| GBP millions | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | Trend | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.2 | 34.9 | 44.0 | 46.9 | 36.6 | 31.3 | −14.4% | |
| Cost of revenue | 30.3 | 33.6 | 44.1 | 44.8 | 34.6 | 22.0 | −36.2% | |
| Gross profit | (6.1) | 1.3 | (0.1) | 2.2 | 2.1 | 9.3 | +352.7% | |
| Operating expenses | 1.6 | 1.6 | 2.1 | 2.3 | 5.1 | 9.9 | +93.6% | |
| Operating income | (7.7) | (0.2) | (2.2) | (0.2) | (3.1) | (0.6) | +80.5% | |
| Interest expense | 2.5 | 2.5 | 2.4 | 2.3 | 1.4 | 1.3 | −5.3% | |
| Interest income | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | −0.8% | |
| Pre-tax income | (12.6) | 1.2 | (6.4) | (14.5) | 16.0 | (9.3) | −158.2% | |
| Income tax | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — | |
| Net income | (12.7) | 1.2 | (6.4) | (14.5) | 16.0 | (9.3) | −158.2% | |
| EPS, basic (per share) | (0.09) | 0.01 | (0.04) | (0.10) | 0.10 | (0.01) | −111.6% | |
| EPS, diluted (per share) | (0.09) | 0.01 | (0.04) | (0.10) | 0.09 | (0.01) | −112.7% | |
| EBITDA | (2.8) | 3.7 | 2.1 | 3.9 | 0.2 | 2.0 | +1190.9% | |
| Depreciation & amortization | 4.9 | 3.9 | 4.3 | 4.1 | 3.2 | 2.6 | −19.4% | |
| Weighted average shares (shares) | 141,090,000 | 141,090,000 | 146,315,000 | 146,315,000 | 167,766,000 | 843,973,000 | +403.1% | |
| Weighted average diluted shares (shares) | 141,090,000 | 159,170,000 | 159,741,000 | 146,315,000 | 183,323,000 | 843,973,000 | +360.4% | |
| Gross margin | −25.2% | 3.8% | −0.2% | 4.6% | 5.6% | 29.7% | +24.1 pts | |
| Operating margin | −31.7% | −0.6% | −4.9% | −0.4% | −8.3% | −1.9% | +6.4 pts | |
| Net margin | −52.3% | 3.3% | −14.6% | −30.9% | 43.8% | −29.8% | −73.6 pts |
Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.
