Headlines
Delivered solid operational performance in H1 FY17
o Stable revenue and profit with continued high cash conversion
o 5% increase in interim dividend in line with commitment to a progressive dividend; £17m remaining of the share buyback programme
Focus on delivery of FY17
o 94% of FY17 revenue under contract, consistent with prior period (90%)
o Maintaining expectations for Group performance in the current financial year
Progress implementing strategy
o Orders increase due to £109m 11-year renewal for UK Naval Combat System Integration Support Services (NCSISS) and $28m US aircraft carrier orders
o Transformation programme on track to improve customer focus and competitiveness
Steve Wadey, Group Chief Executive Officer said:
"We have secured good order intake, delivered a solid operational performance and demonstrated encouraging progress in the implementation of our strategy to drive future growth. We are on track with transforming the company and have secured the renewal of NCSISS for 11 years creating a UK centre of excellence for maritime mission systems and taking a significant step forward in modernising vital test and evaluation services in the UK."
