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

Q1 25 results: transition towards a new platform

For the three months to 31 December 24 (Q1 25) Benchmark Holdings reported a 30%YoY decline in revenue to £17.7m (currency adjusted, -25%YoY) arising from a 16%YoY decline in the contribution from Advanced Nutrition to £16.1m, and £1.6m from Health operations. The Q1 (adj.) EBITDA loss was £(0.2)m (Q1 24 £3.5m profit on a like-for-like basis). The Group expects regulatory approval leading to completion of the disposal (for an aggregate £260m) of the Genetics business by the end of March and subs...

Paul Bryant
  • Paul Bryant

AUM fall as expected and profits seen holding up

Ahead of its AGM, Impax has confirmed AUM of £28.5bn on 28 Feb 25. This is close to our expectations as on 31 Dec 24 AUM stood at £34.1bn, and we already knew that the termination of a £5.1bn James’s Place mandate would impact the current quarter (Q2 of FY25). We expect AUM to jump again soon by c. £1.3bn once the Sky Harbor acquisition closes. At the same time Impax reported an acceleration of the efficiency programme. Over 30 roles have been cut since 1 Oct 24 (c. 10% of headcount). This redu...

Mike Jeremy
  • Mike Jeremy

Milestone poultry vaccine submission

Eco Animal Health reports that it has submitted a key Market Authorisation Application (MAA) to the European Medicines Agency (EMA), with supporting documentation, for its ECOVAXXIN®MS, Mycoplasma synoviae, vaccine. This represents an important step towards commercialisation for ECOVAXXIN®MS, one of nine major new vaccines under development. This is a process which we expect to be replicated and as CEO David Hallas notes, this “represents a pivotal moment for ECO”. Significantly, the Group conti...

Caroline Gulliver
  • Caroline Gulliver

Resilient, undervalued, and growing

Begbies Traynor has confirmed financial performance in 3Q25 was as expected and that FY25E will extend its track record for strong financial growth. We forecast 11% revenue growth and a high 15% Adjusted PBT margin. The macro-economic environment remains supportive for Begbies and the group’s expansion into property advisory gives momentum which we believe is undervalued, trading on only c.9x calendar ‘25 PER. Today’s trading update confirms that “both divisions have been consistent with the Bo...

James Tetley
  • James Tetley

Transformational land sale to eliminate debt

Springfield has announced interims this morning, which are in line with expectations. The more significant news is a profitable land sale, with the Group selling 2,480 plots to Barratt Redrow for £64.2m. This triggers a material upgrade to revenue and profit expectations in the current year and will eliminate net debt in FY27, as proceeds are received in four instalments. The land sale will complete by 31 May 2025, with the cash consideration of £64.2m being paid in four tranches over the next...

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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