ProService Building Services Marketplace (PRO) H2 2025 earnings summary

Executive summary

• Achieved resilient results amid challenging market conditions, with significant transformation including the operational separation of ProService and THSC and divestment of non-core businesses such as HSS Power and HSS Ireland.

• Group revenue for the 15 months to March 2025 was £379.0m, up from £312.4m in the prior 12 months, but average monthly revenue declined year-over-year on a like-for-like basis.

• Reported a loss before tax of £130.3m (2023: profit of £6.9m), primarily due to a £113.5m impairment charge related to THSC and costs associated with restructuring and separation.

• ProService and THSC now operate as fully independent businesses, each with dedicated management teams and strategies.

Financial highlights

• Revenue: £379.0m for 15 months to March 2025 (FY23: £312.4m for 12 months).

• Underlying EBITDA: £50.5m (FY23: £54.5m); Underlying EBITA: £6.6m (FY23: £21.6m).

• Gross profit: £169.1m (FY23: £147.1m); Gross margin declined by 2.5 percentage points to 44.6%.

• Loss before tax: £130.3m (FY23: profit of £6.9m); EPS: (18.48)p (FY23: 0.42p).

• Net debt reduced to £97.6m (FY23: £111.6m); leverage increased to 2.3x (FY23: 1.9x).

Outlook and guidance

• Confident in long-term prospects following strategic separation and divestments.

• Focus on refinancing existing lending facilities due September 2026; material uncertainty remains until refinancing is secured.

• No final dividend declared for the period; capital allocation prioritized for ongoing business needs.