Tech and Healthcare Shine as Construction Stumbles in Pre-Market Updates

📈 Today's Key Themes

Pre-market updates reveal a stark contrast in sector performance, painting a picture of a divided market. Technology and healthcare companies are reporting robust results, with several firms exceeding expectations. In particular, Shield Therapeutics (#STX) stands out with its Q2 revenues doubling. However, the construction and mining sectors face significant headwinds, exemplified by Breedon Group (#BREE)'s profit decline and increased debt. This divergence suggests investors may need to be selective in their approach as the market opens, with sector-specific trends likely to dominate trading.

💡 Company Updates

Trading Updates

Personal Group Holdings (#PGH) reported a strong H1 2025 performance, with group revenue up 11% to £23.3m and adjusted EBITDA surging 41% to £5.5m. The company's insurance and benefits platform segments showed robust growth, indicating a positive trajectory for the financial services provider. Shield Therapeutics (#STX) delivered an impressive Q2 2025 update, with net revenues for its key product ACCRUFeR® doubling to $12.8m compared to the previous quarter. The company also saw growth in prescriptions and an increase in average net selling price, signalling strong market traction. Ecora Resources (#ECOR) reported a 97% increase in Q2 portfolio contribution, driven by strong performance in its base metals portfolio. The company's transition towards a revenue profile derived primarily from critical minerals like copper, cobalt, and uranium appears to be paying off. J D Wetherspoon (#JDW) announced a 5.1% increase in like-for-like sales for the 12 weeks to 20 July 2025. While the company faces challenges from high tax and labour increases in the hospitality industry, its performance suggests resilience in consumer spending.

Half-Year and Annual Results

Breedon Group (#BREE) faced challenging market conditions in its interim results for 2025. Despite a 7% revenue increase to £815.9m, underlying profit before tax fell 20% to £48.9m. The company's net debt increased significantly, and management expects full-year results at the low end of market expectations. Gem Diamonds (#GEMD) reported a 43% decline in total revenue to $44.7m in H1 2025, with a 26% decrease in average price per carat sold. The company has implemented cost-cutting measures, including reduced waste mining and workforce rationalisation, in response to sustained pressure on rough diamond prices. Itaconix (#ITX) announced record half-year revenues of $4.8 million, up 73% year-on-year. The company's plant-based specialty polymers are gaining market share across various sectors, with cleaning product sales growing by 87%. Van Elle Holdings (#VANL) reported a 6% revenue decline to £130.5m and reduced profitability in its preliminary results. The company faces headwinds in key sectors, particularly in the residential market due to Building Safety Act delays.

🎯 Leading Developments

CPPGroup (#CPP) has agreed to sell its India operations for £15.7 million, marking a key milestone in its strategic shift to focus on the high-growth Blink InsurTech platform. This move is expected to simplify the Group's structure and enable reallocation of capital to its most strategically important asset. Read more Manx Financial Group (#MFX) has secured several new partnerships to expand the reach of its payment solutions business. These agreements, including partnerships with the Retail Automotive Alliance and eDynamix, are expected to drive substantial revenue growth, with annual advances increasing by £27 million and additional revenue of over £5 million. Read more Caledonia Mining Corporation (#CMCL) expects its profitability for the full year 2025 to be materially ahead of market expectations. The company cites strong performance at its Blanket Mine and sustained gold prices as key drivers for the improved outlook. Read more

📅 Week Ahead

24 July 2025: Lloyds Banking Group (#LLOY) 2025 Half-year results
24 July 2025: Centrica (#CNA) 2025 Interim Results
24 July 2025: Howden Joinery Group (#HWDN) 2025 Half Year results release
24 July 2025: IG Group Holdings (#IGG) Full year results announcement
24 July 2025: Volution Group (#FAN) Release of pre-close trading update
24 July 2025: Wizz Air Holdings (#WIZZ) Q1 FY26 results release
25 July 2025: WPP (#WPP) Half Year 2025 Results
25 July 2025: Mitchells & Butlers (#MAB) Release of Third Quarter Trading Update
25 July 2025: Jupiter Fund Management (#JUP) Interim results for the period to 30 June 2025

View full calendar

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