Financial and Operational Summary
| Year ended 31 December 2025 | Year ended 31 December 2024 | Year ended 31 December 2023 | Year ended 31 December 2022 | Year ended 31 December 2021 | |
|---|---|---|---|---|---|
| Revenue £'000 | 91,063 | 91,212 | 102,743 | 110,820 | 106,018 |
| Revenue at constant currency £'000 |
92,605 | ||||
| Headline Pre-Tax Profit (1, 5) £'000 |
(3,562) | 1,066 | 3,033 | 8,004 | 7,195 |
| Basic EPS pence |
(47.2) | 8.04 | 21.36 | 46.59 | 38.85 |
| Pre-Tax Margin % |
(7.2) | 0.1 | (8.3) | 6.3 | 5.6 |
| Cash generated from operations £'000 |
526 | 2,091 | 10,781 | 1,646 | 8,683 |
| Free cash flow £'000 |
(5,648) | (3,691) | 4,388 | (7,860) | 21 |
| (Net Debt)/Cash £'000 |
(17,505) | (12,103) | (7,920) | (10,089) | 665 |
| Gearing(2) % |
36.2 | 21.8 | 14.4 | 15.5 | - |
| Return on Capital Employed (ROCE)(3) % |
(10.0) | 3.2 | (10.4) | 10.2 | 8.8 |
| Inventory £'000 |
39,024 | 38,234 | 35,956 | 41,117 | 29,224 |
| Shareholders' Funds £'000 |
48,380 | 55,562 | 54,990 | 66,683 | 61,947 |
| Dividends paid and proposed per share pence |
- | 1.50 | 5.5 | 15.5 | 13.0 |
| Dividends paid in the year £'000 |
- | 482 | 2,133 | 2,269 | - |
| Dividend Cover(4) | - | 1.67 | 3.19 | 2.61 | 1.81 |
| Share Count (Shares in Issue) | 14,204,087 | 14,204,087 | 14,204,087 | 14,204,087 | 14,204,087 |
| Employees at year end | 662 | 659 | 783 | 857 | 896 |
(1) Constant currency metrics exclude foreign exchange movements by translating current-year results at prior-year exchange rates, enabling consistent comparison of underlying performance.
(2) Gearing is the net debt held by the Group divided by total equity. Net debt is cash and cash equivalents less borrowings (note 24). This measure shows the extent to which debt finances the operations of a company.
(3) Return on capital employed is statutory earnings before interest and tax (EBIT) divided by capital employed. Capital employed is total assets less current liabilities held by the Group. This measure demonstrates how well a company is generating profits from its capital as it is put to use.
(4) Dividend cover shows how many times the Group’s earnings cover its paid and proposed dividends and is calculated as earnings per share divided by dividend per share. Earnings per share excludes impairment charges to allow like-for-like comparison.
(5) The financial results for the period 2021 to 2024 have been re-presented to include exceptional items within Operating loss/(profit). This is a reclassification in nature only to present exceptional costs within operating profit bringing the presentation more in line with statutory format and representing a direct reconciliation to the operating result presented in the cashflow. The net results of the Group have not changed from that previously presented.