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

📈 Today's Key Themes

Pre-market updates reveal a stark contrast across sectors, with technology and healthcare companies showing remarkable resilience and growth, while the construction industry faces significant headwinds. Tialis Essential IT (#TIA) leads the tech sector with a major contract win, and Uniphar (#UPR) demonstrates strong performance in healthcare. However, Michelmersh Brick Holdings (#MBH) reports a substantial profit decline, reflecting broader challenges in the construction sector. Strategic acquisitions and divestments continue to shape company portfolios, highlighting the importance of adaptability in the current economic climate.

💡 Company Updates

Positive Developments

Uniphar (#UPR) reported impressive H1 2025 results, with a 21% increase in adjusted EPS and 8.6% revenue growth to €1,485.5m. The healthcare services provider demonstrated strong performance across all divisions, with organic gross profit growth of 8.1%. Operating profit rose by 5.6% to €38.5m, although net bank debt increased to €197.5m due to strategic investments and share buyback. The company's outlook remains positive, with strong trading momentum entering the second half of the year.

Falcon Oil & Gas (#FOG) secured approval for the Beneficial Use of Gas agreement, allowing the sale of appraisal gas from its Beetaloo Sub-basin project. This paves the way for the construction of a new A$140 million compression facility and gas sales to the Northern Territory Government, expected to commence in mid-2026. The company's 2025 drilling campaign is progressing well, with Falcon Australia having no cost exposure to the drilling of three new wells.

Negative Developments

Michelmersh Brick Holdings (#MBH) reported a significant profit decline in its half-year results. Despite a slight 1.1% increase in revenue to £35.8m, operating profit fell by 26.8% to £3.0m. The company faced margin pressures, with gross margin decreasing from 36.2% to 33.6%. While UK despatches were up 3%, the Belgian market presented significant challenges, leading to a temporary production stop at the Floren facility in Q3. The company's net cash position reduced from £4.1m to £1.5m, reflecting the challenging market conditions.

Tekmar Group (#TGP) issued a trading update indicating delays in order conversion, impacting its financial performance for the year. Despite a strong bidding pipeline, customer procurement decisions have been slower than expected, affecting H2 FY2025 performance. The company now expects adjusted EBITDA to be at break-even for the full year, an improvement from the H1 loss but below previous expectations.

Fairview International (#FIL) reported 6% revenue growth to £5.3 million for the year ended 30 June 2025, with a 9% increase in student enrolments for the upcoming academic year. However, the company faces potential headwinds and challenging market conditions, with references to economic uncertainty in its trading update. The high valuation, with a revenue multiple around 11x, could make the shares vulnerable to profit-taking.

🎯 Leading Developments

Tialis Essential IT Secures £50M Contract Expansion

Tialis Essential IT (#TIA) has announced a significant contract expansion with a long-standing customer, valued at approximately £50 million over 5 years. This major win demonstrates the company's strong position in the managed services sector and its ability to maintain and grow key customer relationships. The substantial contract value is likely to have a positive impact on Tialis' financial performance and could potentially lead to increased investor interest in the tech services sector. Read more

Journeo Acquires Crime and Fire Defence Systems

Journeo (#JNEO) has completed the acquisition of Crime and Fire Defence Systems Limited (CFDS) for a total consideration of approximately £13.7m. This strategic move expands Journeo's capabilities in critical infrastructure protection and is expected to add £4m revenue and £0.4m PBT to FY25 results, with further growth projected for FY26. The acquisition leverages CFDS's expertise and client base, potentially opening up new market opportunities for Journeo in the security and protection services industry. Read more

Ecora Resources Sells Dugbe Gold Royalty for up to $20M

Ecora Resources (#ECOR) has agreed to sell a subsidiary holding a 2% Net Smelter Return royalty over the Dugbe Gold Project in Liberia for up to $20.0 million. The deal comprises $16.5 million in upfront cash and up to $3.5 million in contingent payments. This strategic divestment allows Ecora to unlock value from a non-core asset, accelerate deleveraging, and provide flexibility for future royalty acquisitions in its targeted commodity basket. The sale price represents a significant premium to the asset's carrying value of $5.9 million on Ecora's balance sheet. Read more

📅 Week Ahead

3 September 2025: Hilton Food Group plc (#HFG) Interim results for the 26 weeks ending 29th June 2025
3 September 2025: Manolete Partners Plc (#MANO) Expected FY25 Annual Results Release
4 September 2025: Grafton Group plc (#GFTU) Half year results release
4 September 2025: Safestore Holdings Plc (#SAFE) Q3 Trading Update
4 September 2025: Genus plc (#GNS) FY25 preliminary results announcement
4 September 2025: Apax Global Alpha Limited (#APAX) Interim Results
4 September 2025: Funding Circle Holdings plc (#FCH) Half year results report
4 September 2025: Brooks Macdonald Group plc (#BRK) Full year results for the year ended 30 June 2025
5 September 2025: Ashmore Group Plc (#ASHM) Announcement of full year results

View full calendar

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