Annual Report 2016-2017

Annual Report 2016-2017

HIGHLIGHTS

  • Record order book at £248m, strong order intake at £366m and revenue up 6% to £352m;
  • Resilient performance across the business with underlying profit before tax at £38.3m in line with expectations, despite disrupted flow of orders in Automotive;
  • Good performance from Energy & Environment, Rail and Performance Products;
  • Good order flow in Automotive engines and hybrid/EV – with the latter 17% of Group order intake;
  • Underlying (1) basic earnings per share at 55.7p;
  • Net debt of £37.9m after £4.4m of net acquisition-related payments;
  • Full year dividend up 7% to 19.3p per share;
  • Acquisition of Exnovo completed in the year, with Control Point completed post year-end; and
  • Outlook remains positive, good platform for growth.

(1)  Excludes specific adjusting items, which comprise amortisation of acquired intangible assets of £4.0m (2016: £3.4m), net acquisition-related expenditure of £1.7m (2016: £2.8m) and reorganisation costs of £0.4m (2016: £Nil). In the prior year, non-recurring income of £1.5m for claims under the Research & Development Expenditure Credit (‘RDEC’) scheme was also included.

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