REG - Creightons PLC - Interim results for six months ended 30 Sept 2025
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RNS Number : 0610I Creightons PLC 19 November 2025
Creightons PLC
Unaudited Interim results for the six months ended 30 September 2025
Creightons PLC ("Creightons", the "Company" or the "Group"), the British-based
beauty and well-being brand owner and manufacturer, is pleased to announce its
unaudited interim results for the six months ended 30 September 2025 ("H1
2025").
Financial highlights
H1 2025 H1 2024 Change
£000 £000
Revenue 27,221 27,078 0.5%
Gross profit margin 44.7% 44.0% 70 bps
Operating profit 1,454 1,700 (14.5)%
EBITDA 2,222 2,480 (10.4)%
Profit before tax 1,494 1,681 (11.1)%
Diluted earnings per share 1.49p 1.61p (7.5)%
Net cash* 2,859 1,535 86.3%
* Cash less short-term leases
· Revenue - increased £0.1m to £27.2m, driven by strong Private
Label growth of £2.2m (15.4%) from new retailers and category expansion,
offset by £1.9m (50.5%) decline in Contract Manufacturing due to a major
customer delaying product launch to 2027.
· Gross profit margin - increased 70 bps to 44.7% due to favourable
sales mix, reduced lower-margin SKUs, increased higher-margin digital sales,
successful new launches and operational efficiencies from targeted
manufacturing investments.
· EBITDA - decreased £0.3m (10.4%) due to higher labour costs of which
£0.4m attributable to National Living Wage and NIC increases which outweighed
margin and efficiency improvements.
· Net cash - increased £1.4m to £2.9m due to strong working
capital management, including disciplined stock control, extended supplier
payment terms, and improved operational efficiencies.
Operational highlights
· Warehouse transformation - deployed a new Warehouse Management
System (WMS) in June 2025, improving pick efficiency by 20%, reducing team
hours by 15%, and enhancing stock accuracy.
· Digital production upgrade - commenced the introduction of
paperless production software with real-time performance monitoring and online
quality checks, boosting shop floor productivity and trend analysis.
· Artwork automation - commenced the rolling out of a centralised
artwork tool with AI-based proofing and structured workflows, accelerating NPD
(new product development) and improving accuracy.
· Manufacturing efficiency gains - implemented live production data
systems and targeted investments to reduce changeover times, increase
capacity, and lower labour costs.
· Procurement cost savings - negotiated extended supplier payment
terms, retendering of commodity components, and improved pricing on
high-volume items, delivering tangible cost benefits.
· Transition to AIM Market - completed on 31 March 2025 which will
deliver cost savings and free up management time.
· Investment in people - Invested £0.2m in indirect labour to
strengthen the sales function and future revenue growth in both private label
and brands. This has, in part, supported the increase in private-label
performance and slowed the decline in brand sales in this period.
Summary and outlook
· Revenue momentum expected to increase, supported by private label
growth, brand diversification, and international expansion initiatives.
· Operational agility and digital transformation remain key
priorities, with ongoing investment in manufacturing efficiency and skill
development to underpin future growth.
For enquiries, please contact:
Creightons PLC
info@creightons.com (mailto:info@creightons.com)
+44 1733 281058
Paul Forster, Chairman
Philippa Clark, CEO
Zeus (Nominated Adviser and Broker)
+44 203 829 5000
David Foreman / Ed Beddows (Investment Banking)
Nick Searle (Sales)
Chief Executive Officer's review
Summary
During the six months ended 30 September 2025, the Group delivered comparable
revenue and improved margins, though overall profitability was lower
year-on-year due to government mandated cost increases and customer-related
disruptions. Operating profit decreased to £1.5m (2024: £1.7m), though
margins improved and the business remained profitable through continuing,
disciplined cost management and sustained operational efficiency. This
performance has been achieved against the backdrop of continued dampened
consumer confidence and wider market economic challenges.
The Group's three revenue streams each delivered distinct outcomes. As
previously communicated, we are increasingly focused on private label which
maintained a strong growth trajectory in line with management expectations and
strategy. Owned brand performance showed like for like stabilisation,
reflecting progress in reversing the decline experienced last year. In
contrast, contract manufacturing faced an unexpected downturn during the
period.
We continue to make good strategic and operational progress. We are focused on
investing in category expertise and capability development, enhancing speed to
market, and pursuing international opportunities to strengthen and expand
growth aspirations. This includes investment in additional team and in digital
transformation projects to drive operational efficiency gains including
distribution (Warehouse Management System (WMS), NPD (New Product Development)
artwork management and a digital production management system (live data
management and paperless shopfloor).
The Group's underlying performance remains robust, supported by disciplined
execution and strong customer relationships and portfolio. Revenue momentum
has been frustrated by customer related factors, including the delayed timing
of range launches with two key customers as well as operational and technical
challenges affecting two other customers. These matters are external to
Creightons' operations but have impacted the Group by restricting growth in
the period. Whilst it is not anticipated that all deferred sales will be
recovered, the reinstatement and improvement of these issues is expected to
contribute positively in the coming year.
Revenue Performance
Private Label
Private label revenues increased by 15.4% in H1 2025 to £16.6m (2024:
£14.4m). This ongoing momentum is a result of:
· growth in the two additional UK retailers added to the customer
base during 2024
· generating new business from category expansion into fragrance
and SPF categories
· continuing to demonstrate exceptional performance of delivery,
from concept to store
· achieving gains in speed to market on new product launches
· a commitment to consumer-focused product development, category
and market expertise
Creightons continues to be a leading supplier in the UK for private label
supply. This is achieved through the strength of customer partnerships and an
integrated, 360 degree working style with our retailer customer base.
Our teams are disciplined and focused on ensuring consistency of supply and
reliability in the delivery of exceptional product development, In addition,
end to end supply chain management, including forecasting and stock control,
quality manufacturing and technical know-how all continue to serve the
business well.
In particular, we are succeeding in category expansion, extending expertise
and capabilities in new product types and categories. The drive to develop
mass fragrance and SPF capabilities has started to translate into sales and
private label growth during the period.
Investment in team, customer partnerships, manufacturing and sourcing
capabilities, speed to market and R&D product innovation remain central to
our market proposition and drivers of growth. As premiumisation within the
Group's private label portfolio continues to drive loyalty, quality
recognition, and competitive differentiation for retailers, we are well placed
to apply our proven expertise to new categories and product opportunities,
supporting long term growth.
Brands
Brand revenues were £8.7m (2024: £8.9m), representing a stabilisation
following the more significant decline experienced in the prior year.
Strategies are being implemented to address current market challenges and the
factors that have previously impacted performance. Key actions include:
· Portfolio optimisation: Over recent years, we have streamlined
our product portfolio and exited lower margin ranges, resulting in improved
overall margins. The focus is now on a robust NPD programme centred on our
core, must-win brands, with greater emphasis on execution and speed to market.
This includes closer collaboration with customers to deliver formats and
propositions aligned with their consumers and markets. Maintaining and
enhancing margin performance remains a key priority.
· International market performance: Revenue has continued to be
affected by the withdrawal and underperformance of several international
distributors. However, investment in additional international sales resources
is enabling more direct engagement with retailers through increased in-market
visits. This is strengthening existing relationships, opening new customer
opportunities, and allowing us to respond more quickly and effectively to
market needs with a particular focus on Middle East and European markets.
· Responding to market dynamics: Firstly, the market's pivot toward
'dupe' and 'fast-follow' products has intensified competitive pressures within
branded categories. In response, we have restructured and invested in a
dedicated team to develop and launch 'fast-follow' products and brands. Early
presentations, particularly in international markets, have been well received,
and we anticipate these opportunities will begin to contribute towards the end
of this financial year, with the full benefits realised in the next. Secondly,
the shift in buying behaviours to digital platforms has prioritised our
continued investment in Amazon specifically to support brand growth and
contribute to improved margins.
The UK market continues to intensify in brand competition. The market is
currently saturated with new brands available to retail, coupled with mass
market leading brands improving the speed of NPD. The pace of consumer driven
trend, coupled with the lack of loyalty in the younger, market driving
demographic groups, is also contributing to the challenges.
Despite the backdrop of increased competition there are positive gains.
· Tzone: continuing to perform well across the market with the new
design and NPD well received. The first international launch into the Middle
East is showing positive signs in the first couple of months of sale.
· Feather & Down: the launch of the Magnesium and Passionflower
range of products are performing well in both the main UK listing and on
Amazon. This range of products will launch into the new Middle East listing
into 2026.
· The Curl Company: has witnessed the biggest increase in revenue
during H1 2025, with three international markets driving forward. A step
change with new NPD launching in late H2 2025 to ensure continuing momentum
into 2026.
· Emma Hardie: despite the impact of its largest customer's
cyber-attack challenges the brand has launched on Amazon and investment in its
.com is gaining momentum. This period witnessed the first major NPD launch for
the brand since purchase.
· Amazon: This channel has grown for our total brand offering with
a 13% increase in gross sales and is continuing to demonstrate additional
growth potential.
Brand Development
A premium positioned Feather & Down range has been developed in house from
ideation to market ready concept which is at the initial stages of being
presented to the market. The international travel sector and premium UK retail
are the first wave platforms, and it is anticipated that first to market will
be late Spring 2026.
Janina, a brand of premium positioned whitening oral care toothpastes, has
undergone a complete strategic brand review resulting in a planned relaunch to
market early Summer 2026. This will include a new look and feel in terms of
design, packaging and marketing to ensure the brand is future proofed in this
fast moving and value add category of oral care.
Investment in sourcing third party manufactured product is also being made to
both complement and extend core must win brands but also to fuel 'fast follow'
development.
Contract Manufacturing
Revenue from contract manufacturing declined 50.5% to £1.9m (2024: £3.8m)
due to underperformance by a key customer and their decision to delay a
significant launch to 2027.Whilst contract manufacturing continues to
positively contribute to the profitability of the Group due to strong margins
and minimal overhead to serve, it has been a drain on overall revenue growth
in H1 2025.
As previously highlighted, the competitor profile and revenue generated in
this segment is transactional in nature coupled with a reliance on the
performance of the brands for which we are manufacturing. Unlike trading
direct to retail, insights from this customer base are more opaque which in
turn creates a less predictable pipeline. Order profiles are on average are
just a few months in advance. As a result, this revenue stream remains a lower
priority in the Group's growth strategy.
Research and Development
A core pillar of our success and strategy, the investment in pivoting the team
to be a central part of our sales driving function, is gaining positive
momentum. The pace of consumer demand has required improved speed to market
and reaction time. The creation of two innovation roles within the R&D
team is beginning to deliver on this as well as enhancing our integrated
partnership approach with customers, particularly in private label.
R&D is central to our advancement into the mass market fragrance category
and in opening opportunities in SPF skincare products. Both categories have
contributed to the growth of private label in H1 2025 and will continue with
additional opportunities into H2.
In addition, harnessing the database of formulations and in house know how to
drive the 'fast follow' initiative is well underway.
Ongoing continued development in the core categories of skincare, body care,
bath and shower and haircare remain a priority with ingredients, performance
results and textures at the forefront.
The team are also supporting efforts in third party sourcing activities to
ensure formulation efficacy and technical compliance are delivering the same
standards of quality we demand, keeping consumer product satisfaction central.
Manufacturing and Operations
Production
Manufacturing teams continue to drive improvement in operations and overall
efficiencies. A number of key initiatives have delivered and will continue to
positively impact both cost improvement and more efficient labour utilisation
including:
· Ongoing review of the output of each production line; assessing
both speed and technical bottlenecks.
· Investing in targeted areas to increase capacity and reduce
labour cost or utilise resource more efficiently.
· Ongoing drive to reduce changeover times and downtime.
· Implementation of a live software management system delivering
instant production data to enable teams to speed up response times to issues
or bottlenecks.
Investment into our fragrance filling capabilities has commenced with
additional investment taking place during H2 2025. This has enabled cost of
manufacture to reduce significantly thereby increasing our price
competitiveness and thus be able to enter the mass market fragrance and body
mist category - a key strategic priority in private label growth.
As we move forward into H2 and beyond with a more defined vision and plan for
business growth, the team are extending horizons in order to better align
capital investment, skills and capacities. There are opportunities to
facilitate volume growth through improved machine utilisation and investment
in replacing underutilised assets with updated and more aligned machinery to
meet the needs to the business growth aspirations.
The Company continues to operate a single shift across both sites. Options to
extend into a second shift as and when the business requires combined with new
production line investment and digital systems implementation, continues to
provide the flexibility and agility the current product portfolio demands and
opportunities for growth.
Warehousing and Logistics
Following the repatriation of circa 80% of finished goods to the Peterborough
site last year, a digital Warehouse Management System (WMS) has now been
implemented. This was achieved at speed in six months, with no impact to the
operational efficiency of the business. The benefits to the business are wide
ranging, including:
· Increased pick efficiency by 20% through better location
management of fast-moving stock
· 15% reduction in warehouse team hours worked since 'Go-Live' at
the end of September
· Live transactions undertaken at point of physical movement
reducing the need for administrative tasks
· Stock accuracy increases as a result of true 'live' transactions
· Space management benefits through consolidation of stock,
creating space across both sites
· Personnel onboarding time is vastly reduced as tasks directed
through the digital handhelds
· Reduced reliance on ageing ERP system
Procurement
Purchasing has emerged as a key driver this half-year, delivering tangible
gains as part of the broader Leadership Team led cost saving initiative
launched early in 2025 to address rising labour costs. Progress has been
achieved through extended payment terms with raw material and component
suppliers, improved pricing on high-volume items, retendering of commodity
components, and targeted resourcing where improvement opportunities exist.
To support the strategic priority of expanding third-party manufactured
product offerings, additional dedicated sourcing expertise has been added to
the team. Momentum is strong, with initial stock commitments being actioned to
enable sales delivery from March 2026. Focus remains on value added products
beyond our in-house manufacturing capability, enhancing private label category
coverage and, where relevant, strengthening the overall brand proposition.
Summary and Outlook
This period's performance is a strong reflection of a team that can mobilise
and deliver effectively, despite significant increases in labour costs and
multiple unforeseen customer challenges. Margins improved and the business
remained profitable, with results reflecting the combined impact of cost
inflation and strategic investments. . Revenue growth momentum is improving,
though delivery has been constrained by customer driven factors.
Our ongoing primary focus is on category capability expansion and product
diversification in private label coupled with 'fast follow' brand
opportunities, alongside international market momentum and third party sourced
product in our brands, and also private label.
Operational agility remains central to the Creightons' proposition and ongoing
investment over the coming year and beyond will ensure we continue to underpin
our competitive differentiation. Key initiatives to achieve this are focused
on manufacturing investment for growth, digital transformation to drive
efficiency and skill enhancement to future proof the team for the inevitable
challenges and to maximise our aspired growth opportunities.
The global personal care and beauty markets continue to be driven by value and
trend focused products. Creightons remains well positioned to capture growth
through our Quality, Service, and Innovation approach. Significant
opportunities remain in the UK market, and our internationally appealing and
evolving brand portfolio offers further potential across additional markets
and channels.
I would like to extend my sincere thanks to our dedicated employees,
customers, suppliers and all stakeholders for their continued support.
Chief Financial Officer's review
The Group achieved revenue stabilisation and margin growth for H1 2025 against
the same period in the previous year. This was realised despite a challenging
economic backdrop in which ongoing uncertainty in the U.K.'s macro-economic
environment dampened consumer confidence and spending. This, in turn, had
placed additional pressure on trading conditions. The Group has proactively
managed these dynamics, maintained its revenue position and demonstrated the
resilience of its operations and its strong customer relationships.
The results also reflect the Group's ongoing focus on driving organic revenue
growth which includes recruiting and developing key personnel to drive branded
sales growth and ensure the organisation remains agile in a fast-moving
market. While these investments naturally involve a time lag before full
returns are realised, early benefits are already visible, with branded revenue
decline stabilising and no longer decreasing at the rate seen in the previous
period. As a result, indirect labour costs have increased during the period by
£0.2m against H1 2024. The Group is confident these investments are expected
to underpin sustainable revenue expansion and improved profitability over the
medium term.
The Group continued to implement its strategy to strengthen operational
gearing in response to higher taxation, National Insurance Contribution (NIC)
costs, and increases in the National Living Wage (NLW) arising from recent
government policy changes. The annualised impact of which is forecasted to be
c.£0.9m. In H1 2025, direct and indirect labour costs as a result of
government legislation have increased by £0.4m against the previous period.
In the period to September 2025 cost saving initiatives delivered £0.2m of
savings, split evenly in gross profit margin improvement and overhead
recovery, to combat the rising labour and manufacturing costs.
The successful implementation of the warehouse management system (WMS) has
provided automation and improved transaction visibility. Tracking real time
movement of inventory as well as order flows reduced the need for extensive
manual data entry. This in turn improves the picking accuracy. The system
drives operational efficiency through effective warehouse space utilisation.
The current deployment of a paperless production system across manufacturing
areas provides live performance data and transparency of manufacturing
efficiency. The system will allow production to monitor output in real time,
quickly identify downtime causes and take immediate corrective action to
prevent delays. Moving to a paperless reporting process will reduce manual
data entry and improve the accuracy of production records.
Creightons transitioned to AIM on 31 March 2025, as the Directors consider AIM
to be more appropriate for the Company's size and structure. The shift is
anticipated to bring some efficiencies, as well as potential tax benefits for
investors. The Board regularly monitors performance against several key
financial indicators, including the following:
Six months ended Six months ended
30 September 2025 30 September 2024
(Unaudited) (Unaudited)
£000 £000
Revenue £27,221 £27,078
Gross margin 44.7% 44.0%
Profit before tax £1,494 £1,681
Operating profit £1,454 £1,700
Operating margin 5.3% 6.3%
EBITDA £2,222 £2,480
Net gearing (including obligations under leases) (1.6%) 5.2%
Net cash on hand £2,859 £1,535
Inventory £8,721 £8,683
Revenue
Revenue for Private label increased to £16.6m (2024: £14.4m), Branded
revenue reduced to £8.7m (2024: £8.9m), and Contract revenue reduced to
£1.9m (2024: £3.8m). Please refer to the Chief Executive Officer's review
for additional information.
Six months ended Six months ended Movement % Movement
30 September 2025 30 September 2024
(Unaudited) (Unaudited)
£000 £000 £000
Branded 8,716 8,851 (135) (1.5%)
Private label 16,602 14,385 2,217 15.4%
Contract 1,893 3,822 (1,929) (50.5%)
Revenue 27,221 27,078 143 0.5%
Gross margin
Gross margin increased in the period to 44.7% (2024: 44.0%) primarily driven
by product mix changes as well as new product launches within both the private
label and branded revenue streams. Emma Hardie saw its branded revenue grow by
£0.4m at improved profit margins. The gain on margin on a like for like
period is due to a reduction in the sale of lower margin SKU's largely due to
stock reduction efforts, which are margin dilutive, as well as an increase in
digital sales that are margin additive. Additionally, Feather & Down sales
mix contributed to an improvement in gross profit margin. In the prior period
to 30 September 2024, higher activity in gifting diluted margin; this has not
repeated in H1 2025.
The improvement in gross profit margin has occurred despite the increase in
direct labour costs driven by governmental policy changes of £0.2m. As
previously highlighted, the Group has implemented cost saving strategies to
combat the rise. This has realised total cost savings of £0.2m of which
£0.1m has offset the rise in direct labour costs.
The Group continues to expand gross margin through enhancing manufacturing and
operational efficiency through targeted capital investments. Increasing
capacity as well as reducing labour consumption for production has driven
productivity and allowed for improved margins. Product re-engineering designed
to reduce cost and enhance margins continues to be a significant component of
improving margins as well as protecting future gross profit margins.
Overheads
Distribution costs decreased by 4.1% to £1.3m (2024: £1.4m), representing
4.9% of revenue (2024: 5.2%), reflecting the Group's focus on operational
efficiency and cost control. The implementation of the WMS system in June 2025
has begun to drive efficiencies into warehousing operations with further
benefits anticipated in H2 2025
During the period, the Group invested £0.2m in indirect labour to strengthen
the sales function and support branded revenue growth. This additive cost
reflects the Groups strategic investment to support long-term growth for this
revenue stream. Additionally, the administrative cost increase also includes
the impact of the rise in the cost of the NLW as well as the rise in NIC. The
impact of which was an increase in indirect labour cost of £0.2m against the
previous period. The total cost saving initiative implemented by the Group
realised total cost savings of £0.2m of which £0.1m has offset the rise in
administrative costs. Further benefits are anticipated for H2 2025. Finally,
the Company's transition to AIM from the Main Market is expected to deliver
further savings, both financially, for example, audit costs and regulatory
compliance costs decreasing, as well as management time.
Tax
The tax charge provided in the accounts is £0.4m (H1 2024: £0.5m). The
Group's effective tax rate for the period was 27.40% (H1 2024: 27.60%).
Earnings per share
The diluted earnings per share in the period was 1.49p (H1 2024: 1.61p). The
decline is due to the reduction in profit after tax and the impact of the
additional share options exercised during the period.
Cash on hand
Net cash on hand (cash and cash equivalents less short-term element of
obligations under finance leases and borrowings) is positive £2.9m (2024:
£1.5m). The improvement in cash of £1.4m, is mainly attributable to
continued improvements in profit from operations. The term loan used to fund
historic acquisitions was repaid in full on 6 August 2024.
Stock
Stock has remained comparable at £8.7m (2024: £8.7m) in the period. The
Group continues to balance purchasing quantities and manufacturing batch sizes
to reduce stock holding on both raw materials and finished goods. The
reduction in stock levels was a key factor in enabling the transfer of the
majority of finished goods from third-party warehousing to the main site in
Peterborough last year.
Net gearing
With the increase in cash generation and reduction in cash outflow the
business was able to utilise the cash generated to improve its liquidity by
reducing its reliance on short term borrowings. Additionally, the Group had
reduced its gearing by making overpayments in March 2024 and August 2024 to
pay down the full balance of the term loan outstanding at the year ended 31
March 2025.
Net gearing is calculated by taking the total net borrowings over the total
equity as detailed below.
Six months ended Six months ended
30 September 2025 30 September 2024
(Unaudited) (Unaudited)
£000 £000
Total lease liabilities 940 1,263
Total borrowings 2,005 2,194
Less cash on hand 3,355 2,254
Total net borrowings (410) 1,203
Net equity attributable to the equity shareholders of the parent Company 24,948 22,992
Net gearing % (1.6%) 5.2%
Working capital (total current assets less total current liabilities)
The Group is able to meet its short-term obligations while maintaining
operational continuity. There is sufficient working capital to invest in
growth opportunities, respond to market changes and sustain long-term
stability. The Group's working capital improved by 18.3% to £15.7m (2024:
£13.3m). The improvement highlights the Group's improved operational
efficiency and a stronger short-term financial position.
Trade and other receivables increased by £0.1m to £13.9m (2024: £13.8m) and
by £2.2m compared to the year ended 31 March 2025. The movement since the
year end, primarily reflects the timing of sales activity, with higher sales
volumes in Q2 compared to Q4 last year leading to an increase in trade and
other receivables balance at the period end.
Trade debtor days has remained comparable at 67 days (2024: 67 days) and has
increased by 2 days compared to the position on 31 March 2025. The increase in
trade receivables since the year end is driven by sales timing rather than
slower customer collections.
Trade and other payables have increased by £1.1m since the year end. The
movement reflects both the timing of supplier payments and our procurement
strategy aimed at extending supplier credit terms. These factors have
contributed to an overall increase in trade and other payables, supporting the
Group's objective to optimise working capital and maintain a strong liquidity
position. While good progress has been made in negotiating improved terms with
several suppliers, further work remains with larger suppliers, where possible,
to fully align our payment terms with working capital objectives.
Dividend payments
The Board does not propose an interim dividend (2024: Nil).
A final dividend for the year ended 31 March 2025 of 0.50 pence per ordinary
share (2024: 0.45 pence) was paid on 5 September 2025. The Group had exhibited
strong operational performance and generated cash which in turn has improved
the Group's liquidity and reduced its gearing. This is consistent with the
Directors' objective to align future dividend payments to the future
underlying earnings and cash requirements of the business. The total dividend
paid in the period ended 30 September 2025 was £0.3m (2024: £0.3m).
Consolidated income statement (unaudited)
Six months Six months ended 30 September 2024 Year ended
ended 30 September 31 March 2025
2025 (Audited)
Note £000 £000 £000
Revenue 27,221 27,078 54,066
Cost of sales (15,053) (15,166) (29,913)
Gross profit 12,168 11,912 24,153
Distribution costs (1,342) (1,400) (2,763)
Administrative expenses (9,372) (8,812) (17,859)
Operating profit 1,454 1,700 3,531
Other income - RDEC income 7 104 69 127
Finance costs 6 (64) (88) (161)
Profit before tax 1,494 1,681 3,497
Taxation 4 (410) (464) (1,045)
Profit for the period from operations attributable to the equity shareholders 1,084 1,217 2,452
of the parent Company
Consolidated statement of comprehensive income - unaudited
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended
31 March 2025
(Audited)
£000 £000 £000
Profit for the period 1,084 1,217 2,452
Items that may be subsequently reclassified to profit and loss:
Exchange differences on translating foreign operations (37) (9) 7
Other comprehensive income for the period (37) (9) 7
Total comprehensive income for the period attributable to the equity 1,047 1,208 2,459
shareholders of the parent
Dividends
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
(Unaudited)
(Unaudited)
(Audited)
Paid in period (£000) 341 314 307
Paid in period (pence per share) 0.50 0.45 -
Proposed (£000) - - 349
Proposed (pence per share) - - 0.50
Earnings per share
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended
(Unaudited)
(Unaudited)
31 March
2025
(Audited)
Note
Basic 3 1.58p 1.78p 3.58p
Diluted 3 1.49p 1.61p 3.29p
Consolidated balance sheet (unaudited)
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
(Audited)
£000 £000 £000
Non-current assets
Goodwill 1,575 1,575 1,575
Other intangible assets 6,431 6,395 6,434
Property, plant and equipment 4,522 4,883 4,658
Right-of-use assets 1, 011 1,374 1,242
13,539 14,227 13,909
Current assets
Inventories 8,721 8,683 8,872
Trade and other receivables 13,871 13,777 11,697
Corporation tax receivable 187 - -
Cash and cash equivalents 3,355 2,254 3,659
26,134 24,714 24,228
Total assets 39,673 38,941 38,137
Current liabilities
Trade and other payables 9,961 10,215 8,854
Corporation tax payable - 526 9
Lease liabilities 302 531 447
Borrowings 194 188 190
10,457 11,460 9,500
Net current assets 15,677 13,254 14,728
Non-current liabilities
Deferred tax liability 1,819 1,751 1,799
Lease liabilities 638 732 705
Borrowings 1,811 2,006 1,910
4,268 4,489 4,414
Total liabilities 14,725 15,949 13,914
Net assets 24,948 22,992 24,223
Equity
Share capital 701 700 700
Share premium account 2,036 2,024 2,024
Merger reserve 2,476 2,476 2,476
Treasury shares (576) (576) (576)
Other reserves (211) (211) (211)
Translation reserve (3) 18 34
Retained earnings 20,525 18,561 19,776
Total equity attributable to the equity shareholders of the parent Company 24,948 22,992 24,223
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)
Share capital Share premium account Merger reserve Treasury shares Other reserves Translation reserve Retained Earnings Total equity
£000 £000 £000 £000 £000 £000 £000 £000
At 1 April 2024 700 2,024 2,476 (576) (211) 27 17,615 22,055
Comprehensive income for the period
Profit for the six-month period - - - - - - 1,217 1,217
Exchange differences on translation of foreign operations - - - - - (9) - (9)
Total comprehensive income for the six months ended 30 September 2023 - - - - - (9) 1,217 1,208
Contributions by and distributions to owners
Share-based payment charge - - - - - - 23 23
Deferred tax through Equity - - - - - - 20 20
Dividends - - - - - - (314) (314)
Total contributions by and distributions to owners - - - - - - (271) (271)
At 30 September 2024 700 2,024 2,476 (576) (211) 18 18,561 22,992
Comprehensive income for the period
Profit for the six-month period - - - - - - 1,235 1,235
Exchange differences on translation of foreign operations - - - - - 16 - 16
Total comprehensive income for the six months ended 31 March 2024 - - - - - 16 1,235 1,251
Contributions by and distributions to owners
Share-based payment charge - - - - - - 13 13
Deferred tax through Equity - - - - - - (40) (40)
Dividends - - - - - - 7 7
Total contributions by and distributions to owners - - - - - - (20) (20)
At 31 March 2025 700 2,024 2,476 (576) (211) 34 19,776 24,223
Share capital Share premium account Merger reserve Treasury shares Other reserves Translation reserve Retained Earnings Total equity
At 31 March 2025 700 2,024 2,476 (576) (211) 34 19,776 24,223
Comprehensive income for the period
Profit for the six-month period - - - - - - 1,084 1,084
Exchange differences on translation of foreign operations - - - - - (37) - (37)
Total comprehensive income for the six months ended 30 September 2025 - - - - - (37) 1,084 1,047
Contributions by and distributions to owners
Exercise of options 1 12 - - - - - 13
Share-based payment charge - - - - - - 6 6
Deferred tax through Equity - - - - - - - -
Dividends - - - - - - (341) (341)
Total contributions by and distributions to owners 1 12 - - - - (335) (322)
At 30 September 2025 701 2,036 2,476 (576) (211) (3) 20,525 24,948
Consolidated cash flow statement (unaudited)
Note Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
(Audited)
£000 £000 £000
Profit from operations 1,454 1,700 3,531
Adjustments for:
Depreciation on property, plant and equipment 362 479 956
Depreciation on right of use assets 240 211 445
Amortisation of intangible assets 166 90 183
Loss/(Profit) on disposal of property, plant and equipment 7 (1) 34
(Profit) on right of use assets - - (12)
Share based payment charge 6 22 36
2,235 2,501 5,173
Decreased/(increase) in inventories 151 (458) (647)
(Increase) in trade and other receivables (2,174) (3,258) (1,179)
Increase in trade and other payables 1,107 1,948 589
Cash generated from operations 1,319 733 3,936
Taxation paid (483) - (1,030)
Net cash from operating activities 836 733 2,906
Investing activities
Purchase of property, plant and equipment (231) (152) (429)
Purchase of intangible assets (162) (111) (243)
Proceeds from sale of assets - 10 10
Net cash used in investing activities (393) (253) (662)
Financing activities
Proceeds on issue of shares 13 - -
Principal paid on lease liabilities (256) (252) (507)
Repayment of amounts borrowed 5 - (37) (34)
Repayment on term loan 5 - (611) (611)
Interest paid on term loan 5 - (18) (18)
Repayment on mortgage loan facility 5 (95) (93) (187)
Interest paid on mortgage loan facility 5 (31) (34) (66)
Interest received on bank deposit - 4 -
Dividends paid (341) (314) (307)
Net cash used in financing activities (710) (1,355) (1,730)
Net movement in cash and cash equivalents (267) (875) 514
Cash and cash equivalents at start of period 3,659 3,138 3,138
Effect of foreign exchange rate changes (37) (9) 7
Cash and cash equivalents at end of period 3,355 2,254 3,659
Notes to the unaudited interim financial report
1. Basis of preparation
The interim financial statements for the six months ended 30 September 2025 do
not constitute statutory accounts for the purposes of Section 434 of the
Companies Act 2006. The Annual Report and Financial Statements for the year
ended 31 March 2025 have been filed with the Registrar of Companies. The
Independent Auditors' Report on the Annual Report and Financial Statements for
the year ended 31 March 2025 was unqualified, did not draw attention to any
matters by way of emphasis, and did not contain a statement under sections
498(2) or 498(3) of the Companies Act 2006. The 30 September 2025 statements
were approved by the Board of Directors on 18 November 2025. This unaudited
interim report has not been audited or reviewed by auditors pursuant to the
Financial Reporting Council guidance on Review of Interim Financial
Information.
The condensed financial statements in this Interim Report have been prepared
in accordance with the requirements of IAS 34 'Interim Financial Reporting' as
endorsed by the UK.
As required by the Disclosure and Transparency Rules of the UK's Financial
Conduct Authority, the condensed set of financial statements has been prepared
by applying the accounting policies and presentation that were applied in the
preparation on the Company's published consolidated financial statements for
the year ended 31 March 2025, which were prepared in accordance with the
UK-adopted international accounting standards.
The condensed interim financial statements for the six months ended 30
September 2025 and the comparative figures for the six months ended 30
September 2024 are unaudited. The figures for the year ended 31 March 2025
have been extracted from the Annual Report on which the Auditors issued an
unqualified audit report and which have been filed with the Registrar of
Companies.
2. Significant accounting policies
Adoption of new and revised accounting standards
No new standards impacting on the Group have been adopted in its financial
statements for the year ended 31 March 2025 or the interims ended 30 September
2025.
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods that the Group has decided not to adopt early. The Group does not
expect any of the standards issued by the IASB, but not yet effective, to have
a material impact on the Group.
3. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
(Audited)
£000 £000 £000
Earnings
Net profit attributable to the equity holders of the parent company 1,084 1,217 2,452
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
(Audited)
Number Number Number
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings 68,447,441 68,435,383 68,435,383
per share
Effect of dilutive potential ordinary shares relating to share options 4,310,316 7,128,857 6,205,687
Weighted average number of ordinary shares for the purposes of diluted 72,757,757 75,564,240 74,641,070
earnings per share
Basic 1.58p 1.78p 3.58p
Diluted 1.49p 1.61p 3.29p
4. Taxation
Six months ended 30 September 2025 Six months ended 30 September Year ended 31 March 2025
(Audited)
2024
£000 £000 £000
Current tax 394 499 1,063
Deferred tax liability 16 (35) (18)
Total 410 464 1,045
5. Notes to cash flow statement
Analysis of changes in net debt
6 months ended 30 September 2025 Overdraft Mortgage Loan Total
£000 £000 £000 £000
At 1 April 2025 - 2,100 - 2,100
Cash flows - (95) - (95)
Cash outflow - interest - (31) - (31)
Interest accruing - 31 - 31
At 30 September 2025 - 2,005 - 2,005
6 months ended 30 September 2024 Overdraft Mortgage Loan Total
£000 £000 £000 £000
At 1 April 2024 37 2,287 611 2,935
Cash flows (37) (93) (611) (741)
Cash outflow - interest - (34) (18) (52)
Interest accruing - 34 18 52
At 30 September 2024 - 2,194 - 2,194
12 months ended 31 March 2025 Overdraft Mortgage Loan Total
(Audited)
£000 £000 £000
At 1 April 2024 37 2,287 611 2,935
Cash flows (34) (187) (611) (832)
Cash outflow - interest - (66) (18) (84)
Interest accruing (3) 66 18 81
At 31 March 2025 - 2,100 - 2,100
6. Finance costs
Six months ended 30 September 2025 Six months ended 30 September 2024 Year ended 31 March 2025
(Audited)
£000 £000 £000
Interest on bank overdrafts and loans - 18 15
Interest on mortgage 31 34 66
Interest on lease liabilities 33 40 80
Other interest - (4) -
Total 64 88 161
7. Updated SME R&D Relief Scheme: For accounting periods beginning on
or after 01 April 2024
The UK Government's recent overhaul of the R&D tax relief system has
resulted in a merged "single" Research and Development Expenditure Credit
(RDEC) Scheme which provides a headline credit rate of 20%. This credit will
now be recognised as "other income" and is taxable, leading to a net benefit
15% of qualifying R&D expenditure. The Group pays the main corporation tax
rate of 25%.
The RDEC income for the six months ended 30 September 2025 includes an
adjustment of £27k relating to an under provision of the R&D benefit
recognised in respect of the year ended 31 March 2025. RDEC income of £77k
has been recognised in relation to the estimated qualifying expenditure
incurred during the six month period to 30 September 2025.
8. Related party transactions
The related party transactions that occurred in the six months ended 30
September 2025 are not materially different in size or nature to those
reported in the Company's Annual Report for the year ended 31 March 2025.
9. Availability of Interim Report
The Interim Report is being made available to shareholders on the Company
website www.creightonsplc.com. Further copies can be obtained from the
Company's Registered Office, 1210 Lincoln Road, Peterborough, PE4 6ND.
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