Serving the national security interests of our customers


  Statutory results Underlying results
  FY23 FY22 FY23 FY22
Revenue £1,580.7m £1,320.4m £1580.7m £1,320.4m
Operating profit £172.8m £123.7m £178.9m £137.4m
Profit after tax £154.4m £90.0m £152.9m £118.1m
Earnings per share 26.8p 15.7p 26.5p 20.6p
Interim dividend per share 7.7p 7.3p 7.7p 7.3p
Funded order backlog £3,070.3m £2,828.8m
Orders £1,724.1m £1,226.6m
Net cash inflow from operations £240.6m £215.1m £270.1m £220.7m
Net (debt)/cash £(206.9)m £225.1m £(206.9)m £225.1m

Excellent operational performance across the Group

  • Orders up 41%, a record-high of £1.7bn, growing our backlog to £3.1bn
  • Revenue is up 20% and profit is up 30%; up 11% and 12% respectively on an organic basis, excluding the impact of the write-down in FY22
  • Cash performance remains strong with 106% conversion
  • Statutory operating profit of £172.8m, an increase of 40%
  • Returns are healthy with underlying EPS up to 26.5p and the full year dividend up 5% to 7.7p

The defence & security context is heightening market demand for our distinctive offerings

  • We now see an addressable market of more than £30bn per year
  • We have delivered a step-change in our global growth platform with two strategic acquisitions in the US and Australia, both are performing well and the integrations are on-track

FY24 expectations unchanged, upgraded long-term guidance

  • We are targeting high single digit organic revenue growth at 11-12% margin
  • We have increased the scale of our ambition to grow the company to approx. £3bn revenue by FY27, including further strategic acquisitions
  • This upgraded guidance will approximately double our revenue and profit over the next 4 years, a 20% improvement to our previous guidance

Steve Wadey, Group Chief Executive Officer said:

“We have delivered an excellent set of results characterised by a record order intake and strong operational performance across the Group. The integration of the two strategically significant acquisitions of Avantus and Air Affairs gives us a compelling global platform from which to grow.

We are operating in an uncertain world and the heightened threat environment is increasing demand for our distinctive offerings, which are closely aligned to our customers’ priorities. We are now seeing an increased addressable market presenting opportunities for further growth and enhanced shareholder returns.

As a result we have accelerated our global ambition to build an integrated global company with c.£3bn revenue by FY27. We move forward into FY24 with optimism due to our track-record of performance and confidence in our strategy. We are proud of the critical role we play serving the national security interests of our customers.”

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

Preliminary results presentation:

Management will host a presentation at 09:30 hours BST on 25 May 2023 at Numis’ auditorium, 45 Gresham Street, London EC2V 7BF. The presentation will also be shared as a live webcast. To register to join this event, please see details on our website here:

You are warmly invited to join, either in person or virtually.

For further information please contact:

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

Lindsay Walls, Group Director Communications (Media enquiries): +44 (0) 7793 427582