2 0 2 4
Results Presentation
31 December 2024
Andi Case & Jeff Woyda
10 March 2025
F I N A N C I A L R E S U L T S
Jeff Woyda
Chief Financial Officer & Chief Operating Officer
A YEAR OF RECORD
FINANCIAL PERFORMANCE.
2
Results summary
To 31 December
2 0 2 4 | 2 0 2 3 | ||
£ m | £ m | ||
Revenue | 661.4 | 639.4 | +3.4% |
Underlying profit before taxation | 115.3 | 109.2 | +5.6% |
(Before acquisition related costs) | |||
Acquisition related costs | (3.2) | (2.6) | |
Profit before taxation | 112.1 | 108.8 | +3.0% |
(after acquisition related costs) |
Underlying earnings per share | 286.9p | 275.0p | +4.3% |
(Before acquisition related costs) |
2024|Results Presentation | 3 |
Andi Case & Jeff Woyda|10 March 2025 | |
Segmental performance
Revenue, profit and margin
R e v e n u e R e v e n u e | P r o f i t | P r o f i t | M a r g i n M a r g i n | |||
2 0 2 4 | 2 0 2 3 | 2 0 2 4 | 2 0 2 3 | 2 0 2 4 | 2 0 2 3 | |
£ m | £ m | £ m | £ m | |||
Broking | 529.3 | 516.8 | 122.6 | 121.2 | 23.2% | 23.5% |
Financial | 42.6 | 44.1 | 5.2 | 6.6 | 12.2% | 15.0% |
Support | 65.0 | 56.6 | 7.7 | 6.4 | 11.8% | 11.3% |
Research | 24.5 | 21.9 | 9.5 | 8.4 | 38.8% | 38.4% |
2024|Results Presentation | 4 |
Andi Case & Jeff Woyda|10 March 2025 | |
USD v GBP Exchange Rate
GBP 1 is worth the following in USD
Year to | Year to | |||||
Dec | Dec | H1 | H2 | H1 | H2 | |
2024 | 2023 | 2024 | 2024 | 2023 | 2023 | |
Arithmetic average for the period | 1.2794 | 1.2459 | 1.2644 | 1.2945 | 1.2379 | 1.2539 |
Spot rate as at period end | 1.2574 | 1.2746 | 1.2637 | 1.2574 | 1.2648 | 1.2746 |
1.3500 | |||||||||||||||||||||||
1.3300 | |||||||||||||||||||||||
1.3100 | Half Ave | ||||||||||||||||||||||
1.2900 | |||||||||||||||||||||||
1.2700 | Half Ave | Year Ave | |||||||||||||||||||||
Half Ave | |||||||||||||||||||||||
1.2500 | |||||||||||||||||||||||
1.2300 | Half Ave | Year Ave | |||||||||||||||||||||
1.2100 | |||||||||||||||||||||||
1.1900 | |||||||||||||||||||||||
1.1700 | |||||||||||||||||||||||
1.1500 | 2023 | 2024 | |||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | ||
Jan FebMar AprMayJun Jul AugSep OctNovDecJan FebMar AprMayJun Jul AugSep OctNovDec | |||||||||||||||||||||||
Spot |
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Andi Case & Jeff Woyda|10 March 2025 | |
Balance Sheet
At 31 December
2 0 2 0 | 2 0 2 1 | 2 0 2 2 | 2 0 2 3 | 2 0 2 4 | |
£ m | £ m | £ m | £ m | £ m | |
Tangible fixed assets | 28.6 | 24.7 | 29.1 | 33.9 | 30.5 |
Intangible fixed assets (software only) | 15.6 | 17.1 | 15.1 | 14.9 | 11.9 |
Investments (relating to convertible bonds) | 5.5 | 0.7 | 0.4 | 0.2 | 0.2 |
Investments (other) | 2.9 | 1.0 | 1.2 | 1.3 | 1.9 |
52.6 | 43.5 | 45.8 | 50.3 | 44.5 | |
Working capital | 10.4 | 19.1 | 19.8 | 26.0 | 35.0 |
Net available funds | 95.4 | 122.3 | 161.7 | 201.3 | 243.7 |
105.8 | 141.4 | 181.5 | 227.3 | 278.7 | |
Pensions | 12.0 | 22.0 | 15.4 | 13.4 | 12.3 |
Deferred tax | 1.8 | (0.5) | 7.5 | 7.4 | 10.2 |
Leases | (11.1) | (10.9) | (10.8) | (9.8) | (10.7) |
Net assets before intangibles | 161.1 | 195.5 | 239.4 | 288.6 | 335.0 |
Intangibles (excluding software above) | 167.3 | 166.1 | 173.8 | 168.0 | 160.7 |
Net assets | 328.4 | 361.6 | 413.2 | 456.6 | 495.7 |
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Andi Case & Jeff Woyda|10 March 2025 | |
Net available funds and free cash resource
3 1 D e c e m b e r 3 1 D e c e m b e r | ||
2 0 2 4 | 2 0 2 3 | |
£ m | £ m | |
Cash and cash equivalents | 431.3 | 398.9 |
Interest-bearing loans and borrowing | - | - |
Current investment deposits | 62.0 | 39.9 |
Net cash equivalents | 493.3 | 438.8 |
Reserved for bonus (full cost) | (249.6) | (237.7) |
Net available funds | 243.7 | 201.1 |
Held by regulatory businesses | (27.4) | (25.7) |
Free cash resources | 216.3 | 175.4 |
2024|Results Presentation | 7 |
Andi Case & Jeff Woyda|10 March 2025 | |
Movement in free cash resources
1 January 2024 to 31 December 2024
2024|Results Presentation | 8 |
Andi Case & Jeff Woyda|10 March 2025 | |
10 Year Free Cash Resources & Underlying PBT
£216.3m | |||||||||||
£200.0m | |||||||||||
£175.4m | |||||||||||
£150.0m | |||||||||||
£130.9m | |||||||||||
£100.0m | £92.3m | £92.3m | |||||||||
£81.1m | |||||||||||
£68.8m | |||||||||||
£54.1m | £57.0m | ||||||||||
£47.3m | |||||||||||
£50.0m | £45.5m | ||||||||||
£0.0m | |||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
Free cash resources | Underlying PBT |
Free Cash resources are defined as :
Cash at bank & in hand, plus short-term investments being bank deposits > 90 days, less any loans and overdrafts, less accruals relating to total cost of bonuses outstanding, less cash held in regulated subsidiaries.
2024|Results Presentation | 9 |
Andi Case & Jeff Woyda|10 March 2025 | |
Forward Order Book (FOB)
For invoicing in the following year only
2 0 2 4 f o r 2 0 2 5 2 0 2 3 f o r 2 0 2 4
U S $ m | U S $ m | |
Directors' best estimate of deliverable FOB | 231 | 217 |
FOB @ 1st January for invoicing that year
240 | 231 | |
220 | 216 | 217 |
200 |
180 | 165 |
160 |
140
120116
100
2021 | 2022 | 2023 | 2024 | 2025 |
2024|Results Presentation | 10 |
Andi Case & Jeff Woyda|10 March 2025 | |