restrictive for an extended period, while a softer reading could ease some of the recent upward pressure on yields and the dollar.”

Three new themes strengthening the 2026 investment case for real assets 

GCP Infrastructure Investments
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Three new themes strengthening the 2026 investment case for real assets 

Three distinct but increasingly connected themes are helping to strengthen the case for listed real assets in 2026: HALO, PACE and LAPS. 

Taken together, they help frame why infrastructure and listed property may be entering a more supportive phase, not simply as defensive diversifiers, but as increasingly relevant allocations for income-focused portfolios. 

For wealth managers and financial advisers, these themes provide a useful framework for thinking about where durable income, valuation support and structural demand may intersect. 

A new market rotation: real assets are moving back into favour (HALO) 

One of the clearest market developments this year has been the rotation to  physical asset-backed businesses. This has been described as the HALO trade: Heavy Assets, Limited Obsolescence. 

After a prolonged period where capital has concentrated heavily in technology, software and long-duration growth assets, investors are increasingly reassessing the resilience of those earnings streams. In that environment, businesses backed by tangible assets and contractual cashflows are regaining attention. 

The HALO thesis rests on three key characteristics: 

  • Physical necessity: infrastructure assets provide services society cannot function without 
  • Long-term contractual revenues: often supported by regulated frameworks or government-backed agreements 
  • Limited obsolescence risk: essential infrastructure is far less vulnerable to technological disruption or AI displacement than many other sectors  

Infrastructure is not just insulated from technological change. In many cases, it also enables it. For example, digitalisation requires fibre networks, data centres, energy supply and grid investment.  

For investors, this combination creates an increasingly compelling proposition: long-duration assets, visible cashflows and lower disruption risk, often at a time when broader equity market valuations remain concentrated in fewer sectors. 

For strategies such as GCP Infrastructure Investments, TM Gravis UK Infrastructure Income, TM Gravis Clean Energy Income and TM Gravis Digital Infrastructure Income the HALO framework reinforces an investment case built on predictable income streams and physical asset backing.   

UK property: compounding income matters as much as asset value (PACE) 

If HALO explains why physical assets are regaining favour, PACE adds another layer to the property investment case. 

PACE stands for Physical Assets, Compounding Earners, and it shifts the focus from simply owning assets to owning property businesses capable of growing income over time. 

This is an important distinction. In listed property, returns have historically been associated with asset valuation movements. But Gravis’s Matthew Norris argues the more durable source of long-term returns increasingly comes from operational execution: active management of assets to improve rents, occupancy and dividend growth. 

This is particularly relevant in sectors such as: 

  • Healthcare property 
  • Self-storage 
  • Logistics 
  • Urban mixed-use assets 

These are often mission-critical assets where tenants depend on the property to operate, giving landlords stronger pricing power and greater income resilience. 

The PACE philosophy centres on a simple but powerful principle: Always Be Compounding. That compounding is visible in the dividend records of several UK listed property companies held within the TM Gravis UK Listed Property strategy, including businesses that have delivered more than a decade of consecutive dividend growth. 

For advisers, this changes the conversation around property allocations. Rather than viewing UK listed property solely through the lens of cyclical valuation recovery, PACE positions it as a source of steadily compounding contractual income, with the potential for inflation protection and long-term dividend progression. 

In a market still heavily concentrated in AI-related equities, this offers a differentiated return driver: physical assets generating recurring income rather than relying purely on future earnings expectations. 

A major structural catalyst: the emerging LAPS trade 

The third theme is LAPS: Listed Assets for Pension Schemes. 

The Government’s Mansion House reforms, alongside the recently enacted Pension Schemes Act, are expected to direct substantial pension capital towards infrastructure, property and other long-duration productive assets over the coming years. 

In fact, the Government estimates the reforms could unlock £50bn for investment into private assets, with £25bn expected to be directed towards the UK economy by 2030. 

While much of the attention has so far focused on private market investing, under the new legislation, pension schemes can now meet these allocation requirements through listed investment vehicles, including investment companies and funds investing in them, provided qualifying criteria are met. These include GCP Infrastructure Investments Limited, TM Gravis UK Infrastructure Income and TM Gravis UK Listed Property. 

What’s significant is that much of the listed infrastructure and property market currently trades on substantial discounts to NAV, despite owning long-duration, inflation-linked and operationally essential assets. 

For pension capital, this presents an interesting opportunity: 

  • Immediate access to productive assets 
  • Daily liquidity 
  • Governance and transparency 
  • No cash drag versus some private market structures 
  • Potential access to assets at discounts to underlying value 

For wealth managers and advisers, LAPS could become an important catalyst beyond pensions themselves. 

If pension flows begin to return to UK productive assets at scale, improved liquidity, narrowing discounts and broader institutional participation could create a meaningful rerating environment across listed infrastructure and property. 

Creating a coherent investment narrative 

HALO, PACE and LAPS are separate ideas, but together they create a coherent investment narrative. 

  • HALO strengthens the case for essential, lower-obsolescence infrastructure assets 
  • PACE reframes listed property as an income-compounding allocation, not just a valuation trade 
  • LAPS introduces a structural demand catalyst that could help close persistent valuation discounts 

At a time when many client portfolios remain heavily exposed to concentrated global equity leadership, UK listed real assets offer a different set of characteristics: 

  • Contracted and often inflation-linked cashflows 
  • Lower correlation to traditional equities 
  • Tangible asset backing 
  • Potential valuation upside from discount narrowing 
  • Long-term structural relevance 

After a prolonged period of under-ownership, the backdrop for UK real assets may be changing. 

And if 2026 marks the beginning of a broader reallocation back towards productive capital, HALO, PACE and LAPS may prove useful frameworks for understanding where that opportunity sits. 

No information contained in this article should be construed as providing financial, investment or other professional advice and should not be considered as a recommendation, invitation, or inducement to subscribe for, dispose of or purchase any such securities. Professional investors only. Capital at risk. Past performance is not a guide to future performance.  

Ramsdens Holdings: after a 316% two-year gain, Premium Subscribers should take the US cash bid and reinvest it immediately 

Mark Watson-Mitchell
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Ramsdens Holdings: after a 316% two-year gain, Premium Subscribers should take the US cash bid and reinvest it immediately 

What is the expression? 
A bird in the hand is worth two in the bush! 
I note that expression because various investors in Ramsdens Holdings (LON:RFX) have been wondering what to do with their holdings in the group after the recently announced £206m cash bid from the US-based FirstCash Holdings. 
Ramsdens, which I have been following for years, is a UK-based diversified retailer and financial services provider, offering jewellery retail, precious metals buying, foreign currency exchange and pawnbroking services.  
The business today&n...

Finsbury Growth & Income Trust Investor Presentation June 2026

UK Investor Magazine
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Finsbury Growth & Income Trust Investor Presentation June 2026

Finsbury Growth & Income Trust PLC invests in the shares of predominantly UK-listed companies, with the objective of achieving capital and income growth. The trust’s objective is to achieve capital and income growth.

Download the presentation slides.

JPMorgan Claverhouse Investment Trust Investor Presentation June 2026

UK Investor Magazine
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JPMorgan Claverhouse Investment Trust Investor Presentation June 2026

JPMorgan Claverhouse Investment Trust (JCH) offers investors direct access to the long-term growth and income potential of the UK stock market. The trust focuses on attractively valued, high-quality UK companies that have the ability to deliver consistent and growing dividends. Managed by a team of seasoned UK equity portfolio managers the trust employs a disciplined, bottom-up investment approach.

Download the presentation slides.

Genel Energy swoops on Capricorn in $360m recommended cash deal

UK Investor Magazine
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Genel Energy swoops on Capricorn in $360m recommended cash deal

Genel Energy has agreed a recommended cash acquisition of Capricorn Energy, valuing the Edinburgh-based group at approximately US$360 million (£271 million) as the Kurdistan-focused producer moves to establish a second production hub in Egypt.

The offer of 357p represents a 34% premium to Capricorn’s closing price of 266p on 10th March and a 48% premium to the three-month volume-weighted average.

The deal will secure Genel the Egyptian Western Desert portfolio it has been circling for some time, having identified Egypt as a priority country for expansion. Genel’s production is currently concentrated in a single asset, its 25% non-operated stake in the Tawke licence in Kurdistan, and the acquisition roughly doubles output while spreading risk across two countries.

The enlarged group will hold 2P reserves of 117 mmboe and combined production of 41,003 bopd based on December 2025 exit rates, split evenly between Kurdistan and Egypt.

Commenting on the Acquisition, Paul Weir, Chief Executive Officer of Genel, said: “Today we announce a landmark transaction to acquire a leading oil and gas portfolio in Egypt — a move that delivers our strategic intent, reshapes our company’s growth trajectory, diversifies our portfolio of oil and gas fields and begins our role as a partner in Egypt’s energy future.”

“The acquisition of Capricorn Energy and its portfolio brings high‑quality assets, material reserves, and a talented local workforce that together create immediate scale and opportunity for further onward investment and growth. By applying our technical and operational capabilities to these assets, we will work with the operator to accelerate production optimisation, replace reserves, reduce unit costs, and capture significant near‑term cash flow while preserving optionality for future development.”

Currys profits climb 18% as departing boss Baldock doubles dividend

UK Investor Magazine
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Currys profits climb 18% as departing boss Baldock doubles dividend

Currys capped Alex Baldock’s final set of results as chief executive with an 18% rise in annual profit, a doubled dividend and a fresh £50m share buyback.

Adjusted pre-tax profit reached £191m in the year to 2 May, with group revenue up 6% to £9.3bn. Free cash flow rose 5% to £157m, leaving the electricals retailer with net cash of £176m even after £74m of shareholder returns and £82m of pension contributions.

The UK and Ireland delivered like-for-like sales growth of 3% and adjusted operating profit of £158m, with Currys gaining 60 basis points of market share in a market that shrank over the year. Growth came from recurring services revenue, up 7%, credit sales of £1.2bn and iD Mobile, which added 18% more subscribers to reach 2.6m.

The Nordics were the standout performer, with adjusted operating profit up 26% on a currency-neutral basis to £97m as consumer sentiment across the region improved on the back of easing inflation and lower interest rates.

The board has proposed a final dividend of 2.25p, taking the full-year payout to 3.0p, double last year’s, with total shareholder returns of around £85m planned for the current year.

“Currys has gone from short circuiting to shareholder returns. The company has rewired to the extent that it’s now handing money back to shareholders, with a share buyback programme and doubled dividend,” said Duncan Ferris, Investment Writer at Freetrade.

Baldock hands over to Nordics boss Fredrik Tønnesen in August, who joined the business on the shop floor more than 20 years ago and has more than tripled operating profits in the region. Baldock said there was “much more in the tank”, pointing to B2B and services as the bigger prizes ahead, and that trading in the early weeks of the new financial year had been very solid, with the group comfortable with market expectations.

Alex Baldock, Group Chief Executive, said: “Our performance continues to strengthen. Profits and cash flow are healthily up, supported by a balance sheet that has never been stronger, even after growing shareholder returns.”

“Currys is trending in the right direction on every dimension that matters. Colleague engagement is among the top 10% of global businesses, customers are saying they’re happier (with record satisfaction) and showing they are, as we grew share and extended our lead as market #1. Top line and bottom line, products and Services, the UK&I and the Nordics: all are in growth.”

Halma bolsters healthcare arm with double acquisition worth £54m

UK Investor Magazine
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Halma bolsters healthcare arm with double acquisition worth £54m

Halma has acquired two specialist healthcare businesses, Dutch digital health firm itemedical and Swedish oncology company Naslund Medical, in a pair of bolt-on deals worth a combined £54m.

The FTSE 100 safety and health technology group is paying €23m (£20m) for itemedical, which will sit within its SSG business, and $45m (£34m) for Naslund Medical, which joins IZI Medical. Both deals are on a cash- and debt-free basis and will be funded from Halma’s existing facilities.

itemedical provides digital platforms that integrate real-time patient data and alarms from various medical devices, helping hospital staff make faster clinical decisions and run wards more efficiently. Halma sees the business as a way to deepen SSG’s digital offering as hospitals accelerate their shift towards digitalised systems.

itemedical generated revenue of €7.8m in the 12 months to 31 March 2026.

Naslund Medical specialises in fiducial markers used in targeted cancer treatment. Its flagship Gold Anchor product allows clinicians to pinpoint tumours more precisely during radiation therapy, and will sit alongside IZI Medical’s existing Visicoil platform, giving customers a broader range of premium marker technologies. Naslund’s established international footprint also supports IZI’s plans to expand globally. The company posted revenue of $9.2m over the same 12-month period.

The acquisitions are typical of Halma’s long-standing strategy of buying niche businesses in markets with durable growth drivers, in this case, hospital digitalisation and precision oncology.

Marc Ronchetti, Group Chief Executive of Halma, said: “These acquisitions strengthen our existing companies by adding complementary capabilities in markets they know well, supporting their long-term growth while enabling improved patient outcomes. They operate in areas which have attractive long-term growth drivers and provide a strong platform for continued innovation and international expansion. We are pleased to welcome itemedical and Naslund Medical to Halma.”

AIM movers: Shearwater wins large contract extension and Supreme negotiates vape regulation changes

Andrew Hore
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AIM movers: Shearwater wins large contract extension and Supreme negotiates vape regulation changes

Shares in Ethernety Networks (LON: ENET) reported 2025 results late on Tuesday, which meant that trading in the shares did not have to be suspended. Revenues fell from $1.38m to $1.05m, while the operating loss rose from $5.1m to $5.4m. The share price rebounded 23.1% to 0.0016p.

Cyber security services provider Shearwater Group (LON: SWG) has secured a five-year contract extension with a UK telecoms client worth £25m over the period. This is for packet monitoring, forensic analysis and assurance services. There will be £12.5m recognised in 2025-26. However, cash will not be collected until after the year end. Net cash is likely to be lower than expected at £5.6m at the end of June 2026. Pre-tax profit is still forecast to rise from £600,000 to £1.1m. The share price recovered 17.6% to 43.5p.

Gold recovery company Goldplat (LON: GDP) says high gold prices mean that 2025-26 results will be much better than expected. A pre-tax profit of £7.4m was previously forecast. The share price improved 6.35% to 16.75p.

Fund manager Polar Capital (LON: POLR) increased revenues from £222.1m to £264.3m, including near doubled performance fees of £31.7m. Pre-tax profit increased from £51.6m to £76.9m. The dividend is maintained at 46p/share. Assets under management were £30.6bn at the end of March 2026. The share price gained 4.04% to 927p.

FALLERS

Pacsco Ltd (LON: PACS) says the disposal of its Mozambique agricultural assets to Chepstow Investments has been delayed because the Bank of Mozambique has not yet accepted the notification of assignment of loans. This should be achieved by the end of September. The share price slipped 6.98% to 0.4p.

Titon (LON: TON) has acquired G-Pack Manufacturing for £1m. The business supplies injection moulded plastic components for windows and doors and revenues were £1.3m last year. Manufacturing will be moved in-house. The deal should be earnings enhancing in the first full financial year and will create cross selling opportunities. The share price declined 5.88% to 80p.

Goldstone Resources (LON: GRL) produced 2,912.2 troy ounces of gold in 2025. Revenues increased from $4.95m to $11.2m. The cash outflow from operating activities was $1.14m with a further $1m spent on capital investment. Net debt was $11.2m. The share price dipped 5.95% to 573.25p.

Sovereign Metals (LON: SVML) says 6.19 million unlisted performance rights held by directors relating to the final investment decision milestone for the Kasiya rutile graphite project have lapsed without exercise or conversion. The share price fell 4.92% to 29p.

Consumer products supplier Supreme (LON: SUP) increased full year revenues by 17% to £270.2m, while underlying pre-tax profit fell from £32.4m to £31m, partly due to higher depreciation. Recent acquisitions helped drinks and wellness to grow, but electricals and household was hampered by poor batteries and lighting markets, although there was a contribution from 1001, which was acquired last year. Spending on acquisitions and new manufacturing facilities was more than covered by cash generation. Vaping product sales grew despite disruption from the banning of disposable vapes. There is uncertainty caused by the new vape duty based on volume of liquids. This comes into force in October. The share price slid 4.81% to 148.5p.

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