Videndum (VID) H1 2025 earnings summary

Executive summary

• Achieved cost savings of £6m in H1 2025, on track for £15m in FY 2025 and an annualized exit rate of £19m; restructuring and operational simplification underway.

• Raised £8m in gross equity in April 2025 and sold the Amimon business, retaining its IP in the U.S.; profit on disposal offset by pre-disposal losses.

• Revenue for H1 2025 was £115.4m, down 25% year-over-year and 9% sequentially from H2 2024, reflecting weak US shipments and macroeconomic uncertainty.

• Manfrotto ONE, a new hybrid tripod, was launched, marking a restart of new product introductions.

• Order book is building, with pent-up demand in Cine and ICC markets, but US distributor orders remain restrained due to tariffs.

Financial highlights

• Gross margin was 35% in H1 2025, flat sequentially but down from 41% in H1 2024 due to lower volumes.

• Adjusted operating loss was £7.0m in H1 2025, with statutory loss before tax of £20.1m; one-off charges mainly from restructuring.

• Free cash outflow was £13.3m, including £5.2m in debt amendment fees and £5.7m in restructuring spend.

• Net debt at June 2025 was £137.7m, up from £133.0m at year-end 2024.

• Adjusted loss per share was 11.2p; statutory loss per share was 21.6p, reflecting the equity raise.

Outlook and guidance

• Visibility for FY25 remains limited due to US tariffs and macroeconomic volatility; a wide range of outcomes is possible.

• Any improvement in H2 2025 revenue is expected to significantly benefit operating profit due to cost management.

• Order book is building, with pent-up demand in Cine and ICC markets, but US distributor orders remain restrained.