2019 Full Year Results
|FY 2019||FY 2018||% change||OCC3 % change|
|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%