Financial Results H1 2021



2020: restated £430.3m


Gross profit
2020: restated £34.2m


Underlying operating profit*
2020: restated £0.1m


Finance costs**

2020: restated £2.1m



Net cash/ (debt) (pre-IFRS16)
2020: restated £(36.2)m



  • Gross profit +14.0%
  • Gross profit margin +0.8%pts to 8.7%
  • Conversion to Underlying operating profit significantly improved to 11.8% (H1 2020: 0.3%)
  • Underlying operating profit* increased to £4.6m from £0.1m
  • Finance costs reduced by 33% to £1.4m (H1 2020: £2.1M)
  • Net cash of £20.9m, up £57.1m reflecting equity raise of 46.4m, improved trading cash flow and cash collections, including c.£15m of timing differences


The results shown above relate to continuing activities. The 2020 results are restated to exclude the results of the Apprenticeships business sold in December 2020 and Poland subsidiaries, which are held for sale.

*Operating profit before amortisation of intangible assets arising on business combinations and, in six months ended 30 June 2020, goodwill impairments and other non-underlying charges.

**Excludes non-underlying refinancing costs relating to 2020 only.