reports
- Mike Jeremy
Eco Animal Health - ECOVAXXIN® MS EU authorisation paves way for comme...
Eco Animal Health reports that the Committee for Medicinal Products for Veterinary Use (CVMP) of the European Medicines Agency (EMA) has adopted a Positive Opinion recommending the granting of EU marketing authorisation for ECOVAXXIN® MS, the EAH vaccine against Mycoplasma synoviae in poultry. The authorisation represents a significant step towards commercialisation. CEO David Hallas commented: "We are delighted to have received a Positive Opinion from the CVMP for ECOVAXXIN MS …This marks an e...
- James Tetley
Strong appointment supports strategic growth plans
Yesterday’s AGM follows a year of significant progress for Springfield, which saw a material increase in profitability, strong cash generation and the refocusing of activities in the North of Scotland. Springfield also announced a key Board appointment, which sees Alasdair Gardner join as a Non-Executive Director. Within Lloyds Banking Group, Alasdair’s roles included Head of Industrials and Commercial Banking Scotland, Head of Large Corporates North America and, latterly, MD of The Islands Bu...
- Paul Bryant
Geographic expansion on track: Abu Dhabi progress
CAB Global Markets, CAB Payments’ (CABP) Middle Eastern subsidiary, has received in-principle approval for a Category 2 Financial Services Permission licence from the Financial Services Regulatory Authority of ADGM (Abu Dhabi Global Markets). This licence will add to the group’s current licences and offices in the UK, Netherlands, and the USA. CABP specialises in moving money (both ways) between developed and emerging markets, with a focus on ‘hard to reach’ frontier markets. With huge volumes ...
- Chris Wickham
Brand growth central to investment case
Ultimate Products' FY2025 results release confirmed key figures and brand growth messages from the company’s 13th August trading update. The group’s owned brands overall maintained a positive momentum and grew by 4.3%. Other key segmental trends detailed in today’s statement included strength in housewares as re-branded Beldray advanced by 11.1%, and a 12.0% gain in the largest part of the group’s international business, discounters. Year-end net debt was confirmed at £14.1m and adjusted EPS w...
- David O'Brien
Diales Group - Continuing to deliver progress
The FY25 trading update confirms the ongoing success of the December 2023 strategic review, with the Group achieving increasingly ambitious consensus estimates over the subsequent two years. The pipeline for new business remains positive, indicating a promising start for FY26. Cash reserves have risen to £3.0m, up from £2.4m at the half-year point, facilitating investment in both additional experts and digital systems to support revenue growth and enhance operational efficiency. Our FY26 estim...
- James Tetley
Restore plc - Site visit underscores growth ambitions
Restore hosted an investor and analyst site visit last week, with a focus on two of the Group’s growth engines: Restore Technology and Synertec, the recent £33m acquisition. At its core, Restore is a high quality, cash generative business with a significant proportion of recurring revenues. Whilst these are key tenets of the investment case, the site visit provided a reminder of management’s ambition to deliver significant earnings growth over the medium term through a combination of revenue gr...
- Toby Thorrington
Further EBITDA progress, FY25 guidance narrowed
In a Q3 update, Hunting has narrowed FY25 EBITDA guidance towards the lower end of the existing U$135m-145m range, noting that this remains slightly above our existing FY25 estimate. This broadly-based group has performed substantially in line with management expectations although EMEA re-structuring has perhaps been a modest drag. Underlying cash flow/year-end net cash looks to be slightly better than we anticipated. Hunting has generated c. U$100m EBITDA with a c.13% margin in YTD trading (co...
- Mike Jeremy
Acquisition of SlimFast UK and Europe
Supreme has announced the acquisition of the trade and selected UK and European assets of SlimFast, the well-known provider of high protein foods and meal replacement products, for a total cash consideration of £20.1m. SlimFast is acquired from the Irish food and nutrition specialist Glanbia PLC (glanbia.com, market cap. €3.5bn) inclusive of £9.0m in deferred consideration due in 15 months, funded through a combination of cash resources and the asset-based lending facility. The acquisition is ex...
- Toby Thorrington
Strategy driving progress, full year on track
Having completed the Fibo deal earlier in the week, Norcros has followed up with a solid, above market H1'26 trading update and unchanged guidance. Strategic delivery through operational excellence and highly complementary M&A is clearly being executed well and, notwithstanding market variability, Norcros is maintaining forward momentum. Norcros delivered a marginally better underlying revenue performance in H1'26 overall with the headline c.£184m also boosted by an additional trading week. In g...
- Toby Thorrington
Earnings-enhancing Fibo deal completes
In a strong strategic move, Norcros has announced the completion of the Fibo Holding AS acquisition first announced in July. It enhances the company’s existing stable of brands in a higher growth segment and brings group exposure to adjacent markets, most notably Scandinavia. On our estimates, the deal enhances earnings by 13-14% in a full year, along with new market opportunities for existing operations. The acquisition of Fibo completed on 13 October following unconditional clearance from t...
- Paul Bryant
Exceptional momentum, AUM +18% over H1-26
Tatton AM’s momentum shows no sign of abating. Assets Under Management/Influence (AUI) jumped 18% in H1 to a record £25.8bn; ahead of our forecast growth and well on track to meet Tatton’s medium-term target of £30bn by end-FY29 (page 3). Net flows were again very strong, adding £1.7bn to AUM (£281m/ month), with the net inflow rate far higher than peers (page 2) and above Tatton’s guidance for FY26 (£200-£250m/ month). Investment returns added £2.1bn (+9.9% over 6 months). Assuming flat market...
- James Tetley
Solid H1 performance, confident outlook
Vp has delivered a resilient H1 performance against a backdrop of ongoing market challenges. Full year expectations are reiterated, with improving prospects for Rail and Water in particular. The Brandon Hire Station recovery plan is on course to complete by the end of the year, and the search is underway for Anna Bielby’s successor as CEO, who will inherit a business in strong shape. Whilst announcements from sector peers may have taken headlines earlier this week, Vp continues to deliver cons...
- Paul Bryant
Bumper Q2-26, AUM +15%; Forecasts & value raised
AUM jumped £3.5bn (15.3%) to £26.7bn over Q2 of FY26 (1 Jul 25 – 30 Sep 25). Investment performance contributed £3.6bn (Q1: +£2.7bn) with net flows marginally negative at -£58m (Q1: -£0.6bn). The net flow improvement is particularly impressive given that it was a quarter of heavy outflows for equity funds more generally (page 3). Mark to market performance fee profits, net of staff allocations, were £15.0m on 30 Sep 25 (most PFs crystallise in December). The pace of AUM growth has seen end-H1 A...
- Paul Bryant
AUM flat in Q4, ‘solid evidence flows are stabilising’
AUM closed FY25 (1 Oct 24 - 30 Sep 25) on £26.1bn, above our previous forecast of £25.0bn. In Q4 (Jul – Sep), investment performance contributed +£1.4bn (+5.3%), offset by net outflows of -£1.4bn, in a quarter of heavy outflows for equity funds more generally (page 3). Impax’s outflows were slightly up on the previous quarter (-£1.3bn), but were a marked improvement over H1, which saw £10.2bn of net outflows, dominated by the loss of £6.2bn of St James’s Place mandates. We make very minor tweak...
- Toby Thorrington
Speedy Hire plc - Deal driving revenue uplift and margin enhancement
As Speedy’s H1 26 closes, management confirms that there has been no significant change in financial performance (or guidance). Material transactions with HSS/ Proservice have also been announced, consistent with Velocity ambitions to grow revenue and margins. The transactions are inter-conditional and subject to both HSS shareholder approval and competition authority review. No change to FY26 guidance: While no further details were provided with the short trading update comment, investors will...
- Caroline Gulliver
McBride plc - initiation report - Proudly, profitably, private label
McBride is the European market leader for private label household cleaning and has emerged from a period of unprecedented cost inflation as a stronger, leaner, more profitable business. Adj. EBITDA margins have risen above 9%, and been sustained, driving excellent 30%+ ROCE and cash generation. In this detailed report we review the attractive investment thesis for McBride and conclude its current low valuation is an anomaly. We initiate coverage with a 235p Fair Value equating to 10x PER, 6x EV/...
- David O'Brien
Focus on cash generation
The combination of new product launches, a broadening of the distribution/service network and an increase in the proportion of contract manufacturing activity has resulted in rising growth levels at Billi and a return to top-line progress in Consumer Goods. However, the “cash cow” Controls division struggled because of the indirect impact of US tariffs on its Chinese OEM customers, who fulfilled orders from inventories and reduced production activity. This resulted in the Group’s top-and-bottom-...
- Mike Jeremy
First half trading significantly stronger
In a statement to accompany yesterday's AGM, Eco Animal Health reports that trading in the first half of FY26 “has been significantly stronger compared to the same period last year” despite “currency headwinds and tariff challenges”. Revenue is seen over 15% ahead year-on-year (H1 2025: £33.2m), i.e. indicative of c.£38m, with particular strength seen in the China/Japan segment (over 40%YoY growth) and North America (over 25% YoY growth). The Group also expects to report improved gross margins f...
- Caroline Gulliver
Kingfisher plc - strategy yielding results; outlook prudently cautious
Kingfisher’s better than expected H126 results reflect the success of its trade and e-commerce growth initiatives along with increased big-ticket spending in Q2. Although management has raised FY26E Adj. PBT and free cashflow guidance, there is a degree of macro-economic caution embedded into implied H226 profits. We raise Adj. EPS by 6% for FY26E and 2% for FY27E and see scope for further upgrades if sales trends continue to improve. We raise our FV from 355p to 365p, equivalent to 14x cal 2026...
- David O'Brien
Reshaping for the future
Previous shareholder meetings highlighted the pressing need for action to place Marshall on a sounder footing, evidenced by the scale of the FY24 financial performance reporting losses much higher than anticipated. However, actions taken by the Board have placed the Group on a surer foundation, albeit there is still work to do. Divisions have been closed, assets sold and since the turn of the year smaller, non-core divisions disposed of. The next step is enabling the Group to unlock the value i...
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