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Half year 2022 results 

“We have delivered strong growth in the first half, in a challenging execution environment, reflecting our ability to win new business and good demand in our target end markets. We have secured a record order intake, with more customer wins and continue to expand our pipeline of new business opportunities, many on long term programmes. 

Our order book fully covers the increased revenue expected in the second half. This, coupled with pricing actions to recover inflation and further benefits from our self-help programme, means our outlook for the full year is unchanged. While conscious of the wider macro environment, we are well positioned to deliver an improved margin and cash performance in the second half, and further growth in 2023.”
 

Richard Tyson, Chief Executive Officer

August 2022


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Half year 2022 results 

Continued strong order intake and organic growth, with full year outlook unchanged

 

Highlights  

  • Revenue up 10% on a constant currency basis, 8% on an organic basis, reflects our successful positioning in structural growth markets and new project wins
  • Book to bill of 144% and record order intake, with 23 new significant contract wins in the half delivering over £60m of multi-year revenues.
  • Order book more than double pre-pandemic levels and up 55% vs. prior year
  • Adjusted operating profit up 5% at constant currency
  • Pricing action offsetting inflationary pressures
  • Investment in inventory to support increased customer demand, extended material lead times and shipment delays impacting cash flow and leverage, as anticipated
  • Statutory operating profit down 4% at £8.9m, statutory basic EPS of 2.3p
  • Interim dividend increased 11% to 2.0p per share reflecting confidence in full year outlook and future prospects

Outlook

  • Sales momentum strong and continuing;
    • 2022 expected revenues already fully covered and
    • orderbook creating a step-change in visibility of revenue for 2023
  • Clear line of sight to delivering our unchanged, full year expectations with Group performance benefitting from an acceleration in growth, pricing action and the completion of our self-help programme
  • Improved H2 profit and cash generation supports expectations that net debt to adjusted EBITDA will be within 1-2 times target range at year-end

 

£ million (unless otherwise stated)

Adjusted Results1

Statutory Results

 

H1 2022

H1 2021

Change

Change
constant fx

H1 2022

H1 2021

Revenue

269.2

235.6

14%

10%

269.2

235.6

Operating profit

18.3

15.9

15%

5%

8.9

9.3

Operating profit margin 

6.8%

6.7%

10bps

(30)bps

3.3%

3.9%

Profit before tax

15.0

14.1

6%

(3)%

5.6

7.5

Basic earnings per share 

6.6p

6.5p

2%

(8)%

2.3p

3.3p

Return on invested capital (20212)

8.93%

9.1%

(20)bps

     

Cash conversion

(55)%

(7)%

       

 

        H1 2022 H1 2021

Free cash flow1

       

(23.5)

(10.3)

Net debt (20212)1

       

142.0

102.5

Leverage (20212)1

        2.4x 1.7x
Dividend per share         2.0p 1.8p

 

  1. Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information. The Directors have adopted these measures to provide additional information on the underlying trends, performance and position of the Group with further details set out in the results announcement.  The adjusted measures used are set out in the reconciliation of KPIs and non IFRS measures in the results announcement.
  2. As at December 2021
  3. Calculated for the 12 months to June 2022
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