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.

Caroline Gulliver
  • Caroline Gulliver

Begbies Traynor Group - continuing strategic progress in Q126

Begbies’ AGM trading update confirms that the strength of its diversified business, seen in its FY25 results, has continued into Q126 with activity levels described as encouraging, supported by favourable macroeconomic conditions. Begbies has confirmed it has made a good start to FY26 with “encouraging activity levels and positive momentum across the group”. Management has continued to recruit senior fee-earners, “the full benefit of which is expected to deliver growth in H226 and beyond” and t...

Mike Jeremy
  • Mike Jeremy

Supreme plc - AGM statement: momentum maintained

In a statement to accompany today’s AGM, Supreme reports that the Group has “continued to see good momentum across its portfolio in the first half of the current financial year” (H126). The Group highlights the combination of strong recent (FY25) financial performance and strategy of complementary acquisitions. On changes in the UK market for vaping products, Supreme reports that it “continues to successfully navigate the evolving UK vaping market, having strategically managed the ban on dispos...

Caroline Gulliver
  • Caroline Gulliver

5* Momentum

AO’s 1H26 trading update yesterday has once again proven the power of its 5* customer service focussed business model. Group revenue is expected to increase 13%, with B2C Retail revenues +11%, and FY26E Adj. PBT is anticipated to be at the upper end of the previous guidance range (now £45m-£50m). Moreover with c.£70m net cash at the half year end, AO is launching its first £10m share buyback. In this report we review AO’s attractive investment case and raise our cal 2026 Adj. PBT by 5%, Adj. EPS...

James Tetley
  • James Tetley

Preparing the ground for a significant opportunity

Springfield's FY25 results are in line with expectations, confirming a year of very strong growth driven by the transformational land sale to Barratt. Profits increased by 90% and net debt halved, as the Group refocused its activities on the North of Scotland. This region is expected to see a surge in infrastructure investment over the next decade, and the Highland Council is targeting delivery of 24,000 homes, a doubling of housing output. To capitalise on the opportunity, Springfield is de...

Caroline Gulliver
  • Caroline Gulliver

Knights Group initiation - An attractive and undervalued regional cons...

Knights’ FY25 results illustrate the power of its business model to attract high-quality legal professionals across the UK, both organically and through selective acquisitions. FY25 revenues rose 8% to £162m, with operating leverage driving Adj. PBT up 11% and margin up 40bps to 17.3%. Investment in offices and acquisitions, along with encouraging current trading, underpins our forecasts for profitable growth. Yet the stock is trading on only c.5x cal 2026 PER and hence the shares are well below...

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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