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A calm, unexciting update from MHA $MHA, which for an accountancy group is rather the point: H1 revenue up 11%, 4% organic, c.87% recurring. The ยฃ500m+ ambition will lean on M&A.
Integration discipline is what to watch. More UK small-cap research: smallcompanychampion.substacโฆ
Filtronic $FTC is diversifying beyond SpaceX: $16.0m of satellite prototype work, a first GEO award and ยฃ2.1m of airborne radar contracts. Real progress, though still small beside its largest customer.
Customer concentration remains the key risk alongside the opportunity. Our Research & Analysis: smallcompanychampion.substacโฆ
Mobico $MCG accepts 46p a share in cash: a 55.1% premium, but equity of c.ยฃ308m against an implied enterprise value of c.ยฃ2.3bn. The gap between those numbers is the debt, and most of the story.
Another UK-listed company heads for the exit. More on the UK small caps we follow: smallcompanychampion.substacโฆ
Our Company Briefs: what has changed beneath the share prices, and the full scoreboard, less flattering rows included.
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MHA $MHA: H1 revenue up 11% to c.ยฃ134.6m, 4% of it organic, with recurring revenue steady at c.87%. On track for FY27 market expectations of ยฃ275.9m revenue and ยฃ50.8m underlying adjusted EBITDA. Interims on 19 Nov.
Integration discipline is what to watch. More UK small-cap research: smallcompanychampion.substacโฆ
Filtronic $FTC AGM update: beyond its record $68.1m SpaceX order, it has added $16.0m of satellite prototype contracts, a first GEO Ka-band award ($0.3m) and ยฃ2.1m of airborne radar work. The board expects to meet market expectations.
Customer concentration remains the key risk alongside the opportunity. Our Research & Analysis: smallcompanychampion.substacโฆ
Mobico $MCG has agreed a recommended 46p cash offer from a vehicle backed by its largest shareholder, the Cosmen family's CMC Group, and Asterion. A 55.1% premium to the 29.7p pre-offer close, valuing the equity at c.ยฃ308m.
Another UK-listed company heads for the exit. More on the UK small caps we follow: smallcompanychampion.substacโฆ
Previews and results coverage at smallcompanychampion.substacโฆ and lemminginvestor.substack.comโฆ #UKSmallCaps
The full Lemming Investor watchlist notes: lemminginvestor.substack.comโฆ #AIM
London close on 29 Oct: FTSE 100 up 0.3% to 10,722.07, AIM All-Share up 0.3% to 763.45 as the ECB held at 2.50%. Ten-year gilt at 5.26%. $VANQ fell 40% on weaker credit-card trends. The Bank of England decides on 5 Nov.
Fuller coverage at Small Company Champion smallcompanychampion.substacโฆ and Lemming Investor lemminginvestor.substack.comโฆ #UKSmallCaps

