REG - Diales Group PLC - Interim Report
10/06/2025 07:00
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RNS Number : 0826M Diales Group PLC 10 June 2025
DIALES GROUP PLC
("Diales" or the "Company" or the "Group")
Interim Report
For the six months ended 31 March 2025
Financial Highlights - for the six months ended 31 March 2025
6 months 6 months
Ended Ended
31 March 2025 31 March 2024
£000 £000 Change
Unaudited Unaudited** £000
Revenue 21,632 21,612 20
Gross Profit 5,702 6,210 (508)
Gross Profit % 26.4% 28.7% (2.3%)
Underlying* operating profit before tax 701 804 (103)
Less: Share-based payment charge (71) (49) (22)
Operating profit before tax from continuing operations 630 755 (125)
Underlying* operating profit before tax % 3.2% 3.7% (0.5%)
Underlying* earnings per share from continuing operations 1.0p 1.4p (0.4)p
Operating profit before tax from continuing operations 630 755 (125)
Loss on discontinued operations before tax (125) (375) 250
Operating profit before tax 505 380 125
Net cash 2,370 3,569 (1,199)
Net cash per share 4.5p 6.8p (2.3)p
Dividend per share 0.75p 0.75p
*Underlying figures are stated before share-based payment costs
**Restated to exclude Diales USA as a discontinued operation
Financial Summary
• Revenue from continuing operations remained stable at £21.6m
(2024: £21.6m**).
• Gross profit margin reduction to 26.4% (2024: 28.7%), gross
profit of £5.7m (2024: 6.2m**), margin lower in the project services
subsidiary with a reduction of 3.7% year on year, due to increased direct
costs driven by market forces.
• Underlying* operating profit before tax £0.7m (2024: £0.8m**),
a margin of 3.2% (2024: 3.7%).
• Operating profit before tax £0.6m (2024: £0.8m**).
• Net cash of £2.4m (2024: £3.6m), reflecting the timing of
dividend payments, the share buyback programme, tax payments and a net
increase in trade receivables (expected to be received shortly).
• Net cash as at 31 May 2025 of £2.5m post a further £0.4m of
dividends paid on 10 April 2025.
• Dividend maintained in the period at 0.75p (2024: 0.75p).
Operational Highlights
• Utilisation rate of 71.4% (2024: 73.4%)
• Europe & Americas (EuAm) reported underlying* profit before
tax for the period of £2.3m (2024: £2.6m**)
• Middle East (ME) increased profit with reported underlying*
profit before tax for the period of £0.5m (2024: £0.1m).
• Asia Pacific (APAC) reported an underlying* loss before tax for
the period of £0.1m (2024: £0.1m).
Capital Allocation
• The Group commenced an initial ordinary share buyback programme
of £250k in June 2024 which completed in December 2024. In March 2025, the
Group commenced a further programme of £100k, which is now nearing
completion.
• Over the last 12 months, the Company has returned c.£1.1m to
shareholders through a combination of share buybacks and dividend payments,
reflecting the Board's ongoing commitment to prudent capital management and
the delivery of shareholder returns.
• In line with the aims of the Group's transformation strategy,
and to achieve the best possible returns for shareholders, the Board continues
to invest in organic growth and working capital requirements, evaluate
potential acquisition opportunities and balance this against a continuation of
the buyback programme.
Outlook
• Utilisation continuing at 2024 levels.
• Higher enquiry levels across the business in Q2 and flowing into
Q3.
• Real time management information tool being rolled out in H2
FY25.
• New strategic Marketing and Business Development plan now in
place.
• Upgraded CRM package to be installed in H2.
• Successful hire of two new testifying experts in the period to
bolster the expert witness team.
• The Board expects the Group to deliver full year results in line
with market expectations.
Mark Wheeler, Chief Executive Officer of Diales Group, said:
'I am pleased to report that our trading in H1 FY25 was profitable. Diales'
underlying profit before tax continues to be stable, with strong pipelines of
work now flowing into H2 FY25. The prospect of changes in global tariff
policies has generated unprecedented commercial challenge for businesses
around the world, and we believe our expertise and track record makes us well
placed to assist our clients in mitigating and resolving these issues. I am
confident this leaves Diales strongly positioned to build on this momentum
into H2 FY25 in order to return further value to our shareholders.'
Results presentation
Management will host a presentation for analysts at 10:00am on 10 June 2025,
at Diales' offices at Floor 6, 125 Old Broad Street, London, EC2N 1AR, and
virtually. Analysts who would like to attend the presentation should register
their interest with Acuitas Communications at diales@acuitascomms.com
(mailto:diales@acuitascomms.com) or on 020 3745 0293.
The Group will also host a presentation for investors on 10 June, at 12:00pm.
Questions can be submitted before and during the online event.
To register for the webinar, please visit this link:
www.equitydevelopment.co.uk/news-and-events/dialesgroup-investor-presentation-10june2025
(http://www.equitydevelopment.co.uk/news-and-events/dialesgroup-investor-presentation-10june2025)
A recording of the presentation will be available shortly afterwards here:
www.equitydevelopment.co.uk/research/tag/diales-group
(http://www.equitydevelopment.co.uk/research/tag/diales-group)
ENDS
Enquiries:
Diales Group Plc +44 (0)20 7377 0005
Mark Wheeler, Chief Executive Officer
Charlotte Parsons, Chief Financial Officer
Shore Capital (Nominated Adviser and Broker) +44 (0)20 7408 4050
Mark Percy
George Payne
Acuitas Communications +44 (0)20 3745 0293 / +44 (0)7799 767676 / +44 (0)7848 157447
Simon Nayyar simon.nayyar@acuitascomms.com
Jake Davis jake.davis@acuitascomms.com
INTRODUCTION
In the first half of FY25, Diales has continued to trade profitably, and has
continued to focus on driving improvements in utilisation while facing
challenging trading conditions across global markets. The Group is pleased to
report positive progress in Q2 of H1 FY25 and can confirm that this momentum
has continued into H2 FY25.
BUSINESS REVIEW
The Group's underlying* profit before tax for H1 FY25 has remained broadly
constant at £0.7m (H1 FY24: £0.8m as restated after reclassifying the prior
half year USA loss as discontinued) on stable revenue of £21.6m (H1 FY24:
£21.6m**).
Satisfactory trading in Q1 FY25 was followed by stronger activity in Q2 FY25,
with a higher level of commissions, meaning that the Group ended H1 FY25 close
to plan and having sustained the performance achieved in the corresponding
period in FY24.
The Group's four-year integrated strategy, launched in December 2023,
continues to deliver value for clients and shareholders. The investment in
digital tools, such as the real-time management information platform,
continues to drive efficiency and enhance client service. The real time
management information platform (previously tested by our European teams) is
expected to be rolled out during H2 FY25, enabling more efficient reporting on
utilisation and efficiency gains, due to daily time recording, and improved
management reporting.
The uncertainty caused by the US Government's evolving plans for the
imposition of tariffs on bilateral trade with its international partners is
creating opportunity as clients seek strategic guidance on supply chain
challenges and cost escalation claims, and we have already seen a significant
positive impact on demand-side sentiment.
The Group is pleased to report that it has reached agreement to collaborate
with Lupa Technology, a market leading data discovery platform, on commissions
where the Group's teams need to be able to review and analyse significant
volumes of data at speed. This enhances the Group's competitive positioning
against its peer group across all its key markets, sectors and disciplines.
We are pleased to report that the Middle East region has delivered a
significant improvement in operating profit of £0.5m in H1 FY25 (H1 FY24:
£0.1m). This region is also now contributing work smoothly and seamlessly to
the Group's central hub in Europe, thereby delivering further benefits for
clients and shareholders as envisaged in the Company's transformation
strategy. A strong pipeline of work in the Kingdom of Saudi Arabia is feeding
opportunities through to our business in the UAE, and we are also winning more
work from Qatar and
strengthening our presence there.
The EuAm region, our core business hub, continues to perform well overall,
despite variable trading conditions. The previously announced closure of our
New York office has been completed, and the North and South American markets
are now being serviced efficiently and with agility via our network of offices
in Canada and Madrid. Germany has had a steady H1 FY25 with some workload
deferred to H2 FY25, meaning that our Munich office expects to finish FY25 on
or close to plan. With an investment in new office space in the Netherlands,
whilst the office has seen slightly lower levels of activity in H1 FY25 with
work unexpectedly deferred to H2 FY25, the team remain on course to be at or
close to plan for the full year.
The APAC market has experienced significant economic headwinds and uncertainty
arising from US tariff protection. This, and an initiative in Singapore that
failed to materialise, has led to the regional office in Singapore
experiencing an operational loss during H1 FY25. Management has therefore
taken early and decisive action to right-size the operational cost-base. The
Group remains well positioned to expand its work with South Korean clients and
looks forward to presenting at an industry conference in Seoul in the Autumn.
Australia has also seen a less vigorous H1 FY25 than usual, but it has a
positive pipeline of opportunity and is therefore well positioned to deliver
in H2 FY25.
PEOPLE
Our people are our greatest asset, and we continue to attract and retain
market-leading experts, including the successful hire of two new testifying
experts in the period to bolster the expert witness team. Our commitment to
diversity and strategic hiring strengthens our global capabilities. The Group
continues to look actively for strategic additions to its teams across key
markets.
In addition, the hiring of a Portuguese speaker into our Paris office, and the
development of a close working relationship with a Portuguese expert services
firm, have strongly supported the Group's collective expertise and capability
in servicing its Brazilian clients.
TRADING PERFORMANCE
Group Revenue for the six months to 31 March 2025 remained stable at £21.6m,
compared to the same period in H1 FY24 of £21.6m**. Whilst utilisation rates
(excluding Driver Project Services) reduced marginally in the half year to
71.4% (FY24: 73.4%**), Q2 FY25 saw a much-improved rate, rising to 74.2% from
68.9% in Q1 FY25. Gross margin was lower in the project services subsidiary
with a reduction of 3.7% year on year, due to increased direct costs driven by
market forces. Overall, the Group reported underlying* operating profit before
tax in H1 FY24 of £0.7m (H1 FY24: £0.8m**).
Revenue in the EuAm region remained stable at £17.3m (H1 FY24: £17.6m**)
with revenue in the Middle East increasing to £2.8m (H1 FY24: £2.2m) and
revenue in APAC decreasing to £1.5m (H1 FY24: £1.8m).
The EuAm region delivered an underlying* profit before tax of £2.3m (H1 FY24:
£2.6m**) while the Middle East region reported an underlying* profit before
tax of £0.5m (H1 FY24: £0.1m) and the APAC region reported an underlying*
loss before tax of £0.1m (H1 FY24: profit £0.1m).
Underlying* basic earnings per share from continuing operations was 1.0p (H1
FY24: 1.4p**).
The Group had a net cash balance of £2.4m as at 31 March 2025 (FY24: £4.3m,
H1 FY24: £3.6m). The movement is due mainly to £400,000 of dividends paid
in H1 FY25, £165,000 under the Company's ongoing share buyback programme, tax
payments and a net increase in trade receivables (expected to be received
shortly). As at 31 May 2025, the Group's net cash balance was £2.5m post a
further £400,000 of dividends paid on 10 April 2025.
The Group has recently put in place with Barclays Bank an overdraft facility
of £1m which is unutilised.
DIVIDEND
The final dividend announced at the time of the results for the year to 30
September 2024 (0.75p per share) in December 2024 was paid in April 2025.
Reflecting the Group's confidence in its medium-term prospects and its strong
balance sheet position, the Board is pleased to recommend the payment of an
interim dividend of 0.75p per share for 2025 (2024: 0.75p per share). The
interim dividend will be paid on 24 October 2025 to shareholders who are on
the register of members at the close of business on 19 September 2025, with an
ex-dividend date of 18 September 2025.
CAPITAL ALLOCATION
The Group commenced an initial ordinary share buyback programme of £250k in
June 2024 which completed in December 2024. In March 2025, the Group commenced
a further programme of £100k, which is now nearing completion.
Over the last 12 months, the Company has returned c.£1.1 million to
shareholders through a combination of share buybacks and dividend payments,
reflecting the Board's ongoing commitment to prudent capital management and
the delivery of shareholder returns.
In line with the aims of the Group's transformation strategy, and to achieve
the best possible returns for shareholders, the Board continues to invest in
organic growth and working capital requirements, evaluate potential
acquisition opportunities and balance this against a continuation of the
buyback programme.
OUTLOOK
Diales has made an encouraging start to H2 FY25 with the UK and, in
particular, the Middle East, all performing strongly.
The US Government's tariff proposals and their likely effects may also be
expected to support further uplift in demand for our services.
The Group benefited from strong trading in Q2 FY25, supported by improved
utilisation, with this momentum flowing into H2 FY25. Anticipating a busier H2
FY25, the Board expects the Group to deliver full year results in line with
market expectations.
Looking ahead, Diales is well positioned to capitalise on increased demand for
dispute resolution and expert advisory services arising from global trade
uncertainties. Our robust pipeline, strong balance sheet, and ongoing
investment in talent and technology underpin the Board's confidence in
delivering sustainable growth and value for shareholders.
*Underlying figures are stated before share-based payment costs
**Restated after reclassifying the prior half year USA loss as discontinued
Consolidated Income Statement
Interim report for the six months ended 31 March 2025
6 months 6 months Year ended
ended ended 30
31 March 2025 31 March 2024 September
£000 £000 2024
Unaudited Unaudited** £000
Audited
REVENUE 21,632 21,612 42,966
Cost of sales (15,857) (15,465) (31,449)
Impairment movement (73) 63 (553)
GROSS PROFIT 5,702 6,210 10,964
Administrative expenses (5,072) (5,455) (10,084)
Underlying* operating profit 701 804 1,183
Non-recurring operational costs - - (171)
Share-based payment charge and associated costs (71) (49) (132)
OPERATING PROFIT 630 755 880
Finance income 9 37 45
Finance costs (4) (7) (9)
PROFIT BEFORE TAXATION 635 785 916
Tax expense (note 2) (166) (107) (490)
PROFIT FOR THE PERIOD FROM CONTINUING 469 678 426
OPERATIONS
Loss for the period from discontinued (125) (375) (1,043)
operations
PROFIT/(LOSS) FOR THE PERIOD 344 303 (617)
Profit attributable to equity shareholders of the parent from continuing 469 678 426
operations
Loss attributable to equity shareholders of the parent from discontinued (125) (375) (1,043)
operations
344 303 (617)
Basic earnings/(loss) per share attributable to 0.7p 0.6p (1.2)p
equity shareholders of the parent (pence)
Diluted earnings/(loss) per share attributable to 0.7p 0.6p (1.2)p
equity shareholders of the parent (pence)
Underlying* basic earnings per share attributable to 1.0p 1.4p 1.4p
equity shareholders of the parent (pence) from
continuing operations
Basic earnings per share attributable to equity 0.9p 1.3p 0.8p
shareholders of the parent (pence) from continuing
operations
Diluted earnings per share attributable to equity 0.9p 1.3p 0.8p
shareholders of the parent (pence) from continuing
operations
*Underlying figures are stated before the share-based payment costs and
non-recurring operational costs (this is not a GAAP measure)
** Presentation of results restated to reclassify Diales USA as the operation
discontinued in the 2024 financial year.
Consolidated Statement of Comprehensive Income
Interim report for the six months ended 31 March 2025
6 months 6 months Year ended
ended ended 30
31 March 31 March September
2025 2024 2024
£000 £000 £000
Unaudited Unaudited Audited
PROFIT/(LOSS) FOR THE PERIOD 344 303 (617)
Other comprehensive income/(loss):
Items that could subsequently be reclassified to the Income Statement:
Exchange differences on translating foreign operations 56 (112) (292)
Other comprehensive income/(loss) for the year net of tax 56 (112) (292)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 400 191 (909)
Total comprehensive income attributable to:
Owners of the parent 400 191 (909)
400 191 (909)
Consolidated Statement of Financial Position
Interim report for the six months ended 31 March 2025
6 months ended 6 months ended Year ended
31 March 2025 31 March 2024 30 September
2024
£000 £000 £000
Unaudited Unaudited Audited
NON-CURRENT ASSETS
Goodwill 2,969 2,969 2,969
Property, plant and equipment 328 315 318
Right of use assets 461 1,094 752
Intangible asset 588 672 630
Deferred tax assets 168 242 165
4,514 5,292 4,834
CURRENT ASSETS
Trade and other receivables 14,788 14,505 13,878
Current tax receivable - 137 -
Cash and cash equivalents 2,370 3,569 4,254
17,158 18,211 18,132
TOTAL ASSETS 21,672 23,503 22,966
CURRENT LIABILITIES
Trade and other payables (7,508) (6,807) (7,715)
Lease creditor (289) (587) (492)
Current tax payable (32) - (186)
(7,829) (7,394) (8,393)
NON-CURRENT LIABILITIES
Lease creditor (162) (537) (238)
Deferred tax liability (167) (160) (167)
(329) (697) (405)
TOTAL LIABILITIES (8,158) (8,091) (8,798)
NET ASSETS 13,514 15,412 14,168
SHAREHOLDERS' EQUITY
Share capital 216 216 216
Share premium 11,496 11,496 11,496
Merger reserve 1,055 1,055 1,055
Currency reserve (1,186) (1,062) (1,242)
Capital redemption reserve 18 18 18
Treasury shares (1,834) (1,525) (1,661)
Retained earnings 3,748 5,213 4,285
Own shares (3) (3) (3)
TOTAL SHAREHOLDERS' EQUITY 13,510 15,408 14,164
NON-CONTROLLING INTEREST 4 4 4
TOTAL EQUITY 13,514 15,412 14,168
Consolidated Cash flow Statement
Interim report for the six months ended 31 March 2025
6 months 6 months Year ended
ended ended 30
31 March 2025 31 March September
£000 2024 2024
Unaudited £000 £000
Unaudited Audited
CASH FLOWS FROM OPERATING ACTIVITIES
Profit(loss) for the period 344 303 (617)
Adjustments for:
Depreciation 16 47 142
Amortisation of right to use assets 291 298 604
Amortisation of intangible asset 42 42 84
Exchange adjustments (5) 38 58
Finance income (9) (37) (45)
Finance expense 4 7 9
Tax expense 150 107 671
Equity settled share-based payment charge 71 23 15
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS 904 828 921
(Increase)/decrease in trade and other receivables (911) (472) 155
(Decrease) in trade and other payables (757) (1,640) (340)
CASH (USED)/GENERATED IN OPERATIONS (764) (1,284) 736
Tax paid (304) (181) (380)
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES (1,068) (1,465) 356
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 9 37 45
Acquisition of property, plant and equipment (26) (41) (123)
Proceeds from the disposal of property, plant and equipment - 4 (23)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (17) - (101)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid (4) (3) (3)
Repayment of lease liabilities (279) (288) (621)
Purchase of Treasury shares (173) - (136)
Dividends paid to the equity shareholders of the parent (394) (394) (789)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (850) (685) (1,549)
Net decrease in cash and cash equivalents (1,935) (2,150) (1,294)
Effect of foreign exchange on cash and cash equivalents 51 (114) (285)
Cash and cash equivalents at start of period 4,254 5,833 5,833
CASH AND CASH EQUIVALENTS AT END OF PERIOD 2,370 3,569 4,254
Consolidated Statement of Changes of Equity
For the six months ended 31 March 2025 (Unaudited):
Share capital Share Treasury shares £000 Merger Other Retained earnings Own Total( Non- Total
£000
premium
reserve
reserves( £000
shares ) £000
controlling interest
Equity
£000 £000 ) £000 £000 £000 £000
CLOSING BALANCE AT 30 SEPTEMBER 2024 216 11,496 (1,661) 1,055 (1,224) 4,285 (3) 14,164 4 14,168
Profit for the period - - - - - 344 - 344 - 344
Other comprehensive loss for the period - - - - 56 - - 56 - 56
Total comprehensive loss for the period - - - - 56 344 - 400 - 400
Contributions by and distributions to owners
Dividend - - - - - (789) - (789) - (789)
Share-based payment charge - - - - - (92) - (92) - (92)
Purchase of Treasury shares - - (173) - - - - (173) - (173)
Total contributions by and distributions to owners - - (173) - - (881) - (1,054) - (1,054)
CLOSING BALANCE AT 31 MARCH 2025 216 11,496 (1,834) 1,055 (1,168) 3,748 (3) 13,510 4 13,514
Consolidated Statement of Changes of Equity
For the six months ended 31 March 2024 (Unaudited):
Share capital Share Treasury shares £000 Merger Other Retained earnings Own Total( Non- Total
£000
premium
reserve
reserves( £000
shares ) £000
controlling interest
Equity
£000 £000 ) £000 £000 £000 £000
CLOSING BALANCE AT 30 SEPTEMBER 2023 216 11,496 (1,525) 1,055 (932) 5,676 (3) 15,983 4 15,987
Profit for the period - - - - - 303 - 303 - 303
Other comprehensive loss for the period - - - - (112) - - (112) - (112)
Total comprehensive loss for the period - - - - (112) 303 - 191 - 191
Contributions by and distributions to owners
Dividend - - - - - (789) - (789) - (789)
Share-based payment charge - - - - - 23 - 23 - 23
Purchase of Treasury shares - - - - - - - - - -
Total contributions by and distributions to owners - - - - - (766) - (766) - (766)
CLOSING BALANCE AT 31 MARCH 2024 216 11,496 (1,525) 1,055 (1,044) 5,213 (3) 15,408 4 15,412
Consolidated Statement of Changes of Equity
For the year ended 30 September 2024 (Audited):
Share capital Share Treasury shares £000 Merger Other Retained earnings Own Total( Non- Total
£000
premium
reserve
reserves( £000
shares ) £000
controlling interest
Equity
£000 £000 ) £000 £000 £000 £000
CLOSING BALANCE AT 30 SEPTEMBER 2023 216 11,496 (1,525) 1,055 (932) 5,676 (3) 15,983 4 15,987
Loss for the year - - - - - (617) - (617) - (617)
Other comprehensive loss for the year - - - - (292) - - (292) - (292)
Total comprehensive loss for the year - - - - (292) (617) - (909) - (909)
Dividends - - - - - (789) - (789) - (789)
Share-based payment charge and associated costs - - - - - 15 - 15 - 15
Purchase of Treasury shares - - (136) - - - - (136) - (136)
CLOSING BALANCE AT 30 SEPTEMBER 2024 216 11,496 (1,661) 1,055 (1,224) 4,285 (3) 14,164 4 14,168
1 BASIS OF PREPARATION
The consolidated interim financial information has been prepared using
accounting policies which are consistent with those applied at the prior year
end 30 September 2024 and that are expected to be adopted in the Group's full
financial statements for the year ending 30 September 2025. The financial
information in this interim report is in compliance with the recognition and
measurement principles of international accounting standards but does not
include all disclosures that would be required under IFRSs and are not IAS 34
compliant. The accounting policies have been applied consistently throughout
the Group for the purposes of preparation of this financial information. The
financial information for the half years ended 31 March 2025 and 31 March 2024
does not constitute statutory accounts within the meaning of Section 434(3) of
the Companies Act 2006 and is unaudited but has been reviewed by our auditors.
The comparative financial information for the year ended 30 September 2024
included within this report does not constitute the full statutory accounts
for that period. The statutory Annual Report and Financial Statements for 2024
have been filed with the Registrar of Companies. The Independent Auditor's
Report on that Annual Report and Financial Statements for 2024 was
unqualified, did not draw attention to any matters by way of emphasis, and did
not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The Financial Statements have been prepared on a going concern basis. In
reaching their assessment, the Directors have considered a period extending at
least twelve months from the date of approval of this financial report.
The Directors have prepared cash flow forecasts covering a period of more than
12 months from the date of releasing these financial statements. This
assessment has included consideration of the forecast performance of the
business for the foreseeable future and the cash and financing facilities
available to the Group.
At 31 March 2025 the Group had cash reserves of £2.4m. Cash decreased by
£1.9m from that reported at 30 September 2024 mainly due to dividend, tax
payments and the planned share buyback programme.
The Directors have also prepared a stress case scenario that demonstrates the
Group's ability to continue as a going concern even with a significant drop in
revenues and limited mitigating cost reduction to re-align with the revenue
drop.
Based on the cash flow forecasts prepared including appropriate stress
testing, the Directors are confident that any funding needs required by the
business will be sufficiently covered by the existing cash reserves. As such
these Financial Statements have been prepared on a going concern basis.
2 TAXATION
The tax charge for the half-year ended 31 March 2025 is based on the estimated
tax rates in the jurisdictions in which the Group operates, for the year
ending 30 September 2025.
3 DIVIDEND
In view of the medium-term prospects for the Group along with the strong
balance sheet position, the Board recommends the payment of an interim
dividend of 0.75p per share for 2025 (2024: 0.75p per share).
During the period, the Group paid an interim dividend for 2025 of 0.75p per
share (2023: 0.75p per share) and approved a final dividend for 2024 of 0.75p
per share which was paid in April 2025.
4 POST BALANCE SHEET EVENT
There have been no significant events requiring disclosure since 31 March
2025.
5 SUMMARY SEGMENTAL ANALYSIS REPORTABLE SEGMENTS
For management purposes, the Group is organised into three operating
divisions: Europe & Americas (EuAm), Middle East (ME) and Asia Pacific
(APAC). These divisions are the basis on which the Group is structured and
managed, based on its geographic structure. The following key service
provisions are provided across all three operating divisions: quantity
surveying, planning / programming, quantum and planning experts, dispute
avoidance / resolution, litigation support, contract administration and
commercial advice / management. Segment information about these reportable
segments is presented below.
Six months ended 31 March 2025 (Unaudited) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Continued Discontinued
£000
£000
£000
£000
£000
£000
£000
Total external revenue 17,314 2,846 1,472 - - 21,632 690
Total inter-segment revenue 706 603 191 (1,500) - - -
Total revenue 18,020 3,449 1,663 (1,500) - 21,632 -
Segmental profit/(loss) 2,307 469 (54) - - 2,722 (59)
Unallocated corporate expenses - - - - (2,021) (2,021) (66)
Share-based payment charge - - - - (71) (71) -
Operating profit/(loss) 2,307 469 (54) - (2,092) 630 (125)
Finance income - - - - 9 9 -
Finance expense - - - - (4) (4) -
Profit/(loss) before taxation 2,307 469 (54) - (2,087) 635 (125)
Taxation - - - - (166) (166) -
Profit/(loss) for the period 2,307 469 (54) - (2,253) 469 (125)
Six months ended 31 March 2024 (Unaudited) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Continued Discontinued
£000
£000
£000
£000
£000
£000
£000
Total external revenue 17,605 2,247 1,760 - - 21,612 861
Total inter-segment revenue 453 452 207 (1,112) - - -
Total revenue 18,058 2,699 1,967 (1,112) - 21,612 861
Segmental profit/(loss) 2,618 138 99 - - 2,855 (375)
Unallocated corporate expenses - - - - (2,051) (2,051) -
Share-based payment charge - - - - (49) (49) -
Operating profit/(loss) 2,618 138 99 - (2,100) 755 (375)
Finance income - - - - 37 37 -
Finance expense - - - - (7) (7) -
Profit/(loss) before taxation 2,618 138 99 - (2,070) 785 (375)
Taxation - - - - (107) (107) -
Profit/(loss) for the period 2,618 138 99 - (2,177) 678 (378)
Year ended 30 September 2024 (AUDITED) Europe & Americas Middle East Asia Pacific Eliminations Unallocated Continued Discontinued
£000
£000
£000
£000
£000
£000
£000
Total external revenue 34,644 4,848 3,474 - - 42,966 1,619
Total inter-segment revenue 1,513 1,525 68 (3,106) - - -
Total revenue 36,157 6,373 3,542 (3,106) - 42,966 1,619
Segmental profit/(loss) pre central cost charge 5,176 326 (119) - (4,324) 1,059 (693)
Central cost charge (3,704) (364) (281) - 4,473 124 (124)
Segmental profit/(loss) 1,472 (38) (400) - 149 1,183 (817)
Unallocated corporate expenses - - - - - - -
Share-based payments charge and associated costs - - - - (132) (132) -
Non-recurring operational costs - - - - (171) (171) -
Operating profit/(loss) 1,472 (38) (400) - (154) 880 (817)
Finance income - - - - 45 45 -
Finance expense - - - - (9) (9) -
Profit/(loss) before taxation 1,472 (38) (400) - (118) 916 (817)
Taxation - - - - (490) (490) (226)
Profit/(loss) for the period 1,472 (38) (400) - (608) 426 (1,043)
6 EARNINGS PER SHARE
6 months 6 months Year
ended ended ended
31 March 2025 31 March 2024 30 September 2024
£000 £000 £000
Unaudited Unaudited** Audited
Profit/(loss) for the financial period attributable to equity shareholders 344 303 (617)
Non-recurring operational costs - - 171
Share-based payments costs and associated costs 71 49 132
Loss from discontinued operations 125 375 1,043
Underlying* profit for the financial period 540 727 729
Weighted average number of shares:
- Ordinary shares in issue 53,962,868 53,962,868 53,962,868
- Shares held by EBT (3,677) (3,677) (3,677)
- Treasury shares (1,742,429) (1,352,140) (1,169,536)
Basic weighted average number of shares 52,216,762 52,607,051 52,789,655
Effect of employee share options 560,002 1,506,011 866,671
Diluted weighted average number of shares 52,776,764 54,113,062 53,656,326
Basic earnings/(loss) per share attributable to equity shareholders of the 0.7p 0.6p (1.2)p
Parent (pence)
Diluted earnings/(loss) per share attributable to equity shareholders of the 0.7p 0.6p (1.2)p
Parent (pence)
Underlying* basic earnings per share attributable to equity shareholders of 1.0p 1.4p 1.4p
the parent (pence) from continuing operations
Basic earnings per share attributable to equity shareholders of the parent 0.9p 1.3p 0.8p
(pence) from continuing operations
Diluted earnings per share attributable to equity shareholders of the parent 0.9p 1.3p 0.8p
(pence) from continuing operations
END
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