| 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | Total Dividend | 3.20p | n/a | 3.00p | 2.50p | n/a |
|---|
| £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
| Income Statement | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 |
| Turnover | 3.42 | 3.47 | 3.87 | 3.34 | 3.27 |
| Operating Profit/(Loss) | 2.74 | 3.07 | 3.44 | 2.37 | 2.38 |
| Net Interest | (0.28) | (0.26) | (0.30) | (0.14) | (0.05) |
| Profit Before Tax | 2.46 | 2.81 | 3.14 | 2.24 | 2.33 |
| Profit After Tax | 1.97 | 2.32 | 2.57 | 1.77 | 1.82 |
| Total Dividend Paid | n/a | n/a | n/a | n/a | n/a |
| Retained Profit/(Loss) for the Financial Year | 1.97 | 2.32 | 2.57 | 1.77 | n/a |
| Earnings per Share - Basic | 3.39p | 3.74p | 3.98p | 2.72p | 2.87p |
| Earnings per Share - Diluted | 3.39p | 3.74p | 3.98p | 2.72p | 2.87p |
| Earnings per Share - Adjusted | 3.39p | 3.74p | 3.98p | 2.72p | 2.87p |
| Dividend per Share | 3.20p | 3.10p | 3.00p | 2.50p | 2.50p |
| £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | £ (Millions) | |
| Balance Sheet | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 |
| Fixed Assets | |||||
| Intangible Assets | n/a | n/a | n/a | n/a | n/a |
| Tangible Assets | n/a | n/a | n/a | n/a | n/a |
| Fixed Investments | 252.67 | 316.51 | 283.99 | 291.72 | 322.12 |
| 252.67 | 316.51 | 283.99 | 291.72 | 322.12 | |
| Current Assets | |||||
| Stocks | n/a | n/a | n/a | n/a | n/a |
| Debtors | 0.23 | 0.26 | 0.31 | 0.41 | 0.56 |
| Cash at Bank & in Hand | 2.55 | 0.01 | 0.04 | 6.65 | 3.06 |
| Other Current Assets | 1.17 | 1.26 | 19.19 | n/a | n/a |
| Other Assets | n/a | n/a | n/a | n/a | n/a |
| Total Assets | 256.62 | 318.05 | 303.53 | 298.78 | 325.74 |
| Liabilities | |||||
| Creditors: Amount Due Within 1 Year | 26.38 | 24.26 | 23.81 | 25.72 | 1.81 |
| Net Current Assets | (22.44) | (22.72) | (4.26) | (18.67) | 1.81 |
| Creditors: Amount Due Over 1 Year | n/a | n/a | n/a | n/a | 22.15 |
| Provisions for Liabilities & Charges | n/a | n/a | n/a | n/a | n/a |
| Other Liabilities | n/a | n/a | n/a | n/a | n/a |
| Total Liabilities | 26.38 | 24.26 | 23.81 | 25.72 | 23.96 |
| Net Assets | 230.23 | 293.79 | 279.73 | 273.06 | 301.78 |
| Capital & Reserves | |||||
| Called Up Share Capital | 1.63 | 1.63 | 1.64 | 1.64 | 1.64 |
| Share Premium Account | 45.76 | 45.76 | 45.76 | 45.76 | 45.37 |
| Other Reserves | 178.77 | 242.46 | 228.84 | 223.12 | 252.39 |
| Profit & Loss Account | 4.07 | 3.94 | 3.49 | 2.54 | 2.39 |
| Shareholders Funds | 230.23 | 293.79 | 279.73 | 273.06 | 301.78 |
| Minority Interests | n/a | n/a | n/a | n/a | n/a |
| Capital Employed | 230.23 | 293.79 | 279.73 | 273.06 | 301.78 |
| Cash Flow | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 |
| Net Cash Flow From Operating Activities | 0.19 | 0.73 | 1.25 | (0.30) | (0.18) |
| Returns On Investment & Servicing of Finance | n/a | n/a | n/a | n/a | n/a |
| Taxation Paid | n/a | n/a | n/a | n/a | n/a |
| Capital Expenditure | 28.23 | (3.69) | 18.31 | 7.32 | (28.14) |
| Acquisitions & Disposals | n/a | n/a | n/a | n/a | n/a |
| Equity Dividends Paid | (1.83) | (1.89) | (1.62) | (1.63) | (1.60) |
| Management of Liquid Resources | n/a | n/a | n/a | n/a | n/a |
| Financing | (24.14) | (13.53) | (5.13) | (2.07) | 26.94 |
| Net Increase/Decrease In Cash | 2.45 | (18.38) | 12.82 | 3.32 | (2.97) |
| Ratios | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 |
| PE Ratio | 118.0 | 127.3 | 101.5 | 143.8 | 162.7 |
| PEG | n/a | n/a | 2.2 | n/a | n/a |
| EPS Growth | -9% | -6% | 46% | -5% | -4% |
| Dividend Yield | 0.8% | 0.7% | 0.7% | 0.6% | 0.5% |
| Dividend Cover | 1.06 | 1.21 | 1.33 | 1.09 | 1.15 |
| Dividend per Share Growth | 3.23% | 3.33% | 20.00% | n/a | n/a |
| Operating Cashflow Per Share | 0.38p | 1.43p | 2.45p | (0.58p) | (0.34p) |
| Pre-tax Profit per Share | 4.81p | 5.49p | 6.14p | 4.38p | 4.55p |
| Cash Increase / Decrease per Share | 4.80p | (35.94p) | 25.07p | 6.49p | (5.80p) |
| Turnover per Share | 6.69p | 6.78p | 7.56p | 6.52p | 6.39p |
| Net Asset Value per Share | 450.18p | 574.44p | 546.95p | 533.91p | 590.08p |
| Operating Margin | 80.04% | 88.46% | 89.11% | 71.13% | 72.75% |
| ROCE | n/a | n/a | n/a | n/a | n/a |
| Net Gearing | 10.35% | 8.25% | 8.50% | 6.98% | 6.93% |
You are here: research