Results Centre

Very strong growth in FY25, coupled with strategic divestment, significantly boost Group’s earnings potential

Annual Report 2025

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Annual Report

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Group sold 1,164 businesses in 2025, totalling nearly £2.0bn in value, up 45% on the prior year, with a 26% increase in average brokerage fee
37% growth in fee income from European offices
63% increase in valuations carried out to 7,965 units (2024: 4,872)
Finance brokerage revenues up 15% year-on-year
23% growth in the value of the Group’s insurance brokerage renewals book and increased client retention rate to 87% (2024: 84%)
5.4% growth in hospitality stock audit revenues

19.2% growth in revenue from continuing operations to £70.6m (2024: £59.2m)
Growth ahead of Board expectations reflecting encouraging underlying momentum across the business as well as unexpectedly strong deal flow in the final weeks of the year
95.5% increase in operating profit from continuing operations to £6.9m (2024: £3.5m); operating profit margin from continuing operations of 9.7% (2024: 5.9%)
Profit before tax from continuing operations of £6.0m (2024: £2.6m)
In line with the Board’s continued focus on improving the quality of earnings, completed the sale of the Group’s non-core Vennersys brand in January 2026 for an initial cash consideration of £0.5m
22.1% growth in PFS revenues to £59.6m (2024: £48.8m) and operating profit increased by £3.4m to £6.1m
SISS revenues from continuing operations increased by 5.4% to £11.0m (2024: £10.4m)
Significant improvement in net funds position to £9.4m (2024: £4.9m)
87.9% growth in earnings per share (“EPS”) from continuing operations to 19.37p (2024: 10.31p); total EPS from both continuing and discontinued operations of 5.08p (2024: 7.77p)
Final dividend increased by 57% to 2.75p (2024: 1.75p) per share to give total in year of 3.50p (2024: 2.25p) reflecting the strong growth and the Board’s confidence in the future

2026 has begun with encouraging levels of ongoing demand for the Group’s services
UK transactional pipelines were 9.6% higher on 1st January 2026 than a year earlier and instruction levels have remained robust throughout Q1
The Board is confident that its specialist sectors demonstrate attractive long term fundamentals and we will continue to focus our services in these sectors in the UK where we have exceptionally strong track records and brand recognition
The Board also expects to maintain ongoing investment in its international operations to create a broader, multi-sector offering in mainland Europe
While the Board is mindful of current geopolitical circumstances and its potential to dampen confidence, our activity levels, coupled with seemingly good investor and lender appetite for our sectors, positions us well for the year ahead
Absent of any major market disruption and assuming more normalised level of invoicing, we are confident of our ability to achieve similar business sales volumes in FY26 and believe we are well positioned to deliver another positive year
The Group has now closed both its fully-funded defined benefit pension schemes and is working towards a full buyout

Revenue

£70.6m

Operating profit

£6.9m

Profit before tax

£6.0m

Basic earnings per share

19.37p

Additional information

2024 Annual Report

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