SDI Group plc
SDI Group plc is an AIM-quoted UK 'buy and build' compounder that acquires and develops niche scientific, industrial and technology manufacturing businesses, operating 17 established subsidiary businesses (plus Collins Walker integrated into LTE) across three divisions: Laboratory Equipment, Industrial & Scientific Sensors, and Industrial & Scientific Products. For the year ended 30 April 2026, the Group generated £74.5m revenue, retaining acquired companies' operational autonomy under a decentralised management model while providing central financial and strategic support and executing further bolt-on acquisitions.
11 annual reports read, FY2016 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (11)
FY2027Next report expected 6 Aug 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
SDI Group plc buys and runs small specialist businesses that make scientific and industrial equipment. In the year to 30 April 2026, revenue rose to £74.5m from £66.2m, and profit before tax rose to £6.5m from £5.5m. Growth came partly from the businesses it already owned, where growth sped up to 7.6% in the second half of the year. It also came from two companies it bought, Severn Thermal Solutions and PRP Optoelectronics, and from large defence, government and aerospace contracts. Reported profit is reduced by accounting charges linked to past purchases and by reorganisation and deal costs. Higher National Insurance and wage costs, and weaker chiller sales at one business, also held profit back. The company spent £12.7m on acquisitions, mostly with borrowed money. Borrowings rose to £26.9m, against £2.9m of cash at the year end. No dividend was paid because the board prefers to put cash into buying more businesses. Management expects next year's results to match what market analysts forecast, citing a strong order book. The auditor gave a clean opinion and raised no doubt about the company's ability to keep trading.
From the reportevery line sits on the page it namesWhat drove revenueOrganic growth across all three divisions, with 7.6% H2 organic revenue growth
Group revenues increased 12.6% to £74.5m; excluding acquisitions, organic revenue grew 5.5% in absolute terms, accelerating to 7.6% in H2
page 31AndAcquisitions (Severn Thermal Solutions, PRP Optoelectronics)
Inorganic revenue contribution of £4.7m (7.1%) from current and prior-year acquisitions
page 31What moved the marginheadwindNational Insurance, National Minimum Wage and apprenticeship levy increases
Full-year impact of NI/NMW increases and apprenticeship levy raised operating costs
page 32AndtailwindMix effect from higher-margin acquisitions (Severn, PRP) and improved profitability at Atik/Fraser
Net adjusted operating margins improved to 15.5% from 15.0%
page 32What management saidBacked by a strong order book and the positive momentum generated by our total 7.6% H2 organic growth, we expect our FY27 performance to be in line with market expectations, and remain confident that we will deliver sustainable, compounding and long-term value for all our shareholders.
page 29After the year endRemaining £0.7m deferred consideration for the PRP Optoelectronics acquisition was paid in May 2026
page 31The dividendNo dividend paid to ordinary shareholders in FY26 (or FY25); Board prefers to reinvest cash into acquisitions as the more appropriate capital allocation strategy for a growth company, but keeps the policy under review
page 24Going concern and the auditUnmodified ('true and fair') audit opinion from PKF Littlejohn LLP with no material uncertainty over going concern; Board reviewed forecasts to 30 April 2028 including a severe-but-plausible downside scenario, with headroom on debt covenants even in a stressed case; Key Audit Matters were fraud risk in revenue recognition, carrying value of intangible assets/goodwill, valuation of Company investments in subsidiaries, and acquisition accounting for Severn/PRP
page 64The risks it names firstRead from C001159-AR-2026-ch.
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