RE: Final Results2 Dec 2025 07:34
Strong results, well ahead of the Holiday travel market.
New business performing well and post period performance is incredible given the financial climate.
AI is speeding up delivery and no doubt cutting costs.
Cruise is an exciting for nothing addition and will prove very profitable.
FY25 Financial overview
• Record TTV for the fourth consecutive year, up 11% to £1.25bn (FY24: £1.1bn).
• Revenue increased 6% to £121.4m (FY24: £114.6m).
• Further margin improvement of 150 bps with Adjusted EBITDA margin at 33.2% (FY24: 31.7%).
• Adjusted profit before tax increased 20% to £35.0m (FY24: £29.2m1
).
• Adjusted EPS increased 45% to 19.0p (FY24: 13.1p).
• Group remains in a strong financial position with cash2 of £91.7m (30 September 2024: £96.2m)
• Refinancing completed in September 2025 with Lloyds, Natwest and HSBC, delivering a larger
facility size with improved pricing, providing significant flexibility to power medium term growth
and further shareholder returns.
• Final dividend of 3.0p per share. Full year dividend increased 33% to 4.0p per share,
representing 25% of net earnings, in line with capital allocation policy.
• Completed share buybacks totalling 22.5m shares for £50m in the last 12 months, representing
14% of share capital.
Current Trading and Outlook
• FY25 growth has continued into the new financial year with YTD TTV +16% and YTD bookings
growth of +14% versus the prior year.
• Winter ‘25/26 forward bookings are +15% YOY.
• Summer ‘26 momentum is building; YTD forward bookings for Summer ‘26 are +8% YOY and
we are confident in delivering another record summer.
• The Board is confident in delivering FY26 Adjusted PBT in the range of £39m-£43m, in line with
market expectations.
• The Group remains on track with its Medium Term Ambition; TTV of £2.5bn, EBITDA of £100m,
Adjusted PBT of £85m and EPS of 38.7p.