In Q1 2025, growth was moderate, with sales up 4%. According to Patrick, this was due to market volatility, postponed decision-making by clients, and the operational integration phase with StreamLabs and Chubb.
Honestly, his explanation didn’t fully convince me, and my confidence in the management team is waning. That said, they claimed that in April—after completing the integration—sales jumped by 20%, as they focused more on execution.
For the remainder of the year, they expect:
To maintain ~+20% monthly momentum,
To continue increasing revenue and EBITDA,
And to expand their preventive maintenance subscription model.
They also plan to maintain a net debt/EBITDA ratio around 1.5× and are evaluating:
Acquiring new franchises,
Share buybacks (which I honestly find laughable),
And potentially an ADR or dual listing on NASDAQ, since there’s reported interest from US investors.
New initiatives include:
Post-repair data analysis (“aftercare”),
Smart home e-commerce recommendations,
And testing advanced detection technologies.
That’s everything they covered in the Q&A. Personally, I wasn't very convinced, and I’ll be watching the next few quarters before reassessing my position. The company executes well, but that’s not yet reflected in the income statement.
In 2024, they made £83.3 million in revenue and completed several acquisitions:
Dallas: $6 million in revenue, ~$1.1M in profit,
Fresno: $1.8 million revenue, $0.6M profit,
Feakle Gas & Plumbing (Ireland): ~$4M revenue, ~$0.6M profit,
Connecticut: $1.2M revenue, $0.3M profit,
Shanahan: $1.55M revenue, $0.55M profit.
That totals around $15 million in added revenue and $3 million in profit. Assuming some dilution in franchise profitability, they should reach ~$95 million in revenue for 2025. Since they only made $21 million in Q1, they’d need $74 million over the next three quarters.
Given that in 2024 the last three quarters delivered $63 million, they would need to grow by 20% to meet that goal. If they don’t get close to those numbers, I expect Patrick to offer some real explanations—otherwise, I’ll likely sell my stake in the company.
Thanks for the comment! Totally clear and agree. I also watched last two Q&A and the vibe was positive, mainly for Knell side. I understand the approach of waiting to see H1, it makes sense. It's not that I don't see value here, but in a conservative 2029/2030 scenario, it's hard to see the margin of safety I would demand from another company.
Absolutely. I think the company is cheap, and the execution seems to be good, but the numbers are not transparent... that's why I want to wait a bit, since April's results were very positive, growing 20%. If this continues throughout the year, it will be good news.
In Q1 2025, growth was moderate, with sales up 4%. According to Patrick, this was due to market volatility, postponed decision-making by clients, and the operational integration phase with StreamLabs and Chubb.
Honestly, his explanation didn’t fully convince me, and my confidence in the management team is waning. That said, they claimed that in April—after completing the integration—sales jumped by 20%, as they focused more on execution.
For the remainder of the year, they expect:
To maintain ~+20% monthly momentum,
To continue increasing revenue and EBITDA,
And to expand their preventive maintenance subscription model.
They also plan to maintain a net debt/EBITDA ratio around 1.5× and are evaluating:
Acquiring new franchises,
Share buybacks (which I honestly find laughable),
And potentially an ADR or dual listing on NASDAQ, since there’s reported interest from US investors.
New initiatives include:
Post-repair data analysis (“aftercare”),
Smart home e-commerce recommendations,
And testing advanced detection technologies.
That’s everything they covered in the Q&A. Personally, I wasn't very convinced, and I’ll be watching the next few quarters before reassessing my position. The company executes well, but that’s not yet reflected in the income statement.
In 2024, they made £83.3 million in revenue and completed several acquisitions:
Dallas: $6 million in revenue, ~$1.1M in profit,
Fresno: $1.8 million revenue, $0.6M profit,
Feakle Gas & Plumbing (Ireland): ~$4M revenue, ~$0.6M profit,
Connecticut: $1.2M revenue, $0.3M profit,
Shanahan: $1.55M revenue, $0.55M profit.
That totals around $15 million in added revenue and $3 million in profit. Assuming some dilution in franchise profitability, they should reach ~$95 million in revenue for 2025. Since they only made $21 million in Q1, they’d need $74 million over the next three quarters.
Given that in 2024 the last three quarters delivered $63 million, they would need to grow by 20% to meet that goal. If they don’t get close to those numbers, I expect Patrick to offer some real explanations—otherwise, I’ll likely sell my stake in the company.
Thanks for the comment! Totally clear and agree. I also watched last two Q&A and the vibe was positive, mainly for Knell side. I understand the approach of waiting to see H1, it makes sense. It's not that I don't see value here, but in a conservative 2029/2030 scenario, it's hard to see the margin of safety I would demand from another company.
Absolutely. I think the company is cheap, and the execution seems to be good, but the numbers are not transparent... that's why I want to wait a bit, since April's results were very positive, growing 20%. If this continues throughout the year, it will be good news.
Check out SEEEN PLC and Patrick involvement in that investment...
Yeah. I looked into it. A disaster. At least it's small.