REG - Vianet Group PLC - Final Results
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260609:nRSI4719Ha&default-theme=true
RNS Number : 4719H Vianet Group PLC 09 June 2026
Vianet Group plc
AIM: VNET
Audited Final Results for the year ended 31 March 2026
Strong operational progress, growing recurring revenues, transition to net
cash and clear leadership succession
9 June 2026
Vianet Group plc (AIM: VNET) ("Vianet", the "Company" or the "Group"), the
international provider of actionable data, business insights and payment
solutions delivered through an integrated ecosystem of hardware devices,
software platforms and smart insight portals, is pleased to announce its
audited results for the year ended 31 March 2026 ("FY2026").
Key Performance Indicators
The following table summarises the Group's key financial and operational
performance indicators for FY2026, compared with the prior financial year.
Key Performance Indicator FY2026 FY2025 Change
Group revenue £15.50m £15.27m +1.5%
Recurring revenue £13.60m £13.17m +3.3%
Recurring revenue as % of Group revenue 88% 86% +2 ppts
Gross margin 68% 68% Maintained
Adjusted EBITA £3.61m £3.59m +0.5%
Adjusted EBITDA £4.22m £4.14m +2.1%
Hospitality revenue £9.59m £9.02m +6.4%
Hospitality operating profit £4.51m £4.18m +7.7%
Year-end cash £3.40m £2.78m +22%
Net cash / (debt) £0.44m (£0.38m) +£0.82m
Cash conversion (% of EBITDA) 96% 111% -15 ppts
Vianet Americas loss (£243k) (£385k) +£142k
Cashless Payment device base 26,243 24,126 +8.8%
Interim dividend per share 0.40p 0.30p +33%
Proposed final dividend per share 2.00p 1.00p +100%
Total dividend per share (FY) 2.40p 1.30p +84.6%
Year-end share price (31 March) 61.00p n/a -
Historical dividend yield 3.93% n/a -
Board medium-term yield ambition Progressive Progressive
Financial Highlights
• Group revenue increased by 1.5% to £15.50m (FY2025: £15.27m),
supported by continued growth in higher-quality recurring income.
• Recurring revenue increased to £13.60m (FY2025: £13.17m),
representing 88% of Group revenue (FY2025: 86%).
• Gross margin maintained at a robust 68% (FY2025: 68%), reflecting
the resilience of the operating model and an enhanced recurring revenue mix.
• Adjusted EBITA (pre-exceptional items and share-based payments)
increased to £3.61m (FY2025: £3.59m).
• Hospitality division revenue grew by 6.4% to £9.59m (FY2025:
£9.02m).
• Hospitality division operating profit advanced by 7.7% to £4.51m
(FY2025: £4.18m).
• Significant balance sheet improvement, with the Group moving from
net debt of £0.38m at the prior year end to net cash of £0.44m at 31 March
2026.
• Year-end cash balances increased by 22% to £3.40m (FY2025:
£2.78m).
• Strong cash conversion, with post-working capital cash generation
representing 96% of EBITDA.
• Vianet Americas losses reduced materially to £243k (FY2025: loss
of £385k), reflecting improving commercial traction and disciplined cost
management.
• Interim dividend of 0.40p per share paid on 28 January 2026 (H1
2025: 0.30p), an increase of 33%.
• Proposed final dividend of 2.00p per share (FY2025: 1.00p),
reflecting the Board's confidence in the Group's recurring revenue base, cash
generation and medium-term prospects.
• Total dividend in respect of FY2026 of 2.40p per share (FY2025:
1.30p), representing an 84.6% increase year on year and a historical dividend
yield of 3.93% based on a year-end share price of 61.00p on 31 March 2026.
• Board's medium-term ambition is to maintain a progressive dividend
policy, while preserving appropriate dividend cover and balance sheet
flexibility.
Operational Highlights
Smart Machines - Unattended Retail
• 99 new contracts secured, and 8 major contract renewals completed
during the year, providing visibility over future recurring income.
• 4,637 new cashless devices including 2,520 3G upgrades deployed in
FY2026, extending the Group's installed base to approximately 36,133 connected
devices.
• Recurring revenue increased to 81% of divisional turnover (FY2025:
75%), further enhancing earnings quality.
• Continued expansion across the unattended retail, premium coffee
and fuel forecourt verticals.
• The Group maintained its strong footprint in the UK vending and
unattended retail market, notwithstanding customer estate rationalisation
associated with the industry-wide 3G to 4G LTE migration.
• Advanced AI and data warehouse initiatives underway to unlock
greater value from machine telemetry data, supporting improved operational
efficiency and future product innovation.
Smart Zones - Hospitality
• Divisional revenue increased by 6.4% to £9.59m, with operating
profit advancing 7.7% to £4.51m.
• 448 new site installations completed during the year.
• 8 new contracts and 4 long-term renewals secured, supporting
future recurring revenue visibility.
• Recurring revenue held strong at 92% of divisional turnover
(FY2025: 94%) with mix reflecting higher levels of new installation activity.
• UK and US pipelines expanded materially, supported by the
integration of Beverage Metrics and the Group's advanced analytics capability.
• AI driven analytics capabilities are being embedded within the
hospitality data platform to deliver deeper commercial insights, operational
efficiencies and enhanced customer value.
• Encouraging commercial progress with enterprise hospitality
operators in the United States.
USA Growth Momentum
• Vianet Americas ("VAI") secured a significant long-term enterprise
agreement with a major US full-service restaurant operator.
• Commercial momentum continues to build with this customer and with
other notable chains, including World of Beer and Margaritaville.
• The strategic partnership with Fintech Inc. provides access to
more than 240,000 hospitality locations and approximately 90% of major US
restaurant chains.
• VAI is now well-positioned within the world's largest hospitality
technology market, with a substantial multi-year growth opportunity ahead.
Leadership Succession and Governance
The Board was pleased to announce the next phase of Vianet's leadership
development and succession planning, which has been carefully prepared to
ensure continuity of strategic direction alongside renewed operational
leadership.
Following the successful stabilisation and growth of the Group after the
COVID-19 period, James Dickson has transitioned from the combined Chair and
Chief Executive Officer role and reverted to the position of Chairman with
effect from 1 June 2026.
James combined the roles of Chair and Chief Executive Officer during and
following the pandemic to provide continuity, strategic leadership and
operational stability through a prolonged period of economic uncertainty,
supply chain disruption and market transition. With the Group now firmly
re-established on a stronger operational and financial footing, the Board
considers it both timely and appropriate to return to a more conventional
governance structure, fully aligned with the principles of the QCA Corporate
Governance Code.
Craig Brocklehurst was appointed Chief Executive Officer with effect from 1
June 2026. Craig has played a central role in driving the Group's operational
execution, commercial development and strategic progress, and has been
instrumental in strengthening customer engagement across both divisions.
Sarah Bentham has successfully transitioned into the role of Chief Financial
Officer following Mark Foster's departure from the board and has already made
a meaningful contribution to strengthening the Group's financial discipline,
cash generation and operational reporting.
The Board believes this orderly internal succession process demonstrates the
strength and depth of leadership within the Group and provides continuity
alongside renewed operational focus to support the next phase of growth.
James Dickson, Chairman, commented:
"I am excited by the progress Vianet has made over the last two years. We have
materially strengthened the quality of our earnings through increased
recurring revenues, significantly improved our balance sheet and cash
position, expanded our strategic customer relationships and continued to build
momentum across both our UK and US operations. Importantly, this progress has
been achieved against a demanding economic backdrop and ongoing market
disruption."
"Our hospitality business now occupies a stronger strategic position than at
any point in the Group's history. The integration of Beverage Metrics,
combined with our analytics and draught management capability, has created a
differentiated platform that is generating increasing engagement from large
operators in both the UK and the US. The commercial traction we are now seeing
provides confidence that the investments made in recent years are beginning to
translate into meaningful long-term opportunities for the Group."
"In unattended retail, we continue to strengthen our market position through
long-term customer relationships, growing recurring revenues and expanding
deployment opportunities across vending, premium coffee and fuel forecourts.
The 3G to 4G LTE transition created short-term industry-wide disruption;
however, the Group has emerged from that period with a stronger recurring
revenue footprint, improved customer engagement and a robust pipeline for
future growth."
"I am also delighted that the Group is now in a position to implement a
planned leadership transition from a position of strength. Following the
COVID-19 period, combining the roles of Chair and Chief Executive Officer was
necessary to provide continuity and stability in an unprecedented operating
environment. With the business now significantly stronger operationally and
financially, I believe the transition to Craig Brocklehurst as Chief Executive
Officer, supported by Sarah Bentham as Chief Financial Officer, provides an
excellent platform for the next phase of Vianet's growth and long-term
shareholder value creation."
- Ends -
James Dickson (Chairman), Craig Brocklehurst (Chief Executive Officer) and
Sarah Bentham (Chief Financial Officer) will deliver a live presentation on
the Group's financial results for the year ended 31 March 2026 via the
Investor Meet Company platform on 9 June 2026 at 10:00 a.m. BST.
The presentation is open to all existing and prospective shareholders.
Questions may be submitted in advance via the Investor Meet Company dashboard
until 9:00 a.m. on the day before the meeting, or at any time during the live
presentation.
Investors can register with Investor Meet Company free of charge and follow
Vianet Group plc at:
https://www.investormeetcompany.com/vianet-group-plc/register-investor
Investors who already follow Vianet Group plc on the Investor Meet Company
platform will be invited automatically.
Enquiries
Vianet Group plc
James Dickson, Chairman Tel: +44 (0) 1642 358 800
Sarah Bentham, Chief Financial Officer www.vianetplc.com
Cavendish Capital Markets Limited
(Nominated Adviser and Broker)
Stephen Keys / Isaac Hooper Tel: +44 (0) 20 7220 0500
www.cavendish.com
Investor Enquiries
Dale Bellis Tel: +44 (0) 20 7397 8900
Inside Information and Market Abuse Regulation
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the Market
Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.
Chairman's Statement
I am pleased to report another year of solid operational and financial
progress for Vianet Group plc.
The Group has continued to grow its recurring revenue base, strengthen its
balance sheet and expand its strategic position in both the UK and US markets,
against a demanding macroeconomic backdrop. These results reflect the
resilience of the Group's business model, the depth of its long-term customer
relationships and the continued execution of our strategy.
The progress achieved over the last three years is particularly encouraging.
During this period, the Group has:
• Grown recurring revenues from 86% to 88% of total Group revenues.
• Successfully transitioned from a net debt position to net cash.
• Increased year-end cash balances from £2.78m in FY2025 to £3.40m
in FY2026.
• Increased Hospitality operating profit from £4.18m in FY2025 to
£4.51m in FY2026.
• Expanded the connected device footprint across both unattended
retail and hospitality.
• Established a materially enhanced commercial platform in the
United States.
Taken together, these achievements demonstrate the strength of the Group's
recurring revenue model and the quality of the customer relationships we
continue to build.
Strategic Progress
The Smart Machines division remains a leading participant in the UK unattended
retail market and continues to secure long-term contracts that underpin
recurring revenue visibility.
The UK unattended retail market alone comprises more than 300,000 vending
machines, while the wider European market is estimated to exceed 3 million
machines. Connectivity penetration across these estates remains relatively
low, presenting a substantial medium-term opportunity for telemetry, payment
services and device management solutions.
Within Smart Zones, the Group's hospitality proposition continues to evolve
meaningfully. The integration of Beverage Metrics with Vianet's draught
monitoring and analytics capability has created a differentiated beverage
management platform that is increasingly resonating with operators of all
sizes.
The Group's growing US presence is particularly encouraging. Through Beverage
Metrics and the strategic partnership with Fintech Inc., Vianet now has access
to a highly scalable market opportunity across the US hospitality sector.
The US on-premise hospitality market comprises approximately 382,000 licensed
venues, with the Group's initial focus directed at multi-site operators where
Vianet's technology delivers measurable operational return on investment and
rapid payback periods.
The Group continues to make encouraging progress with contracted enterprise
customers such as Margaritaville, World of Beer, and the recently announced
major customer win, together with several live pilot programmes underway.
While the Board remains measured in its near-term outlook, it believes the
commercial opportunity in the United States is substantial over the medium
term.
Governance and Succession
I am pleased that the Board has been able to implement a carefully planned
leadership transition from a position of strength.
Following the COVID-19 period, combining the Chair and Chief Executive Officer
roles was necessary to provide continuity and stability through a highly
uncertain operating environment. Having successfully guided the Group through
that period and positioned the business for the next phase of growth, I have
reverted to the role of Chairman with effect from 1 June 2026.
Craig Brocklehurst has been appointed Chief Executive Officer and Sarah
Bentham continues in her role as Chief Financial Officer following her
promotion in August 2025.
This transition reflects a well-planned internal succession process, evidences
the depth of talent within the Group and provides continuity for customers,
employees and shareholders alike.
Dividend
The Board recognises the importance of shareholder returns and remains
committed to a progressive dividend policy, underpinned by recurring revenues,
strong cash generation and a robust balance sheet.
During the year, an interim dividend of 0.40p per share was paid on 28 January
2026 (H1 2025: 0.30p), an increase of 33% on the prior year interim.
In addition, the Board is proposing a final dividend of 2.00p per share
(FY2025: 1.00p), payable on 31 July 2026 to shareholders on the register at
the close of business on 19 June 2026. The ex-dividend date will be 18 June
2026.
The total dividend in respect of FY2026 is therefore 2.40p per share (FY2025:
1.30p), an increase of 84.6% on the prior year. Based on the year-end share
price of 61.00p on 31 March 2026, this represents a historical dividend yield
of 3.93%.
It remains the Board's intention to pursue a progressive dividend policy, with
the medium-term ambition of progressing the historical dividend yield, while
preserving appropriate dividend cover and the balance sheet flexibility
required to support the Group's continued investment and growth.
Outlook
The Group enters FY2027 with:
• A growing base of high-quality recurring revenues.
• A net cash position and a strong balance sheet.
• High levels of customer retention across both divisions.
• Expanding UK and US commercial pipelines.
• Growing opportunities across adjacent verticals.
• Strengthened operational leadership following the planned
succession process.
While the wider economic environment remains uncertain, and the Board is
careful not to overstate near-term expectations, Vianet is increasingly
well-positioned to deliver sustainable medium-term growth.
The Group has strong foundations, differentiated technology, long-term
customer relationships and growing strategic relevance across both the
hospitality and unattended retail markets. The Board looks forward to the year
ahead with confidence.
James Dickson
Chairman
9 June 2026
Strategic Report
Smart Machines - Unattended Retail
The Smart Machines division performed resiliently during the year,
notwithstanding customers' estate rationalisation associated with the UK-wide
migration from 3G to 4G LTE connectivity.
The division's strategic focus on cashless payment, device management,
telemetry and recurring revenues has continued to strengthen the quality of
earnings, with high-margin subscription income now accounting for an increased
proportion of divisional turnover.
Divisional revenue was £5.90m (FY2025: £6.25m), with adjusted operating
profit of £2.03m (FY2025: £2.13m which included £0.24m of discontinued ERP
revenue). Importantly, recurring revenues increased materially, reaching 81%
of divisional revenues, compared with 75% in FY2025.
During the year, the Group secured 99 new contracts and completed 8 major
customer renewals, providing a healthy pipeline of future deployments and
underpinning long-term recurring income visibility.
The medium-term market opportunity remains substantial:
• The UK market is estimated at over 300,000 vending machines.
• The wider European market is estimated at over 3 million devices.
Connectivity penetration remains below 50% across these estates.
The Board believes that growing demand for telemetry, asset management,
payment services and operational analytics for increased productivity will
continue to support attractive long-term growth prospects for the division.
The Group's established commercial relationships with Elavon, Worldpay, NMI
and Attenda continue to strengthen the competitiveness of its unattended
payment proposition.
Smart Zones - Hospitality
The Hospitality division delivered another year of strong progress, with
growth across both revenue and operating profit.
Combined UK and US revenues increased by 6.4% to £9.59m, while operating
profit advanced by 7.7% to £4.51m, reflecting both top-line growth and
disciplined operational management.
The integration of Beverage Metrics continues to strengthen Vianet's strategic
positioning in hospitality analytics, beverage management and operational
insight, broadening the addressable market and enhancing the Group's
competitive differentiation.
The Group completed 448 new site installations during the year, while
maintaining a stable estate notwithstanding continued UK pub closures.
Importantly, the Group's enhanced analytics and insight capability is
generating broader engagement with hospitality operators beyond the
traditional leased and tenanted market, including with managed estate and
enterprise operators in both the UK and the US.
Vianet Americas
Vianet Americas ("VAI") made continued strategic and operational progress
during the year.
Losses reduced materially to £243k (FY2025: loss of £385k) as the business
continues its transition from investment phase towards commercial scale, with
growing revenues and an enhanced operating leverage profile.
The Board believes VAI is now firmly positioned within a substantial and
underpenetrated addressable market, with several key elements supporting
future growth:
• Access to approximately 382,000 licensed hospitality venues in the
United States.
• A strategic partnership with Fintech Inc., providing access to
more than 240,000 hospitality businesses including approximately 90% of major
US chain operators.
• Active enterprise relationships with Brinker, Margaritaville,
World of Beer, and recently announced major national chain.
• An integrated solution combining beverage inventory, draught
monitoring and analytics capabilities.
The Board remains appropriately measured regarding the pace of large-scale
deployment cycles within the US hospitality sector. However, customer
engagement, pilot activity and commercial discussions continue to progress
positively, and the pipeline of opportunities has strengthened.
The Board believes the US opportunity represents a significant medium-term
strategic growth driver for the Group and remains committed to disciplined
investment and prudent financial management as the business scales.
Financial Review
Revenue and Recurring Revenue
Group revenue increased to £15.50m (FY2025: £15.27m), reflecting continued
growth in higher-quality recurring income across both divisions.
Recurring revenues increased to £13.60m and now represent 88% of Group
revenues (FY2025: 86%), further demonstrating the increasing quality,
predictability and visibility of the Group's earnings.
Profitability
Adjusted EBITA increased to £3.61m (FY2025: £3.59m), while Group EBITDA
increased to £4.22m.
The Hospitality division continued to offset softer near-term conditions in
unattended retail, where a number of customers completed estate reviews
associated with the industry-wide 3G to 4G LTE migration. Group gross margin
remained robust at 68%, reflecting the resilience of the operating model.
Cash Generation and Balance Sheet
The Group delivered another year of strong cash generation, with post-working
capital cash generation representing 96% of EBITDA.
Year-end cash balances increased by 22% to £3.40m (FY2025: £2.78m), and the
Group moved into a net cash position of £0.44m at 31 March 2026, compared
with net debt of £0.38m at the prior year-end.
This balance sheet strength provides the Group with flexibility to:
• Continue to invest in product innovation and platform development.
• Support the ongoing expansion of Vianet Americas.
• Pursue selective opportunities in adjacent markets and verticals.
• Maintain a progressive shareholder return policy.
Dividend
During the year an interim dividend of 0.40p per share was paid on 28 January
2026 (H1 2025: 0.30p). The Board has additionally proposed a final dividend of
2.00p per share (FY2025: 1.00p), bringing the total dividend in respect of
FY2026 to 2.40p per share (FY2025: 1.30p), an increase of 84.6% on the prior
year.
Based on the year-end share price of 61.00p on 31 March 2026, the total
dividend represents a historical dividend yield of 3.93%, reflecting the
Board's confidence in the Group's recurring revenue base, strong cash
generation and positive medium-term prospects.
It remains the Board's intention to pursue a progressive dividend policy, with
the medium-term ambition of progressing the historical dividend yield towards
5% based on the year-end closing share price, while maintaining appropriate
dividend cover and balance sheet flexibility to support continued investment
in the Group's growth strategy.
Sarah Bentham
Chief Financial Officer
Outlook
The Board believes Vianet enters FY2027 in a materially stronger position than
in previous years.
The Group now benefits from:
• A growing base of high-quality recurring revenues.
• A net cash position and a robust balance sheet.
• Improved operational leverage across both divisions.
• Strengthened governance arrangements aligned with best market
practice.
• A successfully completed internal leadership succession.
• Growing commercial traction in the United States.
• Long-term, blue-chip customer relationships.
• Established and defensible positions in resilient specialist
markets.
While macroeconomic conditions remain uncertain, and deployment cycles can be
variable, particularly within larger hospitality groups, the Board believes
the Group's medium-term prospects remain strong.
The combination of expanding recurring revenues, a differentiated data and
analytics proposition, strong UK market positions, a scalable US opportunity,
disciplined financial management and strengthened operational leadership
provides a solid platform for continued progress.
The Board remains focused on delivering sustainable, profitable growth while
maintaining a measured approach to communication with shareholders -
continuing to under-promise and over-deliver.
Important Notice
Forward-looking Statements
This announcement contains certain forward-looking statements relating to the
business, financial performance and results of Vianet Group plc (the
"Company") and the industry in which the Company and its subsidiaries
(together, the "Group") operate. These statements may be identified by words
such as "expect", "anticipate", "estimate", "believe", "intend", "plan",
"may", "will", "should", "targets", "aim", "projects", "outlook", and similar
expressions, or by their context.
Forward-looking statements are based on the current beliefs, assumptions and
expectations of the Directors and on information currently available to them.
By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors, many of which are beyond the control of the
Company, that could cause the actual results, performance or achievements of
the Group to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors include, but are not limited to:
general economic, business and political conditions in the United Kingdom, the
United States and other markets in which the Group operates; changes in
customer demand and behaviour; the actions of competitors; technological
change and the pace of product innovation; the availability and cost of key
components and connectivity services; changes in regulation, taxation and
accounting standards; foreign exchange and interest rate fluctuations; the
ability to recruit and retain key personnel; and the outcome of pilot and
enterprise programmes, particularly those at an early stage of development.
Forward-looking statements speak only as at the date of this announcement.
Save as required by the AIM Rules for Companies, the Disclosure Guidance and
Transparency Rules, the UK Market Abuse Regulation, or other applicable law or
regulation, the Company expressly disclaims any obligation or undertaking to
update or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Nothing in this announcement should be construed as a profit forecast, profit
estimate, or an offer or invitation to subscribe for, underwrite, purchase or
otherwise acquire any securities of the Company.
Use of Alternative Performance Measures
This announcement contains certain Alternative Performance Measures ("APMs")
which are not defined or specified under the requirements of International
Financial Reporting Standards ("IFRS"). These include adjusted EBITA, adjusted
EBITDA, recurring revenue, cash conversion and net cash. The Directors believe
that these APMs provide additional useful information about the underlying
performance of the Group and assist comparability between reporting periods.
APMs are not a substitute for, or superior to, IFRS measures and should be
considered together with the audited financial statements of the Group.
Consolidated Statement of Comprehensive Income for the year ended 31 March
2026
Total Total
Before Exceptional 2026 Before Exceptional 2025
2026 Exceptional 2026 £000 2025 Exceptional 2025 £000
£000 £000 £000 £000
Note
Continuing operations
Gross Revenue
15,497 - 15,497 15,266 - 15,266
Rebates (264) - (264) (242) - (242)
Net Revenue 15,233 - 15,233 15,024 - 15,024
Revenue 15,233 - 15,233 15,024 - 15,024
Cost of sales (4,702) - (4,702) (4,603) - (4,603)
Gross profit 10,531 - 10,531 10,421 - 10,421
Administration and other operating expenses (6,918) (470) (7,388) (6,827) (192) (7,019)
Operating profit pre amortisation and share based payments 3,613 (470) 3,143 3,594 (192) 3,402
Intangible asset amortisation (2,245) - (2,245) (2,292) - (2,292)
Share based payments (80) - (80) (79) - (79)
Total administrative expenses (9,243) (470) (9,713) (9,198) (192) (9,390)
Operating Profit 1,288 (470) 818 1,223 (192) 1,031
Net finance costs (188) - (188) (349) - (349)
Other income 202 - 202 247 - 247
Profit before tax 1,302 (470) 832 1,121 (192) 929
Income tax charge 1 (422) - (422) (72) - (72)
Profit and other comprehensive income for the year
880 (470) 410 1,049 (192) 857
Earnings per share
Total
- Basic 3 1.43p 2.92p
- Diluted 3 1.43p 2.86p
Consolidated Balance Sheet at 31 March 2026
2026 2025
£000 £000
Assets
Non-current assets
Goodwill 17,856 17,856
Other intangible assets 4,644 5,253
Property, plant and equipment 3,245 3,379
Total non-current assets 25,745 26,488
Current assets
Inventories 1,272 1,503
Trade and other receivables 3,275 3,242
Cash and cash equivalents 3,395 2,777
7,942 7,522
Total assets 33,687 34,010
Equity and liabilities
Liabilities
Current liabilities
Trade and other payables 2,428 2,329
Leases 80 110
Borrowings 198 185
2,706 2,624
Non-current liabilities
Leases 2 47
Borrowings 2,762 2,974
Deferred tax liability 1,120 901
Contingent consideration 322 322
4,206 4,244
Equity attributable to owners of the parent
Share capital 2,842 2,900
Share premium account 11,770 11,770
Capital redemption reserve 128 75
Share based payment reserve 735 655
Merger reserve 818 818
Retained profit 10,482 10,924
Total equity 26,775 27,142
Total equity and liabilities 33,687 34,010
Consolidated Statement of Changes in Equity for the year ended 31 March 2026
Share capital Share premium Share Retained profit Total
account based
payment Capital Redemption Reserve
reserve Merger
reserve
At 1 April 2024 (as restated) 2,940 11,748 583 818 32 10,805 26,926
Share based payments - - 79 - - - 79
Share option forfeitures - - (7) - - 7 -
Dividends - - - - - (309) (309)
Share capital issued 3 22 - - - - 25
Shares cancelled (43) 43 (436) (436)
Transactions with owners (40) 22 72 - 43 (738) (641)
Profit and total comprehensive income for the year - - - - - 857 857
Total comprehensive income less owners transactions (40) 22 72 - 43 119 216
At 31 March 2025 2,900 11,770 655 818 75 10,924 27,142
At 1 April 2025 2,900 11,770 655 818 75 10,924 27,142
Share based payments - - 80 - - - 80
Dividends - - - - - (403) (403)
Share options purchased - - - - (5) - (5)
Shares cancelled (58) - - - 58 (449) (449)
Transactions with owners (58) - 80 - 53 (852) (777)
Profit and total comprehensive income for the year - - - - - 410 410
Total comprehensive income less owners transactions (58) - 80 - 53 (442) (367)
At 31 March 2026 2,842 11,770 735 818 128 10,482 26,775
Consolidated Cash Flow Statement for the year ended 31 March 2026
Note 2026
£000 2025
£000
Cash flows from operating activities
Profit for the year 410 857
Adjustments for
Net interest payable 232 404
Income tax charge (44) (55)
R&D tax credit (202) (247)
Income tax charge 422 72
Amortisation of intangible assets 2,245 2,292
Depreciation 608 541
Loss on impairment of property, plant and equipment and businesses 21 32
Share based payments 80 79
Operating cash flows before changes in working capital and provisions 3,772 3,975
Change in inventories 231 683
Change in receivables (33) 631
Change in payables 99 (678)
Operating cash flows post changes in working capital and provisions 297 636
Cash generated from operations 4,069 4,611
Income Taxes refunded - -
Net cash generated from operating activities 4,069 4,611
Cash flows from investing activities
Purchases of property, plant and equipment (495) (625)
Capitalisation of development costs (1,615) (1,657)
Purchases of intangible assets (21) (4)
Net cash used in investing activities (2,131) (2,286)
Cash flows from financing activities
Net interest payable (232) (404)
Net interest receivable 44 55
Repayment of leases (75) (123)
Issue of share capital - 25
Cancellation of shares (449) (436)
Share options purchased (5) -
Dividends paid (403) (309)
Repayments of borrowings (200) (178)
Net cash (used)/received in financing activities (1,320) (1,370)
Net increase in cash and cash equivalents 618 955
Cash and cash equivalents at beginning of year 2,777 1,822
Cash and cash equivalents at end of year 3,395 2,777
Notes to the financial statements
1. Taxation
Analysis of tax charge in year
2026
£000 2025
£000
Current tax expense
- Amounts in respect of the current year 205 247
- Amounts in respect of prior periods (3) -
202 247
Deferred tax charge:
- Amounts in respect of the current year 246 132
- Amounts in respect of prior periods (26) 71
Income tax charge 422 450
Reconciliation of effective tax rate
The tax for the 2026 year is the higher (2025: was lower) than the standard
rate of corporation tax in the UK 25% (2025: 25%). The differences are
explained below:
2026
£000 2025
£000
Profit before taxation 832 929
- Continuing operations
Profit before taxation multiplied by rate of corporation tax in the UK of 25% 208 232
(2025: 25%)
Effects of:
Other expenses not deductible for tax purposes 60 (92)
Fixed asset differences 19 -
Deferred tax provided for 172 (378)
Gains not provided for - 188
Adjustments for prior years (37) 71
Amortisation of intangible assets, Research and Development - 51
Total tax charge 422 72
2. Ordinary dividends
2026 2025
£000 £000
Final dividend for the year ended 31 March 2025 of 1.00p (year ended 31 March 290 221
2024: 0.75p)
Interim dividend paid in respect of the year of 0.40p (2025: 0.30p) 113 88
Amounts recognised as distributions to equity holders 403 309
In addition, the directors are proposing a final dividend in respect of the
year ended 31 March 2026 of 2.00p per share payable on 31 July 2026 to
shareholders on the register on 19 June 2026. Total dividend payable 2.40p
(2025: 1.40p).
3. Earnings per share
Earnings per share for the year ended 31 March 2026 was 1.43p (2025: 2.92p).
Basic earnings per share are calculated by dividing the earnings attributable
to ordinary shareholders being a profit of £410k (2024: £857k) by the
weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated on the basis of profit for the year
after tax divided by the weighted average number of shares in issue in the
year plus the weighted average number of shares which would be issued if all
the options granted were exercised.
2026
2025
Earnings Basic earnings per share Diluted earnings per share Earnings Basic earnings per share Diluted earnings per share
£000 £000
Post-tax profit attributable to equity shareholders 410 1.43p 1.43p 857 2.92p 2.86p
2026 2025
Number Number
Weighted average number of ordinary 28,614,526 29,329,080
shares
Dilutive effect of share options 67,544 596,339
Diluted weighted average number of ordinary shares 28,682,070 29,925,419
4. Exceptional items
2026 2025
£000 £000
Corporate activity 116 118
Recovered corporate costs - (5)
Staff transitional costs 353 64
3G Project (4G swap) 1 15
470 192
Corporate activity costs relate to fees paid to corporate advisors in respect
of prospective corporate evaluations.
Staff transitional costs relate to the transition of people and management to
ensure we have to succession and calibre of people on board to deliver the
strategic aims and aspirations of the Group.
5. Basis of preparation
In accordance with the Companies Act 2006, this preliminary report based on
the unaudited financial statements has been prepared and approved by the
Directors in accordance with UK adopted international accounting standards,
and in accordance with the AIM rules and is not therefore in full compliance
with IFRS. The company prepares its parent company financial statements in
accordance with FRS 101.
The financial information for the year ended 31 March 2026 does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. A copy
of the statutory accounts for that year has been delivered to the Registrar of
Companies. The independent auditors' report on the full financial statements
for the year ended 31 March 2026 was unqualified and did not contain an
emphasis of matter paragraph or any statement under section 498 of the
Companies Act 2006. This preliminary announcement does not constitute the
Group's full financial statements for the year ended 31 March 2026.
The Group's full financial statements will be approved by the Board of
Directors and reported on by the auditors on 8 June 2026. Accordingly, the
financial information for the year ended 31 March 2026 is presented unaudited
in the preliminary announcement.
The consolidated financial statements have been prepared on an historical cost
basis, except for derivative financial instruments that have been measured at
fair value. The consolidated financial statements are presented in pounds
sterling, and all values are rounded to the nearest hundred thousand,
expressed in millions to one decimal point, except when otherwise indicated.
The Directors have prepared this financial information on the fundamental
assumption that the Group is a going concern and will continue to trade for at
least 12 months following the date of approval of the financial information.
In determining whether the Group's accounts should be prepared on a going
concern basis the Directors have considered the factors likely to affect
future performance.
6. Notes supporting statement of cashflows
Borrowings Borrowings Total
due within due after £000
one year one year
£000 £000
Net debt at 31 March 2024 (177) (3,159) (3,336)
Cash flows (8) 185 177
Non cash-flows
- Interest accruing in the year - - -
Net debt at 31 March 2025 (185) (2,974) (3,159)
Cash flows (13) 211 198
Non cash-flows
- Interest accruing in the year - - -
Net debt at 31 March 2026 (198) (2,763) (2,961)
Cash and cash equivalents for the purpose of the statement of cash flows
comprises
2026 2025
£000 £000
Cash at bank available on 3,395 2,777
demand
Cash on hand - -
Adjusted net cash generation 3,395 2,777
Non- cash transactions from financing activities are shown in the
reconciliation of liabilities from financing transactions in Note 6.
7. Alternative Performance Measures
In the reporting of financial information, the Directors have adopted the APMs
"Adjusted operating (loss)/profit", "Adjusted operating cash generation", and
"Adjusted net cash generation", (APMs were previously termed 'Non-GAAP
measures'), which is not defined or specified under International Financial
Reporting Standards (IFRS).
These measures are not defined by IFRS and therefore may not be directly
comparable with other companies' APMS, including those in the Group's
industry. APMs should be considered in addition to, and are not intended to be
a substitute for, or superior to, IFRS measurements.
Purpose
The Directors believe that these APMs assist in providing additional useful
information on the underlying trends, performance and position of the Group.
These APMs are also used to enhance the comparability of information between
reporting periods and business units, by adjusting for non-recurring or
uncontrollable factors which affect IFRS measures, to aid the user in
understanding the Group's performance.
Consequently, APMs are used by the Directors and management for performance
analysis, planning, reporting and incentive setting purposes and this remains
consistent with the prior year. Adjusted APMs are used by the Group in order
to understand underlying performance and exclude items which distort
compatibility, as well as being consistent with public broker forecasts and
measures.
2026 2025
£000 £000
Operating profit (IFRS 818 1,031
measure)
Add back:
Amortisation charge 2,245 2,292
Share based payment charge 80 79
Exceptional items charge 470 192
Adjusted operating profit 3,613 3,594
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR EAPKPEFFKEFA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Vianet
See all newsREG - Vianet Group PLC - Final Results
AnnouncementRCS - Vianet Group PLC - Contract Renewal with Admiral Taverns
AnnouncementREG - Vianet Group PLC - Trading Update and Board Change
AnnouncementREG - Vianet Group PLC - Director/PDMR Shareholding
AnnouncementREG - Vianet Group PLC - USA Contract Win and Trading Update
Announcement