Fenner

Financial Highlights

Half Year ended 28 February 2018

  • All measures strongly positive, as indicated at the AGM in January
  • Underlying profit before taxation of £32.4m (up 96%) and underlying earnings per share of 12.0p (up 90%)
  • Net debt of £75m, a reduction of £27m over the period
  • AEP: revenue £156m and underlying operating profit £26m (up 20% and 57% respectively at constant currencies)
  • ECS: revenue £198m and underlying operating profit £16m (up 21% and 64% respectively at constant currencies)
  • Underlying operating margins: AEP 16.8%, ECS 8.2% and Group 10.4%
  • Increased interim dividend of 2.1p (up 50%)
  2018 2017
Revenue £354.1m £307.4m
Underlying operating profit £37.0m £24.0m
Operating profit £33.4m £22.4m
Underlying profit before taxation £32.4m £16.5m
Profit before taxation £28.5m £13.8m
Underlying earnings per share 12.0p 6.3p
Earnings per share 8.3p 5.3p
Dividend per share 2.1p 1.4p
Free cash flow £25.2m £23.9m

 

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

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%

 

 

 

Teaser image

Annual Report 2017

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

Download

Teaser image

Fenner Overview 2017

An overview of the Fenner Group - 12 December 2017

Download