Interim Report 2015

Interim Report 2015

Interim report for the six months to December 2015


  • Strong order book at £201m (30 June 2015: £140m);
  • Revenue up 31% to £157.8m (31 December 2014: £120.5m);
  • Underlying(1) PBT up 43% to £14.4m (31 December 2014: £10.1m);
  • Organic(2) underlying revenue up 9% to £130.8m (31 December 2014: £120.5m);
  • Organic(2) underlying PBT up 10% to £11.1m (31 December 2014: £10.1m);
  • Underlying(1) basic earnings per share up 31% to 20.8p (31 December 2014: 15.9p);
  • Net debt of £32.2m after £41.5m net acquisition expenditure (30 June 2015 net funds: £14.3m);
  • Interim dividend up 9% to 5.07p per share (31 December 2014: 4.65p);
  • Acquisitions of Lloyd’s Register Rail (‘LR Rail’) and Cascade completed in the period; and
  • Outlook remains positive, strong platform for further growth.

(1) Includes income of £2.0m under the Research & Development Expenditure Credit (‘RDEC’) scheme in respect of the current period, but excludes specific adjusting items, which comprise amortisation of acquired intangible assets of £1.7m (31 December 2014: £0.6m), acquisition-related costs of £1.0m (31 December 2014: £0.5m) and non-recurring income of £1.5m for claims under RDEC in respect of prior years.

(2) Excludes the performance of acquisitions (LR Rail, Cascade, Vepro and PPA) of £1.8m, income of £2.0m in respect of the current period under the RDEC scheme and increased net interest payments on drawn loan facilities of £0.5m.

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