Amcomri (AMCO) H2 2025 earnings summary

Executive summary

• Achieved record results for FY25, with revenue rising 22% to GBP 70.9 million and adjusted EBITDA up 19% to GBP 9.2 million, both ahead of expectations despite global challenges.

• Embedded Engineering now represents over 52% of group revenue, up from 43% in FY24, contributing to higher margins.

• EMC and Electronix acquisitions performed well, supporting future growth and expanding service offerings.

• Net profit after tax more than doubled to GBP 3 million, with strong balance sheet and net assets at GBP 23.7 million.

• Strong acquisition pipeline and organic growth projects position the group for continued expansion into 2026.

Financial highlights

• Revenue increased by GBP 12.9 million year-over-year, driven by organic growth and acquisitions.

• Gross profit margin improved to 36.6% from 36.4% year-over-year.

• Operating expenses rose by GBP 3.4 million, mainly due to new acquisitions and increased group overhead.

• Net debt rose to GBP 11.2 million (1.2x adjusted EBITDA), reflecting acquisition activity and deferred consideration.

• Net profit after tax increased to GBP 3.0 million from GBP 1.2 million.

Outlook and guidance

• Forecast revenue for 2026 is GBP 80 million, with management confident in achieving this target.

• FY26 trading has started well and is in line with expectations, with strong project pipelines in Embedded Engineering and B2B Manufacturing.

• Shutdown loadings for 2026 largely fixed, supporting revenue visibility.

• Continued focus on scaling the business, talent development, and delivering superior shareholder returns.

• Ongoing monitoring of geopolitical risks, particularly in the Gulf and Middle East, with proactive risk management in place.