Key Financial Information

Financial Highlights

in the financial year ended 31 March 2022 (FY 2021/22)

Revenue £379.2m

+25%

FY 2020/21: £302.8m

Underlying operating profit £41.4m

+34 %

FY 2020/21: £30.8m

Underlying operating margin 10.9%

+0.7ppts

FY 2020/21: 10.2%

Underlying EPS 29.4p

+31%

FY 2020/21: 22.4p

Dividend per share 10.8p

+6%

FY 2020/21: 10.15p

Order book £224m

+62%

FY 2020/21: £138m

Group Financial Overview

The figures for all years have been restated to reflect the disposal of Acal BFi distribution business and Vertec SA in FY 2021/22.


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






Group Statement of Financial Postion £m £m £m £m £m
Net debt (52.4) (63.3) (61.3) (47.2) (30.2)
Non-current assets 136.4 149.2 236.4 244.6 326.5
Net assets 126.8 134.7 200.5 208.4 290.4

1. The figures in the Group Income Statement have been restated to reflect the disposal of Acal BFi distribution business and Vertec SA in FY2021.
2. The figures for FY2020 onwards include the impact of the adoption of IFRS 16.

Key Performance Indicators


FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY20221 FY2025
Targets
1. Sales growth







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




94% 104% 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 annualization for acquisitions as a percentage of net assets excluding net debt, deferred consideration related to discontinued operations and legacy defined benefit pension asset/(liability).