Key Financial Information

Financial Highlights

for the twelve months ended 31 March 2024

Revenue £437m

-3%

FY2022/23: £448.9m

Underlying operating profit £57.2m

+10%

FY2022/23: £51.8m

Underlying operating margin 13.1%

+1.6ppts

FY2022/23: 11.5%

Underlying EPS 36.8p

+5%

FY2022/23: 35.2p

Dividend per share 12.00p

+5%

FY2022/23: 11.45p

Reported PBT £22.2m

-24%

FY2022/23: £29.1m

Group Financial Overview 


FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Group Income Statement – continuing operations £m £m £m £m £m £m £m
Revenue 224.4 268.2 303.3 302.8 379.2 448.9 437.0
Underlying operating profit 17.0 22.5 30.8 30.8 41.4 51.8 57.2
Underlying profit before tax 14.4 19.0 26.5 27.2 37.6 46.3 48.2
Profit before tax 7.3 11.2 13.2 13.5 17.1 29.1 22.2
Underlying diluted EPS (p) 14.6 19.0 24.4 22.4 29.4 35.2 36.8
Dividend per share (p) 9.0 9.55 2.97 10.15 10.8 11.45 12.00








Group Statement of Financial Position £m £m £m £m £m £m £m
Net debt (52.4) (63.3) (61.3) (47.2) (30.2) (42.7) (104.0)
Non-current assets 136.4 149.2 236.4 244.6 326.5 335.9 381.0
Net assets 126.8 134.7 200.5 208.4 290.4 303.6 301.6

1. The figures in the Group Income Statement have been restated to reflect the disposals of Acal BFi distribution business and Vertec SA in FY2022.
2. The figures for FY2020 onwards include the impact of the adoption of IFRS 16.
3. The figures for FY2024 also exclude the Santon solar business unit.

Key Performance Indicators


FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY20221 FY2023 FY2024 Targets
1. Sales growth









Well ahead of GDP
Constant exchange rate 17% 36% 14% 6% 11% 14% 8% 27% 15% 1%
Continuing organic 3% 9% 3% -1% 11% 10% 5% 14% 10% (1%)
2. Underlying EPS growth 20% 31% 10% 13% 16% 22% 11% 20% 20% 5% >10%
3. Dividend growth2 10% 11% 6% 6% 6% 6% 6% 6% 6% 5% Progressive
4. ROCE3 15.2% 12.0% 11.6% 13.0% 13.7% 15.4% 16.0% 14.7% 15.9% 15.7% >15%
5. Operating cash flow conversion 100% 104% 100% 136% 85% 93% 106% 101% 94% 103% >85% of underlying operating profit
6. Free cash flow conversion




94% 104% 102% 95% 102% >85% of underlying net profit

1. Continuing operations. FY2021/22 shown as growth over the pre-Covid period FY2019/20 as this reflects the actual ongoing growth of the business. FY2013/14 to FY2019/20 are for total operations before disposals as reported at the time.
2. 6% increase in the H1 2019/20 interim dividend; a final dividend was not proposed for FY2019/20 due to Covid.
3. ROCE is defined as underlying operating profit from continuing operations, including the annualisation of profits of acquired businesses, as a percentage of net assets excluding net debt, deferred consideration related to discontinued operations and legacy defined benefit pension asset/(liability).