Half Year Results

Speedy Hire Plc

("Speedy Hire", "the Company" or "the Group")

21 November 2024

FY2025 Interim Results

Results for the six months to 30 September 2024

Speedy, the UK's leading tools and equipment hire services company, operating across the construction, infrastructure and industrial markets, announces results for the six months to 30 September 2024.

Financial Highlights

Commenting on the results Dan Evans, Chief Executive, said:

"We have delivered resilient results for the first half of FY2025 against a challenging but manageable market backdrop, whilst maintaining investment in our Velocity strategy. The Group secured significant contract wins and renewals earlier in the calendar year, which will deliver revenue and profit growth in this financial year and beyond.

The second half has started well with hire revenues for October and November to date, up c.3% on this time last year. Consistent with prior years, the Group expects a strong second half weighting to its hire revenues and profits, as the seasons change and new contracts fully mobilise. It is particularly encouraging that we are mobilising the Amey contract earlier than anticipated, in addition to a strong pipeline of further opportunities that give us confidence in the outlook for the business.

The Board anticipates the Group meeting its full year expectations."

Trading and operations update:

· Hire revenue performance in line with H1 FY2024:

o  Challenging market conditions which the business has navigated well

o  National & Regional customer hire performance flat year on year

o  Recent National key contract wins and extensions, as well as a strong pipeline

o  Trade and Retail now profitable due to changed business model at the end of FY2024 (loss making in H1 FY2024)

· Service revenue decrease of 5.4% versus H1 FY2024:

o  Strong performance in our Lloyds British Testing, Inspection & Certification ('TIC') business, up 10.7% versus H1 FY2024

o  Decline in wholesale fuel prices impacting pass through fuel revenue, down 15.6%, however margin maintained

· Executing well on the 'Enable' phase of our Velocity transformation and growth strategy

· Accelerated investment in hire fleet to support contract mobilisations and strategic growth engines:

o  c.£7m in specialist powered access

o  Expansion of our Battery Storage Unit ('BSU') fleet by c.£5m

o  Stage V power generation investment of c.£2m to complement energy strategy

Financial Performance

· Revenue of £203.6m (H1 FY2024: £208.5m)

· Adjusted EBITDA1 of £44.2m (H1 FY2024: £45.4m2) and margin maintained at 22% with disciplined price and cost control

· Adjusted profit before tax1 of £0.4m, down on H1 FY2024 due to:

o  The operational gearing impact of the shortfall in revenue, coupled with the investment in people costs in the first half

o  Kazakhstan joint venture down due to project phasing and against a strong performance last year

o  Higher interest costs due to the increase in net debt following the acquisition of Green Power Hire Limited ('GPH') in October 2023, for £20.2m, and accelerated hire fleet capital spend in the first half

· Loss after tax in the first half, impacted by non-underlying costs of £2.3m for the 'Enable' phase of our transformation programme

· Strong operating cash flow of £42.7m (H1 FY2024: £42.4m) with cash conversion of 96.6% (H1 FY2024: 93.4%2)

· Accelerated hire fleet investment of £26.4m (H1 FY2024: £16.0m)

· Free cash outflow of £1.6m (H1 FY2024: £10.6m inflow)

· Cash and facility headroom of £40.8m (31 March 2024: £56.7m)

· Net debt5 at £111.8m, leverage6 of 1.8 times (31 March 2024: £101.3m, 1.5 times), representing a temporary increase to support contract wins mobilising in the second half and beyond

· Interim dividend of 0.80 pence per share (H1 FY2024: 0.80 pence per share)

Current trading

· October and November to date hire revenue c.3% ahead of prior year

· Amey has commenced mobilisation in October, earlier than originally anticipated

· Trade and Retail continues to be profitable with opportunities to develop and further expand our proposition

Enquiries:

Speedy Hire Plc Tel: 01942 720 000

Dan Evans, Chief Executive

Paul Rayner, Chief Financial Officer

MHP Communications Tel: 0203 128 8540

Oliver Hughes

Katie Hunt

Notes:

Explanatory notes:

The Group believes that the non-GAAP performance measures presented in this announcement provide valuable additional information for readers. Further details can be found in notes 7, 9 and 13.

1 See note 9.

2 Six months ended 30 September 2023 revised, see note 18.

3 See note 7.

4 Free cash flow: net cash flow before movement in loan balances and returns to shareholders.

5 See note 13. This metric excludes lease liabilities.

6 Leverage: Net debt5 covered by EBITDA1. This metric excludes the impact of IFRS 16.

Inside Information: This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

Forward looking statements: The information in this release is based on management information. This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.

Notes to Editors: Founded in 1977, Speedy Hire is the UK's leading provider of tools and equipment hire services to a wide range of customers in the construction, infrastructure, industrial, and support services markets, as well as to local trade, and retail. The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is certified nationally to ISO50001, ISO9001, ISO14001, ISO17020*, ISO27001 and ISO45001. The Group operates from 144 Service Centres and on-site locations across the UK and Ireland and through a joint venture in Kazakhstan. *Lloyds British National Contracts only.

Overview

Our interim results for the six months to 30 September 2024 demonstrate the Group's ability to perform in challenging market conditions. During the first half, the Group has made good progress in the mobilisation of major contract wins, which will benefit the second half. We have focussed on operational efficiencies and enabling improvements across the business, in addition to necessary investment in our cost base to deliver on the significant contract opportunities, both secured and in the Group's strong pipeline.

Group hire revenue in the first half was satisfactory and is positioned for growth in the second half. Within our National customer segment, our recent market success in winning and renewing major contracts and our pipeline of opportunities are expected to contribute to growth in the remainder of the year and into FY2026. We continue to focus on maximising our revenue with existing customers and on major UK infrastructure and construction projects, including CP7 in the rail sector, AMP8 in the water sector and the various opportunities in the wider energy sector, including nuclear. Additionally, we were pleased to see continued government support for HS2.

We have continued to invest in our Velocity strategy during the second year of the 'Enable' phase, making the necessary foundational improvements to deliver on our targets for growth and long-term sustainable returns.

Supporting this, we have accelerated our hire fleet capital spend in the first half, aligned to our three growth engines of Core Hire, Specialist products and services and Trade & Retail. This continued commitment to our Velocity strategy and investment in our hire fleet to drive contract wins and renewals, despite the challenging market conditions, gives us confidence in the outlook for the business.

The Group's Trade and Retail proposition is profitable in the first half, following the change to a lower cost to serve digital operating model during FY2024. We continue to focus on opportunities to develop and further expand our proposition in this customer segment.

The business is well positioned to deliver growth in the second half and capitalise on opportunities as they arise. In order to deliver profitable growth, and whilst the market remains competitive, our priority remains on mobilising our significant contract wins, converting additional opportunities from the Group's strong pipeline, as well as achieving operational efficiencies through our transformation programme.

Operational efficiency and cost control

Operational efficiency remains a key part of our Velocity strategy. Our strategic collaboration with PEAK has supported our progression in the use of data and Artificial Intelligence ("AI") in decision making. AI is helping us ensure we have the right products, in the right place, at the right time to meet customer demand, in the most efficient way; utilising our national service centre network, logistics and asset intelligence. During the first half, we have maintained and progressed pricing disciplines and asset optimisation with continued development of our digital channels and CRM, which will be live in the second half of the financial year.

We have continued the work we did in FY2024 on our future state property programme. This programme is modernising our network with energy efficient, low carbon facilities that improve energy consumption and reduce operational costs whilst creating better working environments for our people and a market leading experience for our customers.

Cost discipline remains a key factor in delivering sustainable profitable growth. We have continued to control costs and implement initiatives to improve operational efficiency and the effective management of our supply chain. These initiatives are expected to generate benefit in the second half of the year and beyond, supporting our continued investment in the transformational aspect of our Velocity strategy.

ESG

We continue to lead the hire industry in sustainability and are embracing product innovation in areas that are increasingly in demand from our customer base. We are working with our partners to deliver award winning, sustainable solutions for customers and to accelerate our own carbon reduction pathway. We have continued to support the partnership with Niftylift and Speedy Hydrogen Solutions (joint venture with AFC Energy) secured in FY2024, as well as expanding our fleet of BSUs through GPH.

During the period we invested significantly in our hire fleet, of which 68% was in carbon efficient ECO products. The proportion of our hire revenue from carbon efficient ECO products has increased from 50% in the comparative period to 56% in the first half of FY2025. 

Trading performance

Total revenue for the period to 30 September 2024 decreased by 2.4% to £203.6m (H1 FY2024: £208.5m) with hire rate increases across our customer segments mitigating some softening in volume with our National and Regional customers. Revenue from disposals was £1.6m (H1 FY2024: £2.0m).

Gross profit was £113.4m (H1 FY2023: £112.7m), an increase of 0.6%. The gross margin increased to 55.7% (H1 FY2024: 54.1%), with gross profit benefiting from a greater weighting toward hire revenue than in H1 FY2024.

Adjusted EBITDA1 down 2.6% on year at £44.2m (H1 FY2024: £45.4m2). The slight increase in gross profit has been offset by an increase in underlying overheads, primarily the result of our investment in our people (£2.7m). The net result is a £2.5m decrease in underlying operating profit to £6.9m (H1 FY2024: £9.4m). Adjusted profit before tax1 decreased by £5.5m to £0.4m (H1 FY2024: £5.9m), the result of higher interest costs and some delays in major project opportunities in the joint venture in Kazakhstan.

The Group made a loss after taxation of £1.6m (H1 FY2024: £4.2m profit), the result of non-underlying costs in respect of our transformation programme.

Revenue and margin analysis

The Group generates revenue through two key categories, Hire and Services.

Hire revenues were flat year on year, reflecting price increases offsetting a softening in volume demand from our National and Regional customers. A number of new and renewed contracts with key customers have been secured in the period and the Group has a strong pipeline of opportunities which will contribute in H2 FY2025 and into FY2026.

Services revenues (including fuel) performed well in challenging conditions, although decreased by 5.4% compared to H1 FY2024. Excluding fuel, services revenues were down 2.5% versus H1 FY2024 (£62.5m), with some softening in Customer Solutions, partially offset by 10.7% year on year growth in Lloyds British TIC revenue, following an organisational restructure and digital transformation of that business unit in FY2024. Fuel revenue decreased 15.6% versus H1 FY2024 as a result of the decline in the wholesale price of both diesel and hydrogenated vegetable oil (HVO), which does not impact gross margin.

The Group continues to monitor pricing and introduce increases to offset the effects of cost inflation on both overheads and new equipment purchases. The price increases take effect as framework agreements and hire contracts are renewed resulting in the benefit of those increases building throughout the year.

Gross margins increased from 54.1% in H1 FY2024 to 55.7%. Hire margin increased to 78.8% (H1 FY2024: 77.1%), primarily the result of pricing increases offset by some lower utilisation and lower provisions required due to continually improving asset control. Services margin remained flat at 19.5%, with falls in lower margin sales, partially offset by higher margin sales in Lloyds British.

Overheads

The overheads (excluding non-underlying items) disclosed in the income statement can be further analysed as follows:

Disciplined cost management, with savings realised from our operational and management restructuring in the last financial year, has restricted any significant growth in our underlying cost base whilst implementing salary increases (c.£5.4m annual investment) and investing in the business for growth. To ensure we can continue to invest in our growth strategy, we are continuing to control costs through initiatives to improve operational efficiency and build on the effective management of our supply chain.

The UK and Ireland headcount at 30 September 2024 was 3,394 (31 March 2024: 3,293), an increase of 3.1%.

Non-underlying items

As outlined in the results for the year end 31 March 2024, the Group expects to incur non-underlying costs in respect of the investment in implementing our Velocity strategy and executing our transformation programme. This represents a significant cost to the business over the initial phases of the programme and in the first half resulted in an incremental cost of £2.3m (H1 FY2024: £nil).

Interest and banking facilities

The Group's net financial expense increased to £7.5m (H1 FY2024: £5.7m) reflecting higher average gross borrowings throughout the year following the acquisition of GPH in October 2023.

The Group's main bank facilities, including the additional uncommitted accordion of £220m, expire in July 2026. The current facility continues to give the Group headroom to support organic growth and acquisition opportunities. Borrowings under the facility are priced based on SONIA plus a variable margin, while any unutilised commitment is charged at 35% of the applicable margin. During the period, the margin payable on the outstanding debt fluctuated between 1.75% and 2.35% dependent on the weighting of borrowings between receivables and plant and machinery. The effective average margin in the period was 2.12% (H1 FY2024: 1.89%).

The Group utilises interest rate hedges to manage fluctuations in rates. The fair value of these hedges was £(0.2)m at 30 September 2024. The hedges have varying maturity dates, notional amounts and rates and provide the Group with mitigation against interest rate rises. Over the next 12 months 54% of the expected net debt is hedged. As of October 2024, 52% of the Group' net debt is hedged with a weighted average hedge rate of 4.21%.

Interest on lease liabilities of £3.0m (H1 FY2024: £2.3m) was charged during the period, impacted by new, longer vehicle leases entered into during the period.

Taxation

The tax credit for the period was £0.6m (H1 FY2024: £1.4m charge), reflecting a projected full year effective tax rate after amortisation and non-underlying items of 28.3% (H1 FY2024: 24.4%). The effective rate has increased year on year due to reduced operating profits increasing the proportion of depreciation in relation to non-qualifying assets.

Shares and earnings per share

At 30 September 2024, 516,983,637 (31 March 2024: 516,983,637) Speedy Hire Plc ordinary shares were in issue, of which 55,141,657 were held in treasury and 1,616,733 were held in the Employee Benefit Trust. Adjusted earnings per share was 0.07 pence (H1 FY2024: 0.98 pence), a decrease of 0.91p. Basic earnings per share was (0.35) pence (H1 FY2024: 0.91 pence).

Balance sheet

The Group has maintained a strong balance sheet and is well placed to continue to pursue financial and strategic objectives despite continued challenging market conditions.

Total capital expenditure during the period amounted to £40.4m (H1 FY2024: £22.4m), of which £35.6m (H1 FY2024: £17.6m) related to equipment for hire, and £4.8m related to non-hire property, plant and equipment (H1 FY2024: £4.8m).

Our hire fleet investment included a significant proportion of carbon efficient ECO products, in line with the increasing relevance of sustainable solutions including customers mandating zero site emissions in some instances.

Net property, plant and equipment (excluding IFRS 16 right of use assets) increased to £244.5m at 30 September 2024 (31 March 2024: £233.1m). The net book value of equipment for hire has increased from £210.6m at 31 March 2024 to £221.9m, representing 90.8% (31 March 2024: 90.3%) of the total property, plant and equipment balance.

Intangible assets decreased marginally to £39.2m (31 March 2024: £39.7m), primarily being the result of amortisation charged in the period.

Right of use assets of £93.8m (31 March 2024: £97.3m) and corresponding lease liabilities of £94.4m (31 March 2024: £97.6m) were recognised at 30 September 2024. The movement from 31 March 2024 is primarily from a net reduction in the Group's active property leases.

Gross trade receivables totalled £93.8m at 30 September 2024 (31 March 2024: £97.3m), benefiting from continued strong cash collections and a focus on overdue debt. Bad debt and credit note provisions were £3.3m at 30 September 2024 (31 March 2024: £3.4m), equivalent to 3.5% of gross trade receivables (31 March 2024: 3.5%). In setting the provisions the Directors have given specific consideration to the impact of macroeconomic uncertainties. Whilst the Group has not experienced a worsening of debt collections or debt write-offs in H1 FY2025, there remain some indications of economic vulnerability and increasing insolvencies and therefore we continue to monitor the situation closely.

Debtor days were 68 days (31 March 2024: 64 days), broadly consistent with September 2023 (67 days). Trade payables were £58.8m (31 March 2024: £44.9m). Creditor days were 69 days (31 March 2024: 40 days), the result of us collaborating with suppliers to align our working capital cycle.

Cash flow and net debt

Cash generated from operations (before changes in hire fleet) for the period was £42.7m (H1 FY2024: £42.4m), representing 96.6% conversion from adjusted EBITDA1 (H1 FY2024: 93.4%2), reflecting the continued focus on working capital improvements. Free cash flow4 decreased by £12.2m to an outflow of £1.6m (H1 FY2024: £10.6m inflow), the result of accelerated capital spend to support contract growth.

Net debt5 increased by £10.5m, from £101.3m at the beginning of the period, to £111.8m at 30 September 2024 due to accelerated hire fleet capital investment. As a result, net debt to adjusted EBITDA6 (rolling 12 months basis) increased to 1.8 times (31 March 2024: 1.5 times).

The Group retained substantial headroom within its committed facility, with cash and undrawn facility availability of £40.8m at 30 September 2024 (31 March 2024: £56.7m).

Dividend

The Board is committed to maintaining an efficient balance sheet and regularly reviews the Group's capital resources in light of the medium-term investment requirements and in accordance with the capital allocation policy.

The Board has declared an interim dividend of 0.80 pence per share (H1 FY2024 interim dividend: 0.80 pence per share), to be paid on 17 January 2025 to shareholders on the register on 6 December 2024.

A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. More information can be found at www.shareview.co.uk/info/drip.34.

Outlook

We have delivered resilient results for the first half of FY2025 against a challenging but manageable market backdrop, whilst maintaining investment in our Velocity strategy. The Group secured significant contract wins and renewals earlier in the calendar year, which will deliver revenue and profit growth in this financial year and beyond. We also look forward to long-term government commitments to the infrastructure and construction sectors.

The government announced a number of items in its autumn budget that will impact the Group. There is no expected impact for FY2025, however the Board has assessed the financial impact on FY2026 at c.£5m before any mitigation.

The second half has started well with hire revenues for October and November to date, up c.3% on this time last year. Consistent with prior years, the Group expects a strong second half weighting to its hire revenues and profits, as the seasons change and new contracts fully mobilise. It is particularly encouraging that we are mobilising the Amey contract earlier than anticipated, in addition to a strong pipeline of further opportunities that give us confidence in the outlook for the business.

The Board anticipates the Group meeting its full year expectations.

Dan Evans

Chief Executive

1 Six months ended 30 September 2023 restated to present loss on planned disposals of hire equipment separately from all other disposals of hire equipment.

2 Relates wholly to the joint venture in Kazakhstan.

1 Accounting policies

Speedy Hire Plc is a public limited company listed on the London Stock Exchange, incorporated and domiciled in the United Kingdom. The interim condensed consolidated financial statements of the Company for the six months ended 30 September 2024 comprise the Company and its subsidiaries (together referred to as the 'Group').

The financial statements of the Group for the year ended 31 March 2024 are available from the Company's registered office, or from the website: www.speedyhire.com.

Basis of preparation

These interim condensed consolidated financial statements have been prepared under the historical cost convention, with the exception of certain financial assets and liabilities (including derivative instruments) which are measured at fair value through profit or loss.

The Directors consider the going concern basis of preparation for the Group and Company to be appropriate for the following reasons.

The Group's £180m asset based finance facility terminates in July 2026. There are no prior scheduled repayment requirements. Cash and facility headroom as at 30 September 2024 was £40.8m (31 March 2024: £56.7m) based on the Group's eligible hire equipment and trade receivables.

The Group meets its day-to-day working capital requirements through operating cash flows, supplemented as necessary by borrowings. The Directors have prepared a going concern assessment covering at least 12 months from the date on which these interim condensed consolidated financial statements were authorised for issue, which confirms that the Group is capable of continuing to operate within its existing loan facility and can meet the covenant requirements set out within the facility. The key assumptions on which the projections are based include an assessment of the impact of current and future market conditions on projected revenues and an assessment of the net capital investment required to support those expected level of revenues.

The Board has considered severe but plausible downside scenarios to the base case, which result in reduced levels of revenue across the Group, whilst maintaining a broadly similar cost base in the short-term. Mitigations applied in these downturn scenarios include a reduction in planned capital expenditure and some cost saving measures. Despite the significant impact of the assumptions applied in these scenarios, the Group maintains sufficient headroom against its available facility and covenant requirements.

Whilst the Directors consider that there is a degree of subjectivity involved in their assumptions, on the basis of the above the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these interim condensed consolidated financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the interim condensed consolidated financial statements.

Statement of compliance

These interim condensed consolidated financial statements for the six months ended 30 September 2024 have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 March 2024, which has been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006, and any public announcements made by Speedy Hire Plc during the interim reporting period.

These interim condensed consolidated financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 March 2024 were approved by the Board of Directors on 18 June 2024 and delivered to the Registrar of Companies. The report of the auditors on those accounts was qualified in respect of the Group's opening property, plant and equipment balance, however did not contain any statement under section 498 of the Companies Act 2006.

These interim condensed consolidated financial statements have been reviewed, not audited.

The interim report was approved by the Board of Directors on 20 November 2024.

Significant accounting policies

Other accounting policies

There have been no new standards or interpretations issued or endorsed by the International Accounting Standards Board (IASB) or IFRIC since the date of the FY2024 year end financial statements that materially impact the Group.

The accounting policies applied by the Group in these interim condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 31 March 2024.

The carrying amount of goodwill is tested annually for impairment and, along with other non-financial assets, at each reporting date to the extent that there are any indicators of impairment. Due to the market capitalisation of the Group at 30 September 2024 being below the consolidated net asset position, an impairment test has been undertaken at the interim reporting date, details of which can be found in note 10.

Seasonality

In addition to economic factors, revenue is subject to an element of seasonal fluctuation. Whilst construction activity tends to increase in the summer months, the equipment range helps to mitigate the impact, specifically with heating, lighting and power generation products being more in demand during the winter months. Overall, the Directors do not feel that these factors have a material effect on the performance of the Group when comparing first half results to those achieved in the second half.

2 Changes in estimates

The preparation of interim condensed consolidated financial statements requires management to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing the interim condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty for the consolidated financial statements for the year ended 31 March 2024 continued to apply.

This includes the basis for estimating the dilapidations provision, having taken account of subsequent settlements. At 30 September 2024, the calculated provision is £15.7m (31 March 2024: £16.4m). If the provision were to change by £1 per square foot, a £2.3m movement in the provision would result. Management will continue to monitor and assess the adequacy of the provision recognised and the appropriateness of the judgements made.

3 Segmental analysis

The segmental disclosure presented in these interim condensed consolidated financial statements reflects the format of reports reviewed by the 'chief operating decision-maker'. UK and Ireland business delivers asset management, with tailored services and a continued commitment to relationship management. Corporate items comprise certain central activities and costs that are not directly related to the activity of the operating segment. The financing of the Group's activities is undertaken at head office level and consequently net financing costs cannot be analysed by segment. The unallocated net assets comprise principally working capital balances held by the support services function that are not directly attributable to the activity of the operating segment, together with net corporate borrowings and taxation.

For the six months ended 30 September 2024 / As at 30 September 2024

¹ UK and Ireland also includes revenue and costs relating to the disposal of hire assets.

² Intangible assets in Corporate items relate to the Group's ERP system, amortisation is charged to the UK and Ireland segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to computers and is recharged from the UK and Ireland based on proportional usage.

For the six months ended 30 September 2023 / As at 30 September 2023 revised3