Earnz plc AIM:EARN
- Incorporated
- United Kingdom
- Chief executive
- Peter Smith
- Employees
- 96
- Reports in
- GBP
- Companies House
- 10114644
Read straight from the annual reports
4.5p at close on 5 Oct 2026 · 11 reported years, 2016–2025
| Line | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202201/22 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
7 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Acquisition-led growth: full-year contribution of Cosgrove & Drew and South West Heating Services plus A&D from 1 July 2025
Group revenue rose from £2.6m to £11.8m, driven by the full-year effect of the August 2024 acquisitions plus A&D from 1 July 2025. A&D contributed £0.8m of revenue post-acquisition.
page 8Commercial and industrial mechanical and electrical engineering services
Segment revenue £9,583k of £11,785k total (2024: £2,169k), the largest revenue line.
page 59Cost-base improvement and financial rigour in forecasting and project cost control at C&D
C&D delivered £2.8m margin at 29.3% vs £214k (9%) in 2024. Group gross margin rose to 25.9% from 13.1%.
page 9Centralised procurement to achieve economies of scale on key materials
Risk report: the group is moving towards centralising procurement to mitigate cost increases of key materials.
page 11Chair: 'our organic growth will be substantial in the short, medium and long term'; the primary market is believed to be worth more than £10 billion; the group continues to seek acquisition targets across energy services.
page 431 March 2026 completion of acquisition of Zero Carbon Group Limited (signed 11 March 2026) by Earnz Holdings Limited for maximum consideration of £9.5m on a debt-free, cash-free basis: initial up to £5m (£1.5m cash, £1.5m consideration shares at the placing price, £2m EBITDA-contingent, 50% cash/50% shares) plus £4.5m deferred and contingent for up to three years (60% cash, 40% shares). Purchase price allocation is provisional.
page 92No final dividend recommended for 2025 (2024: nil). The group's stated priority is to reinvest in buy-and-build growth.
page 23Directors adopt going concern basis for at least 12 months to 30 June 2027. Base case includes Zero Carbon Group. Stress scenarios: 10% revenue decline with matching cost-of-sales cut, and 10% cost increase, with no mitigations; reasonable worst cases include 50% gross-margin reduction at new entities. Mitigants include staffing and vehicle cost reductions and deferral of contingent consideration. Auditor HaysMac LLP issued an unmodified opinion with no material uncertainty identified. Covenant tested against net leverage covenant on existing facility. KAMs: fraud in revenue recognition (IFRS 15); acquisition accounting and valuation of intangibles; impairment of goodwill and intangibles from acquisitions.
page 42- Global political and economic uncertainty diverting resources from the decarbonisation agenda and increasing costs (high risk).p.11
- Insufficient working capital to fund the buy-and-build strategy; the group is moving into positive EBITDA and seeking banking facilities (medium).p.11
- Underperformance of acquired target businesses, including SWH and A&D, and start-ups without a delivery track record (medium).p.11
- Health and safety violations in operating companies (medium).p.12
Read from C000395-AR-2025-ch.
9 annual reports read, FY2017 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (9)
FY2026Next report expected 3 Jul 2027