Key Performance Information: Half Year Results 2025/26
Strong growth
Revenue
+15%
£1,237m
(H1 24/25: £1,074m)
(H1 24/25: £1,074m)
EBIT1
+27%
margin: 22.8%
(H1 24/25: 20.7%)
(H1 24/25: 20.7%)
Revenue/EBIT1 excl. one-off3
+14%/+23%
margin: 22.3%
(+160bps)
(+160bps)
Continued strategic investment
R&D spend
£59m
4.8% of revenue
(H1 24/25: £54m; 5.0%4)
(H1 24/25: £54m; 5.0%4)
Acquisitions5
£129m
2 acquisitions
Cash conversion
79%
(H1 24/25: 108%)
Strong financial position and returns
Net debt to EBITDA
1.03x
(FY25: 0.97x)
ROTIC6
16.2%
(H1 24/25: 14.3%)
Interim dividend
+7%
9.63p
(H1 24/25: 9.00p)
(H1 24/25: 9.00p)
1: Adjusted2 EBIT. 2: Profit before amortisation and impairment of acquired intangibles, acquisition items, significant restructuring costs, profit or loss on disposal of operations, and impairment of associates. 3: As a result of the Nuvonic/FluidSmile transactions described in our results’ announcement, one-off revenue of £9.3m and profit of £8.6m were recognised in the current financial year. 4: As a percentage of revenues. 5: Maximum total consideration on a cash- and debt-free basis. 6: Return on Total Invested Capital.
