Financial Highlights

2023 Half Year Results

  H1 2023 H1 2022 % change OCC3 % change
Order intake1 £386.9m £340.1m +13.8% +11.9%
Revenue £334.7m £280.0m +19.5% +17.2%
Adjusted2 operating profit £65.3m £53.3m +22.5% +20.2%
Adjusted2 operating margin 19.5% 19.0% +50bps +50bps
Profit before tax £60.2m £44.6m +35.1%  
Basic earnings per share 5.3p 3.9p +34.9%  
Adjusted2 basic earnings per share 5.8p 4.8p +21.9% +19.7%
Interim dividend 2.55p 2.4p +6.3%  


1. Order intake represents the value of orders received during the period.
2. Adjusted4 figures exclude the amortisation of acquired intangible assets and other adjustments (see note 4).
3. OCC4 is organic constant currency results restated at 2022 exchange rates.
4. Adjusted figures, organic constant currency (‘OCC’) figures, cash conversion and ROCE are alternative performance measures and are used consistently throughout these results. They are defined in full and reconciled to the statutory measures in note 2.


  • Order intake increased 11.9% year-on-year OCC, largely driven by volume, resulting in a record order book at period end

  • Revenue increased 17.2% year-on-year OCC against a more supply-chain disrupted comparative period, and despite some supply-chain challenges continuing. All divisions grew at rates consistent with the Group, with Target Segments delivering premium growth as expected

  • Good progress under all Growth+ pillars with new product and digital services launched and a bolt-on technology platform acquisition

  • Adjusted operating margins 50bps higher at 19.5% reflecting increased volumes partly offset by Growth+ investments. The reported operating profit margin was 17.7%

  • ROCE4 was 32.7% (up 570bps). Strong balance sheet retained with closing net cash of £97.8m (December 2022: £105.9m) reflecting 116% cash conversion and a £20m special pension contribution which facilitated a buy-in, further de-risking the pension scheme