Group Financial Overview
| |
FY2020 |
FY2021 |
FY2022 |
FY2023 |
FY2024 |
H12025 |
| Group Income Statement – continuing operations |
£m |
£m |
£m |
£m |
£m |
£m |
| Revenue |
303.3 |
302.8 |
379.2 |
448.9 |
437.0 |
211.1 |
| Underlying operating profit |
30.8 |
30.8 |
41.4 |
51.8 |
57.2 |
29.1 |
| Underlying profit before tax |
26.5 |
27.2 |
37.6 |
46.3 |
48.2 |
23.8 |
| Profit before tax |
13.2 |
13.5 |
17.1 |
29.1 |
22.2 |
15.8 |
| Underlying diluted EPS (p) |
24.4 |
22.4 |
29.4 |
35.2 |
36.8 |
18.4 |
| Dividend per share (p) |
2.97 |
10.15 |
10.8 |
11.45 |
12.00 |
3.90 |
| |
|
|
|
|
|
|
| Group Statement of Financial Position |
£m |
£m |
£m |
£m |
£m |
£m |
| Net debt |
(61.3) |
(47.2) |
(30.2) |
(42.7) |
(104.0) |
(98.7) |
| Non-current assets |
236.4 |
244.6 |
326.5 |
335.9 |
381.0 |
366.8 |
| Net assets |
200.5 |
208.4 |
290.4 |
303.6 |
301.6 |
296.6 |
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 Strategic Indicators
| |
FY15 |
FY16 |
FY17 |
FY18 |
FY19 |
FY20 |
FY21 |
FY22 |
FY23 |
FY24 |
H125 |
Targets |
| Underlying operating margin |
4.9% |
5.7% |
5.9% |
6.3% |
7.0% |
8.0% |
10.2% |
10.9% |
11.5% |
13.1% |
13.8% |
15% 2 |
| Sales growth (CER) |
36% |
14% |
6% |
11% |
14% |
8% |
1% |
28% |
15% |
1% |
(4%) |
Well ahead of GDP through cycle |
| Sales growth (organic) |
9% |
3% |
-1% |
11% |
10% |
5% |
4% |
18% |
10% |
(1%) |
(10%) |
| Underlying EPS growth |
31% |
10% |
13% |
16% |
22% |
11% |
14% |
21% |
20% |
5% |
-4% |
>10% |
| Operating cash flow conversion |
104% |
100% |
136% |
85% |
93% |
106% |
141% |
101% |
94% |
105% |
115%4 |
>85% of underlying operating profit |
| Free cash flow conversion |
|
|
|
78% |
94% |
104% |
136% |
77% |
95% |
103% |
126%4 |
>85% of underlying net profit |
| ROCE3 |
12.0% |
11.6% |
13.0% |
13.7% |
15.4% |
16.0% |
14.5% |
14.7% |
15.9% |
15.7% |
15.2% |
>15% |
| Carbon emissions Scope 1&2 reduction5 |
|
|
|
|
|
|
|
|
35% |
47% |
c.50% |
-65% by CY25 |
1. Figures for FY15 to FY20 are for total operations before disposals as reported at the time.
2. 13.5% target by FY25 and 15% by FY28
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).
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.