Today's corporate news highlighted strong financial performance from several companies, with Applied Nutrition exceeding IPO guidance and Chemring Group reporting a significantly increased order book. Strategic developments included JTC PLC agreeing to a £2.3 billion cash acquisition and Supermarket Income REIT completing accretive acquisitions, while EnQuest secured new $800 million debt facilities and Medpal AI gained crucial NHS approval for pharmacy services. Operational updates noted RHI Magnesita's improved EBITA despite weak steel volumes, while Ferrexpo faced production halts due to power infrastructure attacks in Ukraine and Kainos Group reported a profit decline despite revenue growth from planned investments. Additionally, Hays PLC announced its CEO is taking medical leave.
RHI Magnesita, a leading global supplier of refractory products, reported an expected improvement in its performance for the four months ended October 31, 2025, aligning with full-year guidance. Adjusted EBITA reached €136 million, representing a 12.7% margin, which is significantly ahead of the first half of 2025. This improvement occurred despite continued weak steel volumes and the seasonally weaker third quarter due to northern hemisphere summer breaks. The company noted growth in India and META, although European demand contracted further.
Chemring Group CHG anticipates its adjusted operating profit for the financial year ended October 31, 2025, will align with analyst expectations. The defence technology company maintained a robust growth outlook, underpinned by significant contract wins secured during the second half of the year. The order book expanded to £1.3 billion, a notable increase from £1.0 billion the previous year, with the Alloy Surfaces business now designated as a discontinued operation.
Applied Nutrition APN, a sports nutrition and wellness brand, announced final results for the year ended July 31, 2025, significantly exceeding its IPO guidance. Revenue climbed by 24.2% to £107.1 million, while adjusted EBITDA increased by 18.8% to £30.9 million. The company reported robust free cash flow conversion of 72.4% and net cash of £18.5 million, highlighting successful execution of its multi-pillar global growth strategy.
Kainos Group KNOS, a UK-headquartered IT provider, announced interim results for the six months ended September 30, 2025, showing a 7% increase in revenue to £196.1 million. The growth was attributed to strong sales execution across all its divisions, leading to a positive outlook for the full year. However, statutory pre-tax profit fell by 17% to £28.4 million, and adjusted pre-tax profit by 16% to £32.0 million, reflecting anticipated first-half investments.
Ferrexpo FXPO, an iron ore pellet producer with operations in Ukraine, announced that recent attacks on Ukrainian energy infrastructure have impacted its power supply, leading to an interruption in production and exports. The supply of power was cut to its mining city of Horishni Plavni, causing operations at Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining to be suspended. While a limited amount of power has been restored to parts of the processing plant, efforts are ongoing to fully restore operations.
JTC JTC, a specialist provider of fund and corporate services, has announced a recommended cash acquisition by Papilio Bidco Limited, a new entity indirectly wholly-owned by funds advised by Permira Advisers. The acquisition values the entire issued share capital of JTC at approximately £2.3 billion, with JTC shareholders set to receive 1,340 pence in cash for each share. This represents a significant event in the financial services sector.
Supermarket Income REIT SUPR announced the completion of £40.9 million in accretive acquisitions, comprising two distinct transactions. The company acquired an upper quartile performing Tesco food store in Craigavon, Northern Ireland, for £25.6 million, and a portfolio of ten convenience stores. These acquisitions boast an attractive average net initial yield of 6.4% and represent a further deployment of proceeds from the company's strategic joint venture with Blue Owl Capital.
Hays HAS, the global recruitment group, announced that its Chief Executive Officer, Dirk Hahn, is on medical leave following recent surgery. His recovery is progressing positively, and he is anticipated to return to the business early in the new year. During this period, Michael Findlay, the Group Chair, will serve as Executive Chair, working with the management team to continue driving the company's strategic and commercial objectives.
EnQuest ENQ, an independent oil and gas production and development company, has successfully secured new six-year, senior secured Reserves Based Lending facilities amounting to $800 million. This significant refinancing package includes a $400 million secured revolving loan and a $400 million secured revolving letter of credit facility, plus an accordion option for up to an additional $800 million. The new facilities are set to refinance the group's existing $500 million RBL facility, enhancing its liquidity and securing long-term coverage for decommissioning obligations.
Medpal AI MPAL, a UK-based digital health and artificial intelligence company, has announced that its subsidiary, MedPal Limited, received formal approval from the Norfolk and Waveney Integrated Care Board for an NHS Pharmacy Contract. This approval officially completes the acquisition of assets from Universal Pharmacy Limited and allows MedPal Limited to provide regulated NHS pharmaceutical services across the UK. The milestone is particularly significant as the General Pharmaceutical Council ceased issuing new Distance Selling Pharmacy licenses earlier this year.