2019 Half Year Results
|HY 2019||HY 2018||% change||OCC3 % change|
|Adjusted2 operating profit||£67.2m||£65.4m||+2.8%||+1.7%|
|Adjusted2 operating margin||21.1%||19.8%||+130bps||+120bps|
|Profit before tax||£52.2m||£54.7m||-4.5%||-5.8%|
|Adjusted2 profit before tax||£65.8m||£64.3m||+2.2%||+1.1%|
|Basic earnings per share||4.6p||4.7p||-2.9%||-4.6%|
|Adjusted2 basic earnings per share||5.8p||5.6p||+2.7%||+1.5%|
1 Order intake represents the value of orders received during the period.
2 Adjusted figures exclude the amortisation of acquired intangible assets, restructuring costs and the exceptional pension curtailment credit in H1 2018 (see note 4).
3 OCC4 is organic constant currency results excluding discontinued businesses and restated at 2018 exchange rates.
4 Adjusted and OCC figures are alternative performance measures and are used consistently throughout these half year results. They are defined in full and reconciled to the statutory measures in note 2.
- Margin improvement continued with H1 adjusted operating margins 130bps higher, benefiting from Growth Acceleration Programme savings and mix
- Order intake in Q2 was ahead sequentially and year-on-year on an OCC basis, continuing the gradual improvement in overall activity levels seen in recent quarters
- As expected, order intake and revenues were lower year-on-year in H1 reflecting the strong comparative period which included several large greenfield projects
- Strong cash conversion (117%) with closing net cash of £43m
- ROCE 29.7%, +250 bps compared with June 2018