Preliminary Results for year ended 31 March 2020
21/05/2020
Statutory results | Underlying* results | ||||
2020 | 2019 | 2020 | 2019 | ||
Revenue | £1,072.9m | £911.1m | £1,072.9m | £911.1m | |
Operating profit^ | £117.6m | £114.8m | £133.2m | £124.9m | |
Profit after tax | £106.5m | £113.9m | £113.7m | £111.5m | |
Earnings per share | 18.7p | 20.1p | 20.0p | 19.7p | |
Full year dividend per share | 2.2p | 6.6p | 2.2p | 6.6p | |
Total funded order backlog1 | £3,104.9m | £3,133.6m | |||
Total orders | £2,227.4m | £776.4m | |||
Orders excluding LTPA amendments2 | £972.1m | £776.4m | |||
Net cash inflow from operations^ | £166.5m | £134.6m | £177.8m | £135.3m | |
Net cash^ | £84.7m | £160.5m | |||
*Definitions of the Group’s ‘Alternative Performance Measures’ can be found in the glossary. ^ Prior year restated due to the retrospective adoption of the new accounting standard, IFRS 16, in respect of leases; refer to Note 1. 1 2019 adjusted to include £1.3bn LTPA amendment signed 5 April 2019. 2 Includes share of Joint Ventures, excludes £1.3bn LTPA contract amendment signed 5 April 2019 |
Delivered fourth year of growth
- Orders up 25% (excluding the LTPA amendment); largest annual order intake in 9 years
- Revenue up 18%, 10% on an organic basis
- Underlying operating profit up 7%, 2% on an organic basis, underlying EPS up 2%
- 133% underlying cash conversion pre-capex
Driving growth through disciplined execution of strategy
- Secured £168m of orders under Engineering Delivery Partner (EDP) contract
- Won four major long-term contracts in UK, US and Belgium
- Completed acquisitions of MTEQ in the US and NSC in the UK
- Grown international revenue from 21% to 31% in four years
- Improved employee engagement by 10%, driving a high performance culture
Strategic response to COVID-19 crisis over the coming year and beyond
- Robust action to build resilience to immediate challenges
- Partnering with our customers to respond to their evolving priorities
- Engaging our employees to adapt our working practices
- Accelerating capabilities to meet the needs of a new world
- As previously announced, guidance for Group performance and dividend decision later in the year
Steve Wadey, Group Chief Executive Officer said:
“Our immediate priority in response to the COVID-19 crisis remains protecting the health and wellbeing of our people who are doing a fantastic job continuing to deliver critical work for our customers. The impact on our performance has been limited to date, predominantly in our shorter-cycle products business. We have taken prudent actions to boost the resilience of our company by managing cash outflows and reducing costs in the short-term, whilst ensuring we continue to deliver for our customers.”
“We delivered a fourth consecutive year of top-line growth. Our strategy is working to successfully become a truly integrated global company. With strong order intake, organic profit growth and net cash on balance sheet, we enter this period of uncertainty in a strong position enabling us to be agile and proactive in addressing both the short-term challenges and pursuing medium- to long-term growth.”
Preliminary results presentation
There will be a webcast presentation of the preliminary results at 1000 hours UK time on 21 May 2020. The webcast is available at https://us02web.zoom.us/webinar/register/WN_EUdJ4Q-URMGpkjiC-EMfFA
For further information, please contact:
Ian Brown, Group Head of Investor Relations: +44 (0) 7908 251123
Citigate Dewe Rogerson (Media enquiries): +44 (0) 20 7638 9571
Chris Barrie :+44 (0)7968 727 289
Ellen Wilton: +44 (0)7921 352 851
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