ProService Building Services Marketplace (PRO) H1 2026 earnings summary

Executive summary

• Completed transformation to a pure-play, asset-light digital marketplace following the disposal of THSC and a new commercial agreement with Speedy Hire, including a name change to ProService Building Services Marketplace plc.

• Early post-transaction trading is encouraging, but integration challenges and additional costs are expected to persist through the remainder of the financial year.

Financial highlights

• H1 2026 revenue from continuing operations was £135.6m, down 13.9% year-over-year; gross profit fell to £62.5m.

• Gross profit margin improved to 46.1% from 44.5% due to mix changes and lower depreciation.

• Underlying EBITDA dropped to £14.2m (from £23.3m), and underlying EBITA to £4.8m (from £5.4m).

• Loss before tax widened to £6.2m (from £3.1m); basic loss per share from continuing operations was 1.11p.

• Non-underlying expenses rose to £5.2m, mainly due to transaction and restructuring costs.

• Net debt at 30 September 2025 was £86.0m, but proforma net debt post-THSC disposal was £24.8m.

Outlook and guidance

• FY26 revenue expected at c.£260m (continuing operations, excluding THSC), with underlying EBITDA around break-even.

• FY27 anticipated as a transitional year, with results expected to align with market expectations despite ongoing market weakness.

• Board remains confident in the asset-light model and growth opportunities from the Speedy Hire agreement.