HIGHLIGHTS – for the year ended 30 June 2017
- 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.