果冻传媒

Fevara (FVA) capped a year of transformation with a solid set of final results, as profits swung back into the black on higher revenues.

Sales at the livestock supplements specialist were up 4 per cent year on year to 拢79mn, driven by volume growth in the UK, Europe and the US. Profit before tax came in just shy of 拢3mn 鈥� a marked improvement from last year鈥檚 拢6.5mn loss.

Restructuring efforts were underpinned by the arrival of new boss Josh Hoopes from Associated British Foods (ABF) in July. The company changed its name from Carr鈥檚 Group shortly after, to reflect the business鈥檚 shift in focus towards pure agriculture. Fevara sold its engineering division to Cadre Holdings for 拢75mn in April.

Other strategic efforts this year included a tender offer in May. The company also announced the 拢5mn acquisition of Macal, a manufacturer of minerals for livestock in Brazil, after the end of the period. The deal is expected to close by the end of January.

While the final dividend was halved to 2.40p a share, the board agreed to move towards a progressive dividend policy from FY2026. The share price stayed broadly flat in early trading.

Volution (FAN) shares rose on the back of a positive trading update and news of another acquisition in Australia.

The company reported organic growth of 5 per cent for the first four months of its financial year, plus a further 25 per cent following last year鈥檚 A$280mn (拢140mn) buyout of Fantech. Operating margins have also remained 鈥渟trong鈥�.

It has also agreed to buy Sydney-based AC Industries, which makes specialist ventilation systems for underground mines, for up to A$178.9mn. It is paying A$150mn upfront, plus earn-outs of up to $28.9mn depending on future performance. 

AC Industries made an adjusted cash profit of A$17.1mn on revenue of A$47.7mn in the year to June, and Volution said it expects the deal to be 鈥渋mmediately accretive鈥� on expected completion in February.

The shares rose by 6 per cent.

When Anglo American (AAL) announced a 鈥渕erger of equals鈥� with Teck Resources (CN:TECK.B) in September, the twin hurdles for the deal to be done were seen as Teck investor scepticism and Canadian regulatory approval.

Anglo has now cleared the first after winning the support of Teck鈥檚 鈥楤鈥� shareholders, with almost 90 per cent of those who voted supporting the plan. Anglo shareholders also backed the deal as expected in a vote in London on Tuesday.

Teck has two classes of shares, with the supervoting 鈥楢鈥� shares held by the founding Keevil family, who were supportive of the 拢38bn combination.

Canadian regulatory sign-off is still expected to take all of 2026, with the government of Mark Carney looking for guarantees Anglo Teck will keep significant ties to the country.

Shares in FirstGroup (FGP) jumped 5 per cent this morning after the transport group said it had been awarded a multi-year contract worth 拢3bn to run the London Overground suburban rail services for Transport for London (TfL), the city鈥檚 transport authority.

The eight-year contract, which includes a two-year extension option, starts on 3 May 2026. Under the contract terms, TfL retains all passenger revenue risk and will shoulder electricity costs, regulatory charges and inflation protection up to an agreed amount. 

Operating through a subsidiary, First Rail London Limited (FRLL), FirstGroup will earn a profit margin on concession payments, on top of extra fees linked to performance and service quality. The group takes over from Arriva, which had run the concession since 2016.

Panmure Liberum analyst Gerald Khoo said the contract represents 鈥渇urther progress鈥� in diversifying the company鈥檚 sources of earnings and customers as its rail franchises are handed back to the government. He added that it reduced risk and would improve earnings quality.

The broker raised its 2027 earnings per share forecast by 4 per cent and 2028鈥檚 by 5 per cent, while increasing its target price to 260p from 250p.

Read why we鈥檙e bullish on FirstGroup here.