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

ECO Animal Health - FY26 trading update: adj. EBITDA materially ahead

- Revenue +8% YoY; FY26E raised to £86.0m (+3%) - North America lifted to £23.0m (+7% YoY); Latin America to £16.7m (+2%, reversing an 18% FY25 decline) - Gross margin nudged up to 45.5% on better pricing and input costs - Adj. EBITDA "materially ahead" of expectations; raised to £8.2m (12% YoY growth, 9.5% margin) - Forecasts raised across all three years - ECOVAXXIN® MS commercial launch across key European markets in 2026/27; peak revenue potential £22.2m - ECOVAXXIN® MG also in pipeline; pea...

Toby Thorrington
  • Toby Thorrington

Hunting plc - Clear catalysts for further value accretion

Hunting has set out clear strategic goals over an extended time horizon. The company took tangible steps in 2025 towards their attainment, meeting guidance for the year at the same time. Subsea’s elevated potential is important for many reasons, and within this, the development of Organic Oil Recovery could be a significant value trigger. Sustained order book expansion can be a wider catalyst here also, and the current tender pipeline looks promising. FY25 EBITDA up 7% to US$135.7m, in line wit...

James Tetley
  • James Tetley

Restore plc - Firing on all cylinders

FY25 was a year of significant strategic progress for Restore. M&A activity stepped up a gear with the acquisition of Synertec and the disposal of Harrow Green; the integration of Records Management and Digital is now complete; and all three divisions reported strong profit growth. As a result, Restore has hit its 20% medium-term operating margin target ahead of schedule, whilst strong cash generation will underpin a newly announced £20m share buyback programme. Restore’s shares have rarely tr...

Mike Jeremy
  • Mike Jeremy

Eco Animal Health - ECOVAXXIN® MG receives US safety validation

Following the recent announcement of plans for commercialisation of ECOVAXXIN® MS, ECO Animal Health announces that the United States Department of Agriculture (USDA) has delivered a favourable safety assessment of ECOVAXXIN® MG, the Company’s live poultry vaccine targeting Mycoplasma gallisepticum. The USDA review and acceptance of ECOVAXXIN® MG safety data represents an important step towards securing marketing authorisation for the vaccine in the United States. EAH has estimated that ECOVAX...

David O'Brien
  • David O'Brien

Strix Group - regulated markets still difficult, costs being addressed

Strix Group’s trading update includes some emerging positives: volumes continue to build, particularly in less‑regulated control markets, growth has returned to Consumer Goods, and the recent disposal of Billi has transformed the balance sheet, leaving the group with net cash and capacity for shareholder returns. However, activity levels in the higher‑margin regulated segment are recovering more slowly, and the combination of softer revenue expectations, a lower‑margin mix and rising commodity ...

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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