Annual Report 2017/18

Annual Report 2017/18

Highlights for the year ended 30 June 2018

  • Record order intake at £413m, up £47m on FY 2016/17;

  • Record year-end order book at £288m, up £40m on June 2017;

  • Revenue up 8% to £380.0m;

  • Underlying PBT up 2% to £39.0m on FY 2016/17;

  • Strong performance in Asia and electric vehicle order intake, with a good mix of orders across our market sectors;

  • Acquisition of Control Point to enhance US defence business;

  • Disposals of Chicago and Southern Germany engine test facilities, to balance asset mix with the trend towards electrification;

  • Order flow disruption in the second half and the close out of some challenging projects impacted performance in our UK Automotive business. Changes made and swiftly addressed;

  • Strong working capital management has reduced net debt to £26.1m from £37.9m at June 2017 (after £6m acquisition of Control Point); and

  • Outlook is positive with a good pipeline – dividend increased by 6% to 20.46p from 19.30p.

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