£9.20 ($0.12)

+0.70 (+8.24%)

Weekly Expected Move ±10.8%

£7 £8 £9 £10 £11

LSE · Industrials · Industrial - Distribution · Tech Score Sell · Power 37 · £106.8M mcap · 590M float · 0.166% daily turnover

Revenue

$2.6B -0.8% ▼

5Y CAGR: +6.7%

Gross Profit

$625M -2.3% ▼

5Y CAGR: +6.1%

Operating Income

$25M +752.6% ▲

Net Income

-$64M -31.9% ▼

EPS (Diluted)

$-0.06 -31.5% ▼

EBITDA

$105M +33.1% ▲

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$2.3B	$2.7B	$2.8B	$2.6B	$2.6B
YoY Growth	+22.4%	+19.8%	+0.6%	-5.4%	-0.8%
Cost of Revenue	$1.7B	$2.0B	$2.1B	$2.0B	$2.0B
Gross Profit	$597M	$706M	$700M	$640M	$625M
Gross Margin	26.1%	25.7%	25.3%	24.5%	24.1%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$583M	$636M	$691M	$638M	$600M
Operating Expenses	$588M	$655M	$696M	$644M	$600M
Operating Income	$14M	$56M	$4M	-$4M	$25M
Operating Margin	0.6%	2.0%	0.1%	-0.1%	1.0%
Interest Expense	$23M	$30M	$37M	$42M	$53M
Income Before Tax	-$16M	$28M	-$32M	-$45M	-$62M
Tax Expense	$12M	$12M	$12M	$4M	$2M
Net Income	-$28M	$16M	-$43M	-$49M	-$64M
Net Margin	-1.2%	0.6%	-1.6%	-1.9%	-2.5%
EPS (Diluted)	$-0.02	$0.01	$-0.04	$-0.04	$-0.06
EBITDA	$83M	$138M	$87M	$79M	$105M
Shares Outstanding	1.18B	1.18B	1.15B	1.16B	1.16B

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$1.4B	$1.4B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B
Cost of Revenue	$1.0B	$1.1B	$1.0B	$992M	$981M	$989M	$976M	$984M
Gross Profit	$353M	$363M	$334M	$325M	$314M	$315M	$311M	$309M
Gross Margin	25.5%	25.5%	24.9%	24.7%	24.3%	24.2%	24.1%	23.9%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$318M	$331M	$641M	$300K	$303M	$300K	$296M	$299M
Operating Expenses	$316M	$331M	$319M	$318M	$303M	$323M	$296M	$299M
Operating Income	$37M	$32M	$14M	$7M	$12M	-$7M	$14M	$10M
Operating Margin	2.6%	2.2%	1.1%	0.5%	0.9%	-0.6%	1.1%	0.8%
Interest Expense	$16M	$19M	$18M	$20M	$22M	$26M	$27M	$27M
Income Before Tax	$1M	$12M	-$44M	-$11M	-$34M	-$33M	-$29M	-$22M
Tax Expense	$2M	$8M	$4M	$3M	$900K	$1M	$1M	-$200K
Net Income	-$400K	$5M	-$48M	-$14M	-$34M	-$34M	-$30M	-$21M
Net Margin	-0.0%	0.3%	-3.6%	-1.1%	-2.7%	-2.6%	-2.3%	-1.7%
EPS (Diluted)	$-0.00	$0.00	$-0.04	$-0.01	$-0.03	$-0.03	$-0.03	$-0.02
EBITDA	$75M	$72M	$16M	$17M	$30M	$20M	$55M	$50M
Shares Outstanding	1.15B	1.19B	1.16B	1.16B	1.16B	1.16B	1.16B	1.15B

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