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New research report and audio summary from Equity Development here: https://www.equitydevelopment.co.uk/research/core-profits-exceed-forecast-aum-6-in-q126

"Core profits exceed forecast, AUM +6% in Q1’26"

The period of Polar’s FY25 (1 Apr 24 – 31 Mar 25) was horrific for many asset managers – but not for Polar. It was one of only two in our peer group to record net inflows (page 4), with heavy outflows commonplace. Polar’s AUM fell 2% over the year, with a sharp decline in Q4 on falling markets. Investment performance was -£495m, net flows +£123m, and fund closures -£111m. Post year-end, AUM has bounced back, up 6% since 31 Mar to £22.6bn (page 3).

Gross income increased 14% y-o-y to £226.1m, mostly as a result of higher average AUM. Core operating profit jumped 27% from £44.8m to £56.7m (previous forecast £53.9m), with revenue margin slightly higher than forecast and core operating costs slightly lower. Statutory profits were hit by a non-cash impairment of £13.6m (2021 acquisition of Dalton – page 10). PBT fell 6% to £51.6m.

Current CEO Gavin Rochussen has announced his retirement from Sep ‘25, with Iain Evans set to take over the role. Iain has 30+ years of investment industry experience, joining Polar in 2004 and is currently Global Head of Distribution.

Polar maintains its exceptionally strong balance sheet, with cash and equivalents up from £98.9m to £121.8m (now 26% of market cap), this after paying out £44.4m in dividends. Polar has no debt. An unchanged dividend of 46.0p for FY25 has been recommended, a yield of 10%.

Our FY26 forecasts are upgraded (page 16), mostly on the AUM jump in Q1-26. We have however pared back our outer year net flow forecasts slightly. These two adjustments largely offset each other with our fundamental valuation unchanged at 550p (page 17).

Dan Evans (CEO) and Paul Rayner (CFO) of Speedy Hire hosted an Investor Presentation covering highlights of Full Year results for the year ended 31 March 2025.

Management discussed their commitment to delivering on the ambitious Velocity growth strategy, which includes the ongoing investment in hire fleet, the transformation of the business and development of digital capabilities as well as smaller opportunities in the TIC business and TSS. The team discussed their revised capital allocation policy to support their strategy, and provided a detailed financial and business update. Management then answered a range of questions submitted by viewers.

The full recording is available to view, divided into chapters as below:

0:00:03 Introduction

0:00:18 Highlights

0:04:59 Financial update

0:15:45 Business update

0:28:23 Strategy and Transformation

0:36:41 Summary and Outlook

0:38:38 Questions & Answers

Link to video: https://www.equitydevelopment.co.uk/research/speedy-hire-fy-results-investor-presentation-video-25-june-2025

Andrew Gossage (CEO) & Chris Dent (CFO) of Ultimate Products hosted an Investor Presentation following the release of the company's Trading Update on 25th June 2025.

Management confirmed adjusted EBITDA FY25 expectations of £12.5m (versus current consensus of £14.3m). The team discussed the reasons for the reduction, the current order book and the slow start to the year. Management also highlighted a number of changes and investments they are making within the sales function to enhance systems and processes and thus improve future performance. There was an extensive and wide-ranging Q&A session with the management team responding to numerous questions submitted by viewers.

Full video and Q&A: https://www.equitydevelopment.co.uk/research/ultimate-products-investor-presentation-trading-update-june-2025

*** Investor Presentation at 2.30pm today ***

Ultimate Products are hosting a webinar for investors at 2.30pm this afternoon, following the release of their Trading Update.

You can sign up to register here: https://www.equitydevelopment.co.uk/news-and-events/ultimate-products-investor-presentation-25th-june-2025

Ultimate Products announced a trading update today which prompts us to reduce our sales and profit expectations for FY2025. Furthermore, caution about a recent fall in order books causes us to reduce sales numbers for FY2026. However, we note that management highlights a more intense focus on its sales function and both Salter and Beldray are in the relatively early stages of their re-brands.

Despite progress in headline sales, which increased by 4% from a year earlier between February and May 2025, ULTP expects FY2025 H2 revenues to be flat and thus down for the year in FY2025. The company experienced some deferral in orders to the tune of £4m. Meanwhile, gross margins contracted due to some shifts in both product category and retail channel mix. This explains expectations of a flat EBITDA number in FY2025 H2 and a full year decline. It is clear that overall market trading conditions in homewares remain tough.

We continue to argue that ULTP’s valuation should reflect the embedded value of its critical owned brands – i.e. Salter (the UK’s oldest houseware brand) and Beldray. Hence, we consider a fair value for the company’s shares at around a 1.0x EV/sales ratio. Based on FY2026, this implies a cut to our fair value from 165p to 135p, which would still be well above the current share price.

Link to research report with audio summary: https://www.equitydevelopment.co.uk/research/headwinds-offset-brand-relaunch-benefits-for-now

thomas will****s (ceo) and james eyre (cfo) of norcros hosted an investor presentation covering their full year results to 31 march 2025. in addition, they updated viewers on the group's progress against its stated financial targets, then addressed questions submitted by the audience.

the full presentation recording is available to watch and has been divided into chapters, as below:

0:00:03 introduction and results' highlights

0:08:04 review of financials

0:13:34 strategic progress

0:28:04 summary & outlook

0:29:36 question & answer session

full video presentation: https://www.equitydevelopment.co.uk/research/norcros-investor-presentation-video-fy-results-18th-june-2025

John Roberts (Founder & Chief Executive) and Mark Higgins (Group CFO) presented highlights of the company's Full Year results for the period to 31 March 2025. These included double-digit growth in the core B2C Retail business, with LFL adjusted profit before tax growing faster than revenue (up 32% to £45.2m).

The company outlined the size of the market opportunity, cash generation and operational excellence. Management commented on the successful acquisition of musicMagpie and highlighted their Trustpilot rating increasing to a globally leading 4.9/5 on over 750,000 reviews. The team then provided an in-depth review of financial performance, a detailed strategic update, and answered a range of questions submitted by viewers.

The full presentation and Q&A session is available to watch, divided into chapters as below:

0:00:00 Welcome & highlights of a record year

0:02:32 Market opportunity

0:07:17 Animation video

0:15:46 Financial performance

0:26:44 Strategic update

0:32:56 Summary

0:34:13 Questions & Answers

Link to full video: https://www.equitydevelopment.co.uk/research/ao-world-fy-results-investor-presentation-video-18-june-2025

Retaining focus, positioning to grow - new research note & audio summary here: https://www.equitydevelopment.co.uk/research/retaining-focus-positioning-to-grow

As flagged, FY25 ended on a softer note than anticipated earlier in the year but Speedy maintained both EBITDA and DPS in generally challenging trading conditions. FY26 will see the culmination of Velocity’s enabling actions and the focus should then more clearly turn to growth in revenue and margins. The current valuation is giving little credit for improving profitability beyond the current year in our view.

Speedy’s share price has recovered well from March lows but remains down 10% YTD. Earnings multiples are not challenging for the current year and compress further on our estimates. Our DCF-derived Fair Value comes in at 48p per share which is not a stretch in the context of our FY28E EPS. A 10.2% prospective dividend yield (including 7% on the proposed FY25 final) and a 17% discount to NAV offer investors further attractions.

"Undervalued 5* power" - link to new research report note and audio summary here: https://www.equitydevelopment.co.uk/research/undervalued-5-power

AO’s FY25 results illustrate the power of its excellent customer service, rated 4.9/5 on Trustpilot.

12% growth in B2C Retail revenues and a focus on improved unit economics has led to LFL Adj. PBT rising 32% to £45m - and margin +80bps to 4.1%.

As already announced, FY26E will bring significant cost headwinds and so Adj. PBT guidance is £40m-£50m (we are unchanged at £45m). However, the medium-term outlook for AO is encouraging given the revenue momentum and opportunity for further margin expansion.

Trading on under 15x Cal 2026 PER and a 7.5% Cal 2026 FCF yield we believe AO is significantly underrated and we reiterate our 150p fair value, equivalent to a cal 2026 FCF yield of 5%.

Anna Bielby (CEO) and Keith Winstanley (CFO) of Vp plc hosted an Investor Presentation covering full-year results for the year ended 31 March 2025.

Results again demonstrated the strength of Vp's business model, which continues to deliver attractive returns by focusing on specialist activities across a diverse spectrum of end markets.

Management provided an overview of the strategic progress Vp plc is making, prospects for the markets they operate in, and a detailed review of key financial metrics. Management then answered a range of questions submitted by investors.

The full video is available to watch here: https://www.equitydevelopment.co.uk/research/vp-plc-fy-results-investor-presentation-video-13-june-2025

Chapters as below:

0:00:03 Introduction to Vp

0:01:00 Summary of results' highlights

0:02:06 Vp's investment case & markets

0:04:08 Financial review

0:11:40 Operational review

0:16:40 Strategy update

0:18:05 Vp's growth story

0:20:26 Summary and outlook

0:21:10 Questions & Answers

Norcros FY25 results showed strategic actions are working. With leading market positions + strong balance sheet, new note from Equity Development says it has good scope for both organic and acquisitive growth. ED fair value rises to 300p/share from 254p – free access to full note here:

https://www.equitydevelopment.co.uk/research/strategic-actions-gaining-traction

CEO and CFO of Norcros are hosting a webinar on results and outlook at 2pm tomorrow Wed 18th. All investors are welcome, simply register here:

https://us06web.zoom.us/webinar/register/WN_yWd19c4fQGusew-QK-sU_w#/registration

Mark Wheeler (CEO) and Charlotte Parsons (CFO) of Diales Group hosted an Investor Presentation following the release of Interim Results for the six-months ended 31 March 2025.

Management took viewers through highlights of the period, which included ongoing progress on the transformation strategy, with the Middle East delivering a significant improvement in operating profit. The team also discussed how Q2 revenue, utilisation and pipeline improvements bolster confidence in H2. There followed a wide-ranging Questions & Answer session where management responded to investor queries.

The full video presentation has been divided into chapters, as below:

0:00:03 Introduction & agenda

0:00:40 Service Offerings

0:03:36 Operational Highlights

0:05:41 Financial and Regional Updates

0:10:00 Cash flow Bridge

0:11:12 Summary and Outlook

0:16:14 Questions & Answers

Link to full video: https://www.equitydevelopment.co.uk/research/diales-hy-results-investor-presentation-video-10-june-2025

Research note:

For the half year to 31 March 2025, Benchmark Holdings reported revenue from continuing operations (post disposal of the Genetics business area) of £40.6m, -22%YoY (-17% CER), primarily resulting from the pause in sea-based sales of Ectosan®Vet and CleanTreat® in the Health business area. The Group recorded an operating loss of £8.4m (H1 24, £7.2m loss), and (adj.) EBITDA of £4.2m, down 56%YoY.

On 23 May, the Group announced its intention to cancel its Admission to trading on AIM and Euronext Oslo, subject to approval from shareholders and the Norwegian regulator. As part of the process, CEO Trond Williksen will step down from the Board and CFO Septima Maguire will resign.

The planned disposal of the Genetics business was completed on 31 March, realising gross proceeds of £194.0m, from which the Group repaid the outstanding green bond, RCF and hedging instruments to the value of £87m, leaving net cash reserves of £117m.

It is proposed to return c.£95m to shareholder via: (i) a c.£56.7m tender offer for up to 226,934,325 Ordinary Shares at 25.0p/share, and (ii) a special dividend, conditional on the outcome of the General Meeting on 18 June. The rationale for de-listing from AIM includes implied annual cost savings totalling an estimated £8.0m (specific AIM-related, £2.4m, and arising from streamlined operations, £5.6m), and reduced management, legal and regulatory responsibilities.

In light of the decision to de-list subject to shareholder ratification, we have suspended our Fair Value.

Link to note: https://www.equitydevelopment.co.uk/research/h1-25-results-and-proposed-delisting-from-lse-aim

Video recording - Investor Presentation:

Trond Williksen (CEO) and Septima Maguire (CFO) of Benchmark Holdings plc (AIM: BMK, Euronext Growth Oslo: BMK), the aquaculture biotechnology business, hosted an Investor Presentation covering Interim numbers for the six month period ended 31 March.

Highlights included the completion of the sale of the Genetics business, resulting in Group profit after tax of £76m, with the continuing business performing in line with expectations. Management discussed the repayment of their Green bond, RCF and related hedging instruments for a total of c. £87m post period end. The team also discussed the recently announced proposals to delist the Company from AIM and Euronext Growth Oslo, and the opportunity for shareholders to roll over into the private company and receive a special dividend. There was a detailed financial overview and a Q&A session where management answered investor queries.

The full presentation is available to watch, divided into chapters as below:

0:00:03 Introduction & Agenda

0:00:50 Highlights

0:06:32 Operational Update

0:12:04 Financial Update

0:19:44 Outlook

0:22:20 Q&A

Link to video: https://www.equitydevelopment.co.uk/research/benchmark-holdings-hy-results-investor-presentation-video-12-june

Polar Capital Holdings plc, the specialist active asset management group, will be giving an online presentation of its Full Year results for the period ended 31 March 2025, hosted by Gavin Rochussen (Chief Executive Officer) and Samir Ayub (Finance Director).

This event will take place at 12.15pm on Monday 30th June.

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

Register at the link:

https://www.equitydevelopment.co.uk/news-and-events/polar-capital-fy-results-investor-presentation-30th-june-2025

Supreme (AIM:SUP), a leading brand owner, manufacturer and supplier of fast-moving consumer goods, will be conducting an Investor Presentation covering its results for the year ended 31 March 2025.

The online event will be hosted by Sandy Chadha (CEO) and Suzanne Smith (CFO) and will take place at 2.30pm on Tuesday 1st July, following the announcement of results earlier the same day.

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

Register here:

https://www.equitydevelopment.co.uk/news-and-events/supreme-fy-results-investor-presentation-1july2025

Vp’s full year results confirm a resilient performance, driven by robust demand from key Infrastructure markets (Water and Transmission) alongside notable strategic progress. The acquisition of CPH has added depth to the Group’s international offering and the business is performing well.

Results again demonstrate the strength of Vp's business model, which continues to deliver attractive returns by focusing on specialist activities across a diverse spectrum of end markets. Infrastructure has been the standout performer in the year, offsetting weakness in General Construction and Housebuilding. A positive outlook statement highlights management’s confidence in Vp’s growth potential, and reiterates current year market expectations.

Vp’s valuation remains well below historic levels. A current year P/E rating of 8.8x compares to the Group’s historic average of c.12x, which in our view, more appropriately reflects the Group’s quality, track record and long-term growth opportunity. We consider the dividend a significant attraction, noting Vp’s unbroken 30+ year dividend history and a dividend yield of 6.6%.

We reiterate our 1000p Fair Value estimate (

"Activity levels improved in Q2" - new research report (freely accessible) here: https://www.equitydevelopment.co.uk/research/activity-levels-improved-in-q2

Improving momentum from Q2, which has continued into Q3, helped to deliver a satisfactory outcome for the interim results. With the loss-making US business closed, encouraging activity in the EuAm region, a strong performance in the Middle East pipeline and rising utilisation levels, we remain increasingly confident the Group will hit FY25 expectations. The improved strategy, coupled with the healthy balance sheet, has enabled the Board to fund an attractive dividend as well as to return cash shareholders via share buybacks.

Our valuation combines peer group comparison models and the level of net cash. The latter equates to 23.7% of the Group’s market capitalisation, valuing the operating business at 7.5x FY25 EBIT, well below sector averages (source: Koyfin). We maintain our fair value/share at 35p to reflect unchanged estimates and note the high dividend yield as an added attraction for investors.

"Strong growth drives profit +24%, dividend +19%" - new research note (freely accessible) here: https://www.equitydevelopment.co.uk/research/strong-growth-drives-profit-24-dividend-19

FY25 (to 31 Mar 25) was an exceptionally strong year which exceeded our previous forecasts. Revenue grew 23% to £45.3m (previous forecast £44.3m), adjusted operating profit 24% to £22.9m (£22.1m) and PBT 29% to £21.6m (£21.3m). Net cash was £32.1m at year-end with no debt. A final dividend of 9.5p is proposed. Full year dividend is 19.0p (yield 3.2%), +19% YOY.

Underpinning performance was sector-leading AUM growth, up 26% to £20.9bn (FY24: £16.6bn). This was in turn mostly a result of record organic net flows of £3.7bn (FY24: £2.3bn). Tatton’s net flow rate has been far higher than peers for some years now.

There are multiple market and Tatton-specific drivers which underpin prospects: savers and investors keep contributing to their investment and retirement pots; an ageing UK population demands more financial advice with more ‘adviser-led’ investments (Tatton’s channel); and advisers continue to outsource investment management to focus on financial planning and advice. Indeed, on-platform discretionary fund management FUM increased 40% last year (longer term CAGR: 28%).

With a strong outlook, we adjust our FY26 forecasts upwards, along with our valuation which ticks up from 715p per share to 735p, 20% above the current share price.

Please note that this webinar is now taking place at 10.00am (UK time) on Thursday 12th June, instead of 12.00pm as previously indicated.

CAB Payments has announced that its subsidiary, Crown Agents Bank Limited, has received regulatory approval to operate a representative office in New York. Over time, we would expect this development to boost growth in the greater Americas region, and in particular the LATAM regions of South and Central America.

We knew the licence application process was underway and, as detailed in our April initiation report - https://www.equitydevelopment.co.uk/research/hyper-focused-on-under-serviced-em-payments - it will help to build additional and stronger relationships with US-based US Dollar clearing partners, which are key to the execution of CAB’s FX and cross-border payments transactions. It allows CAB to solicit business directly in New York, and ramp up ‘in-market’ sales efforts.

We remind readers that the New York office follows the setup of CAB’s EU office in Amsterdam (licensed April 2024), and that a further licence application is in process to operate an office in Abu Dhabi. All of these footprint expansions form part of CAB’s strategic plan to be a primary player in moving money for clients (both ways) between developed markets (mostly Europe and North America) and emerging markets (mostly Africa, Asia, Middle East and Latin America – with a focus on ‘hard to reach’ frontier markets). The granting of the New York licence shows strong execution against that plan.

Link to note (freely accessible):

https://www.equitydevelopment.co.uk/research/new-us-licence-widens-global-footprint