Asset Management Surges as Tech Wins Big: LSE Pre-Market Highlights

📈 Today's Key Themes

The London Stock Exchange is poised for a mixed opening as pre-market announcements reveal divergent sector performances. Asset management firms are leading the charge with exceptional results, while the technology sector celebrates significant contract wins. However, manufacturing and real estate companies face headwinds, highlighting the uneven economic landscape. This disparity underscores the importance of sector-specific factors in the current market environment, with companies demonstrating resilience through strategic moves and operational efficiency.

💡 Company Updates

Annual Results

B.P. Marsh & Partners (#BPM) reported a record-breaking year, with consolidated profit before tax more than doubling to £104.7m from £43.6m. The company's Net Asset Value surged by an impressive 42.4% to £326.4m, while NAV per share rose to 890.0p, a 41.5% increase. With a strengthened cash position of £74.1m and remaining debt-free, B.P. Marsh & Partners demonstrates robust financial health and growth prospects.

Tatton Asset Management (#TAM) delivered stellar results, with revenue up 23.1% to £45.309m and adjusted operating profit increasing 23.9% to £22.946m. The company's assets under management grew by an impressive 24.0% to £21.825bn, supported by record net inflows of £3.687bn. With a strong cash position of £32.1m, Tatton Asset Management's performance underscores its operational efficiency and market strength.

FirstGroup (#FGP) reported a solid financial performance with adjusted operating profit up to £222.8m from £204.3m and adjusted EPS increasing to 19.4p from 16.7p. The company's First Bus division showed improved margins, with adjusted operating margin rising to 8.9%. However, the shift from a net cash position to a net debt of £86.9m warrants attention.

GB Group (#GBG) posted modest revenue growth of 3.0% on a constant currency basis to £282.7 million, while adjusted operating profit increased 9.5% to £67.0 million. The company's adjusted operating margin expanded by 160bps to 23.7%, demonstrating improved operational efficiency. However, mentions of 'economic uncertainty' in the outlook suggest caution is warranted.

Half-Year Results

Safestore Holdings (#SAFE) reported mixed half-year results, with revenue increasing by 3.3% to £112.8 million, but underlying profit before tax decreasing by 11.0% to £43.6 million. The company's net debt increased by £111.0 million to £1,010.5 million, while the underlying EBITDA margin decreased from 61.4% to 58.5%. These results, coupled with mentions of challenging market conditions, suggest ongoing difficulties for the self-storage operator.

Trading Updates

Surface Transforms (#SCE) faces significant challenges, with losses widening to £22.3m from £19.6m in 2023. The company's cash position has deteriorated alarmingly to £0.5m from £6.1m, raising material uncertainties about its ability to continue as a going concern. While revenue increased by 13% to £8.2m, the gross margin declined from 57% to 50%, indicating serious profitability issues.

🎯 Leading Developments

Major Contract Wins

Filtronic (#FTC) has secured its largest-ever contract, worth $32.5 million (£24.0m), to supply advanced RF solutions to SpaceX. This landmark deal is expected to be materially fulfilled in FY2026 and reinforces Filtronic's growing reputation within the high-growth space market. The contract, awarded under the framework of Filtronic's Strategic Partnership with SpaceX, represents a significant milestone for the company and could potentially lead to further opportunities in the space technology sector. Read more

GenIP (#GNIP) has secured a 30-order contract with a leading Chilean research institution, marking its first entry into the Latin American market. The contract, which includes 30 analytical assessment reports using the company's GenAI-powered Invention Evaluator service, expands GenIP's global footprint and demonstrates growing demand for its AI-enabled services. While the specific financial details are not disclosed, the company notes that the contract value increases total Invention Evaluator orders to over $850,000 since its IPO. Read more

Strategic Acquisitions and Divestments

AEW UK REIT (#AEWU) has acquired Freemans Leisure Park in Leicester for £11,150,000, offering an attractive net initial yield of 10.6%. The property is fully let to national tenants, providing a defensively-priced and accretive income stream for the company. This acquisition completes the redeployment of sale proceeds from a previous disposal, indicating efficient capital management and strategic growth in the leisure sector. Read more

Oxford Instruments (#OXIG) has agreed to sell its quantum-focused business NanoScience to Quantum Design, International Inc. for £60m in cash, including up to £3m in deferred consideration. NanoScience generated £59m revenue and £1m adjusted operating profit in FY25. This divestment will allow Oxford Instruments to focus on its remaining businesses, with plans to return up to £50m to shareholders via a share buyback. The sale price appears reasonable compared to the financial performance and could potentially enhance shareholder value. Read more

📅 Week Ahead

11 June 2025: Fuller, Smith & Turner P.L.C. (#FSTA) Full year results announcement for the 52 weeks to 29 March 2025
11 June 2025: Schroder Real Estate Investment Trust Limited (#SREI) Full Year Results announcement
11 June 2025: Castings P.L.C. (#CGS) 2025 full year results publication
11 June 2025: Frontier Developments plc (#FDEV) Trading Update
12 June 2025: Halma plc (#HLMA) Full Year Results
12 June 2025: PayPoint plc (#PAY) Preliminary results for the financial year ended 31 March 2025
12 June 2025: Origin Enterprises plc (#OGN) Q3 trading update and FY 2025 guidance
12 June 2025: IDOX plc (#IDOX) Reporting of FY25 H1 results
12 June 2025: Norcros plc (#NXR) Full year results for the year ended 31 March 2025
12 June 2025: Motorpoint Group Plc (#MOTR) Full Year Results announcement

View full calendar

Market Summary