Report
Jason Streets

Cavendish plc (CAV): Steadily profitable in continuingly tough markets

Cavendish reported PBT of £1.1m for the half-year to September 2025. Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year. The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period. Currently, the stock is trading on 6.7x EV/NOPLAT 2026E and just 3.8x 2027E.
Underlying
FINNCAP GROUP PLC

Provider
Hardman & Co
Hardman & Co

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Analysts
Jason Streets

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