2018 FINAL RESULTS rpsgroup.com Investing to accelerate growth 21 - - PowerPoint PPT Presentation

2018 FINAL RESULTS

Investing to accelerate growth

rpsgroup.com

21 February 2019

2

Agenda

• Overview
• Group financial results
• Segmental performance
• Significant progress
• Group outlook

Agenda

3

Investing to accelerate growth

Good financial performance

• 4% growth in fee income (at constant currency)
• PBTA of £50.2m
• Strong cash-flow and reduced debt
• Comfortable leverage maintained
• Dividend held

Significant progress against our five strategic priorities

• People
• Brand
• Connectivity
• Revitalising the Energy business
• Organic growth and selective acquisition

Overview

4

About us

Proportion of fees generated by segment

John Douglas

Chief Executive

Consulting – UK & Ireland Australia Asia Pacific Services - UK & Netherlands Energy North America Norway

SEGMENTS

5600 staff

Overview

FY 2018 fee income £574.2m

1

The sectors we service and the services we provide

Energy Advisory and management consulting Health, safety and risk Design and development Exploration and development Property Water Defence and government services Resources Transport

Proportion of fee income generated by sector and service

SECTORS

Water services Project and program management Training Laboratories Planning and approvals Environment Ocean and coastal

SERVICES

Overview

(Less than 20%)

FY 2018 fee income £574.2m

Communication and creative services

6

0.5 1 1.5 2 2.5 3 3.5 4

RPS Construction Manufacturing Professional, Scientific and Technical Activities

RIDDOR* reportable injury frequency rate

Injury Frequency Rate (per 1,000,000 hours worked)

Working safely

0.5 1 1.5 2 2.5 3 3.5 4

RIDDOR* reportable injury frequency rate

Injury Frequency Rate

* RIDDOR - Reporting of Injuries, Diseases and Dangerous Occurrences Regulations

Overview

7

• Overview
• Group financial results
• Segmental performance
• Significant progress
• Group outlook

Agenda

Agenda

8

Steady organic growth in fees, lower tax rate, dividend held

FY 2018 FY 2017 FY 2017 cc1 FY cc growth Revenue (£m) 637.4 630.6 619.9 3% Fees (£m) 574.2 562.3 552.6 4% Operating profit2 (£m) 54.0 58.5 57.3 (6%) Operating profit margin2 (%) 9.4% 10.4% 10.4% PBTA (£m) 50.2 53.9 52.8 (5%) Tax rate on PBTA (%) 26.8% 29.6% 29.6% Diluted eps3 (p) 16.34 17.01 16.65 (2%) Dividend per share (p) 9.88 9.88 9.88

1 2017 results at 2018 currency rates 2 pre amortisation and impairment of acquired intangibles and transaction related costs 3 pre A and tax on A

Group financial results

9

Lower working capital leading to strong cash from operating activities again

£m FY 2018 FY 2017 Operating profit 54.0 58.5 Depreciation 8.3 8.4 Share scheme costs 2.3 2.7 Other (0.5)

• EBITDAS

64.2 69.6 Working capital (3.8) (6.1) Cash from operations 60.4 63.5 Conversion of profit into cash 94% 91% Interest (3.5) (4.8) Tax (12.3) (14.9) Net cash from operating activities 44.5 43.7

Group financial results

10

5 day improvement in lock up days drives higher cash conversion

0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% LTM cash conversion

Last twelve months' cash conversion

LTM cash conversion 10 20 30 40 50 60 70 80 90 100 Lock up days

Period end lock up days

Lock up days

Group financial results

Period of Energy working capital release

11

Increased capex, reduced deferred consideration, dividends maintained, leading to strong cash in-flow

£m FY 2018 FY 2017 Net cash from operating activities 44.5 43.7 Capex (11.7) (8.2) Free cash flow 32.8 35.5 Deferred consideration (1.6) (12.9) Dividends (22.1) (22.0) Other (0.2) 0.4 Cash in flow 8.9 1.0

Group financial results

12

Reduced total borrowings at year end

£m FY 2018 FY 2017 Opening net bank borrowings (80.6) (83.4) Cash flow 8.9 1.0 FX and other (2.2) 1.7 Closing net bank borrowings (73.9) (80.6) Opening deferred consideration (1.8) (15.0) Consideration payment 1.6 12.9 FX and other (0.1) 0.3 Closing deferred consideration (0.3) (1.8) Total closing borrowings (74.2) (82.4)

Revolving credit facility £150m headroom at 31/12/18 £117m

Group financial results

13

0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x

June 13 Dec 13 June 14 Dec 14 June 15 Dec 15 June 16 Dec 16 June 17 Dec 17 June 18 Dec 18

Leverage within desired operating range

Bank leverage limit Dec 17 1.3x Jun 18 1.4x Dec 18 1.3x

Group financial results

14

• Overview
• Group financial results
• Segmental performance
• Significant progress
• Group outlook

Agenda

Agenda

15

Segmental performance

Segmental performance

Energy Strong fee and profit growth, margins increased Consulting – UK & Ireland Steady fees, performance impacted by retention and recruitment challenges Services – UK & Netherlands UK water performance strong. Organic investment in Netherlands and health, safety and risk reduced their contribution Norway Good underlying trading performance, final integration costs incurred North America General economic conditions good but the business suffered retention and recruitment issues Australia Asia Pacific (AAP) Staff retention issues and investment in support functions impacted margin

16

Dependent on Energy as we invest in other businesses

£m FY 2018 FY 2017 FY 2017 cc cc growth Energy 8.9 8.0 7.9 12% Consulting (UK & Ireland) 15.4 16.6 16.7 (7%) Services (UK & Netherlands) 13.5 14.0 14.0 (3%) Norway 6.2 6.4 6.3 (1%) North America 5.1 7.3 7.0 (27%) Australia Asia Pacific (AAP) 13.3 14.8 14.0 (5%) Segment profit 62.4 67.0 65.8 (5%) Unallocated expenses (8.4) (8.5) (8.5) 2% Operating profit2 54.0 58.5 57.3 (6%) Interest (3.9) (4.5) (4.5) 14% PBTA 50.2 53.9 52.8 (5%)

1 2017 results at 2018 currency rates 2 pre amortisation and impairment of acquired intangibles and transaction related costs

Segmental performance

17

Energy

Energy

Exploration and development

Advisory and management consulting Project and program management Training Laboratories Oceans and coastal Health, safety and risk

SECTOR SERVICES

Proportion of fees by sector and service

John Tompson

CEO Energy 350 staff, 350 associates

Segmental performance

FY 2018 fee income £101.1m

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Energy

Strong fee and profit growth, margins increased

£m 2018 2017 2017 cc cc growth Fee income 101.1 93.0 91.7 10% Segment profit 8.9 8.0 7.9 12% Margin 8.8% 8.6% 8.7% Adjusted for bad debt provision reversals Segment profit 7.6 6.2 6.1 24% Margin 7.6% 6.6% 6.7% 2018

• Revitalised Energy business benefitted from improving oil price
• All services performed well

Prospects

• Growth is anticipated in 2019. Further bad debt recoveries are unlikely
• Demand for our services in renewables is increasing

Segmental performance

19

Consulting – UK & Ireland

Defence and government services Water services Design and development Project and program management Oceans and coastal Health, safety and risk Environment Property Energy Transport Resources Water Planning and approvals Advisory and management consulting Communication and creative services

John Chubb

CEO Consulting UK & IRE 1650 Staff

SERVICES SECTORS

Segmental performance

FY 2018 fee income £122.1m

Proportion of fees by sector and service

20

Consulting - UK & Ireland

Steady fees, performance impacted by retention and recruitment challenges

£m FY 2018 FY 2017 FY 2017 cc cc growth Fee income 122.1 120.8 121.1 1% Segment profit 15.4 16.6 16.7 (7%) Margin 12.6% 13.8% 13.8%

2018

• Good public infrastructure markets in Ireland and Northern Ireland
• Retention and recruitment challenges in London and to a lesser extent Birmingham
• Loss on troubled engineering design project £0.3m (2017: £2.1m)

Prospects

• Brexit risks limited to this segment, limited impact so far

Segmental performance

21

Services – UK & Netherlands

Energy Water services Health, safety & risk Project and program management Design and development Laboratories Environment Property Transport Water Resources

SERVICES SECTORS

Paul Aitken

CEO Services UK & NL 1850 Staff

Segmental performance

FY 2018 fee income £110.6m

Proportion of fees by sector and service

22

Services - UK & Netherlands

£m FY 2018 FY 2017 FY 2017 cc cc growth Fee income 110.6 95.7 96.1 15% Segment profit 13.5 14.0 14.0 (3%) Margin 12.2% 14.6% 14.6% 2018

• 4th year of AMP regulatory cycle
• Good fee growth in UK Water business, with some new, initially lower, margin projects
• Investment in Netherlands and UK health, safety and risk businesses (laboratories and bridge inspections)

Prospects

• Prospects for UK Water business typically subdued at this stage of the regulatory cycle
• New AMP cycle commences early 2020
• Expect increased profits from investment in UK health, safety and risk businesses

Segmental performance

UK Water performance strong. Organic investment in Netherlands and health, safety and risk reduced their contribution

23

Norway

Energy Project and program management Training Advisory and management consulting Property Transport Defence and government services

Halvard Kilde

CEO Norway 240 Staff

SECTORS SERVICES

Segmental performance

FY 2018 fee income £69.0m

Proportion of fees by sector and service

24

Norway

Good underlying trading performance, final integration costs incurred

£m FY 2018 FY 2017 FY 2017 cc cc growth Fee income 69.0 68.0 67.1 3% Segment profit 6.2 6.4 6.3 (1%) Margin 9.0% 9.4% 9.3% Adjusted for lease termination cost: Segment profit 7.0 6.4 6.3 11% Margin 10.1% 9.4% 9.3%

2018

• Market conditions generally good
• Integration largely complete
• Additional costs on lease termination of £0.8m (2017: £nil)

Prospects

• No further integration costs
• Expect to see growth in 2019

Segmental performance

25

North America

Design and development Oceans and coastal Advisory and management consulting Environment Energy Property Transport Water Defence and government services

SERVICES

Peter Fearn

CEO North America 420 Staff

Segmental performance

FY 2018 fee income £58.7m SECTORS

Proportion of fees by sector and service

26

North America

£m FY 2018 FY 2017 FY 2017 cc cc growth Fee income 58.7 68.3 66.8 (12%) Segment profit 5.1 7.3 7.0 (27%) Margin 8.7% 10.7% 10.5%

2018

• General economic conditions in the USA were good with buoyant demand
• Retention issues in design and development business in Texas and environment business in California
• Ocean Science generated good fee growth

Prospects

• Markets remain strong
• Good growth achievable in 2019

Segmental performance

General economic conditions good but the business suffered retention and recruitment issues

27

Australia Asia Pacific (AAP)

Environment Water services Project and program management Communication and creative services Design and development Advisory and management consulting Energy Property Transport Water Defence and government services Resources Planning and approval

SERVICES

Ross Thompson

CEO AAP 1000 Staff

Segmental performance

FY 2018 fee income £116.8m SECTORS

Proportion of fees by sector and service

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AAP

Staff retention issues and investment in support functions impacted margin

£m FY 2018 FY 2017 FY 2017 cc cc growth Fee income 116.8 119.7 113.1 3% Segment profit 13.3 14.8 14.0 (5%) Margin 11.4% 12.4% 12.3% 2018

• Project management business continued to deliver solid fee growth. Environment business benefited from improved energy

and resource sectors

• There were retention issues in our advisory business, which improved in Q4 2018
• An early investor in People, Brand and Connectivity

Prospects

• The transport sector will continue to be strong
• Acquisition of Corview strengthens our position in the market
• Anticipate challenging property sector in 2019
• Overall we anticipate modest organic growth in 2019

Segmental performance

29

• Overview
• Group financial results
• Segmental performance
• Significant progress
• Group outlook

Agenda

Agenda

30 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Establish global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

31 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Establish global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

32

Strong Board

Significant progress

Liz Peace

Incoming Senior Independent Non-Executive Appointed 2017

John Douglas

Chief Executive Appointed 2017

Robert Miller- Bakewell

Outgoing Senior Independent Non-Executive Appointed 2010

Allison Bainbridge

Audit Chair Appointed 2017

Michael McKelvy

Independent Non-Executive Appointed 2018

Catherine Glickman

Remuneration Chair Appointed 2018

David Gormley

Company Secretary Appointed 2018

Ken Lever

Non- Executive Chairman Appointed 2016

Gary Young

Finance Director Appointed 2000

33

Group Leadership Team structure complete

Significant progress

Halvard Kilde CEO Norway Ross Thompson CEO AAP John Chubb CEO Consulting UK & IRE Paul Aitken CEO Services UK & NL Peter Fearn CEO North America Judith Cottrell Group Strategy Director Chantalle Meijer Group Marketing Director Kelly Olsen Chief Information Officer John Tompson CEO Energy Gary Young Group Finance Director

John Douglas

Liza Kane Group People Director

CEO

34

Established a global senior leadership community

Significant progress

35

Making RPS a great place to do great work – pay for performance

FINANCIAL MEASURES

Profit and fees

70%

Cash / lock-up days

20%

Significant progress

Performance

10%

PERSONAL OBJECTIVES

PBTA + Fees + Cash + Personal = Total bonus Applies to most senior 5% of

• ur executives

WHAT BONUS WILL BE PAID ON

36 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Established global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

37

The sectors we service and the services we provide

Energy Advisory and management consulting Health, safety and risk Design and development Exploration and development Property Water Defence and government services Resources Transport

SECTORS

Water services Project and program management Training Laboratories Planning and approval Environment Ocean and coastal

SERVICES

Significant progress

38

Telling our story better – a brand built on purpose

Significant progress

OUR PURPOSE

We create shared value by solving problems that matter to a complex, urbanising and resource-scarce world

OUR PROMISE

Making complex easy

OUR BEHAVIOURS

We solve problems that matter We are confidently pragmatic We make it easy to connect We are stronger together Absolute delivery

39

Telling our story better – a new visual identity

Significant progress

40

Telling our story better – our new website

Significant progress

41 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Established global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

42

Connectivity – digital transformation underway

Significant progress

Solar farm survey for global renewable energy

• perator and developer

43

Connectivity - ERP

Success criteria Criteria met?

• Right people making the right decisions
• Tight budget control

Proof print

• Expert team
• Optimum processes
• Microsoft D365
• Agile and scalable
• Endorsed by Hitachi and Kelly Olsen,

new CIO

• Meeting milestones
• Hitachi have done this before
• Cultural fit

Significant progress

Optimum delivery plan Choosing the right partner

Governance and control

Program management

Appropriateness of product

44 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Established global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

45

Revitalise the Energy business – deliver strong financial results

Significant progress

350 staff, 350 associates

£m 2018 2017 2017 cc cc growth Fee income 101.1 93.0 91.7 10% Segment profit 8.9 8.0 7.9 12% Margin 8.8% 8.6% 8.7% Adjusted for bad debt provision reversals Segment profit 7.6 6.2 6.1 24% Margin 7.6% 6.6% 6.7%

46

Client: Project: Guyana Offshore Metocean Study Role: Metocean (meteorological and

• ceanographic) survey services

Revitalise the Energy business

Significant progress

47

Revitalise the Energy business

Significant progress

Client: Project: New York Wind and Oceanographic Measurements Role: Floating lidar wind resource

• ceanographic measurement services

48 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Established global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

49

Selective acquisition – Corview

Value creative

RPS acquisition criteria Criteria met?

Add density, not greater diversity Congruent with our brand ‘Making complex easy’ New South Wales and Queensland presence Operate in transport advisory market Asset based acquisition FY 2018 revenues of AUD$17.1m (£9.5m) adjusted profit before tax of AUD$5.1m (£2.8m) “Our expertise enables our clients to make informed investment decisions and manage complex infrastructure transactions across all phases of project development and delivery”

Significant progress

50 Significant progress

PEOPLE - INVEST IN PEOPLE AND REDUCE STAFF TURNOVER

Renew Board Conduct first global staff engagement strategy Finalise Group Leadership Team structure Build HR function Establish global senior leadership community Re-design annual performance review framework Profit based bonus scheme for senior leaders Targeted training interventions

STRATEGIC PRIORITIES 2018 SCORECARD

Initiated Delivered Ongoing BRAND - TELL OUR STORY BETTER

Focus the business model – segments, sectors, services Define a new brand ethos consisting of three interconnecting elements – our Purpose, our Promise and our Behaviours Create a new visual brand identity Launch a new website Strengthen clients’ comprehension of our global offer

ORGANIC GROWTH AND SELECTIVE ACQUISITION

Deliver organic fee growth Value accretive acquisition Build an acquisition pipeline

CONNECTIVITY - EXPLOIT REVENUE SYNERGIES WHERE THEY EXIST BUT NOT WHERE THEY DON’T

Identify new cross selling opportunities Create global mobility opportunities for talented staff Realise the commercial value of our IP and data ERP

REVITALISE THE ENERGY BUSINESS

Strong financial results Establish new leadership team Look for new growth areas in heartland oil and gas business Increase presence in new Energy markets

51

• Overview
• Group financial results
• Segmental performance
• Significant progress
• Group outlook

Agenda

Agenda

52

Group prospects

• 2019 will see a continuation of the focus and investment in its people, brand, technology and

innovation

• Trading conditions in most of our markets are supportive of organic growth
• The risks associated with Brexit are contained mainly within our Consulting UK and Ireland

business and we have seen little impact so far

• The Board’s view of the 2019 outlook for the Group is unchanged and is in line with market

expectations

Group outlook

53

Investing to accelerate growth

Good financial performance

• 4% growth in fee income (at constant currency)
• PBTA of £50.2m
• Strong cash-flow and reduced debt
• Comfortable leverage maintained
• Dividend held

Significant progress against our five strategic priorities

• People
• Brand
• Connectivity
• Revitalising the Energy business
• Organic growth and selective acquisition

Group outlook