Videndum (VID) H2 2025 earnings summary

Executive summary

• Revenue declined 19% year-over-year to £228.3m, with the rate of decline moderating in H2 and Q4, excluding the impact of the 2024 Paris Olympics.

• Adjusted EBITDA fell 53% to £9.0m, driven by lower volumes, partially offset by £15m in cost savings.

• Statutory operating loss was £53.9m, including £24.4m in depreciation, amortisation, and impairment, and £38.5m in adjusting items.

• Net debt increased by £9.3m to £142.3m at year-end, with interest, financing fees, and restructuring costs partly offset by disposals and an equity raise.

• Major restructuring, site consolidations, and disposals (Amimon and JOBY) were executed to focus on core professional markets and improve liquidity.

Financial highlights

• Revenue from continuing operations: £228.3m (2024: £280.7m).

• Adjusted EBITDA: £9.0m (2024: £20.1m).

• Statutory operating loss: £53.9m (2024: £84.5m).

• Adjusted operating cash flow: £5.3m (2024: £16.6m).

• Net debt: £142.3m (2024: £133.0m).

• Adjusted basic loss per share: (28.6)p (2024: (17.9)p).

• Statutory basic loss per share: (68.1)p (2024: (155.8)p).

Outlook and guidance

• Board expects good revenue growth in FY2026, supported by new product introductions.

• Medium-term target: revenue in excess of £350m and mid-teens adjusted EBITDA margin.

• Outlook underpinned by operational efficiencies, cost reduction, and new product innovation.