Author: Patrick Killeen

Online retail giant ASOS has seen its share price drop by almost 9% since trading opened this morning.

It comes after the company notified the London Stock Exchange of its annual results, reporting a rise in profits in the last financial year despite a fall in sales.

The company stressed its progress in cutting costs and clearing stock even as revenues slipped. However profit came in at the lower end of the expected range, it said.

Its share price now sits at 267p at the time of writing, 8.9% down on the 293p it sat at when markets closed yesterday and 39% down on 436.2p, where it was at the start of the year.

Galytix has teamed up with PwC to modernise the Global Emerging Markets Risk Database (GEMs), which holds 40 years of credit risk data from 29 development banks and institutions.

The goal is to make the huge dataset easier to use so investors can better understand the risks and opportunities in emerging markets.

The London-based firm, which builds AI tools to help banks and insurers turn complex financial data into clear insights, will add its CreditX AI Agent, which is said to be able to cut routine credit analysis work from 30 hours to 30 minutes while ensuring accuracy and transparency.

The project supports the G20’s call for clearer data to encourage more private investment into developing economies.

Notion Capital has closed a new £97 million growth fund, Notion Capital Opportunities III, to back its strongest portfolio companies and selected external growth-stage businesses.

The fund, which has already invested in Aikido, Upvest, Resistant AI, Nelly and Kraken Technology Group, is expected to make around a dozen core investments.

The London-based venture capital firm has also announced the hire of Jess Bartos, formerly of Salesforce Ventures, as its first external partner to help drive the strategy alongside partner Stephanie Opdam.

A listed Sheffield firm creating technologies that reduce the impact of clothing on the planet says it has agreements in place across the globe.

Xeros Technology Group plc said its half-year results show the first sales from its denim processing partner Yilmak following an agreement with prominent Pakistan-based manufacturer Ambition Apparel, which produces over nine million pairs of jeans a year.

There are also new agreements across Europe and China, the latter for its microfibre filter.

Revenue was £65,000, down from £79,000 in the prior year, as ‘delays pushed some income into the second half’. Adjusted EBITDA loss fell to £1.6m (H1 24: £2.4m), reflecting lower ongoing costs.

Steven Bartlett has told Press Publish NYC that he built Diary of a CEO into one of the world’s biggest podcasts by embracing failure as a competitive advantage.

The SocialChain co-founder revealed his dedicated ‘failure team’, tasked with running rapid experiments, and explained how pre-watch testing helps his team cut guesswork from content decisions.

Bartlett also discussed how AI is already reshaping podcasting, with his team producing AI-generated episodes that are said to be indistinguishable from human shows in retention data.

Despite turning down offers worth hundreds of millions, he said his priority remains creative control, happiness and the freedom to keep innovating.

EMV Capital, the VC investor specialising in high-growth deep tech and life sciences companies, has reported interim results for the six months to 30th June 2025, with revenues of £1.1 million, slightly down from £1.2m a year earlier, and losses reduced to £1.5m from £1.8m.

Total assets grew to £19.7m from £19.5m at the end of FY 2024, though net assets slipped to £13.6m from £14.1m. Cash fell to £0.5m from £1.0m, alongside a reduction in readily realisable securities to £1.0m from £2.5m.

Assets under management remained strong at £104.7m, compared to £106.7m in H1 2024, with £5m syndicated into seven portfolio companies, down from £6.4m into 11 companies.

CEO Dr Ilian Iliev said the group remains focused on expanding its funds practice and delivering shareholder value despite challenging markets.

Symphony Environmental Technologies Plc has reported a drop in revenue for the six months ended 30th June 2025.

The Hertfordshire firm, which aims to make plastic products smarter, safer and sustainable, said revenue was £2.93m compared to £3.44m in H1 2024.

Gross profit was £1.5m, down from £1.57m, with an operating loss of £370,000 (H1 2024: £420,000).

Author: Patrick Killeen

Tech and data driven growth consultancy Next 15 Group COO Jonathan Peachey will step down from his role and from the board on 31st October, remaining as senior advisor until January 2026 to support a smooth transition.

Peachey, who joined in 2018 and became COO the following year, played a key role in the acquisitions of SMG and Engine, and more recently helped drive the company’s simplification strategy.

CEO Sam Knights praised his “huge contribution” over seven years, while Peachey reflected on “seven fantastic years” with the London-based business and said he is excited to begin his next leadership challenge.

Charlotte Prior, CFO of listed tech training provider Northcoders, is to step down from the position and as a director next April.

The Manchester-headquartered business also reported a drop in half-year revenues for the period ended 30th June 2025 to £3.7m, compared with £4.4m in the previous year, against a backdrop of ‘unpredictable’ government funding as changes to internal departments are announced.

Underlying adjusted EBITDA remained steady at £400,000.

Northcoders ssid its B2B Counter consultancy division had expanded contracts within Skipton Building Society, Manchester Airport Group and a major UK Government department during the period.

Amigo Holdings PLC has placed its subsidiaries into solvent liquidation, appointing Grant Thornton to oversee the process.

The move released £740,000 in cash, of which around £450,000 will remain with Amigo after costs.

The funds will cover basic expenses and support its search for a reverse takeover target, with no further payments available for scheme creditors.

Author: Jonathan Symcox

Revenues and profits have dropped at a listed company embroiled in multiple legal battles.

Big Technologies plc, a provider of Buddi electronic monitoring solutions used in prison services around the world, recently accused founder Sara Murray OBE – which it dismissed as CEO earlier this year – of forging documents to enable its 2021 IPO. She was already embroiled in a £320m High Court battle with the firm.

Murray responded last week by joining a group of investors in their bid to oust chairman Alexander Brennan, telling BusinessCloud: “Given the damage he has done to the business, this is not a moment too soon.”

This morning it reported its results for the six months ended 30th June 2025. Total group revenues for the period were £24.8m, compared with £26.5m in the previous year. Adjusted EBITDA was £12.5m (H1 2024: £14.3m).

The firm has no debt and net funds of £94.9m, slightly up on last year.

ASOS has reported a rise in profits in the last financial year despite a fall in sales.

The online fashion retailer stressed its progress in cutting costs and clearing stock even as revenues slipped. However profit came in at the lower end of the expected range, it said.

The company had previously forecast core profit of £130-150 million. Adjusted EBITDA was up more than 60% year-on-year, it reported.

The online fashion retailer, which has faced intense pressure from inflation and shifting consumer demand, said it has reduced inventory sharply year-on-year.

The UK government has awarded £4.4 million in funding to pioneering aviation technology projects, backing innovations ranging from drones and unmanned aircraft to zero-emission flight. 

The funding, delivered through Innovate UK’s Future Flight Programme, aims to strengthen the UK’s global leadership in next-generation aviation while supporting hundreds of jobs. 

Among the successful bids are medical drone delivery service London Health Bridge, Scottish offshore wind logistics project Regional Offshore Cargo Drone Demonstrator and Beyond Restoration, which uses heavy-lift drones for environmental projects. 

Aviation Minister Keir Mather said the investment will “build a greener and more efficient transport system” and save money for businesses and the public sector, while boosting regional skills and growth.

Author: Patrick Killeen

Struggling advanced materials group Versarien is in talks over the sale of its business and assets, with its cash runway now expected to last only until the end of October.

The AIM-listed graphene specialist has been battling financial headwinds for months, having warned in early 2025 that without new funding it could fail to meet its liabilities by mid-May.

By July, it described itself as on a ‘fragile financial footing’, disclosing cash reserves of £650,000.

In August, the group moved to conserve cash by placing some subsidiaries, including Versarien Graphene Limited, into administration or voluntary liquidation, while continuing to explore equity funding options as asset disposals lagged.

The Gloucestershire-based firm has now said it has considered multiple offers and is progressing discussions around one specific bid it believes could deliver the best outcome for shareholders and creditors.

Depending on the structure of the deal, the board may opt for either a solvent liquidation or to leave the company as an AIM Rule 15 cash shell – effectively a listed company with no operations, which must secure a new acquisition within six months or risk being delisted.

Author: Patrick Killeen

Renewables tech specialist ONYX Insight has appointed Schneider Electric veteran Alexis Grenon as its new CEO.

Grenon spent almost 20 years at the Paris-based manufacturing giant, most recently as CEO of its Digital Grid division.

He has also held senior roles in energy efficiency software and services and began his career as a software engineer at fellow French tech titan Thales Air Systems.

He will now lead the Macquarie Capital-backed business, which provides condition-based monitoring solutions (CMS) for the global wind industry, helping operators predict faults and cut downtime using predictive analytics and sensor technology.

Author: Alexander Style, Americas general manager, Vinturas

Cyberattacks like this usually happen because supply chains are highly complex. With so many systems, partners, and intermediaries involved, a single weak point can expose the entire network where one compromised supplier creates ongoing risks for the entirety of the chain.

While most firms focus on system security and efficiency, data in transit – shipment timings, container numbers, cargo details – are often left exposed.

This gap leaves even well-defended manufacturers vulnerable to disruption, data breaches, regulatory fines, and reputational fallout.

Resilience must be built in from the outset, not bolted on after an incident. Embedding technologies such as private blockchain can help create secure, traceable data flows, audit trails and authentication across the supply chain.

More advanced tools can flag risks and enact reroutes to ensure production continues even if one supplier is compromised – reducing both exposure, and the cost of a total shutdown.

This approach not only helps identify vulnerabilities early but strengthens due diligence, lowering the risk of engaging with unvetted intermediaries or front companies that could create regulatory or security problems, as seen with the NVIDIA “aftermarket” deal.

Cyber threats are unlikely to disappear, but by tightening supply chain oversight, and adopting tools that support transparency, businesses like JLR and its suppliers can put themselves in a much stronger position to safeguard operations, partners and ultimately, their customers.

Author: Jonathan Symcox

Paul James, managing director of Red Rock, is celebrating another award win.

The firm, which provides communication solutions, featured as a One to Watch on our GM 125 Rising Stars of Business list earlier this year and is on GM Business Growth Hub’s second ASCEND Scale Up Programme.

Now Paul’s company has been crowned Business Services Company of the Year 2025 at the Downtown in Business #COMBA25 awards.

“Awards are clearly like buses. Nothing for ages and then 2 in quick succession!” he wrote on LinkedIn, citing a win at the Pride of Tameside Business Awards in June.

Electronic Arts has agreed to be acquired by a consortium led by PIF, Silver Lake and Affinity Partners in a landmark $55 billion (£40.9bn) all-cash buyout by an investor consortium, the largest of its kind in history.

EA shareholders will receive $210 per share, representing a 25% premium to its last unaffected price.

The transaction, expected to close in Q1 FY27, will see EA remain headquartered in Redwood City, California under the leadership of CEO Andrew Wilson.

Consortium members said the deal will accelerate the video game giant’s ability to innovate and expand globally, blending physical and digital experiences for fans.

Wilson praised the move as “a powerful recognition” of EA’s teams and IP, pledging to push the boundaries of entertainment, sports and technology with its new partners.

Tech-driven fulfilment provider fulfilmentcrowd has appointed former Totara chief commercial officer Toby Phelps as its new CRO.

Phelps will be responsible for delivering planned growth across all territories and leading the company’s commercial function, overseeing sales, account management and marketing.

He has previously held senior commercial leadership roles within a variety of high growth, tech scale ups, including Attest, Reputation, Uberall and Hitwise.

With fulfilment centres across the UK, EU, US and Australia, the Chorley-based firm looks to enable scaleable and efficient logistics solutions tailored to modern commerce.

Author: Simon Knivett, VAT manager, HW Fisher

It is the smaller companies who are most likely to be adversely affected by a VAT rate increase, primarily those who fall below the currently VAT threshold and are not registered for VAT.

A rate increase means a higher cost to buy their stock or pay their rent as stockists and landlords would have to charge a higher rate of VAT on their own supplies and are unlikely to want to reduce their net margin to offset this rate increase for the benefit of their small business customers.

Any service sector which sells services subject to VAT could be affected. Whilst sellers of tangible goods can maintain their margins of a higher VAT rate as ultimately the VAT exclusive amount stays the same and any VAT incurred buying their stock should, in the most part, be recoverable.

Service providers whose expenses are made up of costs not subject to VAT, such as paying staff wages or expenses subject to a lower rate of VAT, will feel the increase far more.

Restaurants and caterers are high on the list of those who would suffer from an increase in VAT given that most food for human consumption is subject to 0% VAT whilst restaurant and catering services are taxed at 20%.

A higher rate of VAT, which restaurants and caterers would have to account for either through increasing their prices, making it more expensive for customers or by absorbing it into their already tight margins, in a time where it was forecast that 6,000 restaurants were expected to close between November 2024 and October 2025, would likely contribute to an even higher number of closures in the next 12 months.

Any sector which primarily deals in VAT-exempt services, such as insurance or healthcare, will take a hit from a rate increase as VAT incurred on costs of making VAT-exempt supplies is generally irrecoverable, meaning a higher cost for the healthcare provider which could lead to an increase in their prices, much the same as restaurateurs, charged to their customers.

Ultimately, across a range of sectors, in the short-term it is the final customer who is affected when the rate of VAT goes up.