Strong Group Revenue Growth
Group revenue GBP 269m vs GBP 249m prior year; like-for-like revenue growth 9.5% driven by broad-based growth across all 3 reporting regions, 4 lead markets (U.K., Australia, Indonesia, Nigeria) and top 10 brands.
Improved Adjusted Operating Profit and Margin
Adjusted operating profit increased to GBP 36m from GBP 27m a year ago; operating margin improved by c.240 basis points (and by c.430 bps on a continuing operations basis excluding PZ Wilmar).
Upgraded Full-Year Operating Profit Guidance
Full-year adjusted operating profit guidance increased to GBP 53–57m (from GBP 50–55m previously) reflecting confidence in FY26 performance despite H2 phasing.
Balance Sheet Strengthening and Deleveraging
Proceeds from disposals (including sale of 50% stake in PZ Wilmar) materially improved the balance sheet: reported net debt reduced to GBP 84m (net leverage 1.1x) and pro forma net debt c. GBP 48m after further receipts, with leverage below 1x.
Cash Generation and Disposal Proceeds
Free cash flow GBP 23m in H1 plus GBP 27.6m of cash proceeds from asset sales in the period (GBP 15.8m surplus assets; GBP 11.8m initial Wilmar tranche) and further Wilmar cash receipts since period end.
Strong Performance in Africa (Nigeria)
African revenues GBP 79m with like-for-like growth 28% (reported growth ~30%) driven by annualization of prior pricing and return to volume growth; company expects sustainable low-to-mid-teens operating margins in the region assuming current FX and business performance.
Standout Brand and Market Wins
Sanctuary Spa grew c.30% driven by a record Christmas gifting period (Christmas revenue >30% up; shipped 98% of Christmas packs before December). ANZ delivered its third consecutive quarter of revenue growth; St.Tropez grew +12% in the U.S. following transition to The Emerson Group.
Cost Savings and Overhead Reduction
Company is delivering targeted cost savings of GBP 5–10m in FY26; central adjusted loss reduced by GBP 4.6m due to FX and people/process savings; marketing spend was lower in H1 (to be weighted to H2).