Record Order Book And Strong Revenue VisibilityA £11.6bn backlog with 94% FY26 and 78% FY27 coverage plus extensive frameworks materially reduces near-term revenue risk. This durable contracted pipeline supports predictable utilization, long‑lead bid wins, and multi‑period cash and margin planning, strengthening medium‑term performance visibility.
Improved Cash Generation And Net Cash PositionStrong free cash flow growth and the first positive average net cash in 13 years show improved earnings-to-cash conversion. Durable cash generation bolsters financial flexibility to fund buybacks, targeted property investment, debt reduction or refinancing, and supports medium‑term capital allocation goals.
Infrastructure Services Scale And Contract WinsGrowing infrastructure revenues, maintained mid-single-digit margins and large framework wins indicate durable competitive positioning. Scale in long‑term public frameworks and cross‑sell via in‑house design/M&E reduce dependency on one‑off bids and support steady, higher‑visibility margin generation.