Financial highlights


  • Results for 2018 encouraging

• Return to organic revenue growth2

• Profits as anticipated, better than expected cash conversion of 79% (2017: 97%)

• Dividend up 4.0% to 51.6p


  • Positive outlook

• Key wins on new and existing programmes 

• Well positioned in growth markets

• 2019 organic opening order book up 5.2% (66% opening order cover)2

• Increased investment in technology, processes and systems

Group order book 

Underlying profit before tax 
Underlying operating profit 
IFRS operating profit 

Dividend per share 
Underlying earnings per share 
Statutory basic earning per share 

The narrative includes two figures for 2017, the first figure being the result as stated last year and the second being the result as if presented under IFRS 15. Percentage movement figures stated in the narrative are relative to the prior period on an IFRS 15 basis.

  1. Underlying profit, cash flow and earnings per share (EPS) are used to measure the trading performance of the Group as set out in notes 2 and 9. Underlying operating margin is the underlying operating profit as a percentage of revenue. Operating cash conversion is underlying operating cash flow as a percentage of underlying operating profit.
  2. Organic movements are the change in revenue, profit and order book at constant currencies when compared to the prior period results prepared on an IFRS 15 basis. Adjustment is also made for any acquisitions or disposals to reflect the comparable period of ownership.
  3. EBITDA is the underlying operating profit for the twelve months preceding the period end, before depreciation charges and before amortisation arising on internally generated intangible assets and on other non-acquired intangible assets. Net debt comprises borrowings, less cash and cash equivalents.
  4. Underlying tax is the tax charge on underlying profit before tax. The underlying tax rate is underlying tax expressed as a percentage of underlying profit before tax.
  5. Finance charges exclude fair value movements on derivatives, defined benefit pension finance charges and discount on provisions.
  6. Bank interest cover is the ratio of underlying operating profit to finance charges associated with borrowings.