NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

 

31 March 2026

Videndum plc

2025 Full Year Results

 

Results
	2025	2024
Continuing operations¹
Revenue	£228.3m	£280.7m
Adjusted EBITDA*	£9.0m	£20.1m
Adjusted EBITDA margin*	4.0%	7.2%
Adjusted loss before tax*	£(31.5)m	£(25.0)m
Adjusted operating cash flow*	£5.3m	£16.6m
Free cash flow*	£(23.6)m	£4.3m
Net debt*	£142.3m	£133.0m
Statutory results from continuing and discontinued operations¹
Revenue	£228.8m	£283.6m
Operating loss	£(53.9)m	£(84.5)m
Loss before tax	£(66.8)m	£(103.4)m
Loss per share	(68.1)p	(155.8)p

Financial summary

-	Rate of revenue decline moderated throughout the year; H1 -25%, H2 -8% (excluding the impact of the 2024 Paris Olympics) and Q4 -3% lower year-on-year.
-	Reduction in adjusted EBITDA* to £9.0 million driven by lower volumes partly offset by c.£15 million of cost savings.
-	Statutory operating loss of £53.9 million, includes £24.4 million of depreciation, amortisation and impairment of assets (excluding adjusting items), and £38.5 million of adjusting items.
-	£5.3 million adjusted operating cashflow* despite the adjusted operating loss*.
-	Net debt* increased by £9.3 million across 2025 to £142.3 million at 31 December 2025; interest (£12.2 million), financing fees (£9.5 million) and restructuring costs (£9.6 million) partly offset by proceeds from disposals and the April 2025 equity raise.

 

Key achievements

-	£85 million (c.£79 million net) equity raise on 30 March 2026, combined with c.£39 million of debt equitisation and write-off, reduced net debt* by c.£112 million (after debt refinancing fees).
-	Amimon Israeli business sold in April 2025 with the intellectual property retained; consumer-orientated JOBY brand sold in September 2025.
-	Continued progress on cost saving initiatives. c.£15 million achieved in 2025, with an exit run rate of c.£19 million. Programme expanded to deliver a further c.£8 million in 2026 from current projects.
-	c.£15 million reduction in inventory (20%), slightly ahead of decline in revenue.
-	Rejuvenated New Product Introduction ("NPI") process, with the successful launch of 22 new product lines, including the Manfrotto ONE system, 'new to world' comprehensive stability system.

 

 

 

Commenting, Stephen Harris, Chairman, said:

"The Group made good strategic and operational progress through FY 2025. Following a soft start to the year, the rate of decline moderated as FY 2025 progressed, culminating in the Group delivering revenue of £228.3 million. During the period, the Group also successfully executed £15 million of cost savings, with a further £8 million due in 2026 from the current projects.

"On 30 March 2026, the Group completed an equity raise of £85 million as part of a comprehensive refinancing, representing an important step in strengthening Videndum's financial position and putting the business on a good footing for the future. The refinancing received very strong support from both investors and lenders and, reflecting significant institutional demand, the equity raise was increased by £15 million from the original plan. This increased level of participation demonstrates confidence in the Group's long-term prospects.

"For FY 2026, the Board expects good revenue growth, supported by the introduction of new products in both FY 2025 and FY 2026.

"Videndum remains focused on driving sustainable growth. Looking to the medium term, we expect to deliver revenue in excess of £350 million, together with a mid‑teens adjusted EBITDA* margin. This outlook is underpinned by ongoing operational efficiencies, disciplined cost‑reduction initiatives and the continued contribution from NPI."

Notes

1	Amimon was sold on 9 April 2025 and is reported as a discontinued operation. Results of discontinued operations can be found in notes 2 and 5 to the condensed financial statements. Amimon was not treated as a discontinued operation at FY 2024 results as it was only sold in FY 2025; 2024 results have been restated to treat Amimon as a discontinued operation in FY 2024.
2	2025 average exchange rates: £1 = USD 1.32, £1 = EUR 1.17, EUR 1 = USD 1.13, £1 = JPY 197
3	2024 average exchange rates: £1 = USD 1.28, £1 = EUR 1.18, EUR 1 = USD 1.08, £1 = JPY 194

* In addition to statutory reporting, Videndum plc reports alternative performance measures from continuing operations ("APMs") which are not defined or specified under the requirements of International Financial Reporting Standards ("IFRS"). The Group uses these APMs to aid the comparability of information between reporting periods and Divisions, by adjusting for certain items which impact upon IFRS measures and excluding discontinued operations, to aid the user in understanding the activity taking place across the Group's businesses. APMs are used by the Directors and management for performance analysis, planning, reporting and incentive purposes. A summary of APMs used and their closest equivalent statutory measures is given in the Glossary.

 

For more information please contact:
Videndum plc	Email: [email protected]
Stephen Harris, Chairman Brian Morgan, Group Chief Financial Officer
FTI Consulting Richard Mountain / Ben Fletcher	Telephone: 020 3272 1340

 

Notes to Editors:

Videndum is a leading global provider of premium branded hardware products and software solutions to the content creation market.

Our product portfolio includes camera supports, video transmission systems and monitors, live streaming solutions, robotic camera systems, prompters, LED lighting, mobile power, bags, backgrounds, audio capture, and noise reduction equipment.

We employ around 1,200 people across the world in 9 different countries. Videndum plc is listed on the London Stock Exchange, ticker: VID.

More information can be found at: https://videndum.com/

LEI number: 2138007H5DQ4X8YOCF14

 

Comprehensive refinancing

On 30 March 2026, the Group raised £85.0 million (net £78.9 million) from a Firm Placing (96%), Placing and Open Offer (4%) at on Offer Price of 270 pence per New Ordinary Share (equivalent to a pre-Consolidation issue price of 1.35 pence per ordinary share).

The equity raise was upsized from £70.0 million to £85.0 million following significant demand from institutional investors.

Alongside the equity raise there was £23.0 million equitisation of the previous Multicurrency Revolving Credit Facility ("RCF") debt by Polus Capital in exchange for new equity, and the write-off and release of £15.8 million of the previous RCF debt by the Lenders.

The associated costs of the refinancing over the last fifteen months totalled over £25 million; no further costs are anticipated.

The combination of these actions was to reduce 31 December 2025 pro forma net debt* by £111.7 million (after debt refinancing fees) to £30.6 million, which includes £25.2 million of finance leases. This refinancing secures a stable and sustainable financial capital structure for the Group.

 

Market overview

2025 was another tough year for trading. Amongst the challenges, the US tariffs announced on 2 April 2025, meant that the US was hit particularly hard. Subsequent reductions in tariffs in H2 helped to reduce the impact on demand but significant uncertainty still remained.

The impact of the tariffs has been an increase in the end user prices as well as increased costs borne by Videndum. We took actions to mitigate those effects by relocating both manufacturing and sourcing of some material and components to reduce the tariff costs incurred.

Following the Supreme Court of the United States ("SCOTUS") ruling that the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unlawful, we have filed for the recovery of the tariff costs incurred. However, this is not expected to be recovered in FY 2026.

 

Management changes and actions

Over the last eighteen months, the Board has been refreshed, and Brian Morgan was recruited as the new permanent CFO in October 2025. The recruitment of a new CEO is well underway with the expectation that Stephen Harris will revert to non-executive Chairman in due course. The Executive Committee has been strengthened with the addition of a Chief People Officer and a Managing Director of Asia, and now has more oversight and control of the operations of the business. Furthermore, we have recruited professionals into our procurement, operations and product innovation teams.

A number of restructuring and cost saving actions were disclosed at the FY 2024 results and actioned largely in H1 2025; including headcount reductions associated with reducing divisional management and regional head office structures, as well as the relocation of assembly and manufacturing from the UK Bury St Edmunds site to the Feltre site in Northern Italy and Cartago, Costa Rica.

In 2025 the business announced further restructuring activities to manage liquidity and improve the future cost base of the business. The most significant of these included the planned closure of the UK Ashby-de-la-Zouch site with manufacturing outsourced or moved to Feltre and storage to Bury St Edmunds. Other initiatives will lead to a simplification of operations in China, the exit of the Australian distribution hub, and reduction of engineering resource in the United States. The previously announced cost savings of c.£15 million in 2025 were achieved, with a further c.£8 million expected in 2026 from current projects.

Our focus remains on delivering innovative new products with 22 launched in 2025 compared with seven in 2024 and six in 2023. We successfully launched the Manfrotto ONE system in June 2025 as part of a 'new to world' comprehensive stability system.

The Group has identified, and is responding to, developments in artificial intelligence ("AI"). Assistive
AI technologies present significant opportunities to enhance production workflows and efficiency, and Videndum's NPI programmes remain focused on supporting our end-customers through innovation. Recent product launches incorporating AI capabilities include Vinten VEGA, which uses AI within its control platform to enable subject tracking, and Autoscript Voice, a prompting tool featuring speech recognition. The Group continues to monitor developments in generative AI, which may present a medium-term risk to certain areas of content creation, although significant legal and regulatory barriers currently remain.

 

Group Results

The numbers below are presented on a continuing basis unless otherwise stated. Amimon was sold on 9 April 2025 and is reported as a discontinued operation. Amimon was not treated as a discontinued operation at FY 2024 results and the FY 2024 results have now been restated to treat Amimon as a discontinued operation in FY 2024. Results of discontinued operations can be found in notes 2 and 5 to the condensed financial statements.

	Adjusted*			Statutory from continuing and discontinued operations
	2025	2024	Change	2025	2024
Revenue**	£228.3m	£280.7m	(19)%	£228.8m	£283.6m
EBITDA	£9.0m	£20.1m	£(11.1)m	n/a	n/a
Operating loss	£(15.4)m	£(18.2)m	£2.8m	£(53.9)m	£(84.5)m
Loss before tax	£(31.5)m	£(25.0)m	£(6.5)m	£(66.8)m	£(103.4)m
Loss per share	(28.6)p	(17.9)p	(10.7)p	(68.1)p	(155.8)p

* Before adjusting operating items of £38.5 million (2024: £66.3 million).

** Amimon was not treated as a discontinued operation at FY 2024 results; 2024 results above have been restated to treat Amimon as a discontinued operation in FY 2024.

On a reported basis, revenue declined by 19% year-on-year compared to 2024. On a constant currency basis this was a 16% decrease, and 14% when excluding revenue from the Paris Summer Olympics in 2024.

Adjusted gross profit margin* rose to 34% in 2025 (2024: 33%), mainly due to the £13.1 million of one-off charges in 2024 (higher than the £2.4 million in 2025), primarily relating to one-off inventory provision charges in 2024 and asset impairments in 2025. Excluding these one-off charges in both years, the adjusted gross profit margin* fell from 38% to 35%, primarily due to lower volumes.

Adjusted operating expenses* decreased by £15.9 million to £96.5 million (2024: £112.4 million). £1.9 million due to one-off charges, primarily in relation to asset impairments, in 2025 being lower than those in 2024 (£3.3 million in 2025 compared to £5.2 million in 2024), with the remaining £14.0 million primarily due to the year-on-year restructuring cost savings.

Adjusted EBITDA reduced by £11.1 million, driven by the £52.4 million lower revenue. Increased losses from lower volumes were partly offset by the c.£15 million of cost savings, and £3.1 million higher adjusted other income* (litigation settlement and Employee Retention Credits ("ERC") in relation to COVID-19).

Adjusted operating loss* of £15.4 million (2024: £18.2 million loss) includes depreciation and amortisation costs of £18.7 million (2024: £20.0 million), and one-off charges not included within adjusted EBITDA*, including impairment of assets, of £5.7 million (2024: £18.3 million).

Net finance expense of £16.1 million was £9.3 million higher than in 2024 (£6.8 million). This was mainly the result of gross borrowings being c.19% higher through the period combined with increased margins due to the higher leverage. Lower FX gains and higher amortisation of fees were also a factor.

Adjusted loss before tax* was £31.5 million compared to a £25.0 million loss in 2024.

Statutory loss before tax from continuing and discontinued operations of £66.8 million (2024: £103.4 million loss) included adjusting items from continuing operations of £38.5 million (2024: £66.3 million) and a £3.2 million profit from discontinued operations including profit on disposal (2024: £12.1 million loss). The largest line within adjusting items was the impairment of assets (£26.1 million), which primarily related to the impairment of acquired intangibles in businesses that have not been performing in line with expectations - see "Adjusting items" section for further detail.

The Group's effective tax rate ("ETR") was a 9% credit on the £31.5 million adjusted loss before tax* (2024: 32% credit on the £25.0 million loss before tax*). Statutory ETR from continuing and discontinued operations was a 3% debit on the £66.8 million loss (2024: 42% debit on the £103.4 million loss before tax).

Adjusted basic loss per share* was 28.6 pence (2024: 17.9 pence loss per share). Statutory basic loss per share from continuing and discontinued operations was 68.1 pence (2024: 155.8 pence loss per share).

 

Division Results

VMS

	Adjusted*			Statutory from continuing and discontinued operations
	2025	2024	Change	2025	2024
External revenue	£108.5m	£132.7m	(18)%	£108.5m	£132.7m
EBITDA	£11.2m	£12.8m	£(1.6)m	n/a	n/a
Operating profit/(loss)	£2.9m	£(6.9)m	£4.0m	£(26.8)m	£(33.3)m

* Before adjusting items of £29.7 million loss (2024: £26.4 million loss).

Revenue was 18% lower than in 2024. The US tariffs created market uncertainty and caution from our distributors. Manfrotto ONE was launched to positive feedback but full production capability was not in place until 2026, thus revenues were not significant in 2025.

Significant restructuring actions have been taken with c.£9.0 million of savings versus 2024. Adjusted EBITDA* was £1.6 million lower than in 2024, primarily reflecting adverse operating leverage on the 18% revenue decline, largely offset by the restructuring actions.

Statutory operating loss was £26.8 million (2024: 33.3 million loss) which reflects £29.7 million of adjusting items from continuing operations (2024: £26.4 million loss).

 

VPS

	Adjusted*			Statutory
	2025	2024	Change	2025	2024
External revenue	£72.7m	£90.7m	(20)%	£72.7m	£90.7m
EBITDA	£1.6m	£13.6m	£(12.0)m	n/a	n/a
Operating (loss)/profit	£(10.5)m	£1.6m	£(12.1)m	£(13.4)m	£(34.4)m

* Before adjusting items of £2.9 million loss (2024: £36.0 million loss).

Revenue was 20% lower than in 2024, which benefitted from the 2024 Paris Summer Olympics. Excluding the Olympics, revenue was 12% lower than in 2024, which was in part due to 2024 benefitting from an opening large backorder for Flowtech tripods and systems, as well as hedging gains.

Significant restructuring actions have been taken with c.£3.5 million of savings versus 2024. Adjusted EBITDA* was £12.0 million lower than in 2024, primarily reflecting adverse operating leverage on the 20% revenue decline, partly offset by the restructuring actions.

Statutory operating loss was £13.4 million (2024: £34.4 million loss) which reflects £2.9 million of adjusting items (2024: £36.0 million).

VCS

	Adjusted*			Statutory from continuing and discontinued operations
	2025	2024	Change	2025	2024
External revenue**	£47.1m	£57.3m	(18)%	£47.6m	£60.2m
EBITDA	£7.5m	£6.9m	£0.6m	n/a	n/a
Operating profit	£3.6m	£0.5m	£3.1m	£3.3m	£0.2m

* Before adjusting items from continuing operations of £0.3 million (2024: £0.3 million).

** Amimon was not treated as a discontinued operation at FY 2024 results; 2024 results above have been restated to treat Amimon as a discontinued operation in FY 2024.

Revenue was 18% lower than in 2024. US tariffs created uncertainty in 2025, whilst 2024 benefitted from a post-strike false dawn, and also entered the year with a significant order backlog.

Restructuring actions have been taken with c.£1.5 million of savings versus 2024. Adjusted EBITDA* was £0.6 million higher, primarily reflecting £3.5 million higher adjusted other income* and cost savings from restructuring actions, partly offset by adverse operating leverage on the 18% revenue decline.

Statutory operating profit was £3.3 million (2024: £0.2 million) which reflects £0.3 million of adjusting items from continuing operations (2024: £0.3 million).

Corporate costs

Corporate costs include payroll and bonus costs for the Executive Directors and the head office team, professional fees, property costs, and travel costs. They also include charges relating to the Long-Term Incentive Plan ("LTIP") and Restricted Share Plan ("RSP") used to incentivise and retain employees across the Group.

 

	Adjusted*			Statutory
	2025	2024	Change	2025	2024
EBITDA	£(11.3)m	£(13.2)m	£1.9m	n/a	n/a
Operating (loss)	£(11.4)m	£(13.4)m	£2.0m	£(17.0)m	£(17.0)m

* For corporate costs, before adjusting items of £5.6 million (2024: £3.6 million).

Corporate costs were lower than those in 2024 due to lower consultancy and audit fees, and restructuring savings.

 

Group cash flow and net debt*

Adjusted operating cash flow* of £5.3 million was £11.6 million lower than in 2024 (£16.6 million) primarily due to the £11.1 million lower adjusted EBITDA*.

Free cash outflow* at £23.6 million included interest of £12.2 million, restructuring spend of £9.6 million, and debt amendment fees and refinancing costs of £9.5 million.

£m	2025	2024	Variance
Statutory operating loss from continuing and discontinued operations	(53.9)	(84.5)	30.6
Add back discontinued operations statutory operating (profit)/loss	-	-	-
Add back adjusting items from continuing operations	38.5	66.3	(27.8)
Adjusted operating (loss)/profit*	(15.4)	(18.2)	2.8
One-off charges including impairment of assets	5.7	18.3	(12.6)
Depreciation(1)	18.7	20.0	(1.3)
Adjusted EBITDA*	9.0	20.1	(11.1)
Adjusted trade working capital (inc)/dec*	8.1	7.8	0.3
Adjusted non-trade working capital (inc)/dec*	(0.4)	2.2	(2.6)
Adjusted provisions inc/(dec)*	(1.6)	(0.1)	(1.5)
Capital expenditure(2)	(12.1)	(15.4)	3.3
Other(3)	2.3	2.0	0.3
Adjusted operating cash flow*	5.3	16.6	(11.3)
Cash conversion*	(34)%	(91)%	57%pts
Net interest paid	(12.2)	(10.1)	(2.1)
Tax received/(paid)	2.7	0.7	2.0
Retention bonuses	(0.1)	(1.2)	1.1
Restructuring, other adjusting items, and sale of property	(9.6)	(1.7)	(7.9)
Debt amendment fees and refinancing costs	(9.5)	-	(9.5)
Transaction costs	(0.2)	-	(0.2)
Free cash flow*	(23.6)	4.3	(27.9)

(1) Includes depreciation, and amortisation of purchased software and capitalised development costs

(2) Purchase of Property, Plant & Equipment ("PP&E") and capitalisation of software and development costs

(3) Includes share-based payments charge (excluding retention) and other reconciling items to adjusted operating cash flow*

 

Adjusted trade working capital* decreased by £8.1 million in 2025. This movement primarily reflects a £15.4 million decrease in inventories; partially offset by a £6.5 million increase in trade receivables, due to the wind down of the receivables factoring facility across the year (£8.3 million at 31 December 2024); and a £0.8 million decrease in trade payables.

 

Capital expenditure of £12.1 million (2024: £15.4 million) included:

-	£7.2 million of Property Plant and Equipment ("PP&E") compared with £7.8 million in 2024;
-	£4.9 million capitalisation of development costs (2024: £7.3 million) and software of £nil (2024: £0.3 million). Gross R&D was lower than in 2024, reflecting the targeting of investment and restructuring actions to right size operations. Gross R&D as percentage of revenue was consistent year-on-year at 7%.

 

£m	2025	2024	Variance
Gross R&D	15.4	18.7	(3.3)
Capitalised	(4.9)	(7.3)	2.4
Amortisation and impairment losses	8.4	10.1	(1.7)
Income Statement Impact	18.9	21.5	(2.6)

Net interest paid of £12.2 million was £2.1 million higher than in 2024 reflecting the rise in interest expense compared to the prior period. Net tax receipts of £2.7 million included receipt of a £3.2 million refund from HMRC related to the historic EU State Aid claim.

December 2024 closing net debt* (£m)	(133.0)
Free cash flow from continuing operations*	(23.6)
Net cash used in operating activities from discontinued operations	(3.9)
Movement in loan fees, net of amortisation	3.0
Net proceeds from equity raise	7.5
Employee incentive shares	(0.3)
Net disposal proceeds	7.3
Net lease additions	(0.9)
FX	1.6
December 2025 closing net debt* (£m)	(142.3)

 

Net debt* at 31 December 2025 of £142.3 million was £9.3 million higher than at 31 December 2024 (£133.0 million).

Prior to its disposal, operating cash out flow from the Amimon business was £3.9 million including settlement of a £2.5 million payable to secure the intellectual property that was subsequently transferred to Teradek. Net disposal proceeds of £2.1 million were received after deducting cash included in the sale of £0.5 million. In addition the Company sold its consumer-orientated JOBY brand in September 2025 for £5.2 million.

On 30 April 2025, the Company issued 9,412,663 new ordinary shares at an issue price per share of 85 pence, a premium to the prevailing share price, generating gross proceeds of £8.0 million and, after expenses, net proceeds of £7.5 million.

The £1.6 million favourable impact from FX arose following the weakening of the US dollar against Sterling across 2025.

Liquidity at 31 December 2025 totalled £14.2 million, comprising £3.2 million unutilised RCF and net cash of £11.0 million.

 

Borrowing facilities and financial position at 31 December 2025

On 31 December 2025, the Group had a committed £146.1 million RCF with a syndicate of lenders, which was capped at £135.1 million of which 98% was utilised.

Following the equity raise on 30 March 2026, the Group completed refinancing its debt. The new Group facilities total £60.0 million: a three-year £31.5 million Senior Term Loan (tranche A); a two-year £13.5 million Senior Term Loan (tranche B); and a new three-year £15.0 million Super Senior RCF.

A monthly minimum liquidity of £5.0 million exists throughout the terms, and leverage and interest cover covenants are reintroduced from 31 March 2028. For further detail, see note 4.1 to the condensed financial statements.

 

Adjusting items from continuing operations

£m	2025	2024
Profit on disposal of brand	3.9	-
Impairment of assets	(26.1)	(51.3)
Amortisation of intangible assets that are acquired in a business combination	(3.2)	(3.5)
Restructuring costs	(4.1)	(11.3)
Acquisition related charges	-	(0.2)
Other adjusting items	(9.0)	-
Adjusting items	(38.5)	(66.3)

 

Profit on disposal of brand relates to the sale of the JOBY brand, net of disposal of assets and transaction costs. Further detail on disposal of net assets and businesses can be found in note 5.1 to the condensed financial statements.

The impairment of assets primarily consists of a £22.9 million impairment of acquired intangibles in businesses that have not been performing in line with expectations, and a £2.1 million inventory impairment for JOBY.

The amortisation of intangibles reflects amortisation within the VMS Division prior to the impairment at the end of the year.

Restructuring costs reflect Group-wide restructuring projects announced to affected employees in the period, which resulted in a number of employees leaving in 2025.

Other adjusting items predominantly consist of refinancing costs that are not in relation to the new debt facility, along with the gross loss on the sale of JOBY-related inventory post-disposal, and other one-off items.

Further detail on adjusting items can be found in note 2.2 to the condensed financial statements.

 

Discontinued operations

On 9 April 2025 the Group sold its Amimon business for gross cash consideration of £2.6 million, of which £0.8 million was for the sale of shares, and £1.8 million for entering into an agreement with Teradek LLC, also part of the VCS Division, to grant Amimon a licence to use certain intellectual property. A profit of £4.8 million arose on disposal after taking into account net assets disposed of £0.1 million (inclusive of £0.5 million of cash), £0.1 million transaction costs, and the previously recorded foreign exchange gain of £2.4 million that has been recycled to the profit on disposal.

Results of discontinued operations can be found in notes 2 and 5 to the condensed financial statements.

 

£m	2025	2024
Revenue	0.5	2.9
Adjusted loss before tax	(1.6)	(12.1)
Profit on disposal of discontinued operation	4.8	-
Statutory loss before tax	3.2	(12.1)

 

Going concern and viability

The Board has made appropriate enquiries and consider that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the condensed financial statements. In making its assessment the Board considered the future trading and cash flow forecasts over a period of 12 months from the approval date of these Financial Statements (the "going concern assessment period") using the FY 2026 budget and future forecasts along with a number of scenarios modelled based on downsides from the FY 2025 performance. The Board believes that available liquidity will be sufficient to enable the Group to meet its liabilities as they fall due within the going concern assessment period. As a result of the ongoing challenging market conditions, the Board has also considered events or conditions that may occur after the end of the defined going concern assessment period.

The Directors acknowledge that risks remain due to ongoing market volatility. While stress‑test modelling indicates the Group maintains positive liquidity throughout the going concern assessment period and the foreseeable future, if the Group does not meet performance expectations there remains a possibility that a sale, restructuring, or wider reorganisation may need to be considered beyond this period. There is no assurance that such actions could be undertaken or would be sufficient in the stress‑test scenario. As these potential events fall outside the assessment period but could materially impact the Group, they represent a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern should they arise.

Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements, with a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern. Further detail on the assessment of going concern can be found within note 1 to the condensed financial statements.

The Directors have also assessed the long-term viability of the Group over a three-year period, taking account of the Group's current position and prospects, its strategic plan, risk appetite and the principal risks and how these are managed. Based on this assessment, the Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period, subject to the Group retaining the ability to acquire funding in order to refinance its committed facilities when they fall due, which is expected to be the case.

 

Dividend

The Board recognises the importance of dividends to the Group's shareholders and intends to resume payment of a progressive and sustainable dividend when appropriate to do so.

 

Outlook

For FY 2026, the Board expects good revenue growth, supported by the introduction of new products in both FY 2025 and FY 2026.

Videndum remains focused on driving sustainable growth. Looking to the medium term, we expect to deliver revenue in excess of £350 million, together with a mid-teens adjusted EBITDA* margin. This outlook is underpinned by ongoing operational efficiencies, disciplined cost reduction initiatives and the continued contribution from NPI.

 

For and on behalf of the Board

Stephen Harris	Brian Morgan
Chairman	Group Chief Financial Officer

 

 

Forward-looking statements

This announcement contains forward-looking statements with respect to the financial condition, performance, position, strategy, results and plans of the Group based on management's current expectations or beliefs as well as assumptions about future events. These forward-looking statements are not guarantees of future performance. Undue reliance should not be placed on forward-looking statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. The Company undertakes no obligation to publicly revise or update any forward-looking statements or adjust them for future events or developments. Nothing in this announcement should be construed as a profit forecast.

The information in this announcement does not constitute an offer to sell or an invitation to buy shares in the Company in any jurisdiction or an invitation or inducement to engage in any other investment activities. The release or publication of this announcement in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable requirements.

This announcement contains brands and products that are protected in accordance with applicable trademark and patent laws by virtue of their registration.

No person has been authorised to give any information or to make any representations other than those contained in this announcement and, if given or made, such information or representations must not be relied on.

Neither the content of the Group's websites (or any other website) nor the content of any website accessible from hyperlinks on the Group's website (or any other website) is incorporated into or forms part of this announcement.

 

Directors' responsibilities statement

This responsibilities statement has been prepared in connection with the Group consolidated financial statements, extracts of which are included within this announcement as condensed consolidated financial statements along with related notes.

The Directors confirm that to the best of their knowledge:

- The condensed consolidated financial statements included in this document are derived from the audited consolidated financial statements of the Group, prepared in accordance with UK-adopted international accounting standards (they do not contain sufficient information to comply with UK-adopted international accounting standards);

- The Group's consolidated financial statements, prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position, cash flows and profit of the Group;

- The Strategic Report included within the Group consolidated financial statements represents a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.