Annual Overview
| 2021 £'000 | 2022 £'000 | 2023 £'000 | 2024 £'000 | 2025 £'000 | |
|---|---|---|---|---|---|
| Revenue | 154,096 | 167,494 | 115,252 | 118,034 | 97,300 |
| EBITDA (see below) | 18,679 | 23,365 | 4,313 | 8,112 | 3,237 |
| Operating profit | |||||
| Adjusted* | (6,454) | (3,557) | (20,199) | (18,357) | (20,964) |
| Reported | (19,978) | (72,976) | (25,779) | (32,958) | (30,059) |
| Profit after tax | |||||
| Adjusted* | (19,281) | (5,920) | (23,990) | (23,734) | (27,439) |
| Reported | (31,002) | (74,541) | (29,378) | (38,178) | (36,695) |
| Net cash flow from operations | |||||
| Before adjustments | 17,940 | 15,652 | 15,744 | 6,087 | 11,180 |
| Reported | 18,883 | 8,873 | 10,074 | 1,282 | 8,070 |
| Free cash flow** | |||||
| Before adjusted cash flows | (1,640) | 4,148 | (3,128) | (4,948) | 2,037 |
| Reported | (697) | (2,631) | (8,798) | (9,753) | (1,073) |
| Adjusted net cash/(debt) | (5,804) | (15,248) | (2,228) | (18,800) | (31,484) |
| Equity shareholders’ funds | 234,621 | 175,060 | 169,785 | 134,110 | 89,694 |
| Basic EPS – adjusted* | (2.41p) | (0.74p) | (2.68p) | (2.46p) | (2.82p) |
| Basic EPS – unadjusted | (3.87p) | (9.27p) | (3.28p) | (3.96p) | (3.77p) |
| Diluted EPS – adjusted* | (2.41p) | (0.74p) | (2.68p) | (2.46p) | (2.82p) |
| Diluted EPS – unadjusted | (3.87p) | (9.27p) | (3.28p) | (3.96p) | (3.77p) |
* Free cash flow is defined as net cash flow before acquisitions, contingent deferred consideration (settled through contractual discounts), financing and net interest paid. ** adjusted EPS measures exclude non-cash charges for share based payments, non-cash acquisition related charges and exceptional items.
** Free cash flow is defined as net cash flow before acquisitions, financing and net interest paid.
Adjusted EBITDA (adjusted earnings before interest, tax, depreciation and amortisation) is calculated as follows:
| 2024 £'000 | 2025 £'000 | |
|---|---|---|
| (Loss)/profit after tax | (38,178) | |
| Tax charge/ (credit) | 1,273 | |
| Interest expense/ (income) | 3,947 | |
| Share based payments | 3,174 | |
| Loss/(profit) on disposal of PPE and intangibles | (62) | |
| Adjusted items | 11,427 | |
| Depreciation of property, plant and equipment | 16,552 | |
| Depreciation of right of use assets | 3,791 | |
| Amortisation of intangible fixed assets | 6,390 | |
| Gain on remeasurement of right-of-use-assets | (202) | |
| Adjusted EBITDA | 8,112 |
Full details may be found in the Annual Report and Accounts 2025.