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.

James Tetley
  • James Tetley

Resilient results plus further strategic progress

Vp’s full year results confirm a resilient performance, driven by robust demand from key Infrastructure markets (Water and Transmission) alongside notable strategic progress. The acquisition of CPH has added depth to the Group’s international offering and the business is performing well. Results again demonstrate the strength of Vp's business model, which continues to deliver attractive returns by focusing on specialist activities across a diverse spectrum of end markets. Infrastructure has be...

David O'Brien
  • David O'Brien

Activity levels improved in Q2

Improving momentum from Q2, which has continued into Q3, helped to deliver a satisfactory outcome for the interim results. With the loss-making US business closed, encouraging activity in the EuAm region, a strong performance in the Middle East pipeline and rising utilisation levels, we remain increasingly confident the Group will hit FY25 expectations. The improved strategy, coupled with the healthy balance sheet, has enabled the Board to fund an attractive dividend as well as to return cash sh...

Paul Bryant
  • Paul Bryant

Strong growth drives profit +24%, dividend +19%

FY25 (to 31 Mar 25) was an exceptionally strong year which exceeded our previous forecasts. Revenue grew 23% to £45.3m (previous forecast £44.3m), adjusted operating profit 24% to £22.9m (£22.1m) and PBT 29% to £21.6m (£21.3m). Net cash was £32.1m at year-end with no debt. A final dividend of 9.5p is proposed. Full year dividend is 19.0p (yield 3.2%), +19% YOY. Underpinning performance was sector-leading AUM growth, up 26% to £20.9bn (FY24: £16.6bn). This was in turn mostly a result of record o...

Paul Bryant
  • Paul Bryant

New US licence widens global footprint

CAB Payments has announced that its subsidiary, Crown Agents Bank Limited, has received regulatory approval to operate a representative office in New York. Over time, we would expect this development to boost growth in the greater Americas region, and in particular the LATAM regions of South and Central America. We knew the licence application process was underway and, as detailed in our April initiation report, it will help to build additional and stronger relationships with US-based US Dollar...

Caroline Gulliver
  • Caroline Gulliver

Sun shines on seasonal and big ticket spending

Kingfisher’s strong Q126 sales growth of 1.6% (+3.1% ex calendar and FX, 2.7% LFL), beat consensus estimates by c.1.5% as B&Q led with nearly 8% LFL sales growth. The warm and sunny weather over the late Easter holiday drove seasonal sales (e.g. outdoor and gardening) and encouraged “big-ticket” projects. Some of this spend is likely to have pulled-forward demand from 2Q26 hence there is no change to management’s FY26E guidance of £480m-£540m Adj. PBT at this stage. However, with market share g...

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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