Results & Reports

• Increasing growth with strong finish to the year
  • Orders grew 5% organically⁽¹⁾ for the year with 14% growth in Q4
  • Sales grew 2% organically for the year with 5% growth in Q4

• Adjusted operating profit up 1% to £61.0m
  • Increased operational investment to support sales & orders growth
  • On track for medium-term 17% operating margin target driven by organic and inorganic initiatives (including recent high margin acquisitions)
  • Continued earnings progress with adjusted EPS up 4% to 40.3p and up 14% CAGR over last 10yrs

• Excellent free cash flow⁽²⁾ of £36.6m from capital-light operations
  • Free cash conversion of 92%, comfortably ahead of 85% target
  • Cash conversion rates average c.100% over the last decade

• Three high growth earnings & margin accretive acquisitions announced⁽³⁾
  • Combined consideration of £95m for an EBIT multiple of 9x
  • Storm⁽⁵⁾ completed in the year, Trival in April 2026 and 3G announced in May 2026
  • Increased presence in fast growing security target market in line with strategy

• Revolving credit facility of £240m extended to May 2030
  • Year-end gearing⁽⁴⁾ of 1.2x
  • Proforma gearing⁽⁴⁾ of 2.2x reducing to 1.8x by March 2027, comfortably within our target range

• Good start to the new year with strong growth in orders, and sales momentum
  • Orders well ahead of sales with growing order book
  • Strong pipeline of design wins underpins future organic growth
  • Continuing pipeline of acquisition opportunities
  • Benefitting from improving industrial market conditions and growing security market demand

⁽¹⁾ Organic growth for the Group compared with last year is calculated at CER and is shown excluding the first 12 months of acquisitions post completion (Hivolt was acquired in August 2024, Burster in January 2025 and Storm in December 2025) adjusted for any disposals.

⁽²⁾ Free cash flow is cash flow available for the payment of dividends and investment in acquisitions. Free cash conversion is free cash flow divided by Adjusted profit after tax. See definitions in note 6 of the attached condensed consolidated financial statements.

⁽³⁾ Keymat Technology Ltd was acquired in December 2025 for £5.5m and operates under the trading name Storm Interface. The business is referred to as Storm. Trival completed in April 2026 for €45.5m (£39.9m) and the acquisition of 90% of 3G Metalworx (“3G”) was announced in May 26 subject to regulatory approval, for $67.5m (£50.0m). All amounts shown are the debt free, cash free initial consideration.

⁽⁴⁾ Gearing ratio is defined as net debt divided by Adjusted EBITDA (annualised for acquisitions). Proforma gearing includes the acquisition of Trival (acquired April 2026) and 3G (announced in May 2026) as if they had been acquired at 31 March 2026.

⁽¹⁾ ‘Adjusted operating profit’, ‘Adjusted operating margin’, ‘Adjusted EBITDA’, ‘Adjusted profit before tax’, ’Adjusted EPS’, ‘Adjusted operating cash flow’ and ‘Free cash flow’ are non-IFRS financial measures used by the Directors to assess the performance of the Group. These measures exclude acquisition and disposal related costs (amortisation of acquired intangible assets of £16.3m less net acquisition and disposal net credits of £0.5m) totalling £15.8m. Equivalent adjusting items within the FY 2024/25 adjusted results totalled £18.1m. ‘Adjusted EBITDA’ also excludes IFRS 16 lease adjustments, non-cash share-based payments cost and IAS19 pension costs in line with the Group’s banking covenants. For further information, see note 6 of the attached condensed consolidated financial statements.

⁽²⁾ Growth rates at constant exchange rates (“CER”). In calculating CER for the year, the average Sterling rate of exchange strengthened 5% against the US Dollar but weakened 3% against the Euro and weakened 5% on average against the three Nordic currencies resulting in no significant net impact for the year.