RWS Holdings

RWS · AIM · Industrial Goods and Services · mcap £538m · 147.2p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 11 Jun 26 ↗

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

Market cap: £546.4m
Owner’s net cash: −£32.5m
Net cash / market cap: -6%
EV ex leases: £578.9m
Revenue: £706.1m
Operating profit: −£90.9m
Free cash flow after leases: £32.8m
FCF yield: 6.0%
Price / tangible book: 69.16×
ROCE: -11%
Net income (owners): −£96.0m

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.

Latest report: H1 Mar 26 (six months to 31 Mar 26), published 11 Jun 26 · read the results ↗

Source ↗

	2026 (Unaudited) £	2025 (Unaudited) £
Revenue	360.3	344.3
Cost of sales	(210.3)	(195.1)
Gross profit	150.0	149.2
Administrative expenses	(157.1)	(159.2)
Operating loss	(7.1)	(10.0)
Analysed as
Operating profit before charging	26.4	20.7
Exceptional items - acquisition-related costs	(0.2)	(2.8)
Exceptional items - other	(11.0)	(4.7)
Share-based payment expenses	(2.1)	(1.6)
Amortisation of acquired intangibles	(20.2)	(21.6)
Operating loss	(7.1)	(10.0)
Net finance costs	(2.4)	(2.7)
Loss before tax	(9.5)	(12.7)
Tax credit	2.0	1.4
Loss for the period from continuing operations attributable to the equity holders of the parent company	(7.5)	(11.3)
Other comprehensive (expense)/income
(Loss)/gain on retranslation of foreign operations (net of deferred tax)	(7.7)	17.1
Loss on cash flow hedges (net of deferred tax)	(0.6)	-
Total other comprehensive (expense)/gain	(8.3)	17.1
Total comprehensive (expense)/gain attributable to owners of the Parent	(15.8)	5.8
Basic loss per ordinary share (pence per share)	(2.0)	(3.1)
Diluted loss per ordinary share (pence per share)	(2.0)	(3.1)

Source ↗

	31 March 2026 (Unaudited) £m	31 March 2025 (Unaudited) £m	30 September 2025 (Audited) £m
Assets
Non-current assets
Goodwill	491.4	582.6	485.9
Intangible assets	249.5	298.9	276.7
Property, plant and equipment	7.7	12.8	9.0
Right-of-use assets	16.7	20.0	19.7
Non-current income tax receivable	2.1	2.1	2.1
Deferred tax assets	1.8	2.1	1.7
Total non-current assets	769.2	918.5	795.1
Current assets
Trade and other receivables	217.1	206.5	204.3
Assets held for sale	3.5	-	3.5
Income tax receivable	3.0	6.1	5.4
Cash and cash equivalents	33.7	69.5	32.6
Total current assets	257.3	282.1	245.8
Total assets	1,026.5	1,200.6	1,040.9
Liabilities
Current liabilities
Trade and other payables	149.2	143.6	137.6
Lease liabilities	5.2	5.0	5.6
Foreign exchange derivatives	0.6	1.6	-
Income tax payable	7.1	9.8	10.6
Provisions	5.8	5.5	10.3
Total current liabilities	167.9	165.5	164.1
Non-current liabilities
Loans	66.2	96.5	58.0
Lease liabilities	14.6	18.6	16.9
Trade and other payables	-	-	0.1
Provisions	1.2	1.5	1.4
Deferred tax liabilities	27.8	48.6	37.2
Total non-current liabilities	109.8	165.2	113.6
Total liabilities	277.7	330.7	277.7
Total net assets	748.8	869.9	763.2
Equity
Capital and reserves attributable to owners of the parent
Share capital	3.7	3.7	3.7
Share premium	57.1	56.0	56.0
Share-based payment reserve	10.1	8.0	9.3
Reverse acquisition reserve	(8.5)	(8.5)	(8.5)
Merger reserve	624.4	624.4	624.4
Foreign currency reserve	(18.0)	(14.7)	(26.3)
Other reserve	0.1	0.1	0.1
Retained earnings	79.9	200.9	104.5
Total equity	748.8	869.9	763.2

Source ↗

	2026 (Unaudited) £	2025 (Unaudited) £
Cash flows from operating activities
Loss before tax	(9.5)	(12.7)
Adjustments for
Depreciation of property, plant and equipment	1.9	2.1
Amortisation of right-of-use assets	2.9	3.4
Amortisation of intangible assets	34.7	33.5
Amortisation of debt issue costs	0.1	0.3
Share-based payment expense	2.1	1.6
Finance (income)	(0.3)	(0.5)
Finance expense	2.7	3.0
Fair value movement on derivatives	0.6	1.6
Operating cash flow before movements in working capital	35.2	32.3
(Increase)/decrease in trade and other receivables	(11.7)	2.3
Decrease in trade and other payables	6.3	11.7
Cash generated from operating activities	29.8	46.3
Income tax paid	(8.3)	(9.1)
Net cash inflow from operating activities	21.5	37.2
Cash flows from investing activities
Interest received	0.3	0.5
Disposal proceeds	-	5.0
Purchases of property, plant and equipment	(0.7)	(1.5)
Purchases of intangibles assets	(5.8)	(10.3)
Net cash outflow from investing activities	(6.2)	(6.3)
Cash flows from financing activities
Net movement on existing debt	8.2	21.8
Interest paid	(1.9)	(3.0)
Lease liability payments	(3.4)	(5.3)
Dividends paid	(17.0)	(36.9)
Net cash outflow from financing activities	(14.1)	(23.4)
Net increase in cash and cash equivalents	1.2	7.5
Cash and cash equivalents at beginning of the period	32.6	61.5
Exchange (losses)/gains on cash and cash equivalents	(0.1)	0.5
Cash and cash equivalents at the end of the period	33.7	69.5

Source ↗

	2025 £m	2024 £m
Revenue	690.1	718.2
Cost of sales	(390.8)	(381.7)
Gross profit	299.3	336.5
Administrative expenses	(393.1)	(270.7)
Operating (loss)/profit	(93.8)	65.8
Analysed as
Adjusted operating profit	66.1	112.3
Amortisation of acquired intangibles	(40.3)	(40.8)
Impairment of goodwill and intangible assets	(88.0)	(11.7)
Impairment of property, plant and equipment	-	(10.5)
Acquisition costs	(5.1)	(7.2)
Share-based payment expense	(4.3)	(2.9)
Profit on disposal of business	-	30.0
Exceptional items	(22.2)	(3.4)
Operating (loss)/profit	(93.8)	65.8
Finance income	0.8	0.9
Amortisation of capitalised exceptional finance costs	(0.2)	(0.2)
Finance costs	(6.5)	(6.5)
(Loss)/profit before tax	(99.7)	60.0
Taxation	(0.1)	(12.5)
(Loss)/profit for the year attributable to the owners of the Parent	(99.8)	47.5
Other comprehensive income/(expense)
Items that may be reclassified to profit or loss
(Loss)/gain on retranslation of quasi equity loans (net of tax)	(2.3)	1.7
Gain/(loss) on retranslation of foreign operations	7.8	(64.1)
Gain on hedging (net of deferred tax)	-	0.4
Total other comprehensive income/(expense)	5.5	(62.0)
Total comprehensive expense attributable to owners of the Parent	(94.3)	(14.5)
Basic earnings per ordinary share (pence per share)	(27.0)	12.8
Diluted earnings per ordinary share (pence per share)	(27.0)	12.8

Source ↗

	2025 £m	2024 £m
Non-current assets
Goodwill	485.9	570.8
Intangible assets	276.7	317.0
Property, plant and equipment	9.0	13.5
Right-of-use assets	19.7	22.7
Non-current income tax receivable	2.1	2.2
Deferred tax assets	1.7	2.0
Total non-current assets	795.1	928.2
Current assets
Trade and other receivables	204.3	211.2
Assets held for sale	3.5	-
Income tax receivable	5.4	5.6
Cash and cash equivalents	32.6	61.5
Total current assets	245.8	278.3
Total assets	1,040.9	1,206.5
Current liabilities
Trade and other payables	137.6	127.7
Lease liabilities	5.6	8.5
Income tax payable	10.6	14.3
Provisions	10.3	7.9
Total current liabilities	164.1	158.4
Non-current liabilities
Loans	58.0	74.4
Lease liabilities	16.9	18.7
Trade and other payables	0.1	0.4
Provisions	1.4	1.5
Deferred tax liabilities	37.2	53.5
Total non-current liabilities	113.6	148.5
Total liabilities	277.7	306.9
Total net assets	763.2	899.6
Capital and reserves attributable to owners of the Parent
Share capital	3.7	3.7
Share premium	56.0	54.5
Share-based payment reserve	9.3	8.1
Reverse acquisition reserve	(8.5)	(8.5)
Other reserve	0.1	0.1
Merger reserve	624.4	624.4
Foreign currency reserve	(26.3)	(31.8)
Retained earnings	104.5	249.1
Total equity	763.2	899.6

Source ↗

	2025 £m	2024 £m
Cash flows from operating activities
(Loss)/profit before tax	(99.7)	60.0
Adjustments for
Depreciation of property, plant and equipment	4.6	6.3
Amortisation of intangible assets	63.6	54.8
Impairment of goodwill and intangible assets	88.0	11.7
Impairment of property, plant and equipment	-	10.5
Depreciation of right-of-use assets	6.8	8.2
Equity settled share-based payment expense	3.8	2.9
Profit on disposal of business	-	(30.0)
Lease modification	(0.4)	(1.6)
Net finance costs	5.9	5.8
Operating cash flow before movements in working capital	72.6	128.6
Decrease/(increase) in trade and other receivables	1.7	(6.8)
Increase/(decrease) in trade and other payables and provisions	11.8	(26.3)
Cash generated from operations	86.1	95.5
Income tax paid	(17.3)	(20.2)
Net cash inflow from operating activities	68.8	75.3
Cash flows from investing activities
Interest received	0.8	0.9
Disposal proceeds	5.0	25.0
Acquisition of subsidiary, net of cash acquired	-	(0.5)
Purchases of property, plant and equipment	(3.4)	(2.6)
Purchases of intangibles	(22.2)	(40.5)
Net cash outflows from investing activities	(19.8)	(17.7)
Cash flows from financing activities
Net (repayment)/proceeds from borrowings	(17.2)	22.9
Interest paid	(5.0)	(4.6)
Lease liability payments (including interest charged of £1.1m (2024: £1.1m))	(8.6)	(9.5)
Purchase of own shares	-	(30.4)
Dividends paid	(45.9)	(45.5)
Net cash outflow from financing activities	(76.7)	(67.1)
Net decrease in cash and cash equivalents	(27.7)	(9.5)
Cash and cash equivalents at beginning of the year	61.5	76.2
Exchange losses on cash and cash equivalents	(1.2)	(5.2)
Cash and cash equivalents at end of the year	32.6	61.5

	LTM Mar 26	FY Sep 25	FY Sep 24
Revenue to operating profit
Revenue	706.1	690.1	718.2
Gross profit	300.1	299.3	336.5
Adjusted EBITDA	108.4	100.8	140.7
Adjusted operating profit	–	66.1	112.3
Exceptional / adjusting items	(28.5)	(22.2)	(3.4)
Operating profit	(90.9)	(93.8)	65.8
Depreciation (owned assets)	4.4	4.6	6.3
Depreciation (right-of-use)	6.3	6.8	8.2
Amortisation	64.8	63.6	54.8
Share-based payments	(3.8)	(4.3)	(2.9)
Operating profit to net income
Finance costs	(6.2)	(6.5)	(6.5)
Profit before tax	(96.5)	(99.7)	60.0
Tax	0.5	(0.1)	(12.5)
Net income (owners)	(96.0)	(99.8)	47.5
Per share
EPS basic	(25.9p)	(27.0p)	12.8p
EPS diluted	(25.9p)	(27.0p)	12.8p
Dividend per share	6.3p	7.0p	12.4p

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Revenue to operating profit
Revenue	360.3	+5%	345.8	344.3
Gross profit	150.0	+1%	150.1	149.2
Adjusted EBITDA	45.7	+20%	62.7	38.1
Exceptional / adjusting items	(11.0)	+134%	(17.5)	(4.7)
Operating profit	(7.1)	n/m	(83.8)	(10.0)
Depreciation (owned assets)	1.9	−10%	2.5	2.1
Depreciation (right-of-use)	2.9	−15%	3.4	3.4
Amortisation	34.7	+4%	30.1	33.5
Share-based payments	2.1	+31%	(5.9)	1.6
Operating profit to net income
Finance costs	(2.4)	−11%	(3.8)	(2.7)
Profit before tax	(9.5)	n/m	(87.0)	(12.7)
Tax	2.0	+43%	(1.5)	1.4
Net income (owners)	(7.5)	n/m	(88.5)	(11.3)
Per share
EPS basic	(2.0p)	–	(23.9p)	(3.1p)
EPS diluted	(2.0p)	–	(23.9p)	(3.1p)
Dividend per share	1.8p	–	4.6p	2.5p

	LTM Mar 26	FY Sep 25	FY Sep 24
Operating activities
Cash from operations	53.1	68.8	75.3
Interest paid	(3.9)	(5.0)	(4.6)
Tax paid	(16.5)	(17.3)	(20.2)
Investing activities
Capex (PP&E)	(2.6)	(3.4)	(2.6)
Capex (intangibles)	(17.7)	(22.2)	(40.5)
Financing activities
Dividends paid	(26.0)	(45.9)	(45.5)
Share buybacks	–	–	(30.4)

	H1 Mar 26	vs H1 Mar 25	H2 Sep 25	H1 Mar 25
Operating activities
Cash from operations	21.5	−42%	31.6	37.2
Interest paid	(1.9)	−37%	(2.0)	(3.0)
Tax paid	(8.3)	−9%	(8.2)	(9.1)
Investing activities
Capex (PP&E)	(0.7)	−53%	(1.9)	(1.5)
Capex (intangibles)	(5.8)	−44%	(11.9)	(10.3)
Financing activities
Lease principal paid	(3.4)	−36%	–	(5.3)
Dividends paid	(17.0)	−54%	(9.0)	(36.9)

	31 Mar 26	30 Sep 25	30 Sep 24
Non-current assets
Goodwill	491.4	485.9	570.8
Other intangibles	249.5	276.7	317.0
Property, plant & equipment	7.7	9.0	13.5
Non-current assets	769.2	795.1	928.2
Current assets
Trade receivables	217.1	204.3	211.2
Cash	33.7	32.6	61.5
Current assets	257.3	245.8	278.3
Total assets	1,026.5	1,040.9	1,206.5
Current liabilities
Trade payables	149.2	137.6	127.7
Lease liabilities, current	5.2	5.6	8.5
Current liabilities	167.9	164.1	158.4
Non-current liabilities
Borrowings, non-current	66.2	58.0	74.4
Lease liabilities, non-current	14.6	16.9	18.7
Non-current liabilities	109.8	113.6	148.5
Total liabilities	277.7	277.7	306.9
Equity
Total equity	748.8	763.2	899.6
Net cash and other figures
Net cash / (debt) ex leases	(32.5)	(25.4)	(12.9)
Net cash / (debt) incl. leases	(52.3)	(47.9)	(40.1)

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Goodwill	491.4	485.9	582.6	570.8
Other intangibles	249.5	276.7	298.9	317.0
Property, plant & equipment	7.7	9.0	12.8	13.5
Non-current assets	769.2	795.1	918.5	928.2
Current assets
Trade receivables	217.1	204.3	206.5	211.2
Cash	33.7	32.6	69.5	61.5
Current assets	257.3	245.8	282.1	278.3
Total assets	1,026.5	1,040.9	1,200.6	1,206.5
Current liabilities
Trade payables	149.2	137.6	143.6	127.7
Lease liabilities, current	5.2	5.6	5.0	8.5
Current liabilities	167.9	164.1	165.5	158.4
Non-current liabilities
Borrowings, non-current	66.2	58.0	96.5	74.4
Lease liabilities, non-current	14.6	16.9	18.6	18.7
Non-current liabilities	109.8	113.6	165.2	148.5
Total liabilities	277.7	277.7	330.7	306.9
Equity
Total equity	748.8	763.2	869.9	899.6
Net cash and other figures
Net cash / (debt) ex leases	(32.5)	(25.4)	–	(12.9)
Net cash / (debt) incl. leases	(52.3)	(47.9)	–	(40.1)

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