89
Strategic report
OCU Group | Annual report and financial statements 2025
Governance
Financial statements
Chief Financial Officer’s review
Results Performance summary
FY25
£m
FY24
Variance
886.5
Revenue
610.6
45.2%
98.9
58.4
69.3%
Adjusted operating profit 1
111.0
65.7
68.9%
Adjusted EBITDA 1
63.6
Loss before tax
30.9
105.8%
Closing net debt 2 69.9% 1. OCU uses a range of statutory performance measures and alternative performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures, and a reconciliation to statutory performance measures, are included on page 118. 2. Represents the borrowings of the Group less cash. 579.1 340.9 Revenue Group revenue for the financial year ended 30 April 2025 was £886.5m, a 45.2% increase on the prior year (FY24: £610.6m). The Group successfully completed a further three strategic acquisitions during FY25, and five acquisitions during FY24. These acquisitions contributed £301.4m and £84.0m of revenue in the years ended 30 April 2025 and 30 April 2024, respectively. Excluding this impact, Group revenues grew year on year by 11.1%, reflecting strong organic growth across both our Utilities and Energy businesses. The acquisition of AEC, post year end, further enhances our financial profile, with AEC expected to deliver approximately A$170m (around £85m) in revenue for the current financial year FY26. The introduction of AEC not only diversifies our revenue streams but also reinforces our structural capacity to undertake important renewable energy projects across multiple regions. Adjusted operating profit Adjusted operating profit is the Group’s operating profit before exceptional items and goodwill amortisation. The Group’s adjusted operating profit was £98.9m for the year ended 30 April 2025, up 69.3% from £58.4m in FY24. Adjusted operating profit margin of 11.2% in the year was above the 9.6% reported in FY24, reflecting profitable growth following investment in the Group support functions to develop a scalable platform. We anticipate that our profit margin will improve in the future as we benefit from operating leverage from these investments. Adjusted EBITDA Adjusted earnings before net finance costs, taxes, depreciation, amortisation and exceptional items (‘adjusted EBITDA’) was £111.0m for the year ended 30 April 2025, up from £65.7m in FY24, reflecting the strong organic and inorganic growth in the Group.
David Snowball Chief Financial Officer
OCU Group continues to deliver strong, profitable growth, reflecting excellent progress against our strategic objectives. We continue to invest in our capabilities, people and cutting-edge technology to drive long-term value creation for stakeholders. With a solid capital structure and robust financial footing, we are well positioned to build on this momentum into the future.
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