14th May 2026. 9.03am
Regency View:
Update
Regency View:
Update
The latest batch of AIM updates has continued to highlight a market increasingly rewarding operational execution, upgraded guidance and strong cash generation. Across a range of sectors from energy infrastructure and gaming to professional services and specialist retail, investors have been willing to push shares sharply higher where management teams are delivering visible progress and improved earnings momentum. There is still clear caution around the broader macro backdrop, but underneath the surface, quality execution continues to attract capital.
Ceres Power Fuel Cells Finally Finding Commercial Traction
Ceres Power (CWR) has been one of AIM’s standout momentum stories over the past fortnight, with the shares surging to their highest level since September 2022 following renewed optimism around commercial demand for its solid oxide fuel cell technology. The move was accelerated by a bullish note from Goldman Sachs, which lifted its price target from 530p to 670p while reiterating its buy rating.
What appears to be changing is investor confidence around the speed of commercial deployment, particularly through Chinese partner Weichai. Goldman highlighted that adoption is progressing faster than previously expected, helping improve visibility around future royalty revenues. The broker subsequently increased royalty revenue forecasts by between 11% and 56% across the 2026 to 2030 period, which goes some way towards explaining the aggressive rerating in the shares.
Additional support came from news that Delta Electronics and Centrica had signed a partnership agreement to deploy Ceres powered fuel cell systems across the UK and Europe. While investors in hydrogen and fuel cell names have been burned before by overly optimistic timelines, the combination of improving commercial traction, growing strategic partnerships and increasing royalty visibility has materially improved sentiment around the story. The reduction in Covalis Capital’s stake also appeared to be absorbed comfortably by the market, reflecting the strength of underlying demand for the shares.
What we are watching next: royalty revenue conversion and deployment scale with strategic partners
Themes: Clean Energy | Fuel Cells | Partnerships | Broker Upgrade
CWR Daily Candle Chart
eEnergy Starts Delivering Operational Leverage
eEnergy (EAAS) delivered one of the more significant operational turnarounds seen on AIM this reporting season, with the shares responding strongly to a combination of upgraded guidance, improving profitability and sharply better cash flow performance.
While reported FY25 revenue declined to £19.0m following changes to revenue recognition policies, the underlying operational story looked considerably stronger than the headline numbers initially suggest. Adjusted EBITDA swung from a £0.7m loss to a £2.2m profit, operating cash flow turned positive at £2.8m and net debt reduced materially to £1.3m. Importantly, management’s revised accounting approach appears designed to better align revenues with cash generation as the business scales, something the market often rewards over time.
The real driver behind the move higher in the shares was the outlook statement. Q1 revenue reached £11.0m with EBITDA of £0.7m, while management upgraded full year revenue guidance to £38.0m. The order book doubled during FY25 to £14.0m, the pipeline expanded to £127.0m and larger framework wins continue to build momentum, particularly across public sector energy efficiency projects. The Redaptive funding partnership also looks strategically important, allowing customers to access infrastructure upgrades without upfront capital expenditure. In a market increasingly focused on profitability and balance sheet strength, eEnergy suddenly looks like a business moving into a far more mature phase operationally.
What we are watching next: cash generation and conversion of the £127m pipeline
Themes: Full Year Results | Energy Efficiency | Guidance Upgrade | Infrastructure
EAAS Daily Candle Chart
Franchise Brands Seeing Momentum Return Across B2B Divisions
Franchise Brands (FRAN) delivered a reassuring first quarter update, with system sales growth accelerating to 4% as all major B2B divisions returned to growth. After a softer 2025 in parts of the business, investors appeared encouraged by improving trends across both Europe and North America.
Filta International remained the standout performer once again, with North American system sales rising 12% in local currency alongside exceptionally strong growth in used cooking oil volumes and pricing. The launch of FiltaClean Pro also adds another layer to the growth story, opening up additional recurring service opportunities within commercial kitchens. Investors continue to like the combination of essential services and highly cash generative franchise economics.
There were also encouraging signs within Pirtek, where March trading improved meaningfully following a weather disrupted start to the year across Continental Europe. Meanwhile, Water & Waste Services saw an acceleration in growth after management shifted focus towards higher quality and higher value work. Overall, the update reinforced the resilience of the model. Despite broader macro uncertainty, Franchise Brands continues to benefit from diversification across geographies, services and customer groups, helping support confidence in another year of steady progress.
What we are watching next: European recovery trends and margin progression across B2B divisions
Themes: AGM Update | Franchising | B2B Services | International Growth
FRAN Daily Candle Chart
Frontier Developments Finds Its Mojo Again
Frontier Developments (FDEV) delivered one of the strongest updates seen from the UK gaming sector in recent months, with the shares rallying sharply after management upgraded both revenue and profit guidance for FY26.
The success of Jurassic World Evolution 3 has clearly exceeded expectations, with cumulative sales tracking ahead of Jurassic World Evolution 2 over a comparable period following launch. Combined with strong ongoing sales across Frontier’s wider catalogue, management now expects FY26 revenue of around £103m alongside adjusted operating profit of approximately £16m. Stronger tax credits and continued cost discipline also supported the upgrade.
Perhaps most encouragingly, the business continues to generate substantial cash despite ongoing share buybacks. Cash balances increased to £44.9m even after £15.4m was spent repurchasing shares during the year, resulting in a 10% reduction in the share count. Following several difficult years operationally, Frontier increasingly looks like a studio regaining confidence in both its development pipeline and financial model. The market appears to be recognising that shift.
What we are watching next: ongoing Jurassic World Evolution 3 engagement and future content rollout
Themes: Trading Update | Gaming | Guidance Upgrade | Share Buybacks
FDEV Daily Candle Chart
IG Design Quietly Rebuilding Credibility
IG Design (IGR) has spent the last few years firmly out of favour with investors, but the latest trading update suggested the recovery story may finally be gaining traction. Shares moved sharply higher after management guided towards FY26 revenue of around $292m while indicating operating profit and year end cash would come in ahead of market expectations.
The most important aspect of the update was arguably the continued improvement in cash generation and working capital management. After years of balance sheet concerns and operational disruption, investors appear increasingly willing to re engage with the story as financial discipline improves. The sale of a surplus UK warehouse also supported cash performance, while the acquisition of Glenart broadens the group’s celebrations category exposure and international footprint.
Management understandably remains cautious around the broader consumer backdrop, particularly given continued cost pressures and weaker consumer confidence. However, with the shares still trading at deeply depressed levels relative to historic multiples, even modest operational improvements are having an outsized impact on sentiment. The market now appears to be reassessing whether IG Design may have moved beyond its most difficult period operationally.
What we are watching next: margin recovery and capital allocation plans
Themes: Trading Update | Consumer Goods | Cash Generation | Recovery
IGR Daily Candle Chart
Johnson Service Group Keeps Returning Cash
Johnson Service Group (JSG) continued to demonstrate why it remains one of the steadier compounders on the London market, with investors responding positively to another update centred around cash generation, margin progression and shareholder returns.
Group revenue increased 1.4% during the first quarter, supported by particularly strong momentum within Workwear where organic growth reached 3.9%. HORECA remained slightly softer amid ongoing pressure across independent hotels and restaurants, although management expects seasonal trading improvements over the summer months. Importantly, the group continues to manage inflationary pressures effectively through pricing, productivity initiatives and operational investment.
The bigger headline for investors was the launch of a further £55.0m share buyback programme, taking total shareholder returns through buybacks since 2022 to more than £145m. Alongside this, JSG refinanced and expanded its revolving credit facility on improved terms, reinforcing confidence in both balance sheet strength and future cash generation. In a market increasingly rewarding disciplined capital allocation, JSG continues to tick a lot of boxes.
What we are watching next: HORECA recovery and progress towards 14% operating margins
Themes: AGM Update | Share Buyback | Margin Expansion | Cash Generation
JSG Daily Candle Chart
MHA Builds Momentum Following AIM Debut
MHA (MHA) has continued to build positive momentum following its AIM listing, with the professional services group delivering a strong FY26 trading update that came in ahead of market expectations at the EBITDA level.
Revenue increased 12% to around £251m, while adjusted EBITDA also rose 12% to approximately £46m. Net cash strengthened to £24m, highlighting the attractive cash generative characteristics often associated with professional services businesses. Demand remained strong across all four service lines, supported by increasing regulatory complexity and rising demand for integrated advisory solutions.
The strategic expansion story also continues to gather pace. The acquisitions of Baker Tilly South East Europe and Moore Stephens UAE materially expand the group’s international footprint and reinforce management’s ambition to build a far larger global advisory platform over time. With management targeting revenues in excess of £500m longer term, investors appear increasingly willing to view MHA as more than just another UK accountancy consolidator. The continued investment into AI, sector expertise and technology also aligns well with broader structural demand trends within the industry.
What we are watching next: integration of international acquisitions and organic fee growth
Themes: Trading Update | Professional Services | International Expansion | AI
MHA Daily Candle Chart
Personal Group Continues Quietly Delivering
Personal Group Holdings (PGH) rarely attracts the same attention as some higher profile AIM names, but the latest AGM update reinforced the consistency that has increasingly characterised the business over recent years.
Management highlighted continued momentum across insurance sales and benefits platform growth, alongside further expansion within the SME market through its partnership with Sage. The group also continues to broaden its partner network, with new relationships including Sante, Simplyhealth and EB Now helping strengthen distribution opportunities.
Importantly, the update suggested the strong execution seen during 2025 has carried into the current year, with management reiterating confidence in delivering profitable growth in line with expectations. Against a backdrop of increasing financial pressure on employees, the relevance of workplace benefits, insurance and employee wellbeing solutions continues to strengthen. The business also benefits from high retention rates and recurring revenues, qualities the market increasingly values in uncertain economic environments.
What we are watching next: SME customer penetration and partnership expansion
Themes: AGM Update | Employee Benefits | Insurance | Recurring Revenues
PGH Daily Candle Chart
Ramsdens Riding the Gold Rush
Ramsdens (RFX) delivered another substantial guidance upgrade as soaring gold prices continued to drive exceptional trading within its precious metals business. The shares have responded strongly, and understandably so, with management now guiding towards FY26 profit before tax of between £28.5m and £31.5m versus previous market expectations of £24.1m.
The scale of the gold price move has created a significant tailwind for the business. Gold prices were running as much as 50% ahead of last year during parts of the first half, while the volume of gold purchased also increased by around 50%. Combined, this has created an exceptionally profitable environment for the group’s precious metals operations. At the same time, jewellery retail sales rose around 25% while the pawnbroking loan book expanded 24% to £14.1m.
Management remains cautious around broader geopolitical uncertainty and the potential impact on travel related foreign currency revenues later in the year. However, the strength of Ramsdens’ diversified income streams continues to stand out. The business is also continuing to expand its physical footprint, with between 10 and 12 new stores expected during FY26. In an uncertain macro environment, the group continues to benefit from multiple supportive themes simultaneously.
What we are watching next: sustainability of gold related earnings and summer travel demand
Themes: Trading Update | Gold Price Exposure | Pawnbroking | Retail Expansion
RFX Daily Candle Chart
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