| KPI | [GBP m] | FY 2025 | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|
| Revenue | Number of Estimates | 6 | 6 | 5 | |
| Revenue | Highest | 426.0 | 460.2 | 497.5 | |
| Revenue | Consensus (Mean) | 394.4 | 413.5 | 437.9 | 460.2 |
| Revenue | Median | 414.6 | 439.2 | 458.7 | |
| Revenue | Lowest | 397.6 | 417.3 | 438.3 | |
| Operating profit | Number of Estimates | 5 | 5 | 5 | |
| Operating profit | Highest | 31.5 | 36.2 | 43.8 | |
| Operating profit | Consensus (Mean) | 16.1 | 28.9 | 34.0 | 38.8 |
| Operating profit | Median | 29.5 | 35.8 | 39.1 | |
| Operating profit | Lowest | 25.3 | 30.5 | 35.0 | |
| Underlying operating profit | Number of Estimates | 6 | 6 | 5 | |
| Underlying operating profit | Highest | 32.6 | 38.1 | 43.8 | |
| Underlying operating profit | Consensus (Mean) | 28.6 | 31.3 | 36.3 | 40.8 |
| Underlying operating profit | Median | 31.2 | 36.2 | 41.3 | |
| Underlying operating profit | Lowest | 30.3 | 34.6 | 38.0 | |
| Underlying operating margin % | Number of Estimates | 6 | 6 | 5 | |
| Underlying operating margin % | Highest | 7.9 | 8.9 | 9.5 | |
| Underlying operating margin % | Consensus (Mean) | 7.3 | 7.6 | 8.3 | 8.9 |
| Underlying operating margin % | Median | 7.5 | 8.3 | 8.9 | |
| Underlying operating margin % | Lowest | 7.1 | 7.7 | 8.3 | |
| Underlying EPS | Number of Estimates | 6 | 6 | 5 | |
| Underlying EPS | Highest | 25.4 | 32.2 | 41.6 | |
| Underlying EPS | Consensus (Mean) | 20.2 | 22.8 | 29.0 | 35.0 |
| Underlying EPS | Median | 22.5 | 29.0 | 35.5 | |
| Underlying EPS | Lowest | 20.6 | 24.6 | 28.6 | |
| Cashflow from operating activities | Number of Estimates | 5 | 5 | 4 | |
| Cashflow from operating activities | Highest | 70.3 | 75.1 | 79.5 | |
| Cashflow from operating activities | Consensus (Mean) | 66.9 | 64.8 | 66.8 | 71.3 |
| Cashflow from operating activities | Median | 64.1 | 67.8 | 71.7 | |
| Cashflow from operating activities | Lowest | 57.9 | 56.6 | 62.3 | |
| Leverage (Covenant net debt / EBITDA) | Number of Estimates | 6 | 6 | 5 | |
| Leverage (Covenant net debt / EBITDA) | Highest | 1.3 | 1.3 | 1.3 | |
| Leverage (Covenant net debt / EBITDA) | Consensus (Mean) | 1.3 | 1.1 | 1.0 | 1.0 |
| Leverage (Covenant net debt / EBITDA) | Median | 1.1 | 1.0 | 1.0 | |
| Leverage (Covenant net debt / EBITDA) | Lowest | 1.0 | 0.8 | 0.6 | |
| Covenant Net Debt | Number of Estimates | 6 | 6 | 5 | |
| Covenant Net Debt | Highest | 67.2 | 81.6 | 89.0 | |
| Covenant Net Debt | Consensus (Mean) | 61.0 | 58.5 | 58.7 | 59.4 |
| Covenant Net Debt | Median | 57.8 | 54.3 | 58.4 | |
| Covenant Net Debt | Lowest | 52.1 | 46.1 | 35.7 | |
| Capex and development spend | Number of Estimates | 6 | 6 | 5 | |
| Capex and development spend | Highest | -29.8 | -28.0 | -27.0 | |
| Capex and development spend | Consensus (Mean) | -33.0 | -31.6 | -31.7 | -31.3 |
| Capex and development spend | Median | -32.0 | -32.0 | -32.0 | |
| Capex and development spend | Lowest | -33.0 | -35.0 | -35.0 | |
| Return on capital employed (ROCE %) | Number of Estimates | 5 | 5 | 5 | |
| Return on capital employed (ROCE %) | Highest | 11.2 | 12.8 | 15.9 | |
| Return on capital employed (ROCE %) | Consensus (Mean) | 8.2 | 9.8 | 11.3 | 12.7 |
| Return on capital employed (ROCE %) | Median | 10.0 | 11.4 | 11.8 | |
| Return on capital employed (ROCE %) | Lowest | 8.5 | 9.4 | 10.3 | |
| Energy Revenue | Number of Estimates | 6 | 6 | 5 | |
| Energy Revenue | Highest | 172.9 | 190.2 | 209.2 | |
| Energy Revenue | Consensus (Mean) | 158.6 | 163.9 | 174.6 | 184.7 |
| Energy Revenue | Median | 167.1 | 176.8 | 180.1 | |
| Energy Revenue | Lowest | 148.5 | 155.9 | 163.7 | |
| Energy Underlying operating profit | Number of Estimates | 6 | 6 | 5 | |
| Energy Underlying operating profit | Highest | 19.9 | 23.2 | 26.8 | |
| Energy Underlying operating profit | Consensus (Mean) | 17.6 | 18.9 | 21.1 | 22.9 |
| Energy Underlying operating profit | Median | 19.2 | 21.3 | 22.2 | |
| Energy Underlying operating profit | Lowest | 17.2 | 18.6 | 20.0 | |
| Defence Revenue | Number of Estimates | 6 | 6 | 5 | |
| Defence Revenue | Highest | 100.3 | 112.4 | 121.4 | |
| Defence Revenue | Consensus (Mean) | 88.8 | 96.8 | 105.5 | 112.4 |
| Defence Revenue | Median | 97.3 | 106.5 | 113.9 | |
| Defence Revenue | Lowest | 93.2 | 97.0 | 99.9 | |
| Defence Underlying operating profit | Number of Estimates | 6 | 6 | 5 | |
| Defence Underlying operating profit | Highest | 8.0 | 10.8 | 12.3 | |
| Defence Underlying operating profit | Consensus (Mean) | 5.5 | 7.2 | 9.1 | 11.1 |
| Defence Underlying operating profit | Median | 7.3 | 9.6 | 11.8 | |
| Defence Underlying operating profit | Lowest | 5.9 | 6.8 | 8.0 | |
| Maritime Transport Revenue | Number of Estimates | 6 | 6 | 5 | |
| Maritime Transport Revenue | Highest | 157.4 | 164.3 | 170.1 | |
| Maritime Transport Revenue | Consensus (Mean) | 147.0 | 152.9 | 157.8 | 163.1 |
| Maritime Transport Revenue | Median | 151.8 | 156.5 | 160.6 | |
| Maritime Transport Revenue | Lowest | 149.9 | 152.9 | 157.5 | |
| Maritime Transport underlying operating profit | Number of Estimates | 6 | 6 | 5 | |
| Maritime Transport underlying operating profit | Highest | 22.2 | 24.7 | 26.2 | |
| Maritime Transport underlying operating profit | Consensus (Mean) | 20.8 | 20.2 | 21.5 | 23.1 |
| Maritime Transport underlying operating profit | Median | 20.7 | 21.9 | 22.7 | |
| Maritime Transport underlying operating profit | Lowest | 17.5 | 18.5 | 20.4 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
