Preliminary results for the year ended 31 Dec 2025

About this update from James Fisher And Sons Plc

[{"type":"text","content":"\n \n   \n   \n 12 March 2026 \n   \n James Fisher and Sons plc \n   \n Preliminary results for the year ended 31 December 2025 \n   \n Good financial and strategic progress in 2025; momentum building in 2026 \n   \n James Fisher and Sons plc (FSJ.L, \"James Fisher\", the \"Group\"), a leading marine services company providing innovative solutions across Defence, Energy and Maritime Transport, announces its full year results for the year ended 31 December 2025 ('the Period', \"FY2025\"). \n   \n Financial highlights \n \n \n \n \n ·      \n \n \n Revenue increased 4.3% to £377.2m* and underlying operating profit increased 56.3% to £28.6m* \n \n \n \n \n ·      \n \n \n Operating margin improved 250 bps to 7.6%*, driven by cost actions, Defence execution and recovery in previously underperforming businesses \n \n \n \n \n ·      \n \n \n Reported profit before tax of £4.3m (FY24 £54.0m, which included £54.9m from gain on disposals) \n \n \n \n \n ·      \n \n \n Net debt reduced in the year to £54.4m with covenant leverage at 1.3x, comfortably within target range \n \n \n \n \n ·      \n \n \n 250 bps improvement in return on capital employed* (\"ROCE\") to 8.6% \n \n \n \n \n   \n Strengthened capabilities to drive improved execution, alongside focus on generating sustainable growth \n \n \n \n \n ·      \n \n \n Good strategic progress on our multi-year business turnaround programme with further simplification of the portfolio \n \n \n \n \n ·      \n \n \n Continued benefits from operational and commercial restructuring, improving performance across all three Divisions \n \n \n \n \n ·      \n \n \n Improved execution and cost discipline delivered underlying* margin expansion across all Divisions \n \n \n \n \n ·      \n \n \n Strengthened Defence capabilities and execution capacity, resulting in a replenished orderbook and growing pipeline \n \n \n \n \n ·      \n \n \n Developed six new products and increased targeted development investment to support future growth \n \n \n \n \n ·      \n \n \n Disciplined investment and capital allocation are driving progress towards our 15% medium-term ROCE target \n \n \n \n \n   \n Momentum building, underpinned by largely supportive end markets \n \n \n \n \n ·      \n \n \n Defence demand remains supportive and increasingly aligned to our specialist capabilities \n \n \n \n \n ·      \n \n \n Energy market showing signs of structural recovery, but short-term Oil and Gas market conditions remain subject to volatility and geopolitical uncertainty \n \n \n \n \n ·      \n \n \n Maritime Transport markets to benefit from new build vessels delivery from 2027 and selective expansion in Fendercare \n \n \n \n \n ·      \n \n \n Focused on improving revenue quality through better commercials, delivery discipline and active portfolio management \n \n \n \n \n ·      \n \n \n Trading has started the year in line with management expectations; the Board remains confident in delivering further progress in 2026 \n \n \n \n \n   \n * Underlying adjusted for the impact of disposals and staged business closures \n   \n Jean Vernet, Chief Executive Officer, commented : \"I am encouraged by our continued progress through 2025 where a good second half performance allowed us to upgrade expectations; we made progress in accelerating our growth strategy while still maintaining our debt well within our leverage range.  \n   \n \"Throughout the year we followed our core principles resulting in a streamlined business portfolio, strengthened product base and international expansion. The turn-around of our Decommissioning business, improved volumes in Defence and the simplification of our portfolio through the staged closures of IRM businesses contributed to improved underlying profit margins and return on capital. \n   \n \"2025 was a turning point for James Fisher. It marked a year in which our efforts to focus, simplify and deliver have laid the groundwork for sustainable growth. Over the past three years, this approach has strengthened the Group, creating a more resilient business and a clearer platform from which we can unlock further opportunities. \n   \n \"As we move into the next chapter and focus on growth, we apply our specialist expertise and unique capabilities with rigorous execution and delivery discipline, improving the quality and visibility of revenue while continuing to invest in new products which bring innovative solutions that address our customers' biggest challenges, across our core geographies. \n                                                                                         \n \"Overall market conditions remain largely supportive, and 2026 trading has started in line with management expectations. Whilst early in the year and mindful of macroeconomic and geopolitical uncertainties, the Board remains confident of delivering continued progress in 2026, building further towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE. '' \n   \n \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n   \n \n \n \n \n Reported results \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Revenue (£m) \n \n \n 394.4 \n \n \n 437.7 \n \n \n -9.9% \n \n \n \n \n Operating profit (£m) \n \n \n 16.1 \n \n \n 73.1 \n \n \n -78.0% \n \n \n \n \n Profit before tax (£m) \n \n \n 4.3 \n \n \n 54.0 \n \n \n -92.0% \n \n \n \n \n Profit/(loss) for the year (£m) \n \n \n (4.3) \n \n \n 46.4 \n \n \n -109.3% \n \n \n \n \n Operating margin \n \n \n 4.1% \n \n \n 16.7% \n \n \n -1260 bps \n \n \n \n \n (Loss)/earnings per share \n \n \n (8.7) \n \n \n 92.0 \n \n \n n/a \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying results 1 \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Revenue (£m) \n \n \n 394.4 \n \n \n 437.7 \n \n \n -9.9% \n \n \n \n \n Operating profit (£m) \n \n \n 28.6 \n \n \n 29.5 \n \n \n -3.1% \n \n \n \n \n Profit before tax (£m) \n \n \n 15.3 \n \n \n 11.9 \n \n \n 28.6% \n \n \n \n \n Profit for the year (£m) 2 \n \n \n 10.3 \n \n \n 9.1 \n \n \n 13.2% \n \n \n \n \n Operating margin \n \n \n 7.3% \n \n \n 6.7% \n \n \n 60 bps \n \n \n \n \n Earnings per share 2 \n \n \n 20.2 \n \n \n 18.1 \n \n \n 11.6% \n \n \n \n \n Net debt \n \n \n 54.4 \n \n \n 56.1 \n \n \n -3.0% \n \n \n \n \n Net debt - covenant basis 3 \n \n \n 61.0 \n \n \n 61.0 \n \n \n n/a \n \n \n \n \n Return on capital employed 2 \n \n \n 8.2% \n \n \n 8.7% \n \n \n -50 bps \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Underlying adjusted (excluding disposals and staged closures) 4 \n \n \n 2025 \n \n \n 2024 \n \n \n Change \n \n \n \n \n Revenue (£m) \n \n \n 377.2 \n \n \n 361.7 \n \n \n 4.3% \n \n \n \n \n Operating profit (£m) \n \n \n 28.6 \n \n \n 18.3 \n \n \n 56.3% \n \n \n \n \n Operating margin \n \n \n 7.6% \n \n \n 5.1% \n \n \n 250 bps \n \n \n \n \n Return on capital employed \n \n \n 8.6% \n \n \n 6.1% \n \n \n 250 bps \n \n \n \n \n   \n 1 The Group uses a number of alternative (non-Generally Accepted Accounting Practice (non-GAAP)) performance measures (APMs) which are not defined within International Financial Reporting Standards (\"IFRSs\"). The APMs should be considered in addition to and not as a substitute for or superior to the information presented in accordance with IFRSs, as APMs may not be directly comparable with similar measures used by other companies. The APMs are described more fully and reconciled to GAAP performance measures in Note 2 of the consolidated financial statements . \n 2 The comparative numbers have been restated due to a revision in the calculation of the underlying effective tax rate, which removes certain non ‑ cash adjustments that previously affected the rate, leading to a reduction in the underlying effective tax rate as disclosed in Note 2.1. \n 3 Net debt - covenant basis includes guarantees and collateral deposits amounting to £6.6m (2024: £4.9m). \n 4 R evenue, operating profit/margin and ROCE excluding disposals are after the impact of RMSpumptools and Martek disposals. RMSpumptools was disposed of on 8 July 2024 and contributed £nil in revenue (2024: £24.2m) and £nil in operating profit (2024: £6.8m) with an average capital employed of £nil (2024: £11.4m). Martek was disposed of on 6 September 2024 and contributed £nil in revenue (2024: £7.5m) and £nil in operating profit (2024: £0.7m) and average capital employed of £nil (2024: £5.1m). Staged closures relate to the Inspection, Repair and Maintenance businesses in the Middle East and Africa, with closure activities commencing in April 2025. These businesses contributed £17.2m of revenue (2024: £44.3m) and generated £nil operating profit (2024: £3.7m) with an average capital employed of £10.4m (2024: £15.0m). \n   \n For further information: \n \n \n \n \n James Fisher and Sons plc \n Jean Vernet, Chief Executive Officer \n Karen Hayzen-Smith, Chief Financial Officer \n \n \n 020 7614 9503 \n   \n \n \n \n \n Alma Strategic Communications \n Justine James / Sam Modlin \n   \n \n \n 020 3405 0205 \n [email protected] \n \n \n \n \n   \n Notes to editors \n James Fisher and Sons plc is a leading provider of unique marine solutions in Energy, Defence and Maritime Transport. The Group pioneers safe, innovative solutions that solve complex customer challenges for industries and governments around the world.  \n   \n For more information visit www.james-fisher.com \n   \n Cautionary statement: This announcement contains certain forward-looking statements with respect to the operations, performance and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and James Fisher and Sons plc undertakes no obligation to update these forward-looking statements. Nothing in this statement should be construed as a profit forecast. \n   \n Chief Executive's statement \n   \n Introduction \n 2025 was a turning point for James Fisher. It marked a year in which our efforts to focus, simplify and deliver have laid the groundwork for future growth. Over the past three years, we have strengthened the Group, creating a more resilient business and a coherent platform that can unlock strategic potential. We have simplified the company around three customer-led verticals, championed management accountability and discipline, and created a One James Fisher (OJF) culture across the company that amplifies impact, led by our Executive Committee. \n   \n We serve our customers best when we are first to market; we win in the marketplace through our ingenuity and our entrepreneurial spirit. To enhance our competitiveness, we have invested in the core support functions that can accelerate innovation and help us deploy safe, high-quality sustainable products and services consistently, anywhere in the world. At a time of increasing demand, our focus remains on scaling our operations including integrating our supply chain to deliver our growth strategy. \n   \n I would like to thank our customers and shareholders for their continued trust and support, and our employees for their passion and hard work. 2025 ended with an increase in underlying operating profit reflecting the impact of our turn-around actions and substantially replacing the profits that were lost through prior year disposals. We have improved margins through the turn-around of some underperforming businesses, disciplined self‑help programmes, supply chain integration and we are rebuilding the Defence Division orderbook. Looking ahead to 2026, we expect to make further progress towards our 10% underlying operating profit and 15% ROCE targets, as demand for our expertise continues to grow. \n   \n Our unique capabilities are increasingly relevant, particularly across Energy and Defence. We are competing selectively where we can deliver differentiated solutions and generate attractive returns. To capture the range of international growth opportunities in front of us, we must continue to develop and scale our commercial and manufacturing capabilities. While some uncertainty persists in the upstream oil and gas markets, we are confident that energy demand growth will eventually stabilise the cycle. \n   \n Solid financial performance \n We ended 2025 with a solid financial performance, delivering 4.3% revenue growth to £377.2m when adjusting for the impact of disposals and staged closures. On the same basis, underlying operating profit increased by 56.3% to £28.6m. Our underlying profit margin improved by 250 basis points to 7.6% which reflects the progress in turning around underperforming businesses and simplifying the Group, including the staged closures of IRM in the Middle East and Africa, which did not have the potential to meet our financial targets. \n   \n The Defence orderbook showed further advancement during the year, ending 31 December 2025 at £317m (2024: £306m). In addition, around £50m of orders are expected under framework agreements. The Defence business also has run-rate revenue of around £15m p/a. \n   \n Our cash position strengthened while we continued to invest for growth. Capital expenditure of £25.0m supported expansion across Energy Services and Renewables, while we invested £8.0m in development programmes of products and services across Energy and Defence. Net debt ended the year at £54.4m, with a Covenant Net Debt to EBITDA ratio of 1.3x, in the midpoint of our target range of 1.0-1.5x. ROCE increased to 8.6%, reflecting the improved performance of the Group. \n   \n Focused on delivery \n We made good operational progress and delivered for our customers while achieving important milestones during the year that position us for further growth. \n   \n Defence \n Defence made good progress during the year, with improved order intake across most Product Lines and further scaling of the business. Demand for our specialist capabilities remains strong, reflecting the increasing relevance of our offering in a fast-evolving global security environment. \n   \n We deepened our presence in the US market by establishing a Special Security Arrangement company, allowing direct commercial engagement with the US military. During the year, we also secured an order for combat rebreathers as part of a five-year supply programme and completed a successful Foreign Comparative Testing programme that validated the capability of our Carrier Seal Tactical Diving Vehicles. We also started to deliver on an important submarine platform contract. \n   \n Relationships with leading global defence partners were strengthened through the signing of new strategic agreements across Europe and Indo-Pacific, including Saab and Singapore-based ST Engineering Marine. These partnerships support growing demand across our Submarine Rescue, Military Diving and Tactical Diving Vehicle Product Lines, and enhance our ability to serve customers globally. \n   \n Business development momentum continued later in the year, with the award of a material contract with the Polish Navy to deliver a submarine rescue and saturation diving system for the Ratownik vessel. We also made good progress on a 2024 order to provide Tactical Diving Vehicles to an international navy, with first delivery scheduled in the fourth quarter of 2026. In February 2026, we secured an important long-term service contract to support Tactical Diving Vehicles in Asia, further strengthening the visibility of our orderbook. \n   \n Alongside those commercial wins, we invested in the foundations required to scale. During the year, we strengthened function leadership across our supply chain and operations and invested in new service centres in the UK and Australia, enhancing operational breadth and customer support. \n   \n Our disciplined, multipronged investment efforts across Defence have allowed us to regain technology leadership in our fields of expertise. This included the launch of our next-generation Stealth Multi-Role rebreather system for the military diving market, alongside continued investment in new technologies expected to reach the market in 2026. \n   \n Our progress during 2025 provided the foundations to scale the business further, while ensuring the highest levels of operational readiness and reliability that is essential for our customers. \n   \n Energy \n In Energy Services, we successfully turned around the Decommissioning business, moving it from a multi-year loss-making position, into profitability in 2025. We also expanded our Decommissioning offering into offshore wind (OFW), delivering the world's first monopile removal in the US. \n   \n Our presence in key growth regions across Asia‑Pacific and South America strengthened, securing Well Testing contracts in the Philippines and multi‑rig services in Brazil and Suriname. We also expanded our company footprint into Guyana and Japan, delivering commissioning services for Japan's largest offshore wind farm. \n   \n Innovation was a priority for 2025 with products developed or enhanced, helping our customers deliver safer, more sustainable and emission-reducing solutions. This included next‑generation electric compressors for the Norwegian market, expanding the use-case and capabilities of SEABASS, our game-changing subsea well plugging and abandonment tool, and further deployment and sea trials of our Cable Guardian solution for OFW. \n   \n The Group's simplification continued with the staged closure of the Subsea Middle East and Africa businesses, including the large Mozambique contract which completed in the first quarter of 2025. The 'asset-heavy' requirements of this business no longer align with our strategy and financial targets, and we are in the process of novating contracts and selling assets by the end of 2026. \n   \n While the OFW aftermarket remains in its infancy, the scale of industry challenges around cables and blades presents a compelling opportunity for targeted investment in disruptive technologies aimed at reducing customer inefficiencies. Our focus is on turning the Renewables product line into a profitable, reliable and innovative offering that delivers tangible value for customers and financial returns to the Company. \n   \n Maritime Transport \n Maritime Transport delivered a solid performance in 2025 despite softer spot market conditions over the prior year, reflecting the resilience of the Division and the progress made in strengthening its commercial and operational foundations. \n   \n Tankships maintained very high utilisation levels, and we remain on schedule to deliver four new dual-fuel vessels in 2026 and 2027. These investments are central to our sustainability ambitions and commitment to decarbonising the fleet while improving operational efficiency. \n   \n Our ship‑to‑ship transfer business had a slow start in 1H 2025, before activity picked up pace later in the year, driven by South America where we have been expanding into new markets, including Uruguay. Our focus is on improving the business predictability and delivering targeted country growth. \n   \n Our ports and terminals business, Cattedown Wharves, performed strongly, securing a new dry bulk contract with a leading UK customer. \n   \n We deepened our relationship with the UK Ministry of Defence through a Memorandum of Understanding to support strategic base operations when required. This important agreement reinforces national resilience and demonstrates the value of our OJF approach in supporting critical national infrastructure. \n   \n Disciplined capital allocation \n In FY25, we maintained a disciplined approach to capital expenditure with £33.0m targeted, in line with our strategic growth plans. \n   \n To further strengthen the Group's liquidity, a new bank will join the Group's revolving credit facility thereby increasing our overall debt facilities to £117.5m from £92.5m. The terms of the facilities are largely unchanged from the agreement entered into in September 2024. Our target leverage range remains 1.0-1.5x net debt to EBITDA. \n   \n Although the financial position of the Group has stabilised, we are not yet able to recommend a dividend. An ordinary dividend will be reinstated at the appropriate time, when we can provide shareholders with a predictable annual return reflective of the Group's progress. \n   \n Building the foundations for scale \n Over the past three years, our priorities have provided the framework for delivering the Group's turnaround strategy. In 2025, we made meaningful progress against these priorities, as long-term programmes continue and cultural change further embeds. \n   \n Exceptional Safety is our number one priority. Despite deploying a comprehensive programme across the enterprise which led to a material improvement in Maritime Transport, overall safety performance declined from specific locations and activities. We are identifying the drivers and implementing targeted actions with clear accountability and strengthened leading indicators. \n   \n On the commercial front, we launched a new sales organisation supported by product managers, acting as the voice of customers, strengthening customer understanding and fostering accountability. Next year, this will be complemented by the rollout of key account management and an expanded international coverage to deepen customer relationships. Our priorities for 2026 support our expansion into new geographical markets, while strengthening key customer relationships and differentiating on products and innovations \n   \n New product development took centre stage and brought new products to market across all Divisions, building pace in innovation and customer focused solutions. Our vitality index increased to 9.9%, moving steadily towards our 15% target. We will step-up the digitalisation of our offering in 2026. \n   \n We also established an integrated supply chain, supported by stronger governance, closer supplier relationships and process consistency, delivering improved efficiency, quality and £4.6m of sustainable savings in 2025. This will be complemented by the deployment of quality change management programmes next year. \n   \n As a service company, we are strengthening the company's talent bench, advancing technical and leadership development, reward frameworks and a new HR system to ensure a vibrant and proactive people management approach. Our engagement scores marginally increased, with further progress expected as our five‑year people strategy unfolds. Safety, talent and customer excellence remain central priorities for 2026. \n   \n Investing for strategic growth \n We pursue growth through targeted sub-segments across Defence and Energy, within our wider strategic markets. Together, they have the potential to accelerate our revenue, driven by the mega trends of global energy demand growth, increased geo-political tensions and digitalisation. In Defence these include Submarine Rescue, Tactical Diving Vehicles, military rebreathers and commercial diving, while in Energy, these include noise attenuation for OFW, well testing, and the OFW after-market (blades and cables). Although some of these sub-segments are immature, including OFW, our disruptive technologies aim to deliver a step-change in operating expense reduction for our customers. \n   \n We are building a global pipeline of talent capable of delivering consistently high levels of safety and service quality. Becoming a commercially led organisation can unlock growth from within our existing Tier 1 customers, while also methodically expanding our client base across the most promising international markets, supported by a strengthened global sales organisation. As we scale into new geographies, our processes and systems are improving pipeline visibility and reinforcing commercial discipline. \n   \n Our culture of innovation and entrepreneurship is innate and key to our future growth. By driving rigorous new product development, we have introduced greater discipline making us more responsive to emerging customer needs and accelerating market adoption. Our corporate ventures capital arm complements our internal efforts by scouting for emerging technologies and entrepreneurial partners who can enhance our portfolio. \n   \n Our success will depend on our ability to scale, maturing our core operating model and deploying it to deliver agility and consistency as OJF. Our manufacturing and supply chain will be central to delivering operational excellence, with the foundations we started this year and will require further investment to reach the next size quantum. \n   \n The focus, discipline and execution we demonstrated over the past three years remain key ingredients of our future success. \n   \n Markets update and outlook \n The Defence market remains supportive, with governments around the world signalling increased defence spending, although the timings of programmes remain uncertain. Against this backdrop, the Division is expected to deliver further improvement in 2026, supported by recent contract wins and upcoming procurement opportunities that the Division is preparing to scale towards. \n   \n In Energy, the oil and gas market has softened due to crude oil oversupply, while geopolitical tensions may impact upstream activity in certain regions. New OFW capacity is expected to be installed around the world, while the proportion of installed capacity coming out of warranty over time presents an evolving opportunity. \n   \n Maritime Transport enters the year with new‑build vessels scheduled for delivery, positioning us well to capitalise on the tightening supply of vessels in the market and stricter environmental regulations. In ship-to-ship, we remain focused on strengthening Fendercare's differentiation and seek predictability, with a focus on selective growth areas. \n   \n Overall market conditions remain largely supportive, and 2026 trading has started in line with management expectations. Whilst early in the year and mindful of macroeconomic and geopolitical uncertainties, the Board remains confident of delivering continued progress in 2026, building further towards our medium-term financial targets of 10% underlying operating profit margin and 15% ROCE. \n \n As I reflect on the year, I am encouraged by the progress we have made and the stronger position in which we end 2025.  This progress has been achieved during a period of significant change, to become a more coherent service-technology company. We have entered the year with greater clarity, stronger foundations and a pathway towards growth. With the right focus, capability and culture in place, I am confident in our direction and in our ability to create long‑term value for all stakeholders. \n   \n A summary of the Group's performance is set out below \n   \n Reported results \n The Group generated revenue of £394.4m in 2025, a 9.9% decrease from £437.7m in 2024, largely driven by reductions in Energy and Maritime Transport following prior year disposals and the staged closures underway within the IRM businesses in the Middle East and Africa. Defence delivered strong growth as execution momentum accelerated. \n   \n Energy Division revenue reflected the completion of a long-term infrastructure contract in Mozambique within IRM Africa, which concluded during 1Q 2025. The division was also impacted on a reported basis by the prior year disposal of RMSpumptools. There was an improved performance in Subsea and Decommissioning and strong asset utilisation across key international markets. Energy Services continued to benefit from increased Bubble Curtain activity and the introduction of new decommissioning capabilities, while well testing activity was weaker in certain regions, particularly in Africa. \n   \n Defence delivered an improved performance, with revenue increasing by 10.9% to £88.8m. Growth was driven by strong demand across Special Forces, Submarine Platforms and Defence Diving, supported by increased order intake and continued investment in new product development. The Defence orderbook strengthened further to £317m at 31 December 2025 (2024: £306m), providing improved visibility into 2026 and beyond. \n   \n In Maritime Transport, reported revenue was marginally lower, reflecting the prior year disposal of Martek. Tankships delivered strong performance with improved fleet utilisation offsetting lower spot market rates. Cattedown delivered an improved performance driven by higher throughput, while Fendercare had reduced volumes as it focused on higher margin activities. \n   \n Reported profit before tax was £4.3m, lower than the prior year, primarily due to the significant gains on disposals recognised in 2024. \n   \n Underlying operating results \n \n \n \n \n   \n \n \n Year ended \n \n \n \n \n Reconciliation of underlying to operating profit \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n Underlying operating profit \n \n \n 28.6 \n \n \n 29.5 \n \n \n \n \n Amortisation of acquired intangible assets \n \n \n (0.1) \n \n \n (0.3) \n \n \n \n \n Impairment charges \n \n \n (2.7) \n \n \n (5.1) \n \n \n \n \n Re-financing costs \n \n \n - \n \n \n (3.5) \n \n \n \n \n Restructuring costs \n \n \n (3.3) \n \n \n (1.7) \n \n \n \n \n Disposal of businesses and assets \n \n \n (2.1) \n \n \n 54.9 \n \n \n \n \n Other \n \n \n (4.3) \n \n \n (0.7) \n \n \n \n \n Operating profit \n \n \n 16.1 \n \n \n 73.1 \n \n \n \n \n   \n Underlying operating profit declined slightly by £0.9m versus the prior year; however, excluding the impact from business disposals and staged closures, it increased from £18.3m to £28.6m, representing a 56.3% improvement, with all divisions reflecting growth. This improvement was primarily driven by Group ‑ wide supply chain efficiencies, the execution of turnaround margin improvement initiatives, growth in Defence, and a more favourable business mix, particularly within Fendercare. \n   \n The Group's overall underlying operating profit margin improved by 60 bps to 7.3%, excluding the impact of disposals and staged closures, the margin improved by 250 bps, from 5.1% in 2024 to 7.6% in 2025. This improvement was driven primarily by improved business performance, self-help initiatives, and efficiencies across the supply chain. \n   \n Summary of divisional results \n   \n \n \n \n \n \n \n \n Revenue \n \n \n \n \n \n Underlying operating profit/(loss) \n \n \n \n \n   \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n Change \n \n \n \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n Change \n \n \n \n \n   \n \n \n £m \n \n \n £m \n \n \n % \n \n \n \n \n \n £m \n \n \n £m \n \n \n % \n \n \n \n \n Energy \n \n \n 158.6 \n \n \n 207.5 \n \n \n -23.6% \n \n \n \n \n \n 17.6 \n \n \n 24.8 \n \n \n -29.0% \n \n \n \n \n Defence \n \n \n 88.8 \n \n \n 80.1 \n \n \n 10.9% \n \n \n \n \n \n 5.5 \n \n \n 1.9 \n \n \n 189.5% \n \n \n \n \n Maritime Transport \n \n \n 147.0 \n \n \n 150.1 \n \n \n -2.1% \n \n \n \n \n \n 20.8 \n \n \n 15.1 \n \n \n 37.7% \n \n \n \n \n Corporate \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n (15.3) \n \n \n (12.3) \n \n \n 24.4% \n \n \n \n \n Total \n \n \n 394.4 \n \n \n 437.7 \n \n \n -9.9% \n \n \n \n \n \n 28.6 \n \n \n 29.5 \n \n \n -3.1% \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 \n \n \n \n \n \n Excluding disposals and staged closures \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 £m \n \n \n £m \n \n \n % \n \n \n \n \n \n £m \n \n \n £m \n \n \n % \n \n \n \n \n Energy \n \n \n 141.4 \n \n \n 139.0 \n \n \n 1.7% \n \n \n \n \n \n 17.6 \n \n \n 14.3 \n \n \n 23.1% \n \n \n \n \n Defence \n \n \n 88.8 \n \n \n 80.1 \n \n \n 10.9% \n \n \n \n \n \n 5.5 \n \n \n 1.9 \n \n \n 189.5% \n \n \n \n \n Maritime Transport \n \n \n 147.0 \n \n \n 142.6 \n \n \n 3.1% \n \n \n \n \n \n 20.8 \n \n \n 14.4 \n \n \n 44.4% \n \n \n \n \n Corporate \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n (15.3) \n \n \n (12.3) \n \n \n 24.4% \n \n \n \n \n Total \n \n \n 377.2 \n \n \n 361.7 \n \n \n 4.3% \n \n \n \n \n \n 28.6 \n \n \n 18.3 \n \n \n 56.3% \n \n \n \n \n   \n Full year operating performance by Division \n Energy \n Benefits being realised from business turnaround initiatives \n   \n \n \n \n \n \n \n \n Year ended \n \n \n \n \n \n \n \n \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n Change \n \n \n \n \n Revenue \n \n \n 158.6 \n \n \n 207.5 \n \n \n -23.6% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n 14.2 \n \n \n 74.8 \n \n \n -81.0% \n \n \n \n \n Underlying operating profit 1 \n \n \n 17.6 \n \n \n 24.8 \n \n \n -29.0% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit margin 1 \n \n \n 11.1% \n \n \n 12.0% \n \n \n -90 bps \n \n \n \n \n Return on capital employed \n \n \n 14.8% \n \n \n 17.6% \n \n \n -280 bps \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Excl. disposals and staged closures 2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 141.4 \n \n \n 139.0 \n \n \n 1.7% \n \n \n \n \n Underlying operating profit \n \n \n 17.6 \n \n \n 14.3 \n \n \n 23.1% \n \n \n \n \n Underlying operating profit margin \n \n \n 12.4% \n \n \n 10.3% \n \n \n 210 bps \n \n \n \n \n   \n 1 Please refer to Note 2 of the consolidated financial statements for further information on this alternative performance measure. \n 2 Revenue and operating profit/margin are stated after reflecting the impact of the RMSpumptools disposal and the staged closures within the IRM operations in the Middle East and Africa. RMSpumptools was disposed of on 8 July 2024 and contributed £nil in revenue (2024: £24.2m) and £nil in operating profit (2024: £6.8m) . The Middle East and Africa businesses contributed £17.2m of revenue (2024: £44.3m) and generated £nil operating profit (2024: £3.7m). \n   \n The Energy Division reported a 23.6% reduction in revenue, driven by the disposal of RMSpumptools and the ongoing staged closures within the IRM business. Excluding the impact of business disposals and staged closures, revenue increased by 1.7%. Growth was driven by increased Subsea and Decommissioning activity following the completion of a restructure which refocused the business on core activities, as well as improved asset utilisation in the Brazilian diving market. These gains were partially offset from reductions in well‑testing activity, which reflected weaker market conditions, particularly in Africa and more pronounced in the second half.  \n   \n Renewables revenue declined by 9.9% to £21.4m, driven by a decline in the Offshore Wind commissioning and support business.  \n   \n Reported operating profit in the prior year included gains arising from the disposal of businesses and assets. \n   \n Excluding disposals and staged closures, operating margins improved by 210 bps to 12.4%, reflecting a substantially improved contribution from the restructured Subsea and Decommissioning product line.  \n   \n Defence \n Profitability accelerating, orderbook strengthening, pipeline continues to build \n   \n \n \n \n \n \n \n \n Year ended \n \n \n \n \n \n \n \n \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n Change \n \n \n \n \n Revenue \n \n \n 88.8 \n \n \n 80.1 \n \n \n 10.9% \n \n \n \n \n Operating profit \n \n \n 3.1 \n \n \n 2.0 \n \n \n 55.0% \n \n \n \n \n Underlying operating profit 1 \n \n \n 5.5 \n \n \n 1.9 \n \n \n 189.5% \n \n \n \n \n Underlying operating profit margin 1 \n \n \n 6.2% \n \n \n 2.4% \n \n \n 380 bps \n \n \n \n \n Return on capital employed \n \n \n 10.4% \n \n \n 3.5% \n \n \n 690 bps \n \n \n \n \n   1 Please refer to Note 2 of the consolidated financial statements for further information on this alternative performance measure. \n   \n The Defence Division delivered a strong performance in 2025, with revenue increasing 10.9% to £88.8m and underlying operating profit rising to £5.5m, an increase of £3.6m compared with the prior year. Revenue and operating profit were weighted towards the second half, reflecting improved execution. The increase in revenue was primarily driven by improved performance in Special Forces, particularly Tactical Diving Vehicles, alongside good momentum in Submarine Platforms and Defence Diving. This was partially offset by weaker performance in Commercial Diving and Submarine Escape and Rescue, which is expected to recover in 2026. \n   \n Underlying operating profit margin improved to 6.2%. The improvement in profitability reflected continued operational efficiencies, supply chain initiatives and disciplined cost management to support growth and delivery. \n   \n The orderbook continued to strengthen, with December 2025 closing at £317m (2024: £306m). This excludes Commercial Diving's annual run rate of approximately £15m. Growth in the orderbook was driven by the award of multiple strategic contracts in the US for Special Forces, rebreathers and upgrades to the US Submarine Rescue System. Order intake increased across Submarine Rescue, Defence Diving and Special Forces product lines. The Division also secured the Ratownik submarine rescue and saturation diving system contract for the Polish Navy, providing strong momentum into 2026. Further awards are expected in 2026 across the Division's strategic growth pillars. \n   \n Investment in new product development totalled £7.7m in 2025 (2024: £1.9m), including expenditure on the next-generation Stealth multi-role rebreather, Tactical Diving Vehicle upgrades and submarine capability enhancements. Continued investment is planned in 2026 to strengthen capabilities, enhance customer offerings and support the future order pipeline. \n   \n Defence end markets remain supportive, with the Division well positioned to benefit from increased global investment in undersea defence and security. The focus remains on securing new long-term contracts and delivering sustainable, profitable growth. \n   \n Maritime Transport \n Improvements in profitability, in part supported by a favourable mix from Fendercare \n   \n \n \n \n \n \n \n \n Year ended \n \n \n \n \n \n \n \n \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n Change \n \n \n \n \n JF Tankships (incl. Cattedown) \n \n \n 86.5 \n \n \n 80.5 \n \n \n 7.5% \n \n \n \n \n JF Fendercare (excl. Martek) \n \n \n 60.5 \n \n \n 62.1 \n \n \n -2.6% \n \n \n \n \n Martek \n \n \n - \n \n \n 7.5 \n \n \n n/a \n \n \n \n \n Total revenue \n \n \n 147.0 \n \n \n 150.1 \n \n \n -2.1% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n 16.3 \n \n \n 17.2 \n \n \n -5.2% \n \n \n \n \n Underlying operating profit 1 \n \n \n 20.8 \n \n \n 15.1 \n \n \n 37.7% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Underlying operating profit margin 1 \n \n \n 14.1% \n \n \n 10.1% \n \n \n 400 bps \n \n \n \n \n Return on capital employed \n \n \n 36.4% \n \n \n 22.4% \n \n \n 1400 bps \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Excl. disposals 2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 147.0 \n \n \n 142.6 \n \n \n 3.1% \n \n \n \n \n Underlying operating profit \n \n \n 20.8 \n \n \n 14.4 \n \n \n 44.4% \n \n \n \n \n Underlying operating profit margin \n \n \n 14.1% \n \n \n 10.1% \n \n \n 400 bps \n \n \n \n \n 1 Please refer to Note 2 of the consolidated financial statements for further information on this alternative performance measure . \n 2 Revenue and operating profit/margin excluding disposals are after the impact of Martek, which was disposed of on 6 September 2024 and contributed £nil in revenue (2024: £7.5m) and £nil in operating profit (2024: £0.7m).  \n   \n Reported revenues in the Maritime Transport Division declined by 2.1%, from £150.1m to £147.0m, reflecting the impact of the disposal of Martek. Excluding disposals, the division delivered steady growth in 2025, with revenue increasing by 3.1%. Underlying operating profit excluding disposals increased by 44.4% to £20.8m (2024: £14.4m), with operating profit margin improving from 10.1% to 14.1%, reflecting stronger operational execution, in particular within Fendercare which focused on higher margin activities. \n   \n Tankships continued to perform well, with revenue increased to £86.5m (2024: £80.5m), due to high fleet utilisation of 95% (2024: 89%). This supported the 7.5% increase in revenue, despite spot market rates not recovering as anticipated. Cattedown also delivered improved performance, supported by higher petroleum and dry cargo throughput and inflationary pricing, contributing to revenue growth. Underlying operating profit in both businesses increased, reflecting strong cost control, particularly in vessel maintenance. \n   \n During January 2025, Tankships entered into a long-term bareboat charter for the Leander Fisher, replacing the Raleigh Fisher, which was sold at the end of 2024, to support the Ministry of Defence time charter awarded in November 2024. In April 2025, Tankships further strengthened its position in the Caribbean by securing long-term bareboat charters for two vessels placed on time charter. \n   \n Looking ahead, Tankships continues its fleet renewal programme, with four new sub-intermediate tankers scheduled for delivery during 2026 and early 2027. In addition, an extension was secured for three S-Class vessels at the end of 2025, providing operational stability during the transition to the new build fleet. \n   \n Overall, Fendercare revenues declined by £1.6m, to £60.5m, compared to the prior year, reflecting lower ship-to-ship transfer volumes in Africa and the Middle East, with activity in the latter impacted by the increasingly challenging geopolitical environment. Products volumes were also subdued but despite these impacts, operating profit improved, supported by strong performance in South America and higher margins driven by increased utilisation of fixed charter vessels. \n   \n Corporate \n Corporate costs, which represent expenditure on Group wide central functions such as executive management, finance, HR, IT and other shared services, increased by £3.0m to £15.3m. A significant portion of this increase reflects higher costs associated with incentive plans. \n   \n Non-underlying items included within operating profit \n Progressing restructuring activities underpinning the Group's turnaround \n   \n \n \n \n \n   \n \n \n Year ended \n \n \n \n \n \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n \n \n Impairment charges \n \n \n 2.7 \n \n \n 5.1 \n \n \n \n \n Re-financing costs \n \n \n - \n \n \n 3.5 \n \n \n \n \n Restructuring costs \n \n \n 3.3 \n \n \n 1.7 \n \n \n \n \n Amortisation of acquired intangible assets \n \n \n 0.1 \n \n \n 0.3 \n \n \n \n \n Disposal of businesses and assets \n \n \n 2.1 \n \n \n (54.9) \n \n \n \n \n Other \n \n \n 4.3 \n \n \n 0.7 \n \n \n \n \n Total \n \n \n 12.5 \n \n \n (43.6) \n \n \n \n \n   \n The Group recognised a net cost of £12.5m from non ‑ underlying items during the year, compared with a net gain of £43.6m in the prior year. The prior year benefited from significant gains on disposals. \n   \n Impairment charges - the £2.7m impairment charge in 2025 comprises £0.9m relating to assets within the Scantech Norway business in the Energy division and £1.8m relating to assets in Defence. Both impairments arose following a strategic realignment of product portfolios. \n   \n Refinancing costs - in 2024, the Group incurred £3.5m in legal and advisory costs related to the refinancing of the Revolving Credit Facility (\"RCF\"). No such refinancing costs were incurred in 2025. \n   \n Restructuring costs - the £3.3m incurred during the year relates to the Group's multi-year transformation programme, which is focused on simplification, rationalisation, and business integration. These costs were mainly related to organisational re-sizing. \n   \n Amortisation of acquired intangible assets - relate to customer relationships acquired through business combinations which are amortised over their useful economic life. \n   \n Disposal of businesses and assets - £1.2m incurred during the year associated with previously disposed businesses, primarily relating to legal and professional fees. A further £0.9m was incurred in relation to the staged closure of the Inspection, Repair and Maintenance operations in the Middle East and Africa. \n   \n Other - comprises costs outside the normal course of business, including exceptional legal and professional fees relating to isolated matters. It also includes £2.2m associated with the estimated settlement of a historic pension matter. \n   \n Capital and development expenditure \n Capital expenditure in the year was £25.0m (2024: £29.3m) and £8.0m (2024: £2.4m) on development expenditure. The capital expenditure to depreciation ratio was 1.1 (excluding intangibles additions and amortisation). Approximately half of the expenditure incurred was in the Energy Division which included spend on electric compressors as well as upgrades to existing compressors to support sighted opportunities. The remaining expenditure was largely weighted towards Maritime Transport in relation to deposits on the Tankships re-build programme. \n   \n Net finance charges \n The Group's net finance charges decreased by £7.3m to £11.8m (2024: £19.1m). Finance charges in the full year to 31 December 2025 primarily comprise of £8.7m of interest expense on loans and overdrafts (2024: £13.6m), £0.8m of loan arrangement fees (2024: £1.7m), and £6.4m interest expense on lease liabilities (2024: £4.3m) and £0.6m of other interest expenses (2024: £0.8m), partially offset by £2.6m (2024: £2.8m) interest income on cash balances and pensions and £2.1m net unrealised foreign exchange gain (2024: unrealised loss of £0.7m). In 2025, there were no deferred completion fees payable under the current RCF (2024: £0.8m). \n   \n The decrease in interest expense on loans and overdrafts in 2025 was mainly due to the full year impact of the reduction in the quantum of debt following the Group deleveraging activities in 2024. \n   \n The average margin on committed facilities was around 80 bps lower in 2025 than in 2024 and overall there was a reduction in pre-tax cost of debt of approximately 180 bps since the refinancing in 2025 compared to 2024. \n   \n The Group's interest cover ratio, which is an alternative performance measure, is fully described and reconciled in Note 2 of the consolidated financial statement and is calculated as underlying EBITDA divided by net interest payable (excluding IFRS 16 finance charges) on a last twelve-month basis and using underlying operating profit under the previous calculation. The interest cover at 31 December 2025 is 6.9x compared to a banking covenants requirement of greater than 4.5x. \n   \n Taxation \n The Group has recognised a tax charge of £8.6m during the year (2024: £7.6m). The tax charge on underlying profits for the year is £5.0m (2024: £2.8m) representing an underlying effective tax rate (ETR) of 32.7% (2024: 23.5%), with the Group incurring charges in Brazil, Australia, Malaysia and Norway. The Group also incurs a significant amount of withholding taxes suffered by the UK which are not fully creditable due to the taxable loss position which contributes to the overall tax charge. See Note 2.1 for a reconciliation of the underlying effective tax rate. \n   \n The unrecognised UK Deferred Tax Asset has been maintained for 2025, which results in no tax credit being recognised for the losses generated by certain businesses in the UK. Deferred Tax Assets on losses generated by some overseas businesses are also unrecognised. \n   \n The increase in the overall tax charge in 2025 is primarily driven by the geographic mix, with profits recorded in high tax jurisdictions such as Brazil and Australia which have rates significantly higher than the UK statutory tax rate of 25.0%. \n   \n The prior year underlying effective tax rate of 23.5% has been restated from 27.6%, driven by the exclusion of additional rate impacting non-cash items such as prior-year adjustments, one-off or exceptional tax charges and credits and changes in tax rates. This enhances transparency and provides a more representative view of the Group's sustainable tax rate on underlying profits, supporting improved comparability over time. \n   \n Dividends and earnings per share \n Following an underlying operating profit delivery of £28.6m, underlying basic earnings per share increased to 20.2 pence (2024: 18.1 pence). After deducting non-underlying items of £12.5m, net finance charges of £11.8m and a tax charge of £8.6m, basic loss per share, on a statutory basis, was 8.7 pence (2024: earnings of 92.0 pence). The prior year earnings per share benefited from the significant gains on asset and business disposals. \n   \n The Board has not recommended a dividend for 2025. However, the Board remains committed to reintroducing a sustainable dividend at the appropriate time. \n   \n Cash flow and borrowings \n   \n \n \n \n \n \n \n \n Year ended \n \n \n \n \n   \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n \n \n   \n \n \n £m \n \n \n £m \n \n \n \n \n Cash flow from operating activities \n \n \n 66.9 \n \n \n 49.3 \n \n \n \n \n Cash flows (used in)/from investing activities \n \n \n (25.0) \n \n \n 79.7 \n \n \n \n \n Cash flows used in financing activities \n \n \n (39.1) \n \n \n (131.6) \n \n \n \n \n Net increase/(decrease) in cash and cash equivalents \n \n \n 2.8 \n \n \n (2.6) \n \n \n \n \n Cash and cash equivalents at 1 January \n \n \n 23.8 \n \n \n 26.4 \n \n \n \n \n Net foreign exchange differences \n \n \n (2.2) \n \n \n (0.4) \n \n \n \n \n Cash transferred to asset held for sale \n \n \n - \n \n \n 0.4 \n \n \n \n \n Cash and cash equivalents at 31 December \n \n \n 24.4 \n \n \n 23.8 \n \n \n \n \n   \n The Group generated £66.9m (2024: £49.3m) of cash from operating activities, with a working capital inflow of £10.8m (2024: inflow of £4.2m). The increase in working capital was the key driver of the improved cash flow, primarily driven by an improvement in debtor collection following the Group's continued focus on collecting outstanding receivables in a timely manner. Creditor balances saw a modest reduction compared to 2024, primarily due to lower expenditure as a long-term infrastructure contract in Mozambique concluded during 1Q 2025. Tax payments were slightly lower than last year at £8.0m (2024: £9.7m). \n   \n Cash outflows from investing activities during the year were £25.0m (2024: inflow of £79.7m). Capital and development expenditure was at £33.0m, broadly in line with the £31.7m invested in 2024. Key expenditure in 2025 included investment in compressors and lifting equipment and advancing diving system capabilities to support the execution of offshore projects in Energy Division. These investments are designed to strengthen delivery capacity, improve reliability, and ensure the division is well positioned to capitalise on future growth opportunities. The Maritime Transport division has seen continued investment in vessel maintenance and renewal, including deposits for future fleet additions and enhancements across port facilities. In Defence, development expenditure has supported capability development across specialised vehicles and diving systems. \n   \n In 2025, the Group realised £0.7m of deferred consideration from previous disposals, compared with £80.0m generated from the disposals of RMSpumptools and Martek in 2024. The Group also received £4.1m in proceeds from the sale of property, plant and equipment and assets held for sale (2024: £25.8m). \n   \n The Group's net borrowings at 31 December 2025, including all lease liabilities, was £144.1m (2024: £108.0m). During the period, bank borrowings remained consistent with 2024 while lease liabilities increased by £36.2m mainly due to the three newly leased vessels in Tankships, which were contracted during 1H 2025. \n   \n As of 31 December 2025, the Group had £92.5m of committed credit facilities (2024: £95.0m) and £21.5m of undrawn committed credit facilities (2024: £17.0m). \n   \n The Group's net debt for the purposes of its banking covenants consists of net bank borrowings, finance lease liabilities (on an IAS 17 basis), and bonds and guarantees, as summarised below. \n   \n \n \n \n \n   \n \n \n Year ended \n \n \n \n \n   \n \n \n 31.12.25 \n \n \n 31.12.24 \n \n \n \n \n   \n \n \n £m \n \n \n £m \n \n \n \n \n Net borrowings \n \n \n 144.1 \n \n \n 108.0 \n \n \n \n \n Less: right-of-use operating leases \n \n \n (89.9) \n \n \n (52.6) \n \n \n \n \n Amortised cost adjustment \n \n \n 0.2 \n \n \n 0.7 \n \n \n \n \n Net debt \n \n \n 54.4 \n \n \n 56.1 \n \n \n \n \n Add: Guarantees and collateral deposits \n \n \n 6.6 \n \n \n 4.9 \n \n \n \n \n Net debt - covenant basis \n \n \n 61.0 \n \n \n 61.0 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Covenant EBITDA \n \n \n 46.0 \n \n \n 43.9 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Net Debt : EBITDA 1 \n \n \n 1.3x \n \n \n 1.4x \n \n \n \n \n   \n 1 Defined as leverage alternative performance measure (\"APM\") in Note 2.3 of the consolidated financial statement. \n   \n Liquidity \n Under the financing agreement signed in September 2024, £2.5m of the RCF commitments were stepped down during 2025. Total committed facilities at 31 December 2025 were £92.5m. \n   \n The Group operates a minimum liquidity target of £20.0m (being committed facility headroom and readily available cash) to enable the settlement of any liabilities as they become due and to provide additional comfort over the liquidity headroom of the Group. At 31 December 2025, the Group's liquidity position was £37.0m which is 185% of the liquidity target. \n   \n In March 2026, the Group added £25.0m of liquidity by increasing the committed RCF by acceding an additional lender into the existing agreement. The total committed facilities have therefore increased from £92.5m to £117.5m. \n   \n The Group also completed a £12.5m uncommitted General Export Facility in 2025, which is backed by an 80% guarantee provided by UKEF, the UK Government's export credit agency. The facility provides £7.0m of additional liquidity at favourable margins via a Trade Cycle Loan agreement and £5.5m of availability in other ancillary facilities. The Trade Cycle Loan facility allows loan periods of up to 12-months and is fully utilised at 31 December 2025. \n   \n Balance sheet \n The Group's net assets decreased by £3.0m to £187.3m (2024: £190.3m). Total comprehensive expenses for the year of £5.2m contributed to the decrease in retained earnings. The primary driver of the change in net assets was the reduction in working capital offset by increases in intangible assets during the year. \n   \n Non-current assets \n Non-current assets increased by £36.5m to £308.4m, driven by movements in right ‑ of ‑ use assets and property, plant and equipment. Right ‑ of ‑ use assets increased by £41.2m, reflecting the addition of three newly leased vessels in Maritime Transport, partially offset by a reduction in property, plant and equipment due to reclassifications to assets held for sale and disposals during the year. The majority of the Group's right ‑ of ‑ use assets relate to vessels under long ‑ term lease agreements. \n   \n Current assets and current liabilities \n The Group's net current assets stand at £28.1m, a decrease of £8.7m from 2024. This reduction reflects a £17.4m decrease in trade and other receivables, which is offset by a £9.1m decrease in trade and other payables and an increase in net assets held for sale of £7.8m. \n   \n Short-term bank borrowings (mainly overdrafts) decreased to £34.4m from £62.4m as of 31 December 2025, while the net position of short-term cash and short-term borrowings reduced to £17.4m (2024: £23.8m). \n   \n Non-current liabilities \n Non-current liabilities increased by £30.8m to £149.2m as of 31 December 2025. This increase was primarily driven by the lease liabilities associated with the three newly leased vessels in 1H 2025 in Maritime Transport. \n   \n External audit tender process \n The Audit and Risk Committee undertook a competitive audit tender during the year. The Board have selected Deloitte LLP to succeed KPMG LLP as auditor. KPMG will complete the audit for the year ended 31 December 2025 and Deloitte's appointment beginning with the financial year ended 31 December 2026 will be put to the 2026 AGM. As KPMG conclude their final year as the Group's auditor, we would like to recognise and thank KPMG for their professionalism, and constructive challenge over their long tenure, which has supported the Group through a period of significant change. Further details are set out in the 2025 Annual Report and Accounts. \n   \n 2026 technical guidance \n \n \n \n \n ·      \n \n \n Performance as usual will be second half weighted \n \n \n \n \n ·      \n \n \n Continued capital investment of £30-35m in 2026 \n \n \n \n \n ·      \n \n \n Interest rate on bank borrowings of c.8.0% \n \n \n \n \n ·      \n \n \n New built vessels to be delivered in 2026 and 2027 - each with 20-year, $25m ROU leases, replacing older fleet. \n \n \n \n \n ·      \n \n \n Underlying effective cash tax rate at around 2025 levels. This excludes impact from territories which are forecast to incur material losses for which no tax credit is recognised. The overall rate is influenced by geographic mix at the underlying profit before tax level \n \n \n \n \n   \n   \n Consolidated income statement for the year ended 31 December 2025 \n \n \n \n \n   \n \n \n Notes \n \n \n Year ended 31 December 2025 \n £m \n \n \n Year ended 31 December 2024 \n £m \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 394.4 \n \n \n 437.7 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (266.0) \n \n \n (304.7) \n \n \n \n \n Gross profit \n \n \n \n \n \n 128.4 \n \n \n 133.0 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Administrative expenses \n \n \n \n \n \n (110.4) \n \n \n (101.6) \n \n \n \n \n Impairment charges \n \n \n \n \n \n (0.2) \n \n \n (5.2) \n \n \n \n \n Profit on disposal of businesses \n \n \n \n \n \n - \n \n \n 49.5 \n \n \n \n \n Refinancing costs \n \n \n 2 \n \n \n - \n \n \n (3.5) \n \n \n \n \n Restructuring costs \n \n \n 2 \n \n \n (3.3) \n \n \n (1.7) \n \n \n \n \n Share of post-tax results of joint ventures and associates \n \n \n \n \n \n 1.6 \n \n \n 2.6 \n \n \n \n \n Operating profit \n \n \n \n \n \n 16.1 \n \n \n 73.1 \n \n \n \n \n Investment income \n \n \n 4 \n \n \n 2.6 \n \n \n 2.8 \n \n \n \n \n Finance expense \n \n \n 4 \n \n \n (16.5) \n \n \n (21.2) \n \n \n \n \n Net unrealised foreign exchange gain/(loss) \n \n \n 4 \n \n \n 2.1 \n \n \n (0.7) \n \n \n \n \n Profit before taxation \n \n \n \n \n \n 4.3 \n \n \n 54.0 \n \n \n \n \n Tax expense \n \n \n 5 \n \n \n (8.6) \n \n \n (7.6) \n \n \n \n \n (Loss)/profit for the year \n \n \n \n \n \n (4.3) \n \n \n 46.4 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Owners of the Company \n \n \n \n \n \n (4.4) \n \n \n 46.3 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 0.1 \n \n \n 0.1 \n \n \n \n \n \n \n \n \n \n \n (4.3) \n \n \n 46.4 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n (Loss)/profit per share \n \n \n \n \n \n pence \n \n \n pence \n \n \n \n \n Basic \n \n \n \n \n \n (8.7) \n \n \n 92.0 \n \n \n \n \n Diluted \n \n \n \n \n \n (8.7) \n \n \n 89.7 \n \n \n \n \n   \n   \n Consolidated statement of other comprehensive income for the year ended 31 December 2025 \n \n \n \n \n   \n \n \n Notes \n \n \n Year ended 31 December 2025 \n £m \n \n \n Year ended 31 December 2024 \n £m \n \n \n \n \n \n \n (Loss)/profit for the year \n \n \n \n \n \n (4.3) \n \n \n 46.4 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income/(expense): \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Items that will not be classified to the income statement \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Actuarial gain in defined benefit pension schemes \n \n \n 12 \n \n \n 0.8 \n \n \n 0.1 \n \n \n \n \n Tax on items that will not be reclassified \n \n \n \n \n \n (0.5) \n \n \n 0.1 \n \n \n \n \n \n \n \n \n \n \n 0.3 \n \n \n 0.2 \n \n \n \n \n Items that may be reclassified to the income statement \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Exchange differences on foreign currency net investments \n \n \n \n \n \n (1.0) \n \n \n (4.6) \n \n \n \n \n Effective portion of changes in fair value of cash flow hedges \n \n \n \n \n \n 0.1 \n \n \n (2.3) \n \n \n \n \n Net changes in fair value of cash flow hedges transferred to income statement \n \n \n \n \n \n (0.2) \n \n \n 0.3 \n \n \n \n \n Tax on items that may be reclassified \n \n \n \n \n \n (0.1) \n \n \n 0.5 \n \n \n \n \n \n \n \n \n \n \n (1.2) \n \n \n (6.1) \n \n \n \n \n Total other comprehensive expense for the year \n \n \n \n \n \n (0.9) \n \n \n (5.9) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive (expense)/income for the year \n \n \n \n \n \n (5.2) \n \n \n 40.5 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Owners of the Company \n \n \n \n \n \n (5.3) \n \n \n 40.5 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 0.1 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n (5.2) \n \n \n 40.5 \n \n \n \n \n   \n   \n Consolidated statement of financial position at 31 December 2025 \n \n \n \n \n \n \n \n \n \n \n 31 December 2025 \n \n \n 31 December 2024 \n \n \n \n \n   \n \n \n Notes \n \n \n £m \n \n \n £m \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Goodwill \n \n \n 8 \n \n \n 65.4 \n \n \n 64.5 \n \n \n \n \n Other intangible assets \n \n \n \n \n \n 14.5 \n \n \n 7.2 \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n 104.0 \n \n \n 111.4 \n \n \n \n \n Right-of-use assets \n \n \n \n \n \n 101.2 \n \n \n 60.0 \n \n \n \n \n Investment in joint ventures and associates \n \n \n \n \n \n 6.6 \n \n \n 5.9 \n \n \n \n \n Other investments \n \n \n \n \n \n 1.4 \n \n \n 1.4 \n \n \n \n \n Other receivables \n \n \n \n \n \n 1.5 \n \n \n 6.8 \n \n \n \n \n Other financial assets \n \n \n \n \n \n 0.5 \n \n \n 1.4 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 4.2 \n \n \n 4.2 \n \n \n \n \n Retirement benefit surplus \n \n \n 12 \n \n \n 9.1 \n \n \n 9.1 \n \n \n \n \n \n \n \n \n \n \n 308.4 \n \n \n 271.9 \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 Inventories \n \n \n \n \n \n 36.1 \n \n \n 32.8 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 97.1 \n \n \n 114.5 \n \n \n \n \n Other financial assets \n \n \n \n \n \n 0.7 \n \n \n - \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 58.8 \n \n \n 86.2 \n \n \n \n \n Current tax receivable \n \n \n \n \n \n 3.9 \n \n \n 5.4 \n \n \n \n \n Assets held for sale \n \n \n 9 \n \n \n 9.0 \n \n \n 0.5 \n \n \n \n \n \n \n \n \n \n \n 205.6 \n \n \n 239.4 \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 Trade and other payables \n \n \n \n \n \n (102.2) \n \n \n (111.3) \n \n \n \n \n Current tax payable \n \n \n \n \n \n (3.4) \n \n \n (3.5) \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n (61.6) \n \n \n (78.9) \n \n \n \n \n Other financial liabilities \n \n \n \n \n \n - \n \n \n (0.9) \n \n \n \n \n Provisions \n \n \n 11 \n \n \n (9.6) \n \n \n (8.0) \n \n \n \n \n Liabilities associated with assets held for sale \n \n \n 9 \n \n \n (0.7) \n \n \n - \n \n \n \n \n \n \n \n \n \n \n (177.5) \n \n \n (202.6) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Net current assets \n \n \n \n \n \n 28.1 \n \n \n 36.8 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total assets less current liabilities \n \n \n \n \n \n 336.5 \n \n \n 308.7 \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 Other payables \n \n \n \n \n \n (0.6) \n \n \n - \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n (141.3) \n \n \n (115.3) \n \n \n \n \n Other financial liabilities \n \n \n \n \n \n (0.3) \n \n \n - \n \n \n \n \n Provisions \n \n \n 11 \n \n \n (4.7) \n \n \n (0.5) \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (0.7) \n \n \n (0.7) \n \n \n \n \n Retirement benefit obligations \n \n \n 12 \n \n \n (1.6) \n \n \n (1.9) \n \n \n \n \n \n \n \n \n \n \n (149.2) \n \n \n (118.4) \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 187.3 \n \n \n 190.3 \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 Share capital \n \n \n \n \n \n 12.7 \n \n \n 12.6 \n \n \n \n \n Share premium \n \n \n \n \n \n 27.6 \n \n \n 26.8 \n \n \n \n \n Treasury shares \n \n \n \n \n \n (0.5) \n \n \n (0.2) \n \n \n \n \n Other reserves \n \n \n \n \n \n (23.2) \n \n \n (22.0) \n \n \n \n \n Retained earnings \n \n \n \n \n \n 170.2 \n \n \n 172.7 \n \n \n \n \n Total shareholders' equity \n \n \n \n \n \n 186.8 \n \n \n 189.9 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 0.5 \n \n \n 0.4 \n \n \n \n \n Total equity \n \n \n \n \n \n 187.3 \n \n \n 190.3 \n \n \n \n \n \n Consolidated statement of changes in equity for the year ended 31 December 2025 \n \n \n \n \n   \n \n \n Share capital \n £m \n \n \n Share premium £m \n \n \n Treasury shares \n £m \n \n \n Other Reserves £m \n \n \n Retained earnings £m \n \n \n Total shareholders' equity \n £m \n \n \n Non-controlling interests £m \n \n \n Total equity \n £m \n \n \n \n \n At 1 January 2024 \n \n \n 12.6 \n \n \n 26.8 \n \n \n (0.5) \n \n \n (16.4) \n \n \n 125.5 \n \n \n 148.0 \n \n \n 0.6 \n \n \n 148.6 \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 \n \n \n \n \n Profit for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 46.3 \n \n \n 46.3 \n \n \n 0.1 \n \n \n 46.4 \n \n \n \n \n Other comprehensive (expense)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n (6.0) \n \n \n 0.2 \n \n \n (5.8) \n \n \n (0.1) \n \n \n (5.9) \n \n \n \n \n Total comprehensive (expense)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n (6.0) \n \n \n 46.5 \n \n \n 40.5 \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 \n \n \n \n \n \n \n \n \n Contributions by and distributions to 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 Changes in ownership interest without a change in control \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n (0.4) \n \n \n - \n \n \n (0.2) \n \n \n (0.2) \n \n \n \n \n Share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.8 \n \n \n 1.8 \n \n \n - \n \n \n 1.8 \n \n \n \n \n Purchase of shares by Employee Share Ownership Trust \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n (0.3) \n \n \n \n \n Sale of shares by Employee Share Ownership Trust \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n - \n \n \n (0.7) \n \n \n (0.1) \n \n \n - \n \n \n (0.1) \n \n \n \n \n At 31 December 2024 \n \n \n 12.6 \n \n \n 26.8 \n \n \n (0.2) \n \n \n (22.0) \n \n \n 172.7 \n \n \n 189.9 \n \n \n 0.4 \n \n \n 190.3 \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 \n \n \n \n \n \n \n \n \n (Loss)/profit for the year \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (4.4) \n \n \n (4.4) \n \n \n 0.1 \n \n \n (4.3) \n \n \n \n \n Other comprehensive (expense)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.2) \n \n \n 0.3 \n \n \n (0.9) \n \n \n - \n \n \n (0.9) \n \n \n \n \n Total comprehensive (expense)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.2) \n \n \n (4.1) \n \n \n (5.3) \n \n \n 0.1 \n \n \n (5.2) \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 \n \n \n \n \n \n \n \n \n Contributions by and distributions to 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 Arising on the issue of shares \n \n \n 0.1 \n \n \n 0.8 \n \n \n - \n \n \n - \n \n \n (0.9) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Changes in ownership interest without a change in control \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n (0.2) \n \n \n - \n \n \n (0.2) \n \n \n \n \n Share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.9 \n \n \n 2.9 \n \n \n - \n \n \n 2.9 \n \n \n \n \n Purchase of shares by Employee Share Ownership Trust \n \n \n - \n \n \n - \n \n \n (0.5) \n \n \n - \n \n \n - \n \n \n (0.5) \n \n \n - \n \n \n (0.5) \n \n \n \n \n Sale of shares by Employee Share Ownership Trust \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n (0.2) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n At 31 December 2025 \n \n \n 12.7 \n \n \n 27.6 \n \n \n (0.5) \n \n \n (23.2) \n \n \n 170.2 \n \n \n 186.8 \n \n \n 0.5 \n \n \n 187.3 \n \n \n \n \n   \n \n \n \n \n Other reserves \n \n \n Translation \n reserve \n £m \n \n \n Hedging \n reserve \n £m \n \n \n Put option \n liability \n £m \n \n \n Total \n £m \n \n \n \n \n At 1 January 2024 \n \n \n (16.3) \n \n \n 0.9 \n \n \n (1.0) \n \n \n (16.4) \n \n \n \n \n Other comprehensive expense \n \n \n (4.6) \n \n \n (1.4) \n \n \n - \n \n \n (6.0) \n \n \n \n \n Re-measurement of non-controlling interest put option \n \n \n (0.6) \n \n \n - \n \n \n 1.0 \n \n \n 0.4 \n \n \n \n \n At 31 December 2024 \n \n \n (21.5) \n \n \n (0.5) \n \n \n - \n \n \n (22.0) \n \n \n \n \n Other comprehensive expense \n \n \n (1.0) \n \n \n (0.2) \n \n \n - \n \n \n (1.2) \n \n \n \n \n At 31 December 2025 \n \n \n (22.5) \n \n \n (0.7) \n \n \n - \n \n \n (23.2) \n \n \n \n \n   \n   \n Consolidated cash flow statement for the year ended 31 December 2025 \n \n \n \n \n   \n \n \n Notes \n \n \n 31 December 2025 \n £m \n \n \n 31 December 2024 \n £m \n \n \n \n \n (Loss)/profit for the year \n \n \n \n \n \n (4.3) \n \n \n 46.4 \n \n \n \n \n Tax expense \n \n \n 5 \n \n \n 8.6 \n \n \n 7.6 \n \n \n \n \n Adjustments for: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Depreciation and amortisation \n \n \n \n \n \n 45.8 \n \n \n 40.5 \n \n \n \n \n Impairments \n \n \n \n \n \n 2.7 \n \n \n 5.2 \n \n \n \n \n Net finance expense \n \n \n \n \n \n 11.8 \n \n \n 19.1 \n \n \n \n \n Net gain on disposal of businesses \n \n \n \n \n \n - \n \n \n (49.5) \n \n \n \n \n Gain on disposals of property, plant and equipment and assets held for sale \n \n \n \n \n \n (2.4) \n \n \n (13.0) \n \n \n \n \n Share of post-tax results of joint ventures and associates \n \n \n \n \n \n (1.6) \n \n \n (2.6) \n \n \n \n \n Share-based payments charge \n \n \n \n \n \n 2.9 \n \n \n 1.8 \n \n \n \n \n Other non-cash items \n \n \n \n \n \n (0.3) \n \n \n 0.3 \n \n \n \n \n (Increase)/decrease in inventories \n \n \n \n \n \n (5.4) \n \n \n 2.0 \n \n \n \n \n Decrease/(increase) in trade and other receivables \n \n \n \n \n \n 21.0 \n \n \n (5.9) \n \n \n \n \n (Decrease)/increase in trade and other payables \n \n \n \n \n \n (8.1) \n \n \n 10.3 \n \n \n \n \n Increase/(decrease) in provisions \n \n \n \n \n \n 3.3 \n \n \n (2.2) \n \n \n \n \n Defined benefit pension cash contributions less service cost \n \n \n 12 \n \n \n 0.9 \n \n \n (1.0) \n \n \n \n \n Cash generated from operations \n \n \n \n \n \n 74.9 \n \n \n 59.0 \n \n \n \n \n Income taxes paid \n \n \n \n \n \n (8.0) \n \n \n (9.7) \n \n \n \n \n Cash flow from operating activities \n \n \n \n \n \n 66.9 \n \n \n 49.3 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Investing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Dividends received from joint venture undertakings \n \n \n \n \n \n 1.1 \n \n \n 2.3 \n \n \n \n \n Proceeds from the disposal of subsidiaries, net of cash disposed \n \n \n \n \n \n 0.7 \n \n \n 80.0 \n \n \n \n \n Proceeds from the disposal of property, plant and equipment \n \n \n \n \n \n 1.9 \n \n \n 22.6 \n \n \n \n \n Proceeds from the disposal of assets held for sale \n \n \n \n \n \n 2.2 \n \n \n 3.2 \n \n \n \n \n Finance income \n \n \n \n \n \n 2.2 \n \n \n 2.6 \n \n \n \n \n Acquisition of property, plant and equipment \n \n \n \n \n \n (25.0) \n \n \n (29.3) \n \n \n \n \n Development expenditure \n \n \n \n \n \n (8.0) \n \n \n (2.4) \n \n \n \n \n Debt instruments (issued to)/repaid by joint venture undertakings \n \n \n \n \n \n (0.1) \n \n \n 0.7 \n \n \n \n \n Cash flows (used in)/from investing activities \n \n \n \n \n \n (25.0) \n \n \n 79.7 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Financing activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Repayment of lease liability principal \n \n \n \n \n \n (22.8) \n \n \n (16.7) \n \n \n \n \n Interest paid on lease liabilities \n \n \n \n \n \n (6.4) \n \n \n (4.3) \n \n \n \n \n Finance costs \n \n \n \n \n \n (9.4) \n \n \n (20.0) \n \n \n \n \n Acquisition of non-controlling interests (NCI) \n \n \n \n \n \n (0.2) \n \n \n (0.6) \n \n \n \n \n Proceeds from borrowings \n \n \n \n \n \n 27.5 \n \n \n 120.0 \n \n \n \n \n Repayment of borrowings \n \n \n \n \n \n (27.5) \n \n \n (210.0) \n \n \n \n \n Repurchase of treasury shares \n \n \n \n \n \n (0.3) \n \n \n (0.2) \n \n \n \n \n Proceeds from sale of treasury shares \n \n \n \n \n \n - \n \n \n 0.2 \n \n \n \n \n Cash flows used in financing activities \n \n \n \n \n \n (39.1) \n \n \n (131.6) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Net increase/(decrease) in cash and cash equivalents \n \n \n 10 \n \n \n 2.8 \n \n \n (2.6) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Cash and cash equivalents at 1 January \n \n \n \n \n \n 23.8 \n \n \n 26.4 \n \n \n \n \n Cash transferred from assets held for sale at 1 January \n \n \n \n \n \n - \n \n \n 0.4 \n \n \n \n \n Net foreign exchange differences \n \n \n \n \n \n (2.2) \n \n \n (0.4) \n \n \n \n \n Cash and cash equivalents at 31 December \n \n \n \n \n \n 24.4 \n \n \n 23.8 \n \n \n \n \n   \n   \n Notes to the preliminary results \n 1.     General information \n James Fisher and Sons plc (the Company) is a public limited company registered and domiciled in England and Wales and listed on the London Stock Exchange. The consolidated financial statements comprise the financial statements of the Company, its subsidiary undertakings and its interest in associates and jointly controlled entities (together the Group), for the year ended 31 December 2025. The Company and consolidated financial statements were approved for publication by the Directors on 12 March 2026. \n   \n The financial information set out above does not constitute the company's statutory accounts for the years ended 31 December 2025 or 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the registrar of companies, and those for 2025 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. \n   \n Going concern \n In determining the appropriate basis of preparation of financial statements for the year ended 31 December 2025, the Board is required to consider whether the Group can continue in operational existence for a period of at least 12 months from the date of approval of the consolidated financial statements. The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken an assessment of the financial forecasts, key uncertainties and sensitivities, as set out below. \n   \n The Group entered into a single three-year £75.0m RCF and a five-year £20.0m bilateral facility (Group's funding arrangements) on 19 September 2024. The RCF included two one-year extension options to extend its terms to September 2029, subject to lender approval. The Group exercised an option in September 2025 to extend its term to September 2028. During 2025, the Group secured a £12.5m general export facility for the Defence division, comprising a £7.0m working capital facility with a one-year term and a £5.5m guarantee facility with a five-year term. \n   \n There were committed facilities as at 31 December 2025 of £92.5m following a £2.5m scheduled step down on the RCF (2024: £95m) and undrawn committed facilities of £21.5m (2024: £17.0m). \n   \n In March 2026, the Group added £25.0m of liquidity by increasing the committed RCF by acceding an additional lender into the existing agreement. The total committed facilities have therefore increased from £92.5m to £117.5m. \n   \n As part of the Group's funding arrangements, in addition to financial covenants, there is a non-financial covenant that requires the Group to provide signed audited financial statements for all guarantors' party to the banking arrangement where applicable within 180 days of the year end. \n   \n The Group's net debt for the purposes of banking covenants consists of net bank borrowings adjusted for finance lease liabilities (on a pre-IFRS 16 basis) and advance payment guarantees. The net debt for covenant purposes was £61.0m as at 31 December 2025 (2024: £61.0m) and the net debt/EBITDA ratio of 1.3x (2024: 1.4x). \n   \n The Group, with the ongoing support of the banking syndicate, has remained in compliance with all covenants during the period and remained so at the 31 December 2025 measurement date. \n   \n Board assessment \n The Board has considered an appropriate period for the going concern assessment, considering known liquidity events that will occur after the 12-month period. The Directors concluded that the 12-month going concern period is appropriate. \n   \n Base case \n The base case is derived from a detailed, bottom-up budget and plan that spans the going concern period. The budget considers the macroeconomic environment, including inflationary pressures and market trends. It also considers potential risks and opportunities during the period. However, it does not factor in disposals or acquisitions, as these remain outside the Group's direct control. \n   \n The base case demonstrates that the Group has adequate levels of liquidity from its committed facilities and complies with all its banking covenants throughout the going concern assessment period. \n   \n Severe but plausible scenario \n The Board also evaluated a range of sensitivities on the base case over the assessment period to develop a severe but plausible scenario. These sensitivities include the following risks simultaneously materialising: \n   \n \n \n \n \n ·      \n \n \n Trading downside risks related to unsecured revenue streams and the timing of contract wins, resulting in an approximate 10.0% reduction in covenant EBITDA over the assessment period, and \n \n \n \n \n ·      \n \n \n Cash flow disruptions arising from delayed collections from customers, project delivery challenges and an increase in inventory days \n \n \n \n \n   \n Under a combination of all of the above downside scenarios (the combined severe but plausible scenario), prior to mitigating actions within the control of management, the forecasts indicate that there is sufficient headroom on all financial covenants in the going concern assessment period and that the Group has adequate level of liquidity. The Directors are confident that they have a number of controllable mitigating actions that could be implemented should the combined severe but plausible scenario materialise to address the limited headroom on liquidity, predominantly from reducing discretionary spend on non-critical projects. \n   \n Reverse stress testing of the base case \n The Board have also considered a reverse stress test scenario to ascertain the extent of performance deterioration required to breach the Group's banking covenants based on base case forecasts: \n   \n \n \n \n \n ·      \n \n \n For leverage, during the lowest covenant testing periods, and before applying any controllable mitigations, a covenant EBITDA decline of 37.2% or a net debt increase of 59.2% would reduce headroom to nil. \n \n \n \n \n ·      \n \n \n For interest cover, during the lowest covenant testing periods, and before applying any controllable mitigations, a covenant EBITDA decline of 29.4% or a net interest expense increase of 41.7% would also result in nil headroom. \n \n \n \n \n   \n The Board does not consider the reverse stress test scenario to be plausible. \n   \n Conclusion \n Based on their assessment, the Board are confident that the Group will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the approval date of these consolidated financial statements. Furthermore, the Group is expected to remain in compliance with its covenant requirements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. \n   \n 2.     Alternative performance measures \n The Group uses various measures which are not defined by generally accepted accounting principles (GAAP) under International Financial Reporting Standards (IFRS) adopted in the United Kingdom. The alternative performance measures (APMs) should be considered in addition to, and not as a substitute for or superior to, the information presented in accordance with IFRS, as APMs may not be directly comparable with similar measures used by other companies. \n   \n The Group believes that APMs, when considered together with IFRS results, provide the readers of the financial statements with complementary information to better understand and compare the financial performance and position of the Group from period to period. The adjustments are usually items that are significant in size and/or non-recurring in nature. These measures are also used by management for planning, reporting and performance management purposes. Some of the measures form part of the covenant ratios calculation required under the terms of the Group's borrowings. \n   \n As APMs include the benefits of restructuring programmes or use of the acquired intangible assets but exclude certain significant costs, such as amortisation of intangible assets, litigation, material restructuring and transaction items, they should not be regarded as a complete picture of the Group's financial performance, which is presented in its IFRS results. The exclusion of adjusting items may result in underlying profits/(losses) being materially higher or lower than IFRS earnings. \n   \n During the year, a review of the Group's performance measures was undertaken. As a result, a minor definitional update was made to return on capital employed (ROCE), a definitional update was applied to the underlying effective tax rate, and a new APM, underlying operating cash flow, was introduced. \n   \n The following APMs are referred to in the Annual Report and Accounts and described in the following paragraphs. \n   \n 2.1.  Underlying operating profit \n Underlying operating profit is defined as operating profit adjusted for acquisition-related income and expense (amortisation or impairment of acquired intangible assets, acquisition expenses, adjustments to contingent consideration), the costs of a material restructuring, litigation, asset impairment and profit/loss relating to the sale of businesses or any other significant one-off adjustments to income or expenses (adjusting items). \n   \n Underlying operating profit is used as a basis for net debt: EBITDA and interest cover covenant calculations, required under the terms of the Group's borrowing agreements. This APM is also used internally to measure the Group's performance against previous years and budgets, as the adjusting items fluctuate year-on-year and may be unknown at the time of budgeting. \n   \n Year Ended 31 December 2025 \n   \n \n \n \n \n   \n \n \n As \n reported \n £m \n \n \n Impairment \n charges \n £m \n \n \n Disposal of \n businesses \n and assets \n £m \n \n \n Restruct- \n uring \n £m \n \n \n Other \n £m \n \n \n Tax \n £m \n \n \n Underlying \n results \n £m \n \n \n \n \n Revenue \n \n \n 394.4 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 394.4 \n \n \n \n \n Cost of sales \n \n \n (266.0) \n \n \n 2.5 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (263.5) \n \n \n \n \n Gross profit \n \n \n 128.4 \n \n \n 2.5 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 130.9 \n \n \n \n \n Administrative expenses \n \n \n (110.4) \n \n \n - \n \n \n 2.1 \n \n \n - \n \n \n 4.4 \n \n \n - \n \n \n (103.9) \n \n \n \n \n Impairment charges \n \n \n (0.2) \n \n \n 0.2 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Restructuring costs \n \n \n (3.3) \n \n \n - \n \n \n - \n \n \n 3.3 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share of post-tax results of joint ventures and associates \n \n \n 1.6 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.6 \n \n \n \n \n Operating profit \n \n \n 16.1 \n \n \n 2.7 \n \n \n 2.1 \n \n \n 3.3 \n \n \n 4.4 \n \n \n - \n \n \n 28.6 \n \n \n \n \n Investment income \n \n \n 2.6 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.6 \n \n \n \n \n Finance expense \n \n \n (16.5) \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.6 \n \n \n - \n \n \n (15.9) \n \n \n \n \n Net unrealised foreign exchange gain/(loss) \n \n \n 2.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n (2.1) \n \n \n - \n \n \n - \n \n \n \n \n Profit before taxation \n \n \n 4.3 \n \n \n 2.7 \n \n \n 2.1 \n \n \n 3.3 \n \n \n 2.9 \n \n \n - \n \n \n 15.3 \n \n \n \n \n Tax expense \n \n \n (8.6) \n \n \n (0.1) \n \n \n - \n \n \n (0.2) \n \n \n 0.1 \n \n \n 3.8 \n \n \n (5.0) \n \n \n \n \n (Loss)/profit for the year \n \n \n (4.3) \n \n \n 2.6 \n \n \n 2.1 \n \n \n 3.1 \n \n \n 3.0 \n \n \n 3.8 \n \n \n 10.3 \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 \n \n \n \n \n \n Operating margin (%) \n \n \n 4.1% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7.3% \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 \n \n \n \n \n \n Segmental underlying operating profit is calculated as follows: \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 Energy \n \n \n 14.2 \n \n \n 0.9 \n \n \n 0.9 \n \n \n 0.9 \n \n \n 0.7 \n \n \n - \n \n \n 17.6 \n \n \n \n \n Defence \n \n \n 3.1 \n \n \n 1.8 \n \n \n 0.1 \n \n \n 0.5 \n \n \n - \n \n \n - \n \n \n 5.5 \n \n \n \n \n Maritime Transport \n \n \n 16.3 \n \n \n - \n \n \n 0.7 \n \n \n 0.5 \n \n \n 3.3 \n \n \n - \n \n \n 20.8 \n \n \n \n \n Corporate \n \n \n (17.5) \n \n \n - \n \n \n 0.4 \n \n \n 1.4 \n \n \n 0.4 \n \n \n - \n \n \n (15.3) \n \n \n \n \n Operating profit \n \n \n 16.1 \n \n \n 2.7 \n \n \n 2.1 \n \n \n 3.3 \n \n \n 4.4 \n \n \n - \n \n \n 28.6 \n \n \n \n \n   \n During the year ended 31 December 2025, adjusting items in arriving at the underlying results were in relation to: \n   \n \n \n \n \n ·      \n \n \n Impairment charges - the £2.7m impairment charge in 2025 comprises £0.9m relating to assets within the Scantech Norway business in the Energy division and £1.8m relating to assets in Defence. Both impairments arose following a strategic realignment of product portfolios. \n \n \n \n \n   \n \n \n   \n \n \n \n \n ·      \n \n \n Disposal of businesses and assets - £1.2m incurred during the year are costs associated with previously disposed businesses, primarily relating to legal and professional fees. A further £0.9m was incurred in relation to the staged closure of the Inspection, Repair and Maintenance operations in the Middle East and Africa. \n \n \n \n \n \n \n \n \n \n \n \n \n ·      \n \n \n Restructuring - the £3.3m incurred during the period relates to the Group's multi-year transformation programme, which is focused on simplification, rationalisation, and business integration. These costs primarily comprise redundancy related expenses. \n \n \n \n \n   \n \n \n   \n \n \n \n \n ·      \n \n \n Other - comprises costs outside the normal course of business, including exceptional legal and professional fees relating to isolated matters. It also includes £2.2m associated with the estimated settlement of a historic pension matter. \n \n \n \n \n \n \n \n \n \n \n \n \n ·      \n \n \n Tax - £3.2m adjustment for tax attributes not recognised for deferred tax purposes (including losses and UK Corporate Interest restriction), £0.4m adjustment for write-off of a deferred tax asset and £0.2m adjustment in respect to prior period adjustments. \n \n \n \n \n   \n During the year, the Directors approved a presentational change to separately disclose other items and taxation. As a result, the comparative tax information has been re-presented. There is also restatement that reflects a lower underlying effective tax rate, driven by the exclusion of additional rate impacting non‑cash adjustments and any one‑off or exceptional tax charges or credits, such as prior‑year adjustments or changes in tax rates. This re‑measurement enhances transparency and provides a more representative view of the Group's sustainable tax rate on underlying profits, supporting improved comparability over time. \n   \n Year Ended 31 December 2024 \n   \n \n \n \n \n   \n \n \n As \n reported \n £m \n \n \n Impairment \n charges \n £m \n \n \n Disposal of \n businesses \n and assets \n £m \n \n \n Re-financing \n £m \n \n \n Re- \n structuring \n £m \n \n \n Other \n £m \n \n \n Tax (restated*) \n £m \n \n \n Underlying \n results \n £m \n \n \n \n \n Revenue \n \n \n 437.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 437.7 \n \n \n \n \n Cost of sales \n \n \n (304.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (304.7) \n \n \n \n \n Gross profit \n \n \n 133.0 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 133.0 \n \n \n \n \n Administrative expenses \n \n \n (101.6) \n \n \n - \n \n \n (5.4) \n \n \n - \n \n \n - \n \n \n 1.0 \n \n \n - \n \n \n (106.0) \n \n \n \n \n Impairment charges \n \n \n (5.2) \n \n \n 5.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n \n \n Profit on disposal of businesses \n \n \n 49.5 \n \n \n - \n \n \n (49.5) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Re-financing costs \n \n \n (3.5) \n \n \n - \n \n \n - \n \n \n 3.5 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Restructuring costs \n \n \n (1.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.7 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share of post-tax results of joint ventures and associates \n \n \n 2.6 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.6 \n \n \n \n \n Operating profit/(loss) \n \n \n 73.1 \n \n \n 5.1 \n \n \n (54.9) \n \n \n 3.5 \n \n \n 1.7 \n \n \n 1.0 \n \n \n - \n \n \n 29.5 \n \n \n \n \n Investment income \n \n \n 2.8 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.8 \n \n \n \n \n Finance expense \n \n \n (21.2) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.8 \n \n \n - \n \n \n (20.4) \n \n \n \n \n Net unrealised foreign exchange gain/(loss) \n \n \n (0.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.7 \n \n \n - \n \n \n - \n \n \n \n \n Profit before taxation \n \n \n 54.0 \n \n \n 5.1 \n \n \n (54.9) \n \n \n 3.5 \n \n \n 1.7 \n \n \n 2.5 \n \n \n - \n \n \n 11.9 \n \n \n \n \n Tax expense \n \n \n (7.6) \n \n \n 0.1 \n \n \n 0.1 \n \n \n - \n \n \n (0.1) \n \n \n \n \n \n 4.7 \n \n \n (2.8) \n \n \n \n \n Profit for the year \n \n \n 46.4 \n \n \n 5.2 \n \n \n (54.8) \n \n \n 3.5 \n \n \n 1.6 \n \n \n 2.5 \n \n \n 4.7 \n \n \n 9.1 \n \n \n \n \n Operating margin (%) \n \n \n 16.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6.7% \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 \n \n \n Segmental underlying operating profit is calculated as follows: \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 Energy \n \n \n 74.8 \n \n \n 2.8 \n \n \n (52.6) \n \n \n - \n \n \n 0.4 \n \n \n (0.6) \n \n \n - \n \n \n 24.8 \n \n \n \n \n Defence \n \n \n 2.0 \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n 0.3 \n \n \n (0.5) \n \n \n - \n \n \n 1.9 \n \n \n \n \n Maritime Transport \n \n \n 17.2 \n \n \n 2.2 \n \n \n (3.5) \n \n \n - \n \n \n 0.2 \n \n \n (1.0) \n \n \n - \n \n \n 15.1 \n \n \n \n \n Corporate \n \n \n (20.9) \n \n \n - \n \n \n 1.2 \n \n \n 3.5 \n \n \n 0.8 \n \n \n 3.1 \n \n \n - \n \n \n (12.3) \n \n \n \n \n Operating profit/(loss) \n \n \n 73.1 \n \n \n 5.1 \n \n \n (54.9) \n \n \n 3.5 \n \n \n 1.7 \n \n \n 1.0 \n \n \n - \n \n \n 29.5 \n \n \n \n \n * The comparative numbers have been restated due to a revision in the calculation of the underlying effective tax rate, which removes certain non ‑ cash adjustments that previously affected the rate, leading to a reduction in the underlying effective tax rate. \n   \n During the year ended 31 December 2024, adjusting items in arriving at the underlying results were in relation to: \n   \n \n \n \n \n ·      \n \n \n Impairment charges - the £5.1m net impairment charge in 2024 comprises a £3.2m goodwill impairment related to our Inspection, Repair and Maintenance business (see Note 9) , £1.4m impairment relating to two joint ventures within the Maritime Transport Division, a £0.9m impairment in a South African joint venture within our Maritime Transport Division and £0.2m impairment of assets within the Scantech Norway business in the Energy Division. This is partially offset by an impairment reversal of £0.7m following the successful recovery of previously impaired receivables from a closed business. \n \n \n \n \n   \n \n \n   \n \n \n \n \n ·      \n \n \n Disposal of businesses and assets - mainly comprises a £49.5m gain on disposal of businesses. The remaining profit primarily arises from the sale of the remaining assets of the closed Subtech Europe business. \n \n \n \n \n \n \n \n \n \n \n \n \n ·      \n \n \n Re-financing - costs associated with re-financing activities and completion of various requirements and conditions of the June 2023 Revolving Credit Facility (RCF) primarily related to legal and advisory costs. \n \n \n \n \n \n \n \n \n \n \n \n \n ·      \n \n \n Restructuring - costs related to the Group's multi-year transformation programme expected to be completed in 2027 which focuses on simplification, rationalisation and business integration. These costs primarily consist of redundancy-related expenses. \n \n \n \n \n \n \n \n \n \n \n \n \n ·      \n \n \n Other - includes £0.3m amortisation of acquired intangibles and legal and professional fees that are non-recurring and outside the normal course of business. \n \n \n \n \n \n \n \n \n \n \n \n \n ·      \n \n \n Tax - £3.1m adjustment for tax attributes not recognised for deferred tax purposes (including losses and UK Corporate Interest restriction), £1.0m adjustment for write-off of a deferred tax asset in respect to losses and £0.6m adjustment in respect to prior period adjustments. \n \n \n \n \n   \n 2.2.  Covenant EBITDA \n Covenant EBITDA is calculated in line with the Group's banking covenants effective from 1 October 2024. It is defined as the rolling 12-month underlying operating profit before interest, tax, depreciation and amortisation on a pre-IFRS 16 basis excluding the EBITDA of businesses disposed of during the year. The IFRS 16 adjustment is calculated as a difference between right-of-use asset depreciation and lease payments for leases that would have been classified as operating leases under IAS 17. The numbers below are presented on a rolling 12-month basis for both years. \n   \n \n \n \n \n   \n \n \n 2025 \n £m \n \n \n 2024 \n £m \n \n \n \n \n Underlying operating profit (Note 2.1) \n \n \n 28.6 \n \n \n 29.5 \n \n \n \n \n Amortisation of intangible assets \n \n \n 0.7 \n \n \n 1.1 \n \n \n \n \n Depreciation of tangible assets \n \n \n 19.0 \n \n \n 19.8 \n \n \n \n \n Depreciation of right-of-use assets \n \n \n 26.1 \n \n \n 19.6 \n \n \n \n \n Amortisation of acquired intangibles \n \n \n (0.1) \n \n \n (0.3) \n \n \n \n \n EBITDA \n \n \n 74.3 \n \n \n 69.7 \n \n \n \n \n   \n \n \n &nbs...

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