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Published on: May 15, 2024

Smoother roads ahead

The results for the year ended 29 February released today show a robust performance across a difficult year, but they also provide good grounds for optimism. Revenue of £4,720m was a 17.6% advance on FY23, helped by the successful acquisition of Helston in FY23. Underlying operating profit of £59.3m was a 21.5% improvement on the £48.8m achieved in FY23. The net debt (pre-leases) result of £(54.0)m, vs our estimate £(62.0)m and FY23 £(75.3)m, is impressive. Encouragingly the recommended dividend per share has been increased 9% to 2.35p and management has announced a further £3m of planned and approved share repurchases. The year has started well with trading ahead of management expectations for the first two months.

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