Financial Data

FY 2019 Summary

Group materially simplified, with all three global divisions well set for growth and robust performance in line with expectations

 

Summary:

  • FY 2019 results build on positive underlying momentum seen since inflection point of H2 2018
    • Like-for-like revenue decline of 0.7%
      • +1.5%, on an underlying basis
    • Adjusted operating profit down 5.4% (at constant FX) to £87.5m notwithstanding portfolio simplification successfully completed during the year; adjusted operating margin +10bps to 9.0% (at constant FX)
      • Adjusted operating profit +2.0%, on an underlying basis
    • Reported operating profit of £80.0m versus £47.2m in 2018
    • Adjusted basic EPS lower by 9.7% (at constant FX) at 21.3p (2018: 23.5p)
    • Reported basic EPS of 14.7p compares to 9.3p in 2018
  • Net debt of £284.4m, with net debt / EBITDA to 2.0x (after applying IFRS 16)
    • Net debt of £233.7m and net debt / EBITDA of 1.9x before applying IFRS 16
  • Full year dividend maintained at 20.7p per share
  • Further good progress on all key metrics of the stability programme.
  • Simplification of the portfolio, allowing the Specialist Components division to be dissolved at the end of Q3 2019
    • Funds used in part for two value-creating acquisitions, plus JV partner buy out in Filters Dubai
  • Further strategic, financial and operational progress expected in FY 2020