Strategic report
Governance
Financial statements
90 OCU Group Annual report and financial statements 2026
Chief Financial Officer’s review continued
Results continued Profit/loss before tax
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. Financial priorities for FY27 Our financial priorities for FY27 follow directly from the year just ended. We will complete the financial integration of the businesses acquired during FY26, bringing them fully onto the Group's systems, controls and reporting disciplines. We expect margin progression as the Group begins to realise the operating leverage created by our investment in Group support functions and our international platform, and we will maintain the working capital and cash disciplines established while continuing to invest in our people, fleet and technology. Capital allocation will remain disciplined, balancing organic investment and selective acquisitions with the maintenance of a robust capital structure and comfortable covenant headroom. Together, these priorities support the Group's ambition to grow safely, sustainably and profitably through FY27 and beyond.
Loss before tax for the year of £20.1m (FY25: loss of £63.6m) is stated after £76.3m of non-cash goodwill amortisation (FY25: £64.5m), net finance costs of £73.2m (FY25: £69.2m) and exceptional items of £6.7m (FY25: £28.8m). Tax A tax charge of £11.8m (FY25: £7.2m) resulted in a loss after tax for the year ended 30 April 2026 of £31.9m (FY25: £70.8m). Cash/net debt The Group’s balance sheet shows a healthy cash position of £140.6m (30 April 2025: £77.2m) and total borrowings including finance leases of £776.2m (30 April 2025: £656.3m) at the year end. Consequently, the Group’s net debt position at 30 April 2026 was £635.6m (30 April 2025: £579.1m). 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. Recognition of future valued put option liabilities has resulted in closing net liabilities at 30 April 2026 of £10.6m (30 April 2025: net assets £66.0m). Banking facilities At 30 April 2026, the Group had £725.8m of term loans together with a committed revolving credit facility of £150m which remained undrawn. These core facilities are repayable at the end of their term in 2031. During the year, the Group completed two successful repricing exercises resulting in reduced interest costs attributable to the term loans. The Group has remained in compliance with all covenants associated with its borrowing facilities throughout the year.
David Snowball Chief Financial Officer
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