2021 Full Year Results
|2021||2020||% change||OCC3 % change|
|Adjusted2 operating profit||£128.1m||£142.5m||-10.1%||-8.2%|
|Adjusted2 operating margin||22.5%||23.6%||+110bps||-140bps|
|Profit before tax||£105.9m||£112.6m||-5.9%|
|Basic earnings per share||9.2p||9.8p||-6.1%|
|Adjusted2 basic earnings per share||11.3p||12.5p||-9.6%||-8.0%|
|Full year dividend||6.4p||6.3p||+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 other adjustments.
3 OCC4 is organic constant currency results excluding discontinued businesses and restated at 2020 exchange rates.
4 Adjusted figures, organic constant currency (‘OCC’) figures 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 of the full year results press release.
- Orders were higher year-on-year driven by strong performances from our Water & Power and Chemical, Process & Industrial Divisions. Oil & Gas orders returned to growth in H2
- Revenues were lower due to supply chain constraints which intensified as the year went on, particularly the sourcing of components such as chipsets and electronics
- Adjusted operating margins were 110bps lower at 22.5% with successful management actions more than offset by reduced volumes, increased logistics costs and supply chain related issues
- Excellent progress on our sustainability strategy; we have announced our science-based targets and net-zero dates (scopes 1 & 2 by 2035 and scope 3 by 2045)
- Closing net cash £114.1m (December 2020: £178.1m). ROCE4 30.1% (down 240bps)