Zigup Plc (ZIG.L), an integrated mobility solutions provider, reported wednesday higher profit in its first half, benefited by growth in revenues. Looking ahead for fiscal 2025, the company now expects underlying profit before tax to be at least at the top of the analysts' expectations range of 150 million pounds to 155 million pounds.
On the London Stock Exchange, Zigup shares were gaining around 10 percent to trade at 373.90 pence.
The company previously said it was on track to achieve market expectations.
The firm also announced the next phase in strategic ambition, evolving UK&I operating model. The company would simplify business structure around two distinct operating businesses, such as Northgate Mobility and FMG. The expected efficiencies would translate into an initial estimate of around 20 million pounds in incremental annualised savings by fiscal 2028.
Regarding the outlook, Zigup said, "The positive outlook for the remainder of the year gives us confidence that underlying PBT will be at least at the top of the range of analysts' expectations. This view is underpinned by the strength of Spanish rental performance and continued investment in fleet growth. UK&I rental demand remains robust, and we expect rental margin to be within the 15-16 percent target range for the full year. Claims & Services volumes are expected to grow as new contracts and service extensions start to contribute during the busier second half, with EBIT margin moving closer to the 5 percent medium-term target."
In the first half, profit before tax grew 15.8 percent to 65.0 million pounds from last year's 56.2 million pounds. Earnings per share improved 13.4 percent to 22.0 pence from 19.4 pence a year ago.
Underlying pre-tax profit was 81.7 million pounds, compared to 82.0 million pounds last year. Underlying earnings per share were 27.6 pence, compared to 28.1 pence in the prior year.
Underlying EBITDA increased 7.6 percent to 246.0 million pounds from prior year's 228.6 million pounds.
Revenue for the period grew 2.9 percent to 929.6 million pounds from 903.6 million pounds a year ago. Underlying revenues were 809.9 million pounds, up 4.5 percent from the previous year.
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