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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Toby Thorrington
- Toby Thorrington
Trading slower to pick up in Q4
The material AMEY contract came on stream as planned but best expectations for H2 have been undone by a continuing weak macro-economic background. We have reduced our core hire estimates by c.8% at the EBITDA level for FY25E. This still infers progress versus H224 and is significantly above H125, albeit not with the momentum previously envisaged. Post the trading update, Speedy is trading on a 40% NAV discount and a c.13% dividend yield. Our end FY25E NAV is c.4% lower (at 32.4p per share) and ...
Chris Wickham
- Chris Wickham
European growth offset by UK sluggishness
UP released a trading statement today, ahead of schedule. FY2025 H1 half sales decreased by 6% to £79.4m as lower UK sales offset a useful 12% advance in International (mainly European) business. The profit margin impact of these weaker than expected sales and high shipping costs prompt us to cut our full year FY2025 EBITDA forecasts from £21m to £15m. However, UP’s order book position is stronger, which augurs positively going into the second half of the financial year despite some end-period ...
David O'Brien
- David O'Brien
A positive end to the year bodes well
In the latest trading update from Strix Group management has reported that it remains comfortably within the previous guidance for FY24 of £18m-£19m at constant exchange rates (CER) and ahead of consensus estimates. December proved better than initially anticipated, which followed a challenging period from the start of Q3, particularly in its higher margin regulated kettle control markets in the UK and Germany. Q4 benefitted from a combination of product launches / new contracts within all three...
Mike Jeremy
- Mike Jeremy
COO joins Mpac for the next phase of growth
Mpac has announced three senior management appointments, including the appointment of a Chief Operating Officer who will join the Group on 27 January 2025. These appointments align the Group structure with the five ‘strategic pillars’ that Mpac has previously set out: ‘Going for growth’, ‘Outstanding customer service’, ‘Operational excellence’, ‘Innovation’, and ‘People’. Following the acquisitions of CSi Palletising and BCA in 2024, the appointments establish the management structure required...
Mike Jeremy
- Mike Jeremy
FY24 trading update: a transformational year
In a Trading Update (unaudited) for the year to 31 December 2024, Mpac Group reports performance in line with market expectations, with FY24 (adj.) PBT of £10.5m, and a substantial H2 uplift above H1, backed by improved project margins and operational efficiency. The Group expects to report record levels of revenue in FY24 with (adj.) PBT above the £10.0m mark for the first time. Our estimates indicate H2 (adj.) PBIT of £6.2m compared to £4.0m recorded in H1. The combination of continued firm ...
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%...