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Strategic report
OCU Group | Annual report and financial statements 2025
Governance
Financial statements
Chief Financial Officer’s review
Results continued Adjusting items
Going concern The Directors have considered the Group’s medium-term cash forecasts and conducted appropriate stress-test analysis on these projections in order to assess the Group’s ability to continue as a going concern. Having also made appropriate enquiries, the Directors consider it reasonable to assume that the Group has adequate resources to continue for the foreseeable future and therefore continue to adopt the going concern basis in preparing the full-year financial statements. Further detail is provided in note 1 Going concern.
Tax A tax charge of £7.2m (FY24: £2.0m) resulted in a loss after tax for the year ended 30 April 2025 of £70.8m (FY24: £32.9m). Cash/net debt The Group’s balance sheet shows a healthy cash position of £77.2m (30 April 2024: £28.8m) and total borrowings including finance leases of £656.3m (30 April 2024: £369.7m) at the year end. Consequently, the Group’s net debt position at 30 April 2025 was £579.1m (30 April 2024: £340.9m). Balance sheet Most key balance sheet accounts increased year on year due to the growth of the business. This included trade and other receivables, trade and other payables, and borrowings. Closing net assets at 30 April 2025 were £66.0m (30 April 2024: £136.8m).
Banking facilities In November 2024, the Group successfully completed a full institutional refinancing, ensuring a continued strong financial footing to support future growth. At 30 April 2025, the Group had £200m and €530m of term loans together with a delayed draw term loan of £75m and a committed revolving credit facility of £150m, both of which were undrawn at 30 April 2025. These core facilities are repayable at the end of their term in 2031. The Group has remained in compliance with all covenants associated with its borrowing facilities throughout the year. On 7 July 2025, the Group increased the sterling term loan by £17.8m and the delayed draw term loan facility by £6.7m along with a reduction in interest rates on the term loans of 50 basis points.
Adjusting items in the year to 30 April 2025 include costs relating to M&A, restructuring and system implementation. These items have been separately identified by the Directors and adjusted to provide a measure of underlying financial performance. In addition, under UK GAAP accounting, goodwill arising on both the acquisition of the OCU Group by Triton Partners and on the acquisitions completed to date by the Group is amortised, resulting in a (non‑cash) amortisation charge of £64.5m in FY25 (FY24: £42.3m). Net finance costs Net finance costs, primarily relating to the Group’s term loans and revolving credit facilities, were £69.2m in the year to 30 April 2025, £25.7m above the prior year, reflecting the increase in borrowings associated with the acquisitions made. Exceptional finance costs of £22.5m were incurred relating to the refinancing noted below. Profit/loss before tax Loss before tax for the year of £63.6m (FY24: loss of £30.9m) is stated after £64.5m of non‑cash goodwill amortisation (FY24: £42.3m), net finance costs of £69.2m (FY24: £43.5m) and exceptional items of £28.8m (FY24: £3.5m).
David Snowball Chief Financial Officer
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