| 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 | 1st Interim | 3.06p | 2.88p | 2.88p | 2.75p | n/a | 2nd Interim | 3.06p | 2.88p | 2.88p | 2.75p | n/a | 3rd Interim | 3.06p | 2.88p | 2.88p | 2.88p | n/a | 4th Interim | 3.06p | 3.06p | 2.88p | 2.88p | n/a | Total Dividend | 12.25p | 11.69p | 11.50p | 11.25p | 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 | 30.85 | 26.37 | 24.42 | 22.88 | 17.58 |
| Operating Profit/(Loss) | 28.81 | 24.42 | 22.68 | 21.19 | 16.08 |
| Net Interest | (0.53) | (0.83) | (0.98) | (0.12) | 0.02 |
| Profit Before Tax | 28.27 | 23.60 | 21.70 | 21.08 | 16.10 |
| Profit After Tax | 28.18 | 23.54 | 21.70 | 21.05 | 16.02 |
| Total Dividend Paid | n/a | n/a | n/a | n/a | n/a |
| Retained Profit/(Loss) for the Financial Year | 28.18 | 23.54 | 21.70 | 21.05 | 16.02 |
| Earnings per Share - Basic | 13.07p | 12.08p | 12.23p | 12.47p | 11.21p |
| Earnings per Share - Diluted | 13.07p | 12.08p | 12.23p | 12.47p | 11.21p |
| Earnings per Share - Adjusted | 13.07p | 12.08p | 12.23p | 12.47p | 11.21p |
| Dividend per Share | 12.25p | 11.69p | 11.50p | 11.25p | 10.75p |
| £ (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 | 420.21 | 376.96 | 335.53 | 317.87 | 351.53 |
| 420.21 | 376.96 | 335.53 | 317.87 | 351.53 | |
| Current Assets | |||||
| Stocks | n/a | n/a | n/a | n/a | n/a |
| Debtors | 13.78 | 9.94 | 8.55 | 7.19 | 5.58 |
| Cash at Bank & in Hand | 21.23 | 8.15 | 8.14 | 9.08 | 8.17 |
| Other Current Assets | n/a | n/a | n/a | n/a | 202.45 |
| Other Assets | 1.73 | 0.41 | 1.59 | 106.59 | n/a |
| Total Assets | 456.96 | 395.47 | 353.81 | 440.73 | 567.72 |
| Liabilities | |||||
| Creditors: Amount Due Within 1 Year | 6.20 | 1.00 | 0.92 | 0.76 | 0.64 |
| Net Current Assets | (7.50) | (29.94) | (30.90) | (36.78) | (24.80) |
| Creditors: Amount Due Over 1 Year | n/a | n/a | n/a | n/a | n/a |
| Provisions for Liabilities & Charges | n/a | n/a | n/a | n/a | n/a |
| Other Liabilities | 40.49 | 48.67 | 48.27 | 158.90 | 240.35 |
| Total Liabilities | 46.68 | 49.67 | 49.18 | 159.65 | 240.99 |
| Net Assets | 410.27 | 345.80 | 304.63 | 281.09 | 326.73 |
| Capital & Reserves | |||||
| Called Up Share Capital | 412.50 | 353.04 | 316.79 | 305.06 | 297.33 |
| Share Premium Account | n/a | n/a | n/a | n/a | n/a |
| Other Reserves | (16.65) | (18.97) | (22.02) | (32.14) | 23.53 |
| Profit & Loss Account | 14.43 | 11.73 | 9.85 | 8.17 | 5.87 |
| Shareholders Funds | 410.27 | 345.80 | 304.63 | 281.09 | 326.73 |
| Minority Interests | n/a | n/a | n/a | n/a | n/a |
| Capital Employed | 410.27 | 345.80 | 304.63 | 281.09 | 326.73 |
| Cash Flow | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 |
| Net Cash Flow From Operating Activities | (18.78) | (12.68) | 8.23 | 12.78 | 14.05 |
| 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 | n/a | n/a | n/a | n/a | n/a |
| Acquisitions & Disposals | n/a | n/a | n/a | n/a | n/a |
| Equity Dividends Paid | (26.13) | (22.17) | (20.35) | (18.75) | (14.36) |
| Management of Liquid Resources | n/a | n/a | n/a | n/a | n/a |
| Financing | 58.53 | 35.00 | 10.24 | 7.48 | 5.57 |
| Net Increase/Decrease In Cash | 13.62 | 0.15 | (1.88) | 1.51 | 5.26 |
| Ratios | 31-Dec-25 | 31-Dec-24 | 31-Dec-23 | 31-Dec-22 | 31-Dec-21 |
| PE Ratio | 13.4 | 14.4 | 14.0 | 13.3 | 16.7 |
| PEG | 1.7 | n/a | n/a | 1.2 | 1.9 |
| EPS Growth | 8% | -1% | -2% | 11% | 9% |
| Dividend Yield | 7.0% | 6.7% | 6.7% | 6.8% | 5.7% |
| Dividend Cover | 1.07 | 1.03 | 1.06 | 1.11 | 1.04 |
| Dividend per Share Growth | 4.81% | 1.63% | 2.22% | 4.65% | 7.50% |
| Operating Cashflow Per Share | (6.91p) | (4.67p) | 3.03p | 4.71p | 5.17p |
| Pre-tax Profit per Share | 10.41p | 8.69p | 7.99p | 7.76p | 5.93p |
| Cash Increase / Decrease per Share | 5.01p | 0.055p | (0.69p) | 0.56p | 1.94p |
| Turnover per Share | 11.36p | 9.71p | 8.99p | 8.42p | 6.47p |
| Net Asset Value per Share | 151.03p | 127.29p | 112.14p | 103.47p | 120.27p |
| Operating Margin | 93.37% | 92.62% | 92.86% | 92.63% | 91.47% |
| ROCE | n/a | n/a | n/a | n/a | n/a |
| Net Gearing | 6.20% | 12.01% | 13.47% | 53.56% | 71.26% |
You are here: research