Amcomri (AMCO) H1 2025 earnings summary

Executive summary

• Achieved record H1 results with double-digit revenue and earnings growth year-over-year, driven by organic initiatives and strategic acquisitions (EMC and Electronix), with revenue up 17% to £31.8m and adjusted EBITDA up 15% to £4.3m.

• Maintained stable gross margin at 38.4% and improved basic EPS to 2.13p (up from 1.87p in H1 2024).

• Growth supported by successful integration of acquisitions and strong demand in electronics, aerospace, renewable energy, and defence sectors.

• Largest engineering contract to date secured in renewable energy sector; record order book in specialist printing.

• The Buy, Improve, Build model continues to deliver, with resilience shown despite challenging economic and political conditions.

Financial highlights

• Revenue up 17% year-over-year to £31.8m, with 3.4% organic growth and 13% from acquisitions.

• Adjusted EBITDA rose nearly 15% to £4.3m, with margin maintained above 12%.

• Gross profit increased by £1.7m, with gross margin stable at 38.4%.

• Net cash inflow from operating activities was £1.2m, despite a £2.5m working capital outflow mainly due to higher receivables.

• Net debt stands at £11m, including £3.6m deferred consideration; cash balance at period end was £7.8m.

Outlook and guidance

• Confident in delivering year-end targets and maintaining growth trajectory into 2026, with good visibility for H2 2025.

• Strong visibility on key projects and robust acquisition pipeline across both divisions.

• Margin mix expected to improve in H2 as higher-margin acquisitions (EMC, Electronix) contribute more fully.

• Organic growth opportunities and project-based initiatives expected to drive further gains.

• Well-positioned for 2026, supported by diversified end markets.