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

Strong second half boosts FY25

For the year to 31 March 2025 Eco Animal Health reported results in line with the outlook of the April Trading Update: revenue of £79.6m (FY24: £89.4m) and (adj.) EBITDA of £7.3m (FY24: £8.0m). The Group benefited from a strong second half, which was underpinned by sound cost control and pricing discipline. Gross profitability was 45.1% (FY24: 42.1%) with H2 at 48.6% compared to 43.1% a year earlier. The year-end cash position was, as expected, £25.0m. On 3.7x FY26E EV/(adj.) EBITDA, Eco Animal...

Mike Jeremy
  • Mike Jeremy

FY25 results - new records and more to come

For the year to 30 April 2025 Cohort reported record revenue of £270.0m, +33%YoY, record (adj.) EBIT of £27.5m, 10.2% margin, and a new high closing order book of £616.4m. Underlying order intake (i.e. excluding acquisition-related) grew 11%YoY, with the closing order book underpinning 79% of FY26 revenue. EPS (adj., basic) rose 27%YoY to 54.4p, with dividend per share up 10%YoY to 16.3p. Cohort's expertise and market reach is attenuated to three major defence drivers: the ongoing backdrop of ...

Paul Bryant
  • Paul Bryant

Strong start to FY26, AUM +8.2% in Q1

AUM was up £1.8bn (+8.2%) over Q1 of FY26, from £21.4bn on 31 Mar 25 to £23.2bn on 30 Jun. Investment returns were the driver, contributing +£2.7bn (+12.5%). This was impressive compared to generic benchmarks such as the MSCI ACWI (GBP), which returned +5.1%. Net flows were -£632m and a return of capital to investors in the Polar Capital Global Financials Trust reduced AUM by -£280m. In our recent note covering Polar’s FY25 results, we detailed our investment case and valuation, with our DCF m...

Toby Thorrington
  • Toby Thorrington

Profitability and strategic progress in H1

Hunting is hitting its marks strategically whilst also continuing to improve near term profitability. H1’25 contained operational progress, M&A execution and an updated capital allocation programme to include faster dividend growth and prospective share buybacks. Market conditions remain mixed, but Hunting’s focus on successfully executing its order book while also addressing underperforming business areas drove progress in H1. The indicated U$68m-70m expected EBITDA for the period represents a...

Paul Bryant
  • Paul Bryant

AUM +3% in Q3 on strong markets and acquisition

AUM increased 3% over Q3 of FY25 (year-end 30 Sep 25) to £26.1bn on 30 Jun 25. Investment performance boosted AUM by +£1.0bn, or 4% of opening AUM. The Sky Harbor acquisition in the fixed income space closed on 1 Apr 25, adding £1.1bn. Net flows were negative at -£1.3bn, but positive in the month of June - a material improvement on recent quarters. Impax said the improving net flow situation “reflected strong institutional client commitments and fresh momentum in our wholesale channels in Europ...

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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