Half year 2019 results - Key summary
Financial Headlines
- 20% revenue growth; up 8% organically
- Underlying operating profit up 27% at constant currency
- Underlying operating margins up by 50 basis points to 8.1%
- ROIC of 11.3%; up 20 basis points to 11.7% excluding the impact of IFRS 16
- Dividend increased by 8% to 2.1p
Strategic Progress
- Business quality enhanced through continued focus on the right markets, capabilities and customers
- New customer wins, growth with existing customers and increased cross-selling opportunities
- Secured significant customer wins for recurring multi-million pound revenues
- Aerospace and defence and medical grew 37% (27% organically); now 45% of revenues
- Operational efficiency improvements from footprint action underway
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£ million unless otherwise stated
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Underlying1
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Statutory
|
| |
H1
2019
|
H1
2018
|
Change
|
Change
constant fx2
|
H1
2019
|
H1
2018
|
|
Continuing Operations
|
|
|
|
|
|
|
|
Revenue
|
238.2
|
194.2
|
23%
|
20%
|
238.2
|
194.2
|
|
Operating profit
|
19.2
|
14.6
|
32%
|
27%
|
6.9
|
7.7
|
|
Operating profit margin
|
8.1%
|
7.5%
|
60bps
|
50bps
|
2.9%
|
4.0%
|
|
Profit before taxation
|
17.4
|
14.0
|
24%
|
20%
|
5.1
|
7.1
|
|
Earnings per share (pence)
|
8.8p
|
6.9p
|
28%
|
22%
|
3.3p
|
4.4p
|
|
Return on invested capital3,4
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11.3%
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11.5%
|
|
|
|
|
|
Cash conversion5
|
28%
|
105%
|
|
|
|
|
|
Free cash flow6
|
|
|
|
|
(9.2)
|
4.1
|
|
Net debt4
|
|
|
|
|
(82.4)
|
(41.7)
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|
Net debt to EBITDA4,7
|
|
|
|
|
1.2x
|
0.8x
|
|
Dividend per share (pence)
|
|
|
|
|
2.1p
|
1.95p
|
|
Total Operations: Earnings per share (pence)
|
|
|
|
|
3.9p
|
4.4p
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1. Excluding the effect of restructuring and acquisition and disposal related items
2. Change at constant currency calculated by comparing current year actual results to the prior year results retranslated at current year actual exchange rates
3. Rolling 12 month underlying operating profit return on average invested capital
4. Return on invested capital, net debt and net debt to EBITDA for full year 2018
5. Underlying operating cash flow (underlying EBITDA less net capital expenditure, capitalised development expenditure, working capital and non-cash movements) divided by underlying operating profit
6. Net cash flow from operating activities less net cash flow from investing activities less interest paid less repayment of IFRS 16 leases
7. Net Debt excluding leases previously recognised as operating leases divided by underlying operating profit excluding the impact of IFRS 16, including full-year pro-forma effect for acquisitions. Measure used for our banking covenants.