Focus on cash generation

The combination of new product launches, a broadening of the distribution/service network and an increase in the proportion of contract manufacturing activity has resulted in rising growth levels at Billi and a return to top-line progress in Consumer Goods. However, the “cash cow” Controls division struggled because of the indirect impact of US tariffs on its Chinese OEM customers, who fulfilled orders from inventories and reduced production activity. This resulted in the Group’s top-and-bottom-lines declining, with indebtedness rising - albeit comfortably within covenant guidelines. The outlook for Billi and Consumer Goods continues to be encouraging. While net debt rose during the period, reflecting the declining trading levels, the ne...