reports
- 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...
- Mike Jeremy
Confident AGM statement: outlook maintained
In today’s AGM statement, Cohort noted the strength of record FY25 performance and expectations for growth in FY26 remaining, with the usual seasonal H2 weighting. Following contract wins since the start of FY2026 of over £60m, the order book on 20 September 2025 stood at over £590m, giving revenue cover of consensus FY26 estimated revenue of nearly 90%. Q1 saw a strong contribution from EM Solutions that was offset by reduced activity at MCL, the latter having enjoyed notably strong levels las...
- Caroline Gulliver
Begbies Traynor Group - continuing strategic progress in Q126
Begbies’ AGM trading update confirms that the strength of its diversified business, seen in its FY25 results, has continued into Q126 with activity levels described as encouraging, supported by favourable macroeconomic conditions. Begbies has confirmed it has made a good start to FY26 with “encouraging activity levels and positive momentum across the group”. Management has continued to recruit senior fee-earners, “the full benefit of which is expected to deliver growth in H226 and beyond” and t...
- Mike Jeremy
Supreme plc - AGM statement: momentum maintained
In a statement to accompany today’s AGM, Supreme reports that the Group has “continued to see good momentum across its portfolio in the first half of the current financial year” (H126). The Group highlights the combination of strong recent (FY25) financial performance and strategy of complementary acquisitions. On changes in the UK market for vaping products, Supreme reports that it “continues to successfully navigate the evolving UK vaping market, having strategically managed the ban on dispos...
- Caroline Gulliver
5* Momentum
AO’s 1H26 trading update yesterday has once again proven the power of its 5* customer service focussed business model. Group revenue is expected to increase 13%, with B2C Retail revenues +11%, and FY26E Adj. PBT is anticipated to be at the upper end of the previous guidance range (now £45m-£50m). Moreover with c.£70m net cash at the half year end, AO is launching its first £10m share buyback. In this report we review AO’s attractive investment case and raise our cal 2026 Adj. PBT by 5%, Adj. EPS...
- James Tetley
Preparing the ground for a significant opportunity
Springfield's FY25 results are in line with expectations, confirming a year of very strong growth driven by the transformational land sale to Barratt. Profits increased by 90% and net debt halved, as the Group refocused its activities on the North of Scotland. This region is expected to see a surge in infrastructure investment over the next decade, and the Highland Council is targeting delivery of 24,000 homes, a doubling of housing output. To capitalise on the opportunity, Springfield is de...
- Caroline Gulliver
Knights Group initiation - An attractive and undervalued regional cons...
Knights’ FY25 results illustrate the power of its business model to attract high-quality legal professionals across the UK, both organically and through selective acquisitions. FY25 revenues rose 8% to £162m, with operating leverage driving Adj. PBT up 11% and margin up 40bps to 17.3%. Investment in offices and acquisitions, along with encouraging current trading, underpins our forecasts for profitable growth. Yet the stock is trading on only c.5x cal 2026 PER and hence the shares are well below...
- Mike Jeremy
Supreme plc - Acquisition of household cleaning brand 1001®
Supreme has announced the acquisition of the carpet care products brand 1001 for a fixed consideration of £1.65m (of which £0.35m is deferred) from US-based WD-40 Company. 1001 reported current revenue of £4.5m, having recorded peak turnover of £8.0m. The acquisition is expected to be immediately earnings-accretive and maintains the pace of product diversification and enhancement of the range of offerings within its household goods range, further counterbalancing the contribution from vaping pro...
- Toby Thorrington
Clear strategic momentum in evidence
High profile order shipments were a significant influence on H1’25 performance against the prior year – positive for OCTG, adverse for Subsea – driving overall profitability ahead y-o-y. Portfolio actions, including two acquisitions in higher margin, higher growth subsectors, will bring further benefit to future earnings. Hunting’s net cash position retains balance sheet optionality for its capital allocation policy which balances growth aspirations with shareholder returns. At group level, Hun...
- Chris Wickham
Promoting top talent to accelerate sales growth
Ultimate Products plc today announces five key promotions which will invigorate its senior management team. The announcement is consistent with the company’s stated desire to to improve its sales function, helping it fulfil its ambition to accelerate top line growth. In our view, an enhanced management structure, which incorporates a much-bolstered C-suite, should be a catalyst for further success. We maintain our fair value for UP’s shares at 165p. Arguments in favour of a much higher rating t...
- Paul Bryant
Financial & strategic progress, confidence for H2
CAB delivered a solid financial performance in H125 (to 30 Jun), with our FY25 forecasts (and beyond) unchanged. This performance was despite unfavourable market conditions, driven by US tariff and trade policy which depressed cross border flows and increased currency volatility, and the cutback in USAID payments which reduced development aid flows. H125 was a period where huge progress was made in laying the foundations for a return to strong growth (see pages 2 & 3). Network and client number...
- Chris Wickham
Premier brands retain growth momentum
Ultimate Products plc issued a FY2025 pre-close trading update which confirmed market expectations of a 3.4% sales decline in the period and £12.5m EBITDA. However, the company’s owned and licensed brands combined recorded a resilient 5.7% increase, while net debt at £14.1m and 1.1x EBITDA was close to the stated 1.0x target. The company is also reviewing its listing venue with a potential move to AIM. We retain our 165p fair value target, with emphasis on the embedded value of its two largest...
- David O'Brien
Growth reported in key segments
New product launches, coupled with distribution and service agreements across a wider geographical footprint have resulted in growth in Billi and Consumer Goods. The latter was achieved despite rationalisation of costs and product lines during the last two years. Billi has continued its low double-digit yoy revenue growth in H1 25. The one area of the business with exposure to the US is Controls and, in line with other global engineering outfits, it witnessed order deferrals during Q2 following ...
- James Tetley
Strong growth and strategic progress
Restore’s H125 results highlight strong progress, with double digit growth in revenue, adjusted profit and earnings, in line with our expectations. The step up in M&A in the period reflects management’s ambition to deliver shareholder value. At the same time, the Group continues to make progress towards the 20% operating margin target despite cost and end market headwinds. We make no changes to our forecasts but see scope for outperformance (organic and acquisitive) as the year progresses. On o...
- Toby Thorrington
Making material strategic progress
H1’26 to date has been characterised by progressive portfolio development actions – one acquisition and one exit – while Norcros has also managed some top line progress against the prior year in Q1. The proposed Fibo acquisition offers geographic diversity and synergy benefits. We have made no estimate changes arising from the trading update or the Fibo acquisition at this stage (pending formal completion), although revenue has nudged down to reflect JTSA as a discontinued operation. Managemen...
- James Tetley
Robust AGM statement, on track for FY expectations
Today’s AGM statement confirms another resilient performance in the early months of FY26 and reiterates full year expectations. Recent periods have seen Vp deliver consistently strong results and meaningful strategic progress (e.g. closer collaboration across the Group, evolution of digital roadmap) despite the mixed market backdrop. Vp has an excellent track record of sector leading returns and attractive earnings growth over the long term, which has underpinned an unbroken 30+ year dividen...
- Mike Jeremy
Strong second half boosts FY25
For the year to 31 March 2025 Eco Animal Health reported results in line with the outlook of the April Trading Update: revenue of £79.6m (FY24: £89.4m) and (adj.) EBITDA of £7.3m (FY24: £8.0m). The Group benefited from a strong second half, which was underpinned by sound cost control and pricing discipline. Gross profitability was 45.1% (FY24: 42.1%) with H2 at 48.6% compared to 43.1% a year earlier. The year-end cash position was, as expected, £25.0m. On 3.7x FY26E EV/(adj.) EBITDA, Eco Animal...
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