Equity Development

​Equity Development enables companies to become better understood and supported by investors. Since our launch in 1996 we have consistently focused on helping our clients improve their communication and relationships with both existing and potential shareholders. Our clients have come from a wide variety of sectors and domiciles, are both private and quoted and range in size from micro-cap to $multi-billions. We offer free access to company research notes written by experienced analysts. These notes include detailed forecasts, financial models and a fair value. We host regular Private Investor Forums at which investors have the opportunity to hear company directors present, and to ask questions. These are free to attend. We broadcast live Webinars with company management that include active Q&A. We also make the recordings available online. We arrange face to face meetings between private investors and company management. We are active users of Twitter, commenting daily on company news, share price moves, Directors’ Dealings, Equity Development Research Notes & Events.

David O'Brien
  • David O'Brien

Strix Group - Is change afoot?

The trading update for the six months to September covers three areas: trading, indebtedness and the Board. With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets. We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%. With declining profitability, the net debt/EBITDA covenant ratio has risen to 2.5x, albeit this remains below the leverage ceiling, and the Group has introduced...

Caroline Gulliver
  • Caroline Gulliver

AO World - 5* strategy delivers another profit upgrade

AO’s impressive H126 results show strategic, customer-focussed progress. 14% revenue growth reflects market share gains, and Adj. PBT rose 10% despite payroll cost headwinds. AO's differentiated 5* membership programme and sustained 5* customer service underpin its success, whilst improved profit trends in mobile and musicMagpie contribute to the positive outlook. We raise our FY26E Adj. PBT and Adj. EPS by 4%-6% and forecast AO will generate over £150m cumulative FCF FY26E-FY28E and a 21% CAG...

Toby Thorrington
  • Toby Thorrington

Norcros - Hiding in plain sight

Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26. A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop. The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is no...

Mike Jeremy
  • Mike Jeremy

Supreme - H1 26 results: diversified and resilient

For the six months to 30 September 2025 (H1 26), Supreme reported revenue of £132.6m, +17%YoY - reflecting both organic growth and the impact of acquisitions - gross profit (including forex) of £38.4m, +13%YoY, and (adj.) EBITDA of £18.5m (H1 25: £18.5m). The closing net debt position (non-IFRS16) was £4.1m, whilst the Group maintained its dividend policy (25% of net profit), recording an interim dividend of 1.6p/ share (H1 25: 1.8p/ share). The Group reiterated its strategy of growth and produ...

Caroline Gulliver
  • Caroline Gulliver

Knights Group Holdings - Delivering on its strategic ambitions

Knights’ H126 trading update illustrates the power of its position as the leading consolidator in the premium, regional legal market. Knights’ H126 revenues rose an impressive 30% to £103.2m as a return to organic growth of 3% was complemented by the recent strategic acquisitions of IBB Law, Birkett Long, Rix & Kay and Le Gros Solicitors. These acquisitions are all integrating well, with working capital benefits coming through under Knights’ ownership. From this strong performance, management ...

Energy from Hydrogen: Making a cleaner world

The global supply / demand picture for hydrogen is rapidly evolving as the world shifts toward cleaner energy solutions. Hydrogen is viewed as a critical component of this transition. The International Renewable Energy Agency (IRENA) states that the global production of hydrogen now stands at 75 Mt/yr of pure hydrogen, with an additional 45 Mt/yr as a mix of gases. Looking forward, the International Energy Agency (IEA) estimates that already announced projects could increase production by 50%...

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