5th Feb 2026. 9.06am
Regency View:
Update
Regency View:
Update
It’s been a busy fortnight for AIM stocks, with the market quietly moving higher. Over the past month, the AIM All-Share Index has risen 4.9%, with the AIM 100 up 5.6%, creating a healthier backdrop for company-level news.
Against that backdrop, updates over the period covered defence technology, software, data, resources and industrials. The tone of newsflow has been mixed, but there were several examples of solid execution alongside early signs of change in a few laggards.
Concurrent Tech launches next-gen defence computing
Concurrent Technologies (CNC) announced the launch of its new Kratos 32-core processor, representing a meaningful step up in performance versus the original Kratos product launched last year. The new CPU delivers up to 60% more processing power and is designed for mission-critical defence applications, where performance density and reliability are key purchasing drivers.
Importantly, Kratos 32-core expands Concurrent’s addressable market within defence by focusing on pure data processing rather than virtualised network acceleration. Management highlighted that neither Kratos product currently faces competition within the widely adopted VPX defence architecture, reinforcing Concurrent’s first-to-market positioning and strong engineering credentials.
While this announcement was not a financial update, it reinforces the strategic direction of the business. Defence spending tailwinds remain supportive, and early customer interest suggests this product could become a flagship platform over time, supporting longer-term revenue visibility.
What we are watching next: customer adoption and contract wins linked to Kratos platforms.
Themes: Product launch | Defence exposure
CNC Daily Candle Chart
GlobalData confirms move to the Main Market
GlobalData (DATA) confirmed its intention to move from AIM to the Main Market, with admission expected on 5 March 2026. The transition will be completed via introduction, with no capital raise and no requirement for shareholder approval.
The move reflects the scale and maturity of the business, which has increasingly Main Market-style characteristics in terms of recurring revenues, cash generation and international reach. For GlobalData, the shift should broaden the potential investor base and improve liquidity over time, while also aligning the company with larger listed peers.
Operationally, nothing changes in the near term, but the move is an important signal of confidence from the board. We see this as a logical next step rather than a change in strategy, and one that supports the longer-term investment case.
What we are watching next: confirmation of admission and any changes to index eligibility.
Themes: Corporate action | Market transition
DATA Daily Candle Chart
Eleco delivers another year of strong, recurring-led growth
Eleco (ELCO) reported a year-end trading update ahead of market forecasts, with revenue up 20% to £38.8m and organic growth of 11%. Recurring revenues continue to do the heavy lifting, with ARR rising 29% to £34.3m and now representing more than 80% of total revenue.
Cash generation remained strong, even after acquisition costs and increased dividends, leaving the group debt-free with £16.3m of cash. The successful integration of PEMAC has broadened Eleco’s asset and maintenance management capabilities, strengthening its position across the built environment software stack.
Looking ahead, product development remains active, with the upcoming launch of Asta Vision Plus introducing API-led functionality and deeper integration potential. Structural drivers remain supportive, and the balance of growth, cash and recurring income continues to underpin the investment case.
What we are watching next: FY25 results and early traction from new product releases.
Themes: Trading update | Recurring revenue | Software growth
ELCO Daily Candle Chart
M.P. Evans benefits from pricing despite softer volumes
M.P. Evans (MPE) reported its 2025 crop and production update, with total harvested volumes down 4% year-on-year following a deliberate reduction in lower-margin third-party crop purchases. Own-crop and smallholder volumes both increased, reflecting the continued maturation of newer plantation areas.
While crude palm oil production dipped slightly, pricing remained supportive. Average realised CPO prices rose 5% year-on-year, while palm kernel prices increased sharply, helping offset lower volumes and supporting profitability. Early 2026 pricing remains firm, with tender prices holding close to 2025 levels.
The update reinforces the group’s strategy of prioritising margin quality over headline volumes. With strong operational control, a supportive pricing backdrop and a track record of shareholder returns, the outlook remains constructive.
What we are watching next: full-year results and capital allocation updates.
Themes: Operational update | Commodity pricing
MPE Daily Candle Chart
Netcall reaches new ACV milestone as cloud momentum builds
Netcall (NET) delivered a solid H1 trading update, with revenue up 15% and adjusted EBITDA growth of 12%, driven by continued demand for cloud automation and AI-enabled workflows. Cloud ACV rose 42% year-on-year to £42.6m, taking total ACV beyond the £50m milestone.
Customer behaviour continues to evolve positively, with larger deal sizes and broader adoption of Liberty AI modules across sectors. The shift toward cloud is improving revenue visibility, while the completion of the group’s cloud investment programme is beginning to support margin progression.
The acquisition of Jadu adds further depth in local government and digital experience, and early integration progress looks encouraging. The balance of organic growth, selective M&A and recurring income remains a core strength.
What we are watching next: ACV growth into H2 and early cross-sell benefits from Jadu.
Themes: Trading update | Cloud growth | AI adoption
NET Daily Candle Chart
Somero stabilises after challenging year
Somero (SOM) reported FY25 results in line with expectations, with revenue of $88.9m following a softer demand environment across key construction markets. Encouragingly, H2 revenues improved by over 23% versus H1, supported by seasonality and new product launches.
New mid-range products contributed around $13m in H2, helping broaden the addressable market beyond large-scale projects. While end-market uncertainty remains, customer feedback points to improved bidding activity and healthier backlogs entering 2026.
Cash generation surprised positively, with year-end cash of $33.2m, providing flexibility as management continues to invest through the cycle. While near-term growth remains constrained, the long-term positioning is intact.
What we are watching next: demand trends into H1 2026 and uptake of newer product ranges.
Themes: Trading update | Product expansion
SOM Daily Candle Chart
Serica positions for a step-change in 2026 production
Serica Energy (SQZ) closed 2025 with production of 27,600 boepd, in line with guidance but lower year-on-year following operational disruption and a heavy investment year. Revenues declined alongside lower realised oil prices, while free cash flow was modestly negative after elevated capital spend and dividend payments weighted to the second half.
Operational momentum has improved meaningfully into 2026. Year-to-date production has averaged around 43,000 boepd, with current rates closer to 50,000 boepd as reliability improves at both Bruce and Triton. Repairs at Bruce have allowed production to recover, while additional compression capacity at Triton provides greater stability.
Looking ahead, the focus shifts firmly to scale and diversification. Management expects average 2026 production to rise well above 40,000 boepd, with upside as recent acquisitions complete. With capital spend moderating and free cash flow set to recover, the investment case increasingly rests on execution through the year ahead.
What we are watching next: sustained production delivery and clarity on capital allocation.
Themes: Trading update | Operational recovery | Portfolio expansion
SQZ Daily Candle Chart
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