Revenue Growth and Scale
Group sales rose 7% in constant currency to GBP 1.7bn for FY2025, with fourth-quarter sales up 5% CC. Consumer Care grew 8% for the year (Q4 +9%) and Life Sciences grew 8% (Q4 +8%).
Profitability (Adjusted)
Adjusted operating profit increased 8% to GBP 295m and adjusted profit before tax rose 8% to GBP 276m, reflecting improved underlying performance.
Free Cash Flow and Balance Sheet Improvement
Free cash flow was GBP 162m for FY2025 (strengthened in H2), CapEx reduced from GBP 138m to GBP 108m (below guidance), net debt reduced slightly to GBP 524m and leverage improved to 1.3x EBITDA (from 1.5x).
Margin Recovery and Transformation Progress
Operating margin moved from 17.2% to 17.4% for the year, with second-half margin at 17.6%. Transformation cost savings contributed c.1.6 percentage points of margin recovery and GBP 28m of savings were delivered in 2025, ahead of plan.
Strong Performance in Key Sub-segments
Fragrances & Flavors (F&F) grew 15% for the year (Flavors noted as fastest-growing with >20% in 2025 commentary); Crop Protection sales up 14% for the year (Q4 +12%); Beauty Actives +6% and Beauty Care +4%.
Innovation and Commercial Wins
Sales of patented ingredients up 9%; sales of new ingredients increased 10% in 2025. Launched KeraBio (hair repair platform) with initial batches selling out quickly; pipeline value per customer co-creation project increased 12%.
Customer Metrics and Geographic Rebalancing
Net Promoter Scores increased by 11 points; >90% customer retention over 5 years. 48% of sales now outside Europe/North America (up from 37%) and 50% of business in fast-growing countries.
Clear 2028 Financial Framework and Targets
Management targets organic sales growth of 3%–6% (group), adjusted operating margin >20% by FY2028 (EBITDA margin >25%), annualized transformation savings GBP 100m and working capital reduction GBP 50m by 2028, and free cash flow conversion >12%.