Hardman & Co Research on Cavendish plc (CAV) - Showing virtue of flexible cost base

Cavendish reported core PBT of £0.8m for the half-year to September 2026, down from £2.0m for the comparable period last year. Revenue was down 20% against a still tricky background for UK smaller companies. The result demonstrated a strong control over costs, which fell 16% over the period. We have cut our core net income expectation to £2.2m, from £3.9m. Currently, the stock is trading on just 4.3x EV/NOPLAT 2027E. There is no interim dividend.

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Analyst: Jason Streets js@hardmanandco.com

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Hardman Research Ltd, trading as Hardman & Co, is an Appointed 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.