High quality growth: FY26 trading confirms Knights’ increasing scale advantages as a premium regional consolidator, with revenue up 28% to c.£207m, c.3% ahead of expectations, driven by a sharp acceleration to double digit organic growth in H2. Profitable momentum: Adj. EBITDA is set to rise 19% to c.£51m, with margins sustained at c.25% despite NI cost headwinds and ongoing AI investment, while Adj. PBT is expected to increase 18% to c.£33m, slightly ahead of forecasts. Cash discipline: Working capital improved again, with debtor days reduced to 30, supporting strong cash conversion and a better than expected net debt position of c.£65.4m, despite £17m of acquisition spend. Rerating potential: Trading on only c.5.5x cal 2027 PER, with high margins and a c.13.7% FCF yield, the valuation justifies a rerating on quality and growth, in our view supporting a path towards c.8x 2027 PER and 255p fair value per share.