Zigup

ZIG · Main Market · Industrial Goods and Services · mcap £996m · 441.0p

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

Source: results 08 Jul 26 ↗

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

Market cap: £999.5m
Owner’s net cash: −£843.8m
Net cash / market cap: -84%
EV ex leases: £1,843m
Revenue: £1,859m
Operating profit: £141.8m
Free cash flow after leases: −£80.9m
EV / EBIT: 13.0×
FCF yield: -8.1%
Price / tangible book: 1.11×
ROCE: 7%
Net income (owners): £76.2m

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: FY Apr 26 (twelve months to 30 Apr 26), published 08 Jul 26 · read the results ↗

Source ↗

	2026 £000	2025 £000
Revenue: hire of vehicles	749,887	682,888
Revenue: sale of vehicles	222,609	257,600
Revenue: claims and services	886,438	872,156
Total revenue	1,858,934	1,812,644
Cost of sales	(1,437,835)	(1,414,745)
Gross profit	421,099	397,899
Administrative expenses (excluding exceptional items)	(247,467)	(232,497)
Net impairment of trade receivables (excluding exceptional items)	(6,307)	(8,417)
Exceptional administrative expenses: impairment of trade receivables	(3,282)	(3,006)
Exceptional administrative expenses: other operating costs	(23,564)	(17,617)
Total administrative expenses	(280,620)	(261,537)
Other income	1,276	-
Operating profit	141,755	136,362
Share of net profit of associates accounted for using the equity method	620	170
EBIT	142,375	136,532
Finance income	1,027	1,495
Finance costs	(41,406)	(36,559)
Profit before taxation	101,996	101,468
Taxation	(25,837)	(21,623)
Profit for the year	76,159	79,845
Earnings per share Note	2026	2025
Basic	33.7p	35.6p
Diluted	32.9p	34.9p

Source ↗

	2026 £000	2025 £000
Cash generated from operations	520,664	509,730
Income taxes paid, net	(19,904)	(18,255)
Interest paid	(39,679)	(34,855)
Net cash generated from operations before purchases of and proceeds from disposal of vehicles for hire	461,081	456,620
Purchases of vehicles for hire	(678,717)	(672,744)
Proceeds from disposals of vehicles for hire	200,833	232,576
Net cash (used in) generated from operations	(16,803)	16,452
Investing activities
Finance income	1,027	1,495
Distributions from associates	620	476
Proceeds from disposal of other property, plant and equipment	2,633	965
Purchases of other property, plant and equipment	(10,703)	(11,106)
Purchases of intangible assets	(1,696)	(3,098)
Net cash used in investing activities	(8,119)	(11,268)
Financing activities
Dividends paid	(59,512)	(59,042)
Receipt of bank loans and other borrowings	159,852	212,685
Repayments of bank loans and other borrowings	(22,126)	(87,680)
Debt issue costs paid	(625)	(4,022)
Principal element of lease payments	(51,689)	(59,501)
Payments to acquire treasury shares	-	(5,332)
Proceeds from sale of own shares	2,592	263
Net cash generated from (used in) financing activities	28,492	(2,629)
Net increase in cash and cash equivalents	3,570	2,555
Cash and cash equivalents at 1 May	(3,870)	(6,818)
Effect of foreign exchange movements	807	393
Cash and cash equivalents at 30 April (a)	507	(3,870)
(a) Cash and cash equivalents comprise
Cash and bank balances	23,479	33,738
Bank overdrafts	(22,972)	(37,608)
Cash and cash equivalents	507	(3,870)

Source ↗

	2025 £m	2025 £m	2025 £m	2024 £m	2024 £m	2024 £m
Revenue (a)	929.6	(119.7)	809.9	903.6	(128.7)	775.0
Cost of sales (b + c)	(719.5)	127.6	(591.8)	(709.2)	142.6	(566.6)
Gross profit	210.2	7.9	218.1	194.5	13.9	208.4
Administrative expenses (d)	(127.0)	8.7	(118.2)	(121.4)	11.9	(109.5)
Operating profit	83.2	16.6	99.9	73.1	25.9	98.9
Income from associates	0.6	-	0.6	0.2	-	0.2
EBIT	83.8	16.6	100.4	73.2	25.9	99.1
Finance income	0.6	-	0.6	0.9	-	0.9
Finance costs	(19.3)	-	(19.3)	(18.0)	-	(18.0)
Profit before taxation	65.0	16.6	81.7	56.2	25.9	82.0
Taxation (e)	(15.5)	(4.1)	(19.6)	(12.7)	(6.5)	(19.2)
Profit for the period	49.6	12.5	62.1	43.4	19.4	62.8
Shares for EPS calculation 225.3m 225.3m 223.8m 223.8m
Basic EPS	22.0p	27.6p	19.4p	28.1p	–	–
Foot notes
Adjustments comprise
Revenue: sale of vehicles (a)	–	–	(119.7)	–	–	(128.7)
Cost of sales: revenue sale of vehicles net down (b)	–	–	119.7	–	–	128.7
Adjustments to underlying depreciation (see Financial Review) (c)	–	–	7.9	–	–	13.9
Gross profit	7.9	13.9	–	–	–	–
Exceptional items	–	–	-	–	–	2.8
Amortisation of acquired intangible assets	–	–	8.7	–	–	9.2
Administrative expenses (d)	8.7	11.9	–	–	–	–
Adjustments to EBIT	–	–	16.6	–	–	25.9
Adjustments to PBT	–	–	16.6	–	–	25.9
Tax on exceptional items	–	–	-	–	–	(0.7)
Tax on brand royalty charges, adjustments to depreciation and amortisation of acquired intangible assets	–	–	(4.1)	–	–	(5.8)
Tax adjustments (e)	–	–	(4.1)	–	–	(6.5)
Adjustments to profit	–	–	12.5	–	–	19.4

Source ↗

	31.10.25 (Unaudited) £000	31.10.24 (Unaudited) £000	30.04.25 (Audited) £000
Non-current assets
Goodwill	111,906	115,918	111,906
Other intangible assets	85,240	102,617	94,336
Property, plant and equipment	1,856,842	1,606,091	1,683,456
Deferred tax assets	1,769	1,750	1,095
Interest in associates	-	4,651	-
Total non-current assets	2,055,757	1,831,027	1,890,793
Current assets
Inventories	26,306	25,541	28,509
Receivables and contract assets	372,520	408,634	378,147
Derivative financial instrument assets	65	-	-
Income tax assets	5,939	2,077	4,202
Cash and bank balances	39,575	15,116	33,738
Total current assets	444,405	451,368	444,596
Total assets	2,500,162	2,282,395	2,335,389
Current liabilities
Trade and other payables	369,794	380,727	340,450
Provisions	5,048	6,495	4,738
Derivative financial instrument liabilities	61	16	-
Income tax liabilities	8,198	1,023	238
Lease liabilities	43,435	45,950	39,507
Borrowings	43,280	22,159	54,367
Total current liabilities	469,816	456,370	439,300
Net current (liabilities) assets	(25,411)	(5,002)	5,296
Non-current liabilities
Income tax liabilities	-	-	2,549
Provisions	10,652	8,852	10,323
Lease liabilities	108,387	103,000	98,473
Borrowings	783,725	626,486	678,086
Deferred tax liabilities	43,718	46,978	43,501
Total non-current liabilities	946,482	785,316	832,932
Total liabilities	1,416,298	1,241,686	1,272,232
NET ASSETS	1,083,864	1,040,709	1,063,157
Equity
Share capital	118,046	123,046	123,046
Share premium account	113,510	113,510	113,510
Treasury shares reserve	(26,483)	(72,821)	(72,820)
Own shares reserve	(9,858)	(4,461)	(3,740)
Translation reserve	(1,468)	(9,795)	(7,205)
Other reserves	335,496	330,424	330,454
Retained earnings	554,621	560,806	579,912
TOTAL EQUITY	1,083,864	1,040,709	1,063,157

Source ↗

	Six months to 31.10.25 (Unaudited) £000	Six months to 31.10.24 (Unaudited) £000	Year to 30.04.25 (Audited) £000
Cash generated from operations	272,103	264,287	509,730
Income taxes paid, net	(12,131)	(7,108)	(18,255)
Interest paid	(18,392)	(17,079)	(34,855)
Net cash generated from operations before purchases of and proceeds from disposals of vehicles for hire	241,580	240,100	456,620
Purchases of vehicles for hire	(347,939)	(340,656)	(672,744)
Proceeds from disposals of vehicles for hire	106,522	115,810	232,576
Net cash generated from operations	163	15,254	16,452
Investing activities
Interest received	573	935	1,495
Distributions from associates	580	17	476
Proceeds from disposal of other property, plant and equipment	886	429	965
Purchases of other property, plant and equipment	(5,145)	(6,520)	(11,106)
Purchases of other intangible assets	(281)	(1,496)	(3,098)
Net cash used in investing activities	(3,387)	(6,635)	(11,268)
Financing activities
Dividends paid	(39,579)	(39,273)	(59,042)
Receipt of bank loans and other borrowings	81,018	159,131	212,685
Repayments of bank loans and other borrowings	(6,914)	(87,807)	(87,680)
Debt issue costs paid	-	-	(4,022)
Principal element of lease payments	(25,123)	(29,384)	(59,501)
Payments to acquire treasury shares	-	(5,333)	(5,332)
Proceeds from sale of own shares	2,208	208	263
Net cash generated from (used in) financing activities	11,610	(2,458)	(2,629)
Net increase decrease in cash and cash equivalents	8,386	6,161	2,555
Cash and cash equivalents at the beginning of the period	(3,870)	(6,818)	(6,818)
Effect of foreign exchange movements	741	(594)	393
Cash and cash equivalents at the end of the period	5,257	(1,251)	(3,870)
Cash and cash equivalents consist of
Cash and bank balances	39,575	15,116	33,738
Bank overdrafts	(34,318)	(16,367)	(37,608)
Total cash and cash equivalents consist of	5,257	(1,251)	(3,870)

	FY Apr 26	FY Apr 25
Revenue to operating profit
Revenue	1,858.9	1,812.6
Gross profit	421.1	397.9
Adjusted EBITDA	502.6	464.5
Adjusted operating profit	200.5	–
Operating profit	141.8	136.4
Operating profit to net income
Finance costs	(41.4)	(36.6)
Profit before tax	102.0	101.5
Tax	(25.8)	(21.6)
Net income (owners)	76.2	79.8
Per share
EPS basic	33.7p	35.6p
EPS diluted	32.9p	34.9p
Dividend per share	27.0p	26.4p

	H2 Apr 26	H1 Oct 25	H2 Apr 25	H1 Oct 24
Revenue to operating profit
Revenue	929.3	929.6	909.0	903.6
Gross profit	210.9	210.2	203.4	194.5
Adjusted EBITDA	256.6	246.0	235.9	228.6
Adjusted operating profit	100.1	100.4	–	99.1
Operating profit	58.5	83.2	63.3	73.1
Operating profit to net income
Finance costs	(22.1)	(19.3)	(18.5)	(18.0)
Profit before tax	37.0	65.0	45.3	56.2
Tax	(10.4)	(15.5)	(8.9)	(12.7)
Net income (owners)	26.6	49.6	36.4	43.4
Per share
EPS basic	11.7p	22.0p	16.2p	19.4p
EPS diluted	11.7p	21.2p	16.0p	18.9p
Dividend per share	18.2p	8.8p	17.6p	8.8p

	FY Apr 26	FY Apr 25
Operating activities
Cash from operations	(16.8)	16.5
Interest paid	(39.7)	(34.9)
Tax paid	(19.9)	(18.3)
Investing activities
Capex (PP&E)	(10.7)	(11.1)
Capex (intangibles)	(1.7)	(3.1)
Financing activities
Lease principal paid	(51.7)	(59.5)
Dividends paid	(59.5)	(59.0)
Share buybacks	0.0	(5.3)

	H2 Apr 26	H1 Oct 25	H2 Apr 25	H1 Oct 24
Operating activities
Interest paid	(21.3)	(18.4)	(17.8)	(17.1)
Tax paid	(7.8)	(12.1)	(11.1)	(7.1)
Investing activities
Capex (PP&E)	(5.6)	(5.1)	(4.6)	(6.5)
Capex (intangibles)	(1.4)	(0.3)	(1.6)	(1.5)
Financing activities
Lease principal paid	(26.6)	(25.1)	(30.1)	(29.4)
Dividends paid	(19.9)	(39.6)	(19.8)	(39.3)
Share buybacks	–	–	0.0	(5.3)

	30 Apr 26	30 Apr 25
Non-current assets
Goodwill	111.9	111.9
Other intangibles	77.3	94.3
Property, plant & equipment	1,931.8	1,683.5
Non-current assets	2,120.9	1,890.8
Current assets
Inventories	27.5	28.5
Trade receivables	351.2	378.1
Cash	23.5	33.7
Current assets	414.7	444.6
Total assets	2,535.7	2,335.4
Current liabilities
Trade payables	343.2	340.4
Borrowings, current	47.7	54.4
Lease liabilities, current	47.2	39.5
Current liabilities	450.9	439.3
Non-current liabilities
Borrowings, non-current	819.6	678.1
Lease liabilities, non-current	108.2	98.5
Non-current liabilities	994.1	832.9
Total liabilities	1,445.0	1,272.2
Equity
Total equity	1,090.7	1,063.2
Net cash and other figures
Net cash / (debt) incl. leases	(999.3)	(836.7)
Shares in issue	236.1m	246.1m
Undrawn facilities	275.0	412.0

	30 Apr 26	31 Oct 25	30 Apr 25	31 Oct 24
Non-current assets
Goodwill	111.9	111.9	111.9	115.9
Other intangibles	77.3	85.2	94.3	102.6
Property, plant & equipment	1,931.8	1,856.8	1,683.5	1,606.1
Non-current assets	2,120.9	2,055.8	1,890.8	1,831.0
Current assets
Inventories	27.5	26.3	28.5	25.5
Trade receivables	351.2	372.5	378.1	408.6
Cash	23.5	39.6	33.7	15.1
Current assets	414.7	444.4	444.6	451.4
Total assets	2,535.7	2,500.2	2,335.4	2,282.4
Current liabilities
Trade payables	343.2	369.8	340.4	380.7
Borrowings, current	47.7	43.3	54.4	22.2
Lease liabilities, current	47.2	43.4	39.5	46.0
Current liabilities	450.9	469.8	439.3	456.4
Non-current liabilities
Borrowings, non-current	819.6	783.7	678.1	626.5
Lease liabilities, non-current	108.2	108.4	98.5	103.0
Non-current liabilities	994.1	946.5	832.9	785.3
Total liabilities	1,445.0	1,416.3	1,272.2	1,241.7
Equity
Total equity	1,090.7	1,083.9	1,063.2	1,040.7
Net cash and other figures
Net cash / (debt) incl. leases	(999.3)	(939.0)	(836.7)	–
Shares in issue	236.1m	–	246.1m	–
Undrawn facilities	275.0	341.0	412.0	–

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