11th Dec 2025. 9.09am
Regency View:
Update
Regency View:
Update
Contract wins and confident trading updates have been the themes this week, with several of our AIM Investor open positions delivering encouraging momentum. It has been one last busy fortnight before corporate reporting winds down for the year.
Beeks Financial Cloud lands two major Proximity Cloud wins
Beeks Financial Cloud (BKS) announced two sizeable Proximity Cloud contract awards, extending a run of strong sales momentum. A leading South African bank has agreed a five year contract worth about £1.9m, expanding its use of Beeks’ infrastructure across both Johannesburg and London. In addition, an existing FX broker customer has added a further £2m to its deployment, taking the total value of that relationship to £6m over five years.
These deals reinforce the strength of Beeks’ model as adoption of cloud and low latency trading infrastructure accelerates across global finance. The upsell from Exchange Cloud into full Proximity Cloud environments showcases a compelling commercial pathway, while the continued growth of large clients demonstrates the credibility of the platform. Revenue from both wins begins in the second half of FY26, further underpinning the company’s medium term expectations.
For investors, the visibility in contracted revenue and growing enterprise footprint continue to support the long term case. Beeks is converting pipeline into high quality multi year recurring revenue and positioning itself as a core enabler of financial markets infrastructure modernisation.
BKS Daily Candle Chart
IG Design Group steadies through a transitional half
IG Design Group (IGR) reported interim results that reflected the expected post divestment reset, with revenue down 13% to $131.4m and adjusted operating profit lower at $5.7m. The decline was driven by softer UK demand, tariff effects and competitive European pricing, although the group remained profitable and continued to improve cash discipline. Net cash closed at $1.9m and operational efficiency projects, including warehouse consolidation, progressed well.
The divestment of DG Americas has simplified the business and enabled a sharper focus on premiumisation, pricing discipline and product diversification. Order book visibility is high at 96% heading into the second half, which helped management reaffirm full year guidance for $270m to $280m of revenue and a 3% to 4% operating margin. Governance changes continue, with CEO recruitment underway and a refreshed board structure now in place.
For investors, this remains a recovery story built on execution. The near term numbers are soft, but the operational improvements and clearer strategic focus offer a pathway to margin rebuilding and renewed cash generation over the medium term.
IGR Daily Candle Chart
Restore raises guidance as core divisions deliver
Restore (RST) issued a strong trading update indicating full year adjusted profit before tax ahead of consensus and raised its FY26 outlook. Storage revenues continue to grow, property consolidation is progressing and the integration of the digital scanning business has already delivered more than £5m of annualised savings. Multiple new NHS contracts and bolt on acquisitions have strengthened Restore’s Information Management division, while Datashred and Technology also posted higher profitability.
The group also completed the sale of Harrow Green and secured a new £150m revolving credit facility, giving the balance sheet additional flexibility. Cash generation remains robust with conversion above 80%, and profitability across core divisions continues to improve as synergies and operational discipline come through. Management expects to exceed its medium term operating margin target of 20% on a continuing basis.
For shareholders, Restore is emerging from a period of restructuring with clearer momentum and greater confidence. The raised FY26 expectations signal a business that is not just stabilising but beginning to widen its margin and growth potential.
RST Daily Candle Chart
Solid State delivers strong H1 despite industry headwinds
Solid State (SOLI) posted a materially stronger first half, with revenue up 38.6% to £85.7m driven by the delivery of a major communications contract. Adjusted profit before tax rose to £4.9m and operating margins expanded meaningfully. The performance was overshadowed by the sad passing of long standing Chief Executive Gary Marsh, with John Macmichael appointed as interim CEO to lead the business through the next phase.
Operationally, the group continues to benefit from its focus on defence and security customers, securing a series of communications and IoT orders, including a significant multi year project for the British Army. Order intake strengthened at the start of the second half and the open order book has already increased from £87.3m at the period end to £97m by late November. Investments in facilities and capability are expanding the group’s reach in higher value systems and energy solutions.
For investors, the momentum in orders, margin expansion and recurring defence opportunities provide a strong underpin for the outlook. While the short term industrial backdrop remains subdued, Solid State’s positioning, capabilities and expanding pipeline support continued confidence in FY26 and beyond.
SOLI Daily Candle Chart
1Spatial steps up as prime contractor for NUAR
1Spatial (SPA) secured a major five year contract to support the National Underground Asset Register, upgrading its role to prime contractor. The deal has an initial value of £4.2m over two years, including £1.5m of licence revenue, with the option to extend for a further three years. This win reflects the strength of the 1Spatial Data Platform in handling complex, large scale geospatial transformation across hundreds of asset owners.
NUAR is one of the most significant national infrastructure data initiatives and is expected to deliver major economic and safety benefits once fully operational. 1Spatial’s technology is central to data ingestion, validation and transformation, giving the company an important long term reference project and reinforcing the barriers to entry that underpin its competitive advantage. The contract also builds on its earlier role in delivering the programme’s minimum viable product.
For investors, this award provides confirmation of 1Spatial’s growing relevance in mission critical public sector data projects. The mix of licence revenue and potential long term extensions enhances visibility, and the scale of similar opportunities internationally adds further strategic option value.
SPA Daily Candle Chart
Inspecs agrees recommended takeover at a substantial premium
Inspecs (SPEC) announced a recommended cash acquisition at 84p per share by a consortium led by Luke Johnson and Ian Livingstone, valuing the business at about £85m. The offer represents a premium of more than 100% to the pre offer price and follows a competitive process involving multiple interested parties. Shareholders will also have the option to elect for a mix of unlisted shares and loan notes, although this route is illiquid and unlikely to appeal to most retail investors.
The board unanimously recommends the cash offer, citing the challenges faced as a listed company, the costs of public market compliance and the constraints on accessing capital for growth. Following several difficult trading periods in Europe and the US, the directors believe that private ownership offers the most effective structure for long term value creation and operational turnaround. Their view was reinforced by reduced liquidity, ongoing earnings volatility and the limited ability to pursue strategic acquisitions under AIM ownership.
For shareholders, the transaction delivers a clean cash exit at a substantial premium and closes a chapter marked by volatility. The deal will now move through the scheme of arrangement process, with completion expected subject to court approval and shareholder votes – we will update you accordingly.
SPEC Daily Candle Chart
The Property Franchise Group continues to grow ahead of regulatory change
The Property Franchise Group (TPFG) delivered an encouraging pre close update, with full year adjusted profit before tax expected to be at least in line with expectations and H2 revenues up 11% year on year. Growth has been driven by strong sales and mortgage activity, as well as the ongoing rollout of the Privilege programme designed to support landlords and tenants. This initiative is becoming increasingly important ahead of the Renters Rights Bill in May 2026.
The group secured a new funding facility with Barclays to enable franchisees to pursue acquisitions and refinance existing borrowings on improved terms. Despite the announcement of higher landlord taxes in the Government’s budget, TPFG expects limited impact on operations and believes that these changes may contribute to further rental inflation. Its multi brand model and diverse revenue streams continue to provide resilience through market volatility.
For investors, TPFG remains one of the most reliable compounders on AIM. The visibility within the lettings market, combined with the scale advantages of its enlarged group, supports continued growth into FY26 and strengthens confidence in the long term investment case.
TPFG Daily Candle Chart
TPXimpact shows meaningful progress as turnaround nears completion
TPXimpact (TPX) reported interim results showing continued improvement across key financial metrics, with adjusted EBITDA up 39% to £3.2m and gross margins increasing to 31%. Revenue dipped 4.3% year on year, reflecting timing differences in public sector spending, but the business remains firmly on track to meet its full year EBITDA guidance of £6m to £7m. Net debt fell to £7m with leverage reducing to 1.1 times.
The three year turnaround plan is now nearing completion, with a simplified operating structure, improved systems and stronger commercial processes delivering more predictable profitability. Headcount reductions and tighter cost control have contributed to the improvement in margins, while new client wins in government departments show that TPX remains competitive in a recovering public sector digital market.
For shareholders, the story is one of rehabilitation and renewed financial discipline. With profitability improving and debt reducing, TPX is approaching a point where focus can shift from stabilisation to strategic growth. Management intends to outline a new medium term plan alongside full year results.
TPX Daily Candle Chart
Wynnstay benefits from early success of Project Genesis
Wynnstay (WYN) delivered a trading update showing performance ahead of market expectations, with adjusted profit before tax expected to be about £9m. The gains reflect the early benefits of Project Genesis, the company wide programme designed to sharpen commercial focus, improve pricing discipline and embed a more efficient operating model. These behavioural and structural shifts are already delivering improved margins and stronger execution.
Feed and Grain reported higher profits despite lower volumes, supported by tighter cost control and the closure of the Twyford mill, while the Carmarthen expansion provides additional capacity for next year. Arable saw stronger fertiliser and seed sales, and stores held margins firm despite flat like for like sales. The group maintains a strong balance sheet with £26.4m of net cash, giving it the resources to continue investing in efficiency and growth initiatives.
For investors, Wynnstay is demonstrating that disciplined execution can move the dial even in a challenging agricultural backdrop. With Project Genesis still in its early stages, the business appears well positioned for continued margin improvement and further operational gains in FY26.
WYN Daily Candle Chart
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