Haydale has announced a new contract for its SMCC (Save Money Cut Carbon) subsidiary to deliver water efficiency programmes for customers of Wave Utilities, a leading UK business water retailer. The contract encompasses a multi-year framework agreement and an exclusivity arrangement between SMCC and Wave. The deal is supportive of our financial forecasts for Haydale and we reiterate revenue growth of 3.2x and 2.1x in FY26E and FY27E respectively. We maintain our Buy rating and 1.0p target price.
