This announcement contains inside information for the purposes of the UK Market Abuse Regulation. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

11 February 2026

RESULTS FOR THE SIX MONTHS ENDED 29 NOVEMBER 2025

 

Strong performance, with broad-based growth

Increased FY26 operating profit expectations

 

Jonathan Myers, Chief Executive Officer, said: "We have delivered a strong performance in the first half of the year across our four lead markets. This performance, with a healthy balance of price and volume increases, and growth in each of our largest ten brands, has been driven by targeted investment in innovation, brand-building and continued strong commercial execution. Combined with tight cost control, we delivered double-digit growth in adjusted operating profit and adjusted earnings per share allowing us to increase guidance for the full year.

We have concluded our strategic review, which has resulted in a significantly strengthened balance sheet and a more focused and more resilient business. Against this backdrop, we are setting out plans in our Capital Markets Event to deliver sustainable shareholder value, building winning portfolios of locally-loved brands in four lead markets. With a balance between developed and emerging markets and building on competitive go-to-market capabilities and manufacturing scale, we are targeting double-digit total shareholder return through the cycle."

 

£m unless otherwise stated	Adjusted			Statutory
	H1 FY26	H1 FY25	variance	H1 FY26	H1 FY25	variance
Revenue	269.3	249.3	8.0%	269.3	249.3	8.0%
LFL revenue growth (LFL)	9.5%	7.1%
Operating profit	35.6	27.0	31.9%	40.1	13.4	199.3%
Operating margin	13.2%	10.8%	240bps	14.9%	5.4%	950bps
Profit before tax	29.8	19.8	50.5%	34.3	6.4	435.9%
Basic earnings per share	4.37p	3.89p	12.3%	1.40p	1.19p	17.6%
Dividend per share				1.50p	1.50p	0.0%
Operating profit (ex. Wilmar)[1]	35.6	22.3	59.6%	40.1	11.1	261.3%
Operating margin	13.2%	8.9%	430bps	14.9%	4.5%	1040bps

 

See pages 11-14 for the reconciliation between Alternative Performance Measures and Statutory results.

Numbers are shown based on continuing operations. With the exception of LFL revenue growth, % changes are shown at actual FX rates.

H1 FY26 refers to the 6 months ended 29 November 2025 and H1 FY25 refers to the 6 months ended 30 November 2024.

Summary

Financial results

 

·    Broad-based LFL revenue growth of 9.5% with growth in each of our four lead markets (UK, ANZ, Nigeria and Indonesia):

o  UK - growth led by Sanctuary Spa with successful Christmas gifting in a continued competitive environment  

o  ANZ - a return to category growth, with continued strong market share

o  Nigeria - annualising pricing increases with double-digit volume growth with most brands gaining market share

o  Indonesia - strong growth driven by innovation and commercial execution

·    Excluding Africa, LFL revenue growth was 3.2% with volume growth of 0.7%.

·   Reported revenue increased 8.0% reflecting the depreciation of the Australian Dollar and Indonesian Rupiah versus Sterling.

·   Excluding the contribution from the PZ Wilmar joint venture in the comparative period, adjusted operating profit increased by £13.3 million. This reflected a strengthening of the Nigerian Naira driving non-cash FX gains on trading liabilities and planned phasing of marketing where investment will be weighted towards H2.

·    Adjusted profit before tax increased 50.5%, reflecting the increased operating profit and lower interest costs.

·    Adjusted EPS increased by 12.3%, with increased PBT partly offset by an increase in the Group's effective tax rate due to geographic profit mix with a normalised Nigeria tax rate and the impact of the PZ Wilmar disposal.

·    Net debt declined by £27.7 million compared to 31 May 2025, driven by free cash flow of £23.2 million and proceeds from portfolio transformation activity.

 

Delivery against our strategy

 

·    £48.5 million proceeds received to date in respect of the sale of our 50% stake in the PZ Wilmar joint venture, with a further £3.4 million expected over the coming weeks.

·   Renewed strategy for St Tropez; successful transition to Emerson partnership in US driving revenue growth but offset by a decline in revenue outside of the US.

·    Cost savings programme on track with c.£5-10 million expected in FY26.

 

Dividend

 

The Board is declaring a dividend of 1.50p per share, in line with last year's payment. The dividend will be paid on 9 April 2026 to shareholders on the register at the close of business on 6 March 2026.

 

Capital allocation policy

 

As set out at today's Capital Markets Event, the Board has adopted the following capital allocation policy. This defines the use of surplus cash after re-investment in the business as follows:

 

1.    Net debt / EBITDA to be in the range of 1.0-1.5x, excluding cash held in Nigeria;

2.    A progressive dividend;

3.    Bolt-on M&A, prioritising UK and Australia, to be considered alongside cash returns to shareholders.

   

Current trading and FY26 outlook

 

Trading to the end of January has been in line with our expectations, with continued strong LFL revenue growth.

 

Given the strong financial performance to date, subject to FX movements in the final months of the financial year, the Group expects to deliver:

 

·    Adjusted operating profit: £53-57 million (£50-55 million previously);

·   Gross Cost savings: c.£5-10 million (unchanged), with the majority re-invested in marketing, brand-building and people;

·   Net debt / EBITDA: expect to end FY26 at approximately 1.0x (adjusted to exclude cash held within Nigeria), reflecting cash proceeds of £20 to £25 million for the sale of non-operating surplus assets, of which £15.8 million have been received to date.

 

For further information please contact:

Investors            

Simon Whittington - IR and Corporate Development Director      +44 (0) 77 1137 2928

 

Media

Headland PZCussons@headlandconsultancy.com                             +44 (0) 20 3805 4822

Susanna Voyle and Charlie Twigg

 

Investor and Analyst conference call

PZ Cussons' management will host a virtual audiocast presentation for analysts and institutional investors at 8.30am UK time to present the results and provide the opportunity for Q&A. Details of the presentation are as follows:

 

A webcast of the presentation is available at the link below and will also be available via our corporate website: www.pzcussons.com.

 

Audience Webcast link:

https://www.netroadshow.com/events/login/LE9zwo49fLBr1uJFlpupMYKjREnzxjYprXz

Dial in: +44 20 3936 2999 / +44 808 189 0158

Access code: 158955

 

Capital Markets Event

 

The Group will today host a Capital Markets Event. The presentation is in person and will commence at 14:00 (GMT). A recording will be published on the Group's corporate website following the event. Institutional investors who would like to attend the event should register their interest with PZCussons@headlandconsultancy.com.

 

Notes to Editors

About PZ Cussons

PZ Cussons is a listed consumer goods business headquartered in Manchester, UK. We employ just under 2,500 people, with operations in Europe, Africa, Asia-Pacific and North America. Since our founding in 1884, we have been creating products to delight, care for and nourish consumers. Across our core categories of Hygiene, Baby and Beauty, our trusted and well-loved brands include Carex, Childs Farm, Cussons Baby, Imperial Leather, Morning Fresh, Original Source, Premier, Sanctuary Spa and St.Tropez. Sustainability and the wellbeing of our employees and communities everywhere are at the heart of our business model and strategy, and captured by our purpose: For everyone, for life, for good.

Cautionary note regarding forward-looking statements

This announcement contains certain forward-looking statements relating to expected or anticipated results, performance or events. Such statements are subject to normal risks associated with the uncertainties in our business, supply chain and consumer demand, along with risks associated with macroeconomic, political and social factors in the markets in which we operate. Whilst we believe that the expectations reflected herein are reasonable based on the information we have as of the date of this announcement, actual outcomes may vary significantly owing to factors outside the control of the PZ Cussons Group, such as cost of materials or demand for our products, or within our control such as our investment decisions, allocation of resources or changes to our plans or strategy. The PZ Cussons Group expressly disclaims any obligation to revise forward-looking statements made in this or other announcements to reflect changes in our expectations or circumstances. No reliance may be placed on the forward-looking statements contained within this announcement.

Glossary

A glossary of relevant key terms and definitions can be found in the 2025 Annual report and accounts.

GROUP REVIEW 

Introduction from our Chief Executive Officer

 

We have delivered a strong performance in the first half of the year across our four lead markets. Like for like revenue growth of 9.5% is broad-based, with a healthy balance between price and volume increases and with growth in each of our largest ten brands. It is particularly encouraging to see continued strong growth in Nigeria, which has delivered a return to volume growth in H1 against a much more benign macro-economic backdrop and a stable currency.

 

At the same time, we have continued to work hard to reduce our cost base and expect to deliver approximately £5-10 million of gross savings in FY26. This has allowed us to re-invest in brand-building activity, both expanding current year marketing such as Original Source's 'Nature Hits Different' campaign, increasing funding to strengthen the medium-term New Product Development ('NPD') pipeline as well as continuing to invest in people and capabilities.

 

During the period we made progress against our work to transform our portfolio. In June 2025 we announced our decision to retain the St.Tropez business and set a new strategic direction for the brand, partnering with The Emerson Group in the US. With a new, focused team driving the business, we are already seeing good early signs of improved performance in the US business where revenue grew 12% in H1. Our focus remains on improving St.Tropez performance elsewhere, however, where revenue declined over 30% in H1.

 

We also announced the sale of our 50% stake in PZ Wilmar, our non-core Nigerian joint venture. The Group has now received £48.5 million proceeds with a further £3.4 million associated with the sale of ancillary land assets expected to be received over the coming weeks. As a result of this, since embarking on the strategic review of Africa, we have identified or agreed the sale of non-core or surplus assets totalling over £70 million, including the sale of Wilmar, which has significantly strengthened our balance sheet. We see significant opportunity to grow our business in Africa and, given PZ Cussons' deep heritage there, and the strength of our brands and operational capabilities, we are well-placed to win over the longer term.

 

Going forwards, we have plans to deliver sustainable shareholder value with our portfolio of locally-loved brands in four lead markets. With a balance between developed and emerging markets and building on competitive go-to-market capabilities and manufacturing scale, we are targeting double-digit total shareholder return through the cycle.

 

FINANCIAL REVIEW 

Overview of Group financial performance

Our reported financial performance for the six months ended 29 November 2025 reflects the continued progress against our strategy. The Group saw strong broad-based, like for like revenue of 9.5%, with growth across each of our four lead markets of the UK, ANZ, Nigeria and Indonesia.

 

Adjusted profit before tax (PBT) increased by 50.5%, as a result of the Operating Profit improvement and reduction in interest charge. Adjusted earnings per share grew 12.3%, due to the uplift in PBT and in spite of an increased tax charge. On a statutory basis, EPS was 1.40p (H1 FY25: 1.19p).

 

Net debt was reduced by £27.7 million, as compared to 31 May 2025. This reflects free cash flow of £23.2 million, £15.8 million of proceeds from the sale of surplus, non-operating assets and an initial £11.8 million associated with the equity portion of the sale of our stake in the PZ Wilmar. Net debt/ EBITDA is now 1.1x on a last-12-months basis.

 

The Board is declaring a dividend of 1.50p per share, unchanged on last year's payment. The dividend will be paid on 9 April 2026 to shareholders on the register at the close of business on 6 March 2026.

 

Sale of 50% stake in PZ Wilmar

 

The Group announced in June 2025 the sale of its 50% stake in PZ Wilmar - its edible oils joint venture, for total consideration of $70 million (£51 million)[2]. The consideration is split between equity and debt associated with the joint venture as well as consideration for ancillary assets, primarily plots of land. Reflecting the complex nature of the transaction, change in ownership of these assets and receipt of the associated consideration, has taken place in stages. To date, the Group has received $63.4 million (£48.5 million) of which $15.4 million (£11.8 million) was received in H1. Since the initial announcement, the Group has agreed with Wilmar to exclude certain assets from the transaction perimeter, and expects to receive a final $4.5 million (£3.4 million), associated with the sale of ancillary land assets, over the coming weeks. Total proceeds are therefore expected to be $67.9 million (£51.9 million)[3].

 

Performance by geography

 

Europe and the Americas

 

£m unless otherwise stated	H1 FY26	H1 FY25	Growth/ (decline)
Revenue	102.5	101.0	1.5%
LFL revenue growth (%)	1.7%	4.0%	n/a
Adjusted operating profit	22.7	20.7	9.7%
Margin (%)	22.1%	20.5%	160bps
Operating profit	22.0	19.6	12.2%
Margin (%)	21.5%	19.4%	210bps

 

Revenue grew 1.7% on a LFL basis, reflecting price/mix growth of 1.9% and volume decline of (0.2)%.

 

The market in the UK, which represents the majority of the Europe and Americas segment, remains highly competitive with a bifurcation of demand as many consumers seek ever-better value and others remain willing and able to spend on every-day luxuries. In this context, Sanctuary Spa grew double-digits, reflecting record Christmas gifting with expanded distribution and positions in-store, and was the primary driver of overall growth for the region. Original Source also grew double-digits, fuelled by its "Nature Hits Different" campaign which incorporated sponsorship of Netflix's Celebrity Bear Hunt, YouTube advertising and a mass reach campaign featuring Original Source branded 'wraps' on London Buses. Childs Farm grew double-digits with continued success from the partnerships with Bluey and Kellogg's, while Carex and Imperial Leather grew low single-digits following strong growth in the comparative period.

 

This growth was offset by a decline in St.Tropez, which is at the start of its turnaround under a new strategy. Here, an improved performance in the US, where revenue grew 12% reflecting early benefits from the partnership with Emerson, was more than offset by a reduction elsewhere reflecting high levels of inventory at certain retailers. Revenue also declined in a number of our tail brands as we sought to simplify the portfolio, including a reduction in number of SKUs of Charles Worthington, or due to de-listings.

 

Adjusted operating profit increased to £22.7 million, with a margin of 22.1%, up 160bps. This reflects a solid underlying profit performance in the region, despite the competitive backdrop, together with the planned phasing of marketing investment, the majority of which will fall in H2. On a statutory basis, operating profit was £22.0 million - an improvement from £19.6 million in the comparative period.

 

Asia Pacific

 

£m unless otherwise stated	H1 FY26	H1 FY25	Growth / (decline)
Revenue	87.7	87.7	0.0%
LFL revenue growth (%)	5.2%	(1.1)%	n/a
Adjusted operating profit	12.2	13.1	(6.9)%
Margin (%)	13.9%	14.9%	(100)bps
Operating profit	16.9	13.1	29.0%
Margin (%)	19.3%	14.9%	440bps

 

Revenue grew 5.2% on a like for like basis with price/mix growth of 3.4%, and volume growth of 1.8%. The flat performance on a reported basis reflects the depreciation of the Indonesian Rupiah and Australian Dollar.

 

Indonesia grew 9.4% on a LFL basis in the first half of the year, reflecting continued strong innovation and commercial execution with further growth in our live-streaming channel. We successfully re-staged the Cussons Baby range, elevating the brand's modernity and relevance for today's Gen Z parents. The introduction of the Cussons Baby Cuddle Calm range, has allowed us to premiumise the positioning, targeting a more affluent consumer.

 

Revenue in ANZ grew 1.7% on a like for like basis, as we continued to grow market share across each of our three main brands - Morning Fresh, Radiant and Rafferty's Garden. Rafferty's Garden market share is now higher than it has been for three years, with distribution gains in key retail partners and is also benefiting from price-mix optimisation. Outside of the three main brands, we have launched a 1 litre Original Source pack into the market, unlocking greater distribution, resulting in improved market share.

 

Adjusted operating margin reduced by 100bps to 13.9% which includes a provision of £1.0 million related to historical VAT. On a statutory basis, the margin improved by 440bps, due to profit on disposals of £4.8 million relating to the sale of surplus assets in Indonesia.

 

Africa

 

£m unless otherwise stated	H1 FY26	H1 FY25	Growth / (decline)
Revenue	79.1	60.6	30.5%
LFL revenue growth (%)	27.7%	28.0%	n/a
Adjusted operating profit (ex. share of joint venture)	11.6	4.0	190.0%
Margin %	14.7%	6.6%	810bps
Operating profit	23.3	1.6	1,356.3%
Margin (%)	29.5%	2.6%	2,690bps
Adjusted operating profit	11.6	8.7	33.3%
Margin (%)	14.7%	14.4%	30bps

 

LFL revenue growth of 27.7% was driven by 15.0% price/mix improvements and 12.7% volume growth. On a statutory basis, revenue grew by 30.5% reflecting the Naira appreciation compared to the prior period.

 

In Nigeria Family Care, LFL revenue grew by more than 30%, with double-digit growth across our key Brands. Growth was driven by pricing, due to the annualisation benefit from pricing waves taken in H2 FY25. Despite these price increases, volumes on a number of our key brands of Stella, Cussons Baby and Morning Fresh grew through continued strengthening of route-to-market capabilities. Stella also saw strong export growth. Market shares have, overall, been maintained due to continued growth in distribution, with more than 200,000 stores now served directly, up from 171,000 at the end of FY25. We have also continued to increase the number of 'Golden outlets' - directly-served stores with opportunity for improved returns and where we place disproportionate focus. The period also benefited from the impact of the successful launch of Carex towards the end of FY25. The brand is now on track to generate more than £3 million of revenue in FY26, with accretive margins.

 

Electricals revenue was £25.3 million and grew 35% on a LFL basis and 37% on a reported basis. This was driven by continued price increases and favourable mix as compares to a softer performance in H1 FY25 where volumes were impacted by some supply chain disruption.

 

Excluding the PZ Wilmar income in the comparative period, adjusted operating profit increased by £7.6 million in Africa, with an improvement in margin of 810bps. This includes an approximately £6 million benefit due to the revaluation of US Dollar-denominated trading liabilities in Nigeria following the c.10% appreciation of the Naira compared to the prior period balance sheet date.

 

On a statutory basis, operating profit was £23.3 million, an increase from £1.6 million in the comparative period. H1 FY26 Statutory Operating Profit includes £8.3 million related to gains on disposal of surplus asset sales in Nigeria and Ghana and £3.4 million related to FX gains arising on loans previously classified as permanent as equity and accounted for in reserves.

 

Central

 

£m unless otherwise stated	H1 FY26	H1 FY25	Growth / (decline)
Adjusted operating loss	(10.9)	(15.5)	(29.7)%
Operating loss	(22.1)	(20.9)	5.7%

 

Adjusted central operating loss reduced by £4.6 million reflecting savings made across a number of central functions, as well as an increase in inter-company income from the Business Units.  

 

On a statutory basis, central operating loss increased in the most part due to costs incurred on the sale of our 50% stake in PZ Wilmar amounting to £21.4 million which offset the proceeds received in H1 of £11.8 million plus, costs of £1.4 million relating to the strategic review our African business, which has now reached its conclusion.

 

Other financial items

Adjusted operating profit

Adjusted operating profit for the Group was £35.6 million, an increase of £13.3 million from £22.3 million in the prior period, excluding the income from the PZ Wilmar joint venture. This was driven primarily by a £4.6 million decrease in the Central operating loss and a £2.9 million increase in Africa operating profit. Adjusted operating profit margin increased by 240bps to 13.2%.

 

Adjusting items

Adjusting items in the period were a credit of £4.5 million before tax. This relates primarily to the sale of non-operating surplus assets partially offset by the sale of our 50% stake in PZ Wilmar and costs related to the strategic review of Africa, and is detailed further in note 4.

 

After accounting for these adjusting items, the operating profit for the Group was £40.1 million compared to an operating profit of £13.4 million in the prior period.

 

Net finance expense

Net finance expense in the period was £5.8 million compared to a net finance expense of £7.1 million in the prior period. This was driven mainly by a reduction in interest expense as a result of lower gross borrowings.

 

Statutory profit before tax was £34.3 million, £27.9 million higher than the prior period while adjusted profit before tax was £29.8 million which was £10.0 million higher than the prior period.

 

Taxation

The effective tax rate ('ETR') on adjusted profit before tax increased to 28.2% compared to 18.2% in the prior period as a result of two factors. Firstly, the stronger profitability in our Nigerian business which attracts a higher rate and which had previously benefited from a deferred tax asset resulting from the statutory FX losses suffered during FY24. Secondly, the non-recurrence of income from the PZ Wilmar joint venture which the Group had previously equity-accounted, recording its 50% share of the joint venture's post-tax income in operating profit. The Group believes that, subject to movements in the geographic mix of profits, its future ETR will remain around current levels.

 

The statutory tax charge in the period was £23.2 million compared to £2.2 million in the six month period to 30 November 2024, which includes the full recognition of deferred tax assets resulting from prior statutory FX losses in Nigeria. In addition to the increase in tax charge as a result of current profitability in the Group operations, the increase in tax charge is also driven by an increase in the likelihood of crystallisation of an uncertain tax position following a recent adverse court ruling in respect of an earlier period, and its potential impact into succeeding years. It should be noted that whilst the tax charge has increased reflecting the enhanced risk of crystallisation, that discussions regarding the impact of the court ruling remain ongoing.

 

Profit for the period

Profit for the period was £11.1 million which compared to £4.2 million in the prior period. Basic earnings per share was 1.40p compared to 1.19p in the prior period. Adjusted basic earnings per share was 4.37p which compares to 3.89p in the prior period.

 

Balance sheet and cash flow

 

Total free cash flow was £23.2 million compared to £22.7 million in the prior period. The increase reflects primarily an improvement in adjusted operating profit and reductions in capital expenditure and adjusting items, partially offset by adverse working capital movement reflecting a higher proportion of Christmas gifting sales in the UK occurring in November than anticipated as well as the seasonal build-up of inventory in Nigeria.

 

£m unless otherwise stated		H1 FY26	H1 FY25
Adjusted EBITDA		41.7	33.3
Cash flow impact of adjusting items4		(3.6)	(13.6)
Working capital movement		(16.6)	4.6
Capital expenditure		(0.9)	(1.4)
Share of results of joint venture		-	(2.3)
Other		2.6	2.1
Free cash flow		23.2	22.7

 

Net debt as at 29 November 2025 was £84.3 million compared to £112.0 million at 31 May 2025 reflecting the free cash flow of £23.2 million and disposals of £27.6 million.  

 

£m unless otherwise stated			H1 FY26
Opening net debt			112.0
Free cash flow			(23.2)
Net tax, finance and interest costs			16.1
Dividend			8.8
Disposals			(27.6)
Other non-operating cash flow			(1.8)
Closing net debt			84.3

 

Cash within Nigeria was £24.3 million as at 29 November 2025.

 

£m unless otherwise stated		H1 FY26	FY25
Total cash		49.9	45.1
Of which cash within Nigeria		24.3	19.9
Gross debt		(134.2)	(157.1)
Net debt		(84.3)	(112.0)
Balance sheet rates (NGN/GBP):		1,915	2,136

 

The Group has a £270.0 million (31 May 2025: £325.0 million) committed credit facility which is available for general corporate purposes. The credit facility incorporates both a term loan, of up to £70 million (31 May 2025: £125.0 million), with the balance as a revolving credit facility (RCF) structure. Entered into in November 2022, the term loan is a two-year facility and the RCF a four-year facility, with both facilities retaining two, one-year extension options. The first option for both RCF and term loan was executed in October 2023 and the second term loan extension was executed in March 2025 reducing to £70.0 million on 10 November 2026.

 

As at 29 November 2025, the committed credit facility was £134.5 million drawn (31 May 2025: £157.5 million) and the headroom was £135.5 million (31 May 2025: £167.5 million).

 

In addition, the Group retains other unsecured and uncommitted facilities that are primarily used for trade-related activities in Nigeria where ordinary trading activities are required to be supported by letters of credit (or similar). As at 29 November 2025, these amounted to £117.6 million (31 May 2025: £122.1 million) of which £27.2 million, or 23% were utilised (31 May 2025: £33.7 million or 28%). Overdrafts do not form part of the Group's main borrowing facility and only arise as part of the Group's banking arrangements with key banking partners. As at 29 November 2025, there were no bank overdrafts (31 May 2025: £nil).

 

 

Foreign exchange

The general appreciation of Sterling against our other currencies resulted in a £4.1 million reduction to H1 FY25 revenue as set out below.

	% of FY25	Average FX rates			Revenue impact
	revenue	H1 FY26	H1 FY25	% change	(£m)
GBP	39%	1.00	1.00	-	-
NGN (Nigeria)	19%	2,019	2,038	1%	0.4
AUD (Australia)	18%	2.06	1.94	(6)%	(2.5)
IDR (Indonesia)	14%	22,071	20,480	(7)%	(2.5)
USD (USA)	2%	1.34	1.29	(4)%	(0.2)
Other	8%	-	-		0.7
Total[4]	100%	-	-		(4.1)

 

Given the materiality of the movement in the Nigerian Naira in recent periods, the rates used in recent reporting periods are summarised below.

 

NGN/GBP	FY24	FY25	H1 FY25	H1 FY26
Rate used for Income Statement	1,257	2,015	2,038	2,019
Rate used for balance sheet	1,893	2,136	2,124	1,915

 

 

Alternative Performance Measures

The Group's business performance is assessed using a number of alternative performance measures (APMs). These APMs include adjusted profitability measures where results are presented excluding separately disclosed items (referred to as adjusting items) as we believe this provides both management and investors with useful additional information about the Group's performance and supports a more effective comparison of the Group's financial performance from one period to the next.

Adjusted Consolidated Income Statement

	Unaudited Half year to 29 November 2025			Unaudited Half year to 30 November 2024
	Business performance excluding adjusting items	Adjusting items	Statutory results for the half year	Business performance excluding adjusting items	Adjusting items	Statutory results for the half year
	£m	£m	£m	£m	£m	£m
Revenue	269.3	-	269.3	249.3	-	249.3
Cost of sales	(160.3)	-	(160.3)	(145.8)	-	(145.8)
Gross profit	109.0	-	109.0	103.5	-	103.5
Selling and distribution expense	(41.9)	-	(41.9)	(41.6)	-	(41.6)
Administrative expense	(31.5)	4.5	(27.0)	(39.6)	(11.2)	(50.8)
Share of results of joint venture	-	-	-	4.7	(2.4)	2.3
Operating profit/(loss)	35.6	4.5	40.1	27.0	(13.6)	13.4
Finance income	1.8	-	1.8	2.2	0.2	2.4
Finance expense	(7.6)	-	(7.6)	(9.5)	-	(9.5)
Net finance (expense)/income	(5.8)	-	(5.8)	(7.3)	0.2	(7.1)
			-
Net monetary gain arising from hyperinflationary economies	-	-	-	0.1	-	0.1
Profit/(loss) before taxation	29.8	4.5	34.3	19.8	(13.4)	6.4
Taxation	(8.4)	(14.8)	(23.2)	(3.6)	1.4	(2.2)
Profit/(loss) for the period	21.4	(10.3)	11.1	16.2	(12.0)	4.2
Attributable to:
Owners of the Parent	18.4	(12.5)	5.9	16.3	(11.3)	5.0
Non-controlling interests	3.0	2.2	5.2	(0.1)	(0.7)	(0.8)
	21.4	(10.3)	11.1	16.2	(12.0)	4.2

Details of adjusting items are provided in Note 4 to the condensed consolidated interim financial statements. Reconciliations from IFRS reported results to APMs are set out below.

 

 

 

Alternative Performance Measures (continued)

Adjusted operating profit and adjusted operating margin

		Half year to 29 November 2025	Half year to 30 November 2024
		£m	£m
Group
Operating profit from continuing operations		40.1	13.4
Exclude: adjusting items		(4.5)	13.6
Adjusted operating profit		35.6	27.0
Revenue		269.3	249.3
Operating margin		14.9%	5.4%
Adjusted operating margin		13.2%	10.8%
By segment
Europe & the Americas:
Operating profit from continuing operations		22.0	19.6
Exclude: adjusting items		0.7	1.1
Adjusted operating profit		22.7	20.7
Revenue		102.5	101.0
Operating margin		21.5%	19.4%
Adjusted operating margin		22.1%	20.5%
Asia Pacific:
Operating profit from continuing operations		16.9	13.1
Exclude: adjusting items		(4.7)	-
Adjusted operating profit		12.2	13.1
Revenue		87.7	87.7
Operating margin		19.3%	14.9%
Adjusted operating margin		13.9%	14.9%
Africa:
Operating profit from continuing operations		23.3	1.6
Exclude: adjusting items		(11.7)	7.1
Adjusted operating profit		11.6	8.7
Revenue		79.1	60.6
Operating margin		29.5%	2.6%
Adjusted operating margin		14.7%	14.4%
Central:
Operating loss from continuing operations		(22.1)	(20.9)
Exclude: adjusting items		11.2	5.4
Adjusted operating loss		(10.9)	(15.5)

 

 

Alternative Performance Measures (continued)

Adjusted gross profit and gross margin

		Half year to 29 November 2025	Half year to 30 November 2024
		£m	£m
Gross profit		109.0	103.5
Exclude: adjusting items		-	-
Adjusted gross profit		109.0	103.5
Revenue		269.3	249.3
Gross margin		40.5%	41.5%
Adjusted gross margin		40.5%	41.5%

 

 

Adjusted share of results of joint venture

		Half year to 29 November 2025	Half year to 30 November 2024
		£m	£m
Share of results of joint venture		-	2.3
Exclude: adjusting items		-	2.4
Adjusted share of results of joint venture		-	4.7

 

 

Adjusted profit before taxation

		Half year to 29 November 2025	Half year to 30 November 2024
		£m	£m
Profit before taxation from continuing operations		34.3	6.4
Exclude: adjusting items		(4.5)	13.4
Adjusted profit before taxation		29.8	19.8

 

 

Adjusted Earnings Before Interest Depreciation and Amortisation (Adjusted EBITDA)

 

		Half year to 29 November 2025	Half year to 30 November 2024
		£m	£m
Profit before taxation from continuing operations		34.3	6.4
Add back: net finance expense		5.8	7.1
Add back: depreciation		4.0	4.1
Add back: amortisation		2.1	2.1
		46.2	19.7
Exclude: adjusting items1		(4.5)	13.6
Adjusted EBITDA		41.7	33.3

 

¹   Excludes adjusting items relating to impairment and finance income.

 

 

 

Alternative Performance Measures (continued)

 

Adjusted earnings per share

		Half year to 29 November 2025	Half year to 30 November 2024
		pence	pence
Basic earnings per share		1.40	1.19
Exclude: adjusting items		2.97	2.70
Adjusted basic earnings per share		4.37	3.89
Diluted earnings per share		1.40	1.19
Exclude: adjusting items		2.96	2.68
Adjusted diluted earnings per share		4.36	3.87

Free cash flow

		Half year to 29 November 2025	Half year to 30 November 2024
		£m	£m
Cash generated from operations		24.1	24.1
Deduct: purchase of property, plant and equipment and software		(0.9)	(1.4)
Free cash flow		23.2	22.7

 

 

CONDENSED CONSOLIDATED INCOME STATEMENT

		Unaudited Half year to 29 November 2025	Unaudited Half year to 30 November 2024	Audited Year to 31 May 2025
	Notes	£m	£m	£m
Revenue	3	269.3	249.3	513.8
Cost of sales		(160.3)	(145.8)	(307.0)
Gross profit		109.0	103.5	206.8
Selling and distribution expense		(41.9)	(41.6)	(85.4)
Administrative expense		(32.7)	(50.8)	(106.4)
Other operating income	4	13.1	-	-
Loss on disposal of joint venture undertakings	13	(7.4)	-	-
Share of results of joint venture		-	2.3	5.6
Operating profit	3	40.1	13.4	20.6
Finance income		1.8	2.4	3.9
Finance expense		(7.6)	(9.5)	(18.0)
Net finance expense		(5.8)	(7.1)	(14.1)
Net monetary gain arising from hyperinflationary economies2		-	0.1	-
Profit before taxation		34.3	6.4	6.5
Taxation	7	(23.2)	(2.2)	(11.7)
Profit/(loss) for the period/year1		11.1	4.2	(5.2)
Attributable to:
Owners of the Parent		5.9	5.0	(5.8)
Non-controlling interests		5.2	(0.8)	0.6
		11.1	4.2	(5.2)
Earnings/(loss) per ordinary share1
Basic (p)		1.40	1.19	(1.38)
Diluted (p)		1.40	1.19	(1.38)

¹   Wholly derived from continuing operations.

²   Represents the hyperinflation impact in relation to Ghana.

 

 

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Unaudited Half year to 29 November 2025	Unaudited Half year to 30 November 2024	Audited Year to 31 May 2025
		£m	£m	£m
Profit/(loss) for the period/year		11.1	4.2	(5.2)
Other comprehensive income/(expense)
Items that will not be reclassified to income statement:
Re-measurement gain/(loss) on net retirement benefit surplus		1.6	0.3	(4.6)
Taxation on other comprehensive (expense)/income		(0.4)	(0.1)	1.2
Total items that will not be reclassified to income statement		1.2	0.2	(3.4)
Items that may be subsequently reclassified to income statement:
Exchange differences on translation of foreign operations1		1.0	2.8	0.2
Reclassification of currency translation reserve on the disposal of joint venture undertaking		13.6	-	-
Share of other comprehensive expense of joint venture accounted for using the equity method		-	(0.1)	(1.0)
Cash flow hedges - fair value movements net of amounts reclassified		0.1	0.6	0.2
Total items that may be subsequently reclassified to income statement		14.7	3.3	(0.6)
Other comprehensive income/(expense) for the period/year		15.9	3.5	(4.0)
Total comprehensive income/(expense) for the period/year		27.0	7.7	(9.2)
Attributable to:
Owners of the Parent		21.8	7.9	(10.1)
Non-controlling interests		5.2	(0.2)	0.9
		27.0	7.7	(9.2)

 

¹   Includes a hyperinflation adjustment of £nil (30 November 2024: £0.5 million) in relation to Ghana.

CONDENSED CONSOLIDATED BALANCE SHEET

		Unaudited 29 November 2025	Unaudited 30 November 2024	Audited 31 May  2025
	Notes	£m	£m	£m
Assets
Non-current assets
Goodwill and other intangible assets	5	253.2	276.9	253.9
Property, plant and equipment		42.9	40.9	43.4
Investment properties		11.7	7.0	10.0
Right-of-use assets		12.1	8.7	13.6
Net investments in joint venture		-	2.3	-
Trade and other receivables		2.5	29.3	2.1
Deferred taxation assets		19.9	21.9	15.8
Current tax receivable		-	-	4.8
Retirement benefit surplus		29.3	33.1	27.4
		371.6	420.1	371.0
Current assets
Inventories		85.5	78.5	70.0
Trade and other receivables		133.2	104.7	119.2
Derivative financial assets	12	0.4	0.7	0.4
Current taxation receivable		2.0	4.3	0.1
Cash and cash equivalents	10	49.9	46.4	45.1
		271.0	234.6	234.8
Assets held for sale		1.7	5.0	9.4
		272.7	239.6	244.2
Total assets		644.3	659.7	615.2
Equity
Share capital		4.3	4.3	4.3
Treasury shares		(29.1)	(33.0)	(32.0)
Capital redemption reserve		0.7	0.7	0.7
Hedging reserve		(0.1)	0.2	(0.2)
Currency translation reserve		(143.6)	(157.5)	(158.4)
Retained earnings		396.4	429.0	399.6
Other reserves		6.2	7.6	5.7
Attributable to owners of the Parent		234.8	251.3	219.7
Non-controlling interests		(1.0)	(7.3)	(6.2)
Total equity		233.8	244.0	213.5