2024 Summary Mid-Year Update

Our mid-year review is a tool that helps us assess our performance, revisit our development goals where necessary, and inform strategic and directional decisions in a timely manner.

2025 trading has started well. Revenue has grown at strong double-digit levels, and profit margins continue to expand in line with management expectations for the year.

The focus in the first half has been on managing pricing to offset the impact of minimum wage and national insurance increases, and on integrating the FES acquisition completed in November 2024. Inflationary pressures have been effectively managed through contractual discipline and margin improvement initiatives, consistent with prior years.

Operating cash generation continues to improve, supported by a rigorous focus on capital investment and working capital. The dynamic management of cash, while meeting all obligations, remains a source of strength for the business.

The directors are confident that performance in the second half will sustain the momentum in growth, profitability, and cash generation delivered in the first half.