Hardman & Co Research
Hardman & Co Initiation of Coverage: Cavendish plc (CAV) - Profitable even in tough markets Cavendish reported a return to profitability in the year to March 2025. Revenue was up 3% on a comparable basis - against a still tricky background for UK smaller companies - and adjusted pre-tax profit was £3.7m against a loss of £1.8m in the year to March 2024. The result was an indication of the strength of the diversified revenue stream - with both private and public divisions healthily profitable - and a strong control on costs, which fell on a like-for-like basis. Currently, the stock is trading on 9.4x EV/NOPLAT 2026E and 5.6x 2027E.
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2167716 10-Jul-2025
