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

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 rigorous financial and strategic control regime.

Consistent dividend track record

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

Active acquisition strategy

  • Aim to accelerate growth by making selective, targeted acquisitions in the UK and overseas.
  • Experienced acquisition team focused on careful selection and execution.
  • Strong track record of growing acquired businesses.

Financial strength

  • Strong financial position and record of success gives customers confidence to place major orders.
  • Long-term contracts and strong order pipeline.
  • All acquisitions funded from cash flow and banking facilities since 2008.
  • Group banking facility extended to July 2026.

Access to attractive growth markets

  • International defence spending increasing following Russian invasion of Ukraine and increasing Chinese assertiveness in Asia.
  • Using our agility and innovation to build sustainable competitive advantage in niches with attractive prospects.
  • Building close working relationships between our operating businesses, so they can benefit from each other’s technical capabilities, customer relationships and market knowledge.

Visibility of future earnings provided by growing order book

  • £329.1m of revenue on order as at 30 April 2023 (30 April 2022: £291.0m).
  • 80% of 2023/24 latest external forecast revenue on contract at 30 April 2023 (78% equivalent for 2022/23).
  • Order book extends out to 2032.

Social responsibility

  • Products and services that make a real contribution to the security of our nations and allies at a time of increasing risk and challenge.
  • Initiatives to support local communities, encourage STEM education and help armed forces charities.

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