The final dividend, which amounts to £19.0 million (FY 2025: £16.7 million), will be paid on 21 September 2026 to those shareholders on the register on 21 August 2026.
Other Financial Highlights:
Continued strong client demand, expansion of services and expansion into insurance consulting drove the fourth consecutive year of double digit growth with revenues up 13% (+7% organic(4))
o Advisory revenues grew 20% (8% organic) driven by ongoing regulatory changes, high demand for risk transfer and GMP services and support for insurance clients
o Administration revenues grew 5% YoY due to strong demand for GMP and other project work plus onboarding of new client wins. Excluding the impact of McCloud, underlying revenues grew 18% YoY
o Another year of growth in SIP revenues (+10%) from SIP sales and increases in bank interest
Group revenues, after adjusting for McCloud in the prior year, grew 18%, of which 12% was organic
Adjusted EBITDA grew 9% notwithstanding the impact of the higher employer National Insurance contributions; excluding McCloud adjusted EBITDA growth exceeded revenue growth reflecting further delivery of operational gearing as the business scales
The business model remains capital light and highly cash generative with operating cash conversion >90%
Net debt/adjusted EBITDA(1) of 0.64x at 31 March 2026 (31 March 2025: 0.57x); remains below target range of 1.0x - 1.5x , providing strong platform for inorganic growth opportunities as part of an established capital allocation policy
Adjusted profit before tax (PBT) was up 8% in line with EBITDA growth. Statutory PBT was down 5% YoY primarily due to the IFRS 3 accounting treatment of the Polaris contingent consideration
