Financial highlights



(2017: £262.2m)

Underlying* profit before tax


(2017: £19.8m)

Underlying* operating margin


(2017: 7.5%)

Profit before tax


(2017: £18.1m)

Underlying* basic earnings per share


(2017: 5.5p)

Net funds


(2017: £32.6m)

Operational highlights

  • Revenue up five per cent to £274.2m (2017: £262.2m)
  • Underlying* profit before tax up 19 per cent to £23.5m (2017: £19.8m)
  • Underlying basic earnings per share up 15 per cent at 6.4p per share (2017: 5.5p per share)
  • Continued strong cash performance resulting in year-end net funds of £33.0m (2017: £32.6m) after equity investment of £5.5m in Indian joint venture to repay term debt
  • Total dividend increased by 13 per cent to 2.6p per share (2017: 2.3p per share), includes proposed final dividend of 1.7p per share (2017: 1.6p per share)
  • Proposed special dividend of 1.7p per share to deliver a total cash return to shareholders of 4.3p per share
  • Return on capital employed ('ROCE') of 16.5 per cent (2017: 14.6 per cent)
  • Over 100 projects undertaken during the year in key market sectors including the new stadium for Tottenham Hotspur, the retractable roof for Wimbledon No.1 Court and a new commercial tower at 22 Bishopsgate
  • UK order book of £237m at 1 June 2018 (1 June 2017: £229m), including landmark contract for the new Google Headquarters at Kings Cross for 2019
  • Reorganisation of our factory operations in North Yorkshire now completed
  • Continued profitability from Indian joint venture of £0.5m (2017: £0.2m), improving market position now reflected in India order book of £106m at 1 June 2018 (1 June 2017: £73m)

UK order book June 2018


Commercial offices54%

Transport (including bridges)7%

Industrial and distribution9%

Stadia and leisure23%

Power and energy4%

Data centres and other1%


Health and education1%

UK order book June 2017


Commercial offices56%

Transport (including bridges)2%

Industrial and distribution22%

Stadia and leisure2%

Power and energy1%

Data centres and other8%


Health and education5%

*Underlying results are stated before non-underlying items of £1.3m (2017: £1.8m):

  • Amortisation of acquired intangible assets – £1.3m (2017: £2.6m)
  • Movement in fair value of derivative financial instruments – £nil (2017: gain of £0.8m)
  • The associated tax impact of the above, together with the impact of a reduction in future corporation tax rates on deferred tax liabilities – £0.4m (2017: £0.6m)