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.

Mike Jeremy
  • Mike Jeremy

Cohort plc: Robust results and outlook: all on track

For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m). Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m). EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share. Communications & Intelligence (C&I) (EID, MASS, MCL and EMS) reported revenue of £62.3m, +12.8%YoY and (adj.) EBIT of £10.4m, +23.2%YoY, on margin improvement from 15.5% in H...

James Tetley
  • James Tetley

Restore plc - Harrow Green disposal and forecast upgrades

Restore has released a positive trading update this morning, upgrading underlying profit forecasts alongside the sale of the underperforming Harrow Green business to Pickfords for up to £5.5m. Organic growth prospects for Restore’s continuing businesses are increasingly positive, the recent Synertec acquisition is trading well, and underlying operating margins are already running ahead of the Group’s 20% medium-term target. On our upgraded FY26 forecasts, Restore is trading on a P/E rating of j...

David O'Brien
  • David O'Brien

Diales Group - All coming together nicely

Diales FY25 results were ahead of expectations, reflecting the restructuring of the business, with costs cut over the last two years. The breakeven level of utilisation is now lower, with productivity higher as expert numbers rise as a proportion of fee earners, in turn leading to positive margin progression. The Board can now focus on growing added-value services and expanding the top-and-bottom lines further. FY25 results delivered EBIT and adj. PBT of £1.4m (FY24: £1.2m) on unchanged revenue...

Caroline Gulliver
  • Caroline Gulliver

Begbies Traynor Group - Strategic diversification clearly paying off

Begbies’ interim results show real momentum, with the positive outlook enhanced by two recent acquisitions and an expanded leadership team. The group has confirmed it is on track for both FY26E consensus expectations and its near-term target of £200m revenues. Revenues rose 7% to £82m and Adj. PBT was up 5% to £12.1m. The group’s investment in new senior hires has led to 10% organic growth in the restructuring business, whilst property advisory revenues rose by7%. This momentum has continued i...

Caroline Gulliver
  • Caroline Gulliver

Victorian Plumbing Group - Considerable untapped potential (initiation...

Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business. In this initiation report we review the group’s attractive investment thesis and conclude the 40% sell-off in the past 12 months significantly undervalues the group’s potential. We initiate coverage with a 110p Fair Value equating to 1.1x EV / Revenues, c.11x EV/EBITDA and a c.5% FCF yield (cal 2026). Victorian Plumbing has navigated major changes, completing a £21m war...

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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