2023-2024
Prelim results and presentation 2023/2024 – September 2024
Good growth and excellent cash performance
Highlights
- A year of continued good growth and excellent cash performance
- Order intake down 5% (3% constant currency) on the back of record order intake in FY 2022/23
- Continued variability of order timing and order volatility in some end markets
- Revenue from continuing operations up 7% (9% constant currency)
- Strong recovery in H2 profit performance, with Automotive and Industrial returning to profit
- Underlying operating profit from continuing operations increased by £4.8m (£5.6m constant currency)
- On track to double underlying operating profit in the five years to FY27
- A rigorous focus on working capital management delivered 119% underlying cash conversion
- Group leverage on target at 1.25x
- Final dividend of 8.9p proposed giving total dividend for FY 2023/24 of 12.7p
- Robust year end order book and good pipeline visibility gives confidence for FY 2024/25