Financial history summary

Recovery to sustainable growthInvesting for growth
FY2014FY2015FY2016FY2017HY2017HY2018
Revenue£129.8m£154.7m£161.4m£186.5m£89.7m£97.8m
GP margin27.7%29.0%29.7%31.1%31.6%30.2%
Underlying operating profit*£9.7m£15.3m£16.8m£21.0m£10.3m£11.1m
Underlying EBITDA*£10.8m£16.5m£18.2m£22.9m£11.2m£12.1m
Underlying PBT*£9.2m£14.3m£16.0m£20.5m£9.9m£10.9m
ROCE*16.3%18.6%18.5%19.9%18.6%20.1%
Total dividend per share1.40p2.10p2.80p3.50p1.00p+1.10p+
Dividend increase %75.0%50.0%33.3%25.0%N/AN/A
Dividend cover4.3X4.1X3.6X3.7XN/AN/A
Underlying diluted EPS*5.95p8.68p9.99p12.82p6.27p6.78p
Net debt/(cash)£(2.0m)£13.4m£16.0m£6.4m£14.2m£7.9m
Underlying cash conversion % of underlying EBITDA*109.5%50.2%88.9%97.3%82.6%52.3%
Share price87p103p127p211p151p208p
Effective tax rate25.7%29.2%21.8%26.8%23.6%11.2%
Working capital as % of sales25.9%30.0%31.7%29.7%31.5%31.1%
Interest cover20.2X17.1X22.9X43.9X35.8X54.3X
Overheads as % of sales20.2%19.1%19.3%19.8%20.6%18.8%
Capital expenditure£0.8m£1.4m£2.3m£2.9m£0.9m£1.3m

* Before separately disclosed items which are shown in the financial statements

+ Interim Dividend only