The focus in H1 was on delivering the Nov. ’25 transaction. H1 adj. EBITDA was £14.2m but this pre-dates the transaction and is therefore of little relevance to the continuing operations or future prospects of the Group. Importantly, whilst we nudge down our FY26 forecast to reflect transaction and integration timing, the outlook statement reaffirms guidance for FY27, the first full year post completion. Early trading through the Speedy Hire commercial supply agreement has been positive and, whilst full integration will take time, the Board remains confident in PRO’s commercial potential, with substantial earnings accretion expected. We retain our 20p TP and see substantial upside potential as the full benefits of the deal are realised. BUY.
