reports
- Paul Bryant
Financial & strategic progress, confidence for H2
CAB delivered a solid financial performance in H125 (to 30 Jun), with our FY25 forecasts (and beyond) unchanged. This performance was despite unfavourable market conditions, driven by US tariff and trade policy which depressed cross border flows and increased currency volatility, and the cutback in USAID payments which reduced development aid flows. H125 was a period where huge progress was made in laying the foundations for a return to strong growth (see pages 2 & 3). Network and client number...
- Chris Wickham
Premier brands retain growth momentum
Ultimate Products plc issued a FY2025 pre-close trading update which confirmed market expectations of a 3.4% sales decline in the period and £12.5m EBITDA. However, the company’s owned and licensed brands combined recorded a resilient 5.7% increase, while net debt at £14.1m and 1.1x EBITDA was close to the stated 1.0x target. The company is also reviewing its listing venue with a potential move to AIM. We retain our 165p fair value target, with emphasis on the embedded value of its two largest...
- David O'Brien
Growth reported in key segments
New product launches, coupled with distribution and service agreements across a wider geographical footprint have resulted in growth in Billi and Consumer Goods. The latter was achieved despite rationalisation of costs and product lines during the last two years. Billi has continued its low double-digit yoy revenue growth in H1 25. The one area of the business with exposure to the US is Controls and, in line with other global engineering outfits, it witnessed order deferrals during Q2 following ...
- James Tetley
Strong growth and strategic progress
Restore’s H125 results highlight strong progress, with double digit growth in revenue, adjusted profit and earnings, in line with our expectations. The step up in M&A in the period reflects management’s ambition to deliver shareholder value. At the same time, the Group continues to make progress towards the 20% operating margin target despite cost and end market headwinds. We make no changes to our forecasts but see scope for outperformance (organic and acquisitive) as the year progresses. On o...
- Toby Thorrington
Making material strategic progress
H1’26 to date has been characterised by progressive portfolio development actions – one acquisition and one exit – while Norcros has also managed some top line progress against the prior year in Q1. The proposed Fibo acquisition offers geographic diversity and synergy benefits. We have made no estimate changes arising from the trading update or the Fibo acquisition at this stage (pending formal completion), although revenue has nudged down to reflect JTSA as a discontinued operation. Managemen...
- James Tetley
Robust AGM statement, on track for FY expectations
Today’s AGM statement confirms another resilient performance in the early months of FY26 and reiterates full year expectations. Recent periods have seen Vp deliver consistently strong results and meaningful strategic progress (e.g. closer collaboration across the Group, evolution of digital roadmap) despite the mixed market backdrop. Vp has an excellent track record of sector leading returns and attractive earnings growth over the long term, which has underpinned an unbroken 30+ year dividen...
- Mike Jeremy
Strong second half boosts FY25
For the year to 31 March 2025 Eco Animal Health reported results in line with the outlook of the April Trading Update: revenue of £79.6m (FY24: £89.4m) and (adj.) EBITDA of £7.3m (FY24: £8.0m). The Group benefited from a strong second half, which was underpinned by sound cost control and pricing discipline. Gross profitability was 45.1% (FY24: 42.1%) with H2 at 48.6% compared to 43.1% a year earlier. The year-end cash position was, as expected, £25.0m. On 3.7x FY26E EV/(adj.) EBITDA, Eco Animal...
- Mike Jeremy
FY25 results - new records and more to come
For the year to 30 April 2025 Cohort reported record revenue of £270.0m, +33%YoY, record (adj.) EBIT of £27.5m, 10.2% margin, and a new high closing order book of £616.4m. Underlying order intake (i.e. excluding acquisition-related) grew 11%YoY, with the closing order book underpinning 79% of FY26 revenue. EPS (adj., basic) rose 27%YoY to 54.4p, with dividend per share up 10%YoY to 16.3p. Cohort's expertise and market reach is attenuated to three major defence drivers: the ongoing backdrop of ...
- Paul Bryant
Strong start to FY26, AUM +8.2% in Q1
AUM was up £1.8bn (+8.2%) over Q1 of FY26, from £21.4bn on 31 Mar 25 to £23.2bn on 30 Jun. Investment returns were the driver, contributing +£2.7bn (+12.5%). This was impressive compared to generic benchmarks such as the MSCI ACWI (GBP), which returned +5.1%. Net flows were -£632m and a return of capital to investors in the Polar Capital Global Financials Trust reduced AUM by -£280m. In our recent note covering Polar’s FY25 results, we detailed our investment case and valuation, with our DCF m...
- Toby Thorrington
Profitability and strategic progress in H1
Hunting is hitting its marks strategically whilst also continuing to improve near term profitability. H1’25 contained operational progress, M&A execution and an updated capital allocation programme to include faster dividend growth and prospective share buybacks. Market conditions remain mixed, but Hunting’s focus on successfully executing its order book while also addressing underperforming business areas drove progress in H1. The indicated U$68m-70m expected EBITDA for the period represents a...
- Paul Bryant
AUM +3% in Q3 on strong markets and acquisition
AUM increased 3% over Q3 of FY25 (year-end 30 Sep 25) to £26.1bn on 30 Jun 25. Investment performance boosted AUM by +£1.0bn, or 4% of opening AUM. The Sky Harbor acquisition in the fixed income space closed on 1 Apr 25, adding £1.1bn. Net flows were negative at -£1.3bn, but positive in the month of June - a material improvement on recent quarters. Impax said the improving net flow situation “reflected strong institutional client commitments and fresh momentum in our wholesale channels in Europ...
- Caroline Gulliver
Growing from strength to strength
Begbies Traynor’s FY25 results convincingly illustrate the strength of its multi-disciplinary professional advisory team. FY25 revenue rose 12% to £153.7m, including 10% organic growth, and Adj. PBT margin remained high at 15.3%. FCF pre acquisitions of £19.4m funded acquisitions, share buy-backs and progressive dividends. Moreover, the macro-economic environment continues to be supportive and with an increased insolvency order book management is confident in FY26E growth. Approximately 55% of...
- James Tetley
Significant debt reduction, strategically repositioned
Today’s full year trading update confirms that Springfield will report PBT for FY25 in line with market expectations and that net bank debt will be significantly lower than previously forecast. The highlight of the year was undoubtedly the significant and profitable land sale to Barratt Redrow, announced in February, which will eliminate net bank debt by FY27, whilst paving the way for a strategic refocusing on the North of Scotland. In our view, Springfield is uniquely positioned to support t...
- Paul Bryant
Fund management pivot bears fruit: EBITDA +37%
A year ago, the Mercia 27 strategy was announced, which prioritised scaling the highly profitable fund management business and targeted EBITDA of c£10m by FY27 (£5.5m in FY24). Mercia is flying along. FY25 (to 31 Mar 25) has seen FUM (funds managed for 3rd parties) increase 10% y-o-y to £1.80bn (+46% over 2 years) and EBITDA jump 37% from £5.5m to £7.6m. Its net inflow rate has been the highest among London-listed peers for two years. Much of that FUM growth came from c. £250m of inflows in Q4...
- Mike Jeremy
FY25 another strong year and platform for growth
For the year to 31 March 2025 Supreme reported revenue of £231.1m, +4%YoY, (ED est £235.1m), gross profit (including forex) of £73.7m, +16%YoY (ED est £72.3m), and (adj.) EBITDA of £40.5m, +6%YoY (ED est £40.0m). Top line growth was propelled by the acquisition of Clearly Drinks and Typhoo Tea, further diversifying the portfolio as the Group adjusted to the ban on disposable vapes which was implemented on 1 June. EPS (adj.) for the year was 20.1p (ED est 20.1p). Acquisitions to the value if £25...
- Mike Jeremy
Growth story intact, despite customer uncertainties
Mpac reports that H1 revenue matched the Board’s expectations, with a strong order book in January and sound performance from acquired business. However, during Q2 the Original Equipment (OE) order book slowed appreciably and is now seen at c.£90m on 30 June versus £118.5m on 31 December 2024. Concentrated predominantly in the US, Mpac reports growing uncertainty and reduced consumer confidence resulting in customers deciding to defer planned capital spending and cutting costs. This results in ...
- Paul Bryant
Core profits exceed forecast, AUM +6% in Q1’26
The period of Polar’s FY25 (1 Apr 24 – 31 Mar 25) was horrific for many asset managers – but not for Polar. It was one of only two in our peer group to record net inflows (page 4), with heavy outflows commonplace. Polar’s AUM fell 2% over the year, with a sharp decline in Q4 on falling markets. Investment performance was -£495m, net flows +£123m, and fund closures -£111m. Post year-end, AUM has bounced back, up 6% since 31 Mar to £22.6bn (page 3). Gross income increased 14% y-o-y to £226.1m, ...
- Chris Wickham
Headwinds offset brand relaunch benefits, for now
Ultimate Products announced a trading update today which prompts us to reduce our sales and profit expectations for FY2025. Furthermore, caution about a recent fall in order books causes us to reduce sales numbers for FY2026. However, we note that management highlights a more intense focus on its sales function and both Salter and Beldray are in the relatively early stages of their re-brands. Despite progress in headline sales, which increased by 4% from a year earlier between February and May ...
- Toby Thorrington
Retaining focus, positioning to grow
As flagged, FY25 ended on a softer note than anticipated earlier in the year but Speedy maintained both EBITDA and DPS in generally challenging trading conditions. FY26 will see the culmination of Velocity’s enabling actions and the focus should then more clearly turn to growth in revenue and margins. The current valuation is giving little credit for improving profitability beyond the current year in our view. Speedy’s share price has recovered well from March lows but remains down 10% YTD. Ear...
- Caroline Gulliver
Undervalued 5* power
AO’s FY25 results illustrate the power of its excellent customer service, rated 4.9/5 on Trustpilot. 12% growth in B2C Retail revenues and a focus on improved unit economics has led to LFL Adj. PBT rising 32% to £45m - and margin +80bps to 4.1%. As already announced, FY26E will bring significant cost headwinds and so Adj. PBT guidance is £40m-£50m (we are unchanged at £45m). However, the medium-term outlook for AO is encouraging given the revenue momentum and opportunity for further margin exp...
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