AIM set for rules refresh
AIM is recognising the need to make the junior market more attractive to companies and rule changes are in the pipeline (see this month's publication).
Changes to the Main Market rules mean that there is less differentiation compared with AIM. Acquisitions are likely to be more straightforward. If a nominated adviser can argue that an acquisition is not a fundamental change in the business then it can be classed as a substantial transaction rather than a reverse takeover.
There will be a subtle change to the role of nominated advisers. There will be less emphasis on compliance and more on corporate finance advice. A new technical guide will be developed.
This comes at a time when the Global Growth Market is set to become a new competitor.
CURRENT EDITION
Gear4Music bounces back
Musical instruments retailer Gear4Music has bounced back from a troubled couple of years. It is set for its best year since the Covid-boosted 2020-21.
In the six months to September 2025, revenues jumped from £61.7m to £80.7m, while a loss of £1.25m was turned into a pre-tax profit of £2.72m. Gear4Music was helped by smaller rivals going out of business. This helped grow revenues and also enabled the retailer to pick up stock at attractive prices that boosted margins. Net debt was £16m at the end of September 2025 as cash generated was invested in stock.
There is an upgrade to full year pre-tax profit from £5.5m to £6.7m.
Wynnstay ahead of expectations
Wynnstay Group is benefitting from the revised strategy of the new chief executive and trading is slightly better than expected. Cost savings have helped in all three divisions.
Feed and grain profit improved even though feed volumes were lower and grain trading was hit by a weaker wheat harvest. The arable division generated better profit on higher fertiliser sales. Like-for-like retail stores sales were flat, although margins improved.
Net cash was £26.4m at the end of October 2025, following the investment in the Carmarthen feed mill.
the telecoms market remaining weak. Demand for datacentres and defence is providing growth opportunities.
