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Annual review 2022

Financial performance

2022 revenue and profit

The consulting businesses in the UK, Australia, New Zealand and parts of North America produced good profitability.

Ed Roud, chief financial officer

Ed Roud

We have delivered a good performance in 2022 despite the impact of geopolitical disruption and economic uncertainty on the markets we operate in.

Gross revenue of £2049M was 15% up on 2021 (£1782M). Organic growth was 11.5% with exchange contributing 3.5%.

Operating profit of £109.5M was 5% up on last year, with the operating margin falling from 5.8% to 5.3%. The consulting businesses in the UK, Australia, New Zealand and parts of North America produced good volumes and good profitability, as did the UK contracting business. That positive performance included a strong operating cash flow enhancing business liquidity.

In the Middle East, Greater China and East Asia as well as in our international development business, the priority is to drive an improvement in margins and liquidity in markets that are currently more challenging to operate in. The strategy has been to improve profit, margin and liquidity in priority to volume growth.       

Net working capital increased modestly on an underlying basis. This contributed to another good cash performance.

The business continues to generate good quality cash flow for day-to-day operational liquidity and organic growth. Cash balances increased from £273M to £365M, continuing a three year trend achieved primarily through margin improvement and a reduction in the amount of cash tied up in working capital.

The Group has no long-term debt and has access to funding for growth through a five-year bank facility of £125M with three banks, with an accordion mechanism in the facility of £25M available for use to take available capacity potentially up to £150M.

The UK defined benefit pension scheme is closed to new entrants and future accrual. It is currently in surplus (£27M) when measured on an accounting basis and is 97% funded on an actuarial basis.

Shareholders’ equity increased from £292M to £356M. The increase mainly came from profit transferred to reserves.


Annual review 2022

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