We are pleased to announce our audited results for the 12 months ended 30 April 2026 (“FY26”).
Financial highlights1
- Revenue increased by 8.2% to £194.3m (FY25: £179.5m); up 6.2% on an organic2 basis.
- Contribution3 increased by 11.6% to £67.7m (FY25: £60.7m) at a 34.9% margin (FY25: 33.8%), reflecting increased fee levels, while maintaining good activity levels on relatively flat fee-earner headcount.
- Adjusted4 operating profit increased 2.7% to £21.5m (FY25: £20.9m) with an 11.1% margin (FY25: 11.7%), reflecting targeted investments in administrative support teams and systems, part offset by active management of variable costs.
- Adjusted profit before tax was £21.6m (FY25: £23.3m) and adjusted EPS was 11.48p (FY25: 12.77p), driven primarily by a decrease in net interest income.
- On a statutory basis, operating profit almost doubled to £7.5m (FY25: £4.0m) and profit before tax grew 20.4% to £7.7m (FY25: £6.4m), after deducting reduced adjusting items.
- Net debt of £25.3m at the year end (30 April 2025: £6.6m), driven by increased working capital, alongside acquisition consideration payments, dividends paid and EBT share purchases.
- The Board recommends a final dividend of 2.0p (FY25: 6.2p). In proposing this dividend, the Board has rebased the Group’s dividend to distribute up to around 45 per cent of adjusted profits, retaining a strong payout ratio, while also placing the dividend on a more sustainable footing and providing greater flexibility to deliver both progressive dividend growth and other shareholder returns.
| Summary | 12 months to 30 April 2026 |
12 months to 30 April 2025 |
Change |
|---|---|---|---|
| Revenue | £194.3m | £179.5m | 8.2% |
| Contribution | £67.7m | £60.7m | 11.6% |
| Adjusted operating profit | £21.5m | £20.9m | 2.7% |
| Adjusted operating profit margin | 11.1% | 11.7% | (60bps) |
| Adjusted profit before tax | £21.6m | £23.3m | (7.1%) |
| Operating profit | £7.5m | £4.0m | 88.4% |
| Profit before tax | £7.7m | £6.4m | 20.4% |
| Adjusted EPS | 11.48p | 12.77p | (10.1%) |
| Net debt | (£25.3m) | (£6.6m) | (£18.7m) |
| Total dividend per share | 5.3p | 9.5p | (44.2%) |
Operational highlights
- Acquisition of Groom Wilkes & Wright (“GWW”) in September 2025; trading strongly and ahead of initial expectations.
- Continued investment in our class actions proposition Austen Hays and our Dubai branch, which despite ongoing macroeconomic uncertainty, are making good progress and are expected to positively contribute to the Group in future periods.
- Addition of 13 laterally-hired partners to reinforce strategic growth areas. Overall, the Group managed headcount carefully, with closing fee earner headcount5 reducing by 4.0% to 983 (FY25: 1,024).
Current trading and outlook
- Trading in the early weeks of FY27 is in line with the Board’s expectations, reflecting good activity levels as we entered the new year, resilience across all of our Platforms, and the continuing progress of our historic growth investments.
- This in-line performance is testament to the strength of the Group’s diversified business model.
- We are clear about the margin improvement opportunity and maintain our ambition to deliver adjusted operating profit margin of at least 13.5%.
- The specific levers available to us: pricing discipline driving higher fee levels; active cost management; and the maturing of our organic growth investments, to deliver positive returns in future periods.
- While there remains some macroeconomic uncertainty, activity levels are being maintained and the Group’s diversified business model continues to offer good growth opportunities as we look through to FY27 and beyond.