Record Order Intake and Order Book
Order intake reached GBP 781 million, up 20% year-on-year, delivering a record order book of GBP 1.3 billion (up 32% YoY), providing strong visibility into future revenue.
Revenue and Margin Improvement
Group revenue increased by 2% to GBP 498 million (3% at constant currency), operating profit rose 6%, and operating margin improved by 50 basis points to 14.8%, reflecting operational effectiveness.
Strong Cash Generation and Balance Sheet
Cash conversion rose to 114% with operating cash of GBP 112 million. Closing net debt was GBP 89 million (~0.9x leverage), supporting continued investment and disciplined capital returns (buyback and dividend).
Energetics & Countermeasures Outperformance
Countermeasures & Energetics revenue grew 17%. Energetics delivered ahead of schedule with operational improvements: operating profit in countermeasures grew 37% and margin widened to 19.1% (up 280 basis points). Expansion projects (Chicago, Scotland, Norway) largely complete or advancing and expected to add ~GBP 100 million revenue and GBP 30 million operating profit p.a. from 2028.
Strategic Contract Wins
Secured several strategically important contracts including STORM (Roke's GBP 251 million UK MOD multiyear missile defense program) and GBP 65 million of Roke national security contract renewals, strengthening future revenue pipeline.
Safety and ESG Progress
Total recordable injury frequency rate (TRIFR) improved from 0.69 to 0.48, demonstrating progress on the group's safety agenda and 'zero harm' ambition.
Product & Technology Momentum
New product launches and wins (CORTEXA counter-drone system; DECEIVE EW system) with early pre-production sales and international interest; U.S. sensors secured a USD 15 million naval biologic detector order; Landguard acquisition completed and integrated as planned.
Shareholder Returns
Final dividend declared of 5.3p, total dividend 8p (up 3%), continued buyback activity with GBP 36 million remaining authority.