Dividend
- Total dividend of 2.40 € cent per share. A final dividend of 1.58 € cent per share will be paid in May 2026, following an interim dividend of 0.82 € cent per share paid in September 2025.
- The Group continues to execute its £5m share buy-back programme, with £3.9m worth of shares purchased to 31 December 2025 and will have substantially completed by end of Q1 2026.
Other Financial Highlights
- Generated revenue rose 3% year-on-year to €93.8m (2024: €91.5m). Net revenue totalled €93.8m, a 2% increase year-on-year (2024: €92.0m), after accounting for deferred revenue and other ancillary income streams.
- Full-year net bookings reached 7.0m, up 1% year-on-year (2024: 6.9m). Net Average Booking Value increased 2% year-on-year to €13.43 (2024: €13.21). The effective commission rate rose from 15.3% in 2024 to 16.2% in 2025, driven by Elevate.
- Direct marketing as a percentage of revenue was 48% for the full year (2024: 46%), with H2 improving to 45%.
- Operating costs totalled €25.8m, stable at 27% of revenue, reflecting continued investment in development resources.
- Adjusted EBITDA €19.9m, down 9% year-on-year (2024: €21.8m), in line with market consensus. Adjusted profit after tax €15.0m, down 14% year-on-year (2024: €17.4m).
