In our third successive year of organic growth, revenue and headline operating profit grew 0.8% and 4.3% respectively in a challenging external market environment.
We expanded our headline operating profit margin to 12.8% reflecting good operational cost control and the benefit from organic revenue in our faster growing market segments.
"Our top priority is delivering a safe and ethical working environment and we have improved in both areas during the year. "
Pete Raby, CEO
Our results demonstrate that our strategy is delivering. Over the last four years we have significantly strengthened our leadership teams, we have increased our investment in research and development by £10 million per year, funded through operational improvements, we have strengthened our sales teams, improved operational performance and simplified the portfolio.
Our Approach to Ethics
We have continued the focus on ethical working following the launch of the Morgan Code in 2018. We have completed over 35,000 on-line training courses during the year covering key aspects of the Morgan Code including anti-bribery and corruption, conflicts of interest, intellectual property and workplace harassment.
- We have made good progress on key technology developments with new products starting to come to market.
- Our sales capability developed further during the year with sales training deployed across the majority of the sales team.
- We have improved operational performance, through the development of lean tools and approaches.