SIX Acquisition of Aquis Exchange Reshapes European Trading Landscape

📈 Today's Key Themes

The European trading landscape is set for a significant shift as SIX completes its acquisition of Aquis Exchange (#AQX), creating a leading pan-European exchange innovator with an aggregated 15% market share. This move, coupled with PayPoint's (#PAY) announcement of a £30 million share buyback programme and Oakley Capital's (#OCI) expansion of its heritage brand portfolio, highlights a trend of strategic corporate actions aimed at strengthening market positions. Despite economic headwinds, several companies across sectors are demonstrating resilience, with positive financial results and proactive management decisions.

💡 Company Updates

Annual Results: Supreme Plc (#SUP) reported robust annual results, with a 6% increase in Adjusted EBITDA to £40.5 million and 4% revenue growth to £231.1 million. The company's gross profit margin improved from 29% to 32%, demonstrating operational efficiency despite regulatory challenges in the vaping market. The sentiment is positive, with the company expressing confidence in future performance. Mercia Asset Management (#MERC) delivered strong financial results, with EBITDA increasing by 37% to £7.6m and a swing to profit before tax of £5.4m, compared to an £8.2m loss last year. The company's assets under management grew by 10% to £2.0bn, indicating solid business expansion and positive sentiment for future prospects. In contrast, The Global Smaller Companies Trust (#GSCT) reported a significant loss of £42.6 million, down from a £67.6 million profit last year. The trust's NAV total return of -4.8% underperformed its benchmark, resulting in a negative sentiment despite a slight increase in total income. Windar Photonics (#WPHO) reported widening losses, with the loss for the year increasing to €906,190 from €182,520. The negative operating cash flow of €3.1m and uncertainties in key markets contribute to a negative sentiment, despite stable revenue. Half-Year Results: Wynnstay Group (#WYN) reported improved profitability in its interim results, with adjusted profit before tax up 41% to £5.4m, despite a 7% decrease in revenue. The positive sentiment is supported by the company's effective cost management and operational efficiency. Kitwave Group (#KITW) reported mixed interim results, with revenue up 26.7% to £376.2 million, but downward revisions to future expectations due to macroeconomic headwinds. The negative sentiment is driven by concerns over consumer confidence and the impact on higher-margin tourism-based depots.

🎯 Leading Developments

SIX Completes Acquisition of Aquis Exchange The completion of SIX's acquisition of Aquis Exchange marks a significant milestone in the European trading landscape. The combined entity will become a leading pan-European exchange innovator with an aggregated 15% market share and access to 16 capital markets across Europe. This strategic move is expected to strengthen SIX's position in European trading, enhance efficiency, and deliver new growth opportunities for clients. Aquis will continue to operate under its established brand, with its existing management team and business model intact. The market implications of this acquisition are substantial, potentially reshaping competition and innovation in European financial markets. Read more Oakley Capital Expands Portfolio of Heritage Brands Oakley Capital Investments (#OCI) has made a strategic move by acquiring stakes in three luxury heritage brands - Smythson, Fornasetti, and FPM - to expand its Iconic BrandCo portfolio. This acquisition, valued at approximately £15 million for OCI's indirect contribution, aims to leverage Oakley's expertise to drive international growth and brand positioning. The expansion diversifies Oakley's portfolio and presents opportunities for value creation in the premium lifestyle sector. Read more PayPoint Announces £30 Million Share Buyback Programme PayPoint (#PAY) has launched a £30 million share buyback programme, signalling confidence in its financial position and future outlook. The programme aims to reduce the company's equity base by at least 20% over three years. This move is likely to be well-received by investors, potentially boosting shareholder value and demonstrating management's belief in the company's intrinsic value. Read more Benchmark Holdings to Delist from Public Markets Benchmark Holdings (#BMK) has announced its intention to delist from AIM and Euronext Growth Oslo as part of a plan to return proceeds from a business disposal to shareholders. The tender offer for shareholders will open on 3 July 2025 and remain open for 21 calendar days, with the expected last day of dealings in Ordinary Shares around 14 August 2025. This move represents a significant change for the company and its shareholders, potentially impacting liquidity but aiming to provide a return of value. Read more

📅 Week Ahead

2 July 2025: Renold plc (#RNO) Announcement of FY25 results
2 July 2025: Mitie Group plc (#MTO) Deadline for Mitie to announce a firm intention to make an offer or state it does not intend to make an offer
2 July 2025: De La Rue plc (#DLAR) Effective Date of Acquisition
3 July 2025: Baltic Classifieds Group PLC (#BCG) Announcement of Full Year Results
3 July 2025: Currys plc (#CURY) Full year results announcement
3 July 2025: Watches of Switzerland Group PLC (#WOSG) FY25 results announcement
3 July 2025: Scottish Mortgage Ord (#SMT) Annual General Meeting
3 July 2025: Unite Group PLC (#UTG) Deadline for Unite to announce a firm intention to make an offer or that it does not intend to make an offer
3 July 2025: Benchmark Holdings plc (#BMK) Tender Offer opens
4 July 2025: Greencore Group plc (#GNC) Greencore General Meeting

View full calendar

Market Summary