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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

Bob Liao ... (+2)
  • Bob Liao
  • Carl Smith
QTX Quartix Holding...

Quartix Technologies (QTX LN) - ARR growth accelerates in FY25 - BUY

Quartix Technologies has released another positive trading update signalling that FY25 revenue, adjusted EBITDA and free cash flow are expected to be ahead of market expectations. Zeus forecasts for FY25 revenue (+0.9%) and adjusted EBITDA (+2.0%) are increased slightly, but we expect that profitability will likely be higher following the outcome of an accounting policy review that could lengthen the useful life of its tracking system and costs. We will update for this change once further detail...

QTX QUARTIX HOLDINGS
7h / 25m 7h / 25m 1 EN
Andy Hanson
  • Andy Hanson
TPT TOPPS TILES PLC

Topps Group (TPT LN) - Momentum continuing - BUY

Topps Group has released an encouraging trading update for Q1 FY26 with revenue continuing to progress on an organic basis. With the introduction of CTD and Fired Earth, both performing positively, Zeus forecast 17% revenue growth to £309.8m (FY25: £265.4m) in FY26 and 30% growth in PBT to £11.9m (FY25: £9.2m). Q1 FY26 revenue growth was 1.6% but excluding CTD it was 3.7% which is marginally above the level stated at the time of the FY25 results in early December. Importantly, the core Topps Til...

01/07/26 January 7, 2026 1 EN
Andy Hanson ... (+2)
  • Andy Hanson
  • Carl Smith
IIG INTUITIVE INVES...

Intuitive Investments Group (IIG LN) - Signed milestone agreement - Co...

Intuitive Investments Group has announced that its primary investment, Hui10, has signed an agreement with the China Financial Certification Authority (CFCA) that represents the go-forward for deploying Hui10’s proprietary platform for a paperless lottery pilot in China. The CFCA is a major state-owned enterprise responsible for secure digital infrastructure across China’s most critical sectors, so this agreement is a key strategic step in Hui10 unlocking paperless lottery play in China. This is...

IIG INTUITIVE INVESTMENTS GROUP PLC
01/07/26 January 7, 2026 1 EN
Daniel Slater
  • Daniel Slater

Energy Sector Update - January 2026

What’s been going on in the sector this month? US forces capture Venezuela’s Maduro in push for regime change The US bombing of Venezuela’s capital Caracas and capture of Venezuelan President Nicolas Maduro on 3 January mark the latest escalation of a pressure campaign on the Venezuelan government. The US has been pressing Venezuela on narcotics trafficking, repatriation of Venezuelan immigrants and, arguably most importantly, oil assets appropriated from US companies in 2007 by former President...

01/06/26 January 6, 2026 1 EN
Bob Liao ... (+2)
  • Bob Liao
  • Carl Smith

Zeus Video Games Sector Quarterly review - January 2026

This quarter’s key observations Newsflow: Devolver, tinyBuild and everplay, which all have December year ends, have not reported on trading performance since the interim results announcements in September. Looking at Steam review data, we have been encouraged by strong new release performance for Devolver in its second half of FY25. We expect FY25 trading updates from DEVO, TBLD and EVPL in due course.

01/05/26 January 5, 2026 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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