reports
- 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...
- Toby Thorrington
Speedy Hire - Opportunity knocks
The new ProService Agreement is the dominant feature of year-to-date performance, driving an uplift in revenue and profitability despite subdued market conditions. Velocity implementation continues, moving from enabling to growth phases. While higher interest costs reduce FY26 estimates, the ProService deal materially enhances expected earnings thereafter, and we have raised our fair value to 61p per share to reflect this. ProService acts as a strategy accelerator. As the third and final year o...
- James Tetley
Vp plc - Brandon Hire Station repositioned for profitability
Vp’s interims confirm a solid performance, highlighting the strength of the Groups’ diversified business model. Strong demand in International (specialist activities in Ireland, Transmission in Germany) continues to offset persistent weakness in General Construction in the UK. Decisive action has been taken to reposition Brandon Hire Station for sustainable profitability, supporting the Group’s strategic and B2B customers. This results in a contraction in the branch network and a reduction in re...
- Caroline Gulliver
Kingfisher plc - Strategy driving profit upgrades despite soft markets
Kingfisher’s 3Q26 sales growth of 1.0%, including LFL +0.9%, was better than expected and driven by market share gains in UK. In addition, the group’s investments in e-commerce and trade continued to deliver double digit growth across the group as self-help actions helped offset soft markets, particularly in France and Poland. Building on the strong profit performance in H126, management has upgraded FY26E Adj. PBT guidance again, to £540m-£570m. We raise our FY26E by 3.3% to £555m and maintain...
- Caroline Gulliver
Begbies Traynor Group - Complementary acquisitions add to growth thesi...
Begbies has announced two acquisitions this week for a maximum consideration of £9.25m, adding to its property advisory and transactional services division, Eddisons. In keeping with Begbies’ strategy for value-accretive acquisitions that add services or geographies, Begbies is paying c.1.0x EV/Sales for an additional c.4% of sales. The £8.25m acquisition of Kirkby Diamond LLP and Kirkby Diamond Property Management, (together adds five, complementary, office locations along the M1 corridor and ...
- David O'Brien
Strix Group - Is change afoot?
The trading update for the six months to September covers three areas: trading, indebtedness and the Board. With Billi and Consumer goods performing to plan, the Controls division remains the outlier, reflecting a slower than hoped for recovery in its markets. We have reduced estimates as a result, with adj. PBT / EPS declining by 9.7%. With declining profitability, the net debt/EBITDA covenant ratio has risen to 2.5x, albeit this remains below the leverage ceiling, and the Group has introduced...
- Caroline Gulliver
AO World - 5* strategy delivers another profit upgrade
AO’s impressive H126 results show strategic, customer-focussed progress. 14% revenue growth reflects market share gains, and Adj. PBT rose 10% despite payroll cost headwinds. AO's differentiated 5* membership programme and sustained 5* customer service underpin its success, whilst improved profit trends in mobile and musicMagpie contribute to the positive outlook. We raise our FY26E Adj. PBT and Adj. EPS by 4%-6% and forecast AO will generate over £150m cumulative FCF FY26E-FY28E and a 21% CAG...
- Toby Thorrington
Norcros - Hiding in plain sight
Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26. A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop. The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is no...
- Mike Jeremy
Supreme - H1 26 results: diversified and resilient
For the six months to 30 September 2025 (H1 26), Supreme reported revenue of £132.6m, +17%YoY - reflecting both organic growth and the impact of acquisitions - gross profit (including forex) of £38.4m, +13%YoY, and (adj.) EBITDA of £18.5m (H1 25: £18.5m). The closing net debt position (non-IFRS16) was £4.1m, whilst the Group maintained its dividend policy (25% of net profit), recording an interim dividend of 1.6p/ share (H1 25: 1.8p/ share). The Group reiterated its strategy of growth and produ...
- Caroline Gulliver
Knights Group Holdings - Delivering on its strategic ambitions
Knights’ H126 trading update illustrates the power of its position as the leading consolidator in the premium, regional legal market. Knights’ H126 revenues rose an impressive 30% to £103.2m as a return to organic growth of 3% was complemented by the recent strategic acquisitions of IBB Law, Birkett Long, Rix & Kay and Le Gros Solicitors. These acquisitions are all integrating well, with working capital benefits coming through under Knights’ ownership. From this strong performance, management ...
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