VP

VP. · Main Market · Industrial Goods and Services · mcap £203m · 512.0p

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Financials · LTM to 31 Mar 26

Source: results 10 Jun 26 ↗

Revenue: £358m
Operating profit: £3.2m
Net income: −£5.4m
Free cash flow: −£21.9m
Net debt: £135m
Market cap: £204m
EV / EBIT: 106.0×
FCF yield: −10.8%
Price / book: 1.6×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 27 Nov 25 ↗

Revenue: £188m
Operating profit: £15.9m
Net income: £7.8m
Cash from operations: £36.3m

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: FY Mar 26 (twelve months to 31 Mar 26), published 10 Jun 26 · read the results ↗

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

	FY Mar 26	FY Mar 25
Revenue	358.3	380.0
Gross profit	82.2	92.1
Adjusted EBITDA	78.0	90.6
Adjusted operating profit	37.2	47.0
Exceptional / adjusting items	(30.6)	(10.9)
Operating profit	3.2	32.0
Depreciation (owned assets)	44.1	46.5
Depreciation (right-of-use)	18.2	18.4
Amortisation	4.2	4.0
Share-based payments	0.4	0.4
Finance costs	(10.2)	(10.3)
Profit before tax	(7.0)	21.7
Tax	1.6	(7.3)
Net income (owners)	(5.4)	14.4
EPS basic	(13.8p)	36.6p
EPS diluted	(13.8p)	36.5p
Dividend per share	39.5p	39.5p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue	169.9	188.4	187.5	192.5
Gross profit	34.8	47.4	44.7	47.4
Adjusted EBITDA	35.0	43.0	43.6	47.0
Adjusted operating profit	14.9	22.3	21.1	25.9
Exceptional / adjusting items	(25.9)	(4.7)	–	–
Operating profit	(12.7)	15.9	7.7	24.4
Depreciation (owned assets)	21.8	22.3	24.0	22.4
Depreciation (right-of-use)	8.4	9.8	9.7	8.7
Amortisation	2.1	2.1	2.1	1.9
Share-based payments	0.3	0.1	0.2	0.3
Finance costs	(5.3)	(4.9)	(5.5)	(4.8)
Profit before tax	(18.0)	11.0	2.2	19.5
Tax	4.8	(3.1)	(2.0)	(5.3)
Net income (owners)	(13.2)	7.8	0.2	14.3
EPS basic	(33.6p)	19.8p	0.4p	36.2p
EPS diluted	(33.5p)	19.7p	0.5p	36.0p
Dividend per share	28.0p	11.5p	28.0p	11.5p

	FY Mar 26	FY Mar 25
Cash from operations	61.4	80.7
Interest paid	(6.1)	(6.8)
Tax paid	(4.3)	(4.6)
Capex (PP&E)	(59.2)	(72.9)
Capex (intangibles)	(0.7)	(0.8)
Lease principal paid	(19.3)	(18.0)
Lease interest paid	(4.1)	(3.7)
Dividends paid	(15.6)	(15.4)
Share buybacks	(0.0)	(0.0)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Cash from operations	25.1	36.3	45.0	35.8
Interest paid	(3.1)	(3.0)	(3.6)	(3.2)
Tax paid	(0.9)	(3.4)	(3.1)	(1.5)
Capex (PP&E)	(17.1)	(42.1)	(30.9)	(42.0)
Capex (intangibles)	(0.5)	(0.2)	(0.5)	(0.3)
Lease principal paid	(9.7)	(9.6)	(9.0)	(8.9)
Lease interest paid	(2.1)	(2.0)	(2.0)	(1.7)
Dividends paid	(4.5)	(11.1)	(4.5)	(10.9)
Share buybacks	0.0	(0.1)	0.1	(0.1)

	FY Mar 26	FY Mar 25
Other intangibles	27.0	29.4
Property, plant & equipment	263.8	271.1
Inventories	7.0	9.9
Trade receivables	68.3	71.5
Cash	21.3	29.9
Current assets	106.8	113.3
Total assets	453.3	472.4
Trade payables	57.3	63.6
Borrowings, current	64.8	0.0
Lease liabilities, current	18.2	17.6
Current liabilities	164.6	100.7
Borrowings, non-current	91.5	151.2
Lease liabilities, non-current	45.4	47.8
Pension surplus / (deficit)	–	0.9
Total liabilities	322.1	322.0
Total equity	131.1	150.4
Net cash / (debt) ex leases	(148.9)	(138.5)
Net cash / (debt) incl. leases	(212.6)	(203.9)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Other intangibles	27.0	28.4	29.4	26.9
Property, plant & equipment	263.8	286.4	271.1	267.2
Inventories	7.0	8.7	9.9	9.6
Trade receivables	68.3	73.3	71.5	79.4
Cash	21.3	24.9	29.9	22.3
Current assets	106.8	109.5	113.3	111.4
Total assets	453.3	483.0	472.4	465.0
Trade payables	57.3	61.1	63.6	64.5
Borrowings, current	64.8	14.3	0.0	13.3
Lease liabilities, current	18.2	17.8	17.6	16.2
Current liabilities	164.6	95.8	100.7	95.6
Borrowings, non-current	91.5	166.5	151.2	149.5
Lease liabilities, non-current	45.4	47.9	47.8	44.6
Pension surplus / (deficit)	–	0.8	0.9	1.8
Total liabilities	322.1	334.7	322.0	309.4
Total equity	131.1	148.3	150.4	155.6
Net cash / (debt) ex leases	(148.9)	(155.9)	(138.5)	(140.4)
Net cash / (debt) incl. leases	(212.6)	(221.6)	(203.9)	(201.2)

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.