The Quick Take Company: Distribution Finance Capital Holdings (AIM: DFCH), trading as DF Capital — a specialist UK bank providing inventory (“floorplan”) finance to manufacturers, dealers and distributors across leisure, marine, powersports, industrial, agricultural and automotive sectors, funded by a digital retail savings franchise Thesis: A young, profitable, fast-growing niche bank with a genuinely clear […]
G&H’s H1 results land broadly as expected — no bad thing, given the top line was already flagged at April’s trading update. Revenue rose 15.5% to £81.9m and the order book hit a record £167.3m, with Aerospace & Defence doing the heavy lifting: revenue up 51.7% and segment profit leaping to £3.6m from just £0.6m. […]
Three days after my AMS initiation note, the company confirmed another takeover approach — qualitatively different from the previous five. H.B. Fuller (NYSE: FUL), the US adhesives major, tabled an unsolicited cash proposal on 30 April. Critically, this is a strategic buyer, not financial. Fuller already makes medical adhesives and wants to bolt on AMS’s […]
The Quick Take Company: Journeo plc (AIM: JNEO) — a UK-headquartered intelligent transport systems specialist, providing the onboard sensors, passenger information displays, and software platforms that connect public transport fleets, stations and increasingly critical national infrastructure across five business lines (Fleet Systems, Passenger Systems, Infotec, Journeo A/S Denmark, and Crime & Fire Defence Systems) Thesis: […]
This is a high-quality update across all the things that matter for an off-price retailer: traffic up, comp up across divisions, gross margin expanding on merchandise discipline, capital return accelerating. The fact that management is not flowing through the entire Q1 beat to the full year is conservative-credible rather than worrying — they’re flagging fuel […]
Keller’s AGM update is reassuringly uneventful — and for a company that has spent recent years rebuilding investor trust on execution, that is exactly the point. Trading in the first four months is described as strong year-on-year and in line with expectations, with North American foundations once again carrying the load. The order book has […]
The Quick Take Company: Advanced Medical Solutions Group (AIM: AMS) — UK-headquartered specialist in tissue-healing technologies, with a global portfolio of surgical adhesives, sutures, haemostats, internal fixation devices, sealants and wound dressings sold under LiquiBand, RESORBA, Peters Surgical, ActivHeal and a dozen other brands Thesis: A 35-year-old precision medical device business that has just executed […]
TA Associates this week confirmed it does not intend to proceed with a formal offer for Advanced Medical Solutions (AMS), bringing the latest private-equity approach to an end. Under Rule 2.8 of the Takeover Code, TA is now restricted from making another offer for six months — but other suitors are not. What is striking […]
A bittersweet moment as I sold about 2 months or so ago. At least good to know that somebody else saw the value in it too. 100% pop in a day, not bad.
My take on this morning’s GetBusy update: a quietly strong release from a business that’s starting to look like it’s hitting its stride. Group ARR up 11% to £23.4m is solid, but the real story is SmartVault – ARR up 19% and new business up 36% through the critical US pre-tax season is genuinely impressive. […]