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2025 Performance Summary
- 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.
Performance summary
To 31 December 2025
Year ended 31 December 2025 |
Year ended 31 December 2024 |
|
| Revenue | £631.4m | £661.4m |
| Underlying profit before taxation* | £90.6m | £115.3m |
| Reported profit before taxation | £86.7m | £112.1m |
| Underlying basic earnings per share* | 225.8p | 286.9p |
| Reported basic earnings per share | 214.0p | 277.1p |
| Full year dividend per share | 112p | 109p |
* Classed as an Alternative Performance Measure ('APM').
2025 Interim Summary
- Underlying profit before taxation* of £39.4m (2024: £51.5m)
- Underlying basic earnings per share* of 98.6p (2024: 129.1p)
- Strong balance sheet, with £206.2m of free cash resources* (30 June 2024: £178.4m)
* Classed as an Alternative Performance Measure ('APM').
- Increased interim dividend of 33p per share (2024: 32p per share) – 23rd consecutive year of dividend increases
- The Board’s expectation remains that the year will be second-half weighted and in line with the AGM Trading Statement
Interim results summary
To 30 June 2025
Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
|
| Revenue | £297.8m | £310.1m |
| Underlying profit before taxation* | £39.4m | £51.5m |
| Reported profit before taxation | £37.5m | £50.1m |
| Underlying basic earnings per share* | 98.6p | 129.1p |
| Reported basic earnings per share | 93.0p | 124.6p |
| Interim Dividend per share | 33p | 32p |
* Classed as an Alternative Performance Measure ('APM').