Strong Financial Performance
Organic revenue growth of 7%, operating profit margin increased by 90 basis points to 7.9%, and underlying operating profit up by 19% to GBP 201 million. Earnings per share increased by 21%, and a 25% increase in the dividend was announced.
Sector Growth
Marine sector saw a 6% organic revenue growth and a 38% increase in profit. Nuclear sector had a profit increase of 18% with margins reaching 9.1%. Aviation sector achieved 26% organic growth driven by several key contracts.
Cash Flow Achievements
Free cash flow of GBP 141 million was recorded, with a cash conversion rate of 83%. A GBP 49 million share buyback was executed in H1.
Successful Contract Executions
The LGE business and Skynet contract drove performance improvement. Submarine support work grew by 31%, benefiting from infrastructure upgrades and productivity improvements.
Positive Outlook and Strategic Investments
Confident in achieving the 8% margin target for the year and 9% plus in the medium term. Strategic investments in facilities like Rosyth are planned to enable new work and greater capacity.