Profit and loss

Line item	2016-07-31	2017-07-31	2018-07-31	2019-07-31	2020-07-31	2021-07-31	2022-07-31	2023-07-31	2024-07-31	2025-07-31
Revenue / turnover	13,051,812	10,799,449	12,100,772	11,624,913	10,063,687	11,550,822	12,939,395	14,780,588	11,355,055	11,676,462
Gross profit	1,614,202	1,551,315	1,732,712	1,706,628	1,436,238	1,660,343	1,723,546	2,202,514	2,317,627	2,108,100
Operating profit	604,743	562,447	705,779	491,616	431,240	753,074	504,205	739,758	898,122	762,407
Profit before tax	599,348	563,801	708,208	489,374	429,413	755,420	500,917	741,266	941,069	815,323
Tax charge / (credit)	123,105	110,202	136,722	137,431	96,476	120,803	80,681	131,559	230,805	178,183
Profit after tax	476,243	453,599	571,486	351,943	332,937	634,617	420,236	609,707	710,264	637,140

Line item

2016-07-31

2017-07-31

2018-07-31

2019-07-31

2020-07-31

2021-07-31

2022-07-31

2023-07-31

2024-07-31

2025-07-31

Revenue / turnover

13,051,812

10,799,449

12,100,772

11,624,913

10,063,687

11,550,822

12,939,395

14,780,588

11,355,055

11,676,462

Gross profit

1,614,202

1,551,315

1,732,712

1,706,628

1,436,238

1,660,343

1,723,546

2,202,514

2,317,627

2,108,100

Operating profit

604,743

562,447

705,779

491,616

431,240

753,074

504,205

739,758

898,122

762,407

Profit before tax

599,348

563,801

708,208

489,374

429,413

755,420

500,917

741,266

941,069

815,323

Tax charge / (credit)

123,105

110,202

136,722

137,431

96,476

120,803

80,681

131,559

230,805

178,183

Profit after tax

476,243

453,599

571,486

351,943

332,937

634,617

420,236

609,707

710,264

637,140

Balance sheet

Line item	2016-07-31	2017-07-31	2018-07-31	2019-07-31	2020-07-31	2021-07-31	2022-07-31	2023-07-31	2024-07-31	2025-07-31
Total fixed / non-current assets	79,701	72,632	71,371	89,563	64,330	85,291	151,147	170,194	160,671	271,574
Current assets	3,314,127	2,908,390	3,262,261	3,536,984	3,235,258	4,198,357	3,928,087	5,133,084	4,580,121	5,536,387
Cash at bank	195,550	37	37	460,884	637,764	498,691	777,355	1,683,966	1,982,252	2,243,037
Creditors < 1 year (current liabilities)	2,291,152	1,832,585	2,013,607	1,985,096	1,635,133	2,233,937	1,838,963	2,906,987	2,046,534	2,569,881
Net current assets	1,022,975	1,075,805	1,248,654	1,551,888	1,600,125	1,964,420	2,089,124	2,226,097	2,533,587	2,966,506
Creditors > 1 year (non-current liabilities)	13,995	8,026	18,196	124,995	4,741	27,337	67,611	63,924	21,627	28,309
Net assets	1,073,968	1,127,567	1,289,053	1,500,083	1,648,020	2,014,637	2,134,873	2,294,580	2,634,844	3,171,984
Total equity	1,073,968	1,127,567	1,289,053	1,500,083	1,648,020	2,014,637	2,134,873	2,294,580	2,634,844	3,171,984

Line item

2016-07-31

2017-07-31

2018-07-31

2019-07-31

2020-07-31

2021-07-31

2022-07-31

2023-07-31

2024-07-31

2025-07-31

Total fixed / non-current assets

79,701

72,632

71,371

89,563

64,330

85,291

151,147

170,194

160,671

271,574

Current assets

3,314,127

2,908,390

3,262,261

3,536,984

3,235,258

4,198,357

3,928,087

5,133,084

4,580,121

5,536,387

Cash at bank

195,550

460,884

637,764

498,691

777,355

1,683,966

1,982,252

2,243,037

Creditors < 1 year (current liabilities)

2,291,152

1,832,585

2,013,607

1,985,096

1,635,133

2,233,937

1,838,963

2,906,987

2,046,534

2,569,881

Net current assets

1,022,975

1,075,805

1,248,654

1,551,888

1,600,125

1,964,420

2,089,124

2,226,097

2,533,587

2,966,506

Creditors > 1 year (non-current liabilities)

13,995

8,026

18,196

124,995

4,741

27,337

67,611

63,924

21,627

28,309

Net assets

1,073,968

1,127,567

1,289,053

1,500,083

1,648,020

2,014,637

2,134,873

2,294,580

2,634,844

3,171,984

Total equity

1,073,968

1,127,567

1,289,053

1,500,083

1,648,020

2,014,637

2,134,873

2,294,580

2,634,844

3,171,984

Ratios

Ratio	2016-07-31	2017-07-31	2018-07-31	2019-07-31	2020-07-31	2021-07-31	2022-07-31	2023-07-31	2024-07-31	2025-07-31
Revenue growth	–	-17.3%	12.0%	-3.9%	-13.4%	14.8%	12.0%	14.2%	-23.2%	2.8%
Gross margin	12.4%	14.4%	14.3%	14.7%	14.3%	14.4%	13.3%	14.9%	20.4%	18.1%
Operating margin	4.6%	5.2%	5.8%	4.2%	4.3%	6.5%	3.9%	5.0%	7.9%	6.5%
Net margin	3.6%	4.2%	4.7%	3.0%	3.3%	5.5%	3.2%	4.1%	6.3%	5.5%
Return on equity	45.7%	41.2%	47.3%	25.2%	21.2%	34.7%	20.3%	27.5%	28.8%	21.9%
Return on capital employed	54.8%	49.0%	53.5%	30.0%	25.9%	36.7%	22.5%	–	–	–
Return on invested capital (ROIC)	51.0%	44.6%	45.9%	27.3%	29.2%	48.9%	28.1%	56.1%	94.6%	68.7%
Current ratio	1.45×	1.59×	1.62×	1.78×	1.98×	1.88×	2.14×	1.77×	2.24×	2.15×
Gearing (debt / equity)	–	0.02×	0.03×	0.15×	0.01×	0.02×	0.05×	0.05×	0.02×	0.03×
Effective tax rate	20.5%	19.5%	19.3%	28.1%	22.5%	16.0%	16.1%	17.7%	24.5%	21.9%

Ratio

2016-07-31

2017-07-31

2018-07-31

2019-07-31

2020-07-31

2021-07-31

2022-07-31

2023-07-31

2024-07-31

2025-07-31

Revenue growth

–

-17.3%

12.0%

-3.9%

-13.4%

14.8%

12.0%

14.2%

-23.2%

2.8%

Gross margin

12.4%

14.4%

14.3%

14.7%

14.3%

14.4%

13.3%

14.9%

20.4%

18.1%

Operating margin

4.6%

5.2%

5.8%

4.2%

4.3%

6.5%

3.9%

5.0%

7.9%

6.5%

Net margin

3.6%

4.2%

4.7%

3.0%

3.3%

5.5%

3.2%

4.1%

6.3%

5.5%

Return on equity

45.7%

41.2%

47.3%

25.2%

21.2%

34.7%

20.3%

27.5%

28.8%

21.9%

Return on capital employed

54.8%

49.0%

53.5%

30.0%

25.9%

36.7%

22.5%

–

Return on invested capital (ROIC)

51.0%

44.6%

45.9%

27.3%

29.2%

48.9%

28.1%

56.1%

94.6%

68.7%

Current ratio

1.45×

1.59×

1.62×

1.78×

1.98×

1.88×

2.14×

1.77×

2.24×

2.15×

Gearing (debt / equity)

–

0.02×

0.03×

0.15×

0.01×

0.02×

0.05×

0.02×

0.03×

Effective tax rate

20.5%

19.5%

19.3%

28.1%

22.5%

16.0%

16.1%

17.7%

24.5%

21.9%

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Topcoat Construction Limited (03075151)

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