It was an interesting year for the UK’s Alternative Investment Market (Aim), as small-cap stocks outperformed large caps despite an almost 50pc drop in new equity issues.
While London’s main market endured a wildly unpredictable 12 months, the Aim market ticked marginally higher as it marked its 20th year of existence.
The market for growth companies was launched in 1995 with just 10 companies that had an aggregate value of £82m. Twenty years on, it boasts more than 1,000 businesses with a combined market capitalisation of £75bn.
Raymond Greaves, of finnCap, said the outperformance by the small cap space was “entirely predictable”.
This year consumer stocks emerged as the victors. With solid economic growth in the UK, real wages rising and low interest rates, Mr Greaves said there was better consumer spending, and as a result food and beverage, retail and transport and leisure stocks all enjoyed stellar performances.
Healthcare, construction and real estate were also among the top performers in the past 12 months on the Aim market.
“It was logical that these sectors would do well,” Mr Greaves said.
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While some sectors soared, like Britain’s benchmark index, the FTSE 100, industries such as oil, mining and resources, were among the biggest laggards on the Aim index.
However, while the market rose year-on-year, there was a drop in the number of initial public offerings (IPOs) on Aim in 2015 by number and money raised. In 2014, a total of £2.8bn was raised through 80 IPOs, while a mere £560m was raised in the past 12 months through 30 IPOs.
The trends from 2014 did not continue into 2015, with one of the best performing stocks, Fitbug Holdings, which soared by more than 800pc in 2014, plunging around 90pc in 2015.
Wearable technology device Fitbug went from leader to laggard on the Aim market this year. Photo: AP
Around 14 months ago, investors cheered when the shares surged after the seller of fitness devices struck a deal with Samsung. The electronics giant agreed to include Fitbug’s KiQplan digital coaching product on its Digital Health platform. It also signed an agreement with Amazon. The growth potential for wearable technology devices appeared to be growing fast.
However, in 2015 investors’ enthusiasm waned, and the Aim-stock plunged after it announced a placing had raised £665,000 following the sale of 26.6m ordinary shares at 2.5p apiece. It also agreed a new £650,000 convertible loan.
However, the best performing stock on the Aim market was Fever-Tree Drinks. Its shares jumped by around 160pc in the 12-month period.
Mr Greaves described the company, which joined Aim in November 2014, as “really good quality”. Since listing, the upmarket tonic water brand signed a deal with Marks & Spencer to distribute its products, which started as a challenger to mixer giant Schweppes, in 200 Simply Food stores across the UK. It also secured a contract with British Airways in 2015 to serve first-class passengers Fever-Tree gin and tonics.
Shares in Fever-Tree leapt by more than 160pc this year.
It has released an unscheduled trading update that pointed to a “strong” performance in the second half of this year, after posting a 62pc in revenues to £24.1m at its half-year results in July. The board now expects its full-year results to be “materially ahead” of expectations, boosted by “encouraging” UK and international sales.
Monitise aims to help banks and card providers offer mobile payments Photo: http://ift.tt/1eB6gaW
While 2015 was a year of growth for Fever-Tree, it was a torrid 12 months for Monitise. The British mobile payments group lost three chief executives and is attempting to transform its business model away from software licences and bespoke services for banks and payment companies to sell internet-based subscription mobile payment services.
Investors have yet to be convinced as the Aim-listed stock became the biggest laggard, plunging almost 90pc in the past 12 months.
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