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.
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Caroline Gulliver
- Caroline Gulliver
Begbies Traynor Group - strategic change of name to BTG Consulting
Reflecting a decade of excellent revenue growth across increasingly diversified advisory services, Begbies Traynor is changing its name to BTG Consulting plc. Under this new name, and with the recently enhanced management team, the group is well placed for further profitable growth across its wide range of financial and real estate advisory services. As we recently wrote in Strategic diversification clearly paying off, BTG’s organic and acquired expansion has led to a decade of 13% revenue CAGR...
David O'Brien
- David O'Brien
Strix Group - deal completed, debt eradicated
Strix Group has completed the disposal of Billi, receiving net proceeds of £105m after costs and completion account adjustments. The bulk of the proceeds will be utilised in repaying the Group’s indebtedness (£68m as of November 2025) and initiating a £10m share buyback programme. The disposal of Billi and the receipt of the consideration transform the balance sheet, with net cash of c.£35m currently. The return of £10m via a share buyback programme is to commence shortly, with a further distri...
Caroline Gulliver
- Caroline Gulliver
Mobile momentum builds; shares look underrated
AO has announced a UK-wide partnership with Timpson whereby customers can trade-in their old smartphones to one of Timpson’s 1,300 stores and receive the trade-in value within 15 minutes. This exciting initiative follows a successful 4-month trial and marks another significant step forward in AO’s mobile strategy, following its recent launch of “Switch24”. AO’s acquisition of musicMagpie in December 2024, for just £10m equity, extended AO’s mobile proposition into refurbished smartphones, cate...
Toby Thorrington
- Toby Thorrington
Hunting plc - well set for further progress in FY26 and beyond
Hunting has met FY25 EBITDA guidance, with a better year-end net cash position than we had anticipated. In Subsea very credible, raised, and ambitious targets have been announced which support the wider group’s previously stated 2030 targets. With significant large contract opportunities in OCTG and Subsea on the horizon, FY26 looks like being an important year for the company. After a good overall Q4, Hunting has flagged expected FY25 EBITDA of U$135m, with a c.13% margin (FY24: U$126.3m, 12.0...
Caroline Gulliver
- Caroline Gulliver
McBride plc - sustained private label momentum
McBride’s H126 trading update confirms that demand for private label cleaning products remains at high levels, with volume growth of 0.4% and total sales growth of 0.8%. Moreover, McBride continues to win new contracts leading to management’s confidence in achieving FY26E expectations of Adj. EBIT of c. £64m. High levels of private label penetration were sustained across Europe’s largest markets in McBride’s H126 and despite some pressure on average selling prices, profitability has been sustai...
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%...