Shearwater Group‘s contract extension with a UK telecoms client, a five-year deal worth £25m, drove the cyber security group’s shares up 17.6% to 43.5p on Wednesday, leading the risers on AIM. Polar Capital and Supreme also reported full-year results, producing moves in both directions.
Shearwater Group Contract Extension: Deal Structure and Cash Timing
The five-year Shearwater Group contract extension covers packet monitoring, forensic analysis and assurance services for a global telecoms client, announced on 1 July 2026. Of the £25m total, £12.5m will be recognised in the 2025-26 financial year, though cash collection is expected after the year end.
Net cash is consequently forecast to come in lower than previously anticipated, at £5.6m by the end of June 2026. Pre-tax profit is still expected to rise from £600,000 to £1.1m.
The deal adds to a busy run of contract activity for the group. A separate £7.3m three-year extension, won by Shearwater’s Brookcourt subsidiary with a leading UK mobile operator in December 2025, had already added near-term revenue visibility. A further £9m renewal and expansion followed in February 2026, and a £1.8m contract win with a major UK telco was announced in April 2026.
Polar Capital Posts 43% Rise in Assets Under Management
Fund manager Polar Capital (POLR) reported audited results for the year ended 31 March 2026, with revenues rising from £222.1m to £264.3m, including performance fees that nearly doubled to £31.7m. Pre-tax profit advanced from £51.6m to £76.9m.
According to the Polar Capital audited results, assets under management rose 43% year-on-year to £30.6bn at 31 March 2026, up from £21.4bn a year earlier, driven by £902m in net inflows and investment performance. AuM had risen further to £44.7bn by 19 June 2026. Core operating profit rose 11% to £62.8m, and adjusted diluted earnings per share were up 10% to 57.8p. The dividend is maintained at 46p per share. The share price gained 4.04% to 927p.
Supreme Navigates Vape Duty Uncertainty After Revenue Gains
Consumer products supplier Supreme (SUP) reported revenues up 17% to £270.2m for the year ended 31 March 2026, but underlying pre-tax profit slipped from £32.4m to £31m, partly reflecting higher depreciation.
The Supreme final results show Adjusted EBITDA was stable at £40.6m, while the gross profit margin fell by 3 percentage points to 29%, attributed to a shift in product mix within the vaping division. Adjusted net cash improved to £7.5m from £1.2m in the prior year.
The acquisitions of SlimFast and 1001 carpet care cost £22.3m combined and are expected to generate annualised Adjusted EBITDA of around £6.5m. Drinks and wellness revenue grew 60% to £69.3m, with SlimFast contributing after five months in the group. Vaping sales grew despite disruption from the ban on disposable vapes.
A new vape duty based on the volume of liquid comes into force in October, adding a further layer of uncertainty. Supreme proposed a final dividend of 3.8p per share, a 4% increase year-on-year. The share price fell 4.81% to 148.5p.
Other Movers
Ethernity Networks (ENET) reported 2025 results after the close on Tuesday. Revenues fell from $1.38m to $1.05m and the operating loss widened from $5.1m to $5.4m. Shares rebounded 23.1% to 0.0016p.
Gold recovery company Goldplat (GDP) said high gold prices will drive 2025-26 results materially above the previously forecast pre-tax profit of £7.4m. The share price rose 6.35% to 16.75p.
Titon (TON) acquired G-Pack Manufacturing for £1m. The target supplies injection moulded plastic components for windows and doors, with revenues of £1.3m in its last financial year. The deal is expected to be earnings enhancing in its first full financial year. The share price fell 5.88% to 80p.
Pacsco (PACS) said the sale of its Mozambique agricultural assets to Chepstow Investments has been delayed after the Bank of Mozambique declined to accept the notification of assignment of loans. Completion is expected by end of September. The share price dropped 6.98% to 0.4p.
The Shearwater Group contract extension announced on 1 July 2026 will be the first test of whether the group’s cash conversion can keep pace with its revenue recognition: the gap between the £12.5m booked in 2025-26 and the cash collected after year end will be the number to watch when the group next updates the market.