RE: Huge £2.2m defence contract win4 Dec 2025 08:39
Very undervalued.
Since June, defence contracts worth a combined £3.2m have been announced."
"Defence contract momentum is building which is increasing the Group’s 2026 order book adding to earnings visibility.
Our forecasts, however, for the Y/E December 2025 are unchanged with revenue of £15m and a 97.5% increase in EBITDA to £0.81m from £0.41m. This includes 12-month’s contribution from the Affini acquisition, which was reported at the interims to be trading ahead of expectations. At that time revenue cover for 2025 was around 92% of our forecast. With the growing order book and the potential for further orders, the trend for 2026 looks encouraging.
Hybridan Comment: The increasing order book is positive for 2026 earnings, which we are yet to forecast. The broad range of sectors helps to reduce the risks arising from the timing of order inflows on revenues, hence a higher recovery valuation seems justified."