APPLIED NUTRITION (APN) – Consumer Price: 250p +1.2%P/E: 22.5xMarket Cap: £620mYield: n/a We reported on Applied Nutrition earlier this month after it raised guidance for a second time (9 December), and today the firm has delivered more good news. Supermarket group Morrison has agreed an exclusive three-year deal to formulate, produce and sell Applied Nutrition-branded meals and food products, including balanced ready meals, food-to-go sandwiches and salads as well as bread and cheese. Our View There’s no mention of the sums involved in this deal but with the new products being rolled out across 400 Morrison stores from early January…

NEXT (NXT) – Retail Price: £136.60 +0.1%P/E: 18.9xMarket Cap: £15.9bnYield: 4.2% In line with the firm’s long-standing commitment to return what it calls truly surplus cash to investors, Next is handing back £421 million in the form of a B share with a value of 360p. The company says it has spent time reviewing the different ways to repay the cash and a B share scheme is more effective than a special dividend. Our View Obviously free money is no bad thing, and Next seems convinced B shares are the way to go, so investors will no doubt approve the…

METLEN ENERGY & METALS (MTLN) – Industrials Price: €41.90 +2.8%P/E: 11.8xMarket Cap: €5.4bnYield: n/a Greek-based metals and energy group Metlen has surprised the market this morning with the news its M Technologies unit will deliver 200 specialist assemblies to Germany’s KNDS for the latest Leopard main battle tank. It turns out Metlen and KNDS have worked together for 23 years, and the firms are in ‘advanced negotiations to deepen their cooperation in other types of defence systems’. Our View Metlen joined the market in September and due to its market cap went straight into the FTSE 100 index, yet few…

NAKED WINES (WINE) – Consumer Price: 70.9p +7%P/E: n/aMarket Cap: £52mYield: n/a The 2025 renaissance at AIM-listed Naked Wines continues, with the firm raising its full-year profit guidance in its latest trading update. EBITDA for the year to March 2026 is now expected to be towards the top of the range of expectations, although revenue will be at the lower end of guidance due to a strategy of ‘removing inefficient investment’. Our View Today’s news is a further positive step, although the chances of the shares ever getting back to their old rating – boosted as they were by pandemic…

FRP ADVISORY (FRP) – Business Services Price: 140p +1.8%P/E: 15.4xMarket Cap: £330mYield: 5.4% AIM-listed business advisory firm FRP posted a solid trading update for the six months to 31 October showing positive organic growth in revenue and profits. Turnover rose 12% to £87 million, with 5% organic growth and 7% coming from acquisitions, despite a strong prior-year period, while EBITDA rose 3% to £23 million giving a margin of 26.4%. The group has net cash of £16.5 million and is looking to add a sixth pillar to its business with real estate advisory. Our View FRP had a banner year…

CURRY’S (CURY) – Retail Price: 138.6p +9.5%P/E: 10.3xMarket Cap: £1.47bnYield: 2.2% Electricals retailer Curry’s has beaten forecasts on all metrics with its half-year trading update, confirming its performance continues to strengthen. Group sales were up 8% with LFLs up 4%, adjusted EBIT was up 38% and adjusted pre-tax profit was up a blistering 144% on last year. Our View A good set of results all round, with market share gains in the UK & Ireland and a ‘notable’ step forward in profits in Norway where it is number one in an improving market. It’s also pleasing to see top-line improvements…

GAMES WORKSHOP (GAW) – Consumer Price: £197.65 +1.3%P/E: 35.4xMarket Cap: £6.95bnYield: 2.7% Another month and another dividend announcement from fantasy figure-maker Games Workshop, this time 50p per share, taking the payout so far in FY26 to £3.75, which is already well ahead of last year’s £2.65 total. Our View We’ve always admired Games Workshop’s business model and no-nonsense approach to investor relations, where any surplus cash it finds down the back of the sofa gets handed back. The shares aren’t cheap, but they aren’t as crazily priced as some stocks, and so long as the company keeps delivering, we’re fans.…

SERCO (SRP) – Business Services Price: 264p +4.8%P/E: 16.3xMarket Cap: £2.6bnYield: 1.7% In its pre-close trading update, outsourcing firm Serco has forecast earnings for 2025 and 2026 slightly ahead of market expectations thanks to its burgeoning order book. For this year, the group now sees underlying operating profit at £270 million, ahead of the consensus of £265 million, while for next year underlying profit is seen around £300 million against market forecasts of £285 million. The main driver of the results is expected to be defence, which accounts for two thirds of this year’s £5.5 billion order intake. Our View…

STHREE (STEM) – Business Services Price: 185.5p +7.9%P/E: 13.4Market Cap: £229m  Yield: 7.8% Specialist employment group SThree posted a 12% drop in net fee income for the year to 30 November, but encouragingly the company confirmed its pre-tax profit guidance. Investors also took heart from an improving trend over the four quarters, underpinned by the US returning to growth, and the strength of the contractor order book at five months’ worth of net fees. Our View: Recruitment firms are leading indicators on the business cycle as companies tend to hire when they are feeling positive about their prospects and stop…

GOODWIN (GDWN) – Industrials Price: £204 -5.6%P/E: 68xMarket Cap: £1.55bnYield: 2% Engineering group Goodwin posted a ‘solid’ 1H performance with trading profits for the six months to 31 October more than doubling from £17.1 million to £37.2 million. Steel Castings and the international business continue to see ‘robust’ demand from the defence and nuclear sectors, while pumps saw mixed trading with softness in Australia and Brazil offset by strength in India and South Africa. Full-year profit guidance is unchanged at ‘above £71 million’, with order cover underpinning activity for the second half. Our View The absence of an upgrade to…