McBride Plc

McBride has announced a transformational business win, with a strategic contract manufacturing partnership for laundry liquids with Vestacy, the global home care company behind brands including Calgon, Woolite, Air Wick, Cillit Bang and Mortein.

Two long-term (5-8 years) contracts have been signed that are anticipated to generate for McBride £170m revenues at maturity, driving a c.16% increase in our FY29E revenues, Adj. PBT and Adj. EPS.

It has agreed to acquire two dedicated manufacturing facilities in Spain and Portugal for a nominal consideration and will also manufacture a variety of household products for Vestacy from its existing sites across Belgium, Italy, Poland, the UK and France.

This partnership is highly earnings accretive and, along with the recent strategic acquisition of Eurotab, highlight McBride’s multiple levers for profitable growth. We raise our Fair Value / share from 245p to 265p, the latter equivalent to c.10x cal 2027 PER.

Equity Development - McBride plc: strategic partnership drives c.16% FY29E PBT uplift

Ultimate Products plc has announced the appointment of Simon Harrison as incoming Chief Executive Officer for the Group. Simon replaces Andrew Gossage, who will move to a Non- Executive Director role alongside his predecessor, former CEO Simon Showman.

Ultimate Products: Research

Victorian Plumbing Group

Victorian Plumbing’s strong underlying H126 results are further evidence of the success of its market-leading, profitable and cashflow generative business. H126 Adj. EBITDA rose 11.8% to £17m, excluding the £1.8m planned strategic investment in homewares under the MFI brand. Trading on only c.7.5x cal 2027 EV/EBITDA and c.13.5x cal 2027 PER we see upside to our 110p Fair value per share; equivalent to a c.5% cal 2027 FCF yield.

Victorian Plumbing Group: Research

IP Group portfolio company, Enterprise Therapeutics, has announced positive results from its Phase 2 trial for ETD001, its lead candidate for the treatment of cystic fibrosis. Enterprise is an on-balance-sheet direct investment in which IP Group was an early investor. CEO Greg Smith said, “this is a highly encouraging clinical milestone for Enterprise Therapeutics.’’

IP Group: Research

Restore’s AGM update confirms a period of robust trading, underpinned by a contribution from prior year acquisitions (notably Synertec) and continued organic growth (particularly across digitisation, outbound communications and IT recycling). 

Restore: Research

IP Group, which provides shareholders with a route to owning stakes in some of the UK’s most innovative and technologically advanced private companies, has appointed Michael Queen as Chair Designate. He will succeed Sir Douglas Flint, CBE as Chair of the Board on 18 Jun 2026.

Technology developed by Warwick Acoustics, a ‘direct investment’ portfolio company of Mercia Asset Management in the ‘deep tech’ space, is to be used in Range Rover’s new “SV Electrostatic Sound” system. This is a significant commercialisation milestone for Warwick following more than a decade of technology development.

Mercia Asset Management: Research

Vp has released an in-line trading update this morning, reiterating previous guidance for FY26.

VP: Research

Polar delivered an exceptional Q4-26 (Jan – Mar 26) with net inflows of +£1.44bn, following positive net flows of +£0.15bn in Q3. This stands in stark contrast to equity funds more generally, and active equity funds especially, which suffered heavy outflows in both quarters (page 2). At the end of Q3, Polar flagged improved client engagement and a strengthening new business pipeline. Clearly, this is now translating into stronger flows.

Polar Capital Holdings: Research

AUM fell 8% in Q2-26 (Jan 26 - Mar 26) from £24.2bn to £22.3bn. Investment performance was positive at +£0.1bn but net outflows totalled -£2.0bn.

Impax AM: Research

AO has delivered an impressive FY26 performance with c.11% revenue growth, c.15% Adj. PBT growth to c.£50m and FCF of c.£65m (above prior guidance of c.£50m). This performance is underpinned by AO’s excellent customer service, as nearly 1 million customers have attested to on Trustpilot (a global first). 

AO World: Research

Following the recent announcement of plans for commercialisation of ECOVAXXIN® MS (ED report 26 February ECOVAXXIN® ‘MS commercialisation begins’), ECO Animal Health announces that the United States Department of Agriculture (USDA) has delivered a favourable safetyassessment of ECOVAXXIN® MG, the Company’s live poultry vaccine targeting Mycoplasma gallisepticum.

Eco Animal Health: Research

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.

Victorian Plumbing: Research

BTG Consulting has announced good Q326 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. 

BTG Consulting: Research

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 with the 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 

Vp: Research

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. We maintain our 165p/ share Fair Value estimate.

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, BTG Consulting is well placed for further
profitable growth across its wide range of financial and real estate advisory services. Its latest
Red Flag report shows a 44% increase in businesses in “critical” financial distress. Although
BTG’s share price

Begbies Trainer: Research


Strix Group (“Strix”) has completed the disposal of Billi receiving net proceeds of £105m after costs and estimated 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. An update on further returns to shareholders will be made in due course. We have updated estimates to exclude Billi and to recognise continuing challenging trading conditions, no

Strix Group: Research

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%. 

McBride: Research

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 

Polar Capital: Research

AUM fell 7% over Q1-26 (1 Oct 25 - 31 Dec 25) from £26.1bn to £24.2bn. Investment performance was marginally negative at -£0.2bn with net outflows of £1.6bn. This was largely as expected and in line with Impax’s FY25 results commentary in late-Nov 25, which said that net outflows were likely to persist in the first part of FY26, with net flows improving over the year.

Impax Asset Management: Research

Knights’ H126 results were as announced at its update in November and illustrate the power of its position as the leading consolidator in the premium, regional legal market. Revenues rose an impressive 30%, including a return to organic growth of 2.6%, and Adj. PBT rose 12.5%, despite absorbing increased national insurance costs and investing in AI, led by a new CTO.

Knights Group: Research

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 5.80/share2. As highlighted at the October AGM1, net debt was £32.5m due to planned capital expenditure and working capital required for deliverables in H2 26 of c.£145

Cohort: Research

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

Diales FY25 results were ahead of expectations, reflecting the restructuring of the business, with costs cut (office closures, headcount reduced) 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.

Diales Group: Research

Begbies’ H126 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. Yet the stock has trailed off since its summer recovery and trades on less than 10x cal 2026 PER, c.30% below its long-run average valuation multiples and materially below our 150p Fair Value.

Begbies Traynor: Research

The new ProService Agreement is the dominant feature of YTD performance, supporting an uplift in revenue and profitability prospects despite lacklustre market conditions. Velocity implementation is ongoing, now transitioning from enabling to growth phases. Higher interest costs reduce our FY26 estimates but the ProService deal materially enhances our expected earnings subsequently. We have raised our fair value to 61p per share to reflect this.

Speedy Hire: Research

Tatton Asset Management

After its Oct 25 trading update, we knew Tatton had maintained its exceptional growth momentum; Assets-Under-Management/ Influence (AUI) were up 18% over H1-26, and net flows remained strong at £281m/ month, above Tatton’s guidance for FY26 of £200-£250m per month. In the post-results period, AUI growth has continued, up another 5% to £27.1bn on 14 Nov 25. YTD net flows have increased from £1.68bn over H1 to £2.07bn.

Tatton Asset Management: Research

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. 

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. 

Ultimate Products’ FY2025 results reconfirmed the company’s most recent trading update. Moreover, there were positive messages for the underlying strength of the flagship brands Beldray and Salter. With international growth to partially offset another overall UK down year, we leave our FY2026 forecasts unchanged and maintain our fair value for the shares at 165p.

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.

Norcros: Research

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). 

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).

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 forMcBride and conclude its current low valuation is an anomaly. We initiate coverage with a  235p Fair Value equatin

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.

Strix Group: Equity Development

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.

Supreme: Equity Development

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. With the company on track for FY26E revenue and profit expectations, we review Begbies’ attractive investment thesis and find that though the stock has risen 22% in recent months, it is still materially below our fair value.

Begbies Traynor: Equity Development

Springfield's FY25 results are in line with expectations, confirming a year of 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 Springfield's strategy to capitalise on the opportunity is crystallising. We reiterate our 150p fair value estimate.

Springfield Properties: Equity Development

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 s

Knights Group: Equity Development

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 contribu

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.

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 benefitted 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. We have reviewed our Fa

ECO Animal Health: Equity Development

For the year to 30 April 2025 Cohort reported record revenue of £270.0m, +33%YoY, record (adj.) EBIT of £27.5m, 10.2% margin, and a new high closing order book of £616.4m. Underlying order intake (i.e. excluding acquisition-related) grew 11%YoY, with the closing order book underpinning 79% of FY26 revenue.
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Cohort: Equity Development

AUM was up £1.8bn (+8.2%) over Q1 of FY26, from £21.4bn on 31 Mar 25 to £23.2bn on 30 Jun. Investment returns were the driver, contributing +£2.7bn (+12.5%). This was impressive compared to generic benchmarks such as the MSCI ACWI (GBP), which returned +5.1%. Net flows were -£632m and a return of capital to investors in the Polar Capital Global Financials Trust reduced AUM by -£280m. Our forecasts and valuation of 550p per share are unchanged.

Polar Capital Holdings: Equity Development

Hunting is hitting its marks strategically whilst also continuing to improve near term profitability. H1’25 contained operational progress, M&A execution and an updated capital allocation programme to include faster dividend growth and prospective share buybacks.

Hunting: Equity Development

AUM increased 3% over Q3 of FY25 (year-end 30 Sep 25) from £25.3bn on 31 Mar 25 to £26.1bn on 30 Jun 25. Investment performance boosted AUM by +£1.0bn or 4% of opening AUM. The Sky Harbor acquisition in the fixed income space closed on 1 Apr 25, adding £1.1bn. Net flows were negative at -£1.3bn, but positive in the month of June, a vast improvement on recent quarters. Impax has said that the improving net flow situation “reflected strong institutional client commitments and f

Impax Asset Management: Equity Development

Begbies Traynor’s FY25 results convincingly illustrate the strength of its multi-disciplinary professional advisory team. FY25 revenue rose 12% to £153.7m, including 10% organic growth, and Adj. 

Begbies Traynor Group: Equity Development

Today’s full year trading update confirms that Springfield will report PBT for FY25 in line with market expectations and that net bank debt will be significantly lower than previously forecast. The highlight of the year was undoubtedly the significant and profitable land sale to Barratt Redrow, announced in February, which will eliminate net bank debt by FY27, whilst paving the way for a strategic refocusing on the North of Scotland. In our view, Springfield is uniquely posit

A year ago, the Mercia 27 strategy was announced, which prioritised scaling the highly profitable fund management business and targeted EBITDA of c£10m by FY27 (£5.5m in FY24). Mercia is flying along. FY25 (to 31 Mar 25) has seen FUM (funds managed for 3rd parties) increase 10% y-o-y to £1.80bn (+46% over 2 years) and EBITDA jump 37% from £5.5m to £7.6m. Its net inflow rate has been the highest among London-listed peers for two years (page 4).