Consolidated statement of changes in equity (unaudited)

Share
capital
£’000

Share
premium
£’000

Other reserves
£’000

Retained
earnings
£’000

Total
shareholders’
equity
£’000

Balance at 1 January 2025

1,764

172,102

–

1,052,090

1,225,956

Profit for the period/total comprehensive income

–

–

–

74,479

74,479

Ordinary shares repurchased and cancelled

(45)

(21,330)

–

–

(21,375)

Dividends

–

–

–

(3,969)

(3,969)

Total transactions with equity shareholders

(45)

(21,330)

–

(3,969)

(25,344)

Balance at 30 June 2025

1,719

150,772

–

1,122,600

1,275,091

Profit (loss) for the period/total comprehensive income

–

–

–

(15,885)

(15,885)

Ordinary shares repurchased and cancelled

(48)

(26,292)

–

–

(26,340)

Dividends

–

–

–

–

–

Total transactions with equity shareholders

(48)

(26,292)

–

–

(26,340)

Balance at 31 December 2025

1,671

124,480

–

1,106,715

1,232,866

Profit for the period/total comprehensive income

–

–

–

68,192

68,192

Ordinary shares repurchased and cancelled

(23)

(11,674)

–

–

(11,697)

Other reserves1

–

–

(297)

–

(297)

Total transactions with equity shareholders

(23)

(11,674)

(297)

–

(11,994)

Balance at 30 June 2026

1,648

112,806

(297)

1,174,907

1,289,064