Half-year Report

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	Unaudited	Unaudited	Audited
	Half Year to	Half Year to	Year ended
	31st October	31st October	30th April
	2025	2024	2025
	£'m	£'m	£'m
Consolidated Results
Revenue	135.6	106.4	219.7
Operating profit	37.2	18.2	37.1
Trading profit *	37.2	17.1	35.5
Unrealised loss on 10 year interest rate swap derivative	(0.4)	(0.4)	(1.3)
Profit before tax	36.8	16.7	34.3
Profit after tax	27.5	12.5	26.2

Capital additions
Property, plant and equipment (PPE) owned	7.2	5.3	15.0
Property, plant and equipment (PPE) right-of-use assets	1.0	0.1	0.1
Intangible assets	1.1	0.5	3.1
Capital expenditure for KPI purposes	9.3	5.9	18.2

Earnings per share - basic and diluted	351.70p	150.91p	327.17p

	Unaudited	Unaudited	Audited
	Half Year to 31st October	Half Year to 31st October	Year ended 30th April
	2025	2024	2025
Trading profit (£'m)	37.2	17.1	35.5
Post tax profit + depreciation + amortisation (£'m)	32.0	17.3	36.1

Gross profit % of revenue	49.3%	43.0%	41.7%
Trading profit % of revenue	27.4%	16.1%	16.2%
Gearing %	5.8%	31.4%	9.9%

Non-cash charges (£'m)
Depreciation	3.9	4.1	8.0
Amortisation and impairment	0.7	0.7	1.6
Total non-cash charges	4.6	4.8	9.6

	Unaudited	Unaudited	Audited
	Half Year to	Half Year to	Year ended
	31st October	31st October	30th April
	2025	2024	2025
	£'000	£'000	£'000
Continuing operations
Revenue	135,608	106,392	219,709
Cost of sales	(68,688)	(60,666)	(128,100)
Gross profit	66,920	45,726	91,609
Selling and distribution costs	(6,106)	(5,498)	(10,903)
Administrative expenses	(23,651)	(22,001)	(43,594)
Operating profit	37,163	18,227	37,112
Finance income	559	*696	1,305
Finance costs	(549)	* (1,843)	(2,965)
Share of profit of associate company	31	27	65
Profit before taxation and movement in fair value of interest rate swap	37,204	17,107	35,517
Unrealised loss on 10 year interest rate swap derivative	(400)	(394)	(1,257)
Profit before taxation	36,804	16,713	34,260
Tax on profit	(9,319)	(4,215)	(8,082)
Profit after taxation	27,485	12,498	26,178

Attributable to:
Equity holders of the parent	26,411	11,333	24,569
Non-controlling interests	1,074	1,165	1,609
Profit for the period	27,485	12,498	26,178

Basic and diluted earnings per ordinary share (note 12)	351.70p	150.91p	327.17p

	Unaudited	Unaudited	Audited
	Half Year to	Half Year to	Year ended
	31st October	31st October	30th April
	2025	2024	2025
	£'000	£'000	£'000

Profit for the period	27,485	12,498	26,178

Other comprehensive (expense) / income

Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation differences	1,371	(240)	(1,852)

Cash flow hedges - effective portion of changes in fair value	(3,364)	74	5,513
Cash flow hedges - ineffectiveness transferred to profit or loss	‒	806	‒
Cash flow hedges - amounts transferred to profit or loss	(1,244)	(465)	(1,593)
Cash flow hedges - deferred tax credit / (charge)	1,150	66	(806)
Cost of hedging - changes in fair value	(283)	(129)	(97)
Cost of hedging - ineffectiveness transferred to profit or loss	‒	(30)	‒
Cost of hedging - amounts transferred to profit or loss	180	226	209
Cost of hedging - deferred tax credit / (charge)	26	(17)	(33)
Other comprehensive (expense) / income for the period, net of income tax	(2,164)	291	1,341
Total comprehensive income for the period	25,321	12,789	27,519

Attributable to:
Equity holders of the parent	24,052	11,572	25,870
Non-controlling interests	1,269	1,217	1,649
	25,321	12,789	27,519

	Unaudited	Unaudited	Audited
	as at 31st	as at 31st	as at 30th
	October 2025	October 2024	April 2025
	£'000	£'000	£'000
Non-current assets
Property, plant and equipment	124,989	106,894	116,832
Right-of-use assets	2,488	11,013	6,055
Investment in associate	775	863	775
Intangible assets	28,391	25,902	27,670
Derivative financial assets	4,350	5,597	6,061
Deferred tax assets	490	**199	**498
	161,483	150,468	157,891
Current assets
Inventories	43,297	44,486	39,096
Contract assets	29,094	24,050	24,310
Trade receivables and other financial assets	34,832	45,293	37,747
Corporation tax receivable	302	709	1,583
Other receivables	7,100	4,312	4,145
Derivative financial assets	2,807	2,636	4,457
Cash and cash equivalents	19,891	15,057	16,643
	137,323	136,543	127,981
Total assets	298,806	287,011	285,872
Current liabilities
Borrowings	1,507	20,892	16,420
Contract liabilities *	34,500	20,998	34,750
Trade payables and other financial liabilities	30,333	29,129	36,801
Other payables	386	627	358
Dividends payable	50,465	4,994	‒
Derivative financial liabilities	1,570	1,262	256
Corporation tax payable	2,800	3,857	1,092
Provisions for liabilities and charges	209	241	223
	121,770	82,000	89,900
Non-current liabilities
Borrowings	26,827	35,053	15,707
Contract liabilities *	25,283	26,735	20,412

Summary by AI ^BETAClose X

Revenue

Trading profit

Key performance indicators

Risks and Uncertainties

Report on Expected Developments

Going Concern

Responsibility statement of the Directors in respect of the half-yearly financial report

Revenue

Profit

Companies

UK 100

Latest directors dealings

Derivative financial liabilities	1,521	493	428
Provisions for liabilities and charges	291	275	269
Deferred tax liabilities	17,221	14,107	16,948
	71,143	76,663	53,764
Total liabilities	192,913	158,663	143,664
Net assets	105,893	128,348	142,208
Equity attributable to equity holders of the parent
Share capital	751	751	751
Translation reserve	(3,084)	(2,579)	(4,223)
Cash flow hedge reserve	241	1,009	3,657
Cost of hedging reserve	(399)	(375)	(317)
Retained earnings	103,728	125,059	138,295
Total equity attributable to equity holders of the parent	101,237	123,865	138,163
Non-controlling interests	4,656	4,483	4,045
Total equity	105,893	128,348	142,208

Total comprehensive income:
Profit	‒	‒	‒	‒	11,333	11,333	1,165	12,498
Other comprehensive income:
Foreign exchange translation differences	‒	(188)	‒	‒	‒	(188)	(52)	(240)
Net movements on cash flow hedges	‒	‒	376	51	‒	427	104	531
Total comprehensive income / (expense) for the period	‒	(188)	376	51	11,333	11,572	1,217	12,789
Transactions with owners:
Dividends paid	‒	‒	‒	‒	(4,994)	(4,994)	(1,103)	(6,097)
Dividends declared	‒	‒	‒	‒	(4,994)	(4,994)	‒	(4,994)
Balance at 31st October 2024	751	(2,579)	1,009	(375)	125,059	123,865	4,483	128,348

Decrease / (increase) in trade and other receivables	1,323	(17,983)	(12,095)
Increase in contract liabilities	4,450	13,636	20,990
(Decrease) / increase in trade and other payables	(6,402)	(1,384)	6,100
Cash generated from operations	32,655	18,260	67,242
Interest received	548	563	1,340
Interest paid	(977)	(2,104)	(3,822)
Corporation tax paid	(4,918)	(1,307)	(6,566)
Net cash inflow from operating activities	27,308	15,412	58,194

Cash flows from investing activities
Proceeds from sale of property, plant and equipment	54	38	125
Acquisition of property, plant and equipment	(7,411)	(4,388)	(13,176)
Acquisition of intangible assets	(45)	(8)	(283)
Development expenditure capitalised	(1,063)	(510)	(2,832)
Dividend from associate company	68	63	156
Net cash outflow from investing activities	(8,397)	(4,805)	(16,010)

Cash flows from financing activities
Payment of capital element of lease obligations	(2,367)	(1,476)	(6,073)
Dividends paid	(10,513)	(4,994)	(9,988)
Dividends paid to non-controlling interests	(658)	(1,103)	(1,973)
Proceeds from new loans	17,000	8,000	12,000
Repayment of loans	(19,498)	(26,549)	(49,837)
Change in bank overdrafts	‒	(48)	(48)
Net cash outflow from financing activities	(16,036)	(26,170)	(55,919)

Net increase / (decrease) in cash and cash equivalents	2,875	(15,563)	(13,735)

Cash and cash equivalents at beginning of year	16,643	30,678	30,678
Effect of exchange rate fluctuations on cash held	373	(58)	(300)
Closing cash and cash equivalents at period end	19,891	15,057	16,643

	Unaudited				Unaudited
	Half Year to 31st October 2025				Half Year to 31 October 2024
	Mechanical	Refractory	Group Centre	Total	Mechanical	Refractory	Group Centre	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Net assets
Total assets	216,271	65,963	16,572	298,806	200,306	69,858	16,847	287,011
Total liabilities	(125,006)	(16,497)	(51,410)	(192,913)	(123,194)	(34,898)	(571)	(158,663)
Total	91,265	49,466	(34,838)	105,893	77,112	34,960	16,276	128,348

					Audited
					Year ended 30 April 2025
					Mechanical	Refractory	Group Centre	Total
					£'000	£'000	£'000	£'000
Net assets
Total assets					205,272	64,178	16,422	285,872
Total liabilities					(125,940)	(16,862)	(862)	(143,664)
Total					79,332	47,316	15,560	142,208

	Audited
	Year ended 30th April 2025
	Mechanical	Refractory	Group centre	Total
	£'000	£'000	£'000	£'000
Capital expenditure on
Property, plant and equipment	12,849	1,457	704	15,010

Right-of-use assets	86	6	55	147
Intangible assets	2,611	504	‒	3,115
Total capital expenditure	15,546	1,967	759	18,272

Depreciation - property, plant and equipment	4,580	1,451	632	6,663
Depreciation - right-of-use assets	594	437	315	1,346
Amortisation - intangible assets	654	828	98	1,580
Total	5,828	2,716	1,045	9,589

Product lines:
Standard products and consumables	7,659	33,073	40,732	6,347	32,096	38,443	14,253	63,447	77,700
Bespoke engineered products - point in time	13,430	‒	13,430	10,408	‒	10,408	21,382	‒	21,382
Total point in time revenue	21,089	33,073	54,162	16,755	32,096	48,851	35,635	63,447	99,082
Minimum period contracts for goods and services	3,151	‒	3,151	2,520	‒	2,520	4,701	‒	4,701
Bespoke engineered products - over time	78,295	‒	78,295	55,021	‒	55,021	115,926	‒	115,926
Total over time revenue	81,446	‒	81,446	57,541	‒	57,541	120,627	‒	120,627
Total revenue	102,535	33,073	135,608	74,296	32,096	106,392	156,262	63,447	219,709

Additions	7,228	989	1,107	5,323	61	527
Disposals (at net book value)	(17)	‒	‒	(13)	(10)	‒
Transfers	4,198	(4,198)	‒	‒	‒	‒
Depreciation	(3,484)	(412)	‒	(3,340)	(761)	‒
Amortisation	‒	‒	(655)	‒	‒	(708)
Exchange adjustment	232	54	269	(413)	(21)	183
Net book value at the end of the period	124,989	2,488	28,391	106,894	11,013	25,902

	Fair value hedging instruments	Fair value through profit and loss	Amortised cost	Total carrying amount / fair value amount
	£'000	£'000	£'000	£'000
Financial assets measured at fair value
Forward exchange contracts used for hedging	2,470	‒	‒	2,470
Other forward exchange contracts	‒	299	‒	299
Interest rate swap	‒	4,388	‒	4,388
	2,470	4,687	‒	7,157
Financial assets not measured at fair value
Cash and cash equivalents	‒	‒	19,891	19,891
Contract assets	‒	‒	29,094	29,094
Trade receivables and other financial assets	‒	‒	34,832	34,832
Corporation tax receivable	‒	‒	302	302
	‒	‒	84,119	84,119
Financial liabilities measured at fair value
Forward exchange contracts used for hedging	2,932	‒	‒	2,932
Other forward exchange contracts	‒	159	‒	159
	2,932	159	‒	3,091
Financial liabilities not measured at fair value
Bank loans	‒	‒	25,728	25,728
Lease liabilities	‒	‒	2,606	2,606
Contract liabilities	‒	‒	59,783	59,783
Trade payables and other financial liabilities	‒	‒	22,575	22,575
Dividends payable	‒	‒	50,465	50,465
Corporation tax payable	‒	‒	2,800	2,800
	‒	‒	163,957	163,957

T.J.W. Goodwin
Chairman	15 December 2025

T.J.W. Goodwin
Chairman	15 December 2025

	Audited
	Year ended 30th April 2025
	Revenue	Net assets	Non-current assets *	Capital expenditure
	£'000	£'000	£'000	£'000
UK	63,904	94,113	122,585	12,469
Rest of Europe	26,671	9,868	8,627	4,186
USA	35,426	‒	‒	‒
Pacific Basin	42,726	15,246	6,290	171
Rest of World	50,982	22,981	13,830	1,446
Total	219,709	142,208	151,332	18,272

	Unaudited			Unaudited			Audited
	Half Year to 31st October 2025			Half Year to 31st October 2024			Year ended 30th April 2025
	Mechanical	Refractory	Total	Mechanical	Refractory	Total	Mechanical	Refractory	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Primary geographical markets:
UK	29,856	8,449	38,305	23,304	7,707	31,011	48,995	14,909	63,904
Rest of Europe	10,521	3,842	14,363	6,470	4,271	10,741	18,668	8,003	26,671
USA	33,703	290	33,993	16,143	294	16,437	34,902	524	35,426
Pacific Basin	6,448	13,186	19,634	10,719	12,112	22,831	18,211	24,515	42,726
Rest of World	22,007	7,306	29,313	17,660	7,712	25,372	35,486	15,496	50,982
Total	102,535	33,073	135,608	74,296	32,096	106,392	156,262	63,447	219,709

Half-year Report

Summary by AI BETAClose X

Revenue

Trading profit

Key performance indicators

Risks and Uncertainties

Report on Expected Developments

Going Concern

Responsibility statement of the Directors in respect of the half-yearly financial report

Revenue

Profit

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X