Last close As at 05/08/2026
USD3.00
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Market capitalisation
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Research: Consumer
The London Tunnels’ (TLT’s) management has made good progress, achieving what they targeted at the time of share listing in Amsterdam in July 2024. These included obtaining the required planning permission and the acquisition of the tunnels. The company continues to raise equity via its placement, which is funding its operating costs as TLT progresses through the design and planning stages of the development, ahead of construction when further funding, likely to be debt, is required. The prestige of the development is evidenced by the appointment as lead designer and architect of WilkinsonEyre, the architectural practice responsible for the redevelopment of Battersea Power Station. The project’s unique heritage and its redevelopment has gained a significant amount of media interest around the world, which should be very helpful for future visitor numbers. Management is hosting preview visits to the tunnels, prior to the commencement of the redevelopment, so that investors can get a full appreciation of the scale of the project and the investment opportunity. Interest can be registered at TLT’s website.
In June and July 2024, TLT received full planning permission from the City of London Corporation and Camden London Borough Council to develop the tunnels. This was followed by the purchase of the freehold from BT. The project will soon enter RIBA Stages 3 (spatial coordination) and 4 (technical design), expected to take around six months to complete, of seven RIBA stages in developing the tunnels. The company has recently become a partner of Opportunity London, an initiative that helps companies to promote themselves and raise capital.
TLT’s H125 results (to September 2024) revealed an operating loss of £2.8m, mainly due to listing costs and fees for equity raises, and a net loss of £3.2m. By end-H125, all (£6.8m) of the convertible bonds had been converted to equity, as had the majority (£410k remain outstanding) of the zero coupon convertibles bonds so that the period end net debt position was 2.2m. Following its listing on Euronext Amsterdam, TLT has placed a further 4.37m new shares at £2.00 per share as part of its ongoing £30m equity placement. In H125, TLT will likely generate minor levels of revenue in H225 and H126 from visits by individuals and possible filming opportunities.
Our initiation detailed the history and management’s plans for the development of the tunnels and the potential financials and investment opportunity. Management provided an overview of its plans in our executive interview and webinar.
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Historical financials |
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| Year end | PBT (£m) | EPS (p) | P/E (x) |
| 3/24 | (4.1) | (9.00) | N/A |
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Research: TMT
GlobalData’s results were as flagged, with the first year of its transformation plan setting the foundations for management’s goal of £500m of annualised revenue by end 2026. To get there it has to accelerate from its underlying 4% revenue growth rate to at least high single digits. It plans to do this by leveraging its platform with ever-greater customer focus and increasing use of AI, already well embedded, alongside continuing M&A. The Inflexion deal has given the financial resource, with a year-end net cash balance of £10m. The dividend has been rebased to reflect the transformation plan priorities, with a further £50m share buyback announced for the current year. GlobalData is planning to transition across to LSE’s Main Market, allowing investment from a broader cohort of potential shareholders.