Fenner
 
 
 

Financial Highlights

Full Year ended 31 August 2017

  • Significantly improved results as the Group moves from recovery towards sustainable growth
  • Underlying profit before taxation of £45.3m (up 95%) and underlying earnings per share of 17.7p (up 111%)
  • Free cash flow of £69.0m (up 78%); net debt of £101.5m (2016: £150.0m), representing 1.2 times EBITDA
  • AEP like-for-like revenue up by 11%; underlying operating profit of £43.9m (up 29% at constant currencies)
  • ECS underlying operating profit of £24.1m (up 46% at constant currencies)
  • Significant increases in underlying operating margins; AEP 14.9% (+2.7 pcp), ECS 6.7% (+2.2 pcp) and Group 9.0% (+2.3 pcp)
  • Increased final dividend of 2.8p (up 40%) making total dividend for the year of 4.2p
  2017 2016 Change
Revenue £655.4m £572.5m +14%
Underlying operating profit £59.1m £37.1m +59%
Operating profit/(loss) £53.4m £(14.7)m +£68.1m
Underlying profit before taxation £45.3m £23.2m +95%
Profit/(loss) before taxation £38.1m £(30.3)m +£68.4m
Underlying earnings per share 17.7p 8.4p +111%
Earnings/(loss) per share 17.6p (13.6)p +31.2p
Dividend per share 4.2p 3.0p +40%
Free cash flow £69.0m £38.8m +78%

 

Half Year ended 28 February 2017

  • Revenue up 11% to £307.4m, assisted by market share gains and exchange rates
  • Underlying operating profit up 60% (27% at constant currencies)
  • Underlying operating margin strongly ahead in both divisions
  • Underlying earnings per share up 117% to 6.3p
  • Dividend per share up 40% to 1.4p
  • Strong cash flow resulted in net debt reducing to £144.7m (£28.7m lower than February 2016 at constant currencies) and net debt/EBITDA of 1.9 times (at constant currencies)
  • Expected outcome for the year above previous expectations at the operating profit level with a further benefit to earnings from a lower tax rate in the current financial year
  2017 2016 Change
Revenue £307.4m £276.8m +11%
Underlying operating profit £24.0m £15.0m +60%
Underlying profit before taxation £16.5m £8.1m +104%
Profit/(loss) before taxation £13.8m £(23.1)m +£36.9m
Operating cash flow £34.0m £19.1m +78%
Underlying earnings per share 6.3p 2.9p +117%
Dividend per share 1.4p 1.0p +40%

 

Notes: Underlying and non-GAAP measures have been presented to provide a more meaningful measure of the underlying performance of the business.

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Annual Report 2017

The Group’s results for 2017 show significant improvements over the previous year on all measures

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Fenner Overview 2017

An overview of the Fenner Group - 12 December 2017

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