Business
Flowtech Fluidpower : Annual Report for the year ended 31 December 2024
Flowtech Fluidpower : Annual Report for the year ended 31 December
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \n Annual Report 2024\n Annual Report and Accounts for the year end December 2024\n Contents Section 1 Strategic Report\n Financial Highlights 2\n \n \n In Year Highlights 3\n \n \n Flowtech at a Glance 4\n \n \n Chairman's Statement 6\n \n \n The Value We Bring 9\n \n \n Our CEO Review 11\n \n \n Our Strategic Plan 15\n \n \n Our Six Growth Engines 17\n \n \n Our Performance Improvement Plan 19\n \n \n Environment, Social and Governance (ESG) 21\n \n \n Section 2 Governance\n \n \n Corporate Social Responsibility 28\n \n \n Financial Review 32\n \n \n Managing Our Risks 35\n \n \n Our Board 39\n \n \n Corporate Governance Report 41\n \n \n Directors' Remuneration Report 47\n \n \n Directors' Report 50\n \n \n Section 3 Financial Statements\n \n \n Financial Report\n \n \n Glossary of Terms\n \n \n Independent Auditor's Report 54\n \n \n 65\n \n \n 109\n \n \n \n Section 1 Strategic Report\n Financial highlights\n 2024\n \n \n Revenue\n \n \n Gross profit %\n \n \n £107.3M\n \n \n (2023: £112.1m)\n \n \n 38.2%\n \n \n (2023: 36.8%)\n \n \n \n Underlying EBITDA*\n £5.9M\n \n \n (2023: £9.4m)\n \n \n Net cash from operating activities\n \n \n £8.7M\n \n \n (2023: £8.2m)\n \n \n \n Underlying operating profit*\n £2.7M\n \n \n (2023: £6.0m)\n \n \n Net debt**\n £15.1M\n \n \n (2023: £14.7m)\n \n \n \n Operating loss\n \n \n -£25.2M\n \n \n (2023: -£10.4m)\n \n \n Final dividend\n \n \n Nil\n \n \n (2023: 2.2p)\n \n \n \n * Underlying operating profit is used as an alternative performance measure to assess the trading performance of the business and is operating profit before separately disclosed items which are amortisation and impairment of intangibles, impairment of goodwill, impairment of right of use assets, share based payments, and restructuring costs. The £3.2m differential between underlying operating profit and underlying EBITDA relates to depreciation charges.\n \n \n **Net debt is bank debt less the value of cash and cash equivalents. It excludes lease liabilities under IFRS16. Bank debt is the value of the Barclays Revolving Credit Facility of £20m and any utilised value of the £5m overdraft facility, less any unamortised value of loan arrangement fee.\n \n \n \n 2\n In year highlights\n Customer\n \n \n Growth\n \n \n High customer retention with like for like customer numbers remaining stable in a challenging market...