Strategic disposal completed
Sale of Aerostructures business completed on 31 Dec 2025, refocusing the group on fluid conveyance and thermal management and unlocking proceeds used to strengthen the balance sheet.
Revenue growth
Group revenue of GBP 738m, up 6% at constant currency (reported +4% with ~GBP 10m currency headwind).
Strong adjusted profitability and margin expansion
Adjusted operating profit of GBP 63.6m, up 22% at constant FX; adjusted operating margin expanded 110 basis points to 8.6%.
Improved adjusted PBT and EPS
Adjusted profit before tax GBP 51.2m (up 24% at constant currency); adjusted EPS 9.65p (up 9%).
Return and cash metrics
Return on capital employed increased 140 basis points to 13.1%; cash conversion 90%, up 400 basis points versus prior year.
Progressive dividend
Proposed total dividend of 3.0p per share, an increase of 25% year-on-year (earnings cover c.3.2x).
Aerospace division outperformance
Aerospace revenue +10.4% at constant FX; adjusted operating profit +32.5%; margin expanded 190 basis points to 11.4%; book-to-bill improved to 1.21 (from 1.17). Spencer acquisition delivered c.32% growth.
Resilient Flexonics performance and JV contribution
Flexonics revenue broadly flat at constant FX; adjusted operating margin 11.2% (12.1% including China JV). Share of China JV profit rose to GBP 3.0m (from GBP 1.2m).
Cash flow and deleverage
Free cash flow increased 37% to GBP 36m; net debt (including IFRS16) reduced to GBP 117m (down >GBP 110m) and leverage ended year at 0.9x.
Healthy liquidity and capital discipline
Committed facilities of GBP 294m, new USD 40m private placement issued, maturities repaid; CapEx GBP 32.6m (~1.5x depreciation) with medium-term CapEx guidance stepping down, and R&D at 2.1% of revenue.