Revenue Growth and Order Intake
Revenue increased 6% on a constant currency basis to GBP 2.6bn; orders rose 7% to GBP 2.6bn, supported by strong aftermarket demand and acquisitions.
Operating Profit and Margin Expansion
Operating profit grew 15% year-on-year to GBP 518m and operating margin expanded 150 basis points to 20.2%, achieving the 20% margin target one year early.
Aftermarket Strength
Aftermarket orders grew 8% and aftermarket revenue grew 8% (mid-single-digit aftermarket growth for the year was delivered), underpinning recurring high-margin sales and cash generation.
Divisional Performance — Minerals
Minerals orders up 5% (7% ex-large projects), revenue up 6%, operating profit up 11% to GBP 406m and operating margin expanded 100 basis points to 21.9% driven by Performance Excellence and Townley acquisition contribution.
Divisional Performance — ESCO and Software
ESCO operating profit increased 22% to GBP 152m with margins up 260 basis points to 21.4% (including Micromine contribution). Micromine recorded 94% customer retention, recurring revenue at 88% and annualized recurring revenue growth of 24%.
Cash Conversion & Dividend
Free operating cash conversion was 92% (within the 90%–100% target) and full-year dividend increased 4% to 41.7p per share.
Sustainability Progress
Absolute Scope 1 and 2 emissions reduced 31% vs 2019 baseline, surpassing the original 2030 SBTi target of 30% reduction ahead of schedule; retained CDP A score for climate transparency.
Strategic M&A and Product Innovation
Completed self-funded acquisitions (Micromine, Townley, Fast2Mine), integrated Micromine, expanded digital/software capability and launched new hardware (ENDURON VSM) and partnered on CiDRA P29 technology to expand addressable market.
Performance Excellence Delivered and Target Uplifted
Performance Excellence cumulative savings to date GBP 59m; final target increased to GBP 90m with total program costs of GBP 113m (below prior guidance), supporting margin expansion.