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So far they've used £3.73m of the up to £18m that has been stated for buybacks. With the revised cash flow from operations they may have to dip into their free cash (net £26.5m as of 31 October 2025) to continue buybacks. My projections show they still have the wiggle room to do so comfortably. It follows that there's still up to £14.27m on the table to continue buybacks — sizable considering that market cap is only £400m and average daily trading volume is sitting at 1.7m shares (£1.81m). While the share price is still cheap I imagine they'll be continuing to do buybacks this week and possibly every week this month.

Looks like they executed a £1m buyback last week, much more than recent buybacks.

Here's an idea, what if the board started talking about 'AI powered dog wash' and posting AI images of dogs being pampered on Twitter? We may finally see some positive price action.

Even with the revised projections we're looking at a ~7-8% dividend yield. Of course there's always the risk they'll be revised down further, but it's trading like a company that's highly indepted, which it's not.

The moat is obvious and it was particularly insightful to hear that the company is protected from energy price spikes, given site owners pay the utility bill. Installations and revenue growth in laundry was very strong for FY25. Results were very strong, far more positive than I expected, so I think the share decline since July last year is completely unjustified. Share price should be 250+.

Catching the falling knife is only applicable if you're trading on price trends. The fundamentals here are solid. If the company had large debts or declining profits it'd be a different story, but revolution installations are accelerating, revenue is growing and profit is rising. Growth forecasts are certainly being revised downwards following the previous years numbers, which explains the re-pricing, but my analysis suggests that fair value for the company is much higher than the current share price. Over the long term, this should be realised.

A dividend yield of 5% for a company that has a healthy balance sheet and is still growing both revenue and profit. With rates expected to be 3.75% going into 2026 it's a no-brainer for me. It's already a decent chunk of my portfolio but I have limit orders to accumulate more as this falls.

In truth I'm not too concerned with Photo.ME revenue shrinking 4%. That was mostly known in H1. I think the impact on estimates comes from Wash.ME. They fell short of installation projections slightly and I believe that there was a reduced demand this year in both H1 and H2. If they continue what they're doing for the most part, by accelerating machine installations, I don't think they can go wrong. Annual revenue per laundry machine sit at around £7k, while cost to install is under £2k and falling.

As for a buyout I have no interest in speculating on it. My reasons for buying the shares are purely driven by my analysis of their business model. If a buyout was to happen I'd want a large premium to the current share price, as I currently believe it has room to 2x, 3x or more in the next few years.

True results were soft but I don't think it's all that disappointing. The genius of revolution is that it's a launderette without the overheads. Falling Capex costs are allowing for an acceleration in machine growth, building a stronger moat every year. I'd like to see faster revenue growth but in my opinion the fundamentals remain strong.