Also trades as: VLUTF (OTC) · $vol 0M

£639.00 ($8.46)

+1.00 (+0.16%)

Weekly Expected Move ±3.6%

£594 £616 £639 £662 £684

LSE · Industrials · Industrial - Machinery · Tech Score Neutral · Power 43 · £1.3B mcap · 197M float · 0.260% daily turnover

Revenue

$419M +20.6% ▲

5Y CAGR: +14.1%

Gross Profit

$206M +15.3% ▲

5Y CAGR: +20.8%

Operating Income

$67M -4.5% ▼

5Y CAGR: +35.2%

Net Income

$42M -3.0% ▼

5Y CAGR: +33.9%

EPS (Diluted)

$0.21 +0.0% ▲

5Y CAGR: +34.0%

EBITDA

$91M +10.0% ▲

5Y CAGR: +19.3%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$273M	$308M	$328M	$348M	$419M
YoY Growth	+25.8%	+12.9%	+6.6%	+6.0%	+20.6%
Cost of Revenue	$162M	$180M	$185M	$169M	$213M
Gross Profit	$110M	$128M	$143M	$178M	$206M
Gross Margin	40.4%	41.5%	43.7%	51.3%	49.1%
R&D Expenses	$4M	$4M	$4M	$5M	$1M
SG&A Expenses	$67M	$74M	$80M	$89M	$128M
Operating Expenses	$72M	$78M	$85M	$108M	$138M
Operating Income	$39M	$50M	$59M	$70M	$67M
Operating Margin	14.2%	16.1%	17.9%	20.2%	16.0%
Interest Expense	$3M	$3M	$5M	$7M	$9M
Income Before Tax	$30M	$47M	$49M	$57M	$54M
Tax Expense	$9M	$12M	$11M	$14M	$13M
Net Income	$21M	$36M	$37M	$43M	$42M
Net Margin	7.6%	11.6%	11.4%	12.3%	9.9%
EPS (Diluted)	$0.10	$0.18	$0.19	$0.21	$0.21
EBITDA	$58M	$73M	$79M	$83M	$91M
Shares Outstanding	201M	200M	200M	200M	201M

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$158M	$162M	$166M	$172M	$175M	$188M	$231M	$229M
Cost of Revenue	$90M	$92M	$92M	$85M	$94M	$96M	$117M	$119M
Gross Profit	$68M	$70M	$73M	$88M	$81M	$92M	$114M	$110M
Gross Margin	43.2%	43.1%	44.3%	50.8%	46.4%	48.8%	49.2%	48.1%
R&D Expenses	$4M	$718K	$4M	$870K	$0	$1M	$91K	$0
SG&A Expenses	$41M	$42M	$43M	$54M	$46M	$58M	$70M	$64M
Operating Expenses	$41M	$42M	$43M	$54M	$46M	$60M	$78M	$64M
Operating Income	$27M	$28M	$31M	$34M	$35M	$32M	$36M	$46M
Operating Margin	17.1%	17.3%	18.6%	19.5%	19.9%	16.8%	15.4%	20.0%
Interest Expense	$2M	$2M	$3M	$3M	$3M	$2M	$6M	$6M
Income Before Tax	$26M	$23M	$26M	$29M	$28M	$26M	$29M	$38M
Tax Expense	$6M	$6M	$6M	$7M	$7M	$7M	$6M	$9M
Net Income	$19M	$17M	$20M	$22M	$21M	$19M	$23M	$29M
Net Margin	12.2%	10.4%	12.3%	12.7%	11.9%	10.0%	9.8%	12.6%
EPS (Diluted)	$0.10	$0.08	$0.10	$0.11	$0.11	$0.09	$0.11	$0.14
EBITDA	$38M	$39M	$39M	$41M	$39M	$41M	$50M	$59M
Shares Outstanding	200M	200M	200M	199M	198M	200M	201M	201M

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