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Preliminary Results for year ended 31 March 2020


Fourth year of growth – well positioned for a new world.

  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