Craneware shares surge as Bain Capital circles

Craneware (CRW) shares jumped over 7 percent to 2200p, their highest level since December, following confirmation that Bain Capital is assessing a possible offer for the company. The US private equity group has not yet approached Craneware’s board, but the interest alone was enough to send the stock sharply higher as investors weighed the prospect of a potential takeover bid.

Craneware, which provides revenue cycle and compliance software to US healthcare providers, has been a target of takeover chatter in the past given its sticky customer base and strong recurring revenues. While no deal is guaranteed, the share price reaction reflects growing investor confidence that a bid may emerge in the coming weeks.

Gamma slips after UK weakness persists

Gamma’s (GAMA) share price dropped earlier this month following an underwhelming trading update that pointed to ongoing challenges in its UK operations. While the group said trading in 2025 had begun positively in continental Europe, the softness in the UK market noted back in March has continued. Investors were clearly hoping for signs of improvement, but the lack of momentum at home weighed on the stock despite upbeat commentary on the group’s wider performance.

Gamma confirmed that full-year adjusted EBITDA and EPS are expected to come in within the current range of market expectations. The company also pointed to its strong underlying cash flows and a healthy balance sheet, noting net debt of £21.2 million at the end of April. That figure includes the partial debt financing of the STARFACE deal and cash used for the group’s £30.3 million share buyback programme.

Cost-saving actions are underway, and management maintains a confident outlook, but with UK market weakness still a drag, investors will be looking to the September interim results for evidence of a turnaround. Until then, the share price is likely to remain capped by caution over domestic trading conditions.

IXICO surges on return to growth

Shares in IXICO (IXI) jumped higher last week following a strong set of interim results that pointed to a business firmly back on the front foot. Revenues for the six months to 31 March rose 26 percent to £3.2 million, helping the company swing towards operational efficiency with gross margins expanding to nearly 50 percent. While the group still reported an EBITDA loss of £0.7 million, this marked a sharp improvement from the £1.3 million loss a year earlier.

Operationally, the company is firing on multiple fronts. Its tech roadmap in Alzheimer’s and Parkinson’s is starting to bear fruit, and it is now supporting trials across more therapeutic areas, phases and geographies. Post-period, IXICO secured a contract with a global pharma group for neuroimaging analytics on a Phase 1 Huntington’s Disease trial, a sign that its offer is resonating with larger players.

CEO Bram Goorden said the first half of the year reflected “disciplined commercial execution, scientific innovation and truly differentiated technology development.” With management confident in delivering or exceeding full-year guidance, investors have begun to price in the possibility of a more substantial growth phase ahead.

Renold jumps on twin takeover proposals

Renold (RNO) shares surged nearly 37% to 75p on Tuesday 20 May, reaching their highest level since 2015, after the company confirmed it had received two competing non-binding takeover proposals. One came from a consortium led by Buckthorn Partners and One Equity Partners at 81p per share, while the other was from Webster Industries at 77p per share. Both offers follow a series of earlier approaches and would represent a significant premium to Renold’s recent trading levels.

The market reaction reflects growing investor optimism around a potential deal. Renold’s sharp rise on 20 May marked its biggest one-day gain since April 2020 and adds to a rally that has seen the stock climb nearly 63% year to date. At the current share price, Renold has a market capitalisation of around £169 million.

SDI finishes the year with strong second-half rebound

Shares in SDI Group (SDI) held firm after the company confirmed it expects full-year results to meet market expectations. The second half of FY25 saw a strong trading rebound that helped offset a slow start to the year, with key businesses such as Monmouth Scientific, Safelab Systems, and Atik Cameras contributing to the improved performance. The group also highlighted a solid order book and strong cash generation, with net debt of £13.8 million and nearly £10 million of undrawn facilities available to support further acquisitions.

SDI made two acquisitions during FY25: InspecVision in October and Collins Walker in April. The former is now trading as a standalone business and was recently awarded the King’s Award for Enterprise in International Trade, underlining the group’s knack for identifying and integrating quality niche companies. Despite 10% of revenue coming from the US, the group does not expect recently introduced tariffs to have a material impact. CEO Stephen Brown said the momentum from the second half has carried into FY26, with encouraging signs across the portfolio.