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.
