Kelso Group Holdings

KLSO · Main Market · Retail · mcap £19m · 3.6p 1 open situation →

Kelso Group Holdings invests in UK-listed small companies it thinks the market undervalues and engages with their boards to unlock value. It also aims to earn fees from investor relations consulting and from its Selkirk acquisition vehicle.

Target	Promise	Said	Status
2024
2024	Earn revenue from investor relations consulting during 2024.	12 Jan 2024	✗ Missed · target changed
	“During 2024, the Kelso team expects to expand its business by earning revenue from investor relations consulting” How it developed 12 Jan 2024 Said “During 2024, the Kelso team expects to expand its business by earning revenue from investor relations consulting” 20 Oct 2026 ↻ Changed / dropped Result Not mentioned in the 4 results reports since the deadline (2024) – treated as dropped. 30 Sep 2024 · Half-year Results
2024	THG to show value via a transaction on at least one of its three businesses in 2024.	30 Apr 2024	✓ Kept
	“We hope during 2024 that THG will demonstrate this value through a strategic or corporate transaction relating to at least one of its three businesses.” Result October 2024: THG advanced the Ingenuity demerger and placing, which Kelso supported. 10 Oct 2024 · Comment on THG Plc
2024	THG to move from the Standard List to the Premium index in 2024.	30 Apr 2024	✓ Kept
	“shareholder value would be significantly enhanced if THG were to fulfil its commitment to move to the Premium List from the Standard List, as promised on 18 October 2021” Also stated 30 May 2024 How it developed 30 Apr 2024 Said “We hope that this change of index happens in 2024 either naturally through the FCA changes or that THG is proactive and makes the change of listing itself.” 30 May 2024 Said “shareholder value would be significantly enhanced if THG were to fulfil its commitment to move to the Premium List from the Standard List, as promised on 18...” 23 Apr 2025 ✓ Kept “In March 2025, THG was included in the Premium Index of the London Stock Exchange, resulting in inclusion in the FTSE 250 index.” Result In March 2025, THG was included in the Premium Index of the London Stock Exchange, resulting in inclusion in the FTSE 250 index. “In March 2025, THG was included in the Premium Index of the London Stock Exchange, resulting in inclusion in the FTSE 250 index.”23 Apr 2025 · FY24 Results
2024-07	Provide a more detailed market update in July 2024.	30 May 2024	✗ Missed
	“will provide a more detailed market update in July 2024, following our June interim period end” How it developed 30 May 2024 Said “will provide a more detailed market update in July 2024, following our June interim period end” 30 Sep 2024 ✗ Missed “In early 2025, we will hold a shareholder presentation in London to fully update our shareholders on strategy and performance.” Result No July 2024 update appears; the next results were the H1-24 results on 30 September 2024. “In early 2025, we will hold a shareholder presentation in London to fully update our shareholders on strategy and performance.”30 Sep 2024 · Half-year Results
2025
end of 2025	Achieve a medium-term IRR / return of at least 25% per annum.	30 Sep 2024	◐ Partly kept
	“continue to believe that they will achieve a medium term IRR of 25% following the 55% appreciation in the first year of operation” Also stated 23 Apr 2025 · 30 Sep 2025 How it developed 30 Sep 2024 Said “continue to believe that they will achieve a medium term IRR of 25% following the 55% appreciation in the first year of operation” 23 Apr 2025 ◐ Partly “Our target return since inception has been 25% per annum. We achieved a 55% gross return on investments in our first year. However, 2024 performance was...” 23 Apr 2025 Said “Our target return since inception has been 25% per annum” 30 Sep 2025 Said “Kelso continues to target a 25% medium term IRR” 2 Sep 2026 ◐ Partly “NAV per share increased by c.43% to 3.3p for the 8 months to 31 August 2026. Since inception NAV per share returns of 115% have been achieved.” Status so far FY24 return was -1% and NAV flat to September 2025; NAV then rose 43% in eight months of 2026, so the medium-term target is still open. “Our target return since inception has been 25% per annum. We achieved a 55% gross return on investments in our first year. However, 2024 performance was broadly flat, reflecting the broader challenges and well documented malaise facing UK smaller listed companies. One quarter into our third year, we remain committed to achieving our three-year performance target, acknowledging that it will require strong performance throughout the remainder of 2025.”23 Apr 2025 · FY24 Results “NAV per share increased by c.43% to 3.3p for the 8 months to 31 August 2026. Since inception NAV per share returns of 115% have been achieved.”2 Sep 2026 · Interim Results & Trading Update - up 43% YTD
H2 2025	Explore limited gearing of up to 20% of net assets in H2-25.	30 Sep 2025	✗ Missed · target changed
	“in H2-25, will explore limited gearing of up to a maximum of 20% of net assets on drawdown” How it developed 30 Sep 2025 Said “in H2-25, will explore limited gearing of up to a maximum of 20% of net assets on drawdown” 30 Apr 2026 ↻ Changed / dropped “Gross investments stand at approximately c.£15.5m (excluding other assets) with gearing of c.£4.5m. Leverage is around 25%, supported by 5 of our 8 stocks...” Result April 2026 leverage was about 25% of net assets, above the 20% maximum. “Gross investments stand at approximately c.£15.5m (excluding other assets) with gearing of c.£4.5m. Leverage is around 25%, supported by 5 of our 8 stocks having net cash on their balance sheets.”30 Apr 2026 · FY25 Results
Today · 20 Oct 2026
2026
2026	NCC Cyber Security business to be sold during 2026.	22 Jan 2026	… In progress
	“Kelso expects this will result in a sale of the business during 2026” Status so far Not yet due.
2026-04	The Works EBITDA to grow 15% to £11.0m for the year to April 2026.	23 Feb 2026	◐ Partly on track
	“For the year to April 2026, EBITDA is expected to grow by a further 15% to £11.0m, in line with company guidance.” How it developed 23 Feb 2026 Said “For the year to April 2026, EBITDA is expected to grow by a further 15% to £11.0m, in line with company guidance.” 2 Sep 2026 ◐ Partly “The recent results from The Works on 23 July 2026 showed strong progress in the year with adjusted EBITDA increasing to £14.0m from £9.5m in 2025” Status so far The Works adjusted EBITDA reached £14.0m in year to May 2026, exceeding the £11.0m target, but this was achieved after the April 2026 deadline. “The recent results from The Works on 23 July 2026 showed strong progress in the year with adjusted EBITDA increasing to £14.0m from £9.5m in 2025”2 Sep 2026 · Interim Results & Trading Update - up 43% YTD
2026	Likewise revenue to exceed £200m in 2026.	8 Oct 2026	… In progress
	“expects it to exceed £200m this year” Status so far Not yet due.
2027
2027-01	Likewise Thatcham distribution centre to open in January 2027.	8 Oct 2026	… In progress
	“due to open in January 2027” Status so far Not yet due.
2027	Headlam acquisition to contribute positively to Likewise in 2027.	8 Oct 2026	… In progress
	“a positive contribution in 2027” Status so far Not yet due.
2028
2028-12	Launch a material tender-offer buyback in December 2028.	2 Sep 2026	… In progress
	“intend to launch a material buy back via a tender offer to shareholders in December 2028” Status so far Not yet due.
2030
2030-01	Saga to deliver at least £100m pre-tax profit and cut net debt to EBITDA below 2.0x by January 2030.	6 Jan 2026	… In progress
	“Saga has guided that it expects to deliver at least £100 million of profit before tax and reduce net debt to EBITDA to below 2.0x by January 2030” Also stated 30 Apr 2026 How it developed 6 Jan 2026 Said “Formal company guidance forecasts leverage to fall to below 2.0x by January 2030, due to strong cash generation from underlying group pre-tax profits...” 30 Apr 2026 Said “Saga has guided that it expects to deliver at least £100 million of profit before tax and reduce net debt to EBITDA to below 2.0x by January 2030” Status so far Not yet due.
2032
2032	Saga cruise ship debt to be fully repaid by 2032.	5 Oct 2026	… In progress
	“With around £55m a year of cruise ship debt repaid from cash flow, this cruise ship debt will be fully repaid by 2032.” Status so far Not yet due.