Swipe right on the table to view the yearly figures.

  Not restated for IFRS16          
  Not restated for IFRS2            
  FY2018 FY2019 FY2020 FY2021 HY2021◊ HY2021◊ HY2022
Revenue £197.6m £209.0m £200.2m £188.2m £81.0m £81.0m £103.8m
GP margin^ 30.5% 30.0% 27.5% 26.5% 27.0% 27.0% 26.3%
Underlying EBITDA*^ £24.7m £23.9m £21.2m £17.6m £7.4m £7.3m £10.1m
Underlying operating profit*^ £22.7m £21.6m £15.8m £12.0m £4.6m £4.5m £7.4m
Underlying PBT*^ £22.2m £21.0m £14.7m £11.0m £4.1m £4.0m £7.0m
Underlying effective tax rate*^ 23.3% 24.5% 26.9% 23.9% 25.4% 24.9% 13.7%
Underlying diluted EPS*^ 13.78p 12.79p 8.64p 6.24p 2.31p 2.27p 4.42p
Interest cover*^ 51.3x 35.4x 20.5x 18.1x 14.7x 14.6x 22.6x
Overheads as % of sales*^ 19.0% 19.6% 19.7% 20.2% 21.4% 21.5% 19.1%
Adjusted net (debt)/cash+ £(7.4)m £(14.2)m £(15.2)m £13.3m £3.4m £3.4m £(5.1)m
Working capital as % of sales 31.9% 35.7% 43.8% 43.4% 46.2% 46.2% 40.6%
Capital expenditure (including Atlas) £3.6m £4.2m £4.6m £3.1m £1.5m £1.5m £2.1m
Underlying cash conversion % of UEBITDA*^ 68.1% 71.4% 105.1% 147.9% 138.5% 140.3% (51.9)%
ROCE %*^ 20.1% 13.9% 8.8% 6.8% 7.8% 5.5% 8.8%
Total/interim dividend per share 3.85p 4.25p 1.20p 1.60p N/A N/A 0.70p
Dividend change 10.0% 10.4% (71.8)% 33.3% N/A N/A N/A
Dividend cover 3.6x 3.0x 7.2x 3.9x N/A N/A N/A
Share price at 31 March/30 Sept 255p 193p 95p 150p 108p 108p 142p

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

^ Presented after adoption of IFRS16 Leases in FY2020.

+ Adjusted net debt/(cash) is excluding the impact of IFRS 16 Leases

◊ Re-presented to include IFRS 2 charge, including related NI costs on exercise


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 Annual Report 2021

To read our 2022 HY report

To read our 2022 HY presentation

To read our 2021 Sustainability report