Tooru PLC Reports Transformational Year with Strong Revenue Growth and Strategic Progress Following Acquisition

That underlying EBITDA was actually slightly ahead of 2024’s £1.626 million, even though sales were lower than the prior year’s £13.920 million. In other words, revenue dipped, but profitability held up and even improved a touch at EBITDA level.

For retail investors, that is one of the most useful lines in the whole release. It suggests management is not just buying revenue – there is still a profit engine underneath, especially in Juvela.

Juvela remains the engine room, while Pulsin recovery is the swing factor

Juvela is doing the heavy lifting

Juvela generated £7.585 million of net sales and £1.556 million of EBITDA in the 12 months to 31 December 2025. Gross sales were £8.6 million, slightly down from £8.8 million in 2024, but it still looks like the standout asset in the group.

It also has around 50% share of the NHS prescription gluten-free market, according to the company. That is a strong niche position, and probably the closest thing Tooru has to a defensive asset.

The OAF brand launch into Tesco and Asda is worth watching too. Management says extra launch costs hit Juvela’s EBITDA slightly in 2025, but those listings should feed into revenue in 2026.

Pulsin had a messy year, but margins have recovered

Pulsin’s gross sales fell to around £2.4 million from £3.7 million, mainly because it exited its Gloucester manufacturing facility and moved to outsourced production. That transition caused supply problems and weaker product availability, especially in the fourth quarter.

The good news is the EBITDA loss in Plant Based Nutrition narrowed sharply to £13,000 from £333,000. Management says Pulsin was delivering positive monthly EBITDA by the year end, which is a meaningful improvement.

That said, investors should not ignore the disruption. This part of the group still needs to prove it can grow consistently after the manufacturing reset.

We Love Purely is small, but still rebuilding

We Love Purely posted gross sales of £173,000, down from £268,000. Supply chain changes caused stock shortages, although the business did keep hold of key customers and has new product launches plus an airline listing planned for 2026.

At this size, it is not a major profit driver yet. Right now it looks more like an option on future growth than a core reason to own the shares.

Market Rocket could be sold – and that tells you where management wants to focus

Market Rocket delivered £2.083 million of net sales and £136,000 of EBITDA on a 12-month underlying basis. On the face of it, that is not terrible.

But management is evaluating a potential exit from the business to focus on branded health and wellness. That strategic choice makes sense if Tooru wants a cleaner equity story built around consumer brands rather than agency-style services.

There is a catch though. The parent company recognised a £1.870 million impairment against its investment in Market Rocket, and group goodwill of £44,000 was fully impaired. That is a clear sign that Market Rocket is not being carried at the same confidence level it once was.

Tooru balance sheet risks: cash, debt and net current liabilities still matter

This is where the results become less comfortable. Year-end cash was £708,000, down from £2.352 million, while total borrowings stood at £4.440 million.

The group also had net current liabilities of £1.452 million, meaning short-term liabilities were greater than short-term assets. Trade and other payables were £5.108 million, which is a chunky figure against the size of the business.

After the year end, Tooru raised £980,000 gross through a placing and WRAP retail offering. The directors say that, together with projected cash flow, supports the going concern basis. That is reassuring, but it also tells you the balance sheet is still tight and needs watching closely.

Why Tooru’s operating loss is not the whole story for AIM investors

The reported operating loss of £1.420 million looks ugly, but a lot of that comes from non-cash amortisation and one-off deal costs. Exceptional costs were £592,000, including £538,000 of acquisition-related expenses and £54,000 linked to the Pulsin factory closure.

There was also £991,000 of depreciation, amortisation and impairment, plus £426,000 of finance costs. So the gap between EBITDA and reported profit is large, but not all of it reflects poor day-to-day trading.

Another helpful point: net cash inflow from operating activities was £1.195 million. That does not solve the balance sheet issue on its own, but it does suggest the acquired operations are capable of generating cash.

Is Tooru shares news positive or negative after the 2025 final results?

On balance, I would call this update cautiously positive.

• The positives: Tooru now owns real operating businesses, underlying EBITDA improved to £1.679 million, Juvela remains solid, OAF has landed in major retailers, and Pulsin appears to be recovering.
• The negatives: underlying sales fell, the balance sheet is stretched, debt is meaningful, Market Rocket has been impaired, and the group still needed a £980,000 post-year-end fundraise.

The big question for 2026 is whether management can turn a seven-month proof of concept into a full-year result with cleaner cash generation and better balance sheet strength. If Juvela keeps performing and Pulsin genuinely stabilises, the group could start to look much more investable.

For now, this feels like a business with promising assets and improving operations, but not yet a finished job. In AIM terms, that usually means opportunity and risk are arriving together.