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
A year of good progress, matching expectations
Norcros’ FY26 outcome is in-line with market forecasts despite challenging underlying conditions. Gains came from UK progress, FIBO acquisition and tight control of South African operations. Strong cash generation was a pleasing feature. Key financial metrics are revenues +10% at £393m, PBT of £40.4m slightly ahead of expectations, and net debt £8m better than anticipated at £67m. Underlying revenues were modestly ahead y-o-y in both UK/Ireland and South Africa as pricing/mix more than offset ...
Paul Bryant
- Paul Bryant
Mercia Asset Management: FY26 EBITDA to be ‘materially’ above expectat...
Mercia Asset Management delivered a FY26 trading update ahead of expectations, with EBITDA now expected to be materially above forecasts despite a challenging markets backdrop. Strong fundraising in H2 looks to have played a key role, with Q4 alone seeing £200m of new funds sourced (from successful VCT and EIS raises) or proposed increases to existing mandates (both quantum and duration). Impressively, there were no redemptions in FY26. The strong end to FY26 and the announced increase in exis...
Toby Thorrington
- Toby Thorrington
Hunting plc - Solid start, momentum expected to build from Q2
The AGM update commentary is reassuring. Based on order book development, increased activity levels and improved mix, EBITDA progress for the year is anticipated consistent with previous guidance. Hunting appears to be on track for delivery of its 2030 targets and gathering momentum over the remainder of 2026 would serve to support this view. Management noted that trading was in line with expectations in Q1 26 with all product groups performing as anticipated. Reflecting order book development ...
Paul Bryant
- Paul Bryant
Tatton Asset Management: AUM beats forecast again, driven by strong fl...
Tatton’s FY26 Trading Update indicates that results will be ahead of market expectations, showing continued strategic momentum and strong underlying flows, while maintaining a confident outlook despite a more uncertain market backdrop. Net flows were strong all year, but even stronger in H2. FY26 revenue is expected to exceed £53m, above our forecast of £51.6m, with adjusted PBT likely above £27m (versus our forecast of £26.3m). Performance was driven by robust and accelerating underlying net ...
Paul Bryant
- Paul Bryant
Polar Capital Holdings: Bumper Q4 net inflows defy broader market outf...
Polar Capital delivered an exceptional Q4 performance with strong inflows reflecting improved client engagement and a strengthening new business pipeline. FY26 investment management fees will certainly exceed our previous forecast, as will core profits. Key financial metrics were robust. Revenue reached £258.2m, with PBT of £75.6m, adjusted diluted EPS of 57.8p, and year‑end net cash of £134.2m, underpinned by AUM of £30.6bn, up 43% y‑o‑y. Polar’s strategy continues to deliver. Performance was...
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%...