There were seven AIM companies that moved to the Main Market in 2025. There have been maximum of four companies moving, and sometimes only two, each year in previous years.
The halving of inheritance tax (IHT) relief appears to have reduced the attraction of AIM. The remaining benefits are weighed up against the potentially wider investor base because some institutions are not able to invest in AIM companies.
There is also the potential to be included in an index that has greater profile that any AIM index. many of the companies have moved into the FTSE 250 index and attracted investment from index funds. Veterinary practices operator CVS Group, which moved in January, is joining the FTSE 250 index on 23 March,
SigmaRoc profit jump
Building materials supplier SigmaRoc is improving margins on the back of the integration of the CRH lime assets.
In 2025, revenues improved from £997.6m to £1.04bn, with pre-tax profit increasing from £117.6m to £154.1m. Net debt was £472.4m at the end of 2025. A refinancing of the debt is being negotiated.
Cash generation is improving and net debt could be down to £350.9m by the end of 2026. The 2026 pre-tax profit forecast is £165.9m. the energy needs of the company are 80% hedged for this year.
Steady improvement in profit could reduce net debt to £105m by the end of 2028.
Nichols boosting dividends
Soft drinks maker Nichols intends to reduce the dividend cover from two to 1.5 times. Net cash was £55.7m and the higher dividend should not stop this continuing to increase unless suitable acquisitions are found.
In 2025, pre-tax profit improved from £31.4m to £33.6m, on revenues less than 2% ahead at £175.1m. There was growth in the UK and internationally for the soft drinks supply business. The out of home division maintained its profit as lower margin business was exited.
The total dividend for 2025 is 33.7p/share. The new dividend policy comes into effect in 2026 when the dividend could be 48p/share, if pre-tax profit reaches £35.1m as forecast.
