Hardman & Co Research
Hardman & Co Research on Cavendish plc (CAV): Steadily profitable in continuingly tough markets Cavendish reported PBT of £1.1m for the half-year to September 2025. Revenue was up 3% on a comparable basis - against a still tricky background for UK smaller companies - and adjusted pre-tax profit was £2.0m, marginally ahead of the same period last year. 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 over the period. Currently, the stock is trading on 6.7x EV/NOPLAT 2026E and just 3.8x 2027E.
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2221188 30-Oct-2025