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

Early EU authorisation for ECOVAXXIN® MS

ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae. This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval. As the Group notes, the MA has been issued over a month earlier than anticipated. ECOVAXXIN® MS provides active immunisation of future layer and breeder chi...

David O'Brien
  • David O'Brien

Debt-Free Reset: Proposed sale of Billi

The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group. Ahead of any movement in capital allocation, net cash would amount to c£37m on the repayment of all indebtedness. The net consideration of £107m equates to 45p/share, representing a premium to the current share price. Accordingly, we estimate the retained operating business is currently trading on EV/Sales and EV/EBITDA multiples of less than 0.7x and 3x-4x, respectively. Strix Group has rece...

James Tetley
  • James Tetley

Milestone agreement to deliver c.300 homes to SSEN

Springfield has announced an initial agreement with SSEN Transmission for the delivery of almost 300 new homes in the North of Scotland. The new homes will accommodate SSEN’s workforce as they deliver major projects to upgrade the electricity network grid and help to deliver UK energy security. This is Springfield’s first agreement of this type, opening up a new income stream and unlocking the value of the landbank. This is a significant milestone for Springfield which clearly validates the str...

Mike Jeremy
  • Mike Jeremy

Cohort plc: Robust results and outlook: all on track

For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m). Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m). EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share. Communications & Intelligence (C&I) (EID, MASS, MCL and EMS) reported revenue of £62.3m, +12.8%YoY and (adj.) EBIT of £10.4m, +23.2%YoY, on margin improvement from 15.5% in H...

James Tetley
  • James Tetley

Restore plc - Harrow Green disposal and forecast upgrades

Restore has released a positive trading update this morning, upgrading underlying profit forecasts alongside the sale of the underperforming Harrow Green business to Pickfords for up to £5.5m. Organic growth prospects for Restore’s continuing businesses are increasingly positive, the recent Synertec acquisition is trading well, and underlying operating margins are already running ahead of the Group’s 20% medium-term target. On our upgraded FY26 forecasts, Restore is trading on a P/E rating of j...

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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