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  FY2018 FY2019 FY2019◊ FY2020 FY2020◊ 2021
Revenue £197.6m £209.0m £209.0m £200.2m £200.2m £188.2m
GP margin^ 30.5% 30.0% 30.0% 27.5% 27.5% 26.5%
Underlying EBITDA*^ £24.7m £26.4m £23.9m £23.5m £21.2m £17.6m
Underlying operating profit*^ £22.7m £24.2m £21.6m £18.1m £15.8m £12.0m
Underlying PBT*^ £22.2m £23.5m £21.0m £17.1m £14.7m £11.0m
Underlying effective tax rate*^ 23.3% 23.6% 24.5% 23.1% 26.9% 23.9%
Underlying diluted EPS*^ 13.78p 14.53p 12.79p 10.54p 8.64p 6.24p
Interest cover*^ 51.3x 39.2x 35.4x 22.7x 20.5x 18.1x
Overheads as % of sales^ 19.0% 18.4% 19.6% 18.5% 19.7% 20.2%
Adjusted net debt/(cash)+ £7.4m £14.2m £14.2m £15.2m £15.2m £(13.3)m
Working capital as % of sales 31.9% 35.7% 35.7% 43.8% 43.8% 43.4%
Capital expenditure (including Atlas) £3.6m £4.2m £4.2m £4.6m £4.6m £3.1m
Underlying cash conversion % of UEBITDA*^ 68.1% 64.9% 71.4% 95.9% 105.1% 147.9%
ROCE % 20.1% 18.8% 13.9% 120% 8.8% 6.8%
Total dividend per share 3.85p 4.25p 4.25p 1.20p 1.20p 1.60p
Dividend increase % 10.0% 10.4% 10.4% (71.8%) (71.8%) 33.3%
Dividend cover 3.6× 3.4× 3.0× 8.8× 7.2× 3.9x
Share price at 31 March 255p 193p 193p 95p 95p 150p

* 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

To read more about our medium-term aspirations and Project Atlas, please go to pages 14-15 and 28-29 respectively of the Annual Report.


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 Annual Report 2021