Oct 20, 2026 · 11 min
Ixico rises as funding strength meets illiquid small-cap risk
Morning Movers - Tue 20 Oct 2026
The discussion frames Ixico’s market move against the practical risks and resilience of investing in a small, thinly traded company.
- 1Ixico leads the day’s percentage risers among reporting companies, drawing attention to its latest trading update.
- 2Paul Scott highlights Ixico’s strong funding position while acknowledging the stock’s small size and illiquidity.
- 3The roundup is presented as independent opinion, not financial advice, underscoring the limits of the commentary.
Don't miss
Paul Scott contrasts Ixico’s strong funding position with the risks implied by its small size and illiquidity.
The brief
Paul Scott opens his Morning Movers roundup from shareideas.uk by identifying Ixico as the biggest percentage riser among companies reporting that day.
The focus quickly shifts from the headline move to Ixico’s small size and illiquidity, which can make a rising share price harder to interpret.
Against those risks, Scott points to the company’s strong funding position as the key supportive detail in the trading update.
The episode keeps its scope narrow: an independent view of one small-cap market move, explicitly separate from financial advice.
What was said on this episode
19 statements · 14 positive · 3 negative · 1 mixed · 1 neutral
Ixico holds approximately £10 million net cash, exceeding 60% of market capitalization.
“It's particularly well-funded, Ixaco, is it did a big fundraise. It's got about 10 million of net cash, which is over 60% of the market cap.”
Listen at 0:37
Ixico’s ability to scale remains uncertain.
“I think it remains to be seen if it can actually scale up.”
Listen at 1:01
Ixico shares rose 10% to 8.5 pence.
“the shares are up 10% at 8.5p”
Listen at 1:10
James Cropper shares reached £7.65 after rising 9%.
“it's now £7.65. So it rose 9% today.”
Listen at 1:28
James Cropper currently looks attractive.
“So James Cropper looking good.”
Listen at 2:45
Shearwater has net cash of roughly one-third of market capitalization and renewed a contract.
“a decent cash pile, about a third of the market cap, 17 million market cap, 6 million-ish net cash, and a contract renewal.”
Listen at 3:00
Wickes’ like-for-like revenue growth accelerated to 4% in Q3.
“At Q3, there's an acceleration in like-for-like revenue growth. So in Q1, it was 0.3% negligible. Q2, it was 1%. And then Q3, it's 4%.”
Listen at 3:49
Wickes’ performance should provide read-across to Kingfisher and Topps Tiles.
“there should be read across for Kingfisher and for Top Stars.”
Listen at 4:34
Wickes has net cash near one-third of market cap, a 5.3% yield, and 12x forward P/E.
“You've got a very nice net cash balance sheet, about a third of the market cap there. You've got a generous dividend yield of about 5.3% and a forward P of 12 times.”
Listen at 5:10
Wickes could perform well if sales rise in a recovering economy.
“you could see this do rather well I think”
Listen at 5:37
Kingfisher is an excellent company with substantial freehold property.
“I think Kingfisher is excellent and groaning with freehold property”
Listen at 5:41
Kingfisher may eventually receive a takeover bid.
“I suspect sooner or later somebody might bid for Kingfisher”
Listen at 5:46
Paul Scott considers Genuit a good business despite the warning.
“We do like it. We think it's good business. staying amber green on Genuine.”
Listen at 6:58
Gear4music may warrant investigation for potential value.
“might be worth having a sniff around that one to see if it's starting to look value or not”
Listen at 8:17
Gear4music’s forward P/E is expected to fall from 11x to 10x after the decline.
“I've got a forecast PE of 11 times. That'll be down to 10 times after this morning's move.”
Listen at 8:22
Competition tends to thin in very low-margin sectors.
“the competition thins out, doesn't it?”
Listen at 8:49
XP Power trades at a relatively expensive 36x forward P/E.
“the forward P is quite pricey now at 36 times.”
Listen at 9:27
Seeing Machines should announce its refinancing promptly.
“I think they need to get that refinancing announced pronto”
Listen at 10:19
Ocado has a terrible business model.
“We just think it's a terrible business model. Awful.”
Listen at 11:04
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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