Zeus Capital

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All research provided by Zeus is sponsored by the issuer and is therefore specifically exempt from the inducement rules. The research is therefore freely available to all Institutional Investors.

Zeus is an independent investment banking boutique, providing the highest quality advice to clients across a range of sectors and transactions. £3.6bn+ has been raised by Zeus as Sole or Joint broker and/or book-runner over the last four years. Our expertise enables us to guide companies through the often complex process of making acquisitions, selling a business, management buy-outs/ins and IPOs. Zeus acts as Nominated Adviser and Broker on public market admissions, along with offering continued support to AIM listed businesses.

Regulatory Information

  • Regulatory Status: Zeus Capital Ltd is authorised and regulated by the Financial Conduct Authority; approved as a Nominated Adviser and Broker by the AIM Market of the London Stock Exchange
  • ID Number: 224621

Andy Hanson ... (+2)
  • Andy Hanson
  • Charlie Williams
NXR NORCROS

Norcros (NXR LN) - HY update: premium segment remains resilient despit...

Norcros’ H1-26 trading update highlights the strength of the Group’s portfolio of leading brands within the UK bathroom and kitchen market. Following a slow start to Q1, Group L4L revenue improved sequentially with Group H1 revenue expected to be +1.0% at CC. The UK division continues to strengthen its margin, showing a 120bps expansion to 14.8%, helping drive Group adj. operating margin up 70bps to 11.9% and absolute profitability to £21.8m (H1-25: £20.8m). Management reiterate trading remains ...

10/16/25 October 16, 2025 1 EN
David Seers
  • David Seers
SERABI GOLD PLC

Serabi Gold (SRB LN) - Growing from strength to strength - BUY

Serabi recently provided its production update for the third-quarter of FY25 in which it reported record quarterly gold production of 12,090 ounces, with its cash balance increasing by $8.4m to $38.8m (net $33.8m). This strong operational performance and recent further improvements in the gold price, prompts us to revisit our valuation, which we now see at 386p per share (was 282p per share).

10/16/25 October 16, 2025 1 EN
Bob Liao
  • Bob Liao
FDEV Frontier Develo...
TM17 TEAM17 GROUP

Audio Note: UK video games sector - Positioned for strong earnings ups...

In this audio note, Zeus’ Bob Liao discusses the UK video games sector. We believe video games companies’ earnings are now highly geared to a potential return of strong revenue growth, after companies have reduced costs and focused on own-IP. With game makers’ high potential new release schedules approaching, we estimate that if their revenues outperform by only 5%, adjusted operating profits could outperform by 21% on average.

FDEV FRONTIER DEVELOPMENTS
TM17 TEAM17 GROUP
10/15/25 October 15, 2025 1 EN
Bob Liao
  • Bob Liao
TBLD TINYBUILD INC
DEVO DEVOLVER DIGITA...

Audio Note: UK video games sector - Positioned for strong earnings ups...

In this audio note, Zeus’ Bob Liao discusses the UK video games sector. We believe video games companies’ earnings are now highly geared to a potential return of strong revenue growth, after companies have reduced costs and focused on own-IP. With game makers’ high potential new release schedules approaching, we estimate that if their revenues outperform by only 5%, adjusted operating profits could outperform by 21% on average.

TBLD TINYBUILD INC
DEVO DEVOLVER DIGITAL INC
10/15/25 October 15, 2025 1 EN
Robin Byde
  • Robin Byde
SAL SpaceandPeople ...

Audio Note: SpaceandPeople - Momentum into 2026

In this audio note, Zeus’ Robin Byde discusses the investment case and growing momentum at SpaceandPeople. The company has been trading well and has exciting plans for digital transformation and expansion.

SAL SPACEANDPEOPLE PLC
10/15/25 October 15, 2025 1 EN

ZEUS PODCAST: A Different Perspective podcast: Simon Young, Experience...

A Different Perspective podcast Nick Searle speaks to Simon Young, UK Fund Manager. An extremely experienced portfolio manager, Simon has focused on income mandates for many years. Following Cambridge University, Simon joined Mercury Asset Management which became Blackrock, and has also worked at Aviva and AXA Asset Management. Simon and Nick discuss Simon’s background and career progression, the appeal income mandates and cash generative companies and views on how macro headwinds will affect ...

10/11/22 October 11, 2022 1 EN

ZEUS PODCAST: A Different Perspective podcast: Hugh Hendry, The Acid C...

This week the legendary Acid Capitalist Hugh Hendry joins Nick for a truly different perspective. Previously at Baillie Gifford and Odey Asset Management Hugh’s Eclectica macro hedge fund was famously up 50% in 2003 and up 50% in the month of October in 2008. Monikered as a contrarian investor, Hugh certainly has some very different views as Nick runs through a tally of macro thoughts and themes.

09/14/22 September 14, 2022 1 EN

ZEUS PODCAST: A Different Perspective podcast: Richard Howarth

In this episode, Zeus' Nick Searle, Equity Sales Director, speaks to ex-hedge fund manager, Richard Howarth. Richard had a very successful career at Brewin Dolphin, Clerical Medical and Insight yet decided to retire six years ago as ‘money can’t buy you time’. Richard now lives in Switzerland skiing in the winter and climbing in the summer whilst continuing to invest in the markets. In A Different Perspective podcast, Nick Searle, Equity Sales at Zeus, speaks to interesting characters within f...

07/26/22 July 26, 2022 1 EN

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