RM

RM. · Main Market · Consumer Products and Services · mcap £99m · 98.0p

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Financials · LTM to 31 May 26

Source: results 14 Jul 26 ↗

Revenue: £159m
Operating profit: £9.9m
Net income: £3.5m
Free cash flow: −£6.2m
Net debt: £55.2m
Market cap: £96.1m
EV / EBIT: 15.3×
FCF yield: −6.5%
Price / book: 3.0×

Latest half-year · H1 May 26 vs H1 May 25 results 14 Jul 26 ↗

Revenue: £70.1m
Operating profit: −£239k
Net income: −£2.0m
Cash from operations: −£4k

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 14 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	159.0	162.1	166.1
Gross profit	59.3	61.9	66.7
Adjusted EBITDA	18.2	16.5	13.7
Adjusted operating profit	13.2	11.4	8.6
Exceptional / adjusting items	–	(2.3)	(14.6)
Operating profit	9.9	9.1	(6.0)
Share-based payments	1.1	1.0	0.6
Finance costs	(6.4)	(7.0)	(7.0)
Profit before tax	4.6	3.2	(12.1)
Tax	(1.1)	(1.0)	8.2
Net income (owners)	3.5	2.2	(4.7)
Discontinued operations	–	0.0	(0.9)
EPS basic	4.6p	2.6p	(5.7p)
EPS diluted	4.5p	2.5p	(5.7p)

	H1 May 26	vs H1 May 25	H2 Nov 25	H1 May 25
Revenue	70.1	−4%	88.9	73.2
Gross profit	25.8	−9%	33.5	28.4
Adjusted EBITDA	5.2	+49%	13.0	3.5
Adjusted operating profit	2.7	+200%	10.6	0.9
Operating profit	(0.2)	n/m	10.1	(1.0)
Share-based payments	0.6	+13%	0.5	0.5
Finance costs	(3.2)	−17%	(3.1)	(3.9)
Profit before tax	(2.9)	n/m	7.5	(4.3)
Tax	0.9	−10%	(2.0)	1.0
Net income (owners)	(2.0)	n/m	5.5	(3.3)
EPS basic	(2.0p)	–	6.6p	(4.0p)
EPS diluted	(2.0p)	–	6.5p	(4.0p)

	LTM May 26	FY Nov 25	FY Nov 24
Cash from operations	6.4	7.5	8.4
Interest paid	(5.3)	(5.5)	(5.6)
Tax paid	(0.4)	(0.3)	1.1
Capex (PP&E)	(1.1)	(1.0)	(0.6)
Capex (intangibles)	(8.7)	(8.8)	(4.2)
Lease principal paid	(2.4)	(2.5)	(3.1)
Lease interest paid	(0.4)	(0.4)	(0.3)
Shares issued	–	13.5	0.0

	H1 May 26	vs H1 May 25	H2 Nov 25	H1 May 25
Cash from operations	(0.0)	n/m	6.4	1.1
Interest paid	(2.6)	−8%	(2.7)	(2.8)
Tax paid	(0.2)	+78%	(0.2)	(0.1)
Capex (PP&E)	(0.5)	+16%	(0.5)	(0.4)
Capex (intangibles)	(3.7)	−1%	(5.0)	(3.8)
Lease principal paid	(1.2)	−2%	(1.2)	(1.2)
Lease interest paid	(0.2)	+23%	(0.2)	(0.2)

	Latest May 26	FY Nov 25	FY Nov 24
Goodwill	29.3	29.0	29.2
Other intangibles	18.1	14.2	6.8
Property, plant & equipment	6.4	6.6	7.2
Inventories	12.9	13.0	15.2
Trade receivables	28.5	26.1	21.7
Cash	4.9	6.2	8.2
Current assets	49.6	48.0	48.4
Total assets	156.3	145.1	138.5
Trade payables	42.6	41.9	41.9
Current liabilities	47.7	43.0	48.2
Borrowings, non-current	60.1	56.7	55.5
Lease liabilities, non-current	15.1	13.4	12.8
Pension surplus / (deficit)	23.1	20.1	20.5
Total liabilities	124.4	114.2	121.4
Total equity	31.9	30.9	17.1
Net cash / (debt) ex leases	(59.3)	(50.6)	(51.7)
Order book	–	95.5	95.7

	H1 May 26	H2 Nov 25	H1 May 25	H2 Nov 24
Goodwill	29.3	29.0	–	29.2
Other intangibles	18.1	14.2	–	6.8
Property, plant & equipment	6.4	6.6	–	7.2
Inventories	12.9	13.0	–	15.2
Trade receivables	28.5	26.1	–	21.7
Cash	4.9	6.2	–	8.2
Current assets	49.6	48.0	–	48.4
Total assets	156.3	145.1	–	138.5
Trade payables	42.6	41.9	–	41.9
Current liabilities	47.7	43.0	–	48.2
Borrowings, non-current	60.1	56.7	–	55.5
Lease liabilities, non-current	15.1	13.4	–	12.8
Pension surplus / (deficit)	23.1	20.1	–	20.5
Total liabilities	124.4	114.2	–	121.4
Total equity	31.9	30.9	–	17.1
Net cash / (debt) ex leases	(59.3)	(50.6)	(59.6)	(51.7)
Order book	–	95.5	–	95.7

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.