Underlying* basic earnings per share
Strategic 2020 profit target achieved, good cash generation and a strong balance sheet
- Revenue up 19% to £327.4m (2019: £274.9m)
- Underlying* profit before tax up 16% to £28.6m (2019: £24.7m), ahead of strategic 2020 profit target of £26m
- Underlying* basic earnings per share up 15% at 7.7p (2019: 6.7p)
- Acquisition of Harry Peers for net initial cash consideration of £18.9m, contingent consideration of up to £7m payable in 2021
- Good cash generation resulting in year-end net funds (excluding IFRS 16 lease liabilities**) of £16.4m (2019: £25.1m), including the outstanding acquisition loan of £13.1m for Harry Peers
- Over 100 projects undertaken during the year in the UK, Ireland and continental Europe in diverse market sectors including industrial and distribution, data centres, commercial offices (both in London and the UK regions) and transport infrastructure
- UK and Europe order book of £271m at 1 June 2020 (1 November 2019: £323m), including £17.0m for Harry Peers – the expected reduction reflects revenue recognised in H2 on several large ongoing contracts
- Share of profit from Indian joint venture ('JSSL') up 80% at £2.2m (2019: £1.2m), reflecting both revenue growth and margin improvement
- India order book of £110m at 1 June 2020 (1 November 2019: £134m), expansion of the Bellary facility is now complete
* Underlying results are stated before non-underlying items of £2.8m (2019: £nil) consisting of the amortisation of acquired intangible assets of £1.4m and acquisition-related expenses of £1.4m.
** The Group excludes IFRS 16 lease liabilities from its measure of net funds/debt as they are excluded from the definition of net debt as set out in the Group's borrowing facilities.