Note: All financials are shown on a continuing basis which excludes Catalyst Technologies (discontinued). Some analyst estimates may include contribution from the acquisition of Cormetech.
Note: All financials are shown on a continuing basis which excludes Catalyst Technologies (discontinued). Some analyst estimates may include contribution from the acquisition of Cormetech.
| KPI | [Pound m] | H1 2025/26 | FY 2025/26 | H1 2026/27 E | FY 2026/27 E | FY 2027/28 E | FY 2028/29 E | FY 2029/30 E |
|---|---|---|---|---|---|---|---|---|
| Revenue | Number of Estimates | 5 | 7 | 7 | 7 | 3 | ||
| Revenue | Highest | 5,973.6 | 13,985.7 | 14,618.2 | 14,856.4 | 14,567.5 | ||
| Revenue | Consensus (Mean) | 5,353.0 | 12,573.0 | 5,530.4 | 13,123.1 | 13,606.8 | 13,663.4 | 13,465.7 |
| Revenue | Lowest | 4,831.4 | 12,158.0 | 12,263.0 | 12,209.0 | 12,360.9 | ||
| Sales excluding precious metals | Number of Estimates | 7 | 9 | 9 | 7 | 3 | ||
| Sales excluding precious metals | Highest | 1,412.3 | 2,795.8 | 2,997.7 | 2,978.0 | 2,933.4 | ||
| Sales excluding precious metals | Consensus (Mean) | 1,279.0 | 2,555.0 | 1,314.2 | 2,614.8 | 2,683.2 | 2,713.5 | 2,727.4 |
| Sales excluding precious metals | Lowest | 1,265.4 | 2,399.0 | 2,483.0 | 2,481.0 | 2,511.9 | ||
| Underlying EBITDA | Number of Estimates | 7 | 8 | 8 | 8 | 3 | ||
| Underlying EBITDA | Highest | 284.2 | 580.6 | 648.0 | 692.2 | 724.7 | ||
| Underlying EBITDA | Consensus (Mean) | 218.0 | 489.0 | 263.7 | 558.6 | 605.2 | 629.2 | 646.9 |
| Underlying EBITDA | Lowest | 244.1 | 537.7 | 570.6 | 590.8 | 598.1 | ||
| Underlying operating profit (underlying EBIT) | Number of Estimates | 7 | 9 | 9 | 8 | 3 | ||
| Underlying operating profit (underlying EBIT) | Highest | 216.7 | 423.0 | 506.7 | 559.7 | 595.8 | ||
| Underlying operating profit (underlying EBIT) | Consensus (Mean) | 142.0 | 340.0 | 190.7 | 397.7 | 441.4 | 468.9 | 504.6 |
| Underlying operating profit (underlying EBIT) | Lowest | 173.4 | 375.0 | 408.5 | 414.7 | 447.9 | ||
| Operating profit (EBIT) | Number of Estimates | 6 | 7 | 7 | 7 | 3 | ||
| Operating profit (EBIT) | Highest | 483.9 | 675.3 | 506.7 | 559.7 | 595.8 | ||
| Operating profit (EBIT) | Consensus (Mean) | 117.0 | 161.0 | 330.4 | 513.6 | 429.4 | 454.2 | 485.3 |
| Operating profit (EBIT) | Lowest | 183.3 | 387.7 | 364.5 | 381.6 | 389.9 | ||
| Net finance charges | Number of Estimates | 7 | 8 | 8 | 8 | 3 | ||
| Net finance charges | Highest | -32.0 | -59.0 | -56.0 | -55.0 | -71.5 | ||
| Net finance charges | Consensus (Mean) | -32.0 | -69.0 | -35.2 | -68.9 | -71.0 | -70.9 | -81.0 |
| Net finance charges | Lowest | -38.4 | -76.8 | -79.2 | -88.9 | -88.9 | ||
| Underlying profit before tax | Number of Estimates | 7 | 9 | 9 | 8 | 3 | ||
| Underlying profit before tax | Highest | 181.1 | 346.3 | 430.9 | 470.8 | 506.9 | ||
| Underlying profit before tax | Consensus (Mean) | 110.0 | 271.0 | 155.5 | 330.4 | 369.6 | 398.0 | 423.6 |
| Underlying profit before tax | Lowest | 141.4 | 310.9 | 339.9 | 359.7 | 376.4 | ||
| Profit before tax | Number of Estimates | 6 | 7 | 7 | 7 | 3 | ||
| Profit before tax | Highest | 446.9 | 608.3 | 443.4 | 483.3 | 519.5 | ||
| Profit before tax | Consensus (Mean) | 86.0 | 91.0 | 296.7 | 445.8 | 359.3 | 384.3 | 407.7 |
| Profit before tax | Lowest | 145.9 | 309.9 | 284.9 | 305.5 | 317.4 | ||
| Underlying tax rate (%) | Number of Estimates | 6 | 8 | 8 | 8 | 3 | ||
| Underlying tax rate (%) | Highest | 26.3 | 27.6 | 28.5 | 28.4 | 26.3 | ||
| Underlying tax rate (%) | Consensus (Mean) | 21.8 | 20.3 | 24.5 | 25.5 | 25.0 | 25.0 | 23.9 |
| Underlying tax rate (%) | Lowest | 21.7 | 20.4 | 20.4 | 20.4 | 20.3 | ||
| Underlying profit attributable to equity holders | Number of Estimates | 6 | 8 | 8 | 8 | 3 | ||
| Underlying profit attributable to equity holders | Highest | 134.0 | 255.0 | 317.5 | 346.9 | 373.6 | ||
| Underlying profit attributable to equity holders | Consensus (Mean) | 86.0 | 216.0 | 117.5 | 246.8 | 279.3 | 298.0 | 321.3 |
| Underlying profit attributable to equity holders | Lowest | 105.8 | 235.7 | 255.2 | 266.1 | 281.8 | ||
| Profit attributable to equity holders | Number of Estimates | 6 | 8 | 8 | 8 | 3 | ||
| Profit attributable to equity holders | Highest | 413.1 | 534.4 | 326.7 | 356.1 | 382.8 | ||
| Profit attributable to equity holders | Consensus (Mean) | -16.0 | -91.0 | 249.0 | 340.1 | 271.8 | 291.4 | 309.2 |
| Profit attributable to equity holders | Lowest | 114.5 | 242.0 | 213.7 | 228.8 | 237.4 | ||
| Weighted average number of shares (in million) | Number of Estimates | 6 | 8 | 8 | 8 | 3 | ||
| Weighted average number of shares (in million) | Highest | 168.0 | 168.2 | 157.3 | 152.7 | 209.1 | ||
| Weighted average number of shares (in million) | Consensus (Mean) | 168.0 | 168.2 | 152.5 | 148.7 | 131.4 | 127.8 | 143.6 |
| Weighted average number of shares (in million) | Lowest | 126.1 | 126.1 | 108.8 | 102.1 | 102.7 | ||
| Underlying EPS (in pence) | Number of Estimates | 7 | 9 | 9 | 9 | 3 | ||
| Underlying EPS (in pence) | Highest | 106.25 | 198.80 | 283.50 | 323.15 | 363.69 | ||
| Underlying EPS (in pence) | Consensus (Mean) | 51.20 | 128.50 | 78.23 | 168.78 | 219.09 | 242.50 | 249.34 |
| Underlying EPS (in pence) | Lowest | 63.73 | 145.60 | 165.60 | 190.36 | 147.52 | ||
| Reported EPS (in pence) | Number of Estimates | 6 | 8 | 8 | 8 | 3 | ||
| Reported EPS (in pence) | Highest | 298.20 | 371.71 | 291.74 | 331.75 | 372.67 | ||
| Reported EPS (in pence) | Consensus (Mean) | -9.50 | -54.10 | 165.17 | 237.25 | 219.23 | 242.55 | 239.74 |
| Reported EPS (in pence) | Lowest | 68.14 | 146.66 | 171.75 | 189.70 | 147.04 | ||
| Ordinary dividend per share (in pence) | Number of Estimates | 3 | 5 | 9 | 9 | 3 | ||
| Ordinary dividend per share (in pence) | Highest | 23.10 | 100.00 | 100.00 | 102.00 | 93.59 | ||
| Ordinary dividend per share (in pence) | Consensus (Mean) | 22.00 | 77.00 | 22.85 | 78.98 | 80.42 | 81.09 | 79.75 |
| Ordinary dividend per share (in pence) | Lowest | 22.44 | 62.63 | 61.27 | 65.27 | 68.65 | ||
| Capex spend | Number of Estimates | 4 | 9 | 9 | 9 | 3 | ||
| Capex spend | Highest | -110.0 | -188.0 | -78.0 | -78.0 | -120.0 | ||
| Capex spend | Consensus (Mean) | -129.0 | -239.0 | -171.9 | -246.3 | -124.8 | -120.9 | -125.9 |
| Capex spend | Lowest | -343.7 | -425.2 | -165.7 | -135.0 | -132.8 | ||
| Free cash flow | Number of Estimates | 4 | 6 | 6 | 5 | 3 | ||
| Free cash flow | Highest | 65.9 | 268.3 | 335.0 | 350.7 | 387.4 | ||
| Free cash flow | Consensus (Mean) | 4.0 | 168.0 | -16.3 | 209.9 | 302.3 | 311.7 | 343.7 |
| Free cash flow | Lowest | -82.0 | 94.8 | 272.0 | 282.1 | 298.4 | ||
| Clean Air sales | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| Clean Air sales | Highest | 1,164.6 | 2,318.0 | 2,475.5 | 2,466.9 | 2,396.6 | ||
| Clean Air sales | Consensus (Mean) | 1,061.0 | 2,123.0 | 1,084.3 | 2,182.6 | 2,220.6 | 2,207.9 | 2,199.3 |
| Clean Air sales | Lowest | 1,038.0 | 2,028.0 | 2,013.0 | 1,964.0 | 1,979.5 | ||
| Clean Air, underlying operating profit | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| Clean Air, underlying operating profit | Highest | 188.0 | 376.2 | 435.0 | 470.3 | 489.7 | ||
| Clean Air, underlying operating profit | Consensus (Mean) | 132.0 | 307.0 | 160.8 | 343.8 | 374.5 | 384.6 | 405.0 |
| Clean Air, underlying operating profit | Lowest | 152.0 | 322.0 | 336.1 | 344.7 | 353.6 | ||
| PGM Services underlying sales | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| PGM Services underlying sales | Highest | 254.4 | 470.4 | 502.9 | 499.0 | 509.5 | ||
| PGM Services underlying sales | Consensus (Mean) | 226.0 | 420.0 | 235.5 | 440.7 | 464.3 | 472.5 | 474.4 |
| PGM Services underlying sales | Lowest | 201.1 | 418.3 | 437.0 | 439.1 | 441.3 | ||
| PGM Services underlying operating profit | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| PGM Services underlying operating profit | Highest | 78.7 | 145.4 | 167.2 | 172.3 | 182.7 | ||
| PGM Services underlying operating profit | Consensus (Mean) | 66.0 | 119.0 | 72.8 | 139.6 | 148.3 | 154.0 | 164.0 |
| PGM Services underlying operating profit | Lowest | 62.4 | 132.0 | 133.0 | 139.0 | 147.4 | ||
| Hydrogen Technolgies underlying sales | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| Hydrogen Technolgies underlying sales | Highest | 27.6 | 85.2 | 102.2 | 122.7 | 147.2 | ||
| Hydrogen Technolgies underlying sales | Consensus (Mean) | 23.0 | 71.0 | 25.7 | 78.6 | 83.8 | 93.2 | 109.4 |
| Hydrogen Technolgies underlying sales | Lowest | 24.2 | 74.5 | 75.3 | 76.0 | 86.3 | ||
| Hydrogen Technologies underlying operating profit | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| Hydrogen Technologies underlying operating profit | Highest | 0.0 | 2.0 | 4.0 | 8.7 | 14.8 | ||
| Hydrogen Technologies underlying operating profit | Consensus (Mean) | -18.0 | -19.0 | -4.7 | -4.3 | -2.2 | 0.4 | 11.2 |
| Hydrogen Technologies underlying operating profit | Lowest | -17.5 | -32.3 | -31.4 | -25.6 | 7.3 | ||
| Eliminations, underlying sales | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| Eliminations, underlying sales | Highest | -28.9 | -50.6 | -52.0 | -51.9 | -51.9 | ||
| Eliminations, underlying sales | Consensus (Mean) | -31.0 | -59.0 | -31.2 | -60.1 | -60.4 | -60.1 | -55.7 |
| Eliminations, underlying sales | Lowest | -34.7 | -66.1 | -68.1 | -70.1 | -59.0 | ||
| Corporate, underlying operating profit | Number of Estimates | 7 | 8 | 8 | 7 | 3 | ||
| Corporate, underlying operating profit | Highest | -32.5 | -65.0 | -65.0 | -58.0 | -67.0 | ||
| Corporate, underlying operating profit | Consensus (Mean) | -38.0 | -67.0 | -38.2 | -78.5 | -76.8 | -73.4 | -75.5 |
| Corporate, underlying operating profit | Lowest | -42.0 | -87.0 | -82.7 | -83.2 | -81.0 |
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.