International Public Partnerships Ltd.

International Public Partnerships’ (INPP’s) recent portfolio update showed its portfolio is continuing to perform well, with further progress on accretive capital recycling. INPP shares offer an attractive prospective dividend yield of 7.0% with an unbroken record of dividend growth and visibility for at least another 20 years. Active measures to narrow the discount to NAV are having a positive impact, but it remains at c 15%, which in our view offers an attractive opportunit

International Public Partnerships: Edison

Zinc Media Group

Zinc Media continues to win significant new commissions from a wide range of channels and streamers and to build its profile in the market. FY25 market estimates are underpinned by revenues secured and due to be recognised of £35m, with £5m more under advanced discussions. Medium-term (FY28e) ambitions are focused on adding £10m of revenue and £3m of EBITDA through three growth pillars: expanding in the important Middle Eastern market; growing an entertainment portfolio; and 

Zinc Media: Edison

Topps Tiles Plc

At its H125 results, Topps Tiles’ (TPT’s) management excluded CTD Tiles’ results from its adjusted results, as it did not take full control of the business until after the period end due to the prolonged investigation by the Competition and Markets Authority (CMA). Management also indicated it would apply the same treatment to CTD’s results for the full year. 

Topps Tiles: Edison

Moonpig Group

Despite signs of a turnaround at Greetz and hopes of stability in the Experiences business, it is the core UK Moonpig brand that continues to drive the group. Here, total orders and gift attach rates continued to rise in FY25, boosting its margins and generating the cash flow necessary to invest in all three brands. CEO Nickyl Raithatha has announced his departure in the next 12 months, leaving the group in a strong financial and operational position

Moonpig Group: Edison

Filtronic

Filtronic’s year-end trading update confirmed that the company closed the year with revenue and EBITDA slightly above our forecasts for FY25 and that the order book and pipeline support market expectations for FY26. With investment made in FY25 and ongoing in FY26 to support higher production volumes, product development and customer account management, the company is making good progress with its strategy of expanding its customer base, particularly in the space and aerospac

Filtronic: Edison

Creo Medical Group Plc

Creo Medical’s FY24 results unveiled a streamlined business model focused on its core advanced energy platform, following the divestment of a 51% stake in its consumables arm, Creo Medical Europe (CME; discontinued operations in the FY24 accounts).

Creo Medical: Edison

Picton Property Income Ltd

Picton announced FY25 results, reporting post-tax profits of £37.3m, a TAR of 8.1% and a 2.7% dividend increase to 3.8p per share, representing the fifth consecutive annual increase since 2020.

Picton Property Income: Edison

At its capital markets day on 7 May, SigmaRoc  set out its ambitions to build ’Europe’s leading choice mineral platform’ with a focus on lime and limestone. 

SigmaRoc: Edison

Georgia Capital delivered a solid NAV total return of 11.2% in Q125 in local currency terms (9.8% in GBP), continuing its strong 15.1% growth per annum since end-2018. Q125 NAV growth was driven primarily by Lion Finance Group’s stock performance (BGEO, formerly Bank of Georgia), which contributed 6.9pp to NAV performance. 

Georgia Capital: Edison

Filtronic has been awarded a contract to develop and supply filter and diplexer assemblies to Airbus for use in Eutelsat OneWeb low Earth orbit (LEO) satellites, with delivery expected in CY26.

We concur with Tom Clayton, IntelliAM’s CEO, that the group’s preliminary FY25 results clearly validate the group’s consulting/AI solution business model. 

IntelliAM AI: Edison

Carr\'s Group

Carr’s Group is now a focused specialist agricultural group. The benefits of the reinvigorated management’s actions are being seen in the UK, providing confidence in the strategy as a specialist branded product animal supplements business. Challenges remain, such as softness in the drought-affected southern US market.

Carr's Group: Edison

Gresham House Energy Storage Fund

Gresham House Energy Storage Fund (GRID) is the largest owner and operator of battery energy storage systems (BESS) in Great Britain, with the operational portfolio representing 17% of the market in MW terms, more than twice the market share of its nearest competitor. 

Gresham House Energy Storage Fund: Edison

1Spatial’s FY25 results were in line with the March trading update, with continued robust growth in recurring software revenues offset by weakness in services. 

1Spatial: Edison

Severfield has confirmed that FY25 PBT is anticipated to be in line with management’s expectations and that year-end net debt was modestly better. 

Severfield: Edison

H125 EPS grew 10% despite some revenue pressure on the core business as non-core revenue streams increased, cost savings were generated and finance costs declined. Furthermore, the company has appointed a new MD for Smiths News Recycle, which is a strong endorsement for its final-mile growth prospects. The addressable non-core ‘early morning’ market is sizeable and has a profit opportunity of c £160m, which implies t

Smiths News: Edison

Solid State




Solid State finished the year strongly, including the announcement of a £19m communications order and defence activity gaining momentum. This, combined with the restructuring and cost initiatives, suggests positive momentum going into FY26. This was after the well documented weakness in industrial markets and destocking affected the year to March 2025.

Solid State: Edison

Filtronic has signed a second development contract with the European Space Agency (ESA), this time working with Viasat to develop high-power RF solutions for the proposed European open architecture low Earth orbit (LEO) network.

Pan African Resources Plc

Pan African’s headline EPS (HEPS) for H125 appeared to show a decline of 43.7% y-o-y relative to its (restated) prior year number. However, if the loss attributable to its Mintails contract liability and its 5.6% (4,779oz) under-sale of gold relative to production are stripped out, we calculate that its normalised HEPS number was c 2.78c and almost exactly in line with our prior expectations (see Exhibit 2). We have reduced our production expectation for the full year by 2.7%

Pan African Resources: Edison

Foxtons Group Plc

Foxtons Group’s Q125 trading update revealed revenue growth of 24%, driven predominantly by growth in the Sales division, which in turn benefited from a pull forward in transactions due to Stamp Duty changes.

Foxtons Group: Edison

Vietnam Holding

Vietnam Holding delivered solid net asset value (NAV) per share growth of 16.5% in 2024, ahead of the Vietnam All-Share Index (VNAS), which rose 10.2%. 

VietNam Holding: Edison

IP Group made good progress in crystallising its portfolio values through exits, with proceeds of £183m collected in FY24, most notably from the realisations of Featurespace and Garrison Technology.

IP Group: Edison

Jersey Electricity Plc

Jersey Electricity is bringing forward capital spending to boost resilience and improve the security of its supply. 

Jersey Electricity: Edison

Epwin Group

Epwin Group’s FY24 results were robust and modestly ahead of market expectations, and FY25 trading appears to have begun with some optimistic trends. Epwin offers an attractive investment case with the potential for uplifts from additional self-funded M&A.

Epwin Group: Edison

Next 15 faced a number of challenges in the year to end January, with a difficult macroeconomic backdrop, relatively high exposure to the tech sector and the loss of the Mach49 contract. 

Next 15 Group: Edison

Metro Bank Plc

Metro Bank’s FY24 results provided strong evidence of the effectiveness of its strategy. With momentum building through the year, it has a firm base for further progress in the current year and beyond.

Metro Bank: Edison

Ocean Wilsons Holdings Ltd.

In FY24, Ocean Wilsons increased its earnings per share and dividend by 7% and more than 40%, respectively. 2024 was a seismic year for the company as it agreed to sell its 56% holding in Wilson Sons.

Ocean Wilsons Holdings: Edison

Sareum Holdings Plc

Sareum Holdings’ H125 results (to 31 December 2024) summarised a period of operational progress and an improved capital position, with successful fund-raising. Since the completion of the Phase I trial for lead asset SDC-1801 in June 2024, the focus has been on formulation optimisation and drug product manufacturing for the toxicology study, which we believe will now commence in May 2025, with completion likely in Q4 CY25 (Q2 CY25 previously).

Sareum Holdings: Edison

Cordel’s progress update on its Positive Train Control (PTC) development gives a good indication that the business is on track to open up a significant new revenue opportunity in the North American railroad market.

Cordel Group: Edison

Moonpig’s trading statement for FY25 (to end April) shows that the year looks set to finish in line or slightly better than expected. 

Quadrise Fuels International Plc

Quadrise raised £6.5m (before costs) in January through a placing and retail offer, increasing the company’s cash reserves to £7.1m as of 28 February 2025. Management stated these funds will support Quadrise through to revenues and positive cashflow generation, expected from mid 2026 based on forecast project timelines.

Quadrise: Edison

Topps Tiles’ H125 trading update indicates improving volume and revenue trends through Q225, with an exit rate of high-single-digit revenue growth in March 2025.

Topps Tile: Edison

Picton Property Income (PCTN) has completed the £8.4m disposal of a vacant office building, which is to be redeveloped for student accommodation. The company completed three such sales in FY25, for an aggregate £51m (gross), at an average 5% premium to the March 2024 valuation.

International Public Partnerships’ (INPP’s) results for the year ended 31 December 2024 show continuing strong operational performance, underpinning fully covered dividend growth.

1Spatial has announced its third deal for its key 1Streetworks SaaS application, with Kent County Council (KCC). The deal is worth £0.5m over 12 months, further contributing to the company’s positive start to the year.

Michelmersh Brick Holdings Plc

Although Michelmersh’s FY24 results reflected tough markets, there are reasons for investors to be more enthusiastic about the outlook. H224 revenue was less poor than H1 and the early weeks of FY25 saw order intake continue to build. 

Michelmersh Brick Holdings: Edison

International Airlines Group enjoys the tailwinds of structural demand growth in an industry that is becoming more structurally profitable, being well positioned in some of the largest and most attractive markets, and with a portfolio of leading brands catering to the value requirements of its customers.

International Airlines Group: Edison

M&C Saatchi plc

M&C Saatchi’s FY24 results were broadly as indicated at January’s update, with net revenue ahead 4% like-for-like and a nudge up in operating margin to 15.2%, from 15.0% in FY23.

M&C Saatchi: Edison

LSL Property Services has published its preliminary results for the year ended December 2024. On a like-for-like basis these show strong growth in revenue and earnings, reflecting the success of the strategic transformation of the group over the past two years. 

LSL Property Services: Edison

We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May.

Gamma Communications: Edison

SIG Plc

SIG has endured tough trading conditions and some questionable strategic initiatives over the last 10 years. Assuming that underlying construction markets in SIG’s core geographies can muster some growth from H225, the combination of top-line growth and reduced costs could drive the EBITDA margin towards management’s 8% target.

SIG: Edison

Generation Uranium Inc.

Genuit’s FY24 revenue declined by 4.3% y-o-y to £561.3m due to subdued demand. However, market conditions stabilised in H224 with a 0.5% y-o-y revenue decline versus a 10.6% decline in H124. Reported operating profit decreased by 4.5% y-o-y to £59.2m, while underlying profit margin increased 40bp y-o-y to 16.4%, driven by productivity gains through the company’s Genuit Business System (GBS) and purchasing savings

Genuit Group: Edison

S4 Capital

S4 Capital’s FY24 results are as it indicated in January, with net revenue down 11% like-for-like. The operational EBITDA margin of 11.6% was up from 10.7%, signalling tight cost control. FY25 guidance is for net revenue and operational EBITDA to be broadly flat, with further improvement in net debt.

S4 Capital: Edison

While Team Internet’s Search business faces ongoing challenges, Comparison had a breakout year (revenues +43% y-o-y) and appears to have established an effective model for international expansion. DIS continues to generate solid growth and margins.

Team Internet Group: Edison

Zanaga Iron Ore Co. Ltd.

Zanaga Iron Ore is an exploration and development company focused on iron ore, with its flagship asset being the 100%-owned Zanaga Iron Ore Project in the Republic of the Congo. 

Zanaga Iron Ore: Edison

Premier Miton Global Renewables Trust plc Ord GBP 0.01

Premier Miton Global Renewables Trust’s investors will be presented with a continuation vote at the AGM on 24 April. The board is recommending that investors vote in favour of continuation and is offering a range of options for realising value. 

Premier Miton Global Renewables Trust: Edison

Games Workshop Group Plc

Games Workshop Group (GAW) has declared its fifth dividend of FY25. We believe this reflects enhanced cash generation as a result of the success of the video game Space Marine 2, which has passed through its minimum guarantee income, on top of the strong growth provided by the FY25 launch of the latest edition of Age of Sigmar. 

Games Workshop Group: Edison

KEFI Gold and Copper plc

aving required KEFI to work through regulatory overhauls and security threats, its host countries have now taken the brakes off, with the result that KEFI is launching its projects with a serendipitous tailwind of high metal prices. 

KEFI Gold and Copper: Edison

iltronic and SpaceX have expanded their strategic agreement, originally signed in April 2024, to support higher order volumes for E-band solid state power amplifier (SSPA) modules, which are being used in the Starlink constellation. 

The Pebble Group’s FY24 results were broadly in line with January’s trading update, with revenue up 1% and a nudge up in gross and adjusted EBITDA margins. 

Edison Research

International Public Partnerships: Edison

Zinc Media: Edison

Topps Tiles: Edison

Moonpig Group: Edison

Filtronic: Edison

Creo Medical: Edison

Picton Property Income: Edison

SigmaRoc: Edison

Georgia Capital: Edison

Filtronic: Edison

IntelliAM AI: Edison

Carr's Group: Edison

Gresham House Energy Storage Fund: Edison

1Spatial: Edison

Severfield: Edison

Smiths News: Edison

Solid State: Edison

Filtronic: Edison

Pan African Resources: Edison

Foxtons Group: Edison