Schoolblazer Ltd

Naos Asset Management has tracked Schoolblazer (formerly Hancock & Gore) closely since September 2025 (~$0.26), viewing completion of the Trutex acquisition as a pivotal, potentially final piece of the growth puzzle, leveraging Trutex's sourcing capabilities and international footprint, alongside a planned consolidation of financial accounts from October 2025 to give investors a transparent view of the uniforms business, and the appointment of Schoolblazer co-founder Tim James as Executive Chair. By November 2025 (~$0.23), Naos noted the combined Schoolblazer Group (via Global Uniform Solutions) had pro-forma annual revenue of approximately A$200 million and EBITDA of A$25 million, with continued expansion into the Australian and New Zealand private school sector. In December 2025 (~$0.22), Naos reiterated a target of $25 million EBITDA by FY27 on a $200 million revenue base, cited strong ~60% growth at unlisted investment Disruptive Packaging (including North American expansion that could enable a revaluation or partial sell-down), and listed FY26 catalysts including full-year consolidated accounts, onboarding of Schoolblazer's first Australian school customer (Kambala), further Australian customer wins, and continued deleveraging. QVG Capital (January 2026) and Perennial Partners (May 2026) both remained constructive, with Perennial citing the Australian segment's long-term scaling potential as an additional growth driver beyond the core UK market, particularly heading into the July-September Northern Hemisphere back-to-school period. In June 2026, Naos reported 1H FY26 revenue of A$55.5 million reflecting full Schoolblazer UK consolidation, FY26 revenue guidance of A$190-200 million, a reiterated A$25 million EBITDA target by FY27, momentum in the Australian rollout (three additional schools secured for CY27), and noted the Australian schoolwear market alone is estimated at over A$450 million per annum against a global market exceeding A$30 billion.