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PRO

Proservice Building Services Marketplace PLC

Industrial Goods and Services First-pass screen £31m
320/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 38
Valuation 25% 30
Downside protection 15% 30

First-pass take

Equipment hire company facing severe headwinds with material going concern uncertainty and negative earnings (statutory loss £130m, underlying PBT -£8.4m). Restructuring increased fixed costs; leverage at 2.3x requires critical refinancing Sept 2026. Digital marketplace (ProService) is asset-light but margin-thin (4.3% EBITDA). Zero AI exposure.

Flags

loss-makinggoing-concernhigh-leveragemarket-headwindslarge-impairmentno-valuation-datarefinancing-riskcustomer-concentration