Financial Highlights

2022 Full Year Results

  2022 2021 % change OCC3 % change
Order intake1 £681.6m £614.1m +11.0% +6.8%
Revenue £641.8m £569.2m +12.8% +8.4%
Adjusted2 operating profit £143.2m £128.1m +11.8% +6.2%
Adjusted2 operating margin 22.3% 22.5% -20bps -40bps
Profit before tax £124.1m £105.9m +17.2%  
Basic earnings per share 10.9p 9.2p +17.6%  
Adjusted2 basic earnings per share 12.7p 11.3p +13.2% +7.5%
Full year dividend 6.7p 6.4p +4.7%  


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 2021 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.


  • Group order intake increased 11.0% year-on-year with selling prices and volumes higher. Fourth quarter orders rose high single-digits year-on-year on an OCC basis
  • Successful supply chain improvement measures reduced disruption through the year
  • Revenue increased 12.8%, benefiting from the second half’s strong recovery in deliveries
  • Adjusted operating margins recovered strongly in the second half and full year margins were 20bps lower at 22.3%. The reported operating margin was 19.3%
  • Price and volume successfully offset cost inflation and partially funded investments
  • We launched our Growth+ strategy which is designed to deliver our ambition of mid to high single-digit revenue growth and mid 20s adjusted operating profit margins over time
  • Closing net cash £105.9m (December 2021: £114.1m). ROCE4 31.3% (up 120bps)