Churchill China appears to be in a state of managed decline. Growth prospects are scarce, and core markets are showing signs of weakness.
The performance ceramic manufacturer serving hospitality markets worldwide has posted a 5.2% decline in revenue for the first half of 2025, highlighting the ongoing challenges facing the industry.
The AIM-listed company reported revenue of £38.5 million for the six months ending June 30, down from £40.6 million in the same period last year. Operating profit took a more significant hit, falling 37.8% to £2.8 million.
Shares were flat at the time of writing on Wednesday but are down 38% year-to-date.
Earnings per share dropped to 21.0p from 32.8p in the previous year, while the interim dividend was cut by 39.1% to 7.0 pence per share. The company’s net cash position also weakened, falling to £5.6 million from £7.8 million a year earlier.
Mixed Regional Performance
The company experienced strong performance in the USA and UK hospitality markets. However, these gains were offset by weaker conditions in Europe, Rest of World markets, and the materials business segment.
The UK was Churchill’s largest market in 2024, but a slowdown in demand meant the ‘Rest of Europe’ segment accounted for the highest revenue in H1 2025. The US is still a small proportion of revenue for the firm, but one would hope that it can build a great foothold to prop up sales.
Churchill said they maintained a stable market share despite operating in a contracting market. But this doesn’t make the stock investable.
Management is taking proactive steps to navigate the downturn and has invested in automation to counter rising labour costs, positioning the business for when market conditions improve. The company reduced stock levels by £0.9 million during the period, contributing to improved cash generation.
“Global hospitality markets remain depressed by weak consumer sentiment and rising employment costs. We believe we are maintaining share in key territories, and in the UK and USA we have performed better than the market,” said Robin Williams, Chairman of Churchill China.
“Our focus internally is on reducing our cost base without damaging core skills and on employing capital spend to bring down cost of production and enable new product launches at competitive price points.”
Watches of Switzerland Group has shaken off the impact of tariffs and continued to deliver robust performance across its luxury watch and jewellery portfolio, with trading in the 18 weeks to August 31st meeting company expectations.
A trading statement released on Wednesday was heavily focused on operational progress, but the luxury retailer did say it has maintained consistently strong performance in both the UK and US markets, with the company on track for a solid first half of fiscal year 2026.
Investors cheered the news, and shares were trading 6% higher at the time of writing.
Rolex Flagship Store Exceeds Expectations
The crown jewel of recent developments has been the flagship Rolex Boutique on London’s Old Bond Street. The store has surpassed initial projections, generating excellent client response and securing impressive traffic levels and conversion rates.
The boutique’s lower ground floor features a Rolex Certified Pre-Owned salon, which is rapidly establishing itself as the go-to destination for Rolex enthusiasts seeking authenticated pre-owned timepieces and alleviating concerns about a slowdown in demand for second-hand luxury watches.
US Market Shows Resilience
Despite concerns over increased tariffs on Swiss imports, the US market has demonstrated remarkable stability and will continue to be a key growth market for the firm.
The company’s American operations continue to show strong year-over-year growth, supported by an upgraded e-commerce platform that has boosted online sales significantly.
Roberto Coin Acquisition Paying Dividends
The May 2024 acquisition of Roberto Coin Inc. is delivering strong results. The luxury jewellery brand has benefited from a high-impact advertising campaign featuring Dakota Johnson as global brand ambassador.
Three new mono-brand Roberto Coin boutiques are under construction in Miami, New York, and Las Vegas, scheduled to open in the third quarter of fiscal 2026.
Expansion Plans in Full Swing
The company’s aggressive showroom development programme continues across multiple locations.
Recent completions include the refurbishment of Northern Goldsmiths in Newcastle and the opening of Audemars Piguet AP House in Manchester through a joint venture partnership. Manchester is also home to a new Mappin & Webb Luxury Jewellery Boutique opened on September 4th, featuring geographical exclusivity for several luxury brands, including the company’s first De Beers mono-brand boutique.
Management remains optimistic about performance in the key UK and US markets and expects a minimal impact from US tariffs in the first half, as brand partners have significantly increased their inventory levels.
In July, the company guided for constant currency revenue growth of 6%-10%. This is unchanged.
The certified pre-owned business continues to show strong growth potential, with the company identifying this as a key opportunity across both UK and US markets. Registration of Interest lists continue to expand, indicating sustained consumer demand for luxury timepieces.
Managed services provider Tialis Essential IT (LON: TIA) has been awarded a five-year £60m framework agreement by an existing customer. This underpins forecast 2025 pre-tax profit of £1.2m. The share price jumped 36% to 85p, having exceed 100p earlier in the morning.
Tertiary Minerals (LON: TYM) says initial analysis of phase 2 drill programme results extends the near surface silver mineralisation at target A1 at the Mushima North project in Zambia. It adds 225 metres to the north. The mineralisation remains open to the north and at depth. The share price is one-fifth higher at 0.045p.
Falcon Oil & Gas (LON: FOG) has received approval from the Northern Territory government for the beneficial use of gas agreement. This enables the sale of appraisal gas from the Shanandoah South pilot project, which is a joint venture with Tamboran (B2). This paves the way for construction of a A$140m compression facility that Falcon does not have to fund. Sales should start in mid-2026. The share price increased 11.9% to 8.25p.
Transport security and information systems supplier Journeo (LON: JNEO) is diversifying into infrastructure protection through the acquisition of Crime and Fire Defence Systems for an initial £12.7m in cash and shares. Last year, the company made a pre-tax profit of £1.4m on revenues of £17.3m. Cavendish has upgraded its 2025 earnings forecast by 11% to 26.5p/share and the 2026 figure by one-fifth to 33.2p/share. The share price rose 5.73% to 442.5p.
FALLERS
Delays in bidding for new contracts has hit the full year figures for offshore energy market services provider Tekmar Group (LON: TGP). The improvement in the second half will not be as great as anticipated s sales move into the new year. EBITDA breakeven should be achieved, which is down on last year and the previous forecast of £1.6m. Net debt was £2.6m at the end of June 2025. The share price slipped 9.68% to 14p.
Fiinu (LON: BANK) is taking advantage of the share price rise since readmission last week to raise £1.41m at 15p/share. The initial payment of £8m for Poland-based foreign exchange brokerage Everfex was satisfied by the issue of 80 million shares at 10p each. A previous subscription generated £801,000 at 10p/share. Luxembourg fund QVP is the main investor in the placing. The share price fell back 8.96% to 15.75p.
Bricks manufacturer Michelmersh Brick (LON: MBH) has been held back by weak demand in the UK and Belgium, as well as an extended stoppage at one of its plants. Interim revenues were 1% ahead at £35.8m, but the pre-tax profit fell from £4.1m to £2.9m. Capital investment cut net cash to £1.5m. The interim dividend is maintained at 1.6p/share. Canaccord Genuity has cut its 2025 pre-tax profit expectations from £13.5m to £9.7m and made further cuts to forecasts for the next two years. Delays in building authorisations are delaying deliveries, but the demand will eventually come through. The share price decreased 8.3% to 89.5p.
West African gold producer Goldstone Resources (LON: GRL) says the latest gold pour at the Homas mine in Ghana produced 355.6 ounces of gold in the week beginning 18 August. This level of production could be maintained for the rest of the year. The share price declined 6.25% to 0.375p.
The FTSE 100 was on the back foot on Tuesday as UK gilts rose to a 27-year high, driven by concerns about the government’s borrowing and budgetary plans.
The pound also fell sharply against the dollar as the FTSE 100 gave up 0.3% to trade at 9,162.
“Gilt yields in the UK rose after the prime minister reshuffled the deck, seemingly sidelining his iron chancellor Reeves by poaching her deputy,” said Neil Wilson, Investor Strategist at Saxo UK.
“If the Treasury won’t break the rules, then perhaps Number 10 can? The market move was a sign that investors do not have confidence the Treasury will stick to its strict borrowing rules. Long-dated gilt yields are now trading close to 27-year highs again with the 30yr above 5.7%.”
Rising bond yields are particularly affecting those FTSE 100 sectors most exposed to interest rates.
Housebuilders were broadly lower as investors fretted about interest rates remaining higher for an extended period.
Taylor Wimpey, set to lose its FTSE 100 status after falling 23% so far in 2025, was among the top fallers, declining 2.6% on Tuesday.
Persimmon lost 2.5% and Barratts droped 2.3%. Rightmove was also hit with a 2.2% decline.
Stocks that are considered to have ‘bond proxy’ attributes, such as reliable cash flows and progressive dividend policies, were out of favour as investors looked to bond markets as a lower risk opportunity to capture yields amid the gilt sell-off.
Stocks such as United Utilities, Whitbread, Land Securities, and SSE appear less appealing when investors can achieve a 5.7% yield on 30-year government debt. Some of these stocks will also feel the pinch of higher financing costs.
Marks & Spencer was the top faller with losses of 3.8%.
Stronger commodities helped BP, Shell, and Fresnillo rise by between 1% and 1.8%.
“Oil stocks and precious metals miners were the main gainers in London as gold and silver prices continued to surge,” explained AJ Bell investment director Russ Mould.
“Crude oil prices moved higher, with traders reacting to potential supply disruptions associated with the conflict between Russia and Ukraine.”
Only 17 of the FTSE 100 constituents were trading in positive territory at the time of writing.
AIM-listed Tialis Essential IT has won a substantial five-year contract extension worth approximately £50 million from an existing customer. The managed services provider will deliver lifecycle services, tech bars, end user support and field engineering under the expanded framework agreement.
Tialis Essential IT shares were over 60% higher at the time of writing.
Investors were clearly impressed with the deal as it represents a significant boost to the company’s order book and provides investors with much-needed revenue visibility.
The company said the agreement underscores Tialis’s strong client relationships and successful delivery track record in advanced engineering and technology solutions.
The contract extension builds on previous work with the unnamed long-standing customer, demonstrating high levels of client satisfaction with the firm’s services.
“We are delighted to deepen our long-standing relationship through this major contract expansion,” said Niall O’Regan, Chief Operating Officer of Tialis Essential IT.
“Repeat business from high-quality clients is the clearest endorsement of our capabilities, and this award highlights the trust placed in us to deliver mission-critical solutions. This contract will meaningfully contribute to our revenue base and supports our strategy of driving growth through long-term partnerships.”
US tech shares dominated the top 10 shares traded on the Robinhood UK platform again in August as investors continued to position their portfolios in the world’s fastest-growing and largest AI and crypto stocks.
“Another month, another big showing for AI, crypto and tech in general among the most popular stocks in August 2025 on Robinhood UK,” said Dan Lane, Lead Analyst at Robinhood UK.
Top 10 stocks traded on the Robinhood UK platform in August:
Palantir (PLTR)
MARA (MARA)
Tesla (TSLA)
Robinhood (HOOD)
NVIDIA (NVDA)
Advanced Micro Devices (AMD)
Nebius (NBIS)
SoFi Technologies (SOFI)
Apple (AAPL)
UnitedHealth (UNH)
Interest in AI shares remains intact among Robinhood’s clients, despite questions about whether the pace of growth can continue.
“A few worries that AI won’t be the big profit accelerator sector fans were hoping for shook markets towards the end of August. But, renewed hopes of a September interest rate cut helped keep spirits high nonetheless,” Lane explained.
“Palantir’s stock had a busy month, hitting all-time highs thanks to impressing the market with Q2 results, before calming down on the back of valuation concerns. A price-to-sales (P/S) ratio of over 100 clearly widened a few eyes and, with a recent report from MIT questioning the extent of corporate America’s revenue uplift due to AI, the stock trended downwards heading into the back end of August.
“Staying in AI, AMD had a choppy month, with the stock gyrating on a stream of news items including an announcement that the company, along with NVIDIA, plans to give 15% of revenue generated from Chinese chip sales to the US government. Data centre sales have been hampered by the revoking of AMD’s export license so, with this deal in the works, the firm will be hoping trade disruption is close to an end. It was a similar story for NVIDIA, with restrictions meaning zero sales of its H20 processors to China-based customers in its latest quarter. That said, the world’s most valuable company did beat earnings and revenue estimates and guided for sales growth this quarter to stay above 50%.
“Dutch AI infrastructure firm, Nebius, rose up the most popular stock list as its shares continued their post-Liberation Day rise. Bumper Q2 earnings and a guidance upgrade helped lift the stock in August, with broader AI nerves stepping in to stall the party somewhat from the middle of the month.”
Tesla shares are benefiting from investor interest in the autonomous vehicles story and how robotaxis could provide the next phase of growth for the company as EV sales growth falters.
“Tesla’s still among the most popular buys, with the stock making a charge in August on the back of announced plans to expand the company’s robotaxi service and word that a new full self-driving model is being developed,” Lane said.
“On the crypto front, MARA (the artist formerly known as Marathon Digital) makes the most popular list after Bitcoin’s summer rally breathed further life into appetite for miners and exchanges. That didn’t translate into another positive month for MARA stock though, with July marking recent highs.
“Fintech firm SoFi makes the list after investors lifted the stock on the back of beating Q2 earnings estimates and raising revenue guidance. An expanding user base and hike in profits prompted buying throughout August.”
On 2 September 1945, Hồ Chí Minh stood in Ba Đình Square, Hanoi, and proclaimed the Declaration of Independence of the Democratic Republic of Vietnam.
From Hunger to Harvest, and the Decade Ahead
In September 1945, as Vietnam declared its independence, the country faced one of its darkest chapters. That same year, the Great Famine swept through the north, claiming nearly two million lives. It was a crisis of hunger, poverty, and vulnerability — the legacy of French colonial rule and a broken food system. For Vietnam, independence was not only about sovereignty; it was about survival.
Eighty years later, the story could not be more different. Vietnam has transformed from a nation struggling with famine into one of the world’s leading agricultural exporters. Rice, coffee, pepper, seafood, cashew, and fruit from Vietnam now feed families across more than 190 countries. What once symbolised fragility has become a hallmark of resilience.
This journey — from hunger to harvest — captures the spirit of Vietnam’s development: determined, adaptive, and globally connected. And as the country celebrates its 80th Independence Day, the question is not only what Vietnam has achieved, but what lies ahead in the next decade.
From Survival to Global Supplier
Few nations have experienced such a dramatic reversal of fortune. Agriculture was once a matter of survival for Vietnam’s population. Today, it is a matter of global relevance. Agriculture contributes around 12–15% of GDP, but its impact stretches far wider — providing livelihoods for millions, securing rural development, and strengthening food security beyond Vietnam’s borders.
Vietnam is now the world’s second-largest exporter of rice, the top exporter of cashew, and one of the leading suppliers of coffee and seafood. Vietnam’s fruits and vegetables increasingly appearing in supermarkets across Asia, Europe, and North America.
This success is not accidental. It has been built on decades of reform, from Đổi Mới in the 1980s to ongoing integration into global trade agreements. Where there was once scarcity, there is now abundance. Where Vietnam was once dependent, it has become indispensable.
The Next Decade: From Volume to Value
Yet the real story is just beginning. The sheer volume of exports will not define Vietnam’s future in agriculture;, rather, value creation, sustainability, and innovation will propel it forward.
Upgrading the value chain: Moving from raw exports to branded, processed, and traceable products will allow Vietnam to capture more of the consumer premium in global markets.
Sustainability as necessity: Climate change is not an abstract challenge. The Mekong Delta — Vietnam’s rice bowl — is among the most climate-vulnerable regions in the world. Success in adaptation and resilience here will matter not only for Vietnam but for global food security.
Technology and innovation: Digital platforms, precision agriculture, and biotechnology are already beginning to transform how Vietnamese farmers grow and how consumers trust what they eat.
Beyond agriculture, Vietnam’s economic story is diversifying. Manufacturing, services, and the digital economy are taking the lead. Yet agriculture remains a powerful symbol of national resilience — a reminder of how far the country has come and what it can still achieve.
An Investor’s Perspective: Why Vietnam Matters
For international investors, Vietnam’s story is both inspiring and pragmatic. It is a nation that has proven its ability to adapt, to reform, and to integrate with the world. Looking to the next decade, there are four reasons why Vietnam will remain at the forefront of opportunity:
Stability and resilience Vietnam offers a rare combination of political stability, strong social fabric, and commitment to global trade partnerships. These factors anchor long-term investment confidence.
Demographics and consumption A rising middle class — expected to reach more than 50% of the population by the 2030s — will drive demand for higher-quality food, healthcare, housing, and lifestyle goods. Domestic consumption is becoming as important as exports.
Green and sustainable growth As Vietnam commits to net-zero by 2050, opportunities are emerging in renewable energy, sustainable agriculture, water management, and green logistics. These align with global capital flows seeking impact alongside returns.
Global integration Vietnam’s role in supply chain realignments — particularly in Asia’s “China+1” strategy — is accelerating foreign direct investment. The country’s openness to free trade agreements makes it one of the most globally integrated economies in the region.
For investors, Vietnam represents not only growth, but also a chance to participate in one of the most remarkable national transformations of the 21st century.
Looking Forward: 80 Years and Beyond
Vietnam’s 80th Independence Day is more than a milestone. It is a moment to reflect on a nation that has risen from hunger to become a global supplier, and from poverty to prosperity.
If 1945 was the year of famine, and 2025 the year of global relevance, then 2035 could be the year Vietnam emerges as a model of sustainable growth. A country that balances its agricultural heritage with technological innovation, its manufacturing strength with environmental stewardship, and its cultural resilience with global ambition.
For Vietnam, independence has never been a static achievement — it has been a living, evolving project. For investors, the lesson is clear: the next decade is not just about witnessing Vietnam’s rise, but about engaging with it.
From famine to feast, from survival to sustainability, Vietnam embodies the power of resilience and renewal. The journey of the last 80 years offers a powerful reminder: Vietnam is not just rising — it is shaping the future.
For much of market history, the dollar and gold have moved in opposite directions. When the greenback strengthens, the precious metal often falters; when the dollar weakens, gold tends to shine. There are exceptions, of course, but the inverse link remains a defining feature of their relationship.
One reason is straightforward: gold is priced in dollars. A drop in the currency makes bullion cheaper for buyers using other currencies, lifting demand and often sparking rallies. Conversely, a firmer dollar can sap interest, pushing prices lower.
This interplay has been especially influential in 2025, with shifting dollar dynamics shaping gold’s path and reinforcing just how tightly the two assets remain entwined.
Dollar Weakness at the Core
The dollar’s slide through August has been central to gold’s surge. A weaker greenback makes the metal cheaper to buy and strengthens its appeal as a store of value. This long-standing inverse link is once again driving the rally, a theme underlined at Jackson Hole.
Policy Shifts Driving Momentum
Jerome Powell’s speech reset market thinking. A September rate cut now looks likely, with another possible before year-end. Lower rates pull real yields down, reducing the cost of holding gold. The dollar dropped sharply on 22 August after Powell’s keynote, adding fuel to bullion’s climb.
Politics Add to the Strain
Policy is not the only pressure. Moves to remove Federal Reserve Governor Lisa Cook rattled confidence in the bank’s independence. Trade disputes and tariff battles have added to concerns over the dollar’s reserve-currency role. These strains deepen the decline and lift gold’s appeal.
Flows Back Up the Story
Flows confirm the shift, with global gold ETFs drawing roughly $44 billion by mid-August, putting 2025 on course to rival the 2020 record. Lipper data also showed $556 million moving into gold and precious-metals funds in the week to 27 August. Central banks remain active, with China extending purchases into July, Poland adding to reserves, and the People’s Bank of China logging a ninth straight month of buying. The shared aim is clear: diversify away from the dollar and build lasting support for bullion.
The Takeaway
Gold’s rally is not simply about higher prices. It reflects policy shifts, political tension and eroding confidence in the dollar. The greenback’s decline is fuelling demand, but more importantly it signals a structural change in how investors and central banks are positioning for the future.
AIM-listed Journeo plc has completed a strategic £13.7 million acquisition that significantly expands its capabilities in critical national infrastructure protection.
The transport technology specialist has acquired Crime and Fire Defence Systems Limited (CFDS), a company that specialises in protecting the UK’s most sensitive facilities from physical and cyber threats.
Journeo’s shares were 4% higher at the time of writing on Tuesday.
Strategic Expansion Into High-Security Markets
CFDS brings expertise in safeguarding critical national infrastructure including power plants, water facilities, and high-security industrial sites. The company provides cutting-edge access control systems, perimeter intrusion detection, and advanced thermal surveillance technology.
The acquisition opens exciting cross-selling opportunities with CFDS’s blue-chip client base of multinational utilities and industrial companies.
Strong Financial Performance Drives Deal
CFDS delivered attractive results for the 12 months ended April 2025, with audited revenue of £17.33 million and profit before tax of £1.36 million. The company’s net assets stood at £3.93 million.
Journeo expects the acquisition to boost current year revenue by £4 million and add £0.4 million to profit before tax in the remaining four months of FY25.
Looking ahead to FY26, the deal is projected to increase revenue by £17 million and adjusted profit before tax by £1.4 million above current market expectations.
Deal Structure and Funding
The total consideration comprises £10.7 million in cash from existing resources, £2 million in deferred payments over 24 months, and £1 million through new share issues with a minimum 24-month holding period.
With CFDS bringing over £1 million in cash, the enlarged group will have an aggregate cash balance of £9 million post-completion.
Over the past four years, Journeo has invested more than £6 million in research and development while achieving remarkable growth rates. The company has delivered a 38% compound annual growth rate in revenue and an impressive 102% CAGR in profit before tax.
Previous acquisitions of Infotec and MultiQ Denmark in 2023 have already strengthened Journeo’s market position across fleet operations and local authority sectors.
Today’s acquisition helps deliver on Journeo’s ambitious three-year goal to reach £100 million in revenue while maintaining strong profit margins.
“We are delighted to announce the acquisition of CFDS, a recognised leader in utility Infrastructure Protection solutions,” said Russ Singleton, Chief Executive Officer.
“This acquisition aligns with our strategy of taking our core capabilities into adjacent markets and strengthens our offering and broadens our reach. We look forward to working closely with the CFDS team to unlock value and deliver enhanced integrated solutions to a broader client base.”
The FTSE 100 was largely flat on Monday as investors digested the latest twist in the Trump tariff saga with US markets closed for Labor Day. BAE Systems and Babcock rose on a large order for UK warships from Norway.
We are never too far from tariff headlines despite most major economies striking deals with the US, and the latest twist will be at the front of short-term traders’ minds on Monday.
“US markets are closed for Labor Day, but headlines are anything but quiet,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
“A federal appeals court ruled Trump’s global tariffs illegal, setting up a Supreme Court showdown before they expire in mid-October – injecting fresh uncertainty into trade policy. That backdrop, coupled with rising bets on a Fed rate cut later this month, has gold glistening near record highs as investors seek safety. All eyes now turn to this week’s labour data, which could shape the size of the Fed’s next move.”
With US markets closed, there was a lack of insight into how US stocks would react to the court ruling after a US-tech sell-off on Friday. As a result, UK investors preferred to take a wait-and-see approach, with an early rally fading as Monday’s session progressed.
“The FTSE 100 is up around a quarter of a percent early on Monday, having put in a modest gain for the month of August, with banking stocks sliding on the last day to take some shine off the performance,” said Saxo UK Investor Strategist, Neil Wilson.
“Today, BAE Systems is riding higher after the UK secured its largest ever warship deal from Norway, with the £10bn deal supporting its Glasgow shipyards for years to come. Babcock and Rolls-Royce are also getting in on the action, with all three rising over 2% on the news.”
BAE Systems was 1.8% at the time of writing. We explained in a recently published article why BAE Systems will need plenty more orders of this scale to justify its current valuation.
Gold’s rally towards $3,500 helped Endeavour Mining shares to the top of the FTSE 100 leaderboard with a 3.8% gain.
3i Group was the top faller with a 1.8% drop.
Banks, including Barclays and Lloyds, were higher as they recovered some of the losses sustained at the end of last week on the back of suggestions of a banking windfall tax.
