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Bonkers Bargains: AIM elder jumps on encouraging update

Fuel cell TFP

Don’t be fooled by the 175 year history, this elderly business has a reputation for innovation and hides some exciting technically advanced products and a world class business, which unfortunately lies hidden in a very ordinary one! It also offers lower risk exposure to the booming hydrogen economy. The shares have been a big disappointment since our original coverage but continue to possess heaps of potential, justifying their status as a Bonkers Bargain. Having staged a strong recovery in the final months of 2023, the shares fell back again at the beginning of 2024 following news of delays in the hydrogen sector and continuing weakness in its  struggling paper business. The latest trading update suggests a more encouraging outlook with growth expected to resume across both businesses.  A degree of patience could bring big rewards, as our commentary here highlights. (Premium)


At first glance, an AIM quoted company dating back 175 years might not get the pulse racing, but this innovative business has plenty to encourage growth investors. The financial headlines and short term forecasts offer little idea of the true potential and one has to delve into the detail to fully appreciate its attractions. The latest "strategic realignment" should bring greater focus.

Our in-depth Bonkers Bargain commentary below takes a deep dive and highlights the potential of…

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