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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.

Project Atlas is a significant planned investment into the integration and development of the Group’s business platform and underlying processes. This project is considered an essential part of our ongoing growth plans, both organic and acquisitive, and will allow us to continue to meet the evolving needs of our multinational OEM customers.

The four key drivers for this investment are:

  1. Supporting our core strategy – underpinning our ongoing growth plans and allowing us to differentiate ourselves in our core markets
  2. Operational efficiencies and integration – driving efficiency gains, increased automation and lowering operational gearing to support our ongoing growth story
  3. Improving our management information and data management – leading to better decision making, more globalised supplier management and a more proactive approach to opportunities and challenges
  4. Building an adaptable, scalable, stable environment – flexible, rapidly deployable and widely supported systems and processes that will form the backbone of our growing global business

To Read more view our 2019 half year report