@I have just returned to my computer to find
#HUD is down to 1.2p, which values the company at just £5m.
Executive Chairman Martin Higginson took £137,500 of stock in the recent placing at 1.75p.
By my calculations, that recent cash injection gave them a total of around £1.5m in cash plus the £600k management loan.
That gives them an EV of just £4.1m for a +£19m revenue business that grew by 47% in 2025.
That, for me, is utter madness, so I have added more to bring down my average.
Having recently spoken with management, I know they are working very hard to grow the business and take advantage of their new marketplace sales avenues.
Communication with the market could be better, but hopefully that changes as we approach Q1 reporting.
There is clearly an aggressive seller around, which means the price could fall even further. But 1.25p offers me enough risk reward, so I took some more shares.
I was definitely very early on this investment, and it is not a pretty sight to look at in the portfolio, but I remain confident it will be worth it in the end.
