FY24 results highlight a record outturn, with revenue of £67.3m (2023: £27.2m) and adj. PBT of £22.3m (2023: £11.2m), both in line with expectations. Organic growth of 6% was enhanced by the strategic acquisitions of Belvoir and GPEA. Cost synergies of £0.4m were delivered in FY24, with a further £2.1m expected in FY25. Guidance is reiterated and we forecast EPS growth of 12%/8% in FY25/FY26. The expanded operations offer significant growth potential beyond this as management seeks to achieve revenue synergies and further enhance the Group’s market share. Against this, the valuation appears undemanding - we target a Dec. ’25 P/E rating of 15x (vs. a current rating of 11.7x) to drive our unchanged 532p TP. We remain at Buy.
