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Here's a couple of extracts from Cavendish's post-update note. In summary, they've upgraded to 5p historic EPS to March just gone.

They now forecast 6.1p EPS this year to March '27. That's a P/E of just 6.7 at 41p.

They have an 80p target price:

"FY26 TU: Outperformance and upgrades

TPXimpact has continued to build on the continually improving performance resulting from the three-year turn-around plan to FY March 2026. Delivery of all metrics has exceeded forecasts from only a 2% outperformance in revenue growth: free cash generation of £4.3m (+35% vs £2.8mE) was delivered from adj EBITDA of £8.6m (+18% vs £7.1mE) with the return of revenue growth (+1%) compared with prior revenue growth expectations of -1.5%.

Outperformance was delivered from strong 4Q revenue derived from increased customer spend, on top of improvement in gross margin and tight control of discretionary costs. New business wins of £122m show improvement from £110m disclosed at the 3QTU (FY25: £70m FY24: £139m), and give confidence in revenue for FY27, sustainably improved margins and FCF expectations. We lift FY27E revenue +1%, feeding through to +14% adj EBITDA, and the return of the group to a net cash position (£0.9mE) for the first time since 1H20.

We look forward to the launch of the next three-year plan for the company-specific measures to complement the positive signals for allocated UK government digital transformation spend, including assisting government departments in the responsible adoption of AI as public sector labour costs increase, department budgets tread water, and process improvements and savings are increasingly pressing.

TP 80p reiterated, and forecasts’ credibility established."

"the scale of margin expansion from strong cost management leads us to expand FY27E adj EBITDA margin expectations from a former cautious 10.0% to a confident reasoning for 11.6%. Having demonstrated FCF/adj EBIT conversion of 56% in FY26, we assume 58% in FY27, returning a company with net debt/EBITDA of 6.2x in FY23 to net cash by FY27E, an extraordinary achievement."

Encouraging to see the first news posted by Mottech on their web site in a year. Interesting mention of AI too:

Https://mottech.com/news/boosting-irrigation-efficiency-with-remote-pump-control-systems/

"Boosting Irrigation Efficiency with Remote Pump Control Systems

April 27, 2026

Efficient water and energy management has become one of the most pressing challenges for modern agriculture. As global demand for food grows and water resources face increasing pressure, farmers are turning to innovative solutions that make irrigation more precise, sustainable, and cost-effective. Among these, remote pump control systems stand out as a powerful technology that empowers farmers to monitor and manage irrigation pumps from virtually anywhere. By combining IoT connectivity, automation, and cloud-based software, remote pump control helps optimize irrigation practices, saving water, energy, and time.

What Are Remote Pump Control Systems?

A remote pump control system enables farmers to operate, monitor, and adjust irrigation pumps without being physically present at the pump site. Instead of walking out to a pump station to start or stop equipment, users can access a control interface through a computer, smartphone, or tablet.

Core components typically include:

Smart irrigation controllers – the “brain” of the system, connected to pumps, valves, and sensors.

Management software – centralizes irrigation scheduling, monitoring, and data analytics.

Connectivity options – Cellular, Radio, Wi-Fi, Ethernet for reliable communication.

Sensors and meters – for soil moisture, pressure, flow monitoring and water quality.

For example, Mottech’s ELITE PRO controller works in tandem with the ICC PRO cloud platform, allowing farmers to remotely monitor pump activity, control irrigation schedules, and analyze real-time performance across multiple sites.

etc"

Also per today's RNS, the H1 results to 31st March will be announced on Thursday 21 May. These should flag HDD's transformation to the markets.

With 3.4p EPS now forecast this year, it's easy to see given the massive growth a premium rating of 20-25 just for starters.

A sizeable new appointment just announced:

Https://bmmagazine.co.uk/in-business/flooring-superstore-restructure-harpin-growth-partner/

"Harpin-backed Flooring Superstore weighs restructure as sales slip

April 27, 2026

The 50-strong flooring chain backed by Sir Richard Harpin’s Growth Partner has appointed restructuring advisers, raising the prospect of store closures and redundancies as the cost-of-living squeeze continues to drag on consumer spending.

Flooring Superstore, which employs around 300 people from its Bishop Auckland headquarters in County Durham, has drafted in Begbies Traynor and the restructuring arm of Santander to weigh its options. People familiar with the matter said a company voluntary arrangement (CVA) or a full administration are both on the table, controversial routes that typically squeeze landlords and suppliers while preserving the equity of incumbent owners and senior creditors.

etc"

Yep, another great RNS today:

- £1.8m of new North American orders

- and results to September '26 will be materially ahead of previous expectations

Cavendish have heavily increased their forecasts, despite some heavier energy/raw material costs.

They now forecast 3.4p EPS this year (to Sept '26).

Net cash is also increased to £3m - more than 10% of the entire m/cap.

They've raised their target price to 52p (from 45p), but this is surely just for starters - the potential is surely for so much upside from here even given the recent share price progress.

From Allenby Capital this morning - they see 95p as fair value:

"Contract wins – additional Defence orders (22.04.26)

• Two orders totalling c. $1m, to supply military antennas.

• One order worth c. $0.7m with an existing client, a European defence company, is for delivery within five months. The other, with a local defence company, is for delivery within the next two years.

• The Antenna division secured an additional order (13.04.26) for military antenna with a local existing defence company customer worth c. $2m. This expected to be delivered during 2026 and 2027.

• AGM scheduled for 3 June.

• No change to forecasts or 95p/share fair value that was upgraded with forecasts with March’s finals.

Allenby Capital comment:

Contracts secured in April now total more than $9m and management reports opportunities to secure further orders, primarily in Defence but also across the company’s other markets.

Military conflicts are increasingly reliant on electronics and communication systems, and these account for a greater proportion of expanding global defence budgets. At the time of the finals in March, MTI reported increased enquiries for military related orders, and the pipeline of potential orders was at a record level.

The multiple contract wins since then evidences success in converting the pipeline. After a record performance in FY25, we anticipate further growth in FY26, despite the ongoing disruption to operations in Israel."

Up 5.4p now, and on good volumes with 142k shares traded already.

The AGM is on 3rd June - perhaps we'll get an update given the bullish outlook and trading (although we don't normally):

Https://uk.advfn.com/stock-market/london/mti-wireless-MWE/share-news/MTI-Wireless-Edge-Limited-Notice-of-Annual-General-Meeting/98351352

And on decent early volumes too. Perhaps the time for re-rating has arrived.

From today's Times, Britain's 2 Sisters Food Group have reported pre-tax profits of £108m, up from £35.5m last year.

I'd assume 2 Sisters is one very likely eventual acquiror of Shire Foods, especially with a number of major customers in common:

Https://www.thetimes.com/business/companies-markets/article/chicken-king-ranjit-singh-boparan-profits-rise-debts-fall-3hbn88b0g

Extracts:

"Boparan Holdings is the parent company of 2 Sisters Food Group, supplying most of the UK’s supermarkets and large retailers in the Netherlands with chicken and turkey, as well as manufacturing own-label packaged foods including pizzas, soups and ready meals. The Boparans also own Bernard Matthews, the UK’s biggest supplier of turkeys."

"2 Sisters was founded in 1993 and employs almost 14,000 people across 24 sites in the UK and Europe. Its customers include Aldi, Asda, Co-op, KFC, Lidl, M&S, Sainsbury’s, Tesco and Waitrose."

Now up 9p and rising fast - hopefully an indication that a seller has been cleared.

I'm seeing selling from the likes of Octopus and Canaccord across the board to fund redemptions etc. Once they're cleared out then it should be full speed ahead here - lots of upside on this miserly rating imho.

I've just bought more at 41.2p and 41.3p (not reported yet), which appears to have raised the buying price for similar amounts to 41.5p.

Buying just now at 20.21p, above the 20p published offer price. This often signals a shortage of stock, so hopefully more rises on the way.

And good news from Molendotech today:

Https://www.linkedin.com/feed/update/urn:li:activity:7453393885503954944/

"We have big news to report: Molendotech has joined the 2026 Imagine H2O Accelerator and put Bactiquick real-time water testing under the global water spotlight.

This is a huge achievement – out of over 220 applicants from 30 countries, we’ve been chosen as one of just 10 companies to amplify our impact in environmental water testing.

Steven Senior has kicked things off for Molendotech in San Francisco this week at the Imagine H2O Water Innovation Summit, where we’ve pitched live and shown why Bactiquick is one of the most exciting stories in the industry today.

We're delighted to join this very select cohort of water innovators:

Active Membranes AlgaFilm Technologies Ltd. AquaPoro AxNano Beyond The Dome, Inc Biota, Inc. Brightwater Tools Delta Bravo AI FloNergia Systems Inc.

You can find out more about the 2026 Imagine H2O Accelerator here: https://lnkd.in/g8UbURph"

Nice move up already this morning, with quite a bit of buying coming in considering it's a quiet Friday. Which hopefully bodes well.

Full Circle seem to be on a roll now - another contract win, this time for 5 years at a further six wind turbines

Https://www.fullcirclewindservices.com/full-circle-secures-long-term-om-contract-with-european-energy-for-pendine-wind-farm/

Extract:

"Full Circle Wind Services has secured a five-year operations and maintenance contract with European Energy, an international renewable energy developer with a growing portfolio of wind and solar projects.

The new agreement covers six Enercon E-48 turbines with a combined capacity of 4.8 MW at Pendine Wind Farm in South Wales. With the contract already underway, Full Circle will provide full-scope O&M support, including blade and major component work, scheduled and unscheduled maintenance, and 24/7/365 remote monitoring.

Full Circle’s experience with Enercon turbines, strong SCADA expertise, and professional approach during the tender process were key factors in securing the contract.

The site will be supported by Full Circle’s existing regional service team, who already look after other turbines in the area."

Schroders have been buying again - they now own over 20%, with 14.87m shares:

Https://uk.advfn.com/stock-market/london/carclo-CAR/share-news/Carclo-plc-Holdings-in-Company/98342178

The business seems to me to be heading in very much the right direction, with higher quality and higher margin work being prioritised, historic trading in line with expectations and an outlook "with momentum across both divisions".

Panmure Liberum say Buy and have a 90p target price.

They see a historic 3.7p EPS to March '26, followed by:

- 5.8p EPS this year to March '27

- 7.7 EPS to March '28

Schroders have been buying - they're now above 5% with 6.99m shares (up from 4.69%):

Https://uk.advfn.com/stock-market/london/tekmar-TGP/share-news/Tekmar-Group-PLC-Holdings-in-Company/98341801

BBSN were tipped in SCSW's February issue FYI. Enough time has passed that I can post it:

Https://www.scsw.co.uk/issues/february-2026/brave-bison-trading-ahead-of-expectations/

"Brave Bison - Trading ahead of expectations

Brave Bison has delivered stronger than expected trading in Q4 25, driven by continued momentum in its Performance marketing division and a standout performance in Sport & Entertainment.

The period saw new client additions including Airbnb, Logitech, Loveholidays and Honda, particularly in the Performance division, where the AI proposition has stood out against the competition. Sport & Entertainment performed well in H2 25, with YouTube assets seeing the US Open channel deliver record viewership for the tournament. FY25 sales will now be £33.5m with EBITDA of £6.5m and pretax profit of £5.5m, representing 55%, 44% and 41% growth year-on-year.

Canaccord already forecasts EPS of 6.4p for the year just ended with 7.3p this year. It sets a target price of 150p. But with year-end net cash of £4.3m against prior expectations for net debt, and a robust acquisition pipeline, these will be upgraded. Meanwhile as I go to press, it has just announced its largest ever contract win for MiniMBA. Buy."

"BIG is already expanding its US footprint, opening an in-house monitoring center in Florida and recruiting new marketing managers to drive growth. It has also announced two developments that expand its reach in the US and further open up the significant opportunity. Beyond its core GPS monitoring, BIG has its alcohol monitoring tag, AlcoBreath, which allows authorities to verify both location and sobriety through a simple phone call. Alcobreath has received FCC approval and is being supplied to RMS, a business that provides substance abuse treatment and probation services to over 170 agencies and 32,000 clients in the US daily.

The balance sheet also provides scope for M&A. BIG could deploy £100m to acquire a US reseller - particularly one with direct customer relationships - and this would be transformational. Zeus forecasts £33.3m pretax profit this year for EPS of 6.5p and a very lowball figure of £34.6m next year for EPS of 6.7p.

These could explode upwards; I am a buyer."

BIG were the main Buy tip at 104.5p in SCSW's February issue FYI. Enough time has passed that I can post a few useful extracts:

Https://www.scsw.co.uk/issues/february-2026/big-technologies-shares-jump-after-legal-dispute-is-settled/

"A business like Big Technologies, which leases electronic bracelets to governments for monitoring offenders on parole, could soon be on an explosive growth trajectory.

Electronic tagging has become acceptable as an alternative to keeping some prisoners behind bars by letting a number of pre-trial detainees and offenders out early on the condition they can be remotely monitored.

In the UK there are 89,000 people in prison and around 240,000 on probation (I exclude people subject to deportation proceedings as these are not counted in prison or probation statistics and are monitored by the Home Office). By comparison, in the US, around 1.9m people are incarcerated and about 3.7m are on probation or parole.

With the annual cost of keeping a prisoner behind bars estimated as being over £50,000 in the UK and between US$30,000-US$65,000 in the US - covering staff, security, buildings, food and healthcare - electronic tagging represents a cost-effective alternative for low-and medium-risk offenders while maintaining supervision and public safety.

I included Big Technologies (BIG) as one of my 12 New Year NAPS last month. The shares have already performed well since then, but I believe they are an even better buy now. The key reason is that this month’s settlement of a long-running legal dispute has lifted the uncertainty that had cast a long shadow over the shares for the past 18 months.

The electronic monitoring (EM) market continues to expand, driven by overcrowded prisons, rising migrant / asylum seeker populations, and persistent pressure on governments to reduce correctional costs while cutting reoffending. These are global problems and EM adoption continues to widen."

"Adding to the company’s appeal is the unusually high visibility of its revenues. Annual Recurring Revenue climbed to a record £52.4m by the end of December, a 12% increase over 12 months. Beyond existing business, management points to a substantial pipeline of tender opportunities and expansion potential across adjacent markets. Meanwhile, current contracts continue to deepen, with additional tags being added to long-standing framework agreements."

"Global Opportunity BIG’s momentum is building in every direction: in December, it secured multiple new contracts across Lithuania, Latvia, Pierce County (Washington), Prince Edward Island (Canada) and Aruba, adding to September wins in California, New Zealand x2, and a domestic violence program in Australia. These deals provide strong visibility to 2026 revenues."