Group Financial Overview
The figures for all years have been restated to reflect the disposal of the Acal BFi distribution business and Vertec SA in FY 2021/22. The figures for FY2020 onwards include the impact of the adoption of IFRS 16.
|
FY2018 |
FY2019 |
FY2020 |
FY2021 |
FY2022 |
FY2023 |
H12024 |
| 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 |
220.0 |
| Underlying operating profit |
17.0 |
22.5 |
30.8 |
30.8 |
41.4 |
51.8 |
28.6 |
| Underlying profit before tax |
14.4 |
19.0 |
26.5 |
27.2 |
37.6 |
46.3 |
25.1 |
| Profit before tax |
7.3 |
11.2 |
13.2 |
13.5 |
17.1 |
29.1 |
16.0 |
| Underlying diluted EPS (p) |
14.6 |
19.0 |
24.4 |
22.4 |
29.4 |
35.2 |
11.7 |
| Dividend per share (p) |
9.0 |
9.55 |
2.97 |
10.15 |
10.8 |
11.45 |
3.75 |
|
|
|
|
|
|
|
|
| Group Statement of Financial Postion |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
| Net debt |
(52.4) |
(63.3) |
(61.3) |
(47.2) |
(30.2) |
(42.7) |
(111.3) |
| Non-current assets |
136.4 |
149.2 |
236.4 |
244.6 |
326.5 |
335.9 |
395.3 |
| Net assets |
126.8 |
134.7 |
200.5 |
208.4 |
290.4 |
303.6 |
305.8 |
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 |
FY2023 |
H12024 |
FY2025
Targets |
| 1. Sales growth |
|
|
|
|
|
|
|
|
|
|
Well ahead of GDP |
| Constant exchange rate |
17% |
36% |
14% |
6% |
11% |
14% |
8% |
27% |
15% |
4% |
| 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% |
8% |
>10% |
| 3. Dividend growth2 |
10% |
11% |
6% |
6% |
6% |
6% |
6% |
6% |
6% |
6% |
Progressive |
| 4. ROCE3 |
15.2% |
12.0% |
11.6% |
13.0% |
13.7% |
15.4% |
16.0% |
14.7% |
15.9% |
15.1% |
>15% |
| 5. Operating cash flow conversion |
100% |
104% |
100% |
136% |
85% |
93% |
106% |
101% |
94% |
91% |
>85% of underlying operating profit |
| 6. Free cash flow conversion |
|
|
|
|
|
94% |
104% |
102% |
95% |
85% |
>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).