('McBride' or the 'Group')
Results for the year ended
Delivering another strong year: dividend reinstated reflecting sustained higher profitability levels and normalised balance sheet, underscoring confidence in the future.
McBride, the leading European manufacturer and supplier of private label and contract manufactured products for the domestic household and professional cleaning/hygiene markets, announces its preliminary results for the year ended
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Year ended |
Year ended |
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Constant |
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30 June |
30 June |
Reported |
currency |
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£m (unless otherwise stated) |
2025 |
2024 |
change |
change(1) |
|
Revenue |
926.5 |
934.8 |
(0.9)% |
0.7% |
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Adjusted operating profit(2) |
66.1 |
67.1 |
(1.0) |
0.5 |
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Operating profit |
60.2 |
64.3 |
(4.1) |
(2.6) |
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Adjusted EBITDA(2) |
85.8 |
87.1 |
(1.3) |
0.4 |
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Adjusted profit before taxation(2) |
54.9 |
53.1 |
1.8 |
2.7 |
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Profit before taxation |
49.0 |
46.5 |
2.5 |
3.3 |
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Adjusted basic earnings per share(3) |
22.1p |
22.2p |
(0.1)p |
0.3p |
|
Basic earnings per share(3) |
19.5p |
19.3p |
0.2p |
0.6p |
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Dividend per share |
3.0p |
- |
3.0p |
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Net debt(2) |
105.2 |
131.5 |
(26.3) |
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Adjusted return on capital employed(2) |
33.0% |
33.5% |
(0.5)ppts |
|
1Comparatives translated at financial year 2025 exchange rates.
2Refer to note 19 for definition.
3See note 8.
"McBride has delivered another year of strong operational and financial results, marking five consecutive half years of these materially improved profitability levels. This sustained performance reflects the effectiveness of our strategy and the dedication of our teams across the Group, further strengthening our industry leadership across
We have continued to deepen our customer partnerships, secured new long-term contracts, and reinforced our strategic focus in key markets such as
The reinstatement of dividends reflects our confidence in the business' trajectory and our commitment to delivering long-term shareholder value. These results demonstrate the strength of our core activities and our normalised financial situation, positioning us well for continued growth and investment."
Financial highlights
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Revenue of |
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Adjusted operating profit(2) of |
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Operating profit of |
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Adjusted EBITDA(2) of |
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Profit before tax of |
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Net debt(2) at |
Strategic and operational highlights
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Solid growth in strategic focus markets of laundry and |
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Significant improvement in customer service levels, averaging over 94% for the year - the highest in more than six years |
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Transformation programme progressing well and on track for five-year |
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Adjusted EBITDA % levels close to double digit medium-term ambition |
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Strong improvement in productivity and factory performance |
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Significant reduction in safety incident rate |
Positive outlook
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Early months of new financial year seeing volumes in line with expectations |
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Market share for private label overall holding at recent all-time high |
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Good progress with customer partnerships, robust pipeline of new launches |
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Continued focus on delivering customer value through smart pricing, product engineering and product positioning insights for customers |
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Operational delivery and cost efficiency to support profit progression |
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● |
Continued activities to drive value from Transformation programme |
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● |
Strong financial position to support medium-term investment opportunities and shareholder returns |
Analyst and investor presentation
A results presentation will be available on the investor relations page of the
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020 7457 2020 |
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Galyna Kulachek
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Forward-looking statements
This announcement contains forward-looking statements about financial and operational matters. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They sometimes use words such as 'may', 'will', 'could', 'should', 'aim', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'achieve', 'project', 'predict', 'seek', 'estimate', 'objective', 'goal', 'target' or other words of similar meaning. These statements are based on the current views, expectations, assumptions and intentions of management, and are based on information available to management as at the date of this announcement. Because they relate to future events and are subject to future circumstances, these forward-looking statements are subject to risks, uncertainties and other factors which may not have been in contemplation as at the date of the announcement and/or which are beyond
Any forward-looking statements contained in this announcement speak only as of the date they are made. Neither
This announcement does not constitute an offer or invitation to underwrite, subscribe for, or otherwise acquire or dispose of any
Overall business performance
McBride has delivered another year of strong operational and financial performance and has now posted five consecutive half years operating at these materially improved profit levels, marking a sustained recovery from the challenges faced three to four years ago. The Group has successfully restored operational stability, strengthened its overall financial position, and now has the flexibility to invest for growth, efficiency and long-term stability.
This progress was underpinned by continued improvements across many aspects of business activity, including health and safety, customer service levels and quality, alongside the efficiencies delivered through the Transformation programme. Particularly pleasing is the continued progress towards the Group's strategic imperative of a safe working environment, with the lost time incident frequency rate almost halving in the year. Customer service levels stepped up to new recent highs, delivering increased volumes and supporting further opportunities for strategic partnerships with key customers.
The Group made further progress in its strategic markets and geographies, driven by strengthening customer partnerships. Total sales volumes grew 4.3% year on year, with private label volumes up 1.4% and contract manufacturing volumes substantially up by 48.9%. The latter reflects the full-year impact of a new significant long-term contract manufacturing agreement, which launched in the fourth quarter of the previous financial year, along with two new multi-year contracts secured with large FMCG clients in the first half of this year.
McBride further strengthened its position in its core strategic focus areas of
The Group built on the significant improvement in financial performance achieved in recent years, delivering a further underlying increase on a constant currency basis in adjusted operating profit to
Private label demand remains strong with overall market share holding at current, all-time high levels. Promotional activity from branded competitors was particularly elevated during the year, impacting private label volumes, although this eased towards the end of the financial year, while retailers increased their emphasis on value for consumers in light of ongoing cost-of-living pressures.
Input costs for materials increased marginally in certain categories, in particular for natural-based products, while materials costs in general remained stable. Inflation in labour and services remains elevated, adding cost pressures to both overheads and direct labour. The Group is working closely with its customers to ensure it retains its competitive position by identifying opportunities for cost reduction and efficiency. The ability to maintain service levels and quality while managing costs has been a critical differentiator, and McBride remains focused on protecting margins through disciplined pricing, product engineering, operational efficiency and supply chain agility.
The Group's financial position was further strengthened by a
Key to this important development was the successful refinancing of the Group's debt facilities in
1Comparatives translated at financial year 2025 exchange rates.
Strategic progress
McBride's Transformation agenda continued to progress well and remains on track to deliver
The Group made important progress on the SAP S/4HANA ERP system upgrade programme. Final user acceptance testing launched in
Execution of the 'Core Plus' expansion plans commenced, with a significant capital investment approval for expanding
Sustainability
McBride built on its sustainability agenda over the year, notably through its commitment to the Science Based Targets initiative (SBTi) as part of a wider environmental strategy. The Group made great progress towards its 2025 targets, set in 2019, and will now replace them with the new SBTi targets. The team is working closely with ClimatePartner® to advance carbon reduction efforts by tracking progress and providing quality metrics and insight. These efforts are embedded across all divisions and support the Group's long-term climate objectives, and it is encouraging to see the progress made in reducing carbon emissions for the last year, with an absolute reduction of 3.1% and an intensity level reduction of 7.6%.
Current trading and outlook
McBride enters the 2026 financial year from a position of strength. The Group has now delivered five consecutive half years at these profit levels, and its financial and operational foundations are stable.
Demand for private label products continues to be strong, growing in the last twelve months overall, with private label market share holding at the most recent all-time high levels. McBride expects to achieve volume growth in the coming period as a result of successful contract wins, both for private label and contract manufacturing.
The inflationary backdrop continues to shape retailer behaviour, with many seeking value-led propositions and cost-reduction initiatives. McBride is well positioned to respond to these dynamics, leveraging its scale, efficiency and customer partnerships to deliver competitively priced and high-quality products.
McBride's focus on excellence, supported by the Transformation programme, will secure its ability to deliver sustainable growth and long-term value for customers, shareholders and wider stakeholders.
Divisional performance review
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Year ended |
Year ended |
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30 June |
30 June |
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Constant |
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2025 |
2024 |
Reported |
currency |
|
Revenue |
£m |
£m |
change |
change |
|
Liquids |
529.6 |
532.8 |
(0.6)% |
0.9% |
|
Unit Dosing |
228.9 |
233.6 |
(2.0)% |
(0.3)% |
|
Powders |
85.5 |
92.8 |
(7.9)% |
(6.0)% |
|
Aerosols |
58.9 |
50.9 |
15.7% |
18.3% |
|
|
23.6 |
24.7 |
(4.5)% |
(5.6)% |
|
Group |
926.5 |
934.8 |
(0.9)% |
0.7% |
|
|
Year ended |
Year ended |
|
Constant |
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|
30 June |
30 June |
Reported |
currency |
|
|
2025 |
2024 |
change |
change |
|
Adjusted operating profit/(loss) |
£m |
£m |
£m |
£m |
|
Liquids |
41.0 |
45.6 |
(4.6) |
(3.8) |
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Unit Dosing |
22.5 |
19.4 |
3.1 |
3.4 |
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Powders |
6.8 |
6.0 |
0.8 |
1.0 |
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Aerosols |
3.1 |
2.1 |
1.0 |
1.1 |
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|
1.1 |
1.4 |
(0.3) |
(0.3) |
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Corporate |
(8.4) |
(7.4) |
(1.0) |
(0.9) |
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Group |
66.1 |
67.1 |
(1.0) |
0.5 |
Liquids performance review
The Liquids division delivered revenue of
Sales volumes rose 3.5%, driven primarily by the successful onboarding of a major new long-term contract manufacturing agreement. Private label volumes remained broadly flat, as gains from new contracts were offset by the impact of branded promotions, which affected private label market share in the second half of the year.
Adjusted operating profit declined due to an increased mix in favour of lower-value products, small rises in raw material costs in certain categories and continued inflationary pressure in labour and services. These challenges were partially offset by Transformation initiatives, cost reduction efforts and operational efficiency improvements.
Regionally, the division delivered improved performance in
The division maintained a sharp focus on safety, achieving a 60% year-on-year reduction in accidents as all teams advanced their zero lost time incident strategies. Customer service and quality levels also saw significant improvements over the past twelve months.
Innovation remained a key priority, with initiatives particularly focused on building a sustainable innovative product portfolio. Product launches were targeted at reducing CO₂e emissions through material reformulation, increased concentration of products and the development of alternatives to plastic packaging. Additionally, the division undertook capital investment in automation, specifically the implementation of mixed case packing lines, which was completed in the second half of the year and is expected to deliver further benefits in 2026.
Unit Dosing performance review
The Unit Dosing division delivered revenue of
The division successfully expanded its margin through operational efficiencies supported by the Transformation programme, tight control of overhead costs and significantly improved customer service. In addition, the division achieved improvements in safety performance over the year.
Despite a 5.0% contraction in the broader Unit Dosing market, largely due to declining branded product volumes, the division outperformed the sector. The division's overall volumes grew by 0.9% in terms of number of packs, while there was growth of 2.4% in individual dose formats, reflecting a steady market shift toward larger pack sizes. Volumes rose 7.3% in contract manufacturing, mostly driven by successful new product launches, with private label volumes broadly flat.
The division continued to invest in the capabilities that matter most to its customers. New capacity expansions, commissioned primarily in the latter half of the year, strengthened the operational platform and positioned the business for sustained growth in the years ahead.
In addition to expanding production capabilities, the division sustained strong momentum in its innovation agenda, with a continued focus on enhancing sustainability across products, raw materials and packaging. Significant efforts were made to optimise product weight and efficiency, ensuring that performance remains in line with the high standards expected by customers.
Unit Dosing launched two major contract manufacturing agreements in 2025, further expanding its capabilities and product portfolio in this key growth area. These partnerships reflect a strategic shift towards innovation-led growth, sustainability and leadership in dishwash, reinforced by McBride's long-term Transformation agenda.
Powders performance review
The Powders division delivered revenue of
Following a strong year of business wins in 2024, the division shifted focus to improving operational delivery in 2025. Revenue decreased due to delays in contract launches, changes in product mix and a decline in
Sales volumes decreased by 4.4% year on year, impacted by delayed product launches and certain contracts ending. Private label volumes declined by 4.6% while contract manufacturing volumes, which now make up c.30% of the division's total volumes, decreased by 5.0%.
The division continued innovating, focusing on sustainable formulations and packaging, especially for the German retail market, and compact formats. Strategic initiatives drove operational changes to enhance sustainability, including Overall Equipment Effectiveness (OEE) monitoring to boost capacity, investments to cut energy use and emissions, and mono-material packaging to support recycling.
Aligned with the strategic priorities set in 2021, the division continued delivering award-winning products, driven by R&D in compaction and sustainability. Operational excellence remained a focus, improving efficiency and customer service as the division secured new customer wins and extended its private label presence into new markets.
Aerosols performance review
Revenue grew to
The division's performance was primarily driven by significant contract wins aligned with the division's targeted geographical expansion strategy. Revenue growth was led by private label contracts, with sales volumes increasing 26.2% and the division maintaining strong positions in
Revenue in Aerosols continued to be predominantly private label-based, reflecting its capability to produce niche products, while contract manufacturing remained a stable and moderately growing part of the portfolio.
Innovation remained a key focus, with the successful rollout of sustainable packaging solutions such as tin-plate cans and cardboard caps. The division further advanced cleaner formulations and continued efforts to reduce its environmental impact, particularly in the use of virgin plastic.
Strategically, Aerosols made major capital investments to expand both filling and mixing capacity in personal care. The division also broadened its product range to strengthen category leadership and enhance relevance in the market, particularly in insecticides and air fresheners.
The
Performance was impacted by delays to contract launches in
Sales volumes grew 6.3%, driven by a significant rise in contract manufacturing volumes in
The division gained traction in
Sustainability efforts continued in collaboration with customers, focusing on greener packaging and more natural formulations.
Group results
Adjusted operating profit decreased by
The underlying increase in adjusted operating profit on a constant currency basis was achieved through a combination of price and margin management, enhanced operational performance and tight cost control.
Adjusted profit before taxation increased 3.4% to
Exceptional items
Exceptional items of
·
·
·
Finance costs
At
Taxation
The tax charge on adjusted profit before tax for the year was
The Group operates across a number of jurisdictions and tax risk can arise in relation to the pricing of cross‑border transactions. Associated provisions for uncertain tax positions were reduced in the year, mainly due to expiries in the statute of limitations.
Earnings per share
On an adjusted basis, diluted earnings per share was
Payments to shareholders
As a result of the refinancing of the revolving credit facility (RCF), the block on shareholder distributions has now been removed, permitting the Company to restore the payment of dividends and consider share buy-backs. The Board is recommending a final dividend of
Cash flow and balance sheet
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Year ended 30 June 2025 |
Year ended 30 June 2024 |
|
|
£m |
£m |
|
Adjusted EBITDA(1) |
85.8 |
87.1 |
|
Working capital excluding provisions and pensions |
13.7 |
(4.6) |
|
Share-based payments |
1.6 |
1.6 |
|
Loss on disposal of property, plant and equipment |
0.4 |
1.4 |
|
(Reversal of impairment)/impairment of fixed assets |
(0.6) |
0.2 |
|
Pension deficit reduction contributions |
(7.0) |
(4.0) |
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Free cash flow(1) |
93.9 |
81.7 |
|
Exceptional items |
(3.2) |
(1.0) |
|
Interest on borrowings and lease liabilities less interest receivable |
(7.9) |
(10.9) |
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Refinancing costs paid |
(1.8) |
(5.5) |
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Tax paid |
(17.9) |
(5.1) |
|
Net cash generated from operating activities |
63.1 |
59.2 |
|
Net capital expenditure(2) |
(30.4) |
(19.6) |
|
Repayment of lease liabilities |
(4.2) |
(4.5) |
|
Debt financing activities |
(2.2) |
(25.9) |
|
Settlement of derivatives |
0.4 |
1.1 |
|
Free cash flow to equity(3) |
26.7 |
10.3 |
|
Purchase of own shares |
(2.4) |
(2.8) |
|
Net increase in cash and cash equivalents |
24.3 |
7.5 |
Free cash flow was
Refinancing costs of
During the year, net capital expenditure was
The Group's net assets increased to
1Refer to note 19 for definition.
2Net capital expenditure is capital expenditure less proceeds from sale of fixed assets.
3Free cash flow to equity excludes cash flows relating to transactions with shareholders.
4Gearing represents net debt divided by the average of opening and closing capital, being total equity plus net debt.
Bank facilities and net debt
Net debt at
During the year, the Group renegotiated its
At
At
The RCF, which is aligned with the
1. Greenhouse gas emissions (GHGs): the percentage reduction in Scope 1 and Scope 2 greenhouse gas emissions of the Group, including emissions from consumption of gas, electricity and oil and other direct emissions such as refrigerants and vehicle fleets as against the baseline. During the year, the Group achieved a reduction of 42.9% (2024: 35.8%), surpassing the loan agreement target of 40.21% by
2. Supplier engagement: percentage of GHG emissions attributed to suppliers of the Group, for purchased goods and services with a science-based target that has been validated by the Science Based Targets initiative or otherwise assessed by a third party. During the year, engagement equivalent to 21.6% (2024: 16.2%) was achieved, exceeding the loan agreement target of 20.0%.
Successful achievement of both annual targets results in a reduction of 0.05% of the margin of the facility.
At
1Refer to note 19 for definition.
Pensions
In the
At
Following the triennial valuation as at
· If adjusted operating profit exceeds
· If adjusted operating profit is below
· If adjusted operating profit is between
As previously disclosed in the Annual Report and Accounts 2024, the NTL vs
In
The Company is therefore disclosing this issue as a potential contingent liability at
Following the DWP's announcement, the Group and the Trustee do not expect the
The Group has other post-employment benefit obligations outside the
Principal risks and uncertainties
The Group is subject to both internal and external risk factors to its business and has a well-established set of risk management procedures. The following risks and uncertainties are those that the Directors believe could have the most significant impact on the Group's business:
· Changing market, customer and consumer dynamics;
· Disruption to systems and processes;
· Financing risk;
· Safe and high-quality products;
· Health and safety;
· Climate change and environmental concerns;
· Challenges in attracting and retaining talent;
· Increased regulation;
· Economic, political and macro environment instability; and
· Business transformation challenges.
Consolidated Income Statement
Year ended
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2025 |
2024 |
||||||
|
|
|
Adjusted |
Adjusting items |
Total |
Adjusted |
Adjusting items |
Total |
||
|
|
Note |
£m |
£m |
£m |
£m |
£m |
£m |
||
|
Revenue |
3 |
926.5 |
- |
926.5 |
934.8 |
- |
934.8 |
||
|
Cost of sales |
|
(584.4) |
- |
(584.4) |
(586.9) |
- |
(586.9) |
||
|
Gross profit |
|
342.1 |
- |
342.1 |
347.9 |
- |
347.9 |
||
|
Distribution costs |
|
(85.5) |
- |
(85.5) |
(81.3) |
- |
(81.3) |
||
|
Administrative costs |
|
(191.1) |
(5.9) |
(197.0) |
(199.3) |
(2.8) |
(202.1) |
||
|
Reversal of impairment/(impairment) of property, plant and equipment |
|
0.6 |
- |
0.6 |
(0.2) |
- |
(0.2) |
||
|
Operating profit/(loss) |
|
66.1 |
(5.9) |
60.2 |
67.1 |
(2.8) |
64.3 |
||
|
Finance costs |
6 |
(11.2) |
- |
(11.2) |
(14.0) |
(3.8) |
(17.8) |
||
|
Profit/(loss) before taxation |
|
54.9 |
(5.9) |
49.0 |
53.1 |
(6.6) |
46.5 |
||
|
Taxation |
7 |
(17.3) |
1.5 |
(15.8) |
(14.8) |
1.6 |
(13.2) |
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Profit/(loss) for the year |
|
37.6 |
(4.4) |
33.2 |
38.3 |
(5.0) |
33.3 |
||
|
Earnings per ordinary share attributable to the owners of the parent during the year |
8 |
|
|
|
|
|
|
||
|
Basic earnings per share |
|
|
|
19.5p |
|
|
19.3p |
||
|
Diluted earnings per share |
|
|
|
18.6p |
|
|
18.8p |
||
Consolidated Statement of Comprehensive Income
Year ended
|
|
|
2025 |
2024 |
|
|
|
£m |
£m |
|
Profit for the year |
|
33.2 |
33.3 |
|
Other comprehensive income/(expense) |
|
|
|
|
Items that may be reclassified to profit or loss: |
|
|
|
|
Currency translation differences of foreign subsidiaries |
|
0.8 |
0.1 |
|
Gain on net investment hedges |
|
0.1 |
0.8 |
|
Loss on cash flow hedges in the year |
|
(0.6) |
(1.3) |
|
Cash flow hedges transferred to profit or loss |
|
(0.6) |
(1.6) |
|
Taxation relating to the items above |
|
(0.2) |
(0.6) |
|
|
|
(0.5) |
(2.6) |
|
Items that will not be reclassified to profit or loss: |
|
|
|
|
Net actuarial loss on post‑employment benefits |
|
(1.2) |
(5.6) |
|
Taxation relating to the items above |
|
0.3 |
1.3 |
|
|
|
(0.9) |
(4.3) |
|
Total other comprehensive expense |
|
(1.4) |
(6.9) |
|
Total comprehensive income |
|
31.8 |
26.4 |
Consolidated Balance Sheet
At 30 June 2025
|
|
|
2025 |
2024 |
|
|
Note |
£m |
£m |
|
Non-current assets |
|
|
|
|
|
10 |
19.8 |
19.7 |
|
Other intangible assets |
10 |
18.3 |
9.8 |
|
Property, plant and equipment |
10 |
120.3 |
114.4 |
|
Derivative financial instruments |
11 |
0.3 |
1.7 |
|
Right-of-use assets |
10 |
7.9 |
8.1 |
|
Deferred tax assets |
|
38.2 |
42.8 |
|
|
|
204.8 |
196.5 |
|
Current assets |
|
|
|
|
Inventories |
|
123.4 |
119.6 |
|
Trade and other receivables |
|
139.1 |
148.8 |
|
Current tax assets |
|
3.6 |
2.1 |
|
Derivative financial instruments |
11 |
0.2 |
0.3 |
|
Cash and cash equivalents |
12 |
34.2 |
9.3 |
|
|
|
300.5 |
280.1 |
|
Total assets |
|
505.3 |
476.6 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
228.0 |
220.1 |
|
Borrowings |
11 |
69.8 |
67.4 |
|
Lease liabilities |
11 |
3.7 |
3.1 |
|
Derivative financial instruments |
11 |
0.4 |
0.4 |
|
Current tax liabilities |
|
7.2 |
12.9 |
|
Provisions |
14 |
2.7 |
2.2 |
|
|
|
311.8 |
306.1 |
|
Non-current liabilities |
|
|
|
|
Borrowings |
11 |
61.3 |
65.0 |
|
Lease liabilities |
11 |
4.6 |
5.3 |
|
Derivative financial instruments |
11 |
0.1 |
- |
|
Pensions and other post-employment benefits |
13 |
24.9 |
29.4 |
|
Provisions |
14 |
1.6 |
1.4 |
|
Deferred tax liabilities |
|
6.7 |
6.0 |
|
|
|
99.2 |
107.1 |
|
Total liabilities |
|
411.0 |
413.2 |
|
Net assets |
|
94.3 |
63.4 |
|
|
|
|
|
|
Equity |
|
|
|
|
Issued share capital |
16 |
17.4 |
17.4 |
|
Share premium account |
|
68.6 |
68.6 |
|
Other reserves |
|
75.8 |
76.3 |
|
Accumulated losses |
|
(67.5) |
(98.9) |
|
Total equity |
|
94.3 |
63.4 |
Consolidated Cash Flow Statement
Year ended 30 June 2025
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
Note |
£m |
£m |
|
Operating activities |
|
|
|
|
Profit before tax |
|
49.0 |
46.5 |
|
Finance costs |
|
11.2 |
17.8 |
|
Exceptional items excluding finance costs |
4 |
4.0 |
0.8 |
|
Share-based payments charge |
|
1.6 |
1.6 |
|
Depreciation of property, plant and equipment |
10 |
15.8 |
16.3 |
|
Depreciation of right-of-use assets |
10 |
3.9 |
3.7 |
|
Loss on disposal of property, plant and equipment |
|
0.4 |
1.4 |
|
Amortisation of intangible assets |
10 |
1.9 |
2.0 |
|
(Reversal of impairment)/impairment of property, plant and equipment |
|
(0.6) |
0.2 |
|
Operating cash flow before changes in working capital and exceptional items |
|
87.2 |
90.3 |
|
Decrease/(increase) in receivables |
|
9.9 |
(5.2) |
|
(Increase)/decrease in inventories |
|
(2.4) |
0.6 |
|
Increase in payables |
|
6.2 |
- |
|
Operating cash flow after changes in working capital before exceptional items |
|
100.9 |
85.7 |
|
Additional cash funding of pension scheme |
|
(7.0) |
(4.0) |
|
Cash generated from operations before exceptional items |
|
93.9 |
81.7 |
|
Cash outflow in respect of exceptional items |
|
(3.2) |
(1.0) |
|
Cash generated from operations |
|
90.7 |
80.7 |
|
Interest paid |
|
(7.9) |
(10.9) |
|
Refinancing costs paid |
|
(1.8) |
(5.5) |
|
Taxation paid |
|
(17.9) |
(5.1) |
|
Net cash generated from operating activities |
|
63.1 |
59.2 |
|
Investing activities |
|
|
|
|
Purchase of property, plant and equipment |
|
(20.0) |
(14.3) |
|
Purchase of intangible assets |
|
(10.4) |
(5.3) |
|
Settlement of derivatives used in net investment hedges |
|
0.4 |
1.1 |
|
Net cash used in investing activities |
|
(30.0) |
(18.5) |
|
Financing activities |
|
|
|
|
(Repayment)/drawdown of overdrafts |
12 |
(9.8) |
11.2 |
|
Drawdown of other loans |
12 |
11.5 |
7.4 |
|
Repayment of bank loans |
12 |
(65.0) |
(44.5) |
|
Drawdown of bank loans |
12 |
61.1 |
- |
|
Repayment of IFRS 16 lease obligations |
12 |
(4.2) |
(4.5) |
|
Purchase of own shares |
|
(2.4) |
(2.8) |
|
Net cash used in financing activities |
|
(8.8) |
(33.2) |
|
|
|
|
|
|
Increase in net cash and cash equivalents |
|
24.3 |
7.5 |
|
Net cash and cash equivalents at the start of the year |
|
9.3 |
1.6 |
|
Currency translation differences |
|
0.6 |
0.2 |
|
Net cash and cash equivalents at the end of the year |
|
34.2 |
9.3 |
Consolidated Statement of Changes in Equity
Year ended 30 June 2025
|
|
|
|
Other reserves |
|
|
||||||
|
|
Issued share capital £m |
Share premium account £m |
Cash flow hedge reserve £m |
Currency translation reserve £m |
Capital redemption reserve £m |
Accumulated losses £m |
Total equity £m |
||||
|
At 1 July 2024 |
17.4 |
68.6 |
0.2 |
(1.1) |
77.2 |
(98.9) |
63.4 |
||||
|
Profit for the year |
- |
- |
- |
- |
- |
33.2 |
33.2 |
||||
|
Other comprehensive income/(expense) |
|
|
|
|
|
|
|
||||
|
Items that may be reclassified to profit or loss: |
|
|
|
|
|
|
|
||||
|
Currency translation differences of foreign subsidiaries |
- |
- |
- |
0.8 |
- |
- |
0.8 |
||||
|
Gain on net investment hedges |
- |
- |
- |
0.1 |
- |
- |
0.1 |
||||
|
Loss on cash flow hedges in the year |
- |
- |
(0.6) |
- |
- |
- |
(0.6) |
||||
|
Cash flow hedges transferred to profit or loss |
- |
- |
(0.6) |
- |
- |
- |
(0.6) |
||||
|
Taxation relating to the items above |
- |
- |
(0.2) |
- |
- |
- |
(0.2) |
||||
|
|
- |
- |
(1.4) |
0.9 |
- |
- |
(0.5) |
||||
|
Items that will not be reclassified to profit or loss: |
|
|
|
|
|
|
|
||||
|
Net actuarial loss on post‑employment benefits |
- |
- |
- |
- |
- |
(1.2) |
(1.2) |
||||
|
Taxation relating to the items above |
- |
- |
- |
- |
- |
0.3 |
0.3 |
||||
|
|
- |
- |
- |
- |
- |
(0.9) |
(0.9) |
||||
|
Total other comprehensive (expense)/income |
- |
- |
(1.4) |
0.9 |
- |
(0.9) |
(1.4) |
||||
|
Total comprehensive (expense)/income |
- |
- |
(1.4) |
0.9 |
- |
32.3 |
31.8 |
||||
|
Transactions with owners of the parent |
|
|
|
|
|
|
|
||||
|
Purchase of own shares |
- |
- |
- |
- |
- |
(2.4) |
(2.4) |
||||
|
Share-based payments |
- |
- |
- |
- |
- |
1.6 |
1.6 |
||||
|
Taxation relating to the items above |
- |
- |
- |
- |
- |
(0.1) |
(0.1) |
||||
|
At 30 June 2025 |
17.4 |
68.6 |
(1.2) |
(0.2) |
77.2 |
(67.5) |
94.3 |
||||
|
|
|
|
Other reserves |
|
|
||||||
|
|
Issued share capital £m |
Share premium account £m |
Cash flow hedge reserve £m |
Currency translation reserve £m |
Capital redemption reserve £m |
Accumulated losses £m |
Total equity £m |
||||
|
At 1 July 2023 |
17.4 |
68.6 |
3.7 |
(2.0) |
77.2 |
(127.8) |
37.1 |
||||
|
Profit for the year |
- |
- |
- |
- |
- |
33.3 |
33.3 |
||||
|
Other comprehensive income/(expense) |
|
|
|
|
|
|
|
||||
|
Items that may be reclassified to profit or loss: |
|
|
|
|
|
|
|
||||
|
Currency translation differences of foreign subsidiaries |
- |
- |
- |
0.1 |
- |
- |
0.1 |
||||
|
Gain on net investment hedges |
- |
- |
- |
0.8 |
- |
- |
0.8 |
||||
|
Loss on cash flow hedges in the year |
- |
- |
(1.3) |
- |
- |
- |
(1.3) |
||||
|
Cash flow hedges transferred to profit or loss |
- |
- |
(1.6) |
- |
- |
- |
(1.6) |
||||
|
Taxation relating to the items above |
- |
- |
(0.6) |
- |
- |
- |
(0.6) |
||||
|
|
- |
- |
(3.5) |
0.9 |
- |
- |
(2.6) |
||||
|
Items that will not be reclassified to profit or loss: |
|
|
|
|
|
|
|
||||
|
Net actuarial loss on post‑employment benefits |
- |
- |
- |
- |
- |
(5.6) |
(5.6) |
||||
|
Taxation relating to the items above |
- |
- |
- |
- |
- |
1.3 |
1.3 |
||||
|
|
- |
- |
- |
- |
- |
(4.3) |
(4.3) |
||||
|
Total other comprehensive (expense)/income |
- |
- |
(3.5) |
0.9 |
- |
(4.3) |
(6.9) |
||||
|
Total comprehensive (expense)/income |
- |
- |
(3.5) |
0.9 |
- |
29.0 |
26.4 |
||||
|
Transactions with owners of the parent |
|
|
|
|
|
|
|
||||
|
Purchase of own shares |
- |
- |
- |
- |
- |
(2.8) |
(2.8) |
||||
|
Share-based payments |
- |
- |
- |
- |
- |
1.6 |
1.6 |
||||
|
Taxation relating to the items above |
- |
- |
- |
- |
- |
1.1 |
1.1 |
||||
|
At 30 June 2024 |
17.4 |
68.6 |
0.2 |
(1.1) |
77.2 |
(98.9) |
63.4 |
||||
At 30 June 2025, the accumulated losses include a deduction of £4.2 million (2024: £3.2m) for the cost of own shares held in relation to employee share schemes.
Notes to the Consolidated Financial Information
1. Corporate information
The Company and its subsidiaries (together, the 'Group') is
2. Material accounting policies
Basis of preparation
The financial information does not constitute statutory accounts of the Group for the years ended 30 June 2025 and 2024 within the meaning of sections 434(3) and 435(3) of the Companies Act 2006 or contain sufficient information to comply with the disclosure requirements of IFRS. The financial information for 2024 is derived from the statutory accounts for 2024 which have been delivered to the Registrar of Companies.
The statutory accounts for the year ended 30 June 2025 have been reported on by the Company's auditors,
The financial information has been prepared on the going concern basis in accordance with
Going concern
The Group's base case forecasts are based on the Board-approved budget and three-year plan. They indicate sufficient liquidity, debt cover and interest cover throughout the going concern review period to ensure compliance with current banking covenants. The Group's base case scenario assumes:
· average revenue growth of c.4% per annum, driven predominantly by volume increases;
· raw material input costs growing at levels consistent with expected revenue growth;
· interest rates reducing in line with current market expectations; and
· a Sterling to Euro exchange rate of £1:€1.20.
The Directors have considered the Group's principal risks with the highest likelihood of occurrence or the severest impact, and the adverse effect this would have on the Group's financial forecasts. Changing market, customer and consumer dynamics could adversely impact revenue growth. Lack of supply chain resilience influences raw material and packaging input costs. Economic, political and macro environment instability potentially affects both revenue growth and input costs, in addition to market interest rates and foreign exchange rates. Considering these risks, a severe but plausible downside scenario to stress test the Group's financial forecasts has been modelled, with the following assumptions:
· a 5% year-on-year reduction in revenue in 2026;
· revenue growth reducing to 1% in 2027 and 2028, being half of the Group's long-term target of 2%;
· an increase in raw material and packaging input costs compared to latest forecasts;
· interest rates increasing by 100 basis points; and
· Sterling appreciating significantly against the Euro to £1:€1.25.
In the event that such a severe but plausible downside risk scenario occurs, the Group would remain compliant with current banking covenants.
After reviewing the current liquidity position and financial forecasts, stress testing for potential risks and considering the uncertainties described above, and based on the currently committed funding facilities, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operational existence and without significant curtailment of operations for the foreseeable future. For these reasons the Directors continue to adopt the going concern basis of accounting in preparing the Group financial statements.
Viability statement
In accordance with the requirements of the
The Group has a €200 million multi‑currency, sustainability-linked RCF, with a tenor to November 2028, as well as an uncommitted €75 million accordion feature and a number of facilities whereby it could borrow against certain of its trade receivables: in the
The Group's strategic plan assumes that financing facilities will be available on an appropriate basis and as required to meet the Group's capital investment and growth strategies for the entire viability period.
In assessing the Group's viability, the Directors have considered the current financial position of the Group and its principal risks and uncertainties. The analysis considers a severe but plausible downside scenario, featuring the principal risks from a financial and operational perspective, with the resulting impact on key metrics, such as liquidity headroom and covenants. The downside risk scenario assumes sensitivity around exchange rates and interest rates, along with significant reductions in revenue and cash flow over the three-year period. The Group's global footprint, product diversification and access to external financing all provide resilience against these factors and the other principal risks to which the Group is exposed.
Whilst the Group ends the year with net current liabilities of £11.3 million (2024: £26.0m), the Directors conclude that the Group has access to sufficient financing facilities in order to support this position.
After conducting their viability review, the Directors confirm that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three‑year period of their assessment to 30 June 2028.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements from which this preliminary announcement is derived requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 30 June 2024.
3. Segment information
Segmental reporting
Financial information is presented to the Board by business division for the purposes of allocating resources within the Group and assessing the performance of the Group. There are five separately managed and accountable business divisions. The European business is managed as four divisions based on product technology and the
· Liquids;
· Unit Dosing;
· Powders;
· Aerosols; and
·
Intra-group revenue from the sale of products is agreed between the relevant customer-facing units and eliminated in the segmental presentation that is presented to the Board and therefore excluded from the reported figures. Most overhead costs are directly attributed within the respective divisions' income statements. Central overheads are allocated to a reportable segment proportionally using an appropriate cost driver and include costs of certain Group functions (mostly associated with financial disciplines such as treasury). Corporate costs include the costs associated with the Board and the Executive Leadership Team, governance and being a listed company. Exceptional items are detailed in note 4 and are not allocated to the reportable segments as this reflects how they are reported to the Board. Finance expense and income are not allocated to the reportable segments, as the Group Treasury function manages this activity, together with the overall net debt position of the Group.
The Board uses adjusted operating profit to measure the profitability of the Group's businesses. Adjusted operating profit is, therefore, the measure of segment profit presented in the Group's segment disclosures. Adjusted operating profit represents operating profit before specific items that are considered to hinder comparison of the trading performance of the Group's businesses either year on year or with other businesses. During the years under review, the items excluded from operating profit in arriving at adjusted operating profit were the amortisation of intangible assets and exceptional items.
|
|
Liquids |
Unit Dosing |
Powders |
Aerosols |
|
Corporate |
Group |
|
Year ended 30 June 2025 |
|
|
|
|
|
|
|
|
Revenue |
529.6 |
228.9 |
85.5 |
58.9 |
23.6 |
- |
926.5 |
|
Adjusted operating profit/(loss) |
41.0 |
22.5 |
6.8 |
3.1 |
1.1 |
(8.4) |
66.1 |
|
Amortisation of intangible assets |
|
|
|
|
|
|
(1.9) |
|
Exceptional items (note 4) |
|
|
|
|
|
|
(4.0) |
|
Operating profit |
|
|
|
|
|
|
60.2 |
|
Finance costs (note 6) |
|
|
|
|
|
|
(11.2) |
|
Profit before taxation |
|
|
|
|
|
|
49.0 |
|
|
|
|
|
|
|
|
|
|
Inventories |
58.0 |
37.5 |
13.6 |
11.6 |
2.7 |
- |
123.4 |
|
Capital expenditure |
14.6 |
10.8 |
1.9 |
2.6 |
0.8 |
- |
30.7 |
|
Amortisation and depreciation |
11.4 |
7.0 |
1.3 |
0.5 |
1.4 |
- |
21.6 |
|
|
Liquids |
Unit Dosing |
Powders |
Aerosols |
|
Corporate |
Group |
|
Year ended 30 June 2024 |
|
|
|
|
|
|
|
|
Revenue |
532.8 |
233.6 |
92.8 |
50.9 |
24.7 |
- |
934.8 |
|
Adjusted operating profit/(loss) |
45.6 |
19.4 |
6.0 |
2.1 |
1.4 |
(7.4) |
67.1 |
|
Amortisation of intangible assets |
|
|
|
|
|
|
(2.0) |
|
Exceptional items (note 4) |
|
|
|
|
|
|
(0.8) |
|
Operating profit |
|
|
|
|
|
|
64.3 |
|
Finance costs (note 6) |
|
|
|
|
|
|
(17.8) |
|
Profit before taxation |
|
|
|
|
|
|
46.5 |
|
|
|
|
|
|
|
|
|
|
Inventories |
61.2 |
31.3 |
14.1 |
10.3 |
2.7 |
- |
119.6 |
|
Capital expenditure |
10.3 |
7.7 |
2.0 |
0.6 |
0.3 |
- |
20.9 |
|
Amortisation and depreciation |
12.8 |
5.8 |
1.4 |
0.6 |
1.4 |
- |
22.0 |
Geographical information
|
|
Revenue |
|
Non-current assets |
|
|||||
|
|
2025 |
2024 |
|
2025 |
2024 |
|
|||
|
|
£m |
£m |
|
£m |
£m |
|
|||
|
|
179.8 |
194.4 |
|
47.5 |
36.8 |
|
|||
|
|
217.2 |
212.4 |
|
- |
- |
|
|||
|
|
203.7 |
201.5 |
|
10.9 |
9.8 |
|
|||
|
|
74.1 |
78.4 |
|
14.8 |
14.4 |
|
|||
|
|
44.7 |
41.2 |
|
9.8 |
9.5 |
|
|||
|
Other |
180.1 |
177.5 |
|
80.2 |
77.6 |
|
|||
|
|
24.7 |
25.4 |
|
3.1 |
3.9 |
|
|||
|
Rest of the World |
2.2 |
4.0 |
|
- |
- |
|
|||
|
Total |
926.5 |
934.8 |
|
166.3 |
152.0 |
|
|||
The geographical revenue information above is based on the location of the customer.
Non-current assets for this purpose consists of goodwill, other intangible assets, property, plant and equipment and right-of-use assets.
Revenue by major customer
In 2025 and 2024, no individual customer provided more than 10% of the Group's revenue. During 2025, the top ten customers accounted for 53% of total Group revenue (2024: 52%).
4. Exceptional items
Analysis of exceptional items
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Environmental remediation |
0.4 |
0.8 |
|
Organisation changes |
1.5 |
- |
|
Group-wide strategic review |
2.1 |
- |
|
Total charged to operating profit |
4.0 |
0.8 |
|
Group refinancing: |
|
|
|
Independent business review and refinancing costs |
- |
3.8 |
|
Total charged to finance costs |
- |
3.8 |
|
Total exceptional items before tax |
4.0 |
4.6 |
Total exceptional items of £4.0 million were recorded during the year (2024: £4.6m). The charge comprised the following:
· £0.4 million costs relating to the re-evaluation of the environmental remediation provision;
· £1.5 million employee severance costs in relation to organisational changes aimed at enhancing long-term operational efficiency and capability in line with the Group's strategy; and
· £2.1 million costs relating to a Group-wide strategic review of growth options.
5. Operating profit
Operating profit is stated after charging/(crediting):
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Cost of inventories (included in cost of sales)* |
515.2 |
519.9 |
|
Employee costs |
162.8 |
157.2 |
|
Amortisation of intangible assets (note 10) |
1.9 |
2.0 |
|
Depreciation of property, plant and equipment (note 10) |
15.8 |
16.3 |
|
Depreciation of right-of-use assets (note 10) |
3.9 |
3.7 |
|
Loss on disposal of property, plant and equipment |
0.4 |
1.4 |
|
(Reversal of impairment)/impairment: |
|
|
|
Property, plant and equipment (note 10) |
(0.6) |
0.2 |
|
Inventories |
2.4 |
8.9 |
|
Trade receivables |
0.4 |
1.6 |
|
Expense relating to short-term leases |
0.2 |
0.2 |
|
Expense relating to low-value leases |
0.1 |
0.1 |
|
Research and development costs not capitalised |
9.8 |
10.0 |
|
Net foreign exchange (gain)/loss |
(0.1) |
0.5 |
*Direct material costs only.
6. Finance costs
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Finance costs |
|
|
|
Interest on bank loans and overdrafts |
8.3 |
10.5 |
|
Interest on lease liabilities |
0.4 |
0.3 |
|
Net foreign exchange (gain)/loss |
(0.4) |
0.7 |
|
Amortisation of facility fees |
1.0 |
0.5 |
|
Non-utilisation and other fees |
0.7 |
0.8 |
|
Adjusted finance costs excluding net interest cost on defined benefit obligation |
10.0 |
12.8 |
|
Post-employment benefits: |
|
|
|
Net interest cost on defined benefit obligation (note 13) |
1.2 |
1.2 |
|
Adjusted finance costs |
11.2 |
14.0 |
|
Costs associated with independent business review and refinancing (note 4) |
- |
3.8 |
|
Total finance costs |
11.2 |
17.8 |
Interest rate caps are used to manage the interest rate profile of the Group's borrowings. Accordingly, interest income from interest rate caps of £0.2 million (2024: £1.6m) is included in interest on bank loans and overdrafts.
No interest costs were capitalised in the current year (2024: £nil).
7. Taxation
Income tax expense
|
|
2025 |
2024 |
||||
|
Total attributable to ordinary |
|
Overseas |
Total |
|
Overseas |
Total |
|
shareholders |
£m |
£m |
£m |
£m |
£m |
£m |
|
Current tax expense/(credit) |
|
|
|
|
|
|
|
Current year |
0.4 |
10.2 |
10.6 |
0.4 |
12.0 |
12.4 |
|
Adjustment for prior years |
- |
(0.1) |
(0.1) |
- |
(0.8) |
(0.8) |
|
|
0.4 |
10.1 |
10.5 |
0.4 |
11.2 |
11.6 |
|
Deferred tax expense/(credit) |
|
|
|
|
|
|
|
Origination and reversal of temporary differences |
1.4 |
1.1 |
2.5 |
1.0 |
(0.3) |
0.7 |
|
Adjustment for prior years |
2.2 |
0.6 |
2.8 |
0.7 |
0.2 |
0.9 |
|
|
3.6 |
1.7 |
5.3 |
1.7 |
(0.1) |
1.6 |
|
|
|
|
|
|
|
|
|
Income tax expense |
4.0 |
11.8 |
15.8 |
2.1 |
11.1 |
13.2 |
Included in the current tax adjustment for the prior year is £nil (2024: £0.5m charge) and £0.5 million credit (2024: £0.2m credit) relating to the release of provisions for uncertain tax treatments due to expiries in the statute of limitations.
Reconciliation to
The total tax charge on the Group's profit before tax for the year is higher (2024: higher) than the amount that would be charged at the
|
|
2025 |
2024 |
|
Total attributable to ordinary shareholders |
£m |
£m |
|
Profit before tax |
49.0 |
46.5 |
|
Profit before tax multiplied by the |
12.3 |
11.6 |
|
Effect of tax rates in foreign jurisdictions |
0.5 |
0.3 |
|
Non-deductible expenses |
0.2 |
0.5 |
|
Other differences |
0.1 |
0.7 |
|
Adjustment for prior years |
2.7 |
0.1 |
|
Total tax charge in profit or loss |
15.8 |
13.2 |
|
Exclude adjusting items (note 19) |
1.5 |
1.6 |
|
Total tax charge in profit or loss before adjusting items |
17.3 |
14.8 |
The taxation is provided at current rates on the profits earned for the year. There have been no changes in applicable tax rates that have impacted the current year tax charge.
The main rate of
8. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of the Company's ordinary shares in issue during the financial year. The weighted average number of the Company's ordinary shares in issue excludes 3,587,465 shares (2024: 1,372,779 shares), being the weighted average number of own shares held during the year in relation to employee share schemes.
|
|
Reference |
2025 |
2024 |
|
Weighted average number of ordinary shares in issue (million) |
a |
170.5 |
172.7 |
|
Effect of dilutive share options (million) |
|
8.0 |
4.2 |
|
Weighted average number of ordinary shares for calculating diluted earnings per share (million) |
b |
178.5 |
176.9 |
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming the conversion of all potentially dilutive ordinary shares. Where potentially dilutive ordinary shares would cause an increase in earnings per share, or a decrease in loss per share, the diluted loss per share is considered equal to the basic loss per share.
During the year, the Company had equity-settled awards with a nil exercise price that are potentially dilutive ordinary shares.
Adjusted earnings per share measures are calculated based on profit for the year attributable to owners of the Company before adjusting items as follows:
|
|
|
2025 |
2024 |
|
|
Reference |
£m |
£m |
|
Profit for calculating basic and diluted earnings per share |
c |
33.2 |
33.3 |
|
Adjusted for: |
|
|
|
|
Amortisation of intangible assets (note 10) |
|
1.9 |
2.0 |
|
Exceptional items (note 4) |
|
4.0 |
4.6 |
|
Taxation relating to the items above |
|
(1.5) |
(1.6) |
|
Profit for calculating adjusted earnings per share |
d |
37.6 |
38.3 |
|
|
|
2025 |
2024 |
|
|
Reference |
pence |
pence |
|
Basic earnings per share |
c/a |
19.5 |
19.3 |
|
Diluted earnings per share |
c/b |
18.6 |
18.8 |
|
Adjusted basic earnings per share |
d/a |
22.1 |
22.2 |
|
Adjusted diluted earnings per share |
d/b |
21.1 |
21.7 |
9. Payments to shareholders
Dividends paid and received are included in the Company financial statements in the year in which the related dividends are actually paid or received or, in respect of the Company's final dividend for the year, approved by shareholders.
It is the Board's intention that any future dividends will be final dividends paid annually in cash, not by the allotment and issue of B Shares. Consequently, the Board is not seeking shareholder approval at the 2025 AGM to capitalise reserves for the purposes of issuing B Shares or to grant Directors the authority to allot such shares. Existing B Shares will continue to be redeemable but limited to one redemption date in November of each year. Further details of how to redeem existing B Shares in November 2025 will be announced in due course. B Shares issued but not redeemed are classified as current liabilities.
As outlined in the RNS dated 29 November 2024, as a result of the refinancing of the Company's RCF the block on shareholder distributions has now been removed, permitting the Company to restore the payment of dividends and consider share buy-backs. The Board is recommending a final dividend of 3.0 pence per ordinary share for the year ended 30 June 2025. This is subject to approval by shareholders at the Company's 2025 AGM and has therefore not been recognised in these financial statements. If approved, the recommended final dividend will be paid as a cash dividend on 28 November 2025 to all holders of ordinary shares who are on the register of members at 5.00pm on 31 October 2025. The ordinary shares will be marked as ex-dividend at 5.00pm on 30 October 2025.
Other than the final dividend proposed above, no payments to ordinary shareholders were made or proposed in respect of this year or the prior year.
During the year to 30 June 2025, the Directors became aware that certain dividends paid in November 2022 to November 2024 to holders of B Shares totalling £47,710.90 had been made, and certain loans paid in November 2023 to October 2024 to Apex Group Fiduciary Services Limited, in its capacity as trustee of the McBride plc Employee Benefit Trust (the 'Trustee'), totalling £5,100,339.38 may have been made, in each case otherwise than in accordance with the Companies Act 2006 in so far as they were made without the Company holding sufficient distributable reserves and without interim accounts having been filed at
In April 2025, the Company received a dividend of £40.0 million from a subsidiary, thereby increasing the Company's distributable reserves to sufficient levels to support the Company's anticipated future distributions in the course of the 2025 calendar year. Further procedures have been put in place to ensure the Company's reserves are sufficient for relevant dividends to be paid and loans to be made in the future. These include reviewing the Company's anticipated upcoming distributable reserve requirements, establishing a process for paying dividends up to the Company to ensure the Company has sufficient distributable reserves for its requirements, checking the Company has sufficient distributable reserves before paying a dividend or making a loan, and updating the Audit and Risk Committee on the Company's distributable reserves at set intervals.
Movements in the number of B Shares outstanding were as follows:
|
|
|
Nominal |
|
|
Number |
value |
|
|
000 |
£'000 |
|
Issued and fully paid |
|
|
|
At 1 July 2023, 30 June 2024 and 30 June 2025 |
665,888 |
666 |
B Shares carry no rights to attend, speak or vote at Company meetings, except on a resolution relating to the winding up of the Company.
10. Intangible assets, property, plant and equipment and right-of-use assets
|
|
|
|
|
|
|
and other |
Property, |
|
|
|
intangible |
plant and |
Right-of-use |
|
|
assets |
equipment |
assets |
|
|
£m |
£m |
£m |
|
Net book value at 1 July 2024 |
29.5 |
114.4 |
8.1 |
|
Currency translation differences |
0.1 |
1.2 |
0.1 |
|
Additions |
10.4 |
20.3 |
3.6 |
|
Disposal of assets |
- |
(0.4) |
- |
|
Reversal of impairment |
- |
0.6 |
- |
|
Depreciation charge |
- |
(15.8) |
(3.9) |
|
Amortisation charge |
(1.9) |
- |
- |
|
Net book value at 30 June 2025 |
38.1 |
120.3 |
7.9 |
Included within goodwill and other intangible assets is goodwill of £19.8 million (2024: £19.7m), computer software of £2.9 million (2024: £3.5m*) and customer relationships of £0.1 million (2024: £0.5m*).
Capital commitments at 30 June 2025 amounted to £3.6 million (2024: £5.7m).
At 30 June 2025, the Group was committed to future minimum lease payments of £0.5 million (2024: £0.3m) in respect of leases which have not yet commenced and for which no lease liability has been recognised.
*Prior years restated to eliminate historical adjustments no longer required and to transfer assets to correct asset category.
11. Financial risk management
The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.
There have been no material changes in the Group's risk management policies in either the 30 June 2025 or 30 June 2024 financial years.
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:
· Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities
· Level 2 - inputs other than Level 1 that are observable for the asset or liability, either directly (prices) or indirectly (derived from prices); and
· Level 3 - inputs that are not based on observable market data (unobservable inputs).
|
|
|
|
|
|
At |
At |
|
|
30 June |
30 June |
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Level 2 assets |
|
|
|
Derivative financial instruments |
|
|
|
Forward currency contracts |
0.2 |
- |
|
Interest rate caps |
0.3 |
2.0 |
|
Total financial assets |
0.5 |
2.0 |
|
Level 2 liabilities |
|
|
|
Derivative financial instruments |
|
|
|
Forward currency contracts |
(0.4) |
(0.4) |
|
Interest rate collars |
(0.1) |
- |
|
Total financial liabilities |
(0.5) |
(0.4) |
|
Total |
- |
1.6 |
Derivative financial instruments
Derivative financial instruments comprise the foreign currency derivatives and interest rate derivatives that are held by the Group in designated hedging relationships.
Foreign currency forward contracts are measured by reference to prevailing forward exchange rates. Foreign currency options are measured using a variant of the
Valuation levels and techniques
There were no transfers between levels during the year and no changes in valuation techniques.
Financial assets and liabilities measured at amortised cost
The fair value of borrowings (including overdrafts and lease liabilities) are as follows:
|
|
|
|
|
|
|
|
At |
At |
|
|
|
30 June |
30 June |
|
|
|
2025 |
2024 |
|
|
|
£m |
£m |
|
Current |
|
73.5 |
70.5 |
|
Non-current |
|
65.9 |
70.3 |
|
Total borrowings |
|
139.4 |
140.8 |
The fair value of the following financial assets and liabilities approximate to their carrying amount:
· trade and other receivables;
· other current financial assets;
· cash and cash equivalents; and
· trade and other payables.
12. Net debt
Movements in net debt were as follows:
|
|
|
IFRS 16 |
|
Currency |
|
|
|
At 1 July |
non-cash |
Cash |
translation |
At 30 June |
|
|
2024 |
movements(1) |
flows |
differences |
2025 |
|
|
£m |
£m |
£m |
£m |
£m |
|
Overdrafts |
(11.8) |
- |
9.8 |
- |
(2.0) |
|
Bank loans |
(65.0) |
- |
3.9 |
(0.2) |
(61.3) |
|
Other loans |
(55.6) |
- |
(11.5) |
(0.7) |
(67.8) |
|
Lease liabilities |
(8.4) |
(4.0) |
4.2 |
(0.1) |
(8.3) |
|
Financial liabilities |
(140.8) |
(4.0) |
6.4 |
(1.0) |
(139.4) |
|
Cash and cash equivalents |
9.3 |
- |
24.3 |
0.6 |
34.2 |
|
Net debt |
(131.5) |
(4.0) |
30.7 |
(0.4) |
(105.2) |
1IFRS 16 non-cash movements includes additions of £3.6 million, disposals of £nil and interest charged of £0.4 million.
13. Pensions and other post-employment benefits
The Group provides a number of post-employment benefit arrangements. In the
At 30 June 2025, the Group recognised a deficit on its
Non-governmental collected post-employment benefits had the following effect on the Group's results and financial position:
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
£m |
£m |
|
|
Profit or loss Operating profit Defined contribution schemes |
|
|
|
|
Contributions payable |
(3.4) |
(3.0) |
|
|
Defined benefit schemes |
|
|
|
|
Service cost and administration expenses (net of employee contribution) |
(0.3) |
(0.6) |
|
|
Net charge to operating profit |
(3.7) |
(3.6) |
|
|
Finance costs Net interest cost on defined benefit obligation |
(1.2) |
(1.2) |
|
|
Net charge to profit before taxation |
(4.9) |
(4.8) |
|
|
Other comprehensive income/(expense) |
|
|
|
|
Defined benefit schemes |
|
|
|
|
Net actuarial loss |
(1.2) |
(5.6) |
|
|
|
|
|
|
|
|
|
2025 |
2024 |
|
|
|
£m |
£m |
|
Balance sheet |
|
|
|
|
Defined benefit obligations |
|
|
|
|
|
|
(97.8) |
(101.6) |
|
Other - unfunded |
|
(11.0) |
(12.0) |
|
|
|
(108.8) |
(113.6) |
|
Fair value of scheme assets |
|
|
|
|
|
|
74.8 |
74.1 |
|
Other - unfunded |
|
9.1 |
10.1 |
|
Deficit on the schemes |
|
(24.9) |
(29.4) |
For accounting purposes, the
Impact of NTL vs Virgin Media case, 25 July 2024
In June 2023, the High Court judged that amendments made to the Virgin Media scheme were invalid because the scheme's actuary did not provide the associated Section 37 certificate. The High Court's decision has wide-ranging implications, affecting other schemes that were contracted out on a salary-related basis and made amendments between April 1997 and April 2016. The Fund was contracted out until 29 February 2016 and amendments were made during the relevant period. As such, the ruling could have implications for the Company. Following the Court of Appeal upholding the 2023 High Court ruling on 25 July 2024, the Trustee initiated the process of investigating any potential impact for the Fund.
In June 2025, the
14. Provisions
|
|
|
Reorganisation |
|
|
Independent |
|
|
|
|
|
and |
Leasehold |
Environmental |
business |
|
|
|
|
|
restructuring |
dilapidations |
remediation |
review |
Claims |
Total |
|
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
At 1 July 2023 |
|
0.3 |
1.9 |
3.0 |
0.1 |
- |
5.3 |
|
(Released)/charged to profit or loss |
|
- |
(0.1) |
0.8 |
3.8 |
- |
4.5 |
|
Currency translation differences |
|
- |
- |
(0.2) |
- |
- |
(0.2) |
|
Utilisation |
|
- |
(1.3) |
(0.8) |
(3.9) |
- |
(6.0) |
|
At 30 June 2024 |
|
0.3 |
0.5 |
2.8 |
- |
- |
3.6 |
|
Transfer from other payables* |
|
- |
- |
- |
- |
0.6 |
0.6 |
|
Charged/(released) to profit or loss |
|
0.2 |
(0.1) |
0.4 |
- |
0.2 |
0.7 |
|
Currency translation differences |
|
(0.1) |
- |
- |
- |
- |
(0.1) |
|
Utilisation |
|
- |
(0.1) |
(0.4) |
- |
- |
(0.5) |
|
At 30 June 2025 |
|
0.4 |
0.3 |
2.8 |
- |
0.8 |
4.3 |
Analysis of provisions:
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Current |
2.7 |
2.2 |
|
Non-current |
1.6 |
1.4 |
|
Total |
4.3 |
3.6 |
*Transfer of claims held in other payables to provisions.
The closing provision for reorganisation and restructuring relates to the Group's logistics Transformation programme and strategic organisational changes, aimed at enhancing long-term operational efficiency and capability led by the Human Resources department. The provision is expected to be fully utilised within twelve months of the balance sheet date.
The leasehold dilapidations provision relates to costs expected to be incurred to restore leased properties to their original condition at the end of the respective lease terms. A provision has been recognised for the present value of the estimated expenditure required to undertake restoration works. Amounts will be utilised as the respective leases end and restoration works are carried out, within a period of approximately twelve months.
The environmental remediation provision relates to historical environmental contamination at a site in
The independent business review provision related to the amendment of the Group's revolving credit facility and banking covenants. The provision for consultancy support for the independent business review programme was utilised in the prior year.
The claims provision relates to expected costs associated with outstanding legal and regulatory claims. The closing balance is expected to be utilised within twelve months.
The amount and timing of all cash flows related to the provisions are reasonably certain.
15. Exchange rates
The principal exchange rates used to translate the results, assets and liabilities and cash flows of the Group's foreign operations into Sterling were as follows:
|
|
Average rate |
Closing rate |
||
|
|
2025 |
2024 |
2025 |
2024 |
|
Euro |
1.19 |
1.16 |
1.17 |
1.18 |
|
US Dollar |
1.29 |
1.26 |
1.37 |
1.26 |
|
|
8.88 |
8.68 |
8.72 |
8.81 |
|
Polish Zloty |
5.07 |
5.11 |
4.96 |
5.09 |
|
Czech Koruna |
29.88 |
28.72 |
28.93 |
29.57 |
|
Hungarian Forint |
479.05 |
449.75 |
467.33 |
466.81 |
|
Malaysian Ringgit |
5.70 |
5.91 |
5.77 |
5.97 |
|
Australian Dollar |
2.00 |
1.92 |
2.10 |
1.90 |
16. Share capital
|
|
Authorised, allotted and fully paid |
|
|
|
Number |
£m |
|
Ordinary shares of 10 pence each |
|
|
|
At 1 July 2023, 30 June 2024 and 30 June 2025 |
174,057,328 |
17.4 |
Ordinary shares carry full voting rights and ordinary shareholders are entitled to attend Company meetings and to receive payments to shareholders. The above figure includes 42,041 treasury shares.
17. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and therefore are not required to be disclosed in these financial statements. Details of transactions between the Group and other related parties are disclosed below.
Post-employment benefit plans
Contributions amounting to £10.4 million (2024: £7.0m) were payable by the Group to pension schemes established for the benefit of its employees. At 30 June 2025, £0.6 million (2024: £0.5m) in respect of contributions due was included in other payables.
Compensation of key management personnel
For the purposes of these disclosures, the Group regards its key management personnel as the Directors and certain members of the senior executive team.
Compensation relating to key management personnel in respect of their services to the Group was as follows:
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Short-term employee benefits |
3.1 |
3.8 |
|
Post-employment benefits |
0.1 |
0.1 |
|
Share-based payments |
1.0 |
1.2 |
|
Total |
4.2 |
5.1 |
18. Key performance indicators (KPIs)
Management uses a number of KPIs to measure the Group's performance and progress against its strategic objectives. The most important of these are noted and defined below:
Financial:
· Revenue: Revenue from contracts with customers from the sale of goods is measured at the invoiced amount, net of sales rebates, discounts, value added tax and other sales taxes.
· Adjusted operating profit: Adjusted operating profit is operating profit excluding amortisation of intangible assets and exceptional items.
· Adjusted EBITDA margin: The calculation of adjusted EBITDA, which when divided by revenue gives this EBITDA margin, is defined in note 19.
· Free cash flow increase: Free cash flow is defined as cash generated before exceptional items.
· Adjusted ROCE: Total adjusted operating profit divided by the average of opening and closing capital employed. Capital employed is defined as the total of goodwill and other intangible assets, property, plant and equipment, right-of-use assets, inventories, and trade and other receivables, less trade and other payables.
· Transformation benefits: Net profit benefit achieved from the implementation of the Transformation programmes.
Non-financial:
· Lost time incident frequency rate: The number of lost time incidents x 100,000 divided by total number of person-hours worked.
· Customer service level: The volume of products delivered in the correct volumes and within requested timescales, as a percentage of total volumes ordered by customers.
19. Alternative performance measures (APMs)
Introduction
The performance of the Group is assessed using a variety of adjusted measures that are not defined under IFRS and are therefore termed non-GAAP measures. The non-GAAP measures used are adjusted operating profit, adjusted EBITDA, adjusted finance costs, adjusted profit before tax, adjusted profit for the year, adjusted earnings per share, free cash flow and cash conversion %, adjusted ROCE, liquidity, net debt, net debt cover ratio (banking basis) and interest cover ratio (banking basis). The rationale for using these measures, along with a reconciliation from the nearest measures prepared in accordance with IFRS, are presented below. The alternative performance measures we use may not be directly comparable with similarly titled measures used by other companies.
Adjusted measures
Adjusted measures exclude specific items that are considered to hinder comparison of the trading performance of the Group's businesses either year on year or with other businesses. This presentation is consistent with the way that financial performance is measured by management and reported to the Board and Executive Committee, and is used for internal performance analysis and in relation to employee incentive arrangements. The Directors present these adjusted measures in the financial statements in order to assist investors in their assessment of the trading performance of the Group. Directors do not regard these measures as a substitute for, or superior to, the equivalent measures calculated and presented in accordance with IFRS.
During the years under review, the items excluded from operating profit in arriving at adjusted operating profit were the amortisation of intangible assets and exceptional items. Exceptional items and amortisation are excluded from adjusted operating profit because they are not considered to be representative of the trading performance of the Group's businesses during the year.
A reconciliation for each non-GAAP measure to the most directly comparable IFRS measure is set out below.
Adjusted operating profit and adjusted EBITDA
Adjusted EBITDA means adjusted operating profit before depreciation. A reconciliation between adjusted operating profit, adjusted EBITDA and the Group's reported statutory operating profit is shown below:
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Operating profit |
60.2 |
64.3 |
|
Exceptional items in operating profit (note 4) |
4.0 |
0.8 |
|
Amortisation of intangibles (note 10) |
1.9 |
2.0 |
|
Adjusted operating profit |
66.1 |
67.1 |
|
Depreciation of property, plant and equipment (note 10) |
15.8 |
16.3 |
|
Depreciation of right-of-use assets (note 10) |
3.9 |
3.7 |
|
Adjusted EBITDA |
85.8 |
87.1 |
Adjusted profit before tax and adjusted profit for the year
Adjusted profit before tax is based on adjusted operating profit less adjusted finance costs. Adjusted profit for the year is based on adjusted profit before tax less taxation relating to non-adjusting items. The table below reconciles adjusted profit before tax to the Group's reported profit before tax.
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Profit before tax |
49.0 |
46.5 |
|
Exceptional items (note 4) |
4.0 |
4.6 |
|
Amortisation of intangibles (note 10) |
1.9 |
2.0 |
|
Adjusted profit before tax |
54.9 |
53.1 |
|
Taxation (note 7) |
(17.3) |
(14.8) |
|
Adjusted profit for the year |
37.6 |
38.3 |
Adjusted earnings per share
Adjusted earnings per share is based on the Group's profit for the year adjusted for the items excluded from operating profit in arriving at adjusted operating profit, and the tax relating to those items.
Free cash flow and cash conversion %
Free cash flow is one of the Group's KPIs by which our financial performance is measured. It is primarily a liquidity measure; however free cash flow and cash conversion % are also important indicators of overall operational performance as they reflect the cash generated from operations. Free cash flow is defined as cash generated before exceptional items. Cash conversion % is defined as free cash flow as a percentage of adjusted EBITDA (applicable only when adjusted EBITDA is positive). A reconciliation from net cash generated from operating activities, the most directly comparable IFRS measure to free cash flow, is set out as follows:
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Net cash generated from operating activities |
63.1 |
59.2 |
|
Add back: |
|
|
|
Taxation paid |
17.9 |
5.1 |
|
Interest paid |
7.9 |
10.9 |
|
Refinancing costs paid |
1.8 |
3.8 |
|
Cash outflow in respect of exceptional items |
3.2 |
2.7 |
|
Free cash flow |
93.9 |
81.7 |
|
|
|
|
|
Adjusted EBITDA |
85.8 |
87.1 |
|
|
|
|
|
Cash conversion % |
109% |
94% |
Adjusted return on capital employed (ROCE)
Adjusted ROCE serves as an indicator of how efficiently we generate returns from the capital invested in the business. It is a Group KPI that allows management to evaluate the outcome of investment decisions. Adjusted ROCE is defined as total adjusted operating profit divided by the average of opening and closing capital employed. Capital employed is defined as the total of goodwill and other intangible assets, property, plant and equipment, right-of-use assets, inventories, trade and other receivables less trade and other payables. There is no equivalent statutory measure within IFRS. Adjusted ROCE is calculated as follows:
|
|
2025 |
2024 |
2023 |
|
|
£m |
£m |
£m |
|
|
19.8 |
19.7 |
19.7 |
|
Other intangible assets (note 10) |
18.3 |
9.8 |
6.5 |
|
Property, plant and equipment (note 10) |
120.3 |
114.4 |
117.8 |
|
Right-of-use assets (note 10) |
7.9 |
8.1 |
8.5 |
|
Inventories |
123.4 |
119.6 |
121.5 |
|
Trade and other receivables |
139.1 |
148.8 |
145.7 |
|
Trade and other payables |
(228.0) |
(220.1) |
(219.6) |
|
Capital employed |
200.8 |
200.3 |
200.1 |
|
Average of opening and closing capital employed |
200.6 |
200.2 |
209.4 |
|
Adjusted operating profit |
66.1 |
67.1 |
13.5 |
|
Adjusted ROCE % |
33.0% |
33.5% |
6.4% |
Liquidity
Liquidity means, at any time, without double counting, the aggregate of:
(a) cash;
(b) cash equivalents;
(c) the available facility at that time, which comprises the headroom available in the RCF and other committed facilities; and
(d) the aggregate amount available for drawing under uncommitted facilities.
The Company uses this measure to manage cash flow.
|
|
|
2025 |
2024 |
|
|
|
£m |
£m |
|
Cash and cash equivalents |
|
34.2 |
9.3 |
|
RCF headroom |
|
107.2 |
82.9 |
|
Uncommitted facilities |
|
- |
6.1 |
|
Liquidity |
|
141.4 |
98.3 |
Net debt
Net debt consists of cash and cash equivalents, overdrafts, bank and other loans and lease liabilities.
Net debt is a key indicator used by management to assess the Group's indebtedness and overall balance sheet strength.
Net debt is an alternative performance measure as it is not defined in IFRS. A reconciliation from loans and other borrowings, lease liabilities and cash and cash equivalents, the most directly comparable IFRS measures to net debt is set out below:
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Current assets |
|
|
|
Cash and cash equivalents |
34.2 |
9.3 |
|
Current liabilities |
|
|
|
Borrowings |
(69.8) |
(67.4) |
|
Lease liabilities |
(3.7) |
(3.1) |
|
|
(73.5) |
(70.5) |
|
Non-current liabilities |
|
|
|
Borrowings |
(61.3) |
(65.0) |
|
Lease liabilities |
(4.6) |
(5.3) |
|
|
(65.9) |
(70.3) |
|
|
|
|
|
Net debt |
(105.2) |
(131.5) |
Net debt cover ratio (banking basis)
The net debt cover ratio (banking basis) is an indicator of the Company's ability to repay its debts. Under the RCF, it is calculated as net debt (as defined in the RCF agreement) divided by EBITDA (as defined in the RCF agreement). The Company uses the ratio to ensure compliance with the RCF financial covenants that will be tested half-yearly from December 2024.
|
|
2025 |
2024 |
|
|
£m |
£m |
|
Net debt (as defined above) |
(105.2) |
(131.5) |
|
Invoice discounting facilities |
67.8 |
55.6 |
|
B Shares (note 9) |
(0.7) |
(0.7) |
|
Lease liabilities |
8.3 |
8.4 |
|
Adjustment for average exchange rates |
(0.8) |
(0.9) |
|
Net debt banking basis (as defined in the RCF agreement) |
(30.6) |
(69.1) |
|
Adjusted EBITDA |
85.8 |
87.1 |
|
Net interest cost on defined benefit obligation (note 6) |
(1.2) |
(1.2) |
|
Loss on disposal of property, plant and equipment (note 10) |
0.4 |
1.4 |
|
Lease payments |
n/a* |
4.5 |
|
EBITDA banking basis (as defined in the RCF agreement) |
85.0 |
91.8 |
|
Net debt cover ratio (banking basis) |
0.4x |
0.8x |
*Lease payments are no longer part of the definition following the refinancing of the RCF in November 2024.
Interest cover ratio (banking basis)
The interest cover ratio (banking basis) is a measure of the Company's ability to pay the interest on its outstanding debts. Under the RCF, it is calculated as EBITDA (as defined in the RCF agreement) divided by adjusted finance costs (excluding net interest cost on defined benefit obligation). The Company uses the ratio to ensure compliance with the RCF financial covenants that will be tested half-yearly from December 2024.
|
|
2025 |
2024 |
|
|
£m |
£m |
|
EBITDA banking basis (as defined in the RCF agreement) |
85.0 |
91.8 |
|
Lease payments |
n/a* |
(4.5) |
|
EBITDA banking basis (as defined in the RCF agreement) |
85.0 |
87.3 |
|
|
|
|
|
Adjusted finance costs excluding net interest cost on defined benefit obligation (note 6) |
10.0 |
12.8 |
|
|
|
|
|
Interest cover ratio (banking basis) |
8.5x |
6.8x |
*Lease payments are no longer part of the definition following the refinancing of the RCF in November 2024.
20. Additional information
Annual General Meeting
The Annual General Meeting will be held on 20 November 2025.
Annual Report and Accounts
The Annual Report and Accounts will be published on the