£408.50 ($5.40)

-3.00 (-0.73%)

Weekly Expected Move ±2.5%

£388 £398 £408 £419 £429

LSE · Consumer Cyclical · Personal Products & Services · Tech Score Neutral · Power 50 · £327.4M mcap · 75M float · 0.284% daily turnover

Revenue

$1.1B +0.3% ▲

5Y CAGR: +7.1%

Gross Profit

$264M +5.0% ▲

5Y CAGR: +11.0%

Operating Income

$75M +3.2% ▲

Net Income

$46M -0.7% ▼

5Y CAGR: +0.8%

EPS (Diluted)

$0.54 +5.9% ▲

EBITDA

$156M +5.2% ▲

5Y CAGR: +24.1%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$878M	$960M	$1.1B	$1.1B	$1.1B
YoY Growth	+9.0%	+9.2%	+13.5%	+4.0%	+0.3%
Cost of Revenue	$698M	$764M	$871M	$882M	$872M
Gross Profit	$180M	$196M	$219M	$251M	$264M
Gross Margin	20.5%	20.4%	20.1%	22.2%	23.2%
R&D Expenses	$2M	$2M	$1M	$1M	$0
SG&A Expenses	$157M	$155M	$167M	$168M	$188M
Operating Expenses	$157M	$155M	$167M	$182M	$188M
Operating Income	$24M	$40M	$52M	$73M	$75M
Operating Margin	2.7%	4.2%	4.7%	6.4%	6.6%
Interest Expense	$9M	$8M	$11M	$14M	$16M
Income Before Tax	$16M	$35M	$47M	$64M	$63M
Tax Expense	$3M	$6M	$10M	$17M	$18M
Net Income	$14M	$28M	$35M	$47M	$46M
Net Margin	1.6%	2.9%	3.2%	4.1%	4.1%
EPS (Diluted)	$0.12	$0.25	$0.32	$0.51	$0.54
EBITDA	$83M	$96M	$118M	$148M	$156M
Shares Outstanding	113M	113M	110M	91M	86M

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$475M	$526M	$564M	$580M	$552M	$559M	$576M	$560M
Cost of Revenue	$379M	$423M	$449M	$449M	$433M	$430M	$441M	$428M
Gross Profit	$96M	$103M	$114M	$131M	$120M	$130M	$135M	$132M
Gross Margin	20.1%	19.5%	20.3%	22.7%	21.6%	23.2%	23.4%	23.6%
R&D Expenses	$2M	$0	$1M	$0	$0	$0	$0	$0
SG&A Expenses	$76M	$79M	$86M	$96M	$72M	$93M	$96M	$96M
Operating Expenses	$76M	$79M	$86M	$97M	$81M	$93M	$96M	$98M
Operating Income	$20M	$23M	$28M	$35M	$38M	$36M	$39M	$35M
Operating Margin	4.2%	4.5%	5.0%	6.0%	6.9%	6.5%	6.7%	6.2%
Interest Expense	$4M	$5M	$6M	$6M	$8M	$7M	$9M	$7M
Income Before Tax	$17M	$21M	$25M	$30M	$34M	$32M	$31M	$38M
Tax Expense	$3M	$4M	$6M	$7M	$10M	$8M	$9M	$8M
Net Income	$14M	$16M	$19M	$23M	$24M	$24M	$22M	$30M
Net Margin	2.9%	3.0%	3.4%	3.9%	4.3%	4.2%	3.9%	5.4%
EPS (Diluted)	$0.12	$0.14	$0.18	$0.24	$0.27	$0.28	$0.25	$0.38
EBITDA	$47M	$53M	$65M	$71M	$77M	$74M	$82M	$78M
Shares Outstanding	114M	114M	109M	95M	87M	86M	91M	81M

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