9 September 2025

THE PEBBLE GROUP PLC

("The Pebble Group" or the "Group")

 

UNAUDITED HALF YEAR RESULTS 2025

FY 25 expected to be in line with market expectations, new Partner wins accelerating at Facilisgroup

 

The Pebble Group (AIM: PEBB), a leading provider of technology, products and related services to the global promotional products industry, announces its unaudited results for the six months ended 30 June 2025 ("HY 25" or the "Period").

 

The results in HY 25 are in line with the update given in our July 2025 trading statement and the Board expects that for the year ending 31 December 2025 ("FY 25"), the Group's results will be in line with market expectations.

 

Commenting, Chris Lee, Chief Executive Officer of The Pebble Group said: "The Board expects FY 25 Group results to be in line with market expectations supported by new contract wins at Brand Addition and 18 new Partner wins at Facilisgroup. This is despite a challenging economic backdrop in which marketing budgets are being tightly held.

 

"At Brand Addition, revenue from new contract wins in 2024 partially offset softening in some existing client spend. At Facilisgroup, we are pleased with the acceleration in new Partner wins demonstrating a return on the increased sales and marketing investment in 2025. Our strong client and Partner retention rates continue, as does the cash generative qualities of the Group. The investment we have made to drive future organic growth has started to produce encouraging results. We remain confident about the Group's prospects and ability to deliver sustainable earnings growth and create shareholder value."

 

Financials

 

Statutory results	HY 25	HY 24	Change	FY 24
Revenue	£58.6m	£60.8m	-4%	£125.3m
Gross profit margin	45.1%	44.7%	+0.4ppt	44.3%
Operating profit	£2.8m	£3.2m	-12%	£8.6m
Profit before tax	£2.6m	£2.9m	-10%	£8.1m
Basic earnings per share	1.24p	1.36p	-9%	3.83p

 

Other financial highlights	HY 25	HY 24	Change	FY 24
Adjusted EBITDA1	£6.2m	£7.4m	-16%	£16.7m
Net cash2	£6.0m	£4.9m	+£1.1m	£16.5m
Adjusted basic earnings per share3	1.21p	1.87p	-35%	4.63p
Capital returns	£5.2m	£2.6m	+£2.6m	£3.4m

 

 

Financial highlights

 

●	Group Revenue of £58.6m is £2.2m less than the prior year with revenue from new contract wins at Brand Addition partially offsetting softening in some existing client spend
●	Gross profit margins continue to expand, up 0.4 percentage points to 45.1%, driven by improved margins at Brand Addition of 35.6% (HY 24: 35.3%)
●	Group Adjusted EBITDA of £6.2m reflecting the revenue variance at Brand Addition and the planned sales and marketing investment to accelerate new Partner wins at Facilisgroup which is already delivering results
●	Balance sheet remains strong with cash generated funding the Group's growth strategy whilst continuing to increase shareholder returns
●	To date in 2025, a total of £11.7m has been returned to shareholders. This comprises £5.2m (Dividend: £3.0m, Share Buyback: £2.2m) in HY 25 with a further £6.5m Tender Offer completed in August 2025

 

Business highlights

 

●	In Facilisgroup:
	●	Revenue in USD, the home currency of the business, was in line with HY 24. In GBP, the Group's reporting currency, there was a decrease of £0.3m (3%) on HY 24 due to foreign exchange rates
	●	Successful senior appointments in technology and sales complete the leadership team, which has strengthened existing relationships and will drive product innovation and revenue growth
	●	50% increase in new Partners (customers) added to date in 2025 compared to the same period in 2024. These 18 wins, together with a high underlying Partner retention rate results in Partner numbers being 248 as at 7 September 2025 (31 December 2024: 239)
	●	Gross Merchandise Value ("GMV") (+4%) and spend through our Preferred Suppliers (+1%)
	●	Cash generation increasing as planned following completion of the capital investment programme of 2023 and 2024

 

●	In Brand Addition:
	●	Revenue from 2024 new contract wins partially offsetting some softening in existing client spend due to challenging economic backdrop in which marketing budgets are being tightly held
	●	Improving new contract wins as high client retention levels continue
	●	Gross margin strength and disciplined cost management is supporting the Group's profitability in uncertain market conditions
	●	Cash generative nature of the business continues

Outlook and Post Period update

●	The Board expects FY 25 results to be in line with market expectations from the assessment that sales activity from existing and new clients at Brand Addition, through the remainder of 2025, will deliver total FY 25 revenues in line with the prior year
●	On 21 July 2025, the Group announced a Tender Offer of up to £6.5 million at 61 pence per Ordinary Share, which was subsequently fully subscribed for and completed on 11 August 2025 resulting in the repurchase and cancelation of 10,655,737 Ordinary shares
●	Today, we announce the appointment of Markus Bihler as an Independent Non-Executive Director following the planned departure of Stuart Warriner who stands down after almost six years on the Board

 

 

1	Adjusted EBITDA means operating profit before depreciation, amortisation and share-based payment charge/credit
2	Net cash is calculated as cash and cash equivalents less borrowings (excluding lease liabilities)
3	Adjusted basic earnings per share ("EPS") represents Adjusted Earnings meaning profit after tax before amortisation of acquired intangible assets and share-based payment charge/credit, net of taxation, divided by the weighted average number of shares

 

Presentation for Analysts and Investors

 

A presentation for analysts and investors with Q&A will take place at 8:00am today by webinar.

Please register to attend via this link:

Analyst Presentation 8am 9 September 2025

 

A copy of the presentation is available on the Investors section of The Pebble Group's website at

The Pebble Group investor relations

 

Presentation for retail investors

 

The management team is hosting a separate online presentation for retail investors with Q&A at 3:00pm on Thursday 11 September 2025. 

 

Please register to attend via this link:

Retail Presentation 3pm 11 September 2025

 

A recording of this presentation will be made available on the Investors section of The Pebble Group's website at The Pebble Group investor relations

 

 

 

Enquiries:

 

The Pebble Group Chris Lee, Chief Executive Officer Claire Thomson, Chief Financial Officer	+44 (0) 738 502 4855
Panmure Liberum (Nominated Adviser and Broker) Edward Mansfield Will King Gaya Bhatt	+44 (0) 20 3100 2000
Temple Bar Advisory (Financial PR) Alex Child-Villiers Alistair de Kare-Silver	+44 (0) 207 183 1190 [email protected]

About The Pebble Group

 

The Pebble Group is a provider of technology, products and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market. For further information, please visit www.thepebblegroup.com.

 

 

CHIEF EXECUTIVE OFFICER'S REVIEW

 

Summary of results

 

We are satisfied with the Group's financial performance in HY 25, against a challenging economic backdrop, achieving revenue of £58.6m (HY 24: £60.8m), Adjusted EBITDA of £6.2m (HY 24: £7.4m) and Operating profit of £2.8m (HY 24: £3.2m). These results are robust and reflect the uncertain economic environment in which the clients of Brand Addition are operating together with the planned cost increase in sales leadership to support organic growth at Facilisgroup.

 

The Group continues to have a strong balance sheet and our working capital cycle remains disciplined and consistent with prior years. As a result of the Group's strong cash generation, net cash at 30 June 2025 was £6.0m (30 June 2024: £4.9m, 31 December 2024: £16.5m) following cash distributions of £5.2m in HY 25 (HY 24: £2.6m) through the previously announced dividend (£3.0m) and Share Buyback Programme (£2.2m).

 

The high cash generative qualities of the Group allow us to invest in organic growth opportunities whilst also having the option of delivering capital returns to shareholders. This was further demonstrated in August 2025 when we successfully completed a £6.5m Tender Offer, resulting in a total of £11.7m being returned to shareholders in the year to date in 2025.

 

Introduction

 

The Pebble Group's core competency is to use its technology and sustainability expertise, deep industry understanding and global footprint to create long-term relationships and grow its market share in the circa $50 billion promotional products market. Our two businesses, Facilisgroup and Brand Addition, hold market leading and differentiated positions in this industry, delivering strong margins and cash generation.

 

Facilisgroup: a strategic partner that brings together powerful technology, proven processes, supply chain advantages and a connected community to empower promotional products distributors in North America to scale efficiently and grow profitably

 

Revenue and profit analysis

	HY 25	HY 24	FY 24
Recurring revenue	£8.3m	£8.5m	£16.9m
Other revenue	£0.3m	£0.4m	£0.7m
Total revenue	£8.6m	£8.9m	£17.6m
Gross profit margin	100%	100%	100%
Adjusted EBITDA	£3.8m	£4.2m	£8.8m
Adjusted EBITDA margin	44%	47%	50%

 

Facilisgroup revenue in USD, the home currency of the business, was in line with HY 24. In GBP, the Group's reporting currency, there was a decrease of £0.3m (3%) on HY 24 due to foreign exchange rates compared to prior year.

 

The income model of our recurring revenue has two elements:

 

1.	Technology Subscription Fee: Fixed annually and paid monthly by our Partners based on the GMV in the prior calendar year; and
2.	Preferred Supplier Activity Fee: Accrued monthly and paid twice yearly by our Preferred Suppliers based upon the monthly purchases by our Partners through these contracted Preferred Suppliers.

 

Revenue in HY 25 was level compared to HY 24 as like-for-like Partner GMV and the total number of Partners in 2024 were flat. Additionally, the start, stop, restart timing and quantum of tariffs in 2025 has led to less consistent income through our Preferred Supplier Activity Fee. This has been manageable albeit remains less predictable than in prior years.

 

Facilisgroup has a loyal Partner base providing a strong foundation from which to grow its revenues. Often management owned businesses and with an average GMV of over USD6m, Facilisgroup provides these Partners with a rounded offering of technology, supply chain advantages and a community support network that offers a unique platform to scale efficiently and grow profitably. This powerful combination leads to very high Partner retention rates.

 

Our focus on developing our technology and team has started to produce encouraging momentum. There has been an 50% increase in new Partners added to date in 2025 compared to the same period in 2024. This is a strong return on our 2025 investment into the sales team whilst simultaneously increasing our cash generation following the completion of the capital expenditure programme of 2023 and 2024.

 

These 18 wins, together with a high underlying Partner retention rate results in, at 7 September 2025, Partner numbers being 248 (31 December 2024: 239). Within our Partner attrition, 1 Partners were acquired by other businesses and 2 Partners were exited by Facilisgroup, leaving underlying attrition of 6 and a retention rate of 97%. New Partners have a material lifetime value to the Group, therefore, as evidence builds, further investment to support continued momentum at Facilisgroup will be considered.

 

GMV in HY 25 increased by 4% to USD753m (HY 24: USD724m) and Preferred Supplier Purchases increased by 1% to USD242m (HY 24: USD240m).

 

We believe that Facilisgroup is making good progress and with its leading market position is well-placed to continue to gain market share and drive value for the Group.

 

Brand Addition: an end-to-end branded merchandise provider that enables companies of scale to build meaningful connections with their customers, employees and communities

 

Revenue and profit analysis

	HY 25	HY 24	FY 24
Revenue	£50.0m	£51.9m	£107.7m
Gross profit	£17.8m	£18.3m	£37.9m
Gross profit margin	35.6%	35.3%	35.2%
Adjusted EBITDA	£3.8m	£4.6m	£10.8m
Adjusted EBITDA margin	7.6%	8.9%	10.0%

 

HY 25 revenue was £50.0m, 3.7% behind HY 24. This reflects a combination of some softening in existing client spend, due to economic headwinds with resultant caution on marketing budgets, countered by revenue from new contract wins in 2024 beginning to be implemented.

 

Gross margins have continued to be strong, increasing to 35.6% in HY 25 (HY 24: 35.3%, HY 23: 33.2%) reflecting the value being created by the business for its clients. Alongside this, careful cost management has resulted in EBITDA of £3.8m (HY 24: £4.6m).

 

Brand Addition supports its clients, which include many of the best-known brands in the world, by providing a range of complex services to deliver promotional merchandise strategies. These services are underpinned by our technology, creative product solutions with a strong and consistent sustainability focus and delivered across multiple geographies. We believe that Brand Addition is one of the few businesses with the skills, knowledge and experience to provide this level of service at scale and this supports our high client retention levels.

 

Most of Brand Addition's revenue is generated through approximately 70 client contracts and has a large addressable market to grow into. New contract wins are improving compared to previous periods, increasing our market share.

 

In the short term we are focussed on protecting our profitability through strengthening our gross margin and prudently managing our cost base. With strong client retention and good operating cash conversion, we firmly believe in the long-term growth and success of the business as market conditions improve.

 

As at 7 September 2025, orders received for FY 25 are £82.3m, slightly behind the prior year. Our latest assessment is that sales activity, from existing and new clients, through the remainder of 2025, will deliver total FY 25 revenues in line with prior year.

 

Environmental, Social and Governance ("ESG")

 

Initiatives that are grouped together under the banner of ESG remain fundamental to our Group strategy. During the first half of 2025, we have continued to embed these activities across the Group, guided by our four ESG cornerstones. At Brand Addition, we have supported clients through targeted range reviews and product evaluations, promoting brand awareness and enabling environmentally conscious choices. These processes are underpinned by a validated value chain that ensures ethical standards are upheld across our supply network.

 

Our governance frameworks continue to appropriately evolve in response to changing regulatory requirements, helping ensure our practices remain robust and forward-looking. Transparent reporting remains a priority, with consistent updates on ESG performance and progress delivered through our annual ESG report. Social impact also remains a key focus, with active community engagement through initiatives such as Facilis Cares and partnerships with local charities. Formal supplier meetings and events have helped raise awareness of the importance of sustainability across the Group and the need for businesses to take action to reduce environmental impact.

 

We remain focused on delivering meaningful outcomes and continuing to build a responsible, resilient and sustainable business.

 

Group outlook

 

The Board expects FY 25 Group results to be in line with market expectations. This is based on our latest assessment that sales activity from existing and new clients at Brand Addition, through the remainder of 2025, will deliver total FY 25 revenues in line with prior year, alongside our current gross margin run rates and cost commitments.

 

We are encouraged by the progress at Facilisgroup and the momentum building in our new Partner wins. Brand Addition continues to deliver a robust performance against a challenging economic backdrop.

 

Christopher Lee

Chief Executive Officer

9 September 2025

 

 

 

CHIEF FINANCIAL OFFICER'S REVIEW

 

HY 25 Results

 

	HY 25	HY 24	FY 24
	Unaudited £'m	Unaudited £'m	Audited £'m
Revenue	58.6	60.8	125.3
Gross profit	26.4	27.2	55.5
Gross profit margin	45.1%	44.7%	44.3%
Adjusted EBITDA	6.2	7.4	16.7
Adjusted EBITDA margin	10.6%	12.2%	13.3%
Depreciation and amortisation	(3.7)	(5.0)	(8.6)
Share-based payment credit	0.3	0.8	0.5
Operating profit	2.8	3.2	8.6
Net finance costs	(0.2)	(0.3)	(0.5)
Profit before tax	2.6	2.9	8.1
Tax	(0.6)	(0.6)	(1.7)
Profit for the Period	2.0	2.3	6.4
Weighted average number of shares	161,485,073	166,890,909	166,216,248
Basic Adjusted EPS	1.21p	1.87p	4.63p
Basic EPS	1.24p	1.36p	3.83p

 

 

Revenue

Revenue for the Period to 30 June was £58.6m (HY 24: £60.8m), a decrease of £2.2m (3.6%) compared to the same period in 2024. Facilisgroup's revenue was £8.6m (HY 24 £8.9m), a 3% reduction in GBP. When measured in its home currency of USD, revenue was in line with HY 24. This reflects the largely flat GMV of existing Partners in FY 24 which translates into technology subscriptions in HY 25 and a higher number than previously experienced of Partner businesses being acquired in FY 24. The balance of the movement (£1.9m) relates to Brand Addition, where the revenue from 2024 new contract wins is partially offsetting some softening in existing client spend where macro-economic headwinds are resulting in marketing budgets being tightly held.

 

Gross profit

Gross profit as a percentage of revenue continued to increase and was 45.1% (HY 24: 44.7%). This 0.4 p.p.t increase relates principally to Brand Addition where the price increases achieved in FY 24 have been maintained.

 

Adjusted EBITDA

Adjusted EBITDA was £6.2m (HY 24: £7.4m) made up as follows:

-	Facilisgroup at £3.8m (HY 24: £4.2m) reflects the planned investment in sales and business leadership to accelerate revenue growth. From this investment we are experiencing a significant improvement in net new Partner wins that we expect to impact revenues in FY 26;
-	Brand Addition at £3.8m (HY 24: £4.6m) as costs remain well controlled but sales movement impacts EBITDA; and
-	Central costs of £1.4m (HY 24: £1.4m).

 

Depreciation and amortisation

The total charge for the Period was £3.7m (HY 24: £5.0m) of which £2.6m (HY 24: £3.9m) was the amortisation of intangible assets. The amortisation of intangible assets in HY 24 included £1.6m in respect of acquired intangible software assets that were fully amortised in FY 24 and therefore has no corresponding charge in HY 25. The increase in the underlying expense from HY 24 arises as the increased investment in new software products from prior years is now being charged to the income statement.  

 

Share-based payments

The total credit for the Period under IFRS 2 "Share-based payments" was £0.3m (HY 24: £0.8m) and relates to the 2023 and 2024 awards made under The Pebble Group Long Term Incentive Plan ("LTIP") and Sharesave Plan. The credit reflects the decrease in the number of equity instruments expected to vest under the non-market-based performance conditions of the 2024 LTIP awards.

 

Operating profit

Operating profit for the Period was £2.8m (HY 24: £3.2m) as the impact of reduced sales volumes was offset by a decrease in the amortisation charge.

 

Taxation

The tax charge for the Period was £0.6m (HY 24: £0.6m) and is based on the full year Group expected tax rate for 2025.

 

Basic earnings per share

The earnings per share analysis in note 5 covers both adjusted earnings per share (profit attributable to equity shareholders before amortisation of acquired intangibles and share-based payment credit, net of taxation,  divided by the weighted average number of shares in issue during the Period) and basic earnings per share (profit attributable to equity holders divided by the weighted average number of shares in issue during the Period). Adjusted earnings were £2.0m (HY 24: £3.1m) meaning basic adjusted earnings per share was 1.21 pence per share (HY 24: 1.87 pence per share), a decrease of 0.66 pence per share. Basic earnings per share was 1.24 pence per share (HY 24: 1.36 pence per share), a decrease of 0.12 pence per share.

 

Dividends

In March 2025 the Board announced a final dividend payment in respect of FY 24 of 1.85 pence per share. At this time, the Board does not intend to introduce the payment of an interim dividend. An update on the dividend payment in respect of FY 25 will be provided at the time of the full year announcement in March 2026.

 

Cash Flow

The Group had a cash balance of £6.0m at 30 June 2025 (30 June 2024: £4.9m) after distributions of £5.2m (HY 24: £2.6m) through the previously announced dividend and Share Buyback Programme.

 

Cash flow for the Period is set out below:

	HY 25	HY 24	FY 24
	Unaudited £'m	Unaudited £'m	Audited £'m
Adjusted EBITDA	6.2	7.4	16.7
Movement in working capital	(7.2)	(9.4)	(1.2)
Capital expenditure	(2.3)	(3.7)	(6.8)
Leases	(0.8)	(0.8)	(1.7)
Operating cash flow	(4.1)	(6.5)	7.0
Tax paid	(0.6)	(1.6)	(2.7)
Net finance cash flows	(0.2)	(0.3)	(0.4)
Dividend paid	(3.0)	(2.0)	(2.0)
Purchase of own shares	(2.2)	(0.6)	(1.4)
EBT purchase of own shares	-	(0.1)	(0.1)
Exchange (loss)/gain	(0.4)	0.1	0.2
Net cash flow	(10.5)	(11.0)	0.6

 

The outflow in working capital in the Period was £7.2m (HY 24: £9.4m). This is in line with the normal in-year cycle which peaks in Q3.

 

Capital expenditure in the Period was £2.3m (HY 24: £3.7m). This relates principally to investment in the Facilisgroup digital commerce platform. The decrease aligns with our stated intention that FY25 would see a material reduction in capital investment.

 

Tax paid in the Period was £0.6m (HY 24: £1.6m) and the movement reflects timing differences in payments on account in the US.

 

Lease payments relate to leases capitalised in accordance with IFRS 16 "Leases".

 

Cash and liquidity

The Group's working capital cycle is following its expected profile and Operating cash conversion continues to improve. To date in 2025 a total of £11.7m has been returned to shareholders. This comprises £5.2m (Dividend: £3.0m, Share Buyback: £2.2m) in HY 25 with a further £6.5m Tender Offer completed in August 2025. At 8 September 2025 the Group had net cash of £1.2m.

 

 

Claire Thomson

Chief Financial Officer

9 September 2025

 

 

CONSOLIDATED INCOME STATEMENT

 

		Unaudited 6 months ended 30 June 2025	Unaudited 6 months ended 30 June 2024	Audited Year ended 31 December 2024
	Notes	£'000	£'000	£'000
Revenue		58,594	60,753	125,268
Cost of goods sold		(32,166)	(33,573)	(69,816)
Gross profit		26,428	27,180	55,452
Operating expenses		(23,618)	(23,991)	(46,829)
Operating profit		2,810	3,189	8,623
Analysed as:
Adjusted EBITDA1	6	6,176	7,354	16,687
Depreciation	9	(1,054)	(1,127)	(2,206)
Amortisation	8	(2,645)	(3,853)	(6,316)
Share-based payment credit	13	333	815	458
Total operating profit		2,810	3,189	8,623
Finance expense		(247)	(281)	(545)
Profit before taxation		2,563	2,908	8,078
Income tax expense	4	(559)	(640)	(1,712)
Profit for the period		2,004	2,268	6,366
Basic earnings per share	5	1.24p	1.36p	3.83p
Diluted earnings per share	5	1.24p	1.36p	3.82p

 

1  Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation and share-based payment credit, is a non-GAAP metric used by management and is not an IFRS disclosure.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

	Unaudited 6 months ended 30 June 2025	Unaudited 6 months ended 30 June 2024	Audited Year ended 31 December 2024
	£'000	£'000	£'000
Profit for the period	2,004	2,268	6,366
Items that may be subsequently reclassified to profit and loss
Currency translation differences	(3,221)	130	504
Other comprehensive (expense)/income for the period	(3,221)	130	504
Total comprehensive (expense)/income for the period	(1,217)	2,398	6,870

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

		Unaudited As at 30 June 2025	Unaudited As at 30 June 2024	Audited As at  31 December 2024
	Notes	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets	8	59,326	61,070	61,758
Property, plant and equipment	9	5,983	7,765	7,123
Deferred tax asset		495	281	285
Total non-current assets		65,804	69,116	69,166
Current assets
Inventories		16,308	15,472	12,095
Trade and other receivables		34,149	32,595	30,651
Current tax asset		287	250	49
Cash and cash equivalents		6,003	4,909	16,459
Total current assets		56,747	53,226	59,254
Total assets		122,551	122,342	128,420
Liabilities
Non-current liabilities
Lease liability	10	4,109	5,650	5,185
Deferred tax liability		1,836	1,926	1,645
Total non-current liabilities		5,945	7,576	6,830
Current liabilities
Lease liability	10	1,697	1,559	1,652
Trade and other payables		29,854	25,708	28,562
Current tax liability		362	118	-
Total current liabilities		31,913	27,385	30,214
Total liabilities		37,858	34,961	37,044
Net assets		84,693	87,381	91,376
Equity
Share capital	11	1,594	1,665	1,648
Share premium	11	78,451	78,451	78,451
Own share reserve		(52)	(255)	(251)
Capital reserve		206	135	152
Merger reserve		(103,581)	(103,581)	(103,581)
Translation reserve		(3,922)	(1,075)	(701)
Share-based payment reserve		768	1,098	1,442
Retained earnings		111,229	110,943	114,216
Total equity		84,693	87,381	91,376

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

	Share capital		Share premium	Own share reserve	Capital reserve	Merger reserve	Translation reserve	Share-based payment reserve	Retained earnings	Total equity
	£'000		£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 January 2024		1,675	78,451	(227)	125	(103,581)	(1,205)	2,005	111,225	88,468
Profit for the period		-	-	-	-	-	-	-	2,268	2,268
Other comprehensive   income for the period		-	-	-	-	-	130	-	-	130
Total comprehensive income		-	-	-	-	-	130	-	2,268	2,398
Purchase of own shares		(10)	-	-	10	-	-	-	(589)	(589)
Purchase of own shares by EBT		-	-	(109)	-	-	-	-	-	(109)
Employee share schemes             - value of employee services		-	-	81	-	-	-	(910)	44	(785)
Deferred tax on employee   share schemes		-	-	-	-	-	-	3	-	3
Dividend paid		-	-	-	-	-	-	-	(2,005)	(2,005)
Total transactions with          owners recognised in equity		(10)	-	(28)	10	-	-	(907)	(2,550)	(3,485)
At 30 June 2024		1,665	78,451	(255)	135	(103,581)	(1,075)	1,098	110,943	87,381
Profit for the period		-	-	-	-	-	-	-	4,098	4,098
Other comprehensive  income for the period		-	-	-	-	-	374	-	-	374
Total comprehensive income		-	-	-	-	-	374	-	4,098	4,472
Purchase of own shares		(17)	-	-	17	-	-	-	(827)	(827)
Employee share schemes         - value of employee services		-	-	4	-	-	-	347	2	353
Deferred tax on employee           share schemes		-	-	-	-	-	-	(3)	-	(3)
Total transactions with          owners recognised in equity		(17)	-	4	17	-	-	344	(825)	(477)
At 31 December 2024		1,648	78,451	(251)	152	(103,581)	(701)	1,442	114,216	91,376
Profit for the period		-	-	-	-	-	-	-	2,004	2,004
Other comprehensive           expense for the period		-	-	-	-	-	(3,221)	-	-	(3,221)
Total comprehensive (expense)/income		-	-	-	-	-	(3,221)	-	2,004	(1,217)
Purchase of own shares		(54)	-	-	54	-	-	-	(2,220)	(2,220)
Employee share schemes             - value of employee services		-	-	199	-	-	-	(701)	192	(310)
Deferred tax on employee    share schemes		-	-	-	-	-	-	27	-	27
Dividend paid		-	-	-	-	-	-	-	(2,963)	(2,963)
Total transactions with    owners recognised in equity		(54)	-	199	54	-	-	(674)	(4,991)	(5,466)
At 30 June 2025		1,594	78,451	(52)	206	(103,581)	(3,922)	768	111,229	84,693

 

The Group has an Employee Benefit Trust (EBT) to administer share plans and to acquire shares, using funds contributed by the Group, to meet commitments to employee share schemes. At 30 June 2025, the EBT held 94,225 shares (30 June 2024: 458,382, 31 December 2024: 453,187 shares).

 

CONSOLIDATED CASH FLOW STATEMENT

 

		Unaudited 6 months ended 30 June 2025	Unaudited 6 months ended 30 June 2024		Audited Year ended 31 December 2024
	Notes	£'000	£'000		£'000
Profit before taxation		2,563	2,908		8,078
Adjustments for:
Depreciation	9	1,054	1,127		2,206
Amortisation	8	2,645	3,853		6,316
Share-based payment credit	13	(333)	(815)		(458)
Finance expense		247	281		545
Cash flows from operating activities before changes in working capital		6,176	7,354		16,687
Change in inventories		(4,433)	(3,645)		(285)
Change in trade receivables		(4,631)	(2,561)		(635)
Change in trade payables		1,867	(3,184)		(293)
Cash flows (used in)/from operating activities		(1,021)	(2,036)		15,474
Income taxes paid		(571)	(1,593)		(2,655)
Net cash flows (used in)/from operating activities		(1,592)	(3,629)		12,819
Cash flows from investing activities
Purchase of property, plant and equipment	9	(100)	(194)		(203)
Purchase of intangible assets	8	(2,226)	(3,491)		(6,559)
Net cash flows used in investing activities		(2,326)	(3,685)		(6,762)
Cash flows from financing activities
Lease payments - capital		(805)	(810)		(1,702)
Lease payments - interest		(159)	(188)		(357)
Interest paid		(34)	(42)		(86)
Dividend paid	7	(2,963)	(2,005)		(2,005)
Share-based payments - cash-settled		-	(7)		(7)
Purchase of own shares	11	(2,220)	(589)		(1,416)
Purchase of own shares by EBT	11	-	(109)		(109)
Net cash flows used in financing activities		(6,181)	(3,750)		(5,682)
Net cash flows		(10,099)	(11,064)		375
Cash and cash equivalents at beginning of period		16,459		15,898		15,898
Effects of exchange rate changes		(357)	75		186
Cash and cash equivalents at end of period		6,003	4,909		16,459