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 - ECOVAXXIN® MS commercialisation begins

Following the announcement in December 2025 of European Commission marketing authorisation, Eco Animal Health has announced its commercialisation roadmap for deployment of ECOVAXXIN® MS across key European territories in 2026/27. The Group notes that it expects sales of ECOVAXXIN® MS to be immediately margin accretive and, from FY28, make a “material contribution to EBITDA”. In line with Group estimates, we expect peak ECOVAXXIN®MS revenue of c.£22m1 by 2031. ECO has outlined a clear path towar...

Caroline Gulliver
  • Caroline Gulliver

Victorian Plumbing Group - CEO succession, acquisition and excellent t...

Victorian Plumbing has announced a change of CEO, a bolt-on acquisition and a very strong trading update. Revenue has risen an impressive 9% for the first 21 weeks of FY26E with profit margins maintained. As such, management is confident of meeting FY26E expectations, and we anticipate a smooth handover to Stephnie Judge as she steps up to become CEO. The group has completed the acquisition of Sovereign Transport Services Limited and Sovereign Commercials Limited for £3.4m cash (mostly). Victor...

Caroline Gulliver
  • Caroline Gulliver

McBride plc - sustained private label profitability

McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%. Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E. Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus ...

Caroline Gulliver
  • Caroline Gulliver

BTG Consulting - a reassuringly good Q3 trading update

BTG Consulting has announced good Q3'26 trading, with the business on track for FY26E market expectations. As anticipated given the tough macro-economic backdrop, restructuring services has continued to win new instructions whilst, encouragingly, financial advisory has completed on a greater number of transactions in recent weeks. Q3’26 has been in-line with group expectations. Following 7% group revenue growth in H1’26 Restructuring services has continued to benefit from new instructions as th...

James Tetley
  • James Tetley

Springfield Properties - North of Scotland powering growth prospects

Springfield’s interims highlight growth in revenue (+2%) and adjusted profit before tax (+8%), as well as a significant year on year reduction in net debt, a solid performance in the context of recent market uncertainty. With signs of improving buyer confidence, full year expectations are reiterated, whilst the Group has made significant strategic progress, culminating in the recent agreement with SSEN Transmission. This is the first major deal with an infrastructure provider in the North of Sc...

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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