Achievement of Transformation Goals
The company has met and exceeded its medium-term targets set in 2023, achieving a 10.1% return on sales and a 28.8% return on capital employed, marking the completion of its transformation from volume to value.
Improved Financial Metrics
Despite a drop in reported revenue due to FX headwinds and the exit from non-core activities, underlying operating profit increased from GBP 3.4 million to GBP 5.5 million, and EBITDA rose to GBP 8.6 million, representing 15% of revenue.
Successful Portfolio Repositioning
The company has exited low-margin, capital-intensive businesses and has experienced 4% growth in CTP Manufacturing Solutions and 14% in Specialty, both on a constant currency basis.
Strong Cash Generation and Debt Reduction
Operating cash generation was GBP 3.9 million, and net debt was reduced by 3% compared to the previous year, now standing at GBP 24.5 million.
Strategic Market Focus
The company is focusing on high-growth, regulated markets such as IVD solutions, drug delivery, and aerospace, with strong relationships in these sectors and significant market growth rates.