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SNR · Main Market · Industrial Goods and Services · mcap £1,244m · 297.5p

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

Source: results 03 Aug 26 ↗

Going-concern uncertaintyQualified audit

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

Market cap: £1,248m
Owner’s net cash: −£89.4m
Net cash / market cap: -7%
EV ex leases: £1,330m
Revenue: £757.8m
Operating profit: £56.0m
Free cash flow after leases: £21.0m
EV / EBIT: 23.8×
FCF yield: 1.7%
Price / tangible book: 8.12×
ROCE: 11%
Net income (owners): −£9.5m

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 26 (six months to 30 Jun 26), published 03 Aug 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Revenue	390.8	371.2
Trading profit	36.2	27.2
Share of joint venture profit	1.5	1.8
Operating profit	37.7	29.0
Finance income	2.9	4.5
Finance costs	(7.3)	(10.7)
Corporate undertakings	(38.9)	-
(Loss)/profit before tax	(5.6)	22.8
Tax charge	(7.5)	(1.8)
(Loss)/profit for the period from continuing operations	(13.1)	21.0
Discontinued operations
Loss from discontinued operations, net of tax	(14.6)	(43.4)
Loss for the period	(27.7)	(22.4)
Attributable to
Equity holders of the parent from continuing operations	(13.1)	21.0
Equity holders of the parent from discontinued operations	(14.6)	(43.4)
Loss per share
From continuing and discontinued operations
Basic	(6.75)p	(5.41)p
Diluted	(6.75)p	(5.41)p
From continuing operations
Basic	(3.19)p	5.07p
Diluted	(3.19)p	4.92p
(1) Adjusted operating profit - continuing operations	39.1	31.2
(2) Adjusted profit before tax - continuing operations	34.8	25.3
(3) Adjusted earnings per share - continuing operations	6.46p	5.07p
(4) Adjusted and diluted earnings per share - continuing operations	6.27p	4.92p

Source ↗


Non-current assets
Goodwill	161.6	158.8	160.9
Other intangible assets	25.7	27.2	26.7
Investment in joint venture	7.1	3.7	5.2
Property, plant and equipment	181.5	160.0	176.4
Deferred tax assets	25.6	25.5	28.1
Retirement benefits	21.6	43.0	23.3
Trade and other receivables	1.7	2.2	2.0
Total non-current assets	424.8	420.4	422.6
Current assets
Inventories	160.5	148.3	144.9
Current tax receivables	1.6	1.2	2.7
Trade and other receivables	131.1	109.9	108.2
Deferred and contingent consideration receivable	3.0	-	21.1
Cash and bank balances	36.7	26.7	82.0
Assets held for sale	-	242.3	-
Total current assets	332.9	528.4	358.9
Total assets	757.7	948.8	781.5
Current liabilities
Trade and other payables	199.0	140.4	152.4
Current tax liabilities	5.6	10.1	7.5
Lease liabilities	9.2	6.8	7.6
Bank overdrafts and loans	24.3	44.0	30.0
Provisions	11.8	11.5	14.3
Contingent consideration payable	3.6	11.3	-
Liabilities held for sale	-	88.5	-
Total current liabilities	253.5	312.6	211.8
Non-current liabilities
Bank and other loans	101.8	145.1	125.3
Retirement benefits	6.0	6.1	6.3
Deferred tax liabilities	1.7	8.3	2.3
Lease liabilities	40.7	30.0	36.4
Provisions	9.8	15.1	11.8
Contingent consideration payable	-	2.9	3.5
Others	3.3	4.1	3.8
Total non-current liabilities	163.3	211.6	189.4
Total liabilities	416.8	524.2	401.2
Net assets	340.9	424.6	380.3
Equity
Issued share capital	41.9	41.9	41.9
Share premium account	14.8	14.8	14.8
Equity reserve	7.8	6.8	9.8
Hedging and translation reserve	(21.0)	24.1	(22.7)
Retained earnings	312.6	345.2	350.0
Own Shares	(15.2)	(8.2)	(13.5)
Equity attributable to equity holders of the parent	340.9	424.6	380.3
Total equity	340.9	424.6	380.3

Source ↗

	2026 £m	2025 £m
Net cash Generated from operating activities 12a)	19.2	19.8
Investing activities
Interest received	2.4	3.1
Proceeds on disposal of property, plant and equipment	0.1	0.2
Purchases of property, plant and equipment	(10.4)	(13.7)
Purchases of intangible assets	(0.2)	(0.2)
Acquisition of Spencer	-	(1.3)
Dividend from joint venture	-	1.0
Net cash used in investing activities	(8.1)	(10.9)
Financing activities
Dividends paid	(8.8)	(6.8)
New loans	0.4	99.0
Repayment of borrowings	(30.0)	(98.5)
Purchase of shares held by employee benefit trust	(9.2)	(1.6)
Repayments from employee benefit trust	2.0	-
Repayment of lease liabilities	(3.2)	(3.6)
Net cash used in financing activities	(48.8)	(11.5)
Net decrease in cash and cash equivalents from continuing operations	(37.7)	(2.6)
Net decrease in cash and cash equivalents from discontinued operations	(7.7)	(15.6)
Cash and cash equivalents at beginning of period- continuing operations	82.0	45.8
Cash and cash equivalents at beginning of period- discontinued operations	-	(0.3)
Effect of foreign exchange rate changes	(0.1)	(0.8)
Cash and cash equivalents at end of period - continuing operations	36.5	26.5

Source ↗


Revenue	738.2	707.4
Trading profit	44.3	45.5
Share of joint venture profit	3.0	1.3
Operating profit	47.3	46.8
Finance income	8.6	11.0
Finance costs	(21.5)	(19.6)
Corporate undertakings	(0.3)	(0.8)
Profit before tax	34.1	37.4
Tax charge	(6.8)	(4.2)
Profit for the period from continuing operations	27.3	33.2
Loss from discontinued operations, net of tax	(31.5)	(7.3)
(Loss)/profit for the period	(4.2)	25.9
Attributable to
Equity holders of the parent from continuing operations	27.3	33.2
Equity holders of the parent from discontinued operations	(31.5)	(7.3)
(Loss)/earnings per share
From continuing and discontinued operations
Basic	(1.02)p	6.25p
Diluted	(0.99)p	7.32p
From continuing operations
Basic	6.60p	8.01p
Diluted	6.41p	7.84p
(1) Adjusted operating profit - continuing operations	63.6	53.0
(2) Adjusted profit before tax - continuing operations	51.2	42.2
(3) Adjusted earnings per share - continuing operations	9.65p	8.86p
(4) Adjusted and diluted earnings per share - continuing operations	9.37p	8.67p

Source ↗

	2025 £m	2024 £m
Non-current assets
Goodwill	160.9	195.4
Other intangible assets	26.7	32.1
Investment in joint venture	5.2	3.3
Property, plant and equipment	176.4	292.1
Deferred tax assets	28.1	27.5
Retirement benefits	23.3	43.5
Trade and other receivables	2.0	0.4
Total non-current assets	422.6	594.3
Current assets
Inventories	144.9	236.0
Current tax receivables	2.7	2.8
Trade and other receivables	108.2	137.2
Deferred and contingent consideration receivable	21.1	-
Cash and bank balances	82.0	45.5
Total current assets	358.9	421.5
Total assets	781.5	1,015.8
Current liabilities
Trade and other payables	152.4	196.9
Current tax liabilities	7.5	8.0
Lease liabilities	7.6	13.6
Bank overdrafts and loans	30.0	75.0
Provisions	14.3	11.3
Contingent consideration payable	-	13.0
Total current liabilities	211.8	317.8
Non-current liabilities
Bank and other loans	125.3	123.9
Retirement benefits	6.3	6.8
Deferred tax liabilities	2.3	8.2
Lease liabilities	36.4	62.6
Provisions	11.8	14.6
Contingent consideration payable	3.5	3.5
Others	3.8	8.5
Total non-current liabilities	189.4	228.1
Total liabilities	401.2	545.9
Net assets	380.3	469.9
Equity
Issued share capital	41.9	41.9
Share premium account	14.8	14.8
Equity reserve	9.8	7.8
Hedging and translation reserve	(22.7)	39.2
Retained earnings	350.0	376.7
Own shares	(13.5)	(10.5)
Equity attributable to equity holders of the parent	380.3	469.9
Total equity	380.3	469.9

Source ↗

	2025 £m	2024 £m
Net cash from operating activities 12a)	56.9	45.8
Investing activities
Interest received	6.5	7.0
Proceeds on disposal of property, plant and equipment	0.3	-
Purchases of property, plant and equipment	(32.0)	(28.5)
Purchases of intangible assets	(0.6)	(1.1)
Dividend from joint venture	1.0	3.0
Acquisition of Spencer	(13.0)	(10.7)
Net cash used in investing activities	(37.8)	(30.3)
Financing activities
Dividends paid	(10.3)	(10.1)
New loans	242.8	152.2
Repayment of borrowings	(281.4)	(132.0)
Purchase of shares held by employee benefit trust	(7.4)	(6.3)
Repayments from employee benefit trust	-	1.4
Repayment of lease liabilities	(6.4)	(6.1)
Net cash used in financing activities	(62.7)	(0.9)
Net (decrease)/increase in cash and cash equivalents from continuing operations	(43.6)	14.6
Cash lost on disposal	(1.3)	-
Net increase/(decrease) in cash and cash equivalents from continuing operations	81.3	(14.2)
Cash and cash equivalents at beginning of period from continuing operations	45.8	51.5
Cash and cash equivalents at beginning of period from discontinued operations	(0.3)	(5.7)
Effect of foreign exchange rate changes	0.1	(0.7)
Cash and cash equivalents at end of period	82.0	45.5

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	757.8	738.2	707.4
Adjusted operating profit	71.5	63.6	53.0
Operating profit	56.0	47.3	46.8
Share-based payments	–	5.1	–
Operating profit to net income
Finance costs	(18.1)	(21.5)	(19.6)
Profit before tax	5.7	34.1	37.4
Tax	(12.5)	(6.8)	(4.2)
Net income (owners)	(9.5)	(4.2)	25.9
Discontinued operations	(2.7)	(31.5)	(7.3)
Per share
EPS basic	(2.4p)	(1.0p)	6.2p
EPS diluted	(2.3p)	(1.0p)	7.3p
Dividend per share	–	3.0p	2.4p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	390.8	+5%	367.0	371.2
Adjusted operating profit	39.1	+25%	32.4	31.2
Operating profit	37.7	+30%	18.3	29.0
Operating profit to net income
Finance costs	(7.3)	−32%	(10.8)	(10.7)
Profit before tax	(5.6)	n/m	11.3	22.8
Tax	(7.5)	+317%	(5.0)	(1.8)
Net income (owners)	(27.7)	n/m	18.2	(22.4)
Discontinued operations	(14.6)	−66%	11.9	(43.4)
Per share
EPS basic	(6.8p)	–	4.4p	(5.4p)
EPS diluted	(6.8p)	–	4.4p	(5.4p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	56.3	56.9	45.8
Investing activities
Capex (PP&E)	(28.7)	(32.0)	(28.5)
Capex (intangibles)	(0.6)	(0.6)	(1.1)
Financing activities
Lease principal paid	(6.0)	(6.4)	(6.1)
Dividends paid	(12.3)	(10.3)	(10.1)
Share buybacks	(15.0)	(7.4)	(6.3)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	19.2	−3%	37.1	19.8
Investing activities
Capex (PP&E)	(10.4)	−24%	(18.3)	(13.7)
Capex (intangibles)	(0.2)	0%	(0.4)	(0.2)
Financing activities
Lease principal paid	(3.2)	−11%	(2.8)	(3.6)
Dividends paid	(8.8)	+29%	(3.5)	(6.8)
Share buybacks	(9.2)	+475%	(5.8)	(1.6)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	161.6	160.9	195.4
Other intangibles	25.7	26.7	32.1
Property, plant & equipment	181.5	176.4	292.1
Associates & JVs	7.1	5.2	3.3
Non-current assets	424.8	422.6	594.3
Current assets
Inventories	160.5	144.9	236.0
Trade receivables	131.1	108.2	137.2
Cash	36.7	82.0	45.5
Current assets	332.9	358.9	421.5
Total assets	757.7	781.5	1,015.8
Current liabilities
Trade payables	199.0	152.4	196.9
Borrowings, current	24.3	30.0	75.0
Lease liabilities, current	9.2	7.6	13.6
Current liabilities	253.5	211.8	317.8
Non-current liabilities
Borrowings, non-current	101.8	125.3	123.9
Lease liabilities, non-current	40.7	36.4	62.6
Pension surplus / (deficit)	21.6	23.3	43.5
Non-current liabilities	163.3	189.4	228.1
Total liabilities	416.8	401.2	545.9
Equity
Total equity	340.9	380.3	469.9
Net cash and other figures
Net cash / (debt) ex leases	(89.4)	(73.3)	(153.4)
Net cash / (debt) incl. leases	(139.3)	(117.3)	(229.6)
Undrawn facilities	175.3	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	161.6	160.9	158.8	195.4
Other intangibles	25.7	26.7	27.2	32.1
Property, plant & equipment	181.5	176.4	160.0	292.1
Associates & JVs	7.1	5.2	3.7	3.3
Non-current assets	424.8	422.6	420.4	594.3
Current assets
Inventories	160.5	144.9	148.3	236.0
Trade receivables	131.1	108.2	109.9	137.2
Cash	36.7	82.0	26.7	45.5
Current assets	332.9	358.9	528.4	421.5
Total assets	757.7	781.5	948.8	1,015.8
Current liabilities
Trade payables	199.0	152.4	140.4	196.9
Borrowings, current	24.3	30.0	44.0	75.0
Lease liabilities, current	9.2	7.6	6.8	13.6
Current liabilities	253.5	211.8	312.6	317.8
Non-current liabilities
Borrowings, non-current	101.8	125.3	145.1	123.9
Lease liabilities, non-current	40.7	36.4	30.0	62.6
Pension surplus / (deficit)	21.6	23.3	43.0	43.5
Non-current liabilities	163.3	189.4	211.6	228.1
Total liabilities	416.8	401.2	524.2	545.9
Equity
Total equity	340.9	380.3	424.6	469.9
Net cash and other figures
Net cash / (debt) ex leases	(89.4)	(73.3)	–	(153.4)
Net cash / (debt) incl. leases	(139.3)	(117.3)	(235.0)	(229.6)
Undrawn facilities	175.3	–	–	–

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