Page 45 - Pobl Annual Report FY25

Annual Report 2025 43
Financial Performance
The Group continues to grow, demonstrating strong financial performance and resilience to
economic pressures. The reduction to surplus in the year reflects the impact of increased interest
rates, as seen across the sector.
Our balance sheet capacity has been stress tested and contains capacity to withstand shocks; our
business plan continues to demonstrate capacity to achieve our growth ambitions and strategic
priorities.
Statement of Comprehensive Income 2025 £M RESTATED
2024 £M
RESTATED
2024 £M
RESTATED
2024 £M
Turnover
Operating surplus
Operating margin
Surplus on ordinary activities before tax
Margin before tax
Interest cover (EBITDA)
257.9
42.2
16.4%
11.2
4.3%
170%
242.8
34.2
14.1%
6.0
2.5%
158%
Statement of Financial Position 2025 £M
Tangible and intangible assets
Loans repayable after more than one year
Reserves
Gearing
1,757.6
698.3
380.2
40%
1,600.5
636.2
365.9
40%
Statement of Cash Flows 2025 £M
Net cash flow from operating activities
Free cash flow before loan repayments
49.3
(1.4)
52.8
5.9
The 2024 comparatives have been restated following the merger. See note 33.