Tech Resilience Amid Construction Woes: LSE Pre-Market Snapshot

📈 Today's Key Themes

As the London Stock Exchange gears up for opening, a stark contrast emerges between the buoyant tech sector and the struggling construction industry. Trustpilot Group plc (#TRST) leads the charge with an impressive 21% revenue growth, while Harworth Group plc (#HWG) and MJ Gleeson plc (#GLE) face significant headwinds. This divergence highlights the uneven economic recovery across sectors, with tech and financial services showing resilience against macroeconomic pressures. Investors are likely to closely monitor these sectoral differences as they position their portfolios for the day ahead.

💡 Company Updates

Technology Sector

Trustpilot Group plc (#TRST) has delivered a stellar performance in its H1 2025 results, with revenue surging 21% to $117.1 million. The company's adjusted EBITDA increased by 25% to $32.1 million, while free cash flow jumped an impressive 40% to $24.1 million. With a 11% growth in paying customers and raised full-year guidance, Trustpilot's outlook appears very positive. Eleco plc (#ELCO) reported strong H1 2025 results with revenue up 13% to £18.4 million. The company's recurring revenue grew 23% to £14.8 million, now accounting for 81% of total revenue. With operating profit increasing 27% to £1.9 million and a strong cash position of £12.2 million, Eleco demonstrates solid growth in the software sector. Eagle Eye Solutions Group PLC (#EYE) showed resilience in its core SaaS business, with SaaS revenue growing 11% to £40.2 million. Despite the loss of a significant contract, the company's profit before tax increased 315% to £3.0 million, and adjusted EBITDA rose 8% to £12.2 million.

Financial Services Sector

Pollen Street Group Limited (#POLN) reported impressive H1 2025 results, with total income up 55% to £41.4 million and operating profit increasing 28% to £30.9 million. The company's Assets Under Management grew 35% to £6.1 billion, signaling strong growth in the alternative asset management space. City of London Investment Group Plc (#CLIG) demonstrated resilience with a 13.4% increase in underlying profit to $30.8 million, despite net outflows. The company's average Funds under Management rose 7.2% to $10.3 billion, showing strength in the asset management sector.

Construction and Real Estate Sectors

Kier Group plc (#KIE) reported a robust set of results for FY25, with adjusted operating profit increasing 6% to £159.1 million. The company's revenue grew 3% to £4,087.8 million, and it boasts a record order book of £11.0 billion, providing strong visibility for future revenue. Harworth Group plc (#HWG) faced challenges in H1 2025, with operating profit declining sharply to £7.1 million from £21.1 million year-on-year. Net debt increased significantly to £179.4 million from £80.5 million, reflecting the difficult conditions in the real estate sector. MJ Gleeson plc (#GLE) reported a 17.3% drop in profit before tax to £20.5 million, despite a 5.9% increase in revenue to £365.8 million. The company's operating margin in Gleeson Homes decreased significantly from 9.2% to 6.4%, highlighting the challenges faced by the residential construction sector.

🎯 Leading Developments

Fintech Innovation Drives Growth

Fiinu Plc (#BANK) has entered into an exclusive strategic partnership with Conister Bank Limited to launch its innovative Plugin Overdraft® product in the UK. This partnership will initially target over 1 million existing retail customers, with plans to expand to Conister's broader customer base. The launch, scheduled for Q4 2025 subject to regulatory approval, represents a significant opportunity for Fiinu to disrupt the traditional overdraft market.

This partnership could potentially reshape the UK overdraft market, offering consumers more flexible and accessible financial solutions.

Energy Sector Developments

Corcel Plc (#CRCL) has been awarded a 2D seismic acquisition project within the KON-16 Block in onshore Angola. The project, set to start in Q4 2025, will acquire 326-line km of data, increasing coverage by 227% compared to existing data. This development is crucial for advancing the subsurface prospectivity of KON-16 to drill-ready status, potentially leading to high-impact drilling in 2026.

Corcel's seismic project in Angola could significantly enhance its oil exploration capabilities, potentially leading to substantial discoveries in the region.

Investment Sector Moves

Oakley Capital Investments Ord (#OCI) has renewed its commitment to K12 investments, including the Affinitas Group. Oakley Capital Fund VI will invest new capital into the K12 portfolio, while Oakley Capital Fund IV will sell part of its stake and retain a minority position. This transaction, expected to generate around £25 million in proceeds for OCI, represents a premium to the June 2025 carrying value.

Oakley Capital's renewed commitment to K12 investments signals confidence in the education technology sector and could lead to significant returns for investors.

📅 Week Ahead

17 September 2025: Barratt Redrow plc (#BTRW) FY25 full year results announcement
17 September 2025: Moonpig Group PLC (#MOON) Trading Update and AGM
17 September 2025: Galliford Try Holdings plc (#GFRD) Full year results announcement
17 September 2025: McBride plc (#MCB) Full year results announcement
18 September 2025: NEXT plc (#NXT) Announcement of interim results for the first half of the year
18 September 2025: Renishaw plc (#RSW) 2025 full year results release
18 September 2025: MJ Gleeson plc (#GLE) Report audited full year results
18 September 2025: INSPECS Group plc (#SPEC) Interim results announcement
19 September 2025: Skillcast Group plc (#SKL) Announcement of full interim results

View full calendar

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