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Springfield has issued a positive year-end update. The clear highlight is the strength of cash generation, which has eliminated bank debt ahead of schedule (from a peak of £93m in Nov '23).

The underlying business is performing well, reflecting the strong fundamentals of the Scottish market, whilst there is clear excitement about the scale of the opportunity in the North of Scotland, where Springfield is uniquely well positioned.

Recent share price weakness no doubt reflects broader market uncertainties but today’s update should provide reassurance and a clear reminder of Springfield’s differentiation and growth opportunity.

We make no changes to our P&L forecasts but adjust our year-end net debt forecast (for FY26) to reflect today’s guidance, leaving FY27 and FY28 net debt forecasts unchanged at this stage. We reiterate our 170p/share Fair Value estimate.

Vp plc (LSE: Vp.), the equipment rental specialist, will be conducting a presentation covering its Full-Year Results for the year ended 31st March 2026.

The online event will take place at 10.00am on Friday 12 June and will be hosted by Alice Woodwark (CEO) and Keith Winstanley (CFO).

The presentation is open to all existing and potential shareholders. Questions can be submitted during the presentation and will be addressed at the end.

Register for the event here: https://www.equitydevelopment.co.uk/news-and-events/vp-plc-fy-results-investor-presentation-12-june-2026

Ultimate Products has released a Q3 trading update, reporting flat revenues versus the prior year period. Sales of UP proprietary brands rose 9% in the period, and branded sales as a whole rose by 3%.

The announcement prompts us again to upgrade our FY2026 sales forecast by £3m, from £141m to £144m, as our original forecast now looks too conservative after a flat Q3.

On current trading and outlook, the Board notes a subdued macroeconomic backdrop and ongoing geopolitical uncertainty, and expects the flat trends seen in Q3 to persist for the remainder of the year.

The increasingly brand-led nature of UP’s business does not appear to be reflected in its rating, particularly on EV/EBITDA and dividend yield. Our fair value estimate of 165p/ share is based on 1.1x FY2027 sales, which we consider reasonable relative to UP’s peer group.

Read research note here: https://www.equitydevelopment.co.uk/research/q3-trading-statement-prompts-fy26-sales-upgrade

In a Trading Update for the year to 30 April 2026, Cohort reports revenue of £303m, +12%YoY, and (adj.) operating profit of c.£36.0m, 11.9% margin, ahead of market expectations. Order intake was strong, at £313m compared to £284m in FY25, whilst the order book underpins c.£253m (c.80%) of FY27 market consensus revenue outlook.

The closing order book posted a new record of £620m (FY25: £615m). Order intake, up 10%YoY, was particularly strong at EID, MASS and EM Solutions (C&I division), and at Chess and SEA (S&E). The on-order revenue horizon extends into the mid-2030s.

Revenue in the Communications & Intelligence division was £159m, (+27%YoY, FY25: £125.4m) with an operating margin of c.20% (FY25: 16.8%). In the Sensors & Effectors division revenue was £144m, (-1%YoY, FY25: £147.1m), with an operating margin of c.7.0%

Inclusive of this extremely encouraging update we retain our outlook: FY26 results due on 15th July will provide a detailed opportunity to further review. Our Fair Value remains 1,930p/share.

Ultimate Products has announced the appointment of Simon Harrison as incoming Chief Executive Officer for the Group, replacing Andrew Gossage who will move to a Non-Executive Director role.

Simon Harrison will assume the CEO role on 26 October 2026. His career spans more than 25 years in senior FMCG roles, most recently at Princes Group as CEO, and previously at Coca-Cola European Partners.

His appointment augurs well, reflecting both his proven execution capability and relevance to UP’s brands, notably Salter and Beldray.

In our view, this appointment should be seen as positive for both brand development and growth. We retain our fair value estimate of 165p for the shares.

BTG Consulting has announced an excellent end to FY26, with revenue rising c.10% to £169m, c.2% above consensus expectations. This included 8% organic growth and has resulted in a c.6% increase in adj. PBT versus FY25, c.4% ahead of estimates.

The macro-economic environment continues to be tough for many companies following the Middle East conflict. We raise our estimates to reflect BTG’s multi-disciplined growth, its increased pipeline of restructuring engagements, and demand for its advisory services.

BTG offers profitable organic growth, c.15% adj, PBT margins, a strong balance sheet with only £1m net financial debt (FY26E), and free cashflow for both acquisitions and dividends: which to us justifies a rerating.

We raise our fair value per share from 150p to 170p, which equates to a 6% cal 2027 FCF yield and 14x cal 2027 PER, in-line with historic trading averages.

New research from Equity Development this morning, summary of key points below:

High quality growth: FY26 trading confirms Knights’ increasing scale advantages as a premium regional consolidator, with revenue up 28% to c.£207m, c.3% ahead of expectations, driven by a sharp acceleration to double digit organic growth in H2.

Profitable momentum: Adj. EBITDA is set to rise 19% to c.£51m, with margins sustained at c.25% despite NI cost headwinds and ongoing AI investment, while Adj. PBT is expected to increase 18% to c.£33m, slightly ahead of forecasts.

Cash discipline: Working capital improved again, with debtor days reduced to 30, supporting strong cash conversion and a better than expected net debt position of c.£65.4m, despite £17m of acquisition spend.

Rerating potential: Trading on only c.5.5x cal 2027 PER, with high margins and a c.13.7% FCF yield, the valuation justifies a rerating on quality and growth, in our view supporting a path towards c.8x 2027 PER and 255p fair value per share.

"AUM fall hits results but investment returns strong" - new research from Equity Development this morning

In April, Impax reported AUM had fallen 14% over H126 to £22.3bn. This coincided with a period of very heavy outflows for equity funds generally, and for active and sustainable funds especially. So, the consequential hit to results is no surprise.

Adjusted operating profit fell 45% y-o-y to £11.3m and profit after tax 57% to £5.4m. But the balance sheet and cash position remain robust (net cash £46m, and no debt).

Impax cut adjusted operating costs by 15% y-o-y and is taking further cost reduction measures to reduce the impact of the AUM fall. Importantly, growth prospects are also starting to look a little brighter.

Market conditions have turned more favourable for several group strategies, especially Thematic ones which make up 62% of AUM. YTD 70% of their AUM outperformed benchmark.

We make only small adjustments to our forecasts, highlighting that Impax’s adj. PER is just 8.2x and our DCF valuation remains at 250p / share, more than twice the share price.

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. Underlying FCF from operations was stable at a robust £12.9m in H126 (84% conversion), allowing for the planned strategic investment into the £21bn homewares segment.

Reflecting continued confidence in the group, the Board has declared a 5.7% increase in the interim dividend to 0.74p.

Trading on only c.7.5x cal 2027 EV/EBITDA and c.13.5x cal 2027 PER, shares today are well below our 110p Fair Value per share (equivalent to a c.5% cal 2027 FCF yield).

Read research note here: https://www.equitydevelopment.co.uk/research/strategic-growth-and-considerable-potential

"Positive phase 2 trial for new cystic fibrosis drug" - new research freely accessible: https://www.equitydevelopment.co.uk/research/positive-phase-2-trial-for-new-cystic-fibrosis-drug

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 (CF). Enterprise is an on-balance-sheet direct investment in which IP Group was an early investor.

Successful trials typically increase the probability of reaching commercialisation, and hence valuation. It is relatively common at this stage for large pharma to show interest in investment or some form of partnership arrangement.

While the absolute number of people with CF is not vast (c. 100,000 globally), drug treatments are extremely expensive, so this is a potentially substantive commercial opportunity.

Enterprise now plans to advance ETD001 into longer‑duration Phase 2b clinical trials. It also intends to initiate clinical trials for sufferers already receiving CFTR modulator treatment, seeking improved efficacy if it is used in tandem.

Tatton Asset Management (AIM: TAM), the on-platform discretionary fund management and IFA support services Group, will be conducting a presentation covering its Full Year results for the year ended 31 March 2026.

The event will be hosted by Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer).

The online presentation will take place at 9.00am on Friday 19th June, and is open to all existing and potential shareholders.

Questions can be submitted during the presentation to be addressed at the end. Sign up register here: https://www.equitydevelopment.co.uk/news-and-events/tatton-am-investor-presentation-fy-results-19th-june-2026

Diales Group plc (AIM: DIAL), the leading global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services, will be conducting a presentation covering its Interim Results for the six-month period ended 31 March 2026.

The online event will be hosted by Mark Wheeler, CEO and Charlotte Parsons, CFO and will take place at 1.30pm on Wednesday 10th June.

Questions can be submitted during the presentation to be addressed at the end.

The presentation is open to all existing and potential shareholders - you can sign up to register here:

https://www.equitydevelopment.co.uk/news-and-events/diales-group-investor-presentation-hy-results-10th-june-2026

norcros plc specialises in design led, sustainable bathroom products across the uk, ireland, scandinavia, south africa, and select export markets. its management will be giving an investor presentation webinar of its full year results for the 53 weeks to 5 april 2026.

the event will be hosted by thomas will****s (ceo) and james eyre (cfo), starting at 11.00am on thursday 18th june. the webinar is open to all existing and potential shareholders.

registration for the event is free. questions can be submitted in advance to info@equitydevelopment.co.uk which, in addition to those raised during the presentation, will if possible be addressed by the presenters at the end of the webinar.

sign up here: https://www.equitydevelopment.co.uk/news-and-events/norcros-investor-presentation-fy-results-18th-june-2026

impax asset management plc, the aim-listed specialist investor focused on the transition to a more sustainable economy, is pleased to announce that ian simm (ceo) and karen ****burn (cfo) will conduct a live presentation reviewing their interim results for the six-month period ended 31 march 2026.

the online event will take place at 4.15pm on wednesday 20th may, and is open to all existing and potential shareholders.

questions can be submitted during the presentation to be addressed at the end.

register to attend here: https://www.equitydevelopment.co.uk/news-and-events/impax-asset-management-hy-results-investor-presentation-20-may-2026

"Increased focus on driving UK/European potential" - new research note freely accessible here: https://www.equitydevelopment.co.uk/research/increased-focus-on-maximising-uk/european-potential

In a strategic update, Norcros is proposing to exit trading in South Africa by exploring options to sell its operations there: this would increase focus on UK/European market development in its core bathroom products segments.

The South African operations comprise a significant bathroom retailer (Tile Africa, 50%+ sales), trade-oriented House of Plumbing (c.25%) and a leading tile adhesive business (TAL, c.20%) - under a strong, autonomous leadership team.

Post a disposal, we believe Norcros is in a strong position to accelerate expansionary ambitions subject to the right M&A opportunities arising. Furthermore, the company’s track record is strong in this regard.

Over the coming 12-24 months we would expect to see a re-rating changing Norcros’ valuation, but for now our estimates and Fair Value of 397p / share remain unchanged.

Victorian Plumbing (AIM: VIC), the UK's leading bathroom retailer, will be conducting a live presentation covering their half year results for the six months ending 31st March 2026.

The online event will take place at 8.30am on Friday 22nd May and will be hosted by Stephnie Judge (Chief Executive Officer) and Daniel Barton (Chief Financial Officer) from Victorian Plumbing.

Questions can be submitted during the presentation and will be addressed at the end.

Sign up here to register: https://www.equitydevelopment.co.uk/news-and-events/victorian-plumbing-hy-results-investor-presentation-22nd-may-2026

"Positive AGM update; high quality growth at 10x P/E" - new note freely accessible here: https://www.equitydevelopment.co.uk/research/positive-agm-update-high-quality-growth-at-10x-p/e

Robust trading: AGM update confirms a strong start to 2026, with revenue growth driven by prior year acquisitions, notably Synertec, and continued organic momentum across digitisation, outbound communications and IT recycling.

Quality of earnings improved: IT recycling growth resumes following 2025 consolidation, the core document storage business continues to deliver stable and predictable revenues, and operating margins remain strong across all divisions, with the 20% group margin target already achieved.

Growth supported by M&A and capital returns: Three Datashred bolt-on acquisitions completed for c.£3.5m, an active pipeline remains, and the £20m share buyback is underway, with c.5% full year earnings accretion expected.

Compelling rating: Double-digit earnings growth outlook remains intact, shares trade on 10.9x FY26 P/E falling to <10x in FY27, and we reiterate our 400p Fair Value estimate.

"UP wins Salsify digital technology award for 2026" - brief new research note freely accessible here: https://www.equitydevelopment.co.uk/research/up-wins-salsify-digital-technology-award-for-2026

UP awarded Salsify’s Digital Shelf Transformer Award 2026, one of only four global recipients, validating genuine operational transformation and execution rigor, reinforcing focus on efficiency and scalable systems.

Salsify PIM centralises complex product data across c.2,500 SKUs, improving data accuracy and consistency while materially facilitating the Oracle NetSuite ERP rollout by migrating critical information outside the core system.

Technology investment is delivering tangible benefits, c.9,000 working hours saved annually, enabling redeployment of resources to higher‑value brand and customer interface work across Salter, Beldray and homewares.

Award follows FY26 sales upgrade and reflects improving brand strategy and leadership depth, we maintain fair value at 165p, based on 1.1x FY27 sales.

"Update reports some early positive signs" - new research freely accessible here: https://www.equitydevelopment.co.uk/research/early-positive-signs-reported

Controls momentum is improving, Q1 CY26 volumes up YoY in the seasonally weakest quarter, despite a slower China recovery. New low‑cost controls are reopening price‑competitive markets, with OEM adoption of next‑gen controls supporting market share rebuild and future revenue protection.

Water filtration remains the strategic growth lever, higher margin profile, structural market growth at 2.5x–3x GDP. LAICA’s product innovation, chemical and bacteria exclusion and mineral enhancement underpin a positive medium‑term outlook.

Cost pressures persist but are actively managed. January price rises are offsetting earlier copper and silver inflation, while plastics now present a risk amid Middle East disruption. A further £2m gross annual cost reduction plan targets delivery by mid‑CY27.

Capital discipline and valuation stand out. The £10m tender offer was oversubscribed, reducing share count and lifting adj. EPS to 2.5p. Estimates are otherwise unchanged, net cash still strong, with the shares trading at a 33% discount to the unchanged 62p fair value.

Chair appointment: IP Group has appointed Michael Queen (ex‑CEO of 3i) as Chair Designate, succeeding Sir Douglas Flint on 18 June 2026, adding deep private‑equity, venture and policy experience.

NAV vs share price: Group NAV at 31 Dec 2025 was 110p per share; the 64p share price implies the unquoted portfolio is valued at 42p, a 52% discount to its 88p NAV.

Exits momentum: Portfolio companies are maturing, with £183m realised in 2024, £68m in 2025, and c.£180m targeted by end‑2027, providing near‑term validation potential.

Upside optionality: Further NAV upside could come from royalty income tied to Pfizer’s next‑gen obesity drugs (subject to approvals); successful exits and/or approvals could narrow an arguably irrational discount.

Check out the brief new note (freely accessible) on the Equity Development website.