Contributing to global and national security


Results for six months to 30 September 2022 (‘H1 FY23’)

  Statutory results Underlying results
  H1 FY23 H1 FY22 H1 FY23 H1 FY22
Revenue £673.4m £600.1m £673.4m £600.1m
Operating profit £100.1m £41.0m £74.1m £53.4m
Profit after tax £112.4m £22.3m £65.4m £46.6m
Earnings per share 19.5p 3.9p 11.4p 8.1p
Interim dividend per share 2.4p 2.3p 2.4p 2.3p
Orders £798.8m £677.8m
Order backlog £2,968.6m £3,007.6m
Net cash inflow from operations £99.5m £64.2m £106.8m £70.2m
Net cash £264.0m £139.2m £264.0m £139.2m

Strong and consistent operational performance across the Group

  • Orders up 18%, revenue up 12% and underlying operating profit up 39%
  • On an organic constant currency basis, and excluding the impact of the write-down in FY22 half year results: Orders up 11%, revenue up 8% and underlying operating profit up 7%
  • Consistently strong cash conversion at 106% cash conversion pre-capex
  • Statutory operating profit £100.1m, assisted by FX gain on Avantus acquisition
  • Underlying EPS up 41%; 2.4p interim dividend declared – one third of FY22 dividend

Disciplined execution of multi-domestic growth strategy

  • Strong programme delivery across all major contracts
  • Good order intake across the Group at c.£800m
  • Increased investment in people and capabilities for the future
  • Step-change through strategic acquisitions in the US and Australia

On-track to deliver five year strategic growth ambition; £2.3bn revenue at stable margins

  • Increasing revenue guidance and will deliver profit in-line with FY23 expectations
  • Respond to increased demand for our distinctive offerings driven by threat environment
  • Close Avantus and Air Affairs deals and execute integration plans
  • Drive sustainable growth in our >£20bn addressable market

Steve Wadey, Group Chief Executive Officer said:

“World events continue to reinforce the vital importance of a technologically advanced defence industry to society and the needs of our customers for differentiated solutions, aligned with our strategy. I am immensely proud of how our people have supported our customers at this time of need: we are fulfilling our company purpose and contributing to global and national security.

Our first half results demonstrate the strong demand we continue to see from our customers for our distinctive offerings. We have delivered good programme execution and delivery across all our major contracts. Our home countries of UK, US and Australia have all achieved significant organic growth and the US has performed particularly well, delivering improved and consistent performance.

We have also secured two strategically significant acquisitions in the US and Australia, Avantus and Air Affairs respectively, which demonstrate the disciplined execution of our growth strategy and capital allocation policy. We have increased our investment in our people and capability for the future to enable our long-term growth, as we continue to build an integrated global defence and security company. We are on-track to deliver our 5 year strategic growth ambition and enhanced shareholder returns.”

You can download the full statement from our Results, Reports & Presentations page.

Interim results presentation:

We will be hosting an in-person results presentation at 09:30 GMT at the London Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. Registration to join in-person or via the live webcast is available here:

For further information please contact:

John Haworth, Group Director Investor Relations: +44 (0) 7920 545841

Lorna Cobbett, Citigate Dewe Rogerson (Media enquiries): +44 (0) 7771 344781