Equity Development

McBride has announced a transformational business win, with a strategic contract manufacturing partnership for laundry liquids with Vestacy, the global home care company behind brands including Calgon, Woolite, Air Wick, Cillit Bang and Mortein. Two long-term (5-8 years) contracts have been signed that are anticipated to generate for McBride £170m revenues at maturity, driving a c.16% increase in our FY29E revenues, Adj. PBT and Adj. EPS.

Knights has announced the complementary acquisition of the commercial and private wealth service lines of Moore Barlow LLP. Operating in the affluent South-East market, this is another significant, compelling acquisition for Knights that will add around 160 fee-earners. Generating c.£30m of revenues, Knights is paying only 0.9x EV/Revenues, structured as £18m initial cash consideration and a further £9m over three years, subject to conditions. We raise our FY29E group revenue and Adj.

The adverse share price response following Hunting’s H1 results announcement was disproportionate, in our view. The absence of a sizeable discrete order in the Middle East region has distracted from strong progress by Subsea and Perforating Systems in the period and the positive outlook across much of Hunting’s diverse subsector exposures. H1 26 results were in line with pre-close guidance.

Springfield Properties (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing, will be conducting an online presentation for investors following the release of their full-year resultsfor the period ended 31 May 2026. The event will take place at 09.00am on Wednesday 16 September. Innes Smith (CEO) and Iain Logan (CFO) will be hosting the presentation and answering questions submitted by investors.

Springfield has announced a share buyback programme, for the on-market purchase of up to c.6m ordinary shares (c.5% of issued share capital), subject to shareholder approval at a General Meeting. Share buybacks are being announced with increasing frequency amongst UK housebuilders, with Barratt Redrow notably launching a £400m programme last month.

Ultimate Products' trading matched both market and our own expectations in FY2026. Sales revenue was £144.9m and adjusted EBITDA was £10.0m, while year-end net debt was £8.6m, down from £14.1m a year earlier. Looking ahead, the company expects the FY2027 outlook to be broadly flat. Sales growth for the company’s owned brands accelerated in the second half of FY2026, generating a 5.3% overall increase for the full year. Branded sales, including Salter and Beldray, grew in both halves.

Knights has announced the acquisition of THP Solicitors Limited in the attractive Thames Valley market for £2.4m initial cash consideration, and a further £1.6m over three years, subject to conditions. In our view this is a compelling, complementary acquisition that will add around 30 fee earners and strengthen the group’s full service offering in Reading.

Springfield's positive June trading update highlighted exceptional cash generation, which eliminated bank debt ahead of schedule. Today's announcement of the £12.0m sale of land equating to 170 plots at one of its sites in Central Scotland marks the end of its strategic land sale programme to unlock value from its substantial land bank through selective, profitable disposals.

Cohort's subsidiary ELAC SONAR (Sensors & Effectors Division) has secured a contract worth €140.7m (c. £120m) to collaborate with Saab to deliver integrated sonar systems for the Polish Orka Submarine Programme. The Orka programme involves provision of 3 submarines for the Polish Navy, based on the Swedish Saab Kockums A26, one of the most advanced non‑nuclear submarine designs.

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