Facilities by ADF plc Reports Strong FY25 Growth with Revenue Up 17% and Strategic Leadership Refresh

Facilities by ADF FY25 results: revenue up 17%, margins better, and a refreshed top team

Facilities by ADF plc has posted a solid recovery year. Group revenue rose 17% to £41.3m, Adjusted EBITDA climbed to £9.2m with margins up to 22%, and net debt edged down to £12.3m. After exceptional items, the Group was broadly breakeven with basic EPS of 0.01 pence. Activity strengthened into the second half as UK film and high-end TV (HETV) schedules normalised, and Autotrak – acquired in 2024 – delivered its first full-year contribution.

There is also a new leadership team in place: Nicola Pearcey joined as CEO in January 2026 and Will Worsdell as CFO in March 2026, with Chairman Russell Down returning to a non-executive role.

Key numbers investors should know

Metric	FY25	FY24
Revenue	£41.3m	£35.2m
Adjusted EBITDA	£9.2m	£7.2m
Adjusted EBITDA margin	22%	20%
Adjusted PBT	£1.2m	£0.1m
Statutory PBT	(£0.8m)	(£2.8m)
EPS (basic)	0.01 pence	(3.42) pence
Net debt (ex IFRS 16)	£12.3m	£13.8m
Productions supported	311	295
Autotrak revenue	£9.3m	£2.6m*

*Autotrak was acquired in September 2024.

What drove the improvement in FY25

The year was two-speed. H1 was soft as delays from late-2024 rolled through, pushing revenue to £17.4m and gross margin to 33%. H2 accelerated hard: revenue rose to £23.9m and gross margin to 41% as utilisation improved and ADF decommissioned parts of the fleet to trim maintenance and compliance costs.

• Segment mix: Facilities by ADF £24.8m (flat), Location One £7.2m (slightly lower), and Autotrak £9.3m (first full year).
• “Uplift” on main packages (the extra spend that accumulates during a shoot) rose to 55% (FY24: 50%), which helped margins.
• Multi-service penetration increased strongly: 90 productions used two or more Group businesses (FY24: 56), and 20 used all three (FY24: 5).

Autotrak: resilience and capacity investment

Autotrak – portable roadways serving film, TV and broader markets like construction and events – contributed £9.3m revenue and £4.9m gross profit in FY25. Importantly, management calls pricing here “more resilient” than in core ADF and Location One, which are facing keener industry pricing.

ADF invested £2.3m to buy 2,000 additional aluminium panels, increasing Autotrak capacity by around 12%. The contingent consideration for the Autotrak deal was revalued down to £3.5m at year-end (from £6.5m), creating a non-cash £3.4m gain – helpful to statutory results but not part of underlying trading.

Cash, net debt and new funding headroom

Year-end cash was £2.2m and net debt (excluding IFRS 16 leases) reduced to £12.3m. Hire purchase liabilities fell to £14.5m as agreements matured. Average rates on new HP in the year were 6.4% (FY24: 6.8%).

Post year-end, ADF secured a £5.0m three-year revolving credit facility (RCF) with HSBC to support working capital and organic growth. The facility has leverage and interest cover covenants. Management also refinanced and extended certain HP agreements, expected to benefit annual cash flow by roughly £0.8m.

Translation: the Group now has extra liquidity to handle busy periods and invest selectively, without stretching the balance sheet.

Dividends and capital allocation

An interim dividend of 0.3 pence per share was paid in January 2026. No final dividend is proposed for FY25, with cash being prioritised for organic investment and potential acquisitions. For income investors it is a pause, but it is consistent with the Group leaning into growth projects as activity picks up.

Operational momentum: service quality and diversification

• 311 productions supported (up 5%). Major clients span Netflix, Apple, Amazon MGM, NBC Universal, Sky, Disney, BBC, ITV, C5, HBO Max, C4 and Paramount.
• Non-film and HETV revenue rose to £3.9m (FY24: £2.0m), a 96% increase – helpful diversification.
• Customer satisfaction stayed high with a Net Promoter Score of 89 (FY24: 88).

Jargon buster for newer investors:

• HETV: high-end television. Typically big-budget, premium TV.
• Adjusted EBITDA: earnings before interest, tax, depreciation and amortisation, adjusted for one-offs – a proxy for underlying cash profit.
• RCF: revolving credit facility, a flexible bank line you can draw and repay as needed.
• Net debt (ex IFRS 16): borrowings minus cash, excluding lease liabilities accounted for under IFRS 16.

Outlook for FY26: second-half weighted again

Q1 FY26 trading is in line with expectations, with utilisation improving and a healthy pipeline across ADF, Location One and Autotrak. Management expects FY26 to be similarly second-half weighted. The Board also flags ongoing strong global investment into the UK’s film and HETV ecosystem – world-class studios, crews and facilities remain a magnet for spend.

My take: why this update matters

• Underlying healing: Adjusted EBITDA up 28% to £9.2m and adjusted PBT to £1.2m show the core engine is working again as schedules normalise.
• Mix shift helps resilience: Autotrak’s diverse end markets and rising cross-sell between Group businesses improve the quality of earnings.
• Pragmatic balance sheet: Net debt ticked down, HP maturities helped, and the new £5.0m RCF adds flexibility for growth surges and selective capex.
• Fresh leadership: The new CEO and CFO arrive as the market reaccelerates – good timing for integration, pricing discipline and customer-centric growth.

Balanced view: what to watch

• Pricing pressure: The market is “more cost focused” with excess capacity in ADF and Location One. Protecting margin while staying competitive is the tightrope.
• Exceptional items: FY25 included £2.0m of restructuring costs and a £2.9m impairment to hire fleet and vehicles after a carrying value review. These tidy up the base, but investors should track any repeat.
• Lead times and phasing: Shorter production lead times raise planning complexity and keep results H2-heavy. The new RCF should cushion working capital swings, but execution matters.
• Contingent consideration: The Autotrak earn-out liability stood at £3.5m at year-end (down from £6.5m). Future movements will run through the P&L but are non-cash until paid.

Bottom line

ADF has turned a disrupted first half into a credible full-year outcome: revenue growth, margin expansion, improving utilisation and a cleaner balance sheet. The strategic logic is sound – integrate the Group, push multi-service packages, invest where returns are highest (notably Autotrak), and keep customers close.

Near term, expect continued second-half bias and keen pricing in core units. Medium term, the combination of diversified demand, a stronger funding platform and an experienced management team sets the stage for steadier, higher-quality earnings. For investors comfortable with industry cyclicality, this is a constructive update.