Best AIM companies of 2025 confirmed

The 2025 AIM Awards winners were revealed on Wednesday night. None of last year’s winners took away prizes in 2025. This year, I predicted four of the winners, compared with three in 2024.

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The winners are:

Best investor communications

This year: Volex (VLX)

Last year: CVS Group (CVSG)

I thought electrical connectors and accessories supplier Volex (LSE:VLX) had a good chance of winning this award. It’s a business with a broad range of activities, but its presentations manage to keep investors fully informed about all the divisions and the relevant market background.

Volex has also been able to clearly explain its strategy when it comes to growing divisions or adding businesses in new markets.

Best use of AIM

This year: Onward Opportunities (ONWD)

Last year: SigmaRoc (SRC)

Investment company Onward Opportunities Ltd (LSE:ONWD) has not only performed well for its own investors it has provided much needed cash to some of its fellow AIM-quoted companies. It is backed by broker Dowgate.

The management team is led by Laurence Hulse, who previously worked at Gresham House, and there is an investment committee of four people, including technology investor Tom Teichman. Onward Opportunities invests in companies capitalised at up to £250 million, but the focus is under £100 million.

The largest investments at the end of June 2025 were fishing tackle retailer Angling Direct (LSE:ANG), security technology developer Synectics (LSE:SNX) and building products supplier Alumasc Group (LSE:ALU). The only investment in the investment portfolio top 10 to lose money has been specialist cleaning firm REACT Group (LSE:REAT). 

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Best technology

This year: Filtronic (FTC)

Last year: Creo Medical (CREO)

Filtronic (LSE:FTC) seemed the obvious winner of this award given the success in the satellite communications market and link up with SpaceX. This underpins the strength of the technology that enables customers to build satellite networks. The company’s products are also used for critical communications.

Filtronic was upgraded a number of times in the past financial year as more orders came in for its satellite communications. There are also growing markets in defence and potential from 5G investment, but the roll-out has been slower than expected.

Diversity champion award

This year: Central Asia Metals (CAML)

Last year: Kooth (KOO)

Central Asia Metals (LSE:CAML) operates the Kounrad copper recovery operation in Kazakhstan and the Sasa lead and zinc mine in North Macedonia. The company is keen to train, develop and hire local people, particularly in areas where there are limited opportunities. It also provides education and sports facilities.

AIM transaction of the year

This year: Greatland Resources (GGP)

Last year: GlobalData (DATA)

Greatland Resources Ltd (LSE:GGP) probably undertook the greatest transformation for an AIM company over the past year and that was not just because of its redomicile to Australia. The acquisition of 70% of the Havieron gold copper project in Australia that it did not own from Newmont Corporation was a game changer. Greatland Resources originally owned all of Havieron, but Newmont earned the stake by financing exploration.

Havieron is a much more advanced project than it was prior to the earn-in and it has been confirmed that it is a major resource. A feasibility study is due before the end of 2025. The mineral resource estimate is seven million ounces of gold and 275,000 tonnes of copper.

An ASX listing was obtained after the acquisition and just over £30 million of cash was raised to finance development of the Havieron project. Newmont owns 9.9% of Greatland Resources.

The acquisition of the Telfer mine at the end of 2024 provides cash generation for the group. Greatland expects gold production to be between 260,000 and 310,000 ounces at an all in sustaining cost of A$2,400-A$2,800/ounce in the year to June 2026.

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AIM corporate governance

This year: Alumasc (ALU)

Last year: Systems1 (SYS1)

Building products supplier Alumasc Group (LSE:ALU) started out on the Unlisted Securities Market (USM) before moving to the Main Market and then to AIM on 25 June 2019. Chief executive Paul Hooper has been running the business for more than 22 years and he is retiring next March on his 23d anniversary. He has restructured and focused the business on core areas.

Compound annual growth has been 13% over the past six years. More recently there has been a focus on sustainable building products.

The corporate governance policy clearly sets out what are the matters reserved for board decisions and what are the terms of reference of the board committees.   

AIM growth business of the year

This year: Cohort (CHRT)

Last year: Jet2 (JET2)

I thought defence and security equipment and services provider Cohort (LSE:CHRT) was going to be the company of the year, but it is a worthy winner of this category. Growth has been through a combination of existing businesses and acquisitions.

The latest AGM statement confirms expectations for growth in the year to April 2026. Although the first half may not be at the same level as the corresponding period last year, but the second half will be much stronger. The order book was worth £616.4 million at the end of April 2025, and it is still worth more than £590 million. The current order book underpins 90% of forecast 2025-26 revenues of £290.2 million. Pre-tax profit is forecast to rise from £27 million to £34.5 million. Net cash should be more than £10 million at the end of April 2026.

There are opportunities from the UK Strategic Defence Review with spending continuing to increase. Earnings growth is expected to be maintained at 10%/year. There could be further acquisitions.

Best newcomer

This year: MHA (MHA)

Last year: AOTI Inc (AOTI)

I thought the judges would play it safe and choose a solid business such as UK-based accountancy firm MHA (LSE:MHA), which is a member of the Baker Tilly network - the 10th-largest international accountancy network. It will become even bigger when it completes the proposed acquisition of Baker Tilly South East Europe Holdings for up to €24 million. This business has clients in Cyprus, Greece and other parts of southeast Europe.

Last year revenues rose 45% to £224.2 million and adjusted pre-tax profit was 31% higher at £36.3 million. The share price has risen from the placing and offer price of 100p to 147p.

Entrepreneur of the year

This year: Keith Neilson of Craneware

Last year: Sam Bazini and Eoin MacLeod ofWarpaint London (W7L)

Scotland-based software company Craneware has been on AIM for just over 18 years and during that period the share price has risen by nearly 18 times – and the share price is not currently even near to its peak. Revenues have grown every year that the company has been quoted. There were some tougher years earlier in this decade when profit declined, but the 2024-25 pre-tax profit of $24 million (£17.8 million) was a record.

Keith Neilson co-founded Craneware in 1999 and later in the year signed its first contract. All the company’s revenues come from selling financial performance and billing software to US hospitals. Annual recurring revenues are $184 million. Refinancing borrowings has reduced interest charges.

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Company of the year

This year: Boku (BOKU)

Last year: Renew Holdings (RNWH)

Local payments technology services provider Boku Inc Ordinary Shares (LSE:BOKU) published its interims the day before the awards dinner. Revenues increased by one-third to $63.3 million, while underlying EBITDA rose 53% to $21.8 million. EBITDA margins were boosted by a one-off deal, but they should remain above 30%.  

Total payment volumes were 28% ahead at $7.4 billion, while monthly active users reached 95.5 million in June 2025. The main growth is coming from digital wallets and account to account business, but direct carrier billing is also being boosted by clients moving to bundling services.

Boku is a cash-generative business, although not all the cash on the balance sheet is its own. Even so, it still has $87.3 million. That is plenty to invest in technology and further growth.

The strength of the technology and service provided is indicated by the relationship with Amazon, which holds warrants in the company. There is still plenty of scope to add merchants to the client list and expand geographically.

Brian Winterflood Award

Katie Potts

Andrew Hore is a freelance contributor and not a direct employee of interactive investor.