Hardman & Co Research on Cavendish plc (CAV): 
Solid performance in still tough markets

Cavendish delivered FY26 revenue of £56.9m (FY25: £55.6m), a 2.3% increase, and doubled reported PBT to £1.5m (FY25: £0.7m). Core profit before tax –stripping out share-based payments, option revaluation movements, associate and joint venture losses, and non-recurring costs – was £3.5m (FY25: £3.7m), a modest reduction reflecting deliberate investment in people, technology and regional expansion. All the main figures were in line with expectations. Currently, the stock is trading on 5.4x EV/NOPLAT 2026, falling to just 3.6x 2027E.

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Analyst: Jason Streets js@hardmanandco.com

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Hardman Research Ltd, trading as Hardman & Co, is an Authorised Representative of Palace Ventures Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 433291). Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.