Interim Results
Summary by AI BETAClose X
M&C SAATCHI PLC
(the “Company” or “M&C Saatchi”)
Interim Results for the period ended 30 June 2026
First half LFL net revenue exit rate showing early signs of improved business momentum
FY LFL results expected to be in line with market expectations
Initiatives undertaken to simplify the business
Financial Summary
|
|
Like-for-like (LFL) 1 results |
|
|
Statutory results | |||
|
|
2026 £m |
2025 £m |
% change |
|
2026 £m |
2025 £m |
% change |
|
Net revenue2 |
86.2 |
87.4 |
(1.4%) |
|
87.8 |
90.2 |
(2.7%) |
|
Operating profit3 |
6.2 |
9.0 |
(31.7%) |
|
1.3 |
7.0 |
(81.7%) |
|
Operating profit margin |
7.2% |
10.3% |
-3.1pps |
|
1.5% |
7.8% |
-6.4pps |
|
PBT |
4.8 |
6.1 |
(21.3%) |
|
(0.2) |
4.3 |
(104.7%) |
|
Net cash2 |
2.5 |
8.7 |
(71.3%) |
|
|
|
|
1 Like-for-like (LFL) results adjust statutory results to reflect the underlying profitability of the business units, by excluding a number of items that are not part of routine expenses including one-off and exceptional items (defined as Headline Results), also excluding subsidiaries which management had or intends to exit in 2026 and 2025, and those of newly acquired subsidiaries in 2025 and 2026, and retranslating 2025 figures to 2026 FX rates. Like-for-like adjustments are summarised in the Note 4 to the Unaudited Consolidated Interim Financial Statements. All figures are subject to rounding. Please refer to the reconciliation table on page 6 showing like-for-like, headline and statutory results. By definition, Headline excludes a constant currency adjustment and includes results from discontinued, acquired and exited agencies.
2 Refer to Notes for the definition of net revenue and net cash. Headline net revenue of £95.9 million in H1 2026 (£103.8 million in H1 2025).
3 Headline operating profit of £5.9 million in H1 2026 (£10.2 million in H1 2025).
Dame Heather Rabbatts, Executive Chair, said:
“The tough trading environment experienced in the second half of 2025 continued into the first quarter, but trading has progressively improved since with the second quarter returning to modest top-line growth. Our Citizen expertise provided good growth, supported by work with government clients, while our connected Specialisms within Commercial have begun to deliver integrated pitch wins across key markets, supported by our data stack and digitally led capabilities. The Group remains focused on improving operational effectiveness, simplifying the business and improving sustainable profitability. Notwithstanding market conditions, we are confident in delivering LFL net revenue and operating profit growth for the full year 2026, in line with market expectations, supported by the Company’s unique market position across Citizen and Commercial expertise, collaborative growth opportunities and AI-enabled data. The Board believes the Company is well positioned to unlock intrinsic value and create future value for shareholders.”
Financial headlines
- Net revenue performance: LFL net revenue declined by 1.4%, primarily reflecting a softer Q1 performance, with Q2 in modest LFL growth. Trading improved through Q2, led by Issues, Media as well as US and UK Advertising.
- Operating margins: LFL operating profit declined by £2.9 million (principally driven by Q1 dynamics), with margin down 3.1 percentage points to 7.2%, reflecting revenue shortfall, scaling up of growth businesses and AI tool investments.
- Statutory financials: Statutory net revenue was £87.8 million (-2.7%), with lower operating profit of £1.3 million (2025: £7.0 million), reflecting one-off items and revenue reduction.
- Net cash: Net cash decreased to £2.5 million (June 2025: £8.7 million), reflecting £2.2 million of share purchases under the buyback programme and a temporary working capital increase due to seasonal phasing which is expected to unwind in H2.
Operational headlines
- Unique market position: Our Citizen expertise is a strong proposition and generates diverse growth opportunities, with ongoing work across the US, UK and Australia, on top of increasing pipeline opportunities across the EU and beyond.
- Integrated pitching and collaboration: Our connected creativity and shared expertise delivered wins in H1, including Dawsons and Hugo Boss, as well as expanded scopes with existing clients including JPMorgan Chase.
- Digital, AI and data-driven insights: The Group continues to deploy and up-value AI to enhance client delivery and productivity through investments across our shared infrastructure. Our data-led Media Specialism is using AI-powered discovery and creative optimisation to address client needs, while the Group’s proprietary Return on Cultural Power (ROCP) proposition is supporting integrated pitching and new business wins.
- Business wins and client retention: Business wins total[1] 121 so far in 2026, including Brand USA, Pizza Hut, Ras Al Khaimah Tourism Development Authority and Riot Games. Client retention remained strong, supported by the Group’s collaborative and connected approach to addressing client needs across its full suite of capabilities.
- CEO and leadership: Dame Heather Rabbatts to remain Executive Chair, given continued market volatility, current simplification initiatives and the focus on unlocking intrinsic value.
- Global transformation leadership team creation: In response to rapid shifts in technology, culture and client needs, this new leadership structure will accelerate the Group’s strategy to turn Return on Cultural Power (ROCP), AI and data into scalable products, capabilities and new sources of growth.
Actions taken in H1 2026
- Simplifying the business: The management buyout of the Australia and New Zealand business backed by private equity is no longer progressing and the local team is in discussions with clients regarding ongoing work and, where appropriate, the potential to transition work to another part of the wider Group. The Group has also taken action to simplify global personnel structures to empower regional creative teams and support long-term profitability, alongside the disposal of sub-scale Malaysia, which was completed in Q1.
- Shareholder value creation: The share buyback programme, launched in March 2026, has purchased £2.2 million of shares as of 30 June 2026. The initial share buyback programme completed on 15 September 2026, and the Company is currently evaluating an extension.
FY 2026 Outlook
The Company is targeting net revenue growth in FY 2026 driven by positive momentum in the Issues and Media Specialisms, supported by regional Advertising growth in the US, UK and Europe. While macroeconomic conditions remain uncertain, the Company has shown early signs of improved momentum with Q2 returning to modest LFL top-line growth which we expect to be reinforced by new business activity in the more seasonal H2. The conflict in the Middle East continues to have a significant impact on the Group’s Sport and Entertainment and consumer-facing businesses in the region.
The Group is targeting full year operating profit growth and operating margin improvement largely driven by growth in the high-margin Non-Advertising Specialisms (particularly Issues which benefits from the weak comparator due to the US Government shutdown last year in Q4 as well as Media) in a more seasonally weighted H2 period, alongside continued active management of the cost base. The Group expects the working capital position at the half year to unwind in H2, with the capital-light model continuing to deliver operating cash conversion of more than 80% in the full year, in line with its medium-term target.
M&C Saatchi 2026 half-year results presentation
Dame Heather Rabbatts, Executive Chair, and Simon Fuller, Chief Financial Officer, will host an in-person presentation, which can also be joined online, for analysts and investors at 9.00am BST on 22 September at 36 Golden Square, London W1F 9EE. To register, please email Headland Consultancy at MCSaatchi@headlandconsultancy.com. A replay will also be available on the Company’s website following the event at https://mcsaatchiplc.com/
Further information
|
M&C Saatchi |
+44 (0)20-7543-4500 |
|
Dame Heather Rabbatts, Executive Chair |
|
|
Simon Fuller, Chief Financial Officer |
|
|
Tom Fahey, Head of Investor Relations
|
|
|
Headland Consultancy |
+44 (0)20-3805-4822 |
|
Rob Walker, Charlie Twigg, James Waters
|
|
|
Panmure Liberum – Nominated adviser and joint broker |
+44 (0)20-3100-2000 |
|
Edward Mansfield, Will King, Gaya Bhatt
|
|
|
Deutsche Numis – Joint broker |
+44 (0)20-7260-1000 |
|
Nick Westlake, Iqra Amin |
|
Group performance
Financial performance[2]
The macroeconomic and market conditions which adversely affected trading in 2025 continued into H1 2026. Client caution, particularly in consumer-facing sectors, resulted in slower decision-making, lower project-based spend and increased retainer turnover, contributing to a weaker Q1 performance against a strong prior-year comparator. However, trading improved during Q2, with increased business activity, particularly within our data-led Media Specialism.
Like-for-like net revenue decreased by 1.4% to £86.2 million (2025: £87.4 million). Statutory net revenue decreased by 2.7% to £87.8 million (2025: £90.2 million). Like-for-like operating profit decreased to £6.2 million (2025: £9.0 million), with operating margin reducing by 3.1 percentage points to 7.2%. The reduction reflected revenue shortfall, annualisation of investments, scaling up of Media behind wins, capability and infrastructure build in Issues as well as investment into AI tools.
Statutory operating profit was £1.3 million (2025: £7.0 million). The statutory loss before tax was £0.2 million (2025: profit before tax of £4.3 million), principally reflecting one-off items, including restructuring costs. Like-for-like profit before tax decreased to £4.8 million (2025: £6.1 million).
Net cash was £2.5 million at 30 June 2026 (30 June 2025: £8.7 million), after £2.2 million of share purchases under the buyback programme, £0.7 million relating to the Malaysia disposal and a temporary increase in working capital (which will unwind in H2), primarily due to seasonality, the timing of lease payments and some delayed cash collections.
Operating review and Specialisms like-for-like performance
|
|
LFL Net revenue |
|
LFL Operating profit | ||||
|
£m |
H1 2026 |
H1 2025 |
Change |
|
H1 2026 |
H1 2025 |
Change |
|
|
|
|
|
|
|
|
|
|
Non-Advertising Specialisms |
62.7 |
63.2 |
(0.7%) |
|
9.9 |
12.8 |
(22.7%) |
|
Advertising |
23.5 |
24.2 |
(3.1%) |
|
1.8 |
1.3 |
38.5% |
|
Group Central costs |
- |
- |
- |
|
(5.6) |
(5.1) |
9.8% |
|
Total like-for-like |
86.2 |
87.4 |
(1.4%) |
|
6.2 |
9.0 |
(31.1%) |
|
|
|
|
|
|
|
|
|
Non-Advertising Specialisms declined 0.7% in like-for-like net revenue to £62.7 million and contributed 73% of Group net revenue, while Advertising delivered £23.5 million (down 3.1%).
Our higher-margin Non-Advertising Specialisms experienced a 22.7% decrease in operating profit, with an operating margin of 15.8% (-4.5pps) reflecting a double-digit decline in net revenue from both high-margin Consulting and Passions & PR in parallel to investments into capability and infrastructure builds (particularly Issues) and scaling up of Media. Advertising’s operating profit increased by 38.5% with an operating margin of 7.7% (up 2.3pps), reflecting active management of the cost base and discontinuation of the low-margin business in Australia.
Group central operating costs increased from £5.1 million in H1 2025 to £5.6 million in H1 2026, reflecting FX (largely US Dollar), legal and tax fees.
|
|
|
Like-for-like results |
| ||
|
Net revenue by Specialism £m |
|
H1 2026 |
H1 2025 |
% change |
|
|
|
|
|
|
|
|
|
Issues |
|
30.0 |
27.5 |
9.3% |
|
|
Passions & PR |
|
12.7 |
15.2 |
(16.4%) |
|
|
Consulting |
|
8.3 |
9.9 |
(16.1%) |
|
|
Media |
|
11.7 |
10.6 |
9.9% |
|
|
Non-Advertising Specialisms |
|
62.7 |
63.2 |
(0.7%) |
|
|
Advertising |
|
23.5 |
24.2 |
(3.1%) |
|
|
Total |
|
86.2 |
87.4 |
(1.4%) |
|
Issues
- 35% of like-for-like Group net revenue (H1 2025: 31%)
Continued current-year growth is expected to be supported by new project wins and a more favourable prior-year comparator in the fourth quarter, which included the impact of the US Government shutdown. The Issues Specialism remains a differentiated proposition as a unique and highly sophisticated data and technology business with a significant worldwide presence and high barriers to entry. The Group expects to develop further opportunities with an increasing pipeline across the EU, other democracies and their allies over the medium term.
Passions & PR
- 15% of like-for-like Group net revenue (H1 2025: 17%)
The decline was driven by weakness in Sport & Entertainment, largely in the UAE, which was affected by the conflict in the Middle East and the cancellation of events. In the US and UK, Sport & Entertainment was impacted by reduced activity in the key alcohol segment (experiential marketing) and lower client project spend against a softer consumer demand backdrop. Sport & Entertainment remains a high-potential growth opportunity, supported by the Group’s data systems, particularly in the US. For 2026, the Specialism will continue to be significantly impacted by the conflict in the Middle East as well as lower client spend.
Consulting
- 9% of like-for-like Group net revenue (H1 2025: 11%)
Consulting continued to be affected by macroeconomic challenges, resulting in project deferrals, particularly within the branding and design-led part of the Specialism. The data and strategy businesses within Consulting are showing signs of progress as part of the Group’s integrated pitching strategy and through support for the Return on Cultural Power proposition. Sector challenges and continued client spend pressures are expected to continue in H2 2026, partly mitigated by higher seasonality.
Media
- 14% of like-for-like Group net revenue (H1 2025: 12%)
Media delivered strong growth, supported by client wins and retained work, principally in the US, UK and APAC markets. Demand for performance media, digital expertise and app-related digital projects remained strong, particularly among clients seeking improved return-on-investment measurement for campaigns. The Group expects Media to continue to grow in H2 2026, supported by recent wins, improving momentum and the strength of its data-led client proposition.
Advertising
- 27% of like-for-like Group net revenue (H1 2025: 28%)
Growth in the US and UK, supported by client wins and project extensions, was more than offset by a double-digit decline in the UAE, where performance was significantly affected by the conflict in the Middle East. Excluding the impact from the UAE, Advertising grew net revenue by over 7% in H1. Advertising is expected to improve in H2 2026, supported by seasonality, particularly in the UK and the US. However, the UAE will continue to be a significant drag for the Specialism and we expect growth to be muted.
Like-for-like regional net revenue performance
The UK remains the Group’s largest region, supported by the inclusion of the Issues Specialism. The Americas primarily reflects the Group’s US operations, while Europe and the Middle East has been established to simplify the Group’s regional structure and combines its two largest EU markets, Italy and Germany, with the UAE. Following the removal of Australia from the Group’s like-for-like results, APAC is now the Group’s smallest region and is primarily Media-focused.
|
|
|
Like-for-like results | |||
|
Net revenue by region £m |
|
H1 2026 |
H1 2025 |
% change | |
|
|
|
|
|
| |
|
UK |
|
52.6 |
49.7 |
5.9% | |
|
Americas |
|
18.5 |
20.2 |
(8.7%) | |
|
Europe & Middle East |
|
10.1 |
12.5 |
(19.4%) | |
|
APAC |
|
5.1 |
5.1 |
0.4% | |
|
Total |
|
86.2 |
87.4 |
(1.4%) | |
|
|
|
|
|
|
|
UK: Net revenue increased by 5.9%, with positive momentum in Media and Advertising partly offset by softer performances in Passions & PR and Consulting. Issues, whose financial results are recognised entirely in the UK, delivered good growth.
Americas: Net revenue decreased by 8.7%, as growth in US Advertising and Media was more than offset by project delays and weaker performance in Consulting and Sport & Entertainment.
Europe and the Middle East: Net revenue decreased by 19.4%, principally reflecting the impact of the conflict in the Middle East on Advertising and Sport & Entertainment.
APAC: Net revenue was broadly flat, with modest growth in Media offset by declines in Advertising.
Board structure
The first half of 2026 marked a period of progress for the Board. Dame Heather Rabbatts formally assumed the role of Executive Chair in April, following CEO Zaid Al-Qassab’s departure on 31 March 2026, to ensure leadership continuity during the current transition period. Dame Heather Rabbatts will remain Executive Chair given market volatility, current simplification initiatives and the focus on unlocking intrinsic value.
As announced in March 2026, the Board remains focused on accelerating initiatives to maximise shareholder value. To support this objective, we were pleased to strengthen the Board’s expertise with the appointments of Nicholas Shott, as an Independent Non-Executive Director, and Vin Murria as Non-Executive Director. Their combined experience has been and will continue to be instrumental in guiding the Company through its next phase of value creation.
Global transformation leadership team
Headed by Karen Boswell (current Global CEO for Consulting and Media), the team will lead the Company’s transformation agenda, with a remit focused on defining the next evolution of Return on Cultural Power (ROCP) and how it creates competitive advantage for clients; determining how agentic AI can transform the way the Group works, creates and delivers value; and shaping the long-term strategy and capabilities the Group needs to compete and grow.
Shareholder returns and capital allocation
Our key focus as stated above is to unlock the intrinsic value of the Company that the Board believes is not currently recognised.
- The initial share buyback programme completed on 15 September 2026, and the Company is currently evaluating an extension. Operationally we aim to drive earnings per share growth through a combination of organic growth, margin enhancement and small bolt-on acquisitions to strengthen capabilities as well as share buybacks.
- The organic growth and evolution of the Company will require investment. Our policy is to reinvest to drive long-term growth and to add capability, capacity and scale where we can generate the greatest return.
- The Company remains open to accelerating this progress through selective M&A, to address gaps in our capabilities or regional coverage. Given our current focus on business simplification, immediate M&A is not a priority. However, our medium-term focus is likely to be more bolt-on opportunities.
- M&C Saatchi is a capital-light business which, over the medium term, can convert at least 80% of its operating profits into cash, subject to some degree of variability over the cycle.
Reconciliation of like-for-like to Headline to Statutory results
The table below summarises the reconciliation from like-for-like to Statutory results for H1 2026 and H1 2025 including Headline results:
|
H1 2026 |
|
Like-for-like |
Acquisitio-ns/Exits |
Discontin-ued |
Headline |
Discontin-ued |
Adjust-ments |
Statutory |
|
£m |
|
|
|
|
|
|
|
|
|
Revenue |
|
160.0 |
3.8 |
14.7 |
178.5 |
(14.7) |
|
163.8 |
|
Net revenue |
|
86.2 |
1.6 |
8.1 |
95.9 |
(8.1) |
|
87.8 |
|
Operating profit |
|
6.2 |
(0.7) |
0.4 |
5.9 |
(0.4) |
(4.2) |
1.3 |
|
Operating profit margin |
|
7.2% |
|
|
6.2% |
|
|
1.4% |
|
Profit before tax |
|
4.8 |
(0.7) |
(0.1) |
4.0 |
0.1 |
(4.2) |
(0.2) |
|
|
|
|
|
|
|
|
|
|
|
H1 2025 |
Like-for-like |
Acquisitio-ns/Exits |
FX |
Discontin-ued |
Headline |
Discontin-ued |
Adjust-ments |
Statutory |
|
£m |
|
|
|
|
|
|
|
|
|
Revenue |
147.9 |
2.0 |
1.9 |
21.6 |
173.4 |
(21.6) |
|
151.8 |
|
Net revenue |
87.4 |
1.2 |
1.5 |
13.7 |
103.8 |
(13.7) |
|
90.2 |
|
Operating profit |
9.0 |
(0.3) |
0.4 |
1.1 |
10.2 |
(1.1) |
(2.2) |
7.0 |
|
Operating profit margin |
10.3% |
|
|
|
10.2% |
|
|
7.8% |
|
Profit before tax |
6.1 |
(0.3) |
0.3 |
0.7 |
6.8 |
(0.7) |
(2.5) |
4.3 |
***
Financial statement begins on following page
Unaudited Consolidated Income Statement
|
|
|
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
|
Year ended 31 December 2025 | |||||
|
|
Note |
|
£000 |
|
|
£000 |
|
|
£000 | ||
|
Billings |
|
|
200,845 |
|
|
170,928 |
|
|
384,832 | ||
|
Revenue |
|
|
163,768 |
|
|
151,829 |
|
|
307,912 | ||
|
Project cost / direct cost |
|
|
(75,955) |
|
|
(61,657) |
|
|
(122,892) | ||
|
Net revenue |
|
|
87,813 |
|
|
90,172 |
|
|
185,020 | ||
|
Staff costs |
|
|
(66,302) |
|
|
(64,801) |
|
|
(130,925) | ||
|
Depreciation |
|
|
(2,396) |
|
|
(2,482) |
|
|
(5,024) | ||
|
Amortisation |
|
|
(353) |
|
|
(325) |
|
|
(701) | ||
|
Impairment reversal / (charges) |
|
|
– |
|
|
– |
|
|
(1,610) | ||
|
Other operating charges |
|
|
(17,225) |
|
|
(15,517) |
|
|
(31,056) | ||
|
Other gains / (losses) |
|
|
–
|
|
|
– |
|
|
(1,237) | ||
|
Loss on disposal of subsidiaries |
|
|
(277) |
|
|
– |
|
|
(4) | ||
|
Operating profit |
|
|
1,260 |
|
|
7,047 |
|
|
14,463 | ||
|
Share of results of associates and joint ventures |
|
|
–
|
|
|
21 |
|
|
– | ||
|
Other non-operating income |
|
|
88 |
|
|
7 |
|
|
62 | ||
|
Finance income |
|
|
404 |
|
|
183 |
|
|
401 | ||
|
Finance costs |
|
|
(1,913) |
|
|
(2,944) |
|
|
(5,197) | ||
|
(Loss)/profit before taxation |
|
|
(161) |
|
|
4,314 |
|
|
9,729 | ||
|
Taxation |
|
|
(295) |
|
|
(1,261) |
|
|
(4,511) | ||
|
(Loss)/profit for the period from continuing operations |
|
|
(456) |
|
|
3,053 |
|
|
5,218 | ||
|
Profit for the period from discontinued operations |
11 |
|
(4,241) |
|
|
74 |
|
|
(7,227) | ||
|
Total (loss)/profit for the year |
|
|
(4,697) |
|
|
3,127 |
|
|
(2,009) | ||
|
|
|
|
|
|
|
|
|
|
| ||
|
Total (loss)/profit from continuing operations |
|
|
(456) |
|
|
3,053 |
|
|
5,218 | ||
|
Attributable to: |
|
|
|
|
|
|
|
|
| ||
|
Equity shareholders of the Group |
|
|
(511) |
|
|
3,076 |
|
|
4,993 | ||
|
Non-controlling interests |
|
|
55 |
|
|
(23) |
|
|
225 | ||
|
(Loss)/profit for the period |
|
|
(456) |
|
|
3,053 |
|
|
5,218 | ||
|
Earnings per share |
|
|
|
|
|
|
|
|
| ||
|
Basic (pence) |
5 |
|
(0.42) |
|
|
2.55 |
|
|
4.14 | ||
|
Diluted (pence) |
5 |
|
(0.42) |
|
|
2.52 |
|
|
4.14 | ||
|
|
|
|
|
|
|
|
|
|
| ||
|
Total (loss)/profit from discontinued operations |
|
|
(4,241) |
|
|
74 |
|
|
(7,227) | ||
|
Attributable to: |
|
|
|
|
|
|
|
|
| ||
|
Equity shareholders of the Group |
|
|
(4,241) |
|
|
74 |
|
|
(7,227) | ||
|
Non-controlling interests |
|
|
– |
|
|
– |
|
|
– | ||
|
(Loss)/profit for the period |
|
|
(4,241) |
|
|
74 |
|
|
(7,227) | ||
|
Earnings per share |
|
|
|
|
|
|
|
|
| ||
|
Basic (pence) |
5 |
|
(3.52) |
|
|
0.06 |
|
|
(5.99) | ||
|
Diluted (pence) |
5 |
|
(3.52) |
|
|
0.06 |
|
|
(5.99) | ||
|
Unaudited Consolidated Income Statement (continued)
| |||||||||||
|
|
|
|
Six months ended 30 June 2026 |
|
|
Six months ended 30 June 2025 |
|
|
Year ended 31 December 2025 | ||
|
|
|
|
£000 |
|
|
£000 |
|
|
£000 | ||
|
Total (loss)/profit for the period |
|
|
(4,697) |
|
|
3,127 |
|
|
(2,009) | ||
|
Attributable to: |
|
|
|
|
|
|
|
|
| ||
|
Equity shareholders of the Group |
|
|
(4,752) |
|
|
3,150 |
|
|
(2,234) | ||
|
Non-controlling interests |
|
|
55 |
|
|
(23) |
|
|
225 | ||
|
(Loss)/profit for the period |
|
|
(4,697) |
|
|
3,127 |
|
|
(2,009) | ||
|
Earnings per share |
|
|
|
|
|
|
|
|
| ||
|
Basic (pence) |
5 |
|
(3.94) |
|
|
2.61 |
|
|
(1.85) | ||
|
Diluted (pence) |
5 |
|
(3.94) |
|
|
2.58 |
|
|
(1.85) | ||
|
|
|
|
|
|
|
|
|
|
| ||
|
Like-for-like results |
|
|
|
|
|
|
|
|
| ||
|
Net revenue |
|
|
86,201 |
|
|
87,430 |
|
|
178,119 | ||
|
Operating profit |
4 |
|
6,158 |
|
|
9,027 |
|
|
22,700 | ||
|
Profit before tax |
4 |
|
4,760 |
|
|
6,055 |
|
|
17,978 | ||
|
Profit after tax attributable to equity shareholders of the Group |
4 |
|
3,311 |
|
|
4,573 |
|
|
13,124 | ||
|
EBITDA |
|
|
8,720 |
|
|
11,624 |
|
|
27,936 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Comprehensive Income Statement
|
|
|
|
Six months ended 30 June 2026 |
Six months ended 30 June 2025 |
Year ended 31 December 2025 |
|
|
|
|
£000 |
£000 |
£000 |
|
Profit/(loss) for the period |
|
|
(4,697) |
3,127 |
(2,009) |
|
Other comprehensive income/(loss) |
|
|
|
|
|
|
Exchange differences on translating foreign operations before tax |
|
|
240 |
(63) |
(105) |
|
Other comprehensive income/(loss) for the period net of tax |
|
|
240 |
(63) |
(105) |
|
Total comprehensive income/(loss) for the period |
|
|
(4,457) |
3,064 |
(2,114) |
|
Total comprehensive income attributable to: |
|
|
|
|
|
|
Equity shareholders of the Group |
|
|
(4,512) |
3,087 |
(2,339) |
|
Non-controlling interests |
|
|
55 |
(23) |
225 |
|
Total comprehensive income/(loss) for the period |
|
|
(4,457) |
3,064 |
(2,114) |
Unaudited Consolidated Balance Sheet
|
|
Note |
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
|
Year ended 31 December 2025 | ||
|
|
|
|
£000 |
|
£000 |
|
£000 | |
|
Non-current assets |
|
|
|
|
|
|
| |
|
Intangible assets |
|
|
30,957 |
|
31,868 |
|
32,273 | |
|
Investments in associates and JVs |
|
|
139 |
|
157 |
|
138 | |
|
Plant and equipment |
|
|
6,003 |
|
5,706 |
|
6,107 | |
|
Right-of-use assets |
|
|
14,921 |
|
24,623 |
|
16,456 | |
|
Investment properties |
|
|
4,341 |
|
1,244 |
|
4,205 | |
|
Other non-current assets |
|
|
2,233 |
|
5,247 |
|
3,819 | |
|
Deferred tax assets |
|
|
2,105 |
|
3,979 |
|
2,214 | |
|
Financial assets at fair value through profit or loss |
|
|
33 |
|
668 |
|
34 | |
|
|
|
|
60,732 |
|
73,492 |
|
65,246 | |
|
Current assets |
|
|
|
|
|
|
| |
|
Trade and other receivables |
|
|
129,375 |
|
118,243 |
|
110,544 | |
|
Current tax assets |
|
|
1,553 |
|
4,819 |
|
2,335 | |
|
Restricted cash |
|
|
– |
|
2,517 |
|
237 | |
|
Cash and cash equivalents |
|
|
19,751 |
|
24,201 |
|
21,317 | |
|
|
|
|
150,679 |
|
149,780 |
|
134,433 | |
|
Assets held for sale |
|
11 |
– |
|
– |
|
– | |
|
|
|
|
150,679 |
|
149,780 |
|
134,433 | |
|
|
|
|
|
|
|
|
| |
|
Current liabilities |
|
|
|
|
|
|
| |
|
Trade and other payables |
|
|
(124,673) |
|
(117,871) |
|
(111,550) | |
|
Provisions |
|
|
(39) |
|
(33) |
|
(39) | |
|
Current tax liabilities |
|
|
(2,730) |
|
(3,599) |
|
(1,253) | |
|
Borrowings |
|
|
(30) |
|
(28) |
|
(29) | |
|
Lease liabilities |
|
|
(4,136) |
|
(4,953) |
|
(5,101) | |
|
Minority shareholder put option liabilities |
|
|
(2,411) |
|
(3,482) |
|
(3,054) | |
|
|
|
|
(134,019) |
|
(129,966) |
|
(121,026) | |
|
Net current assets |
|
|
16,660 |
|
19,814 |
|
13,407 | |
|
Total assets less current liabilities |
|
|
77,392 |
|
93,306 |
|
78,653 | |
|
Non-current liabilities |
|
|
|
|
|
|
| |
|
Deferred tax liabilities |
|
|
816 |
|
(909) |
|
(1,113) | |
|
Borrowings |
|
|
(16,546) |
|
(14,874) |
|
(7,366) | |
|
Lease liabilities |
|
|
(31,086) |
|
(35,835) |
|
(33,115) | |
|
Other non-current liabilities |
|
|
(2,246) |
|
(2,159) |
|
(2,223) | |
|
|
|
|
(49,062) |
|
(53,777) |
|
(43,817) | |
|
Total net assets |
|
|
28,330 |
|
39,529 |
|
34,836 | |
|
|
|
|
|
|
|
|
| |
|
Equity |
|
|
|
|
|
|
| |
|
Share capital |
|
|
1,215 |
|
1,227 |
|
1,227 | |
|
Share premium |
|
|
50,327 |
|
50,327 |
|
50,327 | |
|
Merger reserve |
|
|
37,554 |
|
37,554 |
|
37,554 | |
|
Treasury reserve |
|
|
(2,765) |
|
(3,505) |
|
(2,765) | |
|
Minority interests put option reserve |
|
|
(1,175) |
|
(1,175) |
|
(1,175) | |
|
Non-controlling interests acquired |
|
|
(34,428) |
|
(34,428) |
|
(34,428) | |
|
Foreign exchange reserve |
|
|
1,549 |
|
1,351 |
|
1,309 | |
|
Accumulated loss |
|
|
(24,315) |
|
(11,887) |
|
(17,526) | |
|
Equity attributable to shareholders of the Group |
|
|
27,962 |
|
39,464 |
|
34,523 | |
|
Non-controlling interests |
|
|
368 |
|
65 |
|
313 | |
|
Total equity |
|
|
28,330 |
|
39,529 |
|
34,836 | |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
Unaudited Consolidated Statement of Changes in Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
Share premium |
Merger reserve |
Treasury reserve |
MI put option reserve |
Non-controlling interests acquired |
Foreign exchange reserves |
Retained earnings/ (accumulated losses) |
Subtotal |
Non-controlling interests in equity |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
At 31 December 2025 |
1,227 |
50,327 |
37,554 |
(2,765) |
(1,175) |
(34,428) |
1,309 |
(17,526) |
34,523 |
313 |
34,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of own shares |
(12) |
– |
– |
– |
– |
– |
– |
(2,037) |
(2,049) |
– |
(2,049) |
|
Total transactions with owners |
(12) |
– |
– |
– |
– |
– |
– |
(2,037) |
(2,049) |
– |
(2,049) |
|
Total (loss)/profit for the period |
– |
– |
– |
–
|
– |
– |
– |
(4,752) |
(4,752) |
55 |
(4,697) |
|
Total other comprehensive loss for the period |
– |
– |
– |
–
|
– |
– |
240 |
– |
240 |
– |
240 |
|
At 30 June 2026 |
1,215 |
50,327 |
37,554 |
(2,765) |
(1,175) |
(34,428) |
1,549 |
(24,315) |
27,962 |
368 |
28,330 |
Unaudited Consolidated Statement of Changes in Equity (continued)
|
|
Share capital |
Share premium |
Merger reserve |
Treasury reserve |
MI put option reserve |
Non-controlling interests acquired |
Foreign exchange reserves |
Retained earnings/ (accumulated losses) |
Subtotal |
Non-controlling interests in equity |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
At 31 December 2024 |
1,227 |
50,327 |
37,554 |
(2,698) |
(1,175) |
(34,428) |
1,414 |
(12,198) |
40,023 |
88 |
40,111 |
|
Share option exercise |
– |
– |
– |
740 |
– |
– |
– |
(740) |
– |
– |
– |
|
Purchase of own shares |
– |
– |
– |
(807) |
– |
– |
– |
– |
(807) |
– |
(807) |
|
Dividends |
– |
– |
– |
– |
– |
– |
– |
(2,354) |
(2,354) |
– |
(2,354) |
|
Total transactions with owners |
– |
– |
– |
(67) |
– |
– |
– |
(3,094) |
(3,161) |
– |
(3,161) |
|
Total loss for the year |
– |
– |
– |
– |
– |
– |
– |
(2,234) |
(2,234) |
225 |
(2,009) |
|
Total other comprehensive loss for the period |
– |
– |
– |
– |
– |
– |
(105) |
– |
(105) |
– |
(105) |
|
At 31 December 2025 |
1,227 |
50,327 |
37,554 |
(2,765) |
(1,175) |
(34,428) |
1,309 |
(17,526) |
34,523 |
313 |
34,836 |
Unaudited Consolidated Cashflow Statement and Analysis of Net Cash
|
|
|
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
|
Year ended 31 December 2025 | |||||
|
|
|
£000 |
|
£000 |
|
£000 | |||||
|
Operating profit from continuing operations |
|
1,260 |
|
7,043 |
|
14,464 | |||||
|
Operating (loss)/profit from discontinued operations |
|
(3,316) |
|
410 |
|
(4,301) | |||||
|
Total operating (loss)/profit |
|
(2,056) |
|
7,453 |
|
10,163 | |||||
|
Adjustments for: |
|
|
|
|
|
| |||||
|
Depreciation of plant and equipment |
|
834 |
|
1,038 |
|
2,014 | |||||
|
Depreciation of right-of-use assets |
|
1,801 |
|
2,203 |
|
4,233 | |||||
|
Impairment of right-of-use assets |
|
– |
|
– |
|
206 | |||||
|
Revaluation of investment properties |
|
– |
|
– |
|
3,292 | |||||
|
Revaluation of financial assets at FVTPL |
|
– |
|
– |
|
636 | |||||
|
Amortisation and impairment of acquired intangible assets |
|
207 |
|
157 |
|
363 | |||||
|
Impairment of goodwill and other intangibles |
|
1,772 |
|
– |
|
1,710 | |||||
|
Impairment and amortisation of capitalised software intangible assets |
|
145 |
|
175 |
|
351 | |||||
|
Exercise of IFRS 2 put options |
|
– |
|
(488) |
|
(488) | |||||
|
Purchase of shares (EBT) |
|
– |
|
(807) |
|
– | |||||
|
Loss on disposal of subsidiary |
|
277 |
|
– |
|
– | |||||
|
Equity settled share-based payment expenses |
|
– |
|
(485) |
|
– | |||||
|
Operating cash before movements in working capital |
|
2,980 |
|
9,246 |
|
22,480 | |||||
|
Decrease/(Increase) in trade and other receivables |
|
(18,830) |
|
9,845 |
|
14,779 | |||||
|
(Decrease)/Increase in trade and other payables |
|
13,126 |
|
(12,749) |
|
(18,920) | |||||
|
Transfer from restricted cash |
|
237 |
|
– |
|
3,225 | |||||
|
Decrease in provisions |
|
– |
|
(57) |
|
(51) | |||||
|
Cash generated/(consumed) from operations |
|
(2,487) |
|
6,285 |
|
21,513 | |||||
|
Tax paid |
|
(372) |
|
(1,974) |
|
(4,400) | |||||
|
Net cash generated/(consumed) from operating activities |
|
(2,859) |
|
4,311 |
|
17,113 | |||||
|
Investing activities |
|
|
|
|
|
| |||||
|
Disposal of subsidiary (net of cash disposed of) |
|
(657) |
|
2,220 |
|
2,713 | |||||
|
Acquisition of subsidiary (net of cash acquired) |
|
– |
|
(717) |
|
(1,727) | |||||
|
Long-term loans |
|
– |
|
– |
|
150 | |||||
|
Investment loans |
|
182 |
|
– |
|
– | |||||
|
(Loss)/gain from sale of plant and equipment |
|
(2) |
|
22 |
|
52 | |||||
|
Purchase of plant and equipment |
|
(846) |
|
(853) |
|
(2,278) | |||||
|
Intangible assets under construction |
|
– |
|
(568) |
|
(797) | |||||
|
Purchase of capitalised software |
|
(94) |
|
(38) |
|
– | |||||
|
Interest received |
|
434 |
|
200 |
|
526 | |||||
|
Principal sublease repayment |
|
376 |
|
– |
|
953 | |||||
|
Net cash generated/(consumed) from investing activities |
|
(607) |
|
266 |
|
(408) | |||||
|
Net cash generated/(consumed) from operating and investing activities |
|
(3,466) |
|
4,577 |
|
16,705 | |||||
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
|
Unaudited Consolidated Cashflow Statement and Analysis of Net Cash (continued)
| |||||||||||
|
|
|
|
|
|
|
| |||||
|
|
|
Six months ended 30 June 2026 |
|
Six months ended 30 June 2025 |
|
Year ended 31 December 2025 | |||||
|
|
|
£000 |
|
£000 |
|
£000 | |||||
|
Financing activities |
|
|
|
|
|
| |||||
|
Dividends paid to equity holders of the company |
|
– |
|
(2,354) |
|
(2,354) | |||||
|
Purchase of own shares |
|
(2,049) |
|
– |
|
(807) | |||||
|
Payment of lease liabilities |
|
(2,687) |
|
(1,991) |
|
(5,265) | |||||
|
Proceeds from bank loans |
|
9,180 |
|
1,475 |
|
– | |||||
|
Repayment of bank loans |
|
– |
|
(15) |
|
(6,013) | |||||
|
Borrowing costs |
|
– |
|
– |
|
(135) | |||||
|
Interest paid |
|
(1,272) |
|
(1,077) |
|
(2,001) | |||||
|
Interest paid on lease liabilities |
|
(1,465) |
|
(1,585) |
|
(3,166) | |||||
|
Net cash received/(used) in financing activities |
|
1,707 |
|
(5,547) |
|
(19,741) | |||||
|
Net (decrease) in cash and cash equivalents |
|
(1,759) |
|
(970) |
|
(3,036) | |||||
|
Effect of exchange rate fluctuations on cash held |
|
192 |
|
(684) |
|
(1,502) | |||||
|
Cash and cash equivalents at the beginning of the year |
|
21,317 |
|
25,855 |
|
25,855 | |||||
|
Total cash and cash equivalents at the end of period |
|
19,750 |
|
24,201 |
|
21,317 | |||||
|
|
|
|
|
|
|
| |||||
|
Net debt reconciliation |
|
|
|
|
|
| |||||
|
Cash and cash equivalents |
|
19,750 |
|
24,201 |
|
21,317 | |||||
|
Total cash and cash equivalents at the end of period |
|
19,750 |
|
24,201 |
|
21,317 | |||||
|
Bank loans and borrowings |
|
(17,250) |
|
(15,528) |
|
(8,030) | |||||
|
Net cash |
|
2,500 |
|
8,673 |
|
13,287 | |||||
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to the Unaudited Consolidated Interim Financial Statements
1. General information
The Company is a public limited company incorporated and domiciled in the UK. The address of its registered office and the Company is 36 Golden Square, London W1F 9EE.
The Company is listed on the AIM market of the London Stock Exchange.
This consolidated half-yearly financial information was approved for issue on 21 September 2026.
The comparative financial information for the year ended 31 December 2025 in these interim financial statements does not constitute statutory accounts for that year.
The statutory accounts for the year ended 31 December 2025 have been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
2. Basis of preparation
The consolidated interim financial statements for the six months ended 30 June 2026 have been prepared on the going concern basis, in accordance with the AIM Rules for companies. The interim financial statements do not include all of the information required in annual financial statements in accordance with IFRS and should be read in conjunction with the consolidated financial statements for the year ended 31 December 2025.
3. Use of judgements and estimates
In the course of preparing the interim financial statements, management necessarily makes judgements and estimates that can have a significant impact on the interim financial statements. These estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant accounting judgements
Management has considered the following judgements, which have the most significant effect in terms of the amounts recognised, and their presentation, in the interim financial statements. These are the same accounting estimates and judgements the Group has applied in its financial statements for the year ended 31 December 2025:
Non-controlling interests put option accounting – IFRS 2 or IFRS 9
The key judgement is whether the awards are given beneficially as a result of employment, which can be determined where there is an explicit service condition, where the award is given to an existing employee, where the employee is being paid below market value or where there are other indicators that the award is a reward for employment. In such cases, the awards are accounted for as a share-based payment in exchange for employment services under IFRS 2.
Otherwise, where the holder held shares prior to the Group acquiring the subsidiary or gained the equity to start a subsidiary using their unique skills, and there are no indicators it should be accounted for under IFRS 2, then the award is accounted for under IFRS 9.
- Impairment – assessment of CGUs and assessment of indicators of impairment
Impairment reviews are undertaken annually, or more frequently if events or changes in circumstances indicate a potential impairment. Assets with finite lives are reviewed for indicators of impairment (an impairment “trigger”) and judgement is applied in determining whether such a trigger has occurred. External and internal factors are monitored by management, including a) adverse changes in the economic or political situation of the geographic locale in which the underlying entity operates, b) heightened risk of client loss or chance of client gain, and c) internal reporting suggesting that an entity’s future economic performance is better or worse than previously expected. Where management have concluded that such an indication of impairment exists, then the recoverable amount of the asset is assessed.
For the half year, the goodwill of £1.8m relating to the Australia business has been fully impaired after an offer of sale has been accepted for AUD $1. The deemed value of the business has dropped since the year end impairment assessment due to the loss of two major clients, with no large new client wins to replace this lost revenue.
This charge is part of the result of discontinued operations on the Consolidated Income Statement.
Management have acknowledged the challenging market conditions in the US and Middle East. These have been factored into and reviewed against budgets as part of our internal forecasting process and, as such, it was concluded that there were no new impairment indicators at the half year.
Significant estimates and assumptions
The areas of the Group’s interim financial statements subject to key assumptions and other significant sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are described below. The Group has based its assumptions and estimates on information available when the interim financial statements were prepared.
- Deferred tax assets
The Group assesses the future availability of carried forward losses and other tax attributes by reference to jurisdiction-specific rules around carry forward and utilisation and it assesses whether it is probable that future taxable profits will be available against which the attribute can be utilised.
- Fair value measurement of financial instruments
The Group holds certain financial instruments which are recorded on the balance sheet at fair value at the point of recognition and remeasured at the end of each reporting period. At the period end these relate to:
(i) equity investments at FVTPL in non-listed limited companies; and
(ii) certain contingent consideration.
No formal market exists to trade these financial instruments and, therefore, their fair value is measured by the most appropriate valuation techniques available, which vary based on the nature of the instruments. The inputs to the valuation models are taken from observable markets where possible, but where this is not feasible, judgement is required to establish fair values.
- Share-based incentive arrangements
Share-based incentives are valued at the date of the grant, using stochastic Monte Carlo pricing models with non-market vesting conditions. Typically, the value of these awards is directly related to the performance of a particular entity of the Group in which the employee holds a minority interest. The key inputs to the pricing model are risk-free interest rates, share price volatility and expected future performance of the entity to which the award relates. Management apply judgement to these inputs, using various sources of information, including the Company’s share price, experience of past performance and published data on risk-free interest rates (government gilts).
- Leasing estimates
Anticipated length of lease term – IFRS 16 defines the lease term as the non-cancellable period of a lease, together with the options to extend or terminate a lease, if the lessee is reasonably certain to exercise that option. Where a lease includes the option for the Group to extend the lease term, the Group takes a view, at inception, as to whether it is reasonably certain that the option will be exercised. This will take into account the length of time remaining before the option is exercisable, current trading, future trading forecasts and the level and type of any planned capital investment. The assessment of whether the option will be exercised is reassessed in each reporting period. A reassessment of the remaining life of the lease could result in a recalculation of the lease liability and a material adjustment to the associated balances.
4. Like-for-like results
Like-for-like results – Six Months Ended 30 June 2026
|
|
Statutory results |
Separately disclosed items |
Exiting and acquired agencies |
Gain/loss on disposal of subsidiaries |
Amortisation of acquired intangibles |
Dividends paid to IFRS 2 put holders |
Like-for-like results |
|
Six months ended 30 June 2026 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Revenue |
163,768 |
– |
(3,799) |
– |
– |
– |
159,969 |
|
Net revenue |
87,813 |
– |
(1,612) |
– |
– |
– |
86,201 |
|
Staff costs |
(66,302) |
3,551 |
1,864 |
– |
– |
4 |
(60,883) |
|
Depreciation |
(2,396) |
– |
67 |
– |
– |
– |
(2,329) |
|
Amortisation |
(353) |
– |
– |
– |
208 |
– |
(145) |
|
Impairments |
– |
– |
– |
– |
– |
– |
– |
|
Other operating charges |
(17,225) |
172 |
367 |
– |
– |
– |
(16,686) |
|
Gain on disposal of subsidiaries |
(277) |
– |
– |
277 |
– |
– |
– |
|
Operating profit |
1,260 |
3,723 |
686 |
277 |
208 |
4 |
6,158 |
|
Other non-operating income |
88 |
– |
– |
– |
– |
– |
88 |
|
Finance income |
404 |
– |
(20) |
– |
– |
– |
384 |
|
Finance expense |
(1,913) |
– |
43 |
– |
– |
– |
(1,870) |
|
Profit/(loss) before taxation |
(161) |
3,723 |
709 |
277 |
208 |
4 |
4,760 |
|
Taxation |
(295) |
(895) |
(72) |
– |
(46) |
– |
(1,308) |
|
Profit/(loss) for the year from continuing operations |
(456) |
2,828 |
637 |
277 |
162 |
4 |
3,452 |
|
Non-controlling interests |
55 |
– |
– |
– |
– |
86 |
141 |
|
Profit/(loss) attributable to equity holders of the Group |
(511) |
2,828 |
637 |
277 |
162 |
(82) |
3,311 |
Like-for-like results – Six Months Ended 30 June 2025
|
Statutory results |
Separately disclosed items |
Exiting and acquired agencies |
Share of results of associates |
Amortisation of acquired intangibles |
Dividends paid to IFRS 2 put holders |
Put option accounting |
Constant currency adjustment |
Like-for-like results | |
|
Six months ended 30 June 2025 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Revenue |
151,829 |
– |
(1,967) |
– |
– |
– |
– |
(1,973) |
147,889 |
|
Net revenue |
90,172 |
– |
(1,215) |
– |
– |
– |
– |
(1,527) |
87,430 |
|
Staff costs |
(64,801) |
1,589 |
1,100 |
– |
– |
93 |
(155) |
846 |
(61,328) |
|
Depreciation |
(2,482) |
– |
49 |
– |
– |
– |
– |
11 |
(2,422) |
|
Amortisation |
(325) |
– |
– |
– |
157 |
– |
– |
– |
(168) |
|
Impairment charges |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|
Other operating charges |
(15,517) |
339 |
355 |
– |
– |
– |
– |
338 |
(14,485) |
|
Operating profit/(loss) |
7,047 |
1,928 |
289 |
– |
157 |
93 |
(155) |
(332) |
9,027 |
|
Share of results of associates |
21 |
– |
– |
(21) |
– |
– |
– |
– |
– |
|
Other non-operating income |
7 |
– |
– |
– |
– |
– |
– |
– |
7 |
|
Finance income |
183 |
– |
(4) |
– |
– |
– |
– |
104 |
283 |
|
Finance expense |
(2,944) |
– |
23 |
– |
– |
– |
(249) |
(92) |
(3,262) |
|
Profit/(loss) before taxation |
4,314 |
1,928 |
308 |
(21) |
157 |
93 |
(404) |
(320) |
6,055 |
|
Taxation |
(1,261) |
(470) |
(36) |
– |
(50) |
– |
– |
340 |
(1,477) |
|
Profit/(Loss) for the year |
3,053 |
1,458 |
272 |
(21) |
107 |
93 |
(404) |
20 |
4,578 |
|
Non-controlling interests |
(23) |
– |
– |
– |
– |
(12) |
– |
40 |
5 |
|
Profit/(loss) attributable to equity holders of the Group |
3,076 |
1,458 |
272 |
(21) |
107 |
105 |
(404) |
(20) |
4,573 |
Like-for-like results – Year Ended 31 December 2025
|
|
Statutory results |
Separately disclosed items |
Exiting and acquired agencies |
Gain/loss on disposal of subsidiaries |
Amortisation of acquired intangibles |
Impairment of goodwill |
Revaluation of loans and investments |
Dividends paid to IFRS 2 put holders |
Put option accounting |
Constant currency adjustment |
Like-for-like results |
|
Year ended 31 December 2025 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Revenue |
307,912 |
– |
(8,361) |
– |
– |
– |
– |
– |
– |
(2,698) |
296,853 |
|
Net revenue |
185,020 |
– |
(5,101) |
– |
– |
– |
– |
– |
– |
(1,800) |
178,119 |
|
Staff costs |
(130,925) |
3,139 |
3,791 |
– |
– |
– |
– |
83 |
(52) |
1,164 |
(122,800) |
|
Depreciation |
(5,024) |
– |
155 |
– |
– |
– |
– |
– |
– |
22 |
(4,847) |
|
Amortisation |
(701) |
– |
– |
– |
363 |
– |
– |
– |
– |
– |
(338) |
|
Impairments |
(1,610) |
– |
– |
– |
– |
1,554 |
– |
– |
– |
56 |
– |
|
Other operating charges |
(31,056) |
2,458 |
772 |
– |
– |
– |
– |
– |
– |
392 |
(27,434) |
|
Other losses |
(1,237) |
– |
– |
– |
– |
– |
1,237 |
– |
– |
– |
– |
|
Gain on disposal of subsidiaries |
(4) |
– |
– |
4 |
– |
– |
– |
– |
– |
– |
– |
|
Operating profit/(loss) |
14,463 |
5,597 |
(383) |
4 |
363 |
1,554 |
1,237 |
83 |
(52) |
(166) |
22,700 |
|
Other income |
62 |
– |
(1) |
– |
– |
– |
– |
– |
– |
(10) |
51 |
|
Finance income |
401 |
– |
(6) |
– |
– |
– |
– |
– |
– |
(146) |
249 |
|
Finance expense |
(5,197) |
– |
81 |
– |
– |
– |
– |
– |
(64) |
158 |
(5,022) |
|
Profit/(loss) before taxation |
9,729 |
5,597 |
(309) |
4 |
363 |
1,554 |
1,237 |
83 |
(116) |
(164) |
17,978 |
|
Taxation |
(4,511) |
(1,128) |
216 |
– |
(108) |
(317) |
– |
– |
– |
1,377 |
(4,471) |
|
Profit/(loss) for the year |
5,218 |
4,469 |
(93) |
4 |
255 |
1,237 |
1,237 |
83 |
(116) |
1,213 |
13,507 |
|
Non-controlling interests |
225 |
– |
– |
– |
– |
– |
– |
137 |
– |
21 |
383 |
|
Profit/(loss) attributable to equity holders of the Group |
4,993 |
4,469 |
(93) |
4 |
255 |
1,237 |
1,237 |
(54) |
(116) |
1,192 |
13,124 |
5. Earnings per share
Earnings per share – Six Months Ended 30 June 2026
Basic and diluted earnings per share are calculated by dividing appropriate earnings metrics by the weighted average number of the Company’s ordinary shares in issue during the year.
Diluted earnings per share is calculated by adjusting the weighted average number of the Company’s shares in issue on the assumption of conversion of all potentially dilutive ordinary shares. The dilutive effect of unvested outstanding put options is calculated based on the number that would vest had the balance sheet date been the vesting date.
|
Six months ended 30 June 2026 |
Continuing operations 2026 |
Discontinued operations 2026 |
Total 2026 |
Like-for-like 2026 |
|
(Loss)/profit attributable to equity shareholders of the Group (£000) |
(511) |
(4,241) |
(4,752) |
3,311 |
|
Basic earnings per share |
|
|
|
|
|
Weighted average number of shares (thousands) |
120,498 |
120,498 |
120,498 |
120,498 |
|
Basic EPS |
(0.42)p |
(3.52)p |
(3.94)p |
2.75p |
|
Diluted earnings per share |
|
|
|
|
|
Weighted average number of shares (thousands) as above |
120,498 |
120,498 |
120,498 |
120,498 |
|
Add |
|
|
|
|
|
– LTIP |
– |
– |
– |
1,005 |
|
– Put options |
– |
– |
– |
759 |
|
Total |
120,498 |
120,498 |
120,498 |
122,262 |
|
Diluted EPS |
(0.42)p |
(3.52)p |
(3.94)p |
2.71p |
|
Excluding the put options (payable in cash) |
– |
– |
– |
(759) |
|
Weighted average numbers of shares (thousands) including dilutive shares |
120,498 |
120,498 |
120,498 |
121,503 |
|
Diluted EPS – excluding items the Group intends and is able to pay in cash |
(0.42)p |
(3.52)p |
(3.94)p |
2.61p |
Earnings per share – Six Months Ended 30 June 2025
|
Six months ended 30 June 2025 |
Continuing operations 2025 |
Discontinued operations 2025 |
Total 2025 |
Like-for-like 2025 |
|
Profit attributable to equity shareholders of the Group (£000) |
3,076 |
74 |
3,150 |
4,573 |
|
Basic earnings per share |
|
|
|
|
|
Weighted average number of shares (thousands) |
120,714 |
120,714 |
120,714 |
120,714 |
|
Basic EPS |
2.55p |
0.06p |
2.61p |
3.79p |
|
Diluted earnings per share |
|
|
|
|
|
Weighted average number of shares (thousands) as above |
120,714 |
120,714 |
120,714 |
120,714 |
|
Add |
|
|
|
|
|
– LTIP |
1,574 |
1,574 |
1,574 |
1,574 |
|
– Put options |
– |
– |
– |
– |
|
Total |
122,288 |
122,288 |
122,288 |
122,288 |
|
Diluted EPS |
2.52p |
0.06p |
2.58p |
3.74p |
|
Excluding the put options (payable in cash) |
– |
– |
– |
– |
|
Weighted average numbers of shares (thousands) including dilutive shares |
122,288 |
122,288 |
122,288 |
122,288 |
|
Diluted EPS – excluding items the Group intends and is able to pay in cash |
2.52p |
0.06p |
2.58p |
3.74p |
Earnings per share – Year Ended 31 December 2025
|
|
|
|
|
|
|
Year ended 31 December 2025 |
Continuing operations 2025 |
Discontinued operations 2025 |
Total 2025 |
Like-for-like 2025 |
|
Profit/(Loss) attributable to equity shareholders of the Group (£000) |
4,993 |
(7,227) |
(2,234) |
13,124 |
|
Basic earnings per share |
|
|
|
|
|
Weighted average number of shares (thousands) |
120,747 |
120,747 |
120,747 |
120,747 |
|
Basic EPS |
4.14p |
(5.99p) |
(1.85)p |
10.87p |
|
Diluted earnings per share |
|
|
|
|
|
Weighted average number of shares (thousands) as above |
120,747 |
120,747 |
120,747 |
120,747 |
|
Add |
|
|
|
|
|
– LTIP |
– |
– |
– |
1,176 |
|
– Put options |
– |
– |
– |
605 |
|
Total |
120,747 |
120,747 |
120,747 |
122,528 |
|
Diluted EPS |
4.14p |
(5.99)p |
(1.85) p |
10.71p |
|
Excluding the put options (payable in cash) |
– |
– |
– |
(605) |
|
Weighted average numbers of shares (thousands) including dilutive shares |
120,747 |
120,747 |
120,747 |
121,923 |
|
Diluted EPS – excluding items the Group intends and is able to pay in cash |
4.14p |
(5.99)p |
(1.85)p |
10.76p |
6. Separately disclosed items
Separately disclosed items include one-off, non-recurring revenues or expenses. These are shown separately and are excluded from Like-for-like profit to provide a better understanding of the underlying results of the Group.
30 June 2026
Separately disclosed items for the six months ended 30 June 2026 comprise the following:
|
|
|
|
|
| |||
|
|
Staff costs
£000 |
Operating costs
£000 |
Taxation
£000 |
Total
£000 | |||
|
Restructuring – discontinued business |
81 |
– |
(20) |
61 | |||
|
Restructuring – ongoing businesses |
1,432 |
7 |
(350) |
1,089 | |||
|
Transformation project costs |
1,412 |
92 |
(391) |
1,113 | |||
|
Acquisition related costs |
336 |
51 |
(63) |
324 | |||
|
Other |
290 |
22 |
(71) |
241 | |||
|
Total separately disclosed items |
3,551 |
172 |
(895) |
2,828 | |||
|
|
|
|
|
|
|
|
|
- Local businesses within the Group have continued to review their own future operational structures, following market changes, which has resulted in staff redundancy costs in the period across nine ongoing businesses across the Group. The restructuring costs are treated as separately disclosed items only when a role has been permanently eliminated from the business (there should be no intention for the role to be replaced in the next 12 months). There are £1,513k of restructuring costs excluded from like-for-like results relating to restructuring for ongoing businesses and £300k of redundancy costs included within like-for-like staff costs.
- Staff costs related to business transformation (£1,412k) and associated operating costs (£92k) have been classified as separately disclosed items. These costs are one-off and will continue until project conclusion.
- Other separately disclosed items relate to management earn-outs for M&C Saatchi Sport & Entertainment (Middle East) and the Women’s Sports Group, which will continue in accordance with agreement of sale; dividends paid to put option holders in relation to MCD Partners, The Source (W1) LLP and M&C Saatchi Sport & Entertainment (Middle East); and one-off advisory costs.
30 June 2025
Separately disclosed items for the six months ended 30 June 2025 comprise the following:
|
|
|
|
|
| |||||
|
|
Staff costs
£000 |
Operating costs
£000 |
Taxation
£000 |
Total
£000 |
| ||||
|
Restructuring – ongoing businesses |
225 |
– |
(48) |
177 |
| ||||
|
Restructuring – global efficiency programme |
240 |
– |
(60) |
180 |
| ||||
|
Transformation project costs |
1,124 |
339 |
(362) |
1,101 |
| ||||
|
Total separately disclosed items |
1,589 |
339 |
(470) |
1,458 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
- There were £225k (FY25: £1,431k) of non-like-for-like restructuring costs for ongoing businesses; and £224k (FY25: £313k) of redundancy costs included within like-for-like staff costs.
- The Group’s global efficiency programme continued to identify and reduce specific central HQ roles, which were replaced overseas to save cost. The redundancy costs associated with this restructuring programme of £240k (FY25: £302k) have been treated as an exceptional non-like-for-like cost, as they were one-off exit costs relating to compensation to employees for periods not worked.
The staff costs of the global efficiency programme project team dedicated to this transformation project of £1,124k (FY25: £1,474k) have been classified as separately disclosed items in line with the treatment since 2022. The project team continued to manage the project through to conclusion in H2 2025. The operating cost mainly related to recruitment costs for roles that were being replaced overseas, service charges and travel costs.
7. Segmental information
The Group’s operating segments are aligned to those business units that are regularly evaluated by the chief operating decision maker (“CODM”), namely the Board, in making strategic decisions, assessing performance and allocating resources.
We primarily assess the Group’s performance by division, namely Advertising, Non-advertising Specialisms and Group Central Costs. The segmental information is reconciled to the Like-for-like results in Note 4.
Segmental Information by Division[3]
|
|
|
|
|
|
|
|
Advertising |
Non-advertising Specialisms |
Group Central Costs |
LFL Total |
|
Six Months Ended 30 June 2026 |
£000 |
£000 |
£000 |
£000 |
|
Net revenue |
23,476 |
62,725 |
– |
86,201 |
|
Operating profit/(loss) |
1,833 |
9,893 |
(5,568) |
6,158 |
|
Operating profit margin |
8% |
16% |
– |
7% |
|
Profit/(loss) before tax |
1,934 |
10,497 |
(7,671) |
4,760 |
|
|
Advertising |
Non-advertising Specialisms |
Group Central Costs |
LFL Total |
|
Six Months Ended 30 June 2025 |
£000 |
£000 |
£000 |
£000 |
|
Net revenue |
24,234 |
63,196 |
– |
87,430 |
|
Operating profit/(loss) |
1,297 |
12,820 |
(5,090) |
9,027 |
|
Operating profit margin |
5% |
20% |
– |
10% |
|
Profit/(loss) before tax |
1,290 |
12,089 |
(7,324) |
6,055 |
|
|
Advertising |
Non-advertising Specialisms |
Group Central Costs |
LFL Total |
|
Year Ended 31 December 2025 |
£000 |
£000 |
£000 |
£000 |
|
Net revenue |
49,862 |
128,257 |
– |
178,119 |
|
Operating profit/(loss) |
6,261 |
27,771 |
(11,332) |
22,700 |
|
Operating profit margin |
13% |
22% |
– |
13% |
|
Profit/(loss) before tax |
6,270 |
28,754 |
(17,046) |
17,978 |
Segmental Information by Geography[4]
|
UK |
Europe |
Middle East |
Asia |
Americas |
Group Central Costs |
LFL Total | |
|
Six Months Ended 30 June 2026 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Net revenue |
52,228 |
6,274 |
4,140 |
5,073 |
18,486 |
– |
86,201 |
|
Operating profit/(loss) |
12,052 |
648 |
(323) |
568 |
(1,219) |
(5,568) |
6,158 |
|
Operating profit margin |
23% |
10% |
(8%) |
11% |
(7%) |
– |
7% |
|
Profit/(loss) before tax |
12,929 |
632 |
(348) |
501 |
(1,283) |
(7,671) |
4,760 |
|
|
UK |
Europe |
Middle East |
Asia |
Americas |
Group Central Costs |
LFL Total |
|
Six Months Ended 30 June 2025 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Net revenue |
49,661 |
6,253 |
6,216 |
5,053 |
20,247 |
– |
87,430 |
|
Operating profit/(loss) |
9,236 |
1,043 |
1,008 |
1,065 |
1,765 |
(5,090) |
9,027 |
|
Operating profit margin |
19% |
17% |
16% |
21% |
9% |
– |
10% |
|
Profit/(loss) before tax |
8,802 |
1,023 |
958 |
902 |
1,694 |
(7,324) |
6,055 |
|
|
UK |
Europe |
Middle East |
Asia |
Americas |
Group Central Costs |
LFL Total |
|
Year Ended 31 December 2025 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
|
Net revenue |
101,573 |
12,234 |
11,341 |
11,809 |
41,162 |
– |
178,119 |
|
Operating profit/(loss) |
23,960 |
2,288 |
1,747 |
3,181 |
2,856 |
(11,332) |
22,700 |
|
Operating profit margin |
24% |
19% |
15% |
27% |
7% |
– |
13% |
|
Profit/(loss) before tax |
25,388 |
2,245 |
1,635 |
2,980 |
2,776 |
(17,046) |
17,978 |
8. Net finance income / (expense)
|
|
|
|
|
|
|
| ||
|
|
|
|
|
Six months ended 30 June 2026 |
Six months ended 30 June 2025 |
Year ended 31 December 2025 | ||
|
|
|
£000 |
£000 |
£000 | ||||
|
|
|
|
|
| ||||
|
Bank interest receivable |
|
|
112 |
93 |
234 | |||
|
Other interest receivable |
|
259 |
6 |
– | ||||
|
Sublease finance income |
33 |
84 |
167 | |||||
|
Finance income |
|
|
404 |
183 |
401 | |||
|
|
|
|
|
|
| |||
|
Bank interest payable |
|
|
(822) |
(1,052) |
(1,981) | |||
|
Amortisation of loan costs |
|
|
(59) |
(136) |
(285) | |||
|
Other interest payable* |
|
|
58 |
(807) |
(587) | |||
|
Interest on lease liabilities |
|
(1,090) |
(1,198) |
(2,408) | ||||
|
Valuation adjustment to IFRS 9 put option liabilities |
|
– |
249 |
64 | ||||
|
Finance expense |
|
|
(1,913) |
(2,994) |
(5,197) | |||
|
|
|
|
|
| ||||
|
Net finance expense |
|
(1,509) |
(2,761) |
(4,796) | ||||
|
|
|
|
|
|
|
|
|
|
* Other interest payable includes exchange differences on financing activities
9. Taxation
Income tax expenses are recognised based on management’s estimate of the average annual income tax rate expected for the full financial year.
The estimated effective Like-for-like annual tax rate used for H1 2026 is 14.1% (H1 2025: 24.4%; Full Year 2025: 24.9%).
10. Dividends
The Board did not recommend a dividend for the financial year ended 31 December 2025. The Board is currently evaluating the reallocation of the amount that would have been proposed as a final dividend for the year ended 31 December 2025 which will be communicated in due course. The share buyback programme, launched in March 2026, has purchased £2.2 million of shares as of 30 June 2026. The initial share buyback programme completed on 15 September 2026, and the Company is currently evaluating an extension.
11. Discontinued Operations
On 12 July 2026, the Group signed a non-binding indicative term sheet to sell the business of M&C Saatchi Australia for a sale price of AUD $1 with completion expected on 1 October 2026. Based on the terms of that agreement, an Asset Held for Sale has been classified on the Balance Sheet with a value equal to the sale price of AUD $1.
The results of entities classified as assets held for sale, which have been excluded from the results for prior periods as discontinued operations under IFRS, were as follows:
|
|
Period ended 30 June 2026 |
Period ended 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Revenue |
14,712 |
21,576 |
39,487 |
|
Project cost / direct cost |
(6,659) |
(7,909) |
(14,536) |
|
Net revenue |
8,053 |
13,667 |
24,951 |
|
Staff costs |
(8,235) |
(11,041) |
(21,272) |
|
Depreciation and amortisation |
(239) |
(763) |
(1,236) |
|
Impairment charges |
(1,772) |
– |
(306) |
|
Other operating charges |
(1,124) |
(1,454) |
(3,146) |
|
Other gains / (losses) |
– |
– |
(3,292) |
|
Operating (loss)/profit |
(3,316) |
409 |
(4,301) |
|
Finance expense |
(509) |
(445) |
(965) |
|
Finance income |
30 |
17 |
125 |
|
(loss)/profit before tax |
(3,795) |
(18) |
(5,141) |
|
Tax |
(446) |
93 |
(2,086) |
|
(Loss)/profit for the year |
(4,241) |
74 |
(7,227) |
|
EPS from discontinued operations (Note 4) |
|
|
|
|
Basic (pence) |
(3.52)p |
0.06p |
(5.99)p |
|
Diluted (pence |
(3.52)p |
0.06p |
(5.99)p |
The statement of cash flows includes the following amounts relating to discontinued operations:
|
|
Period ended 30 June 2026 |
Period ended 30 June 2025 |
Year ended 31 December 2025 |
|
|
£000 |
£000 |
£000 |
|
Operating activities |
(3,575) |
342 |
(3,034) |
|
Investing activities |
164 |
6 |
532 |
|
Financing activities |
(1,304) |
(1,138) |
(2,175) |
|
Net cash outflow from discontinued operations |
(4,715) |
(790) |
(4,677) |
12. Events after the balance sheet date
On 12 July 2026, the Company signed a non-binding indicative term sheet to sell the business of M&C Saatchi Australia for a sale price of AUD $1 with completion expected on 1 October 2026. The results of this business have been classified as held for sale and a discontinued operation as at 30 June 2026. Subsequent to this, we were not able to finalise acceptable terms for the sale of the Australian business and as a result, the sale is no longer progressing and the local team is in discussions with clients regarding ongoing work and, where appropriate, the potential to transition work to another part of the wider Group.
Notes
Company
M&C Saatchi plc, a company incorporated and domiciled in England and Wales with company number 05114893, listed on the AIM Market of the London Stock Exchange plc.
Group
The Company and its subsidiaries.
Like-for-like results
A self-defined alternative measure of profit that provides a different perspective to the Statutory results. The Directors believe it provides a better view of the underlying performance of the Company, because it excludes a number of items that are not part of routine business income and expenses. These Like-for-like figures are a better way to measure and manage the business and are used for internal performance management and reward. “Like-for-like results” is not a defined term in IFRS.
Like-for-like results represent the underlying trading profitability of the Group and exclude:
• Separately disclosed items that are one-off in nature and are not part of running the business.
• Impairment of non-current assets.
• Amortisation of acquired intangibles.
• Gains or losses generated by disposals of subsidiaries and associates.
• Fair value adjustments to unlisted equity investments, acquisition related contingent consideration, investment properties and put options.
• Dividends paid to IFRS 2 put option holders.
• Results of subsidiaries acquired or which management did or intends to exit in the current and prior year.
• Foreign exchange movements by restating prior year figures using current year foreign exchange rates.
A reconciliation of Statutory to Like-for-like results is presented in Note 4.
Foreign Exchange
The Group is exposed to movements in foreign currency exchange rates in respect of the translation of net assets and income statements of foreign operations. The like-for-like basis applies the constant foreign exchange rate applicable for the current period to the comparative period in order to present the reported results on a more comparable basis.
Key currencies and average FX rates taken for the period measured (January 2026 to June 2026) to restate H1 2025.
|
Currency |
Jun-26 |
Dec-25 |
Sterling | |
|
United Arab Emirates Dirham |
AED |
4.94 |
4.84 |
1.96% |
|
Australian $ |
AUD |
1.92 |
2.04 |
(6.30%) |
|
Euro € |
EUR |
1.15 |
1.17 |
(1.25%) |
|
US $ |
USD |
1.34 |
1.32 |
1.95% |
|
South African Rand |
ZAR |
22.09 |
23.57 |
(6.29%) |
Operating profit margin
Operating profit margin refers to the percentage calculated through dividing operating profit by net revenue.
Net cash
Net cash refers to cash and cash equivalents, less borrowings of the Group, excluding lease liabilities.
Net revenue
Net revenue is equal to revenue less project cost / direct cost. It is not an IFRS defined term. It is, however, used as a key performance indicator by the Group.
Revenue
Revenue comprises the total of all gross amounts billed, or billable, to clients in respect of commission-based, fee-based and any other income where we act as principal and our share of income where we act as an agent. The difference between Billings and Revenue is represented by costs incurred on behalf of clients with whom we operate as an agent, and timing differences where invoicing occurs in advance or in arrears of the related revenue being recognised.
EBITDA
EBITDA is earnings before depreciation, amortisation, finance expense and taxation, and excludes any charges relating to IFRS 16. It is not an IFRS defined term. It is, however, used as a key performance indicator by the Group.
Billings
Billings comprise all gross amounts billed, or billable to clients in respect of commission-based and fee-based income, whether acting as agent or principal, together with the total of other fees earned, in addition to those instances where the Group has made payments on behalf of customers to third parties. It is stated exclusive of VAT and sales taxes.
Minority interests and non-controlling interests
Within the Group, there are a number of subsidiary companies and partnerships in which employees hold a direct interest in the equity of those companies. These employees are referred to as minority shareholders. Of these subsidiary companies and partnerships, most account for the shareholding of their minority shareholders as a management incentive (through the award of conditional shares) and are 100% consolidated in the Group’s financial statements. The remaining four subsidiary companies (including one without a put option) account for their minority shareholders as non-controlling interests, a defined IFRS term, with their share of the Group’s profits being shown separately on the Income Statement.
Discontinued operations
The Australia business has been classified as Held for Sale as at 30 June 2026. As the results of the business represent a major geographic segment of the Group’s results, these have been presented as a discontinued operation on the face of the Income Statement and shown separately from the results of the rest of the Group in the current and comparative periods. For more information see Note 11.
[1] New wins and project extensions with current clients from January to June 2026.
[2] LFL performance, therefore excluding Australia which is classed as an asset held for sale as of 30 June 2026.
[3] The segmental reporting reflects Like-for-like results
[4] The segmental reporting reflects Like-for-like results
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