reports
- James Tetley
Positive AGM statement; growth strategy on track
Restore’s trading update yesterday confirmed a positive start to the year, with revenue growth in the first four months underpinned by the performance of the core storage business. The period has also seen three acquisitions, confirming management’s ambitions to bolster organic growth with selective M&A. Restore is a high-quality business with strong margins and a high level of contracted and recurring revenues. Whilst the shares are showing early signs of a recovery in momentum, the valuation...
- David O'Brien
A marked reduction in debt
The preliminary results from Strix ticked several boxes, including a significant reduction in indebtedness, profitability ahead of upwardly revised estimates and a refocused Consumer Goods division. The strong momentum experienced during Q4 ’24 continued into Q1 ’25, albeit this slowed within Kettle Controls during Q2 and reflecting the macroeconomic uncertainty. That said, the Board’s guidance on profitability remains unchanged. In view of the uncertainty attached to global trade currently, we...
- Toby Thorrington
Moving in the right direction
Hunting’s AGM update says that FY25 has started well and our expectation of growth in all 3 estimate years is unchanged. Its share price has been hit by wider market sentiment; its valuation looks attractive against a range of comparator benchmarks. After strong group progress in FY24 (with revenues and EBITDA norm ahead by 13% and 23% y-o-y respectively). Further revenue growth and margin expansion up c. 200bp to 14% in Q1 has driven a 34% EBITDA uplift (to U$38.7m). After the FY24 results ann...
- Mike Jeremy
FY24 results conclude a transformational year
The year to 31 December 2024 was transformational for Mpac Group, with 5-year targets achieved ahead of schedule and a base established for the next phase of expansion and growth. FY24 revenue of £122.4m rose 7%YoY, with (adj.) EBIT +54%YoY (£12.0m). Having met 5-year targets only established in FY23, completed two major acquisitions and achieved an (adj.) PBT +50%YoY, threefold that of FY22, the scale of Mpac Group has been transformed. Mpac has confirmed that it is on track to meet FY25 marke...
- Roger Leboff
Specialist UK Smaller Companies investor
ATY has confirmed a revision to the Asset Manager’s fee structure which underlines its intention to build upon a dividend track record stretching back over two decades. The new fee structure will mean that rewards for their asset manager will pivot solely upon fund performance, with no ongoing annual management fee. The fund has moved onto an external management structure. The investment mandate will continue to be executed by EC Pohl and Company, a top-rated Australian investment firm with ov...
- David O'Brien
Momentum in core markets, valuation compelling
The H1 trading update from Diales makes for encouraging reading. Strong momentum within its core markets in Q2 has continued into Q3, leading to confirmation of no change in consensus estimates for adj. PBT/adj. EPS. The valuation is underpinned by the net cash (29% of the market cap), suggesting the operating business is valued at an underwhelming EBIT multiple of 5.6x. The dividend yield, projected at 7.9% currently, remains attractive and offers support for the shares. The valuation remains...
- Mike Jeremy
Trading update: FY25 EBITDA marginally ahead
In a Trading Update for the year to 31st March 2025, Eco Animal Health reports that, due to strong trading in the final quarter, (adj.) EBITDA for the year is expected to be marginally ahead of expectations. FY25 revenue is expected to be c.7.0% below market expectations (-5% on a currency-adjusted basis), indicating revenue of c.£79.4m; the Group references market consensus FY25 (adj.) EBITDA of £7.2m (ED Est: £7.2m) and revenue of £85.3m (ED Est £84.2m). The improvement in EBITDA is driven by ...
- Mike Jeremy
Strong trading shows benefit of diversified portfolio
In a Trading Update for the year to 31st March 2025, Supreme reports that the Group traded strongly, supported by acquisitions and underpinned by cost management. Supreme expects FY25 revenue of c.£235.0m and (adj.) EBITDA of “at least” £40.0m; they also expect FY26 (adj.) EBITDA in line with market expectations. Supreme notes development of a number of new sales opportunities following from the acquisition of Clearly Drinks (June 2024), accessing the soft drinks sector, and Typhoo Tea (Decembe...
- Toby Thorrington
Meeting revised expectations
Having last updated the market on 3 February, Speedy’s FY25 outturn has been consistent with commentary at that time. As a result, EBITDA looks to be in line with the prior year with a slightly larger H2 weighting despite a quieter Q4. In our view, Speedy’s share price discounts long-term profitability below current levels and the c.40% NAV discount looks anomalous. Speedy’s share price has traded around the 19p level since this time, so our valuation observations at that time remain valid. Wit...
- Paul Bryant
Hyper-focused on under-serviced EM payments (initiation report)
CAB specialises in B2B cross-border FX and payments, facilitating flows (both ways) between developed markets (DMs) and hard-to-reach emerging markets (EMs). Clients are sophisticated institutions such as commercial banks, central banks, payment Fintechs, and international development agencies. It has only scratched the surface of its opportunity. In 2024, CAB processed £37bn of flows in a high-growth, multi-trillion-dollar market (it focuses on EMs growing at >4%). But even at this scale CAB ...
- Paul Bryant
FY25 expected to be materially above expectations
In today’s FY25 year-end trading summary for the period 1 Apr 24 – 31 Mar 25, Mercia has announced it expects EBITDA to be ‘materially ahead’ of expectations. This seems to be driven by a ‘continuing focus on efficiencies.’ It also reported a jump in net inflows in Q4 (£250m). This is hugely impressive given such an uncertain market and economic environment. It closed the year with cash and equivalents of c. £40m, well ahead of our forecast of £34m. Following the recent share price fall, that ...
- James Tetley
Proving its quality and resilience once again
Vp’s full year trading update confirms another dependably resilient performance, in line with market expectations. As in previous years, the results are underpinned by the Group’s specialist offering and the diversity of end markets served. Good strategic progress is being made in refreshing and centralising the operating model and the digital roadmap, which we expect to underpin growth and margins over the medium to long term. Vp’s share price has fallen by 9% year to date and 14% over th...
- Paul Bryant
Record inflows (again), so impressive given markets
This time last year, we wrote: “our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers.” That view has only been reinforced with Tatton’s most recent trading update covering FY25 (Apr 24 – Mar 25). It recorded another year of record net inflows, as it did in FY24 (£3.7bn in FY25; £2.3bn in FY24) – a hugely impressive achievement given market weakness and investo...
- Caroline Gulliver
Healthier options
In this report we analyse the portfolio of assets that RGO is proposing to acquire from S-Ventures. Operating in the structurally growing healthier food sector, Juvela, the leading gluten-free brand, and Pulsin, a leading manufacturer of protein bars and powders, together with Market Rocket’s digital selling expertise, are well placed to grow sales to c.£20m and EBITDA towards c.£3m in 2026E. On 22 March 2024, RiverFort Global Opportunities PLC (“RGO”) announced the potential acquisition of 10...
- Paul Bryant
Markets hit AUM in Q4 of FY25, but net flows hold up
AUM fell by £2.4bn (10%) in Q4 of FY25 (to 31 Mar 25), from £23.8bn to £21.4bn. Market movements, investment performance and currency fluctuations accounted for nearly all of the decline (£2.3bn). This was unsurprising considering the heavy falls in technology sector stocks (Dow Jones Global Technology Index: -11%), and Polar’s reporting currency, GBP, strengthening 3% over the US$, depressing the £-value of US$-denominated assets. Pleasingly though, net flows were only marginally negative in Q...
- Toby Thorrington
A reassuringly solid FY25 performance
A year-end update from Norcros confirmed modest LFL revenue growth in both divisions (including a slightly better H2 outturn) as well as a firmer group operating margin. Net debt was in line with the prior year, representing c.1x EBITDA. There should be no headwinds from current global tariff machinations and ongoing business collaboration and active portfolio management should be recurring themes going into FY26. On unchanged estimates, Norcros is trading on a mid-single digit P/E, offering...
- Paul Bryant
Outlook hit by markets, but price fall looks extreme
AUM fell to £25.3bn on 31 March ‘25 (Q2, FY25), down 25.7% from £34.1bn on 31 Dec ‘24, with £7.8bn of net outflows and £0.99bn negative investment performance. We knew net outflows would be significant in the quarter due to the previously announced termination of a £5.1bn St James’s Place mandate being reflected in Q2, and some other smaller mandate losses. Investment performance was strong relative to broader market indices at -3.3% of average AUM. US markets experienced particularly heavy de...
- David O'Brien
On track for FY and quietly confident
Gattaca’s results for the six months to January were encouraging on several levels: productivity improved, costs fell, and the conversion ratio rose. The investment in strategic growth sectors was rewarded, with improving NFI within energy and infrastructure. Despite challenging markets, NFI declined just 3%, outperforming much of the staffing sector as the Group benefitted from the change in strategy and a 71% exposure to contract fees. Growth in adj. EBIT and the conversion rate reflected a ...
- Caroline Gulliver
Market share wins and cyclical upside appeal
Kingfisher is primed, ready for a recovery in “big-ticket” spending. However, management’s understandably cautious guidance range for FY26E Adj. PBT has led the stock to give up its YTD gains. We believe this enhances Kingfisher’s value attractions. Kingfisher’s FY25 results illustrated that management’s strategy to grow trade penetration and e-commerce sales is driving market share gains in the UK & Ireland, France and Poland. Over the next three years we forecast c.36% growth in Adj. PBT and...
- Chris Wickham
Europe well poised to enhance growth
In Ultimate Products plc’s FY2025 H1 results, organic European sales growth was offset by a setback in the UK. The coincidence of higher shipping costs with lower sales prompted a fall in profits. However, a combination of substantial growth headroom in Europe and the potential for both Salter and Beldray (around 60% of group sales) to benefit from their re-brands is reassuring for future growth. We make no changes to our expectations for sales in FY2025, which implies a return to growth in th...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.