Final results for the year ended 31 December 2025

About this update from Facilities By Adf Plc

[{"type":"text","content":"\n \n 21 April 2026  \n Facilities by ADF plc \n   \n (\" Facilities by ADF \", \" ADF \", the \" Company \" or the \" Group \") \n   \n Final results for the year ended 31 December 2025 \n   \n Facilities by ADF, the leading provider of premium serviced production facilities to the UK film and high-end television (\"HETV\") industry announces its audited final results for the year ended 31 December 2025 (\"FY25\"). \n   \n Financial performance \n   \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Group Revenue \n \n \n 41.3 \n \n \n 35.2 \n \n \n \n \n Adjusted EBITDA \n \n \n 9.2 \n \n \n 7.2 \n \n \n \n \n Adjusted EBITDA % \n \n \n 22% \n \n \n 20% \n \n \n \n \n Profit / (Loss) for the year \n \n \n - \n \n \n (3.0) \n \n \n \n \n Earnings / (Loss) per share - basic \n \n \n 0.01 pence \n \n \n (3.42) pence \n \n \n \n \n Net Debt \n \n \n £12.3m \n \n \n £13.8m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n Financial performance \n   \n \n \n \n \n ·      \n \n \n Group Revenue increased 17% to £41.3m (FY24: £35.2m), reflecting the full‑year contribution from Autotrak and a stronger second‑half performance as activity levels and utilisation improved. \n \n \n \n \n ·      \n \n \n Adjusted EBITDA increased to £9.2m (FY24: £7.2m), with margin expansion driven by improved efficiencies and the contribution from Autotrak. \n \n \n \n \n ·      \n \n \n Net Debt reduced to £12.3m at the year-end (FY24: £13.8m), reflecting disciplined cash and capital management. \n \n \n \n \n ·      \n \n \n £5.0m Revolving Credit Facility (\"RCF\") secured post year-end to support working capital requirements as the Group grows. \n \n \n \n \n ·      \n \n \n An interim dividend of 0.3 pence per share was paid in January 2026. No final dividend is proposed to support investment into the Group's strategic priorities through organic growth and potential acquisition opportunities. \n \n \n \n \n   \n Operational highlights \n   \n \n \n \n \n ·      \n \n \n The Group supported 311 productions in the year (FY24: 295), a 5% increase, with activity weighted towards the second half as production schedules began to normalise. \n \n \n \n \n ·      \n \n \n Trusted by global leading content providers and independent producers including Netflix, Apple, Amazon MGM, NBC Universal, Sky, Disney, BBC, ITV, C5, HBO Max, C4 & Paramount \n \n \n \n \n ·      \n \n \n Delivered services for globally renowned productions including Black Doves, Ted Lasso, Dear England, The Witcher, Trigger Point, The Gentlemen, Rivals, The Forsyte Saga, Marvel's Vision Quest and Young Sherlock \n \n \n \n \n ·      \n \n \n Autotrak performed in line with Board expectations, contributing £9.3m of revenue in its first full year of ownership and benefiting from a more diversified customer base across construction, events and infrastructure markets. \n \n \n \n \n ·      \n \n \n The Group's non-film and HETV revenue was £3.9m (FY24: £2.0m), an increase of 96%. \n \n \n \n \n ·      \n \n \n Net Promoter Score rose to 89 (FY24: 88), reinforcing customer-first operational excellence. \n \n \n \n \n ·      \n \n \n Continued progress on improving operational efficiency, including fleet optimisation, and integration of the Group's businesses and cost discipline. \n \n \n \n \n   \n Outlook \n   \n \n \n \n \n ·      \n \n \n Q1 trading FY26 is in line with management expectations, with improving utilisation and a healthy pipeline across all three businesses. \n \n \n \n \n ·      \n \n \n FY26 expected to show similar second-half weighting to FY25, reflecting current production patterns. \n \n \n \n \n ·      \n \n \n The UK continues to attract strong global investment in film and HETV, for its world-class studios, facilities and highly skilled workforce. \n \n \n \n \n ·      \n \n \n Strategic priorities underway, focused on customer-centric growth, complementary business diversification and broadening ADF's client base to improve quality of earnings. \n \n \n \n \n ·      \n \n \n The Group is well-positioned with a new management team to execute on strategic priorities capitalise on the underlying industry drivers and diversified market opportunities. \n \n \n \n \n   \n Commenting, Chairman Russell Down, said: \n   \n \" FY25 was a transitional year for the Group. Following a slow start to the year as production delays continued to impact the industry, we delivered a significantly stronger second‑half performance as activity levels and utilisation improved. The full‑year contribution from Autotrak, alongside the actions we have taken to integrate the Group, improve efficiency and maintain cost discipline, together with the RCF secured post year end, have created a solid platform for growth. \n   \n \"With a refreshed leadership team now in place, with Nicola Pearcey joining the Group as CEO in January and Will Worsdell as CFO in March, we are well positioned to build on the foundations established during 2025 and to deliver sustainable, long‑term value for our shareholders.\" \n   \n   \n   \n For further enquiries: \n   \n \n \n \n \n Facilities by ADF plc \n Russell Down, Non-Executive Chairman \n Nicola Pearcey, Chief Executive Officer \n William Worsdell, Chief Financial Officer \n   \n \n \n via Alma Strategic Communications \n   \n \n \n \n \n Singer Capital Markets (Nomad and Broker) \n James Moat / Charles Leigh-Pemberton / Jalini Kalaravy \n   \n   \n \n \n Tel: +44 (0)20 7496 3000  \n \n \n \n \n Alma Strategic Communications \n Josh Royston \n Hannah Campbell \n Sarah Peters \n \n \n Tel: +44 (0)20 3405 0205 \n [email protected] \n \n \n \n \n   \n   \n \n \n   \n   \n Chair's Statement \n   \n Overview \n   \n FY25 was a transitional year for the Group, where we adapted to changing market conditions and refreshed the Board. I am pleased with our performance given these significant changes. \n   \n The year started slowly as production delays continued to impact the global film and HETV production pipeline. The Group delivered a stronger performance in the second half with profitability increasing significantly as activity levels and utilisation rates increased. \n   \n Production lead times remain shorter than in the past, which creates greater demand for agility and flexibility in service delivery. We remain well positioned to adapt to these evolving requirements, leveraging our scale and expertise to deliver solutions that balance client needs with disciplined margin protection. \n   \n The market continues to be more cost focused, taking advantage of excess capacity resulting in more competitive pricing structures. This particularly affects the core ADF and Location One businesses whilst Autotrak remains more resilient supported by a more diverse customer base, with projects in the construction, festival and events market. \n   \n Following my appointment as Executive Chair in July 2025 we prioritised: \n   \n \n \n \n \n ·      \n \n \n Integration of all Group companies in both Sales approach and back office functions, \n \n \n \n \n ·      \n \n \n Systems enhancements to provide more real time and consistent information, \n \n \n \n \n ·      \n \n \n Operational efficiency. \n \n \n \n \n   \n I am pleased to report that we have made progress in each of these three areas, with work continuing to optimise performance. We remain focused on protecting the strength of our balance sheet, supporting our customers, and securing long-term value for our shareholders. \n   \n Results \n   \n Revenue for the year was £41.3m an increase of 17% on the prior year (2024: £35.2m). The full year effect of the acquisition of Autotrak in 2024 contributed £9.3m to revenue (2024: £2.6m), with revenue in ADF and Location One broadly flat following a slower start to the year. \n   \n Adjusted EBITDA for the year grew 28% to £9.2m (2024: £7.2m) reflecting the full year effect of the Autotrak acquisition and operational improvements made during the year; adjusted PBT was £1.2m (2024: £0.1m). The Group incurred total exceptional costs in the year of £2.0m (2024: £3.0m), principally in relation to Board changes and an impairment charge to the carrying amount of fixed assets, offset by a reduction in the contingent consideration payable on the Autotrak acquisition. \n   \n Loss before tax, after exceptional items, was £0.8m (2024: Loss £2.8m). \n   \n Cash \n   \n Cash balances at 31 December 2025 were £2.2m (2024: £2.3m) with net debt (excluding IFRS 16 leases) reducing to £12.3m (2024: £13.8m). Debt balances principally relate to hire purchase contracts against the hire fleet. Subsequent to the year end the Group has put in place a three-year Revolving Credit Facility with its principal bankers HSBC. The facility is for £5m and is secured against the Group's assets. The facility will provide the Group with increased working capital and the ability to pursue organic growth opportunities. \n   \n Dividend \n   \n An interim dividend of 0.3 pence per share was paid on 30 January 2026 to shareholders on the register at close of business on 9 January 2026. The cash cost of the dividend was £0.3m. \n   \n The Directors are not recommending payment of a final dividend for the financial year to support investment into our strategic priorities through organic growth and potential acquisition opportunities. \n   \n Acquisitions and investments \n   \n During the previous financial year, the Group acquired Autotrak Portable Roadways for a maximum consideration of £21.3m, with the initial consideration of £10.0m funded by way of a share placing. The acquisition performed in line with our expectations during the year with reported gross profit of £4.9m (2024: £1.5m). Contingent consideration is payable to the vendors during May 2026. During the year, we have re-evaluated the earn-out consideration payable which has resulted in an exceptional credit of £3.4m.  The initial contingent consideration was based on stretch targets and, as a result, the business continues to perform in line with management expectations. \n   \n During the year, the Group made a capex investment of £2.3 million in Autotrak, which acquired a further 2,000 aluminium panels, increasing their overall capacity by 12%. The investment positions Autotrak to capitalise on strong end-market demand and high return on capital whilst further diversifying the Group's customer and product base. \n   \n The Group has ambitions to continue to grow organically through selective fleet investment and, at the appropriate time, value enhancing accretive acquisitions. \n   \n Board and People \n   \n This year has been one of change with a new Executive team now in place.  Marsden Proctor and Neil Evans left the business in July and October 2025 respectively. I would like to thank them both for their contribution to the Group. James Long was appointed Group Chief Operating Officer and joined the Board in September. \n   \n After a thorough search process, I was delighted to welcome Nicola Pearcey to the Board as Chief Executive Officer in January 2026. Nicola has significant experience in the film and HETV industry, most recently as the founder and CEO of   production and distribution consultancy Picnik Entertainment and was the former President of UK and Europe at Lionsgate (Film and TV).   She is a voting member of both BAFTA and the Academy of Motion Picture Arts and Sciences (Oscars) and also formerly worked for the Walt Disney Company and MGM Pictures.  I look forward to working closely with her in developing our growth strategy.  Will Worsdell joined the Board as Chief Financial Officer in March 2026 from Everyman Cinemas. \n   \n I assumed an Executive role in July 2025, and following Nicola Pearcey's appointment, returned to a Non-Executive role on 1 February 2026. I would like to thank all of my colleagues for their support during this transitional period. I continue to be impressed by our strong customer service ethos and would like to take this opportunity to thank all of our staff for their dedication and efforts during this year. \n   \n Outlook \n   \n Revenue and profitability to date in the current financial year are slightly ahead of the prior year. We have a strong pipeline of opportunities across all three businesses which we anticipate will result in a similar second half weighting to FY25. \n   \n The Group is well positioned to build on the foundations established during 2025. Shorter production lead times and a more cost-conscious market continue to drive demand for agility, flexibility, and reliable service delivery. With the combined capabilities of ADF, Autotrak, and Location One, and a new management team in place we will leverage our scale and expertise to meet evolving customer needs and capitalise on growth opportunities across film, HETV and adjacent markets to deliver disciplined, sustainable returns. \n   \n Russell Down \n Chair \n   \n   \n CEO Review \n   \n It is a privilege to present my first statement as Chief Executive Officer of Facilities by ADF plc (\"ADF\"). Although I only formally joined the Group in January 2026, I have spent considerable time engaging with our teams, customers, prospective clients and partners.  What has been immediately clear to me is the quality of our people, the strength of our market position in the UK's film and high-end television (\"HETV\") industry, and the excellence in our product and delivery across the Group. \n   \n ADF occupies a unique and highly respected position within the UK film and HETV industry. With a national footprint and deep regional focus and expertise, ADF brings together an extensive range of specialist capabilities that support productions to the highest degree of excellence. Our premium on-location facilities, specialist equipment hire, and ground access infrastructure are delivered with the highest degree of service from start to finish.  Our depth of long-standing customer relationships is testament to our excellence in delivery and provides a powerful platform for the next phase of growth. As we move forward, we will advance our integrated service offering across our family of companies, supporting our producing partners where it matters most. \n   \n I was drawn to ADF by its exceptional reputation, strong foundations and the significant opportunity ahead. Throughout my career I have operated across the full spectrum of business environments - from founder-led independents to publicly listed multinationals - mostly within the film and television industry, and in roles of increasing scale, complexity and responsibility. Empowering high-performing teams, identifying and executing growth opportunities, and building robust commercial strategy are disciplines I believe are key in delivering operational excellence, sustainable growth and optimal ROI. \n   \n I believe my experiences are directly aligned with ADF's origins and even more so, its priorities today. I am focused on building on the Company's excellent reputation to capture the full scale of the opportunity in front of us. \n   \n During the 2025 financial year, production schedules remained disrupted and project lead times shortened across the sector, reflecting broader industry dynamics. However, the foundations of our business remain solid, supported by improving activity levels which provide confidence for the year ahead. As the film and HETV industry evolves, we are continuing to ensure our existing partnerships are optimised, new partnerships and opportunities are forged, and that our cost base and utilisation levels are aligned to demand. At the same time, we are investing thoughtfully in capabilities, collaboration/integration and people to ensure we are solidified as the partner of choice across our industry. \n   \n As we look ahead, we will continue to strengthen our core offerings across the UK to ensure we deliver exceptional value for our customers and build on the capabilities that have defined ADF since inception both locally and nationally. Operational excellence remains central to our business, alongside capitalising on the expertise and experience of our talented team.  Sustainability is a vital component of our service offering and provides a further competitive advantage when maximised across our group of companies.  \n   \n Although the industry may have had a turbulent period started by the Writers Guild of America (\"WGA\") and Screen Actors Guild-American Federation of Television and Radio Artists (\"SAG-AFTRA\") strikes in May 2023, there is no doubt in my mind that the UK film and HETV industry remains extremely exciting. This is highlighted by the vast ongoing investments made by major global content creators and owners in UK infrastructure, reflecting the talent and specialist services available in this country. \n   \n In the past year alone, ADF has delivered services for globally renowned productions including Black Doves, Ted Lasso, Dear England, The Witcher, Trigger Point, The Gentlemen, Rivals, The Forsyte Saga, Marvel's Vision Quest and Young Sherlock.  This portfolio alone reflects the strength of ADF's market position - trusted by the world's largest content platforms and independent voices alike and consistently chosen due to our strength of fleet and exceptional service delivery. \n   \n I am genuinely excited to be leading ADF at this important stage in its development and am looking forward to the future with confidence and ambition. We have significant operational strength, a leading market position and great people, which will allow us to generate long term shareholder value. \n   \n Nicola Pearcey \n Chief Executive Officer \n   \n   \n CFO Review \n   \n Revenue grew by 17% in the year to £41.3m (FY24: £35.2m) while operating profit increased to £1.1m (FY24: operating loss £1.3m).  The results include the full year benefit of the acquisition of Autotrak, which completed in September 2024.  Underlying revenue growth in the year was 1% reflecting strong performance in the second half of the year offset by a slow first half where performance continued to be impacted by industry wide production delays. \n   \n \n \n \n \n Group P&L (£'m) \n \n \n H1-FY25 \n \n \n H2-FY25 \n \n \n FY25 \n \n \n H1-FY24 \n \n \n H2-FY24 \n \n \n FY24 \n \n \n \n \n CAD Services \n \n \n 10.8 \n \n \n 14.0 \n \n \n 24.8 \n \n \n 11.5 \n \n \n 13.4 \n \n \n 24.9 \n \n \n \n \n Location One \n \n \n 3.1 \n \n \n 4.1 \n \n \n 7.2 \n \n \n 3.6 \n \n \n 4.1 \n \n \n 7.7 \n \n \n \n \n Autotrak* \n \n \n 3.5 \n \n \n 5.8 \n \n \n 9.3 \n \n \n - \n \n \n 2.6 \n \n \n 2.6 \n \n \n \n \n Total Sales \n \n \n 17.4 \n \n \n 23.9 \n \n \n 41.3 \n \n \n 15.1 \n \n \n 20.1 \n \n \n 35.2 \n \n \n \n \n Cost of Sales \n \n \n (11.6) \n \n \n (14.1) \n \n \n (25.7) \n \n \n (9.8) \n \n \n (12.5) \n \n \n (22.3) \n \n \n \n \n Gross Profit \n \n \n 5.8 \n \n \n 9.8 \n \n \n 15.6 \n \n \n 5.3 \n \n \n 7.6 \n \n \n 12.9 \n \n \n \n \n % \n \n \n 33% \n \n \n 41% \n \n \n 38% \n \n \n 35% \n \n \n 38% \n \n \n 37% \n \n \n \n \n Administrative expenses \n \n \n (3.6) \n \n \n (2.8) \n \n \n (6.4) \n \n \n (2.8) \n \n \n (2.9) \n \n \n (5.7) \n \n \n \n \n Adjusted EBITDA \n \n \n 2.2 \n \n \n 7.0 \n \n \n 9.2 \n \n \n 2.5 \n \n \n 4.7 \n \n \n 7.2 \n \n \n \n \n % \n \n \n 13% \n \n \n 29% \n \n \n 22% \n \n \n 17% \n \n \n 23% \n \n \n 20% \n \n \n \n \n Exceptional admin credit/(expense) \n \n \n - \n \n \n 1.4 \n \n \n 1.4 \n \n \n - \n \n \n (2.8) \n \n \n (2.8) \n \n \n \n \n Share based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n (0.1) \n \n \n \n \n EBITDA \n \n \n 2.2 \n \n \n 8.4 \n \n \n 10.6 \n \n \n 2.4 \n \n \n 1.9 \n \n \n 4.3 \n \n \n \n \n Depreciation & amortisation \n \n \n (3.2) \n \n \n (3.3) \n \n \n (6.5) \n \n \n (2.6) \n \n \n (3.0) \n \n \n (5.6) \n \n \n \n \n Impairment of property, plant and equipment and right-of-use assets \n \n \n - \n \n \n (2.9) \n \n \n (2.9) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Amortisation of acquired intangibles \n \n \n - \n \n \n (0.1) \n \n \n (0.1) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Operating (Loss)/Profit \n \n \n (1.0) \n \n \n 2.1 \n \n \n 1.1 \n \n \n (0.2) \n \n \n (1.1) \n \n \n (1.3) \n \n \n \n \n Finance expenses \n \n \n (0.8) \n \n \n (0.7) \n \n \n (1.5) \n \n \n (0.8) \n \n \n (0.6) \n \n \n (1.4) \n \n \n \n \n Exceptional finance expenses \n \n \n (0.2) \n \n \n (0.2) \n \n \n (0.4) \n \n \n - \n \n \n (0.1) \n \n \n (0.1) \n \n \n \n \n (Loss)/Profit before tax \n \n \n (2.0) \n \n \n 1.2 \n \n \n (0.8) \n \n \n (1.0) \n \n \n (1.8) \n \n \n (2.8) \n \n \n \n \n Taxation credit/(charge) \n \n \n 0.9 \n \n \n (0.1) \n \n \n 0.8 \n \n \n (0.2) \n \n \n - \n \n \n (0.2) \n \n \n \n \n (Loss)/Profit after tax \n \n \n (1.1) \n \n \n 1.1 \n \n \n - \n \n \n (1.2) \n \n \n (1.8) \n \n \n (3.0) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends paid - (£'m) \n \n \n \n \n \n \n \n \n 0.5 \n \n \n   \n \n \n \n \n \n 1.3 \n \n \n \n \n Undiluted EPS - pence \n \n \n \n \n \n \n \n \n 0.01 \n \n \n \n \n \n \n \n \n (3.42) \n \n \n \n \n *NB Autotrak acquired Sept-24 \n   \n H1- FY25 \n   \n The market continued to be competitive during H1-FY25, with excess capacity and suppliers discounting to secure work.  H1-FY25 revenues were £17.4m (H2-FY24: £20.1m), a 13% reduction on H2-FY24, and reflected a slow Q1 for all the Group's businesses, predominately due to delays in production start dates carried over from Q4-FY24. \n   \n Gross margins reduced to 33% in H1-FY25 (H2-FY24: 38%; H1-FY24: 35%) as a result of competitive pressure on rental rates, together with rising costs including the increase in employers' national insurance rates in April 2025.  In addition, following the increase in the National Living Wage in April 2025, rates of pay were increased for base staff, to ensure pay rates remained competitive and to improve retention. \n   \n Depreciation and amortisation increased from £2.6m in H1-FY24 to £3.2m in H1-FY25. £0.5m of the increase related to depreciation in Autotrak, which was acquired in September 2024. \n   \n H2-FY25 \n   \n Activity levels improved significantly in H2-FY25 with Group revenues up 37% on H1-FY25. Gross margin increased to 41% (H1-FY25: 33%; H2-FY24: 38%) as the Group benefitted from increased trading activity and also the decision in May 2025 to decommission, and place into temporary storage, a proportion of the vehicle and trailer fleet, thus reducing maintenance and compliance costs. \n   \n Depreciation and amortisation was £3.3m during the period, broadly in line with H1-FY25 (£3.2m). \n   \n Revenue \n   \n The table below shows the revenue between the two main facilities hire categories, being main packages (pre-agreed before filming) and additional sales (during the course of filming), plus other miscellaneous sales. Revenue for Location One and Autotrak is shown separately. \n   \n \n \n \n \n Turnover £'m \n \n \n   \n \n \n H1-FY25 \n \n \n H2-FY25 \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Facilities - Main packages \n \n \n \n \n \n 7.0 \n \n \n 9.0 \n \n \n 16.0 \n \n \n 16.6 \n \n \n \n \n Facilities - Additional sales \n \n \n \n \n \n 3.8 \n \n \n 4.9 \n \n \n 8.7 \n \n \n 8.2 \n \n \n \n \n Facilities - Other income \n \n \n \n \n \n - \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.1 \n \n \n \n \n Facilities - Total \n \n \n   \n \n \n 10.8 \n \n \n 14.0 \n \n \n 24.8 \n \n \n 24.9 \n \n \n \n \n Location Equipment hire (Location One) \n \n \n 3.1 \n \n \n 4.1 \n \n \n 7.2 \n \n \n 7.7 \n \n \n \n \n Autotrak Portable Roadways (Autotrak) \n \n \n 3.5 \n \n \n 5.8 \n \n \n 9.3 \n \n \n 2.6 \n \n \n \n \n Total Revenue \n \n \n   \n \n \n 17.4 \n \n \n 23.9 \n \n \n 41.3 \n \n \n 35.2 \n \n \n \n \n Uplift on main packages % \n \n \n 54% \n \n \n 55% \n \n \n 55% \n \n \n 50% \n \n \n \n \n   \n Uplift, representing the increase in total facilities sales from the initial main packages, increased to 55% (FY24: 50%) during the year. \n   \n Revenue Mix \n   \n ADF worked on 311 productions (FY24: 295) during the year, a 5% increase on prior year.  ADF's multi-service offering strengthened in FY25, with 90 productions (FY24: 56) receiving services from two or more Group businesses, a 61% increase on the prior year.  Furthermore, 20 productions (FY24: 5) received services from all the Group's businesses. \n   \n The split of productions across the revenue bands is shown below: \n   \n \n \n \n \n Production value \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n £0 - £500k \n \n \n 291 \n \n \n 277 \n \n \n \n \n £500k - £1.0m \n \n \n 14 \n \n \n 14 \n \n \n \n \n £1.0m+ \n \n \n 6 \n \n \n 4 \n \n \n \n \n \n \n \n 311 \n \n \n 295 \n \n \n \n \n   \n   \n EBITDA \n   \n The Group measures performance based on EBITDA and Adjusted EBITDA. EBITDA is a common measure used by investors and analysts to evaluate the operating financial performance of companies. We consider EBITDA and Adjusted EBITDA to be useful measures of operating performance. EBITDA approximates the underlying operating cash flow by eliminating depreciation and amortisation. Adjusted EBITDA adds back any non-recurring or exceptional costs (\"adjusting items\"). EBITDA and Adjusted EBITDA are not direct measures of our liquidity, which is shown by our cash flow statement, and need to be considered in the context of our financial commitments. \n   \n Adjusted EBITDA increased by 28% to £9.2m (FY24: £7.2m), and Adjusted EBITDA margin increased from 20% to 22% mainly due to the contribution from the higher margin Autotrak business. \n   \n A reconciliation between operating profit and EBITDA is shown below: \n   \n \n \n \n \n £'m \n \n \n   \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Operating Profit/(Loss) \n \n \n 1.1 \n \n \n (1.3) \n \n \n \n \n Amortisation of acquired intangibles \n \n \n 0.1 \n \n \n - \n \n \n \n \n Impairment of property, plant and equipment and right-of-use assets \n \n \n 2.9 \n \n \n - \n \n \n \n \n Depreciation of property, plant and equipment and amortisation of non-acquisition intangibles \n \n \n 6.5 \n \n \n 5.6 \n \n \n \n \n EBITDA \n \n \n \n \n \n 10.6 \n \n \n 4.3 \n \n \n \n \n   \n A reconciliation between (loss)/profit before tax, operating profit and EBITDA, and their adjusted equivalents is shown below: \n   \n \n \n \n \n FY25 \n \n \n   \n \n \n (Loss)/profit before tax (£'m) \n \n \n Operating profit (£'m) \n \n \n EBITDA (£'m) \n \n \n \n \n Statutory Reported \n \n \n (0.8) \n \n \n 1.1 \n \n \n 10.6 \n \n \n \n \n Restructuring costs \n \n \n 2.0 \n \n \n 2.0 \n \n \n 2.0 \n \n \n \n \n Fair value gain in acquisition contingent consideration \n \n \n (3.4) \n \n \n (3.4) \n \n \n (3.4) \n \n \n \n \n Exceptional finance expenses \n \n \n 0.4 \n \n \n - \n \n \n - \n \n \n \n \n Impairment of property, plant and equipment and right-of-use assets \n \n \n 2.9 \n \n \n 2.9 \n \n \n - \n \n \n \n \n Amortisation of acquired intangibles \n \n \n 0.1 \n \n \n 0.1 \n \n \n - \n \n \n \n \n Adjusted Results \n \n \n 1.2 \n \n \n 2.7 \n \n \n 9.2 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n FY24 \n \n \n   \n \n \n (Loss)/profit before tax (£'m) \n \n \n Operating (loss)/profit (£'m) \n \n \n EBITDA (£'m) \n \n \n \n \n Statutory Reported \n \n \n (2.8) \n \n \n (1.3) \n \n \n 4.3 \n \n \n \n \n Impairment of goodwill \n \n \n 2.4 \n \n \n 2.4 \n \n \n 2.4 \n \n \n \n \n Fair value gain in acquisition contingent consideration \n \n \n (0.1) \n \n \n (0.1) \n \n \n (0.1) \n \n \n \n \n Exceptional finance expense \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n \n \n Expenses in respect of acquisitions \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.5 \n \n \n \n \n Share based payment expense \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.1 \n \n \n \n \n Adjusted Results \n \n \n 0.2 \n \n \n 1.6 \n \n \n 7.2 \n \n \n \n \n   \n   \n Adjusting Items \n   \n Restructuring costs, being one-off and non-recurring costs associated with Group integration and restructuring activities, are a key component of delivering shareholder value by increasing returns on acquired businesses.  \n   \n Restructuring costs totalled £2.0m in the year (FY24: £nil) and consist of: \n   \n \n \n \n \n ·      \n \n \n £1.2m costs associated with restructuring the Board and Executive management team. \n \n \n \n \n ·      \n \n \n £0.5m costs relating to integration programs across the Group, such as the cost of duplicated staff roles and the redundancy cost of implementing the post completion staff structures. \n \n \n \n \n ·      \n \n \n £0.3m property costs predominately relating to dilapidations incurred as a result of property mergers across the Group. \n \n \n \n \n   \n An impairment to property, plant and equipment and right-of-use assets of £2.9m (FY24: £nil) was charged following a periodic review of the carrying value of Hire Fleet and Motor Vehicle assets against market rates. The adjustment to the carrying value of the assets has been treated as an adjusting item due to its one-off nature. \n   \n Exceptional finance expenses of £0.4m (FY24: £0.1m) relate to the non-cash unwinding of the discount applied to contingent consideration to reflect the time value of money. Therefore, it is not considered part of the underlying trading of the Group. \n   \n A £3.4m gain (FY24: £0.1m) was recognised in relation to a reduction in the contingent consideration payable on the Autotrak acquisition, which is considered part of the Group's investing activities. \n   \n £0.1m (FY24: £nil) of amortisation was recognised on intangible assets arising on business combinations and are not considered part of the underlying trading of the Group.  \n   \n £nil impairment to Goodwill was recognised during the financial year. In the prior year an impairment charge of £2.4m (FY25: £nil) was recognised in respect of Location 1 Group Ltd due to uncertainty around Location One's short-term revenue growth due to impacts of the WGA and SAG-AFTRA strikes impacting productions from July 2023 through to late Autumn 2023. \n   \n In the prior year acquisition costs of £0.5m (FY25: £nil) were incurred relating to professional fees and transaction costs incurred on completion of the Autotrak acquisition in FY24. \n   \n Share based payments (FY25: £nil; FY24: £0.1m) relate to options granted to certain executive directors in Facilities by ADF Plc and Location One Limited in FY24. Since these are non-cash charges they are excluded from adjusted profit measures to better understand the long-term performance of our underlying business. \n   \n Tax \n   \n UK corporation tax was £0.8m credit (FY24: £0.2m charge) and is calculated at 25% (FY24: 25%) of the estimated assessable profit for the year. \n   \n Dividend & Earnings Per Share \n   \n The Company declared a final dividend of 0.50 pence per share in June 2025 in relation to the year ended 31 December 2024.  The total dividend for FY24 amounted to 1.0 pence per share (FY24: 1.4 pence). \n   \n In October 2025, the Board declared an interim dividend of 0.30 pence per share in respect of the six months ended 30 June 2025 (the \"Interim Dividend\"), which was paid in January 2026. \n   \n The Board has chosen not to pay a final dividend for FY25 in order to support investment into our strategic priorities though organic growth and potential acquisition opportunities. \n   \n Basic earnings per share for FY25 was 0.01 pence per share (FY24: (3.42) pence per share). \n   \n Capital expenditure \n   \n During FY25 capital expenditure, representing additions to property, plant and equipment together with hire fleet and motor vehicles disclosed as right-of-use assets, totalled £4.2m (FY24: £3.4m), of which £2.3m related to Autotrak, increasing their overall capacity by c.12%. \n   \n Cash Flow, Funding & Net Debt \n   \n During FY25, ADF financed £3.2m capex by hire purchase (FY24: £4.9m).  The majority of the funding was with two providers, PACCAR Finance, the in-house finance company for DAF vehicles, and HSBC. \n   \n Interest rates on new hire purchase contracts in FY25 continued to slowly decrease in line with the Bank of England base rate and averaged 6.4% across FY25 (FY24: 6.8%). Total hire purchase repayments including interest were £5.6m (FY24: £6.0m) million. In addition, new property leases with an inception value of £1.5m (FY24: £0.7m) were entered into during the year, which included the renewal of the lease for ADF's primary depot in Longcross. \n   \n In April 2025, a six month-overdraft facility of £1.0m with HSBC, was put in place to provide additional working capital as business activity increased over the summer season. In October 2025, the facility was extended until July 2026. \n   \n In April 2026, the Group entered into a £5.0m, 3-year, RCF facility with HSBC, replacing the existing overdraft facility.   Under the terms of the facility the Group will be required to meet quarterly covenant tests in respect of leverage and an annual covenant test in respect of interest cover. The facility will provide sufficient headroom for the Group to meet working capital and organic growth requirements. In addition, in February 2026 a further £0.7m of existing assets were placed on to a new 5 year hire purchase agreement, and certain existing hire purchase agreements were extended from 5 to 7 years which will result in an annualised cash flow benefit of c.£0.8m. \n   \n Net debt, excluding IFRS 16 leases, at the end of FY25 was £12.3m (FY24: £13.8m). Hire purchase liabilities reduced to £14.5m at the end of FY25 (FY24: £16.1m) reflecting the completion of hire purchase agreements during the year. Cash at bank at the end of FY25 was marginally lower than at the end of FY24 (FY25: £2.2m; FY24: £2.3m). \n   \n William Worsdell \n Chief Financial Officer \n   \n   \n   \n Consolidated Statement of Comprehensive Income \n   \n   \n   \n   \n   \n   \n   \n   \n \n \n \n \n \n \n \n   \n   \n   \n Note \n \n \n   \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n   \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 3 \n \n \n \n \n \n 41.3 \n \n \n \n \n \n 35.2 \n \n \n \n \n Cost of sales \n \n \n \n \n \n \n \n \n (25.7) \n \n \n \n \n \n (22.3) \n \n \n \n \n Gross profit \n \n \n \n \n \n \n \n \n 15.6 \n \n \n \n \n \n 12.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Administrative expenses \n \n \n 5 \n \n \n \n \n \n (12.9) \n \n \n \n \n \n (11.3) \n \n \n \n \n Exceptional administrative expenses \n \n \n 5 \n \n \n \n \n \n (1.6) \n \n \n \n \n \n (2.9) \n \n \n \n \n Operating profit/(loss) \n \n \n \n \n \n \n \n \n 1.1 \n \n \n \n \n \n (1.3) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance expense \n \n \n 9 \n \n \n \n \n \n (1.5) \n \n \n \n \n \n (1.4) \n \n \n \n \n Exceptional finance expenses \n \n \n 9 \n \n \n \n \n \n (0.4) \n \n \n \n \n \n (0.1) \n \n \n \n \n Loss before taxation \n \n \n \n \n \n \n \n \n (0.8) \n \n \n \n \n \n (2.8) \n \n \n \n \n Taxation credit/(charge) \n \n \n 10 \n \n \n \n \n \n 0.8 \n \n \n \n \n \n (0.2) \n \n \n \n \n Profit/(loss) for the year \n \n \n \n \n \n   \n \n \n - \n \n \n \n \n \n (3.0) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income for the year \n \n \n \n \n \n   \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n Total other comprehensive profit/(loss) \n \n \n \n \n \n   \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share for profit/(loss) attributable to the owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic profit/(loss) per share (Pence) \n \n \n 12 \n \n \n \n \n \n 0.01 \n \n \n \n \n \n (3.42) \n \n \n \n \n Diluted profit/(loss) per share (Pence) \n \n \n 12 \n \n \n \n \n \n 0.01 \n \n \n \n \n \n (3.42) \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n   \n   \n \n \n   \n Consolidated Statement of Financial Position \n \n \n \n \n    \n \n \n Note \n \n \n   \n \n \n As at \n 31 December 2025 \n £'m \n \n \n   \n \n \n As at \n 31 December 2024 \n £'m \n \n \n \n \n \n \n Assets \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n 13 \n \n \n \n \n \n 1.0 \n \n \n \n \n \n 0.7 \n \n \n \n \n Trade and other receivables \n \n \n 17 \n \n \n \n \n \n 3.5 \n \n \n \n \n \n 3.1 \n \n \n \n \n Cash and cash equivalents \n \n \n 18 \n \n \n \n \n \n 2.2 \n \n \n \n \n \n 2.3 \n \n \n \n \n Total current assets \n \n \n \n \n \n \n \n \n 6.7 \n \n \n \n \n \n 6.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 15 \n \n \n \n \n \n 14.5 \n \n \n \n \n \n 15.3 \n \n \n \n \n Right-of-use assets \n \n \n 16 \n \n \n \n \n \n 29.9 \n \n \n \n \n \n 32.3 \n \n \n \n \n Intangible assets \n \n \n 14 \n \n \n \n \n \n 20.1 \n \n \n \n \n \n 20.5 \n \n \n \n \n Total non-current assets \n \n \n \n \n \n \n \n \n 64.5 \n \n \n \n \n \n 68.1 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n \n \n \n 71.2 \n \n \n \n \n \n 74.2 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 19 \n \n \n \n \n \n 6.3 \n \n \n \n \n \n 4.3 \n \n \n \n \n Lease liabilities \n \n \n 16 \n \n \n \n \n \n 7.8 \n \n \n \n \n \n 5.2 \n \n \n \n \n Corporation tax \n \n \n 10 \n \n \n \n \n \n - \n \n \n \n \n \n 0.5 \n \n \n \n \n Total current liabilities \n \n \n \n \n \n \n \n \n 14.1 \n \n \n \n \n \n 10.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 16 \n \n \n \n \n \n 16.9 \n \n \n \n \n \n 20.3 \n \n \n \n \n Contingent consideration \n \n \n 20 \n \n \n \n \n \n 3.5 \n \n \n \n \n \n 6.5 \n \n \n \n \n Deferred tax liabilities \n \n \n 10 \n \n \n \n \n \n 3.5 \n \n \n \n \n \n 3.7 \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n \n \n \n 23.9 \n \n \n \n \n \n 30.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n \n \n \n 38.0 \n \n \n \n \n \n 40.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Assets \n \n \n \n \n \n \n \n \n 33.2 \n \n \n \n \n \n 33.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Called up share capital \n \n \n 22 \n \n \n \n \n \n 1.1 \n \n \n \n \n \n 1.1 \n \n \n \n \n Share premium \n \n \n 23 \n \n \n \n \n \n 25.2 \n \n \n \n \n \n 25.2 \n \n \n \n \n Share based payment reserve \n \n \n 23 \n \n \n \n \n \n 1.5 \n \n \n \n \n \n 1.5 \n \n \n \n \n Merger reserve \n \n \n 23 \n \n \n \n \n \n 2.7 \n \n \n \n \n \n 2.7 \n \n \n \n \n Retained earnings \n \n \n 23 \n \n \n \n \n \n 2.7 \n \n \n \n \n \n 3.2 \n \n \n \n \n Total equity \n \n \n \n \n \n \n \n \n 33.2 \n \n \n \n \n \n 33.7 \n \n \n \n \n   \n \n \n   \n Company Statement of Financial Position \n \n \n \n \n    \n \n \n Note \n \n \n   \n \n \n As at \n 31 December 2025 \n £'m \n \n \n   \n \n \n As at \n 31 December 2024 \n £'m \n \n \n \n \n \n \n Assets \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n 17 \n \n \n \n \n \n 0.3 \n \n \n \n \n \n 0.4 \n \n \n \n \n Amounts due from subsidiaries \n \n \n 17 \n \n \n \n \n \n 11.0 \n \n \n \n \n \n 10.8 \n \n \n \n \n Total current assets \n \n \n \n \n \n \n \n \n 11.3 \n \n \n \n \n \n 11.2 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investment in subsidiaries \n \n \n 21 \n \n \n \n \n \n 35.2 \n \n \n \n \n \n 35.7 \n \n \n \n \n Deferred tax assets \n \n \n 10 \n \n \n \n \n \n 0.8 \n \n \n \n \n \n 0.8 \n \n \n \n \n Total non-current assets \n \n \n \n \n \n \n \n \n 36.0 \n \n \n \n \n \n 36.5 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n \n \n \n 47.3 \n \n \n \n \n \n 47.7 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 19 \n \n \n \n \n \n 0.2 \n \n \n \n \n \n 0.1 \n \n \n \n \n Amounts due to subsidiaries \n \n \n 19 \n \n \n \n \n \n 1.5 \n \n \n \n \n \n 4.5 \n \n \n \n \n Total current liabilities \n \n \n \n \n \n \n \n \n 1.7 \n \n \n \n \n \n 4.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Contingent consideration \n \n \n 20 \n \n \n \n \n \n 3.5 \n \n \n \n \n \n 6.5 \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n \n \n \n 3.5 \n \n \n \n \n \n 6.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n \n \n \n                   5.2 \n \n \n \n \n \n 11.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Assets \n \n \n \n \n \n \n \n \n 42.1 \n \n \n \n \n \n 36.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Called up share capital \n \n \n 22 \n \n \n \n \n \n 1.1 \n \n \n \n \n \n 1.1 \n \n \n \n \n Share premium \n \n \n 23 \n \n \n \n \n \n 25.2 \n \n \n \n \n \n 25.2 \n \n \n \n \n Share based payment reserve \n \n \n 23 \n \n \n \n \n \n 1.5 \n \n \n \n \n \n 1.5 \n \n \n \n \n Merger reserve \n \n \n 23 \n \n \n \n \n \n 11.1 \n \n \n \n \n \n 11.1 \n \n \n \n \n Retained earnings \n \n \n 23 \n \n \n \n \n \n 3.2 \n \n \n \n \n \n (2.3) \n \n \n \n \n Total equity \n \n \n \n \n \n \n \n \n 42.1 \n \n \n \n \n \n 36.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n Consolidated Statement of Changes in Equity \n \n \n \n \n \n \n \n   \n   \n   \n   \n Note \n \n \n   \n Called Up Share Capital \n £'m \n \n \n   \n   \n Share Premium \n £'m \n \n \n Share Based Payment Reserve \n £'m \n \n \n   \n   \n Merger Reserve \n £'m \n \n \n   \n   \n Retained Earnings \n £'m \n \n \n   \n   \n Total Equity \n £'m \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Balance at 1 January 2024 \n \n \n \n \n \n 0.8 \n \n \n 15.6 \n \n \n 1.4 \n \n \n (0.4) \n \n \n 7.6 \n \n \n 25.0 \n \n \n \n \n Comprehensive Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (3.0) \n \n \n (3.0) \n \n \n \n \n Transactions with owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares \n \n \n 22 \n \n \n 0.2 \n \n \n 10.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n 10.5 \n \n \n \n \n Business acquisition \n \n \n 22 \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n 3.1 \n \n \n - \n \n \n 3.2 \n \n \n \n \n Costs of issue of shares \n \n \n \n \n \n - \n \n \n (0.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.7) \n \n \n \n \n Share based payment charge on long term incentive program \n \n \n 22 \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n \n \n Deferred tax on share options \n \n \n 10 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n (0.1) \n \n \n \n \n Dividends \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.3) \n \n \n (1.3) \n \n \n \n \n Balance at 31 December 2024 \n \n \n \n \n \n 1.1 \n \n \n 25.2 \n \n \n 1.5 \n \n \n 2.7 \n \n \n 3.2 \n \n \n 33.7 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 1 January 2025 \n \n \n \n \n \n 1.1 \n \n \n 25.2 \n \n \n 1.5 \n \n \n 2.7 \n \n \n 3.2 \n \n \n 33.7 \n \n \n \n \n Comprehensive Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Transactions with owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.5) \n \n \n (0.5) \n \n \n \n \n Balance at 31 December 2025 \n \n \n \n \n \n 1.1 \n \n \n 25.2 \n \n \n 1.5 \n \n \n 2.7 \n \n \n 2.7 \n \n \n 33.2 \n \n \n \n \n   \n Company Statement of Changes in Equity \n \n \n \n \n \n \n \n   \n   \n   \n   \n Note \n \n \n   \n   \n Called Up Share Capital \n £'m \n \n \n   \n   \n Share Premium \n £'m \n \n \n Share Based Payment Reserve \n £'m \n \n \n   \n   \n Merger Reserve \n £'m \n \n \n   \n   \n Retained Earnings \n £'m \n \n \n   \n   \n Total Equity \n £'m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Balance at 1 January 2024 \n \n \n \n \n \n 0.8 \n \n \n 15.6 \n \n \n 1.4 \n \n \n 8.0 \n \n \n 1.7 \n \n \n 27.5 \n \n \n \n \n Comprehensive Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Loss for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (2.6) \n \n \n (2.6) \n \n \n \n \n Transactions with owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of shares \n \n \n 22 \n \n \n 0.2 \n \n \n 10.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n 10.5 \n \n \n \n \n Business acquisition \n \n \n 22 \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n 3.1 \n \n \n - \n \n \n 3.2 \n \n \n \n \n Costs of issue of shares \n \n \n \n \n \n - \n \n \n (0.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.7) \n \n \n \n \n Share based payment charge on long term incentive program \n \n \n 22 \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n \n \n Deferred tax on share options \n \n \n 10 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n (0.1) \n \n \n \n \n Dividends \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.3) \n \n \n (1.3) \n \n \n \n \n Balance at 31 December 2024 \n \n \n \n \n \n 1.1 \n \n \n 25.2 \n \n \n 1.5 \n \n \n 11.1 \n \n \n (2.3) \n \n \n 36.6 \n \n \n \n \n   \n \n \n \n \n Balance at 1 January 2025 \n \n \n \n \n \n 1.1 \n \n \n 25.2 \n \n \n 1.5 \n \n \n 11.1 \n \n \n (2.3) \n \n \n 36.6 \n \n \n \n \n Comprehensive Income \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the year \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 6.0 \n \n \n 6.0 \n \n \n \n \n Transactions with owners \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.5) \n \n \n (0.5) \n \n \n \n \n Balance at 31 December 2025 \n \n \n \n \n \n 1.1 \n \n \n 25.2 \n \n \n 1.5 \n \n \n 11.1 \n \n \n 3.2 \n \n \n 42.1 \n \n \n \n \n   \n \n \n   \n Consolidated Statement of Cashflows \n \n \n \n \n   \n   \n   \n Cash flows from operating activities \n \n \n Note \n \n \n   \n \n \n Year ended \n 31 December 2025 \n             £m \n \n \n   \n \n \n Year ended \n 31 December 2024 \n             £'m \n \n \n \n \n Loss before taxation from continuing activities \n \n \n \n \n \n \n \n \n (0.8) \n \n \n \n \n \n (2.8) \n \n \n \n \n Adjustments for non-cash/non-operating items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and impairment of property, plant and equipment \n \n \n 15 \n \n \n \n \n \n 3.5 \n \n \n \n \n \n 2.1 \n \n \n \n \n Depreciation and impairment of right-of-use assets \n \n \n 16 \n \n \n \n \n \n 5.7 \n \n \n \n \n \n 3.3 \n \n \n \n \n Amortisation of intangible assets \n \n \n 14 \n \n \n \n \n \n 0.1 \n \n \n \n \n \n 0.1 \n \n \n \n \n Impairment of goodwill \n \n \n 14 \n \n \n \n \n \n - \n \n \n \n \n \n 2.4 \n \n \n \n \n Loss on disposal of property, plant and equipment \n \n \n 5 \n \n \n \n \n \n 0.3 \n \n \n \n \n \n 0.1 \n \n \n \n \n Loss on disposal of right of use assets \n \n \n 5 \n \n \n \n \n \n 0.8 \n \n \n \n \n \n 0.1 \n \n \n \n \n Share based payment charge \n \n \n 22 \n \n \n \n \n \n - \n \n \n \n \n \n 0.1 \n \n \n \n \n Fair value gain in acquisition contingent consideration \n \n \n 20 \n \n \n \n \n \n (3.4) \n \n \n \n \n \n (0.1) \n \n \n \n \n Finance expense \n \n \n 9 \n \n \n \n \n \n 1.9 \n \n \n \n \n \n 1.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 8.1 \n \n \n \n \n \n 6.8 \n \n \n \n \n Working capital adjustments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Increase in inventories \n \n \n 13 \n \n \n \n \n \n (0.3) \n \n \n \n \n \n (0.1) \n \n \n \n \n (Increase)/decrease in trade and other receivables \n \n \n 17 \n \n \n \n \n \n (0.4) \n \n \n \n \n \n 4.2 \n \n \n \n \n Increase in trade and other payables \n \n \n 19 \n \n \n \n \n \n 1.9 \n \n \n \n \n \n 0.8 \n \n \n \n \n Cash generated from operating activities \n \n \n \n \n \n \n \n \n 9.3 \n \n \n \n \n \n 11.7 \n \n \n \n \n Corporation tax \n \n \n 10 \n \n \n \n \n \n 0.2 \n \n \n \n \n \n (0.2) \n \n \n \n \n Net cash generated from operating activities \n \n \n \n \n \n \n \n \n 9.5 \n \n \n \n \n \n 11.5 \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 15 \n \n \n \n \n \n (1.6) \n \n \n \n \n \n (1.1) \n \n \n \n \n Purchase of intangible assets \n \n \n 14 \n \n \n \n \n \n - \n \n \n \n \n \n (0.1) \n \n \n \n \n Purchase of right-of-use assets [1]   \n \n \n \n \n \n \n \n \n (0.3) \n \n \n \n \n \n (0.2) \n \n \n \n \n Proceeds from sale of property, plant and equipment \n \n \n \n \n \n \n \n \n 0.3 \n \n \n \n \n \n - \n \n \n \n \n Cost of business acquisition \n \n \n 21 \n \n \n \n \n \n (0.2) \n \n \n \n \n \n (13.4) \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n \n \n \n (1.8) \n \n \n \n \n \n (14.8) \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proceeds from ordinary share issue \n \n \n 22 \n \n \n \n \n \n - \n \n \n \n \n \n 10.5 \n \n \n \n \n Cost of share issue \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n (0.7) \n \n \n \n \n Payments on lease liabilities \n \n \n 16 \n \n \n \n \n \n (5.8) \n \n \n \n \n \n (5.7) \n \n \n \n \n Interest paid on lease liabilities \n \n \n 9, 16 \n \n \n \n \n \n (1.5) \n \n \n \n \n \n (1.4) \n \n \n \n \n Interest on contingent consideration \n \n \n 9 \n \n \n \n \n \n - \n \n \n \n \n \n (0.1) \n \n \n \n \n Hire purchase re-financing [2] \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 0.8 \n \n \n \n \n Dividends paid \n \n \n 11 \n \n \n \n \n \n (0.5) \n \n \n \n \n \n (1.3) \n \n \n \n \n Net cash (used in)/generated from financing activities \n \n \n \n \n \n \n \n \n (7.8) \n \n \n \n \n \n 2.1 \n \n \n \n \n Net decrease in cash and cash equivalents \n \n \n \n \n \n \n \n \n (0.1) \n \n \n \n \n \n (1.2) \n \n \n \n \n Cash and cash equivalents at beginning of year \n \n \n \n \n \n \n \n \n 2.3 \n \n \n \n \n \n 3.5 \n \n \n \n \n Cash and cash equivalents at end of year \n \n \n 18 \n \n \n \n \n \n 2.2 \n \n \n \n \n \n 2.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Company Statement of Cashflows \n \n \n \n \n   \n \n \n Note \n \n \n   \n \n \n Year ended \n 31 December 2025 \n             £'m \n \n \n   \n \n \n Year ended \n 31 December 2024 \n             £'m \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit/(loss) before taxation from continuing activities \n \n \n \n \n \n \n \n \n 6.0 \n \n \n \n \n \n (2.6) \n \n \n \n \n Adjustments for non-cash/non-operating items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Impairment of investment \n \n \n 21 \n \n \n \n \n \n 0.7 \n \n \n \n \n \n 3.2 \n \n \n \n \n Fair value gain in acquisition contingent consideration \n \n \n 20 \n \n \n \n \n \n (3.4) \n \n \n \n \n \n (0.1) \n \n \n \n \n Finance costs \n \n \n \n \n \n \n \n \n 0.4 \n \n \n \n \n \n 0.1 \n \n \n \n \n Share based payment charge \n \n \n 22 \n \n \n \n \n \n - \n \n \n \n \n \n 0.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3.7 \n \n \n \n \n \n 0.7 \n \n \n \n \n Increase in trade and other receivables \n \n \n 17 \n \n \n \n \n \n - \n \n \n \n \n \n (0.1) \n \n \n \n \n Increase in trade and other payables \n \n \n 19 \n \n \n \n \n \n 0.2 \n \n \n \n \n \n - \n \n \n \n \n Net cash generated from operating activities \n \n \n \n \n \n \n \n \n 3.9 \n \n \n \n \n \n 0.6 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Acquisition of investment in subsidiary \n \n \n 21 \n \n \n \n \n \n (0.2) \n \n \n \n \n \n (13.6) \n \n \n \n \n (Outflows to)/inflows from subsidiaries \n \n \n 17 \n \n \n \n \n \n (0.2) \n \n \n \n \n \n 0.8 \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n \n \n \n (0.4) \n \n \n \n \n \n (12.8) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Outflows to)/inflows from subsidiaries \n \n \n 19 \n \n \n \n \n \n (3.0) \n \n \n \n \n \n 3.6 \n \n \n \n \n Proceeds from ordinary share issue \n \n \n 22 \n \n \n \n \n \n - \n \n \n \n \n \n 10.5 \n \n \n \n \n Cost of share issue \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n (0.6) \n \n \n \n \n Dividends paid \n \n \n 11 \n \n \n \n \n \n (0.5) \n \n \n \n \n \n (1.3) \n \n \n \n \n Net cash (used in)/generated from financing activities \n \n \n \n \n \n \n \n \n (3.5) \n \n \n \n \n \n 12.2 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net movement in cash and cash equivalents \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n Cash and cash equivalents at beginning of year \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n Cash and cash equivalents at end of year* \n \n \n 18 \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n *Cash and cash equivalents are rounded to the nearest £'m, as at 31December 2025 the cash held by the Company totalled £2k (2024: £2k). \n   \n Notes to the Financial Statements \n   \n 1       Accounting policies \n   \n 1.1       Basis of preparation \n   \n Facilities by ADF Plc (the \" Company'') and its subsidiaries (together, the \" Group'') is a public company limited by shares, incorporated, domiciled and registered in England and Wales in the UK. The registered number is 13761460 and the registered address is Ground Floor, 31 Oldfield Road, Bocam Park, Pencoed, Bridgend, United Kingdom, CF35 5LJ. \n   \n The consolidated and Company financial statements are for the year ended 31 December 2025. They have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the UK Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the use of fair value for financial instruments measured at fair value. The financial statements are presented in millions of pounds sterling (\"£m\") except where otherwise indicated. \n   \n The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to both the Company and the Group where applicable. The policies have been consistently applied to all the periods presented, unless otherwise stated. \n   \n For the year ended 31 December 2025, the following subsidiaries of the parent company are entitled to take exemptions from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies. \n   \n \n \n \n \n Subsidiary \n \n \n Company registered number \n \n \n \n \n CAD Services Limited \n \n \n 04533535 \n \n \n \n \n Location 1 Group Ltd \n \n \n 11786214 \n \n \n \n \n Location One Ltd \n \n \n 05949293 \n \n \n \n \n Autotrak Portable Roadways Limited \n \n \n 02999669 \n \n \n \n \n   \n The Company has provided a guarantee for all outstanding debts and liabilities to which the subsidiary companies listed above are subject at the end of the financial year, in accordance with Section 479C of the Companies Act 2006. \n   \n 1.2       Going concern \n   \n The Group's business activities together with the factors likely to affect its future development, performance, financial position, its cash flows, liquidity position, principal risks and uncertainties affecting the business are set out in the Strategic report on pages 5 to 22.  \n   \n The Group meets its day-to-day working capital requirements through cash generated from operations and its £5.0m revolving credit facility, which is due to expire in March 2029.  Details of the Group's borrowing facility is given in note 18 of the financial statements. \n   \n The Board have reviewed and discussed cash flow forecasts for the period to 31 December 2027, including the application of forecast sensitivities and management mitigating actions.  Following this review, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the next twelve months. Consequently the Group continues to adopt the going concern basis of accounting in preparing the annual financial statements.  \n   \n   \n 1.3       Changes in accounting policies \n   \n Standards, amendments and interpretations effective and adopted by the Group: \n   \n IFRSs applicable to the Financial Statements of the Group have been applied for the year ended 31 December 2025 as well as for the comparative period. The application of new or amended standards in these periods has had no material impact on the financial results or presentation. \n   \n Standards, amendments and interpretations issued but not yet effective: \n   \n The following standards are issued but not yet effective. The Group intends to adopt these standards, if applicable, when they become effective. It is not currently expected that these standards will have a material impact on the Group. The Group notes that whilst the revisions set out in IFRS 18 are not assessed as impacting the reported results or financial position of the Group, the layout and line items within the primary statements may vary when the IFRS becomes effective. This is a presentation matter only and does not affect recognition or measurement. \n   \n \n \n \n \n Standard \n \n \n Effective date \n \n \n \n \n Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments; and \n \n \n 1 January 2026 \n \n \n \n \n IFRS 18 - Presentation and Disclosure in Financial Statements* \n \n \n 1 January 2027 \n \n \n \n \n * Subject to EU endorsement \n \n \n \n \n \n \n \n   \n 1.4       Basis of consolidation \n   \n The consolidated financial statements incorporate the results of the Company and all of its subsidiary undertakings. The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair value. \n   \n Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the Group. \n   \n Subsidiaries \n Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date that control ceases. \n   \n Transactions eliminated on consolidation \n Intra-group balances, and any gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the financial information. Losses are eliminated in the same way as gains, but only to the extent that there is no evidence of impairment. \n   \n   \n 1.5       Revenue recognition \n   \n IFRS 15 \"Revenue from Contracts with Customers\" is a principle-based model of recognising revenue from contracts with customers. It has a five-step model that requires revenue to be recognised when control over goods and services are transferred to the customer. Revenue includes facilities rental incomes, and fees from the provision of services incidental to facilities. Revenue is measured at the fair value of consideration received or receivable, net of discounts, VAT, and sales taxes. \n   \n Revenue from all other services rendered is recognised proportionally over the period in which the facilities are rented out based on the terms of the contract. The stage of completion is assessed on the basis of the actual service provided (number of days of rental in the accounting period). \n   \n 1.6       Employee benefits: Pension obligations \n   \n The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. \n   \n The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. \n   \n 1.7       Net finance costs \n   \n Finance expense \n Finance expense comprises of interest payable and lease interest which are expensed in the period in which they are incurred and reported in finance costs. Debt issue costs are capitalised and amortised over the life of the associated facility. \n   \n Finance income \n Finance income relates to interest on bank deposits. \n   \n 1.8       Foreign currency translation \n   \n Transactions in foreign currencies are translated to Sterling (the currency of the primary economic environment in which the Group operates) at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income, within interest receivable and interest payable. \n   \n The consolidated and Company financial statements are presented in GBP, which is the Group's and Company's presentational currency. The functional currency of the Company is GBP. \n   \n 1.9       Current and deferred taxation \n   \n The tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity, respectively. \n   \n The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK where the Group and Company operates and generate taxable income. \n   \n Deferred tax balances are recognised in respect of all temporary differences that have originated but not reversed by the balance sheet date, except: \n   \n \n \n \n \n -       \n \n \n The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; \n \n \n \n \n -       \n \n \n Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and \n \n \n \n \n -       \n \n \n Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the Group and Company can control their reversal and such reversal is not considered probable in the foreseeable future. \n \n \n \n \n   \n Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. \n   \n 1.10     Property plant and equipment \n   \n Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. \n   \n Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance and straight-line methods. Depreciation is provided on the following basis: \n   \n \n \n \n \n Plant and machinery \n \n \n 25% reducing balance and 1 - 10 years straight-line \n \n \n \n \n Motor vehicles \n \n \n 10% reducing balance and 5 years straight-line \n \n \n \n \n Computer equipment \n \n \n 25% reducing balance \n \n \n \n \n Hire fleet \n \n \n 10% reducing balance \n \n \n \n \n Leasehold improvements \n \n \n 25% reducing balance \n \n \n \n \n   \n The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. During the financial year a detail review of Hire Fleet and Motor Vehicle market rates was conducted which concluded the 10% reducing balance estimation technique for depreciating these assets was no longer appropriate. An impairment of \n £2.9m to the carrying value of the assets has been charged to the profit and loss in FY25. \n   \n Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. \n   \n Assets under construction are those that are being built or developed with the intention of being used in the business operations of the Group. These assets are not depreciated until they are completed and ready to be used. Once an asset is completed, it is transferred to a separate class of asset in property, plant and equipment or right-of-use assets and is then subject to depreciation. This transfer is made at the point of time the asset is completed and is ready for use. \n   \n The cost of the asset under construction includes all costs directly attributable to bringing the asset to the condition necessary for it to be used for its intended purpose. These costs may include direct labour, direct materials, and other expenses incurred during the construction period. \n   \n 1.11     Impairment of assets \n   \n Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash‑generating unit (\"CGU\") to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non‑financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. \n   \n 1.12     Leased assets \n   \n The Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration at inception of a contract. \n   \n To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: an identified physically distinct asset can be identified; and the Group has the right to obtain substantially all of the economic benefits from the asset throughout the period of use and has the ability to direct the use of the asset over the lease term being able to restrict the usage of third parties as applicable. \n   \n All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \n   \n \n \n \n \n -       \n \n \n Leases of low value assets; and \n \n \n \n \n -       \n \n \n Leases with a duration of 12 months or less.  \n \n \n \n \n   \n Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group's incremental borrowing rate on commencement of the lease is used. \n   \n On initial recognition, the carrying value of the lease liability also includes: \n   \n \n \n \n \n -       \n \n \n amounts expected to be payable under any residual value guarantee; \n \n \n \n \n -       \n \n \n the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to access that option; and \n \n \n \n \n -       \n \n \n any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of the termination option being exercised. \n \n \n \n \n   \n Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: \n   \n \n \n \n \n -       \n \n \n lease payments made at or before commencement of the lease; \n \n \n \n \n -       \n \n \n initial direct costs incurred; and \n \n \n \n \n -       \n \n \n the amount of any provision recognised where the Group is contractually required to dismantle, remove, or restore the leased asset. \n \n \n \n \n   \n Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. In the case of hire purchase assets presented within right of use assets, the amortisation period is over the remaining useful economic life of the underlying asset. \n   \n 1.13     Cash and cash equivalents \n   \n Cash and cash equivalents comprises of cash at bank and in hand. The bank overdraft is repayable on demand and forms an integral part of cash management and is included as a component of cash and cash equivalents for the purpose of the cash flow statement. \n   \n 1.14     Financial instruments \n   \n Financial instruments are all financial assets and financial liabilities that comprise a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity and are detailed in notes to the accounts. \n   \n Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable (other than financial assets or liabilities at fair value through profit or loss) are added to or deducted from the fair value as appropriate, on initial recognition. \n   \n Financial assets and financial liabilities are offset, and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. \n   \n Financial assets \n The Group and Company's financial assets held at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated statement of financial position. These assets are non-derivative financial \n assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g., trade receivables), but also incorporate other types of financial assets where the objective is to hold their assets in order to collect contractual cash flows and the contractual cash flows are solely payments of the principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. \n   \n Impairment of financial assets \n Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. \n   \n Impairment provisions for other receivables are recognised based on the general impairment model within IFRS 9. In doing so, the Group follows the 3-stage approach to expected credit losses. Step 1 is to estimate the probability that the debtor will default over the next 12 months. Step 2 considers if the credit risk has increased significantly since initial recognition of the debtor. Finally, Step 3 considers if the debtor is credit impaired, following the criteria under IFRS 9. \n   \n The Group's financial liabilities held at amortised cost comprise trade payables and other short-dated monetary liabilities, and other borrowings in the consolidated statement of financial position. \n   \n Trade payables and other short-dated monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest rate method. \n   \n Other borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective \n interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. \n   \n For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding. \n   \n Unless otherwise indicated, the carrying values of the Group's and Company financial liabilities measured at amortised cost represents a reasonable approximation of their fair values. \n   \n Financial liabilities \n The Group and Company measures its financial liabilities at amortised cost. All financial liabilities are recognised in the statement of financial position when the Group and Company becomes a party to the contractual provision of the instrument. \n   \n 1.15     Share based payments \n   \n The Group issues equity-settled share-based incentives to certain employees in the form of share options. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant \n date is expensed in the Group's financial statements on a straight-line basis over the estimated vesting period, based on the estimate of shares that will eventually vest. \n   \n Employee share scheme \n Share options that have been issued by the Group have been valued under the Black Scholes model to evaluate any provision that may be required to set against the reserves of the Group. The share-based payment expense has been calculated and detailed per the notes to the financial statements. \n   \n Equity-settled share-based payments to employees are measured at the fair value of the equity instrument at the grant date. The fair value determined at grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserves.  \n   \n Long-term incentive plan \n The Group has a long-term incentive plan. Long term incentive options that have been issued by the Group have been reviewed under the Monte Carlo model to evaluate any provision that may be required to set against the reserves of the Group . The share-based payment expense has been calculated and detailed per the notes to the financial statements. There are conditions associated with the long-term incentive options issued which requires the fair value charge associated with the options to be allocated over the minimum vesting period. \n   \n 1.16     Provisions \n   \n Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Group becomes aware of the obligation and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. \n   \n Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. \n   \n 1.17     Dividends \n   \n Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. \n   \n 1.18     Operating segments \n   \n Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ('CODM'). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors of t he Group . The Group had three (2024: three) reporting segments, being Facilities by ADF (which represents all revenues and cost of sales generated from Facilities by ADF Plc and CAD Services Limited) , Location One (which represents all revenues and cost of sales generated from Location 1 Group Ltd and Location One Ltd) and Autotrak (which represents all revenues and cost of sales generated from Autotrak Portable Roadways Limited) during the year ending 31 December 2025. All revenues are from the hire of facilities and related services. \n   \n 1.19     Investments \n   \n Investments are stated at their cost less impairment losses. \n   \n 1.20     Inventories \n   \n Inventories are stated at the lower of cost or net realisable value. Net realisable value is the amount that can be realised from the sale of the inventory in the normal course of business after allowing for the costs of realisation. An allowance is recorded for obsolescence and slow-moving items. \n   \n Inventories held consist of stored goods to be used in the support of production vehicles and maintenance. \n   \n 1.21     Intangible assets \n   \n Goodwill is recorded as an intangible asset and is the surplus of the cost of acquisition over the fair value of identifiable net assets acquired. Goodwill is reviewed annually for impairment. Any impairment identified as a result of the review is charged in the statement of profit or loss. \n   \n Intangible assets acquired on business combinations are capitalised separately from goodwill at fair value on initial recognition. Intangible assets are amortised on a straight-line basis over their useful lives. \n   \n Intangible assets, including software, acquired separately from a business are capitalised at cost. They are subsequently accounted for at cost less amortisation and impairment. The useful life of all intangible assets is estimated to be 10 years. \n   \n The estimated useful lives, residual values, and amortisation method are reviewed at the end of each period. \n   \n 2       Critical accounting judgements and estimates \n   \n The preparation of the financial information in compliance with IFRS requires the use of certain critical accounting estimates. It also requires the Group management to exercise judgement and use assumptions in applying the Group's accounting policies. The resulting accounting estimates calculated using these judgements and assumptions will, by definition, seldom equal the related actual results but are based on historical experience and expectations of future events. Management believe that the estimates utilised in preparing the financial information are reasonable and prudent critical accounting judgements and estimates. \n   \n Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial information is discussed below: \n   \n Key accounting estimates and judgements \n   \n The following are the areas requiring the use of estimates and judgements that may significantly impact the financial information. \n Judgements \n Hire of equipment revenues constitute leases \n Any arrangement that is dependent on the use of a specific asset or assets should be accounted for as a lease under IFRS 16. The Directors have concluded that none of the Group contracts with customers include the use of an asset as substantive substitution rights exist throughout the period of use, whereby substitution would be economically beneficial to the Group. All revenues therefore are classified within the scope of IFRS 15. \n   \n Customer relationships \n During the prior year, the Group acquired 100% of the issued share capital in Autotrak Portable Roadways Limited (\"Autotrak\"). On completion, the fair value of the customer relationships was valued by management at £1.0m. The customer relationships were valued in line with IFRS 3, Business Combinations using the Multi-period Excess Earnings Method (''MEEM''). Management identified customer relationships as a significant value driver for Autotrak, and the MEEM was deemed the most appropriate valuation technique to reflect their contribution to future cash flows. Customer-related intangible assets, as defined under IFRS 3, encompass customer lists, order or production backlogs, customer contracts, and associated non-contractual customer relationships. These were all considered in the valuation process by management. The MEEM was calculated using key assumption within the valuation process, including the after-tax excess earnings attributable to the customer-related intangible asset. \n   \n Estimates \n Discount rates \n IFRS 16 states that the lease payments shall be discounted using the lessee's incremental borrowing rate where the rate implicit in the lease cannot be readily determined. Accordingly, all lease payments have been discounted using the incremental borrowing rate (IBR). The IBR has been determined by management using a range of data including current economic and market conditions, review of current debt and capital within the Group, lease length and comparisons against seasoned corporate bond rates and other relevant data points. Significant changes in IBR would cause changes to both the value of the right-of-use assets and corresponding lease liabilities. Sensitivity analysis has been performed on IBR rates in Note 16 of these financial statements. \n   \n Impairment of intangible assets \n Following the assessment of the recoverable amount of goodwill allocated to Location 1 Group Ltd to which goodwill of £7.2m was allocated on completion of the acquisition in the year ended 31 December 2022, the Directors consider the recoverable amount of goodwill allocated to Location 1 Group Ltd to be most sensitive to the achievement of the Group's long-term budget and projected forecasts. Budgets comprise forecasts of costs, and capital expenditure based on current and anticipated market conditions that have been considered and approved by the Board. Approved budgets cover the next twelve months, whilst the forecasted period extends to five years. The recoverable amount of Location 1 Group Ltd (a singular cash-generating unit) is determined based on a value in use calculation which uses cash flow projections based on the financial budgets and forecasted five-year period, using a pre-tax discount rate of 12.35% per annum. \n   \n The sensitivity analysis in respect of the recoverable amount of Location 1 Group Ltd goodwill is presented in Note 14. The Group recorded an impairment charge of £nil (2024: £2.4m) in the current year ended 31 December 2025. The impairment in the comparative period was due to the continued uncertainty around Location One's short-term revenue growth due to impacts of the WGA and SAG-AFTRA strikes impacting productions from July 2023 through to late Autumn 2023. \n   \n Following the acquisition of Autotrak in September 2024 an annual impairment review has also been conducted using the same methodology as outlined above and presented in Note 14, using a pre-tax discount rate of 15.44%. No indicators of impairment were identified during this review. \n   \n Contingent consideration \n During the prior year, the Group acquired 100% of the issued share capital in Autotrak. As at 31 December 2025, the contingent consideration was valued at £3.5m (2024: £6.5m). The contingent consideration is estimated by management using a range of probabilities to determine the potential payment of earn out over the consideration period and the expected results of Autotrak. If Autotrak meets all earn out criteria the maximum liability to the Group would be £8.2m payable over a three-year period in cash. Further, if none of the criteria are met then no payment of consideration would be due, giving no liability to the Company. No payments were made in respect of contingent consideration in the year (2024: £nil) as the first assessment period is for the twelve months ending December 2025. \n   \n 3       Revenue from contracts with customers  \n   \n All of the Group's revenue was generated from the provision of services in the UK in the year ended 31 December 2025 (2024: all). 2 platform customers make up 10% or more of revenue in the year ending 31 December 2025 (2024: 3). During the year management considered revenues derived from one source, being the hire of facilities (2024: one). \n   \n   \n Revenue from customer [3] \n \n \n \n \n \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n \n \n \n \n Customer 1 \n \n \n 7.1 \n \n \n 6.4 \n \n \n \n \n Customer 2 \n \n \n 6.1 \n \n \n 7.2 \n \n \n \n \n Customer 3 \n \n \n 3.6 \n \n \n 6.7 \n \n \n \n \n Customer 4 \n \n \n 3.4 \n \n \n 1.5 \n \n \n \n \n Customer 5 \n \n \n 2.9 \n \n \n 1.4 \n \n \n \n \n All other customers \n \n \n 18.2 \n \n \n 12.0 \n \n \n \n \n \n \n \n 41.3 \n \n \n 35.2 \n \n \n \n \n   \n Timing of transfer of goods or services \n \n \n \n \n \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n \n \n \n \n Services transferred over time \n \n \n 41.3 \n \n \n 35.2 \n \n \n \n \n \n \n \n 41.3 \n \n \n 35.2 \n \n \n \n \n   \n The following table provides information about contract liabilities with customers, there were no contract assets as at 31 December 2025 (2024: None): \n   \n \n \n \n \n \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n \n \n \n \n Deferred income \n \n \n 0.4 \n \n \n 0.4 \n \n \n \n \n   \n Revenue recognised in the year that was deferred from the previous year was £0.4m (2024: £nil). The contract liabilities relate to the deferred income in respect of facilities rented. Revenue is being recognised across the actual service provided (number of days of rental in the accounting period). \n   \n 4      Segmental reporting \n   \n The Group has three reporting segments, being Facilities by ADF (which represents all revenues and cost of sales generated from Facilities by ADF Plc and CAD Services Limited), Location One (which represents all revenues and cost of sales generated from Location 1 Group Ltd and Location One Ltd), and Autotrak (which represents all revenues and cost of sales generated from Autotrak Portable Roadways Limited) . Autotrak was acquired by the Group on 10 September 2024. Total assets and liabilities are not provided to the CODM in the Group's internal management reporting by segment and therefore are not presented below, information on segments is reported at a gross profit level only. Information about geographical revenue is disclosed in Note 3. All non-current assets are located in the UK. \n   \n \n \n \n \n    \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n   \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n Facilities by ADF \n \n \n 24.8 \n \n \n 24.9 \n \n \n \n \n \n \n \n Location One \n \n \n 7.2 \n \n \n 7.7 \n \n \n \n \n \n \n \n Autotrak \n \n \n 9.3 \n \n \n 2.6 \n \n \n \n \n \n \n \n \n \n \n 41.3 \n \n \n 35.2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cost of sales \n \n \n \n \n \n \n \n \n \n \n \n \n \n Facilities by ADF \n \n \n 16.8 \n \n \n 16.5 \n \n \n \n \n \n \n \n Location One \n \n \n 4.5 \n \n \n 4.7 \n \n \n \n \n \n \n \n Autotrak \n \n \n 4.4 \n \n \n 1.1 \n \n \n \n \n \n \n \n \n \n \n 25.7 \n \n \n 22.3 \n \n \n \n \n \n \n \n   \n \n \n \n \n Gross Profit \n \n \n 15.6 \n \n \n 12.9 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 5       Expenses by nature \n   \n Operating profit is stated after charging: \n \n \n \n \n \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 1.9 \n \n \n 2.1 \n \n \n \n \n Depreciation of right-of-use assets \n \n \n 4.4 \n \n \n 3.3 \n \n \n \n \n Amortisation of intangible assets \n \n \n 0.1 \n \n \n 0.1 \n \n \n \n \n Loss on disposal of property, plant and equipment \n \n \n 0.3 \n \n \n 0.1 \n \n \n \n \n Loss on disposal of right-of-use assets \n \n \n 0.8 \n \n \n 0.1 \n \n \n \n \n Social security costs in respect of options exercised \n \n \n - \n \n \n 0.1 \n \n \n \n \n Exceptional administrative expenses \n \n \n 1.6 \n \n \n 2.9 \n \n \n \n \n   \n Exceptional administrative expenses: \n \n \n \n \n    \n \n \n Year ended \n 31 December 2025 \n £'m \n \n \n Year ended \n 31 December 2024 \n £'m \n \n \n \n \n \n \n Restructuring costs \n \n \n 2.0 \n \n \n - \n \n \n \n \n Fair value gain in acquisition contingent consideration \n \n \n (3.4) \n \n \n (0.1) \n \n \n \n \n Impairment of property, plant and equipment and right-of-use assets \n \n \n 2.9 \n \n \n - \n \n \n \n \n Amortisation of acquired intangibles \n \n \n 0.1 \n \n \n - \n \n \n \n \n Impairment of goodwill \n \n \n - \n \n \n 2.4 \n \n \n \n \n Expenses in respect of acquisitions \n \n \n - \n \n \n 0.5 \n \n \n \n \n Share based payment expense \n \n \n - \n \n \n 0.1 \n \n \n \n \n \n \n \n 1.6 \n \n \n 2.9 \n \n \n \n \n   \n Exceptional expenses of £1.6m (FY24: £2.9m) relate to costs incurred by the Group which are either one-off, non-recurring or not related to the underlying operating activities of the Group. \n   \n Restructuring costs of £2.0m (FY24: £nil) relate to one-off and non-recurring costs associated with Group integration and restructuring activities. \n   \n A £3.4m gain (FY24: £0.1m) was recognised in relation to a reduction in the contingent consideration payable on the Autotrak acquisition, which is considered part of the Group's investing activities. \n   \n Impairment of property, plant and equipment and right-of-use assets of £2.9m (FY24: £nil) represents an adjustment to the carrying value of the assets. \n   \n £0.1m (FY24: £nil) was amortised on intangibles assets recognised on business combinations and are not considered part of the underlying trading of the Group.  \n   \n In the prior year an impairment charge to Goodwill of £2.4m (FY25: £nil;) was recognised in respect of Location 1 Group Ltd. \n   \n In the prior year acquisition costs of £0.5m (FY25: £nil) were incurred relating to professional fees and transaction costs incurred on completion of the Autotrak acquisition i...

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