Underlying profit
before tax
£32.5m
Underlying
operating margin
6.7%
Underlying basic
earnings per share
8.5p
Basic earings
per share
7.0p
Greenhouse gas intensity1
13.2tCO2e/£m
Underlying results are stated before non underlying items of £5.4m (2022: £6.1m), including the amortisation of acquired intangible assets of £3.3m (2022: £5.2m), unwind of discount on contingent consideration of £0.6m (2022: £0.7m), fair
value change in contingent consideration of £0.3m credit (2022:£nil) and net acquisition-related expenses of £1.8m (2022: £0.7m). See note 31 for APM definitions.
1 Scope 1 and scope 2 emissions, using a market-based approach
High-quality order books, good earnings visibility through 2024 and inflationary pressures being well managed.
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Revenue up 22 per cent to £491.8m (2022: £403.6m)
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Underlying¹ profit before tax up 20 per cent to £32.5m (2022: £27.1m), ahead of expectations due to strong operational delivery
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Underlying¹ basic earnings per share up 18 per cent at 8.5p (2022: 7.2p)
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Total dividend increased by 10 per cent to 3.4p per share (2022: 3.1p per share), includes proposed final dividend of 2.1p per share (2022: 1.9p per share)
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Year-end net funds (on a pre-IFRS-16 basis1) of £2.7m (2022: net debt of £18.4m), reflects improvement in working capital
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High-quality, diversified UK and Europe order book of £510m at 1 June 2023 (1 November 2022: £486m), includes new industrial and distribution, film studio, commercial offices and nuclear orders
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Share of profit from JSSL of £1.3m (2022: £0.8m), reflects record EBITDA of £11m and output of 108,000 tonnes
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India order book of £139m at 1 June 2023 (1 November 2022: £143m)
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Post period-end €24m acquisition of Voortman Steel Construction Holding B.V. (‘VSCH’), an innovative, marketleading Dutch steel fabrication company, to accelerate our growth strategy and strengthen our market position in Europe
ESG
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Surpassed our interim target to reduce scope 1 and 2 emissions by 25% from our 2018 baseline by 2025
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Listed in the Financial Times Europe Climate Leader’s 2023 report for the third year running
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Awarded a ‘B’ rating in the CDP index and a supply chain score of ‘A-’ as well as maintaining our ‘very good’ BES 6001 responsible sourcing accreditation
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Maintained our carbon neutral accreditation from the Carbon Trust for scope 1, 2 and operational scope 3 emissions for our manufacturing, office and construction operations
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On track to submit Science-Based Target Initiative (‘SBTi’) targets in 2024
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Member of the United Nations ‘Race to Net Zero’ Campaign which requires the establishment of a Net Zero target in line with a 1.5-degree world
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Earned Gold membership of ‘The 5% Club’, demonstrating our commitment to ‘earn and learn’ apprenticeships
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Adopted the National TOMs – Themes, Outcomes and Measures – methodology framework to focus our future commitments on all areas of social value
¹ See note 31 for APM definitions