2020-21
Interim results & presentation 2020/21 - February 2021
Highlights
- Trading in line with our expectations, with the business recovering from the impact of COVID-19
- Order intake, revenue and operating profit have all increased on the six months to June 2020, albeit lower than HY 2019/20
- Good performance in Energy & Environment and Rail, both delivering an increase in profits on HY 2019/20
- Automotive market overall remains challenging, but is improving slowly with increased order intake in the US and China compared to the six months to June 2020
- Performance Products deliveries in line with our expectations
- Defense fleet retrofit approaching contract award
- Share placing completed, raising £28m, to reset the capital structure of the Group
- Excluding the fund raise and adjusting items, underlying reduction in net debt of c.£3m for the period (increase in net debt of c.£5m after adjusting items)
- Interim dividend of 1.75p declared