Overview
- Pre-tax earnings for the nine months to September rose about 51% to £111.1 million, with the margin increasing to 7.8% from 4.9%.
- Revenue declined to £1.4 billion, down 5.7% year on year, reflecting deflation in key raw materials under pass-through pricing.
- Adjusted net cash stood at £268.2 million at the end of September, supporting a push for value-accretive deals.
- Shares reversed an early jump of nearly 5% to finish down 2.4% at 441p, continuing a weak run since the float.
- The IPO priced at the bottom of the range at 475p for a valuation near £1.2 billion, and the company is targeting £1–1.5 billion of additional revenue in the medium term largely through M&A.