Revenue and Profit Growth
Revenue of GBP 4.9 billion, up 3% at constant currency; underlying operating profit GBP 272 million, up 1% at constant currency; margin 5.6% (middle of 5%-6% target range).
Strong Order Intake and Pipeline
Order intake GBP 5.5 billion (book-to-bill 114%); group pipeline GBP 12.1 billion, the highest in a decade; more than two-thirds of order intake from Defence.
Defence Momentum and Wins
Secured around GBP 3.5 billion of defence contracts; Defence now c.40% of group revenue; Defence segment delivered double-digit organic growth and strong win rates across key geographies.
Regional Performance — North America
North America revenue GBP 1.46 billion, up 10% (4% organic + 9% MT&S contribution, offset by 3% adverse currency); underlying operating profit GBP 144 million, up 5%; win rate 37% and pipeline more than doubled to GBP 5 billion.
Integration of MT&S
Completed rapid integration: ~1,000 colleagues transferred; MT&S acquisition (GBP 245 million) contributed GBP 9 million operating profit in first 7 months after absorbing GBP 6 million integration costs; strategic fit strengthened Defence capabilities.
Cash Generation and Capital Returns
Operating cash flow GBP 219 million with trading cash conversion 112%; average >100% cash conversion since 2019; recommended full-year dividend 4.5p (up 8%); announced GBP 75 million buyback (following a GBP 50 million H2 2025 buyback); ~GBP 650 million returned to shareholders since 2021.
Five-Year Financial Progress
Revenue CAGR ~5% and profit CAGR ~11% over five years; earnings per share doubled to 16.93p; GBP 1 billion of cash generated over five years; ROIC reported at 26%.
Operational Excellence and People Metrics
Contract retention >90%; safety incidents reduced 22% year-on-year; colleague engagement sustained at 70 points for third consecutive year; disciplined mobilization and productivity improvements recognized externally.
Improving UK & Europe Performance
UK & Europe revenue GBP 2.58 billion, up 6% (5% organic +1% acquisition); underlying operating profit GBP 149 million, flat; order intake GBP 3.7 billion with book-to-bill 145% and rebid win rate 97%.
APAC Margin Recovery Despite Revenues Decline
Asia Pacific revenue GBP 655 million, down 18% driven by immigration exit and Hong Kong disposal, but underlying operating profit GBP 24 million up 3% constant currency and margin improved to 3.7% (+~60 bps) via cost control and portfolio optimization.