A diverse mix of corporate updates today is led by major capital restructurings and strategic deals, with utility operator Pennon Group launching a £550 million rights issue and dividend rebase to fund a £1 billion network investment, while IMI is acquiring building automation specialist iSMA CONTROLLI for €63 million. In the restructuring space, administrators for the insolvent Headlam Group have agreed to cancel its listing and sell key assets to Likewise Group for £14.9 million in cash, as Brave Bison tables an increased fifth and final acquisition offer for System1 Group. Meanwhile, financial outlooks remain mixed: private equity firm Bridgepoint upgraded its medium-term EBITDA guidance on exceptional fund performance, and Netcall reported a 20% surge in full-year revenue, whereas travel operator Hostelworld downgraded its FY27 revenue expectations due to weakening long-haul travel demand.
Water utility operator Pennon Group PNN has announced a major strategic reset under its new chief executive, Keith Haslett. The company is launching a £550 million fully underwritten rights issue to help fund £1 billion of additional capital investment aimed at improving operational performance. Alongside the rights issue, which offers shares on a 7-for-15 basis at 250 pence, Pennon is rebasing its dividend to strengthen its balance sheet.
Private equity firm Bridgepoint Group BPT has upgraded its financial guidance for 2026 and the medium term, driven by exceptional performance in its ECP V fund. The group has already reached its year-end fundraising target of €28 billion. In response to stronger cash flow expectations, Bridgepoint has also introduced an enhanced shareholder distribution framework.
Floor coverings distributor Headlam Group HEAD has announced its intention to cancel its stock market listing as its administrators sell off key assets. The joint administrators from Interpath confirmed that a full exit from administration is no longer viable. Consequently, certain trade and assets are being sold to rival Likewise Group for £14.9 million in cash to maximize returns for creditors.
Flooring distributor Likewise Group LIKE has agreed to acquire a package of assets from the administrators of competitor Headlam for £14.9 million in cash. The transaction includes the 90,000 square foot Thatcham Distribution Centre, the Crucial Trading brand, and Concept Flooring. Funded entirely from existing resources, the acquisition is expected to significantly boost Likewise's scale and operational capacity.
Online booking platform Hostelworld Group HSW expects full-year 2026 revenue to grow by about 10% but has struck a more cautious tone for the following year. Management warned that net revenue growth in 2027 will likely slow to a mid-single digit percentage due to ongoing headwinds in long-haul travel. Bookings on routes between Europe and the Asia-Pacific region have been dampened by high travel costs and geopolitical conflict in the Middle East.
Defense technology specialist Avon Technologies AVON is hosting a strategy teach-in for investors alongside a trading update for the year ended 30 September 2026. The group outlined its medium-term standalone organic plan, which aims for an annual revenue compound growth rate of over 5%. Under its new strategy, the company is targeting adjusted operating margins between 16% and 18% while continuing to compound value through selective acquisitions.
Ten-pin bowling operator Hollywood Bowl managed to deliver record group revenues of £261.6 million for the year ended 30 September 2026. However, the performance was a tale of two markets, as exceptionally hot and dry summer weather in the UK dragged down domestic like-for-like sales by 5.6% in the second half. In contrast, the group's expanding Canadian division continued to perform strongly, posting 9.0% total revenue growth.
Digital media and marketing group Brave Bison has launched its fifth and final attempt to acquire rival System1 Group. This updated proposal represents a 13% increase over the previous bid, with the extra consideration to be paid entirely in cash. Brave Bison has already secured support from shareholders representing nearly 40% of System1's equity and has introduced a contingent value right to sweeten the deal further.
Specialist engineering company IMI IMI has agreed to acquire Italian building automation business iSMA CONTROLLI for an enterprise value of €63 million. The acquisition will expand IMI's smart-connected building portfolio within its Climate Control sector. Funded from existing debt facilities, the transaction is expected to close in the final quarter of 2026.
Insolvency litigation financing firm Manolete Partners MANO has reported a record performance for the six months to 30 September 2026. Realised revenue grew by 23% to £17.4 million, driven by an increase in completed case volumes and values. Management confirmed that the company remains on track to meet full-year market expectations for both revenue and profit.
Construction specialist Galliford Try has secured a spot on a major university development framework. The company has been appointed to Lot 2 of the Oxford Inspire framework, which is valued at up to £1.6 billion over an eight-year period. Galliford Try will compete for large-scale construction and refurbishment projects valued at over £15 million across the University of Oxford's estate.
Software provider Netcall NET has posted strong annual results for the year ended 30 June 2026, driven by accelerating demand for its cloud services. Total revenue rose 20% to £57.7 million, while cloud-specific revenues surged 37% to cross the £40 million mark. Although statutory pre-tax profit fell due to acquisition-related expenses, adjusted EBITDA climbed 23% to £12.1 million, enabling a 17% increase in the dividend.