The Tracsis Mistral Data acquisition from FirstGroup dominated AIM corporate news on Wednesday, with the transport software group paying an enterprise value of £48m for the UK rail software provider.
Tracsis Mistral Data Acquisition: The Detail
Tracsis (TRCS) said Mistral Data generated revenues of £13m and EBITDA of £4m in 2025-26, with annualised recurring revenues accounting for 85% of total group revenues. The deal will be funded from cash and is expected to enhance earnings. The UK rail technology market is forecast to grow at 5% a year. Tracsis shares gained 6.77% to 355p.
The Tracsis Mistral Data acquisition adds a business with a high recurring-revenue base to a group that has consistently used its balance sheet for bolt-on deals in transport technology.
Hargreaves Services Leads on Profit
Hargreaves Services (HSP) reported pre-tax profit of £40.3m, up from £17.4m, after early disposals of renewable assets and other one-off gains. The dividend was raised to 40p per share.
The core services business also contributed: revenues rose 35% to £329.9m and the profit contribution increased 27% to £20.2m. More than 70% of expected services revenues in 2026-27 are already covered by orders. With one-off gains absent, group pre-tax profit is forecast to fall back to £17.8m. The share price rose 4.08% to 816p.
Abingdon Health (ABDX) reported full-year revenues up 31% to £11.3m, with second-half revenues 63% ahead of the first half and a move to positive EBITDA. Cash stood at £2.9m. The shares rose 4.06% to 10.25p.
Sunda Energy (SNDA) chief executive Dr Andy Butler agreed to acquire convertible loan notes with a face value of £400,000 from Alumni Capital. He said he does not currently intend to convert the notes. The shares jumped 30.25% to 1.4p.
Acuity RM (ACRM) said its operating subsidiary has traded profitably since last October. A new Risk OS platform is expected to launch in the fourth quarter of 2026. The shares gained 11.15% to 0.75p.
Among fallers, Likewise (LIKE) announced a placing and retail offer to raise up to £29.2m at 28.5p per share. The proceeds will fund the £9.8m freehold purchase of a 60,000 sq ft warehouse in Corby and further distribution acquisitions. The additional capacity is expected to support revenues of up to £300m a year. Shares slipped 6.72% to 31.25p.
Jadestone Energy (JSE) posted first-half revenues of $234m from production of 15,300 barrels of oil equivalent per day, with output down roughly one-quarter after the Stag cyclone shut-in. Production restart is targeted for the second quarter of 2027, and a $12m business interruption insurance payment is expected in the third quarter. Net debt fell to $26m. The shares dropped 6.35% to 29.5p.
Premier African Minerals (PREM) raised £550,000 at 0.01375p to fund working capital at its Zulu lithium and tantalum project while negotiations with Canmax over a long-stop date extension continue. The shares fell 16.2% to 0.01425p.
Ilika (IKA) reported full-year revenues of £1.1m, including £100,000 from Stereax electrode supply to Cirtec Medical. Operating cash outflow widened from £4.7m to £6.4m. Net cash stood at £5.3m at the end of April 2026. The Stag restart date and the Canmax outcome are the near-term catalysts for Jadestone and Premier African respectively.
