REG - Amcomri Group PLC - Interim Results, Analyst Briefing & Investor Pres
Tue 07:00
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RNS Number : 3313A Amcomri Group PLC 23 September 2025
23 September 2025
Amcomri Group plc
("Amcomri", the "Company" or the "Group")
Interim Results for the six months ended 30 June 2025
Analyst Briefing & Investor Presentation
Strong performance with double-digit percentage revenue and earnings growth
Amcomri Group plc (AIM: AMCO), the "Buy, Improve, Build" UK focused,
specialist engineering services and industrial manufacturing group, is pleased
to announce its unaudited interim results for the six months ended 30 June
2025 ("H1 2025").
The Group delivered a strong first half performance, with double-digit
percentage revenue and earnings growth, supported by resilient margins, the
successful integration of recent acquisitions, and continued progress in core
growth markets including specialist electronics, aerospace, renewable energy,
and defence.
Key Financials
· Revenue: £31.8m (H1 2024: £27.3m), up 17%
· Adjusted EBITDA: £4.3m (H1 2024: £3.8m), up 15%
· Profit before tax: £2.1m (H1 2024: £1.9m)
· Gross margin: 38.4% (H1 2024: 38.4%)
· Basic EPS: 2.13p (H1 2024: 1.87p)
· Adjusted EPS: 2.37p (H1 2024: 2.11p)
· Net debt at Period end: £11m (31 December 2024: £6.2m)
· Cash at period end: £7.8m (31 December 2024: £12.1m)
Operational Highlights
· Strong first half performance with growth across both the
Embedded Engineering and B2B Manufacturing divisions.
· Acquisition of EMC Elite Engineering Services in March 2025,
further enhancing the Group's service proposition in UK power generation,
process and renewables.
o Adding further scale, synergy potential and additional high margin
specialist electrical services capability to the growing Embedded Engineering
division.
· Largest single engineering contract to date in the renewable
energy sector secured in June 2025.
· Aerospace, subsea, defence and electronics markets showing strong
and rising demand, driving growth in the Group's precision engineering
businesses, Drurys and Claro.
· Specialist printing businesses, specifically Bex Print &
Design, achieved record order book levels in H1 2025.
· Group Margin stable at 38%.
o With improvement potential in H2 25 expected from positive impact from mix
of new acquisitions and improvements across operating companies
· Good progress on longer term commercial development projects
initiated to drive further end-market diversification and organic growth
opportunities.
Current Trading and Outlook
· Good visibility of H2 2025 performance, supported by continuing
strong demand and forward order coverage in electronics, aerospace, subsea,
defence and energy sectors.
· Post-Period acquisition of Electronix Services (31 July 2025);
further extending the Group's industrial specialist electronics repair
capabilities, both technically and geographically.
· Strong acquisition pipeline of specialist UK SME industrials
businesses.
· Continued resilience despite sector-specific challenges such as
reduced demand arising from Tata Steel Port Talbot closure.
· Confidence in continued delivery of progressive growth in H2 2025
across both divisions.
· Confident in full year 2025 performance and well-positioned
heading into 2026, supported by recent acquisitions, diversified and robust
end markets and solid underlying commercial development prospects in operating
companies.
Commenting on the results and outlook, Hugh Whitcomb, Co-Founder and CEO of
Amcomri, commented: "We are delighted with the momentum built during the
Period. Our proven 'Buy, Improve, Build' strategy continued to deliver across
evolving market conditions, highlighting the benefits of the resilience we
deliberately built into our model and our broad sector reach. We have had an
active start to H2, with the acquisition of Electronix Services, and remain
excited by the further opportunities to grow both acquisitively and
organically. The combination of strong forward looking order books and the
momentum built to date underpin our confidence in future prospects."
Analyst Briefing: 9.30am today, Tuesday 23 September 2025
An online briefing for analysts will be hosted by Hugh Whitcomb, Chief
Executive Officer, Mark O'Neill, Investment Director, and Siobhán Tyrrell,
Chief Financial Officer, at 9.30 a.m. today, Tuesday 23 September 2025 to
review the H1 2025 results and prospects. Analysts wishing to attend should
contact Walbrook PR on Amcomri@walbrookpr.com or 020 7933 8780.
Investor Presentation: 11.00am on Wednesday 24 September 2025
The Directors will hold an investor presentation to cover the H1 2025 results
and prospects at 11.00 a.m. on Wednesday 24 September 2025.
The presentation will be hosted through the digital platform Engage Investor.
Investors can sign up to attend the presentation via the following
link https://engageinvestor.news/AMCO_IP_25
(https://engageinvestor.news/AMCO_IP_25) .
Questions can be submitted pre-event to Amcomri@walbrookpr.com or in real
time during the presentation via the "Ask a Question" function.
Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.
For further information please contact:
Amcomri Group plc Via Walbrook
Hugh Whitcomb, Chief Executive Officer Tel: +44 (0)20 7933 8780
Mark O'Neill, Investment Director
Siobhán Tyrrell, Chief Financial Officer
Cavendish Capital Markets Limited Tel: +44 (0)20 7220 0500
Adrian Hadden/Katy Birkin/Isaac Hooper - Corporate Finance
Michael Johnson/Jasper Berry/Andrew Burdis - Sales/Broking
Walbrook PR Ltd Tel: +44 (0)20 7933 8780
Tom Cooper/Nick Rome amcomri@walbrookpr.com (mailto:amcomri@walbrookpr.com)
To find out more, please visit: www.amcomrigroup.com
(http://www.amcomrigroup.com) .
Notes to Editors:
Amcomri is a "Buy, Improve, Build" group focusing on acquiring, integrating
and enhancing specialist engineering services and industrial manufacturing
businesses that provide technical services to major UK infrastructure,
transportation and energy companies and bespoke mission-critical services to a
diverse range of sectors and markets.
The Group currently operates through the following two divisions:
· Embedded Engineering Division: provides specialist technical and
engineering services for major industrial, infrastructure and transportation
clients, typically with complex technical needs and undertaken in operating
environments where safety and compliance performance are critical
requirements. The division predominantly provides engineering services and
support for their clients' capital intensive, mission-critical assets such as
high voltage electrical transmission systems, petrochemical and continuous
process operations, and large power generation plants.
· B2B Manufacturing Division: focuses on selective niche B2B
markets or businesses, where the Group has identified an opportunity to
achieve enhanced financial performance by leveraging an initially strong
competitive market position combined with the Group's business improvement
capabilities.
The Group operates across a diverse range of sectors and markets, including
industrial, infrastructure and mass transportation. The Group deploys a
structured "Buy, Improve, Build" strategy with a track record of value
enhancing acquisitions in the industrial environment. It has a particular
focus on leveraging the Group's experience and track record in relation to
acquisitions arising from owner manager 'retirement' situations, where there
are no, or limited, alternative plans for succession to sustain the enterprise
value present within the target business.
The Group has been created through a series of 18 successful acquisitions,
comprising the acquisition of 14 operating companies and 4 bolt-on
asset/business purchases, each of which has been integrated into the Group.
Post acquisition, the Group has a strong focus on facilitating and supporting
its operating companies with organic growth initiatives, and the Group's
businesses are well placed to take advantage of generally positive conditions
in their respective niche end markets.
Chief Executive Officer's Statement
H1 2025 Review
I am pleased to be able to report a strong first half year performance for the
Group, delivering significant revenue and earnings growth over the comparable
H1 2024 period, whilst continuing to maintain our strong gross profit margins.
Group revenue rose in the period by 17% to £31.8m (H1 2024: £27.3m) with
adjusted EBITDA rising by 15% to £4.3m (H1 2024: £3.8m), driven by a
combination of a solid underlying performance and improving margins across our
operating companies, and the benefit of the acquisition of EMC Elite
Engineering Services from 31 March 2025.
As our results show, we continue to successfully manage specific challenges in
certain end markets whilst exploiting significant opportunities in others
across the Group operating companies. Through this approach we continue to
deliver profitable growth despite wider geo-political challenges. The Group's
balanced portfolio approach adds an inherent robustness to the model and has
allowed it to continue to effectively manage and offset the impact of
continued delays in the release of UK rail infrastructure funding by rapidly
responding to the significant rising demand in defence, aerospace, renewable
energy and rail rolling stock repair markets.
Similarly, whilst we have seen some reduction in local demand across both our
seals and valves businesses following the closure of Tata Steel in Port
Talbot, this has been mitigated through the extension of our specialist
service offerings to the thermal, energy from waste and nuclear power sector
operators in the UK.
The success achieved by our team with both with the acquisition of EMC Elite
Engineering Services in March 2025, and in the Group subsequently winning its
largest single contract to date in the renewable energy sector in June 2025,
has further complemented our existing activities in thermal and nuclear power
generation. Work on this significant contract has commenced and we believe
will position the Group well for future follow-on project opportunities in the
growing renewables back up sector.
Embedded Engineering
Our Embedded Engineering division provides specialist technical services and
support to often mission critical power, petrochemical and process customers.
We continue to see a high demand for our services driven by regulatory,
maintenance, life extension or performance upgrades of often ageing, capital
intensive facilities. H1 2025 revenue for the Embedded Engineering Division
was £14.5m (H1 2024: £12.7m), an increase of 14%.
Our specialist valves and rail electronics businesses in particular continue
to see strong requirements for their services driven by our customers' needs
to maintain compliance, operational performance and reliability in their
operations. We benefit from the critical nature of our work and stable end
markets with a high proportion of recurring revenue in these sectors, driven
by both repeat projects and long term service agreements.
Whilst we have not yet seen the release of significant expenditure to restart
rail electrical infrastructure projects, we do see lead indicators that give
us more confidence looking into 2026 for this sector. Our WJ Projects business
has continued to make good progress in the period by targeting the development
of high voltage electrical infrastructure and test opportunities outside of
rail infrastructure.
Specialist B2B Manufacturing
Our B2B Manufacturing Division has a well distributed, relatively stable end
market base covering civil and military aviation components, subsea, defence,
power and process sectors and specialist printing for the industrial and
packaging industries. H1 2025 revenue for the B2B Manufacturing Division was
£17.3m (H1 2024: £14.5m), an increase of 19%
Whilst we have seen some reduction in demand for our gaskets and seals
business, this has been offset by a very strong performance uplift in our
precision engineering businesses, Drurys and Claro, driven by a rising demand
in defence, aerospace and subsea requirements. With the benefit of a long
standing, high quality customer base, we have continued to invest to support
this significant demand in our precision engineering businesses which has
resulted in a strong and extended forward order positions in both. Strong
defence and aerospace markets are also providing a positive environment for
capital equipment sales in Blundell Production Electronics which sits within
the Embedded Engineering division.
Bex and Premier Limpet, our specialist printing operations, continue to
benefit from strong competitive market positions. In particular, the current
order book and sales pipeline prospects of Bex continues to progressively rise
and reached its highest ever level in recent years in H1 2025, driven by the
new commercial team in the business.
Acquisition Strategy
The Group's target acquisition market, focused on UK SME specialist industrial
businesses, has remained strong over H1 2025. The strength of our pipeline is
driven by both end market activity in the lower mid-market M&A sector, and
an increased awareness of our interest and success in this sector, benefiting
from the profile the AIM market has given us in recent months.
We were delighted to complete the acquisition of EMC Elite Engineering
Services Limited on 31 March 2025, a further synergistic addition to our
Embedded Engineering division, which brings to the Group extensive
complementary experience of delivering high-quality maintenance and project
engineering in the UK power generation, process and renewable energy sectors.
In addition, post period on 31 July 2025, we completed the acquisition of
Electronix Services ("Electronix") based in Dublin, a specialist industrial
electronic repair and reverse engineering service for high value electronic
units and systems used in many industrial environments. Another great fit for
our Embedded Engineering division, Electronix provides an exciting extension
to our growing group of specialist electronics repair and overhaul businesses,
following the previous successful acquisitions of TP Matrix and Etrac in this
sector.
Having now completed 18 acquisitions to date, the Amcomri team has significant
experience sourcing transactions across its target industries, and we remain
confident that we will continue to roll out our successful acquisition
strategy moving forward into H2 2025 and beyond.
Outlook
Against these evolving end market conditions, we believe our results reinforce
the strategic benefits of our 'Buy, Improve, Build' model focused on
specialist industrial end markets. We believe this concept and strategic
direction will continue to ensure the Group maintains good overall resilience
to wider market and economic fluctuations, further derisked by our in depth
understanding of industrial markets and limited concentrations.
Looking forward into H2 2025, we see good progressive organic growth
opportunities in both our Embedded Engineering and B2B Manufacturing
divisions, and our acquisition pipeline remains very positive. Our businesses
associated with energy, defence and sub-sea, electronics and aerospace markets
continue to see strong and rising demands that are well aligned to our
capabilities. These opportunities exist with both new and existing customers,
and we continue to invest both in capacity and technical resources to support
this demand.
In parallel with the commercial development of our operating companies, the
Group continues to pursue a focus on 'data driven' continuous improvement
activities across both its operational processes and in its HSE compliance.
The Group has successfully completed a Group wide independent HSE audit across
all its operations during the period and will continue to proactively drive
further improvement activities across all its operations in this area in H2
2025 and into 2026.
Looking forward, we continue to have good visibility over Group performance in
H2 2025 and remain confident about the 2025 full year performance and our
prospects into 2026. This confidence is strengthened by the acquisition of
Electronix which will further enhance both our technical capability and
geographic cover in the specialist industrial electronics obsolescence and
repair sector, in which we are becoming an increasingly significant operator.
Against this background of continued successful deployment of our 'Buy,
Improve, Build' model, I would like to recognise the hard work, commitment and
enthusiasm of our Group colleagues. We have an outstanding team who have been
critical to generating the very positive results for H1 2025, and our
confidence for the remainder of the year and into 2026.
Hugh Whitcomb
CEO
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
Note Six months ended 30 June 2025 (unaudited) Six months ended 30 June 2024 (unaudited) Year ended
31 December 2024
(audited)
£'000 £'000 £'000
Revenue 5 31,785 27,268 58,066
Cost of sales (19,580) (16,792) (36,903)
Gross profit 12,205 10,476 21,163
38.4% 38.4% 36.4%
Distribution costs (93) (255) (566)
Administrative expenses (8,985) (7,688) (15,818)
Other operating income 60 16 72
Other income - 592 592
Exceptional items (173) (173) (1,574)
Operating profit 3,014 2,968 3,869
Finance income 10 9 14
Finance expense 7 (966) (1,124) (2,208)
Profit before taxation 2,058 1,853 1,675
Corporation tax expense 9 (537) (503) (636)
Profit attributable to continuing activities 1,521 1,350 1,039
Profit for the period attributable to:
Non-controlling interest (10) 5 (9)
Owners of the parent 1,531 1,345 1,048
1,521 1,350 1,039
Earnings per share from continuing operations pence pence pence
Basic earnings per share 19 2.13 1.87 3.50
Adjusted earnings per share 19 2.37 2.11 8.09
There is no other comprehensive income in the period ended 30 June 2025
(period ended 30 June 2024: £nil and year ended 31 December 2024: £nil).
Condensed Consolidated Statement of Financial Position
As at 30 June 2025
Note 30 June 2025 31 December 2024
£'000 £'000
Non-current assets
Goodwill 10 13,813 10,545
Intangible assets 10 6,645 6,784
Property, plant and equipment 11 6,034 7,139
Right-of-use assets 12 6,508 4,235
33,000 28,703
Current assets
Inventories 6,986 6,776
Trade and other receivables 13 14,865 11,568
Cash and cash equivalents 7,761 12,077
29,612 30,421
Total assets 62,612 59,124
Equity
Share capital 718 718
Share premium 16,773 16,773
Retained earnings 4,667 3,089
Equity attributable to owners of the parent 22,158 20,580
Minority interest (177) (167)
Total equity 21,981 20,413
Non-current liabilities
Trade and other payables 14 1,105 1,629
Borrowings 15 9,740 9,516
Lease liabilities 4,796 4,822
Provisions 16 78 75
Deferred tax 16 1,979 1,929
Amounts due to related parties 20 700 700
18,398 18,671
Current liabilities
Trade and other payables 14 13,692 13,494
Corporation tax 1,239 592
Lease liabilities 1,857 1,267
Borrowings 15 5,445 4,687
22,233 20,040
Total liabilities 40,631 38,711
Total equity and liabilities 62,612 59,124
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
Share capital Share premium Retained earnings Non-controlling interest Total
£'000 £'000 £'000 £'000 £'000
As at 1 January 2025 718 16,773 3,089 (167) 20,413
Profit for the period - - 1,531 (10) 1,521
Other movement in the period - - 47 - 47
As at 30 June 2025 718 16,773 4,667 (177) 21,981
As at 1 January 2024 - 6,622 2,037 871 9,530
Profit for the period - - 1,345 5 1,350
As at 30 June 2024 - 6,622 3,382 876 10,880
As at 1 January 2024 - 6,622 2,037 871 9,530
Profit for the year - - 1,048 (9) 1,039
Issue of share capital 718 10,151 - - 10,869
Other movement in the year - - 4 (1,029) (1,025)
As at 31 December 2024 718 16,773 3,089 (167) 20,413
Condensed Consolidated Statement of Cashflows
For the six months ended 30 June 2025
Note Six months ended 30 June 2025 Six months ended 30 June 2024
£'000 £'000
Operating activities
Profit for the period 1,521 1,350
Adjustment for:
- Taxation charge 9 537 503
- Share based payment expense 47 -
- Depreciation 11,12 879 717
- Amortisation 10 211 202
- Gain on bargain purchase - (592)
- Net finance cost 957 1,115
Change in inventories (124) (2,325)
Change in trade and other receivables (2,247) (2,196)
Change in trade and other payables (128) 1,363
Corporation tax paid (486) (753)
Net cash inflow/(outflow) from operating activities 1,167 (616)
Investing activities
Purchase of tangible assets (986) (502)
Purchase of intangible assets (73) (15)
Acquisition of subsidiaries 17 (2,430) (1,250)
Interest received 10 9
Deferred consideration paid (1,759) (639)
Net cash used in investing activities (5,238) (2,397)
Financing activities
Share issue, net - -
Debt issue 2,169 2,980
Debt repayment (1,187) (1,153)
Interest paid 7 (966) (1,124)
Movements in amounts due to related parties - 1,250
Lease payments (261) (296)
Net cash (used in)/from financing activities (245) 1,657
Net change in cash and cash equivalents (4,316) (1,356)
Cash and cash equivalents at the start of the period 12,077 4,043
Cash and cash equivalents at the end of the period 7,761 2,685
Notes to the Interim Financial Information
For the six months ended 30 June 2025
1. General information
Amcomri Group plc is the ultimate parent company of the "Buy, Improve, Build"
UK focused specialist engineering services and industrial manufacturing group
of companies. Amcomri Group plc is incorporated and domiciled in the UK and
its registered office is 46/48 Beak Street, London, W1F 9RJ.
These interim financial statements do not comprise statutory accounts within
the meaning of Section 434 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2024 were approved by the Board of Directors on 19
May 2025 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified, did not contain and emphasis of
matter paragraph and did not contain any statement under Section 498 of the
Companies Act 2006.
These interim financial statements have been reviewed, not audited.
2. Material accounting policy information
2.1 Basis of preparation
The Interim Financial information is for the six months ended 30 June 2025,
and is presented in GBP, which is the functional currency of the ultimate
parent company. The Group's condensed consolidated financial statements are
prepared on a going concern basis and under the historical cost convention.
The financial information has been prepared in accordance with IAS 34 'Interim
Financial Reporting' as issued by the International Accounting Standards Board
and endorsed by the UK Endorsement Board. The financial information does not
include all of the information required in annual financial statements in
accordance with UK-adopted IAS, and should be read in conjunction with the
consolidated financial statements for the year ended 31 December 2024.
The Interim Financial Statements were approved for issue by the Board of
Directors on 22 September 2025.
2.2 Basis of consolidation
The Interim condensed consolidated financial statements present the results of
the Company and its own subsidiaries ("the Group") as if they form a single
entity. Intercompany transactions and balances between group companies are
therefore eliminated in full. Amounts reported in the financial statements of
subsidiaries have been adjusted where necessary to ensure consistency with the
accounting policies adopted by the Group.
Profit or loss and other comprehensive income of subsidiaries acquired during
the six month period are recognised from the effective date of acquisition.
Subsidiaries are all entities over which the Group has control. The Group
controls an entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The acquisition date is the
date on which control is transferred to the acquirer. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group.
2.3 Material accounting policies
The Interim condensed consolidated financial statements have been prepared in
accordance with the accounting policies adopted in the Group's most recent
annual financial statements for the year ended 31 December 2024.
3. New Standards adopted at 1 January 2025
There are no accounting pronouncements which have become effective from 1
January 2025 that have a significant impact on the Group's interim condensed
consolidated financial statements.
4. Accounting estimates and judgements
The judgements, estimates, and assumptions applied in the Interim Condensed
Consolidated Financial Statements, including key sources of estimation
uncertainty, were the same as those applied in the Group's last annual
financial statements for the year ended 31 December 2024. The only exception
is the estimate of income tax liabilities which is determined in these interim
condensed consolidated financial statements using the estimated average annual
income tax rate applied to the pre-tax income for the interim period.
5. Revenue
The following is an analysis of the Group's revenue for the first six months
of the year from continuing operations:
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended
31 December 2024
£'000 £'000 £'000
Sale of goods 22,045 19,351 41,653
Servicing income 9,740 7,917 16,413
31,785 27,268 58,066
Analysis of revenue by country of destination:
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended
31 December 2024
£'000 £'000 £'000
United Kingdom 30,602 26,340 56,017
Rest of Europe 488 622 1,138
Rest of the world 695 306 911
31,785 27,268 58,066
6. Segmental reporting
Segmental information for the reporting period is as follows:
For the six months ended 30 June 2025
Embedded engineering B2B manufacturing Other Total
£'000 £'000 £'000 £'000
Revenue 14,506 17,279 - 31,785
Cost of sales (7,846) (11,734) - (19,580)
Gross profit 6,660 5,545 - 12,205
Other expenses (4,081) (3,812) (1,298) (9,191)
Operating profit 2,579 1,733 (1,298) 3,014
Interest (550) (712) 306 (956)
Profit before tax 2,029 1,021 (992) 2,058
Taxation (555) (215) 233 (537)
Profit 1,474 806 (759) 1,521
Segmental assets 26,526 18,297 17,789 62,612
Segmental liabilities (25,374) (22,770) 7,513 (40,631)
Other relates to the Group's head office costs. Other assets and liabilities
include borrowings, intangible assets, consolidation adjustments and goodwill
arising on acquisitions, deferred tax and parent company assets.
For the six months ended 30 June 2024
Embedded engineering B2B manufacturing Other Total
£'000 £'000 £'000 £'000
Revenue 12,724 14,544 - 27,268
Cost of sales (7,109) (9,683) - (16,792)
Gross profit 5,615 4,861 - 10,476
Other expenses (3,441) (3,699) (368) (7,508)
Operating profit 2,174 1,162 (368) 2,968
Interest (601) (690) 176 (1,115)
Profit before tax 1,573 472 (192) 1,853
Taxation (461) (191) 149 (503)
Profit 1,112 281 (43) 1,350
Segmental assets 22,438 16,756 11,442 50,636
Segmental liabilities (22,377) (21,384) 4,005 (39,756)
For the year ended 31 December 2024
Embedded engineering B2B manufacturing Other Total
£'000 £'000 £'000 £'000
Revenue 25,699 32,367 - 58,066
Cost of sales (14,507) (22,396) - (36,903)
Gross profit 11,192 9,971 - 21,163
Other expenses (6,759) (7,570) (2,965) (17,294)
Operating profit 4,433 2,401 (2,965) 3,869
Interest (1,132) (1,448) 386 (2,194)
Profit before tax 3,301 953 (2,579) 1,675
Taxation (851) (330) 545 (636)
Profit 2,450 623 (2,034) 1,039
Segmental assets 23,137 23,643 12,344 59,124
Segmental liabilities (21,697) (22,992) 5,978 (38,711)
7. Finance expense
Finance expense comprises of:
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended
31 December 2024
£'000 £'000 £'000
Bank charges and interest 7 10 10
Interest on bank loans 758 903 1,697
Interest on related party loans - 62 173
Lease interest 201 149 328
966 1,124 2,208
8. Alternative performance measures
The Group's adjusted EBITDA is calculated after the following add backs:
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended
31 December 2024
£'000 £'000 £'000
Operating profit 3,014 2,968 3,868
add back:
Depreciation and amortisation 1,090 919 1,961
Exceptional items 173 173 1,574
Other non-trading expenses (included within administrative expenses) 63 320 859
Gain on bargain purchase - (592) (592)
Adjusted EBITDA 4,340 3,788 7,670
9. Corporation Tax
Six months ended 30 June 2025 Six months ended 30 June 2024
£'000 £'000
Profit before corporation tax 2,058 1,853
Estimated effective tax rate 26.1% 27.1%
Total tax expense 537 503
Corporation tax expense is recognised based on management's best estimate of
the weighted average annual income tax rate expected for the full financial
year. The estimated average annual tax rate used for the six months ended 30
June 2025 is 26.1%. The weighted average annual effective tax rate for the six
months ended 30 June 2024 was 27.1%.
10. Intangible assets
Goodwill Customer relationships Computer software Total
Cost £'000 £'000 £'000 £'000
As at 31 December 2024 10,545 7,465 204 18,214
Additions - - 73 73
Acquired through business combinations 3,268 - - 3,268
As at 30 June 2025 13,813 7,465 277 21,555
Amortisation
As at 31 December 2024 - (837) (48) (885)
Charge for the period - (187) (25) (212)
As at 30 June 2025 - (1,024) (73) (1,097)
Net book value
As at 30 June 2025 13,813 6,441 204 20,458
Goodwill Customer relationships Computer software Total
Cost £'000 £'000 £'000 £'000
As at 31 December 2023 10,536 7,465 137 18,138
Additions 69 - 67 136
Disposals (60) - - (60)
As at 31 December 2024 10,545 7,465 204 18,214
Amortisation
As at 31 December 2023 - (463) (16) (479)
Charge for the year - (374) (32) (406)
As at 31 December 2024 - (837) (48) (885)
Net book value
At 31 December 2024 10,545 6,628 156 17,329
11. Property, plant and equipment
Freehold Property Plant and machinery Motor Vehicles Fixtures and fittings Total
£'000 £'000 £'000 £'000 £'000
Cost
As at 31 December 2024 3,564 6,010 648 1,724 11,946
Additions 1 808 84 107 1,000
Acquisitions - 78 123 119 320
Disposals - (325) (83) (175) (583)
Transfer - (2,137) - - (2,137)
As at 30 June 2025 3,565 4,434 772 1,775 10,546
Depreciation
As at 31 December 2024 (573) (2,923) (283) (1,028) (4,807)
Charge for the period (34) (245) (80) (104) (463)
Disposals - 324 74 172 570
Transfer - 188 - - 188
As at 30 June 2025 (607) (2,656) (289) (960) (4,512)
Net book value
At 30 June 2025 2,958 1,778 483 815 6,034
During the period, plant and machinery with a net book value of £1.9m
previously recognised within property, plant and equipment was transferred to
right-of-use assets.
Freehold Property Plant and machinery Motor Vehicles Fixtures and fittings Total
£'000 £'000 £'000 £'000 £'000
Cost
As at 31 December 2023 3,507 3,668 648 1,472 9,295
Additions 7 942 121 292 1,362
Acquisitions 50 1,773 - 50 1,873
Disposals - (373) (121) (90) (584)
As at 31 December 2024 3,564 6,010 648 1,724 11,946
Depreciation
As at 31 December 2023 (438) (2,851) (225) (927) (4,441)
Charge for the year (135) (433) (121) (186) (875)
Disposals - 361 63 85 509
As at 31 December 2024 (573) (2,923) (283) (1,028) (4,807)
Net book value
At 31 December 2024 2,991 3,087 365 696 7,139
12. Right-of-use assets
Property Motor Vehicles Plant and machinery IT equipment Total
£'000 £'000 £'000 £'000 £'000
Cost
As at 31 December 2024 5,548 152 - 344 6,044
Additions 25 - - 25
Additions on acquisition 793 48 - 39 880
Transfer - - 2,137 - 2,137
Disposals - - - (39) (39)
As at 30 June 2025 6,341 225 2,137 344 9,047
Depreciation
As at 31 December 2024 (1,528) (17) - (264) (1,809)
Additions on acquisition (92) (37) - (36) (165)
Disposals - - - 39 39
Charge for the period (354) (24) - (38) (416)
Transfer - - (188) - (188)
As at 30 June 2025 (1,974) (78) (188) (299) (2,539)
Net book value
As at 30 June 2025 4,367 147 1,949 45 6,508
Property Motor Vehicles IT equipment Total
£'000 £'000 £'000 £'000
Cost
As at 31 December 2023 4,078 647 343 5,068
Additions 1,716 129 1 1,846
Additions on acquisition 94 11 - 105
Disposals (340) (635) - (975)
As at 31 December 2024 5,548 152 344 6,044
Depreciation
As at 31 December 2023 (1,178) (344) (195) (1,717)
Additions on acquisition (112) (15) - (127)
Disposals 340 375 - 715
Charge for the year (578) (33) (69) (680)
(1,528) (17) (264) (1,809)
Net book value
At 31 December 2024 4,020 135 80 4,235
13. Trade and other receivables
Trade and other receivables consist of the following:
Six months ended 30 June 2025 Year ended
31 December 2024
£'000 £'000
Trade receivables 12,553 9,072
Prepayments 1,508 1,410
Other receivables 804 1,086
14,865 11,568
14. Trade and other payables
Six months ended 30 June 2025 Year ended
31 December 2024
£'000 £'000
Current
Trade payables 5,380 4,900
Accruals 1,596 2,427
Deferred income 1,180 1,355
Other taxes and social securities 2,670 2,027
Contingent consideration 2,455 2,299
Government grants 38 50
Other payables 373 436
13,692 13,494
Trade and other payables consist of the following:
All amounts are short-term and denominated in GBP. The carrying value of trade
payables and short-term bank overdrafts are considered to be a reasonable
approximation of fair value.
Deferred income consists of the following: Six months ended 30 June 2025 Year ended
31 December 2024
£'000 £'000
Deferred service income 252 246
Contract liability 849 1,011
Arrangement fee income 79 98
1,180 1,355
Non-current
Contingent consideration 1,105 1,629
1,105 1,629
15. Borrowings
Borrowings include the following financial liabilities:
Six months ended 30 June 2025 Year ended
31 December 2024
£'000 £'000
Current
Loans and borrowings 2,387 1,776
Invoice discounting 3,058 2,911
5,445 4,687
Non-current
Loans and borrowings 8,219 7,374
Invoice discounting 1,521 2,142
9,740 9,516
Loans and borrowings Invoice Discounting Lease liabilities Total
£'000 £'000 £'000 £'000
Balance at 1 January 2025 9,150 5,053 6,089 20,292
Changes from financing cash flows
Repayment (360) (827) - (1,187)
Proceeds 1,817 352 26 2,195
Proceeds from business combination - - 799 799
Lease payments - - (261) (261)
Total changes from financing cashflows 1,457 (475) 564 1,546
Balance at 30 June 2025 10,607 4,578 6,653 21,838
Balance at 1 January 2024 11,690 2,911 3,798 18,399
Changes from financing cash flows
Repayment (2,540) (389) - (2,929)
Proceeds - 2,531 3,069 5,600
Lease payments - - (778) (778)
Total changes from financing cashflows (2,540) 2,142 2,291 1,893
Balance at 31 December 2024 9,150 5,053 6,089 20,292
The fair value of the Group's borrowings as presented above approximate their
carrying value.
16. Provisions
Deferred taxation Other provisions Total
£'000 £'000 £'000
As at 31 December 2024 1,929 75 2,004
Additional in the period 97 3 100
Utilised in the period (47) - (47)
At 30 June 2025 1,979 78 2,057
As at 31 December 2023 2,084 127 2,211
Additional in the year 65 6 71
Utilised in the year (220) (58) (278)
At 31 December 2024 1,929 75 2,004
17. Business combinations
Name Date of acquisition Proportion of voting equity interests acquired Consideration transferred
£'000
EMC Elite Engineering Services Ltd 31/03/2025 100% 4,691
4,691
EMC
£'000
Fair value of consideration transferred
Amount settled in cash 3,300
Fair value of contingent consideration 1,391
Total 4,691
Assets acquired and liabilities recognised at the date of acquisition
Non current assets 1,035
Current assets 2,007
Non current liabilities (90)
Current liabilities (1,530)
1,422
Other income arising on acquisitions
Consideration transferred 4,691
Fair value of identifiable net assets acquired (1,422)
Goodwill recognised on acquisition 3,269
Consideration transferred settled in cash 3,300
Cash and cash equivalents acquired (870)
Net cash outflows on acquisition 2,430
The total revenue attributable to the company acquired in the current
six-month period amounts to £1,974,661. Total profit attributed to the
acquired company amounts to £339,440.
Name Date of acquisition Proportion of voting equity interests acquired Consideration transferred
£'000
Drurys Engineering Limited 19/03/2024 100 700
Claro Precision Engineering Limited 19/03/2024 100 550
1,250
Drurys Engineering Limited Claro Precision Engineering Limited Total
£'000 £'000 £'000
Fair value of consideration transferred
Amount settled in cash 700 550 1,250
Total 700 550 1,250
Assets acquired and liabilities recognised at the date of acquisition
Non current assets 1,254 619 1,873
Current assets 1,410 1,586 2,996
Non current liabilities (1,456) (1,488) (2,944)
Current liabilities (50) (33) (83)
1,158 684 1,842
Other income arising on acquisitions
Consideration transferred 700 550 1,250
Fair value of identifiable net assets acquired (1,158) (684) (1,842)
Gain recognised on acquisition (458) (134) (592)
Consideration transferred settled in cash 700 550 1,250
Cash and cash equivalents acquired - - -
Net cash outflows on acquisition 700 550 1,250
The total revenue attributable to companies acquired in the prior year amounts
to £8,384,740. Total profit attributed to the acquired companies amounts to
£286,649.
18. Financial instruments and risk management
The Group's capital management objectives are:
- to ensure the Group's ability to continue as a going
concern, and
- to provide an adequate return to shareholders by pricing
products and services in a way that reflects the level of risk involved in
providing those goods and services.
The Group is exposed to various risks in relation to financial instruments
including credit risk, liquidity risk and currency risk. The Group's risk
management is coordinated by its managing directors. The Group does not
actively engage in the trading of financial assets for speculative purposes.
The most significant financial risks to which the Group is exposed are
described below:
Credit risk
Credit risk arises from cash and cash equivalents as well as any outstanding
receivables. Management does not expect any losses from non-performance of
these receivables. The amount of exposure to any individual counterparty is
subject to a limit, which is assessed by the Board. Total provision for bad
debts included within trade receivables is £3,467 (2024: £1,829) see note
13.
The net carrying value of trade receivables is considered a reasonable
approximation of fair value. The maximum exposure to customer credit risk at
the reporting date is the currency value of trade receivables noted above. All
trade and other receivables are in GBP, see note 13.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit
exposure. The maximum exposure to credit risk at the reporting date was:
Six months ended 30 June 2025 Year ended
31 December 2024
£'000 £'000
Trade receivables 12,553 9,072
Cash and cash equivalents 7,761 12,077
20,314 21,149
Currency risk
Foreign currency risk is the risk that the fair value of future cash flows of
a financial instrument will fluctuate because of changes in foreign exchange
rates. The Group seeks to transact the majority of its business in its
reporting currency (GBP). However, some customers and suppliers are outside
the UK and a proportion of these transact with the company in EUR and USD. For
this reason, the Group operates current bank accounts in EUR and USD. To the
maximum extent possible receipts and payments in a particular currency are
made through the bank account in that currency to reduce the amount of funds
translated to or from the reporting currency.
Cash flow projections are used to plan for those occasions when funds will
need to be translated into different currencies so that exchange rate risk is
minimised. If the exchange rate between sterling and the euro had been 10%
higher/lower at the reporting date, the effect on profit would have been
approximately £12,043/ (£12,043) respectively (December 2024: £62,071/
(£62,071)). The exposure relating to USD is not determined to be material
based on the volume of activity and the value of cash held.
The Group's financial instruments are classified as follows:
Six months ended 30 June 2025 Year ended
31 December 2024
Assets measured at amortised costs £'000 £'000
Trade receivables 12,553 9,072
Prepayments and other receivables 2,244 2,496
Cash and cash equivalents 7,761 12,077
22,558 23,645
Six months ended 30 June 2025 Year ended
31 December 2024
Liabilities measured at amortised costs £'000 £'000
Trade payables 5,380 4,900
Accruals and other payables 5,528 6,791
Leasehold liabilities 6,653 6,089
Other provisions 78 75
17,639 17,855
19. Earnings per share
The prior period earnings per share and weighted average number of shares for
June 2024 have been retrospectively updated to reflect the current period
share issues. This has resulted in the earnings per share reported being more
comparable with the June 2025 results.
Period ended Period ended Year ended
30 June 2025
30 June 2024
31 December 2024
Weighted average number of shares 71,839 71,839 29,934
Adjusted earnings per share have been calculated by adding back the impact of
exceptional items, net of their impact on the tax charge.
20. Related party transactions
The Group has a funding facility with Oranmore Limited, whose majority
shareholder is also a shareholder of the group. As at 30 June 2025 the
facility was repaid, (31 December 2024: £nil), in respect of individual
facility agreements with the operating companies of the Group. The Group was
charged interest of £78,226 on the funding facility in the six months to 30
June 2024.
As at 30 June 2025 the Group owed £0.7m to Fawley Industrial Limited, whose
majority shareholder is also a shareholder of the Group (31 December 2024:
£0.7m).
During the period the Group was provided services by Amcomri Management
Services Limited, whose majority shareholder is also a shareholder of the
Group. Services included company secretarial services and other recharges. A
total of £34,384 was expensed during the period (31 December 2024: £22,211).
Of the balance above £12,184 was included within trade payables (31 December
2024: £nil).
21. Events after the reporting period
On 1 August 2025, the Group announced the acquisition of 100% of the issued
share capital in Randor Technologies Limited (t/a Electronix Services), a
specialist industrial electronic repair and reverse engineering business
focused on high value electronic units and systems used in many industrial
environments. The initial cash consideration for the acquisition was €2.0m
(£1.74m) with deferred consideration of €1.5m (£1.3m) to be paid in equal
instalments 12- and 24-months post completion, contingent on the achievement
of target levels of profitability in the 2 years post-acquisition.
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