reports
- Caroline Gulliver
Begbies Traynor Group - strategic change of name to BTG Consulting
Reflecting a decade of excellent revenue growth across increasingly diversified advisory services, Begbies Traynor is changing its name to BTG Consulting plc. Under this new name, and with the recently enhanced management team, the group is well placed for further profitable growth across its wide range of financial and real estate advisory services. As we recently wrote in Strategic diversification clearly paying off, BTG’s organic and acquired expansion has led to a decade of 13% revenue CAGR...
- David O'Brien
Strix Group - deal completed, debt eradicated
Strix Group has completed the disposal of Billi, receiving net proceeds of £105m after costs and completion account adjustments. The bulk of the proceeds will be utilised in repaying the Group’s indebtedness (£68m as of November 2025) and initiating a £10m share buyback programme. The disposal of Billi and the receipt of the consideration transform the balance sheet, with net cash of c.£35m currently. The return of £10m via a share buyback programme is to commence shortly, with a further distri...
- Caroline Gulliver
Mobile momentum builds; shares look underrated
AO has announced a UK-wide partnership with Timpson whereby customers can trade-in their old smartphones to one of Timpson’s 1,300 stores and receive the trade-in value within 15 minutes. This exciting initiative follows a successful 4-month trial and marks another significant step forward in AO’s mobile strategy, following its recent launch of “Switch24”. AO’s acquisition of musicMagpie in December 2024, for just £10m equity, extended AO’s mobile proposition into refurbished smartphones, cate...
- Toby Thorrington
Hunting plc - well set for further progress in FY26 and beyond
Hunting has met FY25 EBITDA guidance, with a better year-end net cash position than we had anticipated. In Subsea very credible, raised, and ambitious targets have been announced which support the wider group’s previously stated 2030 targets. With significant large contract opportunities in OCTG and Subsea on the horizon, FY26 looks like being an important year for the company. After a good overall Q4, Hunting has flagged expected FY25 EBITDA of U$135m, with a c.13% margin (FY24: U$126.3m, 12.0...
- Caroline Gulliver
McBride plc - sustained private label momentum
McBride’s H126 trading update confirms that demand for private label cleaning products remains at high levels, with volume growth of 0.4% and total sales growth of 0.8%. Moreover, McBride continues to win new contracts leading to management’s confidence in achieving FY26E expectations of Adj. EBIT of c. £64m. High levels of private label penetration were sustained across Europe’s largest markets in McBride’s H126 and despite some pressure on average selling prices, profitability has been sustai...
- Paul Bryant
Q3 AUM +6%, performance fees up, share buyback
AUM increased by £1.7bn (+6%) over Q3 of FY26 (Oct 25 - Dec 25) to £28.4bn. Investment performance was the driver, contributing +£1.7bn (+6.4% of AUM). This was impressive, with several larger strategies outperforming benchmarks, most notably Technology (c. 51% of AUM) which has outperformed the benchmark Dow Jones Global Technology index by some distance over the last quarter, one year, three years, and since fund inception. FY26 forecasts have been adjusted upwards slightly in line with the h...
- Paul Bryant
Income jumps in H2, well ahead of forecasts
H2 has seen an acceleration of the progress made in H1, with the confidence that CAB management expressed at the end of H1 fully justified. FY25 income is now expected to be c. £119m, versus our previous forecast of £112.6m. Adjusted EBITDA is expected to be ‘slightly above the range of consensus estimates’. Our previous EBITDA forecast was £32.9m with a maximum analyst forecast of £33.8m, so it seems likely that actual EBITDA will top £34m. CAB also stated that FY25 has seen positive operating ...
- Paul Bryant
Impax Asset Management: Q1-26 AUM -7% as expected, forecasts unchanged
As expected, AUM fell 7% over Q1'26 (1 Oct 25 - 31 Dec 25) to £24.2bn. Investment performance was marginally negative at -£0.2bn with net outflows of £1.6bn. Impax’s FY25 results commentary in late-Nov 25 had said that net outflows were likely to persist in the first part of FY26, with net flows improving over the year. Net flows reflect current global trends in sustainable investing. LSEG Lipper ‘responsible investing’ data shows equity funds suffering outflows for most of 2025 (equities make ...
- Caroline Gulliver
Knights Group Holdings - Successful strategy deserves a higher rating
Knights’ H126 results were as announced at its update in November and illustrate the power of its position as the leading consolidator in the premium, regional legal market. Revenues rose an impressive 30%, including a return to organic growth of 2.6%, and Adj. PBT rose 12.5%, despite absorbing increased national insurance costs and investing in AI, led by a new CTO. Operating cashflow conversion has been excellent and momentum has continued into H226, hence management is confident in achievin...
- 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
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
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
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
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...
- David O'Brien
Diales Group - All coming together nicely
Diales FY25 results were ahead of expectations, reflecting the restructuring of the business, with costs cut over the last two years. The breakeven level of utilisation is now lower, with productivity higher as expert numbers rise as a proportion of fee earners, in turn leading to positive margin progression. The Board can now focus on growing added-value services and expanding the top-and-bottom lines further. FY25 results delivered EBIT and adj. PBT of £1.4m (FY24: £1.2m) on unchanged revenue...
- Caroline Gulliver
Begbies Traynor Group - Strategic diversification clearly paying off
Begbies’ interim results show real momentum, with the positive outlook enhanced by two recent acquisitions and an expanded leadership team. The group has confirmed it is on track for both FY26E consensus expectations and its near-term target of £200m revenues. Revenues rose 7% to £82m and Adj. PBT was up 5% to £12.1m. The group’s investment in new senior hires has led to 10% organic growth in the restructuring business, whilst property advisory revenues rose by7%. This momentum has continued i...
- Caroline Gulliver
Victorian Plumbing Group - Considerable untapped potential (initiation...
Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business. In this initiation report we review the group’s attractive investment thesis and conclude the 40% sell-off in the past 12 months significantly undervalues the group’s potential. We initiate coverage with a 110p Fair Value equating to 1.1x EV / Revenues, c.11x EV/EBITDA and a c.5% FCF yield (cal 2026). Victorian Plumbing has navigated major changes, completing a £21m war...
- Paul Bryant
Mercia Asset Management: EBITDA & margin up again, undervaluation rise...
H1-26 (to 30 Sep 25) saw EBITDA jump 14% y-o-y to £4.2m and EBITDA margin up from 20.8% to 24.6%. Impressively, this was achieved in a muted period for portfolio activity, with revenue slightly down from £17.6m to £17.2m. AUM was marginally up at £2.0bn. Capital raises and new mandates added +£52m, offset by distributions of -£56m: mostly dividends to VCT shareholders and returns of capital by funds in their realisation phase. Valuation moves added +£16m. There were no redemptions. Mercia is b...
- Mike Jeremy
Eco Animal Health - HY26: momentum accelerates
Eco Animal Health delivers a strong H1 FY26 performance. Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year. Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY. Gross margin improved to 49.6%, boosting cash from operations to £4.5m and a cash balance of £18.6m. Regulatory progress continues with the EMA granting a Positive Opinion for ECOVAXXIN®MS, paving the way for EU approval and commercial launch in H2 FY...
- Paul Bryant
Impax AM - stabilising after tough FY25, with huge opportunities
FY25 was disappointing as AUM fell 30% to £26.1bn, heavily impacted by the loss of £6.2bn of St James’s Place mandates. Yet, Impax’s current share price seems to price in further decline. The PER is just 10.9, nearly the lowest in the sector, despite net cash of £68m (31% of market cap), no debt, and the group generating £20m PAT in a rare bad year. The AUM fall was responsible for a y-o-y decline in key financial metrics. Revenue fell 17% to £142m; adjusted operating profit 36% to £34m (adjust...
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