Inclusive Investor Relations, Equity Development

Equity Development

Inclusive Investor Relations

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Equity Bottom-Up

Diales Group PLC provides construction and engineering consultancy services. The Company offers commercial construction management, planning, programming and scheduling, project management, dispute resolution, quantity surveying, building information modeling, and expert witness services. Diales Group serves customers worldwide.

<ul>
<li>Diales FY25 results were ahead of expectations, reflecting the restructuring of the business, with costs cut over the last two years.</li>
<li>The breakeven level of utilisation is now lower, with productivity higher as expert numbers rise as a proportion of fee earners, in turn leading to positive margin progression.</li>
<li>The Board can now focus on growing added-value services and expanding the top-and-bottom lines further.</li>
</ul>


Diales FY25 results were ahead of expectations, reflecting the restructuring of the business, with costs cut over the last two years.
The breakeven level of utilisation is now lower, with productivity higher as expert numbers rise as a proportion of fee earners, in turn leading to positive margin progression.
The Board can now focus on growing added-value services and expanding the top-and-bottom lines further.


Diales Group - All coming together nicely

Cohort plc, through its subsidiaries, provides various products and services for the defense and security, transport, offshore energy, and other commercial markets in the United Kingdom, the Asia Pacific, North and South America, and other EC countries. The company?s services and solutions include electronic warfare operational support, secure communication systems, secure networks, test systems, and data management. It also offers electronic and surveillance technology for electronic warfare and intelligence systems, communications, UAVs, force protection, and special projects; and technical support, consultancy, and managed services in the areas of complex systems and training support, as well as regulatory, information, and communication. In addition, the company provides research, development, manufacturing, training, and support services for complex systems. Further, it offers systems engineering, software, and electronic engineering services and solutions, including design and manufacture services to government and industry. Cohort plc was incorporated in 2006 and is headquartered in Reading, the United Kingdom.

<ul><li>For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m).</li><li>Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m).</li><li>EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share.</li></ul>

For the six months to 31 October 2025 Cohort reported revenue of £128.8m, +9%YoY and (adj.) operating profit of £9.7m (H1 25: £10.1m).Order intake was £122.3m (H1 25: £139.2m) with a closing order book of £604.5m (FY25: £616.4m).EPS (rptd., dil.) was 15.85p (H1 25: 19.76p) with an interim dividend +10%YoY to 5.80p/share.

Cohort plc: Robust results and outlook: all on track

Restore plc, together with its subsidiaries, operates as a support services company primarily in the United Kingdom. The company operates through two segments, Document Management and Relocation. The Document Management segment stores and retrieves hard copy documents stored in cardboard boxes; manages archive boxes of document files, magnetic data, films, and other materials for blue-chip organizations; and offers reorganization of customer documents, document restoration, and file-tracking services, as well as offers cloud storage that allows access to indexed records. This segment also provides shredding and recycling services; converts hard-copy documents into electronic data; and organizes and indexes the electronic versions of documents for location. The Relocation segment provides commercial relocation services, such as the physical movement of office furniture and other physical resources for customers that range from large corporates and local businesses to public sector bodies, such as health trusts, libraries, and universities; international moving services for senior managers; and IT relocations service to blue-chip organizations, which includes server and data center relocation, desktop IT and trading desk relocation, and furniture and IT asset audit and management. This segment also offers secure data destruction and hardware disposal services for computer equipment; on- and off-site destruction services, including recycling, refurbishment, and the resale of electronic items; and collection services for empty toner and printer cartridge recycling. Restore plc was incorporated in 2004 and is headquartered in London, the United Kingdom.

<ul><li>Restore has released a positive trading update this morning, upgrading underlying profit forecasts alongside the sale of the underperforming Harrow Green business to Pickfords for up to £5.5m.</li><li>Organic growth prospects for Restore’s continuing businesses are increasingly positive, the recent Synertec acquisition is trading well, and underlying operating margins are already running ahead of the Group’s 20% medium-term target.</li><li> On our upgraded FY26 forecasts, Restore is trading on a P/E rating of just 10x, which, in our view, fails to reflect the quality of the Group and its growth prospects.</li></ul>

Restore has released a positive trading update this morning, upgrading underlying profit forecasts alongside the sale of the underperforming Harrow Green business to Pickfords for up to £5.5m.Organic growth prospects for Restore’s continuing businesses are increasingly positive, the recent Synertec acquisition is trading well, and underlying operating margins are already running ahead of the Group’s 20% medium-term target. On our upgraded FY26 forecasts, Restore is trading on a P/E rating of just 10x, which, in our view, fails to reflect the quality of the Group and its growth prospects.

Restore plc - Harrow Green disposal and forecast upgrades

Begbies Traynor Group plc provides professional services to businesses, professional advisors, and banks in the areas of insolvency, restructuring, and risk management activities in the United Kingdom. The company offers business rescue options, advisory options, forensic accounting and investigations, corporate and commercial finance, and personal insolvency solutions and services to banking, legal, and accounting sectors. It operates in two segments, Insolvency and Restructuring, and Property. The company also provides financial and risk consultancy, network organization, property consultancy, insurance brokerage, employee trust, and facilities management services. In addition, it offers trusted advisory services to banks, independent accountancy practices, law firms, as well as directors and shareholders of independent and quoted businesses. The company serves small businesses, professional advisers, corporations, and financial institutions. Begbies Traynor Group plc was founded in 1989 and is based in Manchester, the United Kingdom.

<ul><li>Begbies’ interim results show real momentum, with the positive outlook enhanced by two recent acquisitions and an expanded leadership team.</li><li>The group has confirmed it is on track for both FY26E consensus expectations and its near-term target of £200m revenues.</li><li> Revenues rose 7% to £82m and Adj. PBT was up 5% to £12.1m.</li></ul>

Begbies’ interim results show real momentum, with the positive outlook enhanced by two recent acquisitions and an expanded leadership team.The group has confirmed it is on track for both FY26E consensus expectations and its near-term target of £200m revenues. Revenues rose 7% to £82m and Adj. PBT was up 5% to £12.1m.

Begbies Traynor Group - Strategic diversification clearly paying off

Victorian Plumbing Group / Equity Bottom-Up

Victorian Plumbing Group PLC is a major online bathroom retailer. The Company offers toilets, basins, baths, showers, suites, shower enclosures, taps, heating, tiles, mirrors, curtain rails, extractor fans, plugs, and other related plumbing products. Victorian Plumbing Group serves customers in the United Kingdom.

<ul>
<li>Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business.</li>
<li>In this initiation report we review the group’s attractive investment thesis and conclude the 40% sell-off in the past 12 months significantly undervalues the group’s potential.</li>
<li>We initiate coverage with a 110p Fair Value equating to 1.1x EV / Revenues, c.11x EV/EBITDA and a c.5% FCF yield (cal 2026).</li>
</ul>


Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business.
In this initiation report we review the group’s attractive investment thesis and conclude the 40% sell-off in the past 12 months significantly undervalues the group’s potential.
We initiate coverage with a 110p Fair Value equating to 1.1x EV / Revenues, c.11x EV/EBITDA and a c.5% FCF yield (cal 2026).


Victorian Plumbing Group - Considerable Untapped Potential (Initiation)

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