Three developing stories at the UK stock market open.
1. Abingdon Health eye bumper year, FY26 expected to be cashflow positive
Abingdon Health LON:ABDX has interim results out this morning, with the company noting revenue growth of almost 30% against the comparative and expectations that H2 will be even better, as a result of the impact of a number of new contracts being felt, with FY income of £8.6m forecast. The company also expects to become cashflow positive in FY26, removing the need for further funding rounds. Management believe they now have a sustainably profitable company.
2. PUSU deadline for Sidara extended by Wood Group
Wood Group LON:WG. issued a note this morning advising that the Put Up or Shut Up deadline regarding an offer which was mooted by Sidara a month ago has been extended to 17th April, as discussions between the two parties are ongoing. As always the usual caveat applies that there can be no certainty that the deal will complete.
3. Dividend suspended at Team Internet as management eye deleveraging
Team Internet Group [LON:TIG] published a full year trading update noting gross revenues down 4.1% and adjusted EBITDA down 4.7% but the big hit was in impairment charges which tipped last year’s operating profit $36m lower to $8.2m. No dividend is recommended as the company rebalances short-term shareholder returns with deleveraging. Management expect to be back to double digit EBITDA growth by FY26.
