Corporate updates today highlight strategic asset sales and leadership transitions, led by DCC Energy agreeing to sell its Nexora division to One Equity Partners for $725 million ahead of its acquisition by Dragon Bidco, and SIG announcing CFO Simon Kesterton will succeed Pim Vervaat as CEO in 2027. Trading performances remained mixed as SSP Group launched a £50 million buyback on track for 18% earnings growth and Mincon Group posted a 28% revenue surge, whereas Oxford Metrics and Caledonia Mining both lowered guidance due to delayed projects and operational challenges at the Blanket Mine, respectively. Meanwhile, specialist lender Distribution Finance Capital grew its loan book to £929 million, Hargreaves Services secured a major infrastructure contract at Sizewell C, and Seraphim Space Investment Trust booked a £52.2 million NAV uplift following a funding round for portfolio company Xona Space Systems.
Global travel food operator SSP Group SSPG reported a 5% increase in full-year revenues to £3.8 billion, driven by 4% like-for-like sales growth in the final quarter. While passenger numbers in its Asia-Pacific and Middle East regions remained subdued due to ongoing geopolitical conflicts, strong demand in the UK and other regions helped offset the impact. Consequently, the group expects full-year earnings per share to land at approximately 14.0p, which is within its guided range. Capitalising on this performance, the company announced a new £50 million share buyback.
Smart sensing technology group Oxford Metrics OMG revealed that performance since its interim results has been hit by delays to major industrial projects and funding pressures in Vicon's research markets. To mitigate these headwinds, the board has identified further structural cost-saving measures targeting up to £1.5 to £2.0m in annualised savings from next year. In a dual move to support its strategic development and shareholder returns, the company is purchasing the assets of London-based Move AI to expand its markerless motion capture capabilities and launching a £3 million share buyback.
In a major restructuring move, DCC Energy DCC has agreed to sell its technology division, Nexora, to investment subsidiaries of One Equity Partners. The transaction values Nexora at $725 million on a cash-free, debt-free basis. This disposal is linked to the recommended takeover of DCC Energy by Dragon Bidco, an acquisition vehicle backed by KKR and Energy Capital Partners, with shareholders expected to receive additional cash consideration as a result of the disposal once the wider takeover scheme is finalised.
Gold producer Caledonia Mining has cut its annual production targets following operational setbacks at its flagship Blanket Mine in Zimbabwe. The company reported that third-quarter gold output declined by 11% to 17,030 ounces, primarily caused by compressed air shortages in high-grade mining areas. As a result, nine-month production stands at 49,158 ounces, down from 58,846 ounces in the same period last year. Management has revised its full-year targets downwards to reflect the lower output and associated cost increases.
Irish engineering specialist Mincon Group MCON reported that its strong first-half momentum has carried into the third quarter. Revenues for the nine months to September are 28% ahead of the prior year, bolstered by high demand for its innovative foundation drilling solutions in North America. Growth was also supported by new project wins in Sweden and expanding mining operations across Africa and Australia. Although higher raw material costs continue to squeeze margins, the company remains confident in sustaining its improved performance.
Specialist lender Distribution Finance Capital delivered a robust third quarter in line with its growth targets. New loan origination increased by 22% compared to the prior year, driving the total loan book to £929 million. Credit quality remained strong, with the proportion of loans in arrears or subject to legal recovery dropping slightly to 1.3%. The bank continues to build momentum in its recently launched asset finance product, keeping it on track for its longer-term strategic targets.
Listed SpaceTech investor Seraphim Space Investment Trust SSIT has announced a significant positive valuation adjustment to its portfolio. The fair value of its holding in low-earth orbit satellite navigation developer Xona Space Systems has jumped by approximately £52.2 million, adding 22p per share to the trust's NAV. The uplift follows a new C share funding round by Xona, where Seraphim invested a further $15 million. This transaction elevates Xona to Seraphim's second-largest holding, with a total combined valuation of $121.5 million.
Building products distributor SIG SHI has confirmed its long-term leadership succession plans. Simon Kesterton, who currently serves as Chief Financial Officer, will take over as Chief Executive in May 2027. He will succeed Pim Vervaat, who is scheduled to transition into the role of non-executive Chairman after leading the business through the next stage of its strategic recovery plan. The board has begun a formal process to recruit a new CFO to ensure a smooth transition of financial leadership.
Diversified services group Hargreaves Services HSP has been selected to deliver critical infrastructure for the construction of the Sizewell C nuclear power station. Under the terms of the contract, the company will design, manufacture, and commission three foul water treatment facilities over a two-year period commencing in 2027. The project is expected to provide substantial revenue visibility across the group's 2027 and 2028 financial years. Management stated the contract win helps secure its existing medium-term underlying profit before tax projections.