Davy Morning Equity Briefing
Dec 10, 2025
Volution
Another sound trading update with a further meaningful deal in Australia announced
Volution’s trading update confirms that the group is well on its way to delivering another year of good progress. In addition, the Volution development agenda continues apace with the announcement of another sizeable acquisition in Australia. Organic revenues rose circa 5% year-on-year (yoy) in the four months to the end of November, with overall sales up over 30% yoy due to the inclusion of Fantech. The acquisition of AC Industries should add over 7% to adjusted EBITDA over a full financial year and hence will help sustain Volution’s earnings growth momentum.
Berkeley Group
Guidance reiterated despite softer autumn sales
H1 is modestly ahead of implied guidance at Berkeley, and FY26 and FY27 guidance has been reiterated. Comments regarding recent softness ahead of the Budget will be unsurprising, and we see little scope for estimate changes following today’s update.
