Heathrow (apparently the Airport) announced its results for the 6 months ending June 30 2025. Robust H1 EBITDA – In the first six months of 2025, revenue grew 1.9% to £1,724 million (2024: £1,692 million).
The higher revenue was driven by more long-haul flying and more passengers enjoying Heathrow’s world-class retail and food and beverage options. Adjusted operating costs increased by 3.2% to £765 million (2024: £741 million) due to higher maintenance costs to support operational performance, increased National Insurance contributions and higher electricity prices.
Comment: The numbers are actually quite modest given how the company remains one of the greatest rip-offs in the country. The power outage underlines the feet of clay the organization has. By the way, 95% of the security staff have had training, so only a 5% chance of running into an untrained person.
Guardian Metal Resources (GMET), a strategic development and mineral exploration company focused on tungsten in Nevada, USA, which owns the co-flagship Pilot Mountain and Tempiute tungsten projects, announced it has successfully raised approximately £15.6 million at a price per share of £0.60. GMET said that “Securing approximately US$27.2 million in total funding – through a combination of a U.S. government award (US$6.2M from the U.S. Department of Defense) and new equity subscriptions – represents a major milestone for Guardian Metal Resources. This financing positions us to rapidly advance our co-flagship tungsten projects in Nevada, Pilot Mountain and Tempiute, and is a strong endorsement of our mission to establish a secure, Mined-in-America supply of Tungsten – a critically important defense metal.”
Comment: The icing on the cake for GMET was always going to be that the US government would deliver grants. However, the company was so efficient at exploration and tungsten such a critical metal that in the end this driver for the fundamentals has proved to be almost a sideshow. This is especially true in the wake of the tariff wars this year.
Ajax (AQSE: AJAX) the natural resources investment company, announced that its Executive Director, Richard Heywood, has purchased a further 203,061 ordinary shares. Following these purchases, Mr Heywood holds a total of 1,880,268 Ordinary Shares, equivalent to 2.59% of the issued Ordinary Shares.
Comment: While the market continues to under-appreciate the humdinger of a deal the company pulled off in the price of Eureka, as well as the additional property bought around the project, the management is clearly aware of this, hence the latest share purchase.
Sovereign Metals (SVML) announced the successful completion of comprehensive feasibility-level geotechnical fieldwork programs at its Kasiya Rutile Graphite Project (Kasiya or the Project) in Malawi. SVML said “Completing these comprehensive infield geotechnical programs marks another significant milestone towards the completion of our DFS and another step in our systematic approach towards the development of Kasiya.”
Comment: SVML continues to deliver its fundamental momentum at its world class Kasiya project. The strategic importance of the asset has only increased in the wake of the tariff wars this year, something which has yet to be properly factored into the company’s valuation.
FRP Advisory Group (FRP), a leading national specialist business advisory firm, announced its full year results for the year ended 30 April 2025. FRP said “This is another strong set of results, reflecting the strength of FRP’s well-proven strategy, breadth of our offer and the tireless efforts of our talented people.” Revenue increased by 19% to £152.2 million (2024: £128.2 million) with 11% organic and 8% inorganic growth, driven by positive trading across all five service pillars. Adjusted underlying EBITDA rose by 11% to £41.3 million (2024: £37.1 million). £31.3 million reported Profit before tax for the year (2024: £29.9 million). Strong balance sheet maintained with year-end net cash of £33.3 million (2024: £29.7 million).
Comment: “Talented people” or otherwise, FRP has delivered an excellent all round performance, with perhaps the only missing ingredient being that the company is relatively unknown amongst investors, and indeed stock market commmentators.
Skillcast Group (SKL), the governance, risk and compliance software and e-learning provider, announced a trading update for the six months ended 30 June 2025. The Group expects to report revenues of £7.5 million for H1 2025, an 18% increase on the comparative period last year (H1 2024: £6.4 million). The growth continues to be driven by recurring subscription revenues, which increased 23% on the same period last year to £6.4 million (H1 2024: £5.2 million).
Comment: Shares of SKL are up for a third year in a row, and trading at the highs. The market cap of approaching £50m underlines that this is a company which is transitioning from being a minnow to a genuine growth situation.
Informa (INF), the international Live B2B Events, B2B Digital Services and Academic Markets Group today published half year results for 2025, delivering 20%+ reported revenue growth, increasing operating margins and confirming £150m of additional share buybacks. INF said “Informa is further increasing the pace of performance, delivering 20%+ growth in our four key performance measures: Revenues, Profits, Earnings and Free Cash Flow.”
Comment: No one likes a smug sounding RNS. But in the case of INF one would grudgingly concede that the company’s tone is appropriate.
J D Wetherspoon (JDW) published a pre-close trading update. The preliminary results are due to be released on 3 October 2025. Like-for-like sales increased by 5.1% in the 12 weeks to 20 July 2025, compared to the same period last year. Year-to-date like-for-like sales increased by 5.1%. JDW said “The company has benefitted from favourable weather in the fourth quarter, so that profits are anticipated to be in line with market expectations, notwithstanding the high tax and labour increases for the hospitality industry, which have been widely reported. In the next financial year, as well as investing in areas such as staff rooms, glass racks for “branded” glasses, and gardens, the company plans to open approximately 15 new managed pubs and about the same number of franchised pubs.”
Comment: Of course, we have the statistic that UK pubs, a pillar of British culture, a closing at the rate of one a day. On the other side of the equation, JDW is set to open around 30, something of a miracle given the government’s deliberate attack on hospitality.
Itaconix (ITX), a leading innovator in plant-based specialty polymers used to decarbonise everyday consumer products, provided a trading update for the six months ended 30 June 2025, which was in line with Board expectations. The Company achieved record half year results with unaudited HY25 revenues of $4.8 million (HY24: $2.8 million). These revenues represent 73% growth from the first half of 2024 and 30% growth over the second half of 2024. Additionally, the Company maintained overall FY24’s gross profit margins to convert these revenues into record half year unaudited gross profits.
Comment: One of the best small cap growth situations that almost everyone has not heard of. Presumably when the company gets onto the radar, a decent re-rating will ensue. In the meantime, it gets a mention on ZaksTradersCafe.
MyHealthChecked (MHC), the consumer home-testing healthcare company, announced that it has signed a partnership agreement with Patients Know Best (“PKB”) to enable customers using at-home Blood and DNA tests from MyHealthChecked to access their laboratory test results via the NHS App. The agreement between the Company’s trading subsidiary, Concepta Diagnostics Limited and PKB, is for an initial term of 3 years and defines the rights and obligations of the parties in relation to the MyHealthChecked laboratory portfolio.
Comment: MHC is on fire currently, given that the PKB announcement comes so soon after its deal with Boots. The only frustration is that one apparently has to guess what these two wonderful initiatives may in terms of pounds, shillings and pence to the company.
Shield Therapeutics (STX), a commercial-stage pharmaceutical company specialising in iron deficiency, provided an unaudited Q2 2025 trading update. In the second quarter of 2025, Shield reported unaudited ACCRUFeR® net revenues of $12.8m, doubling Q1 2025 net revenues of $6.4m. ACCRUFeR® total prescriptions grew strongly to c. 47,000 prescriptions with an average net selling price of $231 compared to c. 36,800 and $187 respectively in Q1 2025. The Company remains on track to achieve its prior guidance of turning cash flow positive by the end of 2025.
Comment: Shock, horror, a UK pharma company that is doing so well it is nearly cash flow positive. Presumably, the share price will respond in kind as well get closer to STX reaching this momentous inflection point.
CPP Group (CPP) announced that it has agreed terms for the disposal of CPP Assistance Services Private for a total cash consideration of US$21.0 million. The transaction, which remains subject to inter alia shareholder approval, marks a significant milestone in the Group’s strategic transformation. Upon completion, CPP Group will fully exit from its legacy operations and complete its evolution into a focused parametric InsurTech business, Blink.
Comment: CPP is clearly looking forward to Blink delivering, which after the $21m it will have in the bank should mean that the insurTech focus has plenty of resources to get over the line.
Manx Financial Group (MFX), the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdom announced that its wholly owned subsidiary Payment Assist Limited has entered into five new key partner lending agreements in the first half of the year. These five agreements are expected to increase annual advances by £27 million and drive additional revenue growth of over £5 million. Monthly advances in the first six months increased by 36% to over £19 million.
Comment: MFX has already been blowing the lights out in terms of performance, with the latest news being the icing on the cake. The £29m market cap is starting to look very modest indeed.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
