Investment research on quoted companies and funds

Hardman & Co

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

<ul><li>Cavendish reported PBT of £1.1m for the half-year to September 2025.</li><li>Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year.</li><li>The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period.</li></ul>

Cavendish reported PBT of £1.1m for the half-year to September 2025.Revenue was up 3% on a comparable basis – against a still tricky background for UK smaller companies – and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year.The result was an indication of the strength of the diversified revenue stream – with both private and public divisions healthily profitable – and a strong control on costs, which fell over the period.

Cavendish plc (CAV): Steadily profitable in continuingly tough markets