Alex Newman’s view:
After the sale of two lossmaking legacy businesses, investors are slowly cottoning on to the undervalued and long-disguised strengths of this
well-established professional services group. With a medium-term path to grow annual operating profits to £10mn and a realigned group structure whose earnings quality is much higher than the market has assumed, these Aim-traded shares have the chance to re-rate twice.
Bull points
Growth stock on a PE of eight, ex-cash
Both divisions are profitable
De-risked balance sheet
Market leader in multiple sectors
Well-diversified growth plan
Fast-rising dividend
Order book well up in early 2026
Management and governance reset
Bear points
Bid-offer spread and liquidity
No huge near-term catalyst
Challenged hospitality client base
Adjusted profits forecast to dip in 2026
No date for £10mn EBIT target
Elongated deal completion times
