Aquis-listed e-waste recycler Majestic Corporation is building a head of steam. Revenues surged and EPS jumped in 2024 as the company continued expanding its circular economy recycling operations through organic growth and an acquisition.

MCJ shares recently hit all-time highs following the release of preliminary 2024 results, and final results underscore the progress the Wales-based company is making.

The company returns valuable critical minerals and precious metals, including copper, graphene, gold, platinum, and nickel, back to the supply chain through extensive global recycling operations.

Majestic processes discarded e-waste such as mobile phones, laptops, data centre chip boards, batteries, catalytic converters, and solar panels.

The UK produces around 2 million tonnes of e-waste per year alone, representing a huge opportunity for Majestic.

Rapidly growing operations propelled MCJ’s revenues 67% higher to US$49.3 million compared to US$29.4 million in the previous year.

Stronger revenues drove a 6% Earnings per share increase to 4.42 cents, up from 4.17 cents in 2023.

Majestic Corporation’s continued growth necessitated the expansion of operational capabilities, leading to the successful acquisition of TeleCycle in the UK, which was completed in early 2025. The strategic move addresses the company’s need for larger operational facilities to support higher volumes of e-waste.

The acquisition is expected to enhance the company’s processing and streamlining capabilities for physical recycling, positioning Majestic for additional future growth while establishing stronger operational foundations.

Majestic said it grew its customer base during the last year, including the addition of several key clients such as large government-linked entities and multinational corporations.

“We’re delighted with Majestic’s progress in FY24 and I’m pleased to report significant revenue growth and increased profits,” said Peter Lai, Chairman, CEO and Founder of Majestic Corporation.

“Since 2018, Majestic Corporation’s mission has been clear; to pioneer sustainable resource recovery, reduce reliance on environmentally harmful mining, and drive innovation across critical industries. Through the dedication of our team and partners, we continue to turn that vision into reality. 

“In today’s complex world, our team’s ability to pivot quickly – to localise, to innovate, and to execute – continues to be one of our most valuable assets. Looking forward, we are ready to scale our model globally, unlocking new markets through a combination of organic growth, targeted acquisitions, and strategic partnerships. We look forward to further delivering on our objectives in the year ahead.”

The FTSE 100 moved higher on Friday as investors reacted to news that a US/China trade agreement is a ‘done deal’, according to the US President.

London’s leading index was 0.5% higher at the time of writing.

The US has yet to agree on trade deals with many countries, with damaging tariffs set to come into force on July 8 and 9. However, the White House has signalled some flexibility with these dates and will want to avoid a rerun of the market reaction in April.

Trump is likely to extend any deadlines for major economies should deals not be in place, and this has been reflected in recent strength in equity markets.

That said, the reported deal with China will be a major relief for businesses and investors.

“The FTSE 100 has caught a tailwind from a strong rally in Asian stocks overnight,” said Derren Nathan, head of equity research, Hargreaves Lansdown.

“Exchanges in the Far East latched onto comments by Donald Trump that a ‘very big’ trade deal has been signed between the US and China, while hinting that an agreement with India is imminent. Looking at continental European markets the distinct omission of a timeframe for a deal with the EU may be one reason stock futures across the Channel are pointing downwards.”

US markets powered higher again overnight with the AI-trade back in the driving seat. Strong results from chip maker Micron Technology ignited interest in tech shares such as Meta, Nvidia and Broadcom and the boost to sentiment was felt across European equities on Friday.

“Micron continues to be a beneficiary of the boom in AI demand, though after the huge rebound from April the stock’s reaction was muted. Nonetheless, with the S&P 500 and Nasdaq 100 both back at, or above, previous record highs, it feels like all the tariff worries have receded,” explained Chris Beauchamp, Chief Market Analyst at IG.

JD Sports was the FTSE 100’s top riser after a strong set of results from Nike helped reassure investors. Nike shares were trading 10% higher in the premarket after reporting revenue that fell 12% but beat analysts’ expectations.

A large proportion of JD’s revenue is earned from Nike products, and the poor performance of JD’s share price is linked to recent stuttering growth for Nike.

Nike has been criticised for a lack of innovation, resulting in poor sales performance. Investors will hope the better-than-expected revenue figure demonstrates they are back on track.

“Shares in JD Sports burst to life off the back of Nike’s results,” explained Russ Mould, investment director at AJ Bell.

“The footwear manufacturer has brought back Elliott Hill as CEO to drive a turnaround and investors lapped up his every word on plans to get the business back on track with new sports-focused product lines. A healthier Nike playing catch-up with product innovation could stimulate new demand for its products and theoretically JD Sports would benefit as it is a key retailer of Nike shoes.”

The risk-on feel to trading on Friday was underscored by losses in precious metals miners Endeavour and Fresnillo.

Babcock was the FTSE 100’s top faller as traders booked profits in the stock after a strong run. Babcock shares are 125% higher in 2025 and are the FTSE’s second best performer behind Fresnillo.

AI-focused investment firm Mindflair still trades at a significant discount to NAV despite the realisation of an investment representing 50% of their market cap.

Mindflair is another example of London’s inability to value technology-related companies properly.

The company delivered very respectable full-year results with net asset value surging 85% to £10.8m and income swinging to £3.2m profit compared to losses of £2.7m in 2023. The turnaround was driven primarily by the strong performance of its Sure Valley Ventures investments, particularly the valuation increase in Infinite Reality.

Many of Mindflair’s investments are privately held, which may explain some of the discount to NAV. But 50% seems like too much of a disconnect.

Mindflair’s NAV per share of 2.05p at the end of the period compares to a current share price of 1p, which is surely an unfair assessment by the market as to the outlook for their portfolio.

The sale of their holdings in Getvisibility, generating £2.6m, is a validation of their strategy and investment selection capabilities.

Portfolio activity was particularly active, with Mindflair benefiting from the disposal of Landvault to Infinite Reality for US$450m headline consideration in July. They made six new investments through SVV2 and initiated activity in SVV3 with stakes in Inspeq AI and Jentic AI.

Mindflair offers both value and diverse exposure to AI adoption.

The FTSE 100 was firmly higher on Thursday as investors reacted to Shell’s statement on BP takeover speculation and London played catch-up with US equities.

“A sense of calm has descended on markets this morning as high-stakes drama on the global stage took the night off,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

London’s leading index rose 0.5% as UK stocks rose in line with a move to the upside in US stocks. Nvidia hit records overnight and became the world’s largest company, overtaking Microsoft, as the NASDAQ hit record highs. The S&P 500 is within touching distance of record highs.

London received an additional boost to sentiment in the form of M&A hopes as reports emerged Shell was eyeing up BP, only for Shell to shut any speculation down via a statement issued on Thursday. Nonetheless, takeover talk gripped the market and investors piled into natural resource companies that may be targets for a bid.

“Speculation last night around a BP bid effectively set the stage for the UK stock market to rocket today. Instead, Shell has spoiled the party and the blue-chip index is static,” said Russ Mould, investment director at AJ Bell.

“That won’t stop the market from continuing to speculate about who else might want to buy the FTSE 100 energy giant. It might also encourage investors to dust off the M&A playbook and think about who else could be a takeover target. That might explain why Anglo American’s shares were among the top risers on the FTSE today.”

Anglo American was 5% higher at the time of writing. Glencore and Antofagasta rose over 3%.

Anglo American has been the subject of takeover speculation and approaches for some years, recently spinning off a business unit to help fight off future interest. The FTSE 100’s weighting towards miners meant a hint of M&A fever in the sector helped lift the index.

A mild risk-on tone to trade had developed in afternoon trade with retailers, miners and financials leading the way higher.

British American Tobacco was the FTSE 100’s top faller after trading ex-dividend.