Some pretty impressive headline numbers from AHC's 1Q26 trading update at the AGM this morning.

Revenue of $23.2m up 51% and a record EBITDA margin of 18.1% (compared to 17.8% in 2H25). It's tough to pin down exactly where organic growth is landing, but management have provided a full year target of 10-14% and the EBITDA margin expansion provides confidence that acquisitions aren't just providing empty calories.

There were a couple of questions at the AGM about board shareholdings and the potential to pay a dividend again, but compared to some other recent AGM's it's fair to say AHC shareholders are content with how things are travelling right now. After being forced to survive through Covid (which larger peer HIL couldn't achieve), AHC is thriving now.