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PAGE · Main Market · Industrial Goods and Services · mcap £660m · 194.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 06 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £637.5m
Owner’s net cash: −£7.2m
Net cash / market cap: -1%
EV ex leases: £644.7m
Revenue: £1,598m
Operating profit: £28.4m
Free cash flow after leases: £11.4m
EV / EBIT: 22.7×
FCF yield: 1.8%
Price / tangible book: 3.01×
ROCE: 8%
Net income (owners): £12.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 13 Oct 26in line6 figures since the last report

Q3 2026 gross profit £190.5m, up 1.5%, first growth quarter since Q4 2022; full year operating profit expected c. £29m.

Q3 gross profit	£190.5m	£187.8m
Q3 gross profit growth (constant currency)	+1.5%
Gross profit per fee earner growth	+6%	Q3 2025
Full year operating profit guidance	c. £29m
Net cash position	c. £6m	net debt c. £7m (Q2 2026)
Fee earner headcount	4,851	4,914

As stated by the company, unaudited. Read it →

Latest report: H1 26 (six months to 30 Jun 26), published 06 Aug 26 · read the results ↗

Source ↗

	Six months ended 30 June 2026 Unaudited £'000	Six months ended 30 June 2025 Unaudited £'000	Year ended 31 December 2025 Audited £'000
Revenue	799,472	798,426	1,596,577
Cost of sales	(414,284)	(408,769)	(827,061)
Gross profit	385,188	389,657	769,516
Administrative expenses	(375,523)	(387,530)	(748,651)
Operating profit	9,665	2,127	20,865
Financial income	390	697	1,580
Financial expenses	(3,558)	(2,591)	(6,218)
Profit before tax	6,497	233	16,227
Income tax expense	(2,679)	(87)	(7,210)
Profit for the period	3,818	146	9,017
Attributable to
Owners of the parent	3,818	146	9,017
Earnings per share
Basic earnings per share (pence)	1.2	0.0	2.9
Diluted earnings per share (pence)	1.2	0.0	2.9

Source ↗

	30 June 2026 Unaudited £'000	30 June 2025 Unaudited £'000	31 December 2025 Audited £'000
Non-current assets
Property, plant and equipment	38,987	45,912	43,472
Right-of-use assets	119,344	129,445	116,870
Intangible assets - Goodwill and other intangible	1,772	1,776	1,750
- Computer software	10,018	18,041	14,172
Deferred tax assets	35,687	22,288	28,495
Other receivables	14,043	13,876	14,502
Total non-current assets	219,851	231,338	219,261
Current assets
Trade and other receivables	332,518	325,704	302,572
Current tax receivable	22,603	24,378	22,520
Cash and cash equivalents	30,434	33,835	31,376
Total current assets	385,555	383,917	356,468
Total assets	605,406	615,255	575,729
Current liabilities
Trade and other payables	(205,088)	(216,737)	(205,870)
Borrowings	(7,657)	(13,034)	-
Provisions	(3,261)	(3,631)	(1,869)
Lease liabilities	(31,654)	(33,644)	(32,777)
Current tax payable	(4,076)	(1,348)	(1,404)
Total current liabilities	(251,736)	(268,394)	(241,920)
Net current assets	133,819	115,523	114,548
Non-current liabilities
Borrowings	(30,000)	(10,000)	-
Other payables	(7,380)	(7,504)	(15,342)
Lease liabilities	(100,670)	(109,227)	(99,477)
Deferred tax liabilities	(682)	(609)	(682)
Provisions	(3,306)	(2,529)	(3,681)
Total non-current liabilities	(142,038)	(129,869)	(119,182)
Total liabilities	(393,774)	(398,263)	(361,102)
Net assets	211,632	216,992	214,627
Capital and reserves
Called-up share capital	3,286	3,286	3,286
Share premium	99,564	99,564	99,564
Capital redemption reserve	932	932	932
Reserve for shares held in the employee benefit trust	(75,798)	(79,265)	(79,265)
Currency translation reserve	13,051	7,630	10,884
Retained earnings	170,597	184,845	179,226
Total equity	211,632	216,992	214,627

Source ↗

	30 June 2026 Unaudited £'000	30 June 2025 Unaudited £'000	31 December 2025 Audited £'000
Profit before tax	6,497	233	16,227
Depreciation, amortisation charges and expense of computer software	27,707	28,946	57,275
Loss/(Gain) on sale of property, plant and equipment	744	(22)	(29)
Share scheme charges	1,902	1,479	3,725
Net finance costs	3,168	1,894	4,638
Operating cash flow before changes in working capital	40,018	32,530	81,836
(Increase)/Decrease in receivables	(25,722)	(9,012)	18,401
Decrease in payables	(8,182)	(19,887)	(26,440)
Cash generated from operations	6,114	3,631	73,797
Income tax paid	(6,557)	(12,939)	(24,175)
Net cash (used in)/from operating activities	(443)	(9,308)	49,622
Cash flows from investing activities
Purchases of property, plant and equipment	(3,101)	(7,044)	(9,961)
Purchases and capitalisation of intangible assets	(832)	(1,174)	(2,523)
Proceeds from the sale of property, plant and equipment, and computer software	740	1,141	1,103
Interest received	390	916	1,580
Net cash used in investing activities	(2,803)	(6,161)	(9,801)
Cash flows from financing activities
Increase in borrowings	37,657	23,034	-
Dividends paid	(10,035)	(36,879)	(53,568)
Interest paid	(1,123)	(287)	(1,145)
Lease liability repayment	(20,608)	(23,269)	(41,594)
Issue of own shares for the exercise of options	-	160	-
Purchase of shares into the employee benefit trust	(215)	(8,347)	(8,347)
Net cash from/(used in) financing activities	5,676	(45,588)	(104,654)
Net increase/(decrease) in cash and cash equivalents	2,430	(61,057)	(64,833)
Cash and cash equivalents at the beginning of the period	31,376	95,348	95,348
Exchange (loss)/gain on cash and cash equivalents	(3,372)	(456)	861
Cash and cash equivalents at the end of the period	30,434	33,835	31,376

Source ↗

	2025 £'000	2024 £'000
Revenue	1,596,577	1,738,937
Cost of sales	(827,061)	(896,351)
Gross profit	769,516	842,586
Administrative expenses	(748,651)	(790,137)
Operating profit	20,865	52,449
Financial income	1,580	2,170
Financial expenses	(6,218)	(5,492)
Profit before tax	16,227	49,127
Income tax expense	(7,210)	(20,684)
Profit for the year	9,017	28,443
Attributable to
Owners of the parent	9,017	28,443
Earnings per share
Basic earnings per share (pence)	2.9	9.1
Diluted earnings per share (pence)	2.9	9.0

Source ↗

	2025 £'000	2024 £'000
Non-current assets
Property, plant and equipment	43,472	45,811
Right-of-use assets	116,870	120,711
Intangible assets - Goodwill and other intangible	1,750	1,738
- Computer software	14,172	21,916
Deferred tax assets	28,495	18,127
Other receivables	14,502	13,164
Total non-current assets	219,261	221,467
Current assets
Trade and other receivables	302,572	315,257
Current tax receivable	22,520	18,023
Cash and cash equivalents	31,376	95,348
Total current assets	356,468	428,628
Total assets	575,729	650,095
Current liabilities
Trade and other payables	(205,870)	(229,460)
Provisions	(1,869)	(2,653)
Lease liabilities	(32,777)	(33,418)
Current tax payable	(1,404)	(3,189)
Total current liabilities	(241,920)	(268,720)
Net current assets	114,548	159,908
Non-current liabilities
Other payables	(15,342)	(10,426)
Lease liabilities	(99,477)	(103,372)
Deferred tax liabilities	(682)	(609)
Provisions	(3,681)	(4,559)
Total non-current liabilities	(119,182)	(118,966)
Total liabilities	(361,102)	(387,686)
Net assets	214,627	262,409
Capital and reserves
Called-up share capital	3,286	3,286
Share premium	99,564	99,564
Capital redemption reserve	932	932
Reserve for shares held in the employee benefit trust	(79,265)	(75,391)
Currency translation reserve	10,884	9,162
Retained earnings	179,226	224,856
Total equity	214,627	262,409

Source ↗

	2025 £'000	2024 £'000
Profit before tax	16,227	49,127
Depreciation and amortisation charges	57,275	62,924
(Gain)/Loss on sale of property, plant and equipment, and computer software	(29)	1,053
Share scheme charges	3,725	2,687
Net finance costs	4,638	3,322
Operating cash flow before changes in working capital	81,836	119,113
Decrease in receivables	18,401	47,442
Decrease in payables	(26,440)	(20,619)
Cash generated from operations	73,797	145,936
Income tax paid	(24,175)	(19,281)
Net cash from operating activities	49,622	126,655
Cash flows from investing activities
Purchases of property, plant and equipment	(9,961)	(15,662)
Purchases of intangible assets	(2,523)	(2,607)
Proceeds from the sale of property, plant and equipment, and computer software	1,103	2,364
Interest received	1,580	2,170
Net cash used in investing activities	(9,801)	(13,735)
Cash flows from financing activities
Dividends paid	(53,568)	(52,004)
Interest paid	(1,145)	(833)
Lease liability principal repayment	(41,594)	(40,630)
Proceeds from share option exercises	-	533
Purchase of shares into the employee benefit trust	(8,347)	(13,161)
Net cash used in financing activities	(104,654)	(106,095)
Net (decrease)/increase in cash and cash equivalents	(64,833)	6,825
Cash and cash equivalents at the beginning of the year	95,348	90,138
Exchange gain/(loss) on cash and cash equivalents	861	(1,615)
Cash and cash equivalents at the end of the year	31,376	95,348

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,597.6	1,596.6	1,738.9
Gross profit	765.0	769.5	842.6
Operating profit	28.4	20.9	52.4
Share-based payments	–	3.7	2.7
Operating profit to net income
Finance costs	–	(6.2)	(5.5)
Profit before tax	22.5	16.2	49.1
Tax	(9.8)	(7.2)	(20.7)
Net income (owners)	12.7	9.0	28.4
Per share
EPS basic	4.1p	2.9p	9.1p
EPS diluted	4.1p	2.9p	9.0p
Dividend per share	4.7p	8.6p	17.1p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	799.5	0%	798.2	798.4
Gross profit	385.2	−1%	379.9	389.7
Operating profit	9.7	+354%	18.7	2.1
Operating profit to net income
Profit before tax	6.5	n/m	16.0	0.2
Tax	(2.7)	n/m	(7.1)	(0.1)
Net income (owners)	3.8	n/m	8.9	0.1
Per share
EPS basic	1.2p	–	2.9p	0.0p
EPS diluted	1.2p	–	2.9p	0.0p
Dividend per share	1.5p	–	3.2p	5.4p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	58.5	49.6	126.7
Interest paid	(2.0)	(1.1)	(0.8)
Tax paid	(17.8)	(24.2)	(19.3)
Investing activities
Capex (PP&E)	(6.0)	(10.0)	(15.7)
Capex (intangibles)	(2.2)	(2.5)	(2.6)
Financing activities
Lease principal paid	(38.9)	(41.6)	(40.6)
Dividends paid	(26.7)	(53.6)	(52.0)
Share buybacks	(0.2)	(8.3)	(13.2)
Shares issued	–	–	0.5

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(0.4)	n/m	58.9	(9.3)
Interest paid	(1.1)	+291%	(0.9)	(0.3)
Tax paid	(6.6)	−49%	(11.2)	(12.9)
Investing activities
Capex (PP&E)	(3.1)	−56%	(2.9)	(7.0)
Capex (intangibles)	(0.8)	−29%	(1.3)	(1.2)
Financing activities
Lease principal paid	(20.6)	−11%	(18.3)	(23.3)
Dividends paid	(10.0)	−73%	(16.7)	(36.9)
Share buybacks	(0.2)	−97%	0.0	(8.3)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	1.8	1.7
Property, plant & equipment	39.0	43.5	45.8
Non-current assets	219.9	219.3	221.5
Current assets
Trade receivables	332.5	302.6	315.3
Cash	30.4	31.4	95.3
Current assets	385.6	356.5	428.6
Total assets	605.4	575.7	650.1
Current liabilities
Trade payables	205.1	205.9	229.5
Borrowings, current	7.7	–	–
Lease liabilities, current	31.7	32.8	33.4
Current liabilities	251.7	241.9	268.7
Non-current liabilities
Borrowings, non-current	30.0	–	–
Lease liabilities, non-current	100.7	99.5	103.4
Non-current liabilities	142.0	119.2	119.0
Total liabilities	393.8	361.1	387.7
Equity
Total equity	211.6	214.6	262.4
Net cash and other figures
Net cash / (debt) ex leases	–	31.4	95.3

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	–	1.8	–	1.7
Property, plant & equipment	39.0	43.5	45.9	45.8
Non-current assets	219.9	219.3	231.3	221.5
Current assets
Trade receivables	332.5	302.6	325.7	315.3
Cash	30.4	31.4	33.8	95.3
Current assets	385.6	356.5	383.9	428.6
Total assets	605.4	575.7	615.3	650.1
Current liabilities
Trade payables	205.1	205.9	216.7	229.5
Borrowings, current	7.7	–	13.0	–
Lease liabilities, current	31.7	32.8	33.6	33.4
Current liabilities	251.7	241.9	268.4	268.7
Non-current liabilities
Borrowings, non-current	30.0	–	10.0	–
Lease liabilities, non-current	100.7	99.5	109.2	103.4
Non-current liabilities	142.0	119.2	129.9	119.0
Total liabilities	393.8	361.1	398.3	387.7
Equity
Total equity	211.6	214.6	217.0	262.4
Net cash and other figures
Net cash / (debt) ex leases	–	31.4	–	95.3

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