2018 Full Year Results
OCC** % change
|Adjusted* operating profit||£146.0m||£130.2m||+12.2%||+14.8%|
|Adjusted* operating margin||21.0%||20.3%||+70bps||+60bps|
|Profit before tax||£120.7m||£80.6m||+49.8%||+53.8%|
|Adjusted* profit before tax||£143.8m||£124.8m||+15.3%||+17.9%|
|Basic earnings per share||10.5p||6.4p||+64.1%||+69.5%|
|Adjusted* basic earnings per share||12.6p||10.6p||+18.9%||+21.7%|
|Full year dividend||5.90p||5.40p||+9.3%||-|
* Adjusted figures exclude the amortisation of acquired intangible assets and other adjustments, comprising restructuring costs and a credit arising from the closure of the UK defined benefit pension scheme to future accrual (see note **).
** OCC is organic constant currency results excluding acquisitions and restated at 2018 exchange rates.
*** Order intake represents the value of orders received during the period.
- Strong OCC revenue growth, up 11.3%
- Adjusted operating margin improved to 21.0%
- ROCE increased 430bps to 29.2%
- Cash conversion of 110.7%
- Net cash of £43.6m at year end
- Growth Acceleration Programme proceeding at pace in H2:
- 160bps improvement in working capital to sales
- Revenue per head up 7.5%; adjusted operating profits per head up 11.3%
- Supply chain improvements yielding benefits
- Centralised new product development structure