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Financial highlights




Underlying profit
before tax


Underlying profit before tax

Profit before tax


Profit before tax

operating margin


Underlying operating margin

Operating margin


Operating margin

Underlying basic
earnings per share


Underlying basic earnings per share

Basic earings
per share


Basic earings per share

Greenhouse gas


Greenhouse gas intensity

Underlying results are stated before non underlying items of £5.4m (2022: £6.1m), including the amortisation of acquired intangible assets of £3.3m (2022: £5.2m), unwind of discount on contingent consideration of £0.6m (2022: £0.7m), fair value change in contingent consideration of £0.3m credit (2022:£nil) and net acquisition-related expenses of £1.8m (2022: £0.7m). See note 31 for APM definitions.

¹ Scope 1 and scope 2 emissions, using a market-based approach

Operational highlights

High-quality order books, good earnings visibility through 2024 and inflationary pressures being well managed.

  • Revenue up 22 per cent to £491.8m (2022: £403.6m)

  • Underlying¹ profit before tax up 20 per cent to £32.5m (2022: £27.1m), ahead of expectations due to strong operational delivery

  • Underlying¹ basic earnings per share up 18 per cent at 8.5p (2022: 7.2p)

  • Total dividend increased by 10 per cent to 3.4p per share (2022: 3.1p per share), includes proposed final dividend of 2.1p per share (2022: 1.9p per share)

  • Year-end net funds (on a pre-IFRS-16 basis¹) of £2.7m (2022: net debt of £18.4m), reflects improvement in working capital

  • High-quality, diversified UK and Europe order book of £510m at 1 June 2023 (1 November 2022: £486m), includes new industrial and distribution, film studio, commercial offices and nuclear orders

  • Share of profit from JSSL of £1.3m (2022: £0.8m), reflects record EBITDA of £11m and output of 108,000 tonnes

  • India order book of £139m at 1 June 2023 (1 November 2022: £143m)

  • Post period-end €24m acquisition of Voortman Steel Construction Holding B.V. (‘VSCH’), an innovative, marketleading Dutch steel fabrication company, to accelerate our growth strategy and strengthen our market position in Europe


  • Surpassed our interim target to reduce scope 1 and 2 emissions by 25% from our 2018 baseline by 2025

  • Listed in the Financial Times Europe Climate Leader’s 2023 report for the third year running

  • Awarded a ‘B’ rating in the CDP index and a supply chain score of ‘A-’ as well as maintaining our ‘very good’ BES 6001 responsible sourcing accreditation

  • Maintained our carbon neutral accreditation from the Carbon Trust for scope 1, 2 and operational scope 3 emissions for our manufacturing, office and construction operations

  • On track to submit Science-Based Target Initiative (‘SBTi’) targets in 2024

  • Member of the United Nations ‘Race to Net Zero’ Campaign which requires the establishment of a Net Zero target in line with a 1.5-degree world

  • Earned Gold membership of ‘The 5% Club’, demonstrating our commitment to ‘earn and learn’ apprenticeships

  • Adopted the National TOMs – Themes, Outcomes and Measures – methodology framework to focus our future commitments on all areas of social value

¹ See note 31 for APM definitions