2020 Full Year Results
|2020||2019||% change||OCC3 % change|
|Adjusted2 operating profit||£142.5m||£151.0m||-5.6%||-3.8%|
|Adjusted2 operating margin||23.6%||22.6%||+100bps||+90bps|
|Profit before tax||£122.0m||£124.1m||-1.6%||+0.6%|
|Basic earnings per share||10.7p||10.8p||-0.9%||+0.6%|
|Adjusted2 basic earnings per share||12.5p||13.0p||-3.8%||-3.1%|
|Full year dividend||6.3p||6.2p||+1.6%|
1 Order intake represents the value of orders received during the period.
2 Adjusted4 figures exclude the amortisation of acquired intangible assets and restructuring costs.
3 OCC4 is organic constant currency results excluding discontinued businesses and restated at 2019 exchange rates.
4Adjusted and OCC figures 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.
5Flow through is calculated as the change in adjusted operating profit as reported, divided into the change in OCC revenue.
- Order intake declined in the period reflecting the impact of COVID-19 on global economic activity. Orders in the final quarter, whilst still down year-on-year, showed signs of recovery
- Revenues were lower year-on-year due to subdued large project activity, customer site access issues at Rotork Site Services and disruption to production and logistics
- Adjusted operating margins were 100bps ahead at 23.6%, with all divisional margins higher, benefiting from savings generated by the Growth Acceleration Programme
- Flowthrough5 of sales declines to adjusted operating profit from 2019 was limited to just 12%, demonstrating the Group’s improved cyclical resilience
- Year-end net cash, after the payment of the £33.9m dividend in September, was £72.0m higher year-on-year at £178.1m. ROCE increased 10bps to 31.9%