FY2021 Financial Highlights

Revenue £000




Gross Profit £000 / %




Operating profit/(loss) £000




Net debt (*) £000


*Net Debt is Bank Debt less cash and cash equivalents. It excludes lease liabilities under IFRS 16

Net cash from operating activities £000


(*) FY 2020 cash flow restated for £1,418k VAT for Q1 2020 deferred and paid in FY 2021 to reflect normalised net cash from operating activity

Working capital as a % of total revenue


(†) FY 2021 net cash flow materially impacted by £8.6m increase in inventory

FY2021 Financial & Operational Highlights

  • As anticipated 2021 was a year in which the business recovered strongly from the impact of the COVID-19 pandemic
  • Revenue was 15% up on 2020 but remained marginally below levels achieved in 2018 and 2019
  • Underlying Operating Profit (*) of £5.7m (2020: £1.1m)
  • Operating profit of £3.7m was £5.1m in excess of 2020, however, remains below that achieved in 2019 (£5.7m)
  • The benefits of cost base restructuring activities undertaken over the last two years limited the impact of inflationary and supply chain related pressures
  • Invested in inventory levels (£8.5m increase) to mitigate the impact of supply chain uncertainties and ensure we managed the availability of our core products
  • Strong progress was made with our plans to develop our e-business platform and we successfully aggregated the Flowtech businesses at the start of 2022
  • 2022 expected to be the year in which the business demonstrates a full recovery and delivers growth compared to pre COVID-19. Encouraging start to the year, with revenue and gross margin ahead of expectations

(*) Underlying Operating Profit is used as an alternative performance measure by management to assess the trading performance of the business and is operating profit before amortisation and impairment of acquired intangibles and share based payment, and restructuring costs.