Good performance in FY26; confidence in delivering FY25-FY27 Strategic Plan; foundations in place for FY28+
Results presentation for the year ended 31 March 2026
The future of high-performing places
FY26 highlights 2
Double-digit growth in revenue and op. profit for third consecutive year
Strong Growth
Operating margin up, despite material cost headwinds
Resilience
Record order book, majority delivered in next 3 years, and bidding pipeline
High Visibility
Good FCF and low leverage underpin
£100m of share buybacks in FY27
Cash Generative
Initial Marlowe revenue and cost synergies delivered
M&A
Confidence in delivering our FY25-FY27 Strategic Plan
Positive Outlook
Strategic foundations in place for next phase of growth, FY28+
Value Creation
3
FY26 highlights in charts
Growth indicators
Wins/renewals2: £6.3bn
FCF & capital deployment
Free cash flow: £162m
-16%
YoY(£bn)
14%
8 CAGR
4
0
FY23 FY24 FY25 FY26
+13%
YoY
(£m)
200
100
0
35% CAGR
FY23 FY24 FY25 FY26
Order book: £16.3bn Capital deployments3: £414m
+6%
YoY(£bn)
16 19%
14 CAGR
12
10
8
FY23 FY24 FY25 FY26
+75%
YoY
(£m)
500
250
0
44% CAGR
FY23 FY24 FY25 FY26
Pipeline: £31.7bn Full year dividend: 4.5p4
+34%
YoY(£bn)
35 29%
30 CAGR
25
20
15
10
FY23 FY24 FY25 FY26
+5%
YoY
(p/share)
16%
5 CAGR
4
3
2
FY23 FY24 FY25 FY26
1 Operating profit and Basic EPS before Other items. 2 Total Contract Value; FY24 wins are adjusted for Landmarc consolidation (£451m)
3 Including dividends, share buybacks, share purchases for incentive schemes and M&A. 4 Subject to shareholder approval at AGM.
FY23 FY24 FY25 FY26
5
10
CAGR
15
+7%
YoY
(p/share)
Basic EPS1: 13.6p
13%
FY23 FY24 FY25 FY26
100
200
18%
300 CAGR
+13%
YoY
(£m)
FY23 FY24 FY25 FY26
Operating profit1: £264m
13%
CAGR
6
5
4
3
+11%
YoY
(£bn)
Financial performance
Revenue: £5.6bn
4
Financial update
Simon Kirkpatrick Chief Financial Officer
2023 Capital Markets Event (CME)
High single digit revenue growth
(CME baseline: £4.4bn)
Operating profit margin >5%
FY27 Financial Targets
(CME baseline: 4.0 - 4.5%)
EPS growth > revenue growth
(CME baseline: 10.5 - 11.0p)
5
Durable financial model: compounding earnings, value accretion, increased shareholder returnsFCF generation of c.£150m p.a.
(CME baseline: >£100m)
ROIC >20%
(CME baseline: c.25%)
'CME Baseline' represents the FY24 financial forecasts on which the 3YP growth rates and targets were set at the October 2023 CME
1 Before other items
7 upgrades to FY26 consensus profit since CME (CME FY26 consensus £207m vs FY26 actual of £264m) Value accretion and shareholder returns (2 yr TSR 79%) Long term compounding earnings (2 yr EPS CAGR +13%)FY26
CME Base FY25
400
+37% 300
CAGR 200
100
CME Base FY25 FY26
Capital deployment £414m
160.0
140.0
120.0
100.0
80.0
+16%
CAGR
Cash generation
Free cash flow: £162m
Growth
Revenue: £5.6bn
+13%
CAGR
6.0
4.0
2.0
CME Base FY25 FY26
Order book: £16.3bn
+24%
CAGR
16.0
13.0
10.0
7.0
4.0
CME Base FY25 FY26
Profitability
Op. profit1: £264.1m
+18%
CAGR
250
200
150
100
CME Base FY25 FY26
Op. profit margin: 4.7%
+40bps
5.0%
4.8%
4.6%
4.4%
4.2%
4.0%
CME Base FY25 FY26