23rd Jul 2026. 9.10am
Regency View:
Update
Regency View:
Update
It has been another encouraging fortnight for our AIM portfolio. Despite a backdrop of continued economic and geopolitical uncertainty, several of our holdings delivered reassuring trading updates that highlighted strong execution, improving visibility and disciplined management. Businesses capable of demonstrating resilient demand, growing order books and robust cash generation continue to be rewarded by the market.
Billington: Building Visibility Into 2027
Billington strengthened its already healthy order book after announcing three significant contract wins with a combined expected value of approximately £28m. The projects span the education, energy-from-waste and defence sectors, with delivery scheduled largely during 2027. While the defence project currently represents an initial instruction, management expects it to develop into a full £10m contract in the near term.
The announcement highlights Billington’s continued success in securing technically demanding projects across a diverse range of end markets. Repeat business within the energy-from-waste sector reinforces the strength of existing customer relationships, while exposure to education and defence provides further diversification and helps reduce reliance on any single construction market.
Perhaps most importantly, management stated that these contract awards strengthen confidence in delivering 2027 in line with market expectations. At a time when many construction businesses continue to face uncertainty, increasing earnings visibility remains one of Billington’s greatest strengths.
What we are watching next: Further contract awards, growth in the 2027 order book and confirmation of the £10m defence project.
Themes: Contract Wins | Order Book | Construction | Infrastructure
BILN Daily Candle Chart
FRP Advisory: Another Year Of Consistent Growth
FRP Advisory delivered another impressive set of annual results, extending its record of consistent expansion with revenue increasing 16% to £177m and adjusted EBITDA rising 12% to £46.1m. Adjusted profit before tax increased to £41.4m, while shareholders also benefited from a sixth consecutive year of dividend growth. Trading at the start of the new financial year has remained in line with management’s expectations.
Growth continued to be well balanced across the business. Organic expansion remained the principal driver, supported by targeted acquisitions that broadened the firm’s advisory capabilities, while every operating division contributed positively. Restructuring remained particularly resilient, corporate finance gained further market share and the business continued investing in technology, artificial intelligence and specialist talent.
Although net cash reduced following acquisitions and investment, the balance sheet remains exceptionally strong with no external borrowings at the year end. Combined with newly secured banking facilities, FRP retains significant financial flexibility to continue executing its long-term growth strategy.
What we are watching next: Organic growth, acquisition opportunities and continued momentum across Corporate Finance and Restructuring.
Themes: Full Year Results | Professional Services | Acquisitions | Dividend Growth
FRP Daily Candle Chart
Johnson Service: Margins Continue To Improve
Johnson Service Group reported first-half trading broadly in line with expectations, although mixed conditions across its two divisions resulted in a subdued market reaction. Revenue remained broadly unchanged at £258m, with modest growth in Workwear offset by softer trading within its hospitality-focused HORECA business.
Hospitality demand remains under pressure across both the UK and Republic of Ireland, leading to weaker organic volumes during the first half. Encouragingly, management has maintained pricing discipline despite these challenges, while operational improvements, labour productivity initiatives and careful cost control continue to support margin progression.
Although revenue growth has slowed, management reaffirmed full-year expectations and remains confident of achieving its targeted adjusted operating margin of at least 14% during 2026. Combined with the ongoing £55m share buyback programme, the long-term investment case remains well supported.
What we are watching next: Hospitality volumes over the summer, margin progression and completion of the share buyback.
Themes: Trading Update | Hospitality | Margin Expansion | Share Buyback
JSG Daily Candle Chart
Mulberry: Turnaround Continues To Gather Pace
Mulberry produced further evidence that its turnaround strategy is gaining momentum, with revenue increasing 4% to £125.5m while significantly reducing losses. Performance accelerated during the second half, when sales grew 11%, supported by stronger full-price trading and improving customer engagement.
Chief Executive Andrea Baldo’s Back to the Mulberry Spirit strategy continues to deliver tangible improvements. Gross margins increased from 67% to 72% as promotional activity reduced, while disciplined cost control helped return the business to positive underlying EBITDA. More than half of UK Retail & Digital sales came from returning customers, demonstrating improving brand loyalty alongside encouraging international demand.
Perhaps the most encouraging aspect of the update was current trading. Revenue has increased 23% during the opening quarter of FY27, with double-digit like-for-like growth across almost every region, suggesting the turnaround continues to gather momentum.
What we are watching next: Continued sales momentum, progress towards profitability and further gross margin improvement.
Themes: Full Year Results | Luxury Retail | Turnaround | Brand Recovery
MUL Daily Candle Chart
Ramsdens: Takeover Nears Completion
Ramsdens remained close to the agreed takeover price after FirstCash provided an update on shareholder support for its recommended acquisition. The announcement contained little new operational information, instead confirming that shareholder backing for the transaction continues to build.
Letters of intent and irrevocable undertakings now account for approximately 17% of the company’s issued share capital. While this does not guarantee completion, it provides additional confidence that the recommended acquisition continues progressing through the formal approval process.
With the agreed cash offer now representing the principal driver of valuation, Ramsdens has effectively become an event-driven investment. Unless an alternative bidder unexpectedly emerges, investor attention will remain focused on the remaining shareholder and regulatory approvals.
What we are watching next: Shareholder approvals, regulatory milestones and completion of the FirstCash acquisition.
Themes: Takeover | M&A | Scheme of Arrangement | Shareholder Approvals
RFX Daily Candle Chart
Somero: Recovery Continues To Build Momentum
Somero delivered one of the strongest updates of the fortnight after reporting better-than-expected first-half trading and upgrading full-year expectations. Management now expects revenue, profits and cash generation to exceed market forecasts following improving conditions across its core North American market.
The recovery appears to reflect both improving market conditions and successful product innovation. Demand for the company’s large Boom Screeds has strengthened after several difficult years, while recently launched equipment continues to gain traction with customers. Projects previously delayed by uncertainty surrounding tariffs, interest rates and geopolitics are gradually beginning to move forward.
Although management remains appropriately cautious given the broader economic backdrop, this represents the clearest evidence yet that conditions within its largest market are beginning to improve. Should this recovery continue, Somero appears well positioned to benefit.
What we are watching next: Strength in North American construction activity, order intake and any further upgrades to market expectations.
Themes: Trading Update | Construction Equipment | Guidance Upgrade | US Construction
SOM Daily Candle Chart
Tristel: Another Year Of High-Quality Growth
Tristel delivered another reassuring trading update, confirming that full-year results will be in line with expectations after another year of double-digit growth. Revenue increased 10% to £51.1m while adjusted profit before tax is expected to increase at least 14% to more than £11.5m, slightly ahead of market forecasts.
The quality of the business continues to stand out. Adjusted EBITDA margins remain comfortably above the company’s long-term 25% target, cash balances have increased to £16m and the business remains entirely debt free. This provides considerable flexibility to continue investing in international expansion while maintaining attractive profitability.
The arrival of new Chief Executive Chris Lee marks the beginning of the company’s next chapter, but the underlying investment case remains unchanged. Tristel continues to execute consistently while expanding its global opportunity.
What we are watching next: International expansion, the transition to the new CEO and sustaining double-digit growth.
Themes: Trading Update | Healthcare | Infection Prevention | International Growth
TSTL Daily Candle Chart
Yü Group: Growth Strategy Continues To Deliver
Yü Group produced another impressive trading update as its ambitious expansion strategy continued to translate into rapid growth. First-half revenue increased 19% to approximately £405m while management maintained full-year guidance despite a warmer winter and temporary disruption caused by the conflict in the Middle East.
Operational momentum remains particularly impressive. Meter points increased 43% to 153,000, extending the company’s record of consecutive growth periods, while the contract book expanded 45% to £1.7bn. Around £700m of revenue has already been secured for 2027, providing increasing earnings visibility as management pursues its ambition of capturing between 7% and 9% of the UK business energy market.
Importantly, this growth continues to be supported by a very strong balance sheet. Cash balances increased to £129m despite continued investment in systems, people and digital infrastructure, while the expanding smart metering business is steadily building a higher-quality stream of recurring income. The long-term growth story remains firmly on track.
What we are watching next: Meter point growth, conversion of the record contract book into earnings and progress towards the 7-9% market share target.
Themes: Trading Update | Energy Supply | Market Share | Smart Metering
YU. Daily Candle Chart
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