Rosebank Industries plc
Rosebank Industries plc is a Jersey-incorporated, AIM-listed industrial investment company pursuing a "Buy, Improve, Sell" strategy of acquiring quality industrial/manufacturing businesses, improving their performance, and realising value for shareholders. Its first and only acquisition to date, completed 19 August 2025, is Electrical Components International, Inc. (ECI), a global supplier of electrical distribution systems, control box assemblies, and engineered components for electric vehicles, appliances, HVAC, robotics, data centres and industrial automation end markets. The Group reports two operating segments derived from ECI: Electrification & Industrial and Appliance & HVAC.
2 annual reports read, FY2024 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (2)
FY2026Next report expected 4 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Rosebank Industries plc buys industrial businesses to improve and later sell them. In August 2025 it bought its first, ECI, which makes wiring and electrical parts for appliances, air conditioning, electric vehicles and data centres. With ECI included from 19 August, revenue was $445.0m, against $0 the year before, when Rosebank had no business. The loss after tax widened to $48.0m from $11.0m. The report puts the loss down mainly to one-off costs of buying ECI. These include deal fees, a charge that spreads the cost of the customer relationships and brands it bought, and a charge on stock it took over. Before such items, operating profit was $57.0m. To pay for ECI, Rosebank raised $1.58bn from shareholders and borrowed. At the year end it held $35.0m in cash against borrowings of $529.0m. No dividend is proposed. The auditor gave a clean opinion, and the directors expect the company to keep operating. In February 2026 Rosebank said it was in advanced talks to buy two US businesses for about $3.05 billion, paid for with new shares and debt. The report lists tariffs and reliance on key customers among its main risks.
From the reportevery line sits on the page it namesWhat drove revenueWire harness and control box assembly sales to electrification, industrial and appliance/HVAC OEM customers
Revenue of $445m for the period from acquisition (19 Aug) to 31 Dec 2025, split $195m Electrification & Industrial and $250m Appliance & HVAC; revenue recognised at a point in time on delivery/pickup
page 88AndGlobal demand for wire harnesses tied to electrification trends and consumer spending
"The key driver for growth in revenue and operating margins is global demand for wire harnesses. Consumer spending, electrification growth trends, raw material input costs..."
page 98What moved the margintailwindAdjusted operating profit margin of 12.8% (14.4% annualised)
Adjusted operating profit $57m on revenue $445m; annualised adjusted operating profit $175m on annualised revenue basis
page 22AndtailwindMulti-year ECI restructuring programme reducing site count by over a quarter
Restructuring costs of $9m in 2025 (adjusting item), expected to cost c.$80 million in total, primarily relating to actions over the next two years
page 91One-offs in the year£55.0m charge: Acquisition and disposal related gains and losses (transaction fees, taxes, and a $11m loss on a contingent FX hedge taken out ahead of the ECI acquisition)
page 91What management saidAnnualised adjusted operating profit of $175 million and annualised adjusted operating profit margin of 14.4% presented as a KPI for the full-year impact of acquired businesses
page 22After the year endOn 16 February 2026 the Company announced it is in advanced discussions regarding a possible acquisition of two private-equity owned US-based businesses (the "Potential Transaction") for a headline enterprise value of approximately $3.05 billion; if it proceeds, it would be funded by a combination of a fully underwritten equity issue of approximately £1.9 billion and new debt facilities. Terms remain confidential at this stage
page 39Going concern and the auditDirectors adopted the going concern basis; liquidity headroom of $373m at 31 December 2025, with covenant tests (net debt/adjusted EBITDA 4.0x, interest cover 3.0x) not required until 30 June 2026 and comfortably met under a reasonably possible sensitised downside case (c.10% revenue reduction, 2% working capital deterioration). Auditor Deloitte LLP (senior statutory auditor Edward Hanson) gave an unqualified opinion that the financial statements give a true and fair view; key audit matters were classification of adjusting items, acquisition accounting for ECI, and valuation of acquired inventory; group materiality $8.5 million (2024: $0.45 million)
page 79The risks it names first- Acquisition risk: success of the acquisition strategy depends on identifying and securing suitable targets, obtaining consents and financing, and the risk of unforeseen liabilities not uncovered during due diligencep.26
- Cyber security: evolving information security and cyber threats heightening risk of operational disruption, unauthorised access and financial loss, exacerbated by the broadened IT estate from the ECI acquisitionp.26
- IT/system infrastructure: complexity and risk to resilience/reliability of core systems, with risk of service downtime, data loss or outagesp.26
- Geopolitical and economic tensions: tariffs, inflation, elevated interest rates and political instability (Ukraine, Middle East, China/Taiwan) affecting operations and strategic decision-makingp.27
Read from C001116-AR-2025-website.