We are pleased to announce a trading update ahead of our full year results for the year ended 30 April 2025 (the “Period”), which are expected to be announced on 15 July 2025.
In the Period, Group revenue grew c.4%, of which c.3% was organic and is expected to be not less than £179.0m (FY24: £172.5m). The board remains committed to its long-term strategic plan of continuing to invest in, strengthen and diversify the business. The Group underlying operating margin was maintained year-on-year, but lower interest rates resulted in a decline in net interest income. The Group’s underlying PBT* for the Period is expected to be broadly in line with market consensus**.
Net debt at the end of the Period was £6.6m (FY24 net cash: £3.8m), including, as part of stated strategy, funding the employee benefit trust to facilitate recirculation of internally held equity to incentivise our current and future senior staff.
The Group intends to propose a final dividend of 6.2p, bringing annual dividends for FY25 in line with the previous year at 9.5p.