Filtronic flies on record SpaceX deal

Shares in Filtronic (FTC) have continued to power higher following the announcement of its largest contract to date, a landmark $32.5 million follow-on order from SpaceX for its high performance E band Cerus 32 Solid State Power Amplifiers. This contract, which will be materially fulfilled in FY2026, marks a significant milestone in Filtronic’s transformation into a key supplier within the booming low Earth orbit satellite market. It not only confirms SpaceX’s growing reliance on Filtronic’s RF technology but also underscores the company’s position as a mission critical enabler of next generation space communications infrastructure.

Filtronic’s leadership has responded by doubling down on R&D investment, with CEO Nat Edington highlighting the size of the market opportunity and the momentum gained from recent wins. With the board now confident that FY2026 revenues will exceed current expectations, investors appear to be pricing in the step change in earnings visibility and long term growth. As the global space economy continues to accelerate, this deal cements Filtronic’s credentials as a UK listed tech firm with real commercial traction in one of the most exciting high growth sectors.

GBG drops despite profit growth and main market plans

GBG (GBG) dropped sharply this week after releasing full year results that, while solid on paper, appear to have underwhelmed investors looking for clearer top line momentum or a more bullish outlook. Revenue rose just 3% on a constant currency basis to £282.7 million, a modest improvement that was largely in line with prior guidance. The core Identity and Location businesses showed positive net revenue retention, and adjusted profits grew nearly 10% to £67 million, helped by margin expansion. But despite the profit growth and a 14.9% jump in earnings per share, the market reaction suggests disappointment around either the pace of revenue growth or perhaps concerns over the continued decline in the Fraud segment.

Perhaps most notably, GBG also announced its intention to move from AIM to the Main Market, a sign of growing maturity and confidence in its strategic direction. The company returned over £21 million to shareholders through buybacks and dividends in the year and has reduced net debt to £48.5 million, giving it flexibility for further investment. Yet despite these positives, the sharp sell off reflects a market keen to see more convincing growth at the top line, not just improved margins. The transition may take time to fully re rate in investors’ eyes, especially in a market increasingly focused on revenue momentum and platform scalability.

GlobalData ends buyout talks with ICG and KKR

GlobalData (DATA) has officially ended takeover talks with private equity group ICG, bringing to a close months of speculation around a potential acquisition. ICG confirmed it would not be making a bid, following the collapse of earlier negotiations with KKR in May. No further details were provided by either party, but the breakdown marks the end of a strategic review that began in April.

With the June 11th deadline for ICG now passed, GlobalData remains an independent company. The end of discussions could provide some clarity for investors, although it leaves questions over the company’s next steps for growth and shareholder value creation.

hVIVO slumps on contract cancellations and industry headwinds

hVIVO’s (HVO) share price gapped significantly lower at the end of May due to the unexpected cancellation of a major human challenge trial contract, alongside the postponement of another and a further smaller cancellation. The company attributed these developments to broader macro uncertainty across the pharmaceutical and biotech landscape, particularly in the US, where a tough funding environment and regulatory delays are prompting CRO clients to defer or abandon trials. While this disruption is being felt across the industry, the scale and timing of hVIVO’s cancellations caught investors off guard, raising near-term concerns over revenue visibility for FY25.

Despite the setback, hVIVO remains upbeat about its long-term prospects. The sales pipeline is at a record high, including major contracts under discussion that could begin in late 2025 and deliver substantial revenue in FY26. CEO Dr Mo Khan also highlighted the successful integration of CRS and Cryostore, as well as growth in new revenue streams like hLAB services and early phase clinical trials. The company maintains a strong cash position and insists its strategy to build a diversified, sustainable CRO remains intact. But in the short term, investor sentiment is likely to remain cautious until more clarity emerges on new contract wins and the broader recovery in biotech funding.

IG Design jumps after exiting struggling US business

IG Design (IGR) jumped higher recently following news of the disposal of its entire US operations, DG Americas, in a bold move to streamline the group and draw a line under years of underperformance. The disposal, announced on 30 May, will see the division transferred to a vehicle backed by Hilco Capital. While the headline consideration is a nominal one US dollar, the deal includes a potential share of future sale proceeds—should the new owner realise value from the business. IG Design will receive 75% of any such proceeds, though there is no guarantee any will materialise.

While the near-term financial impact of the disposal will include a non-cash write-down and the loss of trading contribution from DG Americas, the market responded positively to the clarity and simplification of the group structure. Investors appear to have welcomed the company’s renewed focus on its core international business across the UK, Europe and Australia, where it retains strong retail partnerships and healthier margins. The move also paves the way for new financing arrangements, with a three-year agreement expected to be finalised by the end of June.

Mitie confirms £366m acquisition of Marlowe in cash-and-stock deal

Marlowe (MRL) has confirmed that it will be acquired by FTSE 250-listed Mitie Group in a deal worth approximately £366 million. The agreement, which combines cash and new shares, will see Marlowe shareholders receive 290p in cash plus 1.1 new Mitie shares for each share held. The offer values Marlowe at around 466p per share and represents a 26.5% premium to its price before the initial talks were announced. Marlowe shares rose nearly 8% on the news, while Mitie shares dropped around 10% in early trading.

The acquisition underscores a broader trend of consolidation in the UK business services sector, with Mitie strategically positioning itself to capture more value in regulated and recurring revenue markets. Marlowe, which features in our AIM Investor portfolio, will now become part of a larger and more diversified platform. The deal is expected to close later this year, subject to shareholder and regulatory approvals.

Inspecs eyes steady 2025 despite US tariff drag

Inspecs (SPEC) provided a cautious but measured update at today’s AGM, as outgoing Chair Robin Totterman acknowledged the drag from ongoing US tariff uncertainty. Group sales were down year-on-year by the end of May, with American demand proving unpredictable. However, management noted that momentum is picking up in Europe, and key projects with major retailers in the US and Canada remain on track, suggesting that H2 could offer some recovery in volumes if macro conditions stabilise.

Despite a challenging start to the year, Inspecs is maintaining its full-year revenue and EBITDA guidance, supported by ongoing operational efficiency measures and cost-saving initiatives. These are expected to ramp up into the second half of the year, helping to buffer the Group against macro headwinds. As the leadership baton is passed, Inspecs is entering a transition period, but with a clear focus on returning to growth and delivering long-term shareholder value.

Science Group cashes in as Ricardo agrees sale to WSP

Science Group (SAG) is set to receive a windfall of £53.5 million after agreeing to sell the majority of its stake in Ricardo to Canadian firm WSP Global, which has announced a £363 million takeover of the UK-based environmental and engineering consultancy. The all-cash deal values Ricardo shares at 430p, representing a 28.4% premium to the previous day’s close.

With the deal now on the table, Science Group has confirmed it supports WSP’s offer and will seek an adjournment of Ricardo’s general meeting, originally scheduled for 18^th June. The decision not only delivers immediate value but also strengthens Science Group’s own balance sheet, potentially opening the door to further strategic investments.