Financial Highlights

2019 Full Year Results

  FY 2019 FY 2018 % change OCC3 % change
Order intake1 £691.9m £681.7m +1.5% +0.7%
Revenue £669.3m £695.7m -3.8% -4.4%
Adjusted2 operating profit £151.0m £146.0m +3.4% +2.2%
Adjusted2 operating margin 22.6% 21.0% +160bps +140bps
Profit before tax £124.1m £120.7m +2.7% +1.4%
Adjusted2 profit before tax £148.1m £143.8m +2.9% +1.8%
Basic earnings per share 10.8p 10.5p +2.9% +1.5%
Adjusted2 basic earnings per share 13.0p 12.6p +3.2% +2.4%
Full year dividend 6.20p 5.90p +5.1% -

1 Order intake represents the value of orders received during the period.
2 Adjusted4 figures exclude the amortisation of acquired intangible assets, restructuring costs and the exceptional pension curtailment credit in 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 results. They are defined in full and reconciled to the statutory measures in note 2.


  • Margin improvement ahead of expectations with adjusted operating margin up 160bps to 22.6%, benefiting from Growth Acceleration Programme savings and mix
  • Order intake was ahead year-on-year on an OCC basis in the full year and in H2
  • Strong 131% cash conversion driven by working capital management. Net cash £106m
  • Revenues were lower year-on-year reflecting reduced large project activity, product and portfolio rationalisation and the loss of sales to sanctioned countries
  • ROCE increased 260bps to 31.8%