AGM Trading Update
FY26 trading in line with guidance; progressive EBITDA growth and cash generation expected; buyback on track.
vs expectations: in line
- Revenue Guidance FY26 £200m to £216m (prior £250.2m)
- Adjusted EBITDA Guidance FY26 (excl. inventory liquidation) £5.5m to £7.5m (prior £6.7m)
- Net cash Guidance FY26 (excl. lease liabilities) £35m to £39m (prior £30.1m)
- Buyback programme completed £1.7m of £2m
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Ahead of the Company's AGM being held later today, the Board is pleased to announce that trading to date in the current financial year, FY26, continues to be in line with the Company's communicated FY26 Guidance. This Guidance indicates progressive growth in adj. EBITDA (excluding inventory liquidation and assoc. costs) and further cash generation compared with FY25.
The share buyback programme launched last month to deliver value to shareholders is progressing well, with approximately £1.7 million of the £2 million maximum aggregate consideration completed thus far, at prices well below the Board's view of intrinsic value.
The Company will announce HY26 results for the six months ended 30 September 2025 in early December 2025, at which point it will detail further updates on progress towards delivering the key priorities in the New Strategic Plan as announced end of March 2025.
| KPI | FY26 (Guidance) | FY25 (Reported) |
|---|---|---|
| Revenue | £200m to £216m | £250.2m |
| Adjusted EBITDA 2 (excl. inventory liquidation and associated costs) | £5.5m to £7.5m | £6.7m |
| Net cash (excl. lease liabilities) 3 & 4 | £35m to £39m | £30.1m |
| Inventory liquidations and associated costs 5 | £12m of inventory liquidation cost over the Medium Term (further FY26 update in December 2025 at the time of the HY26 results) | £6.5m |
- This guidance has been provided based on constant FX rates of 1 GBP = 1.35 USD and 2.00 AUD
- As highlighted in March 2025, implementing the £15m of FY26 savings results in a likely £2-£3m exceptional cost in FY26
- Net cash guidance includes an assumed £2m distribution in calendar year 2025
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.