Pre-close Trading Update
FY2026 performance at top of market expectations; Steady State Cashflow inflection point reached with upward trajectory expected.
vs expectations: at the top of market expectations
- Average VoH growth 4.9%
- Leverage 1.9x (prior 1.9x (H1 2026))
- Expected adjusted PBT range £154.5-159.3m
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The FY2026 financial year has ended strongly, supported by VoH growth in both Spain and UK&I, and good progress in Claims & Services. As a result, we expect the Group's financial outturn for the year to be at the top of market expectations*.
As previously noted, we are now well into the later stages of our fleet replacement programme, with investment returning to more normalised levels. As a result, Steady State Cash generation has inflected in FY2026, and we expect an upward trajectory over the coming years. Leverage was steady at 1.9x (H1 2026: 1.9x), in line with guidance.
We have made good progress with the UK&I simplification programme, delivering early successes in supply chain improvements, alongside the launch of our new Northgate Mobility brand. At the same time, we have added capacity across the Group - in fleet, infrastructure and technical capabilities.
Martin Ward, CEO commented:
'Customers are clearly seeing significant value in our service-led offering, and I am very pleased with the contributions from across our divisions this year. Average VoH is up 4.9% for the year and we have secured a number of valued contract wins and renewals, underpinning this good momentum; Steady State Cash generation has stepped up materially and supports our ambition for further growth'.
*Consensus range for FY2026 adjusted PBT of £154.5-159.3m.
FY2026 results will be released on 8 July 2026.
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