Strong earnings and margin progression
Diluted EPS of 253.5p, up 10.1% at constant currency (5.4% at actual rates); operating margin 18.1%, up 90 basis points year-on-year; operating profit GBP 620m, up 9.3% at constant currency.
Revenue growth and scale
Total revenue GBP 3.4bn, up 4.3% at constant currency (1.1% at actual rates); like-for-like group revenue growth driven by ATIC demand was ~3.9% at constant rates, with core segments (Consumer Products, Corporate Assurance, Health & Safety and Industry Infrastructure) delivering combined like-for-like growth of 5.4%.
Excellent returns and capital allocation
ROIC strong at ~21.3% (3-year average ~21.4% referenced); cash conversion 110%; management invested ~GBP 300m in growth and returned GBP 602m to shareholders (over the year) with a stated medium-term dividend payout target of ~65%.
Consumer Products outperformance
Consumer Products revenue GBP 983m, up 6.2% year-on-year; like-for-like +6.3%; operating profit up 11% to GBP 299m and margin 30.4%, up 250 basis points driven by operating leverage and productivity gains.
Industry Infrastructure strong operational leverage
Industry Infrastructure revenue GBP 858m, up 5.3% (like-for-like +4.7%); operating profit GBP 95m, up 24% with margin improvement of 170 basis points from operating leverage, productivity and portfolio mix.
Corporate Assurance and Health & Safety growth
Corporate Assurance revenue GBP 514m, up 6.8% with operating profit GBP 116m (operating profit +3%); Health & Safety revenue GBP 347m, up 5.5%, with Food achieving double-digit like-for-like growth.
Accretive M&A and targeted bolt-ons
Seven acquisitions in the last three years to strengthen IT/value proposition in high-growth, high-margin sectors; acquisitions delivered an aggregate margin of 34% in 2025. Recent deals include Aerial PV (drone-based solar inspections) and QTEST (Colombia electrical network expansion).
Geographic resilience — China performance
China like-for-like revenue growth 5.4% in 2025 (in line with 3-year like-for-like of 5.6%) with diversified portfolio and scale across business lines.
Clear guidance and ambition for 2026
2026 guidance: mid-single-digit like-for-like revenue growth at group level, further margin progression targeting 18.5%+, expected CapEx GBP 150–160m, net finance costs GBP 71–72m, effective tax rate 25.5–26.5%, and financial net debt guidance GBP 930–980m (before material FX/M&A).
Strategic differentiation — ATIC and AI focus
Reinforced premium ATIC (end-to-end Quality Assurance) differentiation and active AI initiatives (AI assurance product 'AI2', internal AI lab) to drive productivity, enhanced SaaS/data offerings and new client services.