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Nice - the year end trading update shows SOLI trading well ahead of expectations.

In particular:

"strong demand from the drone and other autonomous technology applications with significant new and emerging defence opportunities"

Plus in Components:

"exciting new design wins in the UK and the US underpinned by improved market conditions"

And in Systems:

"strong demand for communications products in the period combined with building opportunities for its antenna and integrated systems capabilities"

SOLI are positioned in just the right high growth areas going forward:

Https://uk.advfn.com/stock-market/london/solid-state-SOLI/share-news/Solid-State-PLC-Trading-Update/98238943

sdi were a main buy tip at 80.25p fyi in the march issue of scsw.

a couple of extracts from an almost 2 page article:

https://www.scsw.co.uk/issues/march-2026/sdi-group-plans-2-to-3-acquisitions-a-year/

"sdi price: 80.25p

analysts believe sdi’s sales may advance from £66m to £75m in the current year to end april and to £83m next year. correspondingly, pretax profit and eps are forecast at £9.7m/7p and then £11.3m/8p. however, my hunch is that the results from this “buy-and-build” in scientific equipment, technical instruments and high-tech manufacturing could far exceed these forecasts.

speaking to the ceo, stephen brown, who joined the business from ab dynamics (abdp; 1288p), the crash-dummy makers, two and a half years ago, it looks like the second half has started with a “bang” and is far exceeding expectations. my meeting came shortly after brown announced the £9.3m acquisition of prp optoelectronics, his fourth acquisition since joining and possibly the best of sdi’s 20 deals in the past decade.

buy-and-build in niche engineering

swindon-based prp produces ultra-reliable led lights and displays that have been “specced into” aircraft ****pits such as the airbus a320 family, as well as long-running military programs including the eurofighter typhoon and lockheed martin f-16 and f-22 raptors. these are no ordinary leds. each unit meets rigorous military standards, often integrating tens of thousands of micro-led pixels. in this business, the margin for error is zero, but the payoff for prp is predictability: as brown says, 80% of revenue is visible at the start of the year as it is entrenched in the supply chain, and operating margins at 26% are almost double the group average."

"brown now tells me of a “quite significant” second-half acceleration from healthy order books across life sciences, nuclear, aerospace and astronomy"

"there is no chance the acquisition engine will grind to a halt; in fact, he says, “two or three buys are planned each year. each target will pack more punch, ideally delivering £1m+ in profitability. a business like peak sensor, the last deal under creedon that added just £300,000 of profit, would now be too small.” net debt stands at £23m but will be down to £15.6m by the year end. the next chapter for sdi looks like it has started; buy."

Another ThreatScan sale newly announced, interestingly to a customer in the Middle East.

Perhaps one of a number to come given the tension in that region which is likely to persist for some time:

Https://www.3dx-ray.com/3dx-ray-has-announced-the-sale-of-further-threat-scan-lsc-systems-in-the-middle-east/

Extracts:

"3DX-RAY has announced the sale of further Threat Scan®-LSC systems in the Middle East

April 2, 2026

3DX-RAY Ltd, a leader in advanced X-ray imaging technology, has announced the sale of another Threat Scan®-LSC system to a customer in the Middle East.

As the security situation in the Middle East continues to deteriorate, another critical national infrastructure customer in the Middle East has ordered a further ThreatScan LSC, combination portable x-ray system, to enhance their security."

"The ThreatScan® range is suitable for use in suspect bag and package inspection in a wide range of locations including critical infrastructure sites, military bases, mass transit rail and bus stations, shopping malls, airports, stadia and sports arenas. The system is also used for general security inspection by private security, first responders such as Police, Military, Government Security agencies and Technical Surveillance Counter Measures."

A tick up after what looks like a 28k buy early this morning.

Let's hope this is the first of many given the value on offer here.

Terrific RNS today noting a weighty $6m of defence and comms contract wins.

Shore Capital retain their 100p fair value, and their "conservative" forecasts of 5.8c EPS and a $10.5m cash pile for this year.

Lots of upside here for this well-run and undervalued company imho.

FYI Techinvest magazine had this to say about FNX in their February issue after the H1 trading update:

"Fonix 185p (FNX; AIM)

Fonix has issued a positive trading update for the six months ended December 31, pointing to strong growth in line with management’s expectations. Gross profit for the period increased by 7.1% to £10.5m and adjusted EBITDA was up 6.4% to £8.3m. Total payment volume of mobile payments was up 7% to £160m.

International expansion has continued apace, with the company launching full commercial services with a leading broadcaster in Portugal in late September. Discussions with other broadcasters in the country are reported to be progressing well. Connectivity with all mobile networks in a further overseas European market is now complete and a three-month pilot of interactive services is scheduled to launch with a broadcaster in the second half of 2026. Early engagement in a fourth overseas European market is also underway.

It is good to see Fonix moving quickly to secure the international opportunity for its payments and messaging services, building on the momentum already well established in its core UK market. The company enters the second half with a growing pipeline of client prospects and its strongest trading run-rate to date from its existing client base. New products are contributing to the sales momentum, as Fonix continues to extend its capabilities beyond traditional SMS into multi-channel interactivity and enhanced payments processing. Continue to buy."

So with only three months left until the year end, SWG have today confirmed they're on track for 4.5p EPS, a £1.1m PBT and a forecast £7m cash pile against the £9.3m m/cap.

That's an ex-cash P/E of 2.1....

Hidden away in today's bland-sounding RNS about Giles Willits stepping down as an NED is the following very encouraging snippet:

"As confirmed in the interim results announced on 17 March 2026, the Board entered the second half of FY26 with an increasing level of confidence in the Company's strategy with new deals progressing well through the pipeline. Trading is in line with expectations and the Company continues to be well positioned to deliver on its objectives"

Yet again RNWH prove their worth. With everyone around them (except defence companies) warning and suffering, RNWH state they're:

- trading and have net cash nicely in line with expectations

- confident in delivering full year expectations

- expect to make further acquisitions, potentially in this H2

- and confirm that "the Group's order book continues to be at record levels"

The group's breadth of activities is a boon, with Water and Energy/Electricity booming whilst Rail slowly emerges from hiatus and smaller divisions encounter shorter-term issues/restructurings.

The conclusion says it all:

"Underpinned by extensive Government spending commitments and long-term framework positions, the Group's order book continues to be at record levels, demonstrating our core capabilities and established presence in a diverse range of long-term, sustainable growth sectors. The Group remains strongly positioned with a well balanced portfolio of businesses, providing us with confidence in delivering against our full year expectations."

Interesting and thorough Substack piece about FIPP from the Oak Bloke.

I agree his overall thesis - there's huge potential upside given that Pulsiv's valuation has once again been validated and on its own is worth more than FIPP's current £8.1m m/cap.

On the other hand, FIPP has to reassure on future financing/dilution (although this should be relatively small relative to that potential upside), and there are options other than share issuance:

Https://theoakbloke.substack.com/p/fipp-still-has-more-shots-on-goal?utm_source=post-email-title&publication_id=1859293&post_id=192643858&utm_campaign=email-post-title&isFreemail=true&r=odp3u&triedRedirect=true&utm_medium=email

Great to see the global reach of this UK £15m microcap which happens to be the global market leader in its field.

And not just the cable protection technology, but also the preliminary technical analysis and design work:

Https://uk.advfn.com/stock-market/london/tekmar-TGP/share-news/Tekmar-Group-PLC-2m-Contract-Awards-on-Japanese-Offshore-Project/98178422

"£2m of Contract Awards on Japanese Offshore Wind Project

Tekmar Group plc (AIM: TGP), a leading provider of asset protection technology and offshore energy services, is pleased to announce the award of two contracts, with a combined value of £2 million, for an offshore wind farm project in Japan.

The main contract involves the supply of Tekmar's market leading 10th generation Cable Protection Technology directly to the wind farm developer. Work is scheduled to commence immediately, with revenue expected to be recognised across the remainder of FY26 and into H1 FY27.

The award follows on from Tekmar providing the preliminary technical analysis, and design work on this project, reflecting the strength of its relationship with this customer and the value of Tekmar's integrated in-house engineering capabilities.

This builds on Tekmar's established presence in the Asia-Pacific region and supports the Group's continued success in the increasingly globally diversified offshore wind market, and its long-term growth ambitions set out in Project Aurora.

Richard Turner, CEO of Tekmar Group plc, said:

"This award highlights the value of our integrated engineering and technology offering, and our ability to partner with customers throughout the full project lifecycle. It further demonstrates our ongoing success in building a sustainable and diversified order book with multi-year visibility."

The outlook is particularly positive, with revenues post 31st December up 18% year on year.

Cavendish have reiterated their 100p price target.

The £34.2m cash pile represents over 27p per share. Cavendish forecast 4.1p EPS to this May, rising to 5.3p EPS for the year starting in a month's time.

That's an ex-cash P/E of 9.5, falling to just 7.3.

They summarise:

"The future is bright

Venture Life has reported a strong set of results, delivering volume driven revenue growth of 11% (proforma), supported by growth from key therapy areas, Women’s Health and Energy Management and the recently acquired Health & Her (H&H) brands. Operationally, the company is in transition from the previous asset-heavy manufacturing model to the new, streamlined, asset-light model. Increased promotional activity and strengthening of capabilities to support a larger business will support future growth and deliver operational leverage as Venture Life delivers on its M&A strategy, which remains a priority backed by net cash of over £30m and an unused available debt facilities of £50m.

We expect Venture Life to be active acquirors through 2026, driving revenue expansion and immediate earnings accretion through leveraging existing infrastructure. Trading on c1x revenues, we do not believe the market is pricing in Venture Life’s current performance or the opportunity to grow revenues and profits in the near-term. We maintain our positive view on the shares and reiterate our Buy rating."

"Outlook: Post-period revenues are trending at c18% growth versus the prior year, delivering healthy gross margin improvement. The company sees good progress on its M&A strategy, targeting assetlight, complimentary brands with scope for growth and leverage of the existing infrastructure. We have updated our forecasts, with key operational expectations remaining unchanged and we believe the existing run-rate supports our FY26 forecast (17-months to May-26).

— Investment thesis: We believe Venture Life’s new structure sets a strong foundation for future organic and M&A-driven revenue growth with margin expansion. The company has focused its brands on healthy longevity and will provide increased investment support to achieve market-leading positions, while enhancing growth through M&A, with both strategies supported by a strong balance sheet. With the shares trading on c1x forward sales, we believe the Venture Life investment case remains attractive."

Thanks for the AGM summary AI180, reads extremely well.

Times would appear to be good for BTG, but as for the rest of the economy.....

BTG appointed as liquidators to Enterprise Foods Limited, "which traded as Localist from its premises on Reynolds Avenue, had been in operation for 35 years":

Https://www.scottishfinancialnews.com/articles/btg-appointed-liquidator-as-east-kilbride-wholesaler-localist-fails-to-rescue-ps5m-debt

After giving notice of winding up on 7 January, Ilesbus UK (£19m turnover) has appointed BTG Begbies Traynor as administrators:

Https://www.route-one.net/news/ilesbus-uk-heads-into-administration-following-hmrc-petition/

Ian Royle and Robert Maxwell of BTG Begbies Traynor were appointed as joint administrators of Bridgman IBC Limited on March 6 2026:

Https://www.business-sale.com/news/administration/assets-of-fire-door-manufacturer-up-for-sale-after-administrators-appointed-228981

And BTG have been appointed administrators at Industrial Floor Treatments Ltd:

"A family-run company based in Scotland has collapsed into administration after more than 40 years in business. Industrial Floor Treatments Limited appointed administrators last week, leaving all 43 of its employees redundant. The firm, which was founded in 1985 and based at sites in East Kilbride and Bishop Auckland, provided flooring systems and installation services for clients across Scotland and northern England"

Https://www.express.co.uk/news/uk/2182635/uk-family-owned-floor-specialists-plunges-administration-43-jobs-lost

Today's AGM statement reads positively - a continuation of the strong trading seen at the end of last year.

This almost counts as an H1 trading statement given that we're now six months into the new financial year, so it's good to hear that:

- "the Group continues to perform well, supported by a more stable trading environment than at this time last year"

- "Sales and marketing initiatives are delivering positive results across all divisions, and our new business pipeline remains encouraging"

- "24hr Aquaflow Services, now well established within the Group, continues to strengthen its position and contribute positively"

- "demand for our services remains robust" even with recent macro uncertainties

Singer forecast 6.32p EPS to this September, rising to 8.22p EPS. On which basis a 44p share price looks very good value:

Https://uk.advfn.com/stock-market/london/react-REAT/share-news/React-Group-PLC-AGM-Statement/98179640

Hybridan have released an update note today on PEG. It mostly covers Friday's contract wins, and concludes as follows:

"QRO has a framework agreement with the UK police force in place and sales are increasing. There is interest in the recently launched Harrier Mini ANPR cameras which can be used in car and can also neatly fit on the top of traffic signals, looking less like an ANPR camera and more like a traffic sensor.

International sales development is a strategic focus for QRO’s traffic control solutions with products for speed enforcement such as Harrier AI ANPR camera and the in-car Harrier Mini camera systems.

The FY December 2025 Trading update announced on 5 February reported continued improvement, with revenue increasing 24% to £14.9m and stable gross margins and an adjusted EBITDA of £1m. Petards generated operating cash flow of £1.4m from activities, compared to £0.2m in the prior period, reducing total net debt to £1.3m. The Finals for December 2024 were reported on 23 June 2025.

2026 is starting well, with an improved order book for Petards Rail and in particular Petards Defence, which is at levels not seen for several years. The Rheinmetall BAE Systems Land Limited (RBSL) contract is to deliver 148 Challenger 3 Main Battle Tanks to the British Army and follow on orders can be expected. The complementary Affini acquisition, made in June 2024, is an integrator of radio and wireless technologies. The interims reported its trading was ahead of expectations.

The Group’s 2025 year end order book stood at £9.2m, compared to £7.1m at the end of 2024, with around 85% (£7.5m) scheduled for delivery in 2026. A NED bought 100,000 shares on 13 February at 10.25p.

Hybridan Comment: The increasing order book and earnings visibility makes the prospects for 2026 encouraging."

Today's results are encouraging and the outlook very positive, particularly regarding progress made in the USA.

Zeus forecast almost £70m of cash at the end of this year, i.e 24p per share.

BIG are almost on a single-digit ex-cash P/E with 6.5p EPS forecast this year by Zeus. Given the high recurring income this seems unusually miserly.

Further, Zeus note their forecasts "conservatively assume almost no new business wins", which seems pretty unlikely!

The outlook reads nicely:

"The Group has started 2026 well, supported by a number of new contract wins, and we look to the future with confidence. The Board expects the Group's performance in 2026 will be in line with market expectations and that new contracts won will deliver further growth in 2027 and beyond."

This presentation for Mello was terrific imo and highlighted the breadth of opportunities available to FNX, the lean nature of the business and the integrity of the management team (thanks to Mello for organising).

Macro conditions aside, I have no doubt that FNX's share price should grow rapidly from the current price, both towards past highs and well beyond.

Here's a link to the presentation:

Https://www.youtube.com/watch?v=Dj1j4L89RIA

The government will spend a record £27 billion on road maintenance etc over the next 5 years, which will be a huge boon for RNWH's subsidiary Carnell Group:

Https://www.theguardian.com/business/2026/mar/26/ministers-vow-to-spend-record-road-maintenance-in-england

"Ministers vow to spend record £8.4bn on road maintenance in England

Move is part of £27bn five-year investment plan for A-roads and motorways, with almost a third going on work such as resurfacing

Ministers have pledged to spend record amounts on road maintenance as part of a £27bn five-year investment plan for England’s major roads and motorways.

The government said it was aiming to “fix the foundations” with almost a third, £8.4bn, of the spending going on maintenance, including resurfacing a quarter of England’s strategic road network.

etc"

Hybridan commented as follows on Friday:

"Key Investment Points: New Clients, Broader Revenue base, Cash for growth

Yesterday’s update on 26 March for the 18m to December 2025, following a change of YE, upgraded estimates (again) so that revenue is to be no less that £29.4m, compared to £27.5m for 18m 24. PBT is expected at £0.41m (including a one off restructuring cost), so the underlaying profit would be £0.77m compared to £0.318m. This improvement was due to increased operational efficiency from a growing pipeline of retained and new client work. This follows the cost reduction and rebalancing programme, initiated in 2024.

Net cash was £3.1m at the end of June 2025 and a share buyback for up to 5% is ongoing with 2.8% (260,500 shares) purchased so far and the last transaction on 12 March was at 62.5p. On 19 November 2025 a non-executive director bought 25,000 shares at 66p. A 3p interim dividend was declared in September in respect of the 12 months to 30 June 2025, as part of a progressive dividend policy, linked to growth in EPS and an increased Dividend can be expected to be paid this year which should be more than a 5% yield with an est. P/E of 14x.

There is growth in key international markets, particularly in North America and EMEA reinforcing its position in strategic communications and as a live experiences expert. A major new event was reported on 13 March, the SXSW (South by Southwest) festival in Austin, Texas which is Cheerful Twentyfirst's first internationally recognised media and technology event. Aeorema is broadening its revenue base and building its profile in additional geographies to complement its work at annual Cannes Lions international creative advertising event. There is the highest-ever number of clients contracted for the upcoming festival which remains a major revenue driver.

In North America, Cheerful Twentyfirst has delivered a series of high-profile projects across multiple client sectors which was recognised with a recent industry award for Experiential Agency of the Year. Projects include large-scale brand activations for The Wall Street Journal at the United Nations General Assembly, a multi-day summit for AI-powered advertising platform Smartly, and delivery of industry-leading conferences such as Climate Week. Around 40% of this work is attributable to new client relationships in the region. September also marked the Company's first major step into brand-to-consumer experiences in North America, with an immersive 1,300-person concert for Instacart in New York, further diversifying the client base and capabilities.

The Group enters 2026 with improved operational alignment and positive momentum, supported by a strong pipeline of confirmed work secured for H1 2026.

Hybridan Comment: The shares have been relatively flat over the year, perhaps reflecting the general caution which seems to ignore the success of the corporate and business development."