8 September 2026

THE PEBBLE GROUP PLC

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

 

UNAUDITED HALF YEAR RESULTS 2026

Growing revenues and strengthened recurring revenue profile underpin confidence in FY 26 outlook

Facilisgroup targeting double digit revenue growth within H2 26

 

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 2026 ("HY 26" or the "Period").

 

The results in HY 26 are in line with the update given in our July 2026 trading statement, and the Board expects the Group's results for the year ending 31 December 2026 ("FY 26") to be in line with market expectations.

 

Commenting, Chris Lee, Chief Executive Officer of The Pebble Group said: "We are beginning to see the benefits of our recent investment decisions. The Group has delivered a strong first half performance with revenue growth across both of our businesses.

 

"At Facilisgroup, we have materially strengthened our recurring revenue profile through entry into multi-year contracts and Brand Addition has delivered profitable growth supporting significant shareholder returns.

 

"Backed by a robust balance sheet, we remain focused on executing our strategy and are confident in our ability to deliver shareholder value."

 

Financials

 

Financial highlights	HY 26	HY 25	Change	FY 25
Revenue	£60.7 m	£58.6m	+4%	£124.7m
Gross profit margin	44.6%	45.1%	-0.5ppt	45.6%
Adjusted EBITDA1	£6.6m	£6.2m	+6%	£15.8m
Adjusted operating profit2	£2.6m	£2.7m	-4%	£8.2m
Net debt/cash3	-£1.2m	£6.0m	-£7.2m	£9.6m
Adjusted basic earnings per share4	1.25p	1.21p	+3%	3.86p
Capital returns	£7.9m	£5.2m	+£2.7m	£11.7m

 

Statutory results	HY 26	HY 25	Change	FY 25
Operating profit	£1.4m	£2.8m	-50%	£7.4m
Profit before tax	£1.2m	£2.6m	-54%	£6.9m
Basic earnings per share	0.62p	1.24p	-50%	3.45p

 

 

Financial highlights

 

·	Group Revenue increased by £2.1m to £60.7m with growth from both Brand Addition and Facilisgroup
·	Group Adjusted EBITDA of £6.6m (HY 25: £6.2m) reflects the revenue growth moderated as we invest to accelerate sustainable revenue growth at Facilisgroup
·	Balance sheet remains strong funding the Group's growth strategy whilst continuing to deliver significant capital returns
·	In HY 26 a total of £7.9m (HY 25: £5.2m) was returned to shareholders

 

Business highlights

 

·    Facilisgroup:

·	Revenue in USD was 7% ahead of the prior year
·	Look forward ARR from technology subscription fee revenues has grown by 12%
·	New agreements with Partners, implemented on 1 July 2026, increased technology subscription fee revenue visibility to circa two years whilst maintaining high Partner retention
·	Gross Merchandise Value ("GMV") +8% and spend through our Preferred Suppliers +6%
·	16 new Partners YTD with ARR over 50% higher than those won YTD in 2025

 

·    Brand Addition:

 

·	Revenue was 4% ahead of the prior year as 2025 new contract wins gain traction
·	New contract wins to date in 2026 have been positive and the high client retention levels continue
·	Gross margin strength and disciplined cost management is supporting the Group's profitability
·	Excellent cash generative nature of the business continues

 

Outlook and Post Period update

·	Facilisgroup has entered H2 26 with materially enhanced contracted revenue visibility and is aiming for double digit revenue growth
·	Brand Addition continues to deliver resilient growth, profitability and cash generation
·	On 9 July 2026, the Group announced a £2m extension of its £5m Share Buyback Programme launched on 17 March 2026. This £7m Share Buyback Programme was fully completed on 30 July. Including the £3m dividend paid in 2026, this results in total returns to shareholders to date in 2026 of £10.0m (FY 25: £11.7m).
·	The progress at Facilisgroup and Brand Addition underpin our confidence in the Group's ability to deliver FY 26 results to be in line with market expectations
·	The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure

 

 

1	Adjusted EBITDA means operating profit before depreciation, amortisation and share-based payment (charge)/credit
2	Adjusted operating profit means operating profit before amortisation and acquired intangible assets and share based payments (charge)/credit
3	Net debt/cash is calculated as cash and cash equivalents less borrowings (excluding lease liabilities)
4	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

 

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 4:30pm on Thursday 10 September 2026. 

 

Please register to attend via this link: Retail Investor Presentation

 

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 pleased with the Group's financial performance in HY 26 achieving revenue of £60.7m (HY 25: £58.6m) and Adjusted EBITDA of £6.6m (HY 25 £6.2m). These results are robust with revenue growth in both Facilisgroup and Brand Addition.

 

The reduction in statutory Operating Profit to £1.4m (HY 25: £2.8m) primarily reflects increased non-cash amortisation charges associated with previous investment in technology and share-based payment charges arising from the Group's Long Term Incentive Plans.

 

The Group's strong cash generation continues to support our organic growth initiatives whilst delivering capital returns to shareholders in HY 26 of £7.9m (HY 25: £5.2m). Following these distributions, and the normal working capital cycle of the business, net debt at 30 June 2026 was £1.2m (Net cash at 30 June 2025: £6.0m).

 

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: merges comprehensive software with proven playbooks and supplier buying power, helping promotional product distributors scale beyond typical growth plateaus

 

Revenue and profit analysis

	HY 26	HY 25	FY 25
Recurring revenue	£8.5m	£8.3m	£16.4m
Other revenue	£0.4m	£0.3m	£0.8m
Total revenue	£8.9m	£8.6m	£17.2m
Gross profit margin	100%	100%	100%
Adjusted EBITDA	£3.8m	£3.8m	£7.3m
Adjusted EBITDA margin	43%	44%	42%

 

Facilisgroup delivered a strong first half performance and continues to build momentum. In its home currency of USD, revenue was 7% ahead compared with HY 25, demonstrating the increasing strength of the business model. Reported revenue growth in GBP is 3% following the impact of foreign exchange movements.

 

The quality of the Facilisgroup recurring revenue model remains a key strength. Revenue is generated through two complementary streams: technology subscription fees from Partners and activity-based fees from Preferred Suppliers linked to Partner purchasing volumes. Both drivers supporting these revenues delivered growth during the period, with Partner GMV increasing by 8% and Preferred Supplier activity rising by 6%, demonstrating the health of the network and the value being created by the community.

 

During the Period, we continued to invest with confidence in the growth opportunity. Supported by a strong Partner lifetime value to cost of acquisition ratio, targeted investment has strengthened the foundations of the business increasing our ability to win new Partners and supporting existing Partners as they grow. While these investments moderate margins, with Adjusted EBITDA of 43% in line with the prior year, we are seeing encouraging returns, and the business is well positioned for an accelerated phase of sustainable growth.

 

A significant achievement has been the progress made in strengthening the quality and visibility of our recurring revenues. We entered H2 26 with a 12% increase in look forward ARR from technology subscription fee revenues compared to 31 December 2025. This growth stems from expansion within the existing Partner base, the addition of new Partners and the successful implementation of new technology subscription fee agreements.

 

These new agreements deepen long term Partner relationships, support the adoption of our enhanced technology platform and, as at 1 July 2026, extended contracted revenue visibility to twenty-two months. The transition has been well received by Partners, reinforcing our confidence in both the mission critical nature of the platform and the significant opportunity ahead.

 

The continued strength of the business is reflected in the quality of the Partner community. As at 7 September 2026, Facilisgroup had 258 Partners, compared with 253 at 31 December 2025. There were 16 new Partner wins, representing combined ARR 50% higher than the cohort added in the comparable prior year period. Five Partners exited through acquisition activity and six smaller Partners through normal attrition.

 

Facilisgroup has entered H2 26 with strong momentum, materially enhanced contractual revenue visibility and a growing Partner base. We are increasingly seeing the benefits of the investments and actions taken over the past two years, giving us confidence in our ability to deliver sustainable double digit revenue growth and meaningful value for all stakeholders.

 

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 26	HY 25	FY 25
Revenue	£51.8m	£50.0m	£107.5m
Gross profit	£18.2m	£17.8m	£39.8m
Gross profit margin	35.1%	35.6%	37.0%
Adjusted EBITDA	£4.2m	£3.8m	£11.4m
Adjusted EBITDA margin	8.1%	7.6%	10.6%

 

HY 26 revenue was £51.8m, 4% ahead of HY 25. This results from a combination of increasing momentum from new contract wins in 2025 and a robust contribution from existing clients where retention rates remain high.

 

Gross margins have continued to be strong, being 35.1% in HY 26 (HY 25: 35.6%) demonstrating the value creation for our clients. Alongside this, careful cost management has resulted in EBITDA of £4.2m (HY 25: £3.8m).

 

Brand Addition has a proven track record of attracting and retaining high quality, repeat revenue 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. Brand Addition enters H2 26 with a strong new business pipeline and, as at 7 September 2026, orders received for FY 26 are 5% ahead of the same period in the prior year. We expect these year-to-date activities to support the delivery of results for FY 26 in line with market expectations.

 

Through the economic cycle, Brand Addition has proven that the high-quality nature of the client relationships and the embedded experience of the team, consistently deliver creditable financial results including excellent cash generation.

 

 

Group outlook

 

Facilisgroup entered the second half of 2026 with materially enhanced recurring revenue visibility and growing revenue momentum. Plus we expect Brand Addition to continue to deliver resilient growth, profitability and cash generation. These attributes underpin our confidence in the Group's ability to deliver  FY 26 Group results in line with market expectations.

 

The Board continues to actively review its strategic opportunities to deliver shareholder value, including organic and inorganic investments, capital returns and the Group's structure.

 

 

 

Christopher Lee

Chief Executive Officer

8 September 2026

 

 

 

CHIEF FINANCIAL OFFICER'S REVIEW

 

HY 26 Results

 

	HY 26	HY 25	FY 25
	Unaudited £'m	Unaudited £'m	Audited £'m
Revenue	60.7	58.6	124.7
Gross profit	27.1	26.4	56.9
Gross profit margin	44.6%	45.1%	45.6%
Adjusted EBITDA	6.6	6.2	15.8
Adjusted EBITDA margin	10.9%	10.6%	12.7%
Depreciation and amortisation	(4.2)	(3.7)	(8.1)
Share-based payment (charge)/credit	(1.0)	0.3	(0.3)
Operating profit	1.4	2.8	7.4
Net finance costs	(0.2)	(0.2)	(0.5)
Profit before tax	1.2	2.6	6.9
Tax	(0.3)	(0.6)	(1.5)
Profit for the Period	0.9	2.0	5.4
Weighted average number of shares	145,958,654	161,485,073	156,079,283
Basic Adjusted EPS	1.25p	1.21p	3.86p
Basic EPS	0.62p	1.24p	3.45p

 

 

Revenue

Revenue for the Period to 30 June was £60.7m (HY 25: £58.6m), an increase of £2.1m (3.6%) compared to the same period in 2025. Facilisgroup's revenue was £8.9m (HY 25 £8.6m), a 3% increase in GBP. When measured in its home currency of USD, revenue was 7% ahead. This reflects the growth in GMV of existing Partners and new Partner wins which had a higher average ARR than those won in previous periods. The balance of the movement (£1.8m) relates to Brand Addition, where revenue from 2025 new contract wins is gaining momentum alongside a robust contribution from existing clients on excellent retention levels.

 

Gross profit

Gross profit as a percentage of revenue was 44.6% (HY 25: 45.1%) demonstrating the ongoing value created for clients at Brand Addition.

 

Adjusted EBITDA

Adjusted EBITDA was £6.6m (HY 25: £6.2m) made up as follows:

-	Facilisgroup at £3.8m (HY 25: £3.8m) with revenue growth reinvested into supporting existing Partner retention and new Partner growth;
-	Brand Addition at £4.2m (HY 25: £3.8m) with revenue growth translating into an increase in EBITDA as gross margins and costs remain well controlled; and
-	Central costs of £1.4m (HY 25: £1.4m).

 

Depreciation and amortisation

The total charge for the Period was £4.2m (HY 25: £3.7m) of which £3.1m (HY 25: £2.6m) was the amortisation of intangible assets. The increase in the underlying expense from HY 25 arises as the increased investment in software development from its peak in 2023 and 2024 is now being charged to the income statement.  

 

Share-based payments

The total charge for the Period under IFRS 2 "Share-based payments" was £1.0m (HY 25: credit £0.3m) and relates to the 2025 and 2026 awards made under The Pebble Group Long Term Incentive Plan ("LTIP") and Sharesave Plan.

 

Operating profit

Operating profit for the Period was £1.4m (HY 25: £2.8m) as the impact of increased sales volumes was offset by an increase in the charge for amortisation and share based payments.

 

Taxation

The tax charge for the Period was £0.3m (HY 25: £0.6m) and is based on the full year Group expected tax rate for 2026.

 

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 £1.8m (HY 25: £2.0m) meaning basic adjusted earnings per share was 1.25 pence per share (HY 25: 1.21 pence per share), an increase of 0.04 pence per share. Basic earnings per share was 0.62 pence per share (HY 25: 1.24 pence per share), a decrease of 0.62 pence per share.

 

Dividends

In March 2026 the Board announced a final dividend payment in respect of FY 25 of 2.0 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 26 will be provided at the time of the full year announcement in March 2027.

 

Cash Flow

The Group had net debt of £1.2m at 30 June 2026 (Net cash 30 June 2025: £6.0m) after distributions of £7.9m (HY 25: £5.2m) through the previously announced dividend and Share Buyback Programme.

 

Cash flow for the Period is set out below:

	HY 26	HY 25	FY 25
	Unaudited £'m	Unaudited £'m	Audited £'m
Adjusted EBITDA	6.6	6.2	15.8
Movement in working capital	(5.2)	(7.2)	(1.7)
Capital expenditure	(2.7)	(2.3)	(4.9)
Leases	(1.0)	(0.8)	(1.7)
Operating cash flow	(2.3)	(4.1)	7.5
Tax paid	(0.3)	(0.6)	(0.8)
Net finance cash flows	(0.2)	(0.2)	(0.4)
Dividend paid	(3.0)	(3.0)	(3.0)
Purchase of own shares	(4.9)	(2.2)	(9.0)
EBT purchase of own shares	(0.3)	-	(0.6)
Proceeds from borrowings	5.1	-	-
Exchange gain/(loss)	0.1	(0.4)	(0.6)
Net cash flow	(5.8)	(10.5)	(6.9)

 

The outflow in working capital in the Period was £5.2m (HY 25: £7.2m). This is in line with the normal in-year cycle which peaks in Q3.

 

Capital expenditure in the Period was £2.7m (HY 25: £2.3m). This relates principally to investment in technology development at Facilisgroup.

 

Tax paid in the Period was £0.3m (HY 25: £0.6m) and the movement reflects timing differences in payments on account in the UK and Canada.

 

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  remains strong. On 30 July, the Group completed its £7.0m Share Buyback Programme bringing total returns to shareholders to date in 2026 to £10.0m. (FY 25: £11.7m). Net cash as at 31 December 2026 is expected to be approximately £5.0m (31 December 2025: £9.6m).

 

 

Claire Thomson

Chief Financial Officer

8 September 2026

 

CONSOLIDATED INCOME STATEMENT

 

		Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	Notes	£'000	£'000	£'000
Revenue		60,741	58,594	124,659
Cost of goods sold		(33,638)	(32,166)	(67,725)
Gross profit		27,103	26,428	56,934
Operating expenses		(25,716)	(23,618)	(49,579)
Operating profit		1,387	2,810	7,355
Analysed as:
Adjusted EBITDA1	6	6,617	6,176	15,819
Depreciation	9	(1,147)	(1,054)	(2,122)
Amortisation	8	(3,101)	(2,645)	(6,011)
Share-based payment (charge)/credit	13	(982)	333	(331)
Total operating profit		1,387	2,810	7,355
Finance expense		(205)	(247)	(477)
Profit before taxation		1,182	2,563	6,878
Income tax expense	4	(284)	(559)	(1,500)
Profit for the period		898	2,004	5,378
Basic earnings per share	5	0.62p	1.24p	3.45p
Diluted earnings per share	5	0.61p	1.24p	3.44p

 

¹  Adjusted EBITDA, which is defined as operating profit before depreciation, amortisation and share-based payment (charge)/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 2026		Unaudited    6 months    ended     30 June 2025	Audited Year ended 31 December 2025
		£'000	£'000	£'000
Profit for the period		898	2,004	5,378
Items that may be subsequently reclassified to profit and loss
Currency translation differences		712	(3,221)	(2,554)
Current tax on exchange differences on translation of foreign operations		-	-	304
Other comprehensive income/(expense) for the period		712	(3,221)	(2,250)
Total comprehensive income/(expense) for the period		1,610	(1,217)	3,128

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

		Unaudited As at 30 June 2026	Unaudited As at 30 June 2025	Audited As at 31 December 2025
	Notes	£'000	£'000	£'000
Assets
Non-current assets
Intangible assets	8	58,518	59,326	58,724
Property, plant and equipment	9	4,802	5,983	5,503
Deferred tax asset		-	495	-
Total non-current assets		63,320	65,804	64,227
Current assets
Inventories		14,811	16,308	11,141
Trade and other receivables		34,338	34,149	32,784
Current tax asset		734	287	738
Cash and cash equivalents		3,874	6,003	9,637
Total current assets		53,757	56,747	54,300
Total assets		117,077	122,551	118,527
Liabilities
Non-current liabilities
Lease liability	10	2,700	4,109	3,457
Deferred tax liability		2,298	1,836	2,611
Total non-current liabilities		4,998	5,945	6,068
Current liabilities
Borrowings		5,100	-	-
Lease liability	10	1,789	1,697	1,727
Trade and other payables		28,385	29,854	28,505
Current tax liability		-	362	-
Total current liabilities		35,274	31,913	30,232
Total liabilities		40,272	37,858	36,300
Net assets		76,805	84,693	82,227
Equity
Share capital	11	1,404	1,594	1,487
Share premium	11	78,451	78,451	78,451
Own share reserve		(353)	(52)	(647)
Capital reserve		396	206	313
Merger reserve		(103,581)	(103,581)	(103,581)
Translation reserve		(2,239)	(3,922)	(2,951)
Share-based payment reserve		1,835	768	1,370
Retained earnings		100,892	111,229	107,785
Total equity		76,805	84,693	82,227

 

 

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 2025		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
Profit for the period		-		-	-	-	-	-	-	3,374	3,374
Other comprehensive  income for the period		-		-	-	-	-	971	-	-	971
Total comprehensive income		-		-	-	-	-	971	-	3,374	4,345
Purchase of own shares		(107)		-	-	107	-	-	-	(6,822)	(6,822)
Purchase of own shares by EBT		-		-	(598)	-	-	-	-	-	(598)
Employee share schemes - value of employee services		-		-	3	-	-	-	590	4	597
Deferred tax on employee     share schemes		-		-	-	-	-	-	12	-	12
Total transactions with          owners recognised in equity			(107)	-	(595)	107	-	-	602	(6,818)	(6,811)
At 31 December 2025		1,487		78,451	(647)	313	(103,581)	(2,951)	1,370	107,785	82,227
Profit for the period		-		-	-	-	-	-	-	898	898
Other comprehensive           income for the period		-		-	-	-	-	712	-	-	712
Total comprehensive income		-		-	-	-	-	712	-	898	1,610
Purchase of own shares		(83)		-	-	83	-	-	-	(4,860)	(4,860)
Purchase of own share - EBT		-		-	(337)	-	-	-	-	-	(337)
Employee share schemes - value of employee services		-		-	631	-	-	-	208	24	863
Deferred tax on employee    share schemes		-		-	-	-	-	-	257	-	257
Dividend paid		-		-	-	-	-	-	-	(2,955)	(2,955)
Total transactions with    owners recognised in equity			(83)	-	294	83	-	-	465	(7,791)	(7,032)
At 30 June 2026		1,404		78,451	(353)	396	(103,581)	(2,239)	1,835	100,892	76,805

 

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 2026, the EBT held 715,706 shares (30 June 2025: 94,225, 31 December 2025: 1,346,208 shares).

 

CONSOLIDATED CASH FLOW STATEMENT

 

		Unaudited 6 months ended 30 June 2026	Unaudited 6 months ended 30 June 2025	Audited Year ended 31 December 2025
	Notes	£'000	£'000	£'000
Profit before taxation		1,182	2,563	6,878
Adjustments for:
Depreciation	9	1,147	1,054	2,122
Amortisation	8	3,101	2,645	6,011
Share-based payment charge/(credit)	13	982	(333)	331
Finance expense		205	247	477
Cash flows from operating activities before changes in working capital		6,617	6,176	15,819
Change in inventories		(3,579)	(4,433)	867
Change in trade receivables		(1,268)	(4,631)	(2,152)
Change in trade payables		(362)	1,867	(451)
Cash flows from/(used in) operating activities		1,408	(1,021)	14,083
Income taxes paid		(310)	(571)	(822)
Net cash flows from/(used in) operating activities		1,098	(1,592)	13,261
Cash flows from investing activities
Purchase of property, plant and equipment	9	(188)	(100)	(390)
Purchase of intangible assets	8	(2,497)	(2,226)	(4,498)
Net cash flows used in investing activities		(2,685)	(2,326)	(4,888)
Cash flows from financing activities
Lease payments - capital		(985)	(805)	(1,669)
Lease payments - interest		(112)	(159)	(298)
Interest paid		(69)	(34)	(66)
Dividend paid	7	(2,955)	(2,963)	(2,963)
Proceeds from borrowings		5,100	-	-
Purchase of own shares	11	(4,860)	(2,220)	(9,042)
Purchase of own shares by EBT	11	(337)	-	(598)
Net cash flows used in financing activities		(4,218)	(6,181)	(14,636)
Net cash flows		(5,805)	(10,099)	(6,263)
Cash and cash equivalents at beginning of period		9,637	16,459	16,459
Effects of exchange rate changes		42	(357)	(559)
Cash and cash equivalents at end of period		3,874	6,003	9,637