Financial Highlights





Dividend per share




Headline operating profit




Headline earnings per share




Free cash flow




Return on capital employed




Financial highlights

20182017% change% change
at constant
Headline operating profit1£138.3m£123.9m12%13%
Return on sales119.0%18.0%
Headline profit before taxation1£136.4m£121.5m12%13%
Free cash flow1£97.4m£83.0m17%
Basic headline earnings per share255.9p49.2p14%
Ordinary dividend per share19.0p17.4p9%
Special dividend per share20.0p25.0p
Return on capital employed120.5%19.3%

Statutory results

Operating profit£134.1m£119.4m
Profit before taxation£132.2m£117.0m
Basic earnings per share54.2p51.0p

Operational highlights

  • Revenue growth of 6.7% at constant currency
    • Specialist Technologies delivered double digit growth of 12%
    • Emerging Markets growth of 21%
    • Civil aviation revenues up 8%
  • 12% growth in headline operating profit to £138.3m
  • Return on sales improvement to 19.0% (2017: 18.0%)
  • ROCE1 increased to 20.5% (2017: 19.3%)
  • Free cash flow of £97.4m (2017: £83.0m), after expansionary capex of £44.1m
  • Headline operating cash conversion at 93%1
  • Full year ordinary dividend 19.0p, up 9%
  • Special dividend of 20.0p
  1. The headline performance measures represent the statutory results excluding certain non operational items. These are deemed alternative performance measures under the European Securities and Markets Authority guidelines. Please refer to note 1 to the financial statements for a reconciliation to the IFRS equivalent.
  2. A detailed EPS reconciliation is provided in note 8.