Summary Results to March 2016


"FY 2015 was our strongest trading performance ever. In FY 2016, we have built on that success story and delivered our sixth year of continuous growth"

Key financials

Continuing operationsYear ended 31 March 2016Year ended 31 March 2015Change AER^Change CER
Group revenue£161.4m£154.7m4.3%6.8%
Gross profit %29.7%29.0%+70bps+50bps
Underlying operating profit*£16.8m£15.3m9.9%12.8%
Operating profit£13.9m£12.8m8.6%
Underlying profit before tax*£16.0m£14.3m11.8%14.8%
Profit before tax£13.1m£11.8m11.0%
Underlying diluted earnings per share*9.99p8.68p15.1%
Basic earnings per share8.78p7.39p18.8%
— final proposed2.00p1.50p33.3%
— interim0.80p0.60p33.3%
— total2.80p2.10p33.3%
Net debt£16.0m£13.4m£2.6m
Return on capital employed (ROCE)*18.5%18.6%(10)bps

* Before separately disclosed items.

† Constant exchange rate (‘CER’)

^ Actual exchange rate (‘AER’)

  • Revenue increase of 6.8% at CER with acquisitions representing 4.1%
  • Organic revenue growth of £4.1m at CER with our multinational OEMs growing by 3.0%
  • Underlying operating margin* increased to 10.4%
  • Underlying profit before tax* grew 14.8% at CER
  • Underlying diluted earnings per share* increased by 15.1% at AER
  • Total dividend increased by 33.3% reflecting the Directors’ ongoing confidence in the business
  • Total capital expenditure of £2.3m primarily increasing our capacity in Malaysia, Taiwan and Italy
  • Investing for growth in future CAPEX and people around the world
  • Smooth management succession in our executive and senior management teams
“In FY 2016 we have seen another year of strong trading, making this our sixth year of continuous growth."
“For us, Europe, Asia and the USA all remain key areas for growth both organically and non-organically. Our enquiry pipeline is strong, whilst our core organic strategy of focusing on our multinational OEMs looks set to continue to deliver growth. FY 2017 will be the first full year of trading from our latest acquisition, TR Kuhlmann, and we are already starting to see opportunities coming through as the result of us working together."
“Looking ahead there are some macroeconomic factors that we cannot control, including the ongoing volatility in the foreign currency and raw material markets. However, building on the strong performance delivered last year and, with our geographical spread, balanced sector mix and clear strategies for growth, the Board is optimistic for the current year and the Group’s longer term prospects.”

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