Videndum

VID · Main Market · Consumer Products and Services · mcap £95m · 235.0p

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Financials · LTM to 30 Jun 26

Source: results 05 Aug 26 ↗

Going-concern uncertainty

Revenue: £223m
Operating profit: −£28.7m
Net income: −£49.8m
Free cash flow: −£31.7m
Net debt: £15.1m
Market cap: £94.7m
EV / EBIT: –
FCF yield: −33.5%
Price / book: 0.8×

Latest half-year · H1 26 vs H1 25 results 05 Aug 26 ↗

Revenue: £110m
Operating profit: £9.6m
Net income: −£2.3m
Cash from operations: −£10.9m

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

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 05 Aug 26 · read the results ↗

	FY 25 source	FY 24 source
Adjusted revenue Revenue Calculated as gross profit before adjusting items. The table below shows a reconciliation: See note 2.1 "Loss before tax (including segmental information)". 2025 2024 £m £m Revenue 228.3 280.7 Adjusting items in revenue (0.6) - Adjusted gross profit	227.7	280.7
	2025	2024
£m £m
Gross profit	72.3	92.3
Adjusting items in revenue	(0.6)	-
Adjusting items in cost of sales	5.4	1.0
Adjusted gross profit	77.1	93.3
Adjusted other income Other income Calculated as other income before adjusting items. The table below shows a reconciliation: See note 2.1 "Loss before tax (including segmental information) - operating expenses". 2025 2024 £m £m Operating expenses 134.1 177.7 Adjusting items in operating expenses (37.6) (65.3) Adjusted operating expenses	96.5	112.4
Total £m £m	2025	2024
£m £m
Operating expenses	134.1	177.7
Adjusting items in operating expenses	(37.6)	(65.3)
Adjusted operating expenses	96.5	112.4
The table below shows a reconciliation: See note 2.2 "Adjusting items".
Total the table below shows a reconciliation: See note 2.2 "Adjusting items".	2025	2024
£m £m
Loss before tax	(70.0)	(91.3)
Net finance expense	16.1	6.8
Adjusting items in operating loss	38.5	66.3
Adjusted operating loss	(15.4)	(18.2)
See Consolidated Income Statement for a reconciliation.
See note 2.5 " Earnings per share " for a reconciliation.
Cash flow measures from continuing operations.
See "Adjusted operating cash flow" below for a reconciliation.
Total see "Adjusted operating cash flow" below for a reconciliation.	2025	2024
£m £m
Loss for the period from continuing operations	(71.7)	(135.4)
Add back
Taxation and net finance expense	17.8	50.9
Adjusting items	38.5	66.3
Adjusted operating loss	(15.4)	(18.2)
Depreciation	12.2	12.7
Amortisation of purchased software and capitalised development costs	6.5	7.3
Impairment of property, plant and equipment, and capitalised development costs	6.7	4.3
Exclude impairment charges of fixed assets included in adjusting items	(1.0)	(5.2)
One-off charges	-	14.3
Adjusted EBITDA	9.0	20.1
Decrease in adjusted trade working capital	8.1	7.8
(Increase)/decrease in adjusted non-trade working capital	(0.4)	2.2
Decrease in adjusted provisions	(1.6)	(0.1)
Other
- Net (gain)/loss on disposal of property, plant and equipment and software	(0.1)	0.3
- Fair value losses on derivative financial instruments	0.1	0.1
- Foreign exchange (gains)/losses	(0.3)	0.2
- Share-based payment charges	2.3	2.2
- Proceeds from sale of property, plant and equipment and software	0.3	2.7
- Add back proceeds from property held for sale previously	-	(2.5)
Purchase of property, plant and equipment	(7.2)	(7.8)
Purchase of software and payment of development costs	(4.9)	(7.6)
One off R&D expenditure	-	(1.0)
Adjusted operating cash flow	5.3	16.6
Interest paid	(19.1)	(10.3)
Interest received	0.6	0.2
Tax received	2.7	0.7
Proceeds from property held for sale previously	-	2.5
Restructuring and other adjusting items	(12.8)	(4.2)
Retention bonuses	(0.1)	(1.2)
Transaction costs relating to disposals	(0.2)	-
Free cash outflow	(23.6)	4.3
Deduct interest received from financing activities	(0.6)	(0.2)
Proceeds from sale of property, plant and equipment and software	(0.3)	(2.7)
Purchase of property, plant and equipment	7.2	7.8
Purchase of software and payment of development costs	4.9	7.6
Net cash (used in)/from operating activities	(12.4)	16.8
Total other	2025	2024
£m £m
Decrease in inventories	18.8	12.5

	H1 26£m source	H2 25 calc.	H1 25£m source
Continuing operations
Revenue	110.3	–	115.4
Cost of sales Other Income	(69.8)	–	(76.4)
Gross profit	40.5	33.3	39.0
Other income	17.2	–	-
Operating expenses	(48.1)	188.7	(54.6)
Operating profit/(loss)	9.6	–	(15.6)
Comprising
- Adjusted operating loss	(4.6)	(8.4)	(7.0)
- Adjusting items in operating loss	14.2	47.1	(8.6)
Finance income	0.3	–	0.2
Finance expense	(11.9)	–	(7.5)
Net finance expense	(11.6)	23.4	(7.3)
Loss before tax	(2.0)	(47.1)	(22.9)
Comprising
- Adjusted loss before tax	(13.4)	–	(14.3)
- Adjusting items in loss before tax	11.4	–	(8.6)
Taxation	(0.3)	–	(0.9)
Loss for the period from continuing operations	(2.3)	(47.9)	(23.8)
Profit for the period from discontinued operations	-	–	2.7
Loss for the period attributable to owners of the parent	(2.3)	–	(21.1)
Earnings per share from continuing operations
Basic earnings per share	(11.1) pence	–	(4,877.3) pence
Diluted earnings per share	(11.1) pence	–	(4,877.3) pence
Earnings per share from total operations
Basic earnings per share	(11.1) pence	–	(4,324.0) pence
Diluted earnings per share	(11.1) pence	–	(4,324.0) pence

	30 Jun 26£m source	31 Dec 25£m source	31 Dec 24£m source
Assets
Non-current assets
Intangible assets	64.2	64.2	99.7
Property, plant and equipment	37.9	39.0	48.6
Employee benefit asset	-	3.8	4.1
Trade and other receivables	2.1	1.2	4.5
Deferred tax assets	0.8	0.8	0.7
Total non-current assets	105.0	109.0	157.6
Current assets
Inventories	58.5	59.8	82.5
Contract assets	1.1	0.5	0.5
Trade and other receivables	40.4	46.4	38.7
Derivative financial instruments	-	0.1	0.8
Current tax assets	2.0	2.0	8.9
Cash and cash equivalents	11.1	11.0	57.3
Total current assets	113.1	119.8	188.7
Total assets	218.1	228.8	346.3
Liabilities
Current liabilities
Bank overdrafts	-	-	44.4
Interest-bearing loans and borrowings	0.3	127.8	0.2
Lease liabilities	5.1	5.2	8.2
Contract liabilities	3.4	5.1	4.2
Trade and other payables	36.5	42.1	43.7
Derivative financial instruments	0.1	0.1	0.3
Current tax liabilities	5.0	4.9	6.6
Provisions	3.1	3.7	11.2
Total current liabilities	53.5	188.9	118.8
Non-current liabilities
Interest-bearing loans and borrowings	25.9	0.3	114.2
Lease liabilities	19.1	20.0	23.3
Other payables	1.1	0.8	0.8
Employee benefit liabilities	2.0	2.2	2.5
Provisions	0.4	0.4	0.7
Deferred tax liabilities	–	-	0.1
Total non-current liabilities	48.5	23.7	141.6
Total liabilities	102.0	212.6	260.4
Net assets	116.1	16.2	85.9
Equity
Share capital	21.2	20.8	18.9
Share premium	240.0	139.3	133.7
Translation reserve	(25.1)	(25.6)	(16.5)
Capital redemption reserve	1.6	1.6	1.6
Cash flow hedging reserve	(0.2)	-	0.4
Retained earnings	(121.4)	(119.9)	(52.2)
Total equity	116.1	16.2	85.9

	30 Jun 26£m source	31 Dec 25£m source	30 Jun 25£m source	31 Dec 24£m source
Assets
Non-current assets
Intangible assets	64.2	64.2	90.9	99.7
Property, plant and equipment	37.9	39.0	44.8	48.6
Employee benefit asset	-	3.8	3.6	4.1
Trade and other receivables	2.1	1.2	2.3	4.5
Deferred tax assets	0.8	0.8	0.7	0.7
Total non-current assets	105.0	109.0	142.3	157.6
Current assets
Inventories	58.5	59.8	68.4	82.5
Contract assets	1.1	0.5	0.9	0.5
Trade and other receivables	40.4	46.4	37.5	38.7
Derivative financial instruments	-	0.1	0.7	0.8
Current tax assets	2.0	2.0	4.1	8.9
Cash and cash equivalents	11.1	11.0	59.9	57.3
Total current assets	113.1	119.8	171.5	188.7
Total assets	218.1	228.8	313.8	346.3
Liabilities
Current liabilities
Bank overdrafts	-	-	48.5	44.4
Interest-bearing loans and borrowings	0.3	127.8	0.2	0.2
Lease liabilities	5.1	5.2	6.0	8.2
Contract liabilities	3.4	5.1	2.0	4.2
Trade and other payables	36.5	42.1	37.3	43.7
Derivative financial instruments	0.1	0.1	-	0.3
Current tax liabilities	5.0	4.9	7.5	6.6
Provisions	3.1	3.7	5.1	11.2
Total current liabilities	53.5	188.9	106.6	118.8
Non-current liabilities
Interest-bearing loans and borrowings	25.9	0.3	120.8	114.2
Lease liabilities	19.1	20.0	22.1	23.3
Other payables	1.1	0.8	0.7	0.8
Employee benefit liabilities	2.0	2.2	2.3	2.5
Provisions	0.4	0.4	0.5	0.7
Deferred tax liabilities	–	-	–	0.1
Total non-current liabilities	48.5	23.7	146.4	141.6
Total liabilities	102.0	212.6	253.0	260.4
Net assets	116.1	16.2	60.8	85.9
Equity
Share capital	21.2	20.8	20.8	18.9
Share premium	240.0	139.3	139.3	133.7
Translation reserve	(25.1)	(25.6)	(28.6)	(16.5)
Capital redemption reserve	1.6	1.6	1.6	1.6
Cash flow hedging reserve	(0.2)	-	0.4	0.4
Retained earnings	(121.4)	(119.9)	(72.7)	(52.2)
Total equity	116.1	16.2	60.8	85.9

	FY 25£m source	FY 24£m source
Cash flows from operating activities
Loss for the year	(68.6)	(147.0)
Adjustments for
Net finance expense	16.4	6.9
Taxation	1.8	43.6
Depreciation	12.2	13.2
Impairment of fixed assets	29.7	61.1
Amortisation of intangible assets	9.7	11.6
Net loss on disposal of property, plant and equipment and software	0.5	0.3
Fair value losses on derivative financial instruments	0.1	0.1
Foreign exchange (gains)/losses	(0.2)	0.1
Share-based payment charge	2.3	2.2
Retention bonuses	-	0.2
Profit on disposal of business or net assets, before transaction costs	(9.0)	-
Cash used in operating activities before changes in working capital, including provisions	(5.1)	(7.7)
Decrease in inventories	18.8	12.5
(Increase)/decrease in trade receivables	(6.6)	8.2
(Increase)/decrease in other receivables and contract assets	(2.4)	2.9
(Decrease)/increase in trade payables	(1.4)	1.2
Increase/(decrease) in other payables and contract liabilities	4.5	(0.9)
(Decrease)/increase in provisions	(7.6)	6.3
Cash from operating activities	0.2	22.5
Interest paid (1),(2)	(19.1)	(10.3)
Tax received	2.6	0.5
Net cash (used in)/from operating activities	(16.3)	12.7
Cash flows from investing activities
Interest received	0.6	0.2
Proceeds from sale of property, plant and equipment and software	0.3	2.7
Purchase of property, plant and equipment	(7.2)	(7.9)
Purchase of software and payment of development costs	(4.9)	(7.6)
Disposal of business or net assets	7.3	-
Net cash used in investing activities	(3.9)	(12.6)
Cash flows from financing activities
Proceeds from the issue of shares, net of costs	7.5	-
Transfer of share options	(0.3)	(0.5)
Principal lease repayments	(6.5)	(6.1)
Repayment of interest-bearing loans and borrowings	(13.0)	(231.1)
Proceeds from interest-bearing loans and borrowings	30.3	244.7
Net cash from financing activities	18.0	7.0
(Decrease)/increase in cash and cash equivalents	(2.2)	7.1
Effect of exchange rate fluctuations	0.3	1.1
Cash and cash equivalents and overdrafts at 1 January	12.9	4.7
Cash and cash equivalents and overdrafts at 31 December	11.0	12.9

	H1 26£m source	H2 25£m calc.	H1 25£m source
Cash flows from operating activities
Loss for the period	(2.3)	–	(21.1)
Adjustments for
Net finance expense	11.6	8.7	7.7
Taxation	0.3	0.8	1.0
Depreciation	4.7	6.2	6.0
Debt forgiveness	(16.9)	–	-
Impairment of fixed assets	-	28.9	0.8
Amortisation of intangible assets	3.0	4.9	4.8
Net profit on disposal of property, plant and equipment and software	(0.2)	0.5	-
Fair value gains on derivative financial instruments	(0.1)	–	(0.1)
Foreign exchange losses/(gains)	0.1	–	(0.4)
Share-based payment charge	1.1	1.0	1.3
Profit on disposal of business before transaction costs	-	–	(4.9)
Cash from/(used in) operating activities before change in working capital, including provisions	1.3	–	(4.9)
Decrease in inventories	1.5	9.5	9.3
Decrease/(increase) in trade receivables	3.6	(5.2)	(1.4)
Decrease in other receivables and contract assets	2.4	(2.8)	0.4
Decrease in trade payables	(0.9)	–	(2.8)
Decrease in other payables and contract liabilities	(5.1)	–	(2.6)
Increase/(decrease) in provisions	1.3	(2.5)	(5.1)
Cash generated/(used in) from operating activities	4.1	–	(7.1)
Interest paid	(14.9)	(9.1)	(10.0)
Tax (paid)/received	(0.1)	–	4.4
Net cash used in operating activities	(10.9)	–	(12.7)
Cash flows from investing activities
Interest received	0.2	0.1	0.5
Proceeds from sale of property, plant and equipment and software	0.2	0.2	0.1
Purchase of property, plant and equipment	(2.1)	(4.4)	(2.8)
Purchase of software and payment of development costs	(2.5)	(2.3)	(2.6)
Disposal of business	-	–	2.1
Net cash used in investing activities	(4.2)	(1.2)	(2.7)
Cash flows from financing activities
Proceeds from the issue of shares, net of costs	79.2	-	7.5
Settlement of share options	-	–	(0.3)
Principal lease repayments	(2.7)	(3.2)	(3.3)
Repayment of interest-bearing loans and borrowings	(67.2)	(10.9)	(2.1)
Borrowings from interest-bearing loans and borrowings	6.6	–	11.9
Net cash inflow from financing activities	15.9	–	13.7
Increase/(decrease) in cash and cash equivalents	0.8	(0.5)	(1.7)
Effect of exchange rate fluctuations on cash held	(0.7)	–	0.2
Cash and cash equivalents at 1 January	11.0	–	12.9
Cash and cash equivalents at the end of the period	11.1	–	11.4

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	223.2	228.3	280.7
Adjusted EBITDA	9.6	9.0	20.1
Exceptional / adjusting items	(15.7)	(38.5)	(66.3)
Operating profit	(28.7)	(53.9)	(84.5)
Amortisation	7.9	9.7	11.6
Share-based payments	2.1	2.3	2.2
Operating profit to net income
Profit before tax	(45.9)	(66.8)	(103.4)
Net income (owners)	(49.8)	(68.6)	(147.0)
Discontinued operations	–	3.1	(11.6)
Per share
EPS basic	4,244.8p	(68.1p)	(155.8p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	110.3	−4%	112.9	115.4
Gross profit	40.5	+4%	–	39.0
Adjusted EBITDA	3.0	+25%	6.6	2.4
Adjusted operating profit	(4.6)	n/m	–	(7.0)
Exceptional / adjusting items	14.2	n/m	(29.9)	(8.6)
Operating profit	9.6	n/m	(38.3)	(15.6)
Amortisation	3.0	−38%	4.9	4.8
Share-based payments	1.1	−15%	1.0	1.3
Operating profit to net income
Finance costs	(11.9)	+59%	–	(7.5)
Profit before tax	(2.0)	n/m	(43.9)	(22.9)
Tax	(0.3)	−67%	–	(0.9)
Net income (owners)	(2.3)	n/m	(47.5)	(21.1)
Discontinued operations	–	–	0.4	2.7
Per share
EPS basic	(11.1p)	–	4,255.9p	(4,324.0p)
EPS diluted	(11.1p)	–	–	(4,324.0p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(14.5)	(16.3)	12.7
Interest paid	(24.0)	(19.1)	(10.3)
Investing activities
Capex (PP&E)	(6.5)	(7.2)	(7.9)
Capex (intangibles)	(4.8)	(4.9)	(7.6)
Financing activities
Lease principal paid	(5.9)	(6.5)	(6.1)
Shares issued	79.2	7.5	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(10.9)	n/m	(3.6)	(12.7)
Interest paid	(14.9)	+49%	(9.1)	(10.0)
Tax paid	(0.1)	n/m	–	4.4
Investing activities
Capex (PP&E)	(2.1)	−25%	(4.4)	(2.8)
Capex (intangibles)	(2.5)	−4%	(2.3)	(2.6)
Financing activities
Lease principal paid	(2.7)	−18%	(3.2)	(3.3)
Shares issued	79.2	n/m	0.0	7.5

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	–	64.2	99.7
Other intangibles	64.2	64.2	–
Property, plant & equipment	37.9	39.0	48.6
Non-current assets	105.0	109.0	157.6
Current assets
Inventories	58.5	59.8	82.5
Trade receivables	40.4	46.4	38.7
Cash	11.1	11.0	57.3
Current assets	113.1	119.8	188.7
Total assets	218.1	228.8	346.3
Current liabilities
Trade payables	36.5	42.1	43.7
Borrowings, current	0.3	127.8	0.2
Lease liabilities, current	5.1	5.2	8.2
Current liabilities	53.5	188.9	118.8
Non-current liabilities
Borrowings, non-current	25.9	0.3	114.2
Lease liabilities, non-current	19.1	20.0	23.3
Non-current liabilities	48.5	23.7	141.6
Total liabilities	102.0	212.6	260.4
Equity
Total equity	116.1	16.2	85.9
Net cash and other figures
Net cash / (debt) ex leases	–	(142.3)	(133.0)
Net cash / (debt) incl. leases	(39.3)	–	–
Undrawn facilities	14.0	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	–	64.2	–	99.7
Other intangibles	64.2	64.2	90.9	–
Property, plant & equipment	37.9	39.0	44.8	48.6
Non-current assets	105.0	109.0	142.3	157.6
Current assets
Inventories	58.5	59.8	68.4	82.5
Trade receivables	40.4	46.4	37.5	38.7
Cash	11.1	11.0	59.9	57.3
Current assets	113.1	119.8	171.5	188.7
Total assets	218.1	228.8	313.8	346.3
Current liabilities
Trade payables	36.5	42.1	37.3	43.7
Borrowings, current	0.3	127.8	0.2	0.2
Lease liabilities, current	5.1	5.2	6.0	8.2
Current liabilities	53.5	188.9	106.6	118.8
Non-current liabilities
Borrowings, non-current	25.9	0.3	120.8	114.2
Lease liabilities, non-current	19.1	20.0	22.1	23.3
Non-current liabilities	48.5	23.7	146.4	141.6
Total liabilities	102.0	212.6	253.0	260.4
Equity
Total equity	116.1	16.2	60.8	85.9
Net cash and other figures
Net cash / (debt) ex leases	–	(142.3)	–	(133.0)
Net cash / (debt) incl. leases	(39.3)	–	(137.7)	–
Undrawn facilities	14.0	–	–	–

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.