Pulsar Group

PULS · AIM · Technology · mcap £20m · 13.5p

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Financials · LTM to 31 May 26

Source: results 20 Jul 26 ↗

Revenue: £64.1m
Operating profit: −£6.4m
Net income: −£7.7m
Free cash flow: −£664k
Net debt: £6.0m
Market cap: £18.3m
EV / EBIT: –
FCF yield: −3.6%
Price / book: 0.5×

Latest half-year · H1 May 26 vs H1 May 25 results 20 Jul 26 ↗

Revenue: £33.0m
Operating profit: −£2.5m
Net income: −£2.4m
Cash from operations: £3.3m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 May 26 (six months to 31 May 26), published 20 Jul 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM May 26	FY Nov 25	FY Nov 24
Revenue	64.1	61.2	62.0
Gross profit	43.2	42.5	45.1
Adjusted EBITDA	11.8	10.4	9.3
EBITDA	2.4	(0.1)	1.5
Exceptional / adjusting items	(8.7)	(9.6)	–
Operating profit	(6.4)	(8.3)	(6.1)
Depreciation (owned assets)	(0.2)	(0.3)	(0.3)
Depreciation (right-of-use)	(1.3)	(1.3)	(1.4)
Amortisation	–	(5.0)	(4.2)
Share-based payments	(0.5)	(0.5)	(0.6)
Finance costs	(1.2)	(1.1)	(0.6)
Profit before tax	(7.6)	(9.4)	(6.7)
Tax	(0.1)	(0.2)	0.1
Net income (owners)	(7.7)	(9.6)	(6.6)
EPS basic	(2.8p)	(8.1p)	(5.9p)
EPS diluted	(2.8p)	(8.1p)	(5.9p)

	H1 May 26	vs H1 May 25	H2 Nov 25	H1 May 25
Revenue	33.0	+10%	31.1	30.1
Gross profit	21.5	+4%	21.7	20.7
Adjusted EBITDA	5.1	+39%	6.8	3.6
EBITDA	2.3	n/m	0.1	(0.2)
Exceptional / adjusting items	(2.7)	−26%	(6.0)	(3.7)
Operating profit	(2.5)	n/m	(3.9)	(4.4)
Depreciation (owned assets)	(0.1)	−24%	(0.1)	(0.1)
Depreciation (right-of-use)	(0.6)	−5%	(0.7)	(0.7)
Share-based payments	(0.2)	−3%	(0.3)	(0.2)
Finance costs	(0.5)	+11%	(0.7)	(0.4)
Profit before tax	(3.0)	n/m	(4.6)	(4.9)
Tax	0.6	+23%	(0.7)	0.5
Net income (owners)	(2.4)	n/m	(5.3)	(4.3)
EPS basic	0.1p	–	(2.9p)	(5.2p)
EPS diluted	0.1p	–	(2.9p)	(5.2p)

	LTM May 26	FY Nov 25	FY Nov 24
Cash from operations	6.3	4.8	(0.1)
Interest paid	(1.1)	(1.1)	(0.6)
Tax paid	0.1	(0.2)	(0.1)
Capex (PP&E)	(0.1)	(0.1)	(0.4)
Capex (intangibles)	(5.7)	(6.0)	(6.6)
Lease principal paid	(1.1)	(1.3)	(1.0)
Shares issued	(0.0)	2.9	–

	H1 May 26	vs H1 May 25	H2 Nov 25	H1 May 25
Cash from operations	3.3	+81%	3.0	1.8
Interest paid	(0.5)	+11%	(0.7)	(0.4)
Tax paid	0.4	n/m	(0.2)	0.0
Capex (PP&E)	(0.0)	n/m	(0.1)	(0.0)
Capex (intangibles)	(2.7)	−10%	(3.1)	(3.0)
Lease principal paid	(0.5)	−25%	(0.6)	(0.7)
Shares issued	0.0	n/m	(0.0)	2.9

	Latest May 26	FY Nov 25	FY Nov 24
Goodwill	68.2	66.1	–
Other intangibles	–	66.1	68.4
Property, plant & equipment	0.4	0.5	0.7
Other investments	–	–	0.1
Trade receivables	13.7	10.6	9.2
Cash	1.5	0.4	1.0
Current assets	15.4	11.7	10.3
Total assets	92.6	86.3	88.4
Trade payables	16.6	14.6	11.1
Borrowings, current	0.0	6.0	5.9
Lease liabilities, current	1.6	1.1	1.1
Current liabilities	45.0	45.7	39.2
Borrowings, non-current	7.5	0.0	–
Lease liabilities, non-current	0.1	1.1	2.1
Total liabilities	56.9	50.9	45.7
Total equity	35.7	35.4	42.7
Net cash / (debt) ex leases	(6.0)	(5.6)	–
Net cash / (debt) incl. leases	–	(5.6)	(4.9)

	H1 May 26	H2 Nov 25	H1 May 25	H2 Nov 24
Goodwill	68.2	66.1	64.8	–
Other intangibles	–	66.1	–	68.4
Property, plant & equipment	0.4	0.5	0.6	0.7
Other investments	–	–	–	0.1
Trade receivables	13.7	10.6	11.3	9.2
Cash	1.5	0.4	1.8	1.0
Current assets	15.4	11.7	13.1	10.3
Total assets	92.6	86.3	87.4	88.4
Trade payables	16.6	14.6	14.8	11.1
Borrowings, current	0.0	6.0	3.0	5.9
Lease liabilities, current	1.6	1.1	1.1	1.1
Current liabilities	45.0	45.7	39.7	39.2
Borrowings, non-current	7.5	0.0	3.0	–
Lease liabilities, non-current	0.1	1.1	1.7	2.1
Total liabilities	56.9	50.9	48.4	45.7
Total equity	35.7	35.4	39.1	42.7
Net cash / (debt) ex leases	(6.0)	(5.6)	–	–
Net cash / (debt) incl. leases	–	(5.6)	–	(4.9)

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.