Order Book & Revenue VisibilityA record GBP 11.6bn order book and deep framework exposure provide multi-period revenue visibility, lowering near-term bidding risk and supporting predictable backlog conversion. This structural coverage underpins revenue growth above GDP targets and reduces reliance on spot tender wins over the next 2–3 years.
Cash Generation & ConversionConsistent improvement in free cash flow and healthy operating-cash-to-net-income conversion indicate durable cash generation ability. In contracting, reliable cash conversion funds working capital swings, supports dividends and buybacks, and improves resilience to cyclicality versus peers with weak cash conversion.
Improved Liquidity & Credit MetricsTransition to period-end net cash and a refinanced RCF, alongside upgraded credit metrics, materially improves funding flexibility and reduces rollover risk. Stronger liquidity and ratings support planned capital allocation (buybacks/dividends) and make refinancing of higher-cost debt more manageable over the medium term.