Facilities by ADF (LSE:ADF), the production-services group supporting film and high-end television, reported higher Revenue and a sharper Margin for 2025 when it published its full-year results on 21 April 2026. The figures put a small AIM company with a heavily second-half-weighted calendar back on investors' radar.

What the company does

Facilities by ADF provides facilities and services to screen productions and has been widening into work outside film and high-end television. The Acquisition of Autotrak in September 2024 added to its offering. Results depend on the Volume and timing of productions, which can be lumpy.

Latest results

For the year ended 31 December 2025, group revenue was £41.3 million, up 17%. Adjusted EBITDA reached £9.2 million, with the margin improving to 22%. The group said it supported 311 productions, an increase of 5%, while revenue from non-film and high-end television work climbed 96% to £3.9 million. At the interim stage the company had reported revenue of £25.7 million for the eight months to 31 August 2025 and an order book of £14.1 million, which helped frame the firmer finish.

The first half had been far tougher. In its interim results of 17 September 2025, LSE:ADF reported revenue of £17.4 million for the six months to 30 June 2025, up 14%, but adjusted EBITDA of £2.2 million, down from £2.5 million, and a loss before tax of £2.0 million. The full-year outcome therefore reflects a solid second half, consistent with management's warning at the time that activity was weighted towards the later months of the year.

Balance sheet and dividend

Net Debt was reduced to £12.3 million, from £13.2 million at the end of the first half when measured excluding Lease liabilities. After the year end LSE:ADF secured a £5.0 million revolving Credit Facility to support growth. On dividends, an interim payment of 0.3 pence per share was made in January 2026, but the board did not propose a final dividend, citing the need to fund strategic priorities. In September 2025 the board had said it intended to pay an increased final Dividend subject to second-half performance, so the decision marks a change of emphasis towards reinvestment.

Outlook and 2026 trading

Investor commentary following the results noted that the company expects 2026 to show a similar second-half weighting to 2025. That pattern suggests interim figures may again be an imperfect guide to the full-year outcome.

Sector and index context

Facilities by ADF (LSE:ADF) is one of many small companies on the FTSE AIM All Share Index whose fortunes track a specific industry cycle. Diversification into non-film work, where revenue nearly doubled in 2025, is a clear attempt to dampen that exposure.

Key risks

The main risks are production-volume swings, project timing and budget uncertainty, all highlighted in company statements. The group carries hire purchase borrowings used to fund its vehicle fleet, so interest costs and asset utilisation matter. The lack of a final dividend for 2025 also reduces the income appeal for shareholders.

What to watch next

Investors will look for evidence that non-film revenue can keep growing, that net debt continues to fall and that the new credit facility is used prudently. The timing of the next trading statement, the confirmation of order book strength heading into the second half, and any return to a final dividend will all be closely watched.