The statement followed the path of previous AGM statements, in providing little financial detail ahead of 1H figures likely in May/June. Nevertheless, it noted that notwithstanding the current geopolitical turmoil, the Board is ‘confident’ in the strength of the offering, the resilience of the operations, and the ability to deliver sustainable progress. The statement noted that sales and marketing initiatives are ‘delivering positive results across all divisions’, with the new business pipeline ‘encouraging’. We maintain forecasts, with the Group saying that at present the potential impact of the Middle East situation on input and logistical costs look manageable but is being monitored. Importantly, we believe that businesses such as 24hr Aquaflow and Laddersfree have forward momentum and pressure on service delivery levels seen in 2025A are not so prevalent in 2026E. We retain our 69p TP/Buy, based off a FY 26E target 11x PER.
