ECO’s AGM statement highlights a highly encouraging H1, with revenues expected to be up over 15% YoY, albeit against a soft comp. This implies a more even H1:H2 revenues split this year compared to recent years and provides increased confidence that our FY26E estimates could prove to be conservative. We make no change to forecasts at this stage and will review again at the Interims in late November. The shares have finally begun to recover, but we see plenty of upside still on improved underlying trading and from the new product development pipeline that is expected to begin to contribute from next year onwards. We reiterate our Buy recommendation and 257p TP.
