Key Financial Information

Financial Highlights

for the 12 months ended 31 March 2025

Revenue £422.9m

-3%

H1 2023/24: £437.0m

Adjusted operating profit £60.5m

+6%

H1 2023/24: £57.2m

Adjusted operating margin 14.3%

+1.2ppt

H1 2023/24: 13.1%

Adjusted EPS 38.7p

+5%

H1 2023/24: 36.8p

Full year dividend per share 12.5p

+4%

H1 2023/24: 12.0p

Adjusted operating cash flow £62.3m

+5%

H1 2023/24 £59.2m

Group Financial Overview 

  FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Group Income Statement – continuing operations £m £m £m £m £m £m
Revenue 303.3 302.8 379.2 448.9 437.0 422.9
Adjusted operating profit 30.8 30.8 41.4 51.8 57.2 60.5
Adjusted profit before tax 26.5 27.2 37.6 46.3 48.2 50.1
Profit before tax 13.2 13.5 17.1 29.1 22.2 32
Adjusted diluted EPS (p) 24.4 22.4 29.4 35.2 36.8 38.7
Dividend per share (p) 2.97 10.15 10.8 11.45 12.00 12.5
             
Group Statement of Financial Position £m £m £m £m £m £m
Net debt (61.3) (47.2) (30.2) (42.7) (104.0) (94.3)
Non-current assets 236.4 244.6 326.5 335.9 381.0 396.9
Net assets 200.5 208.4 290.4 303.6 301.6 308.0

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 Strategic Indicators

  FY15 FY16 FY17 FY18 FY19 FY20  FY21  FY22 FY23 FY24 FY25 Targets
Adjusted operating margin  4.9%   5.7% 5.9%  6.3%  7.0%  8.0%   10.2% 10.9%  11.5%  13.1%   14.3%  17% 2
Sales growth (CER) 36% 14% 6% 11% 14% 8% 1%  28% 15% 1%  (2%) Well ahead of GDP through cycle
Sales growth (organic)  9% 3% -1% 11% 10% 5% 4%  18% 10% (1%)  (7%)
Adjusted EPS growth 31% 10% 13% 16% 22% 11% 14%  21% 20% 5%  5%  >10%
Operating cash flow conversion 104% 100% 136% 85% 93% 106% 141%  101% 94% 105% 103%4 >85% of Adjusted operating profit
Free cash flow conversion       78% 94% 104% 136%  77% 95% 103%  106%4 >85% of Adjusted net profit
ROCE3 12.0% 11.6% 13.0% 13.7% 15.4% 16.0% 14.5%  14.7% 15.9% 15.7%  15.8% >15%
Carbon emissions Scope 1&2 reduction5                 35% 47%  59% 65% by CY25 

1. Figures for FY15 to FY20 are for total operations before disposals as reported at the time.
2. 17% target by FY2029/30
3. ROCE is defined as adjusted 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).
4. Last 12 months.
5. Carbon emissions are measured on a calendar year basis (eg CY22 shown as FY23). Target is absolute reduction of 65% by CY25 from CY21 with net zero by CY30.