The £272-capitalised Norcros (LON:NXR) is a group of market-leading brands that design and supply sustainable bathroom and kitchen products in the UK, Ireland and South Africa, in addition to selected export markets.
I am looking forward to a more positive Trading Update being issued ahead of the group’s AGM next Wednesday, 23rd July, which should help to highlight just how undervalued this £270m-capitalised group is at the current 302p, despite the 10% price uplift in the last four days.
Group CEO Thomas Willcocks stated that:
"In the context of current market challenges, I ...
The FTSE 100 was set to end the week on a high after trading above 9,000 in very early trade on Friday, following another strong session for US equities overnight.
London’s leading index faded the early rally to trade at 8,982 at the time of writing. The current all-time closing high stands at 9,000.
The FTSE 100 jumped on the coat tails of another record high for US stocks, which was driven by strong economic data and a continued rally in leading tech stocks.
“Across the pond, we had the latest US retail sales figures yesterday, which once again makes me recall the old adage ‘never bet against the US consumer’,” explained Michael Brown Senior Research Strategist at Pepperstone.
“Headline sales rose by a healthy 0.6% MoM in June, while the all-important control group metric, which feeds into the GDP figures, rose by a better than expected 0.5% MoM. Clearly, very solid figures, that again point to the underlying resilience of the US economy, despite ongoing trade uncertainty.”
In addition to the strong US economic data, the FTSE 100 was boosted by several company-specific developments.
“Streamlining has been the order of the day with oil giant BP continuing its strategic refocus with an agreement to dispose of its US onshore wind business, BP Wind in which the group has claims to 1.3GW of generating capacity,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.
“Health and hygiene company Reckitt, the company behind the likes of Dettol, Durex and Nurofen is to dispose of its Essential Home division in a deal worth up to $4.8bn which will leave it with a non-controlling stake of 30% in brands such as Cillit Bang, Calgon and Airwick.”
BP shares rose 1.5% as Reckitts gained 1.8%.
Mining shares were also among the risers, underscoring the risk-on tone to trade. Rio Tinto rose 1.4% and Glencore ticked 1.2% higher.
GSK was the FTSE 100’s top faller after the US FDA voted against the overall benefit/risk profile of its Blenrep blood cancer drug. GSK shares fell 5%.
Burberry shares were higher on Friday morning after the luxury brand demonstrated signs of a turnaround in its first quarter.
Burberry’s first-quarter trading update revealed retail sales declining 2% at constant exchange rates to £433m. The luxury fashion house saw comparable store sales fall 1%, whilst currency headwinds added further pressure, resulting in a 6% drop in reported revenue.
All in all, the headline figures represent a significant improvement over the recent decline in sales.
Burberry shares had nearly doubled since their April lows, going into today’s announcement and investors were happy to take the shares 1% higher in early trade on Friday.
The company showed signs of regional recovery, with the Americas posting 4% growth driven by new customer acquisition, and Europe, Middle East, India and Africa managing 1% growth as local spending offset weaker tourist activity.
However, Greater China remained a concern with sales down 5%, including a 4% decline in Mainland China. Asia Pacific struggled with a 4% fall, largely due to difficulties in Japan, though South Korea provided some relief with positive growth.
In terms of the outlook, Burberry said, ‘We are still in the early stages of our turnaround, and the macroeconomic environment remains uncertain’. Investors are choosing to look at the glass half full for now and will hope the turnover gathers pace.
“Over the past year, we have moved from stabilising the business to driving Burberry Forward with confidence,” said Joshua Schulman, Burbery Chief Executive Officer.
“The improvement in our first quarter comparable sales, strength in our core categories, and uptick in brand desirability gives us conviction in the path ahead. Our Autumn 2025 collection is being well received by a broad range of luxury customers as it arrives in stores. Although the external environment remains challenging and we are still in the early stages of our transformation, we are encouraged by the initial progress we are starting to see.”
Reckitt Benckiser Group has agreed to sell its Essential Home business to private equity firm Advent International for an enterprise value of up to $4.8 billion whilst retaining a 30% equity stake in the divested unit.
Reckitt has struggled with direction in recent years, and the sale is part of its strategy to become a more efficient, world-class consumer health and hygiene business.
The British multinational has been reshaping its portfolio around 11 high-growth, high-margin “Powerbrands” and today’s sale underscores their commitment to developing this core portfolio.
The deal values Essential Home at 7.7 times its unaudited adjusted operating profit for the 12 months ending 31 March 2025. Up to $1.3 billion of the enterprise value comprises contingent and deferred consideration, with Reckitt maintaining its minority stake through Advent’s acquisition vehicle.
The company plans to return excess capital to shareholders through a special dividend of roughly $2.2 billion, accompanied by share consolidation following completion.
The special dividend will complement Reckitt’s ongoing share buyback programme, with the next tranche announcement scheduled alongside H1 2025 results on 24 July 2025.
“We are executing our strategic plan at pace. The divestment of Essential Home represents a significant step forward in unlocking the substantial value in our business,” said Kris Licht, Reckitt Chief Executive Officer.
“This moves Reckitt towards becoming a simpler, more effective world-class consumer health and hygiene company and it will enable us to focus on a core portfolio of high-growth, high-margin Powerbrands. Essential Home will benefit from Advent’s new majority ownership with our retained minority stake in Essential Home providing a potential long-term value enhancement opportunity for Reckitt.”
Reckitt Benckiser shares have gained over the past year, but shares are still substantially below their all-time highs and have been locked in a downtrend since 2017.
The UK Investor Magazine has selected a diverse range of investment trusts for readers to consider this month. Our selections provide targeted exposure to the fast-growing Asian economy of Vietnam and a blend of high-growth and high-income UK equities.
Vietnam Holding
Investors may look at Vietnam Holding and think they’ve missed a buying opportunity. In many respects, they have.
While it’s annoying not to buy near the bottom of a sell-off, Vietnam Holding is a long-term play on the expansion of the Vietnamese economy. Looking back in five years from now, the difference between recent April lows and the current price will likely seem insignificant.
Despite the recent rally, Vietnam Holding still trades with a share price discount to NAV of 6%. Vietnam Holding recently traded at a premium, allowing it to become the first Vietnamese-focused trust to issue shares and expand the size of its fund for over a decade. One would expect VNH’s efforts to manage the discount through an innovative redemption scheme to keep shares on course to reach a premium to NAV again before long.
Vietnam was one of the first countries to secure a trade deal with the United States, providing the market with certainty over the near-term outlook for the economy.
Vietnam has a five-year CAGR of 15% driven by deft picks such as Vietnam’s leading tech firm FPT Corp and banks including Techcom Bank.
With Vietnam in the midst of a technology-driven economic expansion, the future looks promising for MSCI’s largest frontier market.
Rights and Issues Investment Trust
UK small caps are primed for a revival. Sentiment around the asset class can’t get much worse, creating the conditions that have historically proved to be the best time to allocate to the sector.
The Rights and Issues Investment offers investors a diversified portfolio of high-growth UK small caps, selected by managers Matthew Cable and Tim Service.
The trust has returned 121% over the past ten years compared to benchmark returns of just 80%. There have been a number of years the trust has returned more than 50% over the period.
The managers are doing a yeoman’s job of selecting and holding on to small and mid-cap winners. The top ten holdings include Renold, up 71% in 2025 after receiving a takeover offer, and Alpha Group, which has returned 42% so far this year.
The trust employs a blended top-down and bottom-up approach to stock selection, focusing on small caps with high-quality management. The trust is focused on industrials with strong revenue streams and attractive valuations. Their approach to small caps allows them to hold positions in less liquid shares over longer periods than possible through open-ended fund structures.
This is a trust to be in if you believe in the UK small and mid-cap renaissance.
The Diverse Income Trust
Managed by Premier Miton, The Diverse Income Trust is an exciting and highly diversified portfolio of UK companies providing investors with a yield of 4%.
The trust’s yield isn’t the greatest in the UK equity income sector, but it compensates for a slightly lower yield with exemplary capital appreciation.
The trust’s stock selection process uses a ‘traffic-light’ process to identify companies that can grow their dividends on a consistent basis. This process evaluates whether there are prospects for rising turnover, whether profit margins can be sustained, and whether the management team makes decisions that will build real intrinsic value. The process also considers how much financial flexibility exists in the balance sheet and whether there are low expectations in the share price.
The Managers adopt a stock-specific approach in managing the trust’s portfolio, which means that sector weightings are of secondary consideration. As a result of this approach, the trust’s portfolio does not track any benchmark index. The diversity of the trust is demonstrated in its top holdings, which include Galliford Try, Plus500, BT, Paypoint, and Aviva. Many holdings could be consider growth plays just as much as income stocks.
The approach is paying off for investors.
The Diverse Income Trust‘s share price is 20% higher over the last year and has returned 75% over 10 years. This doesn’t include dividends.
Oil and gas producer Empyrean Energy (LON: EME) says the operator of the Mako field has signed a gas sales agreement with PT PLN Energi Primer Indonesia. This covers the current production from the Duyung production sharing contract until January 2027. Empyrean Energy has an 8.5% interest in the Mako field. The share price soared 267.5% to 0.0735p.
MyHealthChecked (LON: MHC) is supplying lateral flow tests under the Boots own brand. This covers 13 tests, and the initial term is 12 months. The share price jumped 30.8% to 12.75p.
Orosur Mining Inc (LON: OMI) has announced positive early results from mineral resource estimate drilling at the Pepas prospect within the Anza gold project area in Colombia. Grades of up to 12.76g/t have been found. The share price increased 17.3% to 8.8p.
Medical imaging services provider IXICO (LON: IXI) say revenues for the year to September 2025 should be better than expected at £6.3m. A loss is still expected. Cash should be at least £3m at the end of September 2025. The share price rose 15.4% to 11.25p.
Audioboom (LON: BOOM) is acquiring podcast network Adelicious for up to £4.5m and has raised £3m through a placing at 270p/share. Podcasters on the Adelicious network include Frank Skinner and Jeff Stelling. The UK market is less developed than the US market. The share price is 14.9% higher at 327.5p.
FALLERS
Offshore services provider Ashtead Technology (LON: AT.) grew first half 23% to £99m, but that is a pro forma decline of 6%. Margins have improved thanks to operational synergies. Underlying full year EBITDA is likely to be slightly lower than forecast, but pre-tax profit should be in line with expectations of £49.2m. The medium-term outlook is positive. The interims will be published on 26 August. The share price slipped 24.1% to 341.75p.
Trading in Artemis Resource (LON: ARV) shares has been halted on ASX because it is raising cash to finance the development of its gold assets. AIM trading continues and the share price declined 21.8% to 0.215p.
Ceramic products manufacturer Churchill China (LON: CHH) says that there is reduced demand from hospitality and May and June were materially below target. Market share is being maintained. That will hit profit. The UK and US are holding up better than other markets. There is also trading down from dearer products. Replacement business is at expected levels. Production has been reduced, thereby hitting operating levels and margins. The share price fell 17.4% to 475p.
AFC Energy (LON: AFC) raised £23m at 10p/share via a placing and subscription, which was more than initially asked for, and up to £5m can be raised via a retail offer. The cash will fund commercialisation of hydrogen technology, particularly for generator and hydrogen supply. It will fund the manufacture of Hy-5 and 30Kw units for Volex. The share price decreased 17% to 11.26p.
Ex-dividends
Dewhurst (LON: DWHA) is paying an interim dividend of 5p/share and the A share price fell 32.5p to 492.5p.
Dewhurst (LON: DWHT) is paying an interim dividend of 5p/share and the share price declined 7.5p to 792.5p.
Hercules (LON: HERC) is paying an interim dividend of 0.6p/share and the share price is unhanged at 42.5p.
MS International (LON: MSI) is paying a final dividend of 18p/share and the share price slumped 95p to 1065p.
Victorian Plumbing (LON: VIC) is paying an interim dividend of 0.7p/share and the share price improved 0.8p to 69p.
Majestic Corporation has announced plans to accelerate its UK expansion with the launch of a new critical minerals recycling facility in Wrexham, Wales.
Majestic Corporation is a specialist recycler of e-waste, battery materials, IT infrastructure, and solar renewables with a global supply and refining network.
Hot on the heels of record-breaking 2024 full-year results, Majestic Corporation has outlined plans to launch a new 50,000 sq. ft. facility in Wrexham. The group will continue to operate its existing 4,000 sq. ft Deeside facility.
The new Wrexham facility ‘will be integral to Majestic’s strategy to increase the annual volume of processed materials to 100,000 tonnes by 2030’ as the group enhances its capabilities through proprietary processing methods and increased capacity.
Demonstrated by 2024 revenues surging 67% to $49m, the group is rapidly becoming one of the major players in the UK critical minerals recycling sector.
The UK is estimated to produce 1.65 million tonnes of e-waste per year, representing a substantial growth opportunity for the company.
“This facility marks a major step forward in our mission to enable a truly circular economy,” said Peter Lai, Chairman, CEO and Founder of Majestic Corporation
“By increasing our capacity to handle complex waste streams, we’re not only meeting rising demand but also ensuring more of this critical processing happens locally, here in the UK. Ultimately, this means we’re delivering more to our customers – with greater efficiency.”
Majestic Corporation shares were trading at 125p at the time of writing on Thursday, giving the company a Price-to-Sales ratio of just 0.55x. The group’s EPS jumped 6% in 2024.
There’s a quiet revolution happening beneath our feet. It’s about real-world, physical change – transforming the way we power cities, and creating tangible environmental impact. Pavegen have pioneered a technology that generates energy and data from footsteps. Each step can produce up to 5 watts of power and its already proven in the hottest and coldest environments on earth, from Saudi Arabia to Korea to Washington DC. The scaleup, Pavegen, saw 68% revenue growth last year and has launched an investment round on Crowdcube a few days ago.
Cleantech has matured from niche sustainability projects into a cornerstone of modern infrastructure investment. In 2023, global cleantech investment hit an astonishing $468 billion, nearly tripling year-on-year. Meanwhile, UK cleantech companies secured over £5 billion in 2024 alone, a 100%+ increase from the previous year.
From soaring energy prices to ambitious net-zero targets, demand for sustainable solutions has never been higher. As cities race to cut emissions and corporations double down on ESG commitments, smart investors are pivoting to cleantech as both a moral and financial imperative.
Enter Pavegen: Turning Steps into Power, Data and Impact
At the heart of this revolution is Pavegen, the London-born innovator transforming everyday footsteps into clean off-grid energy, real-time data insights, and measurable social impact. With over 250 installations across 45 countries and 1 billion footsteps already harvested, Pavegen is a proven global platform. From NFL stadiums and smart city districts to shopping centres and transport hubs, Pavegen’s technology engages the public while delivering immediate ESG results.
But the company isn’t stopping there. Its new Solar+ hybrid technology now generates 100%+ more energy, further enhancing its sustainability proposition. And with a data platform designed to support AI-driven engagement and predictive footfall insights, Pavegen is positioning itself at the intersection of clean energy and smart city analytics.
Investors Are Stepping In – Literally
Midway through its current Crowdcube raise, Pavegen has already attracted over £1 million from 550 investors, including family offices, private investors, and institutional backers. Major supporters include Hinduja Group and Tamar Capital, who see Pavegen as part of the next infrastructure revolution.
This funding round supports global expansion, including flagship deployments in Saudi Arabia’s giga-projects like the $890k contract at Sports Boulevard and upcoming projects across MENA, Asia, North America, and Europe.
The focus? To develop the rollout of Pavegen’s AI platform, launch and accelerate Solar+ adoption, and transition from one-off project revenues to recurring data licensing and SaaS streams – a move designed to unlock high-margin, scalable growth.
Why Pavegen, Why Now?
Market-ready technology: Proven installations across the world, already engaging millions of people.
Hybrid energy approach: Combining kinetic and solar power for maximum energy capture.
AI-powered data platform: Unique capability to generate real-time behavioural data and ESG metrics.
Strong pipeline: Over 20 smart city projects in development, plus major brand activations.
Defensible IP: Three international patents and a first-mover advantage in a rapidly growing sector.
Massive market opportunity: Tapping into the $4.7 trillion smart city market expected by 2030.
Brand trust: Trusted by Google, Siemens, NFL, Adidas, Volvo, and major governments worldwide.
Impact that Resonates
Beyond financial returns, Pavegen’s projects can achieve direct social and environmental impact. Recent activations during London Climate Action Week at 22 Bishopsgate – the second tallest building in the UK and Old Spitalfields Market have resulted in the planting of over 2,000 trees, showing that every step can contribute to a tangible, positive outcome.
At Wimbledon this summer, Pavegen’s kinetic floor powered the Barclays Tennis Energy Challenge, transforming fans’ footsteps into an unforgettable experience. The activation sparked important climate action conversations and built strong brand loyalty.
Final Thoughts: Follow the Footsteps
For investors Pavegen represents a grounded, human-centric opportunity in cleantech. A chance to power the cities of tomorrow, shape smarter public spaces, and create real climate impact, all while accessing the explosive growth potential of the global ESG movement.
With momentum building and over 550 investors already stepping in, this is your chance to be part of a cleantech success story in the making.
The FTSE 100 was on the up on Thursday amid rising hopes of an interest rate cut by the Bank of England. Diploma was the top riser after boosting full-year guidance.
There was high drama going into yesterday’s close after a White House official said Trump was on the verge of sacking Fed Chair Powell, only for Trump himself to deny it minutes later.
The FTSE 100 sank into the close yesterday in line with a decline in US stocks before futures rebounded sharply on Trump’s denial, leading to a higher open for the index this morning.
UK stocks were also boosted by poor jobs data, which raised hopes that the Bank of England would act to steady the UK economic ship. The UK is losing jobs at a rate that cannot be left unchecked by the central bank, and interest setters will be under pressure to step in and ease monetary policy.
“The UK labour market has seen a net loss of 178,000 jobs over the past year, in stark contrast to the previous year when there was a gain of 260,000 jobs,” said Seemanti Ghosh, Principal Economistat the Institute for Employment Studies.
“The labour market continues to weaken with the unemployment rate ticking up to 4.7%, a further 75,000 drop in payrolled employees on quarter and vacancies falling for the 36th consecutive period.”
The poor state of the UK jobs market makes an interest rate cut at the BoE’s next meeting a near certainty. Investors, businesses and households will hope it’s followed by more cuts later this year.
Sterling weakened slightly against the dollar in the immediate reaction to the jobs number, providing support for the FTSE 100.
“Having seen a rapid retreat from the briefly attained 9,000 mark earlier this week, the FTSE 100 made steady progress on Thursday to put this milestone level back within reach,” says AJ Bell investment analyst Dan Coatsworth.
“Financial stocks were among the gainers, while specialist distributor Diploma led the way as it lifted its full-year target for organic growth.”
Diploma surged over 7% to all-time highs after upgrading its full-year outlook. Lloyds gained 2.5% and NatWest added 1.3%.
Easyjet was the FTSE 100’s biggest casualty despite the group announcing respectable profit expansion. Investors are evidently concerned about the outlook, as higher oil prices erode margins, and the success of the key summer trading period depending on late bookings.
“easyJet’s underlying pre-tax profits flew 21% higher in the third quarter to £286 billion, boosted by strong demand and the timing of the Easter break,” said Derren Nathan, head of equity research, Hargreaves Lansdown.
“But the no-frills airline is running up against some turbulence. The price of jet fuel shot up following military action against Iran, and it’s proving to be stickier than crude oil prices. Meanwhile, the widespread disruption over French airspace due to an air traffic control strike is also weighing on the outlook. These are factors outside of the group’s control, but with the trend towards later booking patterns holding firm, passengers look to be holding out for last-minute bargains. That adds an extra degree of uncertainty around the peak travel period, which falls in the group’s final quarter.”
Ocado Group has posted robust first-half results driven by its Technology Solutions division, which more than doubled EBITDA to £72.8m whilst expanding margins from 14.4% to 26.3%. Group revenue climbed 13.2% to £674.0m, with Technology Solutions up 14.9% and Ocado Logistics advancing 12.1%.
The company’s adjusted EBITDA surged 76% to £91.8m from £52.0m in the prior year, reflecting the growing profitability of its international partnerships and operational improvements across its automated fulfilment network. Investors will be pleased to see the group consistently turning a profit after a prolonged period of being loss-making.
Technology Solutions EBITDA surged to £72.8m in the first half from £34.8m in the same period last year.
“Ocado Group has delivered a strong first half and we have reached important milestones both in our UK business, as well as across our international partnerships,” said Tim Steiner, CEO of Ocado Group.
“Our Technology Solutions division has more than doubled EBITDA and our underlying cash flow has improved significantly, ending the period with liquidity in excess of £1 billion. Our focus remains on turning cash flow positive during FY26, supported by continued growth with our partners and cost discipline across the business.”
CFC Network Expansion Accelerates
Many have viewed Ocado as a technology business with a bolt-on retail arm, so slow progress with the rollout of their Customer Fulfilment Centres (CFCs) was a major concern in recent years. Thankfully, things look to be improving.
Ocado’s CFC network is building momentum, with total weekly volumes across the global network growing 23% year-on-year. The group now operates 119 live modules, up from 112 at the half-year mark, with average live modules increasing 8.9% to 122.
The rollout of Re:Imagined technologies continues to unlock additional capacity for partners. In Detroit, Kroger’s CFC has achieved 50% more throughput than its original design capacity, prompting an order for an additional module expected to go live in early 2026. The deployment of On Grid Robotic Pick (OGRP) technology has reached 265 units worldwide, up from 92 at the full year, with the mature Luton CFC now processing almost 40% of volumes robotically.
Ocado expanded into two new markets during the period, launching AI-powered in-store fulfilment software in South Korea with Lotte and Saudi Arabia with Panda. Lotte’s first CFC near Busan is scheduled to go live in early 2026.
The company has extended its partnership with Spain’s Bon Preu, its longest-standing international partner, with plans for an automated CFC outside Barcelona featuring the full suite of Re:Imagined technologies. Australian partner Coles continues to report strong progress with volume ramp-up and improved customer satisfaction.
Ocado Retail
Ocado Retail maintained its position as the UK’s fastest-growing grocer for the 12th consecutive month, with revenue up 16.3% and EBITDA rising to £33.3m. The successful migration of all UK customers to the Ocado Smart Platform enables access to advanced capabilities including variable delivery slots and same-day delivery options through Ocado Swift-Router.
