This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness
6th February 2026
Alphabetically arranged
Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
These companies are rolling out ‘buy-and-build’ growth strategies to accelerate growth
CSSG Feeling Secure
EARN Heating up
Croma Security Solutions Group 71.50p £10.12m (CSSG.L)
Last Reported in Friday Takeaway, 24 October 2025 at 78.5p
Financial Calendar:
Year End June, Reported 3 November, Interims December, Reporting 27 February
Top Three Shareholders:
Roberto Michele Fiorentino 28.46%, Liontrust Investment Partners LLP 9.90%, Russell Long 7.44
Key Investment Points:
Proven Concept, Synergies in Scale, Cash for Expansion
Croma the acquisitive security solutions provider is to report Interims on 27 February. The finals to June 2025 were announced on 3 November showing that revenue had improved 10% to £9.63m along with a 10% improvement in EBITDA to £1.17m, while the Operating profit was little changed at £0.6m. The Gross margins of 43% declined from 46%. 20% of the turnover is from the locksmith division, which typically comes from the retail market, while the remaining 80% is generated from commercial and institutional customers.
The strategy is one of to ‘Buy and Build’, to become a branded national network of full-service Security Centres. This will be by acquiring modestly valued, independent locksmith stores and converting or assimilating them into comprehensive security centres with an enhanced product offering. Croma designs, installs, and maintains a wide range of security systems and fire services such as Intruder Alarms, CCTV, and Access Control systems, as well as Biometrics, Door Entry, and Automatic Door systems, and offers 24/7 Remote Monitoring and bespoke systems for high-risk buildings. This contracted commercial work is primarily for local authorities and healthcare providers. The net cash was £4.3m and the FY dividend was increased to 2.4p from 2.3p at the FY numbers in November.
To prove the concept, three acquisitions have been made, which shows encouraging investment into expanding the core operational functions to be able to accelerate the pace of acquisitions.
On 5 January 2026, TLS Security Systems was acquired for £0.47m and is a family owned and operated business, located in Taunton, providing specialist locksmith and access control services and an additional £0.2m was paid for a freehold property. The growth model should over time drive cost efficiencies and significantly increase the acquisition earnings potential.
The FY June 2026 forecast on Alpha Terminal is a PBT of £0.73m on £10.2m of Turnover, which we calculate gives a prospective P/E of 18x, and the dividend yield is 3.4%. We calculate that the EV/ EBITDA multiple would be 7.8x. According to Company announcements, there is a pipeline of potential acquisitions and the Company expects to acquire 3-5 stores per annum and to increase the margins as they become Security Centres and accelerate future growth.
Hybridan Comment: The opportunity should start to be unlocked as there is the cash and an enlarged acquisition team to open up the Buy & Build strategy.
Earnz 5.50p £7.70m (EARN.L)
Financial Calendar:
Year End December, Reported 27 June, Interims June, reported 11 September
Top Three Shareholders:
Gresham House 26.46%, Pentwater Capital 13.78%, Bob Holt (Non-Executive Chairman) 9.26%,
Key Investment Points:
Government Funding, Seeking Scale, Track Record
This energy service Company's objective is to capitalise on the drive for global decarbonisation, EARNZ stands for Advisory Regeneration Net Zero. The Company welcomed the recent Government announcement of funding the Warmer Homes Plan (WHP) by making £15bn available to the Social Housing Sector. The Government plan is to upgrade housing stock to help one million households out of fuel poverty by 2030. The scale of the plan is the largest ever public investment to upgrade British homes to make them warmer and cut bills so reducing fuel poverty. The WHP will cover the cost of solar panel installation, batteries, heat pumps and fund home upgrades for low-income and fuel poor households.
EARNZ’s Chairman Bob Holt took Mears Group from £12m to £1bn of revenue and is developing a ‘Buy & Build’ growth strategy to acquire a portfolio of innovative clean energy services businesses to capitalise on the drive towards carbon neutral buildings. There have been several waves of ECO grants and funding committed to decarbonise such as the Social Housing Decarbonisation Fund and the Government has set an aim for all Government property to be 100% decarbonised by 2050.
EARNZ comprises five energy services companies that have been acquired since March 2024. A&D Carbon Solutions has been operating for ten years helping homes and communities to reduce energy costs through tailored heating, insulation and renewable energy solutions.
The dual focus is on both the public and private sectors delivering green energy services partnerships. This includes providing tailored energy solutions for businesses, social housing and private homes. The core of the strategy is building long term partnerships with new and established clients in the public and private sectors, responsible for residential and non-residential property portfolios.
On 6 October a one-year £1.2m warm homes contract was won with the sustainable regeneration specialist Equans to supply and install insulation, ventilation upgrades, and renewable energy solutions to 92 privately owned homes in Bradford, West Yorkshire. Public sector contracts have also been signed in Dorset and Leeds which the Company expect will offer significant opportunities.
On 11 September 2025, £1m of working capital was raised at 7.2p which was at a 44% premium and the new shares represented 10% of the Company's enlarged share capital. The funding was supported by the Non-executive Chairman’s family subscribing for £70k and Elizabeth Lake, CFO with £30k. The capital is to pursue the significant opportunities identified in the Midlands and in Yorkshire.
The Trading Update on 12 January for the 12 months to FY December 2025 was in line with expectations as the business opportunity takes shape.
Hybridan Comment: Warm homes and net zero services is a viable opportunity, and further contract wins and acquisitions might be anticipated.
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