Financial highlights

• Underlying profit before taxation* of £61.5m (2025: £39.4m)
• Underlying basic earnings per share* of 147.6p (2025: 98.6p)
• Strong balance sheet, with £154.6m of free cash resources* (30 June 2025: £206.2m)
• Increased interim dividend of 35p per share (2025: 33p per share) – 24th consecutive year of dividend increases

 

* Classed as an Alternative Performance Measure ('APM').

• Record first half profit generated from strong trading conditions, and accentuated by turbulence in the Strait of Hormuz
• Full year outturn now expected to be materially ahead of market expectations following an exceptional first half performance
• The Board does not currently expect the Group’s performance to be second-half weighted as would otherwise be the case

• Underlying profit before taxation* of £90.6m (2024: £115.3m) 
• Underlying basic earnings per share* was 225.8p (2024: 286.9p)
• Full year dividend of 112p, an increase of 3% on 2024, giving rise to a 23rd consecutive year of dividend growth.

 

* Classed as an Alternative Performance Measure ('APM').

• Forward order book as at 31 December 2025, for invoicing in 2026 was US$244m (31 December 2024: US$231m)
• Strong balance sheet with free cash resources* of £232.0m (2024: £216.3m)
• Positive momentum built at the end of 2025 has continued into 2026, with new spot business negotiated being higher than the same period last year.