Delivering shareholder return. We are committed to delivering value to shareholders and ensuring they benefit from our success.

1. Strong Business Model

  • Experienced leadership teams with core capabilities in defence and security.
  • Subsidiaries operate with a significant degree of autonomy, enabling agility.
  • Group operates a light-touch but rigorous financial and strategic control regime. 

2. Consistent Dividend Track Record

  • Dividend increased by 10% in each of the last two years.
  • Dividend increased every year since IPO in 2006.
  • Strong balance sheet in place with robust funding. 

3. Access to Attractive Growth Markets

  • Use our agility and innovation to identify niches with attractive prospects and sustainable competitive advantage.
  • Ensure subsidiaries have close working relationships to benefit from each other's technical capabilities, customer relationships and market knowledge.
  • Increased focus by Governments on defence, especially NATO.

4. Financial Strength

  • Strong balance sheet gives customers confidence to award contracts.
  • Group underpinned by long term contracts and strong pipeline.
  • All acquisitions funded by cash / debt since 2008.

5. Continued Organic and Acquisitive Growth 

  • Multiple opportunities to accelerate growth by making selective, targeted acquisitions in the UK and overseas.
  • Pipeline of businesses regularly reviewed, considering both stand-alone and bolt-in acquisitions.
  • Strong record of growing acquired businesses.

6. Visibility of future earnings provided by substantial order pipeline

  • Order book at 30 April 2022: £291.0m (30 April 2021: £242.4m).
  • 78% of 2022/23 externally forecast revenue on contract at 30 April 2021 (64% equivalent for 2021/22).
  • Order book extends out to 2030.

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