2017-18
Annual report 2017/18
Highlights
- Record order intake at £413m, up £47m on FY 2016/17
- Record year-end order book at £288m, up £40m on June 2017
- Revenue up 8% to £380.0m
- Underlying PBT up 2% to £39.0m on FY 2016/17
- Strong performance in Asia and electric vehicle order intake, with a good mix of orders across our market sectors
- Acquisition of Control Point to enhance US defence business
- Disposals of Chicago and Southern Germany engine test facilities, to balance asset mix with the trend towards electrification
- Order flow disruption in the second half and the close out of some challenging projects impacted performance in our UK Automotive business. Changes made and swiftly addressed
- Strong working capital management has reduced net debt to £26.1m from £37.9m at June 2017 (after £6m acquisition of Control Point); and
- Outlook is positive with a good pipeline – dividend increased by 6% to 20.46p from 19.30p.