North Holdings Group today reports unaudited results for the six months to 30 September 2026. Group revenue was £612.4 million, up 6.4 per cent on the same period last year, and adjusted EBITDA was £94.1 million, a margin of 15.4 per cent. Net debt stood at 2.1 times adjusted EBITDA at the period end.
North Industrial contributed revenue of £341 million, with its contracted maintenance order book growing to £1.2 billion following the Nordhavn Energy award. North Logistics reported revenue of £168 million as cross-border volumes rose 9 per cent after the Rotterdam hub came into service. North Capital’s loan book reached £421 million, with impairment at 0.6 per cent of the average book.
“Trading has been resilient rather than buoyant,” said Eleanor Ashcombe, Group Chief Executive. “Our contracted maintenance work is doing what it is supposed to do, which is to hold steady when industrial capital spending is cautious. We are deliberately not chasing volume in project work where the risk is poorly priced.”
Capital expenditure for the period was £48 million, mostly on fleet replacement and depot equipment. Two bolt-on acquisitions in industrial services remain in due diligence; the group expects to complete at most one of them before the year end. The board has left the dividend policy unchanged, and the next trading statement is scheduled for February 2027.