H1 FY26 financial highlights

We have a strong financial model, with revenue growth underpinned by loyal customers, high profit margins and robust cash generation.

Revenue growth (£m)

Year-on-year +6.7%
H1 FY26 168.6
H1 FY25 158.0

Gross margin (%)

Year-on-year (1.6)%pts
H1 FY26 57.6
H1 FY25 59.2

Adjusted EBITDA (£m)

Year-on-year +7.7%
H1 FY26 45.0
H1 FY25 41.8

Adjusted EBITDA margin (%)

Year-on-year +0.2%pts
H1 FY26 26.7
H1 FY25 26.5

Adjusted PBT (£m)

Year-on-year +11.4%
H1 FY26 30.5
H1 FY25 27.3

Adjusted Basic EPS (p)

Year-on-year +13.1%
H1 FY26 6.9
H1 FY25 6.1

Net leverage (x)

Year-on-year -0.01x
H1 FY26 1.24
H1 FY25 1.25

Free Cash Flow LTM (£m)

Year-on-year +1.3%
H1 FY26 64.5
H1 FY25 63.7

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