**Summary**
EPE Special Opportunities Limited (ESO) released a trading statement for the year ended 31 January 2026, highlighting improved performance despite macroeconomic challenges. Key points include
1. **Portfolio Performance**
NAV per share increased by 10% to 360 pence (from 328 pence in 2025).
Share price rose slightly by 1% to 150 pence.
Successful integration of LSA International into The Rayware Group, enhancing synergies.
2. **Key Investments**
**Luceco**Exceeded market expectations with 12% revenue growth and 15% adjusted operating profit growth, driven by EV charging sales.
**Whittard of Chelsea**Fifth consecutive year of sales growth, record EBITDA, and expanded Asian presence.
**The Rayware Group**Improved sales momentum, particularly in the US and marketplace channels, with LSA International acquisition boosting scale and profitability.
**Pharmacy2U**Accelerated growth, especially in Online Doctor services and eScript division.
3. **Financial Management**
Strengthened liquidity through refinancing (e.g., Whittard) and extending unsecured loan notes.
Completed share buybacks (1.8 million ordinary shares and 1.5 million ZDP shares).
Cash balances stood at £14.1 million as of 31 January 2026.
4. **Future Plans**
Engaging with ZDP shareholders to extend redemption date beyond December 2026.
Focus on prudent liquidity management and portfolio development.
Chairman Clive Spears acknowledged the challenging environment but praised the team’s efforts in advancing the portfolio and managing liquidity. The company remains optimistic about its prospects, supported by operational efficiencies and strategic growth initiatives.