Schoolblazer's Global Roll-Up Finally Gets A Clear Scoreboard

Fund managers track a newly consolidated uniform group chasing a A$25 million FY27 EBITDA target across the UK and Australia

30 Jun 2026 · 5 min read

Naos Asset Management's June 2026 quarterly report captured Schoolblazer, the company formerly known as Hancock & Gore, delivering its first half-year result under its new name and consolidated accounting structure. Reported revenue for the half was A$55.5 million, materially higher than the prior corresponding period, reflecting full consolidation of the Schoolblazer UK acquisition, though the manager cautioned the seasonal skew of the school uniform business means the half-year figure is not representative of the group's full run-rate earnings power. Management reiterated FY26 revenue guidance of approximately A$190 million to A$200 million and a medium-term pro forma EBITDA target of A$25 million by FY27.

Management provided FY26 revenue guidance of approximately A$190-200 million and reiterated a medium-term pro forma EBITDA target of A$25 million by FY27, underpinned by synergies from integrating Schoolblazer UK, Mountcastle and Trutex.

— Naos Asset Management, Quarterly Report, June 2026

A complicated structure finally becoming transparent

Reaching that point of transparency has taken time. Naos Asset Management said in September 2025 that completion of the long-flagged Trutex acquisition represented a potentially final piece in the company's growth puzzle, leveraging Trutex's sourcing capabilities and international footprint, while the decision to consolidate financial accounts from October 2025 was meant to remove the ambiguity created by the group's prior structure as a listed investment company. QVG Capital, describing the same period in a January 2026 monthly report, said the company had suspended its dividend to absorb the Trutex UK acquisition but retained a clear objective to deliver A$25 million in EBITDA by FY27, alongside significant cash generation and an intention to return to dividends over time.

Where the growth is coming from

Naos Asset Management's November 2025 update explained the scale involved, noting the wholly owned Global Uniform Solutions business, now rebranded Schoolblazer Group, represents around 80 per cent of the group's gross asset value, with the Trutex acquisition, funded entirely from the balance sheet, bringing pro forma annual revenue of approximately A$200 million and EBITDA of A$25 million for the combined group. The manager said the business continues expanding its presence in the private school sector across Australia and New Zealand, alongside its established UK operations.

The acquisition of UK-based schoolwear brand Trutex, funded entirely from H&G's balance sheet brings pro-forma annual revenue of approximately A$200 million and EBITDA of A$25 million for the combined Schoolblazer Group.

— Naos Asset Management, Monthly Report, November 2025

That Australian expansion has continued to build momentum. Naos Asset Management's June 2026 update said the rollout secured three additional independent schools for a CY27 rollout, and pointed to a domestic schoolwear market estimated at over A$450 million a year, against a global market the manager sizes at more than A$30 billion, a scale gap the strategy is designed to close over time. Perennial Partners, in a more cautious May 2026 update, said the business drifted lower on currency headwinds and geopolitical disruption, but remained positive on the Australian segment's potential to scale as the business expands beyond its core UK market, particularly heading into its key Northern Hemisphere back-to-school trading period from July to September.

What managers are watching next

With the FY27 EBITDA target now the central benchmark and a full year of consolidated accounting only recently in place, the questions for managers are whether the Australian schoolwear rollout continues winning independent school contracts at pace, and whether the crucial July-to-September Northern Hemisphere trading period delivers the seasonally weighted earnings the half-year result was always going to understate.