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  Investing for growth Recovery to sustainable growth
2018 2017 2016 2015 2014
Revenue £197.6m £186.5m £161.4m £154.7m £129.8m
GP% 30.5% 31.1% 29.7% 29.0% 27.7%
Underlying operating profit* £22.7m £21.0m £16.8m £15.27m £9.70m
Underlying operating profit margin* 11.5% 11.3% 10.4% 9.9% 7.5%
Operating profit £19.0m £17.9m £13.9m £12.8m £9.4m
Operating profit margin 9.6% 9.6% 8.6% 8.3% 7.2%
Underlying EBITDA* £24.7m £22.9m £18.2m £16.5m £10.8m
Underlying PBT* £22.2m £20.5m £16.0m £14.3m £9.2m
PBT* £18.5m £17.3m £13.1m £11.8m £8.9m
Underlying ROCE %* 20.1% 19.9% 18.5% 18.6% 16.3%
Dividend per share 3.85p 3.50p 2.80p 2.10p 1.40p
Dividend increase % 10.0% 25.0% 33.3% 50% 75%
Dividend cover 3.6x 3.7x 3.6x 4.1x 4.3x
Underlying diluted EPS* 13.78p 12.82p 9.99p 8.68p 5.95p
Diluted EPS 12.20p 10.40p 8.50p 7.07p 5.76p
Net debt £7.4m £6.4m £16.0m £13.4m (£2.0m)
Underlying cash conversion % of underlying EBITDA* 68.1% 97.3% 88.9% 50.2% 109.5%
Share price at 31 March 255p 211p 127p 103p 87p

* Before separately disclosed items

Following the 2009 financial crisis, the business concentrated on servicing its strategic multinational customers globally as a ‘full service provider’ throughout TR’s network.

Investing for growth

Since 2016, the business has been carefully investing in plant & machinery to increase capacity & efficiency as well as into key personnel and processes to capitalise upon the opportunities for growth globally.