Amcomri’s H1 2025 trading update: revenue up 17%, EBITDA up 15%
Amcomri Group has posted a strong first half for 2025, with trading ahead of last year and in line with expectations. Revenue is expected to be not less than £31.8m, up 17% on H1 2024 (£27.3m). Underlying Adjusted EBITDA is expected to be approximately £4.3m, up 15% on H1 2024 (£3.8m).
The performance was driven by steady demand across core markets, operational efficiency gains, and contributions from recent acquisitions. In short, the buy-improve-build playbook continues to do what it says on the tin.
Key numbers at a glance
| Metric | H1 2024 | H1 2025 (expected) |
|---|---|---|
| Revenue | £27.3m | Not less than £31.8m |
| Underlying Adjusted EBITDA | £3.8m | Approximately £4.3m |
| Growth vs H1 2024 | – | Revenue +17%, EBITDA +15% |
A quick sense check on margins: using the stated figures implies an EBITDA margin of roughly 13% in H1 2025, broadly steady year on year.
Note: EBITDA is earnings before interest, tax, depreciation and amortisation – a proxy for operating cash generation.
What’s driving the growth in H1 2025
- Healthy demand across industrial, infrastructure and energy markets.
- Further operational efficiency improvements.
- Deal contributions from recent acquisitions rounding out the service offering.
Management describes positive momentum into H2 and expresses strong confidence in prospects. There is no guidance change here, but the tone is constructive.
Two strategic deals broaden the engineering toolkit
Amcomri completed one acquisition during the period and one shortly after. Both are described as immediately earnings-accretive – in other words, expected to lift earnings per share straight away – and are expected to deliver operational synergies, expand technical capabilities and open new geographic markets.
EMC Elite Engineering Services (April 2025)
A niche mechanical and electrical engineering services provider to conventional power generation, process and renewable energy sectors. This fits neatly with Amcomri’s embedded engineering focus, particularly where safety, compliance and complex technical requirements are paramount.
Randor Technologies (Electronix Services) – post period end (August 2025)
Specialist industrial electronic repair and reverse engineering for high-value units and systems across industrial and infrastructure settings. Reverse engineering here means analysing and rebuilding components or systems to restore function where OEM support is limited or costly.
Together, these acquisitions reinforce Amcomri’s ability to service mission-critical, capital-intensive assets – from high voltage systems to large power plants – and deepen its niche positioning.
Major renewables contract secured
Amcomri also landed a major new contract in the renewable energy sector during the period. Size and duration were not disclosed, but the win underpins the growth trajectory and strengthens the Group’s energy credentials. Given the sector’s multi-year investment cycle, new reference projects can be valuable for pipeline building.
Where the strategy stands: buy, improve, build
Amcomri targets specialist engineering services and industrial manufacturing businesses, often in owner-manager retirement situations with limited succession options. The Group has been created through 18 acquisitions to date – 14 operating companies and 4 bolt-on asset or business purchases – with integration and performance uplift central to the model.
The business now operates via two divisions:
- Embedded Engineering – technical services for industrial, infrastructure and transportation clients with mission-critical assets, safety and compliance requirements.
- B2B Manufacturing – selective niche manufacturers where market position plus Amcomri’s improvement playbook can enhance financial performance.
Outlook and what to watch in the interim results
The interim report lands on Tuesday 23 September 2025. Based on this update, investors should expect detail on the following:
- Order intake and pipeline – especially around the new renewables contract. Contract size and margin were not disclosed.
- Cash conversion and net debt – not disclosed in this update, but important for a serial acquirer.
- Integration progress at EMC and Electronix Services – management synergy plans and early milestones.
- Segment mix – any commentary on growth across Embedded Engineering vs B2B Manufacturing.
- Outlook tone for H2 – the update signals confidence, so watch for any colour on demand trends and pricing.
Dates for your diary
- Interim Results: Tuesday 23 September 2025.
- Analyst briefing: 9.30am on Tuesday 23 September 2025.
- Investor presentation: 11.00am on Wednesday 24 September 2025 via Engage Investor – register here.
My take: disciplined execution with clear catalysts
This is a tidy update. Revenue and EBITDA growth are solid, margins look broadly stable, and the acquisitions are tightly aligned to Amcomri’s core competencies. The major renewables win is a useful validation point for the energy vertical.
Positives: double-digit growth, earnings-accretive bolt-ons, operational efficiency improvements and a confident outlook. Watch-outs: no disclosure on cash and net debt here, and the exact size and economics of the renewables contract are not disclosed. The interim results should fill those gaps.
Overall, the strategy remains coherent – buy quality niche assets, integrate, and compound – and the H1 print suggests the flywheel is turning. If integration and cash generation continue to track well, H2 could extend the momentum.
Want to learn more about the Group?
Company overview and divisions are described in the Notes to Editors. You can also visit the company website: www.amcomrigroup.com.
