REG - EPE Special Opps Ltd EPE Special Opp-EO.P EPE Special Opp-EL.P - Trading Statement

EPE Special OpportunitiesAnnouncement

09/02/2026 07:00

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RNS Number : 1411S  EPE Special Opportunities Limited  09 February 2026

EPE Special Opportunities Limited
("ESO" or the "Company")

 

Trading Statement

 

The Board of EPE Special Opportunities is pleased to provide the following
trading update on the Company's performance for the year ended 31 January
2026.

 

·   The Company delivered improving performance in the year ended 31
January 2026, as positive momentum within the portfolio was balanced against
continuing headwinds from a complex macroeconomic backdrop. The Company was
pleased to announce the completion of a new investment in LSA International in
July 2025, with the premium glassware brand integrated into The Rayware Group
and delivering significant synergies. The Company has continued to take
prudent action to manage its capital structure, increasing liquidity in the
period via the refinancing of Whittard and the extension of the ULN, and
completing ordinary share and ZDP share buyback programs.

 

·    The unaudited estimate of the Net Asset Value ("NAV") per share of
the Company as at 31 January 2026 was 360 pence, reflecting a 10 per cent.
increase on the NAV per share of 328 pence as at 31 January 2025. The
unaudited estimate has been prepared using the Company's historic valuation
methodology and accounting principles.

 

·    The share price of the Company as at 31 January 2026 was 150 pence,
reflecting a 1 per cent. increase on the share price of 149 pence as at 31
January 2025.

 

·      In January 2026, Luceco released a trading update for the year
ended 31 December 2025, announcing full-year performance ahead of market
expectations. The group achieved £271 million revenue, reflecting 12 per
cent. growth on the prior year and supported by 85 per cent. sales growth in
EV charging. Adjusted operating profit is expected to be at least £33.5
million, representing c.15 per cent. growth and implying adjusted operating
margins of 12 per cent., above the upper end of market expectations. The
group's adjusted free cash flow approximated £30 million, reducing net
leverage to 1.3x at year end, comfortably within the Group's target range of
1.0 - 2.0x. Luceco enters 2026 with positive momentum, supported by
operational efficiencies, acquisition synergies and structural growth in the
energy transition sector.

 

·    Whittard of Chelsea ("Whittard") achieved its fifth consecutive year
of sales growth and record EBITDA performance. The UK retail store estate
performed strongly, delivering 13% like for like sales growth and successful
new store openings in Shaftesbury Avenue, Bluewater, Nottingham, Kingston and
Manchester. Whittard progressed its Asian growth plans, opening a 3PL hub in
Hong Kong, and expanding its franchise store estates and wholesale network. In
August 2025, Whittard secured a £10.0 million term loan facility and a £2.0
million revolving credit facility from a third-party lender. The proceeds of
the term loan were used by Whittard to repay existing shareholder loans
advanced by ESO Investments 1 Limited ("ESO 1") (an undertaking of ESO, in
which it is the sole investor). The proceeds received by ESO 1 were returned
to ESO.

 

·    The Rayware Group ("Rayware") delivered improving sales momentum, led
by strong growth in its US and marketplace channels. In July 2025, ESO 1
acquired the LSA International brand, which designs, develops and distributes
a wide range of award-winning interior products, including glassware,
tableware and interior accessories. LSA supplies a broad range of premium
retailers, hospitality partners and distributors in the UK and international
markets, as well as operating e-commerce and marketplace channels. The
integration of LSA into Rayware was completed in early February 2026,
delivering increased scale and improved profitability via revenue and cost
synergies.

 

·    Pharmacy2U ("P2U") accelerated its growth trajectory during the
period. The Services division achieved materially increased scale, driven by
significant growth in its Online Doctor services. The eScript division
continued to deliver pleasing organic growth, following the successful
integration of the LloydsDirect business.

 

·   Denzel's progressed its revised growth strategy focused on developing
key retail accounts and marketplace channels, supported by the appointment of
a COO in the period. In March 2025, the Company, through its subsidiary ESO 1,
invested an additional £0.4 million in Denzel's to support the business. The
business is reviewing working capital requirements to deliver its medium term
commercial plan.

 

·    The Company had cash balances of £14.1 million(1) as at 31 January
2026. In the period, the Company completed Ordinary share buybacks in the
market totalling 1.8 million shares at a weighted average share price of 147
pence. In the period, the Company repurchased 1.5 million zero dividend
preference ("ZDP") shares. Following this buyback, the Company has 8.0 million
ZDP shares remaining in issue, maturing in December 2026. In the coming
months, the Company will engage with holders of the ZDP shares regarding an
extension to the current redemption date. In June 2025, the Company agreed the
extension of the maturity of £4.0 million of unsecured loan notes to July
2026. The Company has no other third-party debt outstanding.

 

·    As at 31 January 2026, the Company's unquoted portfolio was valued at
a weighted average EBITDA to enterprise value multiple of 8.0x and the
portfolio has a low level of third-party leverage with net debt at 0.9x EBITDA
in aggregate.

 

Mr Clive Spears, Chairman, commented: "Although the operating environment
during the period has remained challenging, the Board and Investment Advisor
have continued to progress the development of the portfolio and the prudent
management of liquidity. The Board would like to express their appreciation
for the hard work of the Investment Advisor and portfolio management teams and
look forward to updating shareholders at the half year point."

 

The person responsible for releasing this information on behalf of the Company
is Amanda Robinson of Langham Hall Fund Management (Jersey) Limited.

 

Note 1: Company liquidity is stated inclusive of cash held by subsidiaries in
which the Company is the sole investor.

 

Enquiries:

 

 EPIC Investment Partners LLP                   +44 (0) 207 269 8865

                                                Rupert Palmer
 Langham Hall Fund Management (Jersey) Limited  +44 (0) 15 3488 5200

                                                Amanda Robinson
 Cardew Group Limited                           +44 (0) 207 930 0777

                                                Richard Spiegelberg
 Deutsche Numis                                 +44 (0) 207 260 1000
 Nominated Advisor:                             Stuart Skinner
 Corporate Broker:                              Charles Farquhar

 

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