Healthcare and Defense Shine as Tech and Mining Face Headwinds in Pre-Market Update

📈 Today's Key Themes

Pre-market announcements reveal a stark sector divergence, with healthcare and defense companies reporting strong growth while tech and mining firms face significant challenges. Craneware (#CRW) and Cohort (#CHRT) lead the positive sentiment with impressive financial results, showcasing the resilience of their respective sectors. However, Kenmare Resources (#KMR) and Corero Network Security (#CNS) face headwinds, signaling potential volatility in the tech and mining spaces. This mixed bag of results suggests a cautious market opening, with investors likely to scrutinize sector-specific trends closely.

💡 Company Updates

Annual Results

Cohort (#CHRT) reported record financial results, with revenue up 33% to £270.0m and adjusted operating profit increasing 30% to £27.5m. The defense technology group's order book reached a record £616.4m, up 19%, providing strong visibility for future years. The positive sentiment is tempered only by a slight decrease in net funds due to acquisitions.

Trading Updates

Craneware (#CRW) delivered a very strong performance in FY25, with a 12% increase in adjusted EBITDA to over $65m and 9% revenue growth to $205.7m. The healthcare technology company's recurring revenue metrics accelerated, with ARR growth of approximately 7% to c.$184m. The company's robust financial position, including reduced debt and healthy cash reserves, underpins its positive outlook. In contrast, Kenmare Resources (#KMR) faces significant headwinds, expecting an impairment charge of up to $125 million in its H1 2025 results. The mining company cited a weaker pricing outlook and an oversupplied feedstock market as key factors, leading to more cautious medium-term growth expectations. Corero Network Security (#CNS) reported disappointing H1 2025 results, with revenue expected to be $10.9 million, below the prior period's $12.2 million. The cybersecurity firm downgraded its full-year guidance, projecting revenue between $24.0 and $25.5 million, below market expectations. The company attributes this underperformance to a shift in sales mix and weaker macroeconomic conditions.

Q1 Update

Workspace Group (#WKP) reported challenging market conditions in its Q1 business update. Like-for-like occupancy fell by 0.3% to 82.2%, with further decline expected in Q2. The flexible workspace provider is focusing on stabilising and rebuilding occupancy amid these headwinds.

🎯 Leading Developments

Contract Wins Boost Engineering and Transport Tech Sectors

Synectics (#SNX) secured two major contracts totaling approximately $3.0 million. The larger contract, worth $2.5 million, involves upgrading a casino operator's surveillance system in the Philippines. The second contract, valued at $600,000, will see Synectics deploy its Synergy software at a tribal gaming property in Oklahoma, North America. These wins demonstrate the company's strong position in the security and surveillance solutions market, particularly in the leisure and hospitality sector. Read more In the transport technology sector, Journeo (#JNEO) won a £1.2 million contract to provide Intelligent Transport Systems and services on approximately 100 buses in Denmark. This contract with Umove, Denmark's largest privately owned public transport operator, includes £0.8 million in engineering and installation work and £0.4 million in recurring SaaS and SLA revenues over the first three years. This win represents a significant expansion into the Danish market for Journeo. Read more

Strategic Moves in the Renewable Energy Sector

Foresight Solar Fund (#FSFL) announced an extension of its share buyback programme, allocating up to an additional £10 million, bringing the total to £60 million. The renewable energy fund reported strong operational performance, with electricity production more than 5% above budget in Q2 2025. The company's active power price hedging strategy has given the board confidence in achieving its 1.3x dividend cover target for 2025. Additionally, Foresight Solar Fund has made progress in its development pipeline, allocating over 100MW of battery storage capacity in Spain and advancing a 55MW solar project. These developments underscore the company's commitment to growth and shareholder value in the renewable energy sector. Read more

📅 Week Ahead

17 July 2025: Wise plc (#WISE) Q1 FY26 trading update
17 July 2025: Ocado Group plc (#OCDO) FY25 Half Year Preliminary Results
17 July 2025: Dunelm Group plc (#DNLM) Fourth quarter trading update
17 July 2025: Big Yellow Group Plc (#BYG) Q1 Results Announcement
17 July 2025: James Cropper PLC (#CRPR) Announcement of full-year results
18 July 2025: Burberry Group plc (#BRBY) First Quarter Trading Update
18 July 2025: United Utilities Group PLC (#UU.) Annual General Meeting

View full calendar

Market Summary