reports
- Chris Wickham
Ultimate Products: FY26 sales upgraded - brand strategy improving
Ultimate Products has reported FY26 H1 results alongside upgraded FY26 sales guidance, with management now expecting group sales to be marginally ahead of expectations - supporting a stronger-than-expected H2 outcome. Our FY26 sales forecast is increased to £141m (from £138m); H1 overall sales were -6%, with £5m EBITDA and £9.7m net debt reiterated from the February update. Strategically, the mix is improving: owned brands (88% of revenue) grew +5% (branded incl. licensed +2%), led by Beldray ...
- Mike Jeremy
ECO Animal Health - FY26 trading update: adj. EBITDA materially ahead
- Revenue +8% YoY; FY26E raised to £86.0m (+3%) - North America lifted to £23.0m (+7% YoY); Latin America to £16.7m (+2%, reversing an 18% FY25 decline) - Gross margin nudged up to 45.5% on better pricing and input costs - Adj. EBITDA "materially ahead" of expectations; raised to £8.2m (12% YoY growth, 9.5% margin) - Forecasts raised across all three years - ECOVAXXIN® MS commercial launch across key European markets in 2026/27; peak revenue potential £22.2m - ECOVAXXIN® MG also in pipeline; pea...
- Toby Thorrington
Hunting plc - Clear catalysts for further value accretion
Hunting has set out clear strategic goals over an extended time horizon. The company took tangible steps in 2025 towards their attainment, meeting guidance for the year at the same time. Subsea’s elevated potential is important for many reasons, and within this, the development of Organic Oil Recovery could be a significant value trigger. Sustained order book expansion can be a wider catalyst here also, and the current tender pipeline looks promising. FY25 EBITDA up 7% to US$135.7m, in line wit...
- James Tetley
Restore plc - Firing on all cylinders
FY25 was a year of significant strategic progress for Restore. M&A activity stepped up a gear with the acquisition of Synertec and the disposal of Harrow Green; the integration of Records Management and Digital is now complete; and all three divisions reported strong profit growth. As a result, Restore has hit its 20% medium-term operating margin target ahead of schedule, whilst strong cash generation will underpin a newly announced £20m share buyback programme. Restore’s shares have rarely tr...
- Mike Jeremy
Eco Animal Health - ECOVAXXIN® MG receives US safety validation
Following the recent announcement of plans for commercialisation of ECOVAXXIN® MS, ECO Animal Health announces that the United States Department of Agriculture (USDA) has delivered a favourable safety assessment of ECOVAXXIN® MG, the Company’s live poultry vaccine targeting Mycoplasma gallisepticum. The USDA review and acceptance of ECOVAXXIN® MG safety data represents an important step towards securing marketing authorisation for the vaccine in the United States. EAH has estimated that ECOVAX...
- David O'Brien
Strix Group - regulated markets still difficult, costs being addressed
Strix Group’s trading update includes some emerging positives: volumes continue to build, particularly in less‑regulated control markets, growth has returned to Consumer Goods, and the recent disposal of Billi has transformed the balance sheet, leaving the group with net cash and capacity for shareholder returns. However, activity levels in the higher‑margin regulated segment are recovering more slowly, and the combination of softer revenue expectations, a lower‑margin mix and rising commodity ...
- Caroline Gulliver
AG Barr - Brand-led, cash-generative and acquisitive (initiation)
AG Barr is a leading UK beverage producer with a clear strategy for growth across its multi-brand portfolio including IRN-BRU, Rubicon and Boost. Revenue growth has reaccelerated to 5% in H226 and, with high operating margins of c.15% and excellent cash conversion, the group is well placed to grow organically and through acquisition. As recently announced, the group has acquired the complementary brands Fentimans and Frobishers for a combined £51m, adding potentially c.10% to group revenues. I...
- Mike Jeremy
Eco Animal Health - ECOVAXXIN® MS commercialisation begins
Following the announcement in December 2025 of European Commission marketing authorisation, Eco Animal Health has announced its commercialisation roadmap for deployment of ECOVAXXIN® MS across key European territories in 2026/27. The Group notes that it expects sales of ECOVAXXIN® MS to be immediately margin accretive and, from FY28, make a “material contribution to EBITDA”. In line with Group estimates, we expect peak ECOVAXXIN®MS revenue of c.£22m1 by 2031. ECO has outlined a clear path towar...
- Caroline Gulliver
Victorian Plumbing Group - CEO succession, acquisition and excellent t...
Victorian Plumbing has announced a change of CEO, a bolt-on acquisition and a very strong trading update. Revenue has risen an impressive 9% for the first 21 weeks of FY26E with profit margins maintained. As such, management is confident of meeting FY26E expectations, and we anticipate a smooth handover to Stephnie Judge as she steps up to become CEO. The group has completed the acquisition of Sovereign Transport Services Limited and Sovereign Commercials Limited for £3.4m cash (mostly). Victor...
- Caroline Gulliver
McBride plc - sustained private label profitability
McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%. Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E. Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus ...
- Caroline Gulliver
BTG Consulting - a reassuringly good Q3 trading update
BTG Consulting has announced good Q3'26 trading, with the business on track for FY26E market expectations. As anticipated given the tough macro-economic backdrop, restructuring services has continued to win new instructions whilst, encouragingly, financial advisory has completed on a greater number of transactions in recent weeks. Q3’26 has been in-line with group expectations. Following 7% group revenue growth in H1’26 Restructuring services has continued to benefit from new instructions as th...
- James Tetley
Springfield Properties - North of Scotland powering growth prospects
Springfield’s interims highlight growth in revenue (+2%) and adjusted profit before tax (+8%), as well as a significant year on year reduction in net debt, a solid performance in the context of recent market uncertainty. With signs of improving buyer confidence, full year expectations are reiterated, whilst the Group has made significant strategic progress, culminating in the recent agreement with SSEN Transmission. This is the first major deal with an infrastructure provider in the North of Sc...
- James Tetley
Vp plc - earnings reset reflects market headwinds
Vp’s trading update this morning prompts a reset of earnings expectations to reflect current market headwinds. Q4 trading has been impacted by a muted January ‘return to work’ with activity in construction and water highlighted as being particularly challenging. Good progress is being made withthe transformation of Brandon Hire Station and we expect an increase in water revenue during FY27, given significant spending committed under AMP8. We reduce our earnings forecasts to reflect today’s gui...
- Chris Wickham
Ultimate Products - Proprietary brands deliver 5% growth in first half
While UP’s sales fell 6% in the first half of FY2026, performance in its proprietary brands was strong, delivering a valuable 5% increase that was offset by a sharp decline in third party clearance sales. Furthermore, despite still challenging trading conditions for consumer durables, the company confirms it is on track to meet full year expectations. Proprietary brand sales were equivalent to 88% of sales in H126 compared with 79% a year earlier. In our view, today’s announcement is a strong v...
- 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...
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