16th Jul 2025. 9.00am

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AstraZeneca rise on blood pressure drug trial success
AstraZeneca (AZN) has announced positive late-stage trial results for its experimental blood pressure drug, baxdrostat, which significantly lowered systolic blood pressure in patients with treatment-resistant hypertension. The pharma giant said the drug met both primary and secondary endpoints, with clinically meaningful improvements observed when added to standard therapy. This new treatment works by targeting aldosterone, a hormone that raises blood pressure, offering a novel approach compared to traditional methods that do not address hormonal drivers.
The drug was acquired through AstraZeneca’s 2023 takeover of CinCor Pharma and is being positioned for a broad role in cardiovascular and kidney care. It is currently being tested in four separate indications, including chronic kidney disease and the prevention of heart failure, across a clinical programme involving more than 20000 patients. AstraZeneca anticipates peak annual sales for baxdrostat to exceed 5 billion dollars, especially when used alongside Farxiga, its existing blockbuster for diabetes and heart-related conditions.

Shares in AstraZeneca bounced in early trading following the trial announcement. The full trial results are set to be presented at a medical conference in August, though the company has yet to confirm a timeline for regulatory approval in the United States. While AstraZeneca’s share price is flat for the year overall, the shares have outperformed the broader European healthcare index by more than 5%.
Bytes slides on slower start to the year
Bytes Technology (BYIT) shares fell sharply after a trading update highlighted a weak start to the year. Management pointed to macro uncertainty and slower corporate IT spending, alongside internal disruption from a corporate sales team restructure that’s taken longer to bed in. As a result, gross profit for the first half is expected to be flat, with operating profit slightly lower year on year.
It’s a disappointing turn for a stock we hold in two tranches, with the position currently down 28%. While the sales team changes make sense strategically, the short-term execution dip couldn’t have come at a worse time. Microsoft’s partner incentive adjustments and the timing of public sector contract renewals have added to the near-term pressure.

Still, the fundamentals remain solid. Bytes continues to deliver strong returns on capital and healthy margins, and the shares now offer a forecast yield of 5.5%. It remains a high-quality business by most measures, but we’ll revisit the investment case following interim results in October, when guidance is expected to be refreshed.
Experian shares climb on strong first-quarter growth
Shares in Experian (EXPN) jumped higher this week following a strong first-quarter trading update, which showed total revenue growth of 12% at constant exchange rates and organic growth of 8%. The update highlights further progress on the group’s strategic priorities, with growth delivered across all regions. North America, which accounts for over two-thirds of group revenue, saw 9% organic growth, supported by a strong performance in Financial Services and solid momentum in Consumer Services outside of one-off data breach work.
Latin America delivered 5% organic growth despite macroeconomic headwinds in Brazil, with Consumer Services the standout thanks to strong marketplace activity and product integration. The UK and Ireland saw modest 1% organic growth overall, with a healthy contribution from the consumer segment offsetting a small decline in B2B. EMEA and Asia Pacific recorded 7% organic growth, with the headline figure boosted to 36% when including the impact of the illion acquisition, which is performing well.

Across the group, B2B revenue rose 8% organically, with Financial Services up 9% and Verticals up 6%, highlighting the strength of Experian’s diversified offering. Consumer Services added 6% organic growth overall, or closer to 11% when adjusting for lower data breach revenues. With no change to full-year guidance and strong traction in core markets, the market responded positively to the update.
IntegraFin rallies on record inflows and efficiency drive
Shares in IntegraFin (IHP) rose this week after a strong third-quarter update showed growing momentum in its core Transact platform. Net inflows reached £1.2 billion, up 84% on the same period last year, marking the fourth consecutive quarter of growth and one of the strongest Q3 performances in the company’s history. Outflows dropped to their lowest level since late 2023, while the number of platform clients climbed to nearly 245,000. Funds under direction ended the quarter at £69.5 billion, up 11% year-on-year.
Gross inflows remained consistently strong at £2.5 billion, as advisers continued to shift business toward IntegraFin’s high-service model. The platform now captures over 20% of net flows in the UK adviser platform market, according to Fundscape. Encouragingly, the company reiterated its confidence in maintaining this momentum into the final quarter and beyond, supported by its strengths in technology, pricing, and service. Management also guided that the pace of revenue margin compression is expected to slow next year.

Alongside the growth update, IntegraFin announced a group-wide cost review aimed at unlocking efficiency gains and accelerating earnings growth. Cost growth for the current year remains unchanged, but guidance for FY26 and FY27 has been lowered to low single-digit increases. With previous investments in technology starting to deliver productivity improvements, the business is positioning itself for stronger long-term returns without sacrificing the quality of its client and adviser experience. A fuller update on the cost review will follow with the full-year results in December.
Norcros moves for Fibo in £45m push into Europe
Norcros (NXR) has announced the acquisition of Norway’s Fibo Group for £45 million, marking a significant step in its European growth strategy. Fibo is a market leader in waterproof decorative wall panels, generating £63 million in revenue and £7.3 million in EBITDA last year. Around 70% of sales come from mainland Europe, with the rest from the UK. The business will continue to operate independently under its current CEO, Anders Carlson, who will join Norcros as part of the deal.
The move strengthens Norcros’ position in a high-growth segment where it already operates through Grant Westfield, acquired in 2022. Together, the two brands will generate over £100 million in annual revenue. Decorative wall panels are becoming a popular alternative to tiles due to their ease of installation, durability and sustainability. Fibo’s established routes to market across Scandinavia and central Europe provide an attractive platform to expand both panel sales and the wider bathroom product range.

The acquisition will be funded through Norcros’ existing credit facility and is expected to increase group leverage to around 1.6 times EBITDA, before reducing again thanks to strong cash generation. The deal is expected to be materially earnings accretive in its first full year and will deliver returns above the cost of capital from the outset. Completion is subject to approval from the UK Competition and Markets Authority, with a decision expected in three to four months.
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