A flurry of corporate activity dominated the morning news flow, with easyJet's board unanimously rejecting a fourth takeover approach from Castlelake and Advanced Medical Solutions agreeing to a £695m acquisition by H.B. Fuller's medical adhesive arm. Elsewhere, record results from Time Finance and upgraded guidance from Halfords and Serco underscored resilience across the mid-market, while a series of contract wins, fundraises and regulatory milestones rounded out a busy pre-open slate.
easyJet board rejects fourth Castlelake bid, grants nine-day window
easyJet (LSE:EZJ) has unanimously rejected a fourth acquisition proposal from US private credit firm Castlelake, with the board concluding the approach undervalued the carrier and raised material concerns over deliverability. The rejection maintains easyJet's independence for now, though the board has granted Castlelake nine additional days to return with a higher, more compelling offer. The proposal valued the airline at £4.93bn, a figure the board deemed insufficient to reflect the group's standalone prospects.
H.B. Fuller to acquire Advanced Medical Solutions for £695m
Advanced Medical Solutions Group (AIM:AMS) has agreed to be acquired by H.B. Fuller's medical adhesive subsidiary in a deal worth £695m. The transaction is expected to add approximately $300m to H.B. Fuller's annual revenue and expand the US group's total addressable market by $15bn, significantly broadening its footprint in wound care and surgical adhesives. The deal represents a major exit for AMS shareholders and a transformative bolt-on for the acquirer's healthcare division.
Time Finance lending book reaches £250m with record full-year profit
Time Finance (AIM:TIME) delivered its 20th consecutive quarter of lending book growth in the year ended 31 May, with the book crossing the £250m milestone. Profit before tax rose 8% to an all-time high, cementing the AIM-listed specialist lender's position as one of the more consistent performers in the alternative finance space. Management attributed the result to disciplined credit quality and continued demand from SME borrowers.
Clean Power Hydrogen signs binding deal with Hidrigin covering five-country exclusivity
Clean Power Hydrogen (AIM:CPH2) has entered into a binding term sheet with Hidrigin that combines a £750,000 convertible loan note with a nine-month exclusivity window to finalise a manufacturing and technology partnership spanning five countries. The arrangement gives CPH2 both near-term funding and a structured path to commercialising its membrane-free electrolyser technology through Hidrigin's distribution network. The exclusivity period is designed to allow both parties to complete due diligence and negotiate definitive agreements.
First Property Group reinstates dividend as debt falls sharply
First Property Group (AIM) posted a 12.2% rise in full-year pre-tax profit and reinstated its dividend after cutting net debt by nearly 70%, supported by property disposals and improved rental income from its Warsaw office asset. The AIM-listed property fund manager's balance sheet strengthening reflects a deliberate capital recycling strategy, and the dividend reinstatement signals board confidence in the sustainability of the recovery.
Serco reiterates £5bn revenue and £300m profit guidance for full year
Serco Group (LSE:SRP) reiterated full-year guidance following a resilient first half, maintaining its expectation of revenue of around £5bn and underlying operating profit of approximately £300m. The government services group added that margins are tracking toward the upper end of its medium-term target range, a positive signal for investors who have been monitoring the group's margin trajectory as contract mix evolves.
Halfords lifts fiscal 2027 profit guidance to top of consensus range
Halfords Group (LSE) beat underlying profit expectations for the 53 weeks to 3 April and upgraded its outlook, with the board now guiding fiscal 2027 earnings toward the top of the upgraded consensus range. The UK motoring and cycling retailer pointed to improving consumer demand and operational efficiency gains as the drivers behind the stronger-than-expected outturn, building on a recovery narrative that has been developing over recent quarters.
Rome Resources delivers maiden Bisie North resource estimate
Rome Resources (AIM:RMR) published its first mineral resource estimate for the Bisie North tin and copper project in the Democratic Republic of Congo in 2025, a significant technical milestone for the early-stage explorer. The maiden estimate provides an initial framework for project economics, though the company ended the year with cash down sharply at £1.42m, raising near-term funding questions that management will need to address as it advances the asset.
ImmuPharma selects Bachem as API manufacturer for Kapiglucagon programme
ImmuPharma (AIM:IMM) has named Bachem as the active pharmaceutical ingredient manufacturer for its Kapiglucagon diabetes candidate, completing a key chemistry, manufacturing and controls milestone. The appointment of Bachem, a specialist in complex peptide synthesis, positions the programme for IND-enabling studies and brings the company closer to a formal regulatory filing. The manufacturing partnership is a prerequisite for advancing Kapiglucagon into clinical development in the US.
BATM wins first US broadband contract worth $500,000
BATM Advanced Communications (LSE:BVC) secured an initial $500,000 order from a top-10 US cable and broadband operator, marking the company's first significant North American customer win. The contract represents a commercial validation of BATM's broadband technology in the world's largest cable market and opens a potential pathway to larger follow-on orders from the same operator and others in the sector.
Agronomics portfolio firm Tropic acquires banana propagation business for $20m
Agronomics (AIM:ANIC) portfolio company Tropic has acquired Rahan Meristem, an Israeli banana propagation business, for $20m. The deal gives gene-editing firm Tropic direct access to grower markets across Latin America, Asia and the Middle East, accelerating the commercial deployment of its disease-resistant banana varieties. For Agronomics, the acquisition represents a material step forward in the commercialisation of one of its core holdings.
Mercia leads £7.5m round into Warwick Acoustics after JLR Range Rover launch
Warwick Acoustics has raised £7.5m in a funding round backed by Mercia, with proceeds earmarked for production expansion and recruitment as the company scales its first OEM partnership with Jaguar Land Rover. The JLR Range Rover programme provided the commercial proof point that underpinned investor confidence, and the new capital is intended to support Warwick Acoustics' transition from development-stage supplier to volume manufacturer.
CleanTech Lithium flags CEOL ratification delay at Laguna Verde
CleanTech Lithium (AIM:CTL) has disclosed that administrative delays in Chile have pushed the ratification of the Laguna Verde operating contract beyond its second-quarter target. The company also confirmed that its former chief financial officer will remain in a consulting capacity through September, providing continuity as the regulatory process works through the Chilean system. The delay is procedural rather than substantive, but it extends the timeline before the project can formally advance to the next development stage.
Moonpig grows revenue to £373m and lifts dividend 25%
Moonpig Group (LSE) reported a 20% rise in earnings for the year ended 30 April, with revenue reaching £373m on the back of margin improvements across its online greeting cards and gifting platform. The board raised the dividend by 25%, reflecting confidence in the cash generation profile of the business. The result underscores Moonpig's ability to expand profitability even as the broader consumer discretionary environment remains mixed.
Aberdeen's interactive investor targets record Q2 net flows above £3.7bn
Aberdeen Group (LSE:ABDN) said its direct-to-consumer platform interactive investor expects second-quarter net flows to exceed £3.7bn, a figure that would represent growth of more than 50% on the same period last year. The projection, if achieved, would mark a record quarter for the platform and signals that retail investor appetite for self-directed investing continues to strengthen, providing a meaningful offset to pressures elsewhere in Aberdeen's asset management business.
Balfour Beatty wins £325m SSEN contract for Aberdeenshire grid hub
Balfour Beatty (LSE:BBY) has been awarded a £325m contract by SSEN Transmission to deliver earthworks and civil works at the Netherton Hub in Aberdeenshire, a critical node in Scotland's renewable energy transmission network. The project forms part of the broader infrastructure investment required to connect new offshore wind capacity to the national grid, and the contract adds meaningfully to Balfour Beatty's order book in the energy infrastructure segment.
Sirius Real Estate recycles Sheffield park proceeds into three self storage sites
Sirius Real Estate (LSE:SRE) is disposing of two sub-scale business parks in Sheffield, generating £5.3m in proceeds that will be reinvested into three digitally automated self storage developments across England. The capital recycling strategy reflects management's view that self storage offers superior returns relative to legacy business park assets, and the digital automation model is designed to minimise operating costs at the new sites.
3i Group reports continued private equity portfolio momentum at AGM
3i Group (LSE:III) used its annual general meeting to report good momentum across its private equity portfolio, with the chief executive highlighting continued progress at the group's holdings. The update offered new financial detail but reinforced the positive trajectory communicated at the most recent results, with management expressing confidence in the near-term outlook for the portfolio.
Barclays US unit passes Fed stress test with capital ratios intact
Barclays (LSE:BARC) confirmed that its US banking subsidiary maintained capital ratios above all regulatory minimums throughout the Federal Reserve's nine-quarter severely adverse scenario stress test. The clearance removes a potential regulatory overhang for the US operations and supports the group's ability to deploy capital and return cash to shareholders from its American franchise without restriction.
Hutchmed's fanregratinib posts 42.5% response rate in bile duct cancer trial
Hutchmed China (LSE:HCM) released Phase II data showing fanregratinib achieved a 42.5% objective response rate in a heavily pretreated population of bile duct cancer patients, results that underpin a Chinese regulatory application for the drug. The data demonstrate meaningful anti-tumour activity in a setting where treatment options remain, strengthening the clinical and commercial case for approval in China's oncology market.
Block Energy to begin 3D seismic survey at 301.7 MMboe Georgian prospect in July
Block Energy (AIM:BLOE) announced that Aspect Energy will fund and begin acquisition of a 3D seismic survey across the Martkopi Terrace prospect in Georgia in July, the first major operational step in a fully-funded exploration programme with a gross value of $95m. The prospect carries a resource estimate of 301.7 MMboe, and the seismic programme will provide the subsurface data needed to high-grade drilling locations and refine the resource model.
FDA agrees single pivotal trial path for Avacta's AVA6000 in salivary gland cancer
Avacta Group (AIM:AVCT) has reached agreement with the FDA on a pivotal trial design for faridoxorubicin (AVA6000) in salivary gland cancer, with the regulator accepting a single study using progression-free survival as the sole primary endpoint for full approval. The agreement significantly de-risks and streamlines the regulatory pathway, removing the need for a second confirmatory trial and providing a clearer line of sight to a potential approval in a rare cancer indication with high unmet need.
Chemring secures $345m in US contracts to restart Alloy Surfaces decoy production
Chemring Group (LSE:CHG) has secured a $300m five-year production contract and a $45m restart grant from the US Department of War to return its Alloy Surfaces pyrophoric decoys unit in Philadelphia to full continuing operations. The combined $345m package represents a major commitment from the US government to domestic defence countermeasures manufacturing and substantially underpins Chemring's US revenue outlook over the medium term.
